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Describe the two perspectives on how much impact managers have on an organization's success or failure.
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更多“Describe the two perspectives …”相关的问题
What is the main purpose of the passage？
A．To contrast travel by steamship and stagecoach.
B．To criticize the level of public debt in nineteenth century in Canada.
C．To describe the introduction of steamships in Canada.
D．To show how Canada surpassed the United States in transportation improvements.
A Survey on Reading
The Results of Survey on Reading
The Number
of Students
Percentage of
the Total
The Total Amount
of Reading in a Term
Reading Speed
(words per hour)
Performance
(scores)
100
40%
350,000
3,000
＞80
80
32%
300,000
2,500
70-73
60
22%
250,000
2,000
60-69
30
6%
＜100,000
1,500
＜60
July,2000
A. bottom-up model and top-down model
B. before-class model and after-class model
C. pre-listening model and post-listening model
D. pre-listening model and while-listening model
(a) IAS 37 Provisions, contingent liabilities and contingent assets prescribes the accounting and disclosure for those items named in its title.
Required:
Define provisions and contingent liabilities and briefly explain how IAS 37 improves consistency in financial reporting.
(b) The following items have arisen during the preparation of Borough’s draft financial statements for the year ended 30 September 2011:
(i) On 1 October 2010, Borough commenced the extraction of crude oil from a new well on the seabed. The cost of a 10-year licence to extract the oil was $50 million. At the end of the extraction, although not legally bound to do so, Borough intends to make good the damage the extraction has caused to the seabed environment. This intention has been communicated to parties external to Borough. The cost of this will be in two parts: a fixed amount of $20 million and a variable amount of 2 cents per barrel extracted. Both of these amounts are based on their present values as at 1 October 2010 (discounted at 8%) of the estimated costs in 10 years’ time. In the year to 30 September 2011 Borough extracted 150 million barrels of oil.
(ii) Borough owns the whole of the equity share capital of its subsidiary Hamlet. Hamlet’s statement of financial position includes a loan of $25 million that is repayable in five years’ time. $15 million of this loan is secured on Hamlet’s property and the remaining $10 million is guaranteed by Borough in the event of a default by Hamlet. The economy in which Hamlet operates is currently experiencing a deep recession, the effects of which are that the current value of its property is estimated at $12 million and there are concerns over whether Hamlet can survive the recession and therefore repay the loan.
Required:
Describe, and quantify where possible, how items (i) and (ii) above should be treated in Borough’s statement of financial position for the year ended 30 September 2011.
In the case of item (ii) only, distinguish between Borough’s entity and consolidated financial statements and refer to any disclosure notes. Your answer should only refer to the treatment of the loan and should not consider any impairment of Hamlet’s property or Borough’s investment in Hamlet.
Note: the treatment in the income statement is NOT required for any of the items.
The following mark allocation is provided as guidance for this requirement:
(i) 5 marks
(ii) 4 marks
考虑失业会如何影响索洛增长模型。假定产出是根据生产函数Y=Ka[(1-u＜sup＞*＜/sup＞)L]1-a而生产的。式中，K为资本；L为劳动；u＜sup＞*＜/sup＞为自然失业率。国民储蓄率为s，劳动力增长率为n。资本折旧率为δ。
a．把人均产出(y=Y/L)表示为人均资本(k=K/L)和自然失业率的函数。描述该经济的稳定状态。
b．假定政府政策的某些变化降低了自然失业率。描述这一变化随时间的推进如何影响产出。对产出的稳定状态的影响大于还是小于立即的影响？请解释。
Consider how unemployment would affect the Solow growth model. Suppose that output is produced according to the production function Y=Kα[(1-u＜sup＞*＜/sup＞)L]1-α，where K is capital, L is the labor force, and u＜sup＞*＜/sup＞ is the natural rate of unemployment. The national saving rate is s, the labor force grows at rate n, and capital depreciates at rate δ.
a．Express output per worker (y=Y/L) as a function of capital per worker (k=K/L) and the natural rate of unemployment. Describe the steady state of this economy.
b．Suppose that some change in government policy reduces the natural rate of unemployment. Describe how this change affects output both immediately and over time. Is the steady-state effect on output larger or smaller than the immediate effect？ Explain.
Every customer attending the salon is first seen by a salon assistant, who washes their hair; next, by a senior stylist, who cuts or treats the hair depending on which service the customer wants; then finally, a junior stylist who dries their hair. The average length of time spent with each member of staff is as follows:
The salon is open for eight hours each day for six days per week. It is only closed for two weeks each year. Staff salaries are $40,000 each year for senior stylists, $28,000 each year for junior stylists and $12,000 each year for the assistants. The cost of cleaning products applied when washing the hair is $0·60 per client. The cost of all additional products applied during a ‘treatment’ is $7·40 per client. Other salon costs (excluding labour and raw materials) amount to $106,400 each year.
Glam Co charges $60 for each cut and $110 for each treatment.
The senior stylists’ time has been correctly identified as the bottleneck activity.
Required:
(a) Briefly explain why the senior stylists’ time has been described as the ‘bottleneck activity’, supporting your answer with calculations. (4 marks)
(b) Calculate the throughput accounting ratio (TPAR) for ‘cuts’ and the TPAR for ‘treatments’ assuming the bottleneck activity is fully utilised. (6 marks)
The Hi Life Co (HL Co) makes sofas. It has recently received a request from a customer to provide a one-off order of sofas, in excess of normal budgeted production. The order would need to be completed within two weeks. The following cost estimate has already been prepared:
Notes
1 The fabric is regularly used by HL Co. There are currently 300 m2 in inventory, which cost $17 per m2. The current purchase price of the fabric is $17·50 per m2.
