ACCA P3真题 2010 June Q3 答案解析

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Professional Level – Essentials Module The Association of Chartered Certiﬁ ed Accountants Business AnalysisWednesday 15 December 2010Time allowedReading and planning: 15 minutesWriting: 3 hoursThis paper is divided into two sections:Section A – This ONE question is compulsory and MUST be attemptedSection B – TWO questions ONLY to be attemptedDo NOT open this paper until instructed by the supervisor.During reading and planning time only the question paper maybe annotated. You must NOT write in your answer booklet untilinstructed by the supervisor.This question paper must not be removed from the examination hall.P a p e r P 3This is a blank page.The question paper begins on page 3.2Section A – This ONE question is compulsory and MUST be attemptedThe following information should be used when attempting question 11IntroductionShoal plc is a well-known corporate organisation in the ﬁ sh industry. It owns 14 companies concerned with ﬁ shing and related industries.This scenario focuses on three of these companies:ShoalFish Ltd – a ﬁ shing ﬂ eet operating in the western oceansShoalPro Ltd – a company concerned with processing and canning ﬁ shShoalFarm Ltd – a company with saltwater ﬁ sh farms.Shoal plc is also ﬁ nalising the purchase of the Captain Haddock chain of ﬁ sh restaurants.ShoalFishShoal plc formed ShoalFish in 2002 when it bought three small ﬁ shing ﬂ eets and consolidated them into one ﬂ eet.The primary objective of the acquisition was to secure supplies for ShoalPro. 40% of the ﬁsh caught by ShoalFish are currently processed in the ShoalPro factories. The rest are sold in wholesale ﬁ sh markets. ShoalFish has recorded modest proﬁts sinc e its formation but it is operating in a c hallenging market-plac e. The western oc eans where it operates have suffered from many years of over-ﬁshing and the government has rec ently introduc ed quotas in an attempt to conserve ﬁ sh stocks.ShoalFish has 35 boats and this makes it the sixth largest ﬂ eet in the western oceans. Almost half of the total number of boats operating in the western oceans are individually owned and independently operated by the boat’s captain.Recent information for ShoalFish is given in Figure 1.ShoalProShoalPro was acquired in 1992 when Shoal plc bought the assets of the T revarez Canning and Processing Company.Just after the ac quisition of the c ompany, the government dec lared the area around T revarez a ‘zone of industrial assistance’. Grants were made available to develop industry in an attempt to address the economic decline and high unemployment of the area. ShoalPro beneﬁted from these grants, developing a major ﬁsh processing and canning capability in the area. However, despite this initiative and investment, unemployment in the area still remains above the average for the country as a whole.ShoalPro’s modern fac ilities and relatively low c osts have made it attrac tive to many ﬁshing c ompanies. The ﬁsh received from ShoalFish now accounts for a declining percentage of the total amount of ﬁ sh processed and canned in its factories in the T revarez area. Recent information for ShoalPro is given in Figure 1.ShoalFarmShoalFarm was acquired in 2004 as a response by Shoal plc to the declining ﬁ sh stocks in the western oceans. It owns and operates saltwater ﬁsh farms. These are in areas of the ocean close to land where ﬁsh are protected from both ﬁ shermen and natural prey, such as sea birds. Fish stocks can be built up quickly and then harvested by the ﬁ sh farm owner. Shoal plc originally saw this acquisition as a way of maintaining supply to ShoalPro.Operating costs at ShoalFarm have been higher than expected and securing areas for new ﬁ sh farms has been difﬁ cult and has required greater investment than expected. Recent information for ShoalFarm is given in Figure 1.3[P.T.O.All ﬁ gures in $mShoalFish 2007 2008 2009T urnover of market sector 200·00 198·50 190·00T urnover of ShoalFish 24·00 23·50 21·50proﬁt 1·20 1·10 1·05GrossShoalPro 2007 2008 2009T urnover of market sector 40·00 40·10 40·80T urnover of ShoalPro 16·00 16·20 16·50Grossproﬁt 1·60 1·65 1·75ShoalFarm 2007 2008 2009T urnover of market sector 10·00 11·00 12·00T urnover of ShoalFarm 1·00 1·10 1·12proﬁt 0·14 0·14 0·15GrossFigure 1: Financial data on individual companies 2007–2009Captain HaddockThe Captain Haddock chain of restaurants was founded in 1992 by John Dory. It currently operates one hundred and thirty restaurants in the country serving high quality ﬁ sh meals. Much of Captain Haddock’s success has been built on the quality of its food and service. Captain Haddock has a tradition of recruiting staff directly from schools and universities and providing them with excellent training in the Captain Haddock academy. The academy ensures that employees are aware of the ‘Captain Haddock way’ and is dedicated to the continuation of the quality service and practices developed by John Dory when he launched the ﬁ rst restaurant. All management posts are ﬁ lled by recruiting from within the company, and all members of the Captain Haddock board originally joined the company as trainees. In 1999 the Prime Minister of the country identiﬁ ed Captain Haddock academy as an example of high quality in-service training. In 2000, Captain Haddock became one of the thirty best regarded brands in the country.In the past few years, the ﬁ nancial performance of Captain Haddock has declined signiﬁ cantly (see Figure 2) and the company has had difﬁculty in meeting its bank covenants. This decline is partly due to economic recession in the country and partly due to a disastrous diversiﬁ cation into commercial real estate and currency dealing. The chairman and managing director of the company both resigned nine months ago as a result of concern over the breaking of banking covenants and shareholder criticism of the diversiﬁcation policy. Some of the real estate bought during this period is still owned by the company. In the last nine months the company has been run by an interim management team, whilst looking for prospective buyers. At restaurant level, employee performance still remains relatively good and the public still highly rate the brand. However, at a recent meeting one of the employee representatives called for a management that can ‘effectively lead employees who are increasingly demoralised by the decline of the company’. Shoal plc is currently ﬁ nalising their takeover of the Captain Haddock business. The company is being bought for a notional $1 on the understanding that $15 million is invested into the company to meet short-term cash ﬂ ow problems and to improve liquidity. Shoal plc’s assessment is that there is nothing fundamentally wrong with the company and that the current ﬁ nancial situation is caused by the failed diversiﬁ cation policy and the cost of ﬁ nancing this. The gross proﬁ t margin in the sector averages 10%.Captain Haddock currently buys its ﬁ sh and ﬁ sh products from wholesalers. It is the intention of Shoal plc to look at sourcing most of the dishes and ingredients from its own companies; speciﬁ cally ShoalFish, ShoalPro and ShoalFarm. Once the takeover is complete (and this should be within the next month), Shoal plc intends to implement signiﬁ cant strategic change at Captain Haddock so that it can return to proﬁ tability as soon as possible. Shoal plc has implemented strategic change at a number of its acquisitions. The company explicitly recognises that there is no ‘one right way’ to manage change. It believes that the success of any planned change programme depends on an understanding of the context in which the change is taking place.Captain Haddock (all ﬁ gures in $m)2007 2008 2009T urnover 115·00 114·50 114·00)Gross proﬁ t (loss) 0·20 (5·10 ) (6·20Figure 2: Financial information for Captain Haddock 2007–20094Required:(a) In the context of Shoal plc’s corporate-level strategy, assess the contribution and performance of ShoalFish,ShoalPro and ShoalFarm. Your assessment should include an analysis of the position of each company in the Shoal plc portfolio. (15 marks)(b) Shoal plc explicitly recognises that there is no ‘one right way’ to manage change. It believes that the success ofany planned change programme will depend on a clear understanding of the context within which change will take place.(i) Identify and analyse, using an appropriate model, the contextual factors that will inﬂ uence how strategicchange should be managed at Captain Haddock. (13 marks)Professional marks will be awarded in part (b)(i) for the identiﬁ cation and justiﬁ cation of an appropriatemodel.(2 marks)(ii) Once the acquisition is complete, Shoal plc wish to quickly turnaround Captain Haddock and return it to proﬁ tability.Identify and analyse the main elements of strategic change required to achieve this goal. (8 marks)Professional marks will be awarded in part (b)(ii) for the cogency of the analysis and for the overallrelevance of the answer to the case study scenario.(2 marks)(c) Portfolio managers, synergy managers and parental developers are three corporate rationales for adding value.Explain each of these separate rationales for adding value and their relevance to understanding the overall corporate rationale of Shoal plc. (10 marks)(50 marks)5[P.T.O.Section B – TWO questions ONLY to be attempted2IntroductionTMP (The Management Press) is a specialist business publisher; commissioning, printing and distributing books on ﬁ nancial and business management. It is based in a small town in Arcadia, a high-cost economy, where their printing works were established ﬁ fty years ago. 60% of the company’s sales are made through bookshops in Arcadia. In these bookshops TMP’s books are displayed in a custom-built display case speciﬁcally designed for TMP. 30% of TMP’s sales are through mail order generated by full-page display advertisements in magazines and journals. Most of these sales are to customers based outside Arcadia. The ﬁ nal 10% of sales are made through a newly established website which offers a restricted range of books. These books are typically very specialised and are rarely featured in display advertising or stocked by general bookshops. The books available on the website are selected to avoid conﬂict with established supply channels. Most of the online sales are to customers based in Arcadia. High selling prices and high distribution costs makes TMP’s books expensive to buy outside Arcadia.Business changesIn the last decade costs have increased as the raw materials (particularly timber) used in book production have become dearer. Paper is extremely expensive in Arcadia and the trees used to produce it are becoming scarcer. Online book sellers have also emerged who are able to discount prices by exploiting economies of scale and eliminating bookshop costs. In Arcadia, it is estimated that three bookshops go out of business every week. Furthermore, the inﬂ uential journal ‘Management Focus’, one of the journals where TMP advertised their books, also recently ceased