ACCA考试全科合格证和专业阶段合格证有哪些？

正确答案：
(ii) Analytical procedures
Tutorial note: The range of valid answer points is very broad for this part.
■ Review the trend of MCM’s profit (gross and net) for the last five years (say). Similarly earnings per share and
gearing.
■ For both the National and International businesses compare:
– gross profit, net profit, and return on assets for the last five years (say);
– actual monthly revenue against budget for the last 18 months (say). Similarly, for major items of expenditure
such as:
– full-time salaries;
– freelance consultancy fees;
– premises costs (e.g. depreciation, lease rentals, maintenance, etc);
– monthly revenue (also costs and profit) by centre.
■ Review projections of future profitability of MCM against net profit percentage at 31 December 2004 for:
– the National business (10·4%);
– the International business (38·1%); and
– overall (19·9%).
■ Review of disposal value of owned premises against book values.
■ Compare actual cash balances with budget on a monthly basis and compare borrowings against loan and overdraft
facilities.
■ Compare the average collection period for International’s trade receivables month on month since 31 December
2004 (when it was nearly seven months, i.e.
$3·7
–––– × 365 days) and compare with the National business.
$6·3
■ Compare financial ratios for each of the national centres against the National business overall (and similarly for the
International Business). For example:
– gross and net profit margins;
– return on centre assets;
– average collection period;
– average payment period;
– liquidity ratio.
■ Compare key performance indicators across the centres for the year to 31 December 2004 and 2005 to date. For
example:
– number of corporate clients;
– number of delegates;
– number of training days;
– average revenue per delegate per day;
– average cost per consultancy day.

正确答案：
(b) Divestment of products or parts of the business is one of the most difficult strategic decisions. As apparent in Bonar Paint a
reduction in the products and customers served by the firm is likely to cause significant changes to the firm’s value chain and
system. Currently Bonar Paint supplies its customers, regardless of size, directly and this inevitably means that their
distribution costs are increased. The reduction in products and customers may allow a choice to be made about the costs of
supplying customers directly as against using distributors to handle the smaller customers.
In using the value chain one is looking to identify the significant cost activities and how those costs behave. Some costs may
be affected by the overall size of the firm e.g. advertising while others affected by the batch size being processed. The changeto fewer products will lead to a bigger batch size and a number of positive consequences for costs. The value chain’s major
benefit is in identifying and quantifying the links that exist between various activities within the firm and between the firm
and its customers and suppliers. In Bonar Paint’s case does a reduction in product range lead to less product failures and
consequent warranty claims? Does simplifying the product range lead to shorter lead times and better delivery time
performance for its customers? Above all, a good understanding of its value chain will let it know if it changes an activity what
are the consequences for other parts of the system.
In terms of reducing the product range, before such a decision is taken Bonar Paint must carry out a thorough analysis of the
pattern of customer demand for each paint type. In all probability it will find that 80% of its sales come from 20% of its
product range. Having given this qualification, reducing the product range can have a number of beneficial results on other
parts of the value chain. The immediate effect is likely to be that Bonar Paint produces fewer batches over a given time period
but produces them in larger quantities. This will bring cost savings but the impact on other parts of the value chain is equally
important. The beneficial effects are:
– With a smaller product range the control of raw materials and finished inventory will be simplified affecting inbound and
outbound logistics. This will improve the inventory turn and make for better product availability.
– With an improved inventory turn this will reduce the firm’s working capital needs and release significant amounts of
cash.
– A simpler operations process should facilitate staff savings and support more automation.
– Warranty claims and support costs could be reduced.
– Bonar Paint will be purchasing fewer raw materials but in greater volume and on a more regular basis. This will lead to
improved price and delivery terms from its suppliers.
– Bonar Paint can offer improved product reliability and better delivery to its customers and should improve its market
share.
In terms of operational disadvantages, these therefore are largely in terms of the impact on customer service levels seen in
terms of product range availability. Once again it is important to have accurate information on the sales and profitability of
each product so informed divestment decisions could be taken. Care must be taken to identify any paints, which though
ordered infrequently, and in small quantities are a pre-cursor for customers ordering other paints. Some important customers
may require that the full range of their paint needs are met in order to continue buying from Bonar Paint.
Reduction of the product range and customer base is an important strategic decision. Eliminating non-contributors or ‘dog’
products both in terms of paints and customers is a key part of managing the product portfolio. However, inertia both in terms
of products and customers is a real strategic weakness. In terms of the three tests of suitability, acceptability and feasibility
the analysis suggests that only acceptability is likely to be an issue. Tony Edmunds needs to be convinced that it is an
appropriate strategy to adopt. It is the lack of accurate sales analysis that lies at the heart of the problem and that is his areaof responsibility!

正确答案：

(b) Framework for assessing risk
Risk is assessed by considering each identified risk in terms of two variables:
– its hazard (or consequences or impact) and,
– its probability of happening (or being realised or ‘crystallising’).
The most material risks are those identified as having high impact/hazard and the highest probability of happening. Risks
with low hazard and low probability will have low priority whilst between these two extremes are situations where judgement
is required on how to manage the risk.
In practice, it is difficult to measure both variables with any degree of certainty and so if is often sufficient to consider each
in terms of relative crude metrics such as ‘high/medium/low’ or even ‘high/low’. The framework can be represented as a ‘map’
of two intersecting continuums with each variable being plotted along a continuum.

正确答案：D