The following is the official errata

2007 National Unified Certified Public Accountant Examination Tutorial Material Questions and Answers Issue 1

1. "Accounting"

1. Correction of textbook errors

(1) On page 35 of the textbook, in the sixth line from the top, "short-term investment" is changed to "investment", and "cash" is changed to "funds". The last sentence of this paragraph is changed to "When purchasing stocks, bonds, etc., according to the purpose of holding financial assets and the actual amount, accounts such as 'trading financial assets' will be debited and 'other monetary funds - deposited investments' will be credited "Account".

(2) Example 3-1 on page 42 of the textbook: Company A paid 1,060,000 to purchase the company’s issued shares from the secondary market instead of 1,000,000 yuan.

(3) In the answers on pages 48 to 51 of the textbook [Example 3-5], all "held-to-maturity investments - principal" are changed to "held-to-maturity investments - —Cost”, *** everywhere.

(4) "*1138=....-3" below Table 3-2 in Table 49 of the textbook. 3 is -3 power and should be in the upper right corner.

(5) Line 6 on page 115 of the textbook: 55250000×0.0221 should be changed to: 55250000×10%.

(6) P118, above the penultimate line, add: 6. The depreciation accrued for unused fixed assets should be included in "administrative expenses".

(7) The third to last line on page 121 of the textbook: Delete "the estimated net residual value is not considered."

(8) In the penultimate line of the third paragraph on page 131 of the textbook, 50,000 yuan is changed to 60,000 yuan.

On the same page, change "interest" in column 4 of Table 7-1 to "interest rate".

(9) The accounting entries in the fourth row from the top of page 133 of the textbook should be changed to:

Debit: Intangible assets - trademark rights 5020000

Credit: Paid-in capital (or equity) 5,000,000

Bank deposit 20,000

(10) On page 145 of the textbook, the positive number line 8 credit "intangible assets" account is changed to: Credit the Accumulated Amortization account. On the same page, in the third line of Example 7-9, change 1 million yuan to 10 yuan.

(11) On the 10th line from the top of page 161 of the textbook, add the punctuation mark "." after the disposal of investment real estate.

In the first and second lines from the bottom of the paragraph above in Example 16, ";" is changed to ",".

(12) On the 14th line from the top of page 162 of the textbook, "Investment real estate - leased land ownership" is changed to "Investment real estate - land ownership".

On the same page, in the accounting entry (3), other business costs at the time of sale should be 19,425,000 yuan, and amortization should be 10,575,000 yuan.

(13) On page 175 of the textbook, in the last entry, the debit side should be increased: "Non-operating expenses 2 200 000".

(14) In the third line from the bottom on page 239 of the textbook, "Profits and losses from changes in fair value" are changed to "Available-for-sale financial assets - changes in fair value".

(15) On page 255 of the textbook, the 8th line from the positive number, (P/A, r, 10) is changed to: (P/A, r, 5);

( 16) Line 5 on page 259 of the textbook: (100÷5) should be (10÷5)

(17) Line 14 on page 264 of the textbook: "Inventory goods" should be "shipped goods"

(18) Page 274 of the textbook: Should the number of the first accounting entry be 1,100,000, and whether the number of the second accounting entry should be 900,000.

(19) Page 299 of the textbook: (11) = (100000-200000) + (100000-100000)... This (100000-100000) is changed to (953800-953800).

(20) Paragraph 6 on page 347 of the textbook: Delete “the book value of the restructured creditor’s rights between the book balance of the restructured bonds and the book value of the creditor’s rights after the reorganization”.

3. "Financial Cost Management"

1. Correction of textbook errors

(1) The fifth line of the table on page 218 of the textbook, "Taxation on the Realization of Residual Value at the End of the Period," should be "Tax Credit for Loss on Realization of Residual Value," and the sixth line from the bottom "(A/P, "10%, 5)" should be "(P/A, 10%, 5)".

(2) "-Depreciation tax deduction" in line 7 on page 219 of the textbook should be "+depreciation tax deduction".