production. TMP itself has suffered three years of declining sales and proﬁ ts. Expenditure on marketing has been reduced signiﬁ cantly in this period and further reductions in the marketing budget are likely because of the weak ﬁ nancial position of the company.Overall, there is increasing pressure on the company to increase proﬁ t margins and sales.Despite the poor ﬁ nancial results, the directors of TMP are keen to maintain the established supply channels. One of them, the son of the founder of the company, has stated that ‘bookshops need all the help they can get and management journals are the heart of our industry’.However, the marketing director is keen for the company to re-visit its business model. He increasingly believes that TMP’s conventional approach to book production, distribution and marketing is not sustainable. He wishes to re-examine certain elements of the marketing mix in the context of the opportunities offered by e-business.A young marketing graduate has been appointed by the marketing director to develop and maintain the website.However, further development of the website has not been sanctioned by the Board. Other directors have given two main reasons for blocking further development of this site. Firstly, they believe that the company does not have sufﬁ cient expertise to continue developing and maintaining its own website. It is solely dependent on the marketing graduate. Secondly, they feel that the website will compete with the established supply channels which they are keen to preserve.However, the marketing director is convinced that investing in e-business is essential for the survival of TMP. ‘We need to consider what unique opportunities it offers for pricing the product, promoting the product, placing the product and providing physical evidence of the quality of the product. Finally, we might even re-deﬁ ne the product itself’. He feels if the company fails to grasp these opportunities, then one of its competitors will, and ‘that will be the end of us’.Required:(a) Determine the main drivers for the adoption of e-business at TMP and identify potential barriers to itsadoption. (5 marks)(b) Evaluate how e-business might help TMP exploit each of the ﬁve elements of the marketing mix (price,product, promotion, place and physical evidence) identiﬁ ed by the marketing director. (20 marks)(25 marks)6Frigate Limited is based in the country of Egdon. It imports electrical components from other countries and distributes them throughout the domestic market. The company was formed twenty years ago by Ron Frew, who now owns 80% of the shares. A further 10% of the company is owned by his wife and 5% each by his two daughters.Although he has never been in the navy, Ron is obsessed by ships, sailing and naval history. He is known to everyone as ‘The Commander’ and this is how he expects his employees to address him. He increasingly spends time on his own boat, an expensive motor cruiser, which is moored in the local harbour twenty minutes drive away. When he is not on holiday, Ron is always at work at 8.00 am in the morning to make sure that employees arrive on time and he is also there at 5.30 pm to ensure that they do not leave early. However, he spends large parts of the working day on his boat, although he can be contacted by mobile telephone. Employees who arrive late for work have to immediately explain the circumstances to Ron. If he feels that the explanation is unacceptable then he makes an appropriate deduction from their wages. Wages, like all costs in the company, are closely monitored by Ron.Employees, customers and suppliersFrigate currently has 25 employees primarily undertaking sales, warehousing, accounts and administration. Although employees are nominally allocated to one role, they are required to work anywhere in the company as required by Ron.They are also expected to help Ron in personal tasks, such as booking holidays for his family, ﬁ lling in his personal tax returns and organising social events.Egdon has laws concerning minimum wages and holidays. All employees at Frigate Ltd are only given the minimum holiday allocation. They have to use this allocation not only for holidays but also for events such as visiting the doctor, attending funerals and dealing with domestic problems and emergencies. Ron is particularly inﬂ exible about holidays and work hours. He has even turned down requests for unpaid leave. In contrast, Ron is often away from work for long periods, sailing in various parts of the world.Ron is increasingly critical of suppliers (‘trying to sell me inferior quality goods for higher prices’), customers (‘moaning about prices and paying later and later’) and society in general (‘a period working in the navy would do everyone good’). He has also been in dispute with the tax authority who he accused of squandering his ‘hard-earned’ money.An investigation by the tax authority led to him being ﬁ ned for not disclosing the fact that signiﬁ cant family expenditure (such as a holiday for his daughters overseas) had been declared as company expenditure.Company accountantIt was this action by the tax authority that prompted Ron to appoint Ann Li as company accountant. Ann had previously worked as an accountant in a number of public sector organisations, culminating in a role as a compliance ofﬁ cer in the tax authority itself. Ron felt that ‘recruiting someone like Ann should help keep the tax authorities happy. After all, she is one of them’.Ann was used to working in organisations which had formal organisational hierarchies, specialised roles and formal controls and systems. She tried to install such formal arrangements within Frigate. As she said to Ron ‘we cannot have everyone working as if they were just your personal assistants. We need structure, standardised processes and accountability’. Ron resisted her plans, at ﬁ rst through delaying tactics and then through explicit opposition, tearing up her proposed organisational chart and budget in front of other employees. ‘I regret the day I ever made that appointment’, he said. After six months he terminated her contract. Ann returned to the tax authority as a tax inspector.Required:The cultural web allows the business analyst to explore ‘the way things are done around here’.(a) Analyse Frigate Ltd using the cultural web or any other appropriate framework for understanding organisationalculture. (15 marks)(b) U sing appropriate organisation conﬁguration stereotypes identiﬁed by Henry Mintzberg, explain how anunderstanding of organisation conﬁguration could have helped predict the failure of Ann Li’s proposed formalisation of structure, controls and processes at Frigate Ltd. (10 marks)(25 marks)7[P.T.O.The Institute of Administrative Accountants (IAA) has a professional scheme of examinations leading to certiﬁ cation.The scheme consists of six examinations (three foundation and three advanced) all of which are currently assessed using conventional paper-based, written examinations. The majority of the candidates are at the foundation level and they currently account for 70% of the IAA’s venue and invigilation costs.There are two examination sittings per year and these sittings are held in 320 centres all over the world. Each centre is administered by a paid invigilation team who give out the examination paper, monitor the conduct of the examination and take in completed scripts at the end. Invigilators are also responsible for validating the identity of candidates who must bring along appropriate identiﬁ cation documents. At over half of the centres there are usually less than ten candidates taking the foundation level examination and no candidates at all at the advanced level. However, the IAA strives to be a world-wide examination body and so continues to run examinations at these centres, even though they make a ﬁ nancial loss at these centres by doing so.Recent increases in invigilation costs have made the situation even worse. However, the principles of equality and access are important to the IAA and the IAA would like to increase the availability of their examinations, not reduce it. Furthermore, the IAA is under increased ﬁ nancial pressure. The twice-yearly examination schedule creates peaks and troughs in cash ﬂ ow which the Institute ﬁ nds increasingly hard to manage. The Institute uses its $5m loan and overdraft facility for at least four months every year and incurred bank charges of $350,000 in the last ﬁ nancial year.ExaminationsAll examinations are set in English by contracted examiners who are paid for each examination they write. All examinations are three-hour, closed-book examinations marked by contracted markers at $10 per script. Invigilators send completed scripts directly to markers by courier. Once scripts have been marked they are sent (again by courier) to a centralised IAA checking team who check the arithmetic accuracy of the marking. Any marking errors are resolved by the examiner. Once all marks have been veriﬁed, the examination results are released. This usually takes place16 weeks after the examination date and candidates are critical of this long delay. The arithmetic checking of scriptsand the production of examination results places signiﬁ cant demands on IAA full-time administrative staff, with many being asked to work unpaid overtime. The IAA also employs a signiﬁ cant number of temporary staff during the results processing period.E-assessmentThe new head of education at the IAA has suggested e-assessment initiatives at both the foundation and advanced levels.He has suggested that all foundation level examinations should be assessed by multiple-choice examinations delivered over the Internet. They can be sat anytime, anyday, anywhere. ‘Candidates can sit these examinations at home or at college. Anywhere where there is a personal computer and a reliable broadband connection.’Advanced-level examinations will continue to be held twice-yearly at designated examination centres. However, candidates will be provided with personal computers which they will use to type in their answers. These answers will then be electronically sent to markers who will use online marking software to mark these answers on the screen.The software also has arithmetic checking facilities that mean that marks are automatically totalled for each question.‘100% arithmetic accuracy of marking is guaranteed.’He has also suggested that there is no need to make a formal business case for the adoption of the new technology.‘Its justiﬁ cation is so self-evident that deﬁ ning a business case, managing beneﬁ ts and undertaking beneﬁ ts realisation would just be a pointless exercise. It would slow us down at a time when we need to speed up.’Required:(a) Evaluate the perceived beneﬁ ts and costs of adopting e-assessment at the IAA. (15 marks)(b) Explain why establishing a business case, managing beneﬁ ts and undertaking beneﬁ ts realisation are essentialrequirements despite the claimed ‘self-evident’ justiﬁ cation of adopting e-assessment at the IAA.(10 marks)(25 marks)End of Question Paper8。

