2015年12月ACCA P3考试模拟题及解析
2015年ACCA考试P3考点归纳
P3考点集成作者：River简介：中博讲师，被限制的资深吃货准妈妈知识产权申明：本系列复习文章的知识产权归属于何文（river）。
本系列文章仅用作考生准备P3复习课。
若其他机构非法转载或者用于盈利意图，本人将保留所有的起诉权力！吃货又来了，为大家奉上P3的考点分析。
P3的模型很多，几乎囊括了企业经营的方方面面，估计大家看见这一堆堆模型的心情跟我看见孕妇禁食名单是一样一样的。
但是至少模型还有规律可循。
我们可以把大纲分成几个集成的考试模块，然后在复习的时候一个个的攻坚处理。
这样能够有效的整合大纲当中的知识，提高复习效率。
这篇文章怎么用（非常重要）我会将大纲分成几个集成的考试模块，对每一个模块之间的模型关系做一个简单的介绍。
然后附上考官文章以及经典考题。
你们需要把文章中提及的每一个模型都背下来，然后熟读考官文章，最后试着自己去回答问题。
P3的答案排布是非常具有逻辑性的，通常都是current situation analyze,option consideration and final recommendation.第一模块：战略循环Strategic position Macro-environment PESTELIndustry environment Porter`s five forces&porter`sdiamondOrganization M`s model and cultureStrategic choice1st level Porter`s generic strategy2nd level Ansoff`s matrix3rd level Acquisition,internal growth orstrategic alliancesEvaluation Suitability,Acceptability andFeasibilityStrategic action Change management andcultureStrategic position环境分析一直都是考试的重点。
ACCA P3考试模拟题及解析
ACCA P3考试模拟题及解析World Engines (WE) is one of the largest producers of aircraft and ship engines in the world. It has assets in excess of $600bn. It is currently considering improvements to its marine engine production facilities. These improvements include the introduction of specialist hardware and software engine testing technology. Two companies have been shortlisted for supplying this technology.Amethyst is a well-established company whose product provides sophisticated testing facilities and costs $7m. The software that supports the product is written in a conventional programming language. The solution is widely used,but it is relatively inflexible and it has an out-of-date user interface. Amethyst has been trading profitably for 20 years and currently has an annual turnover of $960m.Topaz is a relatively new company (formed three years ago) whose product is more expensive ($8m) but it offers significant advantages in high volume performance and stress testing. It has a modular software design that allows it to be easily maintained and upgraded. It is written in a relatively new powerful programming language and it also has an attractive and contemporary user interface. Topaz currently has a turnover of $24m per year. Some WE executives are concerned about purchasing from such a young, relatively small company, although externally commissioned credit reports show that Topaz is a profitable, liquid and lightly geared company.On a recent evaluation visit to Amethyst, WE’s complete e valuation team of five people, including the financial specialist, were killed when their aircraft crashed on its approach to landing. It was a small, 12 seat commuter aircraft that was flying the WE team on a short 100 km flight from the international airport to a small rural airport close to Amethyst’s base. It later emerged that small commuter airlines and aircraft were subject to less stringent safety procedures than larger aircraft used by established airlines.Later that year, one of the divisional directors of WE was given responsibility for picking up and running the testing technology evaluation project. He has found the following table (Figure 1) produced by the financial specialist in the evaluation team who was killed in the air crash. The divisional director recalls that these returns were based on ‘tangible benefits resulting from the two options. The returns reflect the characteristics of the two products. Topaz produces better returnsif demand for testing is high, but is less effective in low demand circumstances. This is a reflection of the fact that the two solutions differ slightly in terms of their functional scope and power’.Figure 1: expected returns for three demand and supplier combinations.Option Supplier IF High demand IF Low demandA Amethyst $3m per annum $0·5m per annumB Topaz $4m per annum $0·1m per annumThe divisional director also recalls a workshop convened to consider future market demand.‘Demand in the marine industry is currently affec ted by global economic uncertainty and it is increasingly difficult to predict demand.I remember that we were also asked to estimate demand for our marine products for the next six years. We eventually came up with the following figures, although it was relatively hard to get everyone to agree and debate at the workshop became a little heated’.–High demand for six years: probability p = 0·4–Low demand for six years: probability p = 0·4–High demand for three years, followed by low demand for three years: probability p = 0·2These figures are confirmed by a document also recovered from the air crash site. ‘As I recall’, said the divisional director, ‘the financial specialist intended to develop a decision tree to help us evaluate the Amethyst and Topaz alternatives. However, there is no evidence that he ever constructed it, which is a pity because we could have taken the procurement decision on the basis of that decision tree’.Required:(a) Develop a decision tree from the information given in the scenario and discuss its implications and shortcomings.Ignore the time value of money in your analysis. (9 marks)(b) The divisional director suggests that the procurement decision could have been taken on the evidence of the decision tree.Discuss what other factors (not considered by the decision tree analysis) should also be taken into consideration when deciding which option to select. (6 marks)(c) WE executives are concerned about the risk of Topaz, as a relatively new company, going out of business. They have also expressed concern about the loss of the evaluation team in a fatal accident and they believe that this should lead to a review of the risks associated with employee travel.Discuss how EACH of the above risks (supplier business failure and employee travel) might be avoided or mitigated. (10 marks)(25 marks)Answer:(a) A decision tree for the information in the scenario is given below.The expected value of Amethyst is:($18m x 0·4) + ($3m x 0·4) + ($10·5m x 0·2) = $10·5m MINUS cost of $7m = $3·5mThe expected value of Topaz is:($24m x 0·4) + ($0·6m x 0·4) + ($12·3m x 0·2) = $12·3 MINUS cost of $8m = $4·3mThe analysis suggests that the Topaz option should be chosen.This decision tree is based on the information available at this point in time. The probabilities set in the workshop are subjective and are not based on an analysis of past statistical data. As the divisional director recalls in the scenario, ‘it was relatively hard to get everyone to agree and debate at the workshop became a little heated.’ The sensitivity of the outcome to slight alterations in probability assessments should be undertaken. It is also unlikely that the predicted returns will be completely accurate. The basis of these estimates is not given, but a further sensitivity analysis, this time focusing on returns, would be valuable. The predicted annual return of Topaz ($4m per annum) under conditions of high demand needs particular attention. This value (and its associated probability) contributes about 78% of the total expected value of this option. If the annual returns are overestimated by 10% (say $3·6m per annum not $4·0m), then this ceases to be the best option.Software prices may also be negotiable, and changes in prices and structure may also need to be experimented with. The decision tree will have been just one input into the procurement decision.(b) As highlighted in the first part of the answer, the decision tree is only one input to the procurement decision. The scenario states that the returns used in the decision tree analysis were based on tangible benefits. The business case for each option would also have to state intangible benefits offered by each option. For example, the Topaz option offers a more contemporary user interface and this may provide intangible benefits associated with a better user experience. Intangible benefits need to be identified and listed for each option.Importantly, the risk associated with each option will also have to be considered and documented. An element of this is reflected in the scenario. Amethyst, a well-established supplier, is perceived as a less risky option than the relatively newly formed, smaller Topaz. The relative supplier risk is not reflected in the decision tree. This risk, and other risks identified for each option, must be documented in the business case.Amethyst optionTopaz optionHigh p = 0·4Low p = 0·4High then low p = 0·2High p = 0·4Low p = 0·4High then low p = 0·26 x $0·1m6 x $4m3 x $4m + 3 x $0·1m6 x $0·5m6 x $3m3 x $3m + 3 x $0·5mIt may also be necessary to assess the relative impact on the organisation of each option. The options appear to differ in their functional scope and power and these differences might have disproportionate effects on the degree of change necessary within the organisation to accommodate the solution and the effect that each option has on organisational processes and the people with responsibility for those processes.Finally, an effective selection process should allocate appropriate weight to features associated with the supplier of the solution. This is not just financial robustness, but also factors such as the availability of support, the presence and effectiveness of a user group, process certification etc. Similarly, the product needs to be assessed for functional fitness and for overall product characteristics, such as usability, flexibility and its overall design philosophy. We are told that Topaz is modular and up-to-date and this may be in its favour, but it will not be reflected in the decision tree analysis.(c) The risk assessment for Topaz has documented concerns about the long-term viability and stability of the supplier. Current financialanalysis reveals a profitable, liquid and lowly geared company. However, the company is relatively young and it has a very small turnover compared to WE. It also has to be recognised that WE intends to enter a long-term relationship with this supplier. Hence the continuing success and viability of Topaz is important to WE. A risk avoidance strategy would be to avoid purchasing from small, newly-established companies. Hence Topaz would not be considered.Should this risk actually take place, and Topaz goes out of business, then its impact may be mitigated by the following:– The software used in the product is perceived to be innovative, modular and up-to-date. WE should ensure that this software is lodged in an escrow agreement. In such an agreement the source code is stored with an independent third party. If Topaz goes out of business, then their customers (including WE) have access to the software source code which should allow them, or their appointed agents, to maintain and support it.– WE should also consider establishing in-house expertise in the programming language used by the Topaz product. This could have two objectives:(1) As a basis for developing a long-term in-house software application that could be used to replace the software elements of the product offered by Topaz. The team could also be used to develop other significant applications required by the company. The software is contemporary and powerful and so other applications within WE should not be difficult to find.(2) To provide a basis for enacting the escrow agreement if Topaz goes out of business. Access to the source code is particularly appropriate if an in-house team is able to pick up the software, maintain it and develop it.– WE is a very significant company, with considerable assets. It should be relatively easy for it to maintain funds which could be used for purchasing Topaz should it run into difficulties. Many large companies take this approach as it secures software supply and potentially severs the supply, in this case, of the software to competitors.WE need to maintain a contingency plan for moving to an alternative supplier or an in-house team. This contingency plan could be linked to monitoring the financial performance of Topaz. Many financial organisations offer a continuous monitoring facility to ensure thatsuppliers are not just evaluated at the point of purchase, but throughout the subsequent business relationship. This is particularly important when the supplier’s application is business-critical to the customer and any interruption in supply would have significant implications.The key lessons learned from the fatal air crash should result in WE developing risk avoidance or mitigation actions to make sure that such catastrophic events do not happen again, or, if they do happen, that they have less impact on the organisation.Potential actions include:1. Not permitting teams to travel together –the complete evaluation team was in the aircraft. Many organisations insist that key employees do not travel together to conferences and meetings.2. Looking for safer transport alternatives –the fatal journey was on a small commuter plane travelling a distance which might have been undertaken by car or train. The riskiness of different ways of travelling needs to be considered. Small commuter airlines and aircraft may have less stringent safety procedures than larger, mainstream airlines. Again, this would have to be investigated.3. Eliminating unnecessary travel – was the journey necessary? Encouraging employees to work from the home or the office reduces the risk of travel accidents by avoiding travel in the first place. The company might not only consider electronic meetings as a way of cutting costs, but also as a way of reducing the chance of fatal travel accidents.4. Finally, ensuring that all documentation is up-to-date andself-explanatory, so that it can be picked up easily by other employees of the organisation, hence avoiding the situation described in the scenario where the divisional director has to piece together fragments of documentation left by the unfortunate team.。
2015年ACCA考试《P3商务分析》辅导资料1
2015年ACCA考试《P3商务分析》辅导资料1本文由高顿ACCA整理发布，转载请注明出处COMMUNICATING CORE VALUES AND MISSIONThis article focuses on the syllabus area relating to an organisation’s core values and mission to the public, shareholders and employees. This is an objective which can easily get overlooked in the rush to master environmental analyses, strategic choice and outsourcing decisionsLearning objective 6(g) of the Paper P3, Business Analysis syllabus relates to how an organisation communicates its core values and mission to the public, shareholders and employees. This is an objective that can easily get overlooked in the rush to master environmental analyses, strategic choice and outsourcing decisions. However, it is important in practice and it is a challenge that many organisations take very seriously. This article will:· briefly describe what the terms ‘mission’，‘mission statement’ and ‘core values’ mean · suggest why their communication to stakeholders is important· describe a commonly used model of communication· briefly describe communication methods that are available· describe and give examples of how organisations might undertake the communication process.TERMINOLOGYAn organisation’s mission is its basic purpose: What is it fo r? Why does it exist? What is its ‘raison d’être’?A mission statement formalises the organisation’s mission by writing it down. Johnson, Scholes and Whittington define a mission statement as ‘a statement of the overriding direction and purpose of an o rganisation’。
ACCA P1-P3模拟题及解析(2)
ACCA P1-P3模拟题及解析（2）1P&J is a long established listed company based in Emmland, a highly developed and relatively prosperous country.For the past 60 years, P&J has been Emmland’s largest importer and processor of a product named X32, a compound used in a wide variety of building materials, protective fabrics and automotive applications. X32 is a material much valued for its heat resistance, strength and adaptability, but perhaps most of all because it is flexible and also totally fireproof. It is this last property that led to the growth of X32 use and made P&J a historically successful company and a major exporter. X32 is mined in some of the poorest developing countries where large local communities depend heavily on X32 mining for their incomes. The incomes from the mining activities are used to support community development,including education, sanitation and health facilities in those developing countries. The X32 is then processed in dedicated X32 facilities near to the mining communities, supporting many more jobs. It is then exported to Emmland for final manufacture into finished products and distribution.Each stage of the supply chain for X32 is dedicated only to X32 and cannot be adapted to other materials. In Emmland, P&J is the major employer in several medium-sized towns. In Aytown, for example, P&J employs 45% of the workforce and in Betown, P&J employs 3,000 people and also supports a number of local causes including a children’s nursery, an amateur football club and a number of adult education classes. In total, the company employs 15,000 people in Emmland and another 30,000 people in the various parts of the supply chain (mining and processing) in developing countries. Unlike in Emmland, where health and safety regulations are strong, there are no such regulations in most of the developing countries in which P&J operates.Recently, some independent academic research discovered that X32 was very harmful to human health, particularly in the processing stages, causing a wide range of fatal respiratory diseases, including some that remain inactive in the body for many decades. Doctors had suspected for a while that X32 was the cause of a number of conditions that P&J employees and those working with the material had died from, but it was only when Professor Harry Kroll discovered how X32 actually attacked the body that the link was known for certain. The discovery caused a great deal of distress at P&J, and also in the industries which used X32.The company was faced with a very difficult situation. Given that 60% of P&J’s business was concerned with X32,Professor Kroll’s findings could not be ignored. Although demand for X32 remained unaffected by Kroll’s findings in the short to medium term, the company had to consider a new legal risk from a stream of potential litigation actions against the company from employees whoworked in environments containing high levels of X32 fibre, and workers in industries which used X32 in their own processes.In order to gain some understanding of the potential value of future compensation losses, P&J took legal advice and produced two sets of figures, both describing the present value of cumulative future compensation payments through litigation against the company. These forecasts were based on financial modelling using another product of which the company was aware, which had also been found to be hazardous to health.In 5 years In 15 years In 25 years In 35 years$(M) $(M) $(M) $(M)Best case 5 30 150 400Worst case 20 80 350 1,000The finance director (FD), Hannah Yin, informed the P&J board that the company could not survive if the worst-case scenario was realised. She said that the actual outcome depended upon the proportion of people affected, the period that the illness lay undetected in the body, the control measures which were put in place to reduce the exposure of employees and users to X32, and society’s perception of X32 as a material. She estimated that losses at least the size of the best case scenario were very likely to occur and would cause a manageable but highly damaging level of losses. The worst case scenario was far less likely but would make it impossible for the company to survive. Although profitable, P&J had been highly geared for several years and it was thought unlikely that its banks would lend it any further funds. Hannah Yin explained that this would limit the company’s options when dealing with the risk. She also said that the company had little by way of retained earnings.Chief executive officer, Laszlo Ho, commissioned a study to see whether the health risk to P&J workers could be managed with extra internal controls relating to safety measures to eliminate or reduce exposure to X32 dust. The confidential report said that it would be very difficult to manage X32 dust in the three stages of the supply chain unless the facilities were redesigned and rebuilt completely, and unless independent breathing apparatus was issued to all 2 people coming into contact with X32 at any stage. FD Hannah Yin calculated that a full refit of all of the company’s mines, processing and manufacturing plants (which Mr Ho called ‘Plan A’) was simply not affordable given the current market price of X32 and the current costs of production. Laszlo Ho then proposed the idea of a partial refit of theAytown and Betown plants because, being in Emmland, they were more visible to investors and most other stakeholders.Mr Ho reasoned that this partial refit (which he called ‘Plan B’) would enable the company toclaim it was making progress on improving internal controls relating to safety measures whilst managing current costs and ‘waiting to see’how the market for X32 fared in the longer term. Under Plan B, no changes would be made to limit exposure to X32 in the company’s operations in developing countries.Hannah Yin, a qualified accountant, was trusted by shareholders because of her performance in the role of FD over several years. Because she would be believed by shareholders, Mr Ho offered to substantially increase her share options if she would report only the ‘best case’ scenario to shareholders and report ‘Plan B’ as evidence of the company’s social responsibility. She accepted Mr Ho’s offer and reported to shareholders as he had suggested. She also said that the company was aware of Professor Kroll’s research but argued that the findings were not conclusive and also not considered a serious risk to P&J’s future success.Eventually, through speaking to an anonymous company source, a financial journalist discovered the whole story and felt that the public, and P&J’s shareholders in particular, would want to know about the events and the decisions that had been taken in P&J. He decided to write an article for his magazine, Investors in Companies, on what he had discovered.Required:(a) Define ‘social footprint’ and describe, from the case, four potential social implications of Professor Kroll’s discovery about the health risks of X32. (10 marks)(b) Describe what ‘risk diversification’ means and explain why diversifying the risk related to the potential claims against the use of X32 would be very difficult for P&J. (10 marks) (c) As an accountant, Hannah Yin is bound by the IFAC fundamental principles of professionalism. Required: Criticise the professional and ethical behaviour of Hannah Yin, clearly identifying the fundamental principles of professionalism she has failed to meet. (9 marks)(d) Writing as the journalist who discovered the story, draft a short article for the magazine Investors in Companies. You may assume the magazine has an educated readership. Your article should achieve the following:(i) Distinguish between strategic and operational risk and explain why Professor Kroll’s findings are a strategic risk to P&J; (8 marks)(ii) Discuss the board’s responsibilities for internal control in P&J and criticise Mr Ho’s decision to choose Plan B. (9 marks)Professional marks will be awarded in part (d) for the structure, logical flow, persuasiveness and tone of the article. (4 marks) (50 marks)3 [P.T.O.Section B – TWO questions ONLY to be attempted2After a recent financial crisis in the country of Oland, there had been a number of high profile company failures and a general loss of confidence in business. As a result, an updated corporate governance code was proposed, withchanges to address these concerns.Before the new code was published, there was a debate in Oland society about whether corporate governance provisions should be made rules-based, or remain principles-based as had been the case in the past. One elected legislator, Martin Mung, whose constituency contained a number of the companies that had failed with resulting rises in unemployment, argued strongly that many of the corporate governance failures would not have happened if directors were legally accountable for compliance with corporate governance provisions. He said that ‘you can’t trust the markets to punish bad practice’, saying that this was what had caused the problems in the first place. He said that Oland should become a rules-based jurisdiction because the current ‘comply or explain’ was ineffective as a means of controlling corporate governance.Mr Mung was angered by the company failures in his constituency and believed that a lack of sound corporate governance contributed to the failure of important companies and the jobs they supported. He said that he wanted the new code to make it more difficult for companies to fail.The new code was then issued, under a principles-based approach. One added provision in the new Oland code was to recommend a reduction in the re-election period of all directors from three years to one year. The code also required that when seeking re-election, there should be ‘sufficient biographical details on each director to enable shareholders to take an informed decision’. The code explained that these measures were ‘in the interests of greater accountability’. Required:(a) Examine how sound corporate governance can make it more difficult for companies to fail, clearly explaining what ‘corporate governance’ means in your answer. (10 marks)(b) Martin Mung believes that Oland should become a rules-based jurisdiction because the current ‘comply or explain’ approach is ineffective as a means of controlling corporate governance. Required:Explain the difference between rules-based and principles-based approaches to corporate governance regulation, and argue against Martin Mung’s belief that ‘comply or explain’ is ineffective.