ACCA考试内容是什么？难度如何？

正确答案：

正确答案：
(c) Small businesses face a number of well-documented problems when seeking to raise additional finance. These problems have
been extensively discussed and governments regularly make initiatives seeking to address these problems.
Risk and security
Investors are less willing to offer finance to small companies as they are seen as inherently more risky than large companies.
Small companies obtaining debt finance usually use overdrafts or loans from banks, which require security to reduce the level
of risk associated with the debt finance. Since small companies are likely to possess little by way of assets to offer as security,
banks usually require a personal guarantee instead, and this limits the amount of finance available.
Marketability of ordinary shares
The equity issued by small companies is difficult to buy and sell, and sales are usually on a matched bargain basis, which
means that a shareholder wishing to sell has to wait until an investor wishes to buy. There is no financial intermediary willing
to buy the shares and hold them until a buyer comes along, so selling shares in a small company can potentially take a long
time. This lack of marketability reduces the price that a buyer is willing to pay for the shares. Investors in small company
shares have traditionally looked to a flotation, for example on the UK Alternative Investment Market, as a way of realising their
investment, but this has become increasingly expensive. Small companies are likely to be very limited in their ability to offer
new equity to anyone other than family and friends.
Tax considerations
Individuals with cash to invest may be encouraged by the tax system to invest in large institutional investors rather than small
companies, for example by tax incentives offered on contributions to pension funds. These institutional investors themselves
usually invest in larger companies, such as stock-exchange listed companies, in order to maintain what they see as an
acceptable risk profile, and in order to ensure a steady stream of income to meet ongoing liabilities. This tax effect reduces
the potential flow of funds to small companies.
Cost
Since small companies are seen as riskier than large companies, the cost of the finance they are offered is proportionately
higher. Overdrafts and bank loans will be offered to them on less favourable terms and at more demanding interest rates than
debt offered to larger companies. Equity investors will expect higher returns, if not in the form. of dividends then in the form
of capital appreciation over the life of their investment.

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,

正确答案：
(c) (i) Without delegation, formal organisations could not exist. Without allocation of authority, responsibility and delegation, a formal organisation cannot be effective. They are critical aspects. Managers must delegate because of the size and complexity of the organisation (certainly an issue for Flavours Fine Foods). Delegation can help overcome the physical and mental limitations of staff, managers and supervisors and it allows management to attend to other matters since routine tasks and decision making can be passed down. However, superiors must call subordinates to account and coordinate their activities.