2010年6月英语六级考试

2010年6月英语六级考试(B卷)真题及参考答案Part IV Reading Comprehension (Reading in Depth) (25 minutes)Section AQuestions 47 to 51 are based on the following passage.Question: My ninth-grade art teacher doesn't give any grade above 94% because, she says, "There's always room for improvement." In previous years, I earned a 99% and a 100%. The 94 I received this term does not reflect the hard work that I put into this course. Because of her "improvement" theory, I got a lower grade than I deserve. Is her grading philosophy ethical (符合职业道德规范的)?Answer: Your teacher's grading system may be unwise, but it is not unethical. A teacher deserves wide latitude in selecting the method of grading that best promotes learning in her classroom; that is, after all, the prime function of grades. It is she who has the training and experience to make this decision. Assuming that your teacher is neither biased nor corrupt and that her system conforms to school rules, you can't fault her ethics.You can criticize her methodology. A 100 need not imply that there is no possibility of improvement, only that a student successfully completed the course work. A ninth grader could get a well-earned 100 in English class but still have a way to go before she writes as well as Jane Austen. What's more, grades are not only an educational device but are also part of a screening system to help assign kids to their next class or program. By capping her grades at 94 while most other teachers grade on a scale that tops out at 100, your teacher could jeopardize a student's chance of getting a scholarship or getting into a top college.What it is wrong to condemn her for is overlooking your hard work. You diligence is worthy of encouragement, but effort does not equal accomplishment. If scholars suddenly discovered that Rembrandt had dashed off "The Night Watch" in an afternoon, it would still be "The Night Watch."I could spend months sweating over my own "paintings", but I'd produce something you wouldn't want to hang in your living room. Or your garage.One feature of a good grading system is that those measured by it generally regard it as fair and reasonable—not the case here. Simmering (难以平息的) resentment is seldom an aid to education.And so your next step should be to discuss your concerns with your teacher or the principal.注意：此部分试题请在答题卡2上作答。

2010年6月大学英语三级(A级)真题试卷(题后含答案及解析)

2010年6月大学英语三级（A级）真题试卷(题后含答案及解析)题型有：1. Listening Comprehension 2. V ocabulary and Structure 3. Reading Comprehension 4. Translation from English to Chinese 5. WritingPart I Listening Comprehension (15 minutes)Directions：This part is to test your listening ability. It consists of 3 sections.Section ADirections: This section is to test your ability to understand short dialogues. There are 5 recorded dialogues in it. After each dialogue, there is a recorded question. The dialogues and the questions will be spoken only once. When you hear a question, you should decide on the correct answer from the 4 choices A , B, C, and D.听力原文：M: I’d like to have a single room with bath today.W: I’m sorry, but all the rooms are booked.Q: What does the woman mean?1．A．The man can have a room with a shower.B．The man can’t have a room at present.C．The man should come tomorrow.D．The man booked a double room.正确答案：B解析：推理判断题。

