📚 Interdisciplinary Integrated Question Practice for Pre-U CAIE Accounting | Pre-U CAIE 会计：跨学科综合题型训练
In the Pre-U CAIE Accounting syllabus, candidates are increasingly required to integrate knowledge from economics, business management, finance, and quantitative methods into accounting scenarios. This article presents a series of integrated question drills that mirror the complexity and interdisciplinary nature of the final examination, covering costing, investment decisions, financial analysis, risk management, and ethical considerations.
在 Pre-U CAIE 会计课程中，考生越来越需要将经济学、商业管理、金融和定量方法的知识融入会计场景。本文提供一系列综合题型训练，模拟期末考试的高复杂度和跨学科特点，涵盖成本核算、投资决策、财务分析、风险管理和道德考量。
1. Marginal Costing and Price Elasticity of Demand | 边际成本法与需求价格弹性
Company X produces a single product with a variable cost of £18 per unit and fixed costs of £240,000 per annum. The marketing department estimates the price elasticity of demand to be –1.5 at the current selling price of £30. The company is considering a 5% price reduction to boost volume.
X 公司生产单一产品，单位变动成本 18 英镑，年固定成本 240,000 英镑。市场部估计在当前售价 30 英镑时需求价格弹性为 –1.5。公司考虑降价 5% 以促进销量。
Required: Using marginal costing principles and the elasticity concept, calculate the impact on profit and break‑even point. Comment on the strategic implications.
要求：运用边际成本原理和弹性概念，计算对利润和盈亏平衡点的影响，并评论战略意义。
Solution approach: New selling price = £30 × 0.95 = £28.50. Given elasticity –1.5, a 5% price decrease leads to a 7.5% increase in quantity demanded. Assume current sales volume is Q units. At original price, contribution per unit = £30 – £18 = £12. Original break‑even = £240,000 ÷ £12 = 20,000 units. After changes, contribution per unit = £28.50 – £18 = £10.50. New volume = Q × 1.075. Profit change = (1.075Q × £10.50 – £240,000) – (Q × £12 – £240,000) = Q × (11.2875 – 12) = –0.7125Q. Profit decreases unless volume growth compensates. Break‑even rises to £240,000 ÷ £10.50 ≈ 22,857 units, demanding even higher volume. Thus, the price cut may be risky unless the market is highly elastic and operational gearing is low.
解题思路：新售价 = 30 × 0.95 = 28.50 英镑。弹性 –1.5 时，降价 5% 导致需求量增加 7.5%。假设当前销量为 Q 单位。原贡献毛益 = 12 英镑，原盈亏平衡点 = 20,000 单位。新贡献毛益 = 10.50 英镑，新销量 = 1.075Q。利润变动 = (1.075Q × 10.50 – 240,000) – (12Q – 240,000) = –0.7125Q，利润下降。新盈亏平衡点 ≈ 22,857 单位，所需销量更高。因此除非市场高度弹性且经营杠杆低，否则降价风险较大。
2. Net Present Value with Macroeconomic Variables | 包含宏观经济变量的净现值分析
A capital project requires an initial outlay of £500,000. Forecasted annual net cash inflows are £120,000 for 6 years. The risk‑free rate is 3%, but the finance team expects inflation to average 2.5% per year and applies a risk premium of 4% for the project’s systematic risk. The tax rate is 20%, with tax paid one year in arrears. Capital allowances are 25% reducing balance.
某资本项目初始投资 500,000 英镑，预期每年净现金流入 120,000 英镑，持续 6 年。无风险利率 3%，但财务团队预计年均通胀率 2.5%，并对项目的系统风险附加 4% 的风险溢价。税率 20%，税款延后一年缴纳，资本减免按 25% 余额递减法。
Required: Calculate the NPV using a nominal after‑tax cost of capital and discuss how inflation and risk premia interact.
要求：使用名义税后资本成本计算净现值，并讨论通胀与风险溢价的相互作用。
Key steps: Nominal cost of capital = (1 + real rate)(1 + inflation) – 1 + risk premium. Real risk‑free ≈ 3%, so nominal risk‑free ≈ (1.03)(1.025) – 1 = 5.575%. Adding risk premium gives a nominal discount rate ≈ 9.575%. After‑tax cash flows must incorporate timing of tax on operating cash flows and tax relief from capital allowances. Capital allowances: Year 1 allowance = 25% × £500,000 = £125,000; tax saving at 20% = £25,000 in Year 2. Written down value then £375,000, Year 2 allowance = £93,750, tax saving £18,750 in Year 3, and so on. Operating cash flows after tax: £120,000 × (1 – 0.20) = £96,000 for Years 2–7 (tax paid one year later). Discount all cash flows at 9.575% to find NPV.
