2012注册会计师综合阶段试题及答案解析（A卷）

 

2012年度注册会计师考试综合阶段试题目录
职业能力综合测试一				职业能力综合测试一答案及解析
职业能力综合测试二				职业能力综合测试二答案及解析

参考答案及评分标准

　　1. 根据资料一和资料二，对华光眼镜作出SWOT分析，评估于2006年初华光眼镜的优势、劣势、机会和威胁。(3分)

　　答：优势：进入行业早，是国内较早从事眼镜连锁专卖的企业;行业市场份额较高，省内第一全国第五;拥有专业人才，管理团队行业经验丰富，尤其在店铺选址方面;品牌优势，消费者认知度高，尤其是对质量的认可。

　　劣势：在年轻客户群中缺乏品牌竞争力，与年轻消费者的需求有较大差距;对于年轻客户群这一细分市场，可能缺乏相关经验;80%的门店在甲省，区域集中度高，尚未形成全国网络;内部管理信息系统落后于竞争对手，尚待改进。

　　机会：国内零售行业总体高增长的宏观环境，甲省以外其他省份的发展机会;消费者消费行为的变化，意味着消费需求有增长潜力。

　　威胁：各大零售企业普遍迅速扩张，行业内竞争日趋激烈;年轻客户群这一细分市场的份额在丢失，面对来自竞争对手的威胁。

　　2. 简要说明：(1)为配合新的市场开发战略(“明天”战略)，华光眼镜应如何改进其财务分析功能薄弱的问题;(2)除了通用的财务报表，企业为何通常还需要编制管理用财务报表，其中的管理用资产负债表应如何对资产和负债进行重新分类。(2分)

　　答：首先要改进其数据汇总功能的缺陷，把基础数据充分利用起来。华光可以将业务系统和财务系统建立联系，利用业务系统中详细的底层基础信息加强销售收入和成本等数据从不同维度分类汇总的功能，从而可以灵活地按照内部管理的需要从不同角度获得量化分析数据。

　　建议对“华光”和“明天”这两条业务线分别形成单独的经营业绩分析表反映该业务线的销售和利润状况，从而及时反映细分市场的经营业绩。因为通用的财务报表要平衡各类报表使用者的需要，其提供的信息并不能完全适用于财务分析和企业内部管理，所以企业需要针对其自身业务的特点作出相应调整，编制管理用财务报表从而适应财务分析和企业内部管理的需要。

　　管理用资产负债表将资产和负债重新分类为经营资产负债和金融资产负债。

　　3. 简要分析华光眼镜为配合新战略而实施的新的矩阵制组织结构的优缺点。(2分)

　　答：优点：

　　(1)由于两名业务总监从横向分别对华光和明天这两个业务线负责，加强了对细分市场关注，避免了原职能型结构对市场关注不足;

　　(2)有利于加强各个部门之间的交流和协作，职能专家不再只关注自身业务范围，从而能作出更有质量的决策，对企业总体战略实施更有利。

　　缺点：

　　(1)导致权力划分不清晰，在职能工作和业务线工作之间产生冲突;

　　(2)下属可能会分不清其工作的哪个方面对哪个上级负责。

　　4. 针对华光眼镜实施“明天”战略对企业变革管理进行变革的力场分析，分别简要分析支持和阻碍变革的力量;针对华光眼镜总经理赵刚发现大家存在的三个方面的担忧，简要提出变革管理的措施。(4分)

　　答：（1)变革的力场分析：

　　支持变革的力量：

　　①外部：年轻客户群消费需求增长，市场潜力大。

　　②内部：华光眼镜在细分市场的销售下降，产生变更的动力;管理层信心，董事会支持。

　　变革的阻力：

　　①外部：新业务要获得消费者认同是一个巨大的挑战。

　　②内部：矩阵制组织权力划分不清或汇报线不清晰，从而降低工作效率;缺乏新业务所需经验;一些人安于现状不愿意尝试新的岗位。

　　(2)变革管理的措施：

　　①对于组织机构调整问题：某些工作流程可能需要重新设计，需要对矩阵上纵向和横向的权利、责任及汇报线作出清晰划分，对于难以清晰划分的事项可以建立沟通协调机制鼓励冲突领域的对话。

