ACCA F5 2010年12月真题答案

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ACCA 2010 Dec Answer

AnswersProfessional Level – Essentials Module, Paper P1Professional Accountant December 2010 Answers 1 (a) (i) Institutional investor interventionSix reasons are typically cited as potential grounds for investor intervention. Whilst it would be rare to act on the basis ofone factor (unless it was particularly unfavourable), an accumulation of factors may have such an effect. Furthermore,institutional investors have a moral duty to use their power to monitor the companies they invest in for the good of allinvestors, as recognised in most codes of corporate governance. Institutional investors have the expertise at their disposalto understand the complexities of managing large corporations. As such, they can take a slightly detached view of thebusiness and offer advice where appropriate. The typical reasons for intervention are cited below.Concerns about strategy, especially when, in terms of long-term investor value, the strategy is likely to be excessivelyrisky or, conversely, unambitious in terms of return on investment. The strategy determines the long-term value of aninvestment and so is very important to shareholders.deteriorating performance, usually over a period of time, although a severe deterioration over a shorter period orPoormight also trigger intervention, especially if the reasons for the poor performance have not been adequately explained inthe company’s reporting.Poor non-executive performance. It is particularly concerning when non-executives do not, for whatever reason, balancethe executive board and provide the input necessary to reassure markets. Their contributions should always be seen tobe effective. This is especially important when investors feel that the executive board needs to be carefully monitored orconstrained, perhaps because one or another of the factors mentioned in this answer has become an issue.Majorinternal control failures. These are a clear sign of the loss of control by senior management over the operation of the business. These might refer, for example, to health and safety, quality, budgetary control or IT projects. In the case ofZPT, there were clear issues over the control of IC systems for generating ﬁ nancial reporting data.Compli ance fai lures, especially with statutory regulations or corporate governance codes. Legal non-compliance isalways a serious matter and under comply-or-explain, all matters of code non-compliance must also be explained. Suchexplanations may or may not be acceptable to shareholders.Excessive directors’ remuneration or defective remuneration policy. Often an indicator of executive greed, excessive boardsalaries are also likely to be an indicator of an ineffective remunerations committee which is usually a non-executive issue.Whilst the absolute monetary value of executive rewards are important, it is usually more important to ensure that theyare highly aligned with shareholder interests (to minimise agency costs).ethical performance, or lack of social responsibility. Showing a lack of CSR can be important in terms of the orPoorCSRcompany’s long-term reputation and also its vulnerability to certain social and environmental risks.[Tutorial note: the study texts approach this slightly differently.](ii) Case for interventionAfter the ﬁ rst restatement, it was evident that three of the reasons for interventions were already present. Whilst one ofthese perhaps need not have triggered an intervention alone, the number of factors makes a strong case for an urgentmeeting between the major investors and the ZPT board, especially Mr Xu.Poor performance. The restated results were ‘all signiﬁcantly below market expectations’. Whilst this need not initself have triggered an institutional investor intervention, the fact that the real results were only made public after aninitial results announcement is unfortunate. The obvious question to ask the ZPT board is why the initial results weremis-stated and why they had to be corrected as this points to a complete lack of controls within the business. A set ofresults well below market expectations always needs to be explained to shareholders.Internal control and potential compliance failures. There is ample evidence to suggest that internal controls in ZPT werevery deﬁ cient, especially (and crucially) those internal controls over external ﬁ nancial reporting. The case mentions, ‘noeffective management oversight of the external reporting process and a disregard of the relevant accounting standards’,both of which are very serious allegations. Linked to this, the investors need an urgent clariﬁ cation of the legal allegationsof fraud, especially in the light of the downward restatement of the results. Any suggestion of compliance failure isconcerning but fraud (down to intent rather than incompetence) is always serious as far as investors are concerned.Excessive remuneration in the form of the $20 million bonus. It is likely that this bonus was excessive even had theinitial results been accurate, but after the restatement, the scale of the bonus was evidently indefensible as it was basedon false ﬁ gures. The fact that the chief executive is refusing to repay the bonus implies a lack of integrity, adding weightto the belief that there may be some underlying dishonesty. Furthermore, although the investors thought it excessive,the case describes this as within the terms of Mr Xu’s contract. A closer scrutiny of remunerations policy (and thereforenon-executive effectiveness) would be appropriate.(b) Absolutist and relativist perspectivesAbsolutism and relativismAn absolutist ethical stance is when it is assumed that there is an unchanging set of ethical principles which should always be obeyed regardless of the situation or any other pressures or factors that may be present. Typically described in universalist ways, absolutist ethics tends to be expressed in terms such as ‘it is always right to ...’, ‘it is never right to ...’ or ‘it is always wrong to ...’Relativist ethical assumptions are those that assume that real ethical situations are more complicated than absolutists allow for.It is the view that there are a variety of acceptable ethical beliefs and practices and that the right and most appropriate belief depends on the situation. The best outcome is arrived at by examining the situation and making ethical assessments based on the best outcomes in that situation.Evaluation of Shazia Lo’s behaviour – absolutist ethicsFirstly, Shazia Lo was correct to be concerned about the over-valuation of contracts at ZPT. As a qualiﬁed accountant, she should never be complicit in the knowing mis-statement of accounts or the misrepresentation of contract values. For a qualiﬁ ed accountant bound by very high ethical and professional standards, she was right to be absolutist in her instincts even if not in her eventual behaviour.Secondly, she was also right to raise the issue with the ﬁ nance director. This was her only legitimate course of action in the ﬁrst instance and it would have been wrong, in an absolutist sense, to remain silent. Given that she was intimidated and threatened upon raising the issue, she was being absolutist in threatening to take the issue to the press (i.e. whistleblowing).It would be incompatible with her status as a professional accountant to be complicit in false accounting as she owed it to the ZPT shareholders, to her professional body and to the general public (the public interest) never to process accounting data she knows to be inaccurate. An effective internal audit process would be a source of information for this action.Evaluation of Shazia Lo’s behaviour – relativist ethicsIt is clear from Shazia Lo’s behaviour that despite having absolutist instincts, other factors caused her to assume a relativist ethic in practice.Her mother’s serious illness was evidently the major factor in overriding her absolutist principles with regard to complicity in the fraudulent accounting ﬁ gures. It is likely she weighed her mother’s painful suffering against the need to be absolutist with regard to the mis-statement of contract values. In relativist situations, it is usually the case that one ‘good’ is weighed against another ‘good’. Clearly it is good (an absolute) to show compassion and sympathy toward her mother but this should not have caused her to accept the payment (effectively a bribe to keep silent). She may have reasoned that the continued suffering of her mother was a worse ethical outcome than the mis-statement of ZPT accounts and the fact that she received no personal income from the money (it all went to support her mother) would suggest that she acted with reasonable motives even though her decision as a professional accountant was deﬁ nitely inappropriate. Given that accepting bribes is a clear breach of professional codes of ethics for accountants and other professionals, there is no legitimate defence of her decision and her behaviour was therefore wrong.(c) (i) Speech on importance of good corporate governance and consequences of failureIntroductionLadies and Gentlemen, I begin my remarks today by noting that we meet at an unfortunate time for business in this country. In the wake of the catastrophic collapse of ZPT, one of the largest telecommunications companies, we have also had to suffer the loss of one of our larger audit ﬁ rms, JJC. This series of events has heightened in all of us an awareness of the vulnerability of business organisations to management incompetence and corruption.The consequences of corporate governance failures at ZPT.I would therefore like to remind you all why corporate governance is important and I will do this by referring to the failuresin this unfortunate case. Corporate governance failures affect many groups and individuals and as legislators, we owe it to all of them to ensure that the highest standards of corporate governance are observed.Firstly and probably most obviously, effective corporate governance protects the value of shareholders’ investment in a company. We should not forget that the majority of shareholders are not ‘fat cats’ who may be able to afford large losses.Rather, they are individual pension fund members, small investors and members of mutual funds. The hard-working voters who save for the future have their efforts undermined by selﬁ sh and arrogant executives who deplete the value of those investments. This unfairness is allowed to happen because of a lack of regulation of corporate governance in this country.The second group of people to lose out after the collapse of ZPT were the employees. It is no fault of theirs that their directors were so misguided and yet it is they who bear a great deal of the cost. I should stress, of course, that jobs were lost at JJC as well as at ZPT. Unemployment, even when temporary and frictional, is a personal misery for the families affected and it can also increase costs to the taxpayer when state beneﬁ ts are considered.Thirdly, because of the collapse of ZPT, creditors have gone unpaid and customers have remained unserviced. Again, we should not assume that suppliers can afford to lose their receivables in ZPT and for many smaller suppliers, their exposure to ZPT could well threaten their own survival. Where the value of net assets is inadequate to repay the full value of payables, let alone share capital, there has been a failure in company direction and in corporate governance so I hope you will agree with me that effective management and sound corporate governance are vital.The loss of two such important businesses, ZPT and JJC, has caused great disturbance in the telecommunications and audit industries. As JJC lost its legitimacy to provide audit services and its clients moved to other auditors, the structure of the industry changed. Other auditors will eventually be able to absorb the work previously undertaken by JJC but clearly this will cause short-to-medium term capacity issues for those ﬁ rms as they redeploy resources to make good on those new contracts. This was, I should remind you, both unnecessary and entirely avoidable.Linked to this point, I would remind colleagues that it is important for business in general and auditing in particular to be respected in society. The loss of auditors’ reputation caused by these events is very unfortunate as auditing underpinsour collective conﬁ dence in business reporting. It would be wholly inappropriate for other auditors to be affected by thebehaviour of JJC or for businesses in general to be less trusted because of the events at ZPT. I very much hope that suchlosses of reputation and in public conﬁ dence will not occur.Finally, we have all been dismayed by the case of Shazia Lo that was reported in the press. A lack of sound corporategovernance practice places employees such as Ms Lo in impossible positions. Were she to act as whistleblower shewould, by all accounts, have been victimised by her employers. Her acceptance of what was effectively a bribe to remainsilent brings shame both on Ms Lo and on those who offered the money. An effective audit committee at ZPT wouldhave offered a potential outlet for Ms Lo’s concerns and also provided a means of reviewing external audit and otherprofessional services at ZPT. This whole situation could, and would have been, avoided had the directors of ZPT managedthe company under an effective framework of corporate governance.(ii) The case for the mandatory external reporting of internal controls and risksI now turn to the issue of the mandatory external reporting of internal controls and risks. My reason for raising this as anissue is because this was one of the key causes of ZPT’s failure.My ﬁ rst point in this regard is that disclosure allows for accountability. Had investors been aware of the internal controlfailures and business probity risks earlier, it may have been possible to replace the existing board before events deterioratedto the extent that they sadly did. In addition, however, the need to generate a report on internal controls annually will bringvery welcome increased scrutiny from shareholders and others. It is only when things are made more transparent thateffective scrutiny is possible.Secondly, I am ﬁ rmly of the belief that more information on internal controls would enhance shareholder conﬁ dence andsatisfaction. It is vital that investors have conﬁ dence in the internal controls of companies they invest in and increasedknowledge will encourage this. It was, I would remind you, a lack of conﬁ dence in ZPT’s internal controls and the strongsuspicion of fraud that caused the share price to collapse and the company to ultimately fail.Furthermore, compulsory external reporting on internal controls will encourage good practice inside the company. Theknowledge that their work will be externally reported upon and scrutinised by investors will encourage greater rigour inthe IC function and in the audit committee. This will further increase investor conﬁ dence.T o those who might suggest that we should opt for a comply-or-explain approach to this issue, I would argue that thisis simply too important an issue to allow companies to decide for themselves or to interpret non-mandatory guidelines.It must be legislated for because otherwise those with poor internal controls will be able to avoid reporting on them. Byspecifying what should be disclosed on an annual basis, companies will need to make the audit of internal controls anintegral and ongoing part of their operations. It is to the contents of an internal control report that I now turn.Content of external report on internal controls(iii)I am unable, in a speech such as this, to go into the detail of what I would like to see in an external report on internalcontrols, but in common with corporate governance codes elsewhere, there are four broad themes that such a reportshould contain.Firstly, the report should contain a statement of acknowledgement by the board that it is responsible for the company’ssystem of internal control and for reviewing its effectiveness. This might seem obvious but it has been shown to bean important starting point in recogni si ng responsi bi li ty. It is only when the board accepts and acknowledges thisresponsibility that the impetus for the collection of data and the authority for changing internal systems is provided. The‘tone from the top’ is very important in the development of my proposed reporting changes and so this is a very necessarycomponent of the report.Secondly, the report should summarise the processes the board (or where appli cable, through i ts commi ttees) hasapplied in reviewing the effectiveness of the system of internal control. These may or may not satisfy shareholders, ofcourse, and weak systems and processes would be a matter of discussion at AGMs for non-executives to strengthen.reportprovide meaningful, high level information that does not give a misleading impression. Clearly,shouldtheThirdly,internal auditing would greatly increase the reliability of this information but a robust and effective audit committee wouldalso be very helpful.Finally, the report should contain information about any weaknesses in internal control that have resulted in error ormaterial losses. This would have been a highly material disclosure in the case of ZPT and the costs of non-disclosure ofthis was a major cause of the eventual collapse of the companyI very much hope that these brief remarks have been helpful in persuading colleagues to consider the need for increasedcorporate governance legislation. Thank you for listening.[Tutorial note: full speec h not required to gain full professional marks as the question asks for ‘sec tions’ of thespeech.]2 (a) Explain ‘sustainability’ and criticise the ﬁ nance director’s understanding of sustainabilitySustainability is the ability of the business to continue to exist and conduct operations with no effects on the environment that cannot be offset or made good in some other way. The best working deﬁ nition is that given by the Gro Harlem Brundtland, the former Norwegian prime minister in the Brundtland Report (1987) as activity that, ‘meets the needs of the present without compromising the ability of future generations to meet their own needs.’ Importantly, it refers to both the inputs and outputs of any organisational process. Inputs (resources) must only be consumed at a rate at which they can be reproduced, offset or insome other way not irreplaceably depleted. Outputs (such as waste and products) must not pollute the environment at a rate greater than can be cleared or offset. Recycling is one way to reduce the net impact of product impact on the environment. The business activities must take into consideration the carbon emissions, other pollution to water, air and local environment, and should use strategies to neutralise these impacts by engaging in environmental practices that will replenish the used resources and eliminate harmful effects of pollution. A number of reporting frameworks have been developed to help in accounting for sustainability including the notion of triple-bottom-line accounting and the Global Reporting Initiative (GRI). Both of these attempt to measure the social and environmental impacts of a business in addition to its normal accounting.The ﬁ nance director has completely misunderstood the meaning of the term sustainable. He has assumed that it refers to the sustainability of the business as a going concern and not of the business’s place in the environment. Clearly, if a business has lasted 50 years then the business model adopted is able to be sustained over time and a healthy balance sheet enabling future business to take place ensures this. But this has no bearing at all on whether the business’s environmental footprint is sustainable which is what is meant by sustainability in the context of environmental reporting.(b)Stages in an environmental audit and the issues that JGP will have in developing these stagesEnvironmental auditing contains three stages.The ﬁrst stage is agreei ng and establi shi ng the metri cs involved and deciding on what environmental measures will be included in the audit. This selection is important because it will determine what will be measured against, how costly the audit will be and how likely it is that the company will be criticised for ‘window dressing’ or ‘greenwashing’. JGP needs to decide, for example, whether to include supply chain metrics as Professor Appo suggested, which would be a much more challenging audit. Given that the board’s preference is to be as ‘thorough as possible’, it seems likely that JGP will include a wide range of measures and set relatively ambitious targets against those measures.The second stage is measuring actual performance against the metrics set in the ﬁrst stage. The means of measurement will usually depend upon the metri c bei ng measured. Whilst many items will be capable of numerical and/or ﬁnancial measurement (such as energy consumption or waste production), others, such as public perception of employee environmental awareness, will be less so. Given the board’s stated aim of providing a robust audit and its need to demonstrate compliance, this stage is clearly of great importance. If JGP wants to demonstrate compliance, then measures must be established so that compliance against target can be clearly shown. This is likely to favour quantitative measures.The third stage is reporti ng the levels of compli ance or vari ances. The issue here is how to report the i nformati on and how widely to distribute the report. The board’s stated aim is to provide as much information as possible ‘in the interests of transparency’. This would tend to signal the publication of a public document (rather than just a report for the board) although there will be issues on how to produce the report and at what level to structure it. The information demands of local communities and investors may well differ in their appetite for detail and the items being disclosed. Given that it was the desire to issue an environmental report that underpinned the proposed environmental audit, it is likely that JGP will opt for a high level of disclosure to offset the concerns of the local community and the growing number of concerned investors.(c) Deﬁ ne ‘environmental risk’. Distinguish between strategic and operational risks and explain why the environmental risks atJGP are strategicDeﬁ ne environmental riskAn environmental risk is an unrealised loss or liability arising from the effects on an organisation from the natural environment or the actions of that organisation upon the natural environment. Risk can thus arise from natural phenomena affecting the business such as the effects of climate change, adverse weather, resource depletion, and threats to water or energy supplies.Similarly, liabilities can result from emissions, pollution, waste or product liability.Strategic risksThese arise from the overall strategic positioning of the company in its environment. Some strategic positions give rise to greater risk exposures than others. Because strategic issues typically affect the whole of an organisation and not just one or more of its parts, strategic risks can potentially involve very high stakes – they can have very high hazards and high returns. Because of this, they are managed at board level in an organisation and form a key part of strategic management. Examples of strategic risks include those affecting products, markets, reputation, supply chain issues and other factors that can affect strategic positioning. In the case of JGP, reputation risk in particular is likely to be one of the most far-reaching risks, and hence one of the most strategic.Operational risksOperational risks refer to potential losses arising from the normal business operations. Accordingly, they affect the day-to-day running of operations and business systems in contrast to strategic risks that arise from the organisation’s strategic positioning.Operational risks are managed at risk management level (not necessarily board level) and can be managed and mitigated by internal control systems. Examples include those risks that, whilst important and serious, affect one part of the organisation and not the whole, such as machinery breakdown, loss of some types of data, injuries at work and building/estates problems.In the speciﬁ c case of JGP, environmental risks are strategic for the following reasons.First,performanceaffects the way in which the company is viewed by some of its key stakeholders. The case environmentalmentions the local community (that supplies employees and other inputs) and investors. The threat of the withdrawal of support by the local community is clearly a threat capable of affecting the strategic positioning of JGP as its ability to attract a key resource input (labour) would be threatened. In addition, the case mentions that a ‘growing group of investors’ is concerned with environmental behaviour and so this could also have potential market consequences.as a chemical company, Professor Appo said that JGP has a ‘structural environmental risk’ which means that its Second,membership of the chemical industry makes it have a higher level of environmental risk than members of other industries.This is because of the unique nature of chemicals processing which can, as JGP found, have a major impact on one or more stakeholders and threaten a key resource (labour supply). Environmental risk arises from the potential losses from such things as emissions and hazardous leaks, pollution and some resource consumption issues. CEO Keith Miasma referred to this risk in his statement about the threat to JGP’s overall reputation. As a major source of potential reputation risk, environmental risk is usually a strategic risk for a chemical company such as JGP.3 (a) Conﬂ ict of interestConﬂ ict of interestA conﬂ ict of interest is a situation in which an individual has compromised independence because of another countervailinginterest which may or may not be declared. In the case of non-executive directors, shareholders have the right to expect each NED to act wholly in the shareholders’ interests whilst serving with the company. Any other factors that might challenge this sole ﬁduciary duty is likely to give rise to a conﬂict of interest. Does the director pursue policies and actions to beneﬁt the shareholders or to beneﬁ t himself in some other way?Conﬂ icts of interest in the caseJohn has a longstanding and current material business relationship with KK Limited as CEO of its largest supplier. This creates an obvious incentive to inﬂ uence future purchases from Soria Supplies over and above other competitor suppliers, even if the other suppliers are offering more attractive supply contracts as far as KK is concerned. It is in the interests of KK shareholders for inputs to be purchased from whichever supplier is offering the best in terms of quality, price and supply. This may or may not be offered by Soria Supplies. Similarly, a conﬂ ict of interest already exists in that Susan Schwab, KK’s ﬁ nance director, isa NED on the board of Soria Supplies. Soria has a material business relationship with KK and Susan Schwab has a conﬂ ict ofinterest with regard to her duty to the shareholders of KK and the shareholders of Soria Supplies.His appointment, if approved, would create a cross directorship with Susan Schwab. As she was appointed to the board of Soria Supplies, any appointment from Soria’s board to KK’s board would be a cross directorship. Such arrangements have the ability to create a disproportionately close relationship between two people and two companies that may undermine objectivity and impartiality in both cases. In this case, the cross directorship would create too strong a link between one supplier (Soria Supplies) and a buyer (KK) to the detriment of other suppliers and thus potentially lower unit costs.John’s brother-in-law is Ken Kava, the chief executive of KK. Such a close family relationship may result in John supporting Ken when it would be more in the interests of the KK shareholders for John to exercise greater objectivity. There should be no relationships between board members that prevent all directors serving the best interests of shareholders and a family relationship is capable of undermining this objectivity. This is especially important in public listed companies such as KK Limited.(b)Advantages of appointing non-executives to the KK boardThe case discusses a number of issues that were raised as a result of the rapid expansion. An effective NED presence during this period would expect to bring several beneﬁ ts.In the case of KK, the NEDs could provide essential input into two related areas: monitoring the strategies for suitability and for excessive risk. In monitoring the strategies for suitability, NEDs could have an important scrutinising and advising role to fulﬁ l on the ‘aggressive’ strategies pursued by KK. All strategy selection is a trade off between risk and return and so experience of strategy, especially in risky situations, can be very valuable.monitor the strategies for excessive risk. The strategy role of NEDs is important partly because of increasing alsoNEDscouldthe collective experience of the board to a wide range of risks. With KK pursuing an ‘aggressive’ strategy that involved the ‘increasingly complex operations’, risk monitoring is potentially of great importance for shareholders. There is always a balance between aggression in a growth strategy and caution for the sake of risk management. The fact that some of the other executive directors are both new to the company (resulting from the expansion) and less experienced means, according to the case, that they may be less able and willing to question Mr Kava. Clearly, an effective non-executive presence would be able to bring such scrutiny to the board. They may also place a necessary restraint on the strategic ambitions of Mr Kava.couldprovide expertise on the foreign investments including, in some cases, country-speciﬁ c knowledge. It is careless Theyand irresponsible to make overseas investments based on incomplete intelligence. Experienced NEDs, some of whom may have done business in or with the countries in question, could be very valuable. Experienced NEDs capable of offering speciﬁ c risk advice, possibly through the company’s committee structure (especially the risk committee) would be particularly helpful.Investors are reassured by an effective non-executive presence on a board. The fact that investors have expressed concerns over the strategy and risk makes this factor all the more important in this case. An experienced and effective NED presence would provide shareholders with a higher degree of conﬁ dence in the KK board so that when large overseas investments were made, they would be more assured that such investments were necessary and beneﬁ cial.。

