2022年ACCA-CAT考試模擬考試題及答案

2022年ACCA/CAT考試模擬考試題及答案姓名:年級(jí):學(xué)號(hào):題型選擇題填空題解答題判斷題計(jì)算題附加題總分得分評(píng)卷人得分1、(b)BrieflydescribethefiveextremescoresidentifiedbyBlakeandMouton.(5marks)正確答案：Part(b):BlakeandMoutonanaIysedtheextremescoresas:1.1-ImpoverishedManagementiIowconcernforproductionandIowconcernforpeopIe.ThismanageronIymakestheminimumeffortineitherareaandwiIImakethesmaIIestpossibIeeffortrequiredtoget□thejobdone.1,9-CountryClubManagementlowconcernforproductionandhighconcernforpeople.Thismanageristhoughtfulandattentivetotheneedofthepeople,whichleadstoacomfortablefriendIyorganisationatmospherebutverylittle'work'isactuaIIyachieved.9,1-TaskManagementhighconcernforproductionandlowconcernforpeople.ThismanagerisonIyconcernedwithproductionandarrangesworkinsuchawaythatpeopIeinterferenceisminimised.5.5-MiddleoftheRoadManagementIreasonabIeconcernforbothdimensions..ThismanagerisabIetobaIancethetaskinhandandmotivatethepeopIetoachievethesetasks.□9,9-TeamManagement,HighconcernforproductionandhighconcernforpeopIe.:Thismanagerintegratesthetv/oareastofosterworkingtogetherandhighproductiontoproducetrueteamIeadership.□(Candidatesmaywishtodrawthegridanddescribethesescores).2、(b)CriticisetheinternaIcontrolandinternaIauditarrangementsatGIuckandGoodmanasdescribedinthecasescenario.(10marks)IThegroupauditoristheauditorwhosignstheauditor5sreportonthegroupfinanciaIstatements.Theprojecthassoughtto□clarifywhether,forexample,anauditorfromanotherofficeofthegroupengagementpartner1sfirmisamemberofthegroup□engagementteamoran*otherauditor'.口‘Related'vs'unrelated'auditors:]IAASBrecognisesthatthenature,timingandextentofproceduresperformedbythegroupauditor,includingthereviewof口theotherauditor*sauditdocumentation,areaffectedbythegroupauditor'srelationshipv/iththeotheraudit.(Forexample.,]iftheotherauditoroperatesunderthequaIitycontrolpoliciesandproceduresofthegroupauditor.)However,IAASBacknov/1edgesthataconsistentdistinetionbetween'related'and'unrelated'auditorscannotbemadeduetothevaryingIstructuresofauditfirmsandtheirnetworks.ConsequentIy,theonIydistinotionthatismadeisbetweenthe'group'and'other'□auditors.Acceptance/continuanceasgroupauditor□Agroupauditorshouldonlyacceptorcontinueanengagementifsufficientappropriateevidenceisexpectedtobeobtainedonwhichtobasethegroupauditopinion.Acceptanceandcontinuanceasgroupauditorsthereforerequiresanassessmentloftheriskofmisstatementincomponents.IAASBhasthereforeproposedguidanceonthebenchmarksthatmightbeused□inidentifyingsignificantcomponents..lAccesstoinformationI11AASBhasconeIudedthatagroupauditengagementshouldberefused(orresignedfrom)ifthegroupengagementpartnerconeIudesthatitwillnotbepossibIetoobtainsufficientappropriateauditevidence,theresultofwhichv/ouIdbeadisciaimer.']However,ifthegroupengagementpartnerisprohibitedfromrefusingorresigninganengagement,thegroupauditopinion□mustbedisclaimed.iAggregationofcomponentsiSufficientappropriateauditevidencemustbeobtainedinrespectofcomponentsthatarenotindividuaIIysignificant(butisignificantinaggregate).ThisrequiresthatcomponentsbeseIectedforauditprocedures(e.g.onspecifiedaccountbalances).Analyticalproceduresarerequiredtobeperformedoncomponentsthatarenotselected.IAASBhasthereforeidentifiedfactors□tobeconsideredinseIectingcomponentsthatarenotindividuaIlysignificant..iResponsibiIitiesofotherauditorsiHistorically,otherauditors,knowingthecontextinv/hichtheirworkwiIIbeusedbythegroupauditor,havebeenrequiredto□cooperatewiththegroupauditor.However,theprojectdidnotaddressguidanceforotherauditors.Therefore,inprovidingguidanceonthegroupaudit,theIAASBrequiresthegroupauditortoobtainanunderstandingoftherequirementsforotherauditorstocooperatewiththegroupauditorandprovideaccesstoreIevantdocumentation.13、1ThescientistsintheresearchlaboratoriesofSv/anHillCompany(SHC,apubIicIistedcompany)recentIymadeaveryimportantdiscoveryabouttheprocessthatmanufactureditsmajorproduct.Thescientificdirector,DrSonjaRainbov/,informedtheboardthatthebreakthroughwascaIIedthe'sinkmethod,.Sheexplainedthatthesinkmethodv/ouIdenabIeSHCtoproduceitsmajorproductatalowerunitcostandinmuchhighervolumesthanthecurrentprocess.Itv/ouIdaIsoproduceIowerunitenvironmentaIemissionsandwouldsubstantiallyimproveproductquaIitycomparedtoitscurrentprocessandindeedcomparedtoaIIoftheothercompetitorsintheindustry.SHCcurrentIyhas30%oftheglobaImarketwithitsnearestcompetitorhaving25%andtheothertv/eIveproducerssharingtheremainder.Thecompany,basedinthetownofSwanHill,hasapaternalisticmanagementapproachandhasalwaysvaIueditsrelationshipwiththeIocaIcommunity.ItswebsitesaysthatSHChasalwayssoughttomaximisethebenefittothev/orkforceandcommunityinaIIofitsbusinessdecisionsandfeeIsagreatsenseofloyaltytotheSwanHiIIIocaIitywhichiswhereitstartedin1900andhasbeenbasedeversinee.AstheboardconsideredtheimpIicationsofthediscoveryofthesinkmethod,chiefexecutiveNeIsonCobaraskedwhetherSonjaRainbowwascertainthatSHCwastheonlycompanyintheindustrythathadmadethediscoveryandshesaidthatshewas.SheaIsosaidthatshewascertainthatthecompetitorswere4someyears*behindSHCintheirresearch.ItquicklybecameclearthatthediscoveryofthesinkmethodwassoimportantandfarreachingthatithadthepotentiaItogiveSHCanunassaitablecompetitiveadvantageinitsindustry.ChiefexecutiveNeIsonCobartoldboardcoIleaguesthattheyshouldcIearIyunderstandthatthediscoveryhadthepotentiaItoputaIIofSHC'scompetitorsoutofbusinessandmakeSHCthesingleglobaIsupplier.Hesaidthatastheboardconsideredtheoptions,membersshouIdbearinmindtheseriousnessoftheimpIicationsupontherestoftheindustry.MrCobarsaidthereweretwostrategicoptions.Optiononewastopressaheadwiththehugeinvestmentofnev/plantnecessarytointroducethesinkmethodintothefactorywhiIst,asfaraspossible,keepingthenatureofthesinktechnoIogysecretfromcompetitors(the'secrecyoption').ApatentdisclosingthenatureofthetechnologywouldnotbefiledsoastokeepthetechnologysecretwithinSHC.OptiontwowastofileapatentandthenoffertheuseofthediscoverytocompetitorsunderaIicensingarrangementwhereSHCwouldreceivesubstantialroyaltiesforthetwentyyearIegaIIifetimeofthepatent(the41icensingoption*).Thisv/ouIdaIsoinvoIvenewinvestmentbutatasIowerpaceinIinewithcompetitors.TheIicencecontractwould,MrCobarexplained,includeanimprovementsharing'requirementwhereIicenseeswouldberequiredtoinform.SHCofanyimprovementsdiscoveredthatmadethesinkmethodmoreefficientoreffective.ThesaIesdirector,EdwinKiama,arguedstronglyinfavourofthesecrecyoption.Hesaidthattheboardov/edittoSHC'sshareholderstotaketheoptionthatwouldmaximiseshareholdervalue.HearguedthatbusinessstrategywasaIIaboutgainingcompetitiveadvantageandthiswasachancetodoexactIythat.Accordingly,heargued,thesinkmethodshouldnotbeIicensedtocompetitorsandshouldbepursuedasfastaspossible.TheoperationsdirectorsaidthattogainthefulIbenefitsofthesinkmethodwitheitheroptionwouIdrequireacompIeterefittingofthefactoryandtheIargestcapitalinvestmentthatSHChadeverundertaken.Thefinancialdirector,SeanNyngan,advisedtheboardthatpressingaheadwithinvestmentunderthesecrecyoptionwasnotwithoutrisks.First,hesaid,hewouldhavetofinancetheinvestment,probablyinitiallythroughdebt,andsecond,therewererisksassociatedwithanylargeinvestment.HeaIsoinformedtheboardthattheIicensingoptionwould,overmanyyears,involvetheinfIov/of'massive'fundsinroyaltypaymentsfromcompetitorsusingtheSHC'spatentedsinkmethod.BypursuingtheIicensingoption,SeanNyngansaidthattheycouIdretaintheirmarketleadershipintheshorttermwithoutincurringrisk,whi1stincreasingtheirindustrydominanceinthefuturethroughcarefuIinvestmentoftheroyaltypayments.Thenon-executivechairman,AIisonManilia,saidthatshewasIookingattheissuefromanethicalperspective.Sheaskedv/hetherSHChadtheright,evenifithadtheabiIity,toputcompetitorsoutofbusiness.Required:(a)AssessthesecrecyoptionusingTucker*smodelfordecision-making.(10marks)正確答案：Tucker*sframework□Isthedecision:iProfitable?ForSHC,theanswertothisquestionisyes.ProfitswouldpotentialIybesubstantiaIIyincreasedbythelossofaIIIofitscompetitorsandtheemergenceofSHC,intheshorttomediumtermatIeast,asanearmonopoIist.ILegaI?ThesecrecyoptionposesnoIegaIprobIemsasitisapartofnormaIcompetitivebehaviourinindustries.Insomeijurisdictions,legislationforbidsmonopoIiesexistinginsomeindustriesbutthereisnoindicationfromthecasethatthis□restrictionappliestoSwanHillCompany.iFair?ThefairnessofthesecrecyoptionisamoraIjudgment.ItisprobabIyfairwhenjudgedfromtheperspectiveofSHC'sIsharehoIdersbutthequestionistheextenttowhichitisfairtotheempIoyeesandshareholdersofSHC,scompetitors.□Right?Again,aquestionofethicalperspective.IsitrighttopursuethesubjugationofcompetitorsandthedominationofanIindustryregardlessoftheconsequencestocompetitors?ThesecrecyoptionmaybeofthemostbenefittotheIocaIcommunity□ofSwanHillthatthecompanyhastraditionallyvalued.ISustainabIeorenvironmentaIIysound?ThecasesaysthatthesinkmethodemitsataIowerrateperunitofoutputthanthe□existingprocessbutthishasIittIetodowiththesecrecyoptionastheratesofemissionsv/ouIdappIyifSHCIicensedthe□process.ThisisalsoanargumentfortheIicensingoption,however,asenvironmentaIemissionsv/ouIdbelowerifother□competitorsswitchedtothesinkmethodaswell.TheremaybeenvironmentaIimpIicationsindecommissioningtheoldplant口tomakewayforthenewsinkmethodinvestment.14、21WhichofthefoIIowingstatementsaboutcontingentassetsandcontingentIiabiIitiesarecorrect?Acontingentassetshouldbedisclosedbynoteifaninflowofeconomicbenefitsisprobable.AcontingentliabilityshouldbedisclosedbynoteifitisprobablethatatransferofeconomicbenefitstosettleitwiIIberequired,withnoprovisionbeingmade.NodisclosureisrequiredforacontingentliabilityifitisnotprobabIethatatransferofeconomicbenefitstosettIeitv/iIIberequired.NodisclosureisrequiredforeitheracontingentliabilityoracontingentassetiftheIikeIihoodofapaymentorreceiptisremote.A1and4onlyB2and3onlyC2,3and4D1,2and4正確答案：A、(b)ThemanagementofDivisionChasidentifiedtheneedtoachievecostsavingsinordertobecomemorecompetitive.TheyhavedecidedthatananalysisandinvestigationofquaIitycostsintofoursub-categorieswiIIprovideafocusforperformancemeasurementandimprovement.Required:IdentifytheFOURsub-categoriesintowhichquaIitycostscanbeanaIysedandprovideexampIes(whichmustrelatetoDivisionC)ofeachofthefoursub-categoriesofquaIitycostthatcanbeinvestigatedinorderthatoveralIcostsavingsmightbeachievedandhencetheperformanceimproved.(8marks)正確答案：QuaIitycostsmaybemonitoredbymeasuringcostsofnon-conformanceandcostsofconformance.)Costsofnon-conformanceoccurwhentheproductfailstoreachthedesignquaIitystandards.SuchcostsmaybesubdividedIintointernaIfaiIurecostsandexternaIfaiIurecosts..11nternaIfailurecostsoccurwhenthefaiIureisdetectedbeforethetransferoftheproducttothecustomer.lExternaIfaiIurecostsoccurv/henthefailuretoreachtherequiredstandardsisnotdetecteduntiIaftertheproducthasbeenItransferredtothecustomer..]CostsofconformancearethoseincurredinreducingoreIiminatingthecostsofnon-conformance.Suchcostsmaybe]subdividedintoappraisaIcostsandpreventioncosts.iAppraisaIcostsarethoseassociatedv/iththeevaIuationofiternssuchaspurchasedmateriaIandservicesinordertoensure□thattheyconform,totheagreedspecification.PreventioncostsarethoseassociatedwiththeimpIementationofaquaIityimprovementprogramme.Suchcostsareplanned□inadvanceandtheirimplementationshouldleadtocontinuousimprovement..lExamplesofquaIitycostsreIevanttoDivision0mayincIude:11nternaIfaiIurecosts:costofmaterialsscrappedduetopoorreceiptandstorageproceduresorlossesofCCoutputduetopoor(processingroutines.lExternaIfaiIurecosts:costofquaIityproblemswithbatchofCCnotdetecteduntiIithasreachedDivisionB.ThismayrequireIfreerepIacementofthebatchandcompensationforIossofoutputbyDivisionB.□Appraisalcosts:evaluationofpurchasedmaterialandservicesinrelationtothemanufactureofCCtoensurethatitconforms口totheagreedspecification：e.g.inspectionandtestingbeforeuse.(Preventioncosts:thecostofimpIementationofstafftrainingandthecostsofequipmenttestingtoensurethatitconformsto□thespecificationstandardsrequiredfortheproductionofCC.](AlternativereIevantexampIeswouldbeaccepted)16、1ThescientistsintheresearchlaboratoriesofSv/anHillCompany(SHC,apubIicIistedcompany)recentIymadeaveryimportantdiscoveryabouttheprocessthatmanufactureditsmajorproduct.Thescientificdirector,DrSonjaRainbow,informedtheboardthatthebreakthroughwascaIIedthe*sinkmethod,.Sheexplainedthatthesinkmethodv/ouIdenabIeSHCtoproduceitsmajorproductataIowerunitcostandinmuchhighervoIumesthanthecurrentprocess.Itv/ouIdaIsoproduceIowerunitenvironmentaIemissionsandwouldsubstantialIyimproveproductquaIitycomparedtoitscurrentprocessandindeedcomparedtoaIIoftheothercompetitorsintheindustry.SHCcurrentIyhas30%oftheglobalmarketwithitsnearestcompetitorhaving25%andtheothertv/eIveproducerssharingtheremainder.Thecompany,basedinthetownofSwanHill,hasapaternaIisticmanagementapproachandhasalwaysvaIueditsrelationshipwiththeIocaIcommunity.ItswebsitesaysthatSHChasalwayssoughttomaximisethebenefittothev/orkforceandcommunityinaIIofitsbusinessdecisionsandfeeIsagreatsenseofloyaltytotheSwanHiIIIocaIitywhichiswhereitstartedin1900andhasbeenbasedeversinee.AstheboardconsideredtheimpIicationsofthediscoveryofthesinkmethod,chiefexecutiveNeIsonCobaraskedwhetherSonjaRainbowwascertainthatSHCwastheonIycompanyintheindustrythathadmadethediscoveryandshesaidthatshewas.SheaIsosaidthatshewascertainthatthecompetitorswere'someyears'behindSHCintheirresearch.ItquicklybecameclearthatthediscoveryofthesinkmethodwassoimportantandfarreachingthatithadthepotentiaItogiveSHCanunassaiIablecompetitiveadvantageinitsindustry.ChiefexecutiveNeIsonCobartoldboardcoIleaguesthattheyshouldcIearIyunderstandthatthediscoveryhadthepotentiaItoputaIIofSHC'scompetitorsoutofbusinessandmakeSHCthesingleglobaIsuppIier.Hesaidthatastheboardconsideredtheoptions,membersshouIdbearinmindtheseriousnessoftheimpIicationsupontherestoftheindustry.MrCobarsaidthereweretwostrategicoptions.Optiononewastopressaheadwiththehugeinvestmentofnev/pIantnecessarytointroducethesinkmethodintothefactorywhiIst,asfaraspossible,keepingthenatureofthesinktechnologysecretfromcompetitors(the'secrecyoption').ApatentdisclosingthenatureofthetechnoIogywouldnotbefiledsoastokeepthetechnologysecretwithinSHC.OptiontwowastofileapatentandthenoffertheuseofthediscoverytocompetitorsunderaIicensingarrangementwhereSHCwouldreceivesubstantialroya11iesforthetwentyyearIegaIIifetimeofthepatent(the,1icensingoption*).Thisv/ouIdaIsoinvoIvenewinvestmentbutataslowerpaceinlinewithcompetitors.TheIicencecontractwould,MrCobarexpIained,incIudean4improvementsharing'requirementwhereIicenseeswouldberequiredtoinform.SHCofanyimprovementsdiscoveredthatmadethesinkmethodmoreefficientoreffective.ThesaIesdirector,EdwinKiama,arguedstronglyinfavourofthesecrecyoption.Hesaidthattheboardov/edittoSHC5sshareholderstotaketheoptionthatwouldmaximisesharehoIdervaIue.HearguedthatbusinessstrategywasaIIaboutgainingcompetitiveadvantageandthiswasachancetodoexactlythat.Accordingly,heargued,thesinkmethodshouldnotbeIicensedtocompetitorsandshouldbepursuedasfastaspossible.TheoperationsdirectorsaidthattogainthefulIbenefitsofthesinkmethodwitheitheroptionwouldrequireacompleterefittingofthefactoryandtheIargestcapitalinvestmentthatSHChadeverundertaken.Thefinancialdirector,SeanNyngan,advisedtheboardthatpressingaheadwithinvestmentunderthesecrecyoptionwasnotwithoutrisks.First,hesaid,hewouldhavetofinancetheinvestment,probablyinitiallythroughdebt,andsecond,therewererisksassociatedwithanylargeinvestment.HeaIsoinformedtheboardthattheIicensingoptionwould,overmanyyears,involvetheinfIov/of'massive'fundsinroyaItypaymentsfromcompetitorsusingtheSHC'spatentedsinkmethod.BypursuingtheIicensingoption,SeanNyngansaidthattheycouIdretaintheirmarketleadershipintheshorttermwithoutincurringrisk,whi1stincreasingtheirindustrydominanceinthefuturethroughcarefuIinvestmentoftheroyaItypayments.Thenon-executivechairman,AlisonManilia,saidthatshewaslookingattheissuefromaI(a)Tucker'sframework□Isthedecision:□Profitable?ForSHC,theanswertothisquestionisyes.ProfitswouldpotentialIybesubstantiaIIyincreasedbytheIossofaII□ofitscompetitorsandtheemergenceofSHC,intheshorttomediumtermatIeast,asanearmonopoIist..iLegaI?ThesecrecyoptionposesnolegaIproblemsasitisapartofnormaIcompetitivebehaviourinindustries.Insome-]jurisdictions,legislationforbidsmonopoIiesexistinginsomeindustriesbutthereisnoindicationfromthecasethatthis□restrictionappliestoSwanHillCompany.□Fair?ThefairnessofthesecrecyoptionisamoraIjudgment.ItisprobabIyfairwhenjudgedfromtheperspectiveofSHC's□sharehoIdersbutthequestionistheextenttowhichitisfairtotheempIoyeesandsharehoIdersofSHC5scompetitors.iRight?Again,aquestionofethicalperspective.Isitrighttopursuethesubjugationofcompetitorsandthedominationofan)industryregardlessoftheconsequencestocompetitors?ThesecrecyoptionmaybeofthemostbenefittotheIocaIcommunityIofSwanHillthatthecompanyhastraditionaIIyvaIued.HSustainabIeorenvironmentaIIysound?ThecasesaysthatthesinkmethodemitsataIowerrateperunitofoutputthanthe□existingprocessbutthishasIittIetodowiththesecrecyoptionastheratesofemissionsv/ouIdapplyifSHCIicensedthe(process.ThisisalsoanargumentfortheIicensingoption,however,asenvironmentaIemissionswouldbelowerifother□competitorsswitchedtothesinkmethodaswell.TheremaybeenvironmentaIimpIicationsindecommissioningtheoldplant□tomakewayforthenewsinkmethodinvestment.17、(d)CalculatetheexdividendsharepricepredictedbythedividendgrowthmodeIanddiscussthecompany*sviewthatsharepricegrowthofatleast8%peryearwouldresultfromexpandingintotheretaiIcameramarket.AssumeacostofequitycapitaIof11%peryear.(6marks)正確答案：(d)ThedividendgrowthmodeIcaleuIatestheexdivsharepricefromknowledgeofthecostofequitycapitaI,theexpectedgrowthrateindividendsandthecurrentdividendpershare(ornextyear*sdividendpershare).Usingtheformulagivenintheformulaesheet,thedividendgrowthrateexpectedbythecompanyof8%peryearandthedecreaseddividendof7,5ppershare:Shareprice=(7-5x1-08)/(0-11-0-08)=270por￡2-70,iThisisthesameasthesharepricepriortotheannouncement(￡2,70)andsoifdividendgrowthof8%peryearisachieved,IthedividendgrowthmodeIforecastszerosharepricegrowth.ThesharepricegrowthclaimmadebythecompanyregardinglexpansionintotheretaiIcameramarketcannotthereforebesubstantiated..11nfact,alowerfuturesharepriceof￡2,49waspredictedbyapplyingthecurrentprice-earningsratiototheearningspershareresultingfromtheproposedexpansion.Ifthisestimateiscorrect,afaIIinsharepriceof7%canbeexpected.HThesharepricepredictedbythedividendgrowthmodeIof￡2-70wouldrequireanafter-taxreturnontheproposedexpansionof11,66%,whichismorethanthe9%predictedbytheBoard.ThecurrentreturnonsharehoIders1fundsis7?5%(4?5/60),butin2005itwas12,8%(7,3/57),so11,66%maybeachievable,butIooksuniikeIy.SincethemarketpricefeIIfrom￡2?70to￡2?45followingtheannouncement,itappearsthatthemarketdoesnotbeIieveIthattheforecastdividendgrowthcanbeachieved.18、(b)(i)DiscussthemainfactorsthatshouldbetakenintoaccountwhendetermininghowtotreatgainsandIossesarisingontangiblenon-currentassetsinasinglestatementoffinancialperformance.