2 Ice-Time Ltd (ITL) manufactures a range of sports equipment used in a variety of winter-sports in Snowland.
Development engineers within ITL have recently developed a prototype of a small engine-propelled bobsleigh named
the ‘Snowballer’, which has been designed for use by young children. The directors of ITL recently spent £200,000
on market research, the findings of which led them to believe that a market exists for the Snowballer.
The marketing director has suggested that ITL should use the ‘Olympic’ brand in order to market the Snowballer.
The finance director of ITL has gathered relevant information and prepared the following evaluation relating to the
proposed manufacture and sale of the Snowballer.
(1) Sales are expected to be 3,200 units per annum at a selling price of £2,500 per unit.
(2) Variable material, labour, and overhead costs are estimated at £1,490 per unit.
(3) In addition, a royalty of £150 per unit would be payable to Olympic plc, for the use of their brand name.
(4) Fixed overheads are estimated at £900,000 per annum. These overheads cannot be avoided until the end of the
year in which the Snowballer is withdrawn from the market.
(5) An initial investment of £5 million would be required. A government grant equal to 50% of the initial investment
would be received on the date the investment is made. However, because the Snowballer would be classified as
a luxury good, no tax allowances would be available on this initial investment. The estimated life cycle of the
Snowballer is six years.
(6) Corporation tax at the rate of 30% per annum is payable in the year in which profit occurs.
(7) All cash flows are stated in current prices and, with the exception of the initial investment and the government
grant, will occur at the end of each year.
(8) The nominal cost of capital is 15·44%. Annual inflation during the period is expected to amount to 4%.
Required:
(a) Calculate the net present value (NPV) of the Snowballer proposal and recommend whether it should be
undertaken by the directors of ITL. (4 marks)
第1题:
(d) Comment on THREE factors other than NPV that the directors of ITL should consider when deciding whether
to manufacture the Snowballer. (3 marks)
第2题:
The American love of sports (11) to a pitch never before known. (12) the middle of the century we were practically without sports and even until some fifteen years ago there (13) very little enthusiasm aroused by sports (14) the fever that has within the past decade and a half swept over the country.
(15) the passionate fervor has been increasing,and the coming season promises to be the most enthusiastic of all.
(16) England the Romans brought their sports;then the Saxons and the Normans added others,and there were football matches and archery games.
In 1618 King James I issued a book of sports stating what sports were (17) after church service on Sundays;but intense anger was (18) among those who strictly observed the principles of the Bible,and in 1644 the Long Parliament ordered the book (19) by the public executioner,and all sports forbidden or strongly (20) .
A. have raised
B. has raised
C. have risen
D. has risen
第3题:
2 Good Sports Limited is an independent sports goods retailer owned and operated by two partners, Alan and Bob. The
sports retailing business in the UK has undergone a major change over the past ten years. First of all the supply side
has been transformed by the emergence of a few global manufacturers of the core sports products, such as training
shoes and football shirts. This consolidation has made them increasingly unwilling to provide good service to the
independent sportswear retailers too small to buy in sufficiently large quantities. These independent retailers can stock
popular global brands, but have to order using the Internet and have no opportunity to meet the manufacturer’s sales
representatives. Secondly, UK’s sportswear retailing has undergone significant structural change with the rapid growth
of a small number of national retail chains with the buying power to offset the power of the global manufacturers.
These retail chains stock a limited range of high volume branded products and charge low prices the independent
retailer cannot hope to match.
Good Sports has survived by becoming a specialist niche retailer catering for less popular sports such as cricket,
hockey and rugby. They are able to offer the specialist advice and stock the goods that their customers want.
Increasingly since 2000 Good Sports has become aware of the growing impact of e-business in general and e-retailing
in particular. They employed a specialist website designer and created an online purchasing facility for their
customers. The results were less than impressive, with the Internet search engines not picking up the company
website. The seasonal nature of Good Sports’ business, together with the variations in sizes and colours needed to
meet an individual customer’s needs, meant that the sales volumes were insufficient to justify the costs of running
the site.
Bob, however, is convinced that developing an e-business strategy suited to the needs of the independent sports
retailer such as Good Sports will be key to business survival. He has been encouraged by the growing interest of
customers in other countries to the service and product range they offer. He is also aware of the need to integrate an
e-business strategy with their current marketing, which to date has been limited to the sponsorship of local sports
teams and advertisements taken in specialist sports magazines. Above all, he wants to avoid head-on competition
with the national retailers and their emphasis on popular branded sportswear sold at retail prices that are below the
cost price at which Good Sports can buy the goods.
