BSCM study notes

Management Accounting Research1. IntroductionA number of innovative management accounting techniques have been developed over the past two decades, the most widely known of which are Activity-Based Costingand the Balanced Scorecard (BSC). Prior literature evaluates the success of these techniques by estimating its adoption rates and testing relationships between use and different types of outcome measures. Outcome measures used are, amongst others, use of the system, impact on decisions made based on information from these systems, dollar improvements following implementation of the system,and management evaluation of system success (Foster and Swenson, 1997). This study not only assesses the level of use, but also focuses on the purposes forwhich managersuse the BSC.Many factors influence individual BSC usage. First, usage is influenced by theway the organization intends to use the BSC, and therefore by the design of the scorecard. Second, individual usage is influenced by the opinions of top management, supervisors, and other colleagues of BSC users,and by other elements of the control system available in the firm. Together, these factors lead to a varying degree of pressure on individual BSC users to use the scorecard, i.e. the subjective norm. As Hartwick and Barki (1994) argued ，however, when system usage is mandatory, i.e. the subjective norm to use the system is strong, the intensiveness of use might still vary. Somemanagers will use the system all the time, whereas others will use it selectively, e.g. when they consider using it to be effective. This implies that even if BSC usage were mandatory in a firm, both the intensiveness and purposes of use might vary among managers. In this paper, I explore this individual BSC usage in the context of organizational usage (firm effects).I address anumber of avenues for further research raised by Malmi (2001). First, he suggests that future research should study whether we can explain various types of BSC usage by looking atfirmcharacteristics. Second, he suggests that we know little about the impact of using the BSC on other control mechanisms in the firm. I provide additional insights into these questions for BSC usage at the individualmanager level.First, I explore the purposes for which managers use the BSC. For this analysis, I adopt an instrument developed by Doll and Torkzadeh (1998) which measures the multidimensional usage of amanagement information system(MIS). The instrument mainly captures BSC usage for decision-making and is less well developed for measuring usage for control purposes and strategy communication.1Provided that individual usage is examined in this study, and that thecommunication of strategy and control of employees are primarily firm purposes, these limits do not seem to be too severe. Second, I explore the drivers of these different purposes of BSC usage. These drivers are the evaluation style ofmanagers, other controlmechanisms used in the organizational units, and the receptiveness of managers to information from modern performance measurement systems. Use of performance measurement systems is influenced by how managers evaluate their subordinates (Otley and Fakiolas, 2000). The BSC consists of a number of different types of measures that make a distinction between financial and non-financial measures, objective versus subjective measures, leading indicators versus lagging indicators, and measures that are easilyquantifiable as opposed tomeasures that aremore difficult to quantify. Managers can therefore evaluate performance on many different dimensions. The way managers evaluate their subordinates’ performance is therefore expected to influence the intensiveness of BSC usage and type of BSC usage. Based on an exploratory factor analysis, I identify three different dimensions of evaluation style. These dimensions include whether managers have a rigid or a flexible evaluation style to evaluate their subordinates; whether they value financial or non-financial performance measures more strongly; and whether they value quantitativeor qualitative performance measures more strongly. Further, usage of the BSC takes place amid the usage of other control mechanisms, because firms often use a package of controls (Otley, 1999). The design of this control package is also expected to influence intensiveness and type of BSC usage. Finally, the adoption diffusion literature suggests that some individuals are more innovative and more eagerto experiment with new systems than others (Rogers and Shoemaker, 1971). Therefore, greater receptiveness on the part ofmanagers to use newtypes of information sources is expected to result in higher BSC usage. The different dimensions of BSC usage and evaluation style are both identified from an exploratory factor analysis. Therefore, the nature of this study is exploratory.The survey was conducted in 19 firms identified as BSC users. The sample consists of 224 managers responsible for the BSC of a department or business unit in these firms. From an exploratory factor analysis, I find three different purposes of BSC usage: (1) a decision-making and decision-rationalizing dimension; (2) a coordination dimension; and (3) a self-monitoring dimension. The three resulting dimensions have a moderately high correlation with each other, suggesting that these purposes of use are complementary. BSC usage for decision-making and decision-rationalizing is positively related to the number of action controls used and manager’s receptiveness to new types of information. BSC usage for coordination purposes is also positively related with manager’s receptiv eness to new types of information and positively relatedwith the emphasis placed on managerial evaluations of subordinates. Finally, BSC usage forself-monitoring is positivelyrelated with the emphasis placed on managerial evaluations.4. Results4.1. Different purposes of BSC usage Doll and Torkzadeh’s original instrument consisted of 30 items. Before the surveywas administered, a pilot study with fivemanagers assessed the usability of the instrument to measure BSC usage. Eight items were deleted after this pilot study, mainly because of item overlap, or because the items did not fit in the BSC framework. For example, item V6 from the original instrument is almost the same as item V5. The original and the used instrument are presented in Appendix A. I use exploratory factor analysis to identify the purposes of BSC usage. Although the instrument seems appropriate for measuring BSC usage, this is the first time this instrument has been used to evaluate a management accounting system. Therefore, it is unclear whether the same theoretical dimensions should be extracted from the analysis compared with Doll and Torkzadeh’s (1998) results. I employ confirmatory factor analysis to compare the resulting factor solution from this study with the original outcome in Doll and Torkzadeh (1998). The chi-square difference test and the Akaike information criterion suggest that the factor solution in this paper better fits the data than the original Doll and Torkzadeh model.4.2. Evaluation style, control alternatives, and receptiveness to new informationIn this section, I discuss the measurement instruments used for the independent variables. First, factor analysis explores the number of dimensions in the set of items that captures evaluation style. Afterwards, the instruments used tomeasure control alternatives and receptiveness are explained.Exploratory factor analysis of the set of items that capture evaluation style reveals three dimensions.These dimensions are labeled (1) appropriateness of using financial versusnon-financial measures; (2) appropriateness of using qualitative versus quantitative measures; and (3) rigidity or flexibility of the evaluation. Table 3 reports the items for each dimension, its explained variance and CronbachThe appropriateness of non-financial versus financial measures use (NFF) dimension includes two questions that refer to the adequacy of non-financial versus financial measures for the functioning of the manager and to evaluate his organizational unit performance. The one factor solution explains 79% of the variance in the two items. Cronbach of the factor is 0.72.5. Discussion of the resultsThe results fromtheempirical analysis suggest that firm effects, organizational unit effects and individual manager effects influence BSC usage. First, the regression results indicate that some firms have a higher average score than other firms. Together with the lower standard deviations of the two firms that have the highest average BSC usage, this indicates that these firms probably stimulate the use of the system, for example, they make BSC use mandatory or introduce managers to its beneficial effects. Although the study suggests that firm effects play a role, it does not provide an understanding of which firm characteristics these are. The literature provides a number of suggestions. First, Ittner et al. (2003) showed that users and non-users of the scorecard did not differ in the type of strategy (i.e. either a maintain, innovate or flexible strategy) they implemented, which seems to be con sistent with Kaplan and Norton’s argument that all firms, irrespective of their strategy, need a BSC. Second, the firm structure, for example, degree of decentralization and interdependency,might influence the extensiveness and purposes of BSC usage. For example, Abernethy and Bouwens (2005) argue that decentralization might mitigate the resistance of managers to using new accounting information systems, such as the BSC. The reasons provided for this conjecture are that decentralization increases the ability of managers to adapt the organizational unit to these new information systems, and second that decentralization leads to higher involvement of the unit manager in the design of accounting systems and therefore leads to more meaningful information. Third, the design of the BSC and subsequently the quality of the scorecard might influence its usage. For example, a number of studies suggest that not all firms that implemented a BSC also used cause and effect logic (Bedford et al., 2006; Speckbacher et al., 2003; Ittner et al., 2003), and this might have an impact on the intensiveness and type of usage. Finally, the organizational adoption literature suggests that factors, such as the existence of a project “champion”, the size of the firm, and the usage of consultants all influence the decision to adopt a BSC or not. Further research is needed to explore whether these factors also influence the intensiveness and type of use.管理会计研究1介绍许多创新的管理会计技术已经开发在过去的二十年里,最广为人知的是基于活动的成本核算和平衡计分卡(BSC)。

