ACCAP3考试模拟真题答案.docx

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ACCAP3考试模拟真题答案

ACCAP3考试模拟真题答案

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　　Tutorialnote:

thefinancialratiosgiveninthefollowinganalysishavebeencalculatedusingdefinitionsspecifiedinAccountingand

　　FinancebyPeterAtrillandEddieMcLaney.Correct,acceptablealternativeratiocalculationswillbegivencredit.

　　1（a）ThefollowingfinancialanalysisfocusesontheprofitabilityandgearingofHammondShoesmanufacturingdivision.

　　Profitability:

Theeffectofcheapimportsappearstobereflectedintheprofitabilityofthecompany.Revenuesandgrossprofit

　　havebothfallensignificantlyinthefouryearsofdatagiveninFigure1.In2007thecompanyreportedagrossprofitmargin

　　of23·5%andanetprofitmarginof8·2%.Thishasdeclinedsteadilyovertheperiodunderconsideration.Thefiguresfor

　　2009were20·0%and4·7%andfor2011,17·9%and2·9%respectively.Therehasbeenageneralfailuretokeepcosts

　　undercontroloverthisperiod.Saleshavefallenby$150minfouryears–almostan18%decrease.Incontrastthecostof

　　saleshasdecreasedbyonly$75m,adecreaseofabout11·5%.Thisprobablyreflectstheproblemofreducinglabourtoreact

　　tolowerdemand,particularlyinacountrywheregenerousredundancypaymentsareenforcedbylawandinanorganisation

　　whichseestheemploymentoflocallabourasoneofitsobjectives.TheReturnonCapitalEmployed（ROCE）hasdropped

　　substantially,from24·14%in2007to6·45%in2011.

　　Gearing:

Thecapitalstructureofthecompanyhaschangedsignificantlyinthelastfouryearsandthisisprobablyofgreat

　　concerntothefamilywhoareaversetoriskandborrowing.Long-termborrowingshaveincreaseddramaticallyandretained

　　earningsarefalling,reflectinghigherdividendsbeingtakenbythefamily.Traditionally,thecompanyhasbeenverylow

　　geared,reflectingthesocialvaluesofthefamily.Thegearingratiowasonly6·9%in2007,buthasrisentoover22·5%in

　　2011.Duringthisperiod,retainedprofithasfallenandanincreasingnumberoflong-termloanshavebeentakenoutto

　　financeactivities.Overall,gearingmaystillappearquitelowandindeedthisisprobablytheviewoftheseniormanagement

　　ofthecompany.However,thespeedofthesefundingchangesisaconcern,particularlywhentradereceivablesandtrade

　　payablesareconsidered.

　　Oneofthevaluesheldbythefamilyistheimportanceofpayingsuppliersontime.InArnland,goodsarenormallysupplied

　　on30dayscredit.In2007,HammondShoes,onaverage,exceededthistarget,payingon28days.Howeverby2009this

　　valuehadrisento43daysandby2011to63days.Duringthesameperiod,tradereceivables,fromtheselecteddata

　　provided,appeartohavecomedownslightly（from38·65daysin2007to36·50daysin2011）.Itisdifficulttoescapethe

　　conclusionthatHammondShoesisincreasinglyusingsuppliersasasourceoffreecreditontopoftheloanstheyhavetaken

　　fromthebanks.Financingcostshaverisensignificantlyoverthelastfouryears,affectingprofitsandalsocausingtheinterest

　　coverratiotofalldramaticallyfrom14to1·33.

　　Thefinancialanalysisessentiallysupportsthedescriptiveanalysisprovidedbythebusinessanalysts.Profitsarefalling,with

　　thefirmunabletocutcostssufficientlyquickly.Thecompanyisincreasinglydependentonexternalfinancewhichislikelyto

　　causedisquietamongsttheowningfamily（onethicalgrounds）andmayconcernsuppliers.

　　Investmentanalysis:

　　Thetwoscenariosdevelopedbytheseniormanagersalsoreflectthepessimismofthecompany.Thereseemstobeuniversal

　　acceptancethatinthenextthreeyearsthecompanywillstillexperiencelowsalesevenafterthecompanyinvestsinthenew

　　productionfacilities.Beyondthat,managersonlyseea30%chanceofhighersalesresultingandthisdependsupon

　　favourablechangesinthebusinessenvironment.

　　Forbothscenarios,thenetbenefitsofthefirstthreeyearsare$5mperyear,givingatotalof$15m.

　　Forthenextthreeyears,managerssuggestthatthereisa0·7chanceofcontinuinglowdemand,leadingtonetbenefits

　　stayingat$5mperyear,givingafurtherbenefitof$15mtotal,withanexpectedvalueof$10·5（$15mx0·7）.Higher

　　demandwouldleadtonetbenefitsof$10mperyear,providingatotalof$30m,butwithanexpectedvalueofonly$9m

　　（$30mx0·3）.

　　Thustheexpectedbenefitsoftheprojectareonly$34·5（$15m+$10·5m+$9m）,whichisbelowtheproposedinvestment

　　of$37·5m.Onlyifthesecondscenariomaterialisesafterthreeyearswilltheinvestment（inbroadterms）havebeenjustified.

　　Thisscenariowouldreturn$45m.