关键步骤：名义资本成本 = (1 + 实际利率)(1 + 通胀) – 1 + 风险溢价。实际无风险利率约 3%，名义无风险 ≈ 5.575%，加上风险溢价得名义折现率 ≈ 9.575%。税后现金流须考虑经营现金流税时滞与资本减免税盾。资本减免：第一年减免额 125,000 英镑，节税 25,000 英镑于第二年；账面净值 375,000，第二年减免 93,750，节税 18,750 于第三年，以此类推。税后经营现金流：120,000 × 0.8 = 96,000 英镑，于第 2–7 年产生。以 9.575% 折现全部现金流求得 NPV。
Interpretation: Incorporating macroeconomic factors like inflation and systematic risk ensures the discount rate reflects the real opportunity cost of capital. A positive NPV indicates value creation even after adjusting for these interlinked variables.
解读：纳入通胀和系统风险等宏观经济因素，确保折现率反映真实的资本机会成本。即使调整这些相互关联的变量后，NPV 为正也表明创造了价值。
3. Budgetary Control and Economic Forecasting Under Uncertainty | 不确定性下的预算控制与经济预测
Beta Ltd uses flexible budgeting. The original budget assumed sales of 10,000 units at £50 each, variable cost £30 per unit, and fixed overheads £80,000. Due to an economic downturn, actual sales were 8,500 units at £48. Variable costs rose to £31 per unit owing to supply‑chain disruption, fixed overheads were £82,000. The company also uses a probability‑weighted scenario analysis for the next period: 30% chance of recovery (sales 11,000 units), 50% stagnation (9,000 units), 20% recession (7,000 units).
Beta 公司采用弹性预算。原预算：销量 10,000 件，单价 £50，单位变动成本 £30，固定间接费用 £80,000。因经济下行，实际销量 8,500 件，单价 £48，变动成本因供应链中断升至 £31，固定间接费用 £82,000。公司还对下期应用概率加权情境分析：30% 复苏（11,000 件），50% 停滞（9,000 件），20% 衰退（7,000 件）。
Required: Prepare a variance analysis for the current period and compute an expected profit forecast for the next period using probabilities. Discuss the limitations of such forecasts.
要求：进行当期差异分析，并用概率计算下期预期利润预测，讨论此类预测的局限性。
Variance analysis: Flexed budget for 8,500 units: sales revenue £425,000 (8,500 × £50), variable cost £255,000, contribution £170,000, less fixed £80,000 → profit £90,000. Actual: sales 8,500 × £48 = £408,000; variable cost 8,500 × £31 = £263,500; contribution £144,500; fixed £82,000; profit £62,500. Sales price variance: (48 – 50) × 8,500 = £17,000 adverse. Variable cost variance: (31 – 30) × 8,500 = £8,500 adverse. Fixed overhead expenditure variance: 82,000 – 80,000 = £2,000 adverse. Sales volume variance (using standard profit per unit £20): (8,500 – 10,000) × £20 = £30,000 adverse. This decomposition reveals both market and cost pressures.
差异分析：弹性预算（8,500 件）：收入 425,000 英镑，变动成本 255,000，贡献毛益 170,000，减固定 80,000 → 利润 90,000。实际：收入 408,000，变动成本 263,500，贡献 144,500，固定 82,000，利润 62,500。售价差异：(48–50) × 8,500 = 17,000 不利。变动成本差异：(31–30) × 8,500 = 8,500 不利。固定间接费用支出差异：2,000 不利。销售量差异（单位标准利润 £20）：(8,500–10,000) × 20 = 30,000 不利。此分解揭示了市场与成本双重压力。
Expected profit: Scenario profits (using standard costs and prices): Recovery: 11,000 × £20 – £80,000 = £140,000. Stagnation: 9,000 × £20 – £80,000 = £100,000. Recession: 7,000 × £20 – £80,000 = £60,000. Expected profit = 0.3 × 140,000 + 0.5 × 100,000 + 0.2 × 60,000 = £104,000. Limitations include static probabilities, ignoring management responses and the omission of covariance between price and volume.
