下列对维修主管岗位职责描述正确的是哪几个（）

A.含客房服务员的全部工作内容，满足客人的服务需求B.协助并指导工程维护员制定客房维护保养计划C.做好员工在岗培训与督导D.协助客房经理完成客房基础管理

【题目描述】第18题下列（）人员负责规定会计软件系统各类使用人员的操作权限。A．系统维护员C．软件编程人员B．系统操作员D．电算主管【我提交的答案】：A【参考答案与解析】：正确答案：D答案分析：【考点】会计软件的操作权限【解析】根据电算主管的岗位职责，其中之一是负责规定会计软件系统中各类使用人员的操作权限。系统维护员是维护软件系统的“正常运作“，记录发现软件错误的情况以及修改软件的过程。【我的疑问】（如下，请求专家帮助解答）不是系统管理员设置操作员的权限吗？

n commercial property development. Moonstar Co has had some difficulties over the last few years, with some developments not generating the expected returns and the company has at times struggled to pay its finance costs. As a result Moonstar Co’s credit rating has been lowered, affecting the terms it can obtain for bank finance. Although Moonstar Co is listed on its local stock exchange, 75% of the share capital is held by members of the family who founded the company. The family members who are shareholders do not wish to subscribe for a rights issue and are unwilling to dilute their control over the company by authorising a new issue of equity shares. Moonstar Co’s board is therefore considering other methods of financing the development, which the directors believe will generate higher returns than other recent investments, as the country where Moonstar Co is based appears to be emerging from recession.

Securitisation proposals

One of the non-executive directors of Moonstar Co has proposed that it should raise funds by means of a securitisation process, transferring the rights to the rental income from the commercial property development to a special purpose vehicle. Her proposals assume that the leases will generate an income of 11% per annum to Moonstar Co over a ten-year period. She proposes that Moonstar Co should use 90% of the value of the investment for a collateralised loan obligation which should be structured as follows:

– 60% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 150 basis points

– 15% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 12%

– 15% of the collateral value to support a tranche of C-rated fixed rate loan notes offering investors 13%

– 10% of the collateral value to support a tranche as subordinated certificates, with the return being the excess of receipts over payments from the securitisation process

The non-executive director believes that there will be sufficient demand for all tranches of the loan notes from investors. Investors will expect that the income stream from the development to be low risk, as they will expect the property market to improve with the recession coming to an end and enough potential lessees to be attracted by the new development.

The non-executive director predicts that there would be annual costs of $200,000 in administering the loan. She acknowledges that there would be interest rate risks associated with the proposal, and proposes a fixed for variable interest rate swap on the A-rated floating rate notes, exchanging LIBOR for 9·5%.

However the finance director believes that the prediction of the income from the development that the non-executive director has made is over-optimistic. He believes that it is most likely that the total value of the rental income will be 5% lower than the non-executive director has forecast. He believes that there is some risk that the returns could be so low as to jeopardise the income for the C-rated fixed rate loan note holders.

Islamic finance

Moonstar Co’s chief executive has wondered whether Sukuk finance would be a better way of funding the development than the securitisation.

Moonstar Co’s chairman has pointed out that a major bank in the country where Moonstar Co is located has begun to offer a range of Islamic financial products. The chairman has suggested that a Mudaraba contract would be the most appropriate method of providing the funds required for the investment.

Required:

(a) Calculate the amounts in $ which each of the tranches can expect to receive from the securitisation arrangement proposed by the non-executive director and discuss how the variability in rental income affects the returns from the securitisation. (11 marks)

(b) Discuss the benefits and risks for Moonstar Co associated with the securitisation arrangement that the non-executive director has proposed. (6 marks)

(c) (i) Discuss the suitability of Sukuk finance to fund the investment, including an assessment of its appeal to potential investors. (4 marks)

(ii) Discuss whether a Mudaraba contract would be an appropriate method of financing the investment and discuss why the bank may have concerns about providing finance by this method. (4 marks)

eutical company with trading interests in 24 countries in sub-Saharan Africa, South America and the Indian sub-continent. Your company also has important trading links with the United States, Malaysia and Singapore. There have been a number of issues arising in the previous six months which have impacted upon the company’s business interests.