F2 Accounting for Management(Revision Notes)Prepare by Jane MaiAccounting for Management1. Data ≠ Information (1.10)Data --- process --> information (meaningful for users)2. Attributes of Good information (1.1 1.5)(a) Accuracy(b) Completeness(c) Cost-effective(d) Understandable (clarity)(e) Relevance(f) Confidence(g) Communication(h) Volume(i) Timing(j) Channel of communication3. Information for Management :Plan （:Control:Decision-making4. Anthony divides Management: (1.2 1.6 1.8 )Strategic Level :Long-term (2~5 years), Top managerTactical level :medium-term (around 1 year), middle managerOperational level : Routine, Operational staff5. The difference between financial accounting and management accounting (1.3 1.7 1.9 )Management Accounting Financial AccountingInformation mainly produced for Internal use: eg. Managers andemployeesExternal use: eg. Shareholders,creditors, lenders, banks,governmentPurpose of information To aid planning, controlling anddecision making To record the financial performance in a period and thefinancial position at the end of thatperiodNature of information Financial & non-financialinformationFinancial informationLegal None Limited companies must producefinancial accountsFormat Decide by the management andthe most useful way of presentingit Format and content of financial accounts intending to give a true and fair view should follow IAS and company lawTime period Historical and forward-looking Mainly a historical record others：（ 1.4 ）Source of Data1. Primary data vs Secondary data (2.1 2.2 2.4 )Primary data Secondary dataDefinition - collect for Specific purpose - collect for some otherpurposeAdvantage - nvestigator knowswhere the data camefrom and is aware ofany inadequacies orlimitation - Accurate and reliable (relative)- Cheap & convenientDisadvantage - Expense - Unaware of anylimitation2. Sampling (2.3 2.5)Sample data :Population:Sampling frame : is a numbered list of all items in a populationSampling methods1.) Probability sampling methodRandom sampling- Free from bias (Equal chance to be selected)Stratified random sampling- divide the population into strata or categories.- requires prior knowledge of each item in the populationSystematic sampling- select every nth item after a random start.- cheap and easy to handle- biasMultistage sampling- divide population into a number of sub-population and then selecting a small sample of these at random.Each sub-population is then divide further and be selected at a random.Cluster sampling- non-random sampling- select one definable subsection of the population as the sample.2.) Non-probability methodQuota sampling- Randomness is forfeited in the interests of cheapness and administrative simplicity- Bias- No need sampling framePresenting information(5.1 ~ 5.4)Simple bar ChartComponent bar chartMultiple (or compound) bar chartPie chartLine graphScatter diagramCost classification and cost behaviorCost unit (3.7 3.12)Cost center ( 3.11)- a function or location for which costs are ascertainedDirect cost (3.1 3.2 3.3 3.9)- Can be traced directlyIndirect cost- Cannot be traced directlyClassified by FunctionProduction costAdministrative costMarketing, selling and distribution cost (3.10)Fixed cost- Unaffected by change in the level of activityVariable cost- Tends to vary with the level of activity.Semi-variable cost- Part fixed and part variableProduction and non-production cost- The distinction between production and non-production costs is the basis of valuing inventoryPeriod cost (3.8)- Not include in the inventory costResponsibility center (3.5 3.6)- Responsible for controllable cost only- Cost center- Revenue center- Profit center- Investment centerCost behavior (4.1 4.3~4.7 4.9 4.12 4.14 4.16) Fixed costVariable costStep fixed costSemi-variable costThe high-low method (4.2 4.8 4.11 4.13 4.15 4.17 4.18)--- Analyzing semi-variable costs into their fixed and variable elements.Material and labor1. Valuation of stockFIFO (6.20)LIFO (6.21)Weighted average (6.22)Relevant documents & their function (6.1)Purchase requisitionGood received note (GRN)Good delivery note (GDN)Invoice2. Inventory control (6.6 6.12)Reorder level (6.3)Reorder quantityMinimum inventory levelMaximum inventory level (6.4 6.16)EOQ (6.5 6.13 6.15 6.19)C0 =D =C h =EBQ (6.7 6.17 6.18)C0 =D =C h =R =Free inventory (6.2)= Physical inventory + units on order from supplier – units outstanding on customer’s orders Average inventory (6.14)Safety inventoryAccounting for laborDirect labor cost vs Indirect labor cost (7.6)Overtime premiumIdle timeBonus payment (7.7 7.10)Labor cost calculation(7.3 7.4 7.5 )Labor turnover(7.9 7.12)Labor efficiency●Efficiency ratio (7.2)= ( Expected hours to produce actual output (std hours) / actual hours to produce output ) X 100%●Capacity ratio (7.1)=( (no. of hours spent working(active production) / total hours available (budgeted) ) x 100%●Production volume ratio= ((expected hours to produce actual output(std hours) / total hours available (budgeted) ) x 100% Accounts treatment (7.8 7.11)Absorption costing and marginal costing1. Absorption costing and process(8.1 ~ 8.24)The three stages of calculating the costs of overheads1. Allocation2. Apportionment3. absorption2.1 apportionmentThe repeated distribution methodThe simultaneous equations method3.1 Three main types of overhead absorption rate- Predetermined overhead absorption rate- Single factory-wide absorption rate- Separate departmental overhead absorption rate3.2 Absorption base (9.8 )3.3 under & over absorbed2. Absorption costing vs Marginal costing (9.1 ~ 9.18)ContributionProduction > sales AC profit > MC profitProduction < Sales AC profit < MC profitDifference in profit = change in inventory level x fixed overhead per unitProcess, Job, batch, service and alternative costingJob costing (10.2 10.3 10.4 10.5 10.14)Batch costing (10.6 )Service costing(10.7 10.8 10.9 10.10 10.11 10.12 10.13 10.15 10.16* Characteristics of service business- Intangibility,- Simultaneity- Perishability- Heterogeneity*Cost unit : Composition unitProcess costing (10.1 11.1~11.15)Normal lossAbnormal lossAbnormal gainEquivalent unitOnly closing WIPBoth Opening and Closing WIP- Weighted average method- The FIFO methodJoint product (12.1 12.2 12.3 12.4 12.5 12.6 12.7) Apportionment methods- Physical weight- Sales value at separation pointBy-product (12.3 12.4 12.5)Alternative costing●Activity based costing (13.1- Cost driver●Life cycle costing (13.2 13.3 13.5 13.6)●Target costing (13.4)Forecasting and budgeting Budget : is a plan of what the organization is aiming to achieve. Forecast : is an estimate of what is likely to occur in the future 1. ForecastLinear regression analysisY=a+ bx (14.2 14.6 14.7 14.8 14.9 )(不用记)Correlation coefficient: the degree of correlation between two variables (14.1 14.4 14.5 14.10)R = +1R= -1R=0Coefficient of determination : measures the proportion of the total variation in the value of one variable that can be explained by variations in the value of the other variable.The reliability of linear regression (14.3)A time series analysis (14.11 14.12 14.13 14.14 14.15 14.16~14.23 14.32)A time seriesFour component of a time series:- Trend- Seasonal variance- Cyclical variance- Random varianceMoving average : finding the trendEvaluating the seasonal variations- Additive model- Multiplicative modelIndex forecast (14.24 ~ 14.28)Others (14.29 14.30 14.31)2. BudgetingObjective of budgeting (15.1)- Co-ordination- Communication- Resource allocation- To ensure the achievement of the organisation’s objectives- To compel planning- To provide framework for responsibility accounting- To establish a system of control- To motivate employees to improve their performanceBudget manualBudget committeeThe Principle budget factor (15.2 16.3 16.4)- Is the factor which limits the activities of an organization- Should be identified at the beginning of the budgetary process and the budget for this is prepared before all others.Function budgets (16.2)- Production budgets (16.5 16.6 16.7 16.8 16.9 16.10 16.11 16.12 16.21 )- Marketing budgets- Sales budgets (16.15 )- Personnel budgets- Purchasing budgets (16.22)- Research and development budgetsCapital budgetsThe master budgets (16.1)- Cash flow budget (16.14 16.16 16.17 16.18 16.19 16.20)- Profit and loss budget- Balance sheet budgetFixed budget and flexed budget (15.3 15.9 15.10 16.13)Spreadsheet (15.4 15.5 15.6 15.7 15.8- Very useful for budgetCapital budget (18.4 )Others (16.23 16.24 )Budgetary control (17.6)- Is a cost which can be influenced by its budget holderParticipative approach vs Top-down approach (17.1 17.3 17.4 17.5 - Their individual limitation and advantageBudget as motivation (17.2)Capital investment appraisal1. Interest RateSimple interestCompound interest （19.1 19.2 19.3 19.7）- Both of interest and principal will get the interest.Nominal rate ←→ effective annual rate of interest (19.5 19.8 19.20 19.23) - Formula : (1+r) n = 1+R2．Cash flow method for project analysisRelevant cost (18.1 18.2 18.3)Irrelevant costNet present value method （19.4 19.17 19.24**）- Consider “time value of money”- Positive NPV --- > project acceptableNegative NPV -→project unacceptable- Example 5Internal rate of return (19.6 19.12 19.16 19.18)- Formula:- At the point of IRR, NPV = 0- IRR > rate of capital -- > accept the projectIRR < rate of capital -- > reject the projectAnnuity (19.9 19.10)- 每年都有一笔等额收入- Example 6：4.968 = 0.893 + 0.797 + 0.712 +。