2010年12月高等学校英语应用能力考试B级真题及完整解析

Part I Listening ComprehensionSection A1. A. Here you are. B. That’s nice.C. Don’t worry.D. It doesn’t matter.2. A. No, you can’t. B. Yes, I am.C. Please don’t.D. Fine, thanks.3. A. No, it isn’t. B. Yes, it is.C. Quite well.D. Thanks a lot.4. A. Hurry up. B Take it easy.C. No problem.D. Mind your steps.5. A. After you ,please. B. Take care.C. This way, please.D. Sure, I will.Section B6. A. A writer. B. A musician.C. An engineer.D. A doctor.7. A. Very interesting. B. Rather difficult.C. Too simple.D. Quite good.8. A. She hasn’t got the job. B. She hasn’t pass the exam.C. She has got a headache.D. She has lost her bag.9. A. On the television. B. In the newspaper.C. On the Internet.D. From a friend.10. A. Training. B. Sales.C. Service.D. Quality.Section CGood morning, Mr. Black. Take a seat, please.Welcome to the 11 . Before we start, let me give you some idea of what I’d like to talk about you today. 12 , you’ll be given a few minutes to introduce yourself. You ca n tell us about your education, job 13 , interests, hobbies, or anything else you’d like to tell us. After that, I’ll give you some information about our company and the job you are 14 . If you have any question about the job, 15 to a sk me. I’ll be happy to answer them. Now, let’s start.Part II Vocabulary & StructureSection A16. The report gives a picture of the company’s future development.A. centralB. cleanC. clearD. comfortable17. The company has been producing this model of machine tool 2008.A. sinceB. afterC. forD. before18. Please your report carefully before you hand it in to me.A. turn toB. bring aboutC. go overD. put up19. The next board meeting will focus the benefits for the employees.A. byB. forC. withD. on20. Breakfast can be to you in your room for an additional charge.A. eatenB. servedC. usedD. made21. If more money had been invested, we a factory in Asia.A. will set upB. have set upC. would have set upD. had set up22. Even in small companies, computers are a(n) tool.A. naturalB. essentialC. carefulD. impossible23. We were excited to learn that the last month’s sales by 30%.A. had increasedB. increaseC. are increasingD. have increased24. your name and job title, the business card should also include your telephone number and address.A. As far asB. In addition toC.In spite ofD.As a result of25. Have you read our letter of December 18, in we complained about the quality of your product?A. thatB. whereC. whatD. whichSection B26. Could you tell me the (different) between American and British English in business writing?27. John is the (good) engineer we have ever hired in our department.28. The people there were really friendly and supplied us with a lot of (use) information.29. You’d better (give) me a call before you come to visit us.30. Greenpeace is an international (organize) that works to protect the environment.31. The final decision (make) by the team leader early next week.32. Have you ever noticed any (improve) in the work environment of our factory?33. We can arrange for your car to (repair) within a reasonable period of time.34. It was only yesterday that the chief engineer (email) us the details information about the project.35. We have received your letter of May 10th, (inform) us of the rise of the price.2008年12月说明：假定你是JKM公司的Thomas Black, 刚从巴黎（Paris）出差回来，请给在巴黎的Jane Costa小姐写一封感谢信。

2010年12月份ACCA考试真T(F7)

2010年12月份ACCA(国际注册会计师)考试真题(F7)ALL FIVE questions are compulsory and MUST be attempted1On1June2010,Premier acquired80%of the equity share capital of Sanford.The consideration consisted of two elements:a share exchange of three shares in Premier for every five acquired shares in Sanford and the issue of a$1006%loan note for every50 0shares acquired in Sanford.The share issue has not yet been recorded by Premier,but t he issue of the loan notes has been recorded.At the date of acquisition shares in Premier had a market value of$5each and the shares of Sanford had a stock market price of $3·50each.Below are the summarized draft financial statements of both companies.Statements of comprehensive income for the year ended30September2010Statements of financial position as at30September2010The following information is relevant:(i)At the date of acquisition,the fair values of Sanford‘s assets were equal to their c arrying amounts with the exception of its property.This had a fair value of$1·2million below its carrying amount.This would lead to a reduction of the depreciation charge(in cost of sales)of$50,000in the post-acquisition period.Sanford has not incorporated this value change into its entity financial statements.Premier‘s group policy is to revalue all properties to current value at each year end.On 30September2010,the value of Sanford’s property was unchanged from its value at ac quisition,but the land element of Premier‘s property had increased in value by$500,000 as shown in other comprehensive income.(ii)Sales from Sanford to Premier throughout the year ended30September2010had consistently been$1million per month.Sanford made a mark-up on cost of25%on these sales.Premier had$2million.(at cost to Premier)of inventory that had been supplied i n the post-acquisition period by Sanford as at30September2010.(iii)Premier had a trade payable balance owing to Sanford of$350，000as at30Sep tember2010.This agreed with the corresponding receivable in Sanford‘s books.(iv)Premier‘s investments include some available-for-sale investments that have increas ed in value by$300,000during the year.The other equity reserve relates to these invest ments and is based on their value as at30September2009.There were no acquisitions or disposals of any of these investments during the year ended30September2010.(v)Premier‘s policy is to value the non-controlling interest at fair value at the date of acquisition.For this purpose Sanford’s share price at that date can be deemed to be repr esentative of the fair value of the shares held by the non-controlling interest.(vi)There has been no impairment of consolidated goodwillRequired：(a)Prepare the consolidated statement of comprehensive income for Premier for the y ear ended30September2010.(b)Prepare the consolidated statement of financial position for Premier as at30Septe mber2010.The following mark allocation is provided as guidance for this question：(a)9marks(b)16marks(25marks)2The following trial balance relates to Cavern as at30September2010:The following notes are relevant:(i)Cavern has accounted for a fully subscribed rights issue of equity shares made on 1April2010of one new share for every four in issue at42cents each.The company pa id ordinary dividends of3cents per share on30November2009and5cents per share o n31May2010.The dividend payments are included in administrative expenses in the trial balance.(ii)The8%loan note was issued on1October2008at its nominal(face)value of $30million.The loan note will be redeemed on30September2012at a premium which gives the loan note an effective finance cost of10%per annum.(iii)Non-current assets:Cavern revalues its land and building at the end of each accounting year.At30Septembe r2010the relevant value to be incorporated into the financial statements is$41·8million. The building‘s remaining life at the beginning of the current year(1October2009)was 18years.Cavern does not make an annual transfer from the revaluation reserve to retaine d earnings in respect of the realization of the revaluation surplus.Ignore deferred tax on t he revaluation surplus.Plant and equipment includes an item of plant bought for$10million on1October 2009that will have a10-year life(using straight-line depreciation with no residual value).P roduction using this plant involves toxic chemicals which will cause decontamination costs to be incurred at the end of its life.The present value of these costs using a discount r ate of10%at1October2009was$4million.Cavern has not provided any amount for t his future decontamination cost.All other plant and equipment is depreciated at12·5%per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset for the year ended30 September2010.All depreciation is charged to cost of sales.(iv)The available-for-sale investments held at30September2010had a fair value of $13·5million.There were no acquisitions or disposals of these investments during the yea r ended30September2010.(v)A provision for income tax for the year ended30September2010of$5·6million is required.The balance on current tax represents the under/over provision of the tax lia bility for the year ended30September2009.At30September2010the tax base of Caver n‘s net assets was$15million less than their carrying amounts.The movement on deferre d tax should be taken to the income statement.The income tax rate of Cavern is25%.Required:(a)Prepare the statement of comprehensive income for Cavern for the year ended30 September2010.(b)Prepare the statement of changes in equity for Cavern for the year ended30Septe mber2010.(c)Prepare the statement of financial position of Cavern as at30September2010.Notes to the financial statements are not required.The following mark allocation is provided as guidance for this question：(a)11marks(b)5marks(c)9marks(25marks)3Hardy is a public listed manufacturing company.Its summarized financial statement s for the year ended30September2010(and2009comparatives)are:I n c o m e s t a t e m e n t s f o r t h e y e a r e n d e d30S e p t e m b e r:Statements of financial position as at30September:The following information has been obtained from the Chairman's Statement and the notes to the financial statements:'Market conditions during the year ended30September2010proved very challenging d ue largely to difficulties in the global economy as a result of a sharp recession which has led to steep falls in share prices and property values.Hardy has not been immune from these effects and our properties have suffered impairment losses of$6million in the year.' The excess of these losses over previous surpluses has led to a charge to cost of sal es of$1·5million in addition to the normal depreciation charge.'Our portfolio of investments at fair value through profit or loss has been'marked to market'(fair valued)resulting in a loss of$1·6million(included in administrative expense s).'There were no additions to or disposals of non-current assets during the year.'In response to the downturn the company has unfortunately had to make a number o f employees redundant incurring severance costs of$1·3million(included in cost of sales) and undertaken cost savings in advertising and other administrative expenses.' 'The difficulty in the credit markets has meant that the finance cost of our variable r ate bank loan has increased from4·5%to8%.In order to help cash flows,the company made a rights issue during the year and reduced the dividend per share by50%.' 'Despite the above events and associated costs,the Board believes the company's unde rlying performance has been quite resilient in these difficult times.'Required:Analyze and discuss the financial performance and position of Hardy as portrayed by the above financial statements and the additional information provided.Your analysis should be supported by profitability,liquidity and gearing and other ap propriate ratios(up to10marks available).(25marks)4(a)IAS8Accounting Policies,Changes in Accounting Estimates and Errors contain s guidance on the use of accounting policies and accounting estimates.Required:Explain the basis on which the management of an entity must select its accounting p olicies and distinguish,with an example,between changes in accounting policies and chan ges in accounting estimates.(5marks)(b)The directors of Tunshill are disappointed by the draft profit for the year ended30 September2010.The company's assistant accountant has suggested two areas where she b elieves the reported profit may be improved:(i)A major item of plant that cost$20million to purchase and install on1October2 007is being depreciated on a straight-line basis over a five-year period(assuming no resi dual value).The plant is wearing well and at the beginning of the current year(1October 2009)the production manager believed that the plant was likely to last eight years in total (i.e.from the date of its purchase).The assistant accountant has calculated that,based on a n eight-year life(and no residual value)the accumulated depreciation of the plant at30Sep tember2010would be$7·5million($20million/8years x3).In the financial statements for the year ended30September2009,the accumulated depreciation was$8million($20mil lion/5years x2).Therefore,by adopting an eight-year life,Tunshill can avoid a depreciati on charge in the current year and instead credit$0·5million($8million–$7·5million)to the income statement in the current year to improve the reported profit.(5marks) (ii)Most of Tunshill's competitors value their inventory using the average cost(AVCO) basis,whereas Tunshill uses the first in first out(FIFO)basis.The value of Tunshill's in ventory at30September2010(on the FIFO basis)is$20million;however on the AVCO basis it would be valued at$18million.By adopting the same method(AVCO)as its co mpetitors,the assistant accountant says the company would improve its profit for the year ended30September2010by$2million.Tunshill‘s inventory at30September2009was reported as$15million,however on the AVCO basis it would have been reported as$1 3·4million.(5marks)Required:Comment on the acceptability of the assistant accountant‘s suggestions and quantify h ow they would affect the financial statements if they were implemented under IFRS.Ignor e taxation.Note:the mark allocation is shown against each of the two items above.(15marks)5Manco has been experiencing substantial losses at its furniture making operation wh ich is treated as a separate operating segment.The company‘s year end is30September. At a meeting on1July2010the directors decided to close down the furniture making op eration on31January2011and then dispose of its non-current assets on a piecemeal basis.Affected employees and customers were informed of the decision and a press announce ment was made immediately after the meeting.The directors have obtained the following i nformation in relation to the closure of the operation:(i)On1July2010,the factory had a carrying amount of$3·6million and is expecte d to be sold for net proceeds of$5million.On the same date the plant had a carrying a mount of$2·8million,but it is anticipated that it will only realize net proceeds of$500, 000.(ii)Of the employees affected by the closure,the majority will be made redundant at cost of$750,000,the remainder will be retrained at a cost of$200,000and given work in one of the company's other operations.(iii)Trading losses from1July to30September2010are expected to be$600,000an d from this date to the closure on31January2011a further$1million of trading losses are expected.Required：Explain how the decision to close the furniture making operation should be treated in Manco‘s financial statements for the years ending30September2010and2011.Your an swer should quantify the amounts involved.(10marks)。

12月ACCA考试F4练习题及答案

12月ACCA考试F4练习题及答案Additional information:In January 2009 Company A received the donation of a machine.The value added tax(VAT) invoice for the machine showed that it had cost RMB 150,000 plus VAT of RMB 20,000.No entry in respect of the donation of this machine has been recorded in the accounting system of Company A.Required:(i)Briefly explain the enterprise income tax(EIT) treatment of:-the donated machine;and-each of the items listed in Notes 1 to 3.(15 marks)(ii)Calculate the correct amount of taxable profits and the enterprise income tax(EIT) payable by Company A for the year 2009.(7 marks)(b)Company B is a resident enterprise,which was incorporated in the year 1990.The table below shows the taxable profits of Company B,as agreed by the tax bureau,for the years 2002 to 2009 inclusive.Year 2002 2003 2004 2005 2006 2007 2008 2009Taxable profits (in RMB) (900,000) 100,000 (300,000) 100,000 100,000 200,000 (100,000) 850,000Required:(i)Briefly explain the tax treatment of losses,including the period for the offset of losses;(2 marks)(ii)State,giving reasons,how much enterprise income tax(EIT)will be payable by Company B for each of the years 2008 and 2009.(4 marks)(c)Define the term'resident enterprise'for the purposes of enterprise income tax(EIT)and state the differences in the scope of the assessment of EIT for resident and non-resident enterprises.(7 marks)(35 marks)2(a)Mr Zhang,a Chinese citizen,is a University professor.He had the following income for the month of January 2009:(1)Monthly employment income of RMB 18,000 and a bonus for the year 2008 of RMB 12,000.(2)Income of RMB 18,000 for publishing a book on 6 January 2009.One of the chapters of the book was published in a magazine as a four-day series commencing on 19 January 2009 for which Mr Zhang received income of RMB 1,000 per day.(3)A net gain of RMB 12,000 from trading in the A-shares market.(4)Income of RMB 4,800 for giving four separate seminars for Enterprise X.(5)A translation fee of RMB 5,200 from a media publisher.(6)Received RMB 300,000 from the sale of the property(50 square metres)that he had lived in for six years.Mr Zhang had acquired the property for RMB 180,000.(7)Gross interest income of RMB 6,000 from a bank deposit.(8)Received RMB 11,000 as insurance compensation.Required:Calculate the individual income tax(IIT)payable(if any)by Mr Zhang on each of his items of income for the month of January2009,clearly identifying any item which is tax exempt.(10 marks)(b)Mr Smith,who is a UK national,is employed by a UK construction company to work in Shanghai on a project that will last for a period of 18 consecutive months.Required:(i)State,giving reasons,whether Mr Smith will be a resident taxpayer or a non-resident taxpayer in the PRC and the scope of his individual income tax(IIT)assessment;(2 marks)(ii)List any THREE fringe benefits that can be provided to Mr Smith that will not be subject to individual income tax(IIT)in China;(3 marks)(iii)Briefly explain the requirements for the reporting and payment of the individual income tax(IIT)due for Mr Smith if he is paid RMB 30,000 per month.(5 marks)。

