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The following draft appraisal of a proposed investment project has been prepared for the f

i nance director of OKM Co by a trainee accountant. The project is consistent with the current business operations of OKM Co.

The following draft appraisal of a proposed invest

Net present value = 1,645,000 – 2,000,000 = ($355,000) so reject the project.

The following information was included with the draft investment appraisal:

1. The initial investment is $2 million

2. Selling price: $12/unit (current price terms), selling price infl ation is 5% per year

3. Variable cost: $7/unit (current price terms), variable cost infl ation is 4% per year

4. Fixed overhead costs: $500,000/year (current price terms), fi xed cost infl ation is 6% per year

5. $200,000/year of the fi xed costs are development costs that have already been incurred and are being recovered by an annual charge to the project

6. Investment fi nancing is by a $2 million loan at a fi xed interest rate of 10% per year

7. OKM Co can claim 25% reducing balance capital allowances on this investment and pays taxation one year in arrears at a rate of 30% per year

8. The scrap value of machinery at the end of the four-year project is $250,000

9. The real weighted average cost of capital of OKM Co is 7% per year

10. The general rate of infl ation is expected to be 4？7% per year

Required:

(a) Identify and comment on any errors in the investment appraisal prepared by the trainee accountant. (5 marks)

(b) Prepare a revised calculation of the net present value of the proposed investment project and comment on the project’s acceptability. (12 marks)

(c) Discuss the problems faced when undertaking investment appraisal in the following areas and comment on how these problems can be overcome:

(i) assets with replacement cycles of different lengths;

(ii) an investment project has several internal rates of return;

(iii) the business risk of an investment project is signifi cantly different from the business risk of current operations. (8 marks)

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更多“The following draft appraisal …”相关的问题

第1题

COMMERCIAL BANK OF TORONTO Date: Sept.5, 1998 To: BEIJING IMP.EXP CORP. Beijing, China Adv

COMMERCIAL BANK OF TORONTO

Date: Sept.5, 1998

To: BEIJING IMP.EXP CORP.

Beijing, China

Advised through Bank of China, Beijing

No, BOC 98/09/05

DOCUMENTARY LETTER OF CREDIT

IRREVOCABLE

Dear Sirs,

You are authorized to draw on VANCOUVER TRADING CO. LTD., Vancouver for a sum not exceeding CAN $ 24,000(SAY CANADIAN DOLLARS TWENTY THOUSAND ONLY) available by draft drawn on them at 60 day’s sight accompanied by the following documents:

-- Full set of Clean on Board Bills of Lading made out to order and blank endorsed, marked "freight prepaid" dated not later than October 31,1998 and notify accountee.

-- Signed Commercial Invoice in quintuplicate.

-- Canadian Customs Invoice in quintuplicate.

-- Insurance Policies (or Certificates) in duplicate covering Marine and War Risks.

Evidencing shipment from China port to Toronto, Canada of the following goods:

1,000 dozen of Art. No. G3030 COTTON BATH TOWELS at CAN $ 24 per dozen CFRC2 Vancouver, details as per your S/C No.98 - 110.

Partial shipments are allowed.

Transhipment is prohibited.

This credit expires on November 15, 1998 for negotiation in China.

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第2题

After preparing a draft statement of profit or loss （before interest and tax) for the year

After preparing a draft statement of profit or loss (before interest and tax) for the year ended 31 March 20X6 (before any adjustments which may be required by notes (i) to (iv) below), the summarised trial balance of Triage Co as at 31 March 20X6 is:

The following notes are relevant:

(i) Triage Co issued 400,000 $100 6% convertible loan notes on 1 April 20X5. Interest is payable annually in arrears on 31 March each year. The loans can be converted to equity shares on the basis of 20 shares for each $100 loan note on 31 March 20X8 or redeemed at par for cash on the same date. An equivalent loan without the conversion rights would have required an interest rate of 8%.

The present value of $1 receivable at the end of each year, based on discount rates of 6% and 8%, are:

(ii) Non-current assets:

The directors decided to revalue the leased property at $66·3m on 1 October 20X5. Triage Co does not make an annual transfer from the revaluation surplus to retained earnings to reflect the realisation of the revaluation gain; however, the revaluation will give rise to a deferred tax liability at the company’s tax rate of 20%.

The leased property is depreciated on a straight-line basis and plant and equipment at 15% per annum using the reducing balance method.

No depreciation has yet been charged on any non-current assets for the year ended 31 March 20X6.

(iii) In September 20X5, the directors of Triage Co discovered a fraud. In total, $700,000 which had been included as receivables in the above trial balance had been stolen by an employee. $450,000 of this related to the year ended 31 March 20X5, the rest to the current year. The directors are hopeful that 50% of the losses can be recovered from the company’s insurers.

(iv) A provision of $2·7m is required for current income tax on the profit of the year to 31 March 20X6. The balance on current tax in the trial balance is the under/over provision of tax for the previous year. In addition to the temporary differences relating to the information in note (ii), at 31 March 20X6, the carrying amounts of Triage Co’s net assets are $12m more than their tax base.

Required:

(a) Prepare a schedule of adjustments required to the draft profit before interest and tax (in the above trial balance) to give the profit or loss of Triage Co for the year ended 31 March 20X6 as a result of the information in notes (i) to (iv) above.

