2020年ACCA考试财务管理备考资料：知识点(1)

发布时间：2020-10-10

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【知识点】Overtrading(过量交易)

Overtrading

Overtrading (also known as under-capitalisation)

In contrast with over-capitalisation, overtrading happens when a business tries to do too much too quickly with too little long-term capital.

Even if an overtrading business operates at a profit, it could easily run into serious trouble because it is short of cash.

Symptoms of overtrading

There is a rapid increase in sales revenue.

There is a rapid increase in the volume of current assets and possibly also non-current assets. Inventory turnover and accounts receivable turnover might slow down, in which case the rate of increase in inventories and accounts receivable would be even greater than the rate of increase in sales.

There is only a small increase in equity capital (perhaps through retained profits). Most of the increase in assets is financed by credit, especially:

• Trade accounts payable-the payment period to accounts payable is likely to lengthen.

• A bank overdraft, which often reaches or even exceeds the limit of the facilities agreed by the bank.

Some debt ratios and liquidity ratios alter dramatically.

• The proportion of total assets financed by proprietors\' (owner) capital falls, and the proportion financed by credit rises.

• The current ratio and the quick ratio fall.

• The business might have a liquid deficit; that is, an excess of current liabilities over current assets.

Causes of overtrading

• A business seeking to increase its revenue too rapidly without an adequate capital base.

• When a business repays a loan, it often replaces the old loan with a new one (refinancing). However a business might repay a loan without replacing it, with the consequence that it has less long-term capital to finance its current level of operations.

• A business might be profitable, but in a period of inflation, its retained profits might be insufficient to pay for replacement non-current assets and inventories, which now cost more because of inflation.

Suitable solutions to reduce the degree of overtrading.

• New capital from the shareholders could be injected.

• Better control could be applied to inventories and accounts receivable. The company could abandon ambitious plans for increased sales and more non-current asset purchases.

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下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

3 Fran?ois, Demetris, José and Giuseppe are a group of students from different Mediterranean countries, taking their

MBA in a large UK city. As part of their course requirements, the group has to come up with an innovative business

idea, research into the feasibility of that idea and then present their business plan to a panel. After considerable

brainstorming they have come up with the idea of a themed restaurant based around Mediterranean cooking, menus

and service provisionally called ‘Casa del Mediterraneo’ and located in the city centre.

Initial research has revealed suitable premises to rent, but also the severe competition they will face in a city that is

very cosmopolitan and well provided for with restaurants serving cuisine from many parts of the world. The city has

a student population of around 100,000 and this, together with a young working population, means that there is a

very vibrant social life and a real willingness to sample food from different parts of the world.

Required:

(a) Identify and evaluate the critical success factors and associated competences that the group should consider

in developing their business plan for the restaurant. (12 marks)

正确答案：

(a) New ventures are notoriously risky and it is vital that the group has a clear idea of the factors that will be critical to the
restaurant’s success and the capabilities and competences needed to achieve their critical success factors. Johnson, Scholes
and Whittington define critical success factors as ‘those product (or service) features that are particularly valued by a group
of customers, and, therefore where the organisation must excel to outperform. the competition’. The group have chosen to
enter a highly competitive market and one where it is very difficult to create a distinctive product or service for the customer.
It is important in establishing what factors are important that they know the features their potential customers will particularly
value in the restaurant business. All too often firms design products or services on the basis of what the ‘expert’ inside the
company thinks the customer wants. One of the major problems in setting up a new restaurant is that customers can easily
compare one restaurant with another. Often they are in close proximity making all aspects of the service, particularly price,
easily open to customer evaluation.
Clearly, service will be a critical factor but precisely how will it be defined? Does the customer look for fast food service with
an emphasis on being served quickly? This seems unlikely and a more likely requirement is that the table service replicates
the friendly ambience experienced at restaurants on the Mediterranean. Many of their customers will have experienced this
first-hand and this would reinforce the Mediterranean theme. To deliver this service the waiters/waitresses will need
appropriate training. The menu and quality of food will be key factors – they lie at the heart of the reason for setting up the
business. How is distinctiveness to be achieved? The quality of the chef and kitchen staff will determine the quality of the
food served. The design of the restaurant and its layout and seating are also features, which it is important to get right. Aboveall, there is the need to create a price/value combination that is difficult for competitors to beat.