预期利润：情境利润（标准成本与价格）：复苏 140,000，停滞 100,000，衰退 60,000。预期利润 = 104,000 英镑。局限包括静态概率、忽略管理层应对措施及价格与销量的协变性。
4. Ratio Analysis Linked to Competitive Strategy | 比率分析与竞争战略的关联
Gamma plc operates in a highly competitive technology sector. Its financial statements reveal:
| Ratio | 20X5 | 20X6 | Industry avg 20X6 |
|---|---|---|---|
| Gross margin | 45% | 42% | 40% |
| Net profit margin | 12% | 10% | 11% |
| Current ratio | 1.8 | 1.5 | 2.0 |
| Inventory turnover (days) | 45 | 55 | 40 |
| Gearing (debt/equity) | 30% | 45% | 35% |
Required: Interpret these ratios in the context of Porter’s generic strategies (cost leadership vs differentiation). Discuss possible operational and financial risks.
要求：在波特通用战略（成本领先 vs 差异化）背景下解读这些比率，并讨论可能的运营和财务风险。
A declining gross margin (45% to 42%) still above industry average suggests a differentiation strategy with some pricing power erosion. However, the drop in net margin below industry average (10% vs 11%) indicates rising operating expenses, perhaps due to R&D or marketing for differentiation. Inventory turnover worsening from 45 to 55 days signals potential overstocking or slower sales, typical when innovation cycles shorten. Increased gearing to 45% raises financial risk; if the differentiation strategy fails to generate sufficient returns, the company faces interest coverage pressure. Current ratio decline to 1.5 below the 2.0 benchmark could hint at aggressive working capital management or short‑term borrowing. The interplay of these metrics reveals a company that might be over‑leveraging in pursuit of differentiation without securing commensurate market share gains.
毛利率从 45% 降至 42% 但仍高于行业均值，表明差异化战略存在但定价能力有所削弱。净利率降至 10% 低于行业 11%，说明营业费用上升，或由于研发和营销投入。存货周转天数从 45 天恶化至 55 天，可能积压库存或销售放缓，常见于创新周期缩短时。杠杆率升至 45% 加大财务风险；若差异化未能带来足够回报，公司将面临利息保障压力。流动比率降至 1.5 低于 2.0 基准，可能暗示激进的营运资本管理或短期借贷增加。这些指标的互动揭示一家公司可能在差异化中过度举债而未获得相应的市场份额增长。
5. Absorption vs Variable Costing: Tax and Incentive Implications | 完全成本法与变动成本法：税务与激励影响
Delta Manufacturing produces 20,000 units annually but sells only 18,000. Fixed production overheads are £180,000. Variable production cost is £15 per unit. Selling price £40. Using absorption costing, fixed overheads are absorbed on the basis of 20,000 units (£9 per unit). Tax regulations require the use of absorption costing for inventory valuation, while internal management prefers variable costing for performance evaluation.
Delta 制造公司年产 20,000 件但仅销售 18,000 件。固定生产间接费用 180,000 英镑，单位变动生产成本 15 英镑，售价 40 英镑。完全成本法下，按 20,000 件分摊固定费用（每件 9 英镑）。税务规定要求存货计价采用完全成本法，而内部管理偏好变动成本法进行绩效评估。
Required: Reconcile the profit difference between the two methods, discuss the impact on tax liability and management bonuses, and suggest how to avoid dysfunctional behaviour.
要求：调节两种方法下的利润差异，讨论对纳税义务和管理层奖金的影响，并建议如何避免功能失调行为。
Calculation: Under variable costing, cost of goods sold = 18,000 × £15 = £270,000; fixed overheads expensed = £180,000; total expenses £450,000. Revenue = 18,000 × £40 = £720,000; profit = £270,000. Under absorption costing, unit cost = £15 + £9 = £24; COGS = 18,000 × £24 = £432,000; closing inventory = 2,000 × £24 = £48,000; fixed overheads in COGS = £162,000; under‑absorbed overhead = 0 (since actual = budgeted); profit = £720,000 – £432,000 = £288,000. The £18,000 difference equals the fixed overhead deferred in inventory (2,000 units × £9). Higher absorption profit may lead to higher tax in the short term if inventories rise. Management bonuses tied to absorption profit could incentivise overproduction, creating inventory build‑up that masks inefficiencies. To counteract, bonus schemes could be linked to variable profit with adjustments, and inventory targets capped.
