ACCA P5真题.docx
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ACCA P5真题.docx
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ACCAP5真题
ProfessionalLevel–OptionsModule
AdvancedPerformance
Management
Thursday4December2014
Timeallowed
Readingandplanning:
15minutes
Writing:
3hours
Thispaperisdividedintotwosections:
SectionA–ThisONEquestioniscompulsoryandMUSTbeattempted
SectionB–TWOquestionsONLYtobeattempted
PresentValueandAnnuityTablesareonpages11and12.
DoNOTopenthispaperuntilinstructedbythesupervisor.
Duringreadingandplanningtimeonlythequestionpapermay
beannotated.YoumustNOTwriteinyouranswerbookletuntil
instructedbythesupervisor.
Thisquestionpapermustnotberemovedfromtheexaminationhall.
TheAssociationofCharteredCertifiedAccountants
Thisisablankpage.
Thequestionpaperbeginsonpage3.
2
SectionA–ThisONEquestioniscompulsoryandMUSTbeattempted
1
BoltzmanMachines(Boltzman)isalisted,multinationalengineeringbusiness.Ithastwodivisions,one
manufacturingaerospacepartsandtheotherautomotiveparts.Thecompanyisknownforinnovationanditallows
itsmanagersmuchautonomytoruntheirowndivisionsandprojects.Therehasbeenrecentcriticismata
shareholders’meetingoftheexecutivemanagementfornotlisteningtoshareholders’concernsandallowingthis
autonomytorunoutofcontrol.Therefore,theboardatBoltzmanhavedecidedtocreateaframeworkwhichbrings
togetheralloftheinitiativesdescribedbelow.
Thechiefexecutiveofficer(CEO)feelsthattheperformanceprismmaybeasuitablemodelandhasaskedyoutodraft
areporttotheboardtoexplainthemodelandhowBoltzman’sexistinginitiativesfitwithinit.
Theinitiativeswhicharerunningatpresentare:
1.
2.
AnanalysisofstakeholderinfluenceatBoltzmanleadingtosuitablestrategicperformancemeasures.
Abenchmarkingexerciseoftheperformancemeasuresfrominitiative1withBoltzman’smaincompetitor,
GeneralMachines.
3.
TheintroductionofqualityinitiativesbringingleanproductionmethodstoBoltzman.
TheCEOalsorequiresyourinputoneachoftheseinitiativesastheyareallatvariousstagesofprogress:
First,astakeholderanalysishasbeencompletedbyoneofBoltzman’smanagers(inAppendix1)butshehasgone
onholidayandhasnotwrittenupacommentaryofherresults.Therefore,theCEOwantsyoutotaketheinformation
inAppendix1andexplaintheresultsandevaluatethesuggestedperformancemeasures.TheCEOhasaskedthat
youdonot,atthisstage,suggestlonglistsofadditionalindicators.
Second,theCEOwantsyoutousethesesuggestedmeasurestobenchmarktheperformanceofBoltzmanagainst
GeneralMachines.TheCEOstated,‘MakesurethatyoucalculatethemeasuresgiveninAppendix1.Youshouldalso
addtwojustifiedmeasuresofyourownusingthedataprovided.However,restrictyourselftothesesevenmeasures
anddon’tdrownuswithdetailaboutindividualbusinessunits.’Ajunioranalysthasgathereddatatouseinthe
benchmarkingexerciseinAppendix2.
Third,thecompanyhasstatedthatoneofitsstrategicaimsistobethehighestqualitysupplierinthemarketplace.
Inordertoachievethis,theheadoftheaerospacedivisionhasalreadystartedaprojecttoimplementjust-in-time
(JIT)manufacturing.AnextractofhisemailproposingthischangeisgiveninAppendix3.TheCEOfeelsthatthere
aresomeimportantelementshintedatbutnotdevelopedinthisemail.Inparticular,theCEOwantsyoutoexplain
theproblemsofmovingtoJITmanufacturing.
Required:
PrepareareporttotheboardofBoltzmanto:
(i)
Explainthefacetsoftheperformanceprismanddiscusshowthethreeinitiativesrelatetothefacets.
(9marks)
(ii)Brieflyjustifyappropriatemanagementapproachestoeachofthestakeholdersand,basedonthisanalysis,
evaluatetheappropriatenessoftheperformancemeasuressuggestedinAppendix1.(14marks)
(iii)BenchmarkBoltzmanagainstGeneralMachinesassuggestedbytheCEO,evaluatingtheapproachto
benchmarkingused.(16marks)
(iv)Explaintheproblemswhichwillaccompanyamovetowardsjust-in-timemanufacturingatBoltzman.
(7marks)
Professionalmarkswillbeawardedfortheformat,styleandstructureofthediscussionofyouranswer.
(4marks)
(50marks)
3
[P.T.O.
Appendix1
Keystakeholders
Shareholders
Levelofinterest
Levelofpower
Low–institutionshavedelegated
managementtotheboardandare
onlyinterestedinfinancialreturns
High–abilitytovoteoutexisting
management
Employees
Customers
Medium–inahighskillindustry
employeesareinterestedinthenew
opportunitieswhichthemarketcan
present
Low–althoughthereisagroupof
keyemployeesinproduct
developmentwhoseskillsmustnot
belost
Medium–someofthepartssuppliedHigh–astherearefewmajor
byBoltzmanareuniqueand
playersintheaerospaceand
specificallydesignedforthecustomerautomotivebusinesses,thelossofa
customerwouldhaveasignificant
impactonBoltzman
Suppliers
Medium–Boltzmanisoneofthe
largecustomerstomanyofthe
company’ssuppliers
Low–thesuppliersaregenerally
bulkcomponentproducersandthere
issignificantcompetitionfor
Boltzman’sbusiness
Suggestedperformancemeasures:
–
–
–
–
–
Returnoncapitalemployed
Economicvalueadded
Revenuegrowth
Averagepayperemployee
Netprofitmargin
Appendix2
ThefiguresaredrawnfromthefinancialstatementsfortheyeartoSeptember2014.