(b) Prepare the statement of financial position of Triage Co as at 31 March 20X6.

(c) The issue of convertible loan notes can potentially dilute the basic earnings per share (EPS). Calculate the diluted earnings per share for Triage Co for the year ended 31 March 20X6 (there is no need to calculate the basic EPS).

Note: A statement of changes in equity and the notes to the statement of financial position are not required.

The following mark allocation is provided as guidance for this question:

(a) 5 marks

(b) 12 marks

(c) 3 marks

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第3题

（a) IAS 37 Provisions, contingent liabilities and contingent assets prescribes the account

(a) IAS 37 Provisions, contingent liabilities and contingent assets prescribes the accounting and disclosure for those items named in its title.

Required:

Define provisions and contingent liabilities and briefly explain how IAS 37 improves consistency in financial reporting.

(b) The following items have arisen during the preparation of Borough’s draft financial statements for the year ended 30 September 2011:

(i) On 1 October 2010, Borough commenced the extraction of crude oil from a new well on the seabed. The cost of a 10-year licence to extract the oil was $50 million. At the end of the extraction, although not legally bound to do so, Borough intends to make good the damage the extraction has caused to the seabed environment. This intention has been communicated to parties external to Borough. The cost of this will be in two parts: a fixed amount of $20 million and a variable amount of 2 cents per barrel extracted. Both of these amounts are based on their present values as at 1 October 2010 (discounted at 8%) of the estimated costs in 10 years’ time. In the year to 30 September 2011 Borough extracted 150 million barrels of oil.

(ii) Borough owns the whole of the equity share capital of its subsidiary Hamlet. Hamlet’s statement of financial position includes a loan of $25 million that is repayable in five years’ time. $15 million of this loan is secured on Hamlet’s property and the remaining $10 million is guaranteed by Borough in the event of a default by Hamlet. The economy in which Hamlet operates is currently experiencing a deep recession, the effects of which are that the current value of its property is estimated at $12 million and there are concerns over whether Hamlet can survive the recession and therefore repay the loan.

Required:

Describe, and quantify where possible, how items (i) and (ii) above should be treated in Borough’s statement of financial position for the year ended 30 September 2011.

In the case of item (ii) only, distinguish between Borough’s entity and consolidated financial statements and refer to any disclosure notes. Your answer should only refer to the treatment of the loan and should not consider any impairment of Hamlet’s property or Borough’s investment in Hamlet.

Note: the treatment in the income statement is NOT required for any of the items.

The following mark allocation is provided as guidance for this requirement:

(i) 5 marks

(ii) 4 marks

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第4题

The draft is usually drawn by___.

A.seller

B.agent

C.buyer

D.bank

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第5题

It is just first draft of the book and hasn't been _____ yet.

A.required

B.satisfied

C.performed

D.perfected

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第6题

Elounda Co manufactures chemical compounds using a continuous production process. Its year

end was 31 July 20X6 and the draft profit before tax is $13·6 million. You are the audit supervisor and the year-end audit is due to commence shortly. The following matters have been brought to your attention.

(i) Revaluation of property, plant and equipment (PPE)

At the beginning of the year, management undertook an extensive review of Elounda Co’s non-current asset valuations and as a result decided to update the carrying value of all PPE. The finance director, Peter Dullman, contacted his brother, Martin, who is a valuer and requested that Martin’s firm undertake the valuation, which took place in August 20X5. (5 marks)

(ii) Inventory valuation

Your firm attended the year-end inventory count for Elounda Co and ascertained that the process for recording work in progress (WIP) and finished goods was acceptable. Both WIP and finished goods are material to the financial statements and the quantity and stage of completion of all ongoing production was recorded accurately during the count.

During the inventory count, the count supervisor noted that a consignment of finished goods, compound E243, with a value of $720,000, was defective in that the chemical mix was incorrect. The finance director believes that compound E243 can still be sold at a discounted sum of $400,000. (6 marks)

(iii) Bank loan

Elounda Co secured a bank loan of $2·6 million on 1 October 20X4. Repayments of $200,000 are due quarterly, with a lump sum of $800,000 due for repayment in January 20X7. The company met all loan payments in 20X5 on time, but was late in paying the April and July 20X6 repayments. (4 marks)

Required:

(a) Describe substantive procedures you should perform. to obtain sufficient, appropriate audit evidence in relation to the above three matters.

Note: The mark allocation is shown against each of the three matters above.

(b) Describe the procedures which the auditor of Elounda Co should perform. in assessing whether or not the company is a going concern. (5 marks)

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第7题

The documentary collection provides the seller with a greater degree of protection than sh

ipping on______.

A．documentary credit

B．bank's letter of guarantee

C．banker's draft

D．open account

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第8题

在“体类型"组中，选中（)单选按钮，可以控制在拉伸截面曲线是创建的实体

A.Model

B.Solid

C.Sheet

D.draft

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第9题

下列条款规定方法是正确的：“Upon first presentation the Buyer shall pay against documen

tary draft drawn by the Seller at sight. The shipping document are to be delivered against payment only”()

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第10题

（)是将模型的表面沿指定的拔模方向倾斜一定的角度，因而广泛应用于各种模具的设计领域

A.Chamfer

B.Draft

C.Shaping

D.Blend

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