2010年12月份ACCA考试真T(F7)

2010年12月份ACCA(国际注册会计师)考试真题(F7)ALL FIVE questions are compulsory and MUST be attempted1 On 1 June 2010, Premier acquired 80% of the equity share capital of Sanford. The consideration consisted of two elements: a share exchange of three shares in Premier for every five acquired shares in Sanford and the issue of a $100 6% loan note for every 50 0 shares acquired in Sanford. The share issue has not yet been recorded by Premier, but t he issue of the loan notes has been recorded. At the date of acquisition shares in Premier had a market value of $5 each and the shares of Sanford had a stock market price of $3·50 each. Below are the summarized draft financial statements of both companies.Statements of comprehensive income for the year ended 30 September 2010Statements of financial position as at 30 September 2010The following information is relevant:(i)At the date of acquisition, the fair values of Sanford‘s assets were equal to their c arrying amounts with the exception of its property. This had a fair value of $1·2 million below its carrying amount. This would lead to a reduction of the depreciation charge (in cost of sales) of $50,000 in the post-acquisition period. Sanford has not incorporated this value change into its entity financial statements.Premier‘s group policy is to revalue all properties to current value at each year end.On 30 September 2010, the value of Sanford’s property was unchanged from its value at ac quisition, but the land element of Premier‘s property had increase d in value by $500,000 as shown in other comprehensive income.(ii)Sales from Sanford to Premier throughout the year ended 30 September 2010 had consistently been $1 million per month. Sanford made a mark-up on cost of 25% on these sales. Premier had $2 million. (at cost to Premier) of inventory that had been supplied i n the post-acquisition period by Sanford as at 30 September 2010.(iii)Premier had a trade payable balance owing to Sanford of $350，000 as at 30 Sep tember 2010. This agreed with the corre sponding receivable in Sanford‘s books.(iv)Premier‘s investments include some available-for-sale investments that have increas ed in value by $300, 000 during the year. The other equity reserve relates to these invest ments and is based on their value as at 30 September 2009.There were no acquisitions or disposals of any of these investments during the year ended 30 September 2010.(v)Premier‘s policy is to value the non-controlling interest at fair value at the date of acquisition. For this purpose Sanf ord’s share price at that date can be deemed to be repr esentative of the fair value of the shares held by the non-controlling interest.(vi)There has been no impairment of consolidated goodwillRequired：(a) Prepare the consolidated statement of comprehensive income for Premier for the y ear ended 30 September 2010.(b) Prepare the consolidated statement of financial position for Premier as at 30 Septe mber 2010. The following mark allocation is provided as guidance for this question：(a) 9 marks(b) 16 marks(25 marks)2 The following trial balance relates to Cavern as at 30 September 2010:The following notes are relevant:(i)Cavern has accounted for a fully subscribed rights issue of equity shares made on1 April 2010 of one new share for every four in issue at 42 cents each. The company pa id ordinary dividends of3 cents per share on 30 November 2009 and 5 cents per share o n 31 May 2010.The dividend payments are included in administrative expenses in the trial balance.(ii)The 8% loan note was issued on 1 October 2008 at its nominal (face) value of $30 million. The loan note will be redeemed on 30 September 2012 at a premium which gives the loan note an effective finance cost of 10% per annum.(iii)Non-current assets:Cavern revalues its land and building at the end of each accounting year. At 30 Septembe r 2010 the relevant value to be incorporated into the financial statements is $41·8 million. The building‘s remaining life at the beginning of the current year (1 October 2009) was18 years. Cavern does not make an annual transfer from the revaluation reserve to retained earnings in respect of the realization of the revaluation surplus. Ignore deferred tax on t he revaluation surplus.Plant and equipment includes an item of plant bought for $10 million on 1 October 2009 that will have a 10-year life(using straight-line depreciation with no residual value).P roduction using this plant involves toxic chemicals which will cause decontamination costs to be incurred at the end of its life. The present value of these costs using a discount r ate of 10% at 1 October 2009 was $4 million. Cavern has not provided any amount for t his future decontamination cost. All other plant and equipment is depreciated at 12·5% per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset for the year ended 30 September 2010.All depreciation is charged to cost of sales.(iv)The available-for-sale investments held at 30 September 2010 had a fair value of $13·5 million. There were no acquisitions or disposals of these investments during the yea r ended 30 September 2010.(v)A provision for income tax for the year ended 30 September 2010 of $5·6 million is required. The balance on current tax represents the under/over provision of the tax lia bility for the year ended 30 September 2009.At 30 September 2010 the tax base of Caver n‘s net assets was $15 million less than their carrying amounts. Th e movement on deferre d tax should be taken to the income statement. The income tax rate of Cavern is 25%.Required:(a)Prepare the statement of comprehensive income for Cavern for the year ended 30 September 2010.(b)Prepare the statement of changes in equity for Cavern for the year ended 30 Septe mber 2010.(c)Prepare the statement of financial position of Cavern as at 30 September 2010.Notes to the financial statements are not required.The following mark allocation is provided as guidance for this question：(a) 11 marks(b) 5 marks(c) 9 marks(25 marks)3 Hardy is a public listed manufacturing company. Its summarized financial statement s for the year ended 30 September 2010(and 2009 comparatives) are:I n c o m e s t a t e m e n t s f o r t h e y e a r e n d e d30S e p t e m b e r:Statements of financial position as at 30 September:The following information has been obtained from the Chairman's Statement and the notes to the financial statements:'Market conditions during the year ended 30 September 2010 proved very challenging d ue largely to difficulties in the global economy as a result of a sharp recession which has led to steep falls in share prices and property values. Hardy has not been immune from these effects and our properties have suffered impairment losses of $6 million in the year.' The excess of these losses over previous surpluses has led to a charge to cost of sal es of $1·5 million in addition to the normal depreciation charge.'Our portfolio of investments at fair value through profit or loss has been 'marked to market' (fair valued) resulting in a loss of $1·6 million (included in administrative expense s).'There were no additions to or disposals of non-current assets during the year.'In response to the downturn the company has unfortunately had to make a number o f employees redundant incurring severance costs of $1·3million (included in cost of sales) and undertaken cost savings in advertising and other administrative expenses.' 'The difficulty in the credit markets has meant that the finance cost of our variable r ate bank loan has increased from 4·5% to 8%.In order to help cash flows ,the company made a rights issue during the year and reduced the dividend per share by 50%.' 'Despite the above events and associated costs, the Board believes the company's unde rlying performance has been quite resilient in these difficult times.'Required:Analyze and discuss the financial performance and position of Hardy as portrayed by the above financial statements and the additional information provided.Your analysis should be supported by profitability, liquidity and gearing and other ap propriate ratios (up to 10 marks available).(25 marks)4 (a) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors contain s guidance on the use of accounting policies and accounting estimates.Required:Explain the basis on which the management of an entity must select its accounting p olicies and distinguish, with an example, between changes in accounting policies and chan ges in accounting estimates. (5 marks)(b)The directors of Tunshill are disappointed by the draft profit for the year ended 30 September 2010.The company's assistant accountant has suggested two areas where she b elieves the reported profit may be improved:(i)A major item of plant that cost $20 million to purchase and install on 1 October 2 007 is being depreciated on a straight-line basis over a five-year period (assuming no resi dual value).The plant is wearing well and at the beginning of the current year(1 October 2009)the production manager believed that the plant was likely to last eight years in total (i.e. from the date of its purchase).The assistant accountant has calculated that, based on a n eight-year life(and no residual value)the accumulated depreciation of the plant at 30 Sep tember 2010 would be $7·5 million($20 million/8 years x 3).In the financial statements forthe year ended 30 September 2009,the accumulated depreciation was $8 million ($20 mill ion/5 years x 2).Therefore, by adopting an eight-year life, Tunshill can avoid a depreciatio n charge in the current year and instead credit $0·5 million($8 million –$7·5 million)to t he income statement in the current year to improve the reported profit.(5 marks) (ii)Most of Tunshill's competitors value their inventory using the average cost (AVCO) basis, whereas Tunshill uses the first in first out (FIFO) basis. The value of Tunshill's in ventory at 30 September 2010(on the FIFO basis) is $20 million; however on the AVCO basis it would be valued at $18 million. By adopting the same method (AVCO) as its co mpetitors, the assistant accountant says the company would improve its profit for the year ended 30 September 2010 by $2 million. Tunshill‘s inventory at 30 September 2009 was reported as $15 million, however on the AVCO basis it would have been reported as $1 3·4 million. (5 marks)Required:Comment on the acceptability of the assistant accountant‘s suggestions and quantify h ow they would affect the financial statements if they were implemented under IFRS. Ignor e taxation.Note: the mark allocation is shown against each of the two items above.(15 marks)5 Manco has been experiencing substantial losses at its furniture making operation wh ich is treated as a separate operating segment. The company‘s year end is 30 September . At a meeting on 1 July 2010 the directors decided to close down the furniture making op eration on 31 January 2011 and then dispose of its non-current assets on a piecemeal basis. Affected employees and customers were informed of the decision and a press announce ment was made immediately after the meeting. The directors have obtained the following i nformation in relation to the closure of the operation:(i)On 1 July 2010, the factory had a carrying amount of $3·6 million and is expected to be sold for net proceeds of $5 million. On the same date the plant had a carrying a mount of $2·8 million, but it is anticipated that it will only realize net proceeds of $500, 000.(ii)Of the employees affected by the closure, the majority will be made redundant at cost of $750,000,the remainder will be retrained at a cost of $200,000 and given work in one of the company's other operations.(iii)Trading losses from 1 July to 30 September 2010 are expected to be $600,000 an d from this date to the closure on 31 January 2011 a further $1 million of trading losses are expected.Required：Explain how the decision to close the furniture making operation should be treated in Manco‘s financial statements for the years ending 30 September 2010 and 2011. Your an swer should quantify the amounts involved. (10 marks)。

ACCA考试F4公司法与商法China真题2010年12月_真题-无答案

ACCA考试F4公司法与商法（China）真题2010年12月(总分100,考试时间180分钟)ALL TEN questions **pulsory and MUST be attempted** relation to the Civil Procedure Law of China:(a) explain the term exclusive jurisdiction; (2 marks)(b) state the major legal characteristics of exclusive jurisdiction, in terms of: (i) the basis of exclusive jurisdiction; and (4 marks) (ii) the effect of the rule of exclusive jurisdiction. (4 marks)** relation to the Property Law of China:(a) explain the term right of lien; (4 marks)(b) state THREE conditions to be met for a party to claim the right of lien. (6 marks)** relation to the Labour Contract Law of China:(a) state the various powers of the labour administration in exercising its supervisory and examining functions; (2 marks)(b) state any FOUR kinds of situations under which the labour administration may issue administrative orders to an employer for violations of Labour Contract Law. (8 marks)** relation to the Contract Law of China:(a) explain the term termination of contract; (2 marks)(b) explain and distinguish between termination of contract and dissolution of contract. (8 marks)** relation to the Company Law of China:(a) state the basic rules regarding the shareholders of: (i) a general limited **pany; (2 marks) (ii) a sole-person limited **pany and a wholly state-**pany; and (2 marks) (b) state the requirements for capital of: (i) a general limited **pany; (2 marks) (ii) a sole-person limited **pany; and (2 marks) (iii) a company with exclusive state-ownership. (2 marks)** relation to the Enterprises Bankruptcy Law of China, state the legal effect of the acceptance of an application for bankruptcy by the court:(a) in terms of the preservative measures against the assets of the debtor; (4 marks)(b) in terms of the enforcement procedure against the relevant debtor; (4 marks)(c) in terms of pending legal actions against a debtor. (2 marks)** relation to the Securities Law of China:(a) explain the term sponsor in underwriting securities; (2 marks)(b) state the objective of the legislation to set up the system of sponsorship in underwriting securities; (2 marks)(c) state the various legal liabilities of a sponsor, in providing professional services, for his wrongdoings or failure to perform his functions. (6 marks)8.In 2009 Mr Lee and the **mittee entered into a contract for the management of land, under which he obtained the right to manage the contracted piece of land in a small mountain for 30 years. The contract was duly registered with the relevant government authority in light of the Property Law.One day when Mr Lee was planting trees on the mountain, he accidentally found a small coal mine in the mountain. Having discovered this information many villagers rushed to the mountain to exploit coal for sale. Mr Lee demanded the villagers stop the exploitation of coal, on the ground that he has been a legitimate holder of the right of management of land. Therefore, he should be a lawful holder of right to the coal mine under the land. On the other hand, the villagers refused to accept Mr Lee’s position and insisted that Mr Lee’s right to management of land would not extend to natural resources under the land. They held that the coal mine should be **mon property of the villagers as a whole and they were entitled to dig coal.Since Mr Lee and the villagers could not reach a settlement themselves, they filed a lawsuit against each other before the court for the determination of right.Required:Answer the following questions in accordance with the relevant provisions of the Property Law of China, and give reasons for your answer:(a) describe what kind of property right Mr Lee has held regarding the mountain; (2 marks)(b) describe who should hold the ownership of the coal mine in the mountain; (4 marks)(c) state how the court should deal with the claim brought by Mr Lee for damages against villagers because some of the trees in the land were destroyed by villagers in digging coal. (4 marks)9.Natural Gas Company (Gas Company) and Yaowa Glass Company (Yaowa Company) entered into a supply contract. The major terms and conditions of the contract were that Gas Company would provide a minimum 4,000 of natural gas daily for a period of five years at a fixed price; it should give a written notice five days in advance where it reduces the quantity of supply; Yaowa Company would provide a sum of RMB 100,000 yuan as a deposit for the performance of the contract. Yaowa Company paid the deposit pursuant to the supply contract upon the conclusion of the contract.Gas Company has been in decline since the beginning of 2010. In order to achieve extra profit, Gas Company sold more natural gas to other customers at a higher price by reducing the quantity of supply to Yaowa Company. One day Gas Company suddenly stopped providing natural gas to Yaowa Company without a notice in advance, which resulted in serious damage to the equipment of the latter.Due to unsuccessful negotiation between the two parties, Yaowa Company intended to seek the assistance from the people’s court.Required:Answer the following questions in accordance with the relevant provisions of the Contract Law of China, and give your reasons for your answer:(a) explain the legal nature of the deposit under the contract law, and state whether a claim for a refund of twice the amount of the deposit should be supported by the court; (4 marks) (b) state whether a claim requiring specific performance of contract by Gas Company should be supported by the court where the Yaowa Company has already requested a refund of twice the amount of the deposit. (6 marks)10.Kingmart Joint Stock Company (Kingmart Company) was a listed joint **pany listing in Shanghai Securities Exchange, with total assets of RMB 500 million yuan; while Dahua LimitedLiability Company’s (Dahua Company) registered capital was RMB 160 million yuan. At the end of 2009 the board of directors of Kingmart Company adopted a special board of directors’ resolution to merge with Dahua Company in a form of merger by absorption. After **pletion of the merger plan Dahua Company would be dissolved.For the purpose of carrying forward the merger plan, Kingmart Company and Dahua Company should take some procedural steps before the merger plan could be implemented and settle the credit and/or debt of these **panies with other parties.Required:Answer the following questions in accordance with the relevant provisions of the Company Law, and give reasons for your answer:(a) state the relevant voting requirement by the general shareholders’ meeting; (3 marks)(b) state the relevant rules with respect to public notice; (3 marks)(c) state how to deal with Dahua Company’s debts of RMB 500,000 yuan owed to a local electricity plant. (4 marks)。

