ACCA F9 2013六月真题

P a p e r F 9ACCA F9 Financial Management2 KAPLAN PUBLISHING© Kaplan Financial Limited, 2010The text in this material and any others made available by any Kaplan Group company does notamount to advice on a particular matter and should not be taken as such. No reliance should beplaced on the content as the basis for any investment or other decision or in connection with anyadvice given to third parties. Please consult your appropriate professional adviser as necessary.Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to anyperson in respect of any losses or other claims, whether direct, indirect, incidental, consequential orotherwise arising in relation to the use of such materials.All rights reserved. No part of this examination may be reproduced or transmitted in any form or byany means, electronic or mechanical, including photocopying, recording, or by any informationstorage and retrieval system, without prior permission from Kaplan Publishing .Revision Mock QuestionsKAPLAN PUBLISHING 3Formulae SheetEconomic order quantity=Miller-Orr ModelReturn point = Lower limit + ( × spread) Spread =The Capital Asset Pricing ModelE(r)j = R f + βj (E(r m ) – R f )The asset beta formulaβa = βe + βdThe Growth ModelP 0 =Gordon’s growth approximationg = br eThe weighted average cost of capitalWACC =k e + k d (1-T)The Fisher formula(1 + i) = (1 + r) (1 + h)Purchasing power parity and interest rate parityS 1 = S 0 × F 0 = S 0 × Ho C D2C 3131rate Interest flows cash of Variance × cost n Transactio ×433))T -1(V +V (V d e e ))T -1(V +V ()T -1(V d e d g)-(r g)Do(1e +V +V V d e e V +V V de d )h (1)h (1b c ++)i (1)i (1b c ++ACCA F9 Financial Management4 KAPLAN PUBLISHINGPresent Value TablePresent value of 1 i.e. (1 + r)-nWhere r = discount raten = number of periods until paymentPeriods Discount rates (r)(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%________________________________________________________________________________1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 12 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0.857 0.842 0.826 23 0.971 0.942 0.915 0.889 0.864 0.840 0.816 0.794 0.772 0.751 34 0.961 0.924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.683 45 0.951 0.906 0.863 0.822 0.784 0.747 0.713 0.681 0.650 0.621 56 0.942 0.888 0.837 0.790 0.746 0.705 0.666 0.630 0.596 0.564 67 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.583 0.547 0.513 78 0.923 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.467 89 0.914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.424 910 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0.463 0.422 0.386 1011 0.896 0.804 0.722 0.650 0.585 0.527 0.475 0.429 0.388 0.350 1112 0.887 0.788 0.701 0.625 0.557 0.497 0.444 0.397 0.356 0.319 1213 0.879 0.773 0.681 0.601 0.530 0.469 0.415 0.368 0.326 0.290 1314 0.870 0.758 0.661 0.577 0.505 0.442 0.388 0.340 0.299 0.263 1415 0.861 0.743 0.642 0.555 0.481 0.417 0.362 0.315 0.275 0.239 15(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%________________________________________________________________________________1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 12 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694 23 0.731 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.593 0.579 34 0.659 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.499 0.482 45 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402 56 0.535 0.507 0.480 0.456 0.432 0.410 0.390 0.370 0.352 0.335 67 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279 78 0.434 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233 89 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.194 910 0.352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162 1011 0.317 0.287 0.261 0.237 0.215 0.195 0.178 0.162 0.148 0.135 1112 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.124 0.112 1213 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.104 0.093 1314 0.232 0.205 0.181 0.160 0.141 0.125 0.111 0.099 0.088 0.078 1415 0.209 0.183 0.160 0.140 0.123 0.108 0.095 0.084 0.074 0.065 15Revision Mock QuestionsKAPLAN PUBLISHING 5Annuity TablePresent value of an annuity of 1 i.e. rr) + (1 - 1-nWhere r = discount raten = number of periodsPeriods Discount rates (r)(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%________________________________________________________________________________1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 12 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.736 23 2.941 2.884 2.829 2.775 2.723 2.673 2.624 2.577 2.531 2.487 34 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 45 4.853 4.713 4.580 4.452 4.329 4.212 4.100 3.993 3.890 3.791 56 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355 67 6.728 6.472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 78 7.652 7.325 7.020 6.733 6.463 6.210 5.971 5.747 5.535 5.335 89 8.566 8.162 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.759 910 9.471 8.983 8.530 8.111 7.722 7.360 7.024 6.710 6.418 6.145 1011 10.37 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495 1112 11.26 10.58 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.814 1213 12.13 11.35 10.63 9.986 9.394 8.853 8.358 7.904 7.487 7.103 1314 13.00 12.11 11.30 10.56 9.899 9.295 8.745 8.244 7.786 7.367 1415 13.87 12.85 11.94 11.12 10.38 9.712 9.108 8.559 8.061 7.606 15(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%________________________________________________________________________________1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 12 1.713 1.690 1.668 1.647 1.626 1.605 1.585 1.566 1.547 1.528 23 2.444 2.402 2.361 2.322 2.283 2.246 2.210 2.174 2.140 2.106 34 3.102 3.037 2.974 2.914 2.855 2.798 2.743 2.690 2.639 2.589 45 3.696 3.605 3.517 3.433 3.352 3.274 3.199 3.127 3.058 2.991 56 4.231 4.111 3.998 3.889 3.784 3.685 3.589 3.498 3.410 3.326 67 4.712 4.564 4.423 4.288 4.160 4.039 3.922 3.812 3.706 3.605 78 5.146 4.968 4.799 4.639 4.487 4.344 4.207 4.078 3.954 3.837 89 5.537 5.328 5.132 4.946 4.772 4.607 4.451 4.303 4.163 4.031 910 5.889 5.650 5.426 5.216 5.019 4.833 4.659 4.494 4.339 4.192 1011 6.207 5.938 5.687 5.453 5.234 5.029 4.836 4.656 4.486 4.327 1112 6.492 6.194 5.918 5.660 5.421 5.197 4.988 4.793 4.611 4.439 1213 6.750 6.424 6.122 5.842 5.583 5.342 5.118 4.910 4.715 4.533 1314 6.982 6.628 6.302 6.002 5.724 5.468 5.229 5.008 4.802 4.611 1415 7.191 6.811 6.462 6.142 5.847 5.575 5.324 5.092 4.876 4.675 15ACCA F9 Financial Management6 KAPLAN PUBLISHINGALL FOUR questions are compulsory and MUST be attempted1 Victory Co is considering the purchase of new equipment which would enable the company toexpand its operations. The equipment will cost $1.2 million and have a three-year life, at theend of which it will have a scrap value of $600,000.The equipment will mean Victory requires further factory space at an annual rental of$80,000, payable in advance, with the first payment being made on the day the equipment ispurchased.Further annual fixed costs charged to the project will be $715,000 in total. Amongst otherthings, this includes:•$86,000 of bank interest payable on the loan to cover the cost of the equipment. •$74,000 of costs allocated out of head office overheads. • A depreciation charge for the new machinery that has been calculated using thestraight-line method over the life of the machine.Additional annual sales are expected to be 60,000 units per annum in each of the three years.Each unit will sell for $40 and has a variable production cost of $25.A further investment of $340,000 will be required for working capital. This will need to be inplace at the start of the year. This will increase to $400,000 in the following year and$450,000 in the year after that. This working capital investment will be fully recovered at theend of the project.If Victory Co buys the new equipment it can claim capital allowances on the investment on a25% reducing balance basis. The company pays taxation in the year to which it relates at anannual rate of 30%. Victory Co uses a cost of capital of 10% per annum for appraising itsinvestments.Required:(a)Prepare a forecast of the annual after-tax cash flows of the investment and calculate and comment on its net present value (11 marks) (b) Calculate the sensitivity of your answer to part (a) to changes in:(i)the expected annual sales (in units) (ii)the estimated sales proceeds of the equipment Discuss the implications of your findings to Victory Co (8 marks) (c) Explain the difference between risk and uncertainty and describe two other methods(excluding sensitivity analysis) that a company can use to incorporate either risk oruncertainty when appraising investments (6 marks)(Total: 25 marks)Revision Mock QuestionsKAPLAN PUBLISHING 72 Andrew George Co, a civil engineering company, is considering two projects. The first projectinvolves the purchase of new plant and equipment for use in civil engineering whilst thesecond project involves the management of a large hotel chain.Andrew George Co has $35 million of ordinary share capital and each share has a par value of50c. The company also has $24 million par value of 9% debentures. Each $100 debenture isconvertible into 40 ordinary shares in 6 years' time. Debentures which are not converted willbe redeemed at par. The share price is currently $1.90 and this is expected to continuegrowing at the recent average annual growth rate of 7%. The debentures are currentlytrading in the market at $105.Andrew George Co has an equity Beta of 1.15. The average Beta for the civil engineeringsector is 1.2 whilst the average equity Beta for hotel management companies is 1.05. Theaverage gearing in civil engineering and hotel management are (debt:equity) 20:80 and 40:60respectively. The risk free rate is 6%, whilst the return on the market is 11%.Corporate tax is 30%.The Beta of debt should be assumed to be zero.Required:(a) Calculate a suitable discount rate to be used to appraise the purchase of the newplant and equipment. (12 marks)(b) Calculate a suitable discount rate to be used to appraise the hotel managementproject. (6 marks) (c)Discusses both the theories and the practical issues that might influence a company’s capital structure. (7 marks)(Total: 25 marks)3 Bradwell Co is reviewing its trade credit policy. The company, which sells all of its goods oncredit, has estimated that sales for the forthcoming year will be $3 million under the existingpolicy. 30% of debtors are expected to pay one month after being invoiced, and 70% twomonths after being invoiced, based on previous years’ figures.At present, no cash discounts are offered to customers. However, to encourage promptpayment, the company is considering giving a 2.5% cash discount to debtors who pay in onemonth or less. Given this incentive, the company expects 60% to pay within one month, and40% two months after being invoiced. The company believes that the introduction of a cashdiscount policy will prove attractive to some customers and will lead to a 5% increase in totalsales.Irrespective of the trade credit policy adopted, the gross profit margin of the company will be20% for the forthcoming year, and three months’ stock will be held. Fixed monthly expensesof $15,000 and variable expenses (excluding discounts) equivalent to 10% of sales will beincurred, and will be paid one month in arrears. Trade payables will be paid in arrears and willbe equal to two months’ cost of sales. The company will hold a fixed cash balance of $140,000throughout the year, whichever trade credit policy is adopted.ACCA F9 Financial Management8 KAPLAN PUBLISHING Required:(a)Explain the key functions of a credit control department and the importance of good credit control for a company such as Bradwell Co. (7 marks) (b) Calculate the investment in working capital at the end of the forthcoming year under:(i) the existing policy.