ACCA考试练习册题目 F2 2012
ACCA F2考试真题
Fundamentals Level – Knowledge Module Management AccountingTime allowed: 2 hoursThis paper is divided into two sections:Section A – ALL 35 questions are compulsory and MUSTbe attemptedSection B – ALL THREE questions are compulsory and MUSTbe attemptedFormulae Sheet, Present Value and Annuity Tables are onpages 16, 17 and 18.Do NOT open this paper until instructed by the supervisor.This question paper must not be removed from the examination hall. The Association of Chartered Certified AccountantsSection A – ALL 35 questions are compulsory and MUST be attemptedPlease use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.Each question is worth 2 marks.1 A manufacturing company benchmarks the performance of its accounts receivable department with that of a leadingcredit card company.What type of benchmarking is the company using?A B C D Internal benchmarking Competitive benchmarking Functional benchmarking Strategic benchmarking2 3 Which of the following BEST describes target costing?ABCDSetting a cost by subtracting a desired profit margin from a competitive market price Setting a price by adding a desired profit margin to a production costSetting a cost for the use in the calculation of variancesSetting a selling price for the company to aim for in the long runInformation relating to two processes (F and G) was as follows:Process Normal loss as% of inputInput(litres)Output(litres)FG8565,00037,50058,90035,700For each process, was there an abnormal loss or an abnormal gain?Process F Process GABCDAbnormal gainAbnormal gainAbnormal lossAbnormal lossAbnormal gainAbnormal lossAbnormal gainAbnormal loss4 The following budgeted information relates to a manufacturing company for next period:Units $Production Sales 14,00012,000Fixed production costsFixed selling costs63,00012,000The normal level of activity is 14,000 units per period.Using absorption costing the profit for next period has been calculated as $36,000. What would be the profit for next period using marginal costing?A B C D $25,000$27,000$45,000$47,00025 The Eastland Postal Service is government owned. The government requires it to provide a parcel delivery service toevery home and business in Eastland at a low price which is set by the government. Express Couriers Co is a privately owned parcel delivery company that also operates in Eastland. It is not subject to government regulation and most of its deliveries are to large businesses located in Eastland’s capital city. You have been asked to assess the relative efficiency of the management of the two organisations.Which of the following factors should NOT be allowed for when comparing the ROCE of the two organisations to assess the efficiency of their management?A B C D Differences in prices charged Differences in objectives pursued Differences in workforce motivation Differences in geographic areas served6 Under which sampling method does every member of the target population has an equal chance of being in thesample?A B C D Stratified sampling Random sampling Systematic sampling Cluster sampling7 A Company manufactures and sells one product which requires 8 kg of raw material in its manufacture. The budgeteddata relating to the next period are as follows:UnitsSalesOpening inventory of finished goods Closing inventory of finished goods 19,000 4,000 3,000KgOpening inventory of raw materials Closing inventory of raw materials 50,000 53,000What is the budgeted raw material purchases for next period (in kg)?A B C D 141,000147,000157,000163,0003 [P.T.O.8 Up to a given level of activity in each period the purchase price per unit of a raw material is constant. After that pointa lower price per unit applies both to further units purchased and also retrospectively to all units already purchased.Which of the following graphs depicts the total cost of the raw materials for a period?$ $A B0 0$ $C D0 0A B C D Graph A Graph B Graph C Graph D9 Which of the following are benefits of budgeting?1 2 3 4 It helps coordinate the activities of different departments It fulfils legal reporting obligationsIt establishes a system of controlIt is a starting point for strategic planningA B C D 1 and 4 only1 and 3 only2 and3 only 2 and4 only10 The following statements relate to the participation of junior management in setting budgets:1.2.3. It speeds up the setting of budgetsIt increases the motivation of junior managers It reduces the level of budget paddingWhich statements are true?A B C D 1 only2 only2 and3 only1, 2 and 3411 A company has a capital employed of $200,000. It has a cost of capital of 12% per year. Its residual income is$36,000.What is the company’s return on investment?A B C D 30% 12% 18% 22%12 A company has calculated a $10,000 adverse direct material variance by subtracting its flexed budget direct materialcost from its actual direct material cost for the period.Which of the following could have caused the variance?(1) An increase in direct material prices(2) An increase in raw material usage per unit(3) Units produced being greater than budgeted(4) Units sold being greater than budgetedA B C D 2 and 3 only3 and4 only 1 and 2 only 1 and 4 only13 A company has recorded the following variances for a period:Sales volume variance Sales price variance Total cost variance $10,000 adverse $5,000 favourable $12,000 adverseStandard profit on actual sales for the period was $120,000. What was the fixed budget profit for the period?A B C D $137,000 $103,000 $110,000 $130,00014 Which of the following are suitable measures of performance at the strategic level?(1) Return on investment(2) Market share(3) Number of customer complaintsA B C D 1 and 22 only2 and 31 and 35 [P.T.O.15 Which of the following are feasible values for the correlation coefficient?1 2 3 4 +1·40 +1·04 0–0·94A B C D 1 and 2 only3 and4 only 1, 2 and 4 only 1, 2, 3 and 416 A company’s operating costs are 60% variable and 40% fixed.Which of the following variances’ values would change if the company switched from standard marginal costing to standard absorption costing?A B C D Direct material efficiency variance Variable overhead efficiency variance Sales volume varianceFixed overhead expenditure variance17 ABC Co has a manufacturing capacity of 10,000 units. The flexed production cost budget of the company is asfollows:Capacity 60% 100%Total production costs $11,280 $15,120What is the budgeted total production cost if it operates at 85% capacity?A B C D $13,680 $12,852 $14,025 $12,34018 Using an interest rate of 10% per year the net present value (NPV) of a project has been correctly calculated as $50.If the interest rate is increased by 1% the NPV of the project falls by $20.What is the internal rate of return (IRR) of the project?A B C D 7·5%11·7%12·5%20·0%619 A factory consists of two production cost centres (P and Q) and two service cost centres (X and Y). The total allocatedand apportioned overhead for each is as follows:P Q X Y $95,000$82,000$46,000$30,000It has been estimated that each service cost centre does work for other cost centres in the following proportions: P 50 30Q 50 60X – 10Y – –Percentage of service cost centre X to Percentage of service cost centre Y toThe reapportionment of service cost centre costs to other cost centres fully reflects the above proportions. After the reapportionment of service cost centre costs has been carried out, what is the total overhead for production cost centre P? A B C D$124,500 $126,100 $127,000 $128,50020 A company always determines its order quantity for a raw material by using the Economic Order Quantity (EOQ)model.What would be the effects on the EOQ and the total annual holding cost of a decrease in the cost of ordering a batch of raw material? EOQ Annual holding cost Lower Higher Higher LowerA B C D Higher Higher Lower Lower21 A company which operates a process costing system had work-in-progress at the start of last month of 300 units(valued at $1,710) which were 60% complete in respect of all costs. Last month a total of 2,000 units werecompleted and transferred to the finished goods warehouse. The cost per equivalent unit for costs arising last month was $10. The company uses the FIFO method of cost allocation.What was the total value of the 2,000 units transferred to the finished goods warehouse last month? A B C D$19,910 $20,000 $20,510 $21,71022 A manufacturing company operates a standard absorption costing system. Last month 25,000 production hours werebudgeted and the budgeted fixed production cost was $125,000. Last month the actual hours worked were 24,000 and standard hours for actual production were 27,000.What was the fixed production overhead capacity variance for last month? A B C D$5,000 Adverse $5,000 Favourable $10,000 Adverse $10,000 Favourable7 [P .T.O.23 The following statements have been made about value analysis.(1) It seeks the lowest cost method of achieving a desired function(2) It always results in inferior products(3) It ignores esteem valueWhich is/are true ?A B C D 1 only2 only3 only1 and 3 only24 Under which of the following labour remuneration methods will direct labour cost always be a variable cost?A B C D Day ratePiece rate Differential piece rate Group bonus scheme25 A company manufactures and sells a single product. In two consecutive months the following levels of production andsales (in units) occurred:Month 1 3,800 Month 2 4,400SalesProduction 3,900 4,200The opening inventory for Month 1 was 400 units. Profits or losses have been calculated for each month using both absorption and marginal costing principles.Which of the following combination of profits and losses for the two months is consistent with the above data?Absorption costing profit/(loss) Marginal costing profit/(loss)Month 1$ Month 2$Month 1$Month 2$A B C D200(400)2004,4004,4003,2003,200(400)200(400)2003,2003,2004,4004,400 (400)26 The following statements relate to the advantages that linear regression analysis has over the high low method in theanalysis of cost behaviour:1.2.3. the reliability of the analysis can be statistically tested it takes into account all of the datait assumes linear cost behaviourWhich statements are true?A B C D 1 only1 and2 only2 and3 only1, 2 and 3827 A company operates a process in which no losses are incurred. The process account for last month, when there wasno opening work-in-progress, was as follows:Process Account$ $ Costs arising 624,000 Finished output (10,000 units) 480,000Closing work-in-progress (4,000 units) 144,000––––––––––––––––624,000 624,000––––––––––––––––The closing work in progress was complete to the same degree for all elements of cost.What was the percentage degree of completion of the closing work-in-progress?A B C D 12% 30% 40% 75%28 Which of the following would not be expected to appear in an organisation’s mission statement?A B C D The organisation’s values and beliefsThe products or services offered by the organisation Quantified short term targets the organisation seeks to achieve The organisation’s major stakeholders29 An organisation operates a piecework system of remuneration, but also guarantees its employees 80% of a time-basedrate of pay which is based on $20 per hour for an eight hour working day. Three minutes is the standard time allowed per unit of output. Piecework is paid at the rate of $18 per standard hour.If an employee produces 200 units in eight hours on a particular day, what is the employee’s gross pay for thatday?A B C D $128 $144 $160 $18030 A company uses an overhead absorption rate of $3·50 per machine hour, based on 32,000 budgeted machine hoursfor the period. During the same period the actual total overhead expenditure amounted to $108,875 and 30,000 machine hours were recorded on actual production.By how much was the total overhead under or over absorbed for