(8marks)正確答案：(b)(i)CurrentIytherearemanyruIesonhov/gainsandlossesontangiblenoncurrentassetsshouIdbereportedandthesehavetraditionallyvariedfromcountrytocountry.Themainissuesrevolvearoundthereportingofdepreciation,IdisposaI/revaIuationgainsandIosses,andimpairmentlosses.ThereportingofsucheIementsshouIdtakeintoaccount[whetherthetangiblenoncurrentassetshavebeenrevaIuedorheIdathistoricaIcost.TheproblemfacingstandardIsettersiswheretoreportsuchgainsandlosses.Thequestioniswhethertheyshouldbereportedaspartofoperatingactivitiesoras'othergainsandlosses,.IHoldinggainsarisingonthesaleoftangiblenoncurrentassetscouldbereportedseparateIyfromoperatingresuItsso□thattheIatterisnotobscuredbyanassetrealisationthatreflectsmoreachangeinmarketpricesthananyincreasein□theoperatingactivityoftheentity.OtherchangesinthecarryingamountsoftangiblenoncurrentassetswiIIbereportedaspartoftheoperatingresults.Forexample,thedepreciationchargetriestoreflecttheconsumptionoftheassetbythe,lentityandassuchisnotaholdingIoss.TheremaybecaseswherethedepreciationchargedoesnotreflecttheIconsumptionofeconomicbenefits.Forexample,thepatternandrateofdepreciationcouldhavebeenmisjudgedIbecausetheasset5susefuIIifehasbeenassessedincorrectIy.Inthiscase,whenanassetissoldanyexcessorshortfaIIofdepreciationmayneedtobedealtwithintheoperatingresult.IImpairmentisanotherfactortoconsiderinreportinggainsandIossesontangiblenoncurrentassets.ImpairmentisieffectiveIyacceIerateddepreciation.ImpairmentariseswhenthecarryingamountoftheassetisaboveitsrecoverabIe)amount.ItfollowsthereforethatanyimpairmentlossshouIdbereportedaspartoftheoperatingresult.AnylossesondisposaI,totheextentthattheyrepresentimpairment,couldthereforebereportedaspartoftheoperatingresults.Anylossesv/hichrepresentholdinglossescouldbereportedin"othergainsandlosses'.ThedifficultywillbedifferentiatingbetweenholdingIossesandimpairmentIosses.TherewillhavetobecIearandconeisedefinitionsofthesetermsorit□couldIeadtoabusebycompaniesintheirquesttomaximiseoperatingprofits.□AdistinctionshouldbemadebetweengainsandIossesarisingontangiblenoncurrentassetsasaresultofrevaIuationsandthosearisingondisposaI.ThenatureofthegainorlossisessentiaIIythesamealthoughthetimingandcertaintyofthegain/1ossisdifferent.Thereforerevaluationgains/1ossesmaybereportedinthe*othergainsandlosses'section.iWhereanassethasbeenrevaIued,anylossondisposaIthatrepresentsanimpairmentwouldbechargedtooperatingresultsandanyremainingIossreportedin'othergainsandlosses1.EssentiaIIy,gainsandlossesshouldbereportedonthebasisofthecharacteristicsofthegainsandIossesthemselves.GainsandlosseswithsimiIarcharacteristicsshouldbereportedtogetherthushelpingthecomparabiIityoffinancial正確答案：(b)CriticismsTheauditcommitteeischairedbyanexecutivedirector.OneofthemostimportantrolesofanauditcommitteeistoreviewandmonitorinternaIcontrols.AnexecutivedirectorisnotanindependentpersonandsohavingMrChesteraschairmanunderminesthepurposeofthecommitteeasfarasitsroIeingovernanceisconcerned.□MrChester,theauditcommitteechairman,considersonIyfinancialcontrolstobeimportantandunderminesthepurposeof□thecommitteeasfarasitsroleingovernanceisconcerned.Thereisnorecognitionofother