Cinola Island, Wonderland plc operates a circus and zoological gardens (zoo) both of which are open for 365 days
per annum. The circus, which is widely regarded as the best in the world, can accommodate a maximum of 14,000
visitors per day. The zoological gardens, which opened on 1 December 1999, can accommodate a maximum of
20,000 visitors per day. Visitors travel to and from Cinola Island using petrol-driven ferries owned by Wonderland plc.
There is no other mode of transport to and from Cinola Island.
The following information is available in respect of the year ended 30 November 2006 and the year ending
30 November 2007.
(1) The zoo and circus were open on each day of the year. The circus performed once per day and was always
operated at maximum capacity.
(2) Three types of ticket were sold as follows:
Note: The petrol-driven ferries were fully depreciated as at 1 December 2006.
(7) Wonderland plc received an annual fee of £10 million from an International media group under a fixed-term
contract of three years’ duration. The contract commenced on 1 December 2005 and relates to the rights to
televise programmes which were filmed in the zoo and therefore the fee should be regarded as relating to the
zoo.
(8) Admission fees to the zoo and circus will be increased by 5% with effect from 1 December 2006. Transport fees
will remain unchanged.
(9) It is anticipated that all operating costs will increase by 4% per annum due to the impact of inflation during the
year ending 30 November 2007.
(10) The management of Wonderland plc expect that the number of visitors, visitor mix and ticket mix will remain
unchanged during the year ending 30 November 2007.
(11) Ignore taxation.
Required:
(a) Prepare the budgeted profit and loss account for Wonderland plc for the year ending 30 November 2007.
(9 marks)
第1题
4 Healthfoods Ltd (HFL) is a well-established company which markets fruit and vegetables under their ‘Good Health’
brand name at each of its 6 outlets in the country of Ateland. During recent years HFL has marketed organically grown
fruit and vegetables. The directors are now planning to market organic mushrooms which have a unique eating quality
and will be the most nutritious mushrooms available on the market.
The finance director has collated the following information regarding the proposed introduction and sale of organic
mushrooms within Ateland:
(1) HFL will purchase the organic mushrooms from Orgmush Ltd (OML) and sell them at each of its 6 outlets within
Ateland. Sales volumes of organic mushrooms are expected to be at the same level at each outlet.
(2) OML, which is the only grower of this particular type of organic mushroom within Ateland, has offered HFL a
choice of four different contracts in respect of the forthcoming year. OML has the capacity to produce 360,000
kilograms of organic mushrooms for each of the 6 outlets.
The cost incurred by HFL in respect of organic mushrooms will vary according to contract size, as shown in the
following table:
第2题
4 Diverse Holdings Plc has five wholly-owned subsidiary companies. These are:
(i) Organic Foods Ltd (OFL) which is involved in the production and sale of organically grown fruit and vegetables.
OFL has built up a very good reputation as a supplier of quality produce.
(ii) Haul-Trans Ltd (HTL) which was acquired on 1 December 2005 and is involved in transporting a range of
products on behalf of third parties.
(iii) Kitchen Appliances Ltd (KAL) which is involved in the manufacture and sale of small, manually-operated kitchen
appliances. KAL has recently suffered from squeezed margins as a consequence of competition from low cost
imports.
(iv) Paper Supplies Ltd (PSL) which manufactures and sells a narrow range of stationery products to two distributors.
(v) Office Products Ltd (OPL) which manufactures and sells computer workstations with unique design features
which are highly regarded by health and safety experts.
The management accountant of Diverse Holdings Plc has gathered the following actual and forecast information
relating to the five subsidiaries:
Required:
(a) Identify and comment on FOUR advantages that may be gained as a result of the adoption of a formal system
of strategic planning. (4 marks)
第3题
esign through to the
distribution of products. Within each function, a number of activities may be distinguished and a principal driver
identified for each activity.
Each sales order will normally comprise a number of batches of any one of a range of products. The company is active
in promoting, where possible, a product focus for design, dedicated production lines and product marketing. It also
recognises that a considerable level of expenditure will relate to supporting the overall business operation.
