2012知识课程答案11813

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 2012 年 3 月 CIMA-P1 真题答案 1.1.1 The correct answer is C.1.2 Net Present Value of the project=$180,000 Present value of the annual cash outflow=$100,000 x 3.312=$331,200 Sensitivity=$180,000/$331,200=54.3%The correct answer is A.1.3 Regret Matrix The Standard fee strategy minimises the maximum regret.The correct answer is C.1.4 1.5 Number of orders=26,000/2,600=10 per year Ordering costs=10 x$160=$1,600 Holding costs=2,600 x 0.5 x$1.40=$1,820 Total ordering and holding costs=$3,420 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 2 The correct answer is D.1.6 The holders of an accepted bill of exchange can do one of the following:(i)Hold the bill until the due date and collect the money (ii)Discount the bill with the bank for immediate payment (iii)Transfer the bill to a third party in settlement of an amount due.1.7 The net present value of the project is$13,000 1.8 The fixed costs will remain the same therefore the contribution has to exceed$2,880,000.The possible outcomes and the probability of them occurring are given below:100,000 x($48-$21)=$2,700,000 Joint probability is 0.40 x 0.25=0.10 100,000 x($48-$19)=$2,900,000 Joint probability is 0.40 x 0.75=0.30 120,000 x($48-$21)=$3,240,000 Joint probability is 0.60 x 0.25=0.15 120,000 x($48-$19)=$3,480,000 Joint probability is 0.60 x 0.75=0.45 1.00 2.(a)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 (b)Project appraisal involves the estimation of cash flows over several years.As the cash flows can only be estimated with varying degrees of certainty it is useful to see the impact of changes in assumptions on project viability.Sensitivity analysis enables a company to determine the effect of changes to variables on the planned outcome.Particular attention can then be paid to those variables that are identified as being of special significance.In project appraisal,an analysis can be made of all the key variables to ascertain by how much each variable would need to change before the net present value(NPV)reaches zero i.e.the indifference point.Alternatively,specific changes can be tested to determine the effect on NPV.(c)(i)The percentage cost of the discount =(100/(100 d)365/t-1 =100/98365/35-1 =1.0204110.43-1 =1.2346 1 =23.5%(ii)Examiners note:the question asks for two methods.Examples of methods that would be rewarded are given below.Bank references-These may be provided by the prospective customers bank to indicate the customers financial standing.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 Financial statements-The most recent financial statements of the prospective customer can be obtained either direct from the customer,or for limited companies,from Companies House.Personal contact-A representative of TJ might visit the business premises of the prospective customer.(d)Environmental internal failure costs These are costs that are incurred after hazardous materials,waste and/or other contaminants have been produced.The costs are incurred in order to comply with both externally and internally imposed standards.Examples include treating and disposing of toxic materials and recycling costs.Environmental external failure costs These are incurred when there are failures of internal control and hazardous materials,waste or contaminants have been introduced into the environment.Examples of costs that an organisation has to pay include decontaminating land or cleaning a river after leakages.Organisations may also be subject to penalties imposed by the government for these external failures.These costs can give rise to adverse publicity.Some external failure costs may be caused by the organisation but paid by society.(e)(i)Workings:January:Gross profit=9,800 units x($135-$45-$32)=$568,400 Under absorption of fixed overhead (10,000 units x$32)$350,000=$30,000 February:Gross profit=11,200 units x($140-$45-$32)=$705,600 Over absorption of fixed overhead (11,500 units x$32)-$340,000=$28,000 (ii)Profit using absorption$538.40k 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 5 costing Profit using marginal costing$532.00k Difference$6.40k (f)Cost driver rates Set up costs$200,000/800=$250 per set up Inspection/quality costs$120,000/400=$300 per test Stores receiving$252,000/1,800=$140 per requisition 3.(a)Reconciliation statement for February Material mix variance 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 6 Or alternatively:Material mix variance NB either method of calculating the individual mix variances would be acceptable Material yield variance Standard input per 100 litres=105 litres 7,800 litres x 1.05=8,190 litres Actual usage=8,400 litres Variance=210 litres A Standard input cost per litre=$2.00 Variance=210 A x$2.00=$420 A Or alternatively:8,400 litres input should produce 8,000 litres output Did produce 7,800 litres Yield variance=200 litres A Standard output material cost per litre=$2.10 Yield variance=200 A x$2.10=$420 A (b)(i)The size of the variance (ii)The likelihood of the variance being controllable (iii)The likely cost versus the potential benefits of the investigation (iv)The interrelationship between variances (v)The type of standard that was set 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 7 (c)Direct labour rate planning variance (7,800 x 0.08 hours)x($24-$26)=$1,248 A Direct labour rate operational variance (640 x$26)-$16,500=$140 F Direct labour efficiency operational variance (7,800 x 0.08)640 x$26=$416 A (d)The calculation of planning and operational variances is important for the following reasons:The use of planning and operational variances will enable management to draw a distinction between variances caused by factors extraneous to the business and planning errors(planning variances)and variances caused by factors that are within the control of management(operational variances).The managers performance can be compared with the adjusted standards that reflect the conditions the manager actually operated under during the reporting period.If planning and operational variances are not distinguished,there is potential for dysfunctional behaviour especially where the manager has been operating efficiently and effectively and performance is being affected by factors that the manager cannot control.In part c)the labour rate variance was$1,108A however it can be clearly seen that$1,248A was a result of a planning error and was not within the control of the operational managers.The use of planning variances will also allow management to assess how effective the companys planning process has been.Where a revision of standards is required due to environmental changes that were not foreseeable at the time the budget was prepared,the planning variances are uncontrollable.However standards that failed to anticipate known market trends when they were set will reflect faulty standard setting.It could be argued that some of the planning variances due to poor standard setting are in fact controllable at the planning stage.参与 CIMA 的考生可按照复习计划有效进行，另外高顿网校官网考试辅导高清课程已经开通，还可索取CIMA 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备考效果。更多详情可登录高顿网校官网进行咨询。更多 CIMA 考试资讯，请关注官方微信公众号：gaoduncima 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 8