2018年9月ACCA考试P5高级业绩管理真题及答案解析.doc

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1、2018年 9月 ACCA考试 P5高级业绩管理真题及答案解析(总分：100.00，做题时间：195 分钟)一、案例分析题(总题数：0，分数：0.00)Section A(总题数：1，分数：50.00)1.Fearties: Company backgroundFearties Security (Fearties) is a business, owned and run by the Feartie family, which provides security personnel for other businesses (e.g. factory guards and security

2、 staff at large public events, for example, music concerts). The business has grown along with the market for outsourcing of security personnel roles and Fearties is one of the largest of such service providers in Beeland.The Feartie family has always managed the business to increase profits without

3、 excessive risk-taking. Most of the family are financially dependent on the business through their pay and dividends. The founder of the business was an accountant and it has become a family tradition that the chief executive officer (CEO) would always have an accounting background. As a result, the

4、 performance reporting has always focused on financial results.Recent eventsA new generation of the family has risen to power with a goal of increasing growth by expanding Fearties operations into different countries, using its existing reputation for reliability. The newly appointed CEO has recogni

5、sed that the choice of key performance indicators (KPIs) may not be suited to the current business environment, where the company is facing various issues: changing government regulation with most customer-facing Fearties staff now required to hold a certificate showing they are aware of the relevan

6、t laws and health and safety procedures regarding their duties. Indeed, this factor is a reason for the growth of outsourcing to Fearties; difficulty in recruitment and retention as the pay for customer-facing staff is low by Beelands standards (even though Fearties provides full training for them);

7、 legal difficulties arising from claims of Fearties staff being too aggressive in the pursuit of their duties.The CEO has asked you to prepare a report to the board on the following performance management matters for Fearties and has provided you with information in Appendix 1 and Appendix 2 which m

8、ay help you with the first two tasks:Existing KPIs and introduction of the balanced scorecardThe CEO is considering the introduction of a balanced scorecard approach and wants an evaluation of whether the existing key performance indicators cover the financial perspective for the board. She has prov

9、ided you with a draft copy of the most recent board report to illustrate current reporting (Appendix 1). This draft has been prepared quickly by a junior accountant and the CEO believes that there is an error in the return on capital employed calculation which you should correct. She then requires r

10、easoned recommendations for two indicators within each of the remaining three perspectives (customer, internal business process and innovation and learning). These indicators should address the issues facing the business.Use of customer surveysIn the past, the board has resisted the introduction of

11、customer surveys due to worries about the ability to measure performance using this method. The CEO is aware that many of the new indicators from the introduction of the balanced scorecard are likely to be non-financial. Therefore, she has asked that you evaluate for the board the problems associate

12、d with measuring and managing performance using non-financial performance indicators (NFPIs) at Fearties, using customer surveys as an illustration.Management styleGiven these changes, there may have to be changes to the management style at Fearties. Therefore, the CEO also wants your assessment of

13、the existing management style at Fearties and a justified recommendation for an appropriate approach. She has been taught about Hopwoods styles of using budget information (budget-constrained, profit-conscious, non-accounting) and so wants a brief definition of these prior to your assessment and rec

14、ommendation.Human resources management: targets and appraisalsFinally, given the issues facing Fearties noted above, the board will need advice on how to align human resource management with the organisations strategy. The current appraisal system consists of an annual appraisal meeting between the

15、individual and their line manager and then, a discussion of the targets for that individual (which are all financial, based on the projections for the next financial year), followed by an explanation of their bonus payment based on the previously agreed targets. For this part of your report, the CEO

16、 believes that you should consider the management setting of targets in the light of the move to using a balanced scorecard. This should be followed by a discussion of how these targets might be used within the appraisal system. At this stage, no changes to the reward system (basic pay plus an annua

17、l bonus) at Fearties are desired.It is now 1 September 20X8.Required:Write a report to the board of Fearties to:(i) Respond to the chief executive officers (CEO) request for work on the existing key performance indicators (KPIs) and the introduction of the balanced scorecard.(ii) Evaluate the proble