　　②对于经验问题：可以开展员工培训，引入新的工作方法，鼓励个人和团队创新，也可以考虑从外部聘请有经验的人员。

　　③对于绩效评估问题：加强员工沟通，某些绩效评估标准需要重新设计，还可以设计一些奖励和激励机制来鼓励个人参与。

　　5. 根据题中给出的南风眼镜的有关资料，具体分析华盛股份收购南风眼镜可以产生哪些协同效应。(3.5分)

　　答：收购南风眼镜可以产生以下的协同效应：

　　(1)南风眼镜针对年轻客户群体的丰富经验，可以借鉴至华光眼镜;

　　(2)采购总量增大后的规模效应，增强与供应商的议价能力;华光眼镜还可以借助南风的一些优质采购渠道帮助进一步降低成本;

　　(3)贴牌生产可以推广到华光，尤其是明天门店可以考虑销售此类产品;

　　(4)南风眼镜资金紧张，而华盛股份财务稳健可以提供必要的资金支持。

　　6. Mr. Colin has asked Sky Consulting (蓝天咨询) to prepare a short summary of key issues identified from the due diligence on Nan Feng Optical(南风眼镜) in English. He has requested that the summary should include brief finding, implication and recommendation for each issue. On behalf of Sky Consulting, please prepare the summary according to Mr. Colin's request. (7.5分)

　　Answer：

　　(1)

　　● Finding: A stores were profitable, B stores were loss making; Half of B stores were in operation for<3 years. Management attributed the losses to the new

　　stores, whose sales have not yet ramped up.

　　● Implication: historical profitability adversely affected by B stores

　　● Recommendation: Suggest further investigate the market potential outside central area, so as to (i) assess whether the market for B stores are really promising,

　　(ii) tailor relevant sales and marketing strategy for B stores to improve their performance, and (iii) identify stores that should be closed.

　　(2)

　　●Finding:Debt ratio continued to increase. Difficulty to get bank financing.

　　●Implication: Liquidity risk

　　●Recommendation: Future financing plan to be considered in advance.

　　(3)

　　●Finding: There are 8 stores without written rental contract

　　●Implication: Risk of not being able to secure the lease (without contract protection), in particular after the change of ownership of Nan Feng Optical

　　●Recommendation: To sign lease contract before acquisition is completed

　　(4)

　　●Finding: Unrecorded liability of Rmb4.5 million identified (financial lease)

　　●Implication: Net debt understated, hence impact the deal price calculation

　　●Recommendation: Suggest management to correct the error.

　　(5)

　　●Finding: Net investment was understated in the cash flow forecast

　　●Implication: Cash flow overstated; enterprise value in LOI overstated

　　●Recommendation: Suggest re-calculate the enterprise value

　　(6)

　　●Finding: Sales accountant also act as the cashier

　　●Implication: Internal control risk caused by no segregation of duties

　　●Recommendation: Segregation of duty

　　(7)

　　●Finding: Chen Nan and Zhang Xiao take critical roles in the daily business

　　●Implication: The business of Nan Feng likely to be adversely affected if they leave the company after acquisition

　　●Recommendation: Chen Nan and Zhang Xiao’s continued service in the company (at least in the short term) necessary.

　　Consider make it a condition in the deal negotiation

　　7. 根据资料四、资料五和资料六的有关信息，采用实体现金流量模型计算收购南风眼镜90%股权的价格金额(需分步骤列出计算过程);并简要说明为什么实务中估计企业价值大多使用实体现金流量模型而非股权现金流量模型。(5.5分)

　　答：收购南风眼镜90%股权的价格计算步骤如下：

　　(1)扣减少计的净投资，经调整后预测期各年实体现金流量为：1100万，1115万，1260万，1315万，1667万

　　(2)经调整后预测期现金流量现值为：1100*0.8929+1115*0.7972+1260*0.7118+1315*0.6355+1667*0.5674=4549.47万

　　(3)经调整后后续期现金流量现值为：1667*(1+5%)÷(12%-5%)*0.5674=14187.84万

　　(4)实体价值=4549.47+14187.84=18737.31万

　　(5)净债务价值=4000+3000+450=7450万，或净债务价值=4000+3000+450-485=6965万

　　(6)90%股权的收购价格为：(18737.31-7450)*90%=10158.58万元，或90%股权的收购价格为：(18737.31-6965)*90%=10595.08万元