It is known that many costs may initially be recognised at the unit, batch, product sustaining (order) or
business/facility sustaining (overall) levels. A list of expense items relating to Order Number 377 of product Zeta is
shown below. The methods of calculating the values for Order Number 377 shown below are given in brackets
alongside each expense item. These methods also indicate whether the expense items should be regarded as product
unit, batch, product sustaining (order) or business/facility sustaining (overall) level costs. The expense items are not
listed in any particular sequence. Each expense item should be adjusted to reflect its total cost for
Order Number 377.
Order Number 377 comprises 5,000 units of product Zeta. The order will be provided in batches of 1,000 product
units.
第4题
elated services to the
population of Blaintopia, a country in which the public health service is partially funded by the Government.
Additional information relating to the Dental Health Partnership for the year ended 31 May 2005 is as follows:
(1) The partnership was open for five days per week during 48 weeks of the year.
(2) Each dentist treated 20 patients per day. The maximum number of patients that could have been treated by a
dentist on any working day was 24 patients.
(3) (i) The partnership received a payment from the government each time any patient was consulted as shown in
the following table:
Required:
(a) Prepare a summary Profit and Loss Account of the Dental Health Partnership for the year ended
31 May 2005 and calculate the percentage of maximum capacity that was required to be utilised in order
to break even in the year ended 31 May 2005. (12 marks)
第5题
Bonlandia. SSH
develops bespoke software packages on behalf of clients. When requested to do so, SSH also provides training to
clients’ staff in the use of these software packages. On 1 December 2006, the directors of SSH established a similar
semi-autonomous operation in Karendia. All software packages are produced in Bonlandia and transferred to Karendia
at cost plus attributable overheads i.e. there is no mark-up on the software packages transferred from Bonlandia to
Karendia.
Karendia is a country in which the structure of industry has changed during recent years. There has been a major
shift from traditional manufacturing businesses to service orientated businesses which place a far greater emphasis
upon the use of business software.
The operational managers in both Bonlandia and Karendia have no control over company policies in respect of
acquisitions and financing.
The operational manager of Bonlandia receives a bonus of 40% of his basic salary for meeting all client delivery
deadlines in respect of Karendia. At a recent meeting he instructed his staff to ‘install client software by the due date
and we’ll worry about fixing any software problems after it’s been installed. After all, we always fix software problems
eventually’. He also stated that ‘it is of vital importance that we grow our revenues in Karendia as quickly as possible.
Our clients in Karendia might complain but they have spent a lot of money on our software products and will not be
able to go to any of our competitors once we have installed our software as all their businesses would suffer huge
disruption’.
Financial data (all stated on an actual basis) in respect of the two divisions for the two years ended 30 November
2007 and 2008 are shown on the next page:
Required:
(a) Assess the financial performance of SSH and its operations in Bonlandia and Karendia during the years
ended 30 November 2007 and 2008.
Note: you should highlight additional information that would be required in order to provide a more
comprehensive assessment of the financial performance of each operation. (14 marks)
第6题
les 1, 2 and 3 before
attempting this question.
Quicklink Ltd operates in the distribution and haulage industry and has achieved significant growth since its formation
in 1997. Its main activities comprise the door-to-door delivery of mail, parcels and industrial machinery.
The information contained in notes (i–vii) below relates to Quicklink Ltd in respect of the year ended 31 May
2005 and changes planned in the year ending 31 May 2006.
(i) Contracted clients were charged at the following rates during the year ended 31 May 2005: Mail £6 per delivery,
Parcels £10 per delivery and Machinery £200 per delivery.
(ii) Rates for non-contract clients during each of the years ended 31 May 2005 and year ending 31 May 2006,
were/are based upon the contracted client rates per delivery plus an additional percentage fee per delivery
charged to non-contract clients as follows:
Activity Additional Fee
Mail 40%
Parcel 20%
Machinery 50%
(iii) On 1 June 2003, Quicklink Ltd entered into a fixed price contract for the provision of fuel for its delivery vehicles
for the three-year period ending 31 May 2006. For the year ending 31 May 2006 fuel costs will be as follows:
(a) £0·10 per kilometre in respect of the delivery of mail and parcels
(b) £0·50 per kilometre in respect of the delivery of industrial machinery.
