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(b) (i) State FOUR reasons why payback period is widely used by organisations in the capital investment
appraisal process. (2 marks)
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(c) Discuss the ways in which budgets and the budgeting process can be used to motivate managers toendeavour to meet the objectives of the company. Your answer should refer to:(i) setting targets for financial performance;(ii) participation in the budget-setting process. (12 marks)
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(c) Discuss the reasons why the net present value investment appraisal method is preferred to other investmentappraisal methods such as payback, return on capital employed and internal rate of return. (9 marks)
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(e) Briefly provide five reasons to the management of Bailey’s why financial rewards could be considered to improve motivation. (5 marks)
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6 Communication is important for all organisations and requires an understanding of communication flows and channels.Required:(a) Briefly explain the main purposes of the three main formal communication channels in an organisation:(i) Downwards; (3 marks)
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4 (a) A company may choose to finance its activities mainly by equity capital, with low borrowings (low gearing) or byrelying on high borrowings with relatively low equity capital (high gearing).Required:Explain why a highly geared company is generally more risky from an investor’s point of view than a companywith low gearing. (3 marks)
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(c) State one advantage to a business of keeping its working capital cycle as short as possible.(2 Marks)
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(d) Draft a letter for Tim Blake to send to WM’s investors to include the following:(i) why you believe robust internal controls to be important; and(ii) proposals on how internal systems might be improved in the light of the overestimation of mallerite atWM.Note: four professional marks are available within the marks allocated to requirement (d) for the structure,content, style. and layout of the letter.(16 marks)
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(c) Comment on four reasons why the Managing Director of Quicklink Ltd might consider the acquisition of theCeler Transport business to be a ‘good strategic move’ insofar as may be determined from the informationprovided. (5 marks)
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(b) Discuss FOUR factors that distinguish service from manufacturing organisations and explain how each ofthese factors relates to the services provided by the Dental Health Partnership. (5 marks)
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(ii) evaluates the relative performance of the four depots as indicated by the analysis in the summary tableprepared in (i); (5 marks)
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(ii) State, giving reasons, the tax reliefs in relation to inheritance tax (IHT) and capital gains tax (CGT) whichwould be available to Alasdair if he acquires the warehouse and leases it to Gallus Co, rather than toan unconnected tenant. (4 marks)
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(ii) State when the inheritance tax (IHT) calculated in (i) would be payable and by whom. (2 marks)
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(c) (i) Compute Gloria’s capital gains tax liability for 2006/07 ignoring any claims or elections available toreduce the liability. (3 marks)
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(ii) Explain, with reasons, the relief available in respect of the fall in value of the shares in All Over plc,identify the years in which it can be claimed and state the time limit for submitting the claim.(3 marks)
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(d) Explain how Gloria would be taxed in the UK on the dividends paid by Bubble Inc and the capital gains taxand inheritance tax implications of a future disposal of the shares. Clearly state, giving reasons, whether ornot the payment made to Eric is allowable for capital gains tax purposes. (9 marks)You should assume that the rates and allowances for the tax year 2005/06 apply throughout this question.
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(b) (i) Compute the corporation tax liability of Speak Write Ltd for its first trading period on the assumptionthat the IR 35 legislation applies to all of its income. (2 marks)
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(b) (i) State the condition that would need to be satisfied for the exercise of Paul’s share options in Memphisplc to be exempt from income tax and the tax implications if this condition is not satisfied.(2 marks)
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(ii) The sales director has suggested to Damian, that to encourage the salesmen to accept the new arrangement,the company should increase the value of the accessories of their own choice that can be fitted to the lowemission cars.State, giving reasons, whether or not Damian should implement the sales director’s suggestion.(2 marks)
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(c) For commercial reasons, Damian believes that it would be sensible to place a new holding company, Bold plc,over the existing company, Linden Limited. Bold plc would also be unquoted and would acquire the existingLinden Limited shares in exchange for the issue of its own shares.If the new structure is implemented, Bold plc will provide management services to Linden Limited, but theamount that will be charged for these services is yet to be determined.Required:(i) State the capital gains tax (CGT) issues that Damian should be aware of before disposing of his sharesin Linden Limited to Bold plc. Your answer should include details of any conditions that will need to besatisfied if an immediate charge to tax is to be avoided. (4 marks)
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(ii) Explain why Galileo is able to pay the inheritance tax due in instalments, state when the instalments aredue and identify any further issues relevant to Galileo relating to the payments. (3 marks)
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(ii) State, with reasons, whether Messier Ltd can provide Galileo with accommodation in the UK withoutgiving rise to a UK income tax liability. (2 marks)
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(b) State, with reasons, the principal additional information that should be made available for your review ofRobson Construction Co. (8 marks)
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(d) (i) Discuss why it may not be possible to provide a high level of assurance over the stated key performanceindicators; and (4 marks)
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The revenue, expense, and drawing accounts are ______ used in classifying and summarizing changes in capital during the accounting period.A．temporary accountsB．permanent accountsC．income summaryD．terminal accounts
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PV Co is evaluating an investment proposal to manufacture Product W33, which has performed well in test marketing trials conducted recently by the company’s research and development division. The following information relating to this investment proposal has now been prepared.Initial investment $2 millionSelling price (current price terms) $20 per unitExpected selling price inflation 3% per yearVariable operating costs (current price terms) $8 per unitFixed operating costs (current price terms) $170,000 per yearExpected operating cost inflation 4% per yearThe research and development division has prepared the following demand forecast as a result of its test marketing trials. The forecast reflects expected technological change and its effect on the anticipated life-cycle of Product W33.It is expected that all units of Product W33 produced will be sold, in line with the company’s policy of keeping no inventory of finished goods. No terminal value or machinery scrap value is expected at the end of four years, when production of Product W33 is planned to end. For investment appraisal purposes, PV Co uses a nominal (money) discount rate of 10% per year and a target return on capital employed of 30% per year. Ignore taxation.Required:(a) Identify and explain the key stages in the capital investment decision-making process, and the role ofinvestment appraisal in this process. (7 marks)(b) Calculate the following values for the investment proposal:(i) net present value;(ii) internal rate of return;(iii) return on capital employed (accounting rate of return) based on average investment; and(iv) discounted payback period. (13 marks)(c) Discuss your findings in each section of (b) above and advise whether the investment proposal is financially acceptable. (5 marks)
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单选题What is the primary focus of this passage?A
The different kinds of businesses returning to the stateB
The reasons why the state’s economy is improvingC
The policies of the previous governorD
The approval ratings of Governor Turner
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