(8 marks)(c) Explain what ‘accountability’ means, and discuss how the proposed new provisions for shorter re-election periods and biographical details might result in ‘greater accountability’ as the code suggests. (7 marks)(25 marks)3In Yaya Company, operations director Ben Janoon recently realised there had been an increase in products failing the final quality checks. These checks were carried out in the QC (quality control) laboratory, which tested finished goods products before being released for sale. The product failure rate had risen from 1% of items two years ago to 4% now, and this meant an increase of hundreds of items of output a month which were not sold on to Yaya’s customers. The failed products had no value to the company once they had failed QC as the rework costs were not economic. Because the increase was gradual, it took a while for Mr Janoon to realise that the failure rate had risen.A thorough review of the main production operation revealed nothing that might explain the increased failure and so attention was focused instead on the QC laboratory. For some years, the QC laboratory at Yaya, managed by Jane Goo, had been marginalised in the company, with its two staff working in a remote laboratory well away from other employees. Operations director Ben Janoon, who designed the internal control systems in Yaya, rarely visited the QC lab because of its remote location. He never asked for information on product failure rates to be reported to him and did not understand the science involved in the QC process. He relied on the two QC staff, Jane Goo and her assistant John Zong, both of whom did have relevant scientific qualifications.The two QC staff considered themselves low paid. Whilst in theory they reported to Mr Janoon, in practice, they conducted their work with little contact with colleagues. The work was routine and involved testing products against a set of compliance standards. A single signature on a product compliance report was required to pass or fail in QC and these reports were then filed away with no-one else seeing them.It was eventually established that Jane Goo had found a local buyer to pay her directly for any of Yaya’s products which had failed the QC tests. The increased failure rate had resulted from her signing products as having ‘failed QC’ when, in fact, they had passed. She kept the proceeds from the sales for herself, and also paid her assistant, John Zong, a proportion of the proceeds from the sale of the failed products.Required:(a) Explain typical reasons why an internal control system might be ineffective. (5 marks)(b) Explain the internal control deficiencies that led to the increased product failures at Yaya.(10 marks)(c) Discuss the general qualities of useful information, stating clearly how they would be of benefit to Mr Janoon,and recommend specific measures which would improve information flow from the QC lab to Mr Janoon.(10 marks)(25 marks)5 [P.T.O.4Railway Development Company (RDC) was considering two options for a new railway line connecting two towns.Route A involved cutting a channel through an area designated as being of special scientific importance because it was one of a very few suitable feeding grounds for a colony of endangered birds. The birds were considered to be an important part of the local environment with some potential influences on local ecosystems.The alternative was Route B which would involve the compulsory purchase and destruction of Eddie Krul’s farm.Mr Krul was a vocal opponent of the Route B plan. He said that he had a right to stay on the land which had been owned by his family for four generations and which he had developed into a profitable farm. The farm employed a number of local people whose jobs would be lost if Route B went through the house and land. Mr Krul threatened legal action against RDC if Route B was chosen.An independent legal authority has determined that the compulsory purchase price of Mr Krul’s farm would be $1 million if Route B was chosen. RDC considered this a material cost, over and above other land costs, because the projected net present value (NPV) of cash flows over a ten-year period would be $5 million without buying the farm.This would reduce the NPV by $1 million if Route B was chosen.The local government authority had given both routes provisional planning permission and offered no opinion of which it preferred. It supported infrastructure projects such as the new railway line, believing that either route would attract new income and prosperity to the region. It took the view that as an experienced railway builder, RDC would know best which to choose and how to evaluate the two options. Because it was very keen to attract the investment, it left the decision entirely to RDC. RDC selected Route A as the route to build the new line.A local environmental pressure group, ‘Save the Birds’, was outraged at the decision to choose Route A. It criticized RDC and also the local authority for ignoring the sustainability implications of the decision. It accused the company of profiting at the expense of the environment and threatened to use ‘direct action’ to disrupt the building of the line through the birds’ feeding ground if Route A went ahead.Required:(a) Use Tucker’s ‘five question’ model to assess the decision to choose Route A. (10 marks)(b) Discuss the importance to RDC of recognising all of the stakeholders in a decision such asdeciding betweenRoute A and Route B. (8 marks)(c) Explain what a stakeholder ‘claim’ is, and critically assess the stakeholder claims of Mr Krul, the localgovernment authority and the colony of endangered birds. (7 marks)(25 marks)试题及答案：1(a) Social footprint and potential social implications.Social footprintThe term ‘footprint’ is used to refer to the impact or effect that an entity (such as an organisation) can have on a given set of concerns or stakeholder interests. A ‘social footprint’ is the impact on people, society and the wellbeing of communities.Impacts can be positive (such as the provision of jobs and community benefits) or negative, such as when a plant closure increases unemployment or when people become sick from emissions from a plant or the use of a product. Professor Kroll’s findings have both positive and negative impacts upon society and communities in the case of P&J.Potential implicationsThe discovery by Professor Kroll will lead, whether by a tightening of controls or by a reduction in P&J’s activities, to lower exposures to X32 in Aytown and Betown, and hence there will, over time, be less X32-related disease. There will, in consequence, be fewer people suffering, and, accordingly, less misery for the affected families and friends of sufferers. A lower mortality from X32-related disease will benefit communities and families as well as those individuals directly affected.However, as they are continuing to manufacture the product, if Professor Kroll’s findings prove correct, larger numbers of people using the product will ultimately be affected worldwide. Loss of jobs in the various stages of the P&J supply chain. The forecast losses, even in the best case scenario, would be likely to involve the loss of jobs and employment levels at P&J plants and its suppliers. The worst case scenario, in which the company itself would be lost, would involve the loss of the 45,000 P&J jobs plus many more among suppliers and in the communities supported by the P&J plants (such as in local businesses in Aytown and Betown).Loss of, or serious damage to, communities in which the operations are located. This includes the economic and social benefits in the developing countries and a very high level of social loss in Aytown and Betown (in Emmland), where both towns are highly dependent on a single employer. It is likely that Aytown, effectively a ‘company town’ with 45% of the jobs at P&J, will bevery badly affected and the good causes in Betown, such as the nursery and adult education classes, will no longer be able to be supported. The loss of a major employer from a town can lead to a loss of community cohesion, net outward migration and a loss of, or deterioration in, community facilities.There will be a loss of economic value for shareholders, and a reduction in the standards of living for those depending upon the company’s value for income or capital growth. This might result in a reduction in pension benefits or endowment values, where P&J shares are a part of the value of such funds. Individuals holding P&J shares may lose a substantial proportion of their personal wealth. [Tutorial note: Allow other relevant impacts such as loss of taxes to fund states services, increases in state funding to support unemployed/sick workers, etc.](b) Risk diversification.Diversification of risk means adjusting the balance of activities so that the company is less exposed to the risky activities and has a wider range of activities over which to spread risk and return. Risks can be diversified by discontinuing risky activities or reducing exposure by, for example, disposing of assets or selling shares associated with the risk exposure. Problems with diversification of risks In the case of P&J, the case highlights a number of issues that make P&J particularly vulnerable and which would place constraints on its ability to diversify the X32 legal risk.A key risk is that the company’s portfolio of activities is heavily skewed towards X32 with 60% of its business in X32 when Kroll’s findings were published. This is a very unbalanced portfolio and makes the company structurally vulnerable to any health threat that X32 poses. It means that a majority of its assets and expertise will be dedicated to a single material and anything that might be a risk relating to sales of that material would be a risk to the whole company.The case says that the plant cannot be adapted to produce other materials. A mine, for example, cannot suddenly be‘adapted’ to produce a safer alternative. The case also says that processing plants are dedicated exclusively to X32 and cannot be modified to process other materials. This means that they either continue to process X32 or they must be completely refitted to work on alternative materials.As a result of that, P&J is unlikely to be able to dispose of X32 assets profitably now that Kroll’s findings are known about and the reasons for the health concerns have been identified. The reaction of society to X32 was highlighted by Hannah Yin as a key factor in determining the likelihood of the risk and this might make it difficult to sell the assets on to others.Finally, the obvious way to diversify the risk is to expand the remaining 40% of the portfolio to become more prominent.However, the company has little by way of retained earnings and is already highly geared with little prospect of further borrowing. This is likely to limit its options for developing new products as a means of diversification. Share issues would be a possible way of re-financing, but with such a high exposure to X32 losses, this would be problematic.[Tutorial note: Some candidates may attempt to interpret the data in the case numerically. Allow marks if relevant points are made.](c) Criticisms of Hannah Yin’s behaviour related to fundamental principles.There are five fundamental principles that apply to all professionals including professional accountants. They are integrity,objectivity, professional competence and due care, confidentiality and professional behaviour. In this case, the fundamental principles that Hannah Yin has breached are integrity, objectivity and professional behaviour.Criticise Hannah Yin Hannah betrayed the trust of shareholders, making a disclosure in her name precisely because she knew she would be believed. This shows a lack of integrity and is also very unprofessional behaviour. Her status as a professional and her performance over recent years had built up a stock of trust in her. It was her responsibility to maintain and cultivate this trust and to continue to give shareholders good reason to trust her as a professional accountant. To make biased and partial disclosures precisely because she was trusted is cynical and a betrayal of her duty as a company director and as a professional. As a professional with integrity, Hannah Yin should have the highest levels of probity in all personal and professional dealings. Professionals should be straightforward and honest in all relationships, and never take part in anything that might undermine, or appear to undermine, the trust which society has placed in them. Furthermore, she accepted inducements to comply with Mr Ho’s wishes. A significant increase in share options made her disproportionately concerned with the short-term maintenance of the company share price, and this helped to cloud her judgement and reduced her objectivity as a professional. She may have reasoned that it would have been against her own economic self interest to disclose the worst case scenario because it would reduce the value of her share options in the short term. Hannah Yin should not have allowed bias, conflicts of interest or undue influence to cloud her judgements on professional decisions. This means, for example, that she must not allow the possibility of particular personal gains to over-ride the imperative to always uphold the public interest and represent the best interests of shareholders.Finally, she knowingly and intentionally misled shareholders by only reporting the most optimistic risk forecasts. This is a clear breach of the integrity and professional behaviour required of a person in her position. The principles of transparency and fairness require companies to be truthful and complete in their disclosures to shareholders, especially when price-sensitiveinformation (such as the health risks of X32) is involved. Professionals such as Hannah Yin should comply fully with all relevant laws and regulations, whilst at the same time avoiding anything that might discredit the profession or bring it into disrepute. This involves complying with the spirit as well as the letter of whichever regulations apply.(d)Article for Investors in Companies.(i)Strategic and operational risk and explain why findings are strategic.Trouble at P&J These must be difficult times to be a director at P&J, Emmland’s largest producer of X32. What does a board do when it is faced with having caused a large number of terrible health problems for employees and users of X32, whilst at the same time having no strategic alternative but to carry on and try to manage what are sure to be enormous long-term liabilities?Strategic and operational risks The company is facing a highly strategic risk since the publication of Professor Kroll’s findings. Whereas operational threats are those affecting a part of a company, perhaps a risk to a raw material or the loss of a product market, a strategic risk is one that has the possibility, if realised, to affect the company as a whole and its future strategic success. We have seen similar risks before to important industries where, for example, entire industries have disappeared from some developed countries because of changes in international labour market costs and political changes. These are examples of strategic risks materialising, and the effects can be disastrous for those affected. Strategic risk to P&JP&J shareholders will appreciate knowing that Kroll’s report has the effect of being a strategic risk for P&J for at least three reasons. To begin with, his findings potentially affect the whole company rather than just parts of it, such is the extent of P&J’s exposure to this commodity through vertical integration. Presumably this strategy had previously been thought a good idea, with the company directly owning all three stages in the supply chain, from mining, to processing, to the manufacturing operations in Emmland. All stages are threatened by Kroll’s findings. Plus, if product sales eventually slow down and stop, its sources of cash flow will also disappear. Second, this is bound to affect P&J’s strategic positioning and the way that it is viewed by investors, suppliers,employees and a range of other stakeholders. It has a weaker offering to potential skilled employees than before Kroll’s findings were published, it will be harder to raise capital and also to sell its products. Its reputation as a sound company will be reduced as a result, and these things matter in a highly developed country such as Emmland.Third, and perhaps most importantly, this could eventually be a threat to the company itself. This depends upon how large the liabilities eventually become and how well the company handles the issue in the coming years, but this is a real possibility if the worst-case projections turn out to be accurate. Its heavy reliance on X32 over many years has left it with a 60% dependenceon X32, which was fine when the material was in high demand, but it leaves the company very vulnerable when and if that market falls away.Given these risks facing P&J, this is not a share that will be attractive to investors for the foreseeable future.(ii)Board responsibilities for IC and criticise Mr Ho.Responsibilities for internal controlsReaders will also be alarmed to hear of the decision by CEO Laszlo Ho to impose a limited tightening of X32 process controls that only involved doing so where the company was visible to the Emmland public, a compromise he called ‘Plan B’. The board’s responsibilities for internal control are detailed in the COSO guidance on this subject and are very clear. Mr Ho’s, and the P&J board’s, responsibilities for effective internal controls include, in this case, control over X32fibres in the working environments of each stage in the whole X32 supply chain.The responsibilities include establishing a control environment capable of supporting the internal control arrangements necessary. This includes a suitable ‘tone from the top’ and a high level commitment to effective controls. It also involves conducting risk assessments to establish which risks need to be controlled by the internal control processes (health risks,perhaps?). The introduction of relevant control activities is especially important when a hazardous material like X32 is being considered. This, of course, applies to all of the company’s employees and not just those based in Emmland. It is also the board’s responsibility to provide information and maintain relevant communications with those affected by the control measures, and to ensure that important measures are fully implemented and understood. Finally, the COSO guidelines specify that all controls should be monitored for the degree of compliance and for their effectiveness. This should be a continuous, ongoing process, capable of immediately highlighting any weaknesses or breaches in the implemented controls.[Tutorial note: Other models can be employed other than COSO.]Criticisms of Mr Ho’s ‘Plan B’In the case of P&J, Mr Ho has taken a deliberate and premeditated decision to ignore the health needs of some of the company’s employees on the basis of cost. X32 has been clearly shown to be a health risk and Mr Ho is knowingly allowing employees to be exposed to the material in the course of their normal jobs. The people in the mines and processing facilities will still be exposed to X32, and will presumably continue to get ill and die in the full knowledge of the company management. This is a failure of the fiduciary duty that the P&J board owes to its employees.Mr Ho is implementing an upgrade to internal control, not on the basis of need but on the basis of how visible the changes will be to investors, most of whom will be based in the developed world.。
ACCA(P3)考试模拟真题