(i) Following an investigation you discover that commissions were paid to a senior official in one country to ensure that the local drug licensing agency concerned facilitated the acceptance of one of your principal revenue earning drugs for use within its national health service.

(ii) You have discovered that an agent of your firm, aware that the licensing agreement might be forthcoming,

purchased several call option contracts on your company’s equity.

(iii) A senior member of the firm’s treasury team has been taking substantial positions in currency futures in order to protect the risk of loss on the translation of dollar assets into the domestic currency. Over the last 12 months significant profits have been made but the trades do not appear to have been properly authorised. You discover that a long position in 50, $250,000 contracts is currently held but over the last four weeks the dollar has depreciated by 10% and all the signs are that it will depreciate considerably more over the next two months.

(iv) One drug company has managed to copy a novel drug that you have just released for the treatment of various forms of skin cancer. You have patent protection in the country concerned but your company has not been able to initiate proceedings through the local courts. Contacts with the trade officials at your embassy in the country concerned suggest that the government has made sure that the proceedings have not been allowed to proceed.

The company’s chief financial officer has asked you to look into these issues and, with respect to (iv), any World Trade

Organisation (WTO) agreements that might be relevant, and to advise her on how the company should proceed in each case.

Required:

Prepare a memorandum advising the Chief Financial Officer on the issues involved and recommending how she should, in each case and in the circumstances, proceed.

try. The initial bid will be

an all share bid of four Paxis shares for every five Wragger shares.

The most recent annual data relating to the two companies are shown below:

The takeover is expected to result in cost savings in advertising and distribution, reducing the operating costs

(including depreciation) of Paxis from 76% of sales to 70% of sales. The growth rate of the combined company is

expected to be 6% per year for four years, and 5% per year thereafter. Wragger’s debt obligations will be taken over

by Paxis. The corporate tax rate is expected to remain at 30%.

Sales and costs relevant to the decision may be assumed to be in cash terms.

Required:

(a) Using free cash flow analysis for each individual company and the potential combined company, estimate

how much synergy is expected to be created from the takeover. State clearly any assumptions that you make.

Note: The weighted average cost of capital of the combined company may be assumed to be the market weighted

average of the current costs of capital of the individual companies, weighted by the current market value of debt and

equity of the combined company, with the equity of Wragger adjusted for the effect of the bid price. (20 marks)

ncrease its capital gearing

to at least 50%, in order to reduce the company’s cost of capital and increase its market value.

The managing director of Semer is not convinced by the logic of the proposal, or the accuracy of the calculations, but

is unable to explain the reasons for his reservations.

A summary of the proposal and its implications is shown below.

Proposal to increase the capital gearing of Semer plc

The company’s current weighted average cost of capital is estimated to be 10·6%. If the proportion of debt is

increased to 50% of total capital, by the repurchase of ordinary shares at their current market value, the cost of capital

may be reduced to 9·9%. A reduced cost of capital means that the value of the company will increase which will be

welcomed by our shareholders. Calculations supporting the above proposal are shown below:

(ii) The current price of Semer’s ordinary shares is 410 pence.

(iii) The market price of one 8% debenture 2010 is ￡112.

(iv) The market return is 10·5% and the risk free rate 4·0%.

(v) Semer’s equity beta is 1·2.

(vi) Semer currently pays ￡15 million in dividends.

(vii) The corporate tax rate is 30%.

(viii) The company currently generates a free cash flow of ￡60 million per year, which is expected to increase by

approximately 3% per year.

Required:

(a) What, if any, are the mistakes in the proposal? Correcting for any mistakes produce revised estimates of the

company’s current cost of capital and current value. Brief explanation of the reasons for any revisions should

be included. (15 marks)

fying its activities through the construction of a theme park near London. The theme park would have a mixture of family activities and adventure rides. Sleepon has just spent ￡230,000 on market research into the theme park, and is encouraged by the findings.

