2008年ACCAP1-P3真题12602.pdf

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1、 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 1 2008 年 ACCA P1-P3 真题 1.The scientists in the research laboratories of Swan Hill Company(SHC,a public listed company)recently made a very important discovery about the process that manufactured its major product.The scientific director,Dr Sonja Rainb

2、ow,informed the board that the breakthrough was called the sink method.She explained that the sink method would enable SHC to produce its major product at a lower unit cost and in much higher volumes than the current process.It would also produce lower unit environmental emissions and would substant

3、ially improve product quality compared to its current process and indeed compared to all of the other competitors in the industry.SHC currently has 30%of the global market with its nearest competitor having 25%and the other twelve producers sharing the remainder.The company,based in the town of Swan

4、 Hill,has a paternalistic management approach and has always valued its relationship with the local community.Its website says that SHC has always sought to maximise the benefit to the workforce and community in all of its business decisions and feels a great sense of loyalty to the Swan Hill locali

5、ty which is where it started in 1900 and has been based ever since.As the board considered the implications of the discovery of the sink method,chief executive Nelson Cobar asked whether Sonja Rainbow was certain that SHC was the only company in the industry that had made the discovery and she said

6、that she was.She also said that she was certain that the competitors were some years behind SHC in their research.It quickly became clear that the discovery of the sink method was so important and far reaching that it had the potential to give SHC an unassailable competitive advantage in its industr

7、y.Chief executive Nelson Cobar told board colleagues that they should clearly understand that the discovery had the potential to put all of SHCs competitors out of business and make SHC the single global supplier.He said that as the board considered the options,members should bear in mind the seriou

8、sness of the implications upon the rest of the industry.Mr Cobar said there were two strategic options.Option one was to press ahead with the huge investment of new plant necessary to introduce the sink method into the factory whilst,as far as possible,keeping the nature of the sink technology secre

9、t from competitors(the secrecy option).A patent disclosing the nature of the technology would not be filed so as to keep the technology secret within SHC.Option two was to file a patent and then offer the use of the discovery to competitors under a licensing arrangement where SHC would receive subst

10、antial royalties for the twenty-year legal lifetime of the patent(the licensing option).This would also involve new investment but at a slower pace in line with competitors.The licence contract would,Mr Cobar explained,include an improvement sharing requirement where licensees would be required to 财

11、经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 2 inform SHC of any improvements discovered that made the sink method more efficient or effective.The sales director,Edwin Kiama,argued strongly in favour of the secrecy option.He said that the board owed it to SHCs shareholders to take the option that

12、would maximise shareholder value.He argued that business strategy was all about gaining competitive advantage and this was a chance to do exactly that.Accordingly,he argued,the sink method should not be licensed to competitors and should be pursued as fast as possible.The operations director said th

13、at to gain the full benefits of the sink method with either option would require a complete refitting of the factory and the largest capital investment that SHC had ever undertaken.The financial director,Sean Nyngan,advised the board that pressing ahead with investment under the secrecy option was n

14、ot without risks.First,he said,he would have to finance the investment,probably initially through debt,and second,there were risks associated with any large investment.He also informed the board that the licensing option would,over many years,involve the inflow of massive funds in royalty payments f

15、rom competitors using the SHCs patented sink method.By pursuing the licensing option,Sean Nyngan said that they could retain their market leadership in the short term without incurring risk,whilst increasing their industry dominance in the future through careful investment of the royalty payments.Th

16、e non-executive chairman,Alison Manilla,said that she was looking at the issue from an ethical perspective.She asked whether SHC had the right,even if it had the ability,to put competitors out of business.Required:(a)Assess the secrecy option using Tuckers model for decision-making.(10 marks)(b)Dist

17、inguish between strategic and operational risks,and explain why the secrecy option would be a source of strategic risk.(10 marks)(c)Mr Cobar,the chief executive of SHC,has decided to draft two alternative statements to explain both possible outcomes of the secrecy/licensing decision to shareholders.