(ii)the proposed policy. (11 marks) (c) Calculate the expected net profit before interest and tax for the forthcoming yearunder:(i) the existing policy.(ii) the proposed policy. (4 marks)(d) Advise the company as to whether it should implement the proposed policy ofdiscounts to pay in one month or less. (3 marks)(Total: 25 marks)4 Trin Co is a UK-based company that has recently invested heavily in new plant and machinery.Some of the machinery was sourced from the US and, as a result, the company must pay$204,000 to a US supplier in four months time.The current spot rate between the US$ and the £ is 1.523 ± 0.002. The finance manager hasgathered the following information:Four month forward rate ($ per £)1.524 ± 0.0017 One year sterling interest rates (%):5.9 ± 0.2 One year dollar interest rates (%):6.45 ± 0.25 Required:(a)Discuss the differences between transaction risk, translation risk and economic risk. (6 marks) (b) (i) Given the interest rate differentials shown, indicate how the dollar might beexpected to move relative to sterling over the next year. Your calculationsshould be based on the mid-rates given above.(ii)Explain briefly whether or not forecasts of future exchange rates using currentinterest rate differentials are likely to be accurate. (6 marks) (c)Explain what practical approaches Trin Co could use (including leading and lagging) in order to minimise the need for hedging and the associated costs. (8 marks) (d) Calculate the expected sterling cost in four months using a money market hedge andrecommend whether a forward market hedge or a money market hedge should beused. (5 marks)(Total: 25 marks)。

ACCA F4-F9模拟题及解析（5）1. (a) In order for auditors to operate effectively and to provide an opinion on an entity’s financial statements, they are given certain rights.Required:State THREE rights of an auditor, excluding those related to resignation and removal. (3 marks) (b) HKSA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment requires auditors to obtain an understanding of control activities relevant to the audit.Control activities are the policies and procedures that help ensure that management directives are carried out;and which are designed to prevent and detect fraud and error occurring. An example of a control activity is themaintenance of a control account.Required:Apart from maintenance of a control account, explain FOUR control activities a company may undertake to prevent and detect fraud and error. (4 marks)(c) Describe THREE limitations of external audits. (3 marks)(10 marks)2. Sunflower Stores Co (Sunflower) operates 25 food supermarkets. The company’s year end is 31 December 2012.The audit manager and partner recently attended a planning meeting with the finance director and have provided you with the planning notes below.You are the audit senior, and this is your first year on this audit. In order to familiarise yourself with Sunflower, the audit manager has asked you to undertake some research in order to gain an understanding of Sunflower, so that you are able to assist in the planning process. He has then asked that you identify relevant audit risks from the notes below and also consider how the team should respond to these risks.Sunflower has spent $1·6 million in refurbishing all of its supermarkets; as part of this refurbishment programme their central warehouse has been extended and a smaller warehouse, which was only occasionally used, has been disposed of at a profit. In order to finance this refurbishment, a sum of $1·5 million was borrowed from the bank.This is due to be repaid over five years.The company will be performing a year-end inventory count at the central warehouse as well as at all 25 supermarkets on 31 December. Inventory is valued at selling price less an average profit margin as the finance director believes that this is a close approximation to cost.Prior to 2012, each of the supermarkets maintained their own financial records and submitted returns monthly to head office. During 2012 all accounting records have been centralised within head office. Therefore at the beginning of the year, each supermarket’s opening balances were transferred into head office’s accounting records. The increased workload at head office has led to some changes in the finance department and in November 2012 the financial controller left. His replacement will start in late December.Required:(a) List FIVE sources of information that would be of use in gaining an understanding of Sunflower Stores Co,and for each source describe what you would expect to obtain. (5 marks)(b) Using the information provided, describe FIVE audit risks and explain the auditor’s response to each risk in planning the audit of Sunflower Stores Co. (10 marks)(c) The finance director of Sunflower Stores Co is considering establishing an internal audit department.Required:Describe the factors the finance director should consider before establishing an internal audit department.(5 marks)(20 marks)3.(a) Identify and explain each of the FIVE fundamental principles contained within ACCA’s Code of Ethics and Conduct. (5 marks)(b) Rose Leisure Club Co (Rose) operates a chain of health and fitness clubs. Its year end was31 October 2012.You are the audit manager and the year-end audit is due to commence shortly. The following three matters have been brought to your attention.(i) Trade payables and accruals Rose’s finance director has notified you that an error occurred in the closing of the purchase ledger at the year end. Rather than it closing on 1 November, it accidentally closed one week earlier on 25 October. All purchase invoices received between 25 October and the year end have been posted to the 2013 year-end purchase ledger. (6 marks) (ii) Receivables Rose’s trade receivables have historically been low as most members pay monthly in advance. However, during the year a number of companies have taken up group memberships at Rose and hence the receivables balance is now material. The audit senior has undertaken a receivables circularisation for the balances at the year end; however, there are a number who have not responded and a number of responses with differences. (5 marks)(iii) Reorganisation The company recently announced its plans to reorganise its health and fitness clubs. This will involve closing some clubs for refurbishment, retraining some existing staffand disposing of some surplus assets. These plans were agreed at a board meeting in October and announced to their shareholders on 29 October. Rose is proposing to make a reorganisation provision in the financial statements. (4 marks)Required:Describe substantive procedures you would perform to obtain sufficient and appropriate audit evidence in relation to the above three matters.Note: The mark allocation is shown against each of the three matters above.(20 marks)4.(a) Explain the purpose of, and procedures for, obtaining written representations. (5 marks)(b) The directors of a company have provided the external audit firm with an oral representation confirming that the bank overdraft balances included within current liabilities are complete. Required:Describe the relevance and reliability of this oral representation as a source of evidence to confirm the completeness of the bank overdraft balances. (3 marks)(c) You are the audit manager of Violet & Co and you are currently reviewing the audit files for several of your clients for which the audit fieldwork is complete. The audit seniors have raised the following issues:Daisy Designs Co (Daisy)Daisy’s year end is 30 September, however, subsequent to the year end the company’s sales ledger has been corrupted by a computer virus. Daisy’s finance director was able to produce the financial statements prior to this occurring; however, the audit team has been unable to access the sales ledger to undertake detailed testing of revenue or year-end receivables. All other accounting records are unaffected and there are no backups available for the sales ledger. Daisy’s revenue is $15·6m, its receivables are $3·4m and profit before tax is $2m.Fuchsia Enterprises Co (Fuchsia)Fuchsia has experienced difficult trading conditions and as a result it has lost significant market share. The cash flow forecast has been reviewed during the audit fieldwork and it shows a significant net cash outflow.Management are confident that further funding can be obtained and so have prepared the financial statements on a going concern basis with no additional disclosures; the audit senior is highly sceptical about this. The prior year financial statements showed a profit before tax of $1·2m; however, the current year loss before tax is $4·4m and the forecast net cash outflow for the next 12 months is $3·2m.Required:For each of the two issues:(i) Discuss the issue, including an assessment of whether it is material;(ii) Recommend procedures the audit team should undertake at the completion stage to try to resolve the issue; and(iii) Describe the impact on the audit report if the issue remains unresolved.Notes: 1 The total marks will be split equally between each issue.2 Audit report extracts are NOT required. (12 marks)(20 marks)试题及答案1.(a)Auditors’ rights– Right of access at all times to the company’s books, accounts and vouchers.– Right to require from an officer of the company such information or explanations as they think necessary for the performance of their duties as auditors.– Right to receive all communications relating to written resolutions.– Right to receive all notices of, and other communications relating to, any general meeting which a member of the company is entitled to receive.– Right to attend any general meeting of the company.– Right to be heard at any general meeting which an auditor attends on any part of the business of the meeting which concerns them as auditor.(b) Control activities Segregation of duties – assignment of roles/responsibilities to different people, thereby reducing the risk of fraud and error occurring.Information processing – computer controls including general IT controls, which cover a range of applications and support the overall IT environment and application controls which are manual or automated controls which operate on a cycle/business process level.Authorisation – approval of transactions by a suitably responsible official to ensure transactions are genuine.Physical controls – restricting access to physical assets such as cash, inventory and plant and equipment, thereby reducing the risk of theft.Performance reviews – comparison or review of the performance of the business by looking at areas such as budget v actual results.Arithmetical controls – controls which check the arithmetical accuracy of accounting records. Account reconciliations – comparison of an account balance with another source; often this source is from a third party, such as the bank, with differences being investigated.