xx年ACCA（P3）考试模拟真题Section A – This ONE question is pulsory and MUST be attemptedThe following information should be used when answering question 11 IntroductionHammond Shoes was formed in 1895 by Richard and William Hammond, two brothers who owned and farmed landin Petatown, in the country of Arnland. At this time, Arnland was undergoing a period of rapid industrial growth andmany panies were established that paid low wages and expected employees to work long hours in dangerous and dirty conditions. Workers lived in poor housing, were largely illiterate and had a life expectancy of less than forty years.The Hammond brothers held a set of beliefs that stressed the social obligations of employers. Their beliefs guided theiremployment principles – education and housing for employees, secure jobs and good working conditions. Hammond Shoes expanded quickly, but it still retained its principles. Today, the pany is a private limited pany whose shares are wholly owned by the Hammond family. Hammond Shoes still produce footwear in Petatown, but they nowalso own almost one hundred retail shops throughout Arnland selling their shoes and boots. The factory (and surrounding land) in Petatown is owned by the pany and so are the shops, which is unusual in a country where most mercial properties are leased. In many respects this policy reflects the principles of the family. They are keento promote ownership and are averse to risk and borrowing. They believe that all stakeholders should be treated fairly.Reflecting this, the pany aims to pay all suppliers within 30 days of the invoice date. These are the standard termsof supply in Arnland, although many panies do, in reality, take much longer to pay their creditors.The current Hammond family are still passionate about the beliefs and principles that inspired the founders of thepany.Recent historyAlthough the Hammond family still own the pany, it is now totally run by professional managers. The last Hammond to have operational responsibility was Jock Hammond, who missioned and implemented the lastupgrade of the production facilities in 1991. In the past five years the Hammond family has taken substantial dividends from the pany, whilst leaving the running of the pany to the professional managers that they had appointed. During this period the pany has been under increased petitive pressure from overseas suppliers who have much lower labour rates and more efficient production facilities. The financial performance of thepanyhas declined rapidly and as a result the Hammond family has recently missioned a firm of business analysts to undertake a SWOT analysis to help them understand the strategic position of the pany.SWOT analysis: Here is the summary SWOT analysis from the business analysts’ report.StrengthsSignificant retail expertise: Hammond Shoes is recognised as a suessful retailer with excellent supply systems,bright and weling shops and shop employees who are regularly recognised, in independent surveys, for their excellent customer care and extensive product knowledge.Excellent puter systems/software expertise: Some of the suess of Hammond Shoes as a retailer is due to itsinnovative puter systems developed in-house by the pany’s information systems department. These systems not only concern the distribution of footwear, but also its design and development. Hammond is acknowledged, by the rest of the industry, as a leader in puter-aided footwear design and distribution.Significant property portfolio: The factory in Petatown is owned by the pany and so is a significant amount of the surrounding land. All the retail shops are owned by the pany. The pany also owns a disused factory in the north of Arnland. This was originally bought as a potential production site, but increasingly petitive importsmade its development unviable. The Petatown factorysite incorporates a retail shop, but none of the remaining retailshops are near to this factory, or indeed to the disused factory site in the north of the country.WeaknessesHigh production costs: Arnland is a high labour cost economy.Out-dated production facilities: The actual production facilities were last updated in 1991. Current equipment is notefficient in its use of either labour, materials or energy.3 [P.T.O.Restricted inter site: Software development has focused on internal systems, rather than inter development.The current website only provides information about Hammond Shoes; it is not possible to buy footwear from the pany’s website.OpportunitiesIncreased consumer spending and consumerism: Despite the decline of its manufacturing industries, Arnland remains a prosperous country with high consumer spending. Consumers generally have a high disposable ine and are fashion conscious. Parents spend a lot of money on their children, with the aim of ‘making sure that they geta good start in life’.Increased desire for safe family shopping environment: A recent trend is for consumers to prefer shopping in safe,car-free environments where they can visit a variety of shops and restaurants. These shopping villages are increasinglypopular.Growth of the green consumer: The numbers of ‘greenco nsumers’ is increasing in Arnland. They are conscious ofthe energy used in the production and distribution of the products they buy. These consumers also expectsuppliersto be socially responsible. A recent television programme on the use of cheap and exploited labour in Orietaria wasgreeted with a call for a boycott of goods from that country. One of the political parties in Arnland has emphasisedenvironmentally responsible purchasing in its manifesto. It suggests that ‘shorter shipping dis tances reduce energy use and pollution. Purchasing locally supports munities and local jobs’.ThreatsCheap imports: The lower production costs of overseas countries provide a constant threat. It is still much cheaperto make shoes in Orietaria, 4000 kilometres away, and transport the shoes by sea, road and train to shops in Arnland,where they can be offered at prices that are still significantly lower than the footwear produced by Hammond Shoes.Legislation within Arnland: Arnland has prehensive legislation on health and safety as well as a statutoryminimum wage and generous redundancy rights and payments for employees. The government is likely to extend itsemployment legislation programme.Recent strategiesSenior management at Hammond Shoes have recently suggested that the pany should consider closing its Petatown production plant and move production overseas, perhaps outsourcing to established suppliers in Orietaria and elsewhere. This suggestion was immediately rejected by the Hammond family, who questioned the values of the senior management. The family issued a press release with the aim of re-affirming the core values which underpinnedtheir business. The press release stated that ‘in our view, the day that Hammond Shoes ceases to be a Petatown pany, is the day that it closes’. Consequently, the senior management team was asked to propose an alternative strategic direction.The senior management team’s alternative is for the pany to upgrade its production facilities to gain labour andenergy efficiencies. The cost of this proposal is $37·5m. At a recent scenario planning workshop the managementteam developed what they considered to be two realistic scenarios. Both scenarios predict that demand for Hammond Shoes’ footwear would be low for the next three years. However, increased productivity and lower labour costs wouldbring benefits of $5m in each of these years. After three years the two scenarios differ. The first scenario predictsa continued low demand for the next three years with benefits still running at $5m per year. The team felt that this option had a probability of 0·7. The alternative scenario (with a probability of 0·3) predicts a higher demand forHammond’s products due to changes in the external environment. This would lead to benefits of $10m per year in years four, five and six. All estimated benefits are based on the discounted future cash flows.Financial information: The following financial information (see Figure 1) is also available for selected recent years forHammond Shoes manufacturing division.Section B – TWO questions ONLY to be attempted2 IntroductionFlexipipe is a suessful pany supplying flexible pipes to a wide range of industries. Its suess is based on a veryinnovative production process which allows the pany to produce relatively small batches of flexible pipes at very petitive prices. This has given Flexipipe a significant petitive edge over most of its petitors whose batch set-up costs are higher and whose lead times are longer. Flexipipe’s innovative process is partly automated and partlyreliant on experienced managers and supervisors on the factory floor. These managers efficiently schedule jobsfromdifferent customers to achieve economies of scale and throughput times that profitably deliver high quality productsand service to Flexipipe’s customers.A year ago, the Chief Executive Officer (CEO) at Flexipipe decided that he wanted to extend the automatedpart of theproduction process by purchasing a software packagethat promised even further benefits, including the automationof some of the decision-making tasks currently undertaken by the factory managers and supervisors. He had seenthis package at a software exhibition and was so impressed that he placed an order immediately. He statedthat thepackage was ‘ahead of its time, and I have seennothing else like it on the market’.This was the first time that the pany had bought a software package for something that was not to be used in a standard application, such as payroll or aounts. Most other software applications in the pany, such as the automated part of the current production process, have been developed in-house by a small programming team. The CEO felt that there was, on this oasion, insufficient time and money to develop a bespoke in-house solution. He aepted that there was no formal process for software package procurement ‘but perhaps we can put one in place as t his project progresses’.This relaxed approach to procurement is not unusual at Flexipipe, where many of the purchasing decisions are taken unilaterally by senior managers. There is a small procurement section with two full-time administrators, but they onlybee involved once purchasing decisions have been made.It is felt that they are not technically proficient enough to get involved earlier in the purchasing lifecycle and, in any case, they are already very busy with purchase orderadministration and aounts payable. This approach to procurement has caused problems in the past. For example, the pany had problems when a key supplier of raw materials unexpectedly went out of business. This caused short-term production problems, although the CEO has now found an aeptable alternative supplier.The automation projectOn returning to the pany from the exhibition, the CEO missioned a business analyst to investigate the current production process system so that the transition from the current system to the new software package solution couldbe properly planned. The business analyst found that some of the decisions made in the current production processwere difficult to define and it was often hard for managers to explain how they had taken effective action. They tendedto use their experience, memory and judgement and were still innovating in their control of the process. One mented that ‘what we do today, we might not do tomorrow; requirements are constantly evolving’.When the software package was delivered there were immediate difficulties in technically migrating some of the datafrom the current automated part of the production process software to the software package solution. However, aftersome difficulties, it was possible to hold trials with experienced users. The CEO was confident that these users didnot need training and would be ‘able to learn the software as they went along’. However, in reality, they found thesoftware very difficult to use and they reported that certain key functions were missing. One of the supervisors mented that ‘the monitoring process variance facility is missing pletely. Yet we had this in the old automated system’. Despite these reservations, the software package solution was implemented, but results were disappointing.Overall, it was impossible to replicate the suess of the old production process and early results showed that costshad increased and lead times had bee longer.After struggling with the system for a few months, support from the software supplier began to bee erratic.Eventually, the supplier notified Flexipipe that it had gone into administration and that it was withdrawing support forits product. Fortunately, Flexipipe were able to revert to the original production process software, but the ill-fatedpackage selection exercise had cost it over $3m in costs and lost profits. The CEO missioned a post-project reviewwhich showed that the supplier, prior to the purchase of the software package, had been very highly geared and hadvery poor liquidity. Also, contrary to the statement of the CEO, the post-project review team reported that there wereat least three other packages currently available in the market that could have potentially fulfilled the requirements ofthe pany. The CEO now aepts that using a software package to automate the production process was an inappropriate approach and that a bespoke in-house solution should have been missioned.6Required:(a) Critically evaluate the decision made by the CEO to use a software package approach to automating the production process at Flexipipe, and explain why this approach was unlikely to sueed. (12 marks)(b) The CEO remends that the pany now adopts a formal process for procuring, evaluating and implementing software packages which they can use in the future when a software package approach appears to be moreappropriate.Analyse how a formal process for software package procurement, evaluation and implementation would have addressed the problems experienced at Flexipipe in the production process project. (13 marks)(25 marks)7 [P.T.O.3 IntroductionThe country of Mahem is in a long and deep economic recession with unemployment at its highest since the countrybecame an independent nation. In an attempt to stimulate the economy the government has launched aPrivate/Publicinvestment policy where the government invests in capital projects with the aim of stimulating the involvement ofprivate sector firms. The building of a new munity centre in the industrial city of Tillo is an example of such aninitiative. Community centres are central to theculture of Mahem. They are designed as places where people canmeet socially, local organisations can hold conferences and meetings and farmers can sell their produce to thelocalmunity. The centres are seen as contributing to a vibrant munity life. The munity centre in Tillo is in a sprawling old building rented (at $12,000 per month) from a local landowner. The current munity centre is also relatively energy inefficient.In xx a business case was put forward to build a new centre on local authority owned land on the outskirts of Tillo.The costs and benefits of the business case are shown in Figure 1. As required by the Private/Public investment policythe project showed payback during year four of the investment.Construction of the centre xx–xxIn October xx the centre was missioned with a planned delivery date of June xx at a cost of $600,000 (as per Figure 1). Building the centre went relatively smoothly. Progress was monitored and issues resolved in monthlymeetings between the pany constructing the centre and representatives of the local authority. These meetings focused on the building of the centre, monitoring progress and resolving issues. Most of these issues were relativelyminor because requirements were well specified in standard architectural drawings originally agreed between theproject sponsor and the pany constructing the centre. Unfortunately, the original project sponsor (an employee of the local authority) who had been heavily involved in the initial design, suffered ill health and died in April xx. Thenew project sponsor (again an employee of the local authority) was less enthusiastic about the project and began toraise a number of objections. Her first concern wasthat the construction pany had used sub-contracted labour and had sourced less than 80% of timber used in the building from sustainable resources. She pointed out the contractual terms of supply for the Private/Public policy investment initiatives mandated that sub-contracting was notallowed without the local authority’s permission and that at least 80% of the timber used must e from sustainableforests. The pany said that this had not been brought to their attention at the start of the project. However, theywould try to ply with these requirements for the rest of the contract. The new sponsor also refused to sign off aeptance of the centre because of the poor quality of the internal paintwork. The construction pany explained that this was the intended finish quality of the centre and had been agreed with the previous sponsor. They produceda letter to verify this. However, the letter was not counter-signed by the sponsor and so its validity was questioned. Inthe end, the construction pany agreed to improve the internal painting at their own cost. The new sponsor felt that she had delivered ‘value for money’ by challenging the construction pany. Despite this problem with theinternal painting, the centre was finished in May xx at a cost of $600,000. The centre also included disabilityaess built at the initiative of the construction pany. It had found it difficult to find local authority staff willingand able to discuss disability aess and so it was therefore left alone to interpret relevant legal requirements.Fortunately, their interpretation was correct and the new centre was deemed, by an independent assessor, to meet aessibility requirements.8Unfortunately, the new centre was not as suessful as had been predicted, with ine in the first year well below expectations. The project sponsor began to be increasingly critical of the builders of the centre and questioned thewhole value of the project. She was openly sceptical of the project to her fellow local authority employees. She suggested that the project to build a cost-effective centre had failed and called for an inquiry into the performance ofthe project manager of the construction pany who was responsible for building the centre. ‘We need him to explainto us why the centre is not delivering the benefits we expected’, she explained.Required:(a) The local authority has missioned the independent Project Audit Agency (PAA) to look into how the project had been missioned and managed. The PAA believes that a formal ‘terms of reference’ or ‘project initiation document’ would have resol ved or clarified some of the problems and issues encountered in the project. It also feels that there are important lessons to be learnt by both the local authority and the construction pany.Analyse how a formal ‘terms of reference’ (project initiation document) would have helped address problems encountered in the project to construct the munity centre and lead to improved project management in future projects. (13 marks)(b) The PAA also believes that the four sets ofbenefits identified in the original business case (rental savings, energysavings, increased ine and better staff morale) should have been justified more explicitly.Draft an analysis for the PAA that formally categorises and critically evaluates each of the four sets ofproposed benefits defined in the original business case.(12 marks)(25 marks)9 [P.T.O.4 Jayne Cox Direct is a pany that specialises in the production of bespoke sofas and chairs. Its products areadvertised in most quality lifestyle magazines. The pany was started ten years ago. It grew out of a desire to provide customers with the chance to specify their own bespoke furniture at a cost that pared favourably with standard products available from high street retailers. It sells furniture directly to the end customer. Its website allowscustomers to select the style of furniture, the wood it is to be made from, the type of upholstery used in cushion andseat fillings and the textile position and pattern of the covering. The current website has over 60 textile patternswhich can be selected by the customer. Once the customer has finished specifying the kind of furniture they want, aprice is given. If this price is aeptable to the customer, then an order is placed and an estimated delivery date isgiven. Most delivery dates are ten weeks after the order has been placed. This relatively long delivery timeisunaeptable to some customers and so they cancel the order immediately, citing the quoted long delivery time as their reason for cancellation.Jayne Cox Direct orders wood, upholstery and textiles from long-established suppliers. About 95% of its wood is currently supplied by three timber suppliers, all of whom supplied the pany in its first year of operation. Purchaseorders with suppliers are placed by the procurement section. Until last year, they faxed purchase orders through tosuppliers. They now email these orders. Recently, an expected order was not delivered because the supplier claimedthat no email was received. This caused production delays. Although suppliers like working with Jayne Cox Direct,they are often critical of payment processing. On a number of oasions the aounts section at Jayne Cox Direct hasbeen unable to match supplier invoices with purchase orders, leading to long delays in the payment of suppliers.The sofas and chairs are built in Jayne Cox Direct’s factory. Relatively high inventory levels and a relaxed productionprocess means that production is rarely disrupted. Despite this, the pany is unable to meet 45% of the estimateddelivery dates given when the order was placed, due to the required goods not being finished in time. Consequently,a member of the sales team has to telephone the customer and discuss an alternative delivery date.Telephoning the customer to change the delivery date presents a number of problems. Firstly, contacting the customerby telephone can be difficult and costly. Secondly, many customers are disappointed that the original, promised delivery date can no longer be met. Finally, customers often have to agree a delivery date much later than the new delivery date suggested by Jayne Cox Direct. This is because customers often get less than one week’s notice of thenew date and so they have to defer delivery to much later. This means that the goods have to remain in the warehousefor longer.A separate delivery problem arises because of the bulky and high value nature of the product. Jayne Cox Directrequires someone to be available at the delivery address to sign for its safe receipt and to put the goods somewheresecure and dry. About 30% of intended deliveries do not take place because there is no-one at the address to aept delivery. Consequently, furniture has to be returned and stored at the factory. A member of the sales staff will subsequently telephone the customer and negotiate a new delivery date but, again, contacting the customer by telephone can be difficult and costly.Delivery of furniture is made using the pany’s own vans. Each of these vans follow a defined route each day of the week, irrespective of demand.The pany’s original growth was primarily due to the innovative business idea behind specifying petitively priced bespoke furniture. However, established rivals are now offering a similar service. In the face of this petitionthe managing director of Jayne Cox Direct has urged a thorough review of the supply chain. She feels that costs andinventory levels are too high and that the time taken from order to delivery is too long. Furthermore, in a recentcustomer satisfaction survey there was major criticism about the lack of information about the progress of the orderafter it was placed. One mented that ‘as soon as Ja yne Cox Direct got my order and my money they seemed to forget about me. For ten weeks I heard nothing. Then, just three days before my estimated delivery date, I receiveda phone call telling me that the order had been delayed and that the estimated delivery date was now 17 June. I had already taken a day off work for 10 June, my original delivery date. I could not re-arrange this day off and so I hadto agree a delivery date of 24 June when my mother would be here to receive it’.People were also critical about after-sales service. One mented ‘I aidently stained my sofa. Nobody at Jayne Cox Direct could tell me how to clean it or how to order replacement fabrics for my sofa’. Another said‘organising thereturn of a faulty chair was ve ry difficult’.When the managing director of Jayne Cox Direct saw the results of the survey she understood ‘why our customer retention rate is so low’.10Required:(a) Analyse the existing value chain, using it to highlight areas of weakness at Jayne Cox Direct. (12 marks)(b) Evaluate how technology could be used in both the upstream and the downstream supply chain to address the problems identified at Jayne Cox Direct. (13 marks)(25 marks)。
