速看！你知道如何申请acca初级商业会计证书吗？

正确答案：
(b) Jones and Cousin, a public quoted company
Annual Report 2006
Management Commentary
(i) Introduction
Jones and Cousin is a global company engaged in the medical products sector. This report provides information to assist
the assessment of strategies adopted by the company and the future potential of those strategies.
Principal risks and relationships
Trends:
Expenditure in the medical sector is often controlled by governments and is, therefore, affected by government policy.
Thus the Group is largely dependent on governments providing funds for health care. Product innovation and the
resultant increase in competition could lead to downward pressure on the price of goods and a decline in the Group’s
market share which could affect the operational results and hinder the growth of the Group.
Currency fluctuations:
The Group reports its results using the dollar as its functional currency. As there is only five per cent of the business in
the country of incorporation, fluctuations in exchange rates may have a material effect on the Group. If the exchange
rate of the dollar strengthens against the Dinar and Euro, then group turnover and operating profit would be lower on
translation into dollars. As the manufacturing base is worldwide, the finished products when sold to the Group’s selling
operations could expose the Group to fluctuations in exchange rates.
Product liability claims and loss of reputation:
Although the products are not inherently high risk, there is a possibility of malfunction which could entail risk of product
liability claims or recalls on the product. Both these events could be costly and harmful to the Group’s reputation which
is dependent upon product safety. Any product liability claims or product recalls would have a negative effect on cash
flow and profit, and are likely to adversely affect sales of the product.
Highly Competitive markets:
The principal business units compete across many diverse geographic and product markets. Technical advances and
product innovations by competitors could adversely affect the operating results. Some of the Group’s competitors could
have greater resources and may be able to sell products on more competitive terms. If the Group were to lose market
share or have lower than expected sales growth, there could be an adverse impact on the Group’s share price and future
strategies.
Patents and Products;
The Group protects its intellectual rights in its products and opposes third parties where there is a conflict with the
group’s patents. The Group may itself be subject to patent infringement claims. If the Group failed to protect its position,
its competitive position could suffer and operating results be harmed. Similarly if any claims are successful then damages
may have to be paid, or non patent infringing products developed, both of which would adversely affect results.
Product innovations will occur constantly in the sector and, therefore, the Group has to continually develop products to
satisfy consumer needs and to provide cost and other advantages. Not all products will be brought to the market for
several reasons, including failure to receive regulatory approval or infringement of patents. Thus there is a significant
cost implication in the research and development of products. However, if new products do not remain competitive with
competitors’ products, then Group sales revenue could decline.
Relationships:
The Group has developed a set of corporate social responsibility principles which is the responsibility of the Board of
Directors, and the Managing Director in particular. The Group contributes to the treatment and recovery of patients within
its product range by providing solutions to health care needs. Although having a relatively minor impact on the
environment compared to some companies, any obsolete products are disposed of in an environmentally friendly way
so as not to potentially compromise the health of its customers. Reusable materials are used in the manufacture of
products.
The Group fosters ethical relationships with its suppliers and encourages them to share the same social and
environmental standards. In this way a long term relationship is expected to be developed with suppliers.
The Group’s employment policies are based on equality of opportunity and the performance standards and goals are
communicated to the employees. Jones and Cousin is committed to the provision of continuous training and
development and open communication with its employees. Additionally the group encourages its subsidiaries to reinvestprofits in local educational projects.

正确答案：
(a) Capital gains that may arise on the sale by Belgrove Ltd of shares in Hira Ltd
Belgrove Ltd will realise a capital gain on the sale of the shares unless the substantial shareholding exemption applies. The
exemption will be given automatically provided all of the following conditions are satisfied.
– Belgrove Ltd has owned at least 10% of Hira Ltd for a minimum of 12 months during the two years prior to the sale.
– Belgrove Ltd is a trading company or a member of a trading group during that 12-month period and immediately after
the sale.
– Hira Ltd is a trading company or the holding company of a trading group during that 12-month period and immediately
after the sale.
Hira Ltd will no longer be in a capital gains group with Belgrove Ltd after the sale. Accordingly, a capital gain, known as a
degrouping charge, may arise in Hira Ltd. A degrouping charge will arise if, at the time it leaves the Belgrove Ltd group, Hira
Ltd owns any capital assets which were transferred to it at no gain, no loss within the previous six years by a member of the
Belgrove Ltd capital gains group.

正确答案：
(b) Perfect Shopper currently has a relatively short upstream supply chain. They are bulk purchasers from established suppliers
of branded goods. Their main strength at the moment is to offer these branded goods at discounted prices to neighbourhood
shops that would normally have to pay premium prices for these goods.
In the upstream supply chain, the issue of branding is a significant one. At present, Perfect Shopper only provides branded
goods from established names to its customers. As far as the suppliers are concerned, Perfect Shopper is the customer and
the company’s regional warehouses are supplied as if they were the warehouses of conventional supermarkets. Perfect
Shopper might look at the following restructuring opportunities within this context:
– Examining the arrangements for the delivery of products from suppliers to the regional warehouses. At present this is in
the hands of the suppliers or contractors appointed by suppliers. It appears that when Perfect Shopper was established
it decided not to contract its own distribution. This must now be open to review. It is likely that competitors have
established contractual arrangements with logistics companies to collect products from suppliers. Perfect Shopper must
examine this, accompanied by an investigation into downstream distribution. A significant distribution contract would
probably include the branding of lorries and vans and this would provide an opportunity to increase brand visibility and
so tackle this issue at the same time.
– Contracting the supply and distribution of goods also offers other opportunities. Many integrated logistics contractors also
supply storage and warehousing solutions and it would be useful for Perfect Shopper to evaluate the costs of these.
Essentially, distribution, warehousing and packaging could be outsourced to an integrated logistics company and Perfect
Shopper could re-position itself as a primarily sales and marketing operation.
– Finally, Perfect Shopper must review how it communicates orders and ordering requirements with its suppliers. Their
reliance on supplier deliveries suggests that the relationship is a relatively straightforward one. There may be
opportunities for sharing information and allowing suppliers access to forecasted demand. There are many examples
where organisations have allowed suppliers access to their information to reduce costs and to improve the efficiency of
the supply chain as a whole.
The suggestions listed above assume that Perfect Shopper continues to only supply branded goods. Moving further upstream
in the supply chain potentially moves the company into the manufacture and supply of goods. This will raise a number of
significant issues about the franchise itself.
At present Perfect Shopper has, by necessity, concentrated on branded goods. It has not really had to understand how these
goods sell in specific locations because it has not been able to offer alternatives. The content of the standing order reflects
how the neighbourhood shop wishes to compete in its locality. However, if Perfect Shopper decides to commission its own
brand then the breadth of products is increased. Neighbourhood shops would be able to offer ‘own brand’ products to compete
with supermarkets who also focus on own brand products. It would also increase the visibility of the brand. However, Perfect
Shopper must be sure that this approach is appropriate as a whole. It could easily produce an own brand that reduces the
overall image of the company and hence devalues the franchise. Much more research is needed to assess the viability ofproducing ‘own brand’ goods.