2008年1月开始准备参加ACRP考试。

我开始了解ACRP的有关信息。

ACRP全称是：Association of Clinical Research Professionals，我翻译为临床试验专家协会。

其目的在于推进和领导全球的临床试验。

下属两个机构：Academy of Pharmaceutical Physicians and Investigators和Academy of Clinical Research Professionals，前者是面对产品医师和临床试验研究者的，后者是与我们有关的临床试验专家学院。

1995年举办第一次考试，2002年走出北美开始全球范围的认证考试。

考试面对3类人群：CRA，CRC(Clinical Research Coordinator), PI (Physician Investigators)。

考试范围又分为3种：ICH, SFDA和EU的，也就是说考试范围不同，分别考的是ICH-GCP, SFDA的GCP和21CFR，EU的规章（EU Clinical Trial Directive& ICH Guidelines）。

我们一般选择的是ICH-CRA考试（也就是考试范围是ICH,人群为CRA），因为我们能够熟悉ICH-GCP已经不错了，CRC主要是研究中心的研究协调者（临床试验是否能做好的关键一环）的工作范围。

这个考试一年举办2次，一次在3月份，一次为9月份。

那么我们怎么参加ICH-CRA的ACRP考试呢？我还是以我参加的3月8日的考试来举例吧！参加考试的基本分为4个环节：报名，领准考证，参加考试和等成绩。

报名包括两方面：资格和费用。

所谓资格就是你要递交一个ACRP规定格式的CV，主要是看：（1）教育程度，（2）临床试验经验，至少是2年的全职CRA经历或者4年的兼职CRA。

然后就是缴纳相关费用了。

作为第一次申请考试和加入ACRP 考试的费用不菲：443$——还好美元兑人民币不断贬值，什么时候贬到1:1大家就值了，不过那个时候我们就要失业了，因为我们那个时候就不再是廉价劳动力了，^_^。

Unit 3 a cash flowMail order n [unc]a method of buying and selling in which the buyer chooses goods at home and orders them from a company whichsends them by post 邮购by mail orderIt is available by mail order from Green Life Products. 你可以通过邮购方式获得“绿色生活产品”。

a mail order catalogue 邮购目录比较finalize和completeFinalize v.to finish the last part of a plan, business deal etcComplete vt.to finish doing or making something, especially when it has taken a long timeThe students have just completed their course. The building took two years to complete.Collection▶FASHION◀[c] the clothes designed by a fashion company for a particular season 某一季服装公司设计的所有时装Donna Karen's new spring collection 多纳 凯瑞春季新时装发布Catalogue 1 n [c]1 a complete list of things that you can look at, buy, or use, for example in a library or at an art show 产品目录a mail order catalog 邮购产品目录an online catalogue 网上产品目录2 catalogue of mistakes/crimes/cruelty etca series of mistakes, crimes etc that happen one after the other and never seem to stop 一系列的错误、犯罪a catalogue of terrorist crimes 一系列的恐怖犯罪活动an appalling catalogue of errors 令人震惊的一系列错误Item n.1 [c] a single thing, especially one thing in a list, group, or set of things 一件物品He opened the cardboard box and took out each item.他打开纸盒子，把里面的东西一一拿了出来。