ACCA P3 2010 6月答案

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

全国2010年10高级财务会计月试卷及答案

全国2010年10月高等教育自学考试高级财务会计试题课程代码：00159一、单项选择题(本大题共20小题，每小题1分，共20分)在每小题列出的四个备选项中只有一个是符合题目要求的，请将其代码填写在题后的括号内。

错选、多选或未选均无分。

1．按照企业会计准则的规定，外币财务报表折算差额应在( )A．资产负债表中负债项目下单独列示B．利润表中营业利润项目下单独列示C．资产负债表中所有者权益项目下单独列示D．现金流量表中投资活动产生的现金流量项目下单独列示2．在资产负债表债务法下，下列负债项目中影响应纳税所得额的是( )A．应付账款 B．预计负债 C．其他应付款 D．短期借款3．按照企业会计准则的规定，关联方交易信息披露的基本要求是( )A．可比性 B．谨慎性 C．重要性 D．独立性4．出租人的租赁资产主要依靠第三者提供资金购买或制造，再将资产出租的租赁业务是( ) A．转租赁 B．杠杆租赁 C．直接租赁 D．售后租回5．甲企业采用融资租赁方式租入设备一台，设备尚可使用5年，租赁期4年，租期届满时，租赁资产退还给承租人。

租赁设备的公允价值为210万元，最低租赁付款额的现值为200万元，承租人采用直线法计提折旧，则该项融资租入固定资产每年计提的折旧额为( )A．40万元 B．42万元 C．50万元 D．52.5万元6．下列不属于基础金融工具的是( )A．银行存款 B．应收账款 C．商品期货 D．其他应收款7．以公允价值计量的衍生金融工具，其公允价值变动额应计入的科目是( )A．资本公积 B．投资收益 C．套期损益 D．公允价值变动损益8．衍生金融工具中，买卖双方在有组织的交易所内，以公开竞价的方式达成协议，约定在未来某一特定时间交割标准数量特定商品的交易合约是( )A．金融远期 B．商品期货 C．金融期权 D．金融期货9．甲公司与乙公司合并，注册成立丙公司，甲、乙公司法人资格随合并而注销，其股东成为丙公司的股东，这种合并方式是( )A．横向合并 B．新设合并 C．吸收合并 D．控股合并10．下列企业中，应纳入甲公司合并范围的是( )A．甲公司持有60％股份的破产企业B．甲公司持有50％股份的被投资企业C．甲公司持有35％的股份且甲公司的全资子公司持有其10％股份的被投资企业D．甲公司持有40％的股份且根据公司章程有权任免多数董事会成员的被投资企业11．在合并财务报表编制中，抵销分录的功能是( )A．登记账簿B．试算平衡C．消除母子公司之间内部交易事项对个别财务报表的影响D．将母公司及纳入合并范围的子公司的个别财务报表项目予以汇总12．2009年9月，母公司将成本为30800元的存货以38500元的价格销售给子公司，子公司当年售出40％，则2009年年末编制合并财务报表时，应抵销存货中包含的未实现内部损益是( ) A．3080元 B．4620元 C．6160元 D．7700元13．通货膨胀会计中，对于流通中货币单位虽然不变，但其单位货币所含价值量不断改变的货币称为( )A．等值货币 B．名义货币 C．变动货币 D．记账货币14．在通货膨胀会计中，以名义货币为计价单位，以资产现时成本与个别物价水平变动为计价基准的会计模式是( )A．现时成本会计 B．一般物价水平会计 C．变现价值会计 D．现时成本／等值货币会计15．在通货膨胀会计中，以实物资本为基础确定的收益属于( )A．营业收益 B．经济收益 C．会计收益 D．持有资产收益16．在一般物价水平会计中，对利润表及所有者权益变动表各项数据换算调整时，一般不进行换算调整的项目是( )A．营业收入 B．营业成本 C．营业费用 D．现金股利17．编制一般物价水平资产负债表时，若企业存货发出采用先进先出法，则存货项目换算调整时的基期物价指数可采用( )A．期末存货购进期间一般物价指数B．期初存货购进期间一般物价指数C．期末存货购进期间个别物价指数D．期初存货购进期间个别物价指数18．在现时成本会计中，计算持有资产损益依据的是( )A．个别物价指数的变动B．一般物价指数的变动C．资产账面价值的变动D．资产历史成本的变动19．企业进行破产清算时，适用于账面价值与实际价值相差不大的财产的变价处理方法是( ) A．账面价值法 B．重估价值法 C．变现收入法 D．收益现值法20．甲企业进行破产清算，转让有偿取得的土地使用权，实际取得价款600万元，按规定缴纳营业税30万元，该土地使用权取得成本为300万元，累计摊销额为60万元，则甲企业应计入清算损益的金额是( )A．330万元 B．360万元 C．570万元 D．600万元二、多项选择题(本大题共10小题，每小题2分，共20分)在每小题列出的五个备选项中至少有两个是符合题目要求的，请将其代码填写在题后的括号内。

大学英语三级(A)真题2010年06月

大学英语三级(A)真题2010年06月(总分：100.00，做题时间：120分钟)一、{{B}}Part Ⅰ Listening Comprehension{{/B}}(总题数：1，分数：5.00)Directions：This part is to test your listening ability．It consists of 3 sections．{{B}}Section A{{/B}}Directions：This section is to test your ability to understand short dialogues．There are 5 recorded dialogues in it．After each dialogue，there is a recorded question．Both the dialogues and questions will be spoken {{B}}only once{{/B}}．When you hear a question．you should decide on the correct answer from the 4 choices marked A)，B)，C)and D) given in your test paper．Then you should mark the corresponding letter on the Answer Sheet with a single line through the center．Directions：This part is to test your listening ability．It consists of 3 sections．{{B}}Section A{{/B}}Directions：This section is to test your ability to understand short dialogues．There are 5 recorded dialogues in it．After each dialogue，there is a recorded question．Both the dialogues and questions will be spoken {{B}}only once{{/B}}．When you hear a question．you should decide on the correct answer from the 4 choices marked A)，B)，C)and D) given in your test paper．Then you should mark the corresponding letter on the Answer Sheet with a single line through the center．（分数：5.00）A.The man can have a room with a shower．B.The man can't have a room at present．√C.The man should come tomorrow．D.The man booked a double room．解析：[听力原文] M：I'd like to have a single room with bath today. W：I'm sorry，but all the rooms are booked． Q：What does the woman mean？ [解析] 推理判断题。

