ACCA 考试常见英语词汇（5）

正确答案：
(b) Divestment of products or parts of the business is one of the most difficult strategic decisions. As apparent in Bonar Paint a
reduction in the products and customers served by the firm is likely to cause significant changes to the firm’s value chain and
system. Currently Bonar Paint supplies its customers, regardless of size, directly and this inevitably means that their
distribution costs are increased. The reduction in products and customers may allow a choice to be made about the costs of
supplying customers directly as against using distributors to handle the smaller customers.
In using the value chain one is looking to identify the significant cost activities and how those costs behave. Some costs may
be affected by the overall size of the firm e.g. advertising while others affected by the batch size being processed. The changeto fewer products will lead to a bigger batch size and a number of positive consequences for costs. The value chain’s major
benefit is in identifying and quantifying the links that exist between various activities within the firm and between the firm
and its customers and suppliers. In Bonar Paint’s case does a reduction in product range lead to less product failures and
consequent warranty claims? Does simplifying the product range lead to shorter lead times and better delivery time
performance for its customers? Above all, a good understanding of its value chain will let it know if it changes an activity what
are the consequences for other parts of the system.
In terms of reducing the product range, before such a decision is taken Bonar Paint must carry out a thorough analysis of the
pattern of customer demand for each paint type. In all probability it will find that 80% of its sales come from 20% of its
product range. Having given this qualification, reducing the product range can have a number of beneficial results on other
parts of the value chain. The immediate effect is likely to be that Bonar Paint produces fewer batches over a given time period
but produces them in larger quantities. This will bring cost savings but the impact on other parts of the value chain is equally
important. The beneficial effects are:
– With a smaller product range the control of raw materials and finished inventory will be simplified affecting inbound and
outbound logistics. This will improve the inventory turn and make for better product availability.
– With an improved inventory turn this will reduce the firm’s working capital needs and release significant amounts of
cash.
– A simpler operations process should facilitate staff savings and support more automation.
– Warranty claims and support costs could be reduced.
– Bonar Paint will be purchasing fewer raw materials but in greater volume and on a more regular basis. This will lead to
improved price and delivery terms from its suppliers.
– Bonar Paint can offer improved product reliability and better delivery to its customers and should improve its market
share.
In terms of operational disadvantages, these therefore are largely in terms of the impact on customer service levels seen in
terms of product range availability. Once again it is important to have accurate information on the sales and profitability of
each product so informed divestment decisions could be taken. Care must be taken to identify any paints, which though
ordered infrequently, and in small quantities are a pre-cursor for customers ordering other paints. Some important customers
may require that the full range of their paint needs are met in order to continue buying from Bonar Paint.
Reduction of the product range and customer base is an important strategic decision. Eliminating non-contributors or ‘dog’
products both in terms of paints and customers is a key part of managing the product portfolio. However, inertia both in terms
of products and customers is a real strategic weakness. In terms of the three tests of suitability, acceptability and feasibility
the analysis suggests that only acceptability is likely to be an issue. Tony Edmunds needs to be convinced that it is an
appropriate strategy to adopt. It is the lack of accurate sales analysis that lies at the heart of the problem and that is his areaof responsibility!

正确答案：
(b) Developing a shared culture will be one of the key determinants of whether the anticipated benefits of the acquisition actually
materialise. Due diligence procedures before the merger should have established the key people issues. This will include
reviewing the two management styles and cultures. Clearly these are very different, looking at internal communication pre
and post acquisition, understanding the nature of reward systems in the firm to be acquired, assessing the nature of training
programmes in the firm both before and after the acquisition and attempting to gauge existing employee attitudes towards
Papier Presse and the likely reaction to the acquisition. Reviewing areas where there have been significant staff problems and
consequent negotiations will also be an important clue as to employee attitudes and morale. ‘Hard’ people issues including
pensions, management rewards, health insurance and redundancy terms will need to be realistically assessed and the
implications for both the price paid for the company and subsequent integration fully understood. All too often the compelling
strategic vision for the enlarged company ignores the people costs involved and the time needed to develop shared HR
systems.
Many models on culture and culture management could help to achieve a successful transition. Mintzberg’s cultural or
organisational configuration model, which would facilitate an understanding of the difference in structures and systems, could
be a useful starting point. DPP comes from a divisionalised company where the middle line managers are given considerable
autonomy in achieving agreed levels of performance. Papier Presse, with its dominance by family ownership and
management, could be argued to be entrepreneurial in character, where the owner/managers at the strategic apex of the
company operate a ‘hands-on’ approach and direct control of subordinates. Reconciling these different cultures and structures
will not be an easy task.
Lewin’s 3-step model of change can be used in helping a positive culture emerge from the combining of the two companies.
There is a need to unfreeze the current situation in which employees of both organisations are likely to be reluctant or resistant
to change. There needs to be a clear understanding of who does what in the new organisation – leadership and the role of
the French owners will be a critical factor in successfully changing the culture. Robbins emphasises the need for positive top
management role models in promoting and communicating the need for a change in culture. Policies to affect change on both
the hard and soft factors referred to above need to be in place to move the integration forward. A clear timescale and vision
for change will be a key part of the change process. Finally the systems will need to be in place to re-freeze or rather reinforce
the attitudes and behaviours necessary to achieve success in the merged organisation. Operating across national borderscreates real culture issues to be solved as shown in studies by Hofstede and Bartlett and Ghoshal.

正确答案：
(d) Default surcharge
Although the VAT return was submitted on time (i.e. within one month of the end of the tax period), part of the quarterly VAT
liability has not yet been paid. As a result this payment will be made late and a surcharge liability notice will be issued on
the company. The surcharge period will run from the date of the notice until the anniversary of the end of the period for which
the VAT was paid late (i.e. until 31 March 2007). During this period any further default will extend the surcharge period and
any further late payments of VAT will attract a surcharge penalty of 2% on the first occasion, rising to 15% for successive late
payments.
Mis-declaration penalty
As the return understates the VAT payable, a potential mis-declaration penalty arises. The amount understated exceeds 30%
of the sum of the true input tax and output tax, known as the gross amount of tax (GAT) ((30% of (87,500 + 55,000) +
40,000) = 54,750). There has, thus, been a significant understatement of the true VAT return liability, resulting in a penalty
rate of 15% of the VAT which would have been lost had the error not been discovered. However, where an under declaration
arises out of a true error i.e. there is no intention to evade tax involved, and it is voluntarily disclosed, then a mis-declaration
penalty is not normally imposed. Although the company is still within the ‘period of grace’ allowed by HMRC for the correction
of errors in the next following VAT return, it would be advisable for Trent Limited to notify HMRC of the error immediately, in
writing, unless it has a ‘reasonable excuse’ for the error having occurred.
Default interest
Default interest is chargeable when an assessment to VAT arises for an amount that has been under declared in a previous
period, whether as a result of voluntary disclosure or as identified by HMRC. Interest is charged on a daily basis from the
date the under declaration should have been declared (i.e. 1 May 2006) to the date shown on the notice of assessment or
notice of voluntary disclosure. As given the size of the error the de minimis relief for voluntarily declared errors of less than
￡2,000 is not applicable, the only way for Trent Limited to minimise the interest charge is by means of early disclosure and
payment of the additional VAT due.

正确答案：B