(3) "Increase in operating current assets" in line 4 on page 277 of the textbook should be "increase in operating working capital".

(4) "Net return on investment" in line 1 on page 281 of the textbook should be "net return on capital".

(5) Line 17 on page 299 of the textbook "Sales revenue per share is US$83.19, net profit per share is US$3.91" should be "Sales revenue per share is US$83.06, net profit per share is US$3.82".

(6) The 11th line from the bottom on page 308 of the textbook "seller of put option" should be "seller of call option".

(7) "NORMSDIST" in the fourth line from the bottom on page 330 of the textbook should be "LN".

2． Questions related to the textbook

(1) Question: How are the "uncorrected project value" and "corrected project value figures" in Table 11-19 on page 340 of the textbook obtained?

Answer: The calculation method of "uncorrected project value" and "corrected project value" is explained in the book using the 4th year as an example. Here, the 3rd year is used as an example for further explanation.

"Uncorrected Project Value" for Year 3:

Node 1: [0.483373×(1076 +1271)+0.516627×(484+679)]/(1+ 5%)=1652.90

Node 2: [0.483373×(484+679)+0.516627×(19385)]/(1+5%)=818.52

No. Node 3: [0.483373×(19385)+0.516627×(44+239)]/(1+5%)=404.18

Node 4: [0.483373×(44+239)+0.516627 ×(-28+167)]/(1+5%)=198.43

"Corrected Project Value" in Year 3:

Nodes 1 and 2: Due to There is no change in nodes 1-3 in 4 years, so there is no need to revise.

Node 3: The 5th node in the 4th year of 2.3925 million yuan is lower than the liquidation value of 3 million yuan, and the project value is replaced with 3 million yuan, so:

[0.483373×( 19385)+0.516627×(44+300)]/(1+5%)=434.08

Node 4:

[0.483373×(30300)+0.516627 ×(30300)]/(1+5%)=285.71

This number is lower than the liquidation value in the third year (4 million yuan), and the liquidation value is used as the project modification value.

(2) Question: If it is admitted that the capital market is imperfect, the financing structure will change the average capital cost of the enterprise, then even if the two conditions are met to finance new projects, the current average capital cannot be used Cost as discount rate? Page 163 of the textbook says, “If it is assumed that the market is perfect and the capital structure does not change the average capital cost of the enterprise, then the average capital cost reflects the average risk of the current assets.” How do you understand this sentence?

Answer: If the risk of the new project is the same as the average risk of the company's current assets, and the same capital structure continues to be used to finance the new project, the current cost of capital can be used as the discount rate for the new project.

If the capital market is perfect, the capital structure has nothing to do with the value of the enterprise. As long as the risk of the new project is the same as the average risk of existing assets, the current capital cost can be used as the discount rate for the new project. However, a perfect capital market is only a theoretical state and does not exist in reality.

A perfect market has a series of strict assumptions: the market is frictionless, that is, there are no transaction fees or taxes, all assets can be infinitely divided and traded, and there are no restrictions; product markets and securities markets are Perfectly competitive, that is, all producers in the product market provide goods or services at the lowest average cost, and all participants in the securities market are price takers; market information is in a valid state, that is, information has no cost, and information can be obtained simultaneously Obtained by all individuals; all individuals are rational, that is, they are investors who maximize expected utility. When the above conditions are met, both the product market and the securities market are in a fully efficient state of resource allocation and fully efficient operation at the same time. The allocation is completely effective, which means that scarce resources can be optimally allocated; the operation is completely effective, which means that the transaction cost is zero. In this case, adding lower-cost debt financing will increase the cost of equity as risk increases, which exactly offsets the change in capital structure and will not change the average cost of capital. That is to say, in a perfect capital market, the value of leveraged enterprises and unlevered enterprises is equal, and the average cost of capital does not reflect financial risk, it only reflects the average risk of current assets.

(3) Question: What is the difference between the net cash flow of the entity cash flow method and the equity cash flow method in enterprise value evaluation?