2015ACCA考试公司与商法复习题及答案(1)
2015ACCA考试公司与商法平时练习题（1）Question:(a) In relation to the English legal system, explain the meaning of:(i) criminal law;(ii) civil law.(b) Explain the hierarchy of courts dealing with criminal law.Answer:(a) (i) Criminal law relates to conduct which the State considers with disapproval and which it seeks to control. Criminal law involves the enforcement of particular forms of behaviour, and the State, as the representative of society, acts positively to ensure compliance. Thus, criminal cases are brought by the State in the name of the Crown and cases are reported in the form of Regina v … (Regina is simply Latin for ‘queen’ and case references are usually abbreviated to R v ...). In criminal law the prosecutor prosecutes a defendant (or ‘the accused’) and is required to prove that the defendant is guilty beyond reasonable doubt. The Companies Act (CA) 006 sets out many potential criminal offences, which may be committed by either the company itself, or its officers or other individuals. An example of this which may be cited is s.993, which relates to the criminal offence of fraudulent trading and applies to any person, not just directors or members, who is knowingly a party to the carrying on of a business with the intent to defraud creditors. The potential penalty on conviction is imprisonment for a maximum period of 10 years, or a fine or both.(ii) Civil law, on the other hand, is a form of private law and involves the relationships between individual citizens. It is the legal mechanism through which individuals can assert claims against others and have those rights adjudicated and enforced. The purpose of civil law is to settle disputes between individuals and to provide remedies; it is not concerned with punishment as such. The role of the State in relation to civil law is to establish the general framework of legal rules and to provide the legal institutions to operate those rights, but the activation of the civil law is strictly a matter for the individuals concerned.Contract, tort and property law are generally aspects of civil law.Civil cases are referred to by the names of the parties involved in the dispute, for example, Smith v Jones. In civil law, a claimant sues (or ‘brings a claim against’) a defendant and the degree of proof is on the balance of probabilities. In relation to theCA 006, the duties owed to companies by directors set out in ss.171–177 may be cited as examples of civil liability, and directors in breach are liable to recompense the company for the consequences of their failure to comply with those duties, as is set out in s.178.In distinguishing between criminal and civil actions, it has to be remembered that the same event may give rise to both. For example, where the driver of a car injures someone through their reckless driving, they will be liable to be prosecuted under the Road Traffic legislation, but at the same time, they will also be responsible to the injured party in the civil law relating to the tort of negligence. Similarly, a director may fall foul of both the criminal regulation of fraudulent trading (s.993 CA 006) as well as breaching their duty to the company under one of the provisions of ss.171–177 CA 006.(b) The essential criminal trial courts are the magistrates’ courts and Crown Courts. I n serious offences, known as indictable offences, the defendant is tried by a judge and jury in a Crown Court. For less serious offences, known as summary offences, the defendant is tried by magistrates; and for ‘either way’ offences, the defendant can be tried by magistrates if they agree but the defendant may elect for jury trial.Criminal appeals from the magistrates go to the Crown Court or to the Queen’s Bench Division (QBD) Divisional Court ‘by way of case stated’ on a point of law or that the magistrates went beyond their proper powers.Further appeal is to the Court of Appeal (Criminal Division) and then to the Supreme Court on a significant point of law.。
2015ACCA考试公司与商法复习题及答案(2)
2015ACCA考试公司与商法复习题及答案（2）Question：In relation to the law of contract,explain the rules relating to：(a)acceptance of an offer;(b)revocation of an offer.Answer：This question requires an explanation of the rules relating to the acceptance and revocation of offers in contract law.(a)Acceptance is necessary for the formation of a contract. Once the offeree has accepted the terms offered, a contract comes into effect. Both parties are bound：the offeror can no longer withdraw their offer, nor can the offeree withdraw their acceptance. The rules relating to acceptance are：(i)Acceptance must correspond with the terms of the offer. Thus, the offeree must not seek to introduce new contractual terms into their acceptance (Neale v Merrett (1930)).(ii)A counter-offer does not constitute acceptance (Hyde v Wrench (1840)). Analogously, a conditional acceptance cannot create a contractual relationship (Winn v Bull (1877)).(iii)Acceptance may be in the form of express words, either oral or written. Alternatively, acceptance may be implied from conduct (Brogden v Metropolitan Railway Co (1877)).(iv)Generally, acceptance must be communicated to the offeror. Consequently, silence cannot amount to acceptance (Felthouse v Bindley (1863)).(v)Communication of acceptance is not necessary, however, where the offeror has waived the right to receive communication. Thus in unilateral contracts, such as Carlill v Carbolic Smoke Ball Co (1893), acceptance occurredwhen the offeree performed the required act. Thus, in the Carlill case, Mrs Carlill did not have to inform the Smoke Ball Co that she had used their treatment.(vi)Where acceptance is communicated through the postal service, then it is complete as soon as the letter, properly addressed and stamped, is posted. The contract is concluded even if the letter subsequently fails to reach the offeror(Adams v Lindsell(1818)). However, the postal rule will only apply where it is in the contemplation of the parties that the post will be used as the means of acceptance. If the parties have negotiated either face to face, in a shop, for example, or over the telephone, then it might not be reasonable for the offeree to use the post as a means of communicating their acceptance and they would not gain the benefit of the postal rule.The postal rule applies equally to telegrams (Byrne v Van Tienhoven (1880)). It does not apply, however, when means of instantaneous communication are used (Entores v Miles Far East Corp (1955)).In order to expressly exclude the operation of the postal rule, the offeror can insist that acceptance is only to be effective on receipt (Holwell Securities v Hughes(1974)). The offeror can also require that acceptance be communicated in a particular manner. Where the offeror does not insist that acceptance can only be made in the stated manner, then acceptance is effective if it is communicated in a way no less advantageous to the offeror (Yates Building Co v J Pulleyn& Sons (1975)).(b)Revocation is the technical term for the cancellation of an offer and occurs when the offeror withdraws their offer. The rules relating to revocation are：(i)An offer may be revoked at any time before acceptance. However, once revocation has occurred, it is no longer open to the offeree to accept the original offer (Routledge v Grant (1828)).(ii)Revocation is not effective until it is actually received by the offeree. This means that the offeror must make sure that the offeree is made aware of the withdrawal of the offer, otherwise it might still be open to the offeree to accept the offer(Byrne v Tienhoven (1880)).(iii)Communication of revocation may be made through a reliable third party. Where the offeree finds out about the withdrawal of the offer from a reliable third party, the revocation is effective and the offeree can no longer seek to accept the original offer (Dickinson v Dodds (1876)).(iv)A promise to keep an offer open is only binding where there is a separate contract to that effect. Such an agreement is。
2015ACCA考试公司与商法复习题及答案(8)
2015ACCA考试公司与商法复习题及答案（8）Question:Apt Ltd is a small independent book company, which specialises in publishing modern poetry. In January 2013 itsigned a contract with a new poet, called Bel, to publish her second book of poems in August 2014. In March 2013, Bel won a prestigious award for her first book of poems, which had been published privately.In the light of the fame which now attached to Bel, Apt Ltd launched an extensive advertising campaign publicising the forthcoming book. The campaign was expensive, costing ￡50,000, but it was successful in generating great interest. As a result, Apt Ltd won a contract to supply a large book club with 100,000 copies of the book, which would make them a profit of ￡250,000.Unfortunately in May 2014, Bel informed Apt Ltd that she would not be able to supply the manuscript to it as she had signed a more rewarding contract with Cax plc, a very large publishing company.Required:In the context of Bel’s anticipatory breach of contract, explain any poss ible remedies open to Apt Ltd.Answer:The essential issues to be disentangled from the problem scenario relate to breach of contract and the remedies available for such breach.There is clearly a binding contractual agreement between Art Ltd and Bel, which Bel has stated she intends to break. Normally breach of a contract occurs where one of the parties to the agreement fails to comply, either completely or satisfactorily, with their obligations under it. However, such a definition does not appear to apply in this case as the time has not yet come when Bel has to produce the manuscript. She has merely indicated that she has no intention of doing so. This is an example of the operation of the doctrine of anticipatory breach. This arises precisely where one party, prior to the actual due date of performance, demonstrates an intention not to perform their contractual obligations. The intention not to fulfil the contract can be either express or implied.Express anticipatory breach occurs where a party actually states that they will not perform their contractual obligations (Hochster v De La Tour (1853)). Impliedanticipatory breach occurs where a party carries out some act which makes performance impossible (Omnium Enterprises v Sutherland (1919)).When anticipatory breach takes place, the innocent party can sue for damages immediately on receipt of the notification of the other party’s intention to repudiate the contract, without waiting for the actual contractual date of performance as in Hochster v De La Tour. Alternatively, they can wait until the actual time for performance before taking action. In the latter instance, they are entitled to make preparations for performance, and claim the agreed contract price (White and Carter (Councils) v McGregor (1961)).I t would appear that Bel’s action is clearly an instance of express anticipatory breach and that Art Ltd has the right either to accept the repudiation immediately, or affirm the contract and take action against Bel at the time for performance (Vitol SA v Norelf Ltd (1996)). In any event, Bel is bound to complete her contractual promise or suffer the consequences of her breach of contract.Remedies for breach of contract(i) Specific performanceIt will sometimes suit a party to break their contractual obligations, even if they have to pay damages. In such circumstances, the court can make an order for specific performance to require the party in breach to complete their part of the contract. However, as specific performance is not available in respect of contracts of employment or personal service, Bel cannot be legally required to provide the manuscript to Apt Ltd (Ryan v Mutual Tontine Westminster Chambers Association (1893)). This means that the only remedy against Bel lies in the award of damages.(ii) DamagesA breach of contract will result in the innocent party being able to sue for damages. Apt Ltd, therefore, can sue Bel for damages, but the important issue relates to the extent of such damages.。
2015ACCA考试公司与商法复习题及答案(3)
ACCA考试公司与商法复习题及答案（3）Question:In relation to the TORT OF NEGLIGENCE, explain:(a)the standard of care owed by one person to another;(b)remoteness of damage.Answer:(a)The law does not require unreasonable steps to be taken to avoid breaching a duty of care. In legal terms, a breach of duty of care occurs if the defendant fails:'…… to do something which a reasonable man, guided upon those considerations which ordinarily regulate the conduct of human affairs, would do; or doing something which a prudent and reasonable man would not do.' (Blyth v BirminghamWaterworks Co (1856))Thus the fact that the defendant has acted less skilfully than the reasonable person would expect will usually result in a breach being established. This is the case even where the defendant is inexperienced in their particular trade or activity. For example, a learner driver must drive in the manner of a driver of skill, experience and care (Nettleship v Weston (1971)). However, the standard of care expected from a child may be lower than that of an adult (Mullin v Richards (1998)).Clearly the degree, or standard, of care to be exercised by such a reasonable person will vary depending on circumstances, but the following factors will be taken into consideration in determining the issue:(i)The seriousness of the riskThe degree of care must be balanced against the degree of risk involved if the defendant fails in their duty. It follows, therefore, that the greater the risk of injury or the more likely it is to occur, the more the defendant will have to do to fulfil their duty. The degree of care to be exercised by the defendant may be increased if the claimant is very young, old or less able bodied in some way. The rule is that 'you must take your victim as you find him' (this is known as the egg-shell skull rule).In Haley v London Electricity Board (1965) the defendants, in order to carry out repairs, had made a hole in the pavement. The precautions taken by the Electricity Board were sufficient to safeguard a sighted person, but Haley, who was blind, fell into the hole, striking his head on the pavement, and became deaf as a consequence. It was held that the Electricity Board was in breach of its duty of care to pedestrians. It had failed to ensure that the excavation was safe for all pedestrians, not just sighted persons. It was clearly not reasonably safe for blind persons, yet it was foreseeable that they might use the pavement.The degree of risk has to be balanced against the social utility and importance of the defendant's activity. For example, in Watt v Hertfordshire CC (1954), the injury sustained by the plaintiff, a fireman, whilst getting to an emergency situation, was not accepted as being the result of a breach of duty of care as, in the circumstances, time was not available to take the measures which would have removed the risk.(ii)Cost and practicabilityAny foreseeable risk has to be balanced against the measures necessary to eliminate it. If the cost of these measures far outweighs the risk, the defendant will probably not be in breach of duty for failing to carry out those measures (Latimer v AEC Ltd (1952)).(iii)Skilled personsIndividuals who hold themselves out as having particular skills are not judged against the standard of the reasonable person, but the reasonable person possessing the same professional skill as they purport to have (Roe v Minister of Health (1954)).(b)The position in negligence is that the person ultimately liable in damages is only responsible to the extent that the loss sustained was considered not to be too remote. The test for remoteness was established in The Wagon Mound (No 1) (1961).The defendants negligently allowed furnace oil to spill from a ship into Sydney harbour, which subsequently caused a fire, which spread to, and damaged, the plaintiff's wharf. Although the defendants were held to be in breach of their duty of care, they were only liable for the damage caused to the wharf and slipway through the fouling of the oil. They were not liable for the damage caused by fire because damage by fire was at that time unforeseeable (the oil had a high ignition point and it could not be foreseen that it would ignite on water).。
2015年12月高等学校英语应用能力考试(A级)(含答案详解)
2015年12月高等学校英语应用能力考试(A级)(含答案详解)高等学校英语应用能力考试(A级)(2015年12月)Part I Listening Comprehension (20 minutes) Directions: This part is to test your listening ability. It consists of 3 sections.Section ADirections: This section is to test your ability to understand short dialogues. There are 5 recorded dialogues in it. After each dialogue, there is a recorded question. Both the dialogues and questions will be spoken only once. When you hear a question, you should decide on the correct answer from the 4 choices marked A, B, C and D given in your test paper. Then you should mark the corresponding letter on the Answer Sheet with a single line through the center.Example: You will hear:You will read: A. New York City.B. An evening party.C. An air trip.D. The man’s job.From the dialogue we learn that the man is to take a flight to New York. Therefore, C. An air trip is the correctanswer. You should mark C on the Answer Sheet with a single line through the center. [A] [B] [C] [D]Now the test will begin.1.A) The price of the product. C) The delivery of his order.B)The charge of the service. D) The packing of the goods.2.A) Giving a lecture. C) Preparing a party.B)Taking an interview. D) Having an exam.3.A) Its food is delicious. C) It is close to his office.B)Its price is reasonable. D) It provides good service.4.A) By sea. B) By air . C) By train.D) By truck.5.A) Asking the way. C) Buying air tickets.B) Renting a car. D) Booking hotel rooms.Section BDirection: This section is to test your ability to understand short conversations. There are 2 recorded conversations in it. After each conversation, there are some recorded questions .Both the conversations and questions will bespoken two times. When you hear a question, you should decide on the correct answer from the 4 choices marked A, B, C and D given in your test paper. Then you should mark the corresponding letter on the Answer Sheet with a single line through the center.Conversation 16.A) Open a new shoe store. C) Invite the woman to his company.B) Participate in a trade fair. D) Pace an order with the woman.7.A) An advertising brochure. C) An invitation letter.B) A price list. D) A few samples. Conversation 28.A) At a hotel. C) In a restaurant.B) At the airport. D) In a bank.9. A) To buy a ticket. C) To place an order.B) To book a taxi. D) To make an appointment.10. A) By 7:00. C) By 9:00.B) By 8:00. D) By 10:00.Section CDirections: In this section you will hear a recorded shortpassage. The passage is printed in the test paper, but with some words or phrase missing. The passage will be read two times. You are required to put the missing words or phrases on the Answer Sheet in order of the numbered blanks according to what you hear. Now listen to the passage.An interviewer sometimes starts with an open-ended question like Could you tell me something about yourself? It is a way to break the ice and make you feel 11 during the interview. It is also a way for the interviewer to know more about your personality to help him or her to 12 if you are a good fit for the job.It is not a good idea to talk too much about yourself because the interviewer doesn’t want to know everything about you. But on the other hand, telling 13 can make him or her wonder why you aren’t more open. So it’s a good idea to share some 14 .These interests may not 15 your work.Section DDirections: This section is to test your ability tocomprehend short passages. You will hear a recorded passage. After that you will hear five questions. Both the passage and the questions will be read two times. When you hear a question .you should complete the answer to it with a word or a short phrase (in no more than 3 words). The questions and incomplete answers are printed in your test paper. You should write your answers on the answer sheet correspondingly. Now listen to the passage.16.What does the speaker talk about first in his speech?The speaker first gives about his company.17. What are the main products of the company?Clothing,and household products.18. How long has the company been in business?Over.19. Where can people find job openings at Family Dollar?Onits.20. How can people apply for the jobs?They can make their application.Part II Structure (15 minutes)Directions:This part is to test your ability to construct grammatically correct sentences. It consists of 2 sections.Section ADirections:In this section, there are 10 incomplete sentences. You are required to complete each one by deciding on the most appropriate word or words from the4 choices marked A, B, C and D. Then you should markthe corresponding letter on the Answer Sheet with a single line through the center.21.the investigation, the committee publishedthe report on the cause of the accident.A)Completed B) Having completed C)Completing D) To have completed22. The report shows that over half of the women aresuffering second-hand smoke at the work-place.A)in B) for C) on D) from23.Our goal is to fulfill the needs of our clients,challenging they may be.A)however B) whenever C)whereverD)whatever24.Only after the secretary saw the train disappear insight the railway station.A)he leaves B) has he leftC) he left D) did he leave25.If they had worked harder, they the projectahead of time.A) will finish B)would have finished C)have finished D) had finished26.The company has decided to sponsor the exhibition,helps to promote its image.A) that B) whoC) what D)which27.The newly appointed manager is said to be neitherflexible easy to get along with.A) or B) and C)nor D) but28.salaries may not be high, working as anursing assistant does have some other benefits.A) Unless B) While C) As D) Since29.How we pack the products has a significant impactthe cost of logistics.A) of B) onC) to D)with30. Impressed me most about the school is how it was designed to support both the students and the community.A) What B) That C)This D) WhichSection BDirections: There are 5 incomplete statements here. You should fill in each blank with the proper form of the word given in brackets. Write the word or words in the corresponding space on the Answer Sheet.31. For the sake of our long-term (cooperate) , we may consider reducing the price by 10 per cent. 32. Here you will find some (value) resources to help you develop communication skills.33. Driving has long been thought of as (efficient) than flying, but according to new research, that is no longer the case.34. Quotations and samples will (send) to you as soon as we receive your specific inquiries.35. After (receive) your loan from us, if youare not completely satisfied with your experience, please contact us.Part III Reading Comprehension (40 minutes) Directions: This part is to test your reading ability. There are 5 tasks for you to fulfill. You should read the reading materials carefully and do the tasks as you are instructed. Task 1Directions: After reading the following passage, you will find 5 questions or unfinished statements, numbered 36 to 40. For each question or statement there are 4 choices marked A, B, C and D. You should make the correct choice and mark the corresponding letter on the Answer Sheet with a single line through the center.In giving a business presentation, many speakers think that if their idea is strong, their audience will get it readily. They feel discouraged when the audience is unable to understand their presentations. That happens a lot especially when technical experts are invited to make a product presentation to a group of users.What can we do to make a business presentation easier to understand? In my view, good presentations havealways been simple and visual. In an effective business presentation, the fewer the points, the better the message gets passed on. You focus on the depth of coverage instead of the width (广度) of coverage. Additionally, you make your ideas visual and relevant, so the message is understood better and remembered longer. Great business presenters relate their ideas and concepts to their audience by using simple, powerful diagrams instead of relying on text-based slides. In fact, drawing diagrams forces a presenter to make the idea clear even at the preparation stage. It is impossible to draw a diagram when you are not clear about an idea. When your idea is clear, it is easier to transfer it. Most audiences understand a diagram faster and remember it longer. This possibly explains why most of the memorable presentations have been visual in nature. 