the period?A B C D Under absorbed by $3,875Under absorbed by $7,000Over absorbed by $3,875Over absorbed by $7,0009 [P.T.O.31 Which of the following statements relating to management information are true?1.2.3.4. It is produced for parties external to the organisationThere is usually a legal requirement for the information to be produced No strict rules govern the way in which the information is presentedIt may be presented in monetary or non monetary termsA B C D 1 and 2 3 and 41 and 32 and 432 A company’s sales in the last year in its three different markets were as follows$Market 1 Market 2 Market 3 100,000 150,000 50,000 ––––––––Total 300,000––––––––In a pie chart representing the proportion of sales made by each region what would be the angle of the section representing Market 3 (to the nearest whole degree)?A B C D 17 degrees 50 degrees 61 degrees 120 degrees33 Which of the following BEST describes a flexible budget?A B C D A budget which shows variable production costs onlyA monthly budget which is changed to reflect the number of days in the monthA budget which shows sales revenue and costs at different levels of activityA budget that is updated halfway through the year to incorporate the actual results for the first half of the year34 The purchase price of an item of inventory is $25 per unit. In each three month period the usage of the item is20,000 units. The annual holding costs associated with one unit equate to 6% of its purchase price. The cost of placing an order for the item is $20.What is the Economic Order Quantity (EOQ) for the inventory item to the nearest whole unit?A B C D 7308941,4611,633.1035 Two products G and H are created from a joint process. G can be sold immediately after split-off. H requires furtherprocessing into product HH before it is in a saleable condition. There are no opening inventories and no work in progress of products G, H or HH. The following data are available for last period:$Total joint production costsFurther processing costs of product H 350,000 66,000Product Productionunits420,000330,000Closing inventory 20,000 30,000GHHUsing the physical unit method for apportioning joint production costs, what was the cost value of the closing inventory of product HH for last period?A B C D $16,640$18,625$20,000$21,600(70 marks)Section B – ALL THREE questions are compulsory and MUST be attempted1 Cab Co owns and runs 350 taxis and had sales of $10 million in the last year. Cab Co is considering introducing anew computerised taxi tracking system.The expected costs and benefits of the new computerised tracking system are as follows:(i) The system would cost $2,100,000 to implement.(ii) (iii) Depreciation would be provided at $420,000 per annum.$75,000 has already been spent on staff training in order to evaluate the potential of the new system. Further training costs of $425,000 would be required in the first year if the new system is implemented.(iv) Sales are expected to rise to $11 million in Year 1 if the new system is implemented, thereafter increasing by 5% per annum. If the new system is not implemented, sales would be expected to increase by $200,000 per annum.(v) Despite increased sales, savings in vehicle running costs are expected as a result of the new system. These are estimated at 1% of total sales.(vi) Six new members of staff would be recruited to manage the new system at a total cost of $120,000 per annum. (vii) Cab Co would have to take out a maintenance contract for the new system at a cost of $75,000 per annum for five years.(viii) Interest on money borrowed to finance the project would cost $150,000 per annum.(ix) Cab Co’s cost of capital is 10% per annum.Required:(a) State whether each of the following items are relevant or irrelevant cashflows for a net present value (NPV)evaluation of whether to introduce the computerised tracking system.(i) Computerised tracking system investment of $2,100,000;(ii) Depreciation of $420,000 in each of the five years;(iii) Staff training costs of $425,000;(iv) New staff total salary of $120,000 per annum;(v) Staff training costs of $75,000;(vi) Interest cost of $150,000 per annum.Note: The following mark allocation is provided as guidance for this requirement:(i) 0·5 marks(ii) 1 mark(iii) 0·5 marks(iv) 1 mark(v) 1 mark(vi) 1 mark(5 marks)(b) Calculate the following values if the computerised tracking system is implemented.(i) Incremental sales in Year 1;(ii) Savings in vehicle running costs in Year 1;(iii) Present value of the maintenance costs over the life of the contract.Note: The following mark allocation is provided as guidance for this requirement:(i) 1 mark(ii) 0·5 marks(iii) 1·5 marks(3 marks)(c) Cab Co wishes to maximise the wealth of its shareholders. It has correctly calculated the following measures forthe proposed computerised tracking system project:–––The internal rate of return (IRR) is 14%,The return on average capital employed (ROCE) is 20% and The payback period is four years.Required:Which of the following is true?A B C D The project is worthwhile because the IRR is a positive valueThe project is worthwhile because the IRR is greater than the cost of capitalThe project is not worthwhile because the IRR is less than the ROCEThe project is not worthwhile because the payback is less than five years (2 marks)(10 marks)2 Castilda Co manufactures toy robots. The company operates a standard marginal costing system and values inventoryat standard cost.The following is an extract of a partly completed spreadsheet for calculating variances in month 1.Required:(a) Which formula will correctly calculate the direct labour efficiency variance in cell B18?A B C D = (C9*C4)- B13=B13-(C9*C4)= (C9*C4)- (150,000*8)=(150,000-(C9*6))*8 (2 marks)(5 marks)(b) Calculate the following for month 1:Sales volume variance and state whether it is favourable or adverse;(i)(ii) Sales price variance and state whether it is favourable or adverse.Note: The total marks will be split equally between each part.(c) Castilda’s management accountant thinks that the direct labour rate and efficiency variances for Month 1 couldbe interrelated.Required:Briefly explain how the two direct labour variances could be interrelated. (3 marks)(10 marks)3 Nicholson Co sells mobile telephones. It supplies its customers with telephones and wireless telephone connections.Customers pay an annual fee plus a monthly charge based on calls made.The company has recently employed a consultant to install a balanced scorecard system of performance measurement and to benchmark the results against those of Nicholson Co’s competitors. Unfortunately the consultant was called away before the work was finished. You have been asked to complete the work. The following data is available.Nicholson CoOperating data for the year ended 30 November 2013Sales revenueSales attributable to new products Average capital employed $480 million $8 million $192 million $48 million 1,960,00010,000Profit before interest and taxAverage numbers of customersAverage number of telephones returned for repair each dayNumber of bill queries 12,000Number of customer complaintsNumber of customers lostAverage number of telephones unrepaired at the end of each day21,600 117,600804Required:(a) Calculate the following ratios and other statistics for Nicholson Co for the year ended 30 November 2013.Return on capital employed;(i)(ii) Return on sales (net profit percentage);(iii) Asset turnover;(iv) Average wait for telephone repair (in days);(v) Percentage of customers lost per annum;(vi) Percentage of sales attributable to new products.Note: The following mark allocation is provided as guidance for this requirement:(i) 1·5 marks(ii) 1·5 marks(iii) 1·5 marks(iv) 1·5 marks(v) 1 mark(vi) 1 mark(8 marks)(c) A balanced scorecard measures performance from four perspectives: customer satisfaction, growth, financialsuccess and process efficiency.Required:Briefly explain any ONE of the four perspectives above. (2 mark)(10 marks)Formulae Sheet Regression analysisy = a + bxEconomic order quantity2C 0D C hEconomic batch quantity2C 0D C h (1–DR)Present Value TablePresent value of 1 i.e. (1 +r)–nWhere r = discount raten = number of periods until paymentDiscount rate (r)Periods(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%12345 0·9900·9800·9710·9610·9510·9800·9610·9420·9240·9060·9710·9430·9150·8880·8630·9620·9250·8890·8550·8220·9520·9070·8640·8230·7840·9430·8900·8400·7920·7470·9350·8730·8160·7630·7130·9260·8570·7940·7350·6810·9170·8420·7720·7080·6500·9090·8260·7510·6830·62112345678910 0·9420·9330·9230·9410·9050·8880·8710·8530·8370·8200·8370·8130·7890·7660·7440·7900·7600·7310·7030·6760·7460·7110·6770·6450·6140·7050·6650·6270·5920·5580·6660·6230·5820·5440·5080·6300·5830·5400·5000·4630·5960·5470·5020·4600·4220·5640·5130·4670·4240·3866789101112131415 0·8960·8870·8790·8700·8610·8040·7880·7730·7580·7430·7220·7010·6810·6610·6420·6500·6250·6010·5770·5550·5850·5570·5300·5050·4810·5270·4970·4690·4420·4170·4750·4440·4150·3880·3620·4290·3970·3680·3400·3150·3880·3560·3260·2990·2750·3050·3190·2900·2630·2391112131415(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%12345 0·9010·8120·7310·6590·5930·8930·7970·7120·6360·5670·8850·7830·6930·6130·5430·8770·7690·6750·5920·5190·8700·7560·6580·5720·4970·8620·7430·6410·5520·4760·8550·7310·6240·5340·4560·8470·7180·6090·5160·4370·8400·7060·5930·4990·4190·8330·6940·5790·4820·40212345678910 0·5350·4820·4340·3910·3520·5070·4520·4040·3610·3220·4800·4250·3760·3330·2950·4560·4000·3510·3080·2700·4320·3760·3270·2840·2470·4100·3540·3050·2630·2270·3900·3330·2850·2430·2080·3700·3140·2660·2250·1910·3520·2960·2490·2090·1760·3350·2790·2330·1940·1626789101112131415 0·3170·2860·2580·2320·2090·2870·2570·2290·2050·1830·2610·2310·2040·1810·1600·2370·2080·1820·1600·1400·2150·1870·1630·1410·1230·1950·1680·1450·1250·1080·1780·1520·1300·1110·0950·1620·1370·1160·0990·0840·1480·1240·1040·0880·0740·1350·1120·0930·0780·0651112131415Annuity Table1 – (1 + r)–nPresent value of an annuity of 1 i.e. ————––rWhere r = discount raten = number of periodsDiscount rate (r)Periods(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%12345 0·9901·9702·9413·9024·8530·9801·9422·8843·8084·7130·9711·9132·8293·7174·5800·9621·8862·7753·6304·4520·9521·8592·7233·5464·3290·9431·8332·6733·4654·2120·9351·8082·6243·3874·1000·9261·7832·5773·3123·9930·9171·7592·5313·2403·8900·9091·7362·4873·1703·79112345678910 5·7956·7287·6528·5669·4715·6016·4727·3258·1628·9835·4176·2307·0207·7868·5305·2426·0026·7337·4358·1115·0765·7866·4637·1087·7224·9175·5826·2106·8027·3604·7675·3895·9716·5157·0244·6235·2065·7476·2476·7104·4865·0335·5355·9956·4184·3554·8685·3355·7596·1456789101112131415 10·3711·2612·1313·0013·879·78710·5811·3512·1112·859·2539·95410·6311·3011·948·7609·3859·98610·5611·128·3068·8639·3949·89910·387·8878·3848·8539·2959·7127·4997·9438·3588·7459·1087·1397·5367·9048·2448·5596·8057·1617·4877·7868·0616·4956·8147·1037·3677·6061112131415(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%12345 0·9011·7132·4443·1023·6960·8931·6902·4023·0373·6050·8851·6682·3612·9743·5170·8771·6472·3222·9143·4330·8701·6262·2832·8553·3520·8621·6052·2462·7983·2740·8551·5852·2102·7433·1990·8471·5662·1742·6903·1270·8401·5472·1402·6393·0580·8331·5282·1062·5892·99112345678910 4·2314·7125·1465·5375·8894·1114·5644·9685·3285·6503·9984·4234·7995·1325·4263·8894·2884·6394·9465·2163·7844·1604·4874·7725·0193·6854·0394·3444·6074·8333·5893·9224·2074·4514·6593·4983·8124·0784·3034·4943·4103·7063·9544·1634·3393·3263·6053·8374·0314·1926789101112131415 6·2076·4926·7506·9827·1915·9386·1946·4246·6286·8115·6875·9186·1226·3026·4625·4535·6605·8426·0026·1425·2345·4215·5835·7245·8475·0295·1975·3425·4685·5754·8364·9885·1185·2295·3244·6564·7934·9105·0085·0924·4864·6114·7154·8024·8764·3274·4394·5334·6114·6751112131415End of Question Paper。
ACCAF2练习题2012（题）
