1、2017 年 12 月 ACCA 考试 P5 高级业绩管理真题及答案解析(总分：125.00，做题时间：195 分钟)案例分析题(总题数：4，分数：125.00)Section A This ONE question is compulsory and MUST be attemptedThyme Engine Products (Thyme) manufactures jet aircraft engines for the commercial aircraft market. This is a worldwide business although Thymes production
2、and development are all based in the country of Beeland. Thyme is a listed company and its stated overall objective is to be a world-class jet engine manufacturer trusted by our customers to deliver excellent products. Its promise to its shareholders is that it will maximise their returns. The strat
3、egy to achieve this is to use world-class engineering to design engines and high quality production and customer service in order to drive profitable growth.Thymes share price has recently suffered as a result of the failure of a new engine design which led to large cash losses and a difficulty in o
4、btaining new financing. There has also been a bribery scandal involving a senior manager and one of its key customers. As a result, a new chief executive officer (CEO) has been employed and she has begun a major review of systems at Thyme.The first area which the CEO wants to examine is the informat
5、ion given to the board for strategic decision-making in both the planning and controlling of the business. The government of Beeland has been encouraging information sharing between businesses and has recently sponsored awards for management accounting. The winner of the engineering sector has produ
6、ced a sample dashboard template (with dummy figures) for an annual review and this is given in Appendix 1. The CEO realised that the winner had a very similar overall objective and strategies to Thyme and wants to know what it is about this dashboard that helped it win the award. She does not want a
7、 new dashboard for Thyme at this stage but there may be some useful, specific comments to make about the contents of the dashboard given Thymes recent problems.The CEO has also recently been reading about integrated reporting and in the light of this review of the dashboard, the CEO has also asked f
8、or your views on how integrated reporting might impact on the type of information prepared by the companys management accountants.As high quality engineering products lie at the heart of Thymes competitive advantage, there has been a total quality management (TQM) approach to the management of all r
9、esources and relationships throughout the business. Thyme currently has a project under consideration to develop a new simple jet engine which would compete in the crowded market for small corporate jets. In order to compete in this market, it is believed that a target costing approach to this new e
10、ngine would be beneficial. The CEO wants you to calculate the target cost gap for the new engine using the data in Appendix 2. Next, she wants to know how the use of target costing would fit within the existing TQM approach for this new engine.The new engine project has further raised the profile of
11、 quality as a broad issue at Thyme and the CEO wants your advice on the costs associated with quality. She needs to know the cost of each of the four categories of quality costs. She has gathered data in Appendix 3 for this exercise. She is happy that she has identified that prevention costs are com
12、plete but is worried that some of the possible costs for the other three categories are missing and needs suggestions of cost areas to be examined to identify these missing items. Finally, she needs advice on the relative importance to Thyme of each of the four categories.Required:（分数：50.00）Write a
13、report to the CEO of Thyme to:(i) Evaluate why the dashboard in Appendix 1 was award winning, as requested by the CEO. (15 marks)(ii) Explain broadly the role of the management accountant in providing information for integrated reporting. (6 marks)(iii) Calculate the target cost gap for the new engi
14、ne (using the data in Appendix 2) and assess how the use of this target cost will fit within the TQM approach. (12 marks)(iv) Categorise and calculate the costs of quality at Thyme (given in Appendix 3). Suggest cost areas to be examined as required by the CEO, and evaluate the relative importance o
15、f each category to Thyme. (13 marks)Professional marks will be awarded for the format, style and structure of the discussion of your answer. (4 marks) （分数：50.00）_Section B TWO questions ONLY to be attemptedChicory operates a chain of depots in Deeland, supplying and fitting tyres and other vehicle p
16、arts to lorries, buses and agricultural vehicles. Chicorys objective is to maximise shareholder wealth. Due to a slowdown in the Deeland economy, Chicorys recent performance has been weak. An unsuccessful acquisition has also caused cash flow problems and a write-off of goodwill of $247m in the year
17、 to 30 June 2017.The board has commissioned a benchmarking exercise to help improve Chicorys performance. This exercise will involve comparison of a range of financial and other operational performance indicators against Fennel, a similar business in Veeland. Fennel has agreed to share some recently
18、 available performance data with Chicory as they operate in different countries. The reason Fennel was chosen as a benchmark is that as well as supplying and fitting tyres and parts to heavy vehicles, a large part of Fennels business involves supplying electricity to charging points to recharge elec
19、tric cars. Fennel installs and operates the charging points in public places, and users pay Fennel for the electricity they use. The board of Chicory intends to follow a similar business model as the use of electric cars is increasing in Deeland.The Veeland economy is growing strongly. Electric car
20、use there has increased rapidly in the last two years, encouraged by tax incentives for businesses, like Fennel, to install and operate charging points. The Veeland government has also underwritten loans taken out by businesses to finance this technology, which has enabled Fennel to borrow funds for
21、 the significant capital investment required. The cost of components used in the charging points is falling rapidly. Capitalisation of development costs related to this technology is permitted in Veeland, but not in Deeland. In 2015, Fennel invested heavily in IT systems which significantly improved
22、 performance by increasing the availability of parts in its depots, and reducing inventories.Chicory uses return on average capital employed (ROCE) as its main financial performance indicator, and this is to be benchmarked against Fennel. One board member suggested that, though it may have some disa
23、dvantages, EBITDA (earnings before interest, tax, depreciation and amortisation) could have advantages as a performance measure over the existing measure, and should also be included in the benchmarking exercise.You have been given the most recently available financial data for both businesses in Ap
24、pendix 1, with the data for Fennel being converted into $ from its home currency.Notes1 $6m of new capital was introduced into Fennel on 31 March 2015. Normally, new net investment is spread evenly over the year.2 Operating profit is after charging depreciation of non-current assets of $18m in Chico