　　However,ithastoberecognisedthattheprojectiononlycoversthefirstsixyearsofthenewproductionfacilities.Thefactory

　　waslastupdatedtwentyyearsagoandsoitseemsreasonabletoexpectnetprofitstocontinueformanyyearsafterthesix

　　yearsexplicitlyconsideredinthescenario,butitmustberecognisedthatpredictingnetbenefitsbeyondthathorizonbecomes

　　increasinglyunreliableandsubjective.

　　（b）Thisquestiondoesnotrequirethecandidatetouseaspecificframeworkforgeneratingstrategicoptions.Anumberof

　　possibilitiesexist.TheTOWSmatrix,thestrategyclockandtheAnsoffmatrixallcometomind.Eachoftheseframeworkshas

　　sufficientfacetstogeneratethenumberofoptionsordirectionsrequiredtogainthemarksonoffer.Forthepurposeofthis

　　answer,theTOWSmatrixisused,becauseitfitssowellwiththeSWOTanalysisproducedbytheconsultants.However,the

　　focusisontheoptionsgenerated,nottheframeworkitselfandsootherframeworksmaybeasappropriate.

　　TheTOWSmatrixisawayofgeneratingdirectionsfromanunderstandingoftheorganisation’sstrategicposition.Itbuilds

　　directlyontheworkoftheSWOTwitheachquadrantidentifyingoptionsthataddressadifferentcombinationoftheinternal

　　factors（strengthsandweaknesses）andexternalfactors（opportunitiesandthreats）.

　　Takingeachquadrantinturn:

　　SO–usingstrengthstotakeadvantageofopportunities.Anumberofpossibleoptionsmightbeconsideredhere.Hammond

　　Shoes’retailexpertiseisanacknowledgedstrengthofthecompany,anditmaybepossibletouseittotakeadvantageofthe

　　opportunitiesprovidedbyincreasedconsumerspendingandconsumerisminArnland.Twopossibleoptionscometomind.

　　Firstly,thecompanycouldconsidersellingcompetingproductsorcomplementarygoodsinitsretailshops.Thiswouldgive

　　consumersagreaterchoiceofproductsandallowHammondShoestoreapsomeoftheprofitmarginsenjoyedbyits

　　competitors.Giventhecompany’sacknowledgedretailexpertise,thisoptionshouldhelppreservethelong-termfutureofthe

　　shops.

　　Secondly,theincreasingappetiteofthepublicforsafe,car-freeshoppingfromavarietyofshopsmightsuggestthe

　　developmentofretail‘villages’onthelandthatHammondShoeshave,bothinPetatownandinthe,nowdisused,factoryin

　　thenorthofthecountry.Thisoptionwouldcombinethetwinstrengthsofretailexperienceandtheavailabilityoflandowned

　　bythecompany,toprovideconsumerswithanexperiencetheyincreasinglyseekandvalue.Thefactthatonlytwositesare

　　availableintownswheretherearecurrentlynoHammondShoesretailshopsmeansthatthereisnoapparentreasonwhy

　　thecreationoftheretailvillagesshouldnotbecombinedwiththediversificationoftheproductsofferedintheretailstores.

　　Thesoftwareexpertiseofthecompany’sinformationsystemsdepartmentcanalsobeusedtofulfilconsumer’sdesirefor

　　increasedpurchasesovertheInternet.Uptonowthissoftwareexpertisehasbeenmainlyusedtodevelopin-houseproduction

　　andretailsystemswhichareacknowledgedasbeingamongstthebestintheindustry.Thisexpertisemightbeusedtodevelop

　　aninnovativee-commercesite.This,ofcourse,alsoopensupthepossibilityofsalesoutsideArnland,somethingthatis

　　unlikelyatthemoment,giventhatalltheretailshopsarewithinthecountry.

　　WO–optionsthattakeadvantageofopportunitiesbyovercomingweaknesses.Tosomeextentthisoptioncontainsthe

　　approachsuggestedbytheBoard,upgradingproductionmachinery.Thisisaddressingaknownweakness（out-dated

　　productionfacilities）,simultaneouslytacklinganotherweakness,thecostofproduction.Heretheapproachistoreduceunit

　　costbyimprovingproductivityandreducingenergycoststhroughtheuseofmodernproductionequipment.TheBoard

　　perceivesthatovercomingtheseweaknesseswillallowthecompanytocontinuetocompeteinthemarkettheyarefamiliar

　　with.

　　ReducingenergycostsmightalsobeusedtoappealtotheincreasingnumberofgreenconsumersofArnlandwhotakeinto

　　accountethicalissueswhenmakingpurchasingdecisions.Thebusinessanalystshaveidentifiedthesesavingsasan

　　opportunityintheirSWOTanalysis.Theyshouldbeattractedtoaproductthathasbeenproducedusinganenergyefficient

　　process,andhasnottravelledthousandsofkilometres（usingenergyconsumingboats,roadtransportandtrains）.Atthetime

　　ofwriting,thereisanincreasedinterestinmeasuringproductmilesorkilometres,atermusedtoassesstheenvironmental

　　impactofdeliveringaproductfromitspointofproductiontoitspointofsale.Althoughthemeasuresarecontroversial,this

　　neednotnecessarilyconcernthemessagesputoutbyHammondShoes’marketingdepartment.

　　HammondShoesmightalsousethenegativeimpactoftelevisionprogrammesshowingtheuseofcheapandexploitedlabour

　　intheproductionofgoodsinOrietariaaspartoftheirmarketingmessage.Althoughtheconsultantshav