Org. culture1. 四种企业文化:一是硬汉型文化(tough-guy macho culture),反馈快,危害大;二是苦干型文化(work-hard/play-hard culture),反馈快,危害低;三是出差型文化(process culture),反馈慢,风险低；四是赌注型文化bet your company culture反馈和回报速度慢，风险低。

2. Canteen culture: 极端保守右派英国底层警察愤世嫉俗的文化3.Long-hours culture：where people are expected to work for a long time each day4.竞争和合作并不是绝对的矛盾不可兼容的（they are not rivals, can co-exist），我主张企业内部协作/合作，与外部企业竞争为主，合作为辅（比如企业协会/行业协会的成立，团结起来，在国际市场上进行竞争，企业之间不团结的结果，比如宝钢与其他钢企与力拓，必和必拓的谈判），才是王道；企业内部的竞争，可能会导致人性关怀的缺失，比如某些企业所谓的考核淘汰制，会导致企业人员的流失，员工间的不信任，甚至互相排挤，又怎么能够建设一支团结的队伍，与市场上的其他对手进行竞争。

企业内部协作会形成明确的分工，效率更高，而一个高效融洽的团队氛围会增加团队的凝聚力和战斗力，心情愉悦了才能好好工作。

同时可以增强员工的归属感，利于企业留住人才。

如何灵活适度的运用竞争和合作的关系是一门艺术，它决定了一个企业的发展前景。

竞争太过激烈，也许就会导致市场秩序混乱chaos，很多人或企业会铤而走险，对整个社会造成较大的危害。

很多企业为生存，削减成本，不惜以消费者生命健康为代价，奶粉，农夫山泉。

地沟油，假羊肉，假牛肉，假鸡蛋等等。

而现在很多的企业在recruitment AD里，都会要求applier是一个team player，不是个人achievements，而是contribute more to the team’s great achievement.5.I’m working for (firm name), I work on (work discipline/ department).I run/in charge of this dept and manage a team of designers: 20 people work under me.I’m responsible for the coordination between…. And ….. I deal with a lot of different orgs in my work and work closely with Project Manager.6.At work 上班，出勤off work：缺勤，不上班in work: 就业out of work: 不工作，无工作7.Sb works full/part time ; temporary/permanent job8.What sort of job would u like to do? What routine would u like to have?9.I leave for work at 8 am every morning.10.Office worker 白领，It’s a nine to five job with regular working hours. It’s not very interesting,but I like to be able to go home at a reasonable time.11.Clock in and clock out/ clock on and clock off: 打卡上下班12.I work in shifts: 我跟别人倒班night/day shift. I may be on the day shift one week and thenight shift the next weekmuter [kə'mju:tə]1. a passenger train that is ridden primarily by passengers who travel regularly from one place to another2. someone who travels regularly from home in a suburb to work in a city. 通勤者I commute to work every day, like thousands of other commuters.14. I don’t like repetitive job/ doing the same thing again and again.15. Nature of work:工作性质My work involves solving problems/ travelling a lot/ dealing with customers/ human contact/ a lot of team work.16.Headhunter:猎头eg: headhunters may be called on to headhunt people for very importantjobs, persuading them to leave the organization they are working for. This process is called headhunting.Eg: This job is very critical, I think we need headhunt someone.17.Be fed up with travelling a lot: 厌烦了/烦透了大量的出差18.A covering letter shall explain/tell why you want this job and why you are the right person forit.19.After the surveillance, we shortlist(选择，选取) 2 or 3 suppliers as standby options.20.Turn down an job offer:拒掉工作机会21.Referee：一般求职信里的工作推荐人/介绍人22.Offer a job to sb: 给某人工作机会/offer，你可以turn it down or accept it.23.Backgrounds of the applicants24.Recruits: 雇员，新成员25.I graduated from AUFE in English major in 2009.26.In-house training: 公司内部培训27.关于新毕业的学生只有paper qualification, lack of work experience and don’t know howbusiness works. 驳斥：Education is to teach people how to think and act, not prepare them for a particular job. We could let em know business operation via in-house training.All of us was starting same like them, rookie with no experience. They got potential and loyalty to the company.28.Sb is good with figures/people/computers: 擅长数字处理/与人相处/与电脑打交道29.学校里面接受的是education，而在社会中，工作以后获得技能的途径和方式叫做training30.Methodical, systematic and well organized: 做事有条理性，井井有条31.Get paid every month: 拿月薪working overtime：加班perks: 额外津贴，小费32.I love my job, even if I don’t earn much. 我喜欢我的工作，尽管我挣得不多。