ACCAF2练习题2012（题）F2 MANAGEMENT ACCOUNTING-Q1. A firm which bottles shampoo selects some filled bottles for examination. The procedure used is that two random numbers, x and y, are chosen. Starting at the xth bottle filled, every bottle at an interval of y is then chosen for examination.This type of sampling is known as:A Multi-stageB RandomC SystematicD Stratified2. The following statements relate to responsibility center:(i) Return on capital employed is a suitable measure of performance in both profit and investment centers.(ii) Cost centers are found in manufacturing organizations but not in service organizations.(iii) The manager of a revenue center is responsible for both sales and costs in a part of anorganization.Which of the statements are incorrect?A (i) and (ii)B (ii) and (iii)C (i) and (iii)D All of them3. A pie chart is being produced to represent the sales from different regional offices of a business:$000North 125North West 180East 241South 691South East 147Total 1,384What would be the angle of the East divisions section on the pie chart (to the nearest whole degree)?A 63°B 33°C 180°D 5804.Which of the following is not a type of benchmarking?A InternalB StrategicC InternationalD Functional5.K Class has calculated the following indicators: (i)Return on capital employed (ii)Training costs as a percentage of total costs Which of the balanced scorecard perspectives would these measures relate to?(i) (ii)A Financial FinancialB Financial InternalC Internal Learning and growthD Financial Learning and growth6. A government body uses measures based upon the ‘three Es’ to t he measure value for money generated by a publicly funded hospital. It considers the most important performance measure to be ‘cost per successfully treated patient’.W hich of the three E’s best describes the above measure?A EconomyB EffectivenessC EfficiencyD Externality6.The diagram represents the behaviour of a cost item as the level of output changes: Which ONE of the following situations is described by the graph?A Discounts are received on additional purchases of material when certain quantities are purchased.B Employees are paid a guaranteed weekly wage, together with bonuses for higher levels of production.C A license is purchased from the government that allows unlimited production.D Additional space is rented to cope with the need to increase production8.The following production and total cost information relates to a single product organization for the last three months: Month production units total costs1 1200 66,6002 900 58,2003 1400 68200The variable cost per unit is constant up to a production level of 2,000 units per month but a step up of $6,000 in the monthly total fixed cost occurs when production reaches 1,100 units per month. What is the total cost for a month when 1,000 units are produced?A $54,200B $55,000C $59,000D $60,2009.Which of the following will be completed by a production department requiring new materials to be obtained from suppliers?A A purchase orderB A delivery noteC A purchase requisitionD A goods received noteThe following information applies to questions 10, 11 and 12 Point uses the economic order quantity (EOQ) model to establish the reorder quantity for raw material Y. The company holds no buffer inventory. Information relating to raw material Y is as follows:48,000 units Annual usage$80 per unit Purchase price$120 per order Ordering costs10% of the purchase price Annual holding cost10.The EOQ for raw material Y is:A 438B 800C 1,200D 3,79511.The total annual cost of purchasing, ordering and holding inventory of raw material Y is：A $3,849,600B $3,850,400C $3,853,600D $3,854,40012.The supplier has offered Point a discount of 1% on the purchase price if each order placed is for 2,000 units.The total annual saving to Point of accepting this offer is :A $29,280B $30,080C $37,200D $38,00013.Which of the following are included in the cost of holding inventory?(i) the cost of insurance(ii)rental payment of storage space(iii)the cost of placing a orderA (i) and (ii)B (i) and (iii)C (ii) and (iii)D (i), (ii) and (iii)14.If the direct labor costs in a manufacturing company are $95,000 in March, the costs would be recorded in the cost ledger as:A Debit Work-in-progress $95,000, Credit Wages and salaries $95,000B Debit Wages and salaries $95,000, Credit Bank $95,000C Debit Wages and salaries $95,000, Credit Work-in-progress $95,000D Debit Bank $95,000, Credit Wages and salaries $95,00015.A direct labor employee works a standard 37 hour week and is paid a basic rate of $15 per hour. Overtime is paid at time and a half. In a week when 40 hours were worked and a Bonus of $20 was paid, what was the direct labor cost?A $555B $600C $622.50D $642.5016.A cost centre has an overhead absorption rate of $4.25 per machine hour, based ona budgeted activity level of 12,400 machine hours.In the period covered by the budget, actual machine hours worked were 2% more than the budgeted hours and the actual overhead expenditure incurred in the cost center was $56,389.What was the total over or under absorption of overheads in the cost center for the period?A $1,054 over absorbedB $2,635 under absorbedC $3,689 over absorbedD $3,689 under absorbed17.The management accountant’s report shows that fixed production overheads were over-absorbed in the last accounting period. The combination that is certain to lead to this situation is:A Production volume is lower than budget and actual expenditure is higher than budgetB production volume is higher than budget and actual expenditure is higher than budgetC production volume and actual cost are as budgetedD production volume is higher than budget and actual expenditure is lower than budget.18.A law firm recovers overheads on chargeable consulting hours. Budgeted overheads were $615,000 and actual consulting hours were 32,150. Overheads were under-recovered by $35,000.If actual overheads were $694,075, the budgeted overhead absorption rate per hour is (to 2 decimal places):A $20.21B $20.50C $21.59D $22.68/doc/091272678.htmlst month a manufacturing company’s profit was $2,000, calculated using absorption costing principles. If marginal costing principles had been used, a loss of $3,000 would have occurred. The company’s fixed production cost is $2 per unit. Sales last month were 10,000 units.What was last month’s production (in units)?A 7,500B 9,500C 10,500D 12,500The following data are for questions 20 and 21.The budget for Bright’s first month of trading, producing and selling boats was as follows: $Variable production cost of boats 45Fixed production cost 30Production cost of 750 boats 75Closing inventory of 250 boats (25)Production cost of 500 sold 50Variable selling cost 5Fixed selling cost 2580Profit 10Sales revenue 90The budget has been produced using an absorption costing system.20.If a marginal costing system were used, the budgeted profit would be:A $22,500 lowerB $10,000 lowerC $10,000 higherD $22,500 higher21.Assume that at the end of the first month unit variable costs and fixed costs and selling price for the month were in line with the budget and any inventory was valued at the same unit cost as in the above budget.However, if production was actually 700 and sales 600, what would be the reported profit using absorption costing?A $9,000B $12,000C $14,000D $15,00022.For a product that has a positive unit contribution, which of the following events would tend to increase total contribution by the greatest amount:A 10% decrease in variable cost.B 10% increase in selling price.C 10% increase in volume sold.D 15% decrease in total fixed costs23.A company uses process costing to value output. During the last month the following information was recorded: Output: 2800kg valued at $7.5/kgNormal loss: 300kg which has a scrap value of $3/kgActual gain: 100kgWhat was the value of the input?A $22,650B $21,900C $21,600D $21,15024.Vare produces various inks at its Normanton factory. Production details for Process 1 are as follows:Opening work-in-progress, 1 April 400 units60% complete Closing work-in-progress, 30 April 600 units20% complete Units started 1,000Units finished 800The degree of completion quoted relates to labour and overhead costs. Three-quarters of the materials are added at the start of the process and the remaining quarter added when the process is 50% complete. The company uses the FIFO method of cost allocation.The equivalent units of production for materials in the period are:A 1,250B 1,000C 850D 68025.In process costing, if an abnormal loss arises the process account is generally:A debited with the scrap value of the abnormal loss unitsB debited with the full production cost of the abnormal loss unitsC credited with the scrap value of the abnormal loss unitsD credited with the full production cost of the abnormal loss units26.X uses process costing. In Process 3 the normal loss is 4% of total input.Last period the input from Process 2 was 8,500 kg and additional material of 4,250 kg was added to process 3.Actual output to finished goods was 12,700 kg.There was no opening or closing work-in-progress in the period.The abnormal gain or loss in kg for period 3 was:A 460 kg gainB 460 kg lossC 290 kg gainD 290 kg loss27.Which of the following are features of service organizations?(i)High levels of inventory(ii)High proportion of fixed costs(iii)Difficulty in identifying suitable cost unitsA (i) and (ii) onlyB (i) and (iii) onlyC (ii) and (iii) onlyD All of these28.Which ONE of the following is an advantage of Activity Based Costing?A It provides more accurate product costsB It is simple to applyC It is a form of marginal costing and so is relevant to decision makingD It is particularly useful when fixed overheads are very low29. As an indirect result of purchase of under-standard materials, are the materials usage variance and labor efficiency variance likely to be adverse or favorableMaterials usage Labor efficiencyA Favorable FavorableB Adverse FavorableC Favorable AdverseD Adverse Adverse30. A company operates a standard absorption costing system. The standard fixed production overhead rate is $15 per hour.The following data relate to last month:Actual hours worked 5500Budgeted hours 5000Standard hours for actual production 4800What was the fixed production overhead capacity variance?A$7,500 adverseB$7,500 favourableC$10,500 adverseD$10,500 favourable31. Which of the following could be the cause of an adverse sales volume variance for garden furniture.(i)The company offers discounts on sales prices in order to maintain business.(ii)Poor weather leads to a reduction in sales.(iii)A strike in the factory causes a shortage of finished goods.A (i) and (ii) onlyB (i) and (iii) onlyC (ii) and (iii) onlyD all above32. An extract from the standard cost card for product CJ is as follows:Direct labour (0.5 hours × $12) $6710 units of CJ were produced in the period and staff worked 378 hours at a total cost of $4,725. Of these hours 20 were lost due to a material shortage.The labour efficiency variance is:A$516 favourableB$36 favourableC$36 adverseD$516 adverse33. A flexible budget is:A a budget for semi-variable overhead costs only;B a budget which, by recognising different cost behaviour patterns, is designed to change as volume of activity changes;C a budget for a twelve month period which includes planned revenues, expenses, assets and liabilities;D a budget which is prepared for a rolling period which is reviewed monthly, and updated accordingly34. Which of the following statements are true about IRRs?