18、ms associated with measuring and managing performance using non-financial performance indicators at Fearties, using customer surveys as an illustration.(iii) Using Hopwoods styles, assess the existing management style at Fearties and recommend an appropriate approach.(iii) Using Hopwoods styles, ass

19、ess the existing management style at Fearties and recommend an appropriate approach.Professional marks will be awarded for the format, style and structure of the discussion of your answer.Appendix 1Key performance indicators20X8 20X7$m $mRevenue 686 659Operating profit 36 34Cash flow from operating

20、activities 64 64Dividends paid 14 13Return on capital employed 211% 204%Appendix 2Other information:Fearties SecurityYear ended 30 June 20X8Profit informationDividend history$m20X8 1420X7 1320X6 1320X5 1320X4 1120X3 10（分数：50.00）_Section B(总题数：2，分数：50.00)Freeze: Company informationFreeze is listed on

21、 the small Kayland stock exchange and supplies construction services to the oil exploration industry in Kayland. Demand for Freezes services broadly relates directly to the world oil price. A recent fall in the world oil price has led to several corporate failures in the oil exploration industry as

22、the exploration of new oil fields becomes unprofitable. In April 20X8, a major oil spill led to widespread environmental damage in Kayland. An initial investigation has indicated that the cause of the oil spill may be due to the incorrect installation of machinery by Freeze.Quantitative failure mode

23、l: the K ScoreThe K Score is a quantitative model used for predicting whether Freeze is at risk of corporate failure. The K Score model was developed by correlating recent historic data on financial ratios of all companies listed on the Kayland stock exchange with the incidence of subsequent corpora

24、te failure. The method of calculation of the K Score is shown in Appendix 1.Corporate failure indicators and comparator informationA colleague of yours, who is an academic working in a Kayland university, has suggested that operational gearing and financial gearing1 are the two most important indica

25、tors of corporate failure in the industry in which Freeze operates. To demonstrate this, she has introduced you to Thor, which is a privately-owned company based in Jayland. Thor provides similar services to Freeze in both the Kayland and Jayland oil exploration industries. Thor reports its financia

26、l results in Jayland dollars (J$). An economic recession has recently begun in Jayland.Extracts from the publicly available accounts of Freeze and Thor for the year ended 31 December 20X7 are both shown in Appendix 2. For comparison purposes, both extracts are in K$.Financial gearing is defined as (

27、preference share capital + long-term debt)/total equityRequired:Appendix 1 Calculation of the K Score1K Score = 2.5K1 + 5.0K2 + 0.1K3 + 1.9K4Score DefinitionK1 Net current assets/total assetsK2 Profit before interest and tax/total assetsK3 Market value of ordinary shares2/book value of non-current l

28、iabilitiesK4 Retained earnings/total assetsNotes:1A K Score of 2 or less indicates that corporate failure is highly likely, whereas a score of 5 or above indicates that corporate failure is unlikely. Scores of between 2 and 5 are in the grey area, where further analysis is required to determine the

29、likelihood of corporate failure.2 The average price of Freeze ordinary shares on the Kayland stock exchange during the year ended 31 December 20X7 was $1060.Appendix 2Extracts from the management accounts of Freeze and ThorExtract from the statement of profit or loss for the year ended 31 December 2

30、0X7*The statement of financial position was approved by the board on 31 March 20X8（分数：25）(1).Evaluate the usefulness of the quantitative K Score model in predicting the corporate failure of Freeze and Thor.（分数：11）_(2).Using only Freezes K Score for the year ended 31 December 20X7, assess whether Fre

31、eze is at risk of corporate failure.（分数：5）_(3).Evaluate your colleagues comments on the most important indicators of corporate failure in Freezes industry, and using these indicators assess whether Freeze is more or less likely to suffer corporate failure than Thor.（分数：9）_Jolt: Company informationJo

