ACCA模拟题P3 - Mock 1 - Questions - to June 2018

合集下载

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 The solution is widely used,but it is relatively inflexible and it has an out-of-date user interface.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.。

2017年6月ACCA考试P3商务分析真题及标准答案

2017骞?鏈圓CCA鑰冭瘯P3鍟嗗姟鍒嗘瀽鐪熼(鎬诲垎锛?25.00锛屽仛棰樻椂闂达細195鍒嗛挓)妗堜緥鍒嗘瀽棰?br/>Section A涓哄繀鍋氶锛孲ection B浠绘剰閫変袱棰樸€?/p>(鎬婚鏁帮細4锛屽垎鏁帮細125.00)Section A – This ONE question is compulsory and MUST be attemptedMFP (Mutual Farm Products) was formed in 1910 as a co-operative shop network owned by farmers in the country of Arboria. It progressively opened small shops across the country selling products produced by Arborian farmers. Over time its expanding network of shops began to offer non-farming products from a wide range of suppliers, but it has remained true to its co-operative roots. All employees are shareholders and receive annual dividends. Customers can also become shareholders and are rewarded with dividends which reflect the value of their spending in the shops. An increasing number of customers are becoming shareholders, reflecting a renewed interest in the country in mutual organisations, such as co-operatives. MFP only operates in Arboria and it has no plans to expand overseas. Arboria itself is a wealthy, industrialised country which continues to grow.Supermarkets in ArboriaWhen supermarkets were first introduced in Arboria, MFP reflected this trend by opening its own supermarkets. However, its supermarkets tended to be (and continue to be) smaller than its well-known competitors and its network of smaller shops was largely retained. In contrast, other supermarkets focused on developing large out-of-town sites serving a large catchment population. In the top-ten supermarkets of Arboria, only MFP has, in addition, a network of smaller shops.In 2012 MFP was the eighth largest shop and supermarket chain in Arboria. It reported revenues of $10bn, compared to the $40·5bn revenue of the market leader, HypCo. By 2016, MFP was the ninth largest shop and supermarket chain in the country, with revenues of $11bn, compared with HypCo’s $45bn. During this period, two new supermarket chains have entered the Arborian market. These two new entrants, Super24/7 and Letto, already have a combined revenue of $50bn and are fourth and eighth respectively in the top ten Arborian supermarket chains. Both of these companies are overseas-based supermarkets operating a no-frills approach to retailing. Overall, the revenue of the top ten supermarket chains has increased from $300bn to $350bn in the last five years.Margins in the sector are always under pressure and the large supermarkets continue to aggressively market their goods, highlighting price savings. They also provide customer incentives, such as loyalty cards and account discount schemes in an attempt to retain customers. For many products and services, price comparison websites show consumers the prices charged by competing supermarkets.With the exception of MFP, all supermarkets are quoted companies with their shares largely owned by institutional investors who look for significant dividends and capital appreciation. MFP is the only co-operative in the top ten Arborian supermarket chains. Generally, suppliers to superma rkets are relatively small companies. Supermarkets’ control of consumer spending is so great that many suppliers aggressively compete to have their products stocked by the supermarket chains.MFP has continued to promote and follow its ethical principles. It ensures that new shops and supermarkets are energy efficient. It also continues to pay its employees significantly more than its competitors. This concern for its employees’ welfare appears to lead to excellent customer service performance. For example, in a recent independent survey of supermarket customers, MFP was ranked first for personal customer service.There is some evidence that people in Arboria are becoming disillusioned with their supermarkets and this is reflected in Appendix A, an extract from an article by the journalist Liz Bones in the influential daily newspaper, Arbor Today. Appendix B is an extract from an information sheet issued by the government to companies trading in Arboria.Management at MFPManagement at MFP is aware that the company has certain weaknesses. For example, it acknowledges that it needs to streamline its supply chain and achieve cost savings. It also recognises that it has failed to exploit technological advances in product control, movement and storage.However, before making changes, the management wishes to better understand the strategic position of MFP and the models used to assess this position. It has asked for a report which includes:–An explanation of the purpose and value of PESTEL analysis and Porter’s f ive forces framework.– An analysis which identifies external factors from the perspective of four elements of the PESTEL analysis: political, sociocultural, environmental and legal.–An analysis of the market place using Porter’s five forces framework.– The potential role of critical success factors (CSFs), key performance indicators (KPIs) and integrated reporting on formulating and monitoring strategy at MFP. The company does not currently use such concepts.Appendix A: Have Arborians fallen out of love with the supermarket? By Liz BonesFor many years, the trend towards supermarket shopping has seemed unstoppable. The high streets of our towns have become increasingly deserted as grocers, butchers, toy shops and bookshops have disappeared under the combined onslaught of online retailers and expanding supermarkets. For example, ten years ago in the high street of Milton Magna there were three grocers, four butchers, two toy shops, one bookshop and only two supermarkets. Now, only one grocer and one butcher survive on the high street and both supermarkets have moved to out-。

2010年ACCAP1-P3真题

2010年ACCA P1-P3真题Section A – This ONE question is compulsory and MUST be attempted1.In the 2009 results presentation to analysts, the chief executive of ZPT, a global internet communications company, announced an excellent set of results to the waiting audience. Chief executive Clive Xu announced that, compared to 2008, sales had increased by 50%, proﬁts by 100% and total assets by 80%. The dividend was to be doubled from the previous year. He also announced that based on their outstanding performance, the executive directors would be paid large bonuses in line with their contracts. His own bonus as chief executive would be $20 million. When one of the analysts asked if the bonus was excessive, Mr Xu reminded the audience that the share price had risen 45% over the course of the year because of his efforts in skilfully guiding the company. He said that he expected the share price to rise further on the results announcement, which it duly did. Because the results exceeded market expectation, the share price rose another 25% to $52.Three months later, Clive Xu called a press conference to announce a restatement of the 2009 results. This was necessary, he said, because of some ‘regrettable accounting errors’. This followed a meeting between ZPT and the legal authorities who were investigating a possible fraud at ZPT. He disclosed that in fact the ﬁgures for 2009 were increases of 10% for sales, 20% for proﬁts and 15% for total assets which were all signiﬁcantly below market expectations. The proposed dividend would now only be a modest 10% more than last year. He said that he expected a market reaction to the restatement but hoped that it would only be a short-term effect.The ﬁrst questioner from the audience asked why the auditors had not spotted and corrected the fundamental accounting errors and the second questioner asked whether such a disparity between initial and restated results was due to fraud rather than ‘accounting errors’. When a journalist asked Clive Xu if he intended to pay back the $20 million bonus that had been based on the previous results, Mr Xu said he did not. The share price fell dramatically upon the restatement announcement and, because ZPT was such a large company, it made headlines in the business pages in many countries. Later that month, the company announced that following an internal investigation, there would be further restatements, all dramatically downwards, for the years 2006 and 2007. This caused another mass selling of ZPT shares resulting in a ﬁnal share value the following day of $1. This represented a loss of shareholder value of $12 billion from the peak share price. Clive Xu resigned and the government regulator for business ordered an investigation into what had happened at ZPT. The shares were suspended by the stock exchange. A month later, having failed to gain protection from its creditors in the courts, ZPT was declared bankrupt. Nothing was paid out to shareholderswhilst suppliers received a fraction of the amounts due to them. Some non-current assets were acquired by competitors but all of ZPT’s 54,000 employees lost their jobs, mostly with little or no termination payment. Because the ZPT employees’ pension fund was not protected from creditors, the value of that was also severely reduced to pay debts which meant that employees with many years of service would have a greatly reduced pension to rely on in old age.The government investigation found that ZPT had been maintaining false accounting records for several years. This was done by developing an overly-complicated company structure that contained a network of international branches and a business model that was difﬁcult to understand. Whereas ZPT had begun as a simple telecommunications company, Clive Xu had increased the complexity of the company so that he could ‘hide’ losses and mis-report proﬁts. In the company’s reporting, he also substantially overestimated the value of future customer supply contracts. The investigation also found a number of signiﬁcant internal control deﬁciencies including no effective management oversight of the external reporting process and a disregard of the relevant accounting standards. In addition to Mr Xu, several other directors were complicit in the activities although Shazia Lo, a senior qualiﬁed accountant working for the ﬁnancial director, had been unhappy about the situation for some time. She had approached the ﬁnance director with her concerns but having failed to get the answers she felt she needed, had threatened to tell the press that future customer supply contract values had been intentionally and materially overstated (the change in fair value would have had a proﬁt impact). When her threat came to the attention of the board, she was intimidated in the hope that she would keep quiet. She ﬁnally accepted a large personal bonus in exchange for her silence in late 2008.The investigation later found that Shazia Lo had been continually instructed, against her judgement, to report ﬁgures she knew to be grossly optimistic. When she was offered the large personal bonus in exchange for her silence, she accepted it because she needed the money to meet several expenses related to her mother who was suffering a long-term illness and for whom no state health care was available. The money was used to pay for a lifesaving operation for her mother and also to rehouse her in a more healthy environment. Shazia Lo made no personal ﬁnancial gain from the bonus at all (the money was all used to help her mother) but her behaviour was widely reported and criticised in the press after the collapse of the company.The investigation found that the auditor, JJC partnership (one of the largest in the country), had had its independence compromised by a large audit fee but also through receiving consultancy income from ZPT worth several times the audit fee. Because ZPT was such an important client for JJC, it had many resources and jobs entirely committed to the ZPT account. JJC had, it was found, knowingly signed off inaccurate accounts in order to protect the management of ZPT and their ownsenior partners engaged with the ZPT account. After the investigation, JJC’s other clients gradually changed auditor, not wanting to be seen to have any connection with JJC. Accordingly, JJC’s audit business has since closed down. This caused signiﬁcant disturbance and upheaval in the audit industry.Because ZPT was regarded for many years as a high performing company in a growing market, many institutional investors had increased the number of ZPT shares in their investment portfolios. When the share price lost its value, it meant that the overall value of their funds was reduced and some individual shareholders demanded to know why the institutional investors had not intervened sooner to either ﬁnd out what was really going on in ZPT or divest ZPT shares. Some were especially angry that even after the ﬁrst restatement was announced, the institutional investors did not make any attempt to intervene. One small investor said he wanted to see more ‘shareholder activism’, especially among the large institutional investors.Some time later, Mr Xu argued that one of the reasons for the development of the complex ZPT business model was that it was thought to be necessary to manage the many risks that ZPT faced in its complex and turbulent business environment. He said that a multiplicity of overseas ofﬁces was necessary to address exchange rate risks, a belief challenged by some observers who said it was just to enable the ZPT board to make their internal controls and risk management less transparent.(a) Because of their large shareholdings, institutional investors are sometimes able to intervene directly in the companies they hold shares in.Required:(i) Explain the factors that might lead institutional investors to attempt to intervene directly in the management of a company; (6 marks)(ii) Construct the case for institutional investors attempting to intervene in ZPT after the ﬁrst results restatement was announced. (6 marks)(b) Distinguish between absolutist and relativist approaches to ethics and critically evaluate the behaviour of Shazia Lo (the accountant who accepted a bonus for her silence) using both of these ethical perspectives. (10 marks)(c) The ZPT case came to the attention of Robert Nie, a senior national legislator in the country where ZPT had its head ofﬁce. The country did not have any statutory corporate governance legislation and Mr Nie was furious at the ZPT situation because many of his voters had been badly ﬁnancially affected by it. He believed that legislation was needed to ensure that a similar situation could not happen again. Mr Nie intends to make a brief speech in the national legislative assembly outlining the case for his proposed legislation and some of its proposed provisions.Required:Draft sections of the speech to cover the following areas:(i) Explain the importance of sound corporate governance by assessing the consequences of the corporate governance failures at ZPT; (10 marks)(ii) Construct the case for the mandatory external reporting of internal ﬁnancial controls and risks; (8 marks)(iii) Explain the broad areas that the proposed external report on internal controls should include, drawing on the case content as appropriate. (6 marks)Professional marks will be awarded in part (c) for the structure, ﬂow, persuasiveness and tone of the answer. (4 marks) (50 marks)Section A – This ONE question is compulsory and MUST be attemptedSection B – TWO questions ONLY to be attempted2、The following draft group financial statements relate to Jocatt, a public limited company: Jocatt Group: Statement of financial position as at 30 NovemberAssets Non-current assets Property, plant and equipment Investment property Goodwill Intangible assets Investment in associate Available-for-sale financial assetsCurrent assets Inventories Trade receivables Cash and cash equivalentsTotal assetsEquity and Liabilities Equity attributable to the owners of the parent: Share capital Retained earnings Other components of equityNon-controlling interestTotal equityNon-current liabilities: Long-term borrowings Deferred tax Long-term provisions-pension liability Total non-current liabilitiesCurrent liabilities: Trade payables Current tax payableTotal current liabilitiesTotal liabilitiesTotal equity and liabilities2010 2009 $m $m327 25486 48 68 85 72 54 – 94 90–––––– ––– 616 490 –––––– –––––105 128 62 113 232 143–––––– –––399 384 –––––– –––––1,015 874 –––––– –––––290 275 351 324 15 20–––––– 656 619 –––––– 55 36 –––––––––––– 711 655 –––––––––––– 67 71 35 41 25 22 ––––––––––– 127 134 –––––– –––––––––– 177 85 –––––– ––––––––––– ––––– 1,015 874 –––––– –––––Jocatt Group: Statement of comprehensive income for the year ended 30 Nember 10$m Revenue 432 Cost of sales (317)––––––– G ross profit 115 Other income 25 Distribution costs (55•5) Administrative expenses (36) Finance costs paid (6) Gains on property 10•5 Share of profit of associate 6––––––– Profit before tax 59 Income tax expense (11)––––––– Profit for the year 48 –––––––Other comprehensive income after tax: Gain on available for sale financial assets (AFS) 2 Losses on property revaluation (7) Actuarial losses on defined benefit plan (6)––––––– Other comprehensive income for the year, net of tax (11) ––––––– Total comprehensive income for the year 37 ––––––––––––––Profit attributable to:Owners of the parent 38Non-controlling interest 10––––––– 48 –––––––Total comprehensive income attributable to:$mOwners of the parent 27Non-controlling interest 10––––––– 37 –––––––Jocatt Group: Statement of changes in equity for the year ended 30 November 2010Share Retained AFS Revaluation Total Non-Total Capital Earnings financial Surplus controlling equity assets (PPE) Interest $m$m $m $m$m $m$mBalance at 1 December 2009 275 324 4 16 619 36 655 Share capital issued 15 15 15 Dividends (5) (5) (13) (18) Rights issue 2 2 Acquisitions 20 20 Total comprehensive income for the year 32 2 (7) 27 10 37Balance at 30 November 2010 290 351 6 9 656 55 711––– ––––The following information relates to the financial statements of Jocatt:(i) On 1 December 2008, Jocatt acquired 8% of the ordinary shares of Tigret. Jocatt had treated this investment as available-for-sale in the financial statements to 30 November 2009. On 1 December 2009, Jocatt acquired a further 52% of the ordinary shares of Tigret and gained control of the company. The consideration for the acquisitions was as follows:Holding Consideration $m1 December 2008 8% 41 December 2009 52% 30––––– –––– 60% 34 ––––– ––––At 1 December 2009, the fair value of the 8% holding in Tigret held by Jocatt at the time of the business combination was $5 million and the fair value of the non-controlling interest in Tigret was $20 million. No gain or loss on the 8% holding in Tigret had been reported in the financial statements at 1 December 2009. The purchase consideration at 1 December 2009 comprised cash of $15 million and shares of $15 million.The fair value of the identifiable net assets of Tigret, excluding deferred tax assets and liabilities, at the date of acquisition comprised the following:$mProperty, plant and equipment 15 Intangible assets 18 Trade receivables 5 Cash 7The tax base of the identifiable net assets of Tigret was $40 million at 1 December 2009. The tax rate of Tigret is 30%.(ii) On 30 November 2010,Tigret made a rights issue on a 1 for 4 basis. The issue was fully subscribed and raised $5 million in cash.(iii) Jocatt purchased a research project from a third party including certain patents on 1 December 2009 for $8 million and recognised it as an intangible asset. During the year, Jocatt incurred further costs, which included $2 million on completing the research phase, $4 million in developing the product for sale and $1 million for the initial marketing costs. There were no other additions to intangible assets in the period other than those on the acquisition of Tigret.(iv) Jocatt operates a defined benefit scheme. The current service costs for the year ended 30 November 2010 are $10 million. Jocatt enhanced the benefits on 1 December 2009 however, these do not vest until 30 November 2012. The total cost of the enhancement is $6 million. The expected return on plan assets was $8 million for the year and Jocatt recognises actuarial gains and losses within other comprehensive income as they arise.(v) Jocatt owns an investment property. During the year, part of the heating system of the property,which had a carrying value of $0•5 million, was replaced by a new system, which cost $1 mil lion. Jocatt uses the fair value model for measuring investment property.(vi) Jocatt had exchanged surplus land with a carrying value of $10 million for cash of $15 million and plant valued at $4 million. The transaction has commercial substance. Depreciation for the period for property, plant and equipment was $27 million.(vii) Goodwill relating to all subsidiaries had been impairment tested in the year to 30 November 2010 and any impairment accounted for. The goodwill impairment related to those subsidiaries which were 100% owned.(viii) Deferred tax of $1 million arose on the gains on available-for-sale investments in the year.(ix) The associate did not pay any dividends in the year.Required:(a) Prepare a consolidated statement of cash flows for the Jocatt Group using the indirect method under IAS 7 ‘Statement of Cash Flows’.Note: Ignore deferred taxation other than where it is mentioned in the question. (35 marks) (b) Jocatt operates in the energy industry and undertakes complex natural gas trading arrangements, which involve exchanges in resources with other companies in the industry. Jocatt is entering into a long-term contract for the supply of gas and is raising a loan on the strength of this contract. The proceeds of the loan are to be received over the year to 30 November 2011 and are to be repaid over four years to 30 November 2015. Jocatt wishes to report the proceeds as operating cash flow because it is related to a long-term purchase contract. The directors of Jocatt receive extra income if the operating cash flow exceeds a predetermined target for the year and feel that the indirect method is more useful and informative to users of financial statements than the direct method.(i) Comment on the directors’ view that the indirect method of preparing statements of cash flow is more useful and informative to users than the direct method. (7 marks)(ii) Discuss the reasons why the directors may wish to report the loan proceeds as an operating cash flow rather than a financing cash flow and whether there are any ethical implications of adopting this3.Section A – This ONE question is compulsory and MUST be attemptedThe following information should be used when attempting question 1IntroductionShoal plc is a well-known corporate organisation in the ﬁsh industry. It owns 14 companies concerned with ﬁshing and related industries.This scenario focuses on three of these companies:ShoalFish Ltd – a ﬁshing ﬂeet operating in the western oceans ShoalPro Ltd – a company concerned with processing and canning ﬁsh ShoalFarm Ltd – a company with saltwater ﬁsh farms.Shoal plc is also ﬁnalising the purchase of the Captain Haddock chain of ﬁsh restaurants. ShoalFishShoal plc formed ShoalFish in 2002 when it bought three small ﬁshing ﬂeets and consolidated them into one ﬂeet. The primary objective of the acquisition was to secure supplies for ShoalPro. 40% of the ﬁsh caught by ShoalFish are currently processed in the ShoalPro factories. The rest are sold in wholesale ﬁsh markets. ShoalFish has recorded modest proﬁts since its formation but it is operating in a challenging market-place. The western oceans where it operates have suffered from many years of over-ﬁshing and the government has recently introduced quotas in an attempt to conserve ﬁsh stocks.ShoalFish has 35 boats and this makes it the sixth largest ﬂeet in the western oceans. Almost half of the total number of boats operating in the western oceans are individually owned and independently operated by the boat’s captain. Recent information for ShoalFish is given in Figure ShoalProShoalPro was acquired in 1992 when Shoal plc bought the assets of the Trevarez Canning and Processing Company. Just after the acquisition of the company, the government declared the area around Trevarez a ‘zone of industrial assistance’. Grants were made available to develop industry in an attempt to address the economic decline and high unemployment of the area. ShoalPro beneﬁted from these grants, developing a major ﬁsh processing and canning capability in the area. However, despite this initiative and investment, unemployment in the area still remains above the average for the country as a whole.ShoalPro’s modern facilities and relatively low costs have made it attractive to many ﬁshing companies. The ﬁsh received from ShoalFish now accounts for a declining percentage of the total amount of ﬁsh processed and canned in its factories in the Trevarez area. Recent information for ShoalPro is given in Figure 1.ShoalFarmShoalFarm was acquired in 2004 as a response by Shoal plc to the declining ﬁsh stocks in the western oceans. It owns and operates saltwater ﬁsh farms. These are in areas of the ocean close to land where ﬁsh are protected from both ﬁshermen and natural prey, such as sea birds. Fish stocks can be built up quickly and then harvested by the ﬁsh farm owner. Shoal plc originally saw this acquisition as a way of maintaining supply to ShoalPro.Operating costs at ShoalFarm have been higher than expected and securing areas for new ﬁsh farmshas been difﬁcult and has required greater investment than expected. Recent information for ShoalFarm is given in Figure 1.Figure 1: Financial data on individual companies 2007–2009Captain HaddockThe Captain Haddock chain of restaurants was founded in 1992 by John Dory. It currently operates one hundred and thirty restaurants in the country serving high quality ﬁsh meals. Much of Captain Haddock’s success has been built on the quality of its food and service. Captain Haddock has a tradition of recruiting staff directly from schools and universities and providing them with excellent training in the Captain Haddock academy. The academy ensures that employees are aware of the ‘Captain Haddock way’ and is dedicated to the continuation of the quality service and practices developed by John Dory when he launched the ﬁrst restaurant. All management posts are ﬁlled by recruiting from within the company, and all members of the Captain Haddock board originally joined the company as trainees. In 1999 the Prime Minister of the country identiﬁed Captain Haddock academy as an example of high quality in-service training. In 2000, Captain Haddock became one of the thirty best regarded brands in the country.In the past few years, the ﬁnancial performance of Captain Haddock has declined signiﬁcantly (see Figure 2) and the company has had difﬁculty in meeting its bank covenants. This decline is partly due to economic recession in the country and partly due to a disastrous diversiﬁcation into commercial real estate and currency dealing. The chairman and managing director of the company both resigned nine months ago as a result of concern over the breaking of banking covenants and shareholder criticism of the diversiﬁcation policy. Some of the real estate bought during this period is still owned by the company. In the last nine months the company has been run by an interim management team, whilst looking for prospective buyers. At restaurant level, employee performance still remains relatively good and the public still highly rate the brand. However, at a recent meeting one of the employee representatives called for a management that can ‘effectively lead employees who are increasingly demoralised by the decline of the company’.Shoal plc is currently ﬁnalising their takeover of the Captain Haddock business. The company is being bought for a notional $1 on the understanding that $15 million is invested into the company to meet short-term cash ﬂow problems and to improve liquidity. Shoal plc’s assessment is that there is nothing fundamentally wrong with the company and that the current ﬁnancial situation is caused by the failed diversiﬁcation policy and the cost of ﬁnancing this. The gross proﬁt margin in the sector averages 10%.Captain Haddock currently buys its ﬁsh and ﬁsh products from wholesalers. It is the intention of Shoal plc to look at sourcing most of the dishes and ingredients from its own companies; speciﬁcally ShoalFish, ShoalPro and ShoalFarm. Once the takeover is complete (and this should be within the next month), Shoal plc intends to implement signiﬁcant strategic change at Captain Haddock so that it can return to proﬁ tability as soon as possible. Shoal plc has implemented strategic change at a number of its acquisitions. The company explicitly recognises that there is no ‘one right way’ to manage change. It believes that the success of any planned change programme depends on an understanding of the context in which the change is taking place.Captain Haddock (all ﬁgures in $m) 2007 2008 2009 Turnover 115•00 114•50 114•00 Gross proﬁ (loss) 0•20 (5•10 ) (6•20 )Figure 2: Financial information for Captain Haddock 2007–2009Required:(a) In the context of Shoal plc’s corporate-level strategy, assess the contribution and performance of ShoalFish, ShoalPro and ShoalFarm. Your assessment should include an analysis of the position of each company in the Shoal plc portfolio. (15 marks)(b) Shoal plc explicitly recognises that there is no ‘one right way’ to manage change. It believes that the success of any planned change programme will depend on a clear understanding of the context within which change will take place.(i) Identify and analyse, using an appropriate model, the contextual factors that will inﬂence how strategic change should be managed at Captain Haddock. (13 marks)Professional marks will be awarded in part (b)(i) for the identiﬁation and justiﬁation of an appropriate model. (2 marks)(ii) Once the acquisition is complete, Shoal plc wish to quickly turnaround Captain Haddock and return it to proﬁtability.Identify and analyse the main elements of strategic change required to achieve this goal. (8 marks)Professional marks will be awarded in part (b)(ii) for the cogency of the analysis and for the overall relevance of the answer to the case study scenario. (2 marks)(c) Portfolio managers, synergy managers and parental developers are three corporate rationales for adding value.Explain each of these separate rationales for adding value and their relevance to understanding the overall corporate rationale of Shoal plc. (10 marks) (50 marks)Section B – TWO questions ONLY to be attempted参与ACCA考试的考生可按照复习计划有效进行，另外高顿网校官网ACCA考试辅导高清课程已经开通，财经网络教育领导品牌_________________________________________________________________ 还可索取ACCA考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升复习备考效果。