(c)Limitations of external auditsAn external audit has a number of limitations which reduce its usefulness:Sampling – it is not practical for an auditor to test 100% of transactions and so they have to apply sampling methodologies in selecting balances/transactions to test. Therefore, there could be an error in an item not selected for testing by the auditor.Subjectivity – financial statements include judgemental and subjective areas and therefore the auditor is required to use their judgement in assessing whether the financial statements are true and fair.Inherent limitations of internal control systems – an internal control system is operated by people and hence is liable to human error. In addition, there is the possibility of controls override by management and of collusion and fraud. It is impossible to remove all of these inherent limitations and as the auditor relies on the internal control systems, this can reduce the usefulness of the audit.Evidence is persuasive not conclusive – the opinion is based on audit evidence gathered; however, while this evidence can indicate possible issues affecting the audit opinion, evidence involves estimates and judgements and hence does not give a definite conclusion.Audit report format – the format of the opinion is determined by International Standards on Auditing. However, the terminology used is not usually understood by non-accountants. This means that users may not actually understand the audit opinion given.Historic information – the audit report is often issued some time after the year end, and so the financial information can be quite different to the current position. In the current marketplace where companies’ financial positions can change quite quickly, the audit opinion may no longer be relevant as it is out of date.2 (a)Understanding an entitySource of information Information expect to obtainPrior year audit file Identification of issues that arose in the prior year audit and howthese were resolved. Also whether any points brought forward were noted for consideration for this year’s audit.Prior year financial statements Provides information in relation to the size of the entity as well as the key accounting policies and disclosure notes.Accounting systems notes Provides information on how each of the key accounting systems operates.Discussions with management Provides information in relation to any important issues which havearisen or changes to the company during the year.Current year budgets and management Provides relevant financial information for the year to date. Will help accounts of Sunflower Stores Co (Sunflower) the auditor to identify whether Sunflower has changed materially since last year. In addition, this will be useful for preliminary analytical review and risk identification.Permanent audit file Provides information in relation to matters of continuing importancefor the company and the audit team, such as statutory books information or important agreements. Sunflower’s website Recent press releases from the company may provide background on changes to the business during the year as this could lead to additional audit risks.Prior year report to management Provides information on the internal control deficiencies noted in the prior year; if these have not been rectified by management then theycould arise in the current year audit as well.Financial statements of competitors This will provide information about Sunflower’s competitors, in relation to their financial results and their accounting policies. This will be important in assessing Sunflower’s performance in the year and also when undertaking the going concern review.(b)Audit risks and auditor responses Audit risk Auditor response Sunflower has spent $1·6m on refurbishing its 25 food supermarkets. This expenditure needs to be reviewed to assess whether it is of a capital nature and should be included within non-current assets or expensed as repairs. Review a breakdown of the costs and agree to invoices to assess the nature of the expenditure and, if capital, agree to inclusion within the asset register and, if repairs, agree tothe income statement.During the year a small warehouse has been disposed of at a profit. The asset needs to have been correctly removed from property plant and equipment to ensure the non-current asset register is not overstated, and the profit on disposal should be included within the income statement. Review the non-current asset register to ensure that the asset has been removed. Also confirm the disposal proceeds as well as recalculating the profit on disposal.Consideration should be given as to whether the profit on disposal is significant enough to warrant separate disclosure within the income statement.Sunflower has borrowed $1·5m from the bank via a five year loan. This loan needs to be correctly split between current and non-current liabilities.In addition, Sunflower may have given the bank a charge over its assets as security for the loan. There is a risk that the disclosure of any security given is not complete.During the audit the team would need to confirm that the $1·5m loan finance was received. In addition, the split between current and non-current liabilities and the disclosures for this loanshould be reviewed in detail to ensure compliance with relevant accounting standards.The loan agreement should be reviewed to ascertain whether any security has been given, and this bank should be circularised as part of the bank confirmation process.Sunflower will be undertaking a number of simultaneous inventory counts on 31 December including the warehouse and all 25 supermarkets. It is not practical for the auditor to attend all of these counts; hence it may not be possible to gain sufficient appropriate audit evidence over inventory counts.The team should select a sample of sites to visit. It is likely that the warehouse contains most goods and therefore should be selected. In relation to the 25 supermarkets, the team should visit those with material inventory balances and/or those with a history of inventory count issues.(c)Internal audit departmentPrior to establishing an internal audit (IA) department, the finance director of Sunflower should consider the following:(i) The costs of establishing an IA department will be significant, therefore prior to committing to these costs and management time, a cost benefit analysis should be performed.(ii) The size and complexity of Sunflower should be considered. The larger, more complex and diverse a company is, then the greater the need for an IA department. At Sunflower there are 25 supermarkets and a head office and therefore it would seem that the company is diverse enough to gain benefit from an IA department.(iii) The role of any IA department should be considered. The finance director should consider what tasks he would envisage IA performing. He should consider whether he wishes them to undertake inventory counts at the stores, or whether he would want them to undertake such roles as internal controls reviews.(iv) Having identified the role of any IA department, the finance director should consider whether there are existing managers or employees who could perform these tasks, therefore reducing the need to establish a separate IA department.(v) The finance director should assess the current control environment and determine whether there are departments or stores with a history of control deficiencies. If this is the case, then it increases the need for an IA department.(vi) If the possibility of fraud is high, then the greater the need for an IA department to act as both a deterrent and also to possibly undertake fraud investigations. As Sunflower operates 25 food supermarkets, it will have a significant risk of fraud of both inventory and cash.3. (a)Fundamental principlesIntegrity –to be straightforward and honest in all professional and business relationships. Objectivity–to not allow bias, conflict of interest or undue influence of others to override professional or business judgements.Professional Competence and Due Care – to maintain professional knowledge and skill at the level required to ensure that a client receives competent professional services, and to act diligently and in accordance with applicable technical and professional standards.Confidentiality – to respect the confidentiality of information acquired as a result of professional and business relationships and, therefore, not to disclose any such information to third parties without proper authority, nor use the information for personal advantage. Professional Behaviour – to comply with relevant laws and regulations and avoid any action that discredits the profession.15Audit risk Auditor response Sunflower’s inventory valuation policy is selling price less average profit margin. Inventory should be valued at the lower of cost and net realisable value (NRV) and if this is not the case, then inventory could be under or overvalued.HKAS 2 Inventories allows this as an inventory valuation method as long as it is a close approximation to cost. If this is not the case, then inventory could be under or overvalued.Testing should be undertaken to confirm cost and NRV of inventory and that on a line-by-line basis the goods are valued correctly.In addition, valuation testing should focus on comparing the cost of inventory to the selling price less margin to confirm whether this method is actually a close approximation to cost. The opening balances for each supermarket have been transferred into the head office’s accounting records at the beginning of the year. There is a risk that if this transfer has not been performed completely and accurately, the opening balances may not be correct.Discuss with management the process undertaken to transfer the data and the testing performed to confirm the transfer was complete and accurate.Computer-assisted audit techniques could be utilised by the team to sample test the transfer of data from each supermarket to head office to identify any errors.There has been an increased workload for the finance department, the financial controller has left and his replacement will only start in late December.This increases the inherent risk within Sunflower as errors may have been made within the accounting records by the overworked finance team members. The new financial controller may not be sufficiently experienced to produce the financial statements and resolve any audit issues.The team should remain alert throughout the audit for dditional errors within the financedepartment.In addition, discuss with the finance director whether he will be able to provide the team with assistance for any audit issues the new financial controller is unable to resolve.(b)Substantive procedures(i)Trade payables and accruals– Calculate the trade payable days for Rose Leisure Clubs Co (Rose) and compare to prior years, investigate any significant difference, in particular any decrease for this year.– Compare the total trade payables and list of accruals against prior year and investigate any significant differences.– Discuss with management the process they have undertaken to quantify the understatement of trade payables due to the cut-off error and consider the materiality of the error.– Discuss with management whether any correcting journal entry has been included for the understatement.