你一定要看的中国政府是否承认ACCA资格！

正确答案：
(iv) The performance measurement system used by TSC appears simplistic. However, it may be considered to be measuring
the right things since the specific measures used cover a range of dimensions designed to focus the organisation on
factors thought to be central to corporate success, and not confined to traditional financial measures.
Internal benchmarking is used at TSC in order to provide sets of absolute standards that all depots are expected to attain.
This should help to ensure that there is a continual focus upon the adoption of ‘best practice’ at all depots. Benchmarks
on delivery performance place an emphasis upon quality of service whereas benchmarks on profitability are focused
solely upon profitability!
Incentive schemes are used throughout the business, linking the achievement of company targets with financial rewards.
It might well be the case that the profit incentive would act as a powerful motivator to each depot management team.
However, what is required for the prosperity of TSC is a focus of management on the determinants of success as opposed
to the results of success.
(Alternative relevant discussion would be acceptable)

正确答案：
(iii) Importance of confidentiality in the financing of the project and the normal duty of transparency.
I have been asked to include a statement in my remarks on the balance between our duty to be transparent whenever
possible and the need for discretion and confidentiality in some situations. In the case of our initial working capital needs
for the Giant Dam Project, the importance of confidentiality in financing is due to the potential for adverse publicity that
may arise for the lender. It is important that R&M have the project adequately financed, especially in the early stages
before the interim payments from the client become fully effective.
In general, of course, we at R&M attempt to observe the highest standards of corporate governance and this involves
adopting a default position of transparency rather than concealment wherever possible. We recognise that transparency
is important to underpin investor confidence and to provide investors with the information they need to make fund
allocation decisions.
Whilst it is normal to disclose the amount of debt we carry at any given point (on the balance sheet), it is rarely normal
practice to disclose the exact sources of those loans. In the case of the financing of initial working capital for the Giant
Dam Project, I’m sure you will realise that in this unique situation, disclosure of the lender’s identity could threaten the
progress of the project. For this reason we must resist any attempts to release this into the public domain. We are aware
of one pressure group that is actively seeking to discover this information in order to disrupt the project’s progress and
we shall be taking all internal measures necessary to ensure they do not obtain the information.
Thank you for listening.

正确答案：
(c) (i) Variation of Ray’s will
The variation by Alvaro of Ray’s will, such that assets are left to Vito and Sophie, will not be regarded as a gift by Alvaro.
Instead, provided the deed states that it is intended to be effective for IHT purposes, it will be as if Ray had left the assets
to the children in his will.
This strategy, known as skipping a generation, will have no effect on the IHT due on Ray’s death but will reduce the
assets owned by Alvaro and thus his potential UK IHT liability. A deed of variation is more tax efficient than Alvaro
making gifts to the children as such gifts would be PETs and IHT may be due if Alvaro were to die within seven years.
The deed of variation must be entered into by 31 January 2009, i.e. within two years of the date of Ray’s death.