ACCA-P3真题(2008-2014)dec2009ques[1]

P a p e r P 3Section A – This ONE question is compulsory and MUST be attemptedThe following information should be used when answering question 11IntroductionABC Learning plc (ABCL) is a large training company based in Arcadia. It specialises in professional certification training for accountants, lawyers, business analysts and business consultants. ABCL delivers training through face-to-face courses and e-learning, mainly using full-time lecturing staff. Thirty percent of its revenue is from e-learning solutions. It is constantly seeking new markets and acquisitions to improve shareholder value. It has become aware of the expanding business analysis certification training industry (BACTI) in the neighbouring country of Erewhon. ABCL has commissioned Xenon, a market intelligence company to undertake an analysis of the BACTI market in Erewhon with the aim of assessing its attractiveness and profitability before deciding whether or not to expand into Erewhon. ABCL is aware that an Arcadian competitor, Megatrain, has previously tried to establish itself in this market in Erewhon. Established providers in the BACTI industry in Erewhon responded by price cutting and strengthened promotional campaigns. This was supported by a campaign to discredit the CEO of Megatrain and to highlight its foreign ownership. Within six months Megatrain had withdrawn from the market in Erewhon.Xenon interim report on the BACTI market in Erewhon – January 2009IntroductionThe BACTI market in Erewhon is dominated by three suppliers; CAT alyst, Batrain and Ecoba (collectively known as the ‘big three’). CAT alyst is a wholly owned subsidiary of the T uition Group, a public limited company quoted on the Erewhon stock market. The last annual report of the T uition Group identified CAT alyst as core to their strategy and a source of significant growth. Batrain is a private limited company, with the shares equally divided between the eight founding directors. Four of these directors are under 40. Ecoba is also a private limited company with 95% of the shares owned by Gillian Vari. The other 5% are owned by her business partner Willy Senterit. Gillian is approaching retirement age.Delivery modelBoth CAT alyst and Batrain have similar delivery models. They employ mainly full-time lecturing staff who are offered attractive salary packages, share options and generous benefits; such as ten weeks paid holiday. Even with these packages they find it hard to recruit. T eaching vacancies are advertised on both of their websites. CAT alyst and Batrain both stress their ‘brand’ in their marketing material. On their websites there is no specific reference to the lecturers who will present each module. In contrast, Ecoba specifically identifies lecturers in both its advertisements (supported by photographs of the lecturers) and on their website, where the lecturer taking the module is specified. All the lecturers are ‘high profile’ names in the business analysis training community. None of these are directly employed by Ecoba. They are all on fixed-term contracts and are paid a premium daily rate for lecturing and assignment marking.Xenon interviewed Mike Wilson, a named management lecturer and asked him about the arrangement. He said that he felt relatively secure about it. ‘Students are attracted to Ecoba because they know I will be teaching a particular module. I suppose I could be substituted by a cheaper lecturer but the students would soon complain that they had been misled.’ Mike had also worked as a sub-contractor for CAT alyst but no longer did so because he found that a booking could be cancelled at short notice if full-time staff became available. ‘Gillian Vari (the MD of Ecoba) is much more transparent and straightforward in her treatment of sub-contract staff. The only problem is the time it takes to pay our invoices. We are always complaining about that.’The ‘big three’ are recognised and established brands in the industry. Although the ‘big three’ are competitors there does appear to be a degree of mutual tolerance of each other. For example, they appear to have co-ordinated their response to the attempted entry of M egatrain into the industry. Three of the directors of Batrain used to work as lecturers for CAT alyst and Gillian Vari (the MD of Ecoba) was a director of the company that spawned CAT alyst. Mike Wilson has lectured for all of the ‘big three’ providers. However, there are also, approximately, twenty other providers in the industry in Erewhon (accounting for 20% of the total industry revenue).Students and providersThe fees of 60% of students are paid for by their employers. There are around 15 major corporate clients who place significant contracts for certification training with providers. Most (but not all) of these are placed with the ‘big three’.CAT alyst is particularly strong in managing these contracts, setting up dedicated training sessions and a personalised website to support each contract. However, there is increasing evidence that providers are being played off against each other by the major corporate customers who are seeking to drive down costs. One of the large insurance2companies recently moved all of its training to Ecoba after several years of using CAT alyst as its sole provider. Another large customer has also recently moved their training contract to Ecoba because they were impressed by the ‘named’lecturers that Ecoba used. Interestingly, in a new move for the industry, WAC, a major supplier of business analysis consultancy services, recently bought one of the smaller business analysis training providers and thus is now able to deliver all of its business analysis training in-house for its own staff.Business Analysis certification in Erewhon is administered by the EIoBA (Erewhon Institute of Business Analysts) which sets the examination. There is no requirement for students to attend a certified training course. In fact 40% of students prepare themselves for the examinations using self-study. One of the smaller BACTI providers has gained some success by offering a blended learning solution that combines tutor support with e-learning modules. Interestingly, the ‘big three’ all appear to acknowledge the possibilities of e-learning but do not promote it. All three have invested money in specially designed training venues and so they seem committed, at least in the short term, to their classroom-based model.EIoBA runs a certification scheme for providers of training. This operates at three levels; bronze, silver and gold. The ‘big three’ all have the highest level of certification (gold). Xenon recognises that gold certification offers a significant competitive advantage and that it will take any new entrant more than one year to achieve this level of certification. Ecoba Ltd: backgroundEcoba is a private limited company. As well as being its managing director and majority shareholder, Gillian Vari is the only full-time lecturer. Mike Wilson told Xenon that Gillian is averse to employing full-time lecturing staff because ‘they have to be paid if courses do not run and also during the long vacations’. Her policy appears to be to minimise overhead training and administrative costs. This may contribute to the slow payment of lecturers. Mike Wilson did comment that the ‘full-time administrative staff seem to be under increasing pressure’.Figure 1 provides comparative data for CAT alyst and Batrain. Financial information for Ecoba is presented in Figure 2.Figure One: Financial Analysis (all 2008)CATalyst BatrainRevenue$35,000,000$25,000,000Cost of sales as a percentage of revenue65%63%Average payables settlement period65 days60 daysAverage receivables settlement period30 days35 daysSales revenue to capital employed 3·363·19Gross profit margin35%37%Net profit margin6%8%Liquidity ratio0·920·93Gearing ratio30%25%Interest cover ratio3·254·753[P.T.O.Figure Two: Financial Analysis: Ecoba Ltd(All figures in $000)Extract from the statement of financial position20082007 AssetsNon-current assetsIntangible assets5,8005,200 Property, plant, equipment500520T otal6,3005,720 Current assetsInventories 7090 T rade receivables4,3003,000 Cash and cash equivalents2,1001,500T otal6,4704,590 T otal assets12,77010,310 Current liabilitiesT rade payables6,9004,920 Current tax payable2015T otal 6,9204,935 Non-current liabilitiesLong-term borrowings200225T otal7,1205,160 EquityShare capital5,1005,100 Retained earnings55050 T otal equity and liabilities12,77010,310 Extract from the statement of comprehensive incomeRevenue22,00017,000 Cost of sales(17,500)(13,750) Gross profit4,5003,250 Overhead expenses(3,500)(2,500) Profit before tax and finance costs1,000750 Finance costs(20)(20) Profit before tax980730 T ax expense(30)(25) Profit for the year9507054Required:(a)Xenon usually analyses an industry using Porter’s five forces framework.Using Porter’s framework, analyse the business analysis certification industry (BACTI) in Erewhon and assess whether it is an attractive market for ABCL to enter.(20 marks)(b)After considering Xenon’s interim report, ABCL decided to enter the business analysis certification trainingindustry (BACTI) in Erewhon through the acquisition of one of the three main providers. In March 2009 they asked Xenon to write a short report to evaluate Ecoba Ltd and to analyse whether it was the most appropriate and attractive of the three possible acquisition targets. You are a business analyst with Xenon and were given the task of writing this report.Write the requested short report evaluating Ecoba Ltd and analysing whether it was the most appropriate and attractive of the three possible acquisition targets for ABCL. (16 marks) Professional marks will be awarded in part (b) for clarity and format of your report.(4 marks)(c)In November 2009 ABCL acquired Ecoba Ltd. Gillian Vari agreed to stay on for two years to assist themanagement of the ownership transition. However, her business partner became seriously ill and ABCL have agreed, on compassionate terms, for her to leave the company immediately. ABCL, from experience, know that they must manage stakeholders very carefully during this transition stage.Identify the stakeholders in Ecoba Ltd and analyse how ABCL could successfully manage them during the ownership transition.(10 marks)(50 marks)5[P.T.O.Section B – TWO questions ONLY to be attempted2IntroductionIL (Independent Living) is a charity that provides living aids to help elderly and disabled people live independently in their own home. These aids include walkers, wheelchairs, walking frames, crutches, mobility scooters, bath lifts and bathroom and bedroom accessories.IL aims to employ people who would find it difficult or impossible to work in a conventional office or factory. IL’s charitable aim is to provide the opportunity for severely disabled people to ‘work with dignity and achieve financial independence’. IL currently employs 200 severely disabled people and 25 able bodied people at its premises on an old disused airfield site. The former aircraft hangars have been turned into either production or storage facilities, all of which have been adapted for severely disabled people.Smaller items (such as walking frames and crutches) are manufactured here. These are relatively unsophisticated products, manufactured from scrap metal bought from local scrap metal dealers and stored on-site. These products require no testing or training to use and they are packaged and stored after manufacture. IL uses its own lorry to make collections of scrap metal but the lorry is old, unreliable and will soon need replacing.Larger and more complex items (such as mobility scooters and bath lifts) are bought in bulk from suppliers and stored in the hangars. Delivery of these items to IL is organised by their manufacturers. These products are stored until they are ordered.When an order is received for such products, the product is unpacked and tested. An IL transfer logo is then applied and the product is re-packaged in the original packing material with an IL label attached. It is then dispatched to the customer. Some inventory is never ordered and last year IL had to write-off a significant amount of obsolete inventory.All goods are sold at cost plus a margin to cover wages and administrative costs. Prices charged are the same whether goods are ordered over the web or by telephone. Customers can also make a further voluntary donation to help support IL if they wish to. About 30% of customers do make such a donation.Ordering and marketingIL markets its products by placing single-sided promotional leaflets in hospitals, doctors’ surgeries and local social welfare departments. This leaflet provides information about IL and gives a direct phone number and a web address.Customers may purchase products by ringing IL directly or by ordering over their website. The website provides product information and photos of the products which are supplied by IL. It also has a secure payment facility.However, customers who ring IL directly have to discuss product requirements and potential purchases with sales staff over the phone. Each sales discussion takes, on average, ten minutes and only one in two contacts results in a sale.20% of sales are through their website (up from 15% last year), but many of their customers are unfamiliar with the Internet and do not have access to it.Goods are delivered to customers by a national courier service. Service and support for the bought-in products (mobility scooters, bath lifts) are supplied by the original manufacturer.Commercial competitorsIL is finding it increasingly difficult to compete with commercial firms offering independent living aids. Last year, the charity made a deficit of $160,000, and it had to sell some of its airfield land to cover this. Many of the commercial firms it is competing with have sophisticated sales and marketing operations and then arrange delivery to customers directly from manufacturers based in low labour cost countries.Required:IL fears for its future and has decided to review its value chain to see how it can achieve competitive advantage.(a)Analyse the primary activities of the value chain for the product range at IL. (10 marks)(b)Evaluate what changes IL might consider to the primary activities in the value chain to improve theircompetitiveness, whilst continuing to meet their charitable objectives. (15 marks)(25 marks)63Branch rationalisation projectFour years ago Lowlands Bank acquired Doe Bank, one of its smaller rivals. Both had relatively large local branch bank networks and the newly merged bank (now called LDB) found that it now had duplicated branches in many towns. One year after the takeover was finalised, LDB set up a project to review the branch bank network and carry out a rationalisation that aimed to cut the number of branches by at least 20% and branch employment costs by at least 10%. It was agreed that the project should be completed in two years. There were to be no compulsory staff redundancies. All branch employment savings would have to be realised through voluntary redundancy and natural wastage.LDB appointed its operations director, Len Peters as the sponsor of the project. The designated project manager was Glenys Hopkins, an experienced project manager who had worked for Lowlands Bank for over fifteen years. The project team consisted of six employees who formerly worked for Lowlands Bank and six employees who formerly worked for Doe Bank. They were seconded full-time to the project.Project issues and conclusionDuring the project there were two major issues. The first concerned the precise terms of the voluntary redundancy arrangements. The terms of the offer were quickly specified by Len Peters. The second issue arose one year into the project and it concerned the amount of time it took to dispose of unwanted branches. The original project estimates had underestimated how long it would take to sell property the bank owned or to re-assign or terminate the leases for branches it rented. The project board overseeing the project agreed to the project manager’s submission that the estimates had been too optimistic and they extended the project deadline for a further six months.The project team completed the required changes one week before the rearranged deadline. Glenys Hopkins was able to confirm that the branch network had been cut by 23%. Six months later, in a benefits realisation review, she was also able to confirm that branch employment costs had been reduced by 12%. At a post-project review the project support office of the bank confirmed that they had changed their project estimating assumptions to reflect the experience of the project team.Potential process initiativesLDB is now ready to undertake three process initiatives in the Information T echnology area. The IT departments and systems of the two banks are still separate. The three process initiatives under consideration are:1.The integration of the two bespoke payroll systems currently operated by the two banks into one consolidatedpayroll system. This will save the costs of updating and maintaining two separate systems.2.The updating of all personal desktop computer hardware and software to reflect contemporary technologies andthe subsequent maintenance of that hardware. This will allow the desktop to be standardised and bring staff efficiency savings.3.The bank has recently identified the need for a private personal banking service for wealthy customers. Processes,systems and software have to be developed to support this new service. High net worth customers have been identified by the bank as an important growth area.The bank will consider three solution options for each initiative. These are outsourcing or software package solution or bespoke development.Required:(a)The branch rationalisation was a successful project.Identify and analyse the elements of good project management that helped make the branch rationalisation project successful. (12 marks)(b)The bank has identified three further desirable process initiatives (see above).(i)Explain, using Harmon’s process-strategy matrix, how the complexity and strategic importance ofprocess initiatives can be classified.(4 marks) (ii)Recommend and justify a solution option for each of the three process initiatives.(9 marks)(25 marks)7[P.T.O.4IntroductionWyAvionics (WyAv) specialises in the production of aircraft engine monitoring software. It is the responsibility of their software to continuously monitor engines and to send appropriate data, in real-time, to the cockpit. Information is presented to the pilot in the form of digital outputs and graphs. The software must also alert the pilot when the engine is performing outside pre-determined limits. Audible alarms warn the pilot of a potential failure of an engine.WyAv produce their software directly for aircraft engine manufacturers. Versions of the software are produced for each engine. The software was first used ten years ago. A major upgrade was produced five years ago which made detailed changes to the way information was presented to the pilot. This was a result of government recommendations that were made arising from the loss of an aircraft where the pilot shut down the wrong engine. The software had reported correctly, but the pilot had confused data from the port and starboard engines and so mistakenly shut down the good engine and tried to land on the faulty engine, with fatal results. Since this time, WyAv have constantly striven to improve the usability of the software.Development lifecyclesThe requirements for the software are produced by the engine manufacturers. These requirements are usually (90% of the time) for delivering changes to established software solutions to reflect detailed changes in the design of an established engine. Software engineers at WyAv must evaluate the engine design changes and assess their impact on the software. Once these impacts have been agreed with the manufacturer (and a price and a delivery date for the upgraded software agreed), then detailed code design changes are specified and given to individual programming teams for development. All programming is done in pairs with one of the programmers reviewing the other’s program code as it is produced. The programming team leader also inspects all code changes to ensure adherence to company standards. The software is extensively tested before it is released to the engine manufacturer. WyAv software engineers assist the manufacturers in further tests before the software is released for live use.Occasionally (10% of the time) the software requirements are for a completely new engine. In this instance WyAv’s software engineers are brought into the design much earlier to ensure that the monitoring software is an integral part of the total design. The construction of the software to meet the finalised requirements is developed, as much as possible, from tried and trusted software components already in use in established software. It is one of WyAv’s objectives to develop well-tested reusable software components which can be used in as many systems as possible.As its CEO commented ‘this increases speed to market, profitability and quality’.The organisation uses a formal V model for developing new software and new versions of established software solutions. This is mandated by the aircraft manufacturers and the government of the country. A large sign dominates the software development area. It reads ‘Quality is not optional – lives are at stake.’ However, senior engineers within the company have recently voiced their concern that requirements from engine manufacturers are getting less specific.One experienced engineer commented that ‘manufacturers are requesting costs and timescales before they themselves have finalised the engine design changes. I also notice that price reduction is a major issue. Three years ago nobody queried our prices. Nowadays, with the economic downturn, almost half of our price quotations are queried.’Required:(a)Identify the characteristics of software quality and explain the appropriateness of each characteristic to theengine monitoring software supplied by WyAv.(12 marks)(b)WyAv uses a formal V model lifecycle for developing software.Explain the principles of the V model and evaluate its use in defining and testing changes to W yAv’s established software solution.(13 marks)(25 marks)End of Question Paper8。

accasbr2023年9月模拟题

ACCASBR2023年9月模拟题一、概述ACCASBR（Strategic Business Reporting）是ACCA（Association of Chartered Certified Accountants）专业会计师考试的一部分，旨在培养会计专业人士具备高水平的战略商业报告能力。

本次模拟题将涵盖ACCASBR的主要考点和重点知识，旨在帮助考生更好地理解和掌握相关知识，为顺利通过ACCASBR考试提供帮助。

二、题目分析题目一：公司治理和道德问题题目二：财务报表分析题目三：商业组合与合并财务报告题目四：员工福利和薪酬题目五：战略规划与预算控制三、解题策略1. 仔细阅读题目，审题清楚，确保准确理解题目要求和考点；2. 根据题目的命题方向，有针对性地复习相关知识点，包括相关理论、实务案例和审计准则；3. 在实际解答中，要注重逻辑性、整体性和准确性，避免主观臆断和散乱表述；4. 考试时间分配要合理，控制好答题节奏，确保每道题都有充足的时间去思考和构思答案。

