A company has issued 6% irredeemable preferred shares of $1 each, and 6% irredeemable bonds. The current market value of the preferred shares is $0.75 each and the current market value of the bonds is $96.00 per $100 nominal. The rate of tax is 25%.

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• 1There are three pre-requisites for fraud ： motivation, opportunity and dishonesty. Match each of thes

  There are three pre-requisites for fraud ： motivation, opportunity and dishonesty. Match each of these with the most immediate control strategy from the following list.

  Control strategies

  1 Recruitment reference checking

  2 Disciplinary codes

  3 Internal checks and controls

  (i) Motivation

  (ii) Opportunity

  (iii) Dishonesty (2 marks)

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• 2If the interactions of the subordinates are more efficient, then their supervisor’s span of control

  If the interactions of the subordinates are more efficient, then their supervisor’s span of control can be wider.

  Is this statement true or false?

  A.True

  B.False

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• 3The following scenario relates to questions 1-5. You should assume that today’s date is 25 April 2

  The following scenario relates to questions 1-5.

  You should assume that today’s date is 25 April 2019.

  Thidar commenced trading as a builder on 1 January 2018. She voluntarily registered for value added tax (VAT) on 1 January 2018.

  Sales

  Thidar’s sales for the first 15 months of trading have been:
  

  Pre-registration expenditure

  Thidar paid for the following standard rated services prior to registering for VAT on 1 January 2018:

  Date                               Cost of service                         Description

  £ 10 June 2017                    1,800                            Advertisement for the building business

  8 December 2017                  300                             Advertisement for the building business

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  VAT return for the quarter ended 30 September 2018

  Thidar’s VAT return for the quarter ended 30 September 2018 was filed by the submission deadline of 7 November 2018 and the related VAT liability was paid on time.

  However, on 15 February 2019, Thidar discovered that the amount of VAT paid was understated by £1,200 as a result of incorrectly treating a standard rated sale as zero rated.

  Given that the underpayment does not exceed £10,000, Thidar is permitted to correct this error on her VAT return for the quarter ended 31 March 2019, and this is what she will do.

  Thidar will file this VAT return by the submission deadline of 7 May 2019 and pay the related VAT liability (including the underpaid £1,200) on time.

  VAT return for the quarter ended 31 March 2019

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  VAT is non-deductible in respect of two items:

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  (2) During the quarter ended 31 March 2019, Thidar leased a motor car at a cost of £700. The motor car is used by Thidar and 75% of the mileage is for private journeys.

  Both figures are exclusive of VAT.

  1.In which month did Thidar exceed the VAT threshold for compulsory registration?

  A Month 14

  B Month 15

  C Month 13

  D Not yet exceeded

  2. What amount of pre-registration input VAT was Thidar able to recover in respect of expenditure incurred prior to registering for VAT on 1 January 2018?

  A £360

  B £60

  C £420

  D £0

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• 4Absorption costing will result in the same profit as marginal costing in which THREE of the followin

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  B.When opening and closing inventory volumes are the same

  C.When no inventory is held as opening inventory and no inventory is held as closing inventory

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  E.When closing inventory is greater than opening inventory

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• 5You have been asked to work on a major investment decision that your company will be making, and dis

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  B Accountability

  C Independence of mind

  D Independence in appearance (2 marks)

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• 6Which Of the three main sources of rules that regulate the behaviour of businesses, the minimum leve

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  A Non-legal rules and regulations

  B Ethics

  C The law

  D Society (2 marks)

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• 7(b) Are the following statements about social responsibility true or false? (i) Social responsibili

  (b) Are the following statements about social responsibility true or false?

  (i) Social responsibility action is likely to have an adverse effect on shareholders' interests in the short term

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  (iii) Only governments are concerned with social responsibility

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  (2 marks)

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• 8(a) Which two of the following are criticisms of relativism? A It takes no account of evolving norm

  (a) Which two of the following are criticisms of relativism?

  A It takes no account of evolving norms

  B It leads to a philosophy of anything goes

  C It makes short-term desires equivalent to longer-term interests

  D It is based on a fundamental contradiction

  E A consensus may not be possible (2 marks)

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• 9(b) Which two of the following are criticisms of absolutism? A It takes no account of evolving norm

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  B It leads to a philosophy of anything goes

  C It makes short-term desires equivalent to longer-term interests

  D It is based on a fundamental contradiction

  E Whatever source is used, human interpretation will lead to different views

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• 10(a) Are the following statements about ethics true or false? (i) The teleological view of ethics is

  (a) Are the following statements about ethics true or false?

  (i) The teleological view of ethics is based on duty

  (ii) Bribery can sometimes be legal

  (iii) Virtue ethics suggests that managers should incorporate values such as fairness and loyalty into their decision-making

  (iv) An accountant's ethical behaviour serves to protect the public interest (2 marks)

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