Answer: The fundamental difference between the two is that the entity cash flow method uses the investors of the corporate entity as the boundary for measuring cash flow. Investors in corporate entities here include shareholders and creditors. All matters that change the economic interests of corporate entity investors caused by the project are regarded as project cash flows; cash flows within investors between shareholders and creditors are not regarded as project cash flows. The equity cash flow method uses shareholders as the boundary of cash flow. All events that cause increases or decreases in the economic interests of shareholders are regarded as cash flows of the project, including cash flows between shareholders and creditors.

Specifically, the differences between the two are mainly reflected in the following four aspects: (1) Under the entity cash flow method, interest reduces the interests of shareholders and increases the interests of creditors. For entity investors as a whole, cash flow There is no change; under the equity cash flow method, interest is an outflow of economic benefits to shareholders and should be regarded as the cash outflow of the project. (2) Under the entity cash flow method, "income tax" refers to "EBIT × T"; while when calculating equity cash flow, "income tax" refers to "(EBIT-I) × T". (3) Under the corporate entity cash flow method, "net profit" refers to "EBIT (1-T)", which is net profit before interest and tax; while under the equity cash flow method, "net profit" refers to "(EBIT- I) (1-T)” is the net profit after interest and taxes. (4) Under normal circumstances, corporate entity cash flow - equity cash flow = interest (1-T).

(4) Question: In Table 5-12 on page 159 of the textbook, the tax deduction for the realization loss of old equipment is (10000-33000) × 0.4 = (9200). Why is it treated as a cash outflow when examining the old equipment? Treated instead of treated like a depreciation tax deduction? Can you explain in detail what each item of this chart means?

Answer: Table 5-12 is divided into upper and lower parts. The upper part lists the cash outflow and its present value of continuing to use the old equipment, and the lower part lists the cash outflow and its present value of purchasing new equipment. value. The projects that continue to use the old equipment solution are explained below.

The first item: the cash value of old equipment is 10,000 yuan. When a project uses existing resources, the relevant cash flow is their realizable value, which is the opportunity cost of the resource. If the old equipment is liquidated, it is expected to obtain a cash inflow of 10,000 yuan, so the related cash outflow is 10,000 yuan.

The second item: A tax deduction of 9,200 yuan for losses realized on old equipment. This one is related to the previous one. If the old equipment is sold, the loss incurred can be deducted from income tax by 9,200 yuan. Continuing to use the old equipment means that it will not be cashed out, and therefore it will not be able to enjoy the income tax deduction for the realized losses, which is equivalent to the loss of this benefit, so it should be treated as a cash outflow item.

The third item: annual cash operating costs are paid as cash outflows.

Item 4: Depreciation tax deduction. Because depreciation can reduce taxable income, it means that you can pay less income tax and relatively reduce cash outflows. The reduced cash outflows increase cash inflows.

Item 5: The cost of major repairs after two years is the cash cost after two years and is the expected cash outflow.

Item 6: Income from the realization of residual value is the expected cash inflow.

Item 7: Tax on the net income from the realization of the residual value, which is an expected cash outflow in the future.

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Intermediate 2007 Corrigendum of Accounting Practice Textbook

Chapter 3

Example 3-4 on page P42 is incorrect. The correct approach should be:

(1) January 2007 Determine the cost of purchased fixed assets on the 1st, including purchase price, value-added tax, insurance premiums, loading and unloading fees, etc.

Cost of purchased fixed assets = 2 106 000 × 3.7908 + 7 000 = 7 990 424.8 (Yuan)

Debit: Construction in progress 7 990 424.8

Unrecognized financing expenses 2 546 575.2

Loan: Long-term payables l0 530 000

Bank deposit 7,000

(2) Installation costs of 50,000 yuan incurred in 2007

Debit: Construction in progress 50,000

Loan: Bank Deposit 50,000

(3) Determine the apportionment amount of unrecognized financing expenses during the credit period:

Table 3-1 Unconfirmed financing expense apportionment table Unit: Yuan

< p>Decrease in principal payable of financing charges confirmed on date installment amount Balance of principal payable

