2022年ACCA-CAT历模拟考试题

2022年ACCA/CAT历模拟考试题姓名:年级:学号:题型选择题填空题解答题判断题计算题附加题总分得分评卷人得分1、4(a)ExplainthemeaningofthetermSvorkingcapitaIcycle*foratradingcompany.(4marks)正确答案：(a)TheworkingcapitaIeyeIeiIIustratesthechangingmake-upofworkingcapitalinthecourseofthetradingoperationsofa7business:Purchasesaremadeoncreditandthegoodsgointoinventory.[~2Inventoryissoldandconvertedintoreceivables3Creditcustomerspaytheiraccounts!.4Cashisusedtopaysuppliers.2、(c)BrieflydescribethreeadvantagestoBailey*sofcounseIIing.(3marks)正确答案：(c)ForBailey*stheadvantagesofcounselIingasameansofunderstandingandaddressingtheprobIemsarethatitprovidesaconfidentialservicetotheempIoyeetodiscussproblemsawayfromandnotinvolvingmanagementorsupervision.ThereisnoobvioushumanresourcespolicyatBailey5sandcounseIIingprovidesanopportunitytodevelopanappropriatepolicyfromunderstandingindividualprobIems.'ThisinturnwiIIdemonstrateorganisationaIcommitmenttotheemployeesthathasbeenIackinginthepastatBailey'sandbegintheprocessofbetterperformanceandincreaseincommitment.□Atanotherlevel,counselIingcanprovidealinktootherexternaIagenciestoassistwithpersonaIprobIemsthatmaybedeemedtoospecificforresoIutionwithinBaiIey5s.□3、(c)Withoutchangingtheadviceyouhavegivenin(b),orvaryingthetermsofLuke*swill,explainhowMabeIcouldfurtherreducehereventuaIinheritancetaxliabilityandquantifythetaxsavingthatcouIdbemade.(3marks)TheincreaseintheretaiIpricesindexfromApriI1984toApriI1998is84%.YoushouldassumethattheratesandaIlowancesforthetaxyear2005/06willcontinuetoapplyfortheforeseeabIefuture.11nusingthevaIuechainoneislookingtoidentifythesignificantcostactivitiesandhowthosecostsbehave.Somecostsmay□beaffectedbytheoveraIIsizeofthefirme.g.advertisingwhiIeothersaffectedbythebatchsizebeingprocessed.Thechangetofewerproductsv/iIIIeadtoabiggerbatchsizeandanumberofpositiveconsequencesforcosts.Thevaluechain5smajorbenefitisinidentifyingandquantifyingtheIinksthatexistbetweenvariousactivitieswithinthefirmandbetweenthefirm□anditscustomersandsuppIiers.InBonarPaint*scasedoesareductioninproductrangeleadtoIessproductfaiIuresand□consequentwarrantyclaims?DoessimpIifyingtheproductrangeleadtoshorterIeadtimesandbetterdeIiverytime□performanceforitscustomers?Aboveall,agoodunderstandingofitsvaluechainwillIetitknowifitchangesanactivitywhat.laretheconsequencesforotherpartsofthesystem.11ntermsofreducingtheproductrange,beforesuchadecisionistakenBonarPaintmustcarryoutathoroughanalysisofthe□patternofcustomerdemandforeachpainttype.InaIIprobabiIityitwillfindthat80%ofitssaIescomefrom20%ofits□productrange.HavinggiventhisquaIification,reducingtheproductrangecanhaveanumberofbeneficiaIresuItsonother□partsofthevaIuechain.TheimmediateeffectislikelytobethatBonarPaintproducesfewerbatchesoveragiventimeperiod(butproducestheminlargerquantities.ThiswillbringcostsavingsbuttheimpactonotherpartsofthevaIuechainisequally□important.Thebeneficialeffectsare:□-WithasmaIIerproductrangethecontrolofrawmateriaIsandfinishedinventorywiIIbesimpIifiedaffectinginboundand.loutboundlogistics.Thiswillimprovetheinventoryturnandmakeforbetterproductavaliability.