　　在实务中大多使用实体现金流量模型，主要是因为用以计算股权现金流量现值的股权成本受资本结构的影响较大，估计起来比较复杂。比如债务增加时，风险上升，股权成本会上升，而上升的幅度不容易测算。

　　而用以计算实体现金流量现值的加权平均资本成本则受资本结构的影响较小，其中债务成本的变化和股权成本的相应变化基本上能互相抵消，所以平均资本成本对资本结构变化不敏感，在实务当中比较容易估计。

　　8. 根据资料五，假设南风眼镜B类门店固定成本中的租金保持不变，但通过相关改进措施可使B类门店固定成本中的人工费用和其他费用分别下降15%，计算分析B类门店销售收入需平均增长百分之几才能达到B类门店的盈亏平衡。(4分)

　　答：盈亏平衡分析：

　　B类店单店月平均固定成本=2.9+1.9*85%+1.2*85%=5.54万

　　变动成本率=3.3÷8.3=39.76%

　　盈亏平衡点销售收入=5.54÷(1-39.76%)=9.20万

　　增长百分比=9.20÷8.3-1=10.84%。B类店需增长10.84%的销售才能达到盈亏平衡。

　　9. 简要说明：(1)与普通债券以及普通股相比，可转换债券筹资的优缺点;(2)上市公司发行可转换债券，除了应当符合增发股票的一般条件之外，还应符合哪些条件。(4分)

　　答：（1)可转债优缺点：

　　优点：

　　①与普通债券相比，可转债券使公司能以较低的利率先取得资金。由于票面利率低于同一条件下的普通债券利率，降低了前期筹资成本。

　　②与普通股相比，可转债券使公司取得了以高于当前股价出售普通股的可能性。在发行新股时机不理想时，可先发可转债，然后通过转换实现较高价格的股权筹资。

　　不至于因为直接发行新股而进一步降低股票市价，而且由于转换期较长，转股时对股价的影响也较温和，有利于稳定股票。

　　缺点：

　　①股价上涨风险。虽然可转债的转换价格高于其发行时的股价，但如果转换时股价大幅上涨，公司只能以较低的固定转换价格换出股票，会降低公司的股权筹资额。

　　②股价低迷风险。发行可转债，如股价没有达到转股所需要的水平，可转债持有者没有如期转股，则公司只能继续承担债务。尤其在有回售条款的情况下，公司短期集中偿债压力大。尤其有些公司发行可转债的目的是为了筹集权益资本，股价低迷会使其原定目标无法实现。

　　③总筹资成本高于普通债券。尽管可转债的票面利率低于普通债券，但是考虑转股成本后的总筹资成本要高于普通债券。

　　(2)除了符合增发股票的一般条件外，发行可转债还需符合的条件：

　　①最近3个会计年度加权平均净资产收益率平均不低于6%。扣除非经常性损益后的净利润与扣除前的净利润相比以低者作为计算依据;

　　②本次发行后累计公司债券余额不超过最近一期期末净资产额的40%;

　　③最近3个会计年度实现的年均可分配利润不少于公司债券1年的利息。

　　10. 根据华盛股份2009年度利润分配及资本公积转增股本方案，分别计算实施该项利润分配及资本公积转增股本方案对华盛股份的股本、资本公积及未分配利润的影响金额;并简要说明：(1)公司法关于公积金的提取有哪些规定; (2)按照公司法规定，公积金有哪些用途。(4分)