四、解题详解1. 公司治理和道德问题公司治理和道德问题一直是财务会计领域的热点问题，涉及公司内部控制、董事会职责、股东权益保护等多个方面。

在解答本部分问题时，考生需注意公司治理的重要性、内部控制的作用、董事会的职责以及道德问题对企业经营的影响等方面的内容。

2. 财务报表分析财务报表分析是财务会计中的核心内容，通过分析财务报表可以评估企业的经营状况和财务健康度。

在解答本部分问题时，考生需注意财务比率分析、现金流量表分析、财务报表附注的重要性等方面的知识点，同时结合实际案例进行分析，提高解题的可信度和说服力。

3. 商业组合与合并财务报告商业组合与合并财务报告是财务会计的重要内容之一，涉及并购交易的会计处理、商誉的确认与计量等方面。

在解答本部分问题时，考生需要熟悉商业组合的会计处理方法、子公司财务报表的合并方法、商誉的测试和减值等相关知识点，并能够结合具体案例进行分析和解答。

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考试模拟试题

ACCA考试模拟试题Professional Level – Essentials Module,Professional Accountant1 (a) (i) Three Kohlberg levelsAt the preconventional level of moral reasoning, morality is conceived of in terms of rewards, punishments andinstrumental motivations. Those demonstrating intolerance of regulations in preference for self-serving motives aretypical preconventionalists.At the conventional level, morality is understood in terms of compliance with either or both of peer pressure/socialexpectations or regulations, laws and guidelines. A high degree of compliance is assumed to be a highly moral position.At the postconventional level, morality is understood in terms of conformance with ‘higher’ or ‘universal’ ethicalprinciples. Postconventional assumptions often challenge existing regulatory regimes and social norms and sopostconventional behaviour is often costly in personal terms.Level 1: Preconventional levelStage/Plane 1: Punishment-obedience orientationStage/Plane 2: Instrumental relativist orientationLevel 2: Conventional levelStage/Plane 3: Good boy-nice girl orientationStage/Plane 4: Law and order orientationLevel 3: Postconventional levelStage/Plane 5: Social contract orientationStage/Plane 6: Universal ethical principle orientation(ii) The level that Jack Mineta operated atThe evidence from the case suggests that Mr Mineta operated at the preconventional level. Although he seemed lessconcerned with punishment, his actions were strongly driven by the incentives of financial rewards suggesting a rewardsorientation consistent with preconventional thinking. He seemed prepared to ignore internal control systems (‘I’m in thisjob for what I can get for myself – big risks bring big returns and big bonuses for me.’). The internal c ontrol systems atGlobal-bank placed clear limits on traders’ behaviour in terms of limits and exposure to the highest risk derivativeinstruments. Mr Mineta was unconcerned about compliance with controls and prevailing rules would have suggestedconventional thinking. Had he complied with the internal control constraints, he would not have lost the large amountof money. Nor would he have made the large prior profits but these were manifestly not sustainable. Miss Hubu’scomment that he ‘didn’t believe in ri ght and wrong’ excludes any suggestion that his ignoring of rules was driven bypostconventional assumptions.(iii) Stage most appropriate for a professional bank employeeThe most appropriate level of moral development for Mr Mineta in his work is stage 4 within the conventional level (level2). This level stresses compliance with laws and regulations rather than the 3rd stage which is about compliance withnorms to gain social acceptance.Stage 4 is concerned with legal and regulatory compliance and the moral right is that which is the most compliant withprevailing regulatory systems.[Tutorial note: it is possible to argue for other stages. Credit should be given for this only when robustly defended withevidence. Unsupported assertions should not be rewarded.](b) FIVE typical causes of internal control failure and the performance of Global-bankThere are several possible causes of internal control failure. The UK Turnbull report (in paragraph 22) gives examples ofcauses of failure but this list is not exhaustive.Poor judgement in decision-making. Internal control failures can sometimes arise from individual decisions being made basedon inadequate information provision or by inexperienced staff.Human error can cause failures although a well-designed internal control environment can help control this to a certain extent.Control processes being deliberately circumvented by employees and others. It is very difficult to completely prevent deliberatecircumvention, especially if an employee has a particular reason (in his or her opinion) to do so, such as the belief that higherbonuses will be earned.Management overriding controls, presumably in the belief that the controls put in place are inconvenient or inappropriate andshould not apply to them.The occurrence of unforeseeable circumstances is the final cause referred to in the Turnbull Report. Control systems aredesigned to cope with a given range of variables and when an event happens outwith that range, the system may be unableto cope.Tutorial note: accept other, equivalent explanations or references to other governance codes if valid. Study texts makereference obliquely rather than as a ‘list’ to learn. The above points can be expressed in different ways.Time allowedThis paper is divided into two sections:Section A – This ONE question is compulsory and MUST be attemptedSection B – TWO questions ONLY to be attemptedDo NOT open this paper until instructed by the supervisor.During reading and planning time only the question paper maybe annotated. You must NOT write in your answer booklet untilinstructed by the supervisor.This question paper must not be removed from the examination hall.The Association of Chartered Certified Accountants。

2023年ACCA考试真题精选

2023年ACCA考试真题精选第一题：财务会计假设您是一家制造业公司的财务经理。

您被要求准备财务报表，并解释公司2019年与2020年间发生的财务变化。

请根据以下数据和信息回答问题。

2019年数据：- 销售收入：500万美元- 销售成本：400万美元- 管理费用：50万美元- 借款利息：10万美元2020年数据：- 销售收入：600万美元- 销售成本：450万美元- 管理费用：55万美元- 借款利息：12万美元问题1：请计算2019年的净利润和净利润率，并与2020年进行比较。

解释净利润和净利润率的变化。

根据上述数据，2019年的净利润可通过以下公式计算：净利润=销售收入-销售成本-管理费用-借款利息净利润=500万美元-400万美元-50万美元-10万美元净利润=40万美元净利润率可通过以下公式计算：净利润率=(净利润/销售收入)×100%净利润率=(40万美元/500万美元)×100%净利润率=8%同样的方式，我们可以计算2020年的净利润和净利润率：净利润=600万美元-450万美元-55万美元-12万美元净利润=83万美元净利润率=(83万美元/600万美元)×100%净利润率=13.83%通过比较2019年和2020年的净利润和净利润率，我们可以得出以下结论：- 净利润从40万美元增加到83万美元。

这表明公司的盈利能力有所提高。

- 净利润率从8%增加到13.83%。

这说明公司在销售收入中的盈利比例增加了。

问题2：请根据净利润和净利润率的变化，分析公司在2019年与2020年间可能采取的经营策略。

根据净利润和净利润率的变化，我们可以推断公司可能采取了以下经营策略：1. 成本控制：销售成本从400万美元减少到450万美元，管理费用从50万美元增加到55万美元。

这表明公司在成本控制方面取得了一定的成效。

2. 销售增长：销售收入从500万美元增加到600万美元。

公司可能采取了一些措施，如市场拓展或产品创新，以增加销售额。

ACCA P3 2010 6月答案

AnswersProfessional Level – Essentials Module, Paper P3Business Analysis June 2010 Answers 1 (a)This ﬁ rst part of the question asks the candidate to analyse the strategic position at WET. Johnson, Scholes and Whittingtondescribe the strategic position in terms of three aspects; the environment, strategic capability and expectations and purpose.All three aspects are appropriate in the analysis of the strategic position of WET and this classiﬁ cation forms the basis of the model answer. However, candidates could have adopted a number of approaches to this question, perhaps choosing to focus on certain models (such as the value chain) or exploring the organisation through an analysis of the cultural web. All such answers will be given credit as long as they are within the context of WET and consider the external environment, internal resources and capabilities, and the expectations of various stakeholders. In the context of the ACCA Business Analysis syllabus, the strategic position is deﬁ ned within section A of the detailed syllabus.The environmentThe PESTEL framework can be used to analyse the macro-environment. A number of inﬂ uences are discernable from the case study scenario.90% of WET’s income is from members and donors (see Figure 1) who live in Arcadia, a country which has had ten years of sustained economic growth but which is now experiencing economic problems. The scenario reports a decline in Gross Domestic Product (GDP) for three successive quarters, increasing unemployment, stagnant wages and a fall in retail sales. There are also increasing problems with servicing both personal and business debt leading to business bankruptcy and homelessness.These are classic symptoms of a recession and this will have an effect on both individual and business donations and also on membership renewal. WET is 20% funded by donations (see Figure 1). In general, people give more when they earn more and lower earnings will almost inevitably mean lower donations. Furthermore, it could reasonably be expected that a recession places greater demand on certain charities, such as those dealing with social care (for example, homelessness). WET is not one of those charities (and so should not experience an increase in demand), so there must also be a concern that donors will switch donations to social care charities in times of recession. Similarly, current members may not renew their membership for ﬁ nancial reasons.The pressures in the economy also appear to have stimulated the government to change the rules on charity taxation in an effort to raise government revenues. Previously, charities received an income from the government of 20% of the total value of donations and membership fees to reﬂect the income tax the donor would have paid on the amount paid to the charity.However, the government has declared that this is unfair as not all donations or membership fees are from Arcadian taxpayers or from people in Arcadia who actually pay tax. Consequently, in the future, charities will have to prove that the donation or membership fee was from an Arcadian tax payer. Collecting the donor’s details will place an increased administrative strain on the charity, incurring more costs. The changes are also likely to lead to a fall in income. There are two reasons for this. Firstly, some of the donations were actually from non-Arcadian taxpayers (see Figure 1) and also research and evidence from elsewhere suggests that 30% of donors will not give the GiftHelp details required and so the charity will not be able to reclaim tax.Although the recession in Arcadia has brought economic and political issues to the fore, the wider environment remains very signiﬁ cant to WET. The wetlands that they depend upon are likely to be drying out in a country where rainfall has dropped signiﬁ cantly. This will lead to the loss of the habitat that the charity wishes to protect. The charity must continue to monitor the situation and to support initiatives that should reduce climate change and perhaps increase rainfall.The ﬁ ve forces framework proposed by Porter is usually applied to private proﬁ t-making organisations. However, the framework could also be useful in a not-for-proﬁt organisation, considering the services provided by a sector (however that sector is deﬁned). In such sectors, competitiveness may be about gaining advantage through demonstrable excellence. From WET’s perspective, it needs to consider two overlapping sectors. Figure 1 suggests that 55% of members and 85% of donors give money (through donations or membership) to other charities. In such circumstances, WET is competing for the ‘charity dollar’.However, 45% of members and 15% of donors gave no money to other charities, suggesting that these people are focused on the wetlands cause.If charities as a whole are considered as a sector, then there appears to be a constant threat to WET of new entrants into this sector. The barriers to entry appear to be quite low. The ease with which a charity can be established has been widely criticised, but suggested reforms to the Commission of Charities have been rejected by the Government. However, if wetland preservation is perceived as a sector then the barriers to entry are quite considerable. WET already owns all of the signiﬁ cant wetland sites in Arcadia and, because of climate change, new sites would have to be artiﬁ cially created at great expense. The scenario mentions a charity that has been formed to raise money to create a new wetland. The amount of money pledged so far ($90,000) is not only well below their target but also represents money that may have been donated to WET if this new charity had not been permitted.The threat of substitutes is ever-present. WET competes for disposable income and so is exposed to generic substitution where donors and members decide to ‘do without’ or to spend their money elsewhere, including other charitable causes such as social care, particularly in a recession. If donors are giving to increase their own well-being and to feel good about themselves (‘warm glow’) then perhaps any charity will do, as switching costs are very low. The point has already been made that certain charities will experience higher demand during a recession and so WET will be vulnerable to such competition. However, if donors are committed to the wetland cause then supplier power is high because WET is the only signiﬁ cant wetland charity in Arcadia.The competitive rivalry again depends upon the perception of the sector WET is competing in. In the charity sector as a whole, WET is a small player. Figure 2 illustrates that most money is given to health charities, followed by social care and international causes. However, in the wetland sector, WET is the dominant charity, led by a recognised and charismatic public ﬁ gure.capabilityStrategicThe strategic capability of an organisation is made up of resources and competences. Considering this capability leads toa consideration of strengths and weaknesses, with the aim of forming a view of the internal inﬂuences on future strategicchoices.WET have signiﬁ cant tangible resources in terms of the wetlands that they own. They also have experienced and knowledgeable human resources, many of whom give their services for free. They also have a strong brand, associated with a well-known public ﬁ gure. However, although these resources are signiﬁ cant and represent important strengths, the way they have been deployed needs examination. This analysis concerns the competences of the organisation; the activities and processes through which an organisation deploys its resources. The wetlands are uninviting to members, with poor access and poor facilities. The volunteers are disillusioned by poor management and feel that they are not valued. These signiﬁ cant weaknesses appear to be contributing to the organisation’s inability to maintain the threshold capabilities required to retain members.However, it also has to be recognised that WET does have unique resources (the wetlands) that competitors would ﬁ nd it almost impossible to obtain. It also has, in Zohail Abbas, a well recognised public ﬁ gure that potential competitors in the wetlands sector would ﬁ nd hard to imitate. However, these unique resources, do need to be better exploited.A cursory examination of the value chain reinforces some of the weaknesses identiﬁed above and identiﬁes others. Withinthe primary activities, service is weak and this is contributing to a decline in membership. Marketing and sales is also an acknowledged weakness of the organisation. Within the support activities, human resource management (particularly of volunteers) has already been identiﬁ ed as a problem. T echnology development (in terms of IT technology) is also a problem with restricted and cumbersome systems causing problems in the primary activities.Summary of Strengths and WeaknessesStrengths WeaknessesOwnership of wetlands Management of volunteersExperienced volunteer work force Wetland access and facilitiesStrong brand Marketing and salesHigh proﬁ le leader Information systemsExpectations and purposesThe two previous sections have considered the inﬂ uence of the environment and the resources available to the organisation.This section looks at what people expect from the organisation. This is particularly signiﬁ cant in WET because it has undergonea signiﬁ cant change in what Johnson, Scholes and Whittington term ‘its ethical stance’. Under Zohail Abbas, the organisationwas shaped by ideology and was ‘mission-driven’, demonstrating a single-minded zeal that charities usually require to achieve their aims. However, charities still have to be ﬁ nancially and operationally viable and WET relies on two important stakeholders;members and volunteers. In his speech at the 2009 AGM Dr Abbas admitted that he had failed to sufﬁ ciently take into account the needs of members (leading to a decline in membership) and of volunteers (leading to a large turnover and scarcity of volunteers). WET now needs to recognise that ‘stakeholder interests and expectations should be more explicitly incorporated in the organisation’s purposes and strategies’ (Johnson, Scholes and Whittington). Any strategy devised by the CEO needs to recognise this shift in ethical stance.Understanding stakeholder perspectives and expectations is an important part of analysing the organisation’s strategic position.Members require better access to wetland sites and more feedback on the activities of the organisation. Volunteers wish to be valued more, treated professionally and be given the chance to participate in decision-making. Having sufﬁ cient, knowledgeable volunteers appears to be necessary if some of the members’ expectations are to be fulﬁlled. The contribution of volunteers becomes even more signiﬁcant in a recession, when an organisation might have to reduce paid staff. WET also have to be aware of the potential effects of the recession on individual volunteers. For example, it appears that the failure to pay travelling expenses may have caused unnecessary hardship and led to the loss of volunteers. The CEO must also be aware that the consultation exercise with both members and volunteers will have fostered the expectations of a more open and democratic leadership culture, contrasting with Dr Abbas’s autocratic style.The original mission statement of WET was to preserve, restore and manage wetlands in Arcadia. It might be an appropriate time to revisit this mission statement, to explicitly recognise stakeholder concerns. For example, many members and volunteers are concerned with observing and saving wildlife, not wetlands. This could be explicitly recognised in the mission statement ‘to save wetlands and their wildlife’ or perhaps to ‘preserve, restore and manage wetlands for wildlife and those who wish to observe them’. This would be a mission statement to which most of the stakeholders in WET could subscribe.(b) A number of problems have been explicitly identiﬁed in the scenario. However, the swim lane ﬂowchart helps identify twofurther problems, which may themselves explain some of the other documented difﬁ culties.1. Firstly, the ﬂowchart clearly shows that sales and marketing receive renewal conﬁrmations before payment is cleared.This means that membership cards and booklets are being sent to members whose payments have not yet cleared. Thereceipt of this documentation probably suggests to these members that payment has cleared, so response to the paymentrequest is not necessary. They probably see it as an administrative mistake and ignore the reminder. This would helpexplain the very low rates of people who pay when they receive their payment request. It is not, as the ﬁ nance managersaid ‘an unethical response from supposedly ethical people’, but a problem caused by their own system. Perhaps thosethat do subsequently pay have taken the trouble of checking whether money has been debited to WET from their bank orcredit card account. The consequence of this faulty process is that a signiﬁ cant number of members unwittingly receive afree year’s membership. It may also help explain why a number of members do not receive a renewal invoice at the end of their membership year. These renewal invoices are only sent to members who have been updated on the system after their payments have cleared. If the payment never cleared, then the membership will have lapsed on the system and a renewal invoice will not be raised the following year.2. Secondly, the receipt of a cleared renewal payment is only recorded when the membership details are updated on theMembership computer system by the Membership Department. Consequently, renewal reminders will be sent out to members whose payment is still awaiting clearance. It currently takes the Finance Department an average of ﬁ ve days from the receipt of the renewal to notifying the Membership Department of the cleared payment. There is also a backlog of cleared notiﬁ cations in this department, awaiting entry into the computer system. These members may also receive unwanted renewal reminders. Finally, members who have received a membership card and booklet through the process described in the previous paragraph will also receive a renewal reminder letter. Presumably most members ignore this letter (after all, they have received the new card and booklet) and believe that the charity is inefﬁcient and is wasting money on producing renewal reminders for those who have already renewed their membership. Charities have to be careful about spending money on wasteful administrative processes. It might be these renewal reminders that led to the accusations about the charity wasting money.A number of options can be considered for redesigning the membership renewal process. Some are given below. They range from simple changes, remedying the faults identiﬁ ed in the previous answer, to signiﬁ cant changes in the way WET will accept payment. Credit will be given for answers that suggest feasible amendments and also specify the likely consequences of the change to WET as an organisation, to employees in affected departments and to the systems they use.– Remedy the fault identiﬁ ed in the previous part of the question 1(b) by only notifying sales and marketing of membership renewal once payment has been cleared, not just received. The consequence of this is that a membership card and booklet will only be sent to members who have paid their subscriptions. This should lead to an increase in subscription income because a percentage of members whose payment did not clear ﬁ rst time will now make sure that their payment clears. No changes are required to the membership computer system or departmental responsibilities.– Remedy the second fault identiﬁ ed above, so that renewal reminders are only sent to members who have not responded to the renewal invoice, not to members who have responded but whose payment is still awaiting clearance. This could be achieved by initially updating the membership system when a payment is received. The consequence of this is that renewal reminder letters will not be sent to members who have renewed, but not yet had their payment cleared. This will reduce waste and improve member’s perception of the efﬁ ciency of the organisation. However, it will require a change to the computer system and will also lead to more work for the Membership Department and another handoff between the Finance and Membership Departments. This handoff will introduce the chance of error and delay. The Membership Department already has a backlog in entering the details of members’ renewals where payments have successfully cleared.– A suggested generic process improvement is to reduce the number of handoffs between parts of the organisation by reducing the number of swim lanes. It is perceived that handoffs have the potential for introducing delay, cost and error.A number of options are possible, but perhaps the most obvious is to merge (for the purpose of this process) the functionsof the Finance and the Membership Departments. This is because at one point (and perhaps two, if the previous suggestion is adopted) Finance are simply notifying the Membership Department of an event (payment cleared and, potentially, payment received), which the Membership Department has to then enter into the computer system. The case study scenario suggests that there is a backlog of membership details to enter. This probably results in renewal reminders being sent to members who have already renewed and whose payment has cleared. Merging the swim lanes will require all staff to have access to the computer system, sufﬁcient competency in using it and sufﬁcient numbers to clear the backlog. The likely consequence of the change is that renewal reminder letters will not be sent to members who have already renewed and paid. This will reduce waste and improve members’ perception of the efﬁ ciency of the organisation.Another likely consequence is that staff may need re-training, their jobs redeﬁ ned and any political problems caused by merging two departments will have to be identiﬁ ed and addressed.– Another generic process improvement approach is to make sure that validation takes place as soon as possible. It should be part of the primary activity, not a separate activity as it is at the moment. This approach is particularly appropriate in the checking of payment details in the renew membership process. The early validation of payment could be achieved by giving the member the option of renewing by credit card over the Internet. 60% of the payments are made through credit cards. About 5% of these payments are completed incorrectly and the Finance Department have to raise a ﬁ nance request to ask for the correct details. If a member was able to make a credit card payment over the internet then all errors should be eliminated, as the validation of details will be made straight away by the credit card provider. WET should receive the money sooner (improving the cash ﬂ ow position) and there should be a reduction in ﬁ nance requests. This should reduce costs and perhaps allow a reduction in head count in the Finance Department. However, the internet site would have to be extended to include an e-commerce solution and this will cost money. As well as the initial cost, the provider of the ﬁ nancial solution will also charge a fee for each transaction.– The ﬁ nal option presented here is a more radical solution that is currently used by many subscription organisations. The principle is that renewal will happen automatically unless the member speciﬁ cally asks for it not to. They have to ‘opt out’, rather than ‘opt in’ as under the present solution. Automatic renewals could initially charge the credit card used for the previous year’s membership. Renewals that required a positive response would only be sent out to those who paid by cheque. Renewals to credit card customers would remind them that the card would be debited on a certain date, but that no action was necessary to secure another year’s membership. This should help address the retained membershipissue discussed in the scenario, based on the fact that opting out is much harder than opting in. WET might also consideroffering payment by direct debit, using similar process logic to that used for credit cards. In a bid to reduce members whopay by cheque, discounts may be offered for paying by direct debit or automatically triggered credit card transactions. Aswell as increasing subscription income from higher member retention, the solution should lead to improved cash ﬂ ow andreduced administrative costs. Changes to the membership computer system will have to be speciﬁ ed, implemented andtested.(c)The incoming CEO of WET has identiﬁ ed the better acquisition and management of members, volunteers and donors as animportant objective. She has identiﬁ ed them all as important customers of WET and she sees e-mail and website technology as facilitating the acquisition, retention and exploitation of these customers. In discussing customer relationship management, Dave Chaffey (see syllabus Reading List) considers customer acquisition, customer retention and what he terms customer extension. This classiﬁ cation is used in this model answer. However answers that still make the same points, but do not use this classiﬁ cation, are perfectly acceptable.acquisitionCustomerCustomer acquisition is concerned with two things. The ﬁ rst is using the website to acquire new customers (donors, members and volunteers). The second is to convert customers acquired through conventional means into on-line customers.When people visit the WET website they may already be committed to becoming a member, a volunteer or giving a donation.For these people, the process of enrolment or donation must be completely clear and complete. There must be no break in the process which might allow doubt or hesitation and lead the participant to withdrawing. The ﬁ nal two options suggested in the answer to question 1(b), would provide such a complete solution. Customers enrolling or donating on the website might also be given inducements, such as a reduced membership rate or a free book.People who visit the website and are still uncertain about joining or donating might be induced to take part in an offer, which requires them to enter basic details (such as name and e-mail address) in return for some service or product. For example, free tickets for an open day or discounted prices on selected books. These e-mail details are essentially sales leads and become the basis of selected future e-mails encouraging recipients to join or donate. They might also be used (if a phone number is requested) for telephone sales calls.Incentives may also be required to convert current customers to the web site. A typical approach is to deﬁne a members’ area where members have access to various resources and offers. For example, a webcam showing live action from selected wetlands. Existing members would also be encouraged to renew membership on-line, as discussed in the previous part question.retentionCustomerCustomer proﬁling is a key area of both acquisition and retention. WET needs to understand the needs and interests of individuals and target them accordingly. At the broader level, customers can be differentiated into segments, such as prospects, members, volunteers and donors. These segments will be communicated to in different ways and this can be reﬂ ected in the website, for example, by establishing different areas for volunteers and members. However, proﬁ ling can also take place at the individual level, reﬂected in personalised e-mails to individuals that reference known interests and so encourage continued participation in WET.On-line communities are a key feature of e-business and may be created to reﬂ ect purpose, position, interest or profession.T wo of these communities are particularly relevant to WET. The primary one is of interest, creating a community for people who share the same interest or passion for wetlands and the wildlife they support. This could be created as an extension of the current WET website or as an independent site, where criticisms of WET itself could be posted. WET should either sponsor or co-brand such a site. Communities provide an opportunity for members and volunteers to actively contribute to WET and build up loyalty, making continued membership more likely. They also provide WET with important feedback and ideas for improving their service to both members and volunteers. WET themselves might also wish to get involved in communities of purpose where people are going through the same process or trying to achieve a particular objective. For example, there are websites dedicated to providing a one-stop-shop for those wishing to make donation to charity.Customer extensionThis has the aim of increasing the lifetime value of the customer by encouraging cross-sales. This may be within the scope of WET itself, for example, by selling WET branded goods. However, it is also likely to include links and advertising on the WET site for associated products. WET will receive income from direct advertising fees or from a commission in the sales generated from the site. For example, book purchases may be handled through a specialist book site (leading to commission payments) or binoculars purchased from a manufacturer (payment for advertising space). Direct e-mail is also an effective way of telling customers about the products of other companies and can also be used to publicise promotions and new features and so encourage visits to the website.2 (a)The acquisition of EVM can be analysed using the success criteria of suitability, acceptability and feasibility.Suitability is concerned with whether a strategy addresses the issues identiﬁ ed when considering the strategic position of the company. In general terms the acquisition appears to make sense. The market is mature and competitive in Ambion, pushing down margins. These margins are further eroded by a government that is hostile to road transport resulting in high taxation on fuel, road taxes linked to carbon emission and restricted working practices. The acquisition of EVM provides an opportunity for Swift to exploit their core competencies in a different geographical market where demand is rising, the national government is investing in road infrastructure and competition is immature. The increased size of the group will further allow Swift to exploit economies of scale when purchasing trucks and other equipment.Concerns around suitability surround the potential clash of cultures between Swift and EVM. Swift has no experience of acquiring or running foreign companies. It has no experience of trading in Ecuria. Furthermore, although EVM is now in private hands, it may be possible that the work practices and expectations of employees may still reﬂect the time when they were working for the central government. Although altering these practices may give scope for even greater proﬁ tability, it may lead to labour disputes that harm the service and reputation of the company. Swift wishes to acquire this company and adopt the practices, principles and technology of the Ambion operation. This may lead to conﬂ ict that they may ﬁ nd hard to resolve.Acceptability is concerned with the expected performance of a strategy in terms of return, risk and stakeholder reactions.Return: EVM delivers a very similar (18%) Return on Capital Employed (ROCE) to Swift T ransport. This appears to be a strong performance for the sector, and should certainly be acceptable to the Swift shareholders. The gross proﬁt margin (20%) is higher than Swift, but the net proﬁ t margin (7.5%) is lower. This may support some of the concerns discussed under suitability.The company may still be carrying high costs from its days as a nationalised company. Swift presumably believes that it can improve the net proﬁ t margin by implementing competences gained in the Ambion market.Risk: Both the current liquidity ratio (1·14%) and the acid test ratio (1·05%) are lower than the Swift equivalents and Swift will need to look at this. The introduction of Swift’s practices may help reduce trade payables. The gearing ratio (30%) for EVM is much lower than Swift and perhaps reﬂ ects a more conservative approach to long-term lending and a reﬂ ection of the ﬂ edgling capital markets in the country. However, the interest cover ratio (5) is half that of Swift, perhaps reﬂ ecting lower proﬁ tability and higher business taxation.Stakeholders: Joe Swift and his family are the major stakeholders in what is still a family-run private limited company. It is unlikely that there will be any opposition to the acquisition from shareholders. However, stakeholders such as drivers might be wary of this strategy and also the government, outspokenly criticised by Joe, may also respond in some way. For example, by imposing taxation on foreign investment.Feasibility is about whether an organisation has the resources and competencies to deliver the strategy. It appears that Swift does, as funds are in place and the competences are what are partly driving the acquisition.(b)In his book The Competitive Advantage of Nations, Michael Porter suggests that there are inherent reasons why some nationsare more competitive than others, and also why some industries within nations are more competitive than others. He suggests that the national home base of the organisation plays an important role in creating international advantage, something that will be very important to Joe Swift. He identiﬁ es four main determinants of national advantage and arranges these as a diamond, with each of these determinants interacting with and reinforcing each other. T wo further determinants, chance and government, are discussed outside of the diamond in terms of how they inﬂ uence and interact with the determinants inside the diamond.This model answer uses Porter’s diamond as its basis. However, credit will also be given to candidates who use an alternative appropriate framework or model.The four main determinants are:The nation’s position in factor conditions, such as skilled labour or infrastructure, necessary for ﬁ rms to compete in a given industry. The acknowledged work ethic of the people and the investment in transport infrastructure by the government are signiﬁ cant factor conditions in Ecuria.The nature of the home demand conditions for the industry’s product or service. Home demand inﬂuences economies of scale, but it also shapes the rate and character of improvement and innovation. In Ecuria, the move to a market economy has stimulated a rapid growth in the transport of goods. The Ecurian people are traditionally demanding in their standards. They have a passion for precision and promptness and this has shaped the operations of EVM.The presence or absence of related and supporting industries that are internationally competitive. Competitive advantage in certain industries confers potential advantages on ﬁrms in other industries. Porter suggests that the ‘Swiss success in pharmaceuticals was closely connected to previous international success in the dye industry’. There is no evidence in the case study that Ecuria has internationally competitive industries related to logistics. Hence, it is the absence of these that is signiﬁ cant when considering this determinant.The ﬁ nal determinant is ﬁ rm strategy, structure and rivalry. This concerns the conditions in the nation governing how companies are created, organised and managed. It also considers the nature of domestic rivalry. EVM was created by nationalising the state-run haulage system. For the ﬁ rst few years of operation it had few competitors. The nature of the capital markets makes it very difﬁ cult to raise ﬁ nance in Ecuria. Consequently, most of EVM’s competitors are small, family-run companies who offera local service. Porter suggests that there is a strong relationship between vigorous domestic rivalry and the creation andpersistence of competitive advantage in an industry. There is little evidence of this emerging in Ecuria.。

