河南省ACCA考试成绩查询时间

正确答案：D

正确答案：
(c) There are many reasons that could be discussed in support of the view that net present value (NPV) is superior to other
investment appraisal methods.
NPV considers cash flows
This is the reason why NPV is preferred to return on capital employed (ROCE), since ROCE compares average annual
accounting profit with initial or average capital invested. Financial management always prefers cash flows to accounting profit,
since profit is seen as being open to manipulation. Furthermore, only cash flows are capable of adding to the wealth of
shareholders in the form. of increased dividends. Both internal rate of return (IRR) and Payback also consider cash flows.
NPV considers the whole of an investment project
In this respect NPV is superior to Payback, which measures the time it takes for an investment project to repay the initial
capital invested. Payback therefore considers cash flows within the payback period and ignores cash flows outside of the
payback period. If Payback is used as an investment appraisal method, projects yielding high returns outside of the payback
period will be wrongly rejected. In practice, however, it is unlikely that Payback will be used alone as an investment appraisal
method.
NPV considers the time value of money
NPV and IRR are both discounted cash flow (DCF) models which consider the time value of money, whereas ROCE and
Payback do not. Although Discounted Payback can be used to appraise investment projects, this method still suffers from the
criticism that it ignores cash flows outside of the payback period. Considering the time value of money is essential, since
otherwise cash flows occurring at different times cannot be distinguished from each other in terms of value from the
perspective of the present time.
NPV is an absolute measure of return
NPV is seen as being superior to investment appraisal methods that offer a relative measure of return, such as IRR and ROCE,
and which therefore fail to reflect the amount of the initial investment or the absolute increase in corporate value. Defenders
of IRR and ROCE respond that these methods offer a measure of return that is understandable by managers and which can
be intuitively compared with economic variables such as interest rates and inflation rates.
NPV links directly to the objective of maximising shareholders’ wealth
The NPV of an investment project represents the change in total market value that will occur if the investment project is
accepted. The increase in wealth of each shareholder can therefore be measured by the increase in the value of their
shareholding as a percentage of the overall issued share capital of the company. Other investment appraisal methods do not
have this direct link with the primary financial management objective of the company.
NPV always offers the correct investment advice
With respect to mutually exclusive projects, NPV always indicates which project should be selected in order to achieve the
maximum increase on corporate value. This is not true of IRR, which offers incorrect advice at discount rates which are less
than the internal rate of return of the incremental cash flows. This problem can be overcome by using the incremental yield
approach.
NPV can accommodate changes in the discount rate
While NPV can easily accommodate changes in the discount rate, IRR simply ignores them, since the calculated internal rate
of return is independent of the cost of capital in all time periods.
NPV has a sensible re-investment assumption
NPV assumes that intermediate cash flows are re-invested at the company’s cost of capital, which is a reasonable assumption
as the company’s cost of capital represents the average opportunity cost of the company’s providers of finance, i.e. it
represents a rate of return which exists in the real world. By contrast, IRR assumes that intermediate cash flows are reinvested
at the internal rate of return, which is not an investment rate available in practice,
NPV can accommodate non-conventional cash flows
Non-conventional cash flows exist when negative cash flows arise during the life of the project. For each change in sign there
is potentially one additional internal rate of return. With non-conventional cash flows, therefore, IRR can suffer from the
technical problem of giving multiple internal rates of return.

正确答案：
(a) To: Paul Simpson – HR Manager
From:
Human Resource Planning and Global Imaging’s future growth
I will use this report to highlight the main phases in HR (human resource) planning and then deal with the specific HR
activities, which will be needed to support the achievement of the growth strategy.
There are four major stages in creating a human resource plan. Firstly, auditing the current HR resources in Global Imaging,
as a relatively young company one could anticipate it having a relatively young labour force many of whom will be
professionally qualified. Secondly, the planned growth will require a forecast of both the number and type of people who will
be needed to implement the strategy. Thirdly, planning will be needed on how to meet the needs identified in the forecast –
how do we fill the gap in between the human reources we currently have and those needed to fulfil the plan? Finally, there
will be the need to control those resources in terms of measuring performance against the goals set.
The key activities to achieve the growth goals will be:
Recruitment, selection and staffing – here the key issues will be to recruit the necessary additional staff and mix of suitably
qualified workers. The growth of the company will create management succession issues including the two managing
directors, who are looking to exit the business in the foreseeable future. The rate of growth will also make it necessary to
manage significant internal transfers of people in the company as new positions and promotion opportunities are created.
Compensation and benefits – the start up phase of a company’s life is often a stage where a formal reward structure has not
been created. It also may be necessary to meet or exceed the labour market rates in order to attract the necessary talent. As
the firm grows there will be a need to ensure that the firm is competitive in terms of the rewards offered, but there is an
increasing need to ensure equity between newcomers and staff already employed in the firm. These pressures will normally
lead to the creation of a formal compensation structure.
Employee training and development – here there is a need to create an effective management team through management
development and organisational development.

Political
Global stability
Free trade
No wars
Economic
Growth
High disposable incomes
Stable fuel prices
Low inflation
No tax increases
AIRTITE
Social
More travel
Pensioners living longer
– travelling more
More working abroad
More second homes
Technological
Engines more efficent
Larger aircraft
Less pollution
Environmental
No global emission policy
No global warming threat
Legal
Free trade
No emission controls
No wars
Labour employee relations – here there is a need to establish harmonious labour relations and employee motivation and
morale.
Overall, the HR implications of the proposed growth strategy are profound and there is a significant danger that failure to linkstrategy and the consequent HR needs will act as a major constraint on achieving the strategy.
Yours,