Each vehicle owned by Quicklink Ltd is in use for 340 days per annum.
(iv) Employee salaries were paid throughout the year ended 31 May 2005 at a rate of £26,400 per employee, per
annum.
(v) Sundry operating costs (excluding fuel and salaries) of Quicklink Ltd amounted to £3,000,000 during the year
ended 31 May 2005.
(vi) The board of directors expect that for the year ending 31 May 2006 the following will apply:
(a) contract rates of Quicklink Ltd business will increase by 5%
(b) sales volumes are expected to remain at the same level as in the year ended 31 May 2005
(c) salaries and other operating expenses will increase by 4%.
(vii) The board of directors agreed to purchase Celer Transport, an unincorporated business, which was founded in
December 2001. The purchase took effect on 1 June 2005. Celer Transport has main activities comprising the
delivery of mail, parcels and processed food. The managing director of Quicklink Ltd has expressed his view that
‘the acquisition of the Celer Transport business would constitute a good strategic move even though it is expected
to make a loss of £50,000 during the year ending 31 May 2006’.
The information contained in notes (viii–xii) below relates to the business of Celer Transport in respect of the year
ending 31 May 2006:
(viii) A distinctive competence of the Celer Transport business relates to its success in winning contracts with major
food producers. Each contract is for a fixed term of three years and all contracts were renewed on 1 June 2005.
Contract values per annum are as follows:
Number of contracts Value per contract (£)
4 225,000
6 150,000
9 100,000
(ix) (1) The sales volume of mail and parcel deliveries to Celer Transport clients is expected to increase by 10% per
annum with effect from 1 June 2005. It is intended to use the client billing rates of Quicklink Ltd that were
in application during the year ended 31 May 2005 as the basis of charging for mail and parcel deliveries to
Celer Transport clients during the year ending 31 May 2006. This is due to the fact that Quicklink Ltd had
higher client billing rates than Celer Transport and the board of directors recognised that it would have been
difficult to adopt company-wide billing rates with effect from 1 June 2005.
(2) During the year ended 31 May 2005 the billing rates of Celer Transport in respect of contract and noncontract
mail and parcel deliveries were 90% of the level of the rates charged by Quicklink Ltd.
(x) Fuel requirements for the Celer Transport business activities are forecast to cost £0·12 per kilometre for mail and
parcel deliveries and £0·60 per kilometre for deliveries of processed food. The fuel required for Celer Transport
business during the year ending 31 May 2006 cannot be provided under the current agreement entered into by
Quicklink Ltd as detailed in note (iii). Each Celer Transport vehicle is in use for 340 days per annum.
(xi) All Celer Transport employees will be paid on the same basis as Quicklink Ltd employees.
(xii) Sundry operating costs (excluding fuel and salaries) of the Celer Transport business will amount to £1,990,340.
Required:
(a) Prepare, in columnar format, the budgeted profit and loss accounts for the year ending 31 May 2006 of:
(i) Quicklink Ltd;
(ii) Celer Transport; and
(iii) The combined entity. (16 marks)
第7题
ountry of Strifeland. The
partnership commenced trading on 1 June 2001. Each of the advisors employed by HLP is a specialist in the
provision of legal services in respect of ONLY one of the following categories of work:
Property;
Commercial; or
Litigation.
Appendices 1.1 and 1.2 below show statistics (both budget and actual) for the twelve month period ended 31 May
2007 for HLP and also for a competitor, Merlin Advisory Services (MAS).
Additional information relating to HLP for the year ended 31 May 2007 is as follows:
(1) Fees charged per consultation (including subcontracted consultations)
Required:
(a) Using the information contained in Appendix 1.1, prepare budgeted and actual profit and loss statements for
HLP and also a profit and loss statement on an actual basis for MAS for the year ended 31 May 2007.
(14 marks)
第8题
ing. Its operations are
organised into five divisions which are as follows:
(i) Fashion
(ii) Industrial
(iii) Leisure
(iv) Children
(v) Footwear
The Fashion division manufactures a narrow range of high quality clothing which is sold to a leading retail store which
has branches in every major city in its country of operation. The products have very short life cycles.