ACCA P3真题 2009 Dec Q1 答案解析

ACCA P3Dec Q1Xenon usually analyses an industry using Porter’s five forces framework.(a)Using Porter’s framework,analyse the business analysis certification industry (BACTI)in Erewhon and assess whether it is an attractive market for ABCL to enter. This question asks candidates to analyse the business analysis certification training industry(BACTI)in Erewhon using Porter’s five forces framework.This is the preferred approach of Xenon,the company commissioned to undertake the study.In this context it seems a reasonable model to use.The forces ultimately determine the profit potential of the industry and ABCL will be keen to invest in an industry where there is long-term return on its investment.The framework also helps identify how a potential new entrant(such as ABCL)might position itself in the industry.The five forces driving industry competition are the threat of entrants,the threat of substitute products or services,the bargaining power of suppliers,the bargaining power of buyers and the competitive rivalry between existing firms in the industry. Looking at each of these in turn:本体要求用波特五力分析模型分析商业分析认证培训行业。

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)。

2010.Dec.ACCA.P3_revision_mock_questions

P a p e r P 3ACCA P3 Business Analysis2 KAPLAN PUBLISHING© Kaplan Financial Limited, 2010The text in this material and any others made available by any Kaplan Group company doesnot amount to advice on a particular matter and should not be taken as such. No relianceshould be placed on the content as the basis for any investment or other decision or inconnection with any advice given to third parties. Please consult your appropriateprofessional adviser as necessary. Kaplan Publishing Limited and all other Kaplan groupcompanies expressly disclaim all liability to any person in respect of any losses or otherclaims, whether direct, indirect, incidental, consequential or otherwise arising in relation tothe use of such materials.All rights reserved. No part of this examination may be reproduced or transmitted in anyform or by any means, electronic or mechanical, including photocopying, recording, or byany information storage and retrieval system, without prior permission from KaplanPublishing.Revision Mock Questions SECTION AThis question is compulsoryQUESTION 1Famenti Co, based in the north of Italy, manufactures personal computer (PC) monitors for domestic use. It is owned and managed by Lisa Russo and her husband Paul, the original founders. When Lisa was made redundant from her job in the production department of a large, international PC manufacturer in 1988, she used her redundancy money to purchase a small, specialist manufacturer of CRT screens. Paul decided to give up his role in the finance department of a local pub chain to help Lisa develop her new venture.Under Lisa’s guidance the company initially experienced a high level of growth as it developed a reputation for making high quality monitors at a reasonable price. Orders were often won by Famenti's ability to deliver various order sizes in short lead times. Lisa’s greatest success was in her foresight in spotting the low component production costs in the Far East. She was an early pioneer in buying in raw material components from such sources and this allowed Famenti to keep costs at levels similar to larger, international manufacturers. Lisa also saw the opportunity that thinner LCD monitors provided over traditionally CRTs and gradually moved the business in that direction.Initially the company manufactured the units with the aim of selling them direct to retailers. This bore some success but after 18 months of existence a contract was won with a large US computer manufacturer, Dingle. Dingle was aiming to expand into Europe with a strategy of allowing consumers to effectively design their own pc.Dingle liked the flexibility that Famenti offered and a contract was agreed whereby Famenti would produce monitors which were then branded with the Dingle logo to be distributed and sold by Dingle.This contract proved very lucrative and successful for Famenti. Lisa took a decision to abandon direct sales and seek out similar contracts to the one secured with Dingle. Famenti now have no direct sales and a number of contracts with various pc manufacturers to produce monitors – though Dingle continues to make up around 60% of all business.The competitive environmentInitially Famenti experienced high levels of growth – especially when they won their first Dingle contract. Famenti originally had 10 staff but by 2009 they now have over 200 full time staff in various departments, as well as employing up to 50 casual members of staff at busy periods of the year (often the two months either side of Christmas). The company produces a wide range of LCD monitors with different sizes, different technical capabilities and different features that are needed to satisfy all levels of demand from customers. In 2009, 3 million units were sold in total.Ten years ago around 50% of components were sourced from the Far East, but now all components are sourced from this region. These orders are often made in large bulk quantities as shipping costs are high but storage costs are reasonably low. Famenti’s initial advantage over rivals in sourcing overseas has now ended however, with almost all monitor producers sourcing components from the Far East.KAPLAN PUBLISHING 3ACCA P3 Business Analysis4 KAPLAN PUBLISHINGThe market has become increasingly competitive and economies of scale are becoming acritical success factor. There are now 3 large international companies who dominate theEuropean and worldwide market and who can generally undercut the costs of producerssuch as Famenti. An analysis of market sales carried out by Paul revealed the followingvolume of production: Manufacturer Worldwide sales(m) Europeansales (m)TPV (suppliers to Phillips)35 15 Samsung 30 6Lite-on (suppliers to HP and Lenovo)20 8 Others (including Famenti) 60 20 Initially the large manufactures had full order books and demand exceeded supply – whichopened the way for specialists such as Famenti. However this position has now changed andprice wars are becoming more prevalent as demand for monitors falls. Buyers have becomemore powerful - Dingle has negotiated a new 5 year contract with Famenti with prices 20%below the previous contract which ended last year.Demand for monitors has fallen at a rate of around 5% p.a. for the last 3 years. There aremany causes of this. For example, consumers when upgrading now often upgrade the pc butnot the monitor, and they access the internet in other ways (such as through gamesconsoles) which don’t require separate monitors and can use alternative technologies suchas television screens and mobile phones. This trend is expected to continue for theforeseeable future – especially in the current economic climate. PC monitor manufacturesare therefore expanding into new areas such as production of televisions, recording devicessuch as blu-ray recorders, PC peripherals, and Samsung even intend to launch a range ofcars!Financial resultsA summary of Famenti’s recent financial results is provided below:Extracted from Income Statement (all figures in €m)2007 2008 2009Sales 240 200 150 Cost of sales (120) (105) (90)Admin (30) (28) (25) Distribution (32) (40) (39)Interest (10) (7) (2) Net profit before tax 38 20 (6)Tax (12) (5) (1) Net profit after tax 26 15 (7)Revision Mock Questions Extracted from Balance Sheet/ Statement of Financial Position (all figures in €m)2007 2008 2009 Non-current assets 116 100 104Current assetsInventories 62 58 55Receivables 45 41 36Cash and cash equivalents 8 3 0Non-current liabilities 50 40 30Current liabilities 13 11 11 Shareholders’ funds 168 151 154Future prospectsPaul is concerned about the falling sales and profits and is pushing Lisa to come up with some new ideas to move the business forward. Lisa has identified two opportunities that she believes can make use of the business resources and competencies and move Famenti in the right direction.Dingle are considering adding LCD TV’s to their product range and have approached Famenti about the possibility of an exclusive supply agreement. Under the agreement Famenti would add the TVs to their product range but supply them exclusively to Dingle for the period of one year. Dingle would buy exclusively from Famenti. After this period Famenti would be free to offer the product to other customers or markets and Dingle could also seek other suppliers or negotiate a new contract with Famenti. LCD TVs continue to be a rapidly growing market – especially at screen sizes below 22” as consumers replace old bedroom and kitchen televisions. Last year over 12 million units were sold in total in Europe and growth is expected to average around 6% p.a. over the next 8 years.Alternatively an opportunity has arisen for Famenti to acquire a French company who make very similar products to Famenti’s core range. The advantage that the company have is that they supply almost 40% of Samsung’s European requirements. However the company have suffered from poor working capital management which means that they need an urgent injection of cash. Their position is so bad that they have offered Famenti a 60% stake in the company for only €30m (only two years ago the company was valued at €250m at the prevailing exchange rate). Lisa sees this as a way of widening Famenti’s customer base and gaining better economies of scale.Paul’s opinion is that, from a financial perspective, Famenti could raise enough cash to pursue both strategies if they decided to do so. Initial costings estimate that the introduction of the new product line would cost around €10m which would leave enough finance for the acquisition if that was thought to be necessary. However he is wary of making such a large investment in the current economic climate and has sought the services of external consultants in order to help the business make its decisions and find a way for it to proceed in the future.KAPLAN PUBLISHING 5ACCA P3 Business Analysis6 KAPLAN PUBLISHINGRequired:You work at a firm of business consultants and have been asked to write a draft report for Famenti. Draft the following sections which will be included in your report:(a)Using an appropriate model or models, analyse Famenti’s current strategic position and financial performance. (18 marks) (b)Consider whether the proposed opportunities are appropriate for the business. (18 marks) (c) Lisa occasionally worked and led large projects at her previous employers and is awarethat proper project planning is the key to success. But she believes that she has forgotten as much as she can remember.Advise Lisa on the key parts of the project plan and how they might relate to the introduction of the new product range. (14 marks)(Total: 50 marks)Revision Mock Questions SECTION BTwo questions only to be attemptedQUESTION 2IntroductionAAA is a large banking group, based in a European country. AAA is stable and financially sound. It has several hundred local branches, and has a large number of personal and business customers. A personal customer is a private individual, and a business customer is a commercial organisation (such as a sole trader, partnership, limited company or not-for-profit organisation).The Personal Banking Division of AAA is based at Head Office, and is responsible for establishing policy and procedures for the way AAA deals with personal banking customers. In addition to normal bank accounts, the Personal Banking Division also offers customers credit cards, loans and insurance products. The Business Banking Division offers the same services to business customers. All branches of AAA deal with both personal and business customers. The branches are responsible for implementing policies set by the two divisions. Each branch manager within AAA is responsible for the control of the costs, staff, business and premises of their branch. The branch manager must comply with the policies and procedures established by the senior managers of the two divisions. Part of the cost of each Head Office division is allocated to the branches, in line with activity levels. The branch managers participate in a bonus scheme, based on the profitability of their branch. Senior managers in each of the divisions participate in a separate bonus scheme, based on the overall profitability of the Bank.The ‘Student Account’ CampaignFor the last three years, the Personal Banking Division of AAA has run a campaign to recruit university students as account holders. As an incentive, AAA offers student account-holders ‘free banking’ while they remain in full-time study. Typically this is for three years. At the end of the free banking period, student accounts become subject to the normal terms for personal account holders.The student account campaign is very unpopular with branch managers, as student accounts are effectively loss-making for the period during which free banking is offered. This has an adverse impact on the profitability of the branch, and therefore on the level of performance bonus earned by the branch manager. This issue has recently become more significant to AAA, following the resignation of the manager of Branch 32.The competitive environmentAAA is one of five major banks in the country. There are also a number of smaller banks, some of which specialise in either personal or business banking. Each bank offers a wide range of incentives to attract and keep personal customers. Personal customer defection is quite common, as they ‘shop around’ for the best deals. Business customers, however, tend to be loyal to the bank and branch at which they open their first account.Banks recognise that personal customers often require a wide range of ‘add on’ services, such as loans, insurance and credit cards. These products can be very lucrative for the bank, so they are often marketed aggressively to personal customers.KAPLAN PUBLISHING 7ACCA P3 Business Analysis8 KAPLAN PUBLISHINGAt present, three of the other major banks offer free banking to new student customers for between one and three years. One of the smaller banks offers three years of free banking to students and, additionally, gives each new student customer vouchers worth €30 for music downloads from a major Internet-based music distributor.Branch 32Branch 32 of AAA is located on the edge of a small city, only one kilometre from a large university campus. From 2002 until March 2009, the manager of Branch 32, was Ms A. In each of the years 2002 to 2005, Ms A received a performance bonus equivalent to about 20% of her basic salary. In 2006, Ms A’s bonus was only 8%, and in the last two years she received no bonus at all as Branch 32 did not achieve the ‘base level’ of profitability necessary to trigger a bonus payment. Having attended a regional management meeting in February 2009, Ms A was shocked to find that she was the only manager in the region not to receive a performance bonus. Ms A resigned from the Bank and has since joined a competitor.Branch 348The country’s second largest university has created a new campus around 10km from the city’s capital in an area that has few businesses, lots of affordable housing and, subsequently, low prices for land. At the invite of the university, AAA has decided to build a new branch at the campus which will aim to attract the campus students as well as local home holders.Mr X has been appointed as manager of this new branch (internally known as Branch 348) but he is concerned about bonus levels and rewards as manager of the branch. Mr X was previously deputy manager at Branch 32 and was aware of the reasons for the departure of Ms A at that branch.The next senior management meeting of the Personal Banking DivisionMr X attended the next senior management meeting in August 2009 and asked for a justification for offering the student account campaign and whether it could be dropped by his branch. He believed that, as the bulk of his customers would be students, he would show losses year-on-year and rarely achieve an annual bonus.The Marketing Manager of the Personal Banking Division that the student account campaign is based on the concept of ‘customer relationship management’. The company’s IT Director also explained that over the next 6 months AAA would undertake a massive investment in information technology (including specialist CRM software) in order to support the student account campaign and the Marketing Manager’s concept.Required:(a) Explain what is meant by the term ‘customer relationship management (CRM)’, andhow CRM software might support it (13 marks) (b) It is clear that AAA’s bonus scheme is not supporting its strategy. Discuss possiblechanges that could be made to the scheme and suggest which might be best in supporting the CRM scheme. (12 marks)(Total: 25 marks)Revision Mock QuestionsQUESTION 3Panther, a global bathroom installer with many showrooms worldwide, manufacture and install luxury “bathroom solutions” aimed at domestic, designer improvements. Their product offering is entirely flexible, allowing customers to choose their own furniture, fittings, showers, tiling, accessories, colours etc within the ranges that they have available. All of their bathrooms are made to order - the customer can tailor their design to the exact look they require - ranging from standard bathrooms to a state of the art 'designer' look. Their current operations are quite manual. Customers telephone or visit one of their exclusive showrooms and make an appointment to see a personal salesperson. This appointment may be on the same day or a few weeks hence. The Panther salesperson discusses the requirements with the customer, and suggests different options and costs. When a customer has determined their requirements and budget, Panther produce or buy in the necessary components and arrange installation. The entire process, from initial contact to finished installation, typically takes between 10 and 12 weeks.Panther started by focussing on a very small market, making high margins on every sale. However, demand for this type of designer bathroom has increased rapidly over the last few years; and Panther is struggling to keep up with demand (even under current economic conditions). At present, they are still able to make high margins on each sale, but they are aware that competitors are beginning to offer a similar service and are undercutting prices. Bryony Samuels, the CEO of Panther, has decided that technology offers the way forward. She is interested in introducing a web-based system, which will allow customers to create their own requirements on-line. This could be used to either replace the one-to-one service or supplement it, with the customer visiting the showroom after making their initial selection. The system would also be available in the showroom for any customers without access to the Internet, or who still wished the personal level of service. Rivals do not offer such services and Bryony sees this as a way of differentiating Panther and convincing buyers to pay the extra prices demanded by Panther so that the company can retain its high margins. Panther would be able to highlight the customisable nature of their service, they would be able to reduce the lead time by around a week, and customers could create their designs at their own convenience rather than at times that they could arrange appointments with salespeople. She has seen similar systems work in the luxury car market and hopes to learn from their experiences.She has some initial thoughts on the requirements of the system as follows:•It must contain every option available and be customisable to the size of the customer’s bathroom.•Customers must be able see a virtual version of their finished product.•It must have pictures of bathroom furniture, optional parts and colours, with virtual images (both individually and as a finished room), to encourage sales.•It must be able to link to the cost database such that a price can be automatically shown to the customer.•Customers must be able to save different configurations so that they can compare them.Panther do not have their own IT department at the moment, but they plan to use a contractor to create a bespoke system for them. Byrony’s oldest son, George, set up an software development company six months ago. The company has general been working on small office solutions and had moderate success. George has suggested that Panther use his KAPLAN PUBLISHING 9ACCA P3 Business Analysis10 KAPLAN PUBLISHING company to provide their new website development. The company would be willing to work free of charge in order to gain vital experience and a reference from Panther that they could use for similar developments in the future. Byrony is concerned with offering the contract to George’s company as she is insisting on a quality piece of software that will match Panther’s competitive stance. However, when quizzed on what she meant by ‘quality software’ she was unable to specifically define it.George argued that his company would be willing to work closely with Panther to ensure that the system is adequately tested and that Panther would be happy with the end product. The Financial Controller of Panther, in a meeting with the CEO, stated “I’m sure I vaguely remember, somewhere in my accountancy studies, that there was a specific approach towards delivering software, which would ensure the final quality of the system. I feel we should ensure the contractor follows this approach”.Required:(a)Explain what is meant by “quality software”. (10 marks)(a) Explain a quality approach to delivering software, with reference to Panther.(15 marks)(Total: 25 marks)QUESTION 4AMG are an acquisitive company and have identified Fiddler Ltd as a potential target. AMG operate in a market that, until recently, developed in a reasonably predictable manner. But recent changes in technology and customer requirements mean that businesses are having to react faster to changes in the market that are happening more often and in more unpredictable ways. Fiddler is a business that has struggled to do this and AMG believe that, if they were to acquire Fiddler, they could add significant value to the business.Fiddler has been an owner-managed company for many years and employs over 200 people in total. John Harte, the owner and founder of Fiddler, has always had an autocratic management style. Staff are subject to strict control and are given very clear targets and working policies. There is no scope for flexibility within these working policies.AMG's management style is very different. They encourage staff to get involved and generate ideas for the business. There are targets to be met, but these are regularly changed and adapted to meet the changes that are happening in the business’ environment. AMG has a very simple organisational structure with few levels of management.Fiddler’s staff have been employed for an average of 8 years – something that John Harte takes pride in. There are a number of management levels and employees have a well managed career path through the business. This generally rewards loyalty as well as compliance with company policies and achieving company targets. AMG believe that Fiddler provides an attractive acquisition target because with a better customer focus the staff could dramatically improve performance.Required:(a)Comment on the existing culture at both Fiddler and AMG and the potential problems this may cause for AMG post-acquisition. (10 marks) (b)Suggest, suing an appropriate model(s), how AMG can manage the change in culture that they require, and how the cultural web might fit into this. (15 marks) (Total: 25 marks)。