计算：变动成本法：销售成本 = 18,000 × 15 = 270,000；固定费用 180,000 全部计入当期，总费用 450,000；收入 720,000；利润 = 270,000。完全成本法：单位成本 24 英镑，销售成本 = 432,000；期末存货 = 48,000；计入销售成本的固定费用 162,000；利润 = 720,000 – 432,000 = 288,000。差额 18,000 即为存货中递延的固定费用（2,000 × 9）。完全成本法利润更高，若存货增加，短期内税负可能加重。管理层奖金若与完全成本法利润挂钩，可能诱发过度生产，造成库存积压而掩盖低效。对策：可将奖金与变动成本法利润挂钩并作调整，并设置存货上限。
6. Working Capital Management and Supply Chain Finance | 营运资本管理与供应链金融
Epsilon Ltd has a cash conversion cycle of 80 days: inventory days 50, receivable days 45, payable days 15. It negotiates a supply chain finance arrangement where a bank pays suppliers early at a discount of 1.5% for 30‑day earlier payment, while Epsilon extends its payable period to 60 days. The annual cost of short‑term borrowing is 8%.
Epsilon 公司的现金转换周期为 80 天：存货周转天数 50，应收款天数 45，应付款天数 15。该公司协商了一项供应链金融安排：银行提前 30 天向供应商付款，折扣 1.5%，同时 Epsilon 将付款期延长至 60 天。短期借款年成本为 8%。
Required: Calculate the new cash conversion cycle, evaluate the net benefit of the scheme, and discuss the impact on supplier relationships.
要求：计算新的现金转换周期，评估该方案的净收益，并讨论对供应商关系的影响。
New payable days = 60. Cash conversion cycle = 50 + 45 – 60 = 35 days, a significant reduction of 45 days, releasing working capital. The cost of the scheme: the discount of 1.5% for 30 days is equivalent to an annualised cost of approximately (1.5/98.5) × (365/30) ≈ 18.5%, which is higher than the company’s borrowing cost of 8%. However, Epsilon does not bear the discount cost directly if the bank pays the supplier; instead, Epsilon may face slightly higher purchase prices or fees. If Epsilon pays the bank 1.5% for the extended credit period, the net benefit depends on the savings from reduced working capital financing. Suppose average daily purchase is £10,000. Old payables £150,000, new payables £600,000; the additional £450,000 financing for 30 days at 8% saves £450,000 × 8% × (30/365) ≈ £2,958. The discount cost for 30 days on £10,000 daily is £10,000 × 30 × 1.5% = £4,500? Actually careful: the discount applies to the early payment by the bank, so the cost to Epsilon might be the fee charged. If Epsilon effectively pays the 1.5% for the 30-day extension, the cost is £10,000 × 30 × 1.5% = £4,500 per month, whereas the financing saving is £2,958, net cost £1,542. Thus, the scheme may not be beneficial purely on cost terms, but it improves liquidity and cycle metrics, which could strengthen the balance sheet. Relationships with suppliers may improve as they get paid earlier by the bank, though Epsilon must ensure the bank arrangement does not strain commercial trust.
新应付款天数 60 天，现金转换周期 = 50 + 45 – 60 = 35 天，减少 45 天，释放营运资本。方案成本：1.5% 折扣对应 30 天，年化成本约 18.5%，高于公司的借款利率 8%。但 Epsilon 不直接承担折扣，银行支付供应商；Epsilon 可能面临略高的采购价格或手续费。假设日采购额 10,000 英镑，旧应付款 150,000，新应付款 600,000；额外 450,000 融资 30 天按 8% 节省 = 2,958 英镑。若 Epsilon 最终承担 1.5% 的展期费，成本 = 10,000 × 30 × 1.5% = 4,500 英镑，净成本 1,542 英镑。纯粹成本上可能不划算，但改善了流动性和周转指标，可美化资产负债表。供应商关系因提前收到银行付款而改善，但需确保安排不损害商业信任。
7. Investment Appraisal Under Exchange Rate Volatility | 汇率波动下的投资评估
Gamma UK plans a project in the Eurozone requiring an investment of €2 million. Expected annual after‑tax cash flows are €500,000 for 5 years. The current exchange rate is £1 = €1.15. The UK risk‑free rate is 3%, Eurozone 2%. Annual inflation in UK is 2.5%, Eurozone 1.8%. The project’s beta is 1.3, equity market risk premium 5%. UK corporate tax 19%.