2010年ACCAP1-P3真题答案

2010年ACCA P1-P3真题答案Professional Level – Essentials Module, Paper P1 Professional Accountant December 2010 Answers 1 (a) (i) Institutional investor intervention Six reasons are typically cited as potential grounds for investor intervention. Whilst it would be rare to act on the basis of one factor (unless it was particularly unfavourable), an accumulation of factors may have such an effect. Furthermore, institutional investors have a moral duty to use their power to monitor the companies they invest in for the good of all investors, as recognised in most codes of corporate governance. Institutional investors have the expertise at their disposal to understand the complexities of managing large corporations. As such, they can take a slightly detached view of the business and offer advice where appropriate. The typical reasons for intervention are cited below.Concerns about strategy, especially when, in terms of long-term investor value, the strategy is likely to be excessively risky or, conversely, unambitious in terms of return on investment. The strategy determines the long-term value of an investment and so is very important to shareholders. Poor or deteriorating performance, usually over a period of time, although a severe deterioration over a shorter period might also trigger intervention, especially if the reasons for the poor performance have not been adequately explained in the company’s reporting.Poor non-executive performance. It is particularly concerning when non-executives do not, for whatever reason, balance the executive board and provide the input necessary to reassure markets. Their contributions should always be seen to be effective. This is especially important when investors feel that the executive board needs to be carefully monitored or constrained, perhaps because one or another of the factors mentioned in this answer has become an issue.Major internal control failures. These are a clear sign of the loss of control by senior management over the operation of the business. These might refer, for example, to health and safety, quality, budgetary control or IT projects. In the case of ZPT, there were clear issues over the control of IC systems for generating ﬁnancial reporting data.Compliance failures, especially with statutory regulations or corporate governance codes. Legal non-compliance is always a serious matter and under comply-or-explain, all matters of code non-compliance must also be explained. Such explanations may or may not be acceptable to shareholders.Excessive directors’ remuneration or defective remuneration policy. Often an indicator of executive greed, excessive board salaries are also likely to be an indicator of an ineffective remunerations committee which is usually a non-executive issue. Whilst the absolute monetary value of executive rewards are important, it is usually more important to ensure that they are highly aligned withshareholder interests (to minimise agency costs).Poor CSR or ethical performance, or lack of social responsibility. Showing a lack of CSR can be important in terms of the company’s long-term reputation and also its vulnerability to certain social and environmental risks.[Tutorial note: the study texts approach this slightly differently.](ii) Case for interventionAfter the ﬁrst restatement, it was evident that three of the reasons for interventions were already present. Whilst one of these perhaps need not have triggered an intervention alone, the number of factors makes a strong case for an urgent meeting between the major investors and the ZPT board, especially Mr Xu.Poor performance. The restated results were ‘all signiﬁcantly below market expectations’. Whilst this need not in itself have triggered an institutional investor intervention, the fact that the real results were only made public after an initial results announcement is unfortunate. The obvious question to ask the ZPT board is why the initial results were mis-stated and why they had to be corrected as this points to a complete lack of controls within the business. A set of results well below market expectations always needs to be explained to shareholders.Internal control and potential compliance failures. There is ample evidence to suggest that internal controls in ZPT were very deﬁcient, especially (and crucially) those internal controls over external ﬁnancial reporting. The case mentions, ‘no effective management oversight of the external reporting process and a disregard of the relevant accounting standards’, both of which are very serious allegations. Linked to this, the investors need an urgent clariﬁcation of the legal allegations of fraud, especially in the light of the downward restatement of the results. Any suggestion of compliance failure is concerning but fraud (down to intent rather than incompetence) is always serious as far as investors are concerned.Excessive remuneration in the form of the $20 million bonus. It is likely that this bonus was excessive even had the initial results been accurate, but after the restatement, the scale of the bonus was evidently indefensible as it was based on false ﬁgures. The fact that the chief executive is refusing to repay the bonus implies a lack of integrity, adding weight to the belief that there may be some underlying dishonesty. Furthermore, although the investors thought it excessive, the case describes this as within the terms of Mr Xu’s contract. A closer scrutiny of remunerations policy (and therefore non-executive effectiveness) would be appropriate. (b) Absolutist and relativist perspectives Absolutism and relativismAn absolutist ethical stance is when it is assumed that there is an unchanging set of ethical principles which should always be obeyed regardless of the situation or any other pressures orfactors that may be present. Typically described in universalist ways, absolutist ethics tends to be expressed in terms such as ‘it is always right to . . . ’, ‘it is never right to . . . ’or ‘it is always wrong to ... ’Relativist ethical assumptions are those that assume that real ethical situations are more complicated than absolutists allow for. It is the view that there are a variety of acceptable ethical beliefs and practices and that the right and most appropriate belief depends on the situation. The best outcome is arrived at by examining the situation and making ethical assessments based on the best outcomes in that situation.Evaluation of Shazia Lo’s behaviour – absolutist ethicsFirstly, Shazia Lo was correct to be concerned about the over-valuation of contracts at ZPT. As a qualiﬁed accountant, she should never be complicit in the knowing mis-statement of accounts or the misrepresentation of contract values. For a qualiﬁed accountant bound by very high ethical and professional standards, she was right to be absolutist in her instincts even if not in her eventual behaviour.Secondly, she was also right to raise the issue with the ﬁnance director. This was her only legitimate course of action in the ﬁrst instance and it would have been wrong, in an absolutist sense, to remain silent. Given that she was intimidated and threatened upon raising the issue, she was being absolutist in threatening to take the issue to the press (i.e. whistleblowing). It would be incompatible with her status as a professional accountant to be complicit in false accounting as she owed it to the ZPT shareholders, to her professional body and to the general public (the public interest) never to process accounting data she knows to be inaccurate. An effective internal audit process would be a source of information for this action.Evaluation of Shazia Lo’s behaviour – relativist ethicsIt is clear from Shazia Lo’s behaviour that despite having absolutist instincts, other factors caused her to assume a relativist ethic in practice.Her mother’s serious illness was evidently the major factor in overriding her absolutist principles with regard to complicity in the fraudulent accounting ﬁgures. It is likely she weighed her mother’s painful suffering against the need to be absolutist with regard to the mis-statement of contract values. In relativist situations, it is usually the case that one ‘good’ is weighed against another ‘good’. Clearly it is good (an absolute) to show compassion and sympathy toward her mother but this should not have caused her to accept the payment (effectively a bribe to keep silent). She may have reasoned that the continued suffering of her mother was a worse ethical outcome than the mis-statement of ZPT accounts and the fact that she received no personal income from the money (it all went to support her mother) would suggest that she acted with reasonablemotives even though her decision as a professional accountant was deﬁnitely inappropriate. Given that accepting bribes is a clear breach of professional codes of ethics for accountants and other professionals, there is no legitimate defence of her decision and her behaviour was therefore wrong.(c) (i) Speech on importance of good corporate governance and consequences of failure Introduction Ladies and Gentlemen, I begin my remarks today by noting that we meet at an unfortunate time for business in this country. In the wake of the catastrophic collapse of ZPT, one of the largest telecommunications companies, we have also had to suffer the loss of one of our larger audit ﬁrms, JJC. This series of events has heightened in all of us an awareness of the vulnerability of business organisations to management incompetence and corruption.The consequences of corporate governance failures at ZPT.I would therefore like to remind you all why corporate governance is important and I will do this by referring to the failures in this unfortunate case. Corporate governance failures affect many groups and individuals and as legislators, we owe it to all of them to ensure that the highest standards of corporate governance are observed.Firstly and probably most obviously, effective corporate governance protects the value of shareholders’ investment in a company. We should not forget that the majority of shareholders are not ‘fat cats’ who may be able to afford large losses. Rather, they are individual pension fund members, small investors and members of mutual funds. The hard-working voters who save for the future have their efforts undermined by selﬁsh and arrogant executives who deplete the value of those investments. This unfairness is allowed to happen because of a lack of regulation of corporate governance in this country.The second group of people to lose out after the collapse of ZPT were the employees. It is no fault of theirs that their directors were so misguided and yet it is they who bear a great deal of the cost. I should stress, of course, that jobs were lost at JJC as well as at ZPT. Unemployment, even when temporary and frictional, is a personal misery for the families affected and it can also increase costs to the taxpayer when state beneﬁts are considered.Thirdly, because of the collapse of ZPT, creditors have gone unpaid and customers have remained unserviced. Again, we should not assume that suppliers can afford to lose their receivables in ZPT and for many smaller suppliers, their exposure to ZPT could well threaten their own survival. Where the value of net assets is inadequate to repay the full value of payables, let alone share capital, there has been a failure in company direction and in corporate governance so I hope you will agree with me that effective management and sound corporate governance are vital.The loss of two such important businesses, ZPT and JJC, has caused great disturbance in thetelecommunications and audit industries. As JJC lost its legitimacy to provide audit services and its clients moved to other auditors, the structure of the industry changed. Other auditors will eventually be able to absorb the work previously undertaken by JJC but clearly this will cause short-to-medium term capacity issues for those ﬁrms as they redeploy resources to make good on those new contracts. This was, I should remind you, both unnecessary and entirely avoidable. Linked to this point, I would remind colleagues that it is important for business in general and auditing in particular to be respected in society. The loss of auditors’ reputation caused by these events is very unfortunate as auditing underpins our collective conﬁdence in business reporting. It would be wholly inappropriate for other auditors to be affected by the behaviour of JJC or for businesses in general to be less trusted because of the events at ZPT. I very much hope that such losses of reputation and in public conﬁdence will not occur.Finally, we have all been dismayed by the case of Shazia Lo that was reported in the press. A lack of sound corporate governance practice places employees such as Ms Lo in impossible positions. Were she to act as whistleblower she would, by all accounts, have been victimised by her employers. Her acceptance of what was effectively a bribe to remain silent brings shame both on Ms Lo and on those who offered the money. An effective audit committee at ZPT would have offered a potential outlet for Ms Lo’s concerns and also provided a means of reviewing external audit and other professional services at ZPT. This whole situation could, and would have been, avoided had the directors of ZPT managed the company under an effective framework of corporate governance. (ii) The case for the mandatory external reporting of internal controls and risksI now turn to the issue of the mandatory external reporting of internal controls and risks. My reason for raising this as an issue is because this was one of the key causes of ZPT’s failure. My ﬁrst point in this regard is that disclosure allows for accountability. Had investors been aware of the internal control failures and business probity risks earlier, it may have been possible to replace the existing board before events deteriorated to the extent that they sadly did. In addition, however, the need to generate a report on internal controls annually will bring very welcome increased scrutiny from shareholders and others. It is only when things are made more transparent that effective scrutiny is possible.Secondly, I am ﬁrmly of the belief that more information on internal controls would enhance shareholder conﬁdence and satisfaction. It is vital that investors have conﬁdence in the internal controls of companies they invest in and increased knowledge will encourage this. It was, I would remind you, a lack of conﬁdence in ZPT’s internal controls and the strong suspicion of fraud that caused the share price to collapse and the company to ultimately fail.Furthermore, compulsory external reporting on internal controls will encourage good practice insidethe company. The knowledge that their work will be externally reported upon and scrutinised by investors will encourage greater rigour in the IC function and in the audit committee. This will further increase investor conﬁdence.To those who might suggest that we should opt for a comply-or-explain approach to this issue, I would argue that this is simply too important an issue to allow companies to decide for themselves or to interpret non-mandatory guidelines. It must be legislated for because otherwise those with poor internal controls will be able to avoid reporting on them. By specifying what should be disclosed on an annual basis, companies will need to make the audit of internal controls an integral and ongoing part of their operations. It is to the contents of an internal control report that I now turn.(iii) Content of external report on internal controlsI am unable, in a speech such as this, to go into the detail of what I would like to see in an external report on internal controls, but in common with corporate governance codes elsewhere, there are four broad themes that such a report should contain.Firstly, the report should contain a statement of acknowledgement by the board that it is responsible for the company’s system of internal control and for reviewing its effectiveness. This might seem obvious but it has been shown to be an important starting point in recognising responsibility. It is only when the board accepts and acknowledges this responsibility that the impetus for the collection of data and the authority for changing internal systems is provided. The ‘tone from the top’ is very important in the development of my proposed reporting changes and so this is a very necessary component of the report.Secondly, the report should summarise the processes the board (or where applicable, through its committees) has applied in reviewing the effectiveness of the system of internal control. These may or may not satisfy shareholders, of course, and weak systems and processes would be a matter of discussion at AGMs for non-executives to strengthen.Thirdly, the report should provide meaningful, high level information that does not give a misleading impression. Clearly, internal auditing would greatly increase the reliability of this information but a robust and effective audit committee would also be very helpful.Finally, the report should contain information about any weaknesses in internal control that have resulted in error or material losses. This would have been a highly material disclosure in the case of ZPT and the costs of non-disclosure of this was a major cause of the eventual collapse of the companyI very much hope that these brief remarks have been helpful in persuading colleagues to consider the need for increased corporate governance legislation. Thank you for listening. [Tutorial note:ull speech not required to gain full professional marks as the question asks for ‘sections’ of the speech.] 2.(a) Jocatt Group Statement of Cash flows for the year ended 30 November 2010 Therefore goodwill is impaired by $68m plus $11·5m minus $48m i.e. $31·5m(ii) Purchase of subsidiary The purchase of the subsidiary is adjusted for in the statement of cash flows by eliminating the assets acquired, as they were not included in the opening balances. The effect of the purchase is as follows:The receipt from the rights issue is a cash inflow into the group and should be shown as a financing activity. Therefore the dividend paid will be $13 million and the cash from the rights issues will be $2 million. (vi) PPEOpening balance at 1 December 2009 254 Revaluation loss (7) Plant in exchange transaction 4 Sale of land (10) Depreciation (27) On acquisition of Tigret 15 Current year additions (cash) 98–––– Closing balance at 30 November 2010 327 ––––The profit on the sale of the land is $15m plus $4 million minus carrying value $10 million i.e. $9 million (vii) Defined benefit schemeOpening balance at 1 December 2009 22 Current service costs 10 Past service costs ($6m/3) 2 Expected return on assets (8) –––Charge to income statement 4Actuarial losses 6Contributions paid (7)––– Closing balance at 30 November 2010 25 –––(viii) Investment propertyOpening balance at 1 December 2009 6 Acquisition 1 Disposal (0·5) Gain 1·5–––– Closing balance at 30 November 2010 8 ––––(ix) Intangible assetsOpening balance at 1 December 2009 72 Acquisitions (8 + 4) 12 Tigret 18 Amortisation (17)––– Closing balance at 30 November 2010 85 –––(x) Available for sale financial assets Opening balance at 1 December 2009 90 Acquisitions (cash) 5 Tigret (4) Gain (including tax) 3––– Closing balance at 30 November 2010 94 –––(xi) Share capitalOpening balance at 1 December 2009 275 Acquisition of Tigret 15–––– Closing balance at 30 November 2010 290 ––––(b)(i) The vast majority of companies use the indirect method for the preparation of statements of cash flow. Most companies justify this on the grounds that the direct method is too costly.The direct method presents separate categories of cash inflows and outflows whereas the indirect method is essentially a reconciliation of the net income reported in the statement of financial position with the cash flow from operations. The adjustments include non-cash items in the statement of comprehensive income plus operating cash flows that were not included in profit or loss. The direct method shows net cash from operations made up from individual operating cash flows. Users often prefer the direct method because it shows the major categories of cash flows. The complicated adjustments required by the indirect method are difficult to understand and provide entities with more leeway for manipulation of cash flows. The adjustments made to reconcile net profit before tax to cash from operations are confusing to users. In many cases these cannot be reconciled to observed changes in the statement of financial position. Thus users will only be able to understand the size of the difference between net profit before tax and cash from operations. The direct method allows for reporting operating cash flows by understandable categories as they can see the amount of cash collected from customers, cash paid to suppliers,(iv) interchange of managerial personnel; or(v) provision of essential technical information.The shareholders’ agreement allows Greenie to participate in some decisions. It needs to be determined whether these include financial and operating policy decisions of Manair, although this is very likely. The representation on the board of directors combined with the additional rights Greenie had under the shareholders’ agreement, give Greenie the power to participate in some policy decisions. Additionally, Greenie had sent a team of management experts to give business advice to the board of Manair.In addition, there is evidence of material transactions between the investor and the investee and indications that Greenie provided Manair with maintenance and technical services. Both these facts are examples of how significant influence might be evidenced.Based on an assessment of all the facts, it appears that Greenie has significant influence over Manair and that Manair should be considered an associate and accounted for using the equity method of accounting.Finally as it is likely that Manair is an associated undertaking of Greenie the transactions themselves would be deemed related party transactions. Greenie would need to disclose within its own financial statements the relationship, an outline of the transactions including their total value, outstanding balances including any debts deemed irrecoverable or doubtful (IAS 24 para17).(c) The franchise right should be recognised using the principles in IFRS 2 ‘Share based payment’. The asset should be recognised at the fair value of the rights acquired and the existence of exchangetransactions and prices for similar franchise rights means that a fair value can be established. The franchise right should therefore be recorded at $2·3 million. If the fair value had not been reliably measurable then the franchise right would have been recorded at the fair value of the equity instruments issued i.e. $2·5 million.Normally irredeemable preference shares would be classified as equity. The contractual obligation to pay the fixed cash dividend creates a liability component and the right to participate in ordinary dividends creates an equity component. If Greenie were to comply with IAS 32 ‘Financial instruments: Presentation’, it would require the preference shares to be treated as compound financial instruments with both an equity and liability component. The value of the equity component is the residual amount after deducting the separately determined liability component from the fair value of the instrument as a whole.Under IAS 32, it would seem that substantially all of the carrying value of Greenie’s preference shares would be allocated to the liability component because of the dividend elements and the fixed net cash dividend would be treated as a finance cost.IAS 1 ‘Presentation of financial statements’ requires departure from a requirement of a standard only in the extremely rare circumstances where management conclude that compliance would be so misleading that it would conflict with the objective of financial statements set out in the Framework. Greenie’s argument that the presentation of the preference shares in accordance with IAS 32 would be misleading, is not acceptable.The fact that it would not reflect the nature of the instruments as having characteristics of permanent capital providing participation in future profits is not a valid argument. IAS 1 requires additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable a user to understand the impact of particular transactions or conditions on financial position and financial performance. A fair presentation would be achieved by complying with IAS 32 and providing additional disclosures to explain the characteristics of the preference shares.Professional Level – Essentials Module, Paper P3 Business Analysis December 2010 Answers3.(a)ShoalFish A PESTEL analysis of ShoalFish would focus on the fact that it is ﬁshing in an area where ﬁsh stocks are rapidly declining (environmental) and it is increasingly exposed to government intervention and restrictions (political). It is a relatively small player (12% market share) in a large, but declining market place (5% over two years). Proﬁ ts are declining, although ShoalFish appear to have arrested the decline in the proﬁ t margin. The 2009 gross proﬁ t margin (4·9%) shows an increase over the 2008 ﬁure (4·7%). This may mean that the company has been able to bring operating costs in line with the declining turnover.In terms of the Boston Box, it has the characteristics of a dog, a company with a small market share in a declining market. However, Shoal plc perceives that there are important synergies between ShoalFish and the other companies in the Shoal plc portfolio. For example, it helps secure a signi ﬁant proportion of the raw materials required by ShoalPro. ShoalPro is also ShoalFish’s main customer, accounting for 40% of the company’s catch. ShoalFish also has an intended role following the purchase of the Captain Haddock group of restaurants. Shoal plc would like ShoalFish to directly supply the Captain Haddock restaurants and so potentially reduce raw material costs at Captain Haddock.Shoal plc needs to look carefully at the viability of maintaining this ﬂet. They are operating in an area where owner-skippers are very common (almost half of the boats in the western oceans are owned and operated by the boat’s captain). There may be an opportunity for ShoalFish to sell, lease or rent their ships, perhaps to individual owners, with the promise of guaranteed sales to ShoalPro (and potentially Captain Haddock). Alternatively, they could tolerate declining performance from this part of the portfolio, in the knowledge that it forms an important part of the supply chain for other companies in the portfolio.ShoalProShoalPro is a proﬁable and expanding organisation. A signiﬁant percentage of its raw ﬁh supply is currently provided by ShoalFish, but this percentage is declining as it increasingly processes ﬁh for other companies. It is in a mature, but still expanding (+2% from 2007 to 2009) market-place where it holds a signiﬁant (40%) and slightly increasing market share. Gross proﬁ margins are improving slightly (from 10% in 2007 to 10·6% in 2009), suggesting that costs are increasing at a slower rate than revenues.Its consistent proﬁability would classify this business, using Boston Box terminology, as a cash cow. A company with a signiﬁant market share in a low growth market.A PESTEL analysis would focus on the fact that ShoalPro factories are in a region which attracts national grants due to high local unemployment (political and economic). This reduces operating costs and the persistence of high unemployment suggests that a local skilled workforce is still accessible to ShoalPro (socio-cultural). Analysis suggests that ShoalPro is an important part of the Shoal plc portfolio and should be retained and maintained.ShoalFarmShoalFarm is a relatively new acquisition. It currently has a relatively low market share (10%) in an expanding market-place. ShoalFarm is itself growing (+12% from 2007 to 2009), but not as fast as its market (+20% in the same period). A PESTEL analysis would reveal a market-place that is perceived as ethically acceptable, stressing the conservation of ﬁh supplies (socio-cultural).。