18、Once the board has decided which one to pursue,the relevant draft will be included in a voluntary section of the next corporate annual report.Required:(i)Draft a statement in the event that the board chooses the secrecy option.It should make a convincing business case and put forward ethical argumen

19、ts for the secrecy option.The ethical arguments should be made from the stockholder(or pristine capitalist)perspective.(8 marks)(ii)Draft a statement in the event that the board chooses the licensing option.It should make a convincing business case and put forward ethical arguments for the licensing

20、 option.The ethical arguments should be made from the wider stakeholder perspective.(8 marks)财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 3(iii)Professional marks for the persuasiveness and logical flow of arguments:two marks per statement.(4 marks)(d)Corporate annual reports contain both mandato

21、ry and voluntary disclosures.Required:(i)Distinguish,using examples,between mandatory and voluntary disclosures in the annual reports of public listed companies.(6 marks)(ii)Explain why the disclosure of voluntary information in annual reports can enhance the companys accountability to equity invest

22、ors.(4 marks)(50 marks)Section B TWO questions ONLY to be attempted 2.Hogg Products Company(HPC),based in a developing country,was recently wholly acquired by American Overseas Investments(AOI),a North American holding company.The new owners took the opportunity to completely review HPCs management,

23、culture and systems.One of the first things that AOI questioned was HPCs longstanding corporate code of ethics.The board of AOI said that it had a general code of ethics that HPC,as an AOI subsidiary,should adopt.Simon Hogg,the chief executive of HPC,disagreed however,and explained why HPC should re

24、tain its existing code.He said that HPC had adopted its code of ethics in its home country which was often criticised for its unethical business behaviour.Some other companies in the country were criticised for their sweat shop conditions.HPCs adoption of its code of ethics,however,meant that it cou

25、ld always obtain orders from European customers on the guarantee that products were made ethically and in compliance with its own highly regarded code of ethics.Mr Hogg explained that HPC had an outstanding ethical reputation both locally and internationally and that reputation could be threatened i

26、f it was forced to replace its existing code of ethics with AOIs more general code.When Ed Tanner,a senior director from AOIs head office,visited Mr Hogg after the acquisition,he was shown HPCs operation in action.Mr Hogg pointed out that unlike some other employers in the industry,HPC didnt employ

27、child labour.Mr Hogg explained that although it was allowed by law in the country,it was forbidden by HPCs code of ethics.Mr Hogg also explained that in his view,employing child labour was always ethically wrong.Mr Tanner asked whether the money that children earned by working in the relatively safe

28、 conditions at HPC was an important source of income for their families.Mr Hogg said that the money was important to them but even so,it was still wrong to employ children,as it was exploitative and interfered with their education.He also said that it would alienate the European customers who bought

29、 from HPC partly on the basis 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 4 of the terms of its code of ethics.Required:(a)Describe the purposes and typical contents of a corporate code of ethics.(9 marks)(b)Strategic positioning is about the way that a company as a whole is placed in its enviro

30、nment and concerns its fit with the factors in its environment.With reference to the case as appropriate,explain how a code of ethics can be used as part of a companys overall strategic positioning.(7 marks)(c)Assess Mr Hoggs belief that employing child labour is always ethically wrong from deontolo

31、gical and teleological(consequentialist)ethical perspectives.(9 marks)(25 marks)Section A This ONE question is compulsory and MUST be attempted 3.Warrburt s directors are concerned about the results for the year in the statement of comprehensive income and the subsequent effect on the cash flow stat

32、ement.They have suggested that the proceeds of the sale of property,plant and equipment and the sale of available-for-sale financial assets should be included in cash generated from operations.The directors are afraid of an adverse market reaction to their results and of the importance of meeting ta

33、rgets in order to ensure job security,and feel that the adjustments for the proceeds would enhance the cash health of the business.Required:(a)Prepare a group statement of cash flows for Warrburt for the year ended 30 November 2008 in accordance with IAS7,Statement of Cash Flows,using the indirect m

34、ethod.(35 marks)(b)Discuss the key issues which the statement of cash flows highlights regarding the cash flow of the company.(10 marks)(c)Discuss the ethical responsibility of the company accountant in ensuring that manipulation of the statement of cash flows,such as that suggested by the directors

35、,does not occur.(5 marks)Note:requirements(b)and(c)include 2 professional marks in total for the quality of the discussion.(50 marks)Section B TWO questions ONLY to be attempted 参与ACCA考试的考生可按照复习计划有效进行，另外高顿网校官网ACCA考试辅导高清课程已经开通，还可索取ACCA考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升复习备考效果。更多详情可登录高顿网校官网或关注高顿网校微信咨询。