ACCA考试模拟题

ACCA考试模拟题ACCA考试精选模拟题一Required：(i) Explain the three levels of Kohlbergs theory. (6 marks)(ii) Identify the level that Mr Mineta operated at and justify your choice using evidence from the case. (4 marks)(iii) Identify，with reasons，the stage (or plane) of Kohlbergs moral development most appropriate for a professional bank employee such as Mr Mineta as he undertakes his trading duties. (2 marks)(b) Explain FIVE typical causes of internal control failure and assess the internal control performance of Global-bank in the case scenario. (10 marks)(c) Analyse the agency relationship that exists between the board of Global-bank and the trustees of the Shalala Pension Fund.(4 marks)(d) Distinguish between narrow and wide stakeholders and identify three narrow stakeholders in Global-bank (based on Evan Freemans definition) from information in the case. Assess the potential impact of the events described on each narrow stakeholder identified. (10 marks)(e) You have been asked to draft a letter from Millau Haber，chairman of the Shalala trustees，to Mrs Keefer as a result of concerns over the events described in the case. The letter should explain the roles and responsibilities of the chief executive in internal control，and criticise Mrs Keefers performance in that role.(10 marks)Professional marks are available in part (e) for the structure，content，style and layout of the letter. (4 marks)ACCA考试精选模拟题二1 Global-bank is a prominent European bank with branches throughout Europe and investment arms in many locations throughout the world. It is regarded as one of the worlds major international banks. Through its network of investment offices throughout the world，fund managers trade in local investment markets and equities. Futures and derivative traders also operate. Its primary listing is in London although it is also listed in most of the other global stock markets including New York，Hong Kong，Frankfurt and Singapore. As with similar banks in its position，Global-banks structure is complicated and the complexity of its operations makes the strategic management of the company a demanding and highly technical process. Up until the autumn of 2008，investors had a high degree of confidence in the Global-bank board as it had delivered healthy profits for many years.In the autumn of 2008，it came to light that Jack Mineta，a Global-bank derivatives trader in the large city office in Philos，had made a very large loss dealing in derivatives over a three-month period. It emerged that the losses arose from Mr Minetas practice of ignoring the company trading rules which placed limits on，and also restricted，the type of financial instruments and derivatives that could be traded.The loss，estimated to be approximately US$7 billion，was described by one analyst as a huge amount of money and enough to threaten the survival of the whole company. As soon as the loss was uncovered，Mr Mineta was suspended from his job and the police were called in to check for evidence of fraud. The newspapers quickly reported the story，referring to Mr Mineta as a rogue trader and asking how so much money could be lost without the banks senior management being aware of it. It turned out that Mr Minetas line manager at the Philos office had ignored the trading rules in the past in pursuit of higher profits through more risky transactions. Mr Mineta had considerably exceeded his trading limit and this had resulted in the huge loss. It later emerged that Mr Mineta had been dealing in unauthorised products which were one of the riskiest forms of derivatives.At a press conference after Mr Minetas arrest，Global-bankschief executive，Mrs Barbara Keefer，said that her first priority would be to ask the Philos office why the normal internal controls had not been effective in monitoring Mr Minetas activities. It emerged that Mr Mineta had in the past been one of Global-banks most profitable derivatives traders. Some journalists suggested to Mrs Keefer that the company was happy to ignore normal trading rules when Mr Mineta was making profits because it suited them to do so.。

2015年ACCA6月考试F3mock考题免费下载

F3 MockSection A — All 35 questions are compulsory and MUST be attempted:(Each question stands at 2 marks)1.Which TWO of the following investments would be treated as an associate inthe consolidated financial statements of Smith Co?A. Smith Co owns 15% of the ordinary shares of Red Co and has significant influence overRed CoB. Smith Co owns 45% of the ordinary shares of Pink Co and can appoint 4 out of 5 directsto the Board of Directors of Pink Co.C. Smith Co owns 40% of the preference shares (non-voting) and 15% of the ordinaryshares of Yellow Co.D. Smith Co owns 60% of the preference shares (non-voting) and 40% of the ordinaryshares of Aquamarine Co.2.Which of the following items should appear as items in a company’s statementof changes in equity?(1)Equity dividends paid(2)Income from investments(3) Profit for the financial year after tax(4) Gain on revaluation of non-current assetsA.(1), (3) and (4) onlyB.(1) and (3) onlyC.(2) and (3) onlyD.(2), (3) and (4) only3.The following information related to dividends declared and paid by acompany whose financial year ends on 30 June?2009 $ Nov Paid final dividend for year ended 30 June 2009 (Declared Aug 2009) 800,000 2010April Paid interim dividend 200,000 Nov Paid final dividend for year ended 30 Jun 2010 (Declared Aug 2010) 900,000What figures (if any) should be included in the income statement of the company for the year to 30 June 2010 and in the statement of financial position as at that date?Income Statement Statement of financial position: LiabilityA.$1,100,000 deduction $900,000B.$1,000,000 deduction NothingC.Nothing $900,000D.Nothing Nothing4.The following information is available for the year ended 31 October 2012:Property $Cost as at 1 November 2011 102,000Accumulated depreciation as at 1 November 2011 (20,400)81,600On 1 November 2011, the company revalued the property to $150,000The company’s policy is to charge depreciation on a straight-line basis over 50 years. On revaluation there was no change to the overall useful economic life. It has also chosen not to make an annual transfer of the excess depreciation onrevaluation between the revaluation reserve and retained earnings.What should be the balance on the revaluation reserve and the depreciation charge as shown in the financial statements for the year ended 31 October2012?Depreciation charge Revaluation reserve$ $A 3,750 68,400B 3,750 48,000A 3,000 68,400A 3,000 48,0005.At 1 July 2009 a company had an allowance for irrecoverable debts of $51,000.At 30 June 2010, total trade receivables were $942,000. It was decided to write off $86,000 of these debts and to adjust the allowance for irrecoverable debts to $65,000.What amounts should be included in the company’s statement of financialposition at 30 June 2010?Trade receivables Allowance for Net tradeReceivables receivables$ $ $A 942,000 65,000 877,000B 856,000 65,000 791,000C 856,000 116,000 740,000D 942,000 116,000 826,0006.Details of a company’s insurance policy costs are as followsPremium for year ending 31 March 2010, paid April 2009: $27,600Premium for year ending 31 March 2011, paid April 2010: $30,000What figures should be included within profit or loss for the year to 30 June 2010 for insurance costs, and what should be included in the statement offinancial position as at 30 June 2010?Income statement Statement of financial position $ $A 28,200 22,500 prepayment (Dr)B 29,400 22,500 prepayment (Dr)C 28,200 22,500 accrual (Cr)D 29,400 22,500 accrual (Cr)7. A company owns a number of office properties that it rents to tenants. Thefollowing information is available for the year ended 30 June 2010.Rent in advance Rent in arrears$ $30 June 2009 127,900 5,70030 June 2010 138,100 9,400Cash received from tenants during the year to 30 June 2010 was $948,300. All rental income in arrears was subsequently received in full.What figure should appear in profit or loss for the year to 30 June 2010 for rental income?A. $954,800B. $1,199,200C. $697,400D. $941,8008.An inexperienced bookkeeper has drawn up the following payables ledgercontrol account, which contains errors:Payables ledger control account(amounts owed tosuppliers) 212,500 Purchases 447,000 Cash paid to suppliers 491,000 Discount received 2,700Purchases returns 7,600 Contras againstreceivables ledger 12,800Refunds received fromsuppliers 3,200 Closing balance 251,800714,300 714,300What should the closing balance be after correcting the errors made in preparing the account?A $148,600B $276,400C $171,000D $154,0009. Luis sold goods to Pedro in May 2014 with a list price of $98,000. Luis allowed a trade discount of 10%. Pedro returned goods with a list price of $3,000 on 31 May and returned a further $5,000 of goods at list price on 6 June as they were found to be unsuitable.How much should Luis record in the sales returns account at 31 May?A. $2,700B. $3,000C. $8,000D. $7,20010.Bob uses the imprest method of accounting for petty cash. He counted the pettycash and there was $66.00 in hand.There were also the following petty cash vouchers:$Sundry purchases 22.00Loan to sales manager 10.00Purchase of staff beverage 19.00Sundry sales receipts 47.00What is Bob’s imprest amount?A $164B $50C $ 62D $7011. The following extract is from the financial statement of Peter, a limited liability company at 31 October:2014 2013$000 $000Equity & LiabilitiesShare capital 120 80Share premium 60 40Retained earnings 85 68265 188Non-current liabilitiesBank loan 100 150365 338What is the cash flow from financing activities to be disclosed in the statement of cash flows for the year ended 31 October 2010?A. $60,000 inflowB. $10,000 inflowC. $110,000 inflowD. $27,000 inflow12. The statement of financial position of Pretty, a limited liability company, shows closing retained earnings of $320,568. The income statement showed profit of $79,285. Pretty paid last year’s final dividend of $12,200 during the current year and proposed a dividend of $13,500 at the year end. This had not been approved by the shareholders at the end of the year.What is the opening retained earnings balance?A. $241,283B. $387,653C. $254,783D. $253,48313.At 1 July 2009 a limited liability company’s capital structure was as follows$000Share capital: Ordinary shares of $1 each 200,000Share premium account 160,000In the year ended 30 June 2010 the company made the following share issues.1 December 2009A bonus issue of one share for every two held, using the share premium account.1 February 2010A right issue of two shares for every five held at that date, at $2 per share.What will be the balances on the company’s share capital and share premium accounts at 30 June 2010 as a result of these issues?Share capital Share premium$000 $000A 420,000 180,000B 420,000 120,000C 540,000 60,000D 540,000 160,00014. A payables ledger control account showed a credit balance of $856,460. Thepayables ledger balances totaled $871,260.Which of the following possible errors could account in full for the difference?A.$14,800 cash paid to a supplier was entered on the credit side of the supplier’saccount in the payables ledger.B.The total of discounts allowed $31,300 was recorded as a debit entry in thepayables ledger control account instead of the correct figure for discountsreceived of $16,500.C.The total of discount received $7,400 has been entered on the credit side of thepayables ledger control account.D. A contra against a receivables ledger debit balance of $7,400 has been enteredon the credit side of the payables ledger control account.15.Beta Co has total assets of $555,000 and profit for the year of $160,000 recorded inthe financial statements for the year ended 31 December 2013. Inventory costing $45,000, which was received into the warehouse on 2 January 2014, was included in the financial statements at 31 December 2013 in error.What would be the profit for the year and total assets after adjusting for thiserror?Profit for the year Total assetsA. $205,000 $600,000B. $115,000 $600,000C. $205,000 $510,000D. $115,000 $510,00016.In preparing a bank reconciliation statement, a bookkeeper identified the followingdifferences between the bank statement balance and the cash book balance.1.Customer cheque for $525 dishonored2.Lodgements not credited $52,8903.Bank charges $2904.Interest on bank overdraft $5835.Outstanding cheque $68,9426. Direct debit $350Which of these items will require an entry in the cash book?A.1,3,4 and 6B.2,3 and 5C.1,2,5 and 6D. 3 and 417.The total of the list of balances in the payables ledger of Bounce on 30 June 2010was $289,500. This balance did not agree with the payables ledger control account balance. The following errors were discovered.1.The total of purchases returns was undercast by $3,0002. A contra entry of $690 was recorded in the payables ledger control accountbut not in the payables ledger.3.An invoice for $8,720 was recorded in the supplier’s account as $7,820.What amount should Bounce record in its statement of financial position as the amount of trade payables as at 30 June 2010?A.$291,090B.$289,710C.$286,710D.$291,51018.A draft statement of cash flows contains the following calculation of net cash inflowfrom operating activities $Operating profit 18Depreciation 4Decrease in inventories (3)Increase in trade and other receivables (5)Reduction in trade payables 2Net cash flow from operating activities 16Which of the following corrections need to be made to the calculation?1.Depreciation should be deducted, not added2.Decrease in inventories should be added, not deducted3. Increase in receivables should be added, not deducted4. Reduction in payables should be deducted, not addedA. 1 and 3B. 2 and 4C. 3 and 4D. 1 and 219.A fire on 31 March destroyed some of the inventory of a company, and its inventoryrecords were also lost. The following information is available$Inventory at 1 March 127,000Purchases for March 253,000Sales for March 351,000Inventory in good condition at 31 March 76,000The company makes a standard gross profit of 30% on its salesWhat was the cost of the inventory lost in the fire?A.$45,000B.$134,300C.$34,000D.$58,30020.Venus Co acquired 75% of Mercury Co’s 100,000 $1 ordinary share capital on 1November 2011. The consideration consisted of $2 cash per share and 1 share in Venus Co for every 1 share acquired in Mercury Co. Venus Co shares have a nominal value of $1 and a fair value of $1.75. The fair value of the non-controlling interest was $82,000 and the fair value of net assets acquired was $215,500. (2011 Decsession)What should be recorded as goodwill on acquisition of Venus in the consolidated financial statements?A.$16,500B.$147,750C.$91,500D.$63,37521.A company’s statement of profit or loss for the year ended 31 December 20*5showed a profit for the year of $65,000. It was later found that $18,000 paid for maintenance to motor vehicles had been debited to the motor vehicles at costaccount and had been depreciated as if it was a new motor vehicle. It is thecompany’s policy to depreciate motor vehicles at 25% per year on the straight line basis, with a full year’s charge in the year of acquisition.What would the profit for the year be after adjusting for this error?A $78,500B $47,000C $83,000D $51,50022.Roger Co purchased goods on credit with a list price of $75,000 from Bob Co andreceived a trade discount of 10%. Roger Co paid the full amount due to Bob Cowithin 25 days and received a settlement discount of 5% for prompt payment. The trainee accountant at Roger Co recorded the purchase of goods in the purchases account net of both discounts. At the year end all these goods had been sold.What is the effect on gross profit and profit for the year of correcting the trainee accountant’s mistake?Gross profit Profit for the yearA decrease by $3,375 no effectB decrease by $3,375 decrease by $3,375C increase by $10,875 increase by $10,875D decrease by $10,875 no effect23. The closing inventory of Epson amounted to $284,000 at 30 September 2014, thebalance sheet date. This total includes two inventory lines about which the inventory taker is uncertain.1.500 items which had cost $15 each and which were included at $7,500. Theseitems were found to have been defective at the balance sheet date. Remedialwork after the balance sheet date cost $1,800 and they were then sold for $20each. Selling expenses were $400.2.100 items which had cost $10 each. After the balance sheet date they were soldfor $8 each, with selling expenses of $150.What figure should appear in Epson balance sheet for inventory?A.$283,650B.$283,800C.$292,150D.$283,95024.Which of these statements about research and development expenditure arecorrect?1.If certain conditions are satisfied, research and development expenditure mustbe capitalized.2.One of the conditions to be satisfied if development expenditure is to becapitalized is that the technical feasibility of the project is reasonably assured.3.If capitalized, development expenditure must be amortized over a period notexceeding five years.4.The amount of capitalized development expenditure for each project should bereviewed each year. If circumstances no longer justify the capitalization, thebalance should be written off over period not exceeding five years.5.Development expenditure may only be capitalized if it can be shown thatadequate resources will be available to finance the completion of the projectA. 2 and 5B.3, 4 and 5C.2, 3 and 5D.1, 2 and 325.A company with an accounting date of 31 October carried out a physical check ofinventory on 4 November 2014, leading to an inventory value at cost at this date of $483,700.Between 1 November 2014 and 4 November 2014 the following transactions took place:(1)Goods costing $38,400 were received from suppliers.(2)Goods that had cost $14,800 were sold for $20,000(3)A customer returned, in good condition, some goods which had been sold to himin October for $600 and which had cost $400.(4)The company returned goods that had cost $1,800 in October to the supplier,and received a credit note for them.What figure should appear in the company’s financial statements at 31 Oct ober 2014 for closing inventory, based on this information?A.$458,700B.$505,900C.$508,700D.$461,50026.The plant and machinery at cost account of a business for the year ended 31December 2013 was as follows:The company’s policy is to charge depreciation at 20% per year on the straight line basis, with proportionate depreciation in the years of purchase and disposal.What should be the depreciation charge for the year ended 31 December 2013?A.$138,600B.$144,450C.$143,550D.$138,15027.Mercy Co has owned 100% of Ben Co since incorporation. At 31 March 2009 extractsfrom their individual statements of financial position were as followsDuring the year ended 31 March 2009, Ben Co has sold goods to Mercy Co for$50,000. Mercy Co still had these goods in inventory at the year end. Ben Co uses a 25% mark up on all goods.What were the consolidated retained earnings of Mercy Group at 31 March 2009?A.$560,000B.$580,000C.$570,000D.$557,50028.Copper Co acquired 90% of the $100,000 ordinary share capital of Mine Co for$300,000 on 1 January 2010 when the retained earnings of Mine Co were $156,000.At the date of acquisition the fair value of plant held by Mine Co was $20,000 higher than its carrying value. The fair value of the non-controlling interest at the date of acquisition was $75,000.What is the goodwill arising on the acquisition of Mine Co?A.$119,000B.$99,000C.$139,000D.$24,00029.The following receivables ledger control account has been prepared by a traineeaccountantWhat should the closing balance on the account be when the errors in it are corrected?A.$290,150B.$286,430C.$282,830D.$284,43030.The trial balance of Z failed to agree, the totals being: Debit $836,200Credit $819,700A suspense account was opened for the amount of the difference and the followingerrors were found and corrected:1 The totals of the cash discount columns in the cash book had not been posted tothe discount accounts. The figures were discount allowed $3,900 and discountreceived $5,100.2 A cheque for $19,000 received from a customer was correctly entered in the cashbook but was posted to the control account as $9,100.What will be the remaining balance on the suspense be after the correction of these errors?A.$25,300 creditB.$7,700 creditC.$27,700 creditD.$5,400 credit31.Which of the following statements about contingent assets and contingent liabilitiesare correct?1 A contingent asset should be disclosed by note if an inflow of economic benefits isprobable.2 A contingent liability should be disclosed by note if it is probable that a transfer ofeconomic benefits to settle it will be required, with no provision being made.3 No disclosure is required for a contingent liability if it is not probable that atransfer of economic benefits to settle it will be required.4 No disclosure is required for either a contingent liability or a contingent asset if thelikelihood of a payment or receipt is remote.A. 1 and 4 onlyB. 2 and 3 onlyC.2,3 and 4D.1,2 and 432.A sole trader fixes his prices to achieve a gross profit percentage on sales revenue of40%. All his sales are for cash. He suspects that one of his sales assistants is stealing cash from sales revenue.His trading account for the month of June 20*3 is as follows:$Recorded sales revenue 181,600Cost of sales 114,000Gross profit 67,600Assuming that the cost of sales figure is correct, how much cash could the salesassistant have taken?A.$5,040B.$8,400C.$22,000D.It is not possible to calculate a figure from this information33. Which of the following material events after the reporting date and before thefinancial statements are approved are adjusting events?1. A valuation of property providing evidence of impairment in value at thereporting date.2.Sale of inventory held at the reporting date for less than cost.3.Discovery of fraud or error affecting the financial statements.4.The insolvency of a customer with a debt owing at the reporting date which isstill outstanding.A.1, 2 and 4 onlyB.1, 2, 3 and 4C. 1 and 4 onlyD. 2 and 3 only34. Which of the following statements is/are correct?1. A statement of cash flows prepared using the direct method produces a differentfigure to net cash from operating activities from that produced if the indirectmethod is used.2. Right issues of shares do not feature in a statement of cash flows.3. A surplus on revaluation of a non-current asset will not appear as an item in asstatement of cash flows.4. A profit on the sale of a non-current asset will appear as an item under cashflows from investing activities in the statement of cash flows.A. 1 and 3 onlyB. 3 and 4 onlyC. 2 and 4 onlyD. 3 only35.Annie is a sole trader who does not keep full accounting records. The followingdetails relate to her transactions with credit customers and suppliers for the year ended 30 June 2006:What figure should appear for purchases in Annie’s statement of profit or loss for the year ended 30 Jun 2006?A.$325,840B.$330,200C.$331,760D.$327,760Section B BOTH questions are compulsory and MUST be attempted1.The accountant of Zebra Co has prepared the following trial balance as at 31 December 2007.$’00050c ordinary shares (fully paid) 3507% $1 preference shares (fully paid) 10010% loan stock (secured) 200Retained earnings 1.1 2007 242General reserve 1.1 2007 171Land and buildings 1.1 2007 (cost) 430Plant and machinery 1.1 2007(cost) 830Accumulated depreciationBuildings 1.1 2007 20Plant and machinery 1.1 2007 222Inventory 1.1 2007 190Sales 2,695Purchases 2,152Preference dividend 7Ordinary dividend (interim) 8Loan interest 10Wages and salaries 254Light and heat 31Sundry expenses 113Suspense account 135Trade accounts receivable 179Trade accounts payable 195Cash 126Notes(a)Sundry expenses include $9,000 paid in respect of insurance for the year ending 1 September 2008. Light and heat does not include an invoice of $3,000 for electricity for the three months ending 2 January 2008, which was paid in February 2008. Light and heat also includes $20,000 relating to salesmen’s commission.(b) The suspense account is in respect of the following items.$’000Proceeds from the issue of 100,000 ordinary shares 120Proceeds from the sale of plant 300420Less consideration from the acquisition of Mary & Co 285135(c) The net assets of Mary & Co were purchased on 3 March 2007. Assets were valued as follows.$’000Investments 231Inventory 34265All the inventory acquired was sold during 2007. The were still held by Zebra at 31.12 2007.(d) The property was acquired some years ago. The buildings element of the cost was estimated at $100,000 and the estimated useful life of the assets was fifty years at the time of purchase. As at 31 December 2007 the property is to be revalued at $800,000. (e) The plant which was sold had cost $350,000 and had a carrying amount of $274,000 as on 1.1,2007. $36,000 depreciation is to be charged on plant and machinery for 2007.(f) The loan stock has been in issue for some years. The 50c ordinary shares all rank for dividends at the end of the year.(g) The management wished to provide for:(i) Loan stock interest due(ii) A transfer to general reserve of $16,000(iii) Audit fees of $4,000(h) Inventory as at 31 December 20*7 was valued at $220,000(cost).(i) Taxation is to be ignored.Required:Prepare the financial statements of Zebra Co as at 31 December 2007 including the statement of changes in equity. No other notes are required. (15 marks)2. The draft statements of financial position of Simon and its subsidiary Pepper at 31 October 2005 are as follows:Simon Pepper$000 $000 $000 $000 AssetsNoncurrent assetsTangible assetsLand and buildings 315,000 278,000 Plant 285,000 220,000600,000 498,000 InvestmentShares in Pepper at cost 660,000Current assetsInventory 357,000 252,000Receivables 525,000 126,000Bank 158,000 30,0001,040,000 408,0002,300,000 906,000 Equity and liabilitiesEquity$1 ordinary shares 1,500,000 600,000 Reserves 580,000 212,0002,080,000 812,000 Current liabilitiesPayables 220,000 94,000 Total equity and liabilities 2,300,000 906,000 The following information is also available(a) Simon purchased 480 million shares in Pepper some years ago, when Pepperhad a credit balance of $95 million in reserves. The fair value of the non-controlling interest at the date of acquisition was $165 million.(b) At the date of acquisition the freehold land of Pepper was valued at $70 millionin excess of its book value. The revaluation was not recorded in the accounts ofPepper.(c) Pepper’s inventory includes goods purchased from Simon at a price that includesa profit to Simon of $12 million.(d)At 31 October 2005 Pepper owes Simon $25 million for goods purchased duringthe year.Required: (15 marks)(a)Calculate the total goodwill on acquisition.(b)Prepare the consolidated statement of financial position for Simon as at 31October 2005.。

