ACCA考试F2考试试题练习及答案（3）

正确答案：

difference will reduce in the year ending 31 May 2006 due to the projected growth in sales volumes of the Celer Transport
business. The average mail/parcels delivery of mail/parcels per vehicle of the Quicklink Ltd part of the business is budgeted
at 12,764 which is still 30·91% higher than that of the Celer Transport business.
As far as specialist activities are concerned, Quicklink Ltd is budgeted to generate average revenues per vehicle amounting to
￡374,850 whilst Celer Transport is budgeted to earn an average of ￡122,727 from each of the vehicles engaged in delivery
of processed food. It is noticeable that all contracts with major food producers were renewed on 1 June 2005 and it would
appear that there were no increases in the annual value of the contracts with major food producers. This might have been
the result of a strategic decision by the management of the combined entity in order to secure the future of this part of the
business which had been built up previously by the management of Celer Transport.
Each vehicle owned by Quicklink Ltd and Celer Transport is in use for 340 days during each year, which based on a
365 day year would give an in use % of 93%. This appears acceptable given the need for routine maintenance and repairs
due to wear and tear.
During the year ended 31 May 2005 the number of on-time deliveries of mail and parcel and industrial machinery deliveries
were 99·5% and 100% respectively. This compares with ratios of 82% and 97% in respect of mail and parcel and processed
food deliveries made by Celer Transport. In this critical area it is worth noting that Quicklink Ltd achieved their higher on-time
delivery target of 99% in respect of each activity whereas Celer Transport were unable to do so. Moreover, it is worth noting
that Celer Transport missed their target time for delivery of food products on 975 occasions throughout the year 31 May 2005
and this might well cause a high level of customer dissatisfaction and even result in lost business.
It is interesting to note that whilst the businesses operate in the same industry they have a rather different delivery mix in
terms of same day/next day demands by clients. Same day deliveries only comprise 20% of the business of Quicklink Ltd
whereas they comprise 75% of the business of Celer Transport. This may explain why the delivery performance of Celer
Transport with regard to mail and parcel deliveries was not as good as that of Quicklink Ltd.
The fact that 120 items of mail and 25 parcels were lost by the Celer Transport business is most disturbing and could prove
damaging as the safe delivery of such items is the very substance of the business and would almost certainly have resulted
in a loss of customer goodwill. This is an issue which must be addressed as a matter of urgency.
The introduction of the call management system by Quicklink Ltd on 1 June 2004 is now proving its worth with 99% of calls
answered within the target time of 20 seconds. This compares favourably with the Celer Transport business in which only
90% of a much smaller volume of calls were answered within a longer target time of 30 seconds. Future performance in this
area will improve if the call management system is applied to the Celer Transport business. In particular, it is likely that the
number of abandoned calls will be reduced and enhance the ‘image’ of the Celer Transport business.

正确答案：
(c) There are numerous criticisms that have been made regarding the BCG growth share matrix. Two such criticisms are as
follows:
– It is a model and the weakness of any model is inherent in its assumptions. For example many strategists are of the
opinion that the axes of the model are much too simplistic. The model implies that competitive strength is indicated by
relative market share. However other factors such as strength of brands, perceived product/service quality and costs
structures also contribute to competitive strength.
Likewise the model implies that the attractiveness of the marketplace is indicated by the growth rate of the market. This
is not necessarily the case as organisations that lack the necessary capital resources may find low-growth markets an
attractive proposition especially as they tend to have a lower risk profile than high-growth markets.
– There are problems with defining the market. The model requires management to define the marketplace within which
a business is trading in order that its rate of growth and relative market share can be calculated. This can prove
problematic in comparing competitors since if they supply different products and services then the absence of a
consistent basis for comparison impairs the usefulness of the model.
Other valid criticisms include the following:
The application of the BCG matrix may prove costly and time-consuming since it necessitates the collection of a large
amount of data. The use of the model may also lead to unfortunate consequences, such as:
– Moving into areas where there is little experience
– Over-milking of cash cows
– Abandonment of potentially healthy businesses labelled as problem children
– Neglect of interrelationships among businesses, and
– Too many problem children within the business portfolio largely as a consequence of incorrect focus of
management attention.

正确答案：
(ii) Answers to questions from potential investors
Maximum investment
– For the relief to be available, a shareholder (together with spouse and children) cannot own more than 30% of the
company. Accordingly, the maximum investment by a single subscriber will be ￡315,000 (15,000 x ￡21).
Borrowing to finance the purchase
– There would normally be tax relief for the interest paid on a loan taken out to acquire shares in a close company
such as Vostok Ltd. However, this relief is not available when the shares qualify for relief under the enterprise
investment scheme.
Implications of a subscriber selling the shares in Vostok Ltd
– The income tax relief will be withdrawn if the shares in Vostok Ltd are sold within three years of subscription.
– Any profit arising on the sale of the shares in Vostok Ltd on which income tax relief has been given will be exempt
from capital gains tax provided the shares have been held for three years.
– Any capital loss arising on the sale of the shares will be allowable regardless of how long the shares have been
held. However, the loss will be reduced by the amount of income tax relief obtained in respect of the investment.
The loss may be used to reduce the investor’s taxable income, and hence his income tax liability, for the tax year
of loss and/or the preceding tax year.
– Any gain deferred at the time of subscription will become chargeable in the year in which the shares in Vostok Ltd
are sold.

正确答案：
(b) The use of residual income as a basis for the management incentive plan operated by NCL plc would have the following
advantages:
Divisional management would be more willing to accept a project with a positive residual income and this would contribute
to the improved performance of NCL plc. Also, the disincentive to accept a project with a positive residual income but a return
on investment regarded by divisional management as not being in their best interests would be removed, because divisional
management would be rewarded.
The use of annuity depreciation may improve performance appraisal by removing the effect of straight-line depreciation which
tends to distort project returns especially in the early years of a project’s life when invested capital remains relatively high due
to the constant depreciation charge. The residual income approach using annuity depreciation will only match the NPV if the
annual cashflows of a project are constant. Hence the method when applied to the North or South projects would produce
an NPV which does not exactly match that previously calculated. By way of contrast it is forecast that the East project will
have constant cashflows and in this instance the NPV and residual income based approach when discounted, will produce
the same result.