英语三级2010年6月真题

2010年6月A级考试全真试题Part I Listening Comprehension [15 minutes] 略Part II StructureDirections: This part is to test your ability to construct grammatically correct sentences. It consists of 2 sections. Section ADirections:In this section, there are 10 incomplete sentences. You are required to complete each one by deciding on the most appropriate word or words from the 4 choices marked A, B, C and D. Then you shouldmark the corresponding letter on the Answer Sheet with a single line through the center.16. Our company’s visitors decided to stay in our city for __C____ two days as they wanted to have a look around.A. otherB. the otherC. anotherD. other’s17. According to the time table, the train for Beijing __C____ at 9:10 p.m. from Monday to Friday.A. was leavingB. is leavingC. leavesD. has left18. The new drug will not be put on the market___B___ it has proved safe on humans.A. ifB. untilC. sinceD. when19. Students are expected to pay the loan back___C___ they are earning enough.A. so far asB. now thatC. even ifD. as soon as20. Immigrants have to adapt themselves culturally and physically to the new surroundings ___C___they havemoved.A. on whichB. by whichC. into whichD. from which21. The proposal __AB____ at the meeting now is of great importance to our department.A. being discussedB. to be discussingC. having discussedD. discussing22. It was because of his good performance at the interview __A____ he got the job with the big company.A. soB. whatC. thatD. while23. It is reasonable for people to pursue a career in fields related __D_____ their favorite hobbies.A. onB. forC. atD. to24. There is no evidence __B____ he was on the site of the murder.A. whereB. thatC. whichD. how25. Only when we hurried to the airport__B____ the flight was cancelled.A. we foundB. did we findC. have we foundD. we have foundSection BDirections:There are 10 incomplete statements here. You should fill in each blank with the proper form of the word given in brackets. Write the word or words in the corresponding space on the Answer Sheet26. Nowadays, electronic (pay) _PAYMENT_ is a more convenient way to pay for purchases than cash andchecks.27. Most of the high school students who (interview) _WERE INTERVIEWED_ yesterday believed that theyshould continue with their education.28. According to the survey (conduct) _CONDUCTED_ recently, 52% of American business people booked theirbusiness travel online last year.29. The (grow) _GROWTH_ of online shopping is producing a fundamental change in consumer behavior.30. The total output of this factory (double) _HAD DOUBLED_ since it was put into operation in 2006.31. It is the (responsible) _RESPONSIBLE_ of the Human Resources Department to employ new staff members.32. It was reported that the (injure) _INJURED_ people were taken to the hospital immediately after the accident.33. The bank refused (accept)_ACCEPTING_ my application for the loan because they weren’t convinced by mybusiness plan.34. It’s important to realize how (quick)_QUICKLY_ this disease can spread over the globe.35. Of all the marketing plans proposed at the meeting, this one is believed to be the (practical) _MOSTPRACTICAL_.Part III Reading Comprehension[40 minutes]Directions: This part is to test your reading ability. There are 5 tasks for you to fulfill. You should read the reading materials carefully and do the tasks as you are instructed.Task 1Directions: After reading the following passage, you will find 5 questions or unfinished statements, numbered36 to40. For each question or statement there are 4 choices marked A, B, C and D. You should make thecorrect choice and mark the corresponding letter on the Answer Sheet with a single line through thecenter.College is a place to explore many possibilities; you really can’t do it all—unless you manage your time wisely. Here are some tips I have found very helpful for managing my time and maximizing my study efforts:1. Determine your goals. What do you want to get out of a college education? Academic (学术的) knowledge? Leadership experience within a club? Decide what is most important to you. Then devote proportionate (成比例的) amounts of time to those efforts.2. Plan ahead. You may think you can keep everything in your head, but as the activities on your schedule start piling up, making a schedule can really help organize even little tasks.3. Study at strategic (关键的)times. Don’t wait until you’re falling asleep to study. Study first. Save those e-mails to check later, because tasks that don’t require much energy and attention can still be done when you’re tired.4. Motivate (激励)yourself! You know that TV show you’ve been dying to see, or that game of chess you’ve been waiting all week to challenge your friend to. These and many other special activities can be used for motivation. Promise yourself that you’ll finish your biology assignment before you go off and “play”. That way, you’ll force yourself to work efficiently. (Don’t rush through the assignment, though.)5. Take a nap. Sometimes even a 20-minute nap in the afternoon will give you the extra energy you need to get through the day.36. We need to plan ahead in order to ___B__.A. keep a record of all the eventsB. better organize our activitiesC. store everything in our headD. pile up little tasks neatly37. Strategic times are best for us to___C___.A. save energyB. check e-mailsC. study efficientlyD. organize activities38. Which of the following could be used as a motivation to do our assignments? DA. Remembering our urgent tasks.B. Any activities we’re eager to do.C. Taking a break in the afternoon.D. The promise to study efficiently.39. What can help us to keep refreshed throughout the day? CA. Doing some physical exercise.B. Taking a short nap in the afternoon.C. Rushing through some assignments.D. Playing a game of chess with a friend.40. Which of the following could be the best title for this article? CA. Study Habits and Time ManagementB. Business Management and LeadershipC. University Education and Campus LifeD. Life Goals and Academic DevelopmentTask 2Directions: This task is the same as Task 1. The 5 questions or unfinished statements are numbered 41 to 45.Welcome to our small business set-up guide, providing all the information you need to start your business on a healthy, solid basis.From choosing the right name for your company and making your first business plan, through to up-to-date taxation (税务) advice, banking and insurance tips, each subject is discussed in the guide.We also look at the vital characteristics you’ll need to survive in business. Determination and originality (原创性)are key. Equally, so is the ability to organize your time and to put in the required effort during the early days.As with any new business, success can never be guaranteed, but our aim is to reduce the difficulties involved in setting up a business on your own. We’ll forewarn you of the most common problems, including failure to research your market in sufficient detail and not setting aside e-nough funds for tougher financial times.Starting up even the smallest business can be challenging. But take comfort in the fact that you are not alone. In fact, of the four million businesses currently in operation in the UK, more than 99.3% are classified as “small,”with fewer than 50 employees.In order to keep this guide as brief as possible, where we’ve not had enough room to include every detail, you’ll find a link taking you to the most relevant (相关的)articles.Good luck with your business idea!41. This guide is intended to help people to ___B___.A. cope with an economic crisisB. start a new small businessC. raise funds for a new firmD. build up public relations42. What are most important for a business to survive? DA. Banking and insurance services.B. Research and business planning.C. Organization and management.D. Determination and originality.43. What does the word “forewarn”(Line 2, Para. 4) mean? AA. Deal with.B. Argue with.C. Advise beforehand.D. Give instructions to.44. What kind of businesses are regarded as “small” in the UK? AA. Those with fewer than 50 employees.B. Those with only two or three owners.C. Those with a loan of 99.3% in their capital.D. Those with an output value less than £4 million.45. More information about how to start a small business is available by___C___.A. contacting the writer in personB. linking to other relevant articlesC. reading the advertising brochuresD. communicating with other readersTask 3Directions: The following is an announcement After reading it, you are required to complete the outline below it (No.46 to No.50). You should write your answers briefly (in no more than three words) on the Answer Sheet correspondingly.How to write contact details in your CV?Print your name in large letters .at the top of the page. You don’t have to write “Curriculum Vitae” across the top, as we know what it is, and what we need to know is who you are.Make it as easy as possible for prospective (未来的)employers to talk to you, so include your address, email, and mobile phone number. If you are posting your CV on a website, then remember basic web security and just use an email address. You do not have to include your home phone, and take care with work numbers and emails.You do not need to give any personal information such as date of birth, marital status, disabilities, health and details of parents or children. There is no need to include a photograph unless it is requested.Specifications: In cans of 340 gramsQuantity: 1000 cases (each 100 cans)Unit price: US$ 30.00 per casePacking: In casesInsurance: To be effected by the Sellers against All RisksTime of Shipment: August 2009Port of Shipment: Chinese Port.Port of Destination: Vancouver, CanadaShipping Mark: At Seller’s choicesTerms of Payment: By Letter of Credit56. What is the brand of the Apple Jam?57. What is the total value of the contract?58. When will the goods be shipped? InIn59. What are the terms of payment?By60. Where are the goods to be sent to?Part IV Translation—English into Chinese[25 minutes]Directions: This part, numbered 61 through 65, is to test your ability to translate English into Chinese. After each of the sentences numbered 61 to 64, you will read four choices of suggested translation. Youshould choose the best translation and mark the corresponding letter on your Answer Sheet. Andfor the paragraph numbered 65, write your translation in the corresponding space on theTranslation/Composition Sheet.61. When exporting goods, it is essential to arrange insurance cover in case the goods are lost or damaged intransit.A．为了促进货物出口，减少货物的丢失或者损坏，必须发展保险业。

