2020年ACCA考试科目、考试题题型题量

正确答案：
(b) Before agreeing to become tax advisers to the Saturn Ltd group
Information needed:
– Proof of incorporation and primary business address and registered office.
– The structure, directors and shareholders of the company.
– The identities of those persons instructing the firm on behalf of the company and those persons that are authorised to
do so.
Action to take:
– Consider whether becoming tax advisers to the Saturn Ltd group would create any threats to compliance with the
fundamental principles of professional ethics, for example integrity and professional competence. Where such threats
exist, we should not accept the appointment unless the threats can be reduced to an acceptable level via the
implementation of safeguards.
– Contact the existing tax adviser in order to ensure that there has been no action by the Saturn Ltd group that would, on
ethical grounds, preclude us from accepting appointment.

正确答案：

(b) Carrying out a systematic PESTEL analysis is a key step in developing alternative scenarios about the future. Johnson and
Scholes define scenarios as ‘detailed and plausible views of how the business environment of an organisation might develop
in the future based on groupings of key environmental influences and drivers of change about which there is a high level of
uncertainty’. In developing scenarios it is necessary to isolate the key drivers of change, which have the potential to have a
significant impact on the company and are associated with high levels of uncertainty. Development of scenarios enables
managers to share assumptions about the future and the key variables shaping that future. This provides an opportunity for
real organisational learning. They are then in a position to monitor these key variables and amend strategies accordingly. It
is important to note that different stakeholder groups will have different expectations about the future and each may provide
a key input to the process of developing scenarios. By their very nature scenarios should not attempt to allocate probabilities
to the key factors and in so doing creating ‘spurious accuracy’ about those factors. A positive scenario is shown below and

should provide a shared insight into the external factors most likely to have a significant impact on Airtite‘s future strategy.
For most companies operating in global environments the ability to respond flexibly and quickly to macro-environmental
change would seem to be a key capability.
The scenario as illustrated below, clearly could have a major impact on the success or otherwise of Airtite’s strategy for the
future. The key drivers for change would seem to be the link between technology and global emissions, fuel prices and the
stability of the global political environment. Through creating a process which considers the drivers which will have most
impact on Airtite and which are subject to the greatest uncertainty, Airtite will have a greater chance of its strategy adaptingto changing circumstances.

正确答案：D

正确答案：
(b) It is important to appreciate that the finance request should cover not only the cost of the construction of the new facility, but
also costs in order to get the business unit up and running, and enough cash to meet initial working capital requirements.
Mulligan Co may have sufficient cash to cover such additional expenses, but the bank will want comfort that this is the case.
Enquiries would include the following:
Who has prepared the forecast? It is important to evaluate the experience and competence of the preparer. If management
has previously prepared forecasts and capital expenditure budgets that were reliable and accurate, this adds a measure of
confidence in the preparation of the new forecast and the underlying assumptions used.
To what extent is internal finance available to cover any shortfall in the finance requirement? If there is surplus cash within
the organisation then the bank need not provide the full amount of finance necessary to start up the new business operation.
Has the cost of finance been included in the forecast? It appears that this cost is missing. Finance costs should be calculated
based on the anticipated interest rate to be applied to the loan advanced, and included in the total finance requirement.
What is the forecast operating cycle of the new business unit? In particular how long is the work in progress period, and how
much credit will be extended to customers? i.e. when will cash inflows specific to the new business unit be received? More
finance might be required to fund initial working capital shortfalls during the period when work in progress is occurring, and
before cash receipts from customers are received.
Will further raw materials be required? A request has been made for $250,000 for raw materials of timber. Other materials
may need to be purchased, for example, non-timber raw materials, and inventory of other consumables such as nuts and
bolts.
How long will the ‘initial’ inventory of raw material last? What is the planned work in progress time for the new product? More
finance may be needed to avoid a stock out of raw materials.
Construction of the new factory – is there any documentation to support the capital expenditure? For example, architect’s
plans, surveyor’s reports. This will support the accuracy of the finance requested and is an important source of evidence given
the materiality of the premises to the total amount of finance requested.
How likely is it that costs may be subject to inflation before actually being incurred? This could increase the amount of finance
required by several percentage points.
Have quotes been obtained for the new machinery to be purchased?
Purchase of new machinery – will any specific installation costs be incurred? These costs can be significant for large pieces
of capital equipment. Also, enquiries should be made regarding any delivery costs.
The budget does not appear to contain any finance request for overheads such as use of electricity during the construction
period, and hire of installation equipment. Have these overheads been included in the construction cost estimate?
Will staff need to be trained in using the new machinery? If so, any incremental costs should be included in the finance
request.
Advertising and marketing of new product – enquire of Patrick Tiler the methods that will be used to market the new product.
Some types of advertising are more of a cash drain due to their high expense e.g. television advertising is expensive and ‘up
front’ compared to magazine advertising, which is cheap and spread out. As Patrick Tiler is new to Mulligan Co, his forecast
is not based on past experience of this particular business.
LCT Bank will also consider the recoverability of the amount advanced by looking at the cash generating potential of the new
business unit. Enquiries should therefore be made regarding the likely success of the new products, for example:
– Has any market research been carried out to support the commercial viability of the new products?
– Have any contracts with retailers to carry the new products been negotiated?
– How quickly have past products generated a cash inflow?
– Is there a contingency plan in place in case the new products fail to be successful?