英国 Gamma 公司计划在欧元区投资 200 万欧元，预期年税后现金流 500,000 欧元，共 5 年。当前汇率 £1 = €1.15。英国无风险利率 3%，欧元区 2%。英国年通胀率 2.5%，欧元区 1.8%。项目贝塔 1.3，股票市场风险溢价 5%。英国公司税 19%。
Required: Evaluate the NPV from the parent’s perspective using both the home currency approach and the overseas currency approach, applying purchasing power parity and international Fisher effects for forecast exchange rates.
要求：从母公司角度评估 NPV，采用本币法和外币法，运用购买力平价和国际费雪效应预测汇率。
Home currency approach: Forecast exchange rates using relative inflation (PPP): Year t rate = 1.15 × [(1.018)^t / (1.025)^t]. Discount rate for the UK parent: using CAPM, cost of equity = 3% + 1.3 × 5% = 9.5%. Since the project is equity‑financed, use 9.5% to discount UK‑equivalent cash flows. Convert each year’s €500,000 at forecast rate to GBP, then discount. For example, Year 1 rate = 1.15 × (1.018/1.025) ≈ 1.1421, GBP inflow = €500,000/1.1421 ≈ £437,800. Present value = £437,800 / 1.095 = £399,800. Repeat for 5 years, subtract initial outlay of €2m / 1.15 = £1,739,130.
本币法：用相对通胀（PPP）预测汇率：第 t 年汇率 = 1.15 × [(1.018)^t / (1.025)^t]。英国母公司折现率用 CAPM：股权成本 = 3% + 1.3 × 5% = 9.5%。将每年 500,000 欧元按预测汇率折算为英镑，再折现。例如第一年汇率约 1.1421，英镑流入 ≈ 437,800，现值 = 399,800。重复 5 年，减去初始投资 £1,739,130。
Overseas currency approach: Discount the € cash flows at an appropriate Eurozone discount rate adjusted for systematic risk. If we assume the project systematic risk is similar and global, the required return in Euro terms could be derived from the Fisher equation: (1 + UK nominal rate) = (1 + real rate)(1 + UK inflation). Real rate for UK ≈ (1.03)/(1.025) – 1 ≈ 0.49%. For Eurozone, nominal rate = (1.0049)(1.018) – 1 ≈ 2.30%. Adding risk premium might be tricky; alternatively use the UK cost of equity 9.5% and convert to Euro nominal using forward expectations. Using international Fisher: a simplified method is to use the UK required return and adjust for expected exchange rate change. The result should be the same as home currency approach if parity conditions hold. This integration highlights the cross‑currency dimensions of international accounting.
外币法：用适当的欧元区折现率折现欧元现金流。若项目系统风险相似，欧元名义回报可由费雪等式导出：英国实际利率约 0.49%，欧元区名义约 2.30% 加风险溢价较复杂；也可用英国 9.5% 经远期汇率调整。若平价条件成立，两法结果一致。这种整合凸显国际会计的跨货币维度。
8. Decision Trees and Risk Analysis in R&D Projects | 研发项目中的决策树与风险分析
Omega Corp invests £2 million in R&D. There is a 60% chance of technical success. If successful, the company can either launch immediately (cost £5 million) with a 70% chance of high demand (NPV £20 million) and 30% low demand (£5 million), or sell the patent for £8 million. If technical failure, the patent has a residual value of £1 million.
Omega 公司投资 200 万英镑研发。技术成功概率 60%。若成功，可选择立即投产（成本 500 万）有 70% 高需求（NPV 2,000 万）与 30% 低需求（500 万），或以 800 万出售专利。若失败，专利残值 100 万。
Required: Construct a decision tree, calculate expected monetary value, and discuss the value of information and management flexibility.
要求：构建决策树，计算期望货币价值，讨论信息价值和管理灵活性。
Decision tree: Start with R&D investment £2m. Branch: Success 60% → decision node: Launch (–£5m) → high (70%) £20m, low (30%) £5m; or sell £8m. Failure 40% → residual £1m. EMV of launch = 0.7 × 20m + 0.3 × 5m – 5m = 14m + 1.5m – 5m = £10.5m. EMV of sell = £8m. So optimal choice if success is Launch (higher £10.5m). Then overall EMV = 0.6 × (10.5m) + 0.4 × 1m – 2m = 6.3m + 0.4m – 2m = £4.7m. The project is worthwhile. The value of perfect information about technical outcome would allow avoiding the £2m if failure, increasing EMV to 0.6 × 10.5m + 0.4 × 0 = 6.3m, so VOI = 6.3m – 4.7m = £1.6m. Real options embedded (option to abandon, option to sell) add strategic value beyond NPV.
