ACCAF1考试-会计师与企业(基础阶段)章节练习(2020-10-09)

发布时间:2020-10-09


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1. In a free market economy, the price mechanism:

A Aids government control

B Allocates resources

C Measures national wealth

答案:B

2.The supply curve of a firm operating in a competitive market is its

A Marginal cost curve above the average variable cost curve

B Marginal cost curve above the average total cost curve

C Average total cost curve beyond the point where the marginal cost curve cuts it from below

D Average variable cost curve below the average revenue curve

答案:A

3.A legal minimum price is set which is below the equilibrium price. What will be the impact of this?

A Excess of demand over supply

B Excess of supply over demand

C Nothing

答案:C

4.Which one of the following would cause the supply curve for a good to shift to the right (outwards from

the origin)?

A A fall in the price of the good

B An increase in the demand for the good

C A fall in production costs of the good

D The imposition of a minimum price

答案:C

5.When the price of a good is held above the equilibrium price, the result will be

A Excess demand

B A shortage of the good

C A surplus of the good

答案:C

6.Which one of the following would not lead directly to a shift in the demand curve for overseas holidays?

A An advertising campaign by holiday tour operators

B A fall in the disposable incomes of consumers

C A rise in the price of domestic holidays

D A rise in the price of overseas holidays

答案:D

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下面小编为大家准备了 ACCA考试 的相关考题,供大家学习参考。

(ii) Briefly discuss FOUR non-financial factors which might influence the above decision. (4 marks)

正确答案:
(ii) Four factors that could be considered are as follows:
(i) The quality of the service provided by NSC as evidenced by, for example, the comfort of the ferries, on-board
facilities, friendliness and responsiveness of staff.
(ii) The health and safety track record of NSC – passenger safety is a ‘must’ in such operations.
(iii) The reliability, timeliness and dependability of NSC as a service provider.
(iv) The potential loss of image due to redundancies within Wonderland plc.

3 At a recent international meeting of business leaders, Seamus O’Brien said that multi-jurisdictional attempts to

regulate corporate governance were futile because of differences in national culture. He drew particular attention to

the Organisation for Economic Co-operation and Development (OECD) and International Corporate Governance

Network (ICGN) codes, saying that they were, ‘silly attempts to harmonise practice’. He said that in some countries,

for example, there were ‘family reasons’ for making the chairman and chief executive the same person. In other

countries, he said, the separation of these roles seemed to work. Another delegate, Alliya Yongvanich, said that the

roles of chief executive and chairman should always be separated because of what she called ‘accountability to

shareholders’.

One delegate, Vincent Viola, said that the right approach was to allow each country to set up its own corporate

governance provisions. He said that it was suitable for some countries to produce and abide by their own ‘very

structured’ corporate governance provisions, but in some other parts of the world, the local culture was to allow what

he called, ‘local interpretation of the rules’. He said that some cultures valued highly structured governance systems

while others do not care as much.

Required:

(a) Explain the roles of the chairman in corporate governance. (5 marks)

正确答案:
(a) Roles of the chairman in corporate governance
The chairman is the leader of the board of directors in a private or public company although other organisations are often run
on similar governance lines. In this role, he or she is responsible for ensuring the board’s effectiveness as a unit, in the service
of the shareholders. This means agreeing and, if necessary, setting the board’s agenda and ensuring that board meetings
take place on a regular basis.
The chairman represents the company to investors and other outside stakeholders/constituents. He or she is often the
‘public face’ of the organisation, especially if the organisation must account for itself in a public manner. Linked to this,
the chairman’s roles include communication with shareholders. This occurs in a statutory sense in the annual report
(where, in many jurisdictions, the chairman must write to shareholders each year in the form. of a chairman’s statement)
and at annual and extraordinary general meetings.
Internally, the chairman ensures that directors receive relevant information in advance of board meetings so that all
discussions and decisions are made by directors fully apprised of the situation under discussion. Finally, his or her role
extends to co-ordinating the contributions of non-executive directors (NEDs) and facilitating good relationships between
executive and non-executive directors.