(i)IRR considers the time value of money(ii)if the IRR exceeds the companies cost of capital the NPV at the company’s cost ofcapital should be positive(iii)it is possible for one investment to have 2 IRRsA (i) onlyB (i) and (ii) onlyC (ii) and (iii) onlyD (i), (ii) and (iii)35. A company is considering an investment of $400,000 in new machinery. The machinery is expected to yield incremental profits over the next five years as follows:Year Profit ($)1 175,0002 225,0003 340,0004 165,0005 125,000Thereafter, no incremental profits are expected and the machinery will be sold. It is company policy to depreciate machinery on a straight line basis over the life of the asset. The machinery is expected to have a value of $50,000 at the end of year 5. Calculate the payback period of the investment in this machinery to the nearest 0.1 years.A 0.9 yearsB 1.3 yearsC 1.5 yearsD 1.9 years36. Performance standards that have remained unchanged over a long period of time are known as:A deal standardsB current standardsC basic standardsD Attainable standards37. A company has determined that the net present value of an investment project is $17,706 when using a 10% discount rate and $(4,317) when using a discount rate of 15%. Calculate the internal rate of return of the project to the nearest 1%.A 13%B 14%C 15%D 16%38. CC Company is considering an investment of $300,000 which will earn a contribution of $40,000 each year for 10 years at today’s prices. The company’s cost of capital is 11% per annum.Calculate the net present value of the project:A ($64,440)B $23,556C $64,440D $235,56039. The principal budget factor for a footwear retailer is:A The cost item taking the largest share of total expenditure.B The product line contributing the largest amount to sales revenue.C The product line contributing the largest amount to business profits.D The constraint that is expected to limit the retailer’s activities during the budget period40. A process has a normal loss of 10% and budgeted output is 4,500 litres for the period.Opening inventory of raw material is 600 litres and is expected to increase by 20% by the end of the period. The material usage budget is:A 4,500 litresB 5,000 litresC 5,133 litresD 5,120 litres41. Put the stages of the product life cycle in the correct order:(i)Growth(ii)Decline(iii)Maturity(iv)Development(v)IntroductionA (i), (v), (iii), (iv), (ii)B (v), (iv), (i), (iii), (ii)C (iv), (v), (i), (iii), (ii)D (iv), (i), (iv), (iii), (ii)42. Which of the following correlation coefficients indicates the weakest relationship between two variables?A + 1.0B + 0.4C – 0.6D – 1.043. The correlation coefficient (r) for measuring the connection between two variables (x and y) has been calculated as 0.6.How much of the variation in the dependent variable (y) is explained by the variation in the independent variable (x).A 36%B 40%C 60%D 64%44. Charleville operates a continuous process producing three products and one by-product.Output from the process for a month was as follows:Product Selling price per unit Units of output from process1 $18 100002 $25 200003 $20 200004 (by-product) $2 3500Total joint costs were $277,000.What was the unit cost valuation for product 3 using the sales revenue basis for allocating joint costs assuming that the revenue receivable from the by-product is deducted from the joint costs?A $4.70B $4.80C $5.00D $5.1045. In the context of quality costs, customer compensation costs and test equipment running costs would be classified as: Customer compensation costs Test equipment running costA internal failure cost prevention costB internal failure cost appraisal costC external failure cost appraisal costD external failure cost prevention cost46. The selling price of product K is set at $450 for each unit.If the company requires a return of 20% in the coming year on product K, the target cost for each unit for the coming year is:A $300B $360C $400D $45047. Regression analysis is being used to find the line of best fit (y = a + bx) from eleven pairs of data. The calculations have produced the following information:Σx = 440, Σy = 330, Σx2 = 17,986, Σy 2 = 10,366 and Σxy = 13,467.What is the value of ‘b’ in the equation for the line of best fit (to 2 decimal places)?A 0.63B 0.69C 2.33D 5.3348. A time series model of sales volume has the following trend and additive seasonal variation.Trend Y = 5,000 + 4,000 XWhere Y = quarterly sales volume in units.X = the quarter number (Where the first quarter of 2009 = quarter 17, the second quarter of 2009 = quarter 18 etc).Quarter seasonal variationFirst +3000Second +1000Third -1500Fourth -2500What would be the time series forecast of sales units for the third quarter of 2010?A 79,500B 95,500C 97,000D 98,500The following information applies to questions 49 and 50.A company records the following information concerning a product:Standard time allowed per unit 16 munitesActual output in period 720 unitsActual hours worked 180Budgeted hours 18549. What is the labour efficiency ratio?A 93.75%B 97.3%C 102.5%D 106.7%50. What is the labour capacity ratio?A 102.8%B 99.4%C 98.6%D 97.3%。
ACCA考试练习册题目 F2 2012
1、Accounting for management1.1 Which of the following statements about qualities of good information is false ?A It should be relevant for its purposesB It should be communicated to the right personC It should be completely accurateD It should be timelyAnswer：C1.2 The sales manager has prepared a manpower plan to ensure that sales quotas for the forthcoming year are achieved.This is an example of what type of planning?A Strategic planningB Tactical planningC Operational planningD Corporate planningAnswer：B1.3 Which of the following stastements about management acco unting information is/are true?1 They must be stated in purely monetary terms2 Limited companies must,by law,perpar management acco unt3 They serve as a future planning tool and not used as a n historical recordA 1,2 and3B 1 and 2C 2 onlyD None of the statements is trueAnswer：D1.4 Which of the following stastements is/are correct ?1 A management control system is a term used to descri be the hardware and software used to drive a database system whi ch produces information outputs that are easily assimilated by mana gement.2 An objectives is a course of action that an organisation might pursue in order to achieve its strategy.3 Informaton is data that has been processed into a form meaningful to the recipient.A 1,2 and 3B 1 and 3C 2 and 3D 3 onlyAnswer：D1.5 Good information should have certain qualities. Which of the following are qualities of goodInformation ?1 Complete2 Extensive3 Relevant4 AccurateA 1,2 and 3B 1,3 and 4C 2 and 4D All of themAnswer：B1.6 Monthly variance reports are an example of which one of the following types of management?A TacticalB StrategicC Non-financialD OperationalAnswer：A1.7 Which of the following stastements is/are correct ?1 Strategic planning is carried out by front-line managers2 Non-financial information is relevant to management ac countingA 1 is true and 2 is falseB 2 is true and 1 is falseC Both are trueD Both are falseAnswer：B2、Sources of data2.1 Which of the following is/are primary sources of data ?(i) Historical records of transport costs to be used to prepare forecasts for budgetary planning(ii)The Annual Abstract of Statistics, published by the Office for National Statistics in the United Kingdom(iii) Data collected by a bank in a telephone survey to monitor the effectivess of the bank’s customer servicesA (i) and (ii)B (i) and (iii)C (i) onlyD (iii) onlyAnswer：D2.2 The following statements relate to different types of data(i) Secondary data are data collected especially for a specific purpose(ii) Discrete data can take on any value(iii) Qualitative data are data that cannot be measured(iv) Population data are data arising as a result of investigating a group of people or objectsWhich of the statements are true ?A (i) and (ii) onlyB (ii) and (iii) onlyC (ii) and (iv) onlyD (iii) and (iv) onlyAnswer：D2.3 Which of the following stastements are not true ?I If a sample is selected using random sampling, it will be free from bias.II A sampling frame is a numbered list of all items in a sample.III In cluster sampling there is very little potential for bias.IV In quota sampling, investigators are told to interview all the people they meet up to a certain quota.A I,II,III and IVB I,II and IIIC II and IIID II onlyAnswer：C2.4 Which of the following sampling methods require a sampling frame ?(i) Random(ii) Stratified(iii) Quota(iv) SystematicA (i) and (ii) onlyB (i),(ii) and (iii) onlyC (i),(ii) and (iv) onlyD (iii) onlyAnswer：C2.5 Which of the following explains the essence of quote sampling ?A Each element of the population has an equal chance of being chosenB Every nth member of the population is selectedC Every element of one definable sub-section of the population is selectedD None of the aboveAnswer：D。
ACCA资料 真题 f4chn_2012_dec_a
Fundamentals Level –Skill Module, Paper F4 (CHN)Corporate and Business Law (China) December 2012 Answers1This question requires candidates to state the procedural ways to deal with the various situations when an assignment of contract takes place and a dispute, between the assignee and the other party to the contract, is brought to the people’s court under the Judicial Interpretation on Contract by the Supreme People’s Court.(a)In accordance with Article 27 of the Judicial Interpretation, where an obligee has assigned his rights to a third party and adispute between the obligor and the assignee regarding the performance of contract is brought to the people’s court, the court may add the original obligee as the third party in the litigation if the obligor raises a protest against the rights of the original obligee.(b)In accordance with Article 28 of the Judicial Interpretation, where an obligor has assigned his obligations to a third party,with the consent of the obligee, and a dispute between the assignee and the obligee regarding the performance of contract is brought to the people’s court, the court may add the obligor as the third party in the litigation if the assignee raises a protest concerning the right of the obligor against the obligee.(c)In accordance with Article 29 of the Judicial Interpretation, where after one party has assigned both his rights and obligationsunder the contract to an assignee and a dispute between the other party and the assignee regarding the performance of contract is brought to the people’s court, the court may add the assignor as the third party if the other party raises a protest concerning the rights or duties under the original contract.2This question requires candidates to explain the non-competition clause, and state the persons who are subject to non-competition obligations and the conditions for a labour contract to include a non-competition clause under the Labour Contract Law of China.(a)The non-competition clause refers to a clause contained in a labour contract or a confidentiality agreement, under which anemployee agrees to maintain the trade secret of the employer and the confidentiality of matters relating to the industrial properties of the employer for a period of time after the termination or dissolution of a labour contract.(b)In accordance with Article 24 of the Labour Contract Law, the persons who are subject to non-competition obligations includethe employer’s senior management, senior technicians and other personnel with confidentiality obligations.(c)In accordance with Articles 23 and 24 of the Labour Contract Law, where a labour contract contains a non-competitionclause, the same contract shall also stipulate that the employer pays monetary compensation to the employee on a monthly basis during the term of non-competition after the termination or dissolution of the labour contract. The term, counted from the termination or dissolution of the labour contract, shall not exceed two years.3This question requires candidates to explain a pre-contractual liability, distinguish between this and liability for breach of contract and state the conduct of a party that will result in pre-contractual liability under the Contract Law of China.