– Select a sample of purchase invoices received between the period of 25 October and the year end and follow them through to inclusion within accruals or as part of the trade payables journal adjustment.– Review after date payments; if they relate to the current year, then follow through to the purchase ledger or accrual listing to ensure they are recorded in the correct period.– Obtain supplier statements and reconcile these to the purchase ledger balances, and investigate any reconciling items.– Select a sample of payable balances and perform a trade payables’ circularisation, follow up any non-replies and any reconciling items between the balance confirmed and the trade payables’ balance.– Select a sample of goods received notes before the year end and after the year end and follow through to inclusion in the correct period’s payables balance, to ensure correct cut-off. (ii)Receivables– For non-responses, with the client’s permission, the team should arrange to send a follow up circularisation.– If the receivable does not respond to the follow up, then with the client’s permission, the senior should telephone the customer and ask whether they are able to respond in writing to the circularisation request.– If there are still non-responses, then the senior should undertake alternative procedures to confirm receivables.– For responses with differences, the senior should identify any disputed amounts, and identifywhether these relate to timing differences or whether there are possible errors in the records of Rose.– Any differences due to timing, such as cash in transit, should be agreed to post year-end cash receipts in the cash book.– The receivables ledger should be reviewed to identify any possible mispostings as this could be a reason for a response with a difference.– If any balances have been flagged as disputed by the receivable, then these should be discussed with management to identify whether a write down is necessary.(iii)Reorganisation– Review the board minutes where the decision to reorganise the business was taken, ascertain if this decision was made pre year end.– Review the announcement to shareholders in late October, to confirm that this was announced before the year end.– Obtain a breakdown of the reorganisation provision and confirm that only direct expenditure from restructuring is included.– Review the expenditure to confirm that there are no retraining costs included.– Cast the breakdown of the reorganisation provision to ensure correctly calculated.– For the costs included within the provision, agree to supporting documentation to confirm validity of items included.– Obtain a written representation confirming management discussions in relation to the announcement of the reorganisation.– Review the adequacy of the disclosures of the reorganisation in the financial statements to ensure they are in accordance with HKAS 37 Provisions, Contingent Liabilities and Contingent Assets.4.(a)Written representationsWritten representations are necessary information that the auditor requires in connection with the audit of the entity’s financial statements. Accordingly, similar to responses to inquiries, written representations are audit evidence.The auditor needs to obtain written representations from management and, where appropriate, thosecharged with governance that they believe they have fulfilled their responsibility for the preparation of the financial statements and for the completeness of the information provided to the auditor.Written representations are needed to support other audit evidence relevant to the financial statements or specific assertions in the financial statements, if determined necessary by theauditor or required by other Hong Kong Standards on Auditing.This may be necessary for judgemental areas where the auditor has to rely on management explanations. Written representations can be used to confirm that management have communicated to the auditor all deficiencies in internal controls of which management are aware.Written representations are normally in the form of a letter, written by the company’s management and addressed to the auditor. The letter is usually requested from management but can also be requested from the chief operating officer or chief financial officer. Throughout the fieldwork, the audit team will note any areas where representations may be required.During the final review stage, the auditors will produce a draft representation letter. The directors will review this and then produce it on their letterhead.It will be signed by the directors and dated as at the date the audit report is signed, but not after.(b) Oral representationA representation from management confirming that overdrafts are complete would be relevant evidence. Overdrafts are liabilities and therefore the main focus for the auditor is completeness.With regards to reliability, the evidence is oral rather than written and so this reduces its reliability. The directors could in the future deny having given this representation, and the auditors would have no documentary evidence to prove what the directors had said.This evidence is obtained from management rather than being auditor generated, and is therefore less reliable. Management may wish to provide biased evidence in order to reduce the amount of liabilities in the financial statements. The auditors are unbiased and so evidence generated directly by them will be better.External evidence obtained from the company’s banks could be used to confirm the bank overdraft balances and this would be more independent than relying on management’s internal confirmations.(c)Daisy Designs Co (Daisy)(i)Daisy’s sales ledger has been corrupted by a computer virus; hence no detailed testing has been performed on revenue and receivables. The audit team will need to see if they can confirm revenue and receivables in an alternative manner.If they are unable to do this, then two significant balances in the financial statements will not have been confirmed.Revenue and receivables are both higher than the total profit before tax (PBT) of $2m; receivables are 170% of PBT and revenue is nearly eight times the PBT; hence this is a very material issue. (ii) Procedures to be adopted include:– Discuss with management whether they have any alternative records which detail revenue andreceivables for the year.– Attempt to perform analytical procedures, such as proof in total or monthly comparison to last year, to gain comfort in total for revenue and for receivables.(iii)The auditors will need to modify the audit report as they are unable to obtain sufficient appropriate evidence in relation to two material and pervasive areas, being receivables and revenue. Therefore a disclaimer of opinion will be required.A basis for disclaimer of opinion paragraph will be required to explain the limitation in relation to the lack of evidence over revenue and receivables. The opinion paragraph will be a disclaimer of opinion and will state that we are unable to form an opinion on the financial statements. Fuchsia Enterprises Co (Fuchsia)(i)Fuchsia is facing going concern problems as it has experienced difficult trading conditions and it has a negative cash outflow. However, the financial statements have been prepared on a going concern basis, even though it is possible that the company is not a going concern. The prior year financial statements showed a profit of $1·2m and the current financial statements show a loss before tax of $4·4m, the net cash outflow of $3·2m represents 73% of this loss(3·2/4·4m) and hence is a material issue.(ii) Management are confident that further funding can be obtained; however, the team is sceptical and so the following procedures should be adopted:– Discuss with management whether any finance has now been secured.– Review the correspondence with the finance provider to confirm the level of funding that is to be provided and this should be compared to the net cash outflow of $3·2m.– Review the most recent board minutes to understand whether management’s view on Fuchsia’s going concern has altered.– Review the cash flow forecasts for the year and assess the reasonableness of the assumptions adopted.(iii) If management refuse to amend the going concern basis of the financial statements or at the very least make adequate going concern disclosures, then the audit report will need to be modified. As the going concern basis is probably incorrect and the error is material and pervasive, then an adverse opinion would be necessary.A basis for adverse opinion paragraph will be required to explain the inappropriate use of the going concern assumption.The opinion paragraph will be an adverse opinion and will state that the financial statements do not give a true and fair view.。

2013年6月大学英语六级真题Part I Writing (30 minutes)Directions: For this part, you are allowed 30 minutes to write an essay commenting on the remark "A smile is the shortest distance between two people." You can cite examples to illustrate your point. You should write at least 150 words but no more than 200 words.________________________________________________________________________________________________________________________________________________________________________________________________注意：此部分试题在答题卡1Part II Reading Comprehension (Skimming and Scanning) (15 minutes) Directions: In this part, you will have 15 minutes to go over the passage quickly and answer the questions on Answer Sheet 1. For questions 1-7, choose the best answer from the four choices marked A) , B) , C) and D) . For questions 8-10, complete the sentences with the information given in the passage.Norman Borlaug: 'Father of the Green Revolution'Few people have quietly changed the world for the better more than this rural lad from the midwestern state of Iowa in the United States. The man in focus is Norman Borlaug, the Father of the 'Green Revolution', who died on September 12, 2009 at age 95. Norman Borlaug spent most of his 60 working years in the farmlands of Mexico, South Asia and later in Africa, fighting world hunger, and saving by some estimates up to a billion lives in the process. An achievement, fit for a Nobel Peace Prize. Early Years"I'm a product of the great depression" is how Borlaug described himself. A great-grandson of Norwegian immigrants to the United States, Borlaug was born in 1914 and grew up on a small farm in the northeastern corner of Iowa in a town called Cresco. His family had a 40-hectare (公顷) farm on which they grew wheat, maize (玉米) and hay and raised pigs and cattle. Norman spent most of his time from age 7-17 on the farm, even as he attended a one-room, one-teacher school at New Oregon in Howard County.Borlaug didn't have money to go to college. But through a Great Depression era programme, known as the National Youth Administration, Borlaug was able to enroll in the University of Minnesota at Minneapolis to study forestry. He excelled in studies and received his Ph.D. in plant pathology (病理学) and genetics in 1942. From 1942 to 1944, Borlaug was employed as a microbiologist at DuPont in Wilmington. However, following the December 7, 1941 attack on Pearl Harbor, Borlaug tried to join the military, but was rejected under wartime labour regulations. In Mexico In 1944, many experts warned of mass starvation