This scenario summarises the development of a company called Rock Bottom through three phases, from its founding in 1965 to 2008 when it ceased trading.

Phase 1 (1965–1988)

In 1965 customers usually purchased branded electrical goods, largely produced by well-established domestic companies, from general stores that stocked a wide range of household products. However, in that year, a recent university graduate, Rick Hein, established his first shop specialising solely in the sale of electrical goods. In contrast to the general stores, Rick Hein’s shop predominantly sold imported Japanese products which were smaller, more reliable and more sophisticated than the products of domestic competitors. Rick Hein quickly established a chain of shops, staffed by young people who understood the capabilities of the products they were selling. He backed this up with national advertising in the press, an innovation at the time for such a specialist shop. He branded his shops as ‘Rock Bottom’, a name which specifically referred to his cheap prices, but also alluded to the growing importance of

rock music and its influence on product sales. In 1969, 80% of sales were of music centres, turntables, amplifiers and speakers, bought by the newly affluent young. Rock Bottom began increasingly to specialise in selling audio equipment.

Hein also developed a high public profile. He dressed unconventionally and performed a number of outrageous stunts that publicised his company. He also encouraged the managers of his stores to be equally outrageous. He rewarded their individuality with high salaries, generous bonus schemes and autonomy. Many of the shops were extremely successful, making their managers (and some of their staff) relatively wealthy people.

However, by 1980 the profitability of the Rock Bottom shops began to decline significantly. Direct competitors using a similar approach had emerged, including specialist sections in the large general stores that had initially failed to react to the challenge of Rock Bottom. The buying public now expected its electrical products to be cheap and reliable.

Hein himself became less flamboyant and toned down his appearance and actions to satisfy the banks who were becoming an increasingly important source of the finance required to expand and support his chain of shops.

Phase 2 (1989–2002)

In 1988 Hein considered changing the Rock Bottom shops into a franchise, inviting managers to buy their own shops (which at this time were still profitable) and pursuing expansion though opening new shops with franchisees from outside the company. However, instead, he floated the company on the country’s stock exchange. He used some of the capital raised to expand the business. However, he also sold shares to help him throw the ‘party of a lifetime’ and to purchase expensive goods and gifts for his family. Hein became Chairman and Chief Executive Officer (CEO) of the newly quoted company, but over the next thirteen years his relationship with his board and shareholders became increasingly difficult. Gradually new financial controls and reporting systems were put in place. Most of the established managers left as controls became more centralised and formal. The company’s performance was solid but unspectacular. Hein complained that ‘business was not fun any more’. The company was legally required to publish directors’ salaries in its annual report and the generous salary package enjoyed by the Chairman and CEO increasingly became an issue and it dominated the 2002 Annual General Meeting (AGM). Hein was embarrassed by its publication and the discussion it led to in the national media. He felt that it was an infringement of his privacy and

civil liberties.

Phase 3 (2003–2008)

In 2003 Hein found the substantial private equity investment necessary to take Rock Bottom private again. He also used all of his personal fortune to help re-acquire the company from the shareholders. He celebrated ‘freeing Rock Bottom from its shackles’ by throwing a large celebration party. Celebrities were flown in from all over the world to attend. However, most of the new generation of store managers found Hein’s style. to be too loose and unfocused. He became rude and angry about their lack of entrepreneurial spirit. Furthermore, changes in products and how they were purchased meant that fewer people bought conventional audio products from specialist shops. The reliability of these products now meant that they were replaced relatively infrequently. Hein, belatedly, started to consider selling via an Internet site. Turnover and profitability plummeted. In 2007 Hein again considered franchising the company,but he realised that this was unlikely to be successful. In early 2008 the company ceased trading and Hein himself,now increasingly vilified and attacked by the press, filed for personal bankruptcy.

Required:

(a) Analyse the reasons for Rock Bottom’s success or failure in each of the three phases identified in the

scenario. Evaluate how Rick Hein’s leadership style. contributed to the success or failure of each phase.

(18 marks)

(b) Rick Hein considered franchising the Rock Bottom brand at two points in its history – 1988 and 2007.