The theme park is expected to attract an average of 15,000 visitors per day for at least four years, after which major new investment would be required in order to maintain demand. The price of admission to the theme park is expected to be ￡18 per adult and ￡10 per child. 60% of visitors are forecast to be children. In addition to admission revenues,

it is expected that the average visitor will spend ￡8 on food and drinks, (of which 30% is profit), and ￡5 on gifts and souvenirs, (of which 40% is profit). The park would open for 360 days per year.

All costs and receipts (excluding maintenance and construction costs and the realisable value) are shown at current prices; the company expects all costs and receipts to rise by 3% per year from current values.

The theme park would cost a total of ￡400 million and could be constructed and working in one year’s time. Half of the ￡400 million would be payable immediately, and half in one year’s time. In addition working capital of ￡50 million will be required from the end of year one. The after tax realisable value of fixed assets is expected to be between ￡250 million and ￡300 million after four years of operation.

Maintenance costs (excluding labour) are expected to be ￡15 million in the first year of operation, increasing by ￡4 million per year thereafter. Annual insurance costs are ￡2 million, and the company would apportion ￡2·5 million per year to the theme park from existing overheads. The theme park would require 1,500 staff costing a total of ￡40 million per annum (at current prices). Sleepon will use the existing advertising campaigns for its hotels to also advertise the theme park. This will save approximately ￡2 million per year in advertising expenses.

As Sleepon has no previous experience of theme park management, it has investigated the current risk and financial structure of the closest UK theme park competitor, Thrillall plc. Details are summarised below.

Thrillall plc, summarised balance sheet

Other information:

(i) Sleepon has access to a ￡450 million Eurosterling loan at 7·5% fixed rate to provide the necessary finance for the theme park.

(ii) ￡250 million of the investment will attract 25% per year capital allowances on a reducing balance basis.

(iii) Corporate tax is at a rate of 30%.

(iv) The average stock market return is 10% and the risk free rate 3·5%.

(v) Sleepon’s current weighted average cost of capital is 9%.

(vi) Sleepon’s market weighted gearing if the theme park project is undertaken is estimated to be 61·4% equity,

38·6% debt.

(vii) Sleepon’s equity beta is 0·70.

(viii) The current share price of Sleepon is 148 pence, and of Thrillall 386 pence.

(ix) Thrillall’s medium and long term debt comprises long term bonds with a par value of ￡100 and current market price of ￡93.

(x) Thrillall’s equity beta is 1·45.

Required:

Prepare a report analysing whether or not Sleepon should undertake the investment in the theme park. Your report should include a discussion of what other information would be useful to Sleepon in making the investment decision. All relevant calculations must be included in the report or as an appendix to it. State clearly any assumptions that you make.

(Approximately 28 marks are available for calculations and 12 for discussion)

(40 marks)

fficult farming conditions. Furlion Co’s chief executive has been investigating a significant opportunity in the country of Naswa, where Furlion Co has not previously sold any products. The government of Naswa has been undertaking a major land reclamation programme and Furlion Co’s equipment is particularly suitable for use on the reclaimed land. Because of the costs and other problems involved in transporting its products, Furlion Co’s chief executive proposes that Furlion Co should establish a plant for manufacturing machinery in Naswa. He knows that the Naswan government is keen to encourage the development of sustainable businesses within the country.

Initial calculations suggest that the proposed investment in Naswa would have a negative net present value of $1·01 million. However, Furlion Co’s chief executive believes that there may be opportunities for greater cash flows in future if the Naswan government expands its land reclamation programme. The government at present is struggling to fund expansion of the programme out of its own resources and is looking for other funding. If the Naswan government obtains this funding, the chief executive has forecast that the increased demand for Furlion Co’s products would justify $15 million additional expenditure at the site of the factory in three years’ time. The expected net present value for this expansion is currently estimated to be $0.

It can be assumed that all costs and revenues include inflation. The relevant cost of capital is 12% and the risk free rate is 4%. The chief executive has estimated the likely volatility of cash flows at a standard deviation of 30%.