in developing nations where populations were expanding faster than crop production. Borlaug began work at a Rockefeller Foundation-funded project in Mexico to increase wheat production by developing higher-yielding varieties of the crop. It involved research in genetics, plantbreeding, plant pathology, entomology (昆虫学) , agronomy (农艺学) , soil science, and cereal technology. The goal of the project was to boost wheat production in Mexico, which at the time was importing a large portion of its grain.Borlaug said that his first couple of years in Mexico were difficult. He lacked trained scientists and equipment. Native farmers were hostile towards the wheat programme because of serious crop losses from 1939 to 1941 due to stem rust.Wheat varieties that Borlaug worked with had tall, thin stalks. While taller wheat competed better for sunlight, they had a tendency to collapse under the weight of extra grain - a trait called lodging. To overcome this, Borlaug worked on breeding wheat with shorter and stronger stalks, which could hold on larger seed heads. Borlaug's new semi-dwarf, disease-resistant varieties, called Pitic 62 and Penjamo 62, changed the potential yield of Mexican wheat dramatically. By 1963 wheat production in Mexico stood six times more than that of 1944. Green Revolution in India During the 1960s, South Asia experienced severe drought condition and India had been importing wheat on a large scale from the United States. Borlaug came to India in 1963 along with Dr. Robert Anderson to duplicate his Mexican success in the sub-continent. The experiments began with planting a few of the high-yielding variety strains in the fields of the Indian Agricultural Research Institute at Pusa in New Delhi, under the supervision of Dr. M. S. Swaminathan. These strains were subsequently planted in test plots at Ludhiana, Pantnagar, Kanpur, Pune and Indore. The results were promising, but large-scale success, however, was not instant. Cultural opposition to new agricultural techniques initially prevented Borlaug from going ahead with planting of new wheat strains in India. By 1965, when the drought situation turned alarming, the Government took the lead and allowed wheat revolution to move forward. By employing agricultural techniques he developed in Mexico, Borlaug was able to nearly double South Asian wheat harvests between 1965 and 1970.India subsequently made a huge commitment to Mexican wheat, importing some 18000 tonnes of seed. By 1968, it was clear that the Indian wheat harvest was nothing short of revolutionary. It was so productive that there was a shortage of labour to harvest it, of bull carts to haul it to the threshing floor (打谷场) , of jute (麻黄) bags to store it. Local governments in some areas were forced to shut down schools temporarily to use them as store houses.United Nation's Food and Agriculture Organization (FAO) observed that in 40 years between 1961 and 2001, "India more than doubled its population, from 452 million to more than 1 billion. At the same time, it nearly tripled its grain production from 87 million tonnes to 231 million tonnes. It accomplished this feat while increasing cultivated grain acreage (土地面积) a mere 8 percent."It was in India that Norman Borlaug's work was described as the 'Green Revolution.' In AfricaAfrica suffered widespread hunger and starvation through the 70s and 80s. Food and aid poured in from most developed countries into the continent, but thanks to the absence of efficient distribution system, the hungry remained empty-stomach. The then Chairman of the Nippon Foundation, Ryoichi Sasakawa wondered why the methods used in Mexico and India were not extended to Africa. He called up NormanBorlaug. now leading a semi-retired life, for help. He managed to convince Borlaug to help with his new effort and subsequently founded the Sasakawa Africa Association. Borlaug later recalled, "but after I saw the terrible circumstances there, I said, 'Let's just start growing'".The success in Africa was not as spectacular as it was in India or Mexico. Those elements that allowed Borlaug's projects to succeed, such as well-organized economies and transportation and irrigation systems, were severely lacking throughout Africa. Because of this, Borlaug's initial projects were restricted to developed regions of the continent. Nevertheless, yields of maize, sorghum (高粱) and wheat doubled between 1983 and 1985.Nobel PrizeFor his contributions to the world food supply, Borlaug was awarded the Nobel Peace Prize in 1970. Norwegian officials notified his wife in Mexico City at 4:00 a. m., but Borlaug had already left for the test fields in the Toluca valley, about 65 km west of Mexico City. A chauffeur (司机) took her to the fields to inform her husband. In his acceptance speech, Borlaug said, "the first essential component of social justice is adequate food for all mankind. Food is the moral right of all who are born into this world. Yet, 50 percent of the world population goes hungry."Green Revolution vs EnvironmentalistsBorlaug's advocacy of intensive high-yield agriculture came under severe criticism from environmentalists in recent years. His work faced environmental and socio-economic criticisms, including charges that his methods have created dependence on monoculture crops, unsustainable farming practices, heavy indebtedness among subsistence farmers, and high levels of cancer among those who work with agriculture chemicals. There are also concerns about the long-term sustainability of fanning practices encouraged by the Green Revolution in both the developed and the developing world.In India, the Green Revolution is blamed for the destruction of Indian crop diversity, drought vulnerability, dependence on agro-chemicals that poison soils but reap large-scale benefits mostly to the American multi-national corporations. What these critics overwhelmingly advocate is a global movement towards "organic" or "sustainable" farming practices that avoid using chemicals and high technology in favour of natural fertilizers, cultivation and pest-control programmes.注意：此部分试题请在答题卡1上作答。

2015年12月ACCA考试F9财务管理真题（SectionB部）(总分100, 考试时间180分钟)Section BGemlo Co is planning an expansion of existing business operations costing $10 million in the(a) Calculate the debt/equity ratio of Gemlo Co based on market values and comment on your findings.(b) Gemlo Co agrees with a bank that its business expansion will be financed by a new issue of 8% loan notes. The company then announces to the stock market both this financing decision and the expected increase in profit before interest and tax arising from the business expansion. Required:Assuming the stock market is semi-strong form efficient, analyse and discuss the effect of the financing and profitability announcement on the financial risk and share price of Gemlo Co.Required:(a) Evaluate the proposed forward rate agreement as a way of managing the interest rate risk anticipated by GXJ Co.该题您未回答:х 该问题分值: -3forward exchange rates and future (expected) spot rates.receivable.It is expected that investing $20 million in the business will increase income by 5% over theRequired:(a) Assess the impact of financing the business expansion by the loan note issue on financial position, financial risk and shareholder wealth after one year, using appropriate measures.company could be used in investment appraisal and indicate briefly how its limitations as a discount rate could be overcome.(a) Using a nominal terms net present value approach, evaluate whether purchasing the newmachine is financially acceptable.。

高顿C A a c c a .g a u n .c nProfessional Level – Essentials Module, Paper P3Business AnalysisJune 2013 Answers1(a)(i)Project initiation It is good practice to establish a Project Initiation Document (PID) or T erms of Reference (T oR) at the start of the projectdefining the objectives, scope, constraints, authority (owner, sponsor) and resources of the project. In the context of thecase study scenario, there appears to be confusion around the objectives, scope and ownership of the project.Project objectives and project scope: what is the project?The objectives and scope of the project appear to be at different levels. The project might be ‘to establish a formalstrategic planning system at MidShire Health’, or, it might be more restricted to the development of a ‘comprehensivecomputer-based information system recording the outcomes and activities of the organisation’. Certainly theimplementation team set up to undertake the detailed work appears to be primarily concerned with the functionality ofthe software package and the presence of Eurotek support consultants would tend to support this focus. The assertionfrom the CEO that the objective of the steering group is ‘to deliver health to the Midshire community’ adds furtherconfusion. Although this objective is amended later in the project, restricting it to ‘effectively and efficiently treatingdisease’, both of these objectives really concern the organisation as a whole, not a specific project within thatorganisation. It is preferable that the project objectives should be more restricted.The immediate employment of consultants with a potential software solution will inevitably skew the project towards aparticular technical solution designed to support the planning system. There needs to be a distinction at the initiation ofthe project between the business objectives of the project and the technical objectives of the software system requiredto support those business objectives. The CEO confuses the two, a confusion accentuated by the early selection of atechnical solution, before the business requirements have been defined (see later).A failure to define a consistent achievable objective often results in projects lacking focus, leading to confusion amongstthe project participants about what they are supposed to be doing. T erry Nagov really needed to establish a proper projectobjective within a formal Project Initiation Document.The role of the steering group: who owns the project?All projects should have a sponsor or authority that makes decisions about the project and supports it throughout its lifecycle. Ideally, this should be one person. It is possible for a group of people to play this role, but it is important that they promote a united front. Even if the objectives and scope of the project can be defined (see previous paragraph), the steering group is disunited in the context of project sponsorship. There are clear conflicts within the group and some of these have been made public. Projects without a well-defined committed sponsor are likely to be unsuccessful as they lack clear leadership and support. Furthermore, if the sponsor is a group, then the focus of the project will veer to reflect changes in interest and power in the make-up of the group. The sponsor (owner) role should have been given more thought at the start of the project and responsibility should have been documented in the Project Initiation Document. Conduct of the project T wo aspects in the conduct of the project deserve scrutiny. The first concerns the procurement process. The second is group and stakeholder management.Procurement process The Eurotek solution was selected before the requirements of the strategic planning process had been defined. Once these requirements had been developed, it