前一段时间听说ACCA考试有免考政策，有朋友知...

正确答案：
(b) Essentially, Universal is a one product or service company selling its services into two main customer segments in the housing
market. From the performance information provided in Table 1, the company has achieved impressive rates of growth over
the 2001–4 period and this growth has come almost exclusively from private house owners. Universal is in the replacement
market. Its customers are looking to replace existing roofing systems with low maintenance/high attractiveness Universal
systems. To date growth has been exclusively within one region and been achieved by growing the area served through
investment in showrooms and depots.
Universal has chosen to grow its business through a differentiation focus strategy. It has identified a niche not served by the
major PVC doors and windows installers and poorly served by small independent installers. The value chain analysis
discussed above has shown the ways in which Universal has successfully distinguished itself from its competitors. Growth
has been through increasing its market penetration of one particular region. Such is the size of the private house owner market
and the lack of effective competition that the company has achieved a significant share of the market in its particular region.
However, in national terms, with 1% of the available market, Universal is a small operator. What is clear from the sales figures
is that as the firm grows bigger the relative rate of growth inevitably slows down, so that by 2004 it has an annual growth of
27% – still impressive by most companies standards. The move into supplying the commercial housing market has been
successful, but the share of total sales seems to have stabilised at around 5%. Universal clearly is finding it difficult to commit
sufficient new resources to this sector while coping with the growth from the domestic housing sector. Direct labour and other
direct costs seem to be a reasonable proportion of sales and predictably grow with the number of installation teams. Overall,
the gross margin, which sustains sales, marketing and overhead expenses, is moving in the right direction with a gross margin
of 52·6% achieved in 2004.
Labour, not surprisingly in a service business, consumes a considerable amount of costs. If one combines the direct labour
with the commission costs of sales canvassers and representatives together with salaries to staff in head office, one is in a
business where well over 50% of costs are attributable to people. Equally important is the fact that over 80% of the staff
employed by Universal is paid by results. This has significant consequences for the structure of reward systems and the
training and development of staff looking to maximise their incomes through either their individual or team performance.
Clearly, Universal sees no incompatibility between a reward system dominated by payments by results and the delivery of a
quality service differentiating it from its competitors.
Marketing has grown considerably over the period and reflects the recruitment of Mick Hendry as Sales and Marketing Director
in 2002. The marketing and sales model is very much one influenced by the one used by large PVC installers of doors and
windows. Here there is a heavy emphasis on direct selling techniques supported by increasing levels of advertising. Universal
sells to its customers directly and therefore avoids the costs and channel complications of using third parties to provide its
services. In many ways the direct selling techniques used are a very well established way of reaching the customer. Elements
of the marketing mix may be influenced by changes in communication technology, but the nature of the service requires
effective face-to-face contact with the customer. Sales to private house owners using credit generates significant finance
commission and is an important source of extra margin to Universal. Often in businesses depending on significant amounts
of credit sales the sales representative receives significant reward for selling a finance arrangement to the customer.
In terms of net profit achieved, 2001 and 2002 represents a significant change and, as argued in the scenario, this reflects
the recruitment of the Sales and Marketing Director. The achievement of this ‘step change’ in sales required commensurate
increases in most costs, but it is the significant increase in sales costs that explains the losses experienced in 2002. Sales
costs as a proportion of total sales rose from 14% in 2001 to almost 34% in 2002.
Particularly significant is the increase in sales commissions paid. The detailed changes in the way commission is paid is not
given in the case scenario, but it seems likely to reflect the previous experience of the Sales and Marketing Director in a closely
related industry. Similar levels of sales costs are incurred in 2003 and 2004 but the increase in sales, improvement in gross
margin and slower rate of growth in commissions paid explain the improved return on sales from –6·7% in 2002 to 4·2%
in 2003 and 5·8% in 2004.
Equally significant is the growth in showrooms and depots to support the growth in sales. Each additional facility costs in the
order of ￡30K with significant additions to costs in terms of staff and stock. Overall the performance of Universal over the
2001–2004 period is of a company achieving high rates of growth, incurring significant costs in so doing and moving into
modest levels of profit over the period. Its cost structure reflects the service it provides and the staff and reward systemsenabling the service to be provided.

正确答案：
(b) The directors of GHG should be mindful that the effectiveness of a locally employed workforce within Tomorrowland will be
influenced by a number of factors including the following:
The availability of local skills
If Tomorrowland is a lower wage economy it is quite conceivable that a sufficient number of employees possessing the
requisite skills to undertake the construction of a large hotel cannot be found. If there are insufficient local resources then this
would necessitate the training of employees in all aspects of building construction. This will incur significant costs and time
and needs to be reflected in any proposed timetable for construction of the hotel. As far as the operation of the hotel is
concerned then staff will have to be recruited and trained which will again give rise to significant start-up costs. However, this
should not present the directors of GHG with such a major problem as that of training construction staff. Indeed, it is highly
probable that GHG would use its own staff in order to train new recruits.
Attitudes to work
The prevailing culture within Tomorrowland will have a profound impact on attitudes to work of its population. Attitudes to
hours of work, timekeeping and absenteeism vary from culture to culture. For example, as regards hours of work in the
construction industry in countries which experience very hot climates, work is often suspended during the hottest part of each
day and recommenced several hours later when temperatures are much cooler. The directors of GHG need to recognise that
climatic conditions not only affect the design of a building but also its construction.
A potentially sensitive issue within regarding the use of local labour in the construction of the hotel lies in the fact that national
holidays and especially religious holidays need to be observed and taken into consideration in any proposed timetable for
construction of the hotel. As regards the operation of a hotel then consideration needs to be given to the different cultures
from which the guests come. For example, this will require a detailed consideration of menus to be offered. However, it might
well be the case that the local population might be unwilling to prepare dishes comprising ingredients which are unacceptable
to their culture due to, for example, religious beliefs.
(Note: other relevant factors would be acceptable.)

正确答案：
(d) (i) Mandatory and voluntary disclosures
Mandatory disclosures
These are components of the annual report mandated by law, regulation or accounting standard.
Examples include (in most jurisdictions) statement of comprehensive income (income or profit and loss statement),
statement of financial position (balance sheet), cash flow statement, statement of changes in equity, operating segmental
information, auditors’ report, corporate governance disclosure such as remuneration report and some items in the
directors’ report (e.g. summary of operating position). In the UK, the business review is compulsory.
Voluntary disclosures
These are components of the annual report not mandated in law or regulation but disclosed nevertheless. They are
typically mainly narrative rather than numerical in nature.
Examples include (in most jurisdictions) risk information, operating review, social and environmental information, and
the chief executive’s review.