Explain the key factors that would have made franchising Rock Bottom feasible in 1988, but would have

made it ‘unlikely to be successful’ in 2007. (7 marks)

正确答案:

(a) The product life cycle model suggests that a product passes through six stages: introduction, development, growth, shakeout,
maturity and decline. The first Rock Bottom phase appears to coincide with the introduction, development and growth periods
of the products offered by the company. These highly specified, high quality products were new to the country and were
quickly adopted by a certain consumer segment (see below). The life cycle concept also applies to services, and the innovative
way in which Rock Bottom sold and marketed the products distinguished the company from potential competitors. Not only
were these competitors still selling inferior and older products but their retail methods looked outdated compared with Rock Bottom’s bright, specialist shops. Rock Bottom’s entry into the market-place also exploited two important changes in the
external environment. The first was the technological advance of the Japanese consumer electronics industry. The second
was the growing economic power of young people, who wished to spend their increasing disposable income on products that
allowed them to enjoy popular music. Early entrants into an industry gain experience of that industry sooner than others. This
may not only be translated into cost advantages but also into customer loyalty that helps them through subsequent stages of
the product’s life cycle. Rock Bottom enjoyed the advantages of a first mover in this industry.
Hein’s leadership style. appears to have been consistent with contemporary society and more than acceptable to his young
target market. As an entrepreneur, his charismatic leadership was concerned with building a vision for the organisation and
then energising people to achieve it. The latter he achieved through appointing branch managers who reflected, to some
degree, his own style. and approach. His willingness to delegate considerable responsibility to these leaders, and to reward
them well, was also relatively innovative. The shops were also staffed by young people who understood the capabilities of the
products they were selling. It was an early recognition that intangible resources of skills and knowledge were important to the
organisation.
In summary, in the first phase Rock Bottom’s organisation and Hein’s leadership style. appear to have been aligned with
contemporary society, the customer base, employees and Rock Bottom’s position in the product/service life cycle.
The second phase of the Rock Bottom story appears to reflect the shakeout and maturity phases of the product life cycle. The
entry of competitors into the market is a feature of the growth stage. However, it is in the shakeout stage that the market
becomes saturated with competitors. The Rock Bottom product and service approach is easily imitated. Hein initially reacted
to these new challenges by a growing maturity, recognising that outrageous behaviour might deter the banks from lending to
him. However, the need to raise money to fund expansion and a latent need to realise (and enjoy) his investment led to the
company being floated on the country’s stock exchange. This, eventually, created two problems.
The first was the need for the company to provide acceptable returns to shareholders. This would have been a new challenge
for Hein. He would have to not only maintain dividends to external shareholders, but he would also have to monitor and
improve the publicly quoted share price. In an attempt to establish an organisation that could deliver such value, changes
were made in the organisational structure and style. Most of the phase 1 entrepreneur-style. managers left. This may have
been inevitable anyway as Rock Bottom would have had problems continuing with such high individual reward packages in
a maturing market. However, the new public limited organisation also demanded managers who were more transactional
leaders, focusing on designing systems and controlling performance. This style. of management was alien to Rick’s approach.
The second problem was the need for the organisation to become more transparent. The publishing of Hein’s financial details
was embarrassing, particularly as his income fuelled a life-style. that was becoming less acceptable to society. What had once
appeared innovative and amusing now looked like an indulgence. The challenge now was for Hein to change his leadership
style. to suit the new situation. However, he ultimately failed to do this. Like many leaders who have risen to their position
through entrepreneurial ability and a dominant spirit, the concept of serving stakeholders rather than ordering them around
proved too difficult to grasp. The sensible thing would have been to leave Rock Bottom and start afresh. However, like many
entrepreneurs he was emotionally attached to the company and so he persuaded a group of private equity financiers to help
him buy it back. Combining the roles of Chairman and Chief Executive Officer (CEO) is also controversial and likely to attract
criticism concerning corporate governance.