(a)Pre-contractual liability refers to the liability incurred by a party’s conduct, as prescribed in the Contract Law, which causesa loss or damages to the other party during the process of negotiating a contract but the contract is finally not concluded.The major difference between the pre-contractual liability and the liability for breach of contract is: under the pre-contractual liability there is no contract by the two parties who have negotiated to conclude a contract; while under the liability for breach of contract an effective contract has been concluded but one of the parties breaches it. Under pre-contractual liability the form of liability is compensation for loss while under liability for breach of contract the form of liability includes specific performance, liquidated damages and damages.(b)In accordance with Article 42 of the Contract Law, a party with the following conduct in negotiating a contract shall be liablefor the losses caused to the other party:(i)under the pretext of concluding a contract, to negotiate in bad faith;(ii)deliberate concealment of the important facts relating to concluding a contract or providing false information;(iii)other conduct in violation of the principle of good faith.4This question requires candidates to state the composition of the board of directors in different forms of limited liability companies, and the ways to deal with the situation where the number of directors is less than a quorum under the Company Law of China.(a)In accordance with Article 45 of the Company Law, a general limited liability company shall set up a board of directors whichshall be composed of 3 to 13 members, unless otherwise stipulated by the law. The method of the creation of the chairman and vice-chairman of the board of directors shall be stipulated in the articles of association of the company.(b)In accordance with Article 45 of the Company Law, where a limited liability company is invested and established by two ormore state-owned enterprises, its board of directors shall include representatives of the employees of the company. Such representatives of employees shall be elected by the employees of the company through the staff and workers congress, workers’ assembly or other forms of election.(c)In accordance with Article 46 of the Company Law, where the members of the board of directors are/is less than the quorumbecause re-election is not conducted upon expiry of the term of office of a director, or a director resigns during his term of office, the said director shall still perform his functions as a director.5This question requires candidates to explain the term rectification, and state the legal effect of rectification on the right of guarantee during the period of rectification and the ways to deal with the situation that may damage the rights of a guarantor under the Enterprise Bankruptcy Law of China.(a)The term rectification refers to such a system under which a debtor or an investor whose investment accounts for 10% ormore of the registered capital of the debtor, after the application for bankruptcy has been accepted and before the declaration of bankruptcy of the debtor by the court, may apply to the court to rectify debts of the debtor. Under the conditions of acceptance of such application by the court and the suspension of the bankruptcy procedures, the debtor may continue its business operations, so as to avoid bankruptcy of the debtor and resume its ability of normal business operations.(b)In accordance with Article 75 of the Enterprise Bankruptcy Law, in the period of rectification, the right of guarantee on theparticular property of the debtor shall be suspended. However, if there is a possibility for the secured property to suffer damages or significant depreciation of value so that the right of guarantee is endangered, the guarantee may apply to the court for recovering the right to guarantee. A bankruptcy administrator may set a guarantee for a new loan for the purpose of continuing the debtor’s business operations.6This question requires candidates to explain a takeover by offer of a listed company, state the ways to deal with the shares of a listed company purchased after the expiration of the duration of takeover and the ways to deal with the legal status of the listed company purchased after the completion of takeover under the Securities Law of China.(a)In accordance with Article 88 of the Securities Law, takeover by offer refers to the form of taking over a listed company wherean investor comes to hold or jointly hold with others, through a stock exchange, 30% of the issued shares of a listed company and continues to buy such shares, the investor shall comply with the law to issue to all the shareholders of the listed companya takeover offer for buying the whole or part of the shares of the listed company.(b)In accordance with Article 97 of the Securities Law, the trading of the shares of the stock company under takeover shall beterminated on the stock exchange when the distribution of shares does not meet the requirements for listing, upon the expiration of the term of the takeover offer. The holders of the remaining shares of the target company shall be entitled to sell their shares to the purchaser on the same conditions as those in the takeover offer; while the purchaser is under an obligation to buy up these shares. The listed company taken over shall change its enterprise form where this company no longer meets the requirement for a joint stock company, upon the completion of the takeover.7This question requires candidates to describe various acts relating to the capital of a company that shall be regarded as fraudulent corporate behaviour, and state the reasons why such acts shall be regarded as fraudulent corporate behaviour.(a)In corporate management, the following acts relating to the capital of a company, committed by any personnel, shall beregarded as fraudulent behaviour:(i)to provide a false statement of the registered capital during the process of establishing a company;(ii)to make false capital contributions;(iii)to withdraw the capital, contributed during the process of incorporation, after the establishment of the company.(b)Due to the following reasons, the above-described acts are to be regarded as illegal and fraudulent behaviour:(i)providing a false statement of registered capital and making false capital contributions will result in a situation in whichthe registered capital of the company, as stipulated in the articles of association and registered with the governmentagency, cannot reflect its genuine situation of capital;(ii)withdrawal of the capital contributed in the process of incorporation after the establishment of the company will reduce its ability to satisfy debts with its own assets, which will increase the risks of other parties doing business with it.8This question requires candidates to deal with the legal issues relating to the transfer of contract under the Contract Law of China.(a)There was a contract between Aishen Garment Co and Conka Sales. The reasons to support this conclusion include:(i)In accordance with Article 89 of the Contract Law, where the rights and duties are transferred together, provisions ofArticles 79, 81 to 83 and 85 to 87 shall apply. This means that a party may, subject to the conditions as set in theprovisions, transfer its rights and obligations to a third party.(ii)In accordance with the relevant provisions listed in Article 89 of the Contract Law, a creditor shall notify the debtor in the case of the transfer of his credit and a debtor shall obtain the consent from the creditor in the case of the transfer ofhis obligations. Bulinger Store was a creditor to receive the goods and as a debtor to pay the price. Therefore, BulingerStore should notify the transfer to and obtain consent from Aishen Garment Co. In this case, Bulinger Store issued awritten notice to Aishen Garment Co. Therefore, the transfer of rights satisfied the requirements of the law.(iii)Bulinger Store Co issued a written notice to Aishen Garment Co, but failed to obtain consent from the latter. However, Aishen Garment Co sent a fax to advise Conka Sales to receive the goods, and actually delivered 10,000 piecesof sportswear as well as receiving the price paid by Conka Sales. This meant that Aishen Garment Co acknowledged thetransfer of contractual rights and obligations to Conka Sales.(b)In accordance with Article 81 of the Contract Law, where a creditor transfers his rights, the transferee acquires rightsaccessory to the creditor’s rights, unless the accessory right is exclusive for the creditor himself. Conka Sales, as a transferee, acquired the accessory right when it acquired the right to the goods. Hence, it was entitled to claim damages against Aishen Garment Co for the defects of the goods.9This question requires candidates to deal with the legal issues relating to derivative litigation under the Company Law of China.(a)Ms E was entitled to bring a lawsuit against Mr A. The legal basis for this conclusion is Articles 21, 150 and 152 of theCompany Law. The controlling shareholders, actual controllers or directors of a company shall not, by taking advantage of their affiliate relationship, damage the interests of the company. Where any of the above-mentioned persons violates laws or articles of association of a company and causes damages to a company, such person shall be liable for the damages. If sucha situation occurs, any shareholder may directly bring a lawsuit against the director, subject to the conditions as prescribedby the Company Law.(b)In accordance with Article 152 of the Company Law, the following conditions shall be satisfied:(i)Ms E requests the supervisory board in writing to bring a lawsuit against the director who causes the damage;(ii)the supervisory board, upon its receipt of Ms E’s request, fails to file a lawsuit within 30 days upon the receipt of such request;(iii)Ms E brings a lawsuit against the Mr A for the interests of the company, in her own name.(c)Assuming Ms E was granted a favourable judgement by the court, the beneficiary should be T enda Co Ltd. Although Ms Ebrought the lawsuit in her own name, the legal action was for the interests of the company. Therefore, the result of such a legal action should be attributed to the company.10This question requires candidates to deal with the legal issues relevant to the declaration of credits and the legal effect of bankruptcy procedures on the pending case under the Enterprise Bankruptcy Law of China.(a)In accordance with Article 20 of the Enterprise Bankruptcy Law, after the people’s court accepts an application for bankruptcy,any pending civil action involving the relevant debtor shall be suspended. Hence, the pending case between Construction Company and Dalie Co should be suspended. The action can be resumed after a bank takes over Dalie’s assets.(b)Industry Bank should declare its credit with the court accepting the bankruptcy application, submit relevant legal documentsto prove its credit and clarify the amount of credit as well as the existence of guarantee on part of the credit. Among its total credit of RMB 20 million yuan, Industry Bank was a general creditor for RMB 8 million yuan.