2010年ACCAP1-P3真题答案

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

2010.6英语六级考试真题及答案

2010年6月大学英语六级真题（A卷）作文范文：Due Attention Should Be Given To SpellingCorrect spelling is a basic skill in English study. However, nowadays many students do not pay much attention to it.They have their own reasons for misspelling. First of all, they like an easy way of studying, which causes some omissions and changes in spelling. Second, the teachers might not be very strict in students’ spelling. In China, teachers seem to be more concerned with grammar and vocabulary but not spelling.To change this situation, in my opinion, the teachers and the students should work together. On one and, the teachers should give more attention to students’ spelling, askin g the students to be conscious of the importance of correct spelling fro m the very beginning of their English study. On the other hand, the students themselves are supposed to be aware that correct spelling is a must in English study.To su m up, correct spelling is so important that both students and the teachers should spare no efforts to achieve correct spelling.快速阅读答案1. A) her daughters' repeated complains2. D) People haven't yet reached agreement on its definition3. C) can realize what is important in life4. A) it seriously affected family relationships5. C) depressed6. B) His family had intervened7. B) curb his desire for online gaming8. had an Internet addiction9. pro fessional help10. online dating听力答案Section Ashort conversation11. C) He cannot get access to the assigned book.12. A) She will drive the man to the supermarket.13. C) Tidy up the place.14. A) The talks can be held any day except this Friday.15. A) He understands the woman’s feelings.16. D) She has to invite David to the party.17. C) Many students find Prof. Johnson’s lectures boring.18. D) Assemble a co mputer.long conversation19. B) It requires him to work long hours.20. D) It demands physical endurance and patience.21. D) In a hotel.22. B) Paying attention to every detail.23. A) The pocket money British children get.24. C) It o ften rises higher than inflation.25. B) Pay for s mall personal things.Section BPassage 126. B) District managers27. D) The i mportant part played by district managers28. B) Fifty percent of them were female29. B) He was not gender sensitivePassage 230. C) Ask to see the manager politely but firmly31. D) You can’t tell how the person on the line is reacti ng32. D) Stick to the pointPassage 333. B) Architect34. A) Do some volunteer work.35. C) A baby-sitter is no replacement for a mother.Section C36. curious37. figuring38. independent39. unusual40. interacting41. formal42. abstract43. mystery44. he has found out how it works and learnt to use it appropriately45. by trying it out and seeing whether it works, by gradually changing it and refining it46. including many of the concepts that the schools think only they can teach him仔细阅读答案Section A47. G incredibly48. K replace49. J reduced50. L sense51. H powering52. D exceptions53. E expand54. O vast55. F historic56. I protectSection BPassage 157. C) Its ability to ward off disasters is incredible.58. A) Data for analyzing the cause of the crash.59. C) The early models often got damaged in the crash.60. C) To make them easily identifiable.61. A) There is still a good chance for their being recovered.Passage 262. B) It is based on the concept of positive thinking63. A) Encouraging positive thinking may do more harm than good64. B) You are pointing out the errors he has committed65. C) Forcing a person to think positive thoughts may lower their self-esteem66. B) Meditation may prove to be a good form o f psychotherapy完型答案67. B) di ffer68. B) via69. B) used70. B) lies71. B) o f72. D) selects73. A) sends in74. A) visible75. C) beyond76. D) allows77. B) behind78. D) insignificant79. C) corporations80. D) only81. B) later82. D) provided83. D) besides84. A) and85. C) widespread86. A) acquired翻译答案87. (in) concentrating on the experiment/ focusing her attention on the experiment.88. did she become angry/did she lose her temper before.89. being invited to attend the opening ceremony.90. (should) be fixed/installed by the window91. the strong opposition of her parents/ her parents’ strong opposition.。