36.Many speakers believe that the stronger theiridea, .A)the more powerful their speech will beB)the more meaningful their speech will beC)the more easily the audience will understand itD)the harder the audience will find it to follow37.Why are you advised to give fewer points in yourpresentation?A)To pass on the messages better. C) To allow audience to take notes.B)To avoid wasting too much time. D) To leave more time for questions.38.The speaker can help the audience remember the message longer by .A) displaying text-based slides C) focusing on the width of coverageB) avoiding long technical terms D) using simple and powerful diagrams39.The underlined word “transfer” in this passage most probably means .A) create B) pass on C) take off D) describe40.This passage is mainly about .A) how to make an effective business presentationB) how to present strong ideas in a presentationC) how to focus on the depth of coverageD) how to prepare a powerful diagramTask 2Directions: This task is the same as Task 1. The 5questions or unfinished statements arenumbered 41 to 45.Blue Jeans Company was established in October 2012 and operates as a partnership (合伙企业）between Elena Horowitz and James Foster. In fact, it began in Elena^ basement when they sold jeans to friends. And now the company has grown to have its own online store, relationships with suppliers in Asia, and local factories. The company has had its revenues double every two months.For our day-today operations, Blue Jeans Company has established several key relationships and we can easily expand our production when the demand for our goods increases.We obtain the best organic cotton from two suppliers, one located in Turkey and the other in Japan, which means that their supplies are produced without the use of any chemicals. Once the shipment arrives in the US, it’ll be routed(发送）to our production and shipping partner in Los Angeles. We work closely with ourpartner to ensure quality through regular checks. It is also where the products will ship out. Our office is located on 2029 Century Park East where all staff work together, handling all online order processing and ensuring the purchase and delivery of the products run smoothly. Ifs also where all requests for refunds are handled in addition to the future launch of the jean-recycling program.41.Blue Jeans Company first started its businessby .A)selling its product to friends C) exporting jeans to Asian countriesB)doing business in an online storeD) supplying raw materials to local factories42.“Organic cotton” in Line 1，Para 3，probably means“cotton ”A)manufactured automatically C) produced without using chemicalsB)grown in local regions D) imported from foreign countries43.To ensure product quality, the company .A)uses man-made materials C) checks its productsregularlyB)observes strict regulations D) often asks for clients’ opinions44.The company’s products will ship out from .A)A) New York B) Los Angeles C) TurkeyD) Japan45.What will the company do in the future?A)Sell its products worldwide. C)Establish a new office in New York.B)Handle all its orders online. D)Carry out a jean-recycling program.Task 3Directions: Read the following passage. After reading it, you are required to complete the outline below it (No.46 to No.50). You should write your answers briefly (in not more than three words) on the Answer Sheet correspondingly. is an online market place designed to help you transform your digital images into a flourishing online business.Simply open a free account, upload (上传）your images, set your prices for the available print sizes, andyou’re in business…instantly.You can immediately start selling fine art prints and greeting cards to a worldwide audience of art collectors.Each month, more than 5 million visitors stop by FAA to browse and purchase artwork.When one of these visitors purchases your prints or greeting cards, we take care of everything for you!In order to help you generate sales, FAA advertises your artwork for you online, and we also pro- vide you with powerful and unique marketing features.In addition, FAA has an online community of 40,000+ artists who participate in daily discussions, live chats, groups, contests, and much more. If you’re interested in networking with other artists, discussing art-related topics, and sharing business ideas... you’re come to the right place.an online market placeGoal: help you transform your digital images into a flourishing online business Steps to start yourbusiness: 1) open 46 ;2)upload your images;3)set 47 ;4)sell your fine art prints and 48Number of visitors: over 49 monthlyWays to generate sales: 1) advertise your artwork2) provide powerful and unique 50Additional feature: an online community with 40,000+artistsTask 4Directions:The following is a list of items related to museum visiting. After reading it, you are required to find the items equivalent to (与…等同) those given in Chinese in the table below. Then you should put the corresponding letters in the brackets on the Answer Sheet, numbered 51 through 55.A—Bull market J—Earnings per shareB—Bull market K—Price per share C—Closing price L—Market valueD—Opening price M—Volume of trading E—Primary market N—Ordinary share F—Secondary market O—Composite Index G—Individual investor P—Account balance H—Annual report Q—Annual returnI—Cash flowExamples:(D)综合指数(L)一级市场51.( )每股股价( )年回报52.( )开盘价( )熊市53.( )二级市场( )交易量Task 5Directions：Read the following passage. After reading it, you should give brief answers to the 5questions (No.56 to No.60) that follow. Theanswers (in not more than three words) shouldbe written after the corresponding numbers onthe Answer Sheet.Are you searching the Internet to find the best place to book a room for your family vacation? Here are some of our tips for you.Getting StartedYears ago searching for a hotel required a lot of phone calls to hotel chains. Today, there’s no shortage ofquality online hotel booking websites. Just locate your favorite online hotel booking site, enter your travel destination, the date of your trip, and the number of hotel guests.Narrowing the Hotel SearchSo now what? You’ve found a list of hotel rooms online ordered by hotel star rating技仰（等级)，guest scores, or price. What’s most important to you? If it^ price, sort the list by lowest price first. If it’s the star rating of the hotel, then click to sort by rating.Read Guest Scores and ReviewsAlways read the guest scores. Keep in mind that hotels with a high number of highly rated guest scores and written guest reviews will increase your confidence that you^ have a good experience at that hotel. Always consider the guest scores when you book a room online ina hotel. Your experience is likely to be similar.56.What did people have to do to search for a hotel in the past?They had to make a lot of .57.What should people do after they have found theirfavorite hotel booking site?Simply enter their , the date of their trip, and the number of guests.58.How are hotel rooms ordered in a list online?They are ordered by star rating,, or price.59.What should people do if they think the star rating is most important?They just sort by.60.Why should people take the guest scores into consideration?Because their experience is likely to be.Part IV Translation -- English into Chinese (25 minutes)Directions: This part, numbered 61 through 65, is to test your ability to translate English into Chinese. After eachof the sentences numbered 61 to 64, you will read four choices of suggested translation. You should choose the best translation and mark the corresponding letter on your Answer Sheet. And for the paragraph numbered 65, write your translation in the corresponding space on the Translation/ Composition Sheet.61.It has been found that some people devote themselves so fully to their business success that they develop unhealthy eating habits.A)人们发现有些人的事业之所以能成功，是与他们的生活习惯密不可分的。
2015 ,2016 ACCAp1,p3考试考分技巧
2015~2016考季：ACCA P1-P3考试高分技巧1. 答题格式1) 小题答题格式：第一个答题要点A simple phrase to summarize your point 使用一个词组概括答题要点+ Write your phrase above in a completesentence 换行后将上述词组写成完整句子+ Explain your point and apply in the case 解释为什么或结合案例分析空行第二个答题要点2) 涉及Professional mark题答题格式：Use an appropriate subject 一般使用第一人称答题，并站对立场（如作为管理层，需要站在公司的立场等）Correct format ,such as letter, speech,memo 使用正确的格式Fluent present with an Introduction, an ending and transition sections. 正确使用开始段引入，问题与问题间要有流畅过度，最后要有结尾段。
2. 注意题目关键词：Define 给出定义即可Explain 定义+知识点展开Identify 找出内容Describe 定义+主要特点Contrast/Distinguish 比较两样或几样的异同，即各自的定义和区别Analyse 分析现在情况，经常需利弊都讲Assess/Discuss 考量优缺点等，考量看法的准确性。
需要将正反利弊情况都讲Explore 不仅要从书本上分析，还要考虑case和case外的论点(use common sense)Recommend 提出建议Construct the case for 支持观点，并提供supportingConstruct the case against 反对观点，并提供supportingCriticize批评某个观点，并提供supporting(通常与best practice不相符)Evaluate/Critically evaluate 从双方面讨论（支持/反对）P21. 答题方法：1）在做报表题或计算时当中步骤有错，后面步骤的得分，是不会受前面计算错误的影响的。
ACCA P1-P3模拟题及解析(5)
ACCA P1-P3模拟题及解析（5）1.William is a public limited company and would like advice in relation to the following transactions.(a)William owned a building on which it raised finance. William sold the building for $5 million to a finance company on 1 June 2011 when the carrying amount was $3·5 million. The same building was leased back from the finance company for a period of 20 years, which was felt to be equivalent to the majority of the asset’s economic life. The lease rentals for the period are $441,000 payable annually in arrears. The interest rate implicit in the lease is 7%. The present value of the minimum lease payments is the same as the sale proceeds.William wishes to know how to account for the above transaction for the year ended 31 May 2012.(7 marks)(b) William operates a defined benefit scheme for its employees. At June 2011, the net pension liability recognized in the statement of financial position was $18 million, excluding an unrecognised actuarial gain of $15 million which William wishes to spread over the remaining working lives of the employees. The scheme was revised on 1 June 2011. This resulted in the benefits being enhanced for some members of the plan and because benefits do not vest for these members for five years, William wishes to spread the increased cost over that period.However, part of the scheme was to be closed, without any redundancy of employees.William requires advice on how to account for the above scheme under HKAS 19 Employee Benefits including the presentation and measurement of the pension expense. (7 marks)(c) On 1 June 2009, William granted 500 share appreciation rights to each of its 20 managers. All of the rights vest after two years service and they can be exercised during the following two years up to 31 May 2013. The fair value of the right at the grant date was $20. It was thought that three managers would leave over the initial two-year period and they did so. The fair value of each right was as follows:Year Fair value at year end $31 May 2010 2331 May 2011 1431 May 2012 24On 31 May 2012, seven managers exercised their rights when the intrinsic value of the right was $21.William wishes to know what the liability and expense will be at 31 May 2012. (5 marks) (d)William acquired another entity, Chrissy, on 1 May 2012. At the time of the acquisition, Chrissy was being sued as there is an alleged mis-selling case potentially implicating the entity. Theclaimants are suing for damages of $10 million. William estimates that the fair value of any contingent liability is $4 million and feels that it is more likely than not that no outflow of funds will occur.William wishes to know how to account for this potential liability in Chrissy’s entity financial statements and whether the treatment would be the same in the consolidated financial statements.(4 marks)Required:Discuss, with suitable computations, the advice that should be given to William in accounting for the above events.Note: The mark allocation is shown against each of the four events above.Professional marks will be awarded in question 2 for the quality of the discussion. (2 marks) (25 marks)2.Ethan, a public limited company, develops, operates and sells investment properties.(a)Ethan focuses mainly on acquiring properties where it foresees growth potential, through rental income as well as value appreciation. The acquisition of an investment property is usually realised through the acquisition of the entity, which holds the property.In Ethan’s consolidated financial statements, investment properties acquired through business combinations are recognised at fair value, using a discounted cash flow model as approximation to fair value. There is currently an active market for this type of property. The difference between the fair value of the investment property as determined under the accounting policy, and the value of the investment property for tax purposes results in a deferred tax liability.Goodwill arising on business combinations is determined using the measurement principles for the investment properties as outlined above. Goodwill is only considered impaired if and when the deferred tax liability is reduced below the amount at which it was first recognised. This reduction can be caused both by a reduction in the value of the real estate or a change in local tax regulations. As long as the deferred tax liability is equal to, or larger than, the prior year, no impairment is charged to goodwill. Ethan explained its accounting treatment by confirming that almost all of its goodwill is due to the deferred tax liability and that it is normal in the industry to account for goodwill in this way.Since 2008, Ethan has incurred substantial annual losses except for the year ended 31 May 2011, when it made a small profit before tax. In year ended 31 May 2011, most of the profit consisted of income recognised on revaluation of investment properties. Ethan had announced early in its financial year ended 31 May 2012 that it anticipated substantial growth and profit. Later in theyear, however, Ethan announced that the expected profit would not be achieved and that, instead, a substantial loss would be incurred. Ethan had a history of reporting considerable negative variances from its budgeted results. Ethan’s recognised deferred tax assets have been increasing year-on-year despite the deferred tax liabilities recognised on business combinations. Ethan’s deferred tax assets consist primarily of unused tax losses that can be carried forward which are unlikely to be offset against anticipated future taxable profits. (11 marks)(b)Ethan wishes to apply the fair value option rules of HKFRS 9 Financial Instruments to debt issued to finance its investment properties. Ethan’s argument for applying the fair value option is based upon the fact that the recognition of gains and losses on its investment properties and the related debt would otherwise be inconsistent.Ethan argued that there is a specific financial correlation between the factors, such as interest rates, that form the basis for determining the fair value of both Ethan’s investment properties and the related debt. (7 marks)(c)Ethan has an operating subsidiary, which has in issue A and B shares, both of which have voting rights. Ethan holds 70% of the A and B shares and the remainder are held by shareholders external to the group. The subsidiary is obliged to pay an annual dividend of 5% on the B shares. The dividend payment is cumulative even if the subsidiary does not have sufficient legally distributable profit at the time the payment is due.In Ethan’s consolidated statement of financial position, the B shares of the subsidiary were accounted for in the same way as equity instruments would be, with the B shares owned by external parties reported as a non-controlling interest. (5 marks)Required:Discuss how the above transactions and events should be recorded in the consolidated financial statements of Ethan.Note: The mark allocation is shown against each of the three transactions above.Professional marks will be awarded in question 3 for the quality of the discussion. (2 marks) (25 marks)4 (a)The existing standard dealing with provisions HKAS 37, Provisions, Contingent Liabilities and Contingent Assets,has been in place for many years and is sufficiently well understood and consistently applied in most areas.Standard setters have felt it is time for a fundamental change in the underlying principles for the recognition and measurement of non-financial liabilities. To this end, the International Accounting Standards Board (IASB) has issued an Exposure Draft, ‘Measurement of Liabilities inIAS 37 – Proposed amendments to IAS 37’. The Hong Kong Institute of Certified Public Accountants has also invited its members and other interested parties to comment on the exposure draft. Required:(i) Discuss the existing guidance in HKAS 37 as regards the recognition and measurement of provisions and why standard setters feel the need to replace existing guidance; (9 marks)(ii) Describe the new proposals that the IASB has outlined in the Exposure Draft. (7 marks) (b)Royan, a public limited company, extracts oil and has a present obligation to dismantle an oil platform at the end of the platform’s life, which is 10 years. Royan cannot cancel this obligation or transfer it. Royan intends to carry out the dismantling work itself and estimates the cost of the work to be $150 million in 10 years time. The present value of the work is $105 million.A market exists for the dismantling of an oil platform and Royan could hire a third party contractor to carry out the work. The entity feels that if no risk or probability adjustment were needed then the cost of the external contractor would be $180 million in ten years time. The present value of this cost is $129 million. If risk and probability are taken into account, then there is a probability of 40% that the present value will be $129 million and 60% probability that it would be $140 million, and there is a risk that the costs may increase by $5 million. Required:Describe the accounting treatment of the above events under HKAS 37 and the possible outcomes under the proposed amendments in the Exposure Draft. (7 marks)Professional marks will be awarded in question 4 for the quality of the discussion. (2 marks) (25 marks)试题答案：1.(a) A lease is classified as a finance lease if it transfers substantially the entire risks and rewards incident to ownership. All other leases are classified as operating leases. Classification is made at the inception of the lease. Whether a lease is a finance lease or an operating lease depends on the substance of the transaction rather than the form. Situations that would normally lead to a lease being classified as a finance lease include the following:– the lease transfers ownership of the asset to the lessee by the end of the lease term;– the lessee has the option to purchase the asset at a price which is expected to be sufficiently lower than fair value at the date the option becomes exercisable that, at the inception of the lease, it is reasonably certain that the option will be exercised;– the lease term is for the major part of the economic life of the asset, even if title is not transferred;– at the inception of the lease, the present value of the minimum lease payments amounts to at least substantially all of the fair value of the leased asset;– the lease assets are of a specialised nature such that only the lessee can use them without major modifications being made.In this case the lease back of the building is for the major part of the building’s economic life and the present value of the minimum lease payments amounts to all of the fair value of the leased asset. Therefore the lease should be recorded as a finance lease.The building is derecognised at its carrying amount and then reinstated at its fair value with any disposal gain, in this instance $1·5 million ($5m – $3·5m) being deferred over the new lease term. The building is depreciated over the shorter of the lease term and useful economic life, so 20 years. Finance lease accounting results in a liability being created, finance charge accruing at the implicit rate within the lease, in this case 7%, and the payment reducing the lease liability in arriving at the year-end balance. The associated double entry for the lease is as follows:$000 $000Sale of buildingDr cash 5,000Cr building 3,500deferred income 1,500Leased asset and liabilityDr asset – finance lease 5,000Cr finance lease creditor 5,000Deferred income releaseDr deferred income 75Cr profit or loss 75Depreciation of assetDr depreciation 250Cr assets under finance lease 250Rentals paidDr interest 350finance lease creditor 91Cr cash 441(b)Under HKAS 19 Employee Benefits, the accounting procedures would be:Recognition of actuarial gains and losses (remeasurements):Actuarial gains and losses are renamed ‘remeasurements’ and will be recognised immediately in ‘other comprehensive income’ (OCI). Actuarial gains and losses cannot be deferred or recognised in profit or loss; this is likely to increase volatility in the statement of financial position and OCI. Remeasurements recognised in OCI cannot be recycled through profit or loss in subsequent periods. Thus William will not be able to spread these gains and losses over the remaining working life of the employees.Recognition of past service cost:Past-service costs are recognised in the period of a plan amendment; unvested benefits cannot be spread over a future-service period. The plan benefits which were enhanced on 1 June 2011 would have to be immediately recognised and the unvested benefits would not be spread over five years from that date. A curtailment occurs only when an entity reduces significantly the number of employees. Curtailment gains/losses are accounted for as past-service costs. Thus William will need to realize that any curtailment is only recognised in these circumstances and will result in immediate recognition of any gain or loss.Measurement of pension expense:Annual expense for a funded benefit plan will include net interest expense or income, calculated by applying the discount rate to the net defined benefit asset or liability. The discount rate used is a high-quality corporate bond rate where there is a deep market in such bonds, and a government bond rate in other markets.Presentation in the income statement:The benefit cost will be split between(i) the cost of benefits accrued in the current period (service cost) and benefit changes (past-service cost, settlements and curtailments); and(ii) finance expense or income. This analysis can be in the income statement or in the notes.