32、lt manufactures high quality swimwear and cycling clothing in its only factory, which employs 1,000 manufacturing staff and 200 support staff. Its products are used by both amateur and professional sports players in its home country. Jolt is known for its high ethical standards towards its workers,

33、suppliers and the environment, and has voluntarily published a corporate sustainability report for many years.Jolt is organised into traditional functional departments such as procurement, finance and sales, most of which have their own unreliable spreadsheet-based systems for planning and reporting

34、. As a result, Jolt often fails to produce accurate, timely and consistent data to monitor its own performance, which contributes to failures in achieving the performance targets set by its retail customers.Developments in Jolts marketJolts market is seasonal and competitive. Retailers, who are Jolt

35、s customers, for both swimwear and cycling clothing have two key demands: they want lower prices to pass on to consumers and they also require suppliers to meet performance targets relating to lead times and quality.To help them comply with the retailers demands, Jolts competitors have closed down a

36、ll of their own manufacturing facilities and outsourced all production to overseas suppliers, who have much larger factories and lower costs. To mitigate the cost of shipping goods over long distances, Jolts competitors have invested in sophisticated software to consolidate orders so that each shipp

37、ing container is completely full before despatch from their suppliers. Purchase invoice processing is also automated by the integration of information systems into the suppliers bespoke systems.Business process re-engineering proposalIn order to reduce costs, it has been proposed to outsource the ma

38、nufacture of swimwear, which is 50% of Jolts total output, to a supplier 17,000 km away. A comparison of the cost of manufacturing and the cost of outsourcing swimwear is given in Appendix 1.This will mean that staff from Jolts functional departments will reorganise into multi-disciplinary teams, ea

39、ch serving major customer accounts. Each team will perform all aspects of account management from taking sales orders and procurement through to arranging shipping and after sales service. Team members dealing with customers will work in Jolts home country, while those managing quality and supplier

40、audits will work close to the manufacturing site. Teams will be given greater autonomy to set selling prices to reflect market conditions. Many support staff will work in unfamiliar roles, or be offered new jobs overseas after the reorganisation.A consultant has advised Jolt that the outsourcing and

41、 reorganisation proposal has characteristics of re-engineered processes, and could be described as business process re-engineering (BPR). She advised that, as well as evaluating how BPR will improve its business performance in meeting its customers demands and requirements, Jolt should take into acc

42、ount any development in information systems which may be required, as well as the ethical aspects of the proposed changes.Required:Appendix 1Comparison of the average cost of manufacturing and outsourcing swimwear productionNotes1. Purchase cost of outsourced products is translated into $ from the s

43、uppliers home currency.2. In addition to the purchase cost from the supplier, Jolt must pay for shipping costs at the rate of $5,000 for each large, standard sized shipping container, regardless of the number of units in it. Each container holds 10,000 units when fully loaded.3. Due to changes in in

44、ternational trade tariffs expected in the near future, swimwear imports into Jolts home country will be subject to 10% import duty on the cost of imports excluding shipping costs.（分数：25）(1).Evaluate how the BPR proposal could improve Jolts performance in relation to its retail customers two key dema

45、nds.（分数：11）_(2).Advise Jolt on the development of its information systems which would be required for the BPR proposal to deliver performance improvements.（分数：6）_(3).Assess the potential impact of Jolts high ethical standards on the BPR proposal and consequently on business performance.（分数：8）_2018年

46、9月 ACCA考试 P5高级业绩管理真题答案解析(总分：100.00，做题时间：195 分钟)一、案例分析题(总题数：0，分数：0.00)Section A(总题数：1，分数：50.00)1.Fearties: Company backgroundFearties Security (Fearties) is a business, owned and run by the Feartie family, which provides security personnel for other businesses (e.g. factory guards and security staff at large public events, for example, music concerts). The business has grown along with the market for outsourcing of security personnel ro