became clear that the software package was a poor fit and that a considerable amount of bespoke work was needed to make it fit-for-purpose. The cost of these developments effectively led to the end of the project. This was a poor process. The information system requirements of the strategic planning process should have been developed before a potential software package solution was selected. The selection process should have involved more than one company and should have been transparent, so that the reasons for selecting a particular solution were documented and auditable. It is unclear from the scenario why the Eurotek solution was selected so early in the process, particularly as their expertise appeared to lie in the banking industry, rather than health care. Most public sector organisations have to follow strict procurement guidelines and it is surprising that these were not in place at MidShire Health.Group and stakeholder management T erry Nagov appears to believe that the three employee sets within the steering group (senior hospital doctors, hospitalnursing managers and health service support staff) are equally powerful within the project context. However, this isclearly not the case. The hospital doctors resent the inclusion of the health service support staff in the steering group.The hospital nursing managers side with the hospital doctors at key points. The objectives of the health service supportstaff appear to be aligned with those of Terry Nagov, but this support is not as effective as it may appear because itcomes from the weakest set within the steering group. In T uckman and Jenson’s terms the group is fractional, stuck ina storming stage. Differences in power and culture will make it extremely difficult for the group to move beyond thisstage. However, the person who could make it happen (T erry Nagov) undermines possible progress by choosing toopenly question the ethics of one of the hospital doctors. This appears to destroy the possibility of group harmony andalso brings into play a significant actor (Etopia’s health minister) who, although very powerful, had hitherto had no obvious interest in the project.高顿财经A C C A a c c a .g a o d u n .c nProject cancellation proceduresThe CEO did not explore opportunities for negotiating the $600,000 quoted development cost or look for alternatives.Eurotek might have been flexible on price, particularly if the developed software could have potentially been used inother health authorities. In such circumstances, MidShire Health might have negotiated a royalty fee, to help themrecoup their investment. Perhaps this was also the point when alternative suppliers could have been sought, providingsolutions which were closer to the requirements of the organisation. This would have led to the investment in Eurotekbeing written off, but this was also a consequence of project cancellation. No post-project review was conducted, andlessons learned were not fed back into the project management process. In fact, the email sent to the steering groupmembers specifically stated that there would be no further meetings. As someone once wrote, the ‘only unforgiveablefailure was the failure to learn from failure’.(ii)Organisational cultureJohnson, Scholes and Whittington suggest that the culture of an organisation consists of four layers. Firstly, values whichare often written down as statements of the organisation’s mission. The visionary objective of the CEO might be anexample of a value. The ‘mission is to deliver health to the people of Midshire and, by that, I don’t just mean hospitalservices for the sick, but a wider vision, where health is a state of complete physical, mental and social well-being andnot merely the absence of disease or infirmity’. Beliefs are more specific and concern issues which people in theorganisation can talk about. The hospital doctors appear to firmly believe that the visionary objective of the CEO isunobtainable. ‘You have to realise that poor health is often caused by poverty, poor housing and social dislocation. Youcannot expect MidShire Health to solve these problems. We can advise and also treat the symptoms, but prevention andcure for these wider problems are well beyond us.’ Behaviours are the day-to-day way in which the organisationoperates. Certain aspects of these become clear in the scenario describing the strategic planning project. Finally thereare the taken-for-granted assumptions that are at the core of an organisation’s culture. In the scenario there is a contrastbetween the CEO’s vision of delivering health and the perception of hospital doctors and nursing staff that the real workis really about treating the ill.The behaviours of the organisation can be explored further through selected facets of the cultural web.The stories told by the hospital doctors are primarily concerned with belittling the role of the professional administrator.‘As we know’, stated one of the doctors, ‘we all agree that efficiency can only be achieved through giving control and budget to the doctors, not to the administrators who are an unwanted overhead . This is the first step we should take.’We can assume that the chief administrator (the CEO) present at the meeting could not have missed this slight. Secondly,the planning process does not appear to be perceived as real work. During one of the meetings the hospital doctors stated that they had to leave to get back to their real job of treating patients . It almost appears that the hospital doctors have agreed to participate in the planning process as a damage limitation exercise, trying to protect their power and status, rather than because they have any real interest or belief in the planning process and its goals.A definite hierarchy in the power structures appears to exist during meetings. When the senior hospital doctors are present, the nursing representatives side with them and provide a powerful block to any of the initiatives proposed by the CEO. When the hospital doctors are not present, the nursing representatives appear to be more conciliatory, agreeing to actions and objectives that they renege on in subsequent meetings. The opinions of the support staff are clearly not valued by the hospital doctors. The hospital doctors showed their disdain by leaving one of the meetings when the objectives and role of the support staff were discussed. Their ideas, for example for preventative care, are quickly dismissed by the powerful coalition of the hospital doctors and the nursing managers.The activities of MidShire Health are affected by the hospital doctors who, through their powerful professional organisation, have negotiated very favourable terms of employment. Not only do they enjoy high salaries for full-time positions, but they also have the right to undertake private practice where they deliver services for private hospitals to fee-paying patients. This almost unprecedented degree of freedom is tolerated by the government and is a parameter that the CEO has to work within. As Mintzberg observed, such organisations are ‘the one place in the world where you can act as if you were self-employed yet regularly receive a pay check (cheque)’. Such flexibility does not seem to stretch to the nursing staff, but long-term loyalties seem to bond them to the hospital doctors. In contrast, the support workers appear to work under difficult circumstances, expected to serve the whims of professionals, but with little recognition of their contribution and little autonomy in undertaking their work. Probably as a result of this, they appear to be the most receptive group to the changes proposed by the CEO. The lack of control the organisation has over the powerful hospital doctors is shown by the fact that one of the doctors perceives that it is perfectly acceptable to criticise his employer in public, disclosing private information from meetings to the press. This behaviour is excused as being in the ‘public interest’ and the doctor receives support from his colleagues. The CEO, although appalled by the behaviour, cannot pursue any disciplinary action because of threats from nurses and doctors.Organisational configuration Organisations tend to configure in a number of ways. The attributes or building blocks of the organisation relate to eachother in different ways.T erry Nagov was formerly the CEO of a company making mobility appliances. As well as having a profit motive (unlikeMidShire Health), the company developed its business strategy through a centralised management structure, with linemanagers given the power and responsibility to achieve defined objectives and targets. Production itself was heavily automated, administered and controlled through semiskilled employees who followed standards and procedures defined高顿财经A C C A a c c a .g a o d u n .c nby senior managers. In terms of Mintzberg’s configurations, the company appears to exhibit many aspects of a machinebureaucracy . The work it undertook appears to be routine, with much of it being simple and repetitive, allowing thecompany to establish efficient highly standardised processes. Within machine bureaucracies much of the power resideswith the managers at the top of the organisation.T o outsiders such organisations can often appear to be an example of a focused, structured organisation which, asMintzberg himself concedes, ‘can be enormously efficient and provide an unmatchable reliability of service’. T o agovernment struggling with rising costs in an economic recession, such organisations contrast starkly with, as thegovernment minister put it, ‘the anarchy of the health service’. T o an outside agency, such as the government, appointinga CEO such as T erry Nagov to bring order and control must have seemed an attractive step. Nagov had an excellentrecord in the private sector and bringing such skills to the public sector would seem to have self-evident benefits.In Mintzberg’s terms, MidShire Health is probably a professional bureaucracy . Although the work is still relativelystandardised, its complexity means that judgements are usually required. The type of work undertaken in theprofessional bureaucracy is quite different to that of the machine bureaucracy. Considerable discretion is required in theapplication of skills that have been gained over years of training. MidShire Health depends on its professional staff and,consequently, like all professional bureaucracies, gives them considerable control over their own work. A machinebureaucracy generates its own standards internally and enforces them through its line managers. This is the approachthat the CEO is familiar with. However, in contrast, the standards for a professional bureaucracy originate fromself-governing associations that the professionals belong to. Hence the intervention of the Institute of Hospital Doctors(IOHD) would be viewed legitimately by the hospital doctors, who believe that authority comes through expertise, notthrough a management hierarchy. In questioning the legitimacy of such advice, the CEO failed to recognise the centralrole that professional associations play in such bureaucracies. It was bound to cause offence to the professional staff onthe working party.A recognition of MidShire Health as a professional bureaucracy should also have helped the CEO predict the hospitaldoctors questioning the value of having