(c)Merchant Bank was entitled to declare its credit and join the bankruptcy procedure. In accordance with Article 50 of theEnterprise Bankruptcy Law, the joint and several creditors may choose one from among them to declare their creditors’ right or may jointly declare the creditors’ right together. Dalie Co provided guarantee for a loan to Merchant Bank, but the principal, Jiqing Company, failed to settle the debt. Merchant Bank, as a creditor and guarantee, was entitled to choose Dalie Co to declare its credit.Fundamentals Level –Skills Module, Paper F4 (CHN)Corporate and Business Law (China) December 2012 Marking Scheme 18–10 A thorough answer which states the ways to deal with the situations in which an assignment of contract takes place, anda dispute between the assignee and the other party of the contract is brought to the people’s court. Especially the answercorrectly states that this is a procedural action during the litigation.6–7An answer which states correctly any two parts among the three parts and the nature of such a way to deal with the said situation, but fails to state the remaining part.3–5An answer which states correctly any one of the three parts, but fails to give any points for other two parts.0–2An answer which does not state any point or states very limited points in part (a) or part (b) or part (c).28–10 A thorough answer which explains a non-competition clause in a labour contract, and states the persons who are subject to non-competition obligations and the conditions and term of duration for a clause of non-competition in a labour contract.6–7An answer which explains a non-competition clause, and states some points in part (b) and part (c). As an alternative, an answer which fails to explain a non-competition clause but states all points in part (b) and part (c).3–5An answer which explains the basic meaning of a non-competition clause in part (a), but fails to state or states very limited points in part (b) and part (c). As an alternative, an answer which fails to explain a non-competition clause in part (a),but states some points both in part (b) and part (c), or states all points in part (c) but no point in part (b).0–2An answer which shows little or no knowledge of this area. As an alternative, an answer which fails to explain a non-competition clause, and fails to state any points both in parts (b) and (c), or states limited points in part (b) or (c). 38–10An answer which explains a pre-contractual liability and its difference with the liability for breach of contract, and states the conduct that will result in pre-contractual liability.5–7An answer which explains the basic meaning of a pre-contractual liability and its major difference with the liability for breach of contract in part (a), and states some points in part (b). As an alternative, an answer which explains some pointsto pre-contractual liability and its major difference with the liability for breach of contract in part (a), but fails to state anypoint in both part (b).3–4 An answer which explains some points in part (a), and fails to state or states very limited points in part (b). Alternatively, an answer which fails to explain the term and its major difference with the liability for breach of contract in part (a), butstates some points in part (b).0–2An answer which shows little or no knowledge of this area.48–10An answer which states the composition of the board of directors of a general limited liability company and that of a limited liability company incorporated by two or more state-owned enterprises, as well as the way to deal with the situation inwhich the numbers of directors are less than a quorum due to various causes.5–7An answer which states correctly parts (a) and (b), or correctly states parts (b) and (c). As an alternative, the answer states some points in any one of the three parts.3–4An answer which shows a limited understating of the rules on the composition of directors in different limited liability companies in parts (a) and (b), fails to state the ways to deal with the situation in which the numbers of directors are lessthan a quorum in part (c). Alternatively, the answer fails to state the composition of the board of directors in a generallimited liability company in part (a), but states major points in part (b) or (c).0–2An answer which shows little or no knowledge of this area.58–10An answer which explains the term rectification, and states correctly the legal effect of the rectification on the right of guarantee during the period of rectification and the possibility of setting a guarantee during the period of rectification by abankruptcy administrator.5–7An answer which explains the term rectification, states some points in part (b). As an alternative, an answer which fails to explain the term rectification, but states correctly the legal effect of rectification against the right of guarantee and thepossibility of setting a guarantee by a bankruptcy administrator in the period of rectification.3–4An answer which explains the term rectification, but fails to state any points in part (b). Alternatively, an answer which fails to explain the term in part (a), but states some points in part (b).0–2An answer which shows little or no knowledge of the area.68–10An answer which explains a takeover by offer, states correctly the ways to deal with the shares of a listed company purchased after the expiration of the duration of takeover by offer and the way to deal with the enterprise form of a listedcompany purchased after the completion of takeover.5–7An answer which explains a takeover by offer, states some points in part (b). As an alternative, an answer which fails to explain a takeover by offer, but states all or most of points in part (b).3–4An answer which gives a correct answer to any one of part (a) or (b). As an alternative, the answer gives limited points in both part (a) and (b).0–2An answer which shows little or no knowledge of the area.78–10An answer which describes the acts that shall be regarded as fraudulent behaviour, states correctly the reasons why such acts shall be regarded as fraudulent behaviour.5–7An answer which describes any two kinds of acts that shall be regarded as fraudulent behaviour, states some reasons in part (b). As an alternative, an answer which describes all the acts that shall be regarded fraudulent behaviour in part (a),but fails to state the reasons in part (b).3–4 An answer which describes any one kind of the acts that shall be regarded as fraudulent behaviour, states limited points in part (b). Alternatively, an answer which describes any two kinds of the acts that shall be regarded as fraudulentbehaviour, but fails to state any reasons in part (b).0–2An answer which shows little or no knowledge of the area.88–10An answer which correctly deals with the legal issues relating to the conditions for the transfer of contract and the accessory rights along with the transfer of rights.5–7An answer which correctly states that there was a contract between Aishen Garment Co and Conka Sales and the rules relating to accessory rights but states merely some reasons to support the answer. Alternatively, an answer which correctlystates the existence of a contract between Aishen Garment Co and Conka Sales and the reasons to support such aconclusion, but fails to answer the question in part (b).3–4An answer which shows some understanding of the legal issues and gives only a correct conclusion of part (a) or (b), but fails to give any reasons to support the conclusion.0–2The answer is very weak, showing no, or very little, understanding of the question.98–10An answer which shows a complete understanding of the rules as to the issues of derivative litigation in parts (a), (b) and(c), and gives reasons to support the conclusions to the question.5–7An answer which gives correct conclusions to any two parts among parts (a), (b) and (c), and gives relevant reasons to support such conclusions. Alternatively, an answer which gives correct conclusions to three parts, but fails to state, orstates limited, points of reasons to support such conclusions.3–4An answer which gives merely one correct conclusion among three parts, and states the reasons to support such conclusion.0–2An answer which shows no, or very little, understanding of the question.108–10An answer which gives a complete answer to each part of the question and gives correct reasons to support the answer.5–7An answer which shows a good understanding of the rules to deal with the pending case where the court accepts an application of bankruptcy against a debtor, and any one of the ways to deal with various forms of debts due by the debtor.Or as an alternative, an answer which shows a sound understanding of any one part among the three parts and gives acorrect reason to support such conclusion.3–4An answer which shows limited understanding of the rules to deal with the pending case in part (a) or the ways to deal with the debts secured by mortgage in part (b), or the ways to deal with the debts under a personal guarantee in part (c),but with very limited reasons.0–2An answer which shows very little or no understanding of the question.。
ACCA F2 slides
y = a + bx Where a is the y value when x is 0, and b is the change in y when x increases by one unit.
Regression
In the context of cost estimation : y represents the total cost x represents the production volume in units a represents the total fixed costs b represents the variable cost per unit
Good information
The ‘ACCURATE’ acronym:
– A – Accurate – C – Complete – C – Cost-effective – U – Understandable – R – Relevant – A – Accessible – T – Timely – E – Easy-to-use!
EV = ∑px Where p = probability of outcome occurring x = outcome.
When using Expected Values : •Only accept projects if EV is positive •With mutually exclusive options, accept the one with the highest EV.
Chapter 2
Types of cost and cost behaviour
Classifying costs
Production Costs
F2重点例题分析
声明：考官屡次在考试报告中明确指出猜题的诸多弊端，同时他强调了只有完全深入的掌握了大纲要求的知识点才能顺利通过考试。
这也是ACCA对所有考生的基本要求。
本文并非对2010 6 月的考试进行预测，而是对考试大纲进行梳理，突出重要的知识章节，以帮助考生能更好的备考。
重点例题分析以下是针对2009年12月份考试出现的错误率（大于70%）最高的题目，Example 1A machine is no longer used by a company. It could be sold now for net proceeds of $300. Its only other use is on a short-term contract which is under consideration. The variable running costs of the machine during the period of the contract would be $400. On completion of the contract the machine would have no realisable value and would cost $150 to dismantle and remove.What is the total relevant cost of using the machine on the contract?A $450B $550C $700D $850官方解释：The correct answer was D. This question tested Sections F2(b) and (c) in the Study Guide, which require candidates to be able to calculate relevant costs for overheads and those for non-current assets.By not selling the machine now there is an opportunity cost of $300, the variable running cost($400) are relevant and at the end of the contract the dismantling and removal cost ($150) is also relevant. This gives a total relevant cost of $850.Answer B was chosen by more than 50% of the candidates. This wrong answer could have been obtained in two ways. First as $300 + $400 – $150, the mistake here is to treat the dismantling cost as revenue from the sale of the machine. Second as $400 + $150, the mistake here is to regard the realisable value now as being non-relevant.解释：这是一道考核固定资产相关成本的考题。
ACCA历年考题f2_2006_dec_ppq
Sales Production
Month 1 Month 2
3,800
4,400
3,900
4,200
The opening inventory for Month 1 was 400 units. Profits or losses have been calculated for each month using both absorption and marginal costing principles.
(1 mark)
3 Regression analysis is being used to find the line of best fit (y = a + bx) from eleven pairs of data. The calculations have produced the following information: Σx = 440, Σy = 330, Σx2 = 17,986, Σy2 = 10,366, Σxy = 13,467 and b = 0.69171
Units (2 marks)
2 The following assertions relate to financial accounting and to cost accounting: (i) The main users of financial accounting information are external to an organisation. (ii) Cost accounting is that part of financial accounting which records the cash received and payments made by an organisation.