Certified Documentary Credit Specialist (CDCS) Candidate Study GuideCDCS Examinations – from April 2008ifs School of FinanceIfs House, 4–9 Burgate LaneCanterbury, Kent, CT1 2XJ, United KingdomTelephone: (+44) (0)1227 818609Fax: (+44) (0)1227 784331International Financial Services Association9 Sylvan Way, Suite 130Parsippany, New Jersey 07054Telephone (973) 656-1900Fax (973) 656-1915For IFSA registered candidates, the 2008 CDCSexamination will only be offered electronicallywithin candidate banks and institutions.For ifs School of Finance registered candidates,the 2008 CDCS examination will be offered aspaper based via arranged examination venues.Published by ifs School of Finance, a non-profit-making registered educational charity incorporated by Royal Charter.The ifs School of Finance believes that the sources of information upon which the book is based are reliable and has made every effort to ensure the complete accuracy of the text. However, neither ifs School of Finance, the author nor any contributor can accept any legal responsibility whatsoever for consequences that may arise from any errors or omissions or any opinion or advice given.All rights reserved. No part of this publication may be reproduced in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this publication) without the prior written permission of the copyright owner except in accordance with the provisions of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency Ltd. Applications for the copyright owner’s written permission to reproduce any part of this publication should be addressed to the publisher at the address below:ifs School of FinanceIFS House4-9 Burgate LaneCanterburyKentCT1 2XJT 01227 818609F 01227 784331E customerservices@© ifs School of Finance 2007, with the exception of North and South America wherein copyright lies with the International Financial Services Association 2007ISBN: 978-1-84516-656-4August 2007Dear CDCS CandidateWelcome. You made a significant commitment to your career when you registered for the CDCS examination. This Study Guide has been prepared with your success in mind. It will help you make the transition from the CDCS Content Outline and the Study Text; in addition, it will outline a variety of study techniques for your consideration.The text for the CDCS examination has been updated and revised and published as The Guide to Documentary Credits: third edition. There are significant changes to the content outline, including the changes in UCP 600 and other rules, as well as updating to the general text. It is important that you study the third edition as you prepare for the examination.If it has been a few years since you last studied for an examination, a review of this publication will help you identify the areas you will find helpful as you develop your individual study plan. Experiment to find out what suits you best.The CDCS examination is based on a Job Analysis Study that identified the knowledge and skills required for competent practice in the field of documentary credits. The Content Outline details the results of the survey and the Study Text is based on the Content Outline. You can build on the information and experience you have, as you are involved with documentary credit practice.As you can see from the table of contents there are many different areas that will be of assistance to you as you prepare to study for the CDCS examination; not all may apply to you. Your first step will be to identify those sections that you want to include in your study plan. Sections 2 contains the CDCS Content Outline. This document is the basis for the CDCS examination and should be reviewed in depth.The CDCS examination is an opportunity for you to demonstrate what you know and your skills as a documentary credit specialist. We wish you success in your preparation for the examination.There are several products that will assist you as you prepare for the CDCS examination: the Study Text is the basic reference for the examination; all multiple-choice questions are documented to this text;the 2008 examination will be delivered in the US and Canada electronically at bank training sites. For additional information, go to the CDCS website ();CDCS website (): information will be posted on the website as it becomes available. This will be a source of continuing help to you as you prepare for the examination.Gavin Shreeve Dan TaylorChief Executive Presidentifs School of Finance International Financial Services AssociationTable of contentsIntroductionSection l. CDCS study textSection 2. CDCS content and examination outline – 2008Section 3. Planning your study – study planSection 4. Keys to studying for successSection 5. CDCS study groupsSection 6. Multiple-choice question formatsSection 7. Analysis, questions, in-basket and simulation exercises Section 8. Tips for answering multiple-choice questionsSection 9. Pre-examination check listSection 10 Practice/sample testSection 11. CDCS websiteIntroductionVolunteers associated with the CDCS projectThe Certified Documentary Credit Specialist (CDCS) credential is a peer-review project that includes volunteers in each segment of its development. It is a joint project of the ifs School of Finance in the UK and the International Financial Services Association (IFSA) in the US and is endorsed by the International Chamber of Commerce (ICC). There are several volunteer-intensive phases of the project and they include the following.Job Analysis Study: volunteers identified the major responsibilities of a Documentary Credit Specialist. They also detailed the knowledge and experience required to meet these responsibilities competently. The Job Analysis Study serves as the basis of the CDCS Content Outline and the CDCS Examination Specifications.Study Text: The Guide to Documentary Credits: third edition is the reference text for the CDCS examination. It is based on the Content Outline and was reviewed by volunteers who served as topic experts.Item writing and test volunteers write, review and revise the questions on the CDCS examination. This is a very intensive responsibility and the Test Committee meets annually to prepare for each examination administration.CDCS test committeeMaria Adamczyk, CDCS – JPMorgan Chase Bank, N.A.Lowell Campbell, CDCS – co-chair – JPMorgan Chase Bank, N.A.Samuel Hodges, CDCS – Square 1 BankSteve Cooke, CDCS – Standard Chartered BankDavid Morrish, CDCS – co-chair – Lloyds TSB Bank plcTineke Overvliet, CDCS – DHB BankVictor Pena, CDCS – CiticorpSteve Thompson, CDCS– Standard Chartered BankPaul Williamson, CDCS –JPMorgan Chase BankItem writing task forceGary Bishop, CDCS – British Arab Commercial Bank LimitedAnh Chau, CDCS – Bank of AmericaIlene Crook, CDCS – JPMorgan Chase BankWilson Ng, CDCS – Bank of Nova Scotia, CanadaLaura Pedersen, CDCS – Bank of Nova Scotia, CanadaRita Ricci, CDCS – BNP Paribas CanadaOtto Ruff, CDCS – Bayerische Landesbank International SAMartin Stocks, CDCS – The Royal Bank of ScotlandElizabeth Williams, CDCS1 CDCS study textThe Study Text for the CDCS examination is The Guide to Documentary Credits: thirdedition.The text was reviewed by ifs School of Finance and IFSA volunteers and produced bythe ifs School of Finance and IFSA. The Study Text is intended to assist CDCS candidatesprepare for the examination. The text is based on the CDCS Content Outline (seeSection 2); the Content Outline details the knowledge and skills identified through a Job Analysis Study as necessary to fulfil the major responsibilities of a documentary creditpractitioner. A thorough understanding of the topics covered in the CDCS ContentOutline should result in success in the CDCS examination.Examination questions in the first section of the examination are referenced to the StudyText. Questions in the Simulation portion of the examination are based on the analysisand application of the information in the Study Text to actual situations.2 CDCS content and examination outline – 2008ExaminationsIFSA – US, Canada, Mexico, Latin America – April 2008 Testing WindowRegistration Deadline – 28 February 2008ifs School of Finance – outside the US, Canada, Mexico, Latin America – 10 April 2008 Registration Deadline – First-time registration – 31 January 2008Resit registration – 28 February 2008Multiple-choice questionsThe CDCS examination has a total of 120 questions and is in two parts.Part A contains 83 multiple-choice knowledge (KN) and application (AP) questions based on the Study Text – approximately 1.5 hours of the examination.Part B contains 37 analysis, in-baskets and simulation questions.Effective from 2007, the 120 questions within the CDCS examination will include 15 pre-testing questions. These 15 questions are for pre-testing purposes only and do not contribute towards the candidate’s final grade. The grade awarded tocandidates will be based upon their performance on the remaining 105 questions.The 15 pre-testing questions will be distributed throughout the examination paper and will not be identifiable by candidates. Candidates should therefore answer all of the 120 questions on the examination paper.CDCS content outline – summaryGroupsA. DocumentaryCreditA.1 Types and Uses of Documentary CreditsA.2 Parties to the Credit: Roles, Responsibilities and RisksA.3 Types of PaymentB. Characteristics of Documentary CreditsB.1 Primary CharacteristicsB.2 Specialty CharacteristicsC. OperationsC.1 ProcessesC.2 Related Products/TermsD. Financial and Commercial DocumentsE. RulesCDCS content outlineGroupsCreditA. DocumentaryA.1 Types and Uses of Documentary CreditsA.1a CommercialA.1b StandbyA.2 Parties to the Credit: Roles, Responsibilities and RisksA.2a Required Parties1) Issuing Bank2) BeneficiaryA.2b ApplicantA.2c Banks’ Roles and Obligations1) Issuing Bank2) Confirming Bank3) Advising Bank4) Negotiating Bank5) Paying Bank6) Accepting Bank7) Reimbursing BankA.2d Types of Risk1) Operational/UCP5002) Credit3) Foreign Exchange4) Fraud5) Legal6) PoliticalA.3 Types of PaymentA.3a SightA.3b DeferredA.3c NegotiationA.3d AcceptanceB. Characteristics of Documentary CreditsB.1 Primary CharacteristicsB.2 Specialty CharacteristicsCreditsB.2a Revolving1) Cumulative vs. Non-Cumulative2) Automatic vs. ControlledB.2b InstalmentB.2c Advance PaymentsB.2d TransferableB.2e EvergreenB.2f CleanB.2g Direct PayC. OperationC.1 ProcessesC.1a IssueC.1b Pre-adviseC.1c AdviseC.1d ConfirmC.1e AmendC.1f TransferC.1g PresentC.1h ExamineC.1i Pay/RejectC.1j ClaimFundsC.1k ReimburseC.1l CancelC.2 Related Products/TermsC.2a Letter of IndemnityWayReleaseC.2b AirGuaranteeC.2c SteamshipC.2d Assignment of ProceedsC.2e Participation and SyndicationC.2f Trade-related IncotermsD. Financial and Commercial DocumentsD.1 Draft/Bill of ExchangeD.2 Commercial InvoiceD.3 Non-negotiable Seaway BillD.4 Charter Party Bill of LadingD.5 Multimodal Transport DocumentD.6 Air Transport DocumentD.7 Road, Rail or Inland Waterway Transport DocumentD.8 Forwarder’s Cargo Receipt, Mate’s Receipt and Consolidator’s ReceiptD.9 Post Receipt or Certificate of PostingD.10 Courier or Expedited Delivery Service DocumentD.11 Insurance DocumentD.12 Weight CertificateD.13 Certificate of OriginD.14 Packing ListsD.15 Inspection CertificateD.16 Other DocumentsE. RulesE.1 UCP600 – Uniform Customs and Practice for Documentary CreditsE.2 ISP98 – International Standby PracticesE.3 URR 525 – Uniform Rules for Bank-to-Bank Reimbursements UnderDocumentary CreditsE.4 ICC Decision on Original Documents (Appendix to ICC Publication 681–ISBP)E.6 ISBP 681E.7 eUCPGeneral informationCandidates will have THREE hours to complete the examination.Candidates are responsible for timing themselves to ensure there is sufficient time to complete both sections of the examination in three hours.The multiple-choice questions test your knowledge and how to apply that knowledge to specific situations outlined in the simulation exercises.Each question qualifies for one point/mark; incorrect answers/points are not deducted from the number of correct answers.Types of questions – there are three basic levels of multiple-choice questions: –knowledge questions are recall questions;–application questions apply knowledge;–analysis questions require both knowledge and application skills.See Section 6 for additional explanations on the three cognitive levels for multiple-choice questions.3 Planning your studyStudy techniquesUsing your experience, think about study techniques that have helped you in the past and any others you may have come across. How do you learn something new on the job?Some ideas you may want to consider include:Summarise the main ideas in the text.Write study questions for self-testing based on materials in the text.Use the key terms to identify not only definitions but use them for review.Identify/flag key words, terms and concepts you do not understand or that are new to you.Prepare ‘flash cards’ to capture key terms, definitions, exhibits and other material that you have identified for additional study.Work with a partner or study group to teach and test each other.Test yourself frequently. What do I know? Do not spend time studying what you know. Use what you know for review at the end of the study process.What is troublesome? Identify someone to help you understand sections you do not know and find difficult.Use the resources available through ifs School of Finance and IFSA: Check the website () for the CDCS Forum, a listing of review/revision courses and other examination-related information.Note questions to ask others with more experience or members of your study group.Develop a study planOnce you have considered the different study options available to you, it is still important to draft a study schedule/timeframe based on your objectives and a realistic view of your time for study and preparation. Your study plan should reflect your individual preferences and methods of working. It is important to remember that a studyplan is a flexible document and is both an indicator of where you are and where you want to be.The first step you should take is to determine your personal study objectives based on the Content Outline and Study Text.You may find it helpful to write out your objectives and post them in a visible location.Advance planning will provide multiple benefits as you prepare for the CDCS examination. It will not require much time to develop a study plan, but doing so will establish your priorities. The most important part of a study plan is to identify how, when and where you want to study.By reviewing the CDCS Content Outline (Section 2), you will be able to identify the areas with which you are familiar; those you wish to review in detail; and those that are new to you and need in-depth study.You will now be in a position to develop an overall study plan with specific timelines.In drawing up your plan, you may find the following useful.