support staff on the working party. In such organisational configurations, suchemployees are seen as largely subservient to the professionals delivering the fundamental activities of the organisation.In fact, many support staff are managed in a machine, top-down way, and so their enthusiasm for the formal planninginitiative might be expected. It closely matches their experience, as well as providing an opportunity to potentiallyundermine what they consider to be the comfortable, capricious existence of the powerful professionals.Similarly, the request of the CEO for the doctors to consider the ‘good of MidShire Health and its image within thecommunity’ is likely to fall on ‘deaf ears’. As Mintzberg comments, ‘most professional focus their loyalty on theirprofession, not on the place where they happen to practice it.’The problem of introducing change in professional bureaucracies is explicitly considered by Mintzberg. He states that‘change in the professional organisation does not sweep in from new administrators taking office to announce widereforms or from government officials intent on bringing the professional under technocratic control’. This, of course,exactly describes the situation at MidShire Health. Rather, he sees change as seeping in through a slow process ofchanging the professionals themselves, through altering recruitment policies and training. In the short term, he wouldprobably suggest that the government would be better off placing pressure on the professional associations that influencetheir member (such as the IOHD), rather than tamper with the professional bureaucracies directly.Finally, it has to be recognised that MidShire Health is a public sector organisation funded by general taxation, rather than by its specific users or customers. In principle the provider of the funds (government) provides resource inputs into a service that is competing with other services funded by general taxation – such as national security. Thus health services, in principle, need to show that they are providing value for money so that politicians support further funding.Such an approach appears to give the government a lot of power. However, the existence of powerful professions and the willingness of press and public to defend health service principles dilute this power, leading to the kind of frustration explicitly articulated in the case study scenario. (b)The approach to strategy suggested by the CEO is essentially strategy by design , based on a logical process whereby senior management devises a clear strategic direction and a system is then put in place to implement this direction throughout the organisation. The overall mission of the organisation is pursued through increasingly specific objectives cascaded down through the organisation, so that all layers of management are pursuing objectives defined and aligned to the determined strategy. This is probably the most popular perception of how strategy is developed. Although it has its critics, such an approach appears to be used by many organisations. Perhaps the relatively simple manufacturing environment of the CEO’s former company made a rational planned approach a feasible way of managing strategy. Certainly such order often appeals to politicians, as in the case study scenario, particularly when the provided service is funded out of general taxation and where politicians define the resource inputs – how much money is to be spent on health, compared with competing claims of defence, education etc. Politicians increasingly look for value for money , and a designed strategy appears to be an orderly and controlled way of delivering such value.Strategy as experience is based on the premise that organisational strategy is largely based on the adaptation of past strategies. This adaptation is a reflection of the experience of managers and others working within the organisation. As Johnson, Scholes and Whittington suggest, this is ‘strongly driven by the taken-for-granted assumptions and ways of doing things embedded in the culture of the organisation’. This is largely the approach of the senior hospital doctors and nursing managers on the steering committee. Strategy as experience resolves different views and expectations through a process of bargaining and negotiation. By participating in the steering group, these two powerful interest groups were increasingly able to negotiate a vision of health care and health care delivery that matched their perceptions. The powerful position of 高顿财经A C C A a c c a .g a o d u n .c nprofessions in a public bureaucracy and the relative weakness of professional managers and administrators make it unlikely that large shifts in strategy will happen. Such organisations as the IOHD are clearly willing to publicly undermine the value of professional managers and administrators in a public service. They do this by alluding to ‘public interest’, rather than self-interest and appear to have little problem in rallying public support. The CEO is unlikely to have experienced this in previous posts and so would have been relatively inexperienced in developing strategy from a coalition of vested interests. Strategy as ideas largely concerns the issues of innovation. This strategic lens emphasises the importance of diversity and variety in and around the organisation which can be harnessed to produce new ideas. Strategy emerges from people working within the organisation who are faced with challenges and issues in their everyday work. Senior management provides the context for strategy, selecting and promoting ideas originally emanating from lower down in the organisation. Elements of this can be seen in one of the health support members of the steering committee stressing a strategy that encourages problem prevention rather than problem treatment. However, even within the constraints of the steering committee, these ideas were quickly dismissed by a powerful coalition of the hospital doctors and nursing managers. It is likely that the CEO will have experienced suggestions from employees in the past. Ideas would have probably emanated from production operators for reducing waste and from sales managers suggesting new pricing ideas and new products. However, the current culture of MidShire Health seems unlikely to nurture many ideas and innovations. Powerful vested interests are in a position to smother innovations that reflects ‘thinking outside the box’. Certainly such ideas would need special protection, something that the CEO fails to offer even within the closed environment of the steering committee.Johnson, Scholes and Whittington see the three strategy lenses as complementary. A certain perspective may fail to see important issues raised by using a different lens. In the context of the case study scenario, the CEO would perhaps be better to develop strategy through experience, perhaps supplemented by new ideas and innovation. The strategy by design appears flawed, particularly given the divergent views on the mission of the organisation. However, despite this, strategy by design is the approach that the CEO appears to prefer and adopt.2(a)NESTA has identified the growth of discount fixed-price stores in Eurobia and is considering entering the marketplace. The long economic recession in Eurobia has led to the increased popularity of these so-called ‘dollar shops’, where all goods and products are priced at $1·00. Most of these shops are on the high streets of towns and cities where there is particular financial hardship. NESTA has expertise in running such shops in Eyanke. The company is well-known within the retail trade of Eurobia, but it is largely unknown to the domestic consumers of the country. Only 5% of those polled recognised the NESTA brand. The bargaining power of NESTA appears to be very strong. There are several factors that contribute to this:–The products supplied by the supplier earn a relatively low profit margin for the buyer. Low profits provide a great incentive to buyers to pursue lower purchasing costs. –Switching costs are relatively low as the products are largely unbranded commodity goods. The buyer should find it relatively easy to switch supplier.–The purchased products are standard and undifferentiated. Buyers should always find it relatively easy to find alternative suppliers and can play companies off against each other in their search for better prices and other terms of supply.–The products purchased from suppliers represent a significant fraction of the buyer’s cost. Buying is price sensitive and the company is likely to spend a great deal of effort trying to ensure the best terms of supply.–Purchasing companies are fewer and larger than potential suppliers. Suppliers may have alternative customers but their scope is limited. In contrast, the buying companies have many smaller supplying companies competing for their business.Supplying companies are fragmented and the fixed-price discount channel represents a significant customer group. None of the suppliers appears to offer a credible threat of forward integration whereby they might become competitors of their current customers. From NESTA’s perspective their high bargaining power is an attractive aspect of the discount fixed-price channel in Eurobia. Furthermore, effective purchasing systems, supplier selection and excellent logistics are perceived as core strengths of NESTA. There is a good match between the nature of the market and the core competencies of NESTA.Within Eurobia there are currently three dominant competitors. The three fixed-price discount chains compete on profit margins (the target price is fixed at $1), on brand name and on expanding the number of outlets in the chain. The intensity of the rivalry amongst existing competitors is largely caused by their ambitious expansion plans. Apparently, few weeks go by without one of the companies announcing plans to extend their chain of shops. It is likely that a new arrival into the market will be resisted , particularly when it is a potential entrant as well-known (in the retail market) as NESTA. Resistance will probably be through tightened supplier contracts (better prices, agreement not to supply competitors), increased marketing and rapid store expansion. However, evidence from Table One also suggests that the market sector is continuing to grow. Year on year growth in the last two years has been around 13%, in an economy that is in recession. In such circumstances,companies competing in the market can continue to improve their results simply by keeping up with industry performance.It gives all competitors greater breathing space. Furthermore, perhaps the arrival of NESTA in the market may help grow the market (by giving it greater legitimacy) and by NESTA exploiting geographical areas not yet comprehensively served by existing competitors.The main barriers to entry to any potential entrant is the capital required to rent, stock and staff the number of stores required to realise the required economies of scale and to establish a credible market presence. It appears that NESTA has both the高顿财经A C C A a c c a .g a o d u n .c ncapital and expertise, particularly as the economic recession has led to reduced shop rents and greater shop availability.Furthermore, possible exit costs have also been reduced by the willingness of landlords