ACCA考试F5模拟测试题目答案.docx

ACCA考试F5模拟测试题目答案.docx

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ACCA考试F5模拟测试题目答案

Answers

FundamentalsLevel–SkillsModule,PaperF5

PerformanceManagementDecember2010Answers

1（a）（i）Salespricevarianceandsalesvolumevariance

Salespricevariance=（actualprice–standardprice）xactualvolume

ActualStandardDifferenceActualSales

pricepricevolumeprice

Variance

$$$$

PlasmaTVs330350–2075015,000A

LCDTVs290300–106506,500A

–––––––

21,500A

–––––––

Salesvolumecontributionvariance=（actualsalesvolume–budgetedsalesvolume）xstandardmargin

ActualBudgetedDifferenceStandardSales

salessalesmarginvolume

volumevolumevariance

$$

PlasmaTVs75059016019030,400F

LCDTVs6505906018010,800F

–––––––––––––––––––

1,4001,18041,200F

–––––––––––––––––––

（ii）Materialpriceplanningandpurchasingoperationalvariances

Materialplanningvariance=（originaltargetprice–generalmarketpriceattimeofpurchase）xquantitypurchased

（$60–$85）x1,400=$35,000A.

Materialpriceoperationalvariance=（generalmarketpriceattimeofpurchase–actualpricepaid）xquantitypurchased.

（$85–$80）x1,400=$7,000F.

（iii）Labourrateandlabourefficiencyvariances

Labourratevariance=（standardlabourrateperhour–actuallabourrateperhour）xactualhoursworked.

Actualhoursworkedbytemporaryworkers:

Totalhoursneededifstaffwerefullyefficient=（750x2）+（650x1·5）=2,475.

Permanentstaffprovide2,200hoursthereforeexcess=2,475–2,200=275.

However,temporaryworkerstaketwiceaslong,thereforehoursworked=275x2=550

Labourratevariancerelatessolelytotemporaryworkers,thereforeignorepermanentstaffinthecalculation.

Labourratevariance=（$14–$18）x550=$2,200A.

Labourefficiencyvariance=（standardlabourhoursforactualproduction–actuallabourhoursworked）xstandardrate.

（275–550）x$14=$3,850A.

（b）Explanationofplanningandoperationalvariances

Beforethematerialpriceplanningandoperationalvarianceswerecalculated,theonlyinformationavailableasregards

materialpurchasingwasthattherewasanadversematerialpricevarianceof$28,000.Thepurchasingdepartmentwillbe

assessedonthebasisofthisvariance,yet,onitsown,itisnotareliableindicatorofthepurchasingdepartment’sefficiency.

Thereasonitisnotareliableindicatorisbecausemarketconditionscanchange,leadingtoanincreaseinprice,andthis

changeinmarketconditionsisnotwithinthecontrolofthepurchasingdepartment.

Byanalysingthematerialspricevariancefurtherandbreakingitdownintoitstwocomponents–planningandoperational–

thevarianceactuallybecomesamoreusefulassessmenttool.Theplanningvariancerepresentstheuncontrollableelement

andtheoperationalvariancerepresentsthecontrollableelement.

Theplanningvarianceisareallyusefulforprovidingfeedbackonjusthowskilledmanagementareinestimatingfutureprices.

Thiscanbeveryeasyinsomebusinessesandverydifficultinothers.

Theoperationalvarianceismoremeaningfulinthatitmeasuresthepurchasingdepartment’sefficiencygiventhemarket

conditionsthatprevailedatthetime.Itthereforeignoresfactorsthatthepurchasingdepartmentcannotcontrol,whichinturn,

stopsstafffrombecomingdemotivated.

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2Turnover

Turnoverhasdecreasedfrom$72·025millionin2009to$66·028millionin2010,afallof8·3%.However,thismustbe

assessedbytakingintoaccountthechangeinmarketconditions,sincetherehasbeena20%declineindemandforaccountancy

training.Giventhis20%declineinthemarketplace,ATCo’sturnoverwouldhavebeenexpectedtofallto$57·62mifithadkept

inlinewithmarketconditions.ComparingATCo’sactualturnovertothis,it’sactualturnoveris14·6%higherthanexpected.As

such,ATCohasperformedfairlywell,givenmarketconditions.

Itcanalsobeseenfromthenon-financialperformanceindicatorsthat20%ofstudentsin2010arestudentswhohavetransferred

overfromalternativetrainingproviders.Itislikelythattheyhavetransferredoverbecausetheyhaveheardabouttheimproved

servicethatATCoisproviding.Hence,theyaremostlikelythereasonfortheincreasedmarketsharethatATCohasmanagedto

securein2010.

Costofsales

Costofsaleshasdecreasedby19·2%in2010.Thismustbeconsideredinrelationtothedecreaseinturnoveraswell.In2009,

costofsalesrepresented72·3%ofturnoverandin2010thisfigurewas63·7%.Thisisquiteasubstantialdecrease.Thereasons

foritcanbeascertainedby,firstly,lookingatthefreelancestaffcosts.

In2009,thefreelancecostswere$14·582m.Giventhataminimum10%reductioninfeeshadbeenrequestedtofreelance

lecturersandthenumberofcoursesrunbythemwasthesameyearonyear,theexpectedcostforfreelancelecturersin2010was

$13·124m.Theactualcostswere$12·394m.Theseshowthatafeereductionof15%wasactuallyachieved.Thiscanbeseen

asasuccessfulreductionincosts.

