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(d) Discuss the main benefits that might accrue from the successful implementation of a Total Quality
Management programme by the management of the combined entity. (5 marks)
答案
更多“（d) Discuss the main benefits that might accrue from the successful implementation of a To”相关的问题
第1题
(b) (i) Discuss the main factors that should be taken into account when determining how to treat gains and
losses arising on tangible non-current assets in a single statement of financial performance. (8 marks)
第2题
(c) In the context of a standard unmodified audit report, describe the content of a liability disclaimer paragraph,
and discuss the main arguments for and against the use of a liability disclaimer paragraph. (5 marks)
第3题
Required:
(a) Discuss the particular difficulties encountered when budgeting in public sector organisations compared with budgeting in private sector organisations, drawing comparisons between the two types of organisations. (5 marks)
(b) Explain the terms ‘incremental budgeting’ and ‘zero-based budgeting’. (4 marks)
(c) State the main stages involved in preparing zero-based budgets. (3 marks)
(d) Discuss the view that ‘there is no longer a place for incremental budgeting in any organisation, particularly public sector ones,’ highlighting any drawbacks of zero-based budgeting that need to be considered. (8 marks)
第4题
Required:
(a) (i) Discuss the main weaknesses in the current standard on revenue recognition; (11 marks)
(ii) Discuss the reasons why it might be relevant to take into account credit risk and the time value of money in assessing revenue recognition. (5 marks)
Professional marks will be awarded in part (a) for clarity and expression of your discussion. (2 marks)
(b) (i) Venue enters into a contract with a customer to provide computers at a value of $1 million. The terms are that payment is due one month after the sale of the goods. On the basis of experience with other contractors with similar characteristics, Venue considers that there is a 5% risk that the customer will not pay the amount due after the goods have been delivered and the property transferred. Venue subsequently felt that the financial condition of the customer has deteriorated and that the trade receivable is further impaired by $100,000.
(ii) Venue has also sold a computer hardware system to a customer and, because of the current difficulties in the market, Venue has agreed to defer receipt of the selling price of $2 million until two years after the hardware has been transferred to the customer.
Venue has also been offering discounts to customers if products were sold with terms whereby payment was due now but the transfer of the product was made in one year. A sale had been made under these terms and payment of $3 million had been received. A discount rate of 4% should be used in any calculations.
Required: Discuss how both of the above transactions would be treated in subsequent financial statements under IAS 18 and also whether there would be difference in treatment if the collectability of the debt and the time value of money were taken into account. (7 marks)
第5题
2 The risk committee at Southern Continents Company (SCC) met to discuss a report by its risk manager, Stephanie
Field. The report focused on a number of risks that applied to a chemicals factory recently acquired by SCC in another
country, Southland. She explained that the new risks related to the security of the factory in Southland in respect of
burglary, to the supply of one of the key raw materials that experienced fluctuations in world supply and also an
environmental risk. The environmental risk, Stephanie explained, was to do with the possibility of poisonous
emissions from the Southland factory.
The SCC chief executive, Choo Wang, who chaired the risk committee, said that the Southland factory was important
to him for two reasons. First, he said it was strategically important to the company. Second, it was important because
his own bonuses depended upon it. He said that because he had personally negotiated the purchase of the Southland
factory, the remunerations committee had included a performance bonus on his salary based on the success of the
Southland investment. He told Stephanie that a performance-related bonus was payable when and if the factory
achieved a certain level of output that Choo considered to be ambitious. ‘I don’t get any bonus at all until we reach
a high level of output from the factory,’ he said. ‘So I don’t care what the risks are, we will have to manage them.’
Stephanie explained that one of her main concerns arose because the employees at the factory in Southland were not
aware of the importance of risk management to SCC. She said that the former owner of the factory paid less attention
to risk issues and so the staff were not as aware of risk as Stephanie would like them to be. ‘I would like to get risk
awareness embedded in the culture at the Southland factory,’ she said.
Choo Wang said that he knew from Stephanie’s report what the risks were, but that he wanted somebody to explain
to him what strategies SCC could use to manage the risks.