Required:
(a) Provide the partners with a short report on the advantages and disadvantages to Good Sports of developing
an e-business strategy and the processes most likely to be affected by such a strategy. (12 marks)
第4题:
A、which
B、with whom
C、whom
D、with which
第5题:
A.take
B.remove
C.recover
D.move
第6题:
A new internal auditor, Daisy Rosepetal, has recently joined Bluebell Co. She has been asked by management to
establish and to monitor a variety of social and environmental Key Performance Indicators (KPIs). Daisy has no
experience in this area, and has asked you for some advice. It has been agreed with Bluebell Co’s audit committee
that you are to provide guidance to Daisy to help her in this part of her role, and that this does not impair the
objectivity of the audit.
(c) Recommend EIGHT KPIs which could be used to monitor Bluebell Co’s social and environmental
performance, and outline the nature of evidence that should be available to provide assurance on the
accuracy of the KPIs recommended. Your answer should be in the form. of briefing notes to be used at a
meeting with Daisy Rosepetal. (10 marks)
Note: requirement (c) includes 2 professional marks.
第7题:
磨床加工精度较高,工作经磨削后尺寸精度可达()。
A.IT3~IT4
B.IT5~IT6
C.ITl0~ITl2
D.ITl3~ITl5
第8题:
5 Astrodome Sports Ltd was formed in December 2000 by seven engineers who comprise the board of directors of the
company. The seven engineers previously worked together for ‘Telstar’, a satellite navigation company.
In conjunction with one of the three largest construction companies within their country they constructed the ‘365
Sports Complex’ which has a roof that opens and uses revolutionary satellite technology to maintain grass surfaces
within the complex. The complex facilities, which are available for use on each day of the year, include two tennis
courts, a cricket pitch, an equestrian centre and six bowling greens. The tennis courts and cricket pitch are suitable
for use as venues for national competitions. The equestrian centre offers horse-riding lessons to the general public and
is also a suitable venue for show-jumping competitions. The equestrian centre and bowling greens have increased in
popularity as a consequence of regular television coverage of equestrian and bowling events.
In spite of the high standard of the grass surfaces within the sports complex, the directors are concerned by reduced
profit levels as a consequence of both falling revenues and increasing costs. The area in which the ‘365 Sports
Complex’ is located has high unemployment but is served by all public transport services.
The directors of Astrodome Sports Ltd have different views about the course of action that should be taken to provide
a strategy for the future improvement in the performance of the complex. Each director’s view is based on his/her
individual perception as to the interpretation of the information contained in the performance measurement system of
the complex. These are as follows:
Director
(a) ‘There is no point whatsoever in encouraging staff to focus on interaction with customers in efforts to create a
‘user friendly’ environment. What we need is to maintain the quality of our grass surfaces at all costs since that
is the distinguishing feature of our business.’
(b) ‘Buy more equipment which can be hired out to users of our facilities. This will improve our utilisation ratios
which will lead to increased profits.’
(c) ‘We should focus our attention on maximising the opening hours of our facilities. Everything else will take care
of itself.’
(d) ‘Recent analysis of customer feedback forms indicates that most of our customers are satisfied with the facilities.
In fact, the only complaints are from three customers – the LCA University which uses the cricket pitch for
matches, the National Youth Training Academy which held training sessions on the tennis courts, and a local
bowling team.’
(e) ‘We should reduce the buildings maintenance budget by 25% and spend the money on increased advertising of
our facilities which will surely attract more customers.’
(f) ‘We should hold back on our efforts to overcome the shortage of bowling equipment for hire. Recent rumours are
that the National Bowling Association is likely to offer large financial grants next year to sports complexes who
can show they have a demand for the sport but have deficiencies in availability of equipment.’
(g) ‘Why change our performance management system? Our current areas of focus provide us with all the
information we need to ensure that we remain a profitable and effective business.’
As management accountant of Astrodome Sports Ltd you have recently read an article which discussed the following
performance measurement problems:
(i) Tunnel vision
(ii) Sub-optimisation
(iii) Misinterpretation
(iv) Myopia
(v) Measure fixation
(vi) Misrepresentation
(vii) Gaming
(viii) Ossification.
Required:
(a) Explain FOUR of the above-mentioned performance measurement problems (i-viii) and discuss which of the
views of the directors (a-g) illustrate its application in each case. (12 marks)
第9题:
Considering your financial situations, which we realize have not been good recently, we have not () you for payment.
A、compressed
B、pressured
C、pressed
D、stessed
第10题:
Two business partners have recently been connected via a dedicated extranet. It has been discovered that each of the companies are using the same private IP address space.Which of the following will help to resolve potential routing issues?()
A.Multicast
B.PAT
C.CIDR
D.NAT