ACCA模拟试题答案—F5

ACCA PAPER F5PERFORMANCE MANAGEMENTHomework assignment 1Answers for Question 1(a) Traditional absorption costing(i) Budgeted total cost per thousand metresProduct A B CCost per thousand metres ($)Direct materials 120 100 60Direct labour 42 42 28–––– –––– –––– Prime cost 162 142 88 Overhead cost (w1) 240 240 160–––– –––– –––– Total cost 402 382 248–––– –––– –––– Working 1Budgeted total overhead $65,600Budgeted total machine hours 1,640Overhead absorption rate = $65,600/1640 machine hours = $40 per machine hour. Cost per thousand metresA = $40 x 6 hours = $240B = $40 x 6 hours = $240C = $40 x 4 hours = $160(ii) Absorption costingA B CPer thousand metres ($)Total cost 402·00 382·00 248·00 Margin (w2) 100·50 95·50 62·00–––––––– –––––––– –––––––– Selling price 502·50 477·50 310·00–––––––– –––––––– –––––––– Working 2: Margin = $402 ÷ 0·8 x 0·2 = $100·50.(b)(i) Total cost per fabricProduct A B CCost per thousand metres ($)Prime cost (as above) 162·00 142·00 88·00 Overhead cost (w3) 221·77 227·10 203·40––––––– ––––––– ––––––– Total cost 383·77 369·10 291·40––––––– ––––––– –––––––Working 3:Cost driver ratesCost pool $ Driver Driver activity Driver rate ($)Rates, rent, etc 26,000 Machine hours 1,640 hours 15·85 / machine hour Set up costs 15,000 Production runs 30 500 / runGoods inwards 9,600 Requisitions 120 80 / requisition Finished goodsInspection 5,250 Production runs 30 175 / runDispatch 9,750 Sales orders 60 162·50 / orderA B COverhead per thousand metresRates rent etc$15·85 x 6 hours etc 95·10 95·10 63·40Set up$500 x(120,000 ÷ 120)––––––––––––––– 50·00 50·00 50·0010,000Goods inwards$80 x 40 ÷ 120 26·67 32·00 40·00 Inspection$175 x(120,000 ÷ 120)––––––––––––––– 17·50 17·50 17·5010,000Dispatch$162·50 x(120,000 ÷ 120) 32·50 32·50 32·50––––––––––––––– ––––––– ––––––– –––––––5,000Total overhead cost 221·77 227·10 203·40––––––– ––––––– –––––––(ii) Selling pricesActivity based costingA B CPer thousand metres ($)Total cost 383·77 369·10 291·40Mark up (w4) 76·75 73·82 58·28––––––– ––––––– ––––––– Selling price 460·52 442·92 349·68––––––– ––––––– ––––––– Working 4: $383·77 x 20% = $76·75 etcComment.The use of activity based costing has resulted in lower costs for A and B, but a higher cost for C, mainly because of the change in the basis of cost allocation. This has contributed to the fall in price of A and B and the increase in price of C.The change from a 20% margin to a 20% mark up has, everything else being equal, resulted in lower prices on all three products. (20% of cost is lower than 20% of sales price).。

ACCA201012份考试真题(P1)

考试真题（P1）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%,profi ts 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 fi gures for 2009 were increases of 10% for sales,20% for profi ts and 15% for total assets which were all signifi cantly 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 fi nal 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 businessordered 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 shareholders whilst 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.ced to pay debts which meant that employees with many years of service would have a greatly reduced pension to rely on in old age.ced to pay debts which meant that employees with many years of service would have a greatly reduced pension to rely on in old age.ced 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 diffi cult 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 profi ts. In the company‘s reporting,he also substantially overestimated the value of future customer supply contracts.The investigation also found a number of signifi cant internal control defi ciencies 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 qualifi ed accountant working for the fi nancial director,had been unhappy about the situation for some time.She had approached the fi nance 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 profi t impact）。

2010年12月英语六级完整版答案

Part Ⅰ作文题目：1.目前高校排名相当盛行2.对于这种做法，人们看法不一3.我认为...（作文参考范文：略~ 自己掂量吧！>@< 哈）Part Ⅱ快速阅读1．A ．not be sustained in the long term．2．B ．Intergenerational conflicts will intensify.3．Ｄ．politicians are afraid of losing votes in the next election。

4．A．allow people to work longer。

5．D ．younger workers are readily available6．B．large numbers of immigrants from overseas7．B．They find it hard to balance career and family.8．take risks9．mostly have families10．military servicePart Ⅲ听力11．A．The man is the manager of the apartment building 12．B．How the pictures will turn out.13．C．The suitcase can be fixed in time.14．B．He needs a vehicle to be used in harsh weather.15．A．She has made up her mind to resign.16．D．Replace the shirt with one of some other material.17．D．At a “Lost and Found”18．C．Convert in into a hotel19．D．Careful pplotting and ciueing.20．D．To be entirely alone.21．C．They look at the world in a detached manner.22．B．Like it or not, you have to use them.23．D．The monopoly of British Railways.24． B ．Competition from other modes of transport.25．D．They lose a lot of money.26．C．Many coastal cities will be coveied.27．B．How unstable the West Antarctic ice sheet is.28．A．It collapsed at least once in the past 1.3 million years. 29．A．The West Antarctic region was once an open ocean. 30．B．Whether a deleted photo is immediately removed from the web.31．B．The way they store data.32．C．When the URL is reused．33．Ａ．Some iced coffees have as many calories as a hot dinner. 34．Ｂ．Exercies at the gym.35．Ｃ．Many cancer cases could be prevented.36．diverse．37．tragic．38．commit．39．outcome．40．scale．41．colleagues42．accurate43．averages44．Students with high hope set themselves higher goals and know how to work to attain them.45．went beyond the simple notion that hope is merely the sense that everything will turn out all right46．Having hope means believing you have both the will and the way to accomplish your goals whatever they may be.＂原文：Psychologists are finding that hope plays a surprisingly vital role in giving people a measurable advantage in zones of ３６．diverse as academic achievement, bearing up in tough jobs and coping with tragic illness. And by contrast, the loss o..Psychologists are finding that hope plays a surprisingly vital role in giving people a measurable advantage in zones of diverse as academic achievement, bearing up in tough jobs and coping with ３７．tragic illness. And by contrast, the loss of hope is turning out to be a stronger sign that a person may ３８．commit suicide than other factors long thought to be more likely risks.＂Hope’s proved a powerful predictor of ３９．outcome in every study we’ve done so far.” said Doctor Charles R Snider. A psychologist who has devi sed a ４０．scale to assess how much hope a person has. For example, in research with 3920 college students, Doctor Snider and his ４１．colleagues found that the level of hope among freshmen at the beginning of their first semester was a more ４２．accurate predictor of their college grades than were their SAT scores or their grade point ４３．averages in high school-the two measures most commonly used to predict college performance.＂４４．Students with high hope set themselves higher goals and know how to work to attain them.” Doctor Snider said. When you compare students of equivalent intelligence and past academic achievements, what sets them apart is hope.In devising a way to assess hope scientifically, Doctor Snider ４５．went beyond the simple notion that hope is merely the sense that everything will turn out all right. That notion is not concrete enough and it blurs two keycomponen ts of hope.” Doctor Snider said，＂４６．Having hope means believing you have both the will and the way to accomplish your goals whatever they may be.＂PartⅣ阅读ＳＥＣＴＩＯＮＡ47．feminine and weak48．lose composure49．stress-related disorders50．their relationship with partners51．AggressiveＳＥＣＴＩＯＮＢ（１）52． A ．solve virtually existing all problems53．D．They realized that science and technology alone were no guarantee for a better world.54．C．America is lagging behind in the STEMS disciplines. 55．A．Insufficient funding.56． C ．Humanistic thinking helps cultivate and define our culture and values.（２）57．D．It will be some time before a new Einstein emerges.58．B．His independent and abstract thinking59．D．They often go into fields yielding greater financial benefits. 60．D．Nobody will read papers on apparently ridiculous theories. 61．B．was little known in academic circlesPartⅤ完形填空62． B set out set out plans63． D abandoning abandon64． A with struggle with65． B intends intend to66． A exceeded67． A on68． D charge69． C such as70． B free71． C acknowledged72． C bet73． C circulation74． A behind75． B While76． D claim77． C maintains78． A like79． D serious80． C suffered81． D loanPart Ⅵ翻译82．There is no denying that you ___________(越仔细越好) in dealing with this matter.无可否认，处理这件事，越仔细越好。

2010年12月英语6级真题标准答案(含详细解析)

听力：Part ⅢListening ComprehensionSection A11. What can we infer from the conversation?【答案】A The man is the manager of the apartment building【解析】从对话中看出女士在找apartment building，不是男士。

因此选A。

12. What is the woman eager to know?【答案】B How the pictures will turn out.【解析】女士想知道的是if the shots I took are as good as I thought. 照片是不是和她想的异样好。

这里shots指照片。

turn out指照片拍出来的效果。

因此选B。

13. What does the man mean?【答案】C The suitcase can be fixed in time.【解析】男士说到find a handle后面提到 but that shouldn’t take too long说明不是没有handle可以匹配。

因此排除A,B。

14. What do we learn about the man from the conversation?【答案】B He needs a vehicle to be used in harsh weather. 【解析】男士说到truck需要operate for long periods of time in very cold temperatures，因此选择选项B。

very cold temperatures对应harsh weather.15. What do we learn about the woman?【答案】A She has made up her mind to resign.【解析】从文中女士强硬的口气I could no longer live with…可以看出她下定决心。

2010年12月份ACCA(国际注册会计师)考试真题(F4)

2010年12月份ACCA(国际注册会计师)考试真题(F4)ALL TEN questions are pulsory and MUST be attempted1 In relation to the Civil Procedure Law of China:(a)explain the term exclusive jurisdiction; (2 marks)(b)state the major legal characteristics of exclusive jurisdiction,in terms of:(i)the basis of exclusive jurisdiction; and (4 marks)(ii)the effect of the rule of exclusive jurisdiction. (4 marks)(10 marks)2 In relation to the Property Law of China:(a)explain the term right of lien; (4 marks)(b)state THREE conditions to be met for a party to claim the right of lien.(6 marks)(10 marks)3 In relation to the Labour Contract Law of China:(a) state the various powers of the labour administration in exercising its supervisory and examining functions;(2 marks)(b) state any FOUR kinds of situations under which the labour administration may issue administrative orders to an employer for violations of Labour Contract Law. (8 marks)(10 marks)4 In relation to the Contract Law of China:(a)explain the term termination of contract; (2 marks)(b)explain and distinguish between termination of contract and dissolution o f contract. (8 marks)(10 marks)5 In relation to the pany Law of China:(a)state the basic rules regarding the shareholders of:(i)a general limited liability pany; (2 marks)(ii)a soleperson limited liability pany and a wholly stateowned pany; and (2 marks)(b)state the requirements for capital of:(i)a general limited liability pany; (2 marks)(ii)a soleperson limited liability pany; and (2 marks)(iii)a pany with exclusive stateownership. (2 marks)(10 marks)6 In relation to the Enterprises Bankruptcy Law of China,state the legal effec t of the acceptance of an application for bankruptcy by the court:(a)in terms of the preservative measures against the assets of the debtor;(4 marks)(b)in terms of the enforcement procedure against the relevant debtor; (4 mar ks)(c)in terms of pending legal actions against a debtor. (2 marks)(10 marks)7 In relation to the Securities Law of China:(a)explain the term sponsor in underwriting securities; (2 marks)(b)state the objective of the legislation to set up the system of sponsorshi p in underwriting securities;(2 marks)(c)state the various legal liabilities of a sponsor,in providing professiona l services,for his wrong doings or failure to perform his functions. (6 marks)(10 marks)8 In 2009 Mr Lee and the villager mittee entered into a contract for the man agement of land,under which he obtained the right to manage the contracted piece of land in a small mountain for 30 years.The contract was duly registered with t he relevant government authority in light of the Property Law.One day when Mr Lee was planting trees on the mountain,he accidentally found a small coal mine in the mountain. Having discovered this information many villa gers rushed to the mountain to exploit coal for sale. Mr Lee demanded the villag ers stop the exploitation of coal,on the ground that he has been a legitimate ho lder of the right of management of land. Therefore，he should be a lawful holder of right to the coal mine under the land. On the other hand,the villagers refuse d to accept Mr Lee‘s position and insisted that Mr Lee’s right to management o f land would not extend to natural resources under the land.They held that the c oal mine should be the mon property of the villagers as a whole and they were en titled to dig coal.Since Mr Lee and the villagers could not reach a settlement themselves,they filed a lawsuit against each other before the court for the determination of rig ht.Required:Answer the following questions in accordance with the relevant provisions of the Property Law of China,and give reasons for your answer:(a)describe what kind of property right Mr Lee has held regarding the mounta in; (2 marks)(b)describe who should hold the ownership of the coal mine in the mountain;(4 marks)(c)state how the court should deal with the claim brought by Mr Lee for dama ges against villagers because some of the trees in the land were destroyed by vi llagers in digging coal. (4 marks)(10 marks)9 Natural Gas pany(Gas pany)and Yaowa Glass pany(Yaowa pany)entered into a s upply contract.The major terms and conditions of the contract were that Gas pany would provide a minimum 4,000 m3 of natural gas daily for a period of five years at a fixed price;it should give a written notice five days in advance where it r educes the quantity of supply;Yaowa pany would provide a sum of RMB 100,000 yuan as a deposit for the performance of the contract. Yaowa pany paid the deposit pu rsuant to the supply contract upon the conclusion of the contract. Gas pany has been in decline since the beginning of 2010. In order to achieve extra profit,Ga s pany sold more natural gas to other customers at a higher price by reducing th e quantity of supply to Yaowa pany.One day Gas pany suddenly stopped providing n atural gas to Yaowa pany without a notice in advance,which resulted in serious d amage to the equipment of the latter.Due to unsuccessful negotiation between the two parties,Yaowa pany intended to seek the assistance from the people‘s court.Required:Answer the following questions in accordance with the relevant provisions of the Contract Law of China,and give your reasons for your answer:(a)explain the legal nature of the deposit under the contract law,and state whether a claim for a refund of twice the amount of the deposit should be suppor ted by the court; (4 marks)(b)state whether a claim requiring specific performance of contract by Gas p any should be supported by the court where the Yaowa pany has already requested a refund of twice the amount of the deposit.(6 marks)(10 marks)10 Kingmart Joint Stock pany(Kingmart pany)was a listed joint stock pany lis ting in Shanghai Securities Exchange,with total assets of RMB 500 million yuan; while Dahua Limited Liability pany’s(Dahua pany)registered capital was RMB 160million yuan.At the end of 2009 the board of directors of Kingmart pany adopted a special board of directors‘ resolution to merge with Dahua pany in a form of merger by absorption. after the pletion of the merger plan Dahua pany would be d issolved. For the purpose of carrying forward the merger plan,Kingmart pany and Dahua pany should take some procedural steps before the merger plan could be imp lemented and settle the credit and/or debt of these two panies with other partie s.Required:Answer the following questions in accordance with the relevant provisions of the pany Law， and give reasons for your answer:(a)state the relevant voting requirement by the general shareholders' meetin g; (3 marks)(b)state the relevant rules with respect to public notice; (3 marks)(c)state how to deal with Dahua p any‘s debts of RMB 500,000 yuan owed to a local electricity plant.(4 marks)(10 marks)332617611。