The Industrial division manufactures a wide range of clothing which has been designed for use in industrial
environments. In an attempt to increase sales volumes, SCC Ltd introduced the sale of these products via mail order
with effect from 1 June 2005.
The Leisure division manufactures a narrow range of clothing designed for outdoor pursuits such as mountaineering
and sky diving, which it markets under its own, well-established ‘Elite’ brand label.
The Children division manufactures a range of school and casual wear which is sold to leading retail stores.
The Footwear division manufactures a narrow range of footwear.
The management accountant of SCC Ltd has gathered the following actual and forecast information relating to the five
divisions:
Required:
(a) Use the Boston Consulting Group matrix in order to assess the competitive position of SCC Ltd. (10 marks)
第9题
the country of Mayland.
Each centre offers dietary plans and fitness programmes to clients under the supervision of dieticians and fitness
trainers. Residential accommodation is also available at each centre. The centres are located in the towns of Ayetown,
Beetown and Ceetown.
The following information is available:
(1) Summary financial data for HFG in respect of the year ended 31 May 2008.
(2) HFG defines Residual Income (RI) for each centre as operating profit minus a required rate of return of 12% of
the total assets of each centre.
(3) At present HFG does not allocate the long-term borrowings of the group to the three separate centres.
(4) Each centre faces similar risks.
(5) Tax is payable at a rate of 30%.
(6) The market value of the equity capital of HFG is $9 million. The cost of equity of HFG is 15%.
2
(7) The market value of the long-term borrowings of HFG is equal to the book value.
(8) The directors are concerned about the return on investment (ROI) generated by the Beetown centre and they are
considering using sensitivity analysis in order to show how a target ROI of 20% might be achieved.
(9) The marketing director stated at a recent board meeting that ‘The Group’s success depends on the quality of
service provided to our clients. In my opinion, we need only to concern ourselves with the number of complaints
received from clients during each period as this is the most important performance measure for our business.
The number of complaints received from clients is a perfect performance measure. As long as the number of
complaints received from clients is not increasing from period to period, then we can be confident about our
future prospects’.
Required:
(a) The directors of HFG have asked you, as management accountant, to prepare a report providing them with
explanations as to the following:
(i) Which of the three centres is the most ‘successful’? Your report should include a commentary on return
on investment (ROI), residual income (RI), and economic value added (EVA) as measures of financial
performance. Detailed calculations regarding each of these three measures must be included as part of
your report;
Note: a maximum of seven marks is available for detailed calculations. (14 marks)
第10题
1 The Geeland Bus Company (GBC) is a partly government-funded organisation which provides transport services to
the population of Geeland, a country which is divided into four regions i.e. Northern, Eastern, Southern and Western.
The Western region differs from the Northern, Eastern and Southern regions in that it is a rural area with a low
population.
The Terrific Transport Company (TTC) is a privately owned organisation which also provides transport services to the
population of Geeland. All TTC buses are luxuriously fitted; each passenger has their own television and all buses
have on-board catering facilities which serve a variety of drinks and snacks. The costs of these luxuries are included
in fares charged by TTC.
Both GBC and TTC operate from premises in the Northern region. GBC operates a bus service to and from the Eastern,
Southern and Western regions as well as a ‘Hopper’ service which takes passengers around all regions, other than
the Western region, within Geeland. TTC also operates a bus service to and from the Eastern and Southern regions of
Geeland as well as a Hopper service. TTC does not operate a service to and from the Western region.
The following information is available:
(1) A summary of the financial performance of GBC and TTC for the years ended 30 November 2006 and 2007 is
as follows:
(12) At a meeting of the board of directors held during 2007, the managing director of GBC stated that: ‘on no account
shall we discontinue the operation of our Western route’.
Required:
(a) Prepare a report on the operating performance and financial performance of GBC and TTC for the years
ended 30 November 2006 and 2007. As part of your report, you should include an appendix showing
detailed workings of how each of the six figures marked with an asterisk (*) in note 1 has been calculated.
(23 marks)
Note: 6 marks are available in respect of the six figures marked with an asterisk (*). 17 marks are available
for other calculations and discussion, including 4 professional marks.
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