(1) (2) = Beginning of the period (4) × 10% (3) = (1) - (2 ) End of period (4) = Beginning of period (4)-(3)

2007.1.1 7983424.80

2007.12.31 2106000 798342.48 1307657.52 6675767.28

2008.12.31 21060 00 667576.73 1438423.27 5237344.01

2009.12.31 2106000 523734.40 1582265.60 3655078.41

2010.12.31 2106000 365507.8 4 1740492.16 1914586.25

2011.12.31 2106000 191413.75 1914586.25 0

< p>Total 10530000 2546575.20 7983424.80

(4) Apportionment of unrecognized financing expenses, carry-over project costs and payments on December 31, 2007

Debit: Construction in progress 798 342.48 [ (l0 530 000-2 546 575.2) × 10%]

Credit: unrecognized financing expenses 798 342.48

Debit: fixed assets 8 838 767.28 (7 990 424.8 + 50 000 + 798 342.48)

Credit: Construction in progress 8 838 767.28

Debit: Long-term payables 2 106 000

Credit: Bank deposit 2 106 000

(5) Apportionment of unrecognized financing expenses and payments on December 31, 2008

Apportionment of unrecognized financing expenses = [(l0 530 000-2 106 000) - (2 546 575.2-798 342.48) ] × 10% = 667 576.73 (yuan)

Debit: financial expenses 667 576.73

Credit: unrecognized financing expenses 667 576.73

Debit: long-term payables 2 106 000

Loan: bank deposit 2 106 000

(6) Unrecognized financing expenses and payments as of December 31, 2009

Not apportioned Confirmed financing cost = [(l0 530 000-2 106 000×2)

-(2 546 575.2-798 342.48-667 576.73)]×10% = 523 734.40 (yuan)

< p>Debit: Financial expenses 523

734.40

Credit: Unrecognized financing expenses 523 734.40

Debit: Long-term payable 2 106 000

Credit: Bank deposit 2 106 000

< p>(7) Apportionment of unrecognized financing expenses and payments on December 31, 2010

Apportionment of unrecognized financing expenses = [(l0 530 000-2 106 000×3)

-(2 546 575.2-798 342.48-667 576.73-523 734.40)]×10% =365 507.84 (yuan)

Debit: Financial expenses 365 507.84

Credit: Unconfirmed Financing expenses 365 507.84

Debit: long-term payable 2 106 000

Credit: bank deposit 2 106 000

(7) Apportionment on December 31, 2011 Unrecognized financing expenses and payments

Shared unrecognized financing expenses = 2 546 575.2-798 342.48-667 576.73-523 734.40-365 507.84=191 413.75 (yuan)

Borrow: Financial expenses 191 413.75

Credit: Unrecognized financing expenses 191 413.75

Debit: Long-term payable 2 106 000

Credit: Bank deposit 2 106 000

p>

The answer to P58 Example 3-12 should be:

(1) There is no problem with the answer

(2) It should be:

The cumulative total of the business hall Depreciation amount = 1,800,000 × 3% × 8 = 432,000 (yuan)

Debit: Construction in progress 1,368,000

Accumulated depreciation 432,000

Credit: Fixed assets 1,800,000< /p>

(3) should be:

Book value of the old elevator = 200000-200000/1800000×432000=152000 (yuan)

Debit: other receivables 100,000

Non-operating expenses 52,000

Credit: Construction in progress 152,000

(4) The answer is no problem

(5) Entry It should be:

Debit: fixed assets 1,567,000

Credit: construction in progress 1,567,000

Page P62

The second entry should be Yes:

Debit: Construction in progress 167,000

Credit: Raw materials 100,000

Taxes payable - value-added tax payable (input tax transferred out ) 17 000

Employee compensation payable 50 000

Chapter 7

P130:

S Company’s surplus reserve in the second row of the table 20000000 should be changed to 2000000.

Chapter 8

P157:

The first "out" in lines 6 and 7 should be "in";

< p>The first "out" in the 1st and 2nd lines from the bottom is changed to "in".