(c)Expenses in respect of cash-settled share-based payment transactions should be recognised over the period during which goods are received or services are rendered, and measured at the fair value of the liability. The fair value of the liability should be remeasured at each reporting date until settled. Changes in fair value are recognised in the statement of comprehensive income. The credit entry in respect of a cash-settled share-based payment transaction is presented as a liability. The fair value of each share appreciation right (SAR) is made up of an intrinsic value and its time value. The time value reflects the fact that the holders of each SAR have the right to participate in future gains. At 31 May 2012, the expense will comprise any increasein the liability plus the cash paid based on the intrinsic value of the SAR.Liability 31 May 2012 (10 x 500 x $24) $120,000Liability 31 May 2011 (17 x 500 x $14) ($119,000)Cash paid (7 x 500 x $21) $73,500Expense year ending 31 May 2012 $74,500Therefore the expense for the year is $74,500 and the liability at the year end is $120,000. (d)HKAS 37 Provisions, Contingent Liabilities and Contingent Assets describes contingent liabilities in two ways. Firstly, as reliably possible obligations whose existence will be confirmed only on the occurrence or non-occurrence of uncertain future events outside the entity’s control, or secondly, as present obligations that are not recognised because: (a) it is not probable that an outflow of economic benefits will be required to settle the obligation; or (b) the amount cannot be measured reliably.In Chrissy’s financial statements contingent liabilities are not recognised but are disclosed and described in the notes to the financial statements, including an estimate of their potential financial effect and uncertainties relating to the amount or timing of any outflow, unless the possibility of settlement is remote.However, in a business combination, a contingent liability is recognised if it meets the definition of a liability and if it can be measured. The first type of contingent liability above under HKAS 37 is not recognised in a business combination. However,the second type of contingency is recognised whether or not it is probable that an outflow of economic benefits takes place but only if it can be measured reliably. This means William would recognise a liability of $4 million in the consolidated accounts. Contingent liabilities are an exception to the recognition principle because of the reliable measurement criteria.2 (a)The fair value model in HKAS 40 Investment Property defines fair value as the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction. Fair value should reflect market conditions at the date of the statement of financial position. The standard gives a considerable amount of guidance on determining fair value; in particular, that the best evidence of fair value is given by current prices on an active market for similar property in the same location and condition and subject to similar lease and other constraints. Therefore investment properties are not being valued in accordance with the best possible method. This means that goodwill recognised on the acquisition of an investment property through a business combination of real estate investment companies is different as compared to what it should be under HKFRS3 Business Combination valuation principles. In reality, the fair value of both the property and the deferred tax liability are reflected in the purchase price of the business combination. The difference between this purchase price and the net assets recognised according to HKFRS 3, upon which deferred tax is based, is recognised as goodwill in the consolidatedstatement of financial position.Ethan’s methods for determining whether goodwill is impaired, and the amount it is impaired by, are not in accordance with HKAS 36 Impairment of Assets. The standard requires assets (or cash generating units (CGU) if not possible to conduct the review on an asset by asset basis) to be stated at the lower of carrying amount and recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is a post-tax valuation taking account of deferred taxes. According to HKAS 36, the deferred tax liability should be included in calculating the carrying amount of the CGU, since the transaction price also includes the effect of the deferred tax and the purchaser assumes the tax risk. Therefore, the impairment testing of goodwill should be based on recoverable amount, rather than on the relationship between the goodwill and the deferred tax liability as assessed by Ethan.Ethan should disclose both the methodology by which the recoverable amount of the CGU, and therefore goodwill, is determined and the assumptions underlying that methodology under the requirements of HKAS 36. The standard requires Ethan to state the basis on which recoverable amount has been determined and to disclose the key assumptions on which it is based.In accordance with HKAS 36, where impairment testing takes place, goodwill is allocated to each individual real estate investment identified as a cash-generating unit (CGU). Periodically, but at least annually, the recoverable amount of the CGU is compared with its carrying amount. If this comparison results in the carrying amount being greater than the recoverable amount, the impairment is first allocated to the goodwill. Any further difference is subsequently allocated against the value of the investment property.The recognition of deferred tax assets on losses carried forward is not in accordance with HKAS 12 Income Taxes. Ethan is not able to provide convincing evidence to ensure that Ethan would be able to generate sufficient taxable profits against which the unused tax losses could be offset. Historically, Ethan’s activities have generated either significant losses or very minimal profits; they have never produced large pre-tax profits. Therefore, in accordance with HKAS 12, there is a need to produce convincing evidence from Ethan that it would be able to generate future taxable profits equivalent to the value of the deferred tax asset recognised.Any decision would be based mainly on the following:– history of Ethan’s pre-tax profits;– previously published budget expectations and realised results in the past;– Ethan’s expectations for the next few years; and– announcements of new contracts.There have been substantial negative variances arising between Ethan’s budgeted and realisedresults. Also, Ethan has announced that it would not achieve the expected profit, but rather would record a substantial loss. Additionally, there is no indication that the losses were not of a type that could clearly be attributed to external events that might not be expected to recur. Thus the deferred tax asset should not be recognised or at the very least reduced.(b)Normally debt issued to finance Ethan’s investment properties would be accounted for using amortised cost model. However,Ethan may apply the fair value option in HKFRS 9 Finanical Instruments as such application would eliminate or significantly reduce a measurement or recognition inconsistency between the debt liabilities and the investment properties to which theyare related. The provision requires there to be a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The option is not restricted to financial assets and financial liabilities. The HKICPA concludes that accounting mismatches may occur in a wide variety of circumstances and that financial reporting is best served by providing entities with the opportunity of eliminating such mismatches where that results in more relevant information. Ethan supported the application of the fair value option with the argument that there is a specific financial correlation between the factors that form the basis of the measurement of the fair value of the investment properties and the related debt. Particular importance was placed on the role played by interest rates,although it is acknowledged that the value of investment properties will also depend, to some extent, on rent, location and maintenance and other factors. For some investment properties, however, the value of the properties will be dependent on the movement in interest rates.Under HKFRS 9, entities with financial liabilities designated as FVTPL recognise changes in the fair value due to changes in the liability’s credit risk directly in other comprehensive income (OCI). There is no subsequent recycling of the amounts in OCI to profit or loss, but accumulated gains or losses may be transferred within equity. The movement in fair value due to other factors would be recognised within profit or loss. However, if presenting the change in fair value attributable to the credit risk of the liability in OCI would create or enlarge an accounting mismatch in profit or loss, all fair value movements are recognised in profit or loss. An entity is required to determine whether an accounting mismatch is created when the financial liability is first recognised, and this determination is not reassessed. The mismatch must arise due to an economic relationship between the financial liability and the associated asset that results in the liability’s credit risk being offset by a change in the fair value of the asset. Financial liabilities that are required to be measured at FVTPL (as distinct from those that the entity has designated at FVTPL), including financial guarantees and loan commitments measured at FVTPL,have all fair value movement recognised in profit or loss. HKFRS 9 retains the flexibility that existed in HKFRS 7 Financial Instruments: Disclosures to determine the amount of fair value change that relates to changes in the credit risk of the liability.(c)Ethan’s classification of the B shares as equity instruments does not comply with HKAS 32 Financial Instruments:Presentation. HKAS 32 paragraph 11, defines a financial liability to include, amongst others, any liability that includes a contractual obligation to deliver cash or financial assets to another entity. The criteria for classification of a financial instrument as equity rather than liability are provided in HKAS 32 paragraph 16. This states that the instrument is an equity instrument rather than a financial liability if, and only if, the instrument does not include a contractual obligation either to deliver cash or another financial asset to the entity or to exchange financial assets or liabilities with another entity under conditions that are potentially unfavourable to Ethan. HKAS 32 paragraph AG29 explains that when classifying a financial instrument in consolidated financial statements, an entity should consider all the terms and conditions agreed between members of a group and holders of the instrument, in determining whether the group as a whole has an obligation to deliver cash or another financial instrument in respect of the instrument or to settle it in a manner that results in classification as a liability. Therefore,since the operating subsidiary is obliged to pay an annual cumulative dividend on the B shares and does not have discretion over the distribution of such dividend, the shares held by Ethan’s external shareholders should be classified as a financial liability in Ethan’s consolidated financial statements and not non-controlling interest. The shares being held by Ethan will be eliminated on consolidation as intercompany.3(a) (i)The existing guidance requires a provision to be recognised when: (a) it is probable that an obligation exists; (b) it is probable that an outflow of resources will be required to settle that obligation; and (c) the obligation can be measured reliably. The amount recognised as a provision should be the best estimate of the expenditure required to settle the present obligation at the balance sheet date, that is, the amount that an entity would rationally pay to settle the obligation at the balance sheet date or to transfer it to a third party. This guidance, when applied consistently, provides useful,predictive information about non-financial liabilities and the expected future cash flows, and is consistent with the recognition criteria in the Framework. Standard setters have initiated a project to replace HKAS 37 for three main reasons:1. To address inconsistencies with other HKFRSs. HKAS 37 requires an entity to record an obligation as a liability only if it is probable (i.e. more than 50% likely) that the obligation will result in an outflow of cash or other resources from the entity. Other standards, such as HKFRS 3 Business Combinations and HKFRS 9 FinancialInstruments, do not apply this ‘probability of outflows’ criterion to liabilities.2. To achieve global convergence of accounting standards. The IASB is seeking to eliminate differences between IFRSs and US generally accepted accounting principles (US GAAP). At present, IFRSs and US GAAP differ in how they treat the costs of restructuring a business.3. To improve measurement of liabilities in HKAS 37. The requirements for measuring liabilities are unclear. As a result, entities use different measures, making it difficult for analysts and investors to compare their financial statements. Two aspects are particularly unclear. HKAS 37 requires entities to measure liabilities at the ‘best estimate’ of the expenditure required to settle the obligation. In practice, there are different interpretations of what ‘best estimate’means: the most likely outcome, the weighted average of all possible outcomes or even the minimum or maximum amount in the range of possible outcomes. It does not specify the costs that entities should include in the measurement of a liability. In practice, entities include different costs. Some entities include only incremental costs while others include all direct costs, plus indirect costs and overheads, or use the prices they would pay contractors to fulfil the obligation on their behalf.(ii)The IASB has decided that the new IFRS will not include the ‘probability of outflows’ criterion. Instead, an entity should account for uncertainty about the amount and timing of outflows by using a measurement that reflects their expected value, i.e. the probability-weighted average of the outflows for the range of possible outcomes. Removal of this criterion focuses attention on the definition of a liability in the Framework, which is a present obligation of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Furthermore, the new IFRS will require an entity to record a liability for each individual cost of a restructuring only when the entity incurs that particular cost.The exposure draft proposes that the measurement should be the amount that the entity would rationally pay at the measurement date to be relieved of the liability. Normally, this amount would be an estimate of the present value of the resources required to fulfil the liability. It could also be the amount that the entity would pay to cancel or fulfil the obligation, whichever is the lowest. The estimate would take into account the expected outflows of resources, the time value of money and the risk that the actual outflows might ultimately differ from the expected outflows.If the liability is to pay cash to a counterparty (for example to settle a legal dispute), the outflows would be the expected cash payments plus any associated costs, such as legal fees. If the liability is to undertake a service, for example to decommission plant at a future date, the。
2015年ACCA考试模拟强化练习题(3)
2015年ACCA考试模拟强化练习题(3)Required：(a) Prepare a consolidated statement of financial position as at 31 May 2009 for the Bravado Group. (35 marks)(b) Calculate and explain the impact on the calculation of goodwil l if the noncontrolling interest was calculated on a proportionate bas is for Message and Mixted. (8 marks)(c) Discuss the view of the directors that there is no problem wit h showing a loan to a director as cash and cash equivalents， taking i nto account their ethical and other responsibilities as directors of t he pany. (5 marks)Professional marks will be awarded in part (c) for clarity and exp ression of your discussion. (2 marks)2 The directors of Aron，a public limited pany，are worried about the challenging market conditions which the pany is facing. The market s are volatile and illiquid. The central government is injecting liqui dity into the economy. The directors are concerned about the significa nt shift towards the use of fair values in financial statements. IAS3 9‘Financial Instrume nts：recognition and measurement’defines fair va lue and requires the initial measurement of financial instruments to b e at fair value. The directors are uncertain of the relevance of fair value measurements in these current market conditions.Required：(a)Briefly discuss how the fair value of financial instruments is determined，menting on the relevance of fair value measurements for fi nancial instruments where markets are volatile and illiquid. (4 marks)(b)Further they would like advice on accounting for the following transactions within the financial statements for the year ended 31 May 2009：(i) Aron issued one million convertible bonds on 1 June 2006. The bonds had a term of three years and were issued with a total fair valu e of $100 million which is also the par value. Interest is paid annual ly in arrears at a rate of 6% per annum and bonds，without the convers ion option，attracted an interest rate of 9% per annum on 1 June 2006. The pany incurred issue costs of $1 million. If the investor did not c onvert to shares they would have been redeemed at par. At maturity allof the bonds were converted into 25 million ordinary shares of $1 of A ron. No bonds could be converted before that date. The directors are u ncertain how the bonds should have been accounted for up to the date of the conversion on 31 May 2009 and have been told that the impact of the issue costs is to increase the effective interest rate to 9·38%. (6 marks)(ii)Aron held 3% holding of the shares in Smart，a public limited pany. The investment was classified as availableforsale and at 31 May 2009 was fair valued at $5 million. The cumulative gain recognised in equity relating to the availableforsale investment was $400，000. On the same day，the whole of the share capital of Smart was acquired by G iven，a public limited pany，and as a result，Aron received shares in Given with a fair value of $5·5 million in exchange for its holding in Smart. The pany wishes to know how the exchange of shares in Smart for the shares in Given should be accounted for in its financial record s. (4 marks)(iii)The functional and presentation currency of Aron is the dollar ($).Aron has a wholly owned foreign subsidiary，Gao，whose functional currency is the zloti. Gao owns a debt instrument which is held for trading. I n Gao’s financial statements for the year ended 31 May 2008，the debt instrument was carried at its fair value of 10 million zloti.At 31 May 2009，the fair value of the debt instrument had increased to 12 million zloti. The exchange rates were：Zloti to $131 May 2008 331 May 2009 2Average rate for year to 31 May 2009 2·5aCarpart，a public limited pany，is a vehicle part manufacturer，and sells vehicles purchased from the manufacturer. Carpart has entered into supply arrangements for the supply of car seats to two local pani es， Vehiclex and Autoseat.(i)VehiclexThis contract will last for five years and Carpart will manufacture seats to a certain specification which will require the construction of machinery for the purpose. The price of each car seat has been agreed so that it includes an amount to cover the cost of constructing the machinery but there is no mitment to a minimum order of seats to guarantee the recovery of the costs of constructing the machinery. Carpart retains the ownership of the machinery and wishes to recognise part of the revenue from the contract in its current financial statements to c over the cost of the machinery which will be constructed over the next year. (4 marks)(ii)AutoseatAutoseat is purchasing car seats from Carpart. The contract is to last for three years and Carpart is to design， develop and manufacture the car seats. Carpart will construct machinery for this purpose but the machinery is so specific that it cannot be used on other contracts. Carpart maintains the machinery but the knowhow has been granted royalty free to Autoseat. The price of each car seat includes a fixed price to cover the cost of the machinery. If Autoseat decides not to purchase a minimum number of seats to cover the cost of the machinery，then A utoseat has to repay Carpart for the cost of the machinery including any interest incurred.Autoseat can purchase the machinery at any time in order to safegu ard against the cessation of production by Carpart. The purchase price would be the cost of the machinery not yet recovered by Carpart. The m achinery has a life of three years and the seats are only sold to Auto seat who sets the levels of production for a period. Autoseat can perf orm a predelivery inspection on each seat and can reject defective sea ts. (9 marks)(iii)Vehicle salesCarpart sells vehicles on a contract for their market price (appro ximately $20，000 each)at a markup of 25% on cost. The expected life of each vehicle is five years. After four years，the car is repurchased by Carpart at 20% of its original selling price. This price is expected to be significantly less than its fair value. The car must be mainta ined and serviced by the customer in accordance with certain guidelines and must be in good condition if Carpart is to repurchase the vehicl e.The same vehicles are also sold with an option that can be exercised by the buyer two years after sale. Under this option，the customer has the right to ask Carpart to repurchase the vehicle for 70% of its original purchase price. It is thought that the buyers will exercise the option. At the end of two years，the fair value of the vehicle is e xpected to be 55% of the original purchase price. If the option is not exercised，then the buyer keeps the vehicle.Carpart also uses some of its vehicles for demonstration purposes. These vehicles are normally used for this purpose for an eighteenmonth period. After this period，the vehicles are sold at a reduced price ba sed upon their condition and mileage. (10 marks)Professional marks will be awarded in question 3 for clarity and q uality of discussion. (2 marks)Required：Discuss how the above transactions would be accounted for under In ternational Financial Reporting Standards in the financial statements of Carpart.Note. The mark allocation is shown against each of the arrangement s above.(25 marks)625638011。