Boltzman
$m
GeneralMachines
$m
2014
2014
Revenue
Costofsales
Othercosts
23,943
18,078
25,695
20,605
2,958
3,208
–––––––
–––––––
Operatingprofit
Financingcosts
Tax
2,907
291
1,882
316
663
718
–––––––
–––––––
Netincome
1,953
848
–––––––
–––––––
Boltzman
GeneralMachines
$m
2013
$m
2014
$m
2013
$m
2014
Non-currentassets
Currentassets
16,335
16,988
17,716
17,893
10,618
11,043
11,515
11,630
–––––––
–––––––
–––––––
–––––––
26,953
–––––––
8,984
9,801
28,031
–––––––
9,961
9,739
29,231
–––––––
29,523
–––––––
10,083
10,405
Equity
Non-currentliabilities
Currentliabilities
9,744
10,629
8,168
8,331
8,858
9,035
–––––––
–––––––
–––––––
–––––––
26,953
28,031
29,231
29,523
–––––––
–––––––
–––––––
–––––––
4
Boltzman
2014
GeneralMachines
2014
Notes:
Noofemployees
Staffcosts
Revenuefor2013
Productdevelopmentcosts
86,620
4,731
22,506
2,684
93,940
4,913
25,438
2,630
($m)
($m)
($m)
No.oftop10biggestpotentialcustomerswhere
thebusinesshastoptiersupplierstatus
Aerospace
6
7
6
8
Automotive
Asuitablecostofcapitalforbothcompaniesis11%.
Thetaxrateis28%.
Appendix3
ExtractofHeadofAerospace’semailonhisqualityinitiative:
Inordertoimprovethequalityandprofitabilityofourproducts,weintendtobeginbyintroducingaleanapproachto
manufacturing.
ThefirststepinourmovetoleanmanufacturingwillbetheintroductionofJITmanufacturing.Althoughthiswillbe
adifficultprocess,thefinancialrewardsinreducedworkingcapitalrequiredandadeclutteringoftheworkplace
shouldbesignificant.Wewillhavetoconsiderhowthischangeimpactsupanddownoursupplychainwith
customersandsuppliers.
5
[P.T.O.
SectionB–TWOquestionsONLYtobeattempted
2
BeeshireLocalAuthority(BLA)isalocalgovernmentbodywhichprovidesarangeofservicesfortheareaofBeeshire
withinthecountryofSeeland.Beeshireisawealthyareawithinthecountrywithmanytouristattractions.Oneof
BLA’stasksistoensurethatwasteiscollectedfromthehomesandbusinessesinBeeshire.ThegoalforBLA’swaste
managementdepartmentis‘tomaintainBeeshireasasafe,cleanandenvironmentallyfriendlyplacewherepeople
andbusinesseswanttobothstayinandreturnto.’Theneedforwastecollectionislinkedtopublichealthconcerns,
thedesiretokeepthestreetscleanandattractiveandthedesiretoincreasetheamountofrubbishwhichisrecycled.
BLAisfundedthroughasinglelocaltaxanddoesnotchargeitsresidentsorbusinessesseparatelyformostofits
services,includingwastecollection.Thereisnopublicorpoliticalappetiteforoutsourcingservicessuchaswaste
management.
Wastecollectionisperformedbytheworkforceusingafleetofvehicles.Thewasteiseithertakentorecyclingplants
orelsetolandfillsitesforburying.BLAobtainsrevenuesfromalltherecycledwastebutthisonlyjustcoversthecost
ofrunningtherecyclingfacilities.
Againstabackgroundestimatethatwastewillincreaseby1%p.a.inthefuture,thenationalgovernmenthasordered
localauthorities,suchasBLA,topromotetherecyclingofwasteandhassetatargetof40%ofallwastetoberecycled
by2015.Inordertodiscouragethecreationofnon-recyclablewaste,thegovernmenthasimposedalevypertonne
ofwasteburiedinlandfillsitesandhasstatedthatthislevywillriseoverthenextfiveyearsinordertoencourage
continuingimprovementintheamountofrecycledwaste.
Currently,Seelandisinalongrecessionandsolocalauthorityrevenueshavefallenastaxrevenuesreflectthepoor
stateoftheeconomy.Alongwithotherlocalauthorities,BLAhastriedtocutcostsandsohasfocusedonfinancial
measuresofperformance.Inarecent,privatemeeting,thechiefexecutiveofBLAwasheardtosay‘keepcostsunder
controlandwewillworryaboutqualityofserviceonlywhencomplaintlevelsbuildtoanunacceptablelevel.’Asone
ofthearea’slargestemployers,cuttingstaffnumbershasbeenverydifficultforBLAduetotheimpactonthelocal
economyandthereactionoftheresidents.
ThecurrentperformanceindicatorsusedatBLAaredrawnfromtheexistinginformationsystemswit
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