决策树：研发投资 £2m。分支：成功 60% → 决策点：投产 (–£5m) → 高需求 70% 收益 £20m，低 30% 收益 £5m；或出售 £8m。失败 40% → 残值 £1m。投产期望值 = 10.5m，出售 = 8m，成功时最优选投产。整体 EMV = 4.7m。完美技术信息价值：若知失败则不投研发，EMV = 6.3m，信息价值 1.6m。嵌入式实物期权（放弃、出售）增加了战略价值。
9. Ethical Dilemmas in Revenue Recognition and Earnings Management | 收入确认与盈余管理中的道德困境
A software company, Zeta, faces pressure to meet quarterly earnings targets. It considers recognising revenue on a long‑term contract before customer acceptance, using the percentage‑of‑completion method based on cost incurred. Legal completion is 80% but customer acceptance is pending on a critical testing milestone. Accounting standards (IFRS 15) require a high probability of no significant reversal of revenue. The CFO argues that 95% of tests pass, so recognition is justified. The audit committee is concerned about aggressive accounting.
软件公司 Zeta 面临达到季度盈利目标的压力。公司考虑在客户验收前按成本比例完工百分比法确认长期合同的收入。法律完工进度 80%，但客户验收正等待关键测试里程碑。会计准则（IFRS 15）要求收入不应有极可能出现重大转回。CFO 辩称 95% 测试已通过，确认合理。审计委员会担心激进会计。
Required: Evaluate the ethical and accounting issues, applying relevant principles from the conceptual framework and professional ethics. Propose a correct accounting treatment and discuss the implications for stakeholder trust.
要求：评价道德与会计问题，运用概念框架和职业伦理的相关原则。建议正确的会计处理，并讨论对利益相关方信任的影响。
Under IFRS 15, performance obligations must be satisfied over time or at a point in time. For a contract with customer acceptance clause, revenue cannot be recognised until it is highly probable that acceptance will be obtained. The missing critical test milestone indicates significant uncertainty. Recognising revenue prematurely breaches the principle of faithful representation and prudence. The CFO’s utilitarian argument (95% pass rate) ignores the possibility of material failure and the qualitative threshold of ‘highly probable’. From an ethical standpoint, the IESBA Code requires integrity and objectivity; manipulation to meet earnings targets undermines credibility. The audit committee should insist on deferring revenue until acceptance. Recognising early could mislead investors, distort bonus calculations, and potentially trigger regulatory sanctions. A balanced solution is to disclose the situation clearly in the notes, recognising revenue only upon customer acceptance, thereby maintaining transparency and long‑term trust.
根据 IFRS 15，履约义务需随时间或在某个时点满足。含客户验收条款的合同，必须极可能获得验收时才可确认收入。缺失关键测试里程碑表明存在重大不确定性。提前确认收入违反如实反映和审慎原则。CFO 的功利主义论证（95% 通过率）忽视了重大失败的可能性及“极可能”的定性门槛。伦理上，IESBA 准则要求诚信与客观；为达到盈利目标进行操纵损害公信力。审计委员会应坚持递延收入至验收。提前确认可能误导投资者、扭曲奖金计算，并可能招致监管处罚。平衡做法是在附注中清晰披露，仅在客户验收后确认收入，保持透明度和长期信任。
10. Inflation Accounting and Financial Statement Distortions | 通货膨胀会计与财务报表扭曲
During a period of hyperinflation, Lambda Ltd’s historical cost financial statements show a profit of £500,000, total assets £4 million, and equity £1.5 million. The general price index rose from 120 to 180 during the year. Non‑monetary assets are mainly property and inventory. The entity prepares restated financial statements under the current purchasing power (CPP) method.
在恶性通胀期间，Lambda 公司历史成本报表利润 500,000 英镑，总资产 400 万，权益 150 万。一般物价指数年内从 120 升至 180。非货币资产主要是固定资产和存货。企业按现时购买力（CPP）方法重述报表。
Required: Restate the key figures and explain how inflation erodes the real value of equity and over
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