to consider short fixed-term leases.NESTA’s main problem could be quickly establishing a brand name in a country where it is relatively unknown (5%awareness), and competing with three incumbents who are very well known. The survey showed that all three established brands were recognised by more than 90% of the consumers in Eurobia. Finally, there may also be barriers to entry erected by the government to prevent foreign companies opening stores in Eurobia. This will have to be investigated.The threat of substitute products is probably best considered in terms of alternative channels of supply. The scenario notes that the large supermarkets do supply ambient goods, but have so far resisted competing on price. They are differentiating through product (a wider range of branded goods) and through place (providing the convenience of purchasing a wide range of other goods, including food, in one location). Their sheer scale may mean that they have been willing to overlook the discount fixed-price market niche up to now. The largest discount fixed-price company has revenue of $330m, a fraction of the size of the largest supermarket group ($42,500m). However, the arrival of NESTA, an established global player, in the market may change the dynamic and cause the established supermarkets to take another look.The supply of ambient goods is also well-suited to the internet and the growth of internet-based competitors has to be considered. The current market is firmly based around high street shopping. The internet might be a substitute channel, and indeed might be considered by NESTA as a way of differentiating itself on its entry into the market. The current internet home delivery service offered by the supermarkets is unlikely to be much of a threat as long as they continue to charge a significant fee for using it. It is clearly aimed at a different market segment.(b)When the business environment is highly uncertain, it may be impossible to develop a single view of how environmental influences might impact on an organisation’s strategy. Thus it might be useful for managers to envisage a number of alternative futures. These alternative futures are described in scenarios.Scenarios are detailed and plausible views of how the business environment might develop in the future, based on different assumptions about key environmental influences and drivers for change within the industry or market itself. It is helpful if the number of influencing factors is limited to a few significant ones , so that the analysis does not become too complex. It is also preferable to focus on factors which are largely out of the control of the organisation . The organisation can influence its own behaviour and expertise. However, macroeconomic forces in a country are normally well beyond its scope of control. It can react to changes, but not influence them. Indeed, it has been recommended that managers should develop contingency plans (strategies) for each unfolding scenario. Johnson, Scholes and Whittington have also suggested that ‘sharing and debating these scenarios improves organisational learning by making managers more perceptive about the forces in the business environment and what is really important’.In NESTA, scenarios might be developed around four significant factors:–The continued economic recession in Eurobia. The growth of discount fixed-price shops appears to depend upon continued economic problems. Recovery may lead to consumers shunning such shops. Scenarios might consider the economic situation remaining the same, improving and getting worse.–The response of established companies in the market-place to NESTA’s entry. The response of the incumbents is very difficult to predict. Scenarios might consider a neutral response. The current companies are, after all, relatively small (in retail terms) and inexperienced. A muted response might also be considered (increased marketing, tying in suppliers,more shops) and, alternatively, an aggressive response, perhaps leading to consolidation within the market sector due to takeovers or mergers. –The attitude of the established supermarkets to the discount, fixed-price market. The conventional supermarkets are currently not competing on price against the discount fixed-price shops. They may continue to do this or they may wish to compete, perhaps by setting up specialised branded outlets or by acquiring one or more of the current significant players, and they have the relative size and economic power to do so. –The implications of channel change, with customers preferring to shop via the internet. This has been a significant factor in many retail markets. Scenarios would consider combinations of these factors. For example: economic recovery combined with a muted responsefrom incumbents, together with established supermarkets continuing to ignore the discount, fixed-price niche. The attractiveness of entering the Eurobia market could be considered for each scenario, together with strategies for implementing any proposed entry in to the market.Statistical information might be used to define and evaluate scenarios. For example, published economic data might assist the managers to define the likelihood of each of the three economic outcomes. Consumer data might help establish a statistical relationship between spending in the market sector and defined economic indicators. This would help managers predict product demand in different scenarios. NESTA is experienced in the sector (although not in Eurobia) and so managers should have some understanding of the costs and margins of running such shops. This should give them some insight into the likelihood and effect of any responses of the firms currently competing in the Eurobia market.Scenarios may be underpinned by models which predict the outcome of different scenarios. Random selection methods (Monte Carlo simulations) might be used to generate some of the input data to these models.高顿财经A C C A a c c a .g a o d u n .c n。

问题回答题目MikeWorking Capital 1.每期Working Captial只记incremental变化量。

2.Tax & Tax on benifit of CA取决于支付时间 ，当期还是滞后。

3.（1+nominal DR）=(1+inflation R)(1+real DR)4.当不同科目有不同inflation R时，使用名义利率。

5.当不同科目采用实际现金流时，使用实际利率。

6.无论用名义，还是实际，得到的NPV差别不大。

原因：CA节税不受通胀影响；2.working capital的时差效应2012‐06‐Q12012‐12‐Q12013‐06‐Q12013‐12‐Q12014‐06‐Q12014‐12‐Q4★Equivalent annual cost 1.PV of cash flows2.Cumulative present value factor：举例查表3年12%的值为2.4023.Equivalent annual cost = PV / Equivalent annual cost4.比较2个项目，那个净现金流出少，表示成本低，则选哪个2012‐06‐Q1★ROCE计算1.Total before‐tax cash flow ‐ Total depreciation = Total accounting profit2.Average annual profit = Total accounting profit / N年3.Average investment = （初期投资+末期残值）/24.ROCE (ARR) = Average annual profit / Average investment = %2012‐12‐Q1★Interest Rate增长影响1.客户融资成本变高，购买大宗商品预期利息支付额变高，购买欲望下降。

2.公司融资成本变高，Kd变高，导致WACC变高。

高等学校英语应用能力考试2013年6月A级试卷PartIIStructure(15minutes)16.Theservicetherewas____poorthatwewenttoanotherrestaurantdownthestreet.A.soB.suchC.veryD.too17.Itwassoonaftertheeconomiccrisis_____salesofe-businessstartedtogrow.A.whyB.howC.whereD.that33.Attheendofyesterday’sinterview,she(offer)______thepositionadvertisedinthenewspaper.34.We’veagreed(transfer)______partofourbusinesstoanewowner.35.Thecompanyoffersavarietyofroles(suit)______forthegoals,backgroundsandtalentsofitsemployees.PartIIIReadingComprehension(40minutes)Task1JackWelchisamongthefamousCEOsbecausehismanagementstyleistaughtatbusinessschoolsthroughoutt hecountry.HehasbeenwiththeGeneralElectricCompany(GE)since1960.HavingtakenGEwithamarketvalueof about$12billion,JackWelchturneditintooneofthelargestandmostadmiredcompaniesintheworld,withamarket valueofabout$500billion,whenhesteppeddownasitsCEO20yearslater,in2000.AsJackWelchwroteinalettertoshareholders:“Intheoldculture,managersgottheirpowerfromsecretknowledge:profitmargins,marketshare,andallthat...Intheneweconomy,theroleoftheleaderistoexpressavision,andput itintopractice.Thatcallsforopen,caringrelationswitheveryemployee,andface-to-facecommunication.Peoplewhocan’tconvincingly(有说服力的)expressavisionwon’tbesuccessful.Butthosewhocanwillbecomeevenmoreopen——becausesuccessbuildsupself-confidence.”Welchbelievedthatgreatbusinessleadershaveto:·possesslargeamountsofenergy,and·knowhowtousethatenergytomotivateothers.Welchmovesfrommeetingtomeeting,conveyingthatmessa ge—andmanymoreothersaswell,someofwhichhavebecomehistrademarks:·Businessissimple.·Don’tmakeitcomplicated.··Don’·’UseofTimeHerearemyideastoreducethiswaste.FirstweneedtoagreeonwhataretheMostimportantbehaviorstostop.Fo rexample,lookatactivityNo.1inthetablebelow.Manypeoplearedoingthis;however,itisthemostdifficulttostop.IrecommendthatwefocusonactivitiesNo.2,4,and5.Makingphonecallsshowsthelargestdifferencebetweenmenandwomen.Womendothismuchmorethanmen .Weshouldaskallemployeestolimitthesecalls.Theyshouldreturnnon-urgentmessagesattheirlunchbreak.ForNo.4,weshouldfocusontheyoungeragegroup.Wewilltellthemthatwearegoingtochecktheirworkaccou ntsforpersonalmessages.ForNo.5,wecanaskmanagerstowatchthismorecarefully.PerhapsactivityNo.3should continue.Thisallowsemployeestoknoweachotheranditcanincreasetheirmotivation.Themanagerswillknowifs omeoneisspendingtoomuchtimetalkingandnotenoughtimeworking.Areyouavailabletomorrow?I’dliketomeetwithyoutodiscussournextstep.41.WhatproblemdoesthewriterfindfromthesurveybytheHumanResourcesDepartment?A.Workingconditionsaretobeimproved.B.Someemployeesneedre-training.C.Employeeslackmotivation.D.Muchworktimeiswasted.)ontheAnswerSheetcorrespondiwiththeferry(轮渡).YoucanalsorideVancouver’smetrobussystemandtravelarounddowntown,andmanyotherbeautifulareas.IfyouarevisitingVancouver,theSkyTrainisyourbestbetatseeingeverycornerofthecity.YoucanbuySkyTrai ndaypassesatmostgrocerystoreslikeSafewayandSaveonFoods.YoucanalsopurchasepassesattheSkyTrainstatNumberoflines:(48)Useofdaypasses:1.TotakeSkyTrain2.TotaketheNorthShoreferry3.Toridemetro(49)Placestobuydaypasses:Most(50),SkyTrainstationandFerryterminalTask4Directions:Thefollowingisalistofwordsorexpressionsrelatedtoexhibitions.Afterreadingit,youarerequiredtofindtheitemsequivalentto(与…等同)thosegiveninChineseinthetablebelow.ThenyoushouldputthecorrespondinglettersinthebracketsontheAnswerSheet,numbered51through55.A—networkeditor J—academicwritingThankyouforyourhelp.Sincerely,SusanSmithHumanResourcesManager56.Howdothestaffmembersfeelaboutthecompany’scurrentinsuranceplan?Thestaffmembers______withit.57.Whatdothestaffmemberscomplainaboutthecurrentinsuranceplan?Therateshavebeenraised,buttheservicehasbecome______.58.WhatinformationdoesthewriterwanttogetfromMr.Black?Hiscompany’s______.59.Whatisthefirstquestionthewriterasksaboutthenewinsuranceplan?Whetheritallowsemployeestochoose______.60.Whydothestaffmembershopethatdoctorswillhaveweekendandeveninghours?Becauseitisnotalwaysconvenientforthemtoseeadoctorduringregular______.PartIVTranslation--EnglishintoChinese(25minutes)Directions:Thispart,numbered61through65,istotestyourabilitytotranslateEnglishintoChinese.Afterea chofthesentencesnumbered61to64,youwillreadfourchoicesofsuggestedtranslation.Youshouldchoosethebestt ranslationandmarkthecorrespondingletteronyourAnswerSheet.Andfortheparagraphnumbered65,writeyour translationinthecorrespondingspaceontheTranslation/CompositionSheet.61.Thedirectorisdisappointedbecausehehasnotfoundanyoneintheapplicantswhoisparticularlyqualifiedforthisjob.A.B.C.D.A.B.C.D.A.B. C.约翰还选修了其他一些大学的课程：D.约翰大学一14天内送达你处。