ACCA模拟试题(1)_F8

Paper F8Audit and Assurance (SGP)June 2011 Mock ExaminationTime allowedReading and planning 15 minutesWriting 3 hoursAll FIVE questions are compulsory and MUST be attempted Do NOT open this paper until instructed by the supervisor During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor.ALL FIVE questions are compulsory and MUST be attemptedTilecoYou are the auditor of Tileco, a limited liability company with a year-end of 30 November 2010. The principal activity of Tileco is the importing of floor and wall tiles from overseas. These are then sold to wholesalers and retailers. At its warehouse the company normally holds approximately 1,000 lines of inventory. Some of these are standard lines which are run for a number of years and some are fashion lines with a shorter life cycle. Discontinued lines are offered to customers at substantial discounts.InventoryHistorically, the company ascertained the inventory figure by performing full quarterly counts. This was considered to be too disruptive, so during the year Tileco introduced a computerised inventory control system. To monitor the effectiveness of the system a continuous counting method was adopted, where a limited number of lines of inventory are counted each month. The results of the count are input into the inventory system for reconciliation.The aim is that over a twelve month period all lines of inventory will be subject to counting procedures. The directors do not, however, propose to perform a full year end count at 30 November 2010 as they believe it would be a waste of resources.The computerised inventory records are updated in two ways:•Quantities are altered by warehouse staff upon receipt of goods received notes and upon raising goods dispatched notes; and•Costs and selling prices are altered by accounts staff upon receipt of purchase invoices and upon raising sales invoices.Each month the system generates the following reports:RoutineFull inventory valuation: Product code, description, quantity, cost, sellingprice, and valuation (FIFO cost basis).Count discrepancies: Product code, differences between recorded andcounted quantities and adjustments made as aresult.Aged inventory listing: Product code, description and average length oftime inventory has been in the warehouse. Standing data adjustment: Product code, description and data changed. Exception reports: Inventory lines not counted during the month.Inventory lines with selling price below cost.Required:(a) For the inventory system of Tileco, identify the risks that could affect theassertion of valuation of inventory. For each risk stated recommend acontrol that Tileco could implement to mitigate it. (8 marks)(b) State the aim of tests of control and substantive procedures. (2 marks)(c) In respect of the inventory system of Tileco recommend:(i) The tests of control you should perform to assess the reliability of thecomputerised inventory system, and (7 marks) (ii) The substantive procedures you should perform to assess year-end inventory balances. (7 marks) (d) Discuss why the audit of inventory can pose particular problems for theauditor. (6 marks)(Total: 30 marks)SSA 540, SSA 230 and SSA 560(a)SSA 540 Auditing Accounting Estimates deals with the way in whichauditors identify, assess and respond to the risk of material misstatement in relation to accounting estimates.RequiredList three of the procedures the auditor can use to gather evidence in relation to accounting estimates (3 marks) (b)SSA 230 Audit Documentation outlines the purpose of auditdocumentation.RequiredExplain the purpose of audit documentation (2 marks) (c)SSA 560 Subsequent Events provides guidance to auditors in respect ofobtaining sufficient appropriate evidence with regard to events thatoccur after the reporting period.Required:Explain FIVE procedures that an auditor should perform to ascertainwhether events after the reporting period have occurred. (5 marks)You are the senior responsible for the audit of Vax, a stock exchange listed company, which has a year-ending of 31 May 2010. This is the first year that your firm has undertaken the audit of Vax, having succeeded the previous auditors at the last annual general meeting following a successful tender for the audit.You have had preliminary discussions with the management of Vax and obtained some background information about the company. The company produces construction materials in a factory Jurong and the head office is situated in Raffles Place. There are 10 depots throughout the country which hold large inventories of construction materials so that local demand for its products can be met quickly. Inventory records are not maintained and a full count is carried out at the year end.You have also read a recent government press release that indicates that‘Easymix’, one of the products that forms a major part of the company’s sales, contains a chemical that has been identified as being potentially dangerous to those who handle it. An official government working party has been set up to review the situation.Required:(a) Explain the objectives of audit planning. (4 marks)(b) With regard to Vax identify the circumstances that should be taken intoaccount when planning the audit for the year-ending 31 May 2010 and recommend how your firm should respond to each circumstanceidentified. (12 marks) (c) Recommend the audit procedures that you should perform to assesswhether adequate provisions and contingent liabilities have been created for potential legal claims with regard to ‘Easymix.’ (4 marks)(Total: 20 marks)You work for a medium sized firm of auditors in Singapore. The firm’s largest client, in terms of fee income, is Mart, a private limited company that has grown steadily through a mixture of organic growth and the acquisition of companies in the same industry sector.Your firm has acted for this client since its incorporation 20 years ago and, in addition to the statutory audit, provides a range of non-audit services including tax planning and consultancy work in respect of Mart’s acquisition policy.Earlier this year, the finance director of Mart retired and was succeeded by a former member of your firm’s staff who had managed the audit of Mart for the preceding four years.Required:(a) Identify and explain the ethical issues that your audit firm faces in relationto the audit of Mart, and state the safeguards that the audit firm should be implement to mitigate any threats to objectivity which might arise.(7 marks)You are the auditor of LALD, a limited liability company. The main activity of the company is the construction of buildings ranging in size from individual houses to large offices and blocks of flats.You are now reaching the end of the audit work for the year ended 30 September 2010. The largest non-current asset on LALD’s statement of financial position is the plant and machinery used in the construction of buildings. Due to the variety of different assets used, four different sub-classes of plant and machinery are recognised, each with its own rate of depreciation.The complicated method of calculating depreciation for plant and machinery appears to have resulted in depreciation being calculated incorrectly; with the result that depreciation may have been under-provided in the financial statements.Required:(b)Explain the additional audit procedures you should take regarding thepossible under provision of depreciation. (7 marks)You have determined that the under provision is material to the financial statements and therefore need to modify the audit report. The directors have informed you that they do not intend to take any action regarding the under provision of depreciation. They also disagree with your action and have threatened to remove your company as the auditors of LALD unless you agree not to modify your report.Required:(c)Explain the procedures that the directors must follow in order to removeyour company as the auditors of LALD. (6 marks)(20 marks)ThreadsYou are the external auditor of Threads, a limited liability company with ayear-end of 30 November 2010. Its principal activity is the design,manufacture and sale of clothes.The company made a loss in the year ending 30 November 2009 due to redundancy and restructuring costs following the loss of a major customer. This customer was a national retailer, and clothes were supplied under the retailer’s brand name. The company is now focusing on its own branded goods which have been sold, historically, at a higher margin. There are plans to develop its overseas market and to expand the customer base for its recently launched ‘corporate wear’ products. Contracts have recently been agreed with several new overseas customers. The company has also negotiated a new contract with a major supplier, which has resulted in reduced purchase prices in exchange for committed monthly purchases. During the year ended 30 November 2010, the company suffered severe negative cash flow but managed to stay within its overdraft limit by delaying payments to trade payables and the tax authorities. The company has abank loan which is due for repayment in August 2011 and is negotiating with its bankers for a replacement loan which is required to repay the present loan. Required:(a) Explain what is meant by ‘going concern.’ (2 marks)(b) Explain the responsibilities of management and auditors with regard to theassessment of going concern. (5 marks) (c) Recommend the procedures that the auditor should perform to assesswhether Threads is a going concern. (7 marks) (d) Discuss the implications for the audit report of Threads, in respect of thefinancial statements for the year ended 30 November 2010, if thenegotiations for the replacement loan are not completed by the time the audit report has to be signed. (6 marks)(Total: 20 marks)。

2010.Dec.ACCA.P1_revision_mock_questions

P a p e r P 1ACCA P1 Professional Accountant2 KAPLAN PUBLISHING© Kaplan Financial Limited, 2010The text in this material and any others made available by any Kaplan Group company doesnot amount to advice on a particular matter and should not be taken as such. No relianceshould be placed on the content as the basis for any investment or other decision or inconnection with any advice given to third parties. Please consult your appropriateprofessional adviser as necessary. Kaplan Publishing Limited and all other Kaplan groupcompanies expressly disclaim all liability to any person in respect of any losses or otherclaims, whether direct, indirect, incidental, consequential or otherwise arising in relation tothe use of such materials.All rights reserved. No part of this examination may be reproduced or transmitted in anyform or by any means, electronic or mechanical, including photocopying, recording, or byany information storage and retrieval system, without prior permission from KaplanPublishing.Revision Mock QuestionsKAPLAN PUBLISHING 3SECTION AThis question is compulsoryQUESTION 1The Perkins Group is a major player in the oil industry listed on a European stock exchange.Its primary business involves oil exploration and extraction. The Perkins board have taken astrategic decision to increase its international presence as a means of gaining global marketshare, and have identified Pillar as a potential acquisition target. Pillar is based outsideEurope in an oil industry growth area and is seen by analysts as a good expansionopportunity for Perkins, especially as its recent flotation (75% of its share capital) providespotential access to a controlling shareholding through the regional stock market where Pillaroperates.Although Pillar is a leading player in oil extraction, it has been responsible for considerablecontamination of land and the pollution of seas and rivers. Company policy is to only cleanup contamination if it is a legal requirement in the country of operation.The directors of Pillar have a widely publicised environmental attitude which shows littleregard to the effects of their business on the environment. No provision for environmentalcosts has been made in the financial statements of the company. Pillar has never felt theneed to promote socially responsible policies and practices or make positive contributions tosociety because it has always maintained its market share. It is renowned for poor customersupport, bearing little regard for the customs and cultures in the communities where it doesbusiness.Perkins Group was a formerly publically owned business. Since its privatisation it has beenmanaged by a unitary board, with Don Hean as the current chief executive. At a recent boardmeeting the proposed acquisition of Pillar featured highly on the agenda. Directors raised anumber of points with Don Hean who has been leading the acquisition process to date.Nico Giordino, operations director, raised the concern that Perkins could be exposed to anumber of risks resulting from the proposed acquisition of Pillar. He requested details on therisk management policies operated by Pillar and any exposure to significant risks that thefirm is already facing. An industry colleague had told him of rumours circulating that Pillarwas facing investigation relating to its poor environmental record in a number of countries.Don stated that he was unaware of such rumours but would seek further information on therisk management process if the acquisition discussions progressed to the next stage.The next agenda item was for Jessica Smith, the company secretary, to provide a summaryto the board on her analysis of the governance structure of Pillar. She stated that Pillar hadbeen family owned for most of its 23 year history, having been floated only 3 years ago.Family members still play an active role in its governance through the use of a two tier boardstructure, with family being on the upper tier. The remaining executives are the departmentheads of the business.Jessica stated that she felt the family dominance remains prevalent within Pillar. Despitebeing directors the department heads are not present at board meetings where strategy andperformance issues are discussed. This may lead to significant decisions being taken withoutthe input from those who will be required to deliver upon them. A recent comment from aninstitutional shareholder of Pillar also indicated that the annual general meeting was strictlycontrolled by the family directors, allowing for little discussion or questioning fromACCA P1 Professional Accountant4 KAPLAN PUBLISHINGshareholders. Jessica’s conclusion was that these matters create the impression that theboard of Pillar is not accountable to external shareholders, and would need to be rectified ifPerkins were to become owner, or at least major shareholder, of the company.The final item on the board agenda was a review of an environmental audit produced for theaudit committee of Perkins by a firm of external environmental consultants. The reportreferred to the ‘environmental footprint’ of Perkins Group. Jessica Smith stated that she wasunfamiliar with this term, though she fully supported the idea of providing additionalenvironmental information to shareholders.This discussion promoted Nico Giordino to raise a further question in relation to theacquisition of Pillar. In the light of the rumours of environmental issues within Pillar he askedwhether it would be possible to review their latest environmental statement. Don Heanstated that they did not produce any such reporting, but that future attempts should bemade to encourage this form of disclosure in future. Perkins board agreed to discuss thismatter further at the next board meeting, along with the progress of negotiations with Pillar.Required:(a)Describe the normative and instrumental views of stakeholders, and discuss the views of Pillar towards its stakeholders. (10 marks) (b) Nico suggested that the acquisition of Pillar might expose Perkins to a number ofrisks. Define ‘reputation risk’ and assess the potential effects of Pillar’s poorreputation on Perkins if the acquisition were to go ahead. (10 marks)(c)Explain the main responsibilities of a risk committee and assess the contributionthat such a committee could make to the confidence of shareholders in Perkins’acquisition strategy. (8 marks) (d) Construct the case for Pillar adopting a unitary board structure after the proposedacquisition by Perkins. Your answer should include an explanation of the advantagesof unitary boards and a convincing case FOR the Pillar board changing to a unitarystructure. (10 marks) (including 2 professional marks)(e)Write a memo to Jessica Smith defining ‘environmental footprint’ and briefly explain the benefits of introducing environmental reporting for Pillar. (12 marks)(including 2 professional marks) (Total: 50 marks)Revision Mock Questions KAPLAN PUBLISHING 5SECTION BTwo questions only to be attemptedQUESTION 2Moonbeams have emerged as market leader in high street ‘American style’ coffee.According to Geoff Obson, Director of Marketing ‘beyond a desire for advertising andpromotion ethics there is a fundamental focus on the ethical culture of the brand’. Theircore beliefs can be read on their website:‘To operate a profitable company which makes our love and talent manifest’Moonbeams dedication to quality, the environment, and its employees and customers isexpressed in its mission statement:•Producing world class coffee •Dedication to using fair-trade suppliers •Transcending customers’ expectations •Environmental stewardship • Balancing the needs of company, staff and their families• Having funMoonbeams’ employees now own one third of the company. In addition to usingenvironment-friendly technologies and innovations, Moonbeams seek to improvecommunities and enhance people’s lives through corporate giving, event sponsorship andphilanthropic involvement. Moonbeams’ efforts have paid off with numerous business ethicsawards.In the current economic climate however Moonbeams is experiencing spiralling costs and adownturn in revenues. They have just reported their first ever operating loss. The companyis having to consider options surrounding cost cutting and closures of branches, alongsidenew business ideas including a proposal to open certain branches in the evenings and obtainlicences for selling alcohol and tobacco.The finance director, Arthur Yule, is very concerned with the latter suggestion believing thatcompanies that sell alcoholic beverages and tobacco products cannot be socially responsibleorganisations. To counter this argument Geoff Obson has suggested that all alcohol could besourced from organic producers, providing the business with a differentiating factor, as wellas supporting its environmentally sound reputation.Required:(a) Using Tucker’s model, assess the ethical dilemma faced by Moonbeamsmanagement surrounding the evening opening proposal. (14 marks)(b)Discuss the different conclusions that could be reached if Moonbeams management were to take a deontological as opposed to a teleological perspective. (4 marks) (c) Briefly explain the steps involved in the American Accounting Association (AAA)model which may be used as a framework for ethical decision-making. (7 marks)(Total: 25 marks)ACCA P1 Professional Accountant6 KAPLAN PUBLISHING QUESTION 3The VGT Company is listed on its country’s stock exchange. The corporate governancesystem in that country is code based. VGT has an audit committee, which is established as asub-committee of the main board. The audit committee comprises three non-executivedirectors. In accordance with the codes of corporate governance, the main board reviewsthe work of the audit committee on an annual basis and also determines the authority ofthat committee. For example, the audit committee:•reviews the annual financial statements with the external auditors prior to publication •reviews the report of the external auditors on the annual financial statements • monitors the work of the internal audit department, including reviewing reports, butnot determining the work of the internal auditor.The main board still considers the appointment of the auditor and other professionaladvisors, as the finance director and CEO have the most recent and relevant financialknowledge on the board and therefore understand which auditors are capable of auditingVGT’s financial statements.The internal audit department comprises a chief internal auditor (who is a qualified certifiedaccountant) and 12 staff ranging from qualified accountants to junior accountants studyingfor their ACCA qualification. The department follows a set work programme ensuring all theprinciple systems in VGT are audited in rotation every three years. In some situations, theinternal auditor implements control systems for VGT – the delay in review helping to ensurethat there is no conflict of interest in this respect. Special reports are produced for thefinance director on request, for example valuations of property or assessments of financialstatements for takeover targets of VGT. All staff follow a programme of training to ensurethey have the appropriate internal audit skillsRequired:(a) Discuss the roles of an audit committee in corporate governance and evaluate theextent to which the audit committee in VGT meets those roles. Recommend anychanges necessary to comply with good corporate governance. (15 marks)(b) Evaluate the effectiveness of the internal audit department in VGT.(10 marks)(Total: 25 marks)Revision Mock Questions KAPLAN PUBLISHING 7QUESTION 4ABC is a relatively small manufacturing company listed on a European stock exchange. JamesToon, the CEO, is in buoyant mood following a meeting with the company’s CFO. He hasbeen told that interim profits are likely to exceed expectations and that subsequently hecould confidently expect share price to rise considerably once the figures are released intothe market next month.This is good news since Mr Toon has been concerned about the company’s future given theincreasing pressure placed on exports due to local competition in overseas markets. Duringthe meeting he reminded the CFO of the need for continued vigilance in relation to costcontrol in order to sustain profits. The CFO pointed out that the weight of governanceregulation placed on companies such as ABC did not help their position. In particular, he feltthat placing the same constraints on a small listed company as larger concerns in their homemarket and the fact that overseas competitors had to operate under much less regulatedregimes damaged the organisation’s ability to compete.Mr Toon agrees, and is adamant that the company will not employ board committees asidentified by the principles-based governance code through which ABC has gained listing. Hefeels that this is an unnecessary overhead and will not cede to the “unacceptable demand”.He is however concerned as to the possible consequence of this action should he choose notto comply.Mr Toon is the majority share holder in the company and, following the news relayed to himat the meeting, has contacted his wealthy friend, Joe Ng, asking him to purchase a largeblock of ABC shares. The two men hope to sell the shares following the interimannouncement and split the profits between them. During their discussion, Mr Toon statedthat he would rather not purchase the shares himself since such an action “might look bad”if minority investors were to discover what he had done .Required:(a) Discuss the scope of governance regulation affecting the board at ABC and considerthe extent to which governance regulation can have a negative impact oncompanies such as ABC. (15 marks)(b) Discuss the likely regulatory reaction to Mr Toon’s decision not to employcommittee structures in board operations. (5 marks)(c) Discuss possible outcomes to the agreement made between Mr Finn and Joe Ng.(5 marks)(Total: 25 marks)ACCA P1 Professional AccountantPUBLISHING 8KAPLAN。