2015年ACCA考试模拟强化练习题(2)
2015年ACCA考试模拟强化练习题(2)1 Bravado，a public limited pany，has acquired two subsidiaries and an associate. The draft statements of financial position are as follows a t 31 May 2009：Bravado Message Mixted$m $m $mAssets：Noncurrent assetsProperty，plant and equipment 265 230 161Investments in subsidiariesMessage 300Mixted 128Investment in associate Clarity 20Availableforsale financial assets 51 6 5764 236 166Current assets：Inventories 135 55 73Trade receivables 91 45 32Cash and cash equivalents 102 100 8328 200 113Total assets 1，092 436 279Equity and liabilities：Share capital 520 220 100Retained earnings 240 150 80Other ponents of equity 12 4 7Total equity 772 374 187On 1 June 2007，Bravado acquired 6% of the ordinary shares of Mixt ed. Bravado had treated this investment as availableforsale in the fin ancial statements to 31 May 2008 but had restated the investment at co st on Mixted being a subsidiary. On 1 June 2008，Bravado acquired a fu rther 64% of the ordinary shares of Mixted and gained control of the p any. The consideration for the acquisitions was as follows：Holding Consideration$m1 June 2007 6% 101 June 2008 64% 11870% 128Under the purchase agreement of 1 June 2008，Bravado is required t o pay the former shareholders 30% of the profits of Mixted on 31 May 2 010 for each of the financial years to 31 May 2009 and 31 May 2010. Th e fair value of this arrangement was estimated at $12 million at 1 Jun e 2008 and at 31 May 2009 this value had not changed. This amount has not been included in the financial statements.At 1 June 2008，the fair value of the equity interest in Mixted he ld by Bravado before the business bination was $15 million and the fai r value of the noncontrolling interest in Mixted was $53 million. The fair value of the identifiable net assets at 1 June 2008 of Mixted was $170 million (excluding deferred tax assets and liabilities)， and the retained earnings and other ponents of equity were $55 million and $7 million respectively. There had been no new issue of share capital by Mixted since the date of acquisition and the excess of the fair valueof the net assets is due to an increase in the value of property，plan t and equipment (PPE)。
2015年12月英语a级考试试题及答案
2015年12月英语a级考试试题及答案2015年12月英语A级考试试题及答案一、听力理解（共20分）1. What does the man mean?A) He is too tired to go any further.B) He is not interested in the woman's suggestion.C) He is eager to try something new.D) He is not satisfied with the current situation.答案：C2. What is the woman doing?A) Asking for directions.B) Making an apology.C) Offering help.D) Giving instructions.答案：A二、阅读理解（共30分）Passage 13. According to the passage, what is the main reason for the decline in the number of bees?A) Increased use of pesticides.B) Loss of habitat.C) Climate change.D) Disease.答案：B4. What does the author suggest as a solution to the problem?A) Using more pesticides.B) Planting more flowers.C) Relocating the bees.D) Changing the climate.答案：BPassage 25. What is the main topic of the passage?A) The history of coffee.B) The benefits of coffee.C) The process of making coffee.D) The impact of coffee on health.答案：D6. Which of the following is NOT mentioned as a healthbenefit of coffee?A) Improved memory.B) Reduced risk of heart disease.C) Increased energy levels.D) Improved digestion.答案：D三、词汇与语法（共20分）7. The ________ of the meeting has been changed to next Monday.A) dateB) timeC) placeD) person答案：A8. She is a ________ girl, and everyone likes her.A) quietB) quiteC) quietsD) quites答案：A四、完形填空（共15分）9. The ________ of the new bridge will be completed by the end of this year.A) constructionB) destructionC) protectionD) direction答案：A10. The ________ of the company has increased by 20% this year.A) revenueB) costC) profitD) loss答案：C五、翻译（共15分）11. 他昨天没有参加会议。
ACCA-F5-2015年12月考试问题
P a p e r F 5Section B –ALL FIVE questions are compulsory and MUST be attemptedPlease write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet.1The Chemical Free Clean Co (C Co) provides a range of environmentally-friendly cleaning services to business customers, often providing a specific service to meet a client’s needs. Its customers range from large offices and factories to specialist care wards at hospitals, where specialist cleaning equipment must be used and regulations adhered to. C Co offers both regular cleaning contracts and contracts for one-off jobs. For example, its latest client was a chain of restaurants which employed them to provide an extensive clean of all their business premises after an outbreak of food poisoning.The cleaning market is very competitive, although there are only a small number of companies providing a chemical free service. C Co has always used cost-plus pricing to determine the prices which it charges to its customers but recently, the cost of the cleaning products C Co uses has increased. This has meant that C Co has had to increase its prices, resulting in the loss of several regular customers to competing service providers.The finance director at C Co has heard about target costing and is considering whether it could be useful at C Co.Required:(a)Briefly describe the main steps involved in deriving a target cost.(3 marks)(b)Explain any difficulties which may be encountered and any benefits which may arise when implementingtarget costing at C Co.(7 marks)(10 marks)2Bus Co is a large bus operator, operating long-distance bus services across the country. There are two other national operators in the country. Bus Co’s mission is to ‘be the market leader in long-distance transport providing a greener, cleaner service for passengers nationwide’. Last month, an independent survey of 40,000 passengers was carried out, the results of which are shown in the table below:Table: Bus passenger satisfaction % by national operatorOperator Overall satisfaction Value for money Punctuality Journey timeBus *678082Prime*587683Express*677689* denotes that the percentage has not yet been calculated.The ‘overall satisfaction’ percentages, which have not yet been inserted into the table, are calculated using a weighted average which reflects the importance customers place on each of the other three criteria above. The weightings used are as follows:Value for money40%Punctuality32%Journey time28%The managing director (MD) of Bus Co has said: ‘Independent research has shown that our customers are the most satisfied of any national bus operator. We are now leading the way on what matters most to customers – value for money and punctuality.’Required:(a)Calculate the ‘overall satisfaction’ percentage for each operator.(2 marks)(b)Taking into account all the data in the table and your calculations from part (a), discuss whether themanaging director’s statement is true.(4 marks)(c)When measuring performance using a ‘value for money’ approach, the criteria of economy, efficiency andeffectiveness can be used.Required:Briefly define ‘efficiency’ and ‘effectiveness’ and suggest one performance measure for EACH, which would help Bus Co assess the efficiency and effectiveness of the service it provides.(4 marks)(10 marks)3The Organic Bread Company (OBC) makes a range of breads for sale direct to the public. The production process begins with workers weighing out ingredients on electronic scales and then placing them in a machine for mixing. A worker then manually removes the mix from the machine and shapes it into loaves by hand, after which the bread is then placed into the oven for baking.All baked loaves are then inspected by OBC’s quality inspector before they are packaged up and made ready for sale.Any loaves which fail the inspection are donated to a local food bank.The standard cost card for OBC’s ‘Mixed Bloomer’, one of its most popular loaves, is as follows:$White flour450grams at $1·80 per kg0·81Wholegrain flour150grams at $2·20 per kg0·33Yeast10grams at $20 per kg0·20––––––––T otal610grams1·34––––––––Budgeted production of Mixed Bloomers was 1,000 units for the quarter, although actual production was only 950 units. The total actual quantities used and their actual costs were:Kg$ per kgWhite flour408·51·90Wholegrain flour152·02·10Yeast10·020·00––––––T otal570·5––––––Required:(a)Calculate the total material mix variance and the total material yield variance for OBC for the last quarter.(7 marks)(b)Using the information in the question, suggest THREE possible reasons why an ADVERSE MATERIAL YIELDvariance could arise at OBC.(3 marks)(10 marks)4Cardio Co manufactures three types of fitness equipment: treadmills (T), cross trainers (C) and rowing machines (R).The budgeted sales prices and volumes for the next year are as follows:T C RSelling price$1,600$1,800$1,400Units420400380The standard cost card for each product is shown below.T C R$$$Material430500360Labour220240190Variable overheads11012095Labour costs are 60% fixed and 40% variable. General fixed overheads excluding any fixed labour costs are expected to be $55,000 for the next year.Required:(a)Calculate the weighted average contribution to sales ratio for Cardio Co.(4 marks)(b)Calculate the margin of safety in $ revenue for Cardio Co.(3 marks)(c)Using the graph paper provided and assuming that the products are sold in a CONSTANT MIX, draw amulti-product breakeven chart for Cardio Co. Label fully both axes, any lines drawn on the graph and the breakeven point.(6 marks)(d)Explain what would happen to the breakeven point if the products were sold in order of the most profitableproducts first.Note: You are NOT required to demonstrate this on the graph drawn in part (c).(2 marks)(15 marks)5Cardale Industrial Metal Co (CIM Co) is a large supplier of industrial metals. The company is split into two divisions: Division F and Division N. Each division operates separately as an investment centre, with each one having full control over its non-current assets. In addition, both divisions are responsible for their own current assets, controlling their own levels of inventory and cash and having full responsibility for the credit terms granted to customers and the collection of receivables balances. Similarly, each division has full responsibility for its current liabilities and deals directly with its own suppliers.Each divisional manager is paid a salary of $120,000 per annum plus an annual performance-related bonus, based on the return on investment (ROI) achieved by their division for the year. Each divisional manager is expected to achieve a minimum ROI for their division of 10% per annum. If a manager only meets the 10% target, they are not awarded a bonus. However, for each whole percentage point above 10% which the division achieves for the year, a bonus equivalent to 2% of annual salary is paid, subject to a maximum bonus equivalent to 30% of annual salary.The following figures relate to the year ended 31 August 2015:Division F Division N$’000$’000Sales14,5008,700Controllable profit2,6451,970Less apportionment of Head Office costs(1,265)(684)–––––––––––––Net profit1,3801,286–––––––––––––Non-current assets9,76014,980Inventory, cash and trade receivables2,4803,260T rade payables2,9601,400During the year ending 31 August 2015, Division N invested $6·8m in new equipment including a technologically advanced cutting machine, which is expected to increase productivity by 8% per annum. Division F has made no investment during the year, although its computer system is badly in need of updating. Division F’s manager has said that he has already had to delay payments to suppliers (i.e. accounts payables) because of limited cash and the computer system ‘will just have to wait’, although the cash balance at Division F is still better than that of Division N.Required:(a)For each division, for the year ended 31 August 2015, calculate the appropriate closing return on investment(ROI) on which the payment of management bonuses will be based. Briefly justify the figures used in your calculations.Note: There are 3 marks available for calculations and 2 marks available for discussion.(5 marks)(b)Based on your calculations in part (a), calculate each manager’s bonus for the year ended 31 August 2015.(3 marks)(c)Discuss whether ROI is providing a fair basis for calculating the managers’ bonuses and the problems arisingfrom its use at CIM Co for the year ended 31 August 2015.(7 marks)(15 marks)Formulae SheetLearning curveY = ax bDemand curveWhere Y =cumulative average time per unit to produce x unitsa =the time taken for the first unit of outputx =the cumulative number of units producedb =the index of learning (log LR/log2)LR =the learning rate as a decimalP =a –bQb =change in pricechange in quantitya =price when Q =0MR =a –2bQEnd of Question Paper。
2015年ACCA考试模拟强化练习题(1)
2015年ACCA考试模拟强化练习题(1)Section A–BOTH questions are compulsory and MUST be attempted1 Doric Co,a listed company,has two manufacturing divisions:parts and fridges.It has been manufacturing parts for domestic refrigeration and air conditioning systems for a number of years,which it sells to producers of fridges and air conditioners worldwide.It also sells around 30% of the parts it manufactures to its fridge production division.It started producing and selling its own brand of fridges a few years ago.After limited initial success,competition in the fridge market became very tough and revenue and profits have been declining.Without further investment there are currently few growth prospects in either the parts or the fridge divisions.Doric Co borrowed heavily to finance the development and launch of its fridges,and has now reached its maximum overdraft limit.The markets have taken a pessimisticview of the company and its share price has declined to 50c per share from a high of $2.83 per share around three years ago.Extracts from the most recent financial statements:A survey from the refrigeration and air conditioning parts market has indicated that there is potential for Doric Co to manufacture parts for mobile refrigeration units used in cargo planes and containers.If this venture goes ahead then the parts division before-tax profits are expected to grow by 5% per year.The proposed venture would need an initial one-off investment of $50 million.Suggested proposalsThe Board of Directors has arranged for a meeting to discuss how to proceed and is considering each of the following proposals:1.To cease trading and close down the company entirely.2.To undertake corporate restructuring in order to reduce the level of debt and obtain the additional capital investment required to continue current operations.3.To close the fridge division and continue the parts division through a leveraged management buy-out,involving some executive directors and managers from the partsdivision.The new company will then pursue its original parts business as well as the development of the parts for mobile refrigeration business,described above.All the current and long-term liabilities will be initially repaid using the proceeds from the sale of the fridge division.The finance raised from the management buy-out will pay for any remaining liabilities,the additional capital investment required to continue operations and re-purchase the shares at a premium of 20%.The following information has been provided for each proposal:Cease tradingCorporate restructuringThe existing ordinary shares will be cancelled and ordinary shareholders will be issued with 40 million new $1 ordinary shares in exchange for a cash payment at par.The existing unsecured bonds will be cancelled and replaced with 270 million of $1 ordinary shares.The bond holders will contribute $90 million in cash.All the shares will be listed and traded.The bank overdraft will be converted into a secured ten-year loan with a fixed annual interest rate of 7%.The other unsecured loans will be repaid.In addition to this,the directors of the restructured company will get 4 million $1 share optionsfor an exercise price of $1.10,which will expire in four years.An additional one-off capital investment of $80 million in machinery and equipment is necessary to increase sales revenue for both divisions by 7%,with no change to the costs.After the one-off 7% growth,sales will continue at the new level for the foreseeable future.It is expected that the Doric's cost of capital rate will reduce by 550 basis points following the restructuring from the current rate.Management buy-outThe parts division is half the size of the fridge division in terms of the assets and liabilities attributable to it.If the management buy-out proposal is chosen,a pro rata additional capital investment will be made to machinery and equipment on a one-off basis to increase sales revenue of the parts division by 7%.Sales revenue will then continue at the new level for the foreseeable future.All liabilities categories have equal claim for repayment against the company's assets.It is expected that Doric's cost of capital rate will decrease by 100 basis points following the management buy-out from the current rate.The following additional information has been provided:Redundancy and other costs will be approximately $54 million if the whole company is closed,and pro rata for individual divisions that are closed.These costs have priority for payment before any other liabilities in case of closure.The taxation effects relating to this may be ignored.Corporation tax on profits is 20% and losses cannot be carried forward for tax purposes.Assume that tax is payable in the year incurred.All the non-current assets,including land and buildings,are eligible for tax allowable depreciation of 15% annually on the book values.The annual reinvestment needed to keep operations at their current levels is roughly equivalent to the tax allowable depreciation.The $50 million investment in the mobile refrigeration business is not eligible for any tax allowable depreciation.Doric's current cost of capital is 12%.Required:Prepare a report for the Board of Directors,evaluating the financial and non-financial impact of all the three proposals to Doric Co's main stakeholder groups,that includes:(i)An estimate of the return the debt holders andshareholders would receive in the event that Doric Co ceases trading and is closed down.(3 marks)(ii)An estimate of the income position and the value of Doric Co in the event that the restructuring proposal is selected.State any assumptions made.(8 marks)(iii)An estimate of the amount of additional finance needed and the value of Doric Co if the management buy-out proposal is selected.State any assumptions made.(8 marks) (iv)A discussion of the impact of each proposal on the existing shareholders,the unsecured bond holders,and the executive directors and managers involved in the management buy-out.Suggest which proposal is likely to be selected.(12 marks)Professional marks will be awarded in question 1 for the appropriateness and format of the report.(4 marks)(35 marks)2 Fubuki Co,an unlisted company based in Megaera,has been manufacturing electrical parts used in mobility vehicles for people with disabilities and the elderly,for many years.These parts are exported to various manufacturers worldwide but at present there are no local manufacturers of mobility vehicles in Megaera.Retailers in Megaera normallyimport mobility vehicles and sell them at an average price of $4,000 each.Fubuki Co wants to manufacture mobility vehicles locally and believes that it can sell vehicles of equivalent quality locally at a discount of 37.5% to the current average retail price.Although this is a completely new venture for Fubuki Co,it will be in addition to the company's core business.Fubuki Co's directors expect to develop the project for a period of four years and then sell it for $16 million to a private equity firm.Megaera's government has been positive about the venture and has offered Fubuki Co a subsidised loan of up to 80% of the investment funds required,at a rate of 200 basis points below Fubuki Co's borrowing rate.Currently Fubuki Co can borrow at 300 basis points above the five-year government debt yield rate.A feasibility study commissioned by the directors,at a cost of $250,000,has produced the following information.1.Initial cost of acquiring suitable premises will be $11 million,and plant and machinery used in the manufacture will cost $3 million.Acquiring the premises and installing the machinery is a quick process and manufacturing can commence almost immediately.2.It is expected that in the first year 1,300 units will be manufactured and sold.Unit sales will grow by 40% in each of the next two years before falling to an annual growth rate of 5% for the final year.After the first year the selling price per unit is expected to increase by 3% per year.3.In the first year,it is estimated that the total direct material,labour and variable overheads costs will be $1,200 per unit produced.After the first year,the direct costs are expected to increase by an annual inflation rate of 8%.4.Annual fixed overhead costs would be $2.5 million of which 60% are centrally allocated overheads.The fixed overhead costs will increase by 5% per year after the first year.5.Fubuki Co will need to make working capital available of 15% of the anticipated sales revenue for the year,at the beginning of each year.The working capital is expected to be released at the end of the fourth year when the project is sold.Fubuki Co's tax rate is 25% per year on taxable profits.Tax is payable in the same year as when the profits are earned.T ax allowable depreciation is available on the plant and machinery on a straight-line basis.It is anticipated that the value attributable to the plant and machinery after four years is$400,000 of the price at which the project is sold.No tax allowable depreciation is available on the premises.Fubuki Co uses 8% as its discount rate for new projects but feels that this rate may not be appropriate for this new type of investment.It intends to raise the full amount of funds through debt finance and take advantage of the government's offer of a subsidised loan.Issue costs are 4% of the gross finance required.It can be assumed that the debt capacity available to the company is equivalent to the actual amount of debt finance raised for the project.Although no other companies produce mobility vehicles in Megaera,Haizum Co,a listed company,produces electrical-powered vehicles using similar technology to that required for the mobility vehicles.Haizum Co's cost of equity is estimated to be 14% and it pays tax at 28%.Haizum Co has 15 million shares in issue trading at $2.53 each and $40 million bonds trading at $94.88 per $100.The five-year government debt yield is currently estimated at 4.5% and the market risk premium at 4%.Required:(a)Evaluate,on financial grounds,whether Fubuki Co should proceed with the project.(17 marks)(b)Discuss the appropriateness of the evaluation method used and explain any assumptions made in part(a)above.(8 marks)(25 marks)。
2015年ACCA考试模拟强化练习题(3)