Based on the currently available information and consultation results, there is controversy as to whether to recognize revenue and non-operating expenses in the processing of Example 8-6.

P159:

The first "out" in the 6th, 7th, 9th, 10th and 11th lines from the bottom is changed to "in".

P160:

Based on the information currently found and the results of the consultation, whether to recognize revenue and the treatment of non-operating expenses is controversial.

Chapter 10

P196

Change “principal and interest” in line 10 to “principal and interest”

Chapter 11

Page P206

"Other business expenses" in the fourth to last line should be changed to "other business costs".

There are some problems with the conditions of the example on page P213 [Example 11-7], so the description of the example will be changed, and the accounting treatment will remain unchanged:

The answer should be added at the bottom of page P214 One entry:

Debit: estimated liabilities 24,000

Credit: non-operating income 24,000

Chapter 13

Page 259

The second entry in (3) is deleted.

Chapter 19

Page P374

Change "accounts received in advance" in line 9 to "accounts paid in advance"

Page 378

Change "single-step" in line 3 to "multi-step"

Corrigendum of "Financial Management" 2007 textbook

1.P23: Change "Relevant" in the second line to "Unrelated"

Change the second "=" in the first line of the single-period asset yield calculation formula to "+"

< p>2.P28: In the calculation formulas for the standard deviation of projects A and B, "%" is missing after each number in the brackets

3.P26: The formula for variance is missing the summation symbol; standard In the difference formula, change "Pi" to "Ri" and "Ri" to "Pi"

4.P33: "3. System risk and its measurement" in the line above "factor system risk" Changed to "because of systemic risk"

5.P44: In the calculation formula of beta A, "σ A, m" was changed to "ρ A, m"

6.P53 Example 3-9: The condition of "bank interest rate is 6%" is missing

7.P53: The annual capital recovery coefficient and "n" in the above formula are changed to "-n"

8.P53: In the answer to Example 3-9, "14.7915" in the first line is changed to "14.7519"; in the second line, "24.7915" is changed to "14.7519", and "24.7915" is changed to "24.7519"

9 .P54: Change "F/A" to "F/P" in the 7th line from the bottom

10.P55-P56: In the answer to Example 3-14, "(P/A, 2%, 5) " is changed to "(P/A,2%,4)", and the corresponding calculation results also need to be modified

11.P57: The formula in the third line is changed to "P0=A×[(P/ A,i,m+n)-(P/A,i,m)]"

12.P60: Change "4.9464" to "4.9164" in lines 6 and 7 of Example 3-22. The calculation result is changed to 13.59%

13.P61: "12.25%" in line 5 is changed to "10.25%"; "P×" is added after the first equal sign in the upper line of the second section< /p>

14.P63: Change the denominator on the left side of the calculation formula in row 7 to "16%-18%"

15.P65: Row 5, column 2 in Table 3-2 Change "2.704" to "2.074"

16.P68: Example 3-34: Change the "n" in the denominator of the second line to "5"; change the "1000" to "100" in the third line ”

Example 3-35: Change “Bonds will still be recovered at face value upon maturity” to “Bonds will be repaid principal and interest in one lump sum upon maturity, with simple interest calculated”

17.P69 : In the fourth line from the bottom, "7.65%" is changed to "7.84%"

18.P70: In Example 3-38, the "coupon face" in the second line is changed to "coupon face"; in the third line, "400 yuan" is changed is "40 yuan"

19.P71 "106%" in "Example 3-40" is changed to "10600"

20.P72: "940000" in line 2 is changed to "94000"; (2) "940000" in the first two lines of the answer is changed to "94000"

21.P72: In the third line from the bottom, the "4000" after the less than sign is changed to "94000"

p>

22.P85: In the answer to Example 4-10 (4), "+7" is deleted, and "507" is changed to "500"; in (5), "-507" is changed to "-500-7"

23.P86: Change "4070" in the total in the continued table to "5070"