− Prepare a study schedule – be realistic. Space your studying and allow ample time for review.− Keep a copy of the CDCS Content Outline in a prominent place as you will refer to it often.− Make the best of your environment. Some individuals prefer to study in a quiet place, while others prefer working with the radio or television on in thebackground. Whatever your preference, you can usually create theenvironment you want for your study session.− Be prepared to study in free moments, whenever you can. This means identifying times that are available to you for study, such as travel time,standing in lines and queues, waiting for a meeting to start, etc.SummaryRelax while studying. The CDCS examination is an opportunity for you to learn and to demonstrate your knowledge and ability. Maintain a positive attitude that you will be successful in the examination and will allocate the resources required to ensure success.Do not worry about how much time is left before the examination. You have planned adequately to allow for the maximum use of your time.Take breaks, exercise. Keep your body and mind relaxed.A sample Study Plan is shown on the next page – you may wish to reproduce it to assist you in your preparation for the examination.Study planTopic Page Reference Completed ContentOutline4 Keys to studying for successAs adults we know that we learn in a variety of ways that differ significantly from theways we learned as children. As you read the Study Text you will be able to compare the information with your own experience and knowledge. You can use the informationyou are studying in several ways.If this is information you already know, the materials will reinforce your knowledge.If the information is new to you, you can relate it to your own experience and consider how the information can be used in your job.Each chapter has objectives and study questions that will assist you as you focus on the key elements within a chapter.Use your memory effectively:− frequent recall and use: build regular reviews into your study sessions. Be selective about what you need to recall – use key terms and facts;− indicate significance: make the information you need to recall stand out by emphasising it; link the information to your experience; use mnemonics;− link to other items: link information to your own experience; look for patterns and relationships among the items; compare and contrast information.Regular review: plan regular review of key points; end a session by summarising what you have studied.Getting started can be difficult: starting a session with a brief review of the previous session may be helpful.If you are not feeling motivated, consider why you started this study in the first place and think about what the CDCS credential will enable you to do.Build in rewards – at the end of study sessions; at the completion of a predetermined number of study sessions; and when you have completed your study.It is important to think positively during your preparation period. If you do not feel comfortable about your memory, monitor your progress. You will be pleased at how much you can recall.There are no trick questions. As you take and study the sample test, you will see how straightforward the questions are.The answers to all multiple-choice questions have been documented to the Study Text.At the examination site1. Plan to arrive at least 30 minutes early, as identification will be checked prior to yourbeing allowed into the examination room.2. The examination will start promptly.3. You will be allowed a full three hours to take the examination.4. Read all instructions carefully.5. Pace yourself: the examination has been written to allow approximately 1½ hours foreach section of the CDCS examination.5 CDCS study groupsThere is a great deal of benefit to studying with others. Conference calls, email and the Internet provide access to your colleagues preparing for the CDCS examination. Usually two types of information are shared in study groups:topic information from the Study Text;informal study tips, support and general assistance.There are several ways to form study groups; most candidates preparing for other certification examinations prefer the following two.Local study group: if there are others in your bank or city preparing for the examination that is your first and probably best option.Electronic study group: identify others preparing for the examination who are willing to share ideas, information and provide support by phone, fax and/or email.All questions on the examination are referenced to the Study Text; it is very important to use the Study Text as the sole reference. It should be supplemented by the Rules outlined in Section E of the Content Outline.Study groups tips1. Select the format that meets the schedules within your group:Weekly usually meets for 1–1.5 hours per session;Semi-monthly usually meets twice a month for 3-hour sessions;Monthly usually meets for 3 or 4 hours per session;Two Days often 4–6 hours per day;Three Days often 4–6 hours per day.2. Determine the number and length of sessions.3. Determine the topic schedule: number of sessions on topic material and number ofsessions focused on study tips, etc.4. Determine how presentations will be made to the group.Will leadership rotate and each individual assume responsibility for certain sections of the Study Text, which they will prepare for the rest of the group?Will you have experienced managers, supervisors or CDCSs from the banks discuss the chapters in the Study Text?5. Supplement the sessions with review of the Self-Study Guide.6. After individual or group review of a chapter, answer the questions at the end ofeach chapter. They are not in the examination format but highlight the important information in each chapter.7. Prepare test questions for other members of the group.8. Prepare glossary cards based on key terms identified from the Study Text.6 Multiple-choice question formatsLevels of multiple-choice questionsSection A of the CDCS examination is entirely multiple-choice questions. There are three levels of questions based on the cognitive or thinking levels required to correctly answer a question.Knowledge (KN) questions are recall questions.Application (AP) questions apply knowledge.Analysis (AN), also called higher-level-thinking, questions require both knowledge and application skills.There are several standard formats for multiple-choice questions. Becoming familiar with the various types will assist candidates as they prepare for the examination.Sample generic questionsCorrect answers are noted by an *Recall/knowledge: recall or knowledge questions recognise specific information and facts that do not vary by situation. Such questions are predominantly an effort of memory and include the recall of specific facts, generalisations, concepts, theories,formulae and procedures. There will be approximately 46 knowledge or recall questions in the examination.Which of the following is a primary colour?A. Orange.B. Purple.C. Green.* D. Red.Application: application questions require comprehension, interpretation, ormanipulation of concepts or data. They primarily test simple interpretations orapplications of limited data. Questions may require recognition of more than one element or concept and the ability to apply knowledge to a specific situation. There willbe approximately 37 questions in the examination.If the time in London, using Greenwich Mean Time, is 7.30 pm, what time will it be in New York, using Eastern Standard Time (EST)?A. 12.30 am.B. 1.30 am.C. 1.30 pm.* D. 2.30 pm.Analysis: analysis questions require the integration or synthesis of a variety of conceptsand/or elements to solve a specific problem situation. Questions test the ability togather information, evaluate data and make decisions. Analysis questions often require value judgments concerning the effectiveness, appropriateness or best course of action in a given situation. There will be seven analysis questions in the examination.If a flight taking off from London at 12.35 pm takes 6.5 hours to reach New York, what time will it land, using Eastern Standard Time (EST)?pm.A. 1.05* B. 2.05 pm.C. 12.35 am.D. 1.05 am.Direct or closed question: a complete question followed by four options; there is only one correct answer to direct or closed questions.Who was the King of England in 1484?V.A. HenryI.B. George* C. Richard III.D. Edward IV.Open question or incomplete sentence: an incomplete sentence with four options; there is only one correct answer to incomplete sentence questions.Confederate Commander General Robert E. Lee’s horse was named:A. Silver.B. Trigger.* C. Traveler.D. Champion.Complete question that includes the phrase ‘which of the following’: is used when there is more than one correct answer to a question, but ONLY one of the correct answers is offered in the options.Which of the following is a prime number?* A. 7.B. 10.C. 12.D. 15.Complex multiple-choice: there may be more than one correct answer. The response will include options.Which of the following cities are capitals of their respective countries?1. Paris.2. Washington DC.3. Chicago.4. Sydney.A. 4 only* B. 1 and 2 onlyC. 1, 3 and 4 onlyD. 2,3 and 4 onlyNegatively worded or EXCEPT questions: three of the four options are correct and only one option is incorrect. There is only one answer for EXCEPT questions.All of the following are primary colors EXCEPT:* A. red.B. blue.C. green.D. orange.Key words – LEAST, BEST, MOST: the question requires evaluation and the selection of the appropriate option.MOST colour-blind males inherit the gene from their:A. father.* B. mother.C. maternal grandmother.D. paternal grandfather.Situational set: there is one answer to each question in situational sets. There may be more than one question for each information set.Michael has $100 to purchase clothes. Costs are: shirts, $20 each; sweaters $30 each; slacks $40 per pair; and socks $5 per pair.1. If Michael purchased 1 pair of slacks and 1 sweater, how many shirts can he buywith his remaining money?* A. 1.B. 2.C. 3.D. 4.2. If Michael spent 40% of his money on socks, how many pairs did he purchase?A. 4.B. 5.* C. 8.D. 10.7 Analysis questions, in-basket and simulation ExercisesSection B of the examination consists of SEVEN analysis questions, THREE in-basket exercises and THREE simulation exercises. The simulations test the information-gathering and decision-making skills of the candidate by requiring them to analyse the information provided and identify the irregularities/discrepancies in the documents for each simulation.In-basketsThe content of in-baskets is designed to reflect real work situations and to be relevant to the responsibilities of documentary credit specialists.Each in-basket will comprise samples of documents for review and five related questions.SimulationsEach simulation exercise has five responses that equate to FIVE questions per simulation.Each simulation will include samples of documents to review.There will be a series of documents that the candidate must review prior to answering the questions for each simulation.Candidates are required to identify the FIVE correct discrepancies or irregularities from a checklist of a possible ten.8 Tips for answering multiple-choice questionsIn multiple-choice questions, the answer follows the question. There are four options and only one is correct. The correct answer is called the key and the other options are called distracters. Your task is to identify the correct answer from the plausible, but incorrect, distracter answers.Remember that all multiple-choice questions have the same format – four options but only one correct answer.The correct answer is the best answer for each question.Only correct answers are scored, so it is to your advantage to answer every question on the examination.Analyse what the question is asking.Try to answer the question before looking at the options. Then decide which option is closest to your answer and is the best option.It is best to answer questions as you proceed through the examination.The more questions you answer, the better your chances of achieving a passing score. For best results pace yourself, periodically checking your progress.If you are near the end of the examination period, make your best guess at the unanswered questions by eliminating the incorrect/wrong options. You could get the answer correct.Read all instructions carefully.9 Pre-examination check listThe admission ticket/confirmation form should be received two weeks prior to the examination.Select the best route to the test centre and identify parking options.Plan to arrive at the test centre 30 minutes prior to the examination start.Plan on three full hours to complete the examination after instructions by the test centre supervisor.Bring your admission ticket/confirmation form and two forms of identification; one must be a picture ID.For paper and pencil examinations bring several HB/#2 sharpened pencils and an eraser; most test centres will not have pencil sharpeners.。

ACCA笔记SBL笔记18 Using ITTechnology and Data Analytics部分的第二篇笔记~Using IT1. Supply chain management (SCM)- Active management of supply chain activities aims to maximise customer value and achieve a sustainable competitive advantage.- Supply chain activities cover everything from product development, sourcing, production, and logistics, as well as the information systems needed to coordinate these activities.- Push and pull supply chain models 1）Push modelProducts are built, distributed, and ready for the customer demand.2）Pull model Planning for a product starts when the customer places the order and creates firm demand. The pull business model is less product-centric and more directly focused on the individual consumer – a more marketing-oriented approach.2. Big data- Characteristics of Big Data –3V’s: 1）Volume –there is lots of it 2）Velocity –it is generated very quickly 3）Variety – it can take many varied forms- Data for Product Development 1）Market research 2）Analyzing customer behavior 3）Customer buying process3. Cloud and mobile computing - Benefits of cloud and mobile computing Sharing data On-demand self-service FlexibilityCollaborationMore competitive Easier scaling Make it easier for organisational stakeholders to interact with the organisation.Reduced maintenanceBack-upsDisaster recovery Better security- Risks of cloud and mobile computing Reliance on the service provider Regulatory risks Unauthorised access for business and customer data。

【最新】ACCA笔记SBL笔记11FinancialDecisionMaking【最新】ACCA笔记SBL笔记11 Financial Decision Making今日笔记是关于 Financial Decision Making 的内容~1. Financial objectives of stakeholders- Financial strategy often focuses on shareholders wealth. But there are financial expectations from other stakeholders which must also be considered.- When setting strategy for the organisation, the financial expectations of other stakeholders need also be considered.2. Funding strategy- Funding for Non-for-profit organisationsMost non-for-profit organisations need their core costs to be covered.- Funding SBUs and strategic choicesusing BCG matrix- Alternative sources of financeequity, debt, others (eg. government grants)3. Financial analysis and decision-making techniques- Break even analysis1) To ascertain how much each $ sold actually contributes towards the fixed costs.C/S ratio= Contribution per unit / selling price per units= total contribution / total sales revenue2) To make zero profit, sales volume should be at Breakeven = FC/(sales price – unit variable cost)= FC/ CPU3) The margin of safety indicates by how much sales can decrease before a loss occursMargin of safety = budgeted sales – BEPA large margin of safety indicates a low risk of making loss, whereas a small margin of safety might indicate a fairly high risk of loss.- Marginal analysisMarginal analysis refers to situations where we use contribution to make decisions.The key is that only cost which vary with the decision should be included in the analysis of decision.Relevant costs are future cash flows arising as a direct consequence of the decision under consideration.Marginal analysis can be used in key areas of decision making such as:1) Make or buy decisions2) Shut-down decisions3) Further processing decisions- Long-term decision making1) Accounting rate of return (ARR)Average profits / initial investment2) Payback periodDetermine how quickly the original cash injection is recovered3) Net present value (NPV)Use a cost of capital and discount factors to discount future cash flows to give the present value4) Internal rate of return (IRR)Determine the cost of capital that provides a zero NPV4. Cost and management accounting- Standard costing assumes that business operate ina stable environment where, for example, a standardamount of materials will be used in the production of eachproduct and that a standard price can be attached to the price of those materials.- Forecast1)Linear regressionLinear regression measures the relationship between two variablesThe strength of the relationship is measured by correlation coefficient - 'r', which can range from +1 (perfect positive linear correlation) through 0 (no correlation) to -1 (perfect negative linear correlation).2) Time series analysisTime series analysis aims to separate seasonal and cyclical fluctuations from long-term underlying trends.- Budget1) Benefits of budgetsPromotes forward thinkingHelps to co-ordinate the various aspects of the organisation Motivates performanceProvides a basis for a system of controlProvides a system of authorisation2) Limitations of budgetsEmployees may be demotivated if they believe the budget to be unattainable.Slack may be built in by managers to make the budget more achievable.Focuses on the short-term results rather than the underlying causes.Unrealistic budgets may cause managers to make decisions that are detrimental to the c ompany.3) Alternative budgeting modelsTop-down (Imposed budgeting) VS Bottom-up (Participative budgeting)Fixed budget VS Flexible budgetPeriodic budgets VS Rolling (Continuous) BudgetsIncremental VS Zero based budgets。