2010年12月ACCA考试P3真题

2010年12月ACCA考试P3真题Section A-BOTH questions are compulsory and MUST be attempted1 Doric Co,a listed company,has two manufacturing divisions:parts and fridges.It has been manufacturing parts for domestic refrigeration and air conditioning systems for a number of years,which it sells to producers of fridges and air conditioners worldwide.It also sells around 30% of the parts it manufactures to its fridge production division.It started producing and selling its own brand of fridges a few years ago.After limited initial success,competition in the fridge market became very tough and revenue and profits have been declining.Without further investment there are currently few growth prospects in either the parts or the fridge divisions.Doric Co borrowed heavily to finance the development and launch of its fridges,and has now reached its maximum overdraft limit.The markets have taken a pessimistic view of the company and its share price has declined to 50c per share from a high of $2.83 per share around three years ago.A survey from the refrigeration and air conditioning parts market has indicated that there is potential for Doric Co to manufacture parts for mobile refrigeration units used in cargo planes and containers.If this venture goes ahead then the parts division before-tax profits are expected to grow by 5% per year.The proposed venture would need an initial one-off investment of $50 million.Suggested proposalsThe Board of Directors has arranged for a meeting to discuss how to proceed and is considering each of the following proposals:1.To cease trading and close down the company entirely.2.To undertake corporate restructuring in order to reduce the level of debt and obtain the additional capital investment required to continue current operations.3.To close the fridge division and continue the parts division through a leveraged management buy-out,involving some executive directors and managers from the parts division.The new company will then pursue its original parts business as well as the development of the parts for mobile refrigeration business,described above.All the current and long-term liabilities will be initially repaid using the proceeds from the sale of the fridge division.The finance raised from the management buy-out will pay for any remaining liabilities,the additional capital investment required to continue operations and re-purchase the shares at a premium of 20%.The following information has been provided for each proposal:Corporate restructuringThe existing ordinary shares will be cancelled and ordinary shareholders will be issued with 40 million new $1 ordinary shares in exchange for a cash payment at par.The existing unsecured bonds will be cancelled and replaced with 270 million of $1 ordinary shares.The bond holders will contribute $90 million in cash.All the shares will be listed and traded.The bank overdraft will be converted into a secured ten-year loan with a fixed annual interest rate of 7%.The other unsecured loans will be repaid.In addition to this,the directors of the restructured company will get 4 million $1 share options for an exercise price of $1·10,which will expire in four years.An additional one-off capital investment of $80 million in machinery and equipment is necessary to increase sales revenue for both divisions by 7%,with no change to the costs.After the one-off 7% growth,sales will continue at the new level for the foreseeable future.It is expected that the Doric's cost of capital rate will reduce by 550 basis points following the restructuring from the current rate.Management buy-outThe parts division is half the size of the fridge division in terms of the assets and liabilities attributable to it.If the management buy-out proposal is chosen,a prorata additional capital investment will be made to machinery and equipment on a one-off basis to increase sales revenue of the parts division by 7%.Sales revenue will then continue at the new level for the foreseeable future.All liabilities categories have equal claim for repayment against the company's assets.It is expected that Doric's cost of capital rate will decrease by 100 basis points following the management buy-out from the current rate.5.Fubuki Co will need to make working capital available of 15% of the anticipated sales revenue for the year,at the beginning of each year.The working capital is expected to be released at the end of the fourth year when the project is sold.Fubuki Co's tax rate is 25% per year on taxable profits.Tax is payable in the same year as when the profits are earned.Tax allowable depreciation is available on the plant and machinery on a straight-line basis.It is anticipated that the value attributable to the plant and machinery after four years is $400,000 of the price at which the project is sold.No tax allowable depreciation is available on the premises.Fubuki Co uses 8% as its discount rate for new projects but feels that this rate may not be appropriate for this new type of investment.It intends to raise the full amount of funds through debt finance and take advantage of the government's offer of a subsidised loan.Issue costs are 4% of the gross finance required.It can be assumed that the debt capacity available to the company is equivalent to the actual amount of debt finance raised for the project.Although no other companies produce mobility vehicles in Megaera,Haizum Co,a listed company,produces electrical-powered vehicles using similar technology to that required for the mobility vehicles.Haizum Co's cost of equity is estimated to be 14% and it pays tax at 28%.Haizum Co has 15 million shares in issue trading at $2·53 each and $40 million bonds trading at $94·88 per $100.The five-year government debt yield is currently estimated at 4·5% and the market risk premium at 4%.Required:(a)Evaluate,on financial grounds,whether Fubuki Co should proceed with the project.(17 marks)(b)Discuss the appropriateness of the evaluation method used and explain any assumptions made in part (a)above.(8 marks)(25 marks)Section B-TWO questions ONLY to be attempted3 The treasury division of Marengo Co,a large quoted company,holds equity investments in various companies around the world.One of the investments is in Arion Co,in which Marengo holds 200,000 shares,which is around 2% of the total number of Arion Co's shares traded on the stock market.Over the past year,due to the general strength in the equity markets following optimistic predictions of the performance of world economies,Marengo's investments have performed well.However,there is some concern that the share price of Arion Co may fall in the coming two months due to uncertainty in its markets.It is expected that any fall in share prices will be reversed following this period of uncertainty.The treasury division managers in Marengo,Wenyu,Lola and Sam,held a meeting to discuss what to do with the investment in Arion Co and they each made a different suggestion as follows:1.Wenyu was of the opinion that Marengo's shareholders would benefit most if no action were taken.He argued that the courses of action proposed by Lola and Sam,below,would result in extra costs and possibly increase the risk to Marengo Co.2.Lola proposed that Arion Co's shares should be sold in order to eliminate the risk of a fall in the share price.3.Sam suggested that the investment should be hedged using an appropriate derivative product.Although no exchange-traded derivative products exist on Arion Co's shares,a bank has offered over-the-counter (OTC)option contracts at an exercise price of 350 cents per share in a contract size of 1,000 shares each,for the appropriate time period.Arion Co's current share price is 340 cents per share,although the volatility of the share prices could be as high as 40%.It can be assumed that Arion Co will not pay any dividends in the coming few months and that the appropriate inter-bank lending rate will be 4% over that period.Required:(a)Estimate the number of OTC put option contracts that Marengo Co will need to hedge against any adverse movement in Arion Co's share price.Provide a brief explanation of your answer.Note:You may assume that the delta of a put option is equivalent to N()(7 marks)(b)Discuss possible reasons for the suggestions made by each of the three managers.(13 marks)(20 marks)Section B-TWO questions ONLY to be attempted4Lamri Co(Lamri),a listed company,is expecting sales revenue to grow to $80 million next year,which is an increase of 20% from the current year.The operating profit margin for next year is forecast to be the same as this year at 30% of sales revenue.In addition to these profits,Lamri receives 75% of the after-tax profits from one of its wholly owned foreign subsidiaries – Magnolia Co(Magnolia),as dividends.However,its second wholly owned foreign subsidiary–StrymonCo(Strymon)does not pay dividends.Lamri is due to pay dividends of $7·5 million shortly and has maintained a steady 8% annual growth rate in dividends over the past few years.The company has grown rapidly in the last few years as a result of investment in key projects and this is likely to continue.For the coming year it is expected that Lamri will require the following capital investment.1.An investment equivalent to the amount of depreciation to keep its non-current asset base at the present productive mri charges depreciation of 25% on a straight-line basis on its non-current assets of $15 million.This charge has been included when calculating the operating profit amount.2.A 25% investment in additional non-current assets for every $1 increase in sales revenue.3.$4·5 million additional investment in non-current assets for a new project.Lamri also requires a 15% investment in working capital for every $1 increase in sales revenue.Strymon produces specialist components solely for Magnolia to assemble into finished goods.Strymon will produce 300,000 specialist components at $12 variable cost per unit and will incur fixed costs of $2·1 million for the coming year.It will then transfer the components to Magnolia at full cost price,where they will be assembled at a cost of $8 per unit and sold for $50 per unit.Magnolia will incur additional fixed costs of $1·5 million in the assembly process.Tax-Ethic(TE)is a charitable organisation devoted to reducing tax avoidance schemes by companies operating in poor countries around the world.TE has petitioned Lamri's Board of Directors to reconsider Strymon's policy of transferring goods at full cost.TE suggests that the policy could be changed to cost plus 40% mark-up.If Lamri changes Strymon's policy,it is expected that Strymon would be asked to remit 75% of its after-tax profits as dividends to Lamri.Section B-TWO questions ONLY to be attemptedOther Informationmri's outstanding non-current liabilities of $35 million,on which it pays interest of 8% per year,and its 30 million $1 issued equity capital will not change for the coming year.mri's,Magnolia's and Strymon's profits are taxed at 28%,22% and 42% respectively.A withholding tax of 10% is deducted from any dividends remitted from Strymon.3.The tax authorities where Lamri is based charge tax on profits made by subsidiary companies but give full credit for tax already paid by overseas subsidiaries.4.All costs and revenues are in $ equivalent amounts and exchange rate fluctuations can be ignored.Required:(a)Calculate Lamri's dividend capacity for the coming year prior to implementing TE's proposal and after implementing the proposal.(14 marks)(b)Comment on the impact of implementing TE's proposal and suggest possible actions Lamri may take as a result.(6 marks)(20 marks)5 Prospice Mentis University(PMU)is a prestigious private institution and a member of the Holly League,which is made up of universities based in Rosinante and renowned worldwide as being of the highest quality.Universities in Rosinante have benefited particularly from students coming from Kantaka,and PMU has been no exception.However,PMU has recognised that Kantaka has a large population of able students who cannot afford to study overseas.Therefore it wants to investigate how it can offer some of its most popular degree programmes in Kantaka,where students will be able to study at a significantly lower cost.It is considering whether to enter into a joint venture with a local institution or to independently set up its own university site in Kantaka.Offering courses overseas would be a first from a Holly League institution and indeed from any academic institution based in Rosinante.However,there have been less renowned academic institutions from other countries which have formed joint ventures with small private institutions in Kantaka to deliver degree programmes.These have been of low quality and are not held in high regard by the population or the government of Kantaka.In Kantaka,government run universities and a handful of large private academic institutions,none of which have entered into joint ventures,are held in high regard.However,the demand for places in these institutions far outstrips the supply of places and many students are forced to go to the smaller private institutions or to study overseas if they can afford it.After an initial investigation the following points have come to light:1.The Kantaka government is keen to attract foreign direct investment(FDI)and offer tax concessions to businesses which bring investment funds into the country.It is likely that PMU would need to borrow a substantial amount of money if it were to set up independently.However,the investment funds required would be considerably smaller if it went into a joint venture.2.Given the past experiences of poor quality education offered by joint ventures between small local private institutions and overseas institutions,the Kantaka government has been reluctant to approve degrees from such institutions.Also the government has not allowed graduates from these institutions to work in national or local government,or in nationalised organisations.3.Over the past two years the Kantaka currency has depreciated against other currencies,but economic commentators believe that this may not continue for much longer.4.A large proportion of PMU's academic success is due to innovative teaching and learning methods,and high quality research.The teaching and learning methods used in Kantaka's educational institutions are very different.Apart from the larger private and government run universities,little academic research is undertaken elsewhere in Kantaka's education sector.Required:Discuss the benefits and disadvantages of PMU entering into a joint venture instead of setting up independently in Kantaka.As part of your discussion,consider how the disadvantages can be mitigated and the additional information PMU needs in order to make its decision.。