2 This type of wood is regularly used by HL Co and usually costs $8·20 per m2. However, the company’s current supplier’s earliest delivery time for the wood is in three weeks’ time. An alternative supplier could deliver immediately but they would charge $8·50 per m2. HL Co already has 500 m2 in inventory but 480 m2 of this is needed to complete other existing orders in the next two weeks. The remaining 20 m2 is not going to be needed until four weeks’ time.
3 The skilled labour force is employed under permanent contracts of employment under which they must be paid for 40 hours’ per week’s labour, even if their time is idle due to absence of orders. Their rate of pay is $16 per hour, although any overtime is paid at time and a half. In the next two weeks, there is spare capacity of 150 labour hours.
4 There is no spare capacity for semi-skilled workers. They are currently paid $12 per hour or time and a half for overtime. However, a local agency can provide additional semi-skilled workers for $14 per hour.
5 The $3 absorption rate is HL Co’s standard factory overhead absorption rate; $1·50 per hour reflects the cost of the factory supervisor’s salary and the other $1·50 per hour reflects general factory costs. The supervisor is paid an annual salary and is also paid $15 per hour for any overtime he works. He will need to work 20 hours’ overtime if this order is accepted.
6 This is an apportionment of the general administration overheads incurred by HL Co. Required: Prepare, on a relevant cost basis, the lowest cost estimate which could be used as the basis for the quotation. Explain briefly your reasons for including or excluding each of the costs in your estimate.
Required:
Prepare, on a relevant cost basis, the lowest cost estimate which could be used as the basis for the quotation. Explain briefly your reasons for including or excluding each of the costs in your estimate.
The ordinary shares of Tinep Co have a nominal value of 50 cents per share and are currently trading on the stock market on an ex dividend basis at $5·85 per share. Tinep Co has an equity beta of 1·15.
The loan notes have a nominal value of $100 and are currently trading on the stock market on an ex interest basis at $103·50 per loan note. The interest on the loan notes is 6% per year before tax and they will be redeemed in six years’ time at a 6% premium to their nominal value.
The risk-free rate of return is 4% per year and the equity risk premium is 6% per year. Tinep Co pays corporation tax at an annual rate of 25% per year.
Required:
(a) Calculate the market value weighted average cost of capital and the book value weighted average cost of capital of Tinep Co, and comment briefly on any difference between the two values. (9 marks)
(b) Discuss the factors to be considered by Tinep Co in choosing to raise funds via a rights issue. (6 marks)
Notes
1 Variable production costs would be $12 per unit for production volumes up to and including 100,000 units each year. However, if production exceeds 100,000 units each year, the variable production cost per unit would fall to $11 for all units produced.
2 Advertising costs would be $900,000 per annum at a selling price of $30 and $970,000 per annum at a price of $35.
3 Fixed production costs would be $450,000 per annum.
Required:
(a) Calculate each of the six possible profit outcomes which could arise for Gam Co in the coming year. (8 marks)
(b) Calculate the expected value of profit for each of the two price options and recommend, on this basis, which option Gam Co would choose. (3 marks)
(c) Briefly explain the maximin decision rule and identify which price should be chosen by management if they use this rule to decide which price should be charged. (3 marks)
(d) Discuss the factors which may give rise to uncertainty when setting budgets. (6 marks)
The Biscuits division (Division B) and the Cakes division (Division C) are two divisions of a large, manufacturing company. Whilst both divisions operate in almost identical markets, each division operates separately as an investment centre. Each month, operating statements must be prepared by each division and these are used as a basis for performance measurement for the divisions.
Last month, senior management decided to recharge head office costs to the divisions. Consequently, each division is now going to be required to deduct a share of head office costs in its operating statement before arriving at ‘net profit’, which is then used to calculate return on investment (ROI). Prior to this, ROI has been calculated using controllable profit only. The company’s target ROI, however, remains unchanged at 20% per annum. For each of the last three months, Divisions B and C have maintained ROIs of 22% per annum and 23% per annum respectively, resulting in healthy bonuses being awarded to staff. The company has a cost of capital of 10%.
The budgeted operating statement for the month of July is shown below:
Required
(a) Calculate the expected annualised Return on Investment (ROI) using the new method as preferred by senior management, based on the above budgeted operating statements, for each of the divisions. (2 marks)
(b) The divisional managing directors are unhappy about the results produced by your calculations in (a) and have heard that a performance measure called ‘residual income’ may provide more information. Calculate the annualised residual income (RI) for each of the divisions, based on the net profit figures for the month of July. (3 marks)
(c) Discuss the expected performance of each of the two divisions, using both ROI and RI, and making any additional calculations deemed necessary. Conclude as to whether, in your opinion, the two divisions have performed well. (6 marks)
(d) Division B has now been offered an immediate opportunity to invest in new machinery at a cost of $2·12 million. The machinery is expected to have a useful economic life of four years, after which it could be sold for $200,000. Division B’s policy is to depreciate all of its machinery on a straight-line basis over the life of the asset. The machinery would be expected to expand Division B’s production capacity, resulting in an 8·5% increase in contribution per month.
Recalculate Division B’s expected annualised ROI and annualised RI, based on July’s budgeted operating statement after adjusting for the investment. State whether the managing director will be making a decision that is in the best interests of the company as a whole if ROI is used as the basis of the decision. (5 marks)
(e) Explain any behavioural problems that will result if the company’s senior management insist on using solely ROI, based on net profit rather than controllable profit, to assess divisional performance and reward staff. (4 marks)