□-WithanimprovedinventoryturnthiswiIIreducethefirm'sworkingcapitaIneedsandreIeasesignificantamountsofleash.□-AsimpleroperationsprocessshouldfaciIitatestaffsavingsandsupportmoreautomation.□-Warrantyclaimsandsupportcostscouldbereduced.□-BonarPaintwiIIbepurchasingfewerrawmateriaIsbutingreatervoIumeandonamorereguIarbasis.ThiswillIeadto-]improvedpriceanddeliverytermsfromitssuppIiers.□-BonarPaintcanofferimprovedproductreIiabiIityandbetterdeIiverytoitscustomersandshouIdimproveitsmarket□share.11ntermsofoperationaldisadvantages,thesethereforearelargeIyintermsoftheimpactoncustomerserviceIeveIsseeninUtermsofproductrangeavaliability.OnceagainitisimportanttohaveaccurateinformationonthesalesandprofitabiIityof□eachproductsoinformeddivestmentdecisionscouldbetaken.Caremustbetakentoidentifyanypaints,whichthough□orderedinfrequently.andinsmaIIquantitiesareapre-cursorforcustomersorderingotherpaints.Someimportantcustomers□mayrequirethatthefuIIrangeoftheirpaintneedsaremetinordertocontinuebuyingfromBonarPaint.jReductionoftheproductrangeandcustomerbaseisanimportantstrategicdecision.Eliminatingnon-contributorsor'dog'(productsbothintermsofpaintsandcustomersisakeypartofmanagingtheproductportfoIio.However,inertiabothintermsofproductsandcustomersisareaIstrategicv/eakness.IntermsofthethreetestsofsuitabiIity,acceptabiIityandfeasibiIityUtheanalysissuggeststhatonIyacceptabiIityislikelytobeanissue.TonyEdmundsneedstobeconvincedthatitisan□appropriatestrategytoadopt.ItistheIackofaccuratesalesanalysisthatIiesattheheartoftheprobIemandthatishisareaofresponsibiIity!11、(b)WhatresearchtechniquescouldMarkusetogetanaccurateassessmentofstaffattitudestotheproposedchanges?(8marks)正确答案：(b)AstheterminternaImarketingimpIies,themethodsofascertainingstaffreactionstotheproposedgrov/thstrategyhavecIoseiparaIIeIswiththewaysyoufindoutaboutcustomerreactiontothecompanyoritsproducts.ThebenefitsoftakingaIstructuredresearchapproachareconsiderableandoftenfirmsmaypreferthatattitudesurveysarecarriedoutbyoutside□consultantsinordertoimproveobjectivityandtoremovesomeoftheproblemswithMark'spowerandposition.Aswith□externaImarketresearchyouareIookingtoseewhetherstaffwiII'buyinto*theproposedstrategyandtheaccurate□measurementofattitudesandconsequentbehaviourisveryimportant.ICreatingtheframeworkforundertakingtheresearchinvoIvesdefiningtheissuetoberesearched-inthiscasestaffattitudesItowardsthegrowthstrategy,designingtheresearchmethods,includingtheuseofquestionnairesandinterviews,determining□thesampIeofstafftobeinvolved,theuseorotherwiseoffocusgroupsandwaysofensuringthedatacollectedgivesan□accuratepictureofstaffattitudes.ThedatageneratedmustbeanalysedandpresentedtoMarkinanappropriatev/ay.HowUtheinsightsintostaffattitudesaregainedthroughtheresearchisimportant,asisthecommunicationoftheresultstothe'Jstaff.MarkshouldbeawarethatsuchresearchwiIIinevitablycreateexpectationsamongstaffandmanagingthose□expectationswiIIbeatestofhisIeadershippowers.12、4Assumetoday'sdateis15May2005.InMarch1999,BobwasmaderedundantfromhisjobasafurnituresaIesman.HedecidedtotraveIroundtheworId,anddidso,returningtotheUKinMay2001.Bobthendecidedtosetuphisownbusinesssellingfurniture.Hestartedtradingon1October2001.Aftersomeinitialsuccess,thebusinessmadelossesasBobtriedtowinmorecustomers.However,hewaseventuallysuccessful,andthebusinesssubsequentlymadeprofits.TheresuItsforBob*sbusinessv/ereasfollows:PeriodScheduIeDCaseITradingProfits/(losses)£1October2001-30April200213,5001May2002-30April2003(18,000)1May2003-30April200428,000Bobrequiredfundstohelpstarthisbusiness,soheraisedmoneyinthreeways:Bobisakeencricketfan,andinthe1990s,hecollectedmanybooksoncricketpIayers.Toraisemoney,Bobstartedsellingbooksfromhiscollection.ThesehadrisenconsiderabIyinvalueandsoldforbetv/een£150and£300perbook.Noneofthebooksformspartofaset.Bobcreatedaninternetwebsitetoadvertisethebooks.BobhasnotdecIaredthisincome,ashebeIievesthattheproceedsfromsellingthebooksarenon-taxabIe.HedisposedoftwopaintingsandanantiquesiIvercoffeesetatauctionon1December2004,realisingchargeablegainstotaIIing£23,720.Bobtookaparttimejobinafurniturestoreon1January2003.Hisannualsalaryhasremainedat£12,600peryearsincehestartedthisemployment.Bobhas5,000sharesinWiIIisLtd,anunquotedtradingcompanybasedintheUK.HesubscribedforthesesharesinAugust2000,paying£3pershare.On1December2004,Bobreceivedaletterinforminghimthatthecompanyhadgoneintoreceivership.Asaresult,hisshareswerealmostworthless.ThereceiversdeaIingwiththecompanyestimatedthatontheIiquidationofthecompany,hewouIdreceivenomorethan10ppershareforhissharehoIding.Hehasnotyetreceivedanymoney.Required:(a)WriteaIettertoBobadvisinghimonwhetherornotheiscorrectinbeIievingthathisbooksalesarenontaxable.YouradviceshouldincIudereferencetothebadgesoftradeandtheirappIicationtothiscase.(9marks)正确答案：Evidenceoftrading口[Clientaddress][Ownaddress]口[Date]口DearBob,.JInotethatyouhavebeensellingsomebooksinordertoraisesomeextraincome.WhiIeyoubeIievethatthesumsarenot□taxable,IbeIievethattheremaybeariskofthebooksaIesbeingtreatedasatrade,andthereforetaxabIeunderScheduIeDCaseI.Weneedtorefertoguidanceintheform,ofasetofprinciplesknownasthe'badgesoftrade'.TheseheIpdetermine□whetherornotatradeexists,andneedtobelookedatintheirentirety.ThebadgesareasfoIIows.口1.Thesubjectmatter(SomeassetscanbeenjoyedbythemseIvesasaninvestment,whileothers(suchasIargeamountsofaircraftIinen)areclearlynot.Itislikelythatsuchassetsareacquiredastradingstock,andarethereforeasignoftrading.Sportingbookscanbeaninvestment,andsothistestisnotconclusive.2.FrequencyoftransactionsiWheretransactionsarefrequent(notone-offs),thissuggeststrading.YouhavesoldseveraIbooks,whichmightsuggest]trading,althoughyouhaveonIydonethisforashortperiod-betweenoneandtwoyears.3.Lengthofov/nershipIWhereitemsareboughtandsoldsoonafterwards,thisindicatestrading.Youboughtyourbooksinthe1990s,andthelengthoftimebetweenacquisitionandsalewouldnotsuggesttrading.4.Supplementaryworkandmarketing:IYouareactiveIymarketingthebooksonyourinternetwebsite,whichisanindicationoftrading.5.Profitmotive□Amotivetomakeprofitsuggeststradingactivity.Yousoldthebookstoraisefundsforyourpropertybusiness,andnot.Itomakeaprofitassuch,whichsuggeststhatyourmotivewastoraisecash,andnotmakeprofits.6.Thewayinv/hichtheassetsoldwasacquired.)SeIIingassetswhichwereacquiredunintentionaIIy(suchasagift)isnotusuaIIyseenastrading.YouacquiredthebooksIforyourcollectionoveraperiodoftime,andwhilethesewereintentionaIacquisitions,thereasonsfordoingsowereforIyourpersonaIpIeasure.ByapplyingaIIofthesetests,itshouldbepossibletoarguethatyouv/erenottrading,merelysellingsomeassetsinlordertogenerateshort-termcashforyourbusiness.TheassetdisposaIsv/iIIbetaxedunderthecapitalgaintaxrules,butasthebooksarechatteIsanddonotform,partofaset,theywiIIbeexemptfromcapitalgainstax.lYourssincereIy1AN.Accountant13、(b)(i)AdviseAndrewoftheincometax(IT)andcapitaIgainstax(CGT)reIiefsavaiIableonhisinvestmentintheordinarysharecapitaIofSeaIarLimited,togetherwithanyconditionswhichneedtobesatisfied.YouranswershouldclearlyidentifyanystepsthatshouIdbetakenbyAndrewandtheotherinvestorstoobtainthemaximumrelief.(13marks)正确答案：(i)AndrewmaybeabIetotakeadvantageoftaxreIiefsundertheenterpriseinvestmentscheme(EIS)providedtheInecessaryconditionsaremet.TheconditionsthathavetobesatisfiedbeforefuIIreliefisavaiIablefaIIintothreeareas,andbroadIyrequirethata'qualifyingindividual'subscribesfor'eligibleshares'ina'qualifyingcompany5.'QuaIifyingIndividuaI,ITobeaquaIifyingindividual,Andrev/mustnotbeconnectedwiththeEIScompany.ThismeansthatheshouldnotbeIanempIoyee(or,atthetimethesharesareissued,adirector)orhaveaninterestin(i.e.control)30%ormoreoftheIcapitaIofthecompany.TheseconditionsneedtobesatisfiedthroughouttheperiodbeginningtwoyearsbeforetheshareIissueandthreeyearsafterthe'relevantdate*.Wheretherelevantdateisdefinedasthelaterofthedatetheshareswere□issuedandthedateonwhichthecompanycommencedtrading.)Andrev/doesnotintendtobecomeanemployee(ordirector)ofScalarLimited,butheneedstoexercisecautionastohowmanyshareshesubscribesfor.Ifonlythreeinvestorssubscribefor100%oftheshares,eachwiIIhold33%oftheIsharecapitaI.Thisexceedsthe30%IimitandwiIImeanthatEISreIief(otherthandeferraIreIief)wiIInotbeavaiIable.therefore,AndrewandtheothertwoinvestorsshouIdensurenotonIythatthepotentiaIfourthinvestorisrecruited,but□thats/hesubscribesforsufficientshares,suchthatnoneofthemwiIIhold30%ormoreoftheissuedsharecapital,asonlythenwilltheyalIattainquaIifyingindividualstatus.4EIigibleshares5iQuaIifyingsharesneedtobenewordinaryshareswhicharesubscribedforincashandfullypaidupatthetimeofissue.ThesharesmustnotberedeemabIeforatIeastthreeyearsfromthereIevantdate,andnotcarryanypreferentiaIrightsItodividends.Onthebasisoftheinformationprovided,thesharesofSeaIarLimitedwouldquaIifyaseIigibleshares.口4QuaIifyingCompany,□Thecompanymustbeunquoted,notcontrolledbyanothercompany,andengagedinquaIifyingbusinessactivities.The)Iatterrequiresthatthecompanyengageinatradingactivity,whichiscarriedonwhoIlyormainlyintheUK,throughoutIthethreeyearsfollowingthereIevantdate.Whilecertaintradingactivities,suchasdeaIinginsharesortradinginIand,□areexcIuded,themanufacturingtradeScalarLimitedproposestocarryonwiIIquaIify.nHowever,itisalsonecessaryforatleast80%ofthemoneyraisedtobeusedforthequaIifyingbusinessactivitywithin112monthsoftherelevantdateandtheremaining20%tobesousedwithinthefoIIowing12months.AndrewandtheiotherinvestorswiIIthushavetoensurethatSeaIarLimitedhasnotraisedmorefundsthanitisabletoempIoyinthebusinesswithintheappropriatetimeperiods.]ReIiefsavaiIable:Andrev/canclaimincometaxreIiefat20%incometaxreIiefontheamountinvesteduptoamaximumof£200,000inanyonetaxyear.ThereIiefisgivenintheform,ofataxreducingaIIowance,whichcanreducetheinvestor'sincome口taxliabilitytonil,butcannotbeusedtogenerateataxrefund.Iftheinvestmentismadepriorto6Octoberinthetax口year,then50%oftheamountinvested(uptoamaximumof£25,000)canbetreatedashavingbeenmadeintheiprevioustaxyear.□AnycapitalgainsarisingonthesaleofEISshareswiIIbefullyexemptfromcapitalgainstaxprovidedthatincometaxIreIiefwasgivenontheinvestmentv/henmadeandhasnotbeenwithdrawn.IftheEISsharesaredisposedofataIoss,□capitaIlossesarestillallowable,butreducedbytheamountofanyEISreliefattributabletothesharesdisposedof.Inaddition,gainsfromthedisposaIofotherassetscanbedeferredagainstthebasecostofEISsharesacquiredwithinoneyearbeforeandthreeyearsaftertheirdisposal.SuchgainswiII,thus,notnormaIlybecomechargeabIeuntiItheEISsharesthemseIvesaredisposedof.Further,fordeferraIrelieftobeavaiIable,itisnotnecessaryfortheinvestmenttoIquaIifyforEISincometaxrelief,i.e.deferraIisavaiIableevenwheretheinvestorisnotaquaIifyingindividual.Thus,)Andrev/couldstilldeferthegainarisingonthedisposaIoftheresidentiaIpropertyleasemadeinordertoraisepartofIthefundsforhisEISinvestment,evenifnofourthinvestorweretobefoundandhisshareholdingv/eretoexceed30%oftheissuedsharecapitaIofSeaIarLimited.Doesnotrequiretheexistenceofincometaxreliefinordertobeclaimed.□Withdrav/aIofrelief:□AnyEISreIiefcIaimedbyAndrewwiIIbewithdrav/n(partiaIIyorfuIIy)if,withinthreeyearoftherelevantdate:(1)hedisposesoftheshares;](2)hereceivesvaIuefromthecompany;(3)heceasestobeaquaIifyingindividuaI;or(4)ScalarLimitedceasestobeaquaIifyingcompany.□Withregardtoreceivingvaluefromthecompany,thedefinitionexcIudesdividendswhichdonotexceedanormaIrate]ofreturn,butdoesincIudetherepaymentofanyloansmadetothecompanybeforethesharesv/ereissued,theprovisioniofbenefitsandthepurchaseofassetsfromthecompanyatanundervaIue.Inthisregard,AndrewandtheotherIsubscribersshouldensurethatthe£50,000theyaretoinvestinScalarLimitedasloancapitalisappropriatelytimedandstructuredreIativetotheissueoftheEISshares.14、4DavidSiIvesteristhefounderandownerofarecentIyformedgiftpackagingcompany.GiftDesignsLtd.Davidhasspottedanopportunityforanewtypeofgiftpackaging.Thisusesanewprocesstomakev/aterproofcardboardandthenshapesandcutsthecardinsuchawaytoproduceacontainerorvaseforholdingcutflowers.ThecontainerscanbestoredflatandinbuIkandthensimplysqueezedtocreatethefIowerpotintowhichflowersandwaterarethenput.ThepotentiaImarketfortheproductishuge.IntheUKhospitalsaIonethereare200,000bunchesofflowersboughteachyearforpatients.David,sinnovativeproductdoesawaywiththeneedforhospitaIstoprovideandstoreglassvases.Thepapervasesaresimple,safeandhygienic.HehasaIsoidentifiedtwootherpotentiaImarkets;firstIy,themarketforfreshflowerssuppliedbyfloristsandsecondly,thecorporategiftmarketv/hereclientssuchascardealerspresentanewov/nerwithanexpensivebunchofflowerswhenthecustomertakesdeIiveryofanev/car.Thevasecanbeprintedusingacustomer5sdesignandIogoandcreatesanopportunityforreaIdifferentiationandimpactatsalesconferencesandotherhighprofiIePRevents.DavidanticipatesarapidgrowthinGiftDesignsasitsproductsbecomeknownandappreciated.ThekeyquestionishowquicklythecompanyshouIdgrowandthetypesoffundingneededtosupportitsgrowthanddeveIopment.TheinitialfinancialdemandsofthebusinesshavebeenquitemodestbutDavidhasestimatedthatthebusinessneeds£500KtosupportitsdeveIopmentoverthenexttwoyearsandisuncertainastothetypesoffundingbestsuitedtoanewbusinessasitlookstogrov/rapidly.Heunderstandsthatbusinessriskandfinancialriskisnotthesamethingandislookingforadviceonhov/heshouldorganisethefundingofthebusiness.HeisalsoawareoftheneedtoavoidreIianceonfriendsandfamiIyforfundingandtobroadenthefinanciaIsupportforthebusiness.ClearlythefundingrequiredwouIdaIsobeaffectedbytheactivitiesDaviddecidestocarryouthimseIfandthoseactivitiesbetterprovidedbyexternaIsuppIiers.Required:ProvideDavidwithashortreportonthekeyissuesheshouldtakeintoaccountwhendevelopingastrategyforfundingGiftDesigns1growthanddeveIopment.(10marks)正确答案：To:DavidSiIvester□From:□FundingstrategyforGiftDesignsLtdiCIearly,youhaveidentifiedareaIbusinessopportunityandfacebothbusinessandfinancialrisksinturningtheopportunityIintoreaIity.OnepossibIemodeIyoucanuseisthatoftheproductIifeeyeIev/hichasaone-productfirmiseffectiveIytheIifeJcycIeforthecompany.LinkingbusinessrisktofinanciaIriskisimportant-intheearIystagesofthebusinessthebusiness□riskishighandthehighdeathrateamongstnev/start-upsisweIIpubIicisedand,consequently,thereisaneedtogoforIow:]financiaIrisk.Fundingthebusinessisessentiallydecidingthebalancebetweendebtandequityfinance,andequityoffersthe□lowriskthatyoushouldbelookingfor.Asthefirmgrowsanddevelopssothebalancebetweendebtandequityv/iIIchange.1AnewbusinessventureIikethiscouldinBostonBoxtermsbeseenasaprobIemchildwithanon-existentmarketsharebutIhighgrowthpotentiaI.ThebusinessrisksareveryhighandconsequentIythefinancialriskstakenshouldbeverylowand)avoidtakingonlargeamountsofdebtwithacommitmenttoservicethedebt.口Youneedtotakeadvantageofinvestorswhoarewillingtoaccepttherisksassociatedv/ithabusinessstart-up-ventureHeapitaiistsandbusinessangeIsaccepttherisksassociatedwithputtingequitycapitaIinbutmayexpectasignificantshare)intheownershipofthebusiness.ThistheywillseektoreaIiseoncethebusinessissuccessfuIIyestabIished.AsthebusinessImovesintogrowthandthenmaturitysothebusinessriskswiIIreduceandaccesstodebtfinancebecomesfeasibleandcostleffective.Inmaturitythebusinessshouldbeabletogeneratesignificantretainedearningstofinancefurtherdevelopment.)DividendpolicywiIIaIsobeaffectedbythestageintheIifeeyeIethatthebusinesshasreached.lYours,□15、(b)WhataretheadvantagesanddisadvantagesofusingabalancedscorecardtobetterassesstheoveraIIperformanceofLawsonEngineering?