2020年ACCAF5考试主观题：有关利润和投资的相关考题2
来源：长理培训发布时间：2020-03-11 21:01:18
【Answers】
1 (a) Performance statistics
2005 2006 2007 2008
ROI 13% 17·5% 16·7% 20%
Bonus paid? No Yes Yes Yes
Sales Growth – 0% –10% –5·6%
Gross margin 40% 35% 35% 30%
Overheads $67,000 $56,000 $53,000 $43,000
Net profit % on Sales 6·5% 7% 5·6% 4·7%
The performance of store W can be assessed in various ways:
Sales Growth
Sales revenue growth is most unimpressive. We are told that the market in which PC operates is steadily growing and yet
store W has shrunk in terms of sales over the last four years. This could be poor volumes or poor prices achieved. Given the
reducing gross margin (see below), then a reducing sales price is likely. It is possible that W is subject to higher than normal
levels of competition.
Gross Margin
The gross margins have also shrunk. Reducing margins can result from sales price pressure or increases in the cost of sales
levels being incurred. Suppliers might have increased prices or labour could have got more expensive. The level of margin
has only reached the normal level once in the last four years. Clearly W is under performing.
Overhead Control
The one area that is impressive is the apparent ability of the business to reduce overheads as sales and margin have shrunk.
This is often difficult to do. It is possible that reducing these overheads could have contributed to the poor sales performance,
if (for example) quality has been affected, or one could say it reflects flexible management.
Net Margin
The net margin has also fallen, primarily due to falling gross margins as overheads have reduced. Clearly a disappointing
performance.
ROI
The ROI has improved in most years and has exceeded the 15% target in all but one year (year 1). This is simply due to the
reducing asset base as the stores assets have gradually been depreciated. Net profit levels have fallen overall and yet ROI has
increased.
It is hard to argue that the ROI figures properly reflect the performance of the store. The ROI will tend to increase as assets
get older and this will distort the financial performance picture. In a period of falling sales and weaker margins the manager
of W has been awarded bonuses in three out of four years. This is hard to justify.
(b) The unethical manager would have needed to move profits out of 2006 and in to 2005. One immediate problem here is
having the information in good time to respond. The manager would have to be able to anticipate the 2005 poor result and
the improvement in 2006. It is likely that such a manager would have to gamble at the end of 2005 and make an adjustment
in the hope of a better year in 2006.
The manager need only move $2,000 of profit from 2006 to 2005 to achieve a 15% return in both years.
Possible methods of adjustment include:
Accelerate revenue: Sales made early in 2006 could be wrongly included in 2005. He could, for example, raise an invoice
before is normal, perhaps on the receipt of an order and before actual delivery. The invoice itself would not have to be sent
to the customer, merely filed until the second year had begun and delivery made.
Delay the recording of 2005 cost: A supplier’s invoice could be left unrecorded at the end of 2005, including it in 2006
expenses instead.
Understate a provision or accrual in 2005: This has the effect of moving cost from 2005 to 2006 (assuming that by the
end of 2006 the provision is correctly stated).
Manipulate accounting policy: Inventory values (for example) are easy targets for the unethical manager. If inventory in 2005
could be overstated this would have the effect of increasing 2005 profits at the expense 2006 profits.
(c) The forecast for store S is as follows:
2009 ($) 2010 ($) 2011 ($) 2012 ($)
Sales W1 216,000 237,600 248,292 235,877
Gross Profit W2 86,400 95,040 91,476 79,061
Overheads 70,000 70,000 80,000 80,000
Net Profit 16,400 25,040 11,476 (939)
Investment 100,000 75,000 50,000 25,000
ROI 16·4% 33·39% 22·95% –3·8%
W1
2009 2010 2011 2012
Sales Volume (units) 18,000 19,800 a 21,780 b 21,780
Sales Price ($) 12·00 12·00 11·40 c 10·83 d
Revenue ($)
(Volume x Price) 216,000 237,600 248,292 235,877
a:
18,000 (1·1) = 19,800
b:
19,800 (1·1) = 21,780
c:
12.00 (0·95) = 11.40
d:
11.40 (0·95) = 10.83
W2
Gross Profit
2009 40% (given). Total gross profit = $216,000 x 0·4 = $86,400
2010 40% (given). Total gross profit = $237,600 x 0·4 = $95,040
2011 (40 – 5)/100(0·95) = 36·8421052%
Total gross profit = $248,292 x 0·368421052 = $91,476
2012 (40 – 5 – 4·75)/(100(0·95)(0·95)) = 33·5180055%
Total gross profit = $235,877 x 0·335180055 = $79,061
Alternatively, given that variable costs are said to be constant over the four years, could calculate the variable cost in year one
and hold for the four years. Gross profit is then simply sales revenue less variable costs.
Variable costs in 2005:
$216,000 – 18,000 x VC = $86,400
VC per unit = $7·20
So year two gross profit will be:
$237,600 – 19,800 x 7·2 = $95,040
(d) In order for a bonus to be paid in 2012 an ROI of 15% is needed. This implies a net profit of $25,000 x 15% = $3,750.
Adding overheads of $80,000 to this net profit means that $83,750 of gross profit is needed. At a gross profit % of 33·518%
this implies sales of $249,866.
At a price of $10·83 this suggests sales volume of 23,072 units.
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