25、ry, and $25m in Fennel.Required:（分数：25）(1).Evaluate the relative financial performance of Chicory against Fennel using the two financial performance measures identified in the benchmarking exercise and evaluate their use as performance measures in this situation.(i) ROCE. (6 marks)(ii) EBITDA. (10 m
26、arks)（分数：16）_(2).Advise Chicory on the problems of using the benchmarking exercise with Fennel as a way to improve performance.（分数：9）_Tosemary and Rhyme Hospital (TRH) is a small hospital for the treatment of patients with only minor injuries. Patients arriving at TRH with more serious injuries are
27、referred to a larger hospital nearby. Those with minor injuries are admitted into TRH and wait to be seen by a doctor. After treatment, most patients leave the hospital and need not return. If their treatment has failed, however, they are re-admitted for additional treatment.Patients do not have to
28、pay for treatment at TRH, which is a not-for-profit, public sector hospital. It is funded entirely by the government from taxation and a fixed level of funding is received from the government each year. It is up to TRH to allocate its funding to different areas, such as doctors salaries, medicines a
29、nd all other costs required to run a hospital.TRHs objectives are: to give prompt access to high quality medical treatment for patients to provide value for money for the taxpayer, as measured by the 3Es framework of economy, efficiency and effectiveness to contribute to medical science by developin
30、g innovative ways to deliver treatment to patients.It has been suggested to TRH that the hospital has inadequate performance measurement systems in place to assess whether it is achieving its objectives, and that insufficient attention is given to the importance of non-financial performance indicato
31、rs. You have been asked for your advice, and have met with some of the doctors to get their opinions.One senior doctor has told you, I think TRH always delivers value for money. Weve always achieved our total financial budgets. Doctors here work much longer hours than colleagues in other hospitals,
32、often without being paid for working overtime. There is not enough government funding to recruit more doctors. At busy times, weve started referring more patients arriving at TRH to the larger hospital nearby. This has helped reduce average waiting times. Patients arriving at TRH are now seen by a d
33、octor within 3 hours 50 minutes rather than 4 hours as was previously the case. So, were already doing all we can. I dont know how much time we spend developing innovative ways to deliver treatment to patients though, as most of the performance data we doctors receive relates to financial targets.Re
34、cent performance data for TRH and national average information has been provided in Appendix 1. This is indicative of the data which the doctors at TRH receive.Notes1 National average for other public sector minor injuries hospitals.2 Staff satisfaction rating was obtained by conducting a survey of
35、all 25 doctors. A survey score of 100% represents totally satisfied, and a score of 0% represents totally unsatisfied.Required:（分数：25）(1).Explain why non-financial performance indicators are particularly important to measure the performance of not-for-profit organisations such as TRH.（分数：5）_(2).Just
36、ify one performance measure for each of the components of the value for money framework used at TRH and, using that measure evaluate whether TRH is delivering value for money.（分数：10）_(3).Evaluate the extent to which the management style at TRH can be said to be budget constrained and advise on the i
37、mplications of this approach for managing TRHs performance.（分数：10）_Sweet Cicely (SC) manufactures sweets and confectionery and has delivered stable but modest increases to the shareholder wealth for many years. Following a change in ownership, the new shareholders are keen to increase the long-term
38、performance of the business and are prepared to accept a high level of risk to achieve this.SC is considering setting up a factory to manufacture chocolate bars. There are three options (1, 2 and 3) for the size and output capacity of the new chocolate factory. SC must choose a size most suited to t
39、he expected demand for its products. As well as the impact of the quality, branding and pricing of its products, demand for SC chocolate bars will be influenced by external factors such as consumer tastes for chocolate over other sweets, and even the suggested health benefits of certain types of cho
40、colate.A high-cost ingredient in chocolate bars is cocoa, a commodity traded on international markets. The market price of cocoa fluctuates with worldwide demand. Due to economic growth, chocolate consumption is rising in many countries, where it was once considered a luxury. In some countries, howe
41、ver, governments are considering introducing additional taxes on products containing sugar in order to reduce the consumption of chocolate and confectionery products. Being derived from an agricultural crop, the availability and price of cocoa is also influenced by climatic conditions, soil erosion,
42、 and disease. Conflicts and political instability in cocoa growing regions can also restrict its availability. Recent technological advances in the production of cocoa, such as the use of genetically modified crops, promise higher yields from cocoa plants in the near future.You have been asked to he
43、lp SC choose one of the three options for the new chocolate factory. One board member told you: The board proposed expanding into cake manufacturing several years ago. With hindsight, our planning on that proposal was poor. We sold only slightly fewer cakes than expected, but hadnt realised how sens
44、itive our operating profit would be to a small change in demand. The previous shareholders thought problems in the cake business would put their dividends at risk, so SC stopped manufacturing cakes, barely a year after it started. The board does not want to repeat these mistakes. We want to minimise
45、 the opportunity cost of making the wrong decision about the size of the new chocolate factory.Appendix 1 shows the net present values for the three options discounted at SCs current cost of capital. Appendix 2 shows the expected operating profit generated by the three options in the first year of t
46、he project, according to the market price of cocoa, and assuming an annual demand of 70 million chocolate bars.Required:（分数：25）(1).Advise SC why decisions, such as what size of chocolate factory to build, must include consideration of risk and uncertainty, and evaluate the use of PEST analysis in ma
47、naging the risk and uncertainty surrounding the project.（分数：14）_(2).Using the data in Appendix 1, explain which of the three options for the new chocolate factory would be preferred by the board and the new shareholders according to their respective risk appetites.（分数：6）_(3).Using the data in Appendix 2, recommend which of the three options for the new chocolate factory a risk neutral investor would choose, and explain any problems with the approach