24.P86: Remove "(1-T)" from the second to last row

25.P91: Example 4-8" is changed to "Example 4-9"; the NCF subscript "2-8" in the fourth line of Example 4-14 is changed to "2-10"

26.P94 "Example 4-8" is changed to "Example 4-9"; "Example 4-10" is changed to "Example 4-11"

27.P96: "Example 4- 17" is changed to "Example 4-19"

28.P97: "Example 4-16" is changed to "Example 4-18"; "Example 4-17" is changed to "Example 4-22"

29.P105: The first line from the bottom is changed to “228.91

4 is greater than 206.020 is greater than 162.648 is greater than 117.194"

30.P106: "NCF" in the 8th line from the bottom is changed to "ΔNCF"; "IRR" is changed to "ΔIRR"

31.P107 : The greater than sign in the fourth line from the bottom is changed to a less than sign; the less than sign in the fifth line from the bottom is changed to a greater than sign

32.P110: "795.94" in the fourth line from the bottom is changed to "795.54"; "718.07" in the third row is changed to "659.97"; "718.07" in the second to last row is changed to "659.97"

33.P120: The data in the second to last row in the third column of Table 5-1 is changed to " 1.98”

The data in the last three rows of column 4 of Table 5-1 are changed to “3.63”, “2.18”, and “5.81” respectively

In the formula for calculating the value of each share of stock "5.82" is changed to "5.81", "4.1427" is changed to "4.1356"

34.P121: Example 5-3 (2) The "transaction price" in the original question and answer is changed to "value"

35.P125: In the last line of the answer to Example 5-5, "982" is changed to "900"

36.P127: In the second to last line, "handling fee redemption" Change to "Fee Redemption"

37.P130: Change the "Fund Market Book Value" in the penultimate row of the table to "Fund Asset Market Value"

38.P138 Sixth Line: "Value of pre-emptive stock options" is changed to "Value of ex-rights pre-emptive stock options"

39.P153: "80" in the last row of the third column in Table 6-5 is changed to "60"

40.P163: The "purchase cost" in the formula in the ninth line from the bottom is changed to "inventory purchase price"

41.P165: The "in the denominator of the formula for average out-of-stock quantity" -" is changed to "+"

42.P299: In Example 10-13, "20×4" is changed to "20×7"

P233: "Enterprise financial leverage in 2006 Coefficient" was changed to "2007 Corporate Financial Leverage Coefficient"

43.P302: The third and fourth rows of the full-year figures in Table 10-22 were changed to "2.95" and "4040" respectively

p>

44.P303: The contents of the last row of the last column in Table 10-23 are moved to the penultimate row of the last column

45.P307: The fifth row of the fourth column in Table 10-26 "30.72" is changed to "31.32", and "60.52" in line 8 is changed to "61.12"

46.P308: The subtotal corresponding to "Material Procurement Cost this Year" in Table 10-27 is changed to "216506" is "218700"

47.P309: "20×4" in the header of Table 10-28 is changed to "20×7"

The third quarter in Table 10-29 Fixed sales expenses are changed to "7500"

48.P312: The title and "Special decision-making budget" in the first sentence below the title are changed to "Investment decision-making budget"

49 .P385: "Capital reserve = capital premium (equity premium) in paid-in capital (share capital)" is changed to "Capital reserve = capital premium (equity premium) in capital reserve"

50 .P386: In the numerator of the first line, "number of common shares outstanding at the beginning of the period" is changed to "number of common shares outstanding at the beginning of the period × time of the reporting period"

"Operating net profit" in the fourth line from the bottom is changed to "Operating net profit rate"

51.P391: The numerator of the total assets growth rate formula "this year's total assets growth rate" is changed to "this year's total assets growth"

52. P391: Change "2005" in the last line to "2004"

53.P392: Change "2005" in the second line to "2004" in the formula for the three-year average growth rate of capital

54.P398: In the second line from the top of "Performance Evaluation Contents", "Debtors Only" is changed to "Creditors"

55.P402: "Current Assets Ratio" in Table 12-24 Change to "flow asset turnover rate"

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