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ACCA P32010June Q3(a)Evaluate the potential benefi ts to the city authority and its IT employees,of outsourcing IT to ProTech-Public.The scenario suggests a number of reasons why outsourcing should be benefi cial to the city authority.本题中提高一系列为什么外包对于城市治理有好处。

Firstly,over the last decade there have been fl uctuations in demand for IT staff.The authority has recruited to meet short-term demand but,because of the problems of shedding labour,the IT department has not proportionally contracted once that demand has passed.The implication is that,as a result,IT staff costs are higher than they should be.The outsourcing model provides a way of matching supply to demand.Employees are only brought in when there is a specifi c project for them to work on.首先，在过去十年，对IT员工的需求一直在波动。

管理局因为短期需求聘用了人员，但是因为裁员问题，IT部门不能在需求之后解雇员工。

因此IT员工费用远高于合理情况。

而外包则可以提供和需求更匹配的供应。

员工只在特定项目的时候加入。

There has been a history of confl ict between managers in the IT department and managers in the Finance Department.The Chief Executive Offi cer(CEO)has spent a signifi cant amount of time trying to resolve this confl ict.Employee surveys by the HR department have reported that morale is low in the IT department,despite above average pay and relatively secure employment.Outsourcing IT would appear to offer the following advantages to the authority.财务部门和IT部门经理的矛盾有一段历史了。

CEO花了很多时间去解决这个问题。

IT部门的员工士气低，尽管他们工资相对高且工作相对有保障。

外包看起来有以下好处。

（1）The chief executive and his team would be able to focus on delivering services to the city,rather than spending time and energy on resolving internal problems.The chief executive has recently been criticised for failing to tackle the housing problems of the city.Outsourcing IT would give him more time to address external issues and services,which are the primary objectives and responsibilities of the authority. CEO和他的团队可以更专注的为城市提供服务而不用花太多时间精力在内部矛盾上。

CEO现在因为没有处理好房子问题而被职责。

外包可以给他更多时间去解决外部问题和服务，这才是管理局的首要任务。

（2）Although the problems of low morale may be in part due to management problems,it must also be recognised that promotion opportunities and recognitionwill probably be lower in an organisation where IT is a relatively small support,rather than core activity.This is refl ected in the ingratitude of users towards IT staff(‘we are always being told that we are overhead,not core to the business of the authority’).It can be argued that IT staff might be better motivated in an organisation where IT is the core activity and where there should be greater scope for learning new skills and gaining promotion.尽管士气低的原因部分是因为管理问题，但也必须认识到晋升机会和认可可能导致IT部门士气更低，IT是个相对小的支持部门而不是核心部门。

这反映在员工的态度上。

所以IT员工应该在一个以其作为核心部门的地方以更加好的被激励，并可以学习新技术，有更好的晋升途径。

（3）Finally,the dispute between IT managers and fi nance managers has still not been resolved.Outsourcing the IT department will,at best,eliminate the problem and,at worst,make this someone else’s problem.In reality,the inability to resolve internal political problems is often given as an important reason for outsourcing.最后，IT个财务部门经理的冲突还没有解决。

外部可以解决这个问题，至少化解为外部问题。

事实上，无法解决内部政治问题往往是外包的重要原因。

The director of IT is keen to exploit the opportunities of web services and cloud computing but has not been able to recruit someone of suffi cient calibre.As he says,‘there are probably other technologies that I have not even heard of that we should be exploring and exploiting’.An outsourced IT supplier should have a much greater range of knowledge and skills that it can then make available to its customers. It will be keen to be at the leading edge of technologies,because these technologies offer it possible competitive advantage,and so it will bear the cost of recruiting and retaining specialist employees.IT的总监想要在网络服务和云计算去发掘机会，但是不能聘用有足够能力的员工，还甚至有更新的没有听说过的技术。

外包IT应该有更广泛的知识技能以适应客户。

他们更愿意成为技术的领先者，因为技术可以带来更多技术优势，所以可以承受雇佣员工和保留专业人才的成本。

Finally,the chief executive recognises that outsourcing IT is likely to be a model followed by other authorities.The formation of a separate company in which the city authority has a signifi cant stake might provide an appropriate vehicle for gaining contracts with other authorities.They might be particularly attracted to working with a company which has signifi cant public sector expertise and ownership.Profi ts made by the company may be distributed by dividend to the authority,bringing in income that can be used to reduce taxes or improve services.最后，CEO意识到外包IT会成为模板被其他管理局效仿。

专门成立一个公司且有较大的控股权可能使之获得其他管理局的合同。

他们可能更愿意和有公共部门专业知识和所有权的公司合作。