西藏考生想知道的ACCA国际会计师考试的几种题型

正确答案：
(ii) Principles-based approach
Advantages of a principles-based approach
The rigour with which governance systems are applied can be varied according to size, situation, stage of development
of business, etc. Organisations (in legal terms) have a choice to the extent to which they wish to comply, although they
will usually have to ‘comply or explain’. Explanations are more accepted by shareholders and stock markets for smaller
companies.
Obeying the spirit of the law is better than ‘box ticking’ (‘sort of business you are’ rather than ‘obeying rules’). Being
aware of overall responsibilities is more important than going through a compliance exercise merely to demonstrate
conformance.
Avoids the ‘regulation overload’ of rules based (and associated increased business costs). The costs of compliance have
been a cause of considerable concern in the United States.
Self-regulation (e.g. by Financial Services Authority in the UK) rather than legal control has proven itself to underpin
investor confidence in several jurisdictions and the mechanisms are self-tightening (quicker and cheaper than legislation)
if initial public offering (IPO) volumes fall or capital flows elsewhere.
Context of developing countries
Developing countries’ economies tend to be dominated by small and medium sized organisations (SMEs). It would be
very costly and probably futile, to attempt to burden small businesses with regulatory requirements comparable to larger
concerns.
Having the flexibility to ‘comply or explain’ allows for those seeking foreign equity to increase compliance whilst those
with different priorities can delay full compliance. In low-liquidity stock markets (such as those in some developing
countries) where share prices are not seen as strategically important for businesses, adopting a more flexible approach
might be a better use of management talent rather than ‘jumping through hoops’ to comply with legally-binding
constraints.
The state needs to have an enforcement mechanism in place to deal with non-compliance and this itself represents a
cost to taxpayers and the corporate sector. Developing countries may not have the full infrastructure in place to enable
compliance (auditors, pool of NEDs, professional accountants, internal auditors, etc) and a principles-based approach
goes some way to recognise this.

正确答案：
(b) The term ‘Efficient Market Hypothesis’ (EMH) refers to the view that share prices fully and fairly reflect all relevant available
information1. There are other kinds of capital market efficiency, such as operational efficiency (meaning that transaction costs
are low enough not to discourage investors from buying and selling shares), but it is pricing efficiency that is especially
important in financial management.
Research has been carried out to discover whether capital markets are weak form. efficient (share prices reflect all past or
historic information), semi-strong form. efficient (share prices reflect all publicly available information, including past
information), or strong form. efficient (share prices reflect all information, whether publicly available or not). This research has
shown that well-developed capital markets are weak form. efficient, so that it is not possible to generate abnormal profits by
studying and analysing past information, such as historic share price movements. This research has also shown that
well-developed capital markets are semi-strong form. efficient, so that it is not possible to generate abnormal profits by studying
publicly available information such as company financial statements or press releases. Capital markets are not strong form
efficient, since it is possible to use insider information to buy and sell shares for profit.
If a stock market has been found to be semi-strong form. efficient, it means that research has shown that share prices on the
market respond quickly and accurately to new information as it arrives on the market. The share price of a company quickly
responds if new information relating to that company is released. The share prices quoted on a stock exchange are therefore
always fair prices, reflecting all information about a company that is relevant to buying and selling. The share price will factor
in past company performance, expected company performance, the quality of the management team, the way the company
might respond to changes in the economic environment such as a rise in interest rate, and so on.
There are a number of implications for a company of its stock market being semi-strong form. efficient. If it is thinking about
acquiring another company, the market value of the potential target company will be a fair one, since there are no bargains
to be found in an efficient market as a result of shares being undervalued. The managers of the company should focus on
making decisions that increase shareholder wealth, since the market will recognise the good decisions they are making and
the share price will increase accordingly. Manipulating accounting information, such as ‘window dressing’ annual financial
statements, will not be effective, as the share price will reflect the underlying ‘fundamentals’ of the company’s business
operations and will be unresponsive to cosmetic changes. It has also been argued that, if a stock market is efficient, the timing
of new issues of equity will be immaterial, as the price paid for the new equity will always be a fair one.

正确答案：
(c) The government of Happyland will be concerned by the negative impact on the environment. The growth in the number of
children born in Happyland will have raised the demand for disposable nappies as is evidenced from the market size data
contained in the question. In some countries disposable nappies make up around 4% of all household waste and can take
up to five hundred years to decompose! The government will be concerned by the fact that trees are being destroyed in order
to keep babies and infant children in nappies. The disposal costs incurred by the government in terms of landfill etc will be
very high, hence its green paper on the effect of non-biodegradable products in Happyland. The costs of such operations as
the landfill for such products will need to be funded out of increased taxation.
It might be beneficial for the directors of TMC to develop more eco-friendly products such as washable nappies which, by
definition, are recyclable many times over during the life of the ‘product’. Many parents are now changing to ‘real nappies’
because they work out cheaper and better for the environment than disposables.

正确答案：
(b) The grapevine and rumour are the two main types of informal communication.
The grapevine is probably the best known type of informal communication. All organisations have a grapevine and it will thrive if there is lack of information and consequently employees will make assumptions about events. In addition, insecurity,gossip about issues and fellow employees, personal animosity between employees or managers or new information that has not yet reached the formal communication system, will all drive the grapevine.
Rumours are the other main informal means of communication and are often active if there is a lack of formal communication.A rumour is inevitably a communication not based on verified facts and may therefore be true or false. Rumours travel quickly(often quicker than both the formal system and the grapevine) and can influence those who hear them and cause confusion,especially if bad news is the basis of the rumour. Managers must ensure that the formal communication system is such that rumours can be stopped, especially since they can have a serious negative effect on employees.