In summary, in the second phase of Hein’s leadership he failed to change his approach to reflect changing social values, a
maturing product/service market-place and the need to serve new and important stakeholders in the organisation. He clearly
saw the public limited company as a ‘shackle’ on his ambition and its obligations an infringement of his personal privacy.
It can be argued that Hein took Rock Bottom back into private ownership just as the product life cycle moved into its decline
stage. The product life cycle is a timely reminder that any product or service has a finite life. Forty years earlier, as a young
man, Hein was in touch with the technological and social changes that created a demand for his product and service.
However, he had now lost touch with the forces shaping the external environment. Products have now moved on. Music is
increasingly delivered through downloaded files that are then played through computers (for home use) or MP3s (for portable
use). Even where consumers use traditional electronic equipment, the reliability of this equipment means that it is seldom
replaced. The delivery method, through specialised shops, which once seemed so innovative is now widely imitated and
increasingly, due to the Internet, less cost-effective. Consumers of these products are knowledgeable buyers and are only
willing to purchase, after careful cost and delivery comparisons, through the Internet. Hence, Hein is in a situation where he
faces more competition to supply products which are used and replaced less frequently, using a sales channel that is
increasingly uncompetitive. Consequently, Hein’s attempt to re-vitalise the shops by using the approach he adopted in phase
1 of the company was always doomed to failure. This failure was also guaranteed by the continued presence of the managers
appointed in phase 2 of the company. These were managers used to tight controls and targets set by centralised management.
To suddenly be let loose was not what they wanted and Hein appears to have reacted to their inability to act entrepreneurially
with anger and abuse. Hein’s final acts of reinvention concerned the return to a hedonistic, conspicuous life style. that he had
enjoyed in the early days of the company. He probably felt that this was possible now that he did not have the reporting
requirements of the public limited company. However, he had failed to recognise significant changes in society. He celebrated
the freeing of ‘Rock Bottom from its shackles’ by throwing a large celebration party. Celebrities were flown in from all over the
world to attend. It seems inevitable that the cost and carbon footprint of such an event would now attract criticism.
Finally, in summary, Hein’s approach and leadership style. in phase 3 became increasingly out of step with society’s
expectations, customers’ requirements and employees’ expectations. However, unlike phase 2, Hein was now free of the
responsibilities and controls of professional management in a public limited company. This led him to conspicuous activities
that further devalued the brand, meaning that its demise was inevitable.

(b) At the end of the first phase Hein still had managers who were entrepreneurial in their outlook. It might have been attractive
for them to become franchisees, particularly as this might be a way of protecting their income through the more challenging
stages of the product and service life cycle that lay ahead. However, by the time Hein came to look at franchising again (phase
3), the managers were unlikely to be of the type that would take up the challenge of running a franchise. These were
managers used to meeting targets within the context of centrally determined policies and budgets within a public limited
company. Hein would have to make these employees redundant (at significant cost) and with no certainty that he could find
franchisees to replace them.
At the end of phase 1, Rock Bottom was a strong brand, associated with youth and innovation. First movers often retain
customer loyalty even when their products and approach have been imitated by new aggressive entrants to the market. A
strong brand is essential for a successful franchise as it is a significant part of what the franchisee is buying. However, by the
time Hein came to look at franchising again in phase 3, the brand was devalued by his behaviour and incongruent with
customer expectations and sales channels. For example, it had no Internet sales channel. If Hein had developed Rock Bottom
as a franchise it would have given him the opportunity to focus on building the brand, rather than financing the expansion
of the business through the issue of shares.
At the end of phase 1, Rock Bottom was still a financially successful company. If it had been franchised at this point, then
Hein could have realised some of his investment (through franchise fees) and used some of this to reward himself, and the
rest of the money could have been used to consolidate the brand. Much of the future financial risk would have been passed
to the franchisees. There would have been no need to take Rock Bottom public and so suffer the scrutiny associated with a
public limited company. However, by the time Hein came to look at franchising again in phase 3, most of the shops were
trading at a loss. He saw franchising as a way of disposing of the company in what he hoped was a sufficiently well-structured
way. In effect, it was to minimise losses. It seems highly unlikely that franchisees would have been attracted by investing in
something that was actually making a loss. Even if they were, it is unlikely that the franchise fees (and hence the money
immediately realised) would be very high.


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