　　答：实施该项利润分配及资本公积转增股本方案对华盛股份的股本、资本公积及未分配利润的影响金额计算如下：

　　股本增加50000*0.2+50000*0.4 = 30000万元

　　资本公积减少50000*0.4 = 20000万元

　　未分配利润减少50000*0.1+50000*0.2 =15000万

　　(1)公积金提取的规定：

　　①法定公积金按抵减年初累计亏损后的本年净利润按10%的比例提取，当法定公积金累计额达到公司注册资本50%时可不再继续提取。

　　②任意公积金按照公司股东大会的决议提取。

　　③公司如果没有提取法定公积金之前就向股东分配利润的，必须将违反规定发放的利润退还给公司。

　　(2)公司法规定的公积金用途：

　　①弥补亏损。盈余公积(包括法定盈余公积和任意盈余公积)可以用以弥补亏损，但是资本公积不得用于弥补公司亏损。

　　②扩大生产经营。盈余公积和资本公积均可做此项用途。

　　③转增资本。用法定公积金转增资本时，转增后留存的法定公积金不得少于转增前公司注册资本的25%;对于任意公积金和资本公积转增资本则没有比例限制。

　　11. In early 2011, Mr. Colin heard from a friend that the landlord of the largest store of Hua Guang Optical (华光眼镜) was considering whether to sell the building (where the store was located) to another company for Rmb22 million. The existing lease contract between Hua GuangOptical and the landlord will expire by the end of 2013. Mr. Colin was not familiar with the relevant laws in China. Therefore, he wrote an email to Sky Consulting to consult on (i) whether the existing lease contract will be terminated because of the sale of the building by the landlord;

　　(ii) whether Hua Guang Optical should offer the landlord more than Rmb22 million if Hua Guang Optical wants to buy the building; and (iii)whether the landlord can sell the building without letting Hua Guang Optical know about that. On behalf of Sky Consulting, please write an email to reply to Mr. Colin. (2.5 分)

　　Answer：

　　(i) Change of ownership of the property does not impair the validity of the existing lease contract. So the existing contract will continue to be valid before it expires

　　by the end of 2013.

　　(ii) Under same terms, lessee has the priority to buy the property. So Hua Guang Optical does not have to offer a higher price.

　　(iii) worried that landlord sell the building without letting them know. The landlord should give the lessee a reasonable notice period before selling the building. If

　　the landlord sells the building without notifying the lessee, the lessee can ask landlord for indemnification of any losses caused.

　　12. On behalf of Li (李琳), please write an email to Mr. Colin to (1) explain whether Su (苏小青) can join the audit engagement team; and (2)explain the general principles in judging whether Gong Xin Accounting Firm (公信) can provide the advisory service to Nan Feng Optical (南风眼镜), and seek further clarification from Mr. Colin regarding the nature of the advisory service required. (8分)

　　Answer：

　　Dear Mr. Colin,

　　Thanks for letting me know that the former deputy finance manager, Su, of Nan Feng Optical has recently joined our firm. I am afraid that Su can’t join the

　　engagement team; it will impair audit independence. According to the CICPA ethical guidelines, the fact that an audit team member was recently a director, senior

　　officer, or employee in certain special positions of the audit client, may create self-interest, self-review, or familiarity threats. Examples of special positions

　　mentioned above include an employee in the finance department of the audit client who prepared certain accounting records, on which the firm will audit and

　　express opinion. The ethical guidelines further states that if an audit team member was in such a position during the period covered by the audit engagement, the

　　threat to independence is consider so serious that no safeguards could possibly reduce the threat to an acceptable level. So the only solution is to remove him/her

　　from the engagement team. Therefore, I am afraid Su cannot be a member of the audit engagement team of Nan Feng Optical.

　　Regarding the advisory service you mentioned in your email, first of all, thank you very much for considering Gong Xin CPA. I need to know more details of

　　the nature of the service you require before I can draw a definitive conclusion on whether we, as the auditor, are allowed to provide such advisory service.

　　The CICPA ethical guidelines have provided general principles to assess whether the provision of non-assurance services might create self-review threat

　　against our audit independence. In general, we should make sure not to take any management roles, such as the design and implementation of internal controls.

　　Usually, providing professional advices and comments is not regarded as management role. To avoid taking management role, we need to ensure that client’s

　　management team makes decisions, evaluates service results, and take responsibility for actions taken following the service results.

　　In relation to the improvement of Nan Feng Optical’s management analysis system, I wish to clarify with you on the following questions, in order to help me

　　understand the nature of the service required. (1)Is the management analysis system a critical part of the financial reporting and internal control? Does the

　　information generated from the management analysis system has material impact on the accounting records or financial statements to be audited? If the answer

　　to either of the questions is yes, then we are not allowed to provide any service in relation to the design and implementation of such system (as Nan Feng Optical

　　is a subsidiary of a public company). (2)What is the nature of the specific advisory service that you expect us to provide? It is generally fine for us to provide

　　comments and suggestions on the system that was designed and implemented by you or other service providers.

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