Cherry Blossom Co (Cherry) manufactures custom made furniture and its year end is 30 April. The company purchases its raw materials from a wide range of suppliers. Below is a description of Cherry’s purchasing system.
When production supervisors require raw materials, they complete a requisition form. and this is submitted to the purchase ordering department. Requisition forms do not require authorisation and no reference is made to the current inventory levels of the materials being requested. Staff in the purchase ordering department use the requisitions to raise sequentially numbered purchase orders based on the approved suppliers list, which was last updated 24 months ago. The purchasing director authorises the orders prior to these being sent to the suppliers.
When the goods are received, the warehouse department verifies the quantity to the suppliers despatch note and checks that the quality of the goods received are satisfactory. They complete a sequentially numbered goods received note (GRN) and send a copy of the GRN to the finance department.
Purchase invoices are sent directly to the purchase ledger clerk, who stores them in a manual file until the end of each week. He then inputs them into the purchase ledger using batch controls and gives each invoice a unique number based on the supplier code. The invoices are reviewed and authorised for payment by the finance director, but the actual payment is only made 60 days after the invoice is input into the system.
Required:
In respect of the purchasing system of Cherry Blossom Co:
(i) Identify and explain FIVE deficiencies; and
(ii) Recommend a control to address each of these deficiencies.
Note: The total marks will be split equally between each part.
第1题：
以下语句执行后a、b、c的值是：（） a = "watermelon" b = "strawberry" c = "cherry" if a ＞ b: c = a a = b b = c
A．watermelon strawberry cherry
B．watermelon cherry strawberry
C．strawberry cherry watermelon
D．strawberry watermelon watermelon
第2题：
6、以下语句执行后a、b、c的值是：（） a = "watermelon" b = "strawberry" c = "cherry" if a ＞ b: c = a a = b b = c
A．watermelon strawberry cherry
B．watermelon cherry strawberry
C．strawberry cherry watermelon
D．strawberry watermelon watermelon
第3题：
88、下列代码循环遍历列表fruits中的每个元素。 fruits = ["apple", "banana", "cherry"] ____ x ____fruits: print（x)
第4题：
第5题：
A.System.load（"prop.custom"）；
B.System.getenv（"prop.custom"）；
C.System.property（"prop.custom"）；
D.System.getProperty（"prop.custom"）；
E.System.getProperties（）.getProperty（"prop.custom"）；
第6题：
A.System.load("prop.custom");
B.System.getenv("prop.custom");
C.System.property("prop.custom");
D.System.getProperty("prop.custom");
E.System.getProperties().getProperty("prop.custom");
第7题：
Cherry, what do you think of today’s English homework?().
A. A little difficult.
B. The teacher assigned a lot.
C. No problem.
第8题：
(c) On 1 May 2007 Sirus acquired another company, Marne plc. The directors of Marne, who were the only
shareholders, were offered an increased profit share in the enlarged business for a period of two years after the
date of acquisition as an incentive to accept the purchase offer. After this period, normal remuneration levels will
be resumed. Sirus estimated that this would cost them $5 million at 30 April 2008, and a further $6 million at
30 April 2009. These amounts will be paid in cash shortly after the respective year ends. (5 marks)
Required:
Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment of
the above elements under International Financial Reporting Standards in the financial statements for the year
ended 30 April 2008.
第9题：
(b) When a director retires, amounts become payable to the director as a form. of retirement benefit as an annuity.
These amounts are not based on salaries paid to the director under an employment contract. Sirus has
contractual or constructive obligations to make payments to former directors as at 30 April 2008 as follows:
(i) certain former directors are paid a fixed annual amount for a fixed term beginning on the first anniversary of
the director’s retirement. If the director dies, an amount representing the present value of the future payment
is paid to the director’s estate.
(ii) in the case of other former directors, they are paid a fixed annual amount which ceases on death.
The rights to the annuities are determined by the length of service of the former directors and are set out in the
former directors’ service contracts. (6 marks)
Required:
Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment of
the above elements under International Financial Reporting Standards in the financial statements for the year
ended 30 April 2008.