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。

2016年6月ACCA P3考试真题

P ap e r P 3Section A – This ONE question is compulsory and MUST be attempted1IntroductionQTP Co produces timber framed windows for builders’ merchants, property builders and property maintenance companies. It does not sell windows directly to the general public. Members of the general public (and small building companies) can buy QTP windows through the builders’ merchants supplied by QTP. These builders’ merchants supply a wide range of products for property maintenance and improvement. They are usually located in large warehouse premises on the outskirts of towns and cities.There are three primary raw materials (or components) for the windows which QTP makes.–Timber (wood) which it orders from timber suppliers. Worldwide demand for timber is increasing and timber prices are relatively high and supply of some of the specialist timber which QTP requires is often in short supply.–Glass which it orders from specialist glass manufacturers.–Fittings, such as bolts, latches, handles, etc which it sources from a number of small specialist producers.QTP has a number of departments. This scenario considers just five of these departments and each of these departments is exactly aligned with activities of the value chain. They are:–Inbound logistics and procurement–Production–Outbound logistics–Marketing and sales–ServiceProduction takes place on one dedicated production line where one machine (and supporting labour) undertakes all the tasks concerned with converting the components into the finished windows. There are no plans to buy a second machine or open up a second production line. Production takes place from 08.00 to 17.00 (nine hours). Although employees take breaks, these are organised so that the production line is always staffed. It is not possible, because of technical and environmental constraints, to extend the working day or organise a night shift. The company is effectively restricted to a nine-hour working day. Setting up and setting down of the machine has to take place within this nine-hour day.Outbound logistics has a small fleet of vehicles which are used to deliver finished windows to the customer. Effective scheduling of this fleet is currently a problem and vehicle maintenance is becoming more expensive as the vehicles get older.Standard and bespoke windowsThe company offers both standard windows and bespoke windows.Standard windows are made to a specification decided by QTP and they are produced to inventory. These windows are advertised in the company’s catalogue and on its website. Customer orders for these windows are supplied from inventory and next day delivery is promised. The production of these windows is based on sales forecasts made by the marketing and sales department. These forecasts are used by the inbound logistics and procurement department to place orders for the raw materials for the windows. Because relatively large orders for components are placed in advance, QTP usually obtains significant discounts on published component prices.Bespoke windows are produced to a specification required by the customer, usually resulting from consultation and negotiation between the marketing and sales department and the customer. They are made to exactly fit the customer’s needs, in terms of timber type and quality, glass specification, window size and types of fitting. The marketing and sales department provides the customer with a proposed delivery date. A copy of the order, and the proposed delivery date, is also given to the production department, so that they can schedule the making of the windows and to inbound logistics and procurement so that they can order specific components for the windows.At present, there is often a conflict between the production of standard and bespoke windows. It is essential that QTP achieves the promised delivery date for bespoke orders. T o achieve this, it is often necessary for scheduled runs of standard windows to be postponed so that bespoke windows can be produced. This leads to less efficient use of the machine and labour (due to set up and set down time) and also to components for standard windows being held in inventory for longer than planned. Furthermore, component prices for bespoke orders are usually higher, reflecting smaller volumes and the need to fulfil tight deadlines. Bespoke window production and delivery to customers usually2takes place as quickly as possible, to ensure that promised deadlines are met and inventory storage of finished windows minimised.In the past, it was possible for bespoke orders to use common components bought in for standard windows. However, this led to continual disruption of the production of standard windows and now components for standard and bespoke orders are kept quite separate and are stored in different areas of the warehouse.In general, the marketing and sales department prefers to make bespoke sales, rather than sales of the standard windows. They believe that bespoke windows provide exactly what the customer wants and this distinguishes QTP from its competitors who are more focused on selling standard windows. Unlike these competitors, the marketing and sales department at QTP contains staff who are experienced in window design and applications and customers value this. There is evidence that some important customers purchase their standard windows from QTP even though they could buy similar windows cheaper elsewhere, because they value QTP’s flexibility in supplying them with bespoke windows. The marketing and sales director claims that, ‘we have sales people who really understand windows and what customers want and need. We are not trying to sell them windows off-the-shelf, just because we have them in inventory.’Furthermore marketing and sales staff claim that bespoke windows deliver higher revenue and higher profit to QTP than standard windows. However, this is challenged by the production manager who would prefer production to be focused on standard windows. Sales staff are currently rewarded on the basis of average revenue per window. At present, approximately 30% of QTP’s sales volume is for bespoke windows, but this share is increasing annually.T able One shows selected data for the production of standard and bespoke windows.Standard window Bespoke window Revenue and costs per window ($)Average revenue 85110Average inventory (storage) cost155Average raw material cost2040Average transport cost (Note 1)1510Average labour cost ($)1215Average machine cost ($)810 Production dataAverage number of windows produced per hour1210Wastage rate for windows produced2%5%Average set up time (Note 2)10 minutes15 minutesAverage set down time (Note 3)20 minutes45 minutesAverage production run (Note 4) 4 hours 2 hoursOther dataNumber of customer complaints per thousand windows210Table One: Selected QTP data: standard window and bespoke window productionNote (1) T ransport costs concern distribution costs of finished goods to customers. Costs of inbound components are borne by the supplier.Note (2) Time taken to set up the machine for a single production run of windows to one specification.Note (3) Time taken to set down the machine (resetting parameters, cleaning, etc) from a single production run of windows to one specification.Note (4) Time of a single production run of windows to one specification.Important: The machine is restricted to a nine-hour working day. Set up time and set down time must be within this nine-hour working day.Management concernsSenior management at QTP is exploring the possibility of moving the company to solely standard window production OR solely bespoke window production. They are also investigating issues in the five departments which are aligned to the activities of the value chain. They previously employed a business analyst who provided them with an analysis of the service department at QTP, documented in Appendix 1. Management has engaged you as her successor and they now require similar analyses for the remaining four departments.3[P.T.O.4Required:QTP management would like you to prepare a briefing paper which:(a)Analyses the current issues in the remaining four departments under consideration (inbound logistics andprocurement, production, outbound logistics, marketing and sales), with appropriate reference to each department’s role in the value chain. Appendix 1 Figure One is representative of the approach required.(20 marks)(b)Evaluates the financial case for EITHER producing and selling standard windows only OR producing andselling bespoke windows only. The evaluation should include both options and could include any comments you have on the limitation of the data given in Table One. However, you should assume that the data given in this table accurately reflects the current situation.(12 marks)(c)Analyses how the company could restructure elements of each of the remaining four departments (and hencethe value chain) in the future for EITHER a switch to only standard windows production OR a switch to only bespoke windows production. Appendix 1 Figure Two is representative of the approach required and it clearly shows that you should include BOTH options in your analysis.(14 marks) Professional marks will be awarded in question 1 for the structure, tone, coherence and clarity of your briefing paper.(4 marks)(50 marks)5[P.T.O.Section B – TWO questions ONLY to be attempted2Shop Reviewers Online (SRO) was founded in 2010 by Amy Needham. She felt that many customers buying from online stores were misled by advertising and that too often, purchased products turned out to be unreliable, faulty or failed to meet the customers’ expectations. Amy believed that the online retail industry was increasingly acting unethically, caring only for profits at the expense of the needs and expectations of customers.Consequently, she set up SRO to ‘provide an unbiased review of online stores to ensure the customer has all available information’. The company offers reviews of current online stores and provides direct links for customers to shop at the stores featured on its site. The reviews include price comparisons, provided by SRO, as well as general reviews provided by registered users of the site. The company has two main revenue streams. The first is advertising revenue from online stores who place advertisements on the SRO site. The second revenue stream is commission from sales by online stores to customers who have clicked on the sponsored links provided on the SRO website. This commission is only paid by stores who have entered into such a commission arrangement with SRO.SRO relies upon its website being available online 24 hours a day, 7 days a week. For this reason it has backup servers running concurrently with the main servers on which data is processed and stored. The servers are directly linked so that any update to the main servers automatically occurs on the backup. The servers are all housed in the same computer centre in the company head office. The computer centre has enhanced its security by implementinga fingerprint recognition system for controlling access to the site. However, as the majority of staff at headquarters areIT personnel, and often temporary staff are hired to cover absentees, the fingerprint recognition system is not comprehensive and, to save time, is often bypassed. Similarly, to save time needed to set up new permanent staff with passwords to access the company’s systems, a general ‘administrator’ user has been created, with the password ‘password’. Many temporary staff access the system in this way.SRO has an intelligent software application which constantly searches the internet for product price changes, uploading these into the reviews of the online store in question. Sometimes, however, there have been problems.Usually this is when the application has not recognised an outdated page and has replaced the correct latest price with an old price found on the outdated page. Furthermore, this intelligent software application needs permanent continual access to the internet, and SRO has identified a problem with its firewall which has prevented the software application from sometimes updating the internal systems. For this reason, it has removed the firewall protection to help ensure that the correct up-to-date prices of all online stores are shown on the website.SRO rarely generates other elements of reviews (such as product experience), leaving this to registered users of the site. However, it will, occasionally, submit its own review to help boost a store which pays a higher commission rate than its competitors. SRO is always honest in its reviews, but the more reviews a store has, the higher up the search list it appears, when a customer searches for a specific product.Registered users can submit as many reviews as they wish. Unregistered users may also submit reviews, which will be published under the name ‘anonymous’, but these reviewers will be unable to comment on the reviews of others.SRO checks reviews for appropriate content, but does not contact the store to verify the accuracy of the review.SRO is about to undertake an audit of the adequacy of its general and application IT controls. In addition, SRO is currently undertaking an internal ethical governance audit, which has identified two main areas of concern:(1)Commercial conflicts of interestAs mentioned earlier, SRO’s business objective is to ‘provide an unbiased review of online stores to ensure the customer has all available information’. However, the audit has revealed that both SRO’s revenue streams may cause an ethical dilemma with regards to this objective.(2)Company officesSRO has little need for traditional offices, as it does not have a direct customer-facing role. It mainly requires IT technicians to support its automated services. The company has carried out research which suggests that the IT skills it requires could be sourced at a much lower rate overseas. It is considering relocation to one such country.This country has low rates of corporation tax and cheaper labour costs. However, the country itself is poorly regulated and does not have legislation concerning the quality of information systems or the security of data contained within them, particularly relating to personal data. The culture of the country is such that accepting unauthorised payments for services is also not unusual. Whilst SRO does not condone this in its code of conduct, it is aware that such issues exist in the country under consideration.6Required:(a)Evaluate the adequacy of the general and application controls in place within SRO, with respect to itsinformation technology and information systems. Suggest any improvements you consider to be necessary.(15 marks)(b)Assess the corporate governance and ethical dilemmas identified by SRO in its possible relocation to theforeign country and discuss the implications of these on organisational mission, purpose and strategy.(10 marks)(25 marks)7[P.T.O.3The Holiday Company (HC) currently offers travel agency services by giving travel advice and making travel bookings for customers who physically visit the offices located in most major towns in the country. However, it is progressively reducing this part of the business while simultaneously trying to achieve a greater proportion of its revenue online.T o help meet this objective, HC is in the process of forming a new business unit to market and sell luxury holidays.The holiday product range marketed by this new business unit will be named Inspirations. It is intended that Inspirations will provide a high quality, bespoke holiday service for discerning clients. HC has decided that this new business unit will have its own mission statement of ‘delivering a high quality service for discerning travellers’. The new managing director of Inspirations has stated that it has an objective of achieving annual revenue of $100m by 2018. This would be approximately 25% of the total forecast revenue for HC that year, but it is expected to represent only about 5% of the total number of holidays sold by HC. The type of holidays offered by Inspirations is already provided by some of HC’s competitors.Dilip Kharel, the new director of marketing of Inspirations, has stated that the internet should be increasingly used as the main source of marketing and selling the holidays, as ‘the days are almost gone when families visit a ‘high street’travel agency to plan their holiday; it’s all done now from the comfort of the home’. He believes that potential customers of Inspirations will not want to visit high street travel agencies.HC currently makes extensive use of traditional marketing techniques, sending out travel brochures containing all of its holidays to potential customers. However, as Dilip has recognised, ‘the problem is that we don’t even know if our customers bother opening these, or if they put them directly into the dustbin.’ These brochures are often produced months in advance, and may advertise holidays which are no longer available. Customers will not discover this until they visit one of the travel agents. The company currently does make some use of targeted emails, but it has been accused of sending spam mail in the past and mass mailing a weekly email of all current holiday offers to everyone registered on its database.Dilip is keen to embrace the opportunities offered by electronic marketing and believes that Inspirations can benefit greatly by exploiting the principles of intelligence, individualisation, interactivity, integration and independence of location which are central to electronic marketing.Inspirations will offer holidays in a wide variety of locations, including the Caribbean, Africa and Asia, and plan to offer ‘themed’ trips, such as gourmet food holidays and heritage trips. Different countries may have different requirements for visiting tourists, such as visa regulations. Inspirations does not own hotels or aircraft and therefore the majority of holidays offered will be provided by third-party suppliers, such as hotel and airline companies. This means that Inspirations can lack control over some elements such as passenger taxes. Inspirations will have representatives on site in all resorts to meet guests at airports and to address any issues they have with the holiday.However, the hotels and excursions will not be solely or exclusively offered to Inspirations guests. For example, there will be other guests at a hotel who have not booked through Inspirations.Dilip is concerned about this. He feels that the company needs to be able to differentiate itself, either in the overall holiday experience itself or in the marketing of it, so that customers are more likely to book such holidays through Inspirations, rather than through a competitor, or indeed through booking with the hotel directly. He also recognises the importance of adopting an appropriate pricing strategy which meets the needs of the organisation (HC and Inspirations) and customers alike.Required:(a)Evaluate how the principles of intelligence, individualisation, interactivity, integration and independence oflocation could be exploited when marketing the new range of holidays to be offered by Inspirations.(15 marks)8Dilip Kharel recognises the importance of a pricing strategy which supports the overall corporate and business strategies of the organisation.Required:(b)Describe a strategic approach to establishing prices in the context of Inspirations. You should recognise botheconomic and non-economic factors in your approach.(10 marks)(25 marks)9[P.T.O.4The country of Westoria has a well-respected public health service funded primarily through general taxation. The Westoria Public Health Authority (WPHA) is responsible for delivering this health service through a network of hospitals in Westoria.WPHA is under increasing pressure to demonstrate to taxpayers that it is using public finances wisely and so it wishes to accurately monitor and control health service expenditure. However, it is proving difficult to confidently track the budgeted and actual finances of individual hospitals, as each is operating its own form of budgeting and cash management. Consequently, WPHA has decided to introduce a single computer-based system which will allow all hospitals to enter and manage financial information in a standard way. This system will be part of an authority-wide enterprise resource planning system (ERPS) which will allow WPHA to monitor and control the finances of the entire authority. Currently, the input and consolidation of WPHA information is a time-consuming process, importing data from individual hospitals into a series of spreadsheets to provide total figures for the authority as a whole.At a recent WPHA board meeting, the head of the authority suggested that the scope of the ERPS should be widened to incorporate other elements of operational and management information. She pointed out that some previous commercial off-the-shelf (COTS) software solutions which the authority selected and implemented had not worked well. She gave two specific examples:–The payroll system does not support payment increments for non-standard working, such as overtime rates. T o allow this, payroll staff currently have to change the employee’s standard hourly rate for the time period in question and then change it back again. This is time-consuming and payment errors have been made when payroll staff have forgotten to change the rate back again.–The human resource management system does not support the temporary transfer of staff between hospital departments. T o compensate for this, human resource staff have to action a permanent move for a short time period and then action a reverse move at the end of that period.She therefore felt that the introduction of the ERPS would be an opportunity to address outstanding problems and to improve and standardise the systems in use.The board agreed the ERPS should, as a minimum, also include payroll and human resource management modules within the overall product. However, given budget limitations, the board decided that a commercial off-the-shelf ERPS solution should be selected and implemented. They all agreed that this would be a cheaper solution than a bespoke system and would be well suited to their needs, as it should fulfil the standard requirements they envisaged.Furthermore, it had always been the policy of WPHA not to employ internal IT system developers. Currently, the IT support team consists of one operational member of staff at each hospital and a central team of ten staff who assist in addressing major IT problems encountered at any of the hospitals. The IT support team has also produced ways to bypass issues with previously implemented COTS package solutions.This lack of internal IT resource, and the recognition that previous COTS implementations had been less successful than predicted, has prompted WPHA to seek the advice of an external software systems consultant.The consultant has suggested that the evaluation and implementation of the ERPS package should follow a four-stage process:–Evaluate whether a COTS solution is an appropriate approach–Define the requirements for the new software–Evaluate competing packages–Implement the selected packageHowever, the head of the authority believes that the external consultant is being over-cautious in his advice and approach and that the first two stages are not needed. In her words: ‘We know that a COTS solution is the right approach for us as we have little alternative, so why spend time doing the first step? We also know that we’ve been pretty poor at defining what we want in the past; so why not recognise our deficiencies and go straight to stage three and look at competing packages to see which products provide the best features?’The HR director, who has experienced the problems of the human resource and payroll systems at first hand, disagrees. He feels that the consultant’s four-stage process is insufficient. He believes that, ‘it is important that we consider all four elements of the POPIT (four view) model, which provides four key areas to be considered when a process is to change. These four key areas are people, organisation, processes and information technology. Only the last of these will be considered in the consultant’s four-stage process. If we ignore the remaining three areas we are10in danger of another failed software project, which is likely to further upset taxpayers and, perhaps, threaten the future of the authority itself.’Required:(a)The external consultant suggested a four-stage process for the evaluation and implementation of the proposedcommercial off-the-shelf ERPS package.Discuss the four-stage process for the evaluation and implementation of a software package, and the significance of each stage in the context of the previous and proposed COTS solutions at WPHA.(16 marks)(b)The HR director has suggested that all elements of the POPIT model should be considered.Explain, in the context of WPHA, the need for considering the people, the organisation and the processes involved when carrying out a business change project.(9 marks)(25 marks)End of Question Paper11。

