2020年ACCA考试会出新教材吗？教材重要吗？

正确答案：
(c) The advantage to a company of keeping its working capital cycle short is that fewer resources are tied up in working capital,
thus freeing them for other purposes.
(Other answers considered on their merits)

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：
4 Overview:
References are used by most employers as a key part of their selection process, but mainly to verify facts about the candidate rather
than as an aid to decision making. The reference check is usually the last stage in the selection process and referees should be
contacted only after permission has been given by the applicant. Good referees are almost certain to know more about the
applicant than the selector and it would be foolish not to seek their advice or treat the reference check as a mere formality.
Part (a)
References provide further confidential information about the prospective employee. This may be of varying value, as the reliability
of all but the most factual information must be in question.
The purpose of a reference is to obtain straightforward factual information confirming the nature of the applicant’s previous job(s),
the period of employment, current pay and the circumstances for wishing to leave the present employment and to seek opinions
about the applicant’s personality and other attributes. However, allowance must be made for prejudice and charity.