Theexpectedcostofsalesfor2010beforeanycostcuts,was$47·738massumingaconsistentratioofcostofsalestoturnover.

Theactualcostofsaleswasonly$42·056m,$5·682mlower.Sincefreelancelecturercostsfellby$2·188m,thismeansthat

othercostsofsalefellbytheremaining$3·494m.Staffcostsareasubstantialamountofthisbalancebutsincetherewasapay

freezeandtheaveragenumberofemployeeshardlychangedfromyeartoyear,thedecreasedcostsareunlikelytoberelatedto

staffcosts.Thedecreaseisthereforemostprobablyattributabletotheintroductionofonlinemarking.ATCoexpectedtheonline

markingsystemtocutcostsby$4m,butitisprobablethattheonlinemarkingdidnotsaveasmuchaspossible,hencethe

$3·494mfall.Alternatively,thesavedmarkingcostsmayhavebeenpartiallycounteractedbyanincreaseinsomeothercost

includedincostofsales.

Grossprofit

Asaresultoftheabove,thegrossprofitmarginhasincreasedin2010from27·7%to36·3%.Thisisabigincreaseandreflects

verywellonmanagement.

Indirectexpenses

–Marketingcosts:

Thesehaveincreasedby42·1%in2010.Althoughthisisquitesignificant,givenalltheimprovementsthat

ATCohasmadetotheserviceitisproviding,itisveryimportantthatpotentialstudentsaremadeawareofexactlywhatthe

companynowoffers.Theincreaseinmarketingcostshasbeenrewardedwithhigherstudentnumbersrelativetothe

competitionin2010andthesewillhopefullycontinueincreasingnextyear,sincemanyofthebenefitsofmarketingwon’tbe

feltuntilthenextyearanyway.Theincreaseshouldthereforebeviewedasessentialexpenditureratherthanacostthatneeds

tobereduced.

–Propertycosts:

Thesehavelargelystayedthesameinbothyears.

–Stafftraining:

Thesecostshaveincreaseddramaticallybyover$2million,a163·9%increase.However,ATCohadidentified

thatithadaproblemwithstaffretention,whichwasleadingtoalowerqualityservicebeingprovidedtostudents.Also,due

totheintroductionoftheinteractivewebsite,theelectronicenrolmentsystemandtheonlinemarkingsystem,staffwould

haveneededtrainingontheseareas.IfATCohadnotspentthismoneyonessentialtraining,thequalityofservicewould

havedeterioratedfurtherandmorestaffwouldhaveleftastheybecameincreasinglydissatisfiedwiththeirjobs.Again,

therefore,thisshouldbeseenasessentialexpenditure.

Giventhatthenumberofstudentcomplaintshasfallendramaticallyin2010to84from315,thestafftrainingappearsto

haveimprovedthequalityofservicebeingprovidedtostudents.

–Interactivewebsiteandthestudenthelpline:

Thesecostsareallnewthisyearandresultfromanattempttoimprovethe

qualityofservicebeingprovidedand,presumably,improvepassrates.Therefore,giventheincreaseinthepassrateforfirst

timepassesfrom48%to66%itcanbesaidthatthesedevelopmentshaveprobablycontributedtothis.Also,theyhave

probablyplayedapartinattractingnewstudents,henceimprovingturnover.

–Enrolmentcostshavefallendramaticallyby80·9%.Thishugereductionisaresultofthenewelectronicsystembeing

introduced.Thissystemcancertainlybeseenasasuccess,asnotonlyhasitdramaticallyreducedcostsbutithasalso

reducedthenumberoflateenrolmentsfrom297to106.

Netoperatingprofit

Thishasfallenfrom$3·635mto$2·106m.Onthefaceofit,thislooksdisappointingbutithastoberememberedthatATCohas

beenoperatinginadifficultmarketin2010.Itcouldeasilyhavebeenlookingatalargeloss.Goingforward,stafftrainingcosts

willhopefullydecrease.Also,marketsharemayincreasefurtheraswordofmouthspreadsaboutimprovedresultsandserviceat

ATCo.Thismay,inturn,leadtoaneedforlessadvertisingandthereforelowermarketingcosts.

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ItisalsoapparentthatATCohasprovidedthestudentwebsitefreeofchargewhenreally,itshouldhavebeenchargingafeefor

this.Thecostsofrunningitaretoohighfortheservicetobeprovidedfreeofchargeandthishashadanegativeimpactonnet

operatingprofit.

Note:

Studentswouldnothavebeenexpectedtowriteallthisinthetimeavailable.

Workings（Note:

Allworkingsarein$'000）

1.Turnover

Decreaseinturnover=$72,025–$66,028/$72,025=8·3%

Expected2010turnovergiven20%declineinmarket=$72,025x80%=$57,620

Actual2010turnoverCFexpected=$66,028–$57,620/$57,620=14·6%higher

2.Costofsales

Decreaseincostofsales=$42,056–$52,078/$52,078=19·2%

Costofsalesaspercentageofturnover:

2009=$52,078/$72,025=72·3%

2010=$42,056/$66,028=63·7%

Freelancestaffcosts:

in2009=$41,663x35%=$14,582

Expectedcostfor2010=$14,5