One of Furlion Co’s non-executive directors has read about possible changes in interest rates and wonders how these might affect the investment appraisal.

Required:

(a) Assess, showing all relevant calculations, whether Furlion Co should proceed with the significant opportunity. Discuss the assumptions made and other factors which will affect the decision of whether to establish a plant in Naswa. The Black Scholes pricing model may be used, where appropriate. (16 marks)

(b) Explain what is meant by an option’s rho and discuss the impact of changes in interest rates on the appraisal of the investment. (5 marks)

(c) Discuss the possibility of the Naswan government obtaining funding for further land reclamation from the World Bank, referring specifically to the International Development Association. (4 marks)

nised as follows:

– Staple National – the national newspaper, the Daily Staple. This division’s revenues and operating profits have decreased for the last two years.

– Staple Local – a portfolio of 18 local and regional newspapers. This division’s operating profits have fallen for the last five years and operating profits and cash flows are forecast to be negative in the next financial year. Other newspaper groups with local titles have also reported significant falls in profitability recently.

– Staple View – a package of digital channels showing sporting events and programmes for a family audience. Staple Group’s board has been pleased with this division’s recent performance, but it believes that the division will only be able to sustain a growth rate of 4% in operating profits and cash flows unless it can buy the rights to show more major sporting events. Over the last year, Staple View’s biggest competitor in this sector has acquired two smaller digital broadcasters.

– Staple Investor – established from a business which was acquired three years ago, this division offers services for investors including research, publications, training events and conferences. The division gained a number of new clients over the last year and has thus shown good growth in revenues and operating profits.

Some of Staple Group’s institutional investors have expressed concern about the fall in profitability of the two newspaper divisions.

The following summarised data relates to the group’s last accounting year. The % changes in pre-tax profits and revenues are changes in the most recent figures compared with the previous year.

Staple Group’s board regards the Daily Staple as a central element of the group’s future. The directors are currently considering a number of investment plans, including the development of digital platforms for the Daily Staple. The finance director has costed the investment programme at $150 million. The board would prefer to fund the investment programme by disposing parts or all of one of the other divisions. The following information is available to help assess the value of each division:

– One of Staple Group’s competitors, Postway Co, has contacted Staple Group’s directors asking if they would be interested in selling 15 of the local and regional newspapers for $60 million. Staple Group’s finance director believes this offer is low and wishes to use the net assets valuation method to evaluate a minimum price for the Staple Local division.

– Staple Group’s finance director believes that a valuation using free cash flows would provide a fair estimate of the value of the Staple View division. Over the last year, investment in additional non-current assets for the Staple View division has been $12·5 million and the incremental working capital investment has been $6·2 million. These investment levels will have to increase at 4% annually in order to support the expected sustainable increases in operating profit and cash flow.

– Staple Group’s finance director believes that the valuation of the Staple Investor division needs to reflect the potential it derives from the expertise and experience of its staff. The finance director has calculated a value of $118·5 million for this division, based on the earnings made last year but also allowing for the additional earnings which he believes that the expert staff in the division will be able to generate in future years.

Assume a risk-adjusted, all-equity financed, cost of capital of 12% and a tax rate of 30%. Goodwill should be ignored in any calculations.

Staple Group’s finance and human resources directors are looking at the staffing of the two newspaper divisions. The finance director proposes dismissing most staff who have worked for the group for less than two years, two years’ employment being when staff would be entitled to enhanced statutory employment protection. The finance director also proposes a redundancy programme for longer-serving staff, selecting for redundancy employees who have complained particularly strongly about recent changes in working conditions. There is a commitment in Staple Group’s annual report to treat employees fairly, communicate with them regularly and enhance employees’ performance by structured development.

Required:

(a) Evaluate the options for disposing of parts of Staple Group, using the financial information to assess possible disposal prices. The evaluation should include a discussion of the benefits and drawbacks to Staple Group from disposing of parts of the Staple Group. (19 marks)

(b) Discuss the significance of the finance director’s proposals for reduction in staff costs for Staple Group’s relationships with its shareholders and employees and discuss the ethical implications of the proposals. (6 marks)