The critical success factors will stem from using the restaurant’s resources in a distinctive way. In Hamel and Prahalad’s
terms, there are three tests that can identify core competences in a company. Firstly, the core competence has the potential
for transfer across a variety of markets – less likely in a small business. Secondly, a core competence should make a significant
contribution to the perceived customer benefits of the end product or service. Finally, the core competence will be difficult for
a competitor to imitate. In service businesses such as restaurants, imitation of less tangible factors such as the quality of tableservice may be much more difficult to copy than the features designed into a tangible product.

(b) Compare and contrast Gray, Owen and Adams’s ‘pristine capitalist’ position with the ‘social contractarian’

position. Explain how these positions would affect responses to stakeholder concerns in the new stadium

project. (8 marks)

正确答案：

(ii) ‘job description’. (4 marks)

正确答案：
(ii) On the other hand, the job description is based on information gathered from a job analysis and defines the position and role
that has to be fulfilled. It is a statement of the component tasks, duties, objectives and standards. It describes the purpose
and relationships of the specific job together with the physical, social and economic factors which affect it. Fundamentally, it
describes the job to be done.

4 You are an audit manager in Nate & Co, a firm of Chartered Certified Accountants. You are reviewing three situations,

which were recently discussed at the monthly audit managers’ meeting:

(1) Nate & Co has recently been approached by a potential new audit client, Fisher Co. Your firm is keen to take the

appointment and is currently carrying out client acceptance procedures. Fisher Co was recently incorporated by

Marcellus Fisher, with its main trade being the retailing of wooden storage boxes.

(2) Nate & Co provides the audit service to CF Co, a national financial services organisation. Due to a number of

errors in the recording of cash deposits from new customers that have been discovered by CF Co’s internal audit

team, the directors of CF Co have requested that your firm carry out a review of the financial information

technology systems. It has come to your attention that while working on the audit planning of CF Co, Jin Sayed,

one of the juniors on the audit team, who is a recent information technology graduate, spent three hours

providing advice to the internal audit team about how to improve the system. As far as you know, this advice has

not been used by the internal audit team.

(3) LA Shots Co is a manufacturer of bottled drinks, and has been an audit client of Nate & Co for five years. Two

audit juniors attended the annual inventory count last Monday. They reported that Brenda Mangle, the new

production manager of LA Shots Co, wanted the inventory count and audit procedures performed as quickly as

possible. As an incentive she offered the two juniors ten free bottles of ‘Super Juice’ from the end of the

production line. Brenda also invited them to join the LA Shots Co office party, which commenced at the end of

the inventory count. The inventory count and audit procedures were completed within two hours (the previous

year’s procedures lasted a full day), and the juniors then spent four hours at the office party.

Required:

(a) Define ‘money laundering’ and state the procedures specific to money laundering that should be considered

before, and on the acceptance of, the audit appointment of Fisher Co. (5 marks)

正确答案：
4 NATE & CO
(a) – Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds
of criminal activity, allowing them to maintain control over the proceeds, and ultimately providing a legitimate cover for
their sources of income. The objective of money laundering is to break the connection between the money, and the crime
that it resulted from.
– It is widely defined, to include possession of, or concealment of, the proceeds of any crime.
– Examples include proceeds of fraud, tax evasion and benefits of bribery and corruption.
Client procedures should include the following:
– Client identification:
? Establish the identity of the entity and its business activity e.g. by obtaining a certificate of incorporation
? If the client is an individual, obtain official documentation including a name and address, e.g. by looking at
photographic identification such as passports and driving licences
? Consider whether the commercial activity makes business sense (i.e. it is not just a ‘front’ for illegal activities)
? Obtain evidence of the company’s registered address e.g. by obtaining headed letter paper
? Establish the current list of principal shareholders and directors.
– Client understanding:
? Pre-engagement communication may be considered, to explain to Marcellus Fisher and the other directors the
nature and reason for client acceptance procedures.
? Best practice recommends that the engagement letter should also include a paragraph outlining the auditor’s
responsibilities in relation to money laundering.

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