ACCA P1 Global June 2012 - answers (ACCA P1 2012年6月 真题 答案)
Professional Level – Essentials Module, Paper P1Governance, Risk and Ethics June 2012 Answers 1(a)Risk appetiteExplanationRisk appetite describes the willingness of an entity to become exposed to an unrealised loss (risk). It is usually understood to mean the position taken with regard to two notional preferences: risk aversion and risk seeking. Both preferences are associated with different levels of returns: those that are risk-seeking favour higher risks and higher returns with the converse being true for the risk averse.Risk-averse entities will tend to be cautious about accepting risk, preferring to avoid risk, to share it or to reduce it. In exchange, they are willing to accept a lower level of return. Those with an appetite for risk will tend to accept and seek out risk, recognising risk to be associated with higher net returns.Risk appetite and selectionThe Jayland option has a higher political risk, a threat to the integrity of the company (by paying the bribe) and an element of reputation risk. There is also a risk arising from the lack of business culture in Jayland and a possibility that it will be more difficult to maintain normal operations there than in Pealand. Offset against these risks is the potential return of $2 billion over ten years, which is twice that of the Pealand option.The Pealand option has negligible political risk but a slightly higher risk that internal controls will be difficult to implement. It has a much lower likelihood of reputation risk and there is no risk connected with bribery. The return is half that of the Jayland option (for an approximately equal investment value).The two options offer two different risk and return profiles: the Jayland option offers a higher return but a higher risk profile and the Pealand option offers a lower return but also a lower risk profile. If the company has a higher risk appetite it is more likely to choose Jayland and if it has a lower risk appetite it is likely to select the Pealand option.(b)AAA seven-step model1.What are the facts of the case?The facts of the case are that there are two investment options and each has a different ethical and risk profile althoughthe AAA model is mainly concerned with the ethical aspects. The ability to operate the necessary internal controls forHayho manufacturing also differs between the two options. Only one option can be pursued and both are capable ofmaking an acceptable level of return.2.What are the ethical issues?The ethical issues are over the potential complicity of Hayho in supporting a corrupt regime in Jayland, in paying whatappears to be a bribe to Mr Popo under the Jayland option and in operating under less stringent regulatory conditionsin Jayland compared to Pealand. Another issue to consider is that it is alleged the president of Jayland maintains orderby abusing the rights of the people. The company is very sensitive to allegations of human rights abuses after criticismsof Hayho were made in Arrland recently and it is reluctant to expose itself to similar criticisms again.A further ethical issue is whether there is a corporate social obligation for companies to invest in developing ortransitional economies to help stimulate these economies. However, these disadvantages have to be weighed againstthe likelihood of making twice the return for shareholders in Jayland against the option of operating sustainably in amore stable Pealand. In Pealand, there may be ethical issues concerning taking over an existing workforce and changingworking terms and conditions, perhaps in terms of changed expectations, contractual issues and redundancies.3.What are the norms and principles that apply?The norms and principles that apply in this situation are that business investment decisions should be taken on a soundcommercial basis with risk, return and ethical considerations fully taken into account.The case says that the company seeks to ‘always uphold the highest standards of integrity, human rights andenvironmental protection whilst at the same time ‘responsibly’ supporting developing countries by providing jobs andopportunities to enable greater social and economic development.’This would tend to favour decisions that do not involve bribery (against integrity), human rights abuses (perhaps throughsupporting corrupt governments), but at the same time seeking, where possible, to use investments to support localeconomic development (perhaps by investing in developing countries, all other things being equal).4.What are the alternatives?The first alternative is to invest in Jayland, where a ‘new-build’ factory would enable Hayho to implant its culture andsystems but where there is a poorly developed education system, a potentially unstable political environment and anabsence of internal control and corporate governance regulations.The other alternative is the Pealand option, to take over an existing plant and an inherited workforce in a more highlyregulated business environment.5.Which option is most consistent with norms and principles?Both options have strengths and weaknesses, depending upon how the different factors are evaluated. The J aylandoption would meet the criteria for financial acceptability and would be favourable through supporting economic growthand by providing net additional employment in a developing country.The option most consistent with stated norms and principles is the Pealand option. This option has the benefit of inheriting a trained and competent workforce and avoids the reputation risk of providing credibility for the Popo regime and of being exposed, perhaps by a whilstleblower, for paying the ‘royalty’ (which is effectively a bribe to Mr Popo). The Jayland option would provide a greater financial return and provide net additional employment in a developing country.But it also would violate the principle of sound risk management because investing in an unstable and potentially hostile political environment could expose Hayho to unacceptable levels of long-term operational, financial and reputational risk.6.What are the consequences of each option?In J ayland, as opposed to Pealand, a completely new factory would be built providing new additional employment, although there could be an issue with sourcing the appropriate staff, given the poor levels of education and training. The Jayland option would provide a higher potential return to shareholders, but at a greater risk. It would make implementing the internal controls potentially easier but would risk reputation-damaging allegations of supporting Mr Popo’s regime.Were the ‘royalty’ to be made public, it would have severe consequences for the trustworthiness of the Hayho board, having given the reassurances it did after the Arrland incident.The Pealand option would make a smaller return and involve lower risk, but could introduce potential problems with implementing the necessary internal controls. This option would be more ethically acceptable. Hayho would be severely criticised for supporting a corrupt regime if it invested in Jayland. But if it invested in Pealand, no bribery would be necessary and it could publicise the fact that it chose to invest in Pealand over Jayland because it is seeking to honour its commitments made after the previous Arrland incident.7.What is the decision?The decision most aligned to the company’s stated norms and principles is the Pealand option. Other powerful countervailing factors would also have an influence, however, as risk and internal control considerations would also be taken into account.[Tutorial note:reward answers arguing for Jayland if shown to be based on reasoning from step 6](c)General purposes of internal control systems and main challenges.General purposesThe first general purpose of internal control is to achieve the orderly conduct of business by facilitating effective and efficient operation of an organisation’s activities. In doing this, it must be able to respond appropriately to relevant risks and to configure activities to be able to achieve the organisation’s strategic objectives. This includes safeguarding the assets of the organisation from external and internal threats and to ensure that all actual and potential liabilities and sources of loss are identified and controlled. The protection of value is important in underpinning confidence in internal controls and in providing the capacity for future value adding.Internal controls are essential in ensuring the robustness, quality and timeliness of both internal and external financial reporting. The provision of this information is important in managing internal systems (e.g. budgetary controls) and in maintaining and cultivating confidence among shareholders and capital markets. This involves maintaining accurate records and processes capable of generating and processing the relevant information.Internal control is necessary to ensure compliance with any external laws, standards or regulations that apply. These could arise from companies’ legislation, listing rules or, in some industries, regulations imposed by sector-specific regulators.Main challengesJayland was very under developed until relatively recently and the national culture is, according to Emily Baa, unfamiliar with modern business practice and behaviour. Achieving effective and efficient operation of the business would be an early priority for the Hayho investment and this limitation would necessitate substantial initial training and cultural-familiarisation.If these cultural values (e.g. time-keeping, work commitment, honesty of workers, etc) cannot be taken for granted in a national culture then it represents a major obstacle in achieving normal plant operation.Emily reported an unknown security situation in the region with regard to the safeguarding of assets. Being able to ensure that non-current assets owned by Hayho are secure and being used for the intended purpose is an essential element of internal control. The value of Hayho belongs to its shareholders and it would be irresponsible of the board (as agents) to invest in assets in J ayland unless reasonable assurances could be given that they will be safe from sabotage, damage, theft, deterioration or inefficient utilisation.Emily’s third point was about the level of necessary skills in the local labour pool. She mentioned the state of quality control and accounting skills and both of these are necessary for a sound system of internal control.Appropriate quality control staff are necessary to ensure that the product complies with the stringent international product standards that apply to Hayho’s products. Where technical skills such as these are difficult to obtain in local labour markets, unskilled people may need to undergo training, or expatriates may need to be persuaded to move to the Jayland facility.Guaranteeing that outputs from the Jayland plant were fully compliant with all applicable standards would be an important early priority for customers and investors and so this issue is likely to be of great importance.Accounting skills are necessary for guaranteeing accurate and complete accounting records and for reliable financial information. Gathering required data and reporting to management at head office is required, for example on metrics such as variance against agreed targets. For a new investment such as those being considered by the Hayho board, the provision of accurate and timely information is essential in controlling activities under either of the options.(d)(i)Meaning of accountability and Mendelow.Briefing notes for board meeting.Prepared for Helen Duomo, chief executive.By Emily BaaWednesday 20 June, 2012.Accountability of the Hayho boardThe two letters received raise important issues of accountability, and specifically, the issue of to whom the board of Hayho is accountable. In reflecting on how to deal with this and how to frame our response, it may be helpful to consider the accountability situation we face as a board.Accountability is a k ey relationship between two or more parties. It implies that one party is accountable to, or answerable to, another. This means that the accountable entity can reasonably be called upon to explain his, her or its actions and policies.This means that the accountable party can be held to account and may be required to actually give an account. This has the potential to influence the behaviour of the accountable party, in this case Hayho, because of the knowledge that they will have to answer for it when they give that account.Whilst it is clear that the board is accountable to the shareholders as stewards of their investment, it may be the case, nevertheless, that the board may need to account to WB because of its influence among politicians and in wider society, as outlined below.Influence of Watching BusinessThe Mendelow framework is a way of mapping stakeholders with regard to the two variables of interest and power. The combination of these is a measure of any given stak eholder’s lik ely influence over an entity such as Hayho. The framework is dynamic in that stakeholders move around the map as their power and interest rise and fall with events.WB has a moderate degree of power and a variable degree of interest. Because its interest (in Hayho) has recently increased, its overall influence has risen. Our response to WB must be responsive to this.WB’s power derives from its ability to conduct research and mobilise opinion, including among policymakers and trade organisations, against businesses like Hayho. We do not need to agree with its agenda to appreciate its power. Its power is expressed as influence when its interest is also increased.It was news of our possible investment in Jayland that increased WB’s interest in Hayho. This, combined with its evident power, increases its net influence over Hayho. This makes WB difficult to ignore in our decision over whether to invest in Jayland or Pealand.