2015年ACCA考试模拟强化练习题(3)Required：(a) Prepare a consolidated statement of financial position as at 31 May 2009 for the Bravado Group. (35 marks)(b) Calculate and explain the impact on the calculation of goodwill if the non-controlling interest was calculated on a proportionate basis for Message and Mixted. (8 marks)(c) Discuss the view of the directors that there is no problem with showing a loan to a director as cash and cash equivalents，taking into account their ethical and other responsibilities as directors of the company. (5 marks) Professional marks will be awarded in part (c) for clarity and expression of your discussion. (2 marks)2 The directors of Aron，a public limited company，are worried about the challenging market conditions which the company is facing. The markets are volatile and illiquid. The central government is injecting liquidity into the economy. Thedirectors are concerned about the significant shift towards the use of fair values in financial statements. IAS 39‘Financial Instruments：recognition and measurement’defines fair value and requires the initial measurement of financial instruments to be at fair value. The directors are uncertain of the relevance of fair value measurements in these current market conditions.Required：(a)Briefly discuss how the fair value of financial instruments is determined，commenting on the relevance of fair value measurements for financial instruments where markets are volatile and illiquid. (4 marks)(b)Further they would like advice on accounting for the following transactions within the financial statements for the year ended 31 May 2009：(i) Aron issued one million convertible bonds on 1 June 2006. The bonds had a term of three years and were issued with a total fair value of $100 million which is also the par value. Interest is paid annually in arrears at a rate of 6% per annum and bonds，without the conversion option，attracted an interest rate of 9% per annum on 1 June 2006. The company incurred issue costs of $1 million. If the investor did not convert to shares they would have been redeemed at par.At maturity all of the bonds were converted into 25 million ordinary shares of $1 of Aron. No bonds could be converted before that date. The directors are uncertain how the bonds should have been accounted for up to the date of the conversion on 31 May 2009 and have been told that the impact of the issue costs is to increase the effective interest rate to 9·38%. (6 marks)(ii)Aron held 3% holding of the shares in Smart，a public limited company. The investment was classified as available-for-sale and at 31 May 2009 was fair valued at $5 million. The cumulative gain recognised in equity relating to the available-for-sale investment was $400，000. On the same day，the whole of the share capital of Smart was acquired by Given，a public limited company，and as a result，Aron received shares in Given with a fair value of $5·5 million in exchange for its holding in Smart. The company wishes to know how the exchange of shares in Smart for the shares in Given should be accounted for in its financial records. (4 marks)(iii)The functional and presentation currency of Aron is the dollar ($).Aron has a wholly owned foreign subsidiary，Gao，whose functional currency is the zloti. Gao owns a debt instrument which is held for trading. In Gao’s financialstatements for the year ended 31 May 2008，the debt instrument was carried at its fair value of 10 million zloti.At 31 May 2009，the fair value of the debt instrument had increased to 12 million zloti. The exchange rates were：Zloti to $131 May 2008 331 May 2009 2Average rate for year to 31 May 2009 2·5aCarpart，a public limited company，is a vehicle part manufacturer，and sells vehicles purchased from the manufacturer. Carpart has entered into supply arrangements for the supply of car seats to two local companies，Vehiclex and Autoseat.(i)VehiclexThis contract will last for five years and Carpart will manufacture seats to a certain specification which will require the construction of machinery for the purpose. The price of each car seat has been agreed so that it includes an amount to cover the cost of constructing the machinery but there is no commitment to a minimum order of seats to guarantee the recovery of the costs of constructing the machinery. Carpart retains the ownership of the machinery and wishes torecognise part of the revenue from the contract in its current financial statements to cover the cost of the machinery which will be constructed over the next year. (4 marks)(ii)AutoseatAutoseat is purchasing car seats from Carpart. The contract is to last for three years and Carpart is to design，develop and manufacture the car seats. Carpart will construct machinery for this purpose but the machinery is so specific that it cannot be used on other contracts. Carpart maintains the machinery but the know-how has been granted royalty free to Autoseat. The price of each car seat includes a fixed price to cover the cost of the machinery. If Autoseat decides not to purchase a minimum number of seats to cover the cost of the machinery，then Autoseat has to repay Carpart for the cost of the machinery including any interest incurred.Autoseat can purchase the machinery at any time in order to safeguard against the cessation of production by Carpart. The purchase price would be the cost of the machinery not yet recovered by Carpart. The machinery has a life of three years and the seats are only sold to Autoseat who sets the levels of production for a period. Autoseat can perform a pre-delivery inspection on each seat and can rejectdefective seats. (9 marks)(iii)Vehicle salesCarpart sells vehicles on a contract for their market price (approximately $20，000 each)at a mark-up of 25% on cost. The expected life of each vehicle is five years. After four years，the car is repurchased by Carpart at 20% of its original selling price. This price is expected to be significantly less than its fair value. The car must be maintained and serviced by the customer in accordance with certain guidelines and must be in good condition if Carpart is to repurchase the vehicle.The same vehicles are also sold with an option that can be exercised by the buyer two years after sale. Under this option，the customer has the right to ask Carpart to repurchase the vehicle for 70% of its original purchase price. It is thought that the buyers will exercise the option. At the end of two years，the fair value of the vehicle is expected to be 55% of the original purchase price. If the option is not exercised，then the buyer keeps the vehicle.Carpart also uses some of its vehicles for demonstration purposes. These vehicles are normally used for this purpose for an eighteen-month period. After this period，the vehicles are sold at a reduced price based upon their condition andmileage. (10 marks)Professional marks will be awarded in question 3 for clarity and quality of discussion. (2 marks)Required：Discuss how the above transactions would be accounted for under International Financial Reporting Standards in the financial statements of Carpart.Note. The mark allocation is shown against each of the arrangements above.(25 marks)。
2015年ACCA考试模拟强化练习题(4)
2015年ACCA考试模拟强化练习题(4)Accounting for defined benefit pension schemes is a complex area of great importance. In some cases，the net pension liability even exceeds the market capitalisation of the company. The financial statements of a company must provide investors，analysts and companies with clear，reliable and comparable information on a company’s pension obligations，discount rates and expected returns on plan assets.Required：(i) Discuss the current requirements of IAS 19 ‘Employee Benefits’as regards the accounting for actuarial gains and losses setting out the main criticisms of the approach taken and the advantages of immediate recognition of such gains and losses. (11 marks)(ii) Discuss the implications of the current accounting practices in IAS 19 for dealing with the setting of discount rates for pension obligations and the expected returns on planassets. (6 marks)Professional marks will be awarded in part (a) for clarity and quality of discussion. (2 marks)(b) Smith，a public limited company and Brown a public limited company utilise IAS 19 ‘Employee Benefits’to account for their pension plans. The following information refers to the company pension plans for the year to 30 April 2009：(i)At 1 May 2008，plan assets of both companies were fair valued at $200 million and both had net unrecognised actuarial gains of $6 million.(ii)At 30 April 2009，the fair value of the plan assets of Smith was $219 million and that of Brown was $276 million.(iii)The contributions received were $70 million and benefits paid were $26 million for both companies. These amounts were paid and received on 1 November 2008.(iv)The expected return on plan assets was 7% at 1 May 2008 and 8% on 30 April 2009.(v)The present value of the defined benefit obligation was less than the fair value of the plan assets at both 1 May 2008 and 30 April 2009.(vi)Actuarial losses on the obligation for the year werenegligible for both companies.(vii)Both companies use the corridor approach to recognised actuarial gains and losses.Required：Show how the use of the expected return on assets can cause comparison issues for potential investors using the above scenario for illustration. (6 marks)(25 marks)ALL TEN questions are compulsory and MUST be attempted1 In relation to the Civil Procedure Law of China:(a)explain the term exclusive jurisdiction;(2 marks)(b)state the major legal characteristics of exclusive jurisdiction,in terms of:(i)the basis of exclusive jurisdiction;and (4 marks)(ii)the effect of the rule of exclusive jurisdiction.(4 marks)(10 marks)2 In relation to the Property Law of China:(a)explain the term right of lien;(4 marks)(b)state THREE conditions to be met for a party to claim the right of lien.(6 marks)(10 marks)3 In relation to the Labour Contract Law of China:(a) state the various powers of the labour administration in exercising its supervisory and examining functions;(2 marks)(b) state any FOUR kinds of situations under which the labour administration may issue administrative orders to an employer for violations of Labour Contract Law.(8 marks)(10 marks)4 In relation to the Contract Law of China:(a)explain the term termination of contract;(2 marks)(b)explain and distinguish between termination of contract and dissolution of contract.(8 marks)(10 marks)5 In relation to the Company Law of China:(a)state the basic rules regarding the shareholders of:(i)a general limited liability company;(2 marks)(ii)a sole-person limited liability company and a wholly state-owned company;and(2 marks)(b)state the requirements for capital of:(i)a general limited liability company;(2 marks)。
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2015年12月ACCA P3考试模拟题及解析12月ACCA考试就要到了，考生也处于紧张的备考时期，小编给大家汇总了一些ACCA P3考试模拟题，希望对大家有所帮助。
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World Engines (WE) is one of the largest producers of aircraft and ship engines in the world. It has assets in excess of $600bn. It is currently considering improvements to its marine engine production facilities. These improvements include the introduction of specialist hardware and software engine testing technology. Two companies have been shortlisted for supplying this technology.Amethyst is a well-established company whose product provides sophisticated testing facilities and costs $7m. The software that supports the product is written in a conventional programming language. The solution is widely used,but it is relatively inflexible and it has an out-of-date user interface. Amethyst has been trading profitably for 20 years and currently has an annual turnover of $960m.Topaz is a relatively new company (formed three years ago) whose product is more expensive ($8m) but it offers significant advantages in high volume performance and stress testing. It has a modular software design that allows it to be easily maintained and upgraded. It is written in a relatively new powerful programming language and it also has an attractive and contemporary user interface. Topaz currently has a turnover of $24m per year. Some WE executives are concerned about purchasing from such a young, relatively small company, although externally commissioned credit reports show that Topaz is a profitable, liquid and lightly geared company.On a recent evaluation visit to Amethyst, WE’s complete evaluation team of five people, including the financial specialist, were killed when their aircraft crashed on its approach to landing. It was a small, 12 seat commuter aircraft that was flying the WE team on a short 100 km flight from the international airport to a small rural airport close to Amethyst’s base. It later emerged that small commuter airlines and aircraft were subject to less stringent safety procedures than larger aircraft used by established airlines.Later that year, one of the divisional directors of WE was given responsibility for picking up and running the testing technology evaluation project. He has found the following table (Figure 1) produced by the financial specialist in the evaluation team who was killed in theair crash. The divisional director recalls that these returns were based on ‘tangible benefits resulting from the two options. The returns reflect the characteristics of the two products. Topaz produces better returns if demand for testing is high, but is less effective in low demand circumstances. This is a reflection of the fact that the two solutions differ slightly in terms of their functional scope and power’.Figure 1: expected returns for three demand and supplier combinations.Option Supplier IF High demand IF Low demandA Amethyst $3m per annum $0·5m per annumB Topaz $4m per annum $0·1m per annumThe divisional director also recalls a workshop convened to consider future market demand.‘Demand in the marine industry is currently affected by global economic uncertainty and it is increasingly difficult to predict demand.I remember that we were also asked to estimate demand for our marine products for the next six years. We eventually came up with the following figures, although it was relatively hard to get everyone to agree and debate at the workshop became a little heated’.– High deman d for six years: probability p = 0·4–Low demand for six years: probability p = 0·4–High demand for three years, followed by low demand for three years: probability p = 0·2These figures are confirmed by a document also recovered from the air crash site. ‘As I recall’, said the divisional director, ‘the financial specialist intended to develop a decision tree to help us evaluate the Amethyst and Topaz alternatives. However, there is no evidence that he ever constructed it, which is a pity because we could have taken the procurement decision on the basis of that decision tree’.Required:(a) Develop a decision tree from the information given in the scenario and discuss its implications and shortcomings.Ignore the time value of money in your analysis. (9 marks)(b) The divisional director suggests that the procurement decision could have been taken on the evidence of the decision tree.Discuss what other factors (not considered by the decision tree analysis) should also be taken into consideration when deciding which option to select. (6 marks)(c) WE executives are concerned about the risk of Topaz, as a relatively new company, going out of business. They have also expressed concern about the loss of the evaluation team in a fatal accident and they believe that this should lead to a review of the risks associated with employee travel.Discuss how EACH of the above risks (supplier business failure and employee travel) might be avoided or mitigated. (10 marks)(25 marks)Answer:(a) A decision tree for the information in the scenario is given below.The expected value of Amethyst is:($18m x 0·4) + ($3m x 0·4) + ($10·5m x 0·2) = $10·5m MINUS cost of $7m = $3·5mThe expected value of Topaz is:($24m x 0·4) + ($0·6m x 0·4) + ($12·3m x 0·2) = $12·3 MINUS cost of $8m = $4·3mThe analysis suggests that the Topaz option should be chosen.This decision tree is based on the information available at this point in time. The probabilities set in the workshop are subjective and are not based on an analysis of past statistical data. As the divisional director recalls in the scenario, ‘it was relatively hard to get everyone to agree and debate at the workshop became a little heated.’ The sensit ivity of the outcome to slight alterations in probability assessments should be undertaken. It is also unlikely that the predicted returns will be completely accurate. The basis of these estimates is not given, but a further sensitivity analysis, this time focusing on returns, would be valuable. The predicted annual return of Topaz ($4m per annum) under conditions of high demand needs particular attention. This value (and its associated probability) contributes about 78% of the total expected value of this option. If the annual returns are overestimated by 10% (say $3·6m per annum not $4·0m), then this ceases to be the best option.Software prices may also be negotiable, and changes in prices and structure may also need to be experimented with. The decision tree will have been just one input into the procurement decision.(b) As highlighted in the first part of the answer, the decision tree is only one input to the procurement decision. The scenario states that the returns used in the decision tree analysis were based on tangible benefits. The business case for each option would also have to state intangible benefits offered by each option. For example, the Topaz option offers a more contemporary user interface and this may provide intangible benefits associated with a better user experience. Intangible benefits need to be identified and listed for each option.Importantly, the risk associated with each option will also have to be considered and documented. An element of this is reflected in the scenario. Amethyst, a well-established supplier, is perceived as a less risky option than the relatively newly formed, smaller Topaz. The relative supplier risk is not reflected in the decision tree. This risk, and other risks identified for each option, must be documented in the business case.Amethyst optionTopaz optionHigh p = 0·4Low p = 0·4High then low p = 0·2High p = 0·4Low p = 0·4High then low p = 0·26 x $0·1m6 x $4m3 x $4m + 3 x $0·1m6 x $0·5m6 x $3m3 x $3m + 3 x $0·5mIt may also be necessary to assess the relative impact on the organisation of each option. The options appear to differ in their functional scope and power and these differences might have disproportionate effects on the degree of change necessary within the organisation to accommodate the solution and the effect that each option has on organisational processes and the people with responsibility for those processes.Finally, an effective selection process should allocate appropriate weight to features associated with the supplier of the solution. This is not just financial robustness, but also factors such as the availability of support, the presence and effectiveness of a user group, process certification etc. Similarly, the product needs to be assessed for functional fitness and for overall product characteristics, such as usability, flexibility and its overall design philosophy. We are told thatTopaz is modular and up-to-date and this may be in its favour, but it will not be reflected in the decision tree analysis.(c) The risk assessment for Topaz has documented concerns about the long-term viability and stability of the supplier. Current financial analysis reveals a profitable, liquid and lowly geared company. However, the company is relatively young and it has a very small turnover compared to WE. It also has to be recognised that WE intends to enter a long-term relationship with this supplier. Hence the continuing success and viability of Topaz is important to WE. A risk avoidance strategy would be to avoid purchasing from small, newly-established companies. Hence Topaz would not be considered.Should this risk actually take place, and Topaz goes out of business, then its impact may be mitigated by the following:– The software used in the product is perceived to be innovative, modular and up-to-date. WE should ensure that this software is lodged in an escrow agreement. In such an agreement the source code is stored with an independent third party. If Topaz goes out of business, then their customers (including WE) have access to the software source code which should allow them, or their appointed agents, to maintain and support it.– WE should also consider establishing in-house expertise in the programming language used by the Topaz product. This could have two objectives:(1) As a basis for developing a long-term in-house software application that could be used to replace the software elements of the product offered by Topaz. The team could also be used to develop other significant applications required by the company. The software is contemporary and powerful and so other applications within WE should not be difficult to find.(2) To provide a basis for enacting the escrow agreement if Topaz goes out of business. Access to the source code is particularly appropriate if an in-house team is able to pick up the software, maintain it and develop it.– WE is a very significant company, with considerable assets. It should be relatively easy for it to maintain funds which could be used for purchasing Topaz should it run into difficulties. Many large companies take this approach as it secures software supply and potentially severs the supply, in this case, of the software to competitors.WE need to maintain a contingency plan for moving to an alternative supplier or an in-house team. This contingency plan could be linked to monitoring the financial performance of Topaz. Many financial organisations offer a continuous monitoring facility to ensure that suppliers are not just evaluated at the point of purchase, but throughout the subsequent business relationship. This is particularly important when the supplier’s applicatio n is business-critical to the customer and any interruption in supply would have significant implications.The key lessons learned from the fatal air crash should result in WE developing risk avoidance or mitigation actions to make sure that such catastrophic events do not happen again, or, if they do happen, that they have less impact on the organisation.Potential actions include:1. Not permitting teams to travel together –the complete evaluation team was in the aircraft. Many organisations insist that key employees do not travel together to conferences and meetings.2. Looking for safer transport alternatives –the fatal journey was on a small commuter plane travelling a distance which might have been undertaken by car or train. The riskiness of different ways of travelling needs to be considered. Small commuter airlines and aircraft may have less stringent safety procedures than larger, mainstream airlines. Again, this would have to be investigated.3. Eliminating unnecessary travel – was the journey necessary? Encouraging employees to work from the home or the office reduces the risk of travel accidents by avoiding travel in the first place. The company might not only consider electronic meetings as a way of cutting costs, but also as a way of reducing the chance of fatal travel accidents.4. Finally, ensuring that all documentation is up-to-date andself-explanatory, so that it can be picked up easily by other employees of the organisation, hence avoiding the situation described in the scenario where the divisional director has to piece together fragments of documentation left by the unfortunate team.。