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  • Written by Muhammad Ejaz
  • 24 Jul

FREE ACCA F4 BPP EXAM KIT 2018-2019 - EXAM PREPARATION & TUTORING

FREE ACCA F4 BPP EXAM KIT 2016-2017 - EXAM PREPARATION & TUTORING

FREE ACCA F4 BPP EXAM KIT 2018-2019 - EXAM PREPARATION & TUTORING

(a) Explain the importance of audit planning and state TWO matters that would be included in an audit plan.

 (6 marks)

Redburn Co, a publisher and producer of books of poetry, has been a client of your firm of Chartered free acca books pdf Certified

Accountants for a number of years. The manager in overall charge of the audit has been discussing the audit plan

with the audit team, of which you are a member, prior to commencement of the work. The audit manager has

informed the team, among other things,free acca books download pdf that there has been a growing interest in poetry generally and that the

company has acquired a reputation for publishing poets who are still relatively unknown.

During your audit, you determine:

(i) Contracts with the poet’s state that they are given a royalty of 10% on sales. Free copies of the books are

provided to the poets and to some organizations acca study materails such as copyright libraries and to others, such as reviewers

and university lecturers. No royalties are given on these free copies.

(ii) The computerized customer master file contains a code indicating whether a dispatch is to earn a royalty for

the author. This code is shown on the sales invoice and dispatch note when they are prepared.

(iii) A computerized royalties file is held, all free download for pdf entries therein bearing the invoice number and date.

(iv) The company keeps detailed statistics of sales made, including trends of monthly sales by type of customer,

and of colleges where its books are recommended as exam preparation & tutoring part of course material, based on reports from sales

staff.

 (v) Bookshops have the right to return books which are not selling well, but about 10% of these are slightly

damaged when returned. The company keeps similar records of returns as it does for sales.

Required

(b) Describe TWO procedures used to ensure that the sales statistics kept by the company may be relied upon.

 (4 marks)

(c) Describe THREE substantive tests you should perform to ensure that the royalties charge is accurate and

complete, stating the objective of each test. (6 marks)

(d) A material figure in the statement of financial position of Redburn Co is the amount attributed to inventory of

books.

Required

State TWO inherent risks that may affect the inventory figure and suggest ONE control to mitigate each risk.

 (4 marks)

(e) The management of Redburn Co has told you that inventory is correctly valued at the lower of cost and net

realizable value. You have already satisfied yourself that cost is correctly determined.

Required

(i) Define net realizable value; (2 marks)

(ii) State and explain the purpose of FOUR procedures that you should use to ensure that net realizable

value of the inventory is at or above cost. (8 marks)

  (Total = 30 marks)

FREE ACCA F4 BPP EXAM KIT 2018-2019 - EXAM PREPARATION & TUTORING

Contents 
 Page 
Finding questions 
Question index ........................................ iv 
Helping you with your revision .................... vi 
Revising F4 
Topics to revise....................................... vi
Passing the F4 exam ............................. viii
Exam information .................................... xi
Useful websites ....................................... xi 
Questions and answers 
Questions........ 3
Answers ........ 85 
Exam practice 
Mock exam 1
Questions.... 135
Answers ...... 147 
Mock exam 2
Questions.... 155
Answers ...... 167 
Mock exam 3 (December 2014)
Questions.... 175
Answers ...... 185 
ACCA's exam answers
December 2014.................................... 195
 
Review Form 
 
FREE ACCA F1 BPP EXAM KIT 2016-2017FREE ACCA F4 BPP EXAM KIT 2018-2019 - EXAM PREPARATION & TUTORING
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