Required:
(a) Describe four strategies that can be used to manage risk and identify, with reasons, an appropriate strategy
for each of the three risks mentioned in the case. (12 marks)
第6题
Required:
(a) (i) Discuss the approach taken by IFRS 9 in measuring and classifying financial assets and the main effect that IFRS 9 will have on accounting for financial assets. (11 marks)
(ii) Grainger, a public limited company, has decided to adopt IFRS 9 prior to January 2012 and has decided to restate comparative information under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The entity has an investment in a financial asset which was carried at amortised cost under IAS 39 but will be valued at fair value through profit and loss (FVTPL) under IFRS 9. The carrying value of the assets was $105,000 on 30 April 2010 and $110,400 on 30 April 2011. The fair value of the asset was $106,500 on 30 April 2010 and $111,000 on 30 April 2011. Grainger has determined that the asset will be valued at FVTPL at 30 April 2011.
Required:
Discuss how the financial asset will be accounted for in the financial statements of Grainger in the year ended 30 April 2011. (4 marks)
(b) Recently, criticisms have been made against the current IFRS impairment model for financial assets (the incurred loss model). The issue with the incurred loss model is that impairment losses (and resulting write-downs in the reported value of financial assets) can only be recognised when there is evidence that they exist and have been incurred. Reporting entities are not allowed currently to consider the effects of expected losses. There is a view that earlier recognition of loan losses could potentially reduce the problems incurred in a credit crisis.
Grainger has a portfolio of loans of $5 million which was initially recognised on 1 May 2010. The loans mature in 10 years and carry an interest rate of 16%. Grainger estimates that no loans will default in the first two years, but from the third year onwards, loans will default at an annual rate of about 9%. If the loans default as expected, the rate of return from the portfolio will be approximately 9·07%. The number of loans are fixed without any new lending or any other impairment provisions.
Required:
(i) Discuss briefly the issues related to considering the effects of expected losses in dealing with impairment of financial assets. (4 marks)
(ii) Calculate the impact on the financial statements up to the year ended 30 April 2013 if Grainger anticipated the expected losses on the loan portfolio in year three. (4 marks)
Professional marks will be awarded in question 4 for clarity and quality of discussion. (2 marks)
第7题
Another thing that makes money exchanges more complicated is tipping. The Chinese people have happily put an end to tipping, but Westerners are still plagued with this indignity. Waiters and waitresses, cab drivers, hotel bellboys, barbers and hairdressers and all sorts of other people must be tipped. Their employers give them low wages because it is expected that you, the customer, will make up the difference. If you don' t, the service person can' t earn a living. Tipping also varies from place to place, generally in the area of 15% of your bill (before taxes), but again you should ask local residents whom to tip and how much.
There is another kind of tipping as well. You are generally expected to give something (either cash or a bottle of whisky) to the mailman and to your building "super" at Christmas time. You should discuss this also with neighbors and colleagues.
The main idea of this passage is ______.
A．shopping and tipping
B．sales and shopping
C．sales taxes and tipping
D．sales taxes and people
第8题
The connection is complex. In fact, very rich people rate substantially higher in satisfaction with life than very poor people do, even within wealthy nations, he says. "There is overwhelming evidence that money buys happiness," said economist Andrew Oswald of University of Warwick in England. The main debate, he said, is how strong the effect is.
Oswald recently reported a study of Britons who won between ＄ 2,000 and ＄ 250,000 in a lottery (彩票拍奖). As a group, they showed a boost in happiness averaging a bit more than one point on a 36-point scale when surveyed two years after their win, compared to their levels two years before they won.
Daniel Kahnman, a Nobel-Prize winner and Princeton economist, and colleagues, recently declared that the notion that making a lot of money will produce good overall mood is "mostly illusory". They noted that in one study, members of the high-income group were almost twice as likely to call themselves "very happy" as people from households with incomes below ＄ 20,000. But other studies, rather than asking for a summary estimate of happiness, follow people through the day and repeatedly record their feeling. These studies show less effect of income on happiness. Kahneman and colleagues said.
There is still another twist to the money-happiness story. Even though people who make＄150,000 are considerably happier than those who make ＄ 40,000, It's not clear why, says psychologist Richard E. Lucas of Michigan State University.