2010年12月ACCA考试F5真题

2010年12月ACCA考试F5真题ALL FIVE questions are compulsory and MUST be attempted1 Carad Co is an electronics company which makes two types of televisions - plasma screen TVs and LCD TVs. It operates within a highly competitive market and is constantly under pressure to reduce prices. Carad Co operates a standard costing system and performs a detailed variance analysis of both products on a monthly basis. Extracts from the management information for the month of November are shown below: NoteTotal number of units made and sold 1,400 1Material price variance $28,000 A 2Total labour variance $6,050 A 3Notes（1）The budgeted total sales volume for TVs was 1,180 units,consisting of an equal mix of plasma screen TVs and LCD screen TVs. Actual sales volume was 750 plasma TVs and 650 LCD TVs. Standard sales prices are $350 per unit for the plasma TVs and $300 per unit for the LCD TVs.The actual sales prices achieved during November were $330 per unit for plasma TVs and $290 per unit for LCD TVs. The standard contributions for plasma TVs and LCD TVs are $190 and $180 per unit respectively.（2）The sole reason for this variance was an increase in the purchase price of one of its key components， X. Each plasma TV made and each LCD TV made requires one unit of component X,for which Carad Co's standard cost is $60 per unit. Due to a shortage of components in the market place,the market price for November went up to $85 per unit for X. Carad Co actually paid $80 per unit for it.（3）Each plasma TV uses 2 standard hours of labour and each LCD TV uses 1·5 standard hours of labour.The standard cost for labour is $14 per hour and this also reflects the actual cost per labour hour for the company's permanent staff in November. However,because of the increase in sales and production volumes in November,the company also had to use additional temporary labour at the higher cost of $18 per hour.The total capacity of Carad’s permanent workforce is 2,200 hoursproduction per month,assuming full efficiency.In the month of November,the permanent workforce were wholly efficient,taking exactly 2 hours to complete each plasma TV and exactly 1·5 hours to produce each LCD TV.The total labour variance therefore relates solely to the temporary workers,who took twice as long as the permanent workers to complete their production.Required:（a）Calculate the following for the month of November,showing all workings clearly：（i）The sales price variance and sales volume contribution variance; （6 marks）（ii）The material price planning variance and material price operational variance; （2 marks）（iii）The labour rate variance and the labour efficiency variance. （7 marks）（b）Explain the reasons why Carad Co would be interested in the material price planning variance and the material price operational variance. （5 marks）（20 marks）2 The Accountancy Teaching Co（AT Co）is a company specialising in the provision of accountancy tuition courses in the private sector.It makes up its accounts to 30 November each year.In the year ending 30 November 2009,it held 60% of market share.However,over the last twelve months,the accountancy tuition market in general has faced a 20% decline in demand for accountancy training leading to smaller class sizes on courses.In 2009 and before,AT Co suffered from an ongoing problem with staff retention,which had a knock-on effect on the quality of service provided to students.Following the completion of developments that have been ongoing for some time,in 2010 the company was able to offer a far-improved service to students.The developments included:- A new dedicated 24 hour student helpline- An interactive website providing instant support to students- A new training programme for staff- An electronic student enrolment system- An electronic marking system for the marking of students' progress tests.The costs of marking electronically were expected to be $4 million less in 2010 than marking on paper.Marking expenditure is always included in cost of sales Extracts from the management accounts for 2009 and 2010 are shown below:2009 2010$'000 $'000 $'000 $'000 Turnover 72,025 66,028Cost of sales （52,078）（42,056）——————————Gross profit 19,947 23,972 Indirect expenses：Marketing 3,291 4,678Property 6,702 6,690Staff training 1,287 3,396Interactive website running costs - 3，270Student helpline running costs - 2,872Enrolment costs 5,032 960------- -------Total indirect expenses （16,312）（21,866）------- -------Net operating profit 3,635 2,106------- -------On 1 December 2009,management asked all ＆freelance lecturers'to reduce their fees by at least 10% with immediate effect（'freelance lecturers'are not employees of the company but are used to teach students when there are not enough of AT Co's own lecturers to meet tuition needs）.All employees were also told that they would not receive a pay rise for at least one year.Total lecture staff costs（including freelance lecturers）were $41·663 million in 2009 and were included in cost of sales，as is always the case.Freelance lecturer costs represented 35% of these total lecture staff costs.In 2010 freelance lecture costs were $12·394 million.No reduction wasmade to course prices in the year and the mix of trainees studying for the different qualifications remained the same.The same type and number of courses were run in both 2009 and 2010 and the percentage of these courses that was run by freelance lecturers as opposed to employed staff also remained the same.Due to the nature of the business,non-financial performance indicators are also used to assess performance,as detailed below.20092010 Percentage of students transferring to AT Co from another training8% 20% providerNumber of late enrolments due to staff error 297 106 Percentage of students passing exams first time 48% 66% Labour turnover 32% 10% Number of student complaints 315 84 Average no. of employees 1,080 1,081 Required:Assess the performance of the business in 2010 using both financial performance indicators calculated from the above information AND the non-financial performance indicators provided.NOTE:Clearly state any assumptions and show all workings clearly.Your answer should be structured around the following main headings:turnover;cost of sales;gross profit;indirect expenses;net operating profit.However,in discussing each of these areas you should also refer to the non-financial performance indicators,where relevant.（20 marks）3 The Cosmetic Co is a company producing a variety of cosmetic creams and lotions.The creams and lotions are sold to a variety of retailers at a price of $23·20 for each jar of face cream and $16·80 for each bottle of body lotion. Each of the products has a variety of ingredients,with the key ones being silk powder,silk amino acids and aloe vera. Six months ago,silk worms were attacked by disease causing a huge reduction in the availability of silk powder and silk amino acids.The CosmeticCo had to dramatically reduce production and make part of its workforce,which it had trained over a number of years,redundant.The company now wants to increase production again by ensuring that it uses the limited ingredients available to maximise profits by selling the optimum mix of creams and lotions.Due to the redundancies made earlier in the year,supply of skilled labour is now limited in the short-term to 160 hours（9,600 minutes）per week,although unskilled labour is unlimited.The purchasing manager is confident that they can obtain 5,000 grams of silk powder and 1,600 grams of silk amino acids per week.All other ingredients are unlimited.The following information is available for the two products:Cream Lotion Materials required：silk powder （at $2·20 per gram） 3 grams 2 grams- silk amino acids （at $0·80 per gram） 1 gram 0·5 grams- aloe vera （at $1·40 per gram） 4 grams 2 grams Labour required：skilled（$12 per hour） 4 minutes 5 minutes- unskilled （at $8 per hour） 3 minutes 1·5 minutesEach jar of cream sold generates a contribution of $9 per unit,whilst each bottle of lotion generates a contribution of $8 per unit.The maximum demand for lotions is 2,000 bottles per week,although demand for creams is unlimited. ixed costs total $1,800 per week.The company does not keep inventory although if a product is partially complete at the end of one week,its production will be completed in the following week.Required：（a）On the graph paper provided,use linear programming to calculate the optimum number of each product that the Cosmetic Co should make per week,assuming that it wishes to maximise contribution. Calculate the total contribution per week for the new production plan.All workings MUST be rounded to 2 decimal places.（14 marks）（b）Calculate the shadow price for silk powder and the slack for silk amino acids. All workings MUST be rounded to 2 decimal places.（6 marks）（20 marks）4 The Gadget Co produces three products,A,B and C,all made from the same material. Until now,it has used traditional absorption costing to allocate overheads to its products.The company is now considering an activity based costing system in the hope that it will improve rmation for the three products for the last year is as follows:A B C Production and sales volumes （units）15，000 12，000 18，000 Selling price per unit $7.50 $12 $13Raw material usage（kg）per unit 2 3 4Direct labour hours per unit 0. 1 0.15 0.2 Machine hours per unit 0.5 0.7 0.9 Number of production runs per annum 16 12 8Number of purchase orders per annum 24 28 42 Number of deliveries to retailers per annum 48 30 62The price for raw materials remained constant throughout the year at $1.20 per kg. Similarly,the direct labour cost for the whole workforce was $14.80 per hour.The annual overhead costs were as follows:$Machine set up costs 26,550Machine running costs 66,400 Procurement costs 48,000Delivery costs 54,320Required:（a）Calculate the full cost per unit for products A,B and C under traditional absorption costing, using direct labour hours as the basis for apportionment.（5 marks）（b） Calculate the full cost per unit of each product using activity based costing.（9 marks）（c） Using your calculation from（a）and （b）above,explain how activity based costing may help The Gadget Co improve the profitability of each product.（6 marks）5 Some commentators argue that:＆With continuing pressure to control costs and maintain efficiency,the time has come for all public sector organisations to embrace zero-based budgeting.There is no longer a place for incremental budgeting in any organisation,particularly public sector ones,where zero-based budgeting is far more suitable anyway.Required:（a）Discuss the particular difficulties encountered when budgeting in public sector organisations compared with budgeting in private sectororganisations,drawing comparisons between the two types of organisations.（5 marks）（b）Explain the terms ＆incremental budgeting 'and ＆zero-based budgeting'.（4 marks）（c）State the main stages involved in preparing zero-based budgets.（3 marks）（d）Discuss the view that 'there is no longer a place for incremental budgeting in any organisation,particularly public sector ones,'highlighting any drawbacks of zero-based budgeting that need to be considered.（8 marks）（20 marks）Formulae SheetLearning curve。

2010年12月ACCA考试P3真题

2010年12月ACCA考试P3真题Section A-BOTH questions are compulsory and MUST be attempted1 Doric Co,a listed company,has two manufacturing divisions:parts and fridges.It has been manufacturing parts for domestic refrigeration and air conditioning systems for a number of years,which it sells to producers of fridges and air conditioners worldwide.It also sells around 30% of the parts it manufactures to its fridge production division.It started producing and selling its own brand of fridges a few years ago.After limited initial success,competition in the fridge market became very tough and revenue and profits have been declining.Without further investment there are currently few growth prospects in either the parts or the fridge divisions.Doric Co borrowed heavily to finance the development and launch of its fridges,and has now reached its maximum overdraft limit.The markets have taken a pessimistic view of the company and its share price has declined to 50c per share from a high of $2.83 per share around three years ago.A survey from the refrigeration and air conditioning parts market has indicated that there is potential for Doric Co to manufacture parts for mobile refrigeration units used in cargo planes and containers.If this venture goes ahead then the parts division before-tax profits are expected to grow by 5% per year.The proposed venture would need an initial one-off investment of $50 million.Suggested proposalsThe Board of Directors has arranged for a meeting to discuss how to proceed and is considering each of the following proposals:1.To cease trading and close down the company entirely.2.To undertake corporate restructuring in order to reduce the level of debt and obtain the additional capital investment required to continue current operations.3.To close the fridge division and continue the parts division through a leveraged management buy-out,involving some executive directors and managers from the parts division.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:Corporate restructuringThe existing ordinary shares will be cancelled and ordinary shareholders will be issued with 40 million new $1 ordinary shares in exchange for a cash payment at par.The existing unsecured bonds will be cancelled and replaced with 270 million of $1 ordinary shares.The bond holders will contribute $90 million in cash.All the shares will be listed and traded.The bank overdraft will be converted into a secured ten-year loan with a fixed annual interest rate of 7%.The other unsecured loans will be repaid.In addition to this,the directors of the restructured company will get 4 million $1 share 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 liabilities attributable to it.If the management buy-out proposal is chosen,a prorata additional capital investment will be made to machinery and equipment on a one-off basis to increase sales revenue of the parts division by 7%.Sales revenue will then continue at the new level for the foreseeable future.All liabilities categories have equal claim for repayment against the company's assets.It is expected that Doric's cost of capital rate will decrease by 100 basis points following the management buy-out from the current rate.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 is anticipated that the value attributable to the plant and machinery after four years is $400,000 of the price at which the project is sold.No tax allowable depreciation is available on the premises.Fubuki Co uses 8% as its discount rate for new projects but feels that this rate may not be appropriate for this new type of investment.It intends to raise the full amount of funds through debt finance and take advantage of the government's offer of a subsidised loan.Issue costs are 4% of the gross finance required.It can be assumed that the debt capacity available to the company is equivalent to the actual amount of debt finance raised for the project.Although no other companies produce mobility vehicles in Megaera,Haizum Co,a listed company,produces electrical-powered vehicles using similar technology to that required for the mobility vehicles.Haizum Co's cost of equity is estimated to be 14% and it pays tax at 28%.Haizum Co has 15 million shares in issue trading at $2·53 each and $40 million bonds trading at $94·88 per $100.The five-year government debt yield is currently estimated at 4·5% and the market risk premium at 4%.Required:(a)Evaluate,on financial grounds,whether Fubuki Co should proceed with the project.(17 marks)(b)Discuss the appropriateness of the evaluation method used and explain any assumptions made in part (a)above.(8 marks)(25 marks)Section B-TWO questions ONLY to be attempted3 The treasury division of Marengo Co,a large quoted company,holds equity investments in various companies around the world.One of the investments is in Arion Co,in which Marengo holds 200,000 shares,which is around 2% of the total number of Arion Co's shares traded on the stock market.Over the past year,due to the general strength in the equity markets following optimistic predictions of the performance of world economies,Marengo's investments have performed well.However,there is some concern that the share price of Arion Co may fall in the coming two months due to uncertainty in its markets.It is expected that any fall in share prices will be reversed following this period of uncertainty.The treasury division managers in Marengo,Wenyu,Lola and Sam,held a meeting to discuss what to do with the investment in Arion Co and they each made a different suggestion as follows:1.Wenyu was of the opinion that Marengo's shareholders would benefit most if no action were taken.He argued that the courses of action proposed by Lola and Sam,below,would result in extra costs and possibly increase the risk to Marengo Co.2.Lola proposed that Arion Co's shares should be sold in order to eliminate the risk of a fall in the share price.3.Sam suggested that the investment should be hedged using an appropriate derivative product.Although no exchange-traded derivative products exist on Arion Co's shares,a bank has offered over-the-counter (OTC)option contracts at an exercise price of 350 cents per share in a contract size of 1,000 shares each,for the appropriate time period.Arion Co's current share price is 340 cents per share,although the volatility of the share prices could be as high as 40%.It can be assumed that Arion Co will not pay any dividends in the coming few months and that the appropriate inter-bank lending rate will be 4% over that period.Required:(a)Estimate the number of OTC put option contracts that Marengo Co will need to hedge against any adverse movement in Arion Co's share price.Provide a brief explanation of your answer.Note:You may assume that the delta of a put option is equivalent to N()(7 marks)(b)Discuss possible reasons for the suggestions made by each of the three managers.(13 marks)(20 marks)Section B-TWO questions ONLY to be attempted4Lamri Co(Lamri),a listed company,is expecting sales revenue to grow to $80 million next year,which is an increase of 20% from the current year.The operating profit margin for next year is forecast to be the same as this year at 30% of sales revenue.In addition to these profits,Lamri receives 75% of the after-tax profits from one of its wholly owned foreign subsidiaries – Magnolia Co(Magnolia),as dividends.However,its second wholly owned foreign subsidiary–StrymonCo(Strymon)does not pay dividends.Lamri is due to pay dividends of $7·5 million shortly and has maintained a steady 8% annual growth rate in dividends over the past few years.The company has grown rapidly in the last few years as a result of investment in key projects and this is likely to continue.For the coming year it is expected that Lamri will require the following capital investment.1.An investment equivalent to the amount of depreciation to keep its non-current asset base at the present productive mri charges depreciation of 25% on a straight-line basis on its non-current assets of $15 million.This charge has been included when calculating the operating profit amount.2.A 25% investment in additional non-current assets for every $1 increase in sales revenue.3.$4·5 million additional investment in non-current assets for a new project.Lamri also requires a 15% investment in working capital for every $1 increase in sales revenue.Strymon produces specialist components solely for Magnolia to assemble into finished goods.Strymon will produce 300,000 specialist components at $12 variable cost per unit and will incur fixed costs of $2·1 million for the coming year.It will then transfer the components to Magnolia at full cost price,where they will be assembled at a cost of $8 per unit and sold for $50 per unit.Magnolia will incur additional fixed costs of $1·5 million in the assembly process.Tax-Ethic(TE)is a charitable organisation devoted to reducing tax avoidance schemes by companies operating in poor countries around the world.TE has petitioned Lamri's Board of Directors to reconsider Strymon's policy of transferring goods at full cost.TE suggests that the policy could be changed to cost plus 40% mark-up.If Lamri changes Strymon's policy,it is expected that Strymon would be asked to remit 75% of its after-tax profits as dividends to Lamri.Section B-TWO questions ONLY to be attemptedOther Informationmri's outstanding non-current liabilities of $35 million,on which it pays interest of 8% per year,and its 30 million $1 issued equity capital will not change for the coming year.mri's,Magnolia's and Strymon's profits are taxed at 28%,22% and 42% respectively.A withholding tax of 10% is deducted from any dividends remitted from Strymon.3.The tax authorities where Lamri is based charge tax on profits made by subsidiary companies but give full credit for tax already paid by overseas subsidiaries.4.All costs and revenues are in $ equivalent amounts and exchange rate fluctuations can be ignored.Required:(a)Calculate Lamri's dividend capacity for the coming year prior to implementing TE's proposal and after implementing the proposal.(14 marks)(b)Comment on the impact of implementing TE's proposal and suggest possible actions Lamri may take as a result.(6 marks)(20 marks)5 Prospice Mentis University(PMU)is a prestigious private institution and a member of the Holly League,which is made up of universities based in Rosinante and renowned worldwide as being of the highest quality.Universities in Rosinante have benefited particularly from students coming from Kantaka,and PMU has been no exception.However,PMU has recognised that Kantaka has a large population of able students who cannot afford to study overseas.Therefore it wants to investigate how it can offer some of its most popular degree programmes in Kantaka,where students will be able to study at a significantly lower cost.It is considering whether to enter into a joint venture with a local institution or to independently set up its own university site in Kantaka.Offering courses overseas would be a first from a Holly League institution and indeed from any academic institution based in Rosinante.However,there have been less renowned academic institutions from other countries which have formed joint ventures with small private institutions in Kantaka to deliver degree programmes.These have been of low quality and are not held in high regard by the population or the government of Kantaka.In Kantaka,government run universities and a handful of large private academic institutions,none of which have entered into joint ventures,are held in high regard.However,the demand for places in these institutions far outstrips the supply of places and many students are forced to go to the smaller private institutions or to study overseas if they can afford it.After an initial investigation the following points have come to light:1.The Kantaka government is keen to attract foreign direct investment(FDI)and offer tax concessions to businesses which bring investment funds into the country.It is likely that PMU would need to borrow a substantial amount of money if it were to set up independently.However,the investment funds required would be considerably smaller if it went into a joint venture.2.Given the past experiences of poor quality education offered by joint ventures between small local private institutions and overseas institutions,the Kantaka government has been reluctant to approve degrees from such institutions.Also the government has not allowed graduates from these institutions to work in national or local government,or in nationalised organisations.3.Over the past two years the Kantaka currency has depreciated against other currencies,but economic commentators believe that this may not continue for much longer.4.A large proportion of PMU's academic success is due to innovative teaching and learning methods,and high quality research.The teaching and learning methods used in Kantaka's educational institutions are very different.Apart from the larger private and government run universities,little academic research is undertaken elsewhere in Kantaka's education sector.Required:Discuss the benefits and disadvantages of PMU entering into a joint venture instead of setting up independently in Kantaka.As part of your discussion,consider how the disadvantages can be mitigated and the additional information PMU needs in order to make its decision.。