2022年考研考博-考博英语-厦门大学考试全真模拟全知识点汇编押题第五期（含答案）一.综合题(共15题)1.单选题The Committee has approved your qualifications and you will be_______to the retiring Head Clerk's post.问题1选项A.employedB.appointedC.admittedD.accepted【答案】B【解析】employed雇用; appointed任命为……; admitted接纳; accepted接受。

句意：委员会已批准你的资格, 你将被任命为退休的文书主任。

选项B符合句意。

2.单选题However important we may regard school life to be, there is no denying the fact that children spend more time at home than in the classroom. Therefore, the great influence of parents cannot be ignored or_______by the teacher.问题1选项A.exaggeratedB.discountedC.overestimatedD.verified【答案】B【解析】exaggerated夸大,言过其实的; discounted打折的; overestimated过高评价的; verified核实的。

句意：无论我们多么重视学校生活, 不可否认的事实是孩子们呆在家里的时间比在教室里的时间多。

因此, 父母的巨大影响是不能被老师忽视或者大打折扣的。

选项B符合句意。

3.案例题Although credit cards are becoming a more acceptable part of the financial scene, they are still regarded with suspicion by many as being a major part of the "live now pay later" syndrome（综合症）. Along with hire-purchase, rental and leasing schemes, they provide encouragement to spend more money. Of course, it is only the foolhardy who succumb（屈服）to the temptation to the temptation to live, temporarily at least, beyond their means, and such people would no doubt manage to do so even without credit cards.Advertising campaigns have, however, promoted a growing realization of the advantages of these small pieces of plastic. They obviate the need to carry large amounts of cash and are always useful in emergencies. All the credit card organizations charge interest on a monthly basis which may work out as high as 25 percent a year, yet judicious purchasing using a card can mean that you obtain up to seven weeks interest-free credit. Using the card abroad, where items frequently take a long time to be included on your account, can extend this period even further.It is worthwhile shopping around before deciding on a particular credit card. It is necessary to consider the amount of credit granted; interest rates, which may vary slightly; the number and range of outlets, though most cards cover major garages, hotels, restaurants and department stores, and, of course, what happens if your card is lost or stolen. A credit card thief may be sitting on a potential goldmine particularly if there is a delay in reporting the loss of the card.However, if used wisely, a credit card can cost nothings or at least help to tide you over a period of financial difficulty.1.What is the main idea of the first paragraph?2.What can be the title for this passage?3.What else do you mean by judicious purchasing using a card?4. What happens if your card is lost or stolen?5.What does the phrase "tide over" in the last paragraph mean?Directions: Read the following passage and then give short answers to the five questions. 【答案】1.Credit cards are still be suspected by some people.2.The credit cards.3.You obtain up to seven weeks interest-free credit.4.A credit card thief may use your card.5.To support through a difficult period.【解析】1.文章第一段第一句为本段的中心句, 尽管信用卡在金融领域正变得越来越被人们接受, 但许多人仍怀疑它是"现用现付"综合征的主要组成部分。