2021年ACCA考试模拟试题

2021年ACCA考试模拟试题：财务管理(1)1.在有限责任公司中，所有者的责任仅限于A.公司的债务B. 已发行普通股的市场价值C. 已发行普通股的票面价值D. 注册资本的价值2. 历史成本原则A. 不适用于资产负债表上的任何资产项目B.适用于资产负债表上某些负债项目C.适用于资产负债表上某些资产项目D. 适用于资产负债表上所有资产、负债项目3. 在进行财务比率分析时，假设货币价值A. 保持不变B. 变化可以预测C. 变化不可预测D. 不相关4. 企业评价投资项目时，计算全部现金流入量、现金流出量的现值，并将其进行比较，所得到的计算结果称为A. 回收期B.内部收益率C.会计报酬率D. 净现值5. 有4种评价投资的主要方法，其中考虑了货币时间价值的方法有A. 净现值法和内部收益率法B.内部收益率法和回收期法C.回收期法和会计报酬率法D. 会计报酬率法和净现值法6. 在存在资金限额的条件下，备选方案的排序应按下列哪种标准来进行A.现在已筹集到的资金的每元净现值B.尚需筹集的资金的每元净现值C. 尚需筹集的资金的每元内部收益率D.现在已筹集到的资金的每元内部收益率7. 在投资项目评价中，税款支出应A. 包含于现金流量之中B. 不包含在现金流量之中C. 包含于利润之中D.不包含在利润之中8. 抵押贷款是【】A. 一方以资产为担保借钱给另一方B.一种法律责任，以拥有的资产作担保的一项贷款C.一方向另一方借钱，并且以财产作担保，但不一定承担法律责任D.将款项支付给贷出方，其担保物是财产9. 营运资本应该【】A. 尽可能多B. 与企业的经营规模相适应C. 尽可能少D. 与长期资本一样多10. 存货周转率反映【】A. 商品销售的速度B. 商品付款的速度C. 客户购买存货付款的速度D. 购买商品的速度11. 一项兼并受到目标公司董事的反对，这项兼并称为【】A. 善意兼并B. 敌意兼并C. 横向兼并D. 企业的分立12. 给予现有普通股东购买新增发股票的权利是【】A. 发行可转换证券B. 发放贷款C. 发放奖金D. 发行优先认股权2021年ACCA考试模拟试题：财务管理(2)The following information should be used when answering questions 1, 2 and 3.ScenarioCAET have implemented a bespoke Human Resources (HR) system. The system has gone live but it has not proved very popular or successful, with users claiming that it only partly fulfils their requirements. A consultant has been hired toexamine their claims and to suggest how their concerns might be tackled.The consultant’s report has highlighted the role played by the Requirements Specification. He suggests that theRequirements Specification’s reliance on ambiguous textual specifications has led to problems of ill-defined and poorlycommunicated requirements. He claims that the‘analyst’s failure to use diagrammatic models has meant that manyrequirements were not fully understood before they were programmed. Specifications without diagrams are very difficult toquality assure.’ His report quotes several examples of textual specifications. Two specifications are reproduced below;Specification 1(field names are shown in italics)The system should hold information about Jobs (job number, job description, grade) and about the Departments (department name, department head) that these Jobs are in. A Department may have many Jobs allocated to it, but oneJob is only in one Department. When these Jobs become vacant they should be advertised in both Internal and Externalmedia. The information that must be stored isdate advertised, size of advertisement, noticeboard location(for internaladvertisement only),newsletter reference(for internal advertisement only),newspaper edition(for external advertisementonly) and cost of advertisement(for external advertisement only). Information about Applicants (applicant name, applicantaddress) is required, specifying which Job they are applying for and where they saw the Job advertised.Specification 2When an application form is received from an Applicant, a Clerk enters the information on the form into the system. As itis entered, it is validated against Job details to ensure that the Applicant is applying for a valid Job. Once details have beenentered they are stored on an Applicant database. Overnight a batch process is run to send an acknowledgement letter toeach Applicant. The date that the letter is sent is noted on the Applicant details held in the system.Redefinition ProjectThe consultant has suggested a Redefinition Project to address the problems encountered by the users. He says that,‘I am suggesting a mini-project with agreed Terms of Reference and a project plan. These problems need to be addressedin a planned manner’.The consultant is keen to stress that he does not wish to over-engineer the software solution. ‘We have to ensure that thetrade-off between time, cost and quality is appropriate for the delivered software’, he says, ‘the delivered software must beappropriately located on the time/cost/quality triangle.’1The consultant has recognised that ambiguous textual specification has contributed to the software’s problems. Heclaims that the ‘analyst’s failure to use diagrammatic models has meant that many requirements were not fullyunderstood before they were programmed.’ The implication is that the use of such diagrammatic models in analysiswould have solved many of the ambiguities of the specification.(a)Specification 1 in the scenario describes static structures, which could be modelled with a class model, entity-relationship model or logical data structure model.(i)Briefly explain the notation of EITHER a class model OR an entity-relationship model OR a logical datastructure model;(4 marks)(ii)Using this notation, model the information given in Specification 1. Note any assumptions you havemade or issues you would need to clarify with the user. Your answer should indicate the fields in eachentity/class.(6 marks)2021年ACCA考试模拟试题：财务管理(3) An organisation is reviewing the way that Information System (IS) projects are accounted for in the organisation. Atpresent the Information Systems department (which undertakes the IS projects) is a non-recharged cost centre.However, the organisation wishes to explore the advantages and disadvantages of other charging approaches.Four approaches are being considered(1)Non-rechargeable cost centre (current situation)(2)Recharged at cost(3)Recharged at a mark up (profit centre)(4)Setting up a separate IS companyRequired:FOR EACH of the FOUR approaches listed above:(i)briefly describe the principle of the approach;(1 mark)(ii)briefly describe ONE advantage of the approach;(2 marks)(iii)briefly describe ONE disadvantage of the approach.(2 marks)The mark allocation shown is for each approach, four approaches are listed.(20 marks)5(Designing Information Systems)An organisation wishes to purchase a software package to administer its workflow requirements. It is currently drawingup an Invitation to Tender (ITT) to send out to potential suppliers.Required:(a)Identify and briefly describe the contents of FOUR possible sections of the Invitation to Tender which will be sent to the potential suppliers.(12 marks)(b)Some of the managers are sceptical about the formal drawing up of an ITT. Project manager, Mary Mendes, claims ‘our approach is to select a software package from a well-established software house, show it to the usersand convince them that it is what they want. Ours is a much quicker approach than all this formal ITT stuff’.Explain the potential problems of Mary’s approach to software package selection and explain how these are overcome by a formal approach that includes the production of an ITT.(8 marks)(20 marks)46(Evaluating Information Systems)An examination board currently has a system where the following details are held about examinations. There are currently 1,000 examinations on file, set by 100 examiners. Each examiner has set 10 examinations. There is asimple computer file (called ASSESSMENT) containing 1,000 records. Each record has the following structure: ASSESSMENT fileField nameLength of fieldType of fieldExamination number4NumericExamination name30CharacterExaminer name30CharacterExaminer address50CharacterPassmark2Numeric2021年ACCA考试模拟试题：会计师与企业（1）Section A–BOTH questions are compulsory and MUST be attempted 1 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 50% 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 beendeclining.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 pessimistic view of the company and its share price has declined to 50c per share from a high of $2.85 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 refrigerationunits 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.5.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 holderswill contribute $90 million in cash.All the shares will be listed and traded.The bank overdraft will be converted intoa 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 options for 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 liabilitiesattributable 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%.Salesrevenue 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 reinvestmentneeded 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 and shareholders would receive in the event that Doric Co ceases trading and is closed down.(5 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)(55 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 normally import 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 57.5% 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 corebusiness.Fubuki Co's directors expect to develop theproject 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 500 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 $5 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 1,500 unitswill 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 yearthe selling price per unit is expected to increase by 5% per year.5.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.Tax allowable depreciation is available on the plant and machinery on a straight-line basis.It isanticipated 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 $2.55 each and $40 million bonds trading at $94.88 per $100.The five-year government debt yield is currently estimated at 4.5% and the market risk premium at 4%.Required:(a)Evaluate,on financial grounds,whether Fubuki Co should proceed with the project.(17 marks)(b)Discuss the appropriateness of the evaluation method used and explain any assumptions made in part(a)above.(8 marks)(25 marks)2021年ACCA考试模拟试题：会计师与企业（2）1 Bravado，a public limited company，has acquired two subsidiaries and an associate. The draft statements of financial position are as follows at 51 May 2009：Bravado Message Mixted$m $m $mAssets：Non-current assetsProperty，plant and equipment 265 250 161Investments in subsidiariesMessage 500Mixted 128Investment in associate - Clarity 20 Available-for-sale financial assets 51 6 5 - - -764 256 166- - -Current assets：Inventories 155 55 75Trade receivables 91 45 52Cash and cash equivalents 102 100 8- - -528 200 115- - -Total assets 1，092 456 279- - -Equity and liabilities：Share capital 520 220 100Retained earnings 240 150 80Other components of equity 12 4 7- - -Total equity 772 574 1872021年ACCA考试模拟试题：会计师与企业（3）On 1 June 2007，Bravado acquired 6% of the ordinary shares of Mixted. Bravado had treated this investment asavailable-for-sale in the financial statements to 51 May 2008 but had restated the investment at cost on Mixted becoming a subsidiary. On 1 June 2008，Bravado acquired a further 64% of the ordinary shares of Mixted and gained control of the company. The consideration for the acquisitions was as follows：Holding Consideration$m1 June 2007 6% 101 June 2008 64% 118- -70% 128- -Under the purchase agreement of 1 June 2008，Bravado is required to pay the former shareholders 50% of the profits of Mixted on 51 May 2010 for each of the financial years to 51 May 2009 and 51 May 2010. The fair value of this arrangement was estimated at $12 million at 1 June 2008 and at 51 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 interestin Mixted held by Bravado before the business combination was $15 million and the fair value of the non-controlling interest in Mixted was $55 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 components 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 value of the net assets is due to an increase in the value of property，plant and equipment (PPE)。

1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。

®Section A – This ONE question is compulsory and MUST be attempted1 Introduction and industry backgroundDatum Paper Products designs and manufactures textile fabrics for use in the paper industry.The company is based in Homeland, which is in Europe. Its main customers are large European and American paper making companies and while the Homeland market is fairly stable, over 80% of DPP’s products are sold abroad. Its customers use highly expensive capital equipment, with a new paper mill costing $300 million or more.The paper makers supply paper to global newspaper and book publishers who themselves are under pressure to consolidate as a result of the growing competition from alternative information providers, such as TV and the Internet. The industry, therefore, carries many of the signs of a mature industry, the paper manufacturers have considerable overcapacity and are supplying customers who themselves are facing intense competition. Paper makers are looking to reduce the number of suppliers and for these suppliers to meet all their needs. The net result is heavy pressure on suppliers such as DPP to discount prices and improve international service levels, although there is little potential to increase sales volumes to achieve further economies of scale.DPP’s response to this more competitive environment has been to attempt to secure higher volumes through increasing their market share and to search for cost reductions in spite of the need to improve customer service levels.Currently, DPP has four Homeland plants manufacturing different parts of their product range. Any consolidation, including acquisition, is best done on a regional basis and a logical place to start seems to be countries in the same region as Homeland.Strategic options – acquisition or a greenfield site?Ken Drummond is Managing Director of DPP, and has spent a lifetime in the paper industry but has had little experience in acquiring other companies. The pressures faced by the regional industry mean that there are, in reality, two strategic options to achieve the necessary restructuring. Firstly, there are opportunities to buy existing companies available in most regional countries. The identification of suitable target companies, the carrying out of due diligence procedures before negotiating a deal and integration of the acquired company typically takes a year to complete. The second option is to move to one of the less wealthy countries in Europe where operating costs are significantly lower. There are significant government incentives in these countries for firms that move to a new or greenfield site in one of the many economically depressed areas. The greenfield option would take up to three years to get a plant set up and operating.The acquisition optionThe initial search for possible acquisition candidates has revealed a family owned and managed firm, Papier Presse, based in Awayland, some 800 kilometres from DPP’s main plant in the Homeland. Papier Presse has three manufacturing plants in Awayland, each heavily unionised and controlled by the owner Philippe Truffaud. Papier Presse’s markets are exclusively with Regional paper makers and it has no significant international business outside of the Region. The technology used is more dated than DPP’s and manning levels are significantly higher. Papier Presse’s product range has some significant overlap with DPP’s but there are also some distinctive products. Philippe’s son, Francois, is Sales and Marketing Director and his son-in-law, Henri, is Operations Manager. Philippe himself is the third generation of Truffauds to run the firm. Ken recognises the considerable differences between DPP and its potential partner – language being only the most obvious one.The sales, service and distribution systems of the two firms are totally distinct but their customers include the same Regional paper makers. Reconciling the two information systems would be difficult, with customers looking for much higher service levels. Historically, DPP, with its own research and development function, has a better record of product improvement and innovation. However, Papier Presse is better regarded by its customers for its flexibility in meeting their changing demands. In terms of strategic planning DPP contributes to the strategic plans drawn up at divisional level, while the family dominance at Papier Presse means that planning is much more opportunistic and largely focused on the year ahead. Each company has to operate within a climate of heightened environmental concern over toxic by-products of the manufacturing process. There are other similarities in that both companies have felt that product superiority is the route to success but whereas DPP’s is through product innovation; Papier Presse’s is through customer service. Clearly integrating the two companies will present some interesting challenges and the family ownership of Papier Presse means that a significant premium may have to be paid over the current book value of the company.The greenfield optionKen, however, also recognises that the apparent benefits of moving onto a new greenfield site in one of the less wealthy countries in the Europe would itself bring difficulties. One obvious difficulty is the lack of a modern support infrastructure in terms of suppliers, distributors and logistical support. There is also a strong tradition of government intervention in company growth and development. Although there are government agencies looking to attract new companies to set up in these countries, there are considerable bureaucratic and time-consuming procedures to overcome. Above all there is continuing government financial support for small inefficient, formerly state-owned, companies making the products for the national paper makers, who themselves are small and inefficient compared to the customers being supplied by DPP and Papier Presse.Table 1: Financial information on DPP and Papier Presse ($’000,000) for most recent yearDatum Paper Products Papier Presse Revenue 195.5 90.0Cost of sales 122.2 67.5Gross profit 73.3 22.5Sales & administration 27.4 9.0Marketing 9.5 1.4Research &Development (R&D) 4.5 0.5Depreciation 10.0 1.0Operating profit 21.9 10.6Net assets 275.0 148.0Employees 1,250 750Share of major regional markets:- Homeland 45% 14%- Awayland 10% 60%- Other countries in Europe 15% 25%Analysis of sales- Sales outside Europe 50% 5%- North America region 40% 3%- Rest of World 10% 2%Required:(a) Assess the advantages and disadvantages of Datum Paper Products acquiringPapier Presse. (18 marks)Professional marks will be awarded in part (a) for appropriate structure and clarityof analysis. (2 marks)(b) Assess the advantages and disadvantages to Datum Paper Products taking thegreenfield option as opposed to the acquisition of Papier Presse. (14 marks)(c) Assess whether or not DPP is facing strategic drift, and suggest new strategiesthat the company can take to re align its strategic direction with theenvironment. (14 marks)Professional marks will be awarded in part (c) for appropriate structure and fluencyof the report.(2 marks)(50 marks)Section B – TWO questions ONLY to be attempted2Good Sports is an independent sports goods retailer owned and operated by two partners, Alan and Bob. The sports retailing business in Homeland has undergone a major change over the past ten years. First of all the supply side has been transformed by the emergence of a few global manufacturers of the core sports products, such as sports shoes and football shirts.This consolidation has made them increasingly unwilling to provide good service to the independent sportswear retailers too small to buy in sufficiently large quantities. These independent retailers can stock popular global brands, but have to order using the Internet and have no opportunity to meet the manufacturer’s sales representatives. Secondly, Homeland’s sportswear retailing has undergone significant structural change with the rapid growth of a small number of national retail chains with the buying power to offset the power of the global manufacturers. These retail chains stock a limited range of high volume branded products and charge low prices the independent retailer cannot hope to match.Good Sports has survived by becoming a specialist niche retailer catering for less popular sports such as cricket, hockey and rugby. They are able to offer the specialist advice and stock the goods that their customers want. In recent years Good Sports has become increasingly aware of the growing impact of e-business in general and e-retailing in particular.They employed a specialist website designer and created an online purchasing facility for their customers. The results were less than impressive, with the Internet search engines not picking up the company website. The seasonal nature of Good Sports’ business, together with the variations in sizes and colours needed to meet an individual customer’s needs, meant that the sales volumes were insufficient to justify the costs of running the site.Bob, however, is convinced that developing an e-business strategy suited to the needs of the independent sports retailer such as Good Sports will be crucial to business survival. He has been encouraged by the growing interest of customers in other countries to the service and product range they offer. He is also aware of the need to integrate an e-business strategy with their current marketing, which to date has been limited to the sponsorship of local sports teams and advertisements taken in specialist sports magazines. Above all, he wants to avoid head-on competition with the national retailers and their emphasis on popular branded sportswear sold at retail prices that are below the cost price at which Good Sports can buy the goods.Required:(a) Provide the partners with a short report on the advantages and disadvantagesto Good Sports of developing an e-business strategy and the processes mostlikely to be affected by such a strategy. (15 marks)(b)Good Sports has successfully followed a niche strategy to date.Assess the extent to which an appropriate e-business strategy could helpsupport such a niche strategy.(10 marks)(25 marks)3Matt is the Managing Director of HCC, a small haulage contracting company that he founded12 years ago. Originally, Matt was a heavy goods vehicle driver himself, working for othercontractors, but he was intent on establishing his own haulage business. Having obtained a loan, Matt acquired a heavy goods vehicle (HGV) and began to work from home. Over time the business expanded and now HCC operates a fleet of 24 heavy goods vehicles (tractor units as they are called) and 48 trailers which are hooked on to the tractor units. A quarter of the current fleet of tractor units was acquired in the last financial year, replacing older units that were becoming too expensive to maintain. HCC now employs 20 full-time and a varying number of part-time drivers. The part-time staff work as and when required.Matt acquired a small plot of land six years ago and built a house on it that he and his family occupy. In addition, he built a garage with facilities for minor servicing and repairs on the same site. Living on site has enabled him to offer a 24-hour service to clients. Consequently, movement of tractor units and trailers in and out of the site occurs at all times of day and night. There have been objections raised by local residents and administrative officials to the disturbance, and the local newspaper has at various times reflected this criticism.In addition to haulage, HCC obtained a license to undertake forklift truck training. This has proved to be a successful diversification as there is a regular stream of customers. This training takes place mostly in HCC’s own garage facilities.It became clear to Matt that the land on which the garage facility is built was inadequate for the needs of his growing business. In addition to the inadequacy of the maintenance provision for a growing fleet, it became impossible to house the entire tractor units and trailers operated by the business. This problem was compounded when, as frequently occurs, the client’s own trailers were attached to the tractor units and parked overnight on HCC’s land.One year ago, Matt entered negotiations to lease some land that would more than satisfactorily accommodate all the tractor units and trailers. The land is situated on an industrial estate 5 km from the existing facility. In addition, there is room to build a repair and maintenance facility which would be adequate for the needs of the fleet. Matt believes that surplus land on the site can be used for storage of trailers for local companies. Following agreement of a lease arrangement, which was concluded just before the completion of the last financial year, HCC occupied the land on which there were no buildings erected or utilities supplied. Since taking possession of the land, a large security fence has been erected and a small portable cabin placed on site. Water, sewerage and electricity utility services have been supplied and negotiations are taking place for the installation of a large diesel tank adequate to service other vehicles besides those of HCC.Matt recruited Julia, a part-time bookkeeper, four years ago. Prior to Julia’s arrival HCC applied a policy of paying all invoices immediately upon receipt. On the other hand, debtors took longer than the credit period allowed and HCC suffered a cash flow shortage resulting ina large bank overdraft.Julia introduced some basic financial accounting procedures into the company. In addition to exercising some control over the company’s expenditure, she has reduced the debtors’ collection period to about half its former level. Creditors are now paid when the invoices fall due rather than immediately upon their receipt. Such control had been lacking prior to her arrival at the company. The bank manager has praised Julia for her efforts and informed Matt that in his opinion the control measures now introduced have saved the business from liquidation. As a consequence of the improvement in financial control, the bank has been willing to fund additional loans for the development of the new land. In making its decision, the bank required HCC to supply its statutory financial statements and a cash flow forecast for the development.Julia has persuaded Matt of the need to provide information that will be useful for strategic management purposes. Her own background and experience have been focused on the provision of a bookkeeping service, but she is enthusiastic about the challenge of obtaining and presenting strategic management accounting information.The company faces strong competition for haulage contract work. Typically, haulage contractors operate on a low-margin basis and smaller companies often sub-contract from large-scale hauliers.HCC carries haulage for a variety of customers as well as undertaking some sub-contracting. Much of the haulage work the company carries out is seasonal. Approximately 70% of its revenue is derived from Capok, a local company that manufactures soft furnishings such as cushions and pillows.Following the recent appointment of a new transport manager, Capok has begun to employ other hauliers besides HCC. Over the last two months, the haulage work HCC has received from Capok has reduced by about a third.Required:(a) Assess the nature of competitive forces to which HCC is subject.(10 marks)(b) Produce a position appraisal for HCC that identifies and evaluates the internaland external factors to which the company is exposed.(15 marks)(25 marks)4The Jay-C organisation provides corporate communication services and has grown very rapidly in the last five years owing to both an increased market for such services and an increasing share of the market. The increase in business through existing customers has placed severe strains on all parts of the business within Jay-C, but the board is keen to push forward with expansion plans, even if it means compromising shareholder value in the short term. The company has eight board members – two of them are non-executive directors. The board members see themselves as being in the business of managing risk and up to now all their risks have paid off well. The last Annual General Meeting was a heated affair and many shareholders, unions and financial backers voiced grave concern over the rate of expansion.After the meeting, the CEO commented to the only two-non executives, “Don’t worry, we know best. We’ll push ahead with the plans anyway”.Jon Dee is the new financial director, internally promoted from the US Division. Jon has the task of organising the finance for the global expansion plans under International Financial Reporting Standards (IFRS), and despite raising concerns about forecast cash flow in memos to the CEO/Chairman, George Nonre, he is keen to impress the board members with his professional expertise and prowess, despite his relative inexperience in global finance. He sees hedge funds and spreading funding offshore, which he managed in the US, as the way of getting around the risk associated with these expansion programmes.George Nonre is due to retire in 18 months’ time and is keen to leave on a high note, so he is driving the expansion forward on all fronts. He also wants his successor to be one of three current directors, but he is keeping his preference a closely guarded secret to maintain pressure on them to support the Jay-C expansion plans. .Required:(a) Explain the main cultural and ethical problems present in Jay-C and how thesecould be managed. Where appropriate support you answer with reference torecent corporate governance legislation or recommendations. (15 marks)(b) Identify and briefly explain an appropriate way of selecting George Nonre’ssuccessor and explain the role of the nomination committee in the successionprocess. (10 marks)(25 marks)End of Question Paper。