ACCA 历年真题f5_2010_jun_q

Fundamentals Level – Skills ModuleThe Association of Chartered Certiﬁ ed AccountantsPerformance ManagementMonday 14 June 2010Time allowedReading and planning: 15 minutesWr t ng: 3 hoursALL FIVE questions are compulsory and MUST be attempted.Formulae Sheet is on page 8.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.This question paper must not be removed from the examination hall.P a p e r F 5ALL FIVE questions are compulsory and MUST be attempted1Brick by Brick (BBB) is a building business that provides a range of building services to the public. Recently they have been asked to quote for garage conversions (GC) and extensions to properties (EX) and have found that they are winning fewer GC contracts than expected.BBB has a policy to price all jobs at budgeted total cost plus 50%. Overheads are currently absorbed on a labour hour basis. BBB thinks that a switch to activity based costing (ABC) to absorb overheads would reduce the cost associated to GC and hence make them more competitive.You are provided with the following data:Overhead Annual Activity driver Total numbercategory overheads $ of activities peryearvisits 500Supervisors 90,000 Sitedocuments 250Planners 70,000 PlanningProperty related 240,000 Labour hours 40,000––––––––T otal 400,000––––––––A typical GC costs $3,500 in materials and takes 300 labour hours to complete. A GC requires only one site visit bya supervisor and needs only one planning document to be raised. The typical EX costs $8,000 in materials and takes500 hours to complete. An EX requires six site visits and ﬁ ve planning documents. In all cases labour is paid $15 per hour.Required:(a) Calculate the cost and quoted price of a GC and of an EX using labour hours to absorb the overheads.(5 marks)(b) Calculate the cost and the quoted price of a GC and of an EX using ABC to absorb the overheads.(5 marks)(c) Assuming that the cost of a GC falls by nearly 7% and the price of an EX rises by about 2% as a result ofthe change to ABC, suggest possible pricing strategies for the two products that BBB sells and suggest two reasons other than high prices for the current poor sales of the GC. (6 marks)(d) One BBB manager has suggested that only marginal cost should be included in budget cost calculations asthis would avoid the need for arbitrary overhead allocations to products. Brieﬂ y discuss this point of view and comment on the implication for the amount of mark-up that would be applied to budget costs when producing quotes for jobs. (4 marks)(20 marks)22Sticky Wicket (SW) manufactures cricket bats using high quality wood and skilled labour using mainly traditional manual techniques. The manufacturing department is a cost centre within the business and operates a standard costing system based on marginal costs.At the beginning of April 2010 the production director attempted to reduce the cost of the bats by sourcing wood froma new supplier and de-skilling the process a little by using lower grade staff on parts of the production process. Thestandards were not adjusted to reﬂ ect these changes.The variance report for April 2010 is shown below (extract).Adverse FavourableVariances $ $Materialprice 5,100usage 7,500MaterialLabourrate 43,600efﬁciency 48,800LabourLabour idle time 5,400The production director pointed out in his April 2010 board report that the new grade of labour required signiﬁ cant training in April and this meant that productive time was lower than usual. He accepted that the workers were a little slow at the moment but expected that an improvement would be seen in May 2010. He also mentioned that the new wood being used was proving difﬁ cult to cut cleanly resulting in increased waste levels.Sales for April 2010 were down 10% on budget and returns of faulty bats were up 20% on the previous month. The sales director resigned after the board meeting stating that SW had always produced quality products but the new strategy was bound to upset customers and damage the brand of the business.Required(a) Assess the performance of the production director using all the information above taking into account both thedecision to use a new supplier and the decision to de-skill the process. (7 marks) In May 2010 the budgeted sales were 19,000 bats and the standard cost card is as follows:Std cost Std cost$ $Materials (2kg at $5/kg) 10Labour (3hrs at $12/hr) 36cost 46Marginalprice 68SellingContribution 22In May 2010 the following results were achieved:40,000kg of wood were bought at a cost of $196,000, this produced 19,200 cricket bats. No inventory of raw materials is held. The labour was paid for 62,000 hours and the total cost was $694,000. Labour worked for 61,500 hours.The sales price was reduced to protect the sales levels. However, only 18,000 cricket bats were sold at an average price of $65.Required:(b) Calculate the materials, labour and sales variances for May 2010 in as much detail as the information allows.You are not required to comment on the performance of the business. (13 marks)(20 marks)3[P.T.O.43Cut and Stitch (CS) make two types of suits using skilled tailors (labour) and a delicate and unique fabric (material). Both the tailors and the fabric are in short supply and so the accountant at CS has correctly produced a linear programming model to help decide the optimal production mix.The model is as follows:Variables: Let W = the number of work suits produced Let L = the number of lounge suits producedConstraints T ailors’ time: 7W + 5L ≤ 3,500 (hours) – this is line T on the diagram Fabric: 2W + 2L ≤ 1,200 (metres) – this is line F on the diagram Production of work suits: W ≤ 400 – this is line P on the diagram Objective is to maximise contribution subject to: C = 48W + 40LOn the diagram provided the accountant has correctly identiﬁ ed OABCD as the feasible region and point B as theoptimal point.Required:(a) Find by appropriate calculation the optimal production mix and related maximum contribution that could beearned by CS. (4 marks)(b) Calculate the shadow prices of the fabric per metre and the tailor time per hour.(6 marks)200400600800200240400600800LWBECD ContATF PCS – Production PlanFeasible region OABCD Optimal point BThe tailors have offered to work an extra 500 hours provided that they are paid three times their normal rate of $1·50 per hour at $4·50 per hour.Required:Brieﬂ y discuss whether CS should accept the offer of overtime at three times the normal rate. (6 marks)(c)(d) Calculate the new optimum production plan if maximum demand for W falls to 200 units. (4 marks)(20 marks)5[P.T.O.4Hammer is a large garden equipment supplier with retail stores throughout T oolland. Many of the products it sells are bought in from outside suppliers but some are currently manufactured by Hammer’s own manufacturing division ‘Nail’.The prices (a transfer price) that Nail charges to the retail stores are set by head ofﬁ ce and have been the subject of some discussion. The current policy is for Nail to calculate the total variable cost of production and delivery and add 30% for proﬁ t. Nail argues that all costs should be taken into consideration, offering to reduce the mark-up on costs to 10% in this case. The retail stores are unhappy with the current pricing policy arguing that it results in prices that are often higher than comparable products available on the market.Nail has provided the following information to enable a price comparison to be made of the two possible pricing policies for one of its products.Garden shearsSteel: the shears have 0·4kg of high quality steel in the ﬁ nal product. The manufacturing process loses 5% of all steel put in. Steel costs $4,000 per tonne (1 tonne = 1,000kg)Other materials: Other materials are bought in and have a list price of $3 per kg although Hammer secures a 10% volume discount on all purchases. The shears require 0·1kg of these materials.The labour time to produce shears is 0·25 hours per unit and labour costs $10 per hour.Variable overheads are absorbed at the rate of 150% of labour rates and ﬁxed overheads are 80% of the variable overheads.Delivery is made by an outsourced distributor that charges Nail $0·50 per garden shear for delivery.Required:(a) Calculate the price that Nail would charge for the garden shears under the existing policy of variable cost plus30%. (6 marks)(b) Calculate the increase or decrease in price if the pricing policy switched to total cost plus 10%. (4 marks)(c) Discuss whether or not including ﬁ xed costs in a transfer price is a sensible policy. (4 marks)(d) Discuss whether the retail stores should be allowed to buy in from outside suppliers if the prices are cheaperthan those charged by Nail. (6 marks)(20 marks)65Jump has a network of sports clubs which is managed by local managers reporting to the main board. The local managershave a lot of autonomy and are able to vary employment contracts with staff and offer discounts for membership feesand personal training sessions. They also control their own maintenance budget but do not have control over largeamounts of capital expenditure.A local manager’s performance and bonus is assessed relative to three targets. For every one of these three targetsthat is reached in an individual quarter, $400 is added to the manager’s bonus, which is paid at the end of the year.The maximum bonus per year is therefore based on 12 targets (three targets in each of the four quarters of the year).Accordingly the maximum bonus that could be earned is 12 x $400 = $4,800, which represents 40% of the basicsalary of a local manager. Jump has a 31 March year end.The performance data for one of the sports clubs for the last four quarters is as followsQtr to Qtr to Qtr to Qtr to30 June 2009 30 September 2009 31 December 2009 31 March 2010Number of members 3,000 3,200 3,300 3,400Membervisits 20,000 24,000 26,000 24,000Personal training sessions booked 310 325 310 339days 450 480 470 480StaffStaff lateness days 20 28 28 20Days in quarter 90 90 90 90Agreed targets are:1. Staff must be on time over 95% of the time (no penalty is made when staff are absent from work)2. On average 60% of members must use the clubs’ facilities regularly by visiting at least 12 times per quarter3. On average 10% of members must book a personal training session each quarterRequired:(a) Calculate the amount of bonus that the manager should expect to be paid for the latest ﬁ nancial year.(6 marks)(b) Discuss to what extent the targets set are controllable by the local manager (you are required to make a casemarks) for both sides of the argument). (9(c) Describe two methods as to how a manager with access to the accounting and other records could unethicallymanipulate the situation so as to gain a greater bonus. (5 marks)(20 marks)7[P.T.O.8Formulae SheetLearning curve Y = ax bWhere y = average cost per batch a = cost of first batch x = total number of batches produced b = learning factor (log LR/log 2)LR = the learning rate as a decimalRegression analysisDemand curveP = a – bQb = change in price change in quantitya = price when Q = 0y=a+bx b=n ∑xy-∑x ∑yn ∑x -(∑x)a=∑y n -b ∑x n22End of Question Paper。

2010年12月英语六级真题答案及详解(完整版)

2010年12月英语六级试题答案(完整版)Part ⅠWritingMy View on University RankingIn recent years, all kinds of University Ranking Lists can be found on some educational websites, or newspapers. The ranking standards also vary. These lists have great influence on students. They are even becoming the only scale to evaluate the colleges and universities.People hold different views toward this phenomenon. Some believe that these lists help the students a lot, especially for those who will choose their university. While some other protest vigorously. In their points, the list is really ridiculous and harmful. In my view, the university ranking may have its own reference values, but its disadvantages overweigh its values.For those university-students-to-be, they are supposed to choose the school according to his or her own situation, but not the so-called Ranking List. What’s more, how about the university students? How do they feel about themselves when they see the ranking? The list may become some intangible shackles for them if their own school ranks poorly.In a nutshell, there is no easy method to rank these universities, but the Ranking, only helps students ignore the essentials, namely, their ninety-nine percent perspiration.此次六级作文的自由度很大，看似给出了提纲，实际上具体的观点全靠个人发挥。