(8marks)正确答案：Inmanyv/aysLawsonEngineeringanditsperformanceexplainswhyKapIanandNortondeveIopedthebalancedscorecard□toovercomethereIianceontraditional,andtheywouldargueflawed,financialmeasuresofperformancesuchasreturnonleapitaIemployed(ROCE).LawsonEngineeringasaprivateIyownedcompanydoesnothavethesamepressuretomaximise口shareholderwealth,whichistheoverarchinglong-termgoaIofpubIiclyquotedcompanies.TheintangibIeresourcesdiscussedlabove-bothinternalandexternaI-reflectthesuccessofthecompanyinmeetingtheexpectationsoftheotherkeyIstakeholdersinthebusiness,nameIycustomers,employeesandsuppIiers.IntermsoftheothermeasuresofperformancelusedinthebaIancedscorecardthecustomerperspectiveseemstobeverymuchapositiveareaofperformance.LawsonlEngineeringhasdevelopedacIearnichestrategybasedontheexcellenceofitsproducts.Marketshareasameasureof□customersatisfactionisnottoorelevantasthecompanyhaschosentodevelopitsownmarketsandisnotIookingforlarge□volumesandadominantmarketshare.Thegrowthofthecompanysuggeststhatitisbothretainingitsexistingcustomer(baseandacquiringnewones.ClearlythereneedtobemeasuresinpIacetoshowwhereitsgrowthiscomingfrom.CustomerlacquisitionisusuaIIyanexpensivebutnecessaryactivityandcutomerretentionamorepositiveroutetoprofitabiIity.Todayithereisincreasingemphasisoncustomerrelationshipmanagement(CRM)andmeasurestoshowtheshareofaparticularIcustomer5sbusinessthecompanyhas,ratherthantheoveraIImarketsharethecompanyhasachieved.MichaelPorterhasIdrawnattentiontothefactthathavingthebiggestmarketshareisnotnecessariIyassociatedv/ithbeingthemostprofitabIeL]companyinthatmarket.CustomeracquisitionandretentionarebothusefuIindicatorsofcustomersatisfactionwhichmany□companieshaveproblemsinmeasuring.Finally,knowingwhichcustomersareprofitableonesisakeyrequirement.iSurprisinglythereisalotofevidencetosuggestthatmanycompaniesareunsurewhichoftheirproductsandwhichIcustomersactuaIlycontributetotheirprofits.□ThethirdmeasureinthebaIancedscorecardisaninternaIone-theeffectivenessorotherwiseofthefirm'sinternaIprocesses..11nturntherearethreeareaswhereperformanceshouldbemeasured-innovation,operationalprocessesandaftersalesIservice(whereappropriate).Innovationitselfisaresu11ofeffectiveinternaIprocessesandLawsonEngineeringthroughitsIpatentsandawardshastangibleevidenceofitssuccess.ManyfirmsaremeasuringthecontributionofproductsintroducedIintheIastthreeorfouryears_3M,aglobaImanufacturerofconsumerandindustriaIproductslookstoachieve30%ofits□salesfromproductsthatareIessthanfouryearsold.EquaIlyimportantinacompanysuchasLawsonEngineeringisthetime□takentodevelopandgetnewproductstotheircustomers.Thestrategyofbeing'firsttomarket,canbeaveryeffective:Icompetitivestrategy.lEquaIlyimportantforthecustomersaretheoperationaIprocessesthatproduceanddeIivertheinputsfromtheirsuppIiers.正确答案：Furtheradvice□MabeIshouldconsiderdeIayingoneofthegiftsuntiIafter1May2007suchthatitismademorethansevenyearsafterthegifttothediscretionarytrust.BothPETswouldthenbecoveredbytheniIratebandresultinginasavingofinheritancetax□of£6,720(from(b)).□MabeIshouldensurethatsheusesherinheritancetaxannuaIexemptionof£3,000everyyearby,say,makinggiftsof£1,500eachyeartobothBruceandPadma.TheeffectofthiswiIIbetosaveinheritancetaxof£1,200(£3,000x40%)everyyear.4、(b)ExplaininthecontextofFlavoursFineFoods,whatismeantby:(i)responsibiIity;(4marks)正确答案：(b)(i)RESPONSIBILITYistheliabilityofapersontobecalledtoaccountfortheiractionsandresults,andisthereforeanobIigat