(ii)Agency and demands from WBResponsibilities to shareholdersThe board of Hayho exists in an agency relationship with its shareholders, who collectively own the company and have the legal and moral right to determine objectives. As agents of our shareholders and appointed by them, we have a fiduciary duty to seek to manage the company’s resources for their overall economic benefit. In the case of Hayho, as with most business organisations, this involves maximising returns consistent with our complying with relevant laws, regulations and norms. Quark Investments, as one of our major shareholders, has every right to remind us of this duty and we should take its reminder very seriously.Lobby group demandsWhilst being well-meaning, the lobby group WB is against one of the investment options we have at this time. It claims that an investment in Jayland would be damaging to human rights in that country. Without commenting on the accuracy or validity of that claim, we should remind colleagues why we might think carefully about the investment, as it would bring us into conflict with WB.First, WB is respected and its views are trusted by many people. In terms of reputation, it has highlighted our problems in Arrland and, as a result of that, has been monitoring our activities. We may need to consider public opinion before going ahead with a potential Jayland investment as we need the general support of society to operate.Second, WB has influence among politicians and policymakers both in this country and abroad. We risk the censure of influential people and increase the pressure for increased regulation if we disregard or act against the lobby group’s demands. Our reputation in international markets is one of our strategic assets and it may compromise our commitment, given the Arrland incident, if we were not to uphold the highest standards of integrity, human rights and environmental protection from now on.Third, WB is very adept at mobilising public opinion through the media. This means that it can stimulate interest in conditions in Jayland and we would be likely to be heavily scrutinised on an ongoing basis were this investment to be made. This could attract public anger and risk disruptions, such as boycotts of our products.Because of these issues, it would seem prudent to consider these issues as a part of our investment appraisal between the Jayland and Pealand options.2(a)Independence and NEDs.Define independenceIndependence is a quality possessed by individuals and refers to the avoidance of being unduly influenced by a vested interest. This freedom enables a more objective position to be taken on issues compared to those who consider vested interests or other loyalties.Independence can be threatened by over-familiarity with the executive board, which is why many corporate governance codes have measures in place to prevent this. These include restrictions on share option schemes for NEDs, time-limited appointments and bans on cross-directorships. Other restrictions, depending on jurisdiction and code, include salaries being set at an appropriate level for NEDs, a compulsory number of years after retirement from a company before being eligible fora NED role (if ever), and no close personal relationships between executives and non-executives.Benefits of greater independenceIn the case of the independence of non-executive directors, Mr Louse is arguing that those with no previous contact with the other members of the board and who come from outside the industry that Zogs is in, will be more independent than those who may have some form of vested interest. In this he is only partly accurate: whilst succession to a NED role from an executive position in the same company is likely to threaten independence, appointments to NED positions from other companies within the same sector are quite common and still provide industry knowledge to a board.The first benefit of greater independence is that independent people brought in as NEDs are less likely to have prior vested interests in terms of material business relationships that might influence judgments or opinions. Such vested interests may involve friendships with other board members or past professional relationships. Past or current equity holdings in companies within the industry may encourage unhelpful loyalties (many CG codes restrict NEDs from holding shares or share options in companies they are on the boards of).Second, they are likely to have fewer prejudices for or against certain policies or individuals as working relationships will not have been built up over a number of years. Accordingly, they are likely to start from the ‘ground up’ in seeking clarifications and explanations for each area of discussion. Previous rivalries, alliances or embedded ideas would not frustrate discussions and this may allow for more objective discussions.Third, independent non-executive directors are more likely to challenge the established beliefs of less independent people (such as executive directors). This is a more effective way of scrutinising the work of board committees and of increasing their effectiveness. This has the advantage of challenging orthodoxy and bringing fresh perspectives to committee discussions.Disadvantages of greater independenceSome NEDs are appointed because of their connections with the existing board, either through prior industry involvement, prior executive membership or prior service on another board with one or more other directors. These are considered by Mr Louse to be less independent.There are, however, a number of advantages when NEDs have some familiarity with a company and board they are joining.A key non-executive role, including in board committees, is providing strategic advice. This can often arise from a thoroughknowledge of the strategic issues in a company or industry. Retired executive directors, like Mr Louse, sometimes serve as NEDs in the same company and are thus able to bring their experience of that industry and company to bear on committee discussions (although in some countries, there are time restrictions on executives becoming NEDs in the same company).Some level of prior connection is advantageous when some level of technical knowledge is required. Therefore, Mr Louse’s comments about independence depending upon NEDs’ needing to be from a different industry background or sector is not quite appropriate. When serving on an appointments committee, for example, knowledge of the industry and the technical aspects of a company’s operations will increase effectiveness. This might apply in electronics, chemicals, accounting services and financial services, for example. When serving on a risk committee in, for example, a bank, a technical knowledge of key risks specific to that particular industry can be very important.The contacts and personal network s that a NED with industry experience can bring may be of advantage, especially for informal discussions when serving on a nominations committee, for example.(b)Risk committee and criticise Mr Louse’s understanding.RolesThere are five general roles of a risk committee. The first is agreeing and approving the organisation’s risk management strategy, including strategies for strategic risks. This is likely to be drawn up in discussion with other parts of the organisation, including the main board.Second, the risk committee reviews reports on key risks prepared by departments on operational risks. These might be reports from operations (e.g. production), finance or technical departments on risks that specifically may affect them.Third, it monitors overall risk exposure and ensures it remains within the limits established by the main board. Exposure is generally defined as the totality of losses that could occur and the acceptable exposure will vary according to the risk strategy.Some organisations accept a higher exposure than others because of their varying risk appetites.Fourth, the risk committee assesses the effectiveness of risk management systems and policies. This is usually based on past data, where a risk has materialised, or ‘stress testing’ of systems where the risk has not yet materialised.Fifth, the risk committee approves and agrees any statements or disclosures made to internal or external audiences, such as risk reporting to analysts or in the annual report. Shareholders have the right to expect accurate and relevant reports on the risks in their investments, and so any reports issued outside the company need to be approved by the risk committee.Criticise Mr Louse’s understandingMr Louse has a weak understanding of the roles and purposes of a risk committee.First, ‘stopping risks affecting’ companies is not within the remit of a risk committee.Some risks affect everybody including businesses; others apply because of industry membership, geographical location, business activity, strategic positioning or business strategy. The role of a risk committee is to identify, review and construct a strategy for managing those risks.Second, he complained that the risk committee was ‘always asking for more information, which was inconvenient’. Gathering information is a crucial part of a risk committee’s role and it is in the company’s overall interest to ensure that information supplied to the risk committee is accurate, current and complete.Third, he misunderstands the nature of the committee’s role if he perceives it to be ‘gloomy and pessimistic’.This is an understandable but unfair criticism. Risks are, by their nature, things that might go wrong or potential liabilities, but the reason why risks need to be understood is to ensure the ongoing success and prosperity of Zogs Company, and that is a very positive thing.Finally, he wrongly believed that all material risks were external risks and so the risk committee should be looking outwards and not inwards. Risks can be internal or external to the company and many internal risks can be highly material such as financial risks, liquidity risks, operational risks, etc.(c)Risk monitoring more important in larger companies than in smaller companies?Small companies exist in different strategic environments to large companies and because of this, a number of differences apply when it comes to corporate governance systems. There are a number of compliance issues, for example, where large companies are required to comply with provisions that smaller companies are not. Some of the differences in regulation and shareholder expectations are driven by differences in the legal status of the organisation (e.g. whether incorporated, whether listed, where domiciled, etc).In the case of risk management systems in smaller companies, there will be a lower overall (aggregate) loss to shareholders than in a large company in the event of a major risk being realised. In larger companies, especially listed companies, a major event can affect markets around the world and this can affect the value of many funds including pension funds, etc. This is unlikely to be the case in any given smaller company.Many smaller companies, including SmallCo, are privately owned and they are therefore not subject to listing rules and, in some cases, other legal regulations. In many smaller companies, any loss of value when a risk is realised is a personal loss to owners and does not affect a high number of relatively ‘disconnected’ shareholders as would be the case in a large public company.Risk probability and impact is often correlated with size. Smaller companies have fewer risks because of their lower profiles, fewer stakeholders and less complex systems than larger organisations. Accordingly, the elaborate risk management systems are less necessary in smaller companies and could be a disproportionate use of funds. This is not to say that smaller companies do not face risks, of course, but that the impacts, say to shareholders or society, are less with a smaller rather than a larger company because of the totality of the losses incurred.The costs of risk monitoring and control may often outweigh the impacts of losses being incurred from risks, if not in a single financial period then maybe over a period of years. There are substantial set-up fixed costs in establishing some risk management systems and, in some cases, variable costs also (e.g. linked to production output). With fewer total risks, there could be less value for money in having risk controls.In summary, risk committees and risk mitigation systems are more important in larger companies than in smaller companies.However it is good practice for all companies, however small, to carry out some form of risk monitoring in order to remain competitive in their environment.3(a)Conflict of interest and discuss the consequences.Conflict of interestA conflict of interest occurs when a person’s freedom of choice or action is constrained by a countervailing interest, whichmeans that the most objectively correct course of action cannot be taken. The discretion to act correctly is fettered by the need to protect a related but contradictory interest. In the case of Jojo Auditors, Jack Hu experienced a conflict of interest between carrying out the agreed policy of dismissing all students assessed as ‘poor’ (such as Polly Shah) and his familiarity with the Shah family and his making a personal gain from the family in the form of free holidays.ConsequencesMr Hu acted against the best interests of the firm including his fellow partners. In his role as managing partner, he owes it to the other partners, and to the employees and clients of the firm, to act responsibly and always in the best interests of the firm. His conflict of interest prevented this from happening.In acting as he did, Mr Hu compromised the other committee members and made them compromise their own professional values. Both the training manager and the representative from human resources are engaged in order to maximise their benefit。
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1、Accounting for management
1.1 Which of the following statements about qualities of good information is false ?
A It should be relevant for its purposes
B It should be communicated to the right person
C It should be completely accurate
D It should be timely
Answer：C
1.2 The sales manager has prepared a manpower plan to ensure that sales quotas for the forthcoming year are achieved.This is an example of what type of planning?
A Strategic planning
B Tactical planning
C Operational planning
D Corporate planning
Answer：B
1.3 Which of the following stastements about management acco unting information is/are true?
1 They must be stated in purely monetary terms
2 Limited companies must,by law,perpar management acco unt
3 They serve as a future planning tool and not used as a n historical record
A 1,2 and3
B 1 and 2
C 2 only
D None of the statements is true
Answer：D
1.4 Which of the following stastements is/are correct ?
1 A management control system is a term used to descri be the hardware and software used to drive a database system whi ch produces information outputs that are easily assimilated by mana gement.
2 An objectives is a course of action that an organisation might pursue in order to achieve its strategy.
3 Informaton is data that has been processed into a form meaningful to the recipient.
A 1,2 and 3
B 1 and 3
C 2 and 3
D 3 only
Answer：D
1.5 Good information should have certain qualities. Which of the following are qualities of good
Information ?
1 Complete
2 Extensive
3 Relevant
4 Accurate
A 1,2 and 3
B 1,3 and 4
C 2 and 4
D All of them
Answer：B
1.6 Monthly variance reports are an example of which one of th
e following types o
f management?
A Tactical
B Strategic
C Non-financial
D Operational
Answer：A
1.7 Which of the following stastements is/are correct ?
1 Strategic planning is carried out by front-line managers
2 Non-financial information is relevant to management ac counting
A 1 is true and 2 is false
B 2 is true and 1 is false
C Both are true
D Both are false
Answer：B
2、Sources of data
2.1 Which of the following is/are primary sources of data ?
(i) Historical records of transport costs to be used to prepare forecasts for budgetary planning
(ii)The Annual Abstract of Statistics, published by the Office for National Statistics in the United Kingdom
(iii) Data collected by a bank in a telephone survey to monitor the effectivess of the bank’s customer services
A (i) and (ii)
B (i) and (iii)
C (i) only
D (iii) only
Answer：D
2.2 The following statements relate to different types of data
(i) Secondary data are data collected especially for a specific purpose
(ii) Discrete data can take on any value
(iii) Qualitative data are data that cannot be measured
(iv) Population data are data arising as a result of investigating a group of people or objects
Which of the statements are true ?
A (i) and (ii) only
B (ii) and (iii) only
C (ii) and (iv) only
D (iii) and (iv) only
Answer：D
2.3 Which of the following stastements are not true ?
I If a sample is selected using random sampling, it will be free from bias.
II A sampling frame is a numbered list of all items in a sample.
III In cluster sampling there is very little potential for bias.
IV In quota sampling, investigators are told to interview all the people they meet up to a certain quota.
A I,II,III and IV
B I,II and III
C II and III
D II only
Answer：C
2.4 Which of the following sampling methods require a sampling frame ?
(i) Random
(ii) Stratified
(iii) Quota
(iv) Systematic
A (i) and (ii) only
B (i),(ii) and (iii) only
C (i),(ii) and (iv) only
D (iii) only
Answer：C
2.5 Which of the following explains the essence of quote sampling ?
A Each element of the population has an equal chance of being chosen
B Every nth member of the population is selected
C Every element of one definable sub-section of the population is selected
D None of the above
Answer：D。