ACCA考试F5模拟测试题目答案

AnswersFundamentals Level – Skills Module, Paper F5Performance Management December 2010 Answers1 (a) (i) Sales price variance and sales volume varianceSales price variance = (actual price – standard price) x actual volumeActual Standard Difference Actual Salesprice price volume priceVariance$ $ $ $Plasma TVs 330 350 –20 750 15,000 ALCD TVs 290 300 –10 650 6,500 A–––––––21,500 A–––––––Sales volume contribution variance = (actual sales volume – budgeted sales volume) x standard margin Actual Budgeted Difference Standard Salessales sales margin volumevolume volume variance$ $Plasma TVs 750 590 160 190 30,400 FLCD TVs 650 590 60 180 10,800 F–––––––––––––––––––1,400 1,180 41,200 F–––––––––––––––––––(ii) Material price planning and purchasing operational variancesMaterial planning variance = (original target price – general market price at time of purchase) x quantity purchased($60 – $85) x 1,400 = $35,000 A.Material price operational variance = (general market price at time of purchase – actual price paid) x quantity purchased.($85 – $80) x 1,400 = $7,000 F.(iii) Labour rate and labour efficiency variancesLabour rate variance = (standard labour rate per hour – actual labour rate per hour) x actual hours worked.Actual hours worked by temporary workers:Total hours needed if staff were fully efficient = (750 x 2) + (650 x 1·5) = 2,475.Permanent staff provide 2,200 hours therefore excess = 2,475 – 2,200 = 275.However, temporary workers take twice as long, therefore hours worked = 275 x 2 = 550Labour rate variance relates solely to temporary workers, therefore ignore permanent staff in the calculation.Labour rate variance = ($14 – $18) x 550 = $2,200 A.Labour efficiency variance = (standard labour hours for actual production – actual labour hours worked) xstandard rate.(275 – 550) x $14 = $3,850 A.(b) Explanation of planning and operational variancesBefore the material price planning and operational variances were calculated, the only information available as regardsmaterial purchasing was that there was an adverse material price variance of $28,000. The purchasing department will beassessed on the basis of this variance, yet, on its own, it is not a reliable indicator of the purchasing department’s efficiency.The reason it is not a reliable indicator is because market conditions can change, leading to an increase in price, and thischange in market conditions is not within the control of the purchasing department.By analysing the materials price variance further and breaking it down into its two components – planning and operational –the variance actually becomes a more useful assessment tool. The planning variance represents the uncontrollable elementand the operational variance represents the controllable element.The planning variance is a really useful for providing feedback on just how skilled management are in estimating future prices.This can be very easy in some businesses and very difficult in others.The operational variance is more meaningful in that it mea sures the purchasing department’s efficiency given the marketconditions that prevailed at the time. It therefore ignores factors that the purchasing department cannot control, which in turn,stops staff from becoming demotivated.112 TurnoverTurnover has decreased from $72·025 million in 2009 to $66·028 million in 2010, a fall of 8·3%. However, this must beassessed by taking into account the change in market conditions, since there has been a 20% decline in demand for accountancytraining. Given this 20% decline in the market place, AT Co’s turnover would have been expected to fall to $57·62m if it had keptin line with market conditions. Comparing AT Co’s actual turnover to this, it’s actual turnover is 14·6% higher than expected. Assuch, AT Co has performed fairly well, given market conditions.It can also be seen from the non-financial performance indicators that 20% of students in 2010 are students who have transferredover from alternative training providers. It is likely that they have transferred over because they have heard about the improvedservice that AT Co is providing. Hence, they are most likely the reason for the increased market share that AT Co has managed tosecure in 2010.Cost of salesCost of sales has decreased by 19·2% in 2010. This must be considered in relation to the decrease in turnover as well. In 2009,cost of sales represented 72·3% of turnover and in 2010 this figure was 63·7%. This is quite a substantial decrease. The reasonsfor it can be ascertained by, firstly, looking at the freelance staff costs.In 2009, the freelance costs were $14·582m. Given that a minimum 10% reduction in fees had been requested to freelancelecturers and the number of courses run by them was the same year on year, the expected cost for freelance lecturers in 2010 was$13·124m. The actual costs were $12·394m. These show that a fee reduction of 15% was actually achieved. This can be seenas a successful reduction in costs.The expected cost of sales for 2010 before any cost cuts, was $47·738m assuming a consistent ratio of cost of sales to turnover.The actual cost of sales was only $42·056m, $5·682m lower. Since freelance lecturer costs fell by $2·188m, this means thatother costs of sale fell by the remaining $3·494m. Staff costs are a substantial amount of this balance but since there was a payfreeze and the average number of employees hardly changed from year to year, the decreased costs are unlikely to be related tostaff costs. The decrease is therefore most probably attributable to the introduction of online marking. AT Co expected the onlinemarking system to cut costs by $4m, but it is probable that the online marking did not save as much as possible, hence the$3·494m fall. Alternatively, the saved marking costs may have been partially counteracted by an increase in some other costincluded in cost of sales.Gross profitAs a result of the above, the gross profit margin has increased in 2010 from 27·7% to 36·3%. This is a big increase and reflectsvery well on management.Indirect expenses– Marketing costs: These have increased by 42·1% in 2010. Although this is quite significant, given all the improvements thatAT Co has made to the service it is providing, it is very important that potential students are made aware of exactly what thecompany now offers. The increase in marketing costs has been rewarded with higher student numbers relative to thecompetition in 2010 and these will hopefully continue increasing next year, since many of the benefits of marketing won’t befelt until the next year anyway. The increase should therefore be viewed as essential expenditure rather than a cost that needsto be reduced.– Property costs: These have largely stayed the same in both years.– Staff training: These costs have increased dramatically by over $2 million, a 163·9% increase. However, AT Co had identifiedthat it had a problem with staff retention, which was leading to a lower quality service being provided to students. Also, dueto the introduction of the interactive website, the electronic enrolment system and the online marking system, staff wouldhave needed training on these areas. If AT Co had not spent this money on essential training, the quality of service wouldhave deteriorated further and more staff would have left as they became increasingly dissatisfied with their jobs. Again,therefore, this should be seen as essential expenditure.Given that the number of student complaints has fallen dramatically in 2010 to 84 from 315, the staff training appears tohave improved the quality of service being provided to students.– Interactive website and the student helpline: These costs are all new this year and result from an attempt to improve thequality of service being provided and, presumably, improve pass rates. Therefore, given the increase in the pass rate for firsttime passes from 48% to 66% it can be said that these developments have probably contributed to this. Also, they haveprobably played a part in attracting new students, hence improving turnover.– Enrolment costs have fallen dramatically by 80·9%. This huge reduction is a result of the new electronic system beingintroduced. This system can certainly be seen as a success, as not only has it dramatically reduced costs but it has alsoreduced the number of late enrolments from 297 to 106.Net operating profitThis has fallen from $3·635m to $2·106m. On the face of it, this looks disappointing but it has to be remembered that AT Co hasbeen operating in a difficult market in 2010. It could easily have been looking at a large loss. Going forward, staff training costswill hopefully decrease. Also, market share may increase further as word of mouth spreads about improved results and service atAT Co. This may, in turn, lead to a need for less advertising and therefore lower marketing costs.12It is also apparent that AT Co has provided the student website free of charge when really, it should have been charging a fee forthis. The costs of running it are too high for the service to be provided free of charge and this has had a negative impact on netoperating profit.Note: Students would not have been expected to write all this in the time available.Workings (Note: All workings are in $'000)1. TurnoverDecrease in turnover = $72,025 – $66,028/$72,025 = 8·3%Expected 2010 turnover given 20% decline in market = $72,025 x 80% = $57,620Actual 2010 turnover CF expected = $66,028 – $57,620/$57,620 = 14·6% higher2. Cost of salesDecrease in cost of sales = $42,056 – $52,078/$52,078 = 19·2%Cost of sales as percentage of turnover: 2009 = $52,078/$72,025 = 72·3%2010 = $42,056/$66,028 = 63·7%Freelance staff costs: in 2009 = $41,663 x 35% = $14,582Expected cost for 2010 = $14,582 x 90% = $13,124Actual 2010 cost = $12,394$12,394 – $14,582 = $2,188 decrease$2,188/$14,582 = 15% decrease in freelancer costsExpected cost of sales for 2010, before costs cuts, = $66,028 x 72·3% = $47,738.Actual cost of sales = $42,056.Difference = $5,682, of which $2,188 relates to freelancer savings and $3,494 relates to other savings.3. Gross profit margin2009: $19,947/$72,025 = 27·7%2010: $23,972/$66,028 = 36·3%4. Increase in marketing costs = $4,678 – $3,291/$3,291 = 42·1%5. Increase in staff training costs = $3,396 – $1,287/$1,287 = 163·9%6. Decrease in enrolment costs = $960 – 5,032/5,032 = 80·9%7. Net operating profitDecreased from $3,635 to $2,106. This is fall of 1,529/3,635 = 42·1%3 (a) Optimum production planDefine the variablesLet x = no. of jars of face cream to be producedLet y = no. of bottles of body lotion to be producedLet C = contributionState the objective functionThe objective is to maximise contribution, CC = 9x + 8yState the constraintsSilk powder 3x + 2y δ 5,000Silk amino acids 1x + 0·5y δ 1,600Skilled labour 4x + 5y δ 9,600Non-negativity constraints:x, y ε 0Sales constraint:y δ 2,000Draw the graphSilk powder 3x + 2y = 5,000If x = 0, then 2y = 5,000, therefore y = 2,500If y = 0, then 3x = 5,000, therefore x = 1,666·7Silk amino acids 1x +0·5y = 1,600If x = 0, then 0·5y = 1,600, therefore y = 3,200If y = 0, then x = 1,600Skilled labour 4x + 5y = 9,600If x = 0, then 5y = 9,600, therefore y = 1,920If y = 0, then 4x = 9,600, therefore x = 2,40013Solve using iso-contribution lineIf y =800 and x = 0, then if C = 9x + 8yC = (8 x 800) = 6,400Therefore, if y = 0, 9x = 6,400Therefore x = 711·11Using the iso-contribution line, the furthest vertex from the origin is point c, the intersection of the constraints for skilled labourand silk powder.Solving the simultaneous equations for these constraints:4x + 5y = 9,600 x 33x + 2y = 5,000 x 412x + 15y = 28,80012x + 8y = 20,000Subtract the second one from the first one7y = 8,800, therefore y = 1,257·14.If y = 1,257·14 and:4x + 5y = 9,600Then 5 x 1,257·14 + 4x = 9,600Therefore x= 828·58If C = 9x + 8yC = $7,457·22 + $10,057·12 = $17,514·34143,5003,0002,5002,0001,5001,0005000 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500Jars of face creamBottles of body lotiony = 2,000bcda ec = 9x + 8y1x + 0·5y= 1,6003x + 2y= 5,000 4x + 5y = 9,600Silk powder Silk amino acids Skilled labourFeasible region Maximum sales of lotion Iso-contribution line(b) Shadow prices and slackThe shadow price for silk powder can be found by solving the two simultaneous equations intersecting at point c, whilstadding one more hour to the equation for silk powder.4x +5y = 9,600 x 33x + 2y = 5,001 x 412x + 15y = 28,80012x + 8y = 20,004Subtract the second one from the first one7y = 8,796, therefore y = 1,256·573x + (2 x 1,256·57) = 5,001.Therefore x = 829·29C = (9 x 829·29) + (8 x 1,256·57) = $17,516·17Original contribution = $17,514·34Therefore shadow price for silk powder is $1·83 per gram.The slack for amino acids can be calculated as follows:(828·58 x 1) + (0·5 x 1,257·14) = 1,457·15 grams used.Available = 1,600 grams.Therefore slack = 142·85 grams.4 (a) Cost per unit under full absorption costingTotal annual overhead costs: $Machine set up costs 26,550Machine running costs 66,400Procurement costs 48,000Delivery costs 54,320––––––––195,270––––––––Overhead absorption rate:A B C TotalProduction volumes 15,000 12,000 18,000Labour hours per unit 0·1 0·15 0·2Total labour hours 1,500 1,800 3,600 6,900Therefore, overhead absorption rate = $195,270/6,900 = $28·30 per hourCost per unit:A B C$ $ $Raw materials ($1·20 x 2/3/4kg) 2·4 3·6 4·8Direct labour ($14·80 x 0·1/0·15/0·2hrs) 1·48 2·22 2·96Overhead ($28·30 x 0·1/0·15/0·2 hrs) 2·83 4·25 5·66–––––––––––––––Full cost per unit 6·71 10·07 13·42–––––––––––––––(b) Cost per unit using full absorption costingCost drivers:Cost pools $ Cost driverMachine set up costs 26,550 36 production runs (16 + 12 + 8)Machine running costs 66,400 32,100 machine hours (7,500 + 8,400 + 16,200)Procurement costs 48,000 94 purchase orders (24 + 28 + 42)Delivery costs 54,320 140 deliveries (48 + 30 + 62)––––––––195,270––––––––Cost per machine set up $26,550/36 = $737·50Cost per machine hour $66,400/32,100 = $2·0685Cost per order $48,000/94 = $510·6383Cost per delivery $54,320/140 = $38815Allocation of overheads to each product:A B C Total$ $ $ $Machine set up costs 11,800 8,850 5,900 26,550Machine running costs 15,514 17,375 33,510 66,400Procurement costs 12,255 14,298 21,447 48,000Delivery costs 18,624 11,640 24,056 54,320–––––––––––––––––––––––––––––58,193 52,163 84,913 195,270–––––––––––––––––––––––––––––Number of units produced 15,000 12,000 18,000$ $ $Overhead cost per unit 3·88 4·35 4·72Total cost per unit A B C$ $ $Materials 2·4 3·6 4·8Labour 1·48 2·22 2·96Overheads 3·88 4·35 4·72–––––––––––––––––7·76 10·17 12·48–––––––––––––––––(c) Using activity-based costingWhen comparing the full unit costs for each of the products under absorption costing as compared to ABC, the followingobservations can be made:Product AThe unit cost for product A is 16% higher under ABC as opposed to traditional absorption costing. Under ABC, it is $7·76per unit compared to $6·71 under traditional costing. This is particularly significant given that the selling price for product Ais $7·50 per unit. This means that when the activities that give rise to the overhead costs for product A are taken into account,product A is actually making a loss. If the company wants to improve profitability it should look to either increase the sellingprice of product A or somehow reduce the costs. Delivery costs are also high, with 48 deliveries a year being made for productA. Maybe the company could seek further efficiencies here. Also, machine set up costs are higher for product A than for anyof the other products, due to the larger number of production runs. The reason for this needs to be identified and, if possible,the number of production runs needs to be reduced.Product BThe difference between the activity based cost for B as opposed to the traditional cost is quite small, being only $0·10. Sincethe selling price for B is $12, product B is clearly profitable whichever method of overhead allocation is used. ABC does notreally identify any areas for concern here.Product CThe unit cost for C is 7% lower under ABC when compared to traditional costing. More importantly, while C looks like it ismaking a loss under traditional costing, ABS tells a different story. The selling price for C is $13 per unit and, under ABC, itcosts $12·48 per unit. Under traditional absorption costing, C is making a loss of $0·42 per unit. Identifying the reason forthe differences in C, it is apparent that the number of production runs required to produce C is relatively low compared to thevolumes produced. This leads to a lower apportionment of the machine set up costs to C than would be given under traditionalabsorption costing. Similarly, the number of product tests carried out on C is low relative to its volume. ABC is therefore very useful in identifying that C is actually more profitable than A, because of the reasons identified above.The company needs to look at the efficiency that seems to be achieved with C (low number of production runs less testing)and see whether any changes can be made to A, to bring it more in line with C. Of course, this may not be possible, in whichcase the company may consider whether it wishes to continue to produce A and whether it could sell higher volumes of C.5 (a) Difficulties in the public sectorIn the public sector, the objectives of the organisation are more difficult to define in a quantifiable way than the objectives ofa private company. For example, a private company’s objectives may be to maximise profit. The meeting of this objective canthen be set out in the budget by aiming for a percentage increase in sales and perhaps the cutting of various costs. If, on theother hand, the public sector organisation is a hospital, for example, then the objectives may be largely qualitative, such asensuring that all outpatients are given an appointment within eight weeks of being referred to the hospital. This is difficult todefine in a quantifiable way, and how it is actually achieved is even more difficult to define.This leads onto the next reason why budgeting is so difficult in public sector organisations. Just as objectives are difficult todefine quantifiably, so too are the organisation’s outputs. In a private company the output can be measured in terms of salesrevenue. There is a direct relationship between the expenditure that needs to be incurred i.e. needs to be input in order toachieve the desired level of output. In a hospital, on the other hand, it is difficult to define a quantifiable relationship betweeninputs and outputs. What is more easy to compare is the relationship between how much cash is available for a particular16area and how much cash is actually needed. Therefore, budgeting naturally focuses on inputs alone, rather than therelationship between inputs and outputs.Finally, public sector organisations are always under pressure to show that they are offering good value for money, i.e.providing a service that is economical, efficient and effective. Therefore, they must achieve the desired results with theminimum use of resources. This, in itself, makes the budgeting process more difficult.(b) Incremental and zero-based budgeting‘Incremental budgeting’ is the term used to describe the process whereby a budget is prepared using a previous period’sbudget or actual performance as a base, with incremental amounts then being added for the new budget period.‘Zero-based budgeting’, on the other hand, refers to a budgeting process which starts from a base of zero, with no referencebeing made to the prior period’s budget or performance. Every department function is reviewed comprehensively, with allexpenditure requiring approval, rather than just the incremental expenditure requiring approval.(c) Stages in zero-based budgetingZero-based budgeting involves three main stages:1. Activities are identified by managers. These activities are then described in what is called a ‘decision package’. Thisdecision package is prepared at the base level, representing the minimum level of service or support needed to achievet he organisation’s objectives. Further incremental packages may then be prepared to reflect a higher level of service orsupport.2. Management will then rank all the packages in the order of decreasing benefits to the organisation. This will helpmanagement decide what to spend and where to spend it.3. The resources are then allocated based on order of priority up to the spending level.(d) No longer a place for incremental budgetingThe view that there is no longer a place for incremental budgeting in any organisation is a rather extreme view. It is knownfor encouraging slack and wasteful spending, hence the comment that it is particularly unsuitable for public sectororganisations, where cash cutbacks are being made. However, to say that there is no place for it at all is to ignore thedrawbacks of zero-based budgeting. These should not be ignored as they can make ZBB implausible in some organisationsor departments. They are as follows:– Departmental managers will not have the skills necessary to construct decision packages. They will need training forthis and training takes time and money.– In a large organisation, the number of activities will be so large that the amount of paperwork generated from ZBB willbe unmanageable.– Ranking the packages can be difficult, since many activities cannot be compared on the basis of purely quantitativemeasures. Qualitative factors need to be incorporated but this is difficult.– The process of identifying decision packages, determining their purpose, costs and benefits is massively time consumingand therefore costly.– Since decisions are made at budget time, managers may feel unable to react to changes that occur during the year. Thiscould have a detrimental effect on the business if it fails to react to emerging opportunities and threats. It could be argued that ZBB is more suitable for public sector than for private sector organisations. This is because, firstly, itis far easier to put activities into decision packages in organisations which undertake set definable activities. Localgovernment, for example, have set activities including the provision of housing, schools and local transport. Secondly, it is farmore suited to costs that are discretionary in nature or for support activities. Such costs can be found mostly in not for profitorganisations or the public sector, or in the service department of commercial operations.Since ZBB requires all costs to be justified, it would seem inappropriate to use it for the entire budgeting process in acommercial organisation. Why take so much time and resources justifying costs that must be incurred inorder to meet basicproduction needs? It makes no sense to use such a long-winded process for costs where no discretion can be exercisedanyway. Incremental budgeting is, by its nature, quick and easy to do and easily understood. These factors should not beignored.In conclusion, whilst ZBB is more suited to public sector organisations, and is more likely to make cost savings in hard timessuch as these, its drawbacks should not be overlooked.17Fundamentals Level – Skills Module, Paper F5Performance Management December 2010 Marking SchemeMarks1 (a) (i) Sales price variance 3Sales volume variance 3–––6–––(ii) Purchasing planning variance 1Purchasing efficiency variance 1–––2–––(iii) Actual hours worked 3Labour rate variance 2Labour efficiency variance 2–––7–––(b) Each valid reason 1–––5–––20–––19Marks2 Turnover8·3% decrease 0.5Actual t/o 14·6% higher 0.5Performed well CF market conditions 1Transfer of students 1–––Max. turnover 3Cost of sales19·2% decrease 0.563·7% of turnover 0.515% fee reduction from freelance staff 2Other costs of sale fell by $3·555m 2Online marking did not save as much as planned 1–––Max. COS 5–––Gross profit – numbers and comment 1Indirect expenses:Marketing costs42·1% increase 0.5Increase necessary to reap benefits of developments 1 Benefits may take more than one year to be felt 0.5 Property costs – stayed the same 0.5Staff training163·9% increase 0.5Necessary for staff retention 1Necessary to train staff on new website etc 1Without training, staff would have left 1Less student complaints 1Interactive website and student helplineAttracted new students 1Increase in pass rate 1Enrolment costsFall of 80·9% 0.5Result of electronic system being introduced 1 Reduced number of late enrolments 1–––Max. Indirect expenses 9–––Net operating profitFallen to $2·106 0.5Difficult market 1Staff training costs should decrease in future 1Future increase in market share 1Lower advertising cost in future 1Charge for website 1–––Max. net operating profit 3–––2020Marks3 (a) Optimum production plan Assigning letters for variables 0.5 Defining constraint for silk powder 0.5 Defining constraint for amino acids 0.5 Defining constraint for labour 0.5Non-negativity constraint 0.5Sales constraint: x 0.5Sales constraint: y 0.5Iso-contribution line worked out 1The graph:Labels 0.5Silk powder 0.5Amino acids 0.5Labour line 0.5Demand for x line 0.5Demand for y line 0.5Iso-contribution line 0.5Vertices a–e identified 0.5Feasible region shaded 0.5Optimum point identified 1Equations solved at optimum point 3 Total contribution 1–––14–––(b) Shadow prices and slackShadow price 4Slack 2–––6–––20–––4 (a) Contribution per unitOverhead absorption rate 2Cost for A 1Cost for B 1Cost for C 1–––5–––(b) Cost under ABCCorrect cost driver rates 5Correct overhead unit cost for A 1Correct overhead unit cost for B 1Correct overhead unit cost for C 1Correct cost per unit under ABC 1–––9–––(c) Using ABC to improve profitabilityOne mark per point about the Gadget Co 1–––6–––20–––21Marks5 (a) ExplanationDifficulty setting objectives quantifiably 2Difficulty in saying how to achieve them 1Outputs difficult to measure 2No relationship between inputs and outputs 2Value for money issue 2–––Maximum 5–––(b) Incremental and zero-based budgetingExplaining ‘incremental budgeting’ 2Explaining ‘zero-based budgeting’ 2–––4–––(c) Stages involved in zero-based budgetingEach stage 1–––3–––(d) DiscussionAny disadvantage of inc. that supports statement (max. 3) 1 Incremental budgeting is quick and easy 1Any disadvantage of ZBB that refutes statement (max. 3) 1 Easier to define decision packages in public sector 2more appropriate for discretionary costs 2。

2010年12月大学英语六级真题答案

2010年12月大学英语六级真题答案（阅读部分）52--61 AADAD BBCDC仔细阅读Section A2010年12月大学英语六级真题答案（完形填空部分）62 B set out set out plans表示制定计划63 C abandoning abandon 放弃，once unshakeable orthodoxy表示曾经不可动摇的做法，也就是现在要放弃了。

64 B with struggle with表示同…斗争，介词搭配，这里表示设法应对广告收入和报纸销售量下降的局面。

65 A intends intend to表示打算…,从后面的at the beginning of 2011，可知还没有这么做，只是计划或者打算这么做。

66 C exceeded 超过，是说当用户每月阅读文章超过一定量时就要收费。

67 C on 和side搭配，on the side of …表示拥护…；站在…一边。

68 B charge 本词在文章中多次出现，charge sb表示向某人收费。

69 B such as 表示举例，从后面举London's Evening Standard作为例子，可知应该选such as.70 B free 前面提到abandon readership revenue，即放弃读者收益，由此可知应该是make print editions free.71 D acknowledged 表示承认，这里表示Arthur Sulzberger承认这么做是一种赌博。

72 C bet 打赌，赌注，从前面的gamble可知应该选bet。

73 A circulation 发行量，从后面的数量可知应该选circulation。

74 A behind NYT排名第三，即排在the Wall Street Journal and USA Today后面。

75 C While while在这里表示对比，从上下文可知NYT与美国其他报纸不同。

2010年12月英语六级听力真题及答案完全版

Part III Listening Comprehension (35 minutes)Section A11. [A] The man is the manager of the apartment building.[B] The woman is very good at bargaining.[C] The woman will get the apartment refurnished.[D] The man is looking for an apartment.12. [A] How the pictures will turn out. [C] What the man thinks of the shots.[B] Where the botanical garden is. [D] Why the pictures are not ready.13. [A] There is no replacement for the handle.[B] There is no match for the suitcase.[C] The suitcase is not worth fixing.[D] The suitcase can be fixed in time.14. [A] He needs a vehicle to be used in harsh weather.[B] He has a fairly large collection of quality trucks.[C] He has had his truck adapted for cold temperatures.[D] He does routine truck maintenance for the woman.15. [A] She cannot stand her boss‟s bad temper.[B] She has often been criticized by her boss.[C] She has made up her mind to resign.[D] She never regrets any decisions she makes.16. [A] Look for a shirt of a more suitable color and size.[B] Replace the shirt with one of some other material.[C] Visit a different store for a silk or cotton shirt.[D] Get a discount on the shirt she is going to buy.17. [A] At a “Lost and Found”. [C] At a trad e fair.[B] At a reception desk. [D] At an exhibition.18. [A] Repair it and move in. [C] Convert it into a hotel.[B] Pass it on to his grandson. [D] Sell it for a good price.Questions 19 to 21 are based on the conversation you have just heard.19. [A] Unique descriptive skills. [C] Colourful world experiences.[B] Good knowledge of readers‟ tastes. [D] Careful plotting and clueing.20. [A] A peaceful setting. [C] To be in the right mood.[B] A spacious room. [D] To be entirely alone.21. [A] They rely heavily on their own imagination.[B] They have experiences similar to the characters‟.[C] They look at the world in a detached manner.[D] They are overwhelmed by their own prejudices.Questions 22 to 25 are based on the conversation you have just heard.22. [A] Good or bad, they are there to stay.[B] Like it or not, you have to use them.[C] Believe it or not, they have survived.[D] Gain or lose, they should be modernised.23. [A] The frequent train delays. [C]The food sold on the trains.[B] The high train ticket fares. [D] The monopoly of British Railways.24. [A] The low efficiency of their operation.[B] Competition from other modes of transport.[C] Constant complaints from passengers.[D] The passing of the new transport act.25. [A] They will be de-nationalised. [C] They are fast disappearing.[B] They provide worse service. [D] They lose a lot of money.Section BPassage OneQuestions 26 to 29 are based on the passage you have just heard.26. [A] The whole Antarctic region will be submerged.[B] Some polar animals will soon become extinct.[C] Many coastal cities will be covered with water.[D] The earth will experience extreme weathers.27. [A] How humans are to cope with global warming.[B] How unstable the West Antarctic ice sheet is.[C] How vulnerable the coastal cities are.[D] How polar ice impacts global weather.28. [A] It collapsed at least once in the past 1.3 million years.[B] It sits firmly on solid rock at the bottom of the ocean.[C] It melted at temperatures a bit higher than those of today.[D] It will have little impact on sea level when it breaks up.29. [A] The West Antarctic region was once an open ocean.[B] The West Antarctic ice sheet was about 7,000 feet thick.[C] The West Antarctic ice sheet was once floating ice.[D] The West Antarctic region used to be warmer than today.Passage TwoQuestions 30 to 32 are based on the passage you have just heard.30. [A] Whether we can develop social ties on the Internet.[B] Whether a deleted photo is immediately removed from the web.[C] Whether our blogs can be renewed daily.[D] Whether we can set up our own websites.31. [A] The number of visits they receive. [C] The files they have collected.[B] The way they store data. [D] The means they use to get information.32. [A] When the system is down. [C] When the URL is reused.[B] When new links are set up. [D] When the server is restarted.Passage ThreeQuestions 33 to 35 are based on the passage you have just heard.33. [A] Some iced coffees have as many calories as a hot dinner.[B] Iced coffees sold by some popular chains are contaminated.[C] Drinking coffee after a meal is more likely to cause obesity.[D] Some brand-name coffees contain harmful substances.34. [A] Have some fresh fruit. [C] Take a hot shower.[B] Exercise at the gym. [D] Eat a hot dinner.35. [A] They could enjoy a happier family life.[B] They could greatly improve their work efficiency.[C] Many cancer cases could be prevented.[D] Many embarrassing situations could be avoided.Section C注意：此部分试题在答题卡2上作答。