Researchers conclude that any effect of money on happiness is smaller than most daydreamers assume. "People exaggerate how much happiness is bought by an extra few thousand," Oswald said. "The quality of relationships has a far bigger effect than quite large rises in salary. It's much better advice, if you're looking for happiness in life, try to find the right husband or wife than to try to double your salary."
The main purpose of this passage is to discuss ______
A．the contributions of household incomes to happiness
B．the complex relationship between money and happiness
C．the positive relationship between money and happiness
D．the negative relations of money to happiness
第9题
Passage Four
Does money buy happiness？It’s sometimes said that scientists have found no relationship between money and happiness，but that’s a myth，says University of Illinois psychologist Ed Denier.
The connection is complex. In fact，very rich people rate substantially higher in satisfaction with life than very poor people do，even within wealthy nations. He says“There is overwhelming evidence that money buys happiness.”said economist Andrew Oswald of the University of Warwick in England. The main debate，he said，is how strong the effect is.
Oswald recently reported a study of Britons who won between $ 2000 and $ 250000 in a lottery（彩票拍奖）. As a group，they showed a boost in happiness averaging a bit more than one point on a 36-point scale when surveyed two years after their win，compared to their levels two years before they won.
Daniel Kahneman，a Nobel-Prize winner and Princeton economist，and colleagues，recently declared that the notion that making a lot of money will produce good overall mood is“mostly illusory”. They noted that in one study，members of the high-income group were almost twice as likely to call themselves“very happy”as people from households with incomes below $ 2000. But other studies，rather than asking for a summary estimate of happiness，follow people through the day and repeatedly record their feelings. These studies show less effect of income on happiness，Kahneman and colleagues said.
There is still another twist to the money-happiness story. Even though people who make $ 150000 are considerably happier than those who make $ 40000，it’s not clear why，says psychologist Richard E. Lucas of Michigau Sate University.
Researchers conclude that any effect of money on happiness is smaller than most daydreamer assume.“People exaggerate how much happiness is bought by an extra few thousand，”Oswald said.“The quality of relationships has a far bigger effect than quite large rise in salary...It’s much better advice，if you’re looking for happiness in life，to try to find the right husband or wife than to try to double your salary.”
46. The main purpose of this passage is to discuss .
A. the contributions of household incomes to happiness
B. the complex relationship between money and happiness
C. the positive relations of money to happiness
D. the negative relations of money to happiness
第10题
The sovereign debt crisis in Europe resulted in countries finding it increasingly difficult and expensive to issue government bonds to raise funds. Two main reasons have been put forward to explain why the crisis took place: firstly, a number of countries continued to borrow excessive funds, because their expenditure exceeded taxation revenues; and secondly, a number of countries allocated significant sums of money to support their banks following the ‘credit crunch’ and the banking crisis.
In order to prevent countries defaulting on their debt obligations and being downgraded, the countries in the EU and the International Monetary Fund (IMF) established a fund to provide financial support to member states threatened by the risk of default, credit downgrades and excessive borrowing yields. Strict economic conditions known as austerity measures were imposed on these countries in exchange for receiving financial support.
The austerity measures have affected Strom Co negatively, and the years 2011 and 2012 have been particularly bad, with sales revenue declining by 15% and profits by 25% in 2011, and remaining at 2011 levels in 2012. On investigation, Strom Co noted that clothing retailers selling clothes at low prices and at high prices were not affected as badly as Strom Co or other mid-price retailers. Indeed, the retailers selling low-priced clothes had increased their profits, and retailers selling luxury, expensive clothes had maintained their profits over the last two to three years.
In order to improve profitability, Strom Co’s board of directors expects to cut costs where possible. A significant fixed cost relates to quality control, which includes monitoring the working conditions of employees of Strom Co’s clothing manufacturers, as part of its ethical commitment.
Required:
(a) Explain the role and aims of the International Monetary Fund (IMF) and discuss possible reasons why the austerity measures imposed on European Union (EU) countries might have affected Strom Co negatively. (10 marks)
(b) Suggest, giving reasons, why the austerity measures might not have affected clothing retailers at the high and low price range, as much as the mid-price range retailers like Strom Co. (4 marks)
(c) Discuss the risks to Strom Co of reducing the costs relating to quality control and how the detrimental impact of such reductions in costs could be decreased. (6 marks)
