题目内容
Section B – TWO questions ONLY to be attempted
A local government housing department (LGHD) has funds which it is proposing to spend on the upgrading of air conditioning systems in its housing inventory.
It is intended that the upgrading should enhance the quality of living for the occupants of the houses.
Preferred contractors will be identifi ed to carry out the work involved in the upgrading of the air conditioning systems, with each contractor being responsible for upgrading of the systems in a proportion of the houses. Contractors will also be required to provide a maintenance and operational advice service during the fi rst two years of operation of the upgraded systems.
Prior to a decision to implement the proposal, LGHD has decided that it should carry out a value for money (VFM) audit.
You have been given the task of preparing a report for LGHD, to help ensure that it can make an informed decision concerning the proposal.
Required:
Prepare a detailed analysis which will form. the basis for the preparation of the fi nal report. The analysis should include a clear explanation of the meaning and relevance of each of (i) to (iii) below:
(i) Value for Money (VFM) audit (including references to the roles of principal and agent). (6 marks)
(ii) Economy, effi ciency and effectiveness as part of the VFM audit. (6 marks)
(iii) The extent (if any) to which each of intangibility, heterogeneity, simultaneity and perishability may be seen to relate to the decision concerning the proposal, and any problems that may occur. (8 marks)
Note: Your analysis should incorporate specifi c references to examples relating to the upgrading proposal.
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The Equine Management Academy (EMA) which was founded in 1990 is a privately owned organisation located in Hartland, a developing country which has a large agricultural sector and where much transportation is provided by horses. EMA operates an Equine College which provides a range of undergraduate and postgraduate courses for students who wish to pursue a career in one of the following disciplines:
Equine (Horse) Surgery
Equine Dentistry, and E
quine Business Management.
The Equine College which has a maximum capacity of 1,200 students per annum is currently the only equine college in Hartland.
The following information is available:
(1) A total of 1,200 students attended the Equine College during the year ended 31 May 2010. Student mix and fees paid were as per the following table:
(2) Total operating costs (all fi xed) during the year amounted to $6,500,000.
(3) Operating costs of the Equine College are expected to increase by 4% during the year ending 31 May 2011. This led to a decision by the management to increase the fees of all students by 5% with effect from 1 June 2010. The management expect the number of students and the mix of students during the year ending 31 May 2011 to remain unchanged from those of the year ended 31 May 2010.
(4) EMA also operates a Riding School at which 240 horses are stabled. The Riding School is open for business on 360 days per annum. Each horse is available for four horse-riding lessons per day other than on the 40 days per annum that each horse is rested, i.e. not available for the provision of riding lessons. During the year ended 31 May 2010, the Riding School operated at 80% of full capacity.
(5) Horse-riding lessons are provided for riders in three different skill categories. These are ‘Beginner’, ‘Competent’ and ‘Advanced’.
During the year ended 31 May 2010, the fee per riding lesson was as follows:
(6) Total operating costs of the Riding School (all fi xed) amounted to $5,750,000 during the year ended 31 May 2010.
(7) It is anticipated that the operating costs of the Riding School will increase by 6% in the year ending 31 May 2011. The management have decided to increase the charge per lesson, in respect of ‘Competent’ and ‘Advanced’ riders by 10% with effect from 1 June 2010. There will be no increase in the charge per lesson for ‘Beginner’ riders.
(8) The lesson mix and capacity utilisation of the Riding School will remain the same during the year ending 31 May 2011.
Required:
(a) Prepare a statement showing the budgeted net profi t or loss for the year ending 31 May 2011. (7 marks)
Some time ago the government of Hartland, which actively promotes environmental initiatives, announced its intention to open an academy comprising an equine college and riding school. The management of EMA are uncertain of the impact that this will have on the budgeted number of students and riders during the year ending 31 May 2011, although they consider that due to the excellent reputation of the instructors at the riding school capacity utilisation could remain unchanged, or even increase, in spite of the opening of the government funded academy. Current estimates of the number of students entering the academy and the average capacity utilisation of the riding school are as follows:
Required:
(b) (i) Prepare a summary table which shows the possible net profi t or loss outcomes, and the combined probability of each potential outcome for the year ending 31 May 2011. The table should also show the expected value of net profi t or loss for the year; (9 marks)
(ii) Comment briefl y on the use of expected values by the management of EMA; (3 marks)
(iii) Suggest three reasons why the government of Hartland might have decided to open an academy comprising an equine college and a riding school. (6 marks)
The Better Electricals Group (BEG) which commenced trading during 2002 manufactures a range of high quality electrical appliances such as kettles, toasters and steam irons for domestic use which it sells to electrical stores in Voltland.
The directors consider that the existing product range could be extended to include industrial sized products such as high volume water boilers, high volume toasters and large steam irons for the hotel and catering industry. They recently commissioned a highly reputable market research organisation to undertake a market analysis which identifi ed a number of signifi cant competitors within the hotel and catering industry.
At a recent meeting of the board of directors, the marketing director proposed that BEG should make an application to gain ‘platinum status’ quality certifi cation in respect of their industrial products from the Hotel and Catering Institute of Voltland in order to gain a strong competitive position. He then stressed the need to focus on increasing the effectiveness of all operations from product design to the provision of after sales services.
An analysis of fi nancial and non-fi nancial data relating to the application for ‘platinum status’ for each of the years 2011, 2012 and 2013 is contained in the appendix.
The managing director of BEG recently returned from a seminar, the subject of which was ‘The Use of Cost Targets’. She then requested the management accountant of BEG to prepare a statement of total costs for the application for platinum status for each of years 2011, 2012 and 2013. She further asked that the statement detailed manufacturing cost targets and the costs of quality.
The management accountant produced the following statement of manufacturing cost targets and the costs of quality:
Required:
(a) Explain how the use of cost targets could be of assistance to BEG with regard to their application for platinum status. Your answer must include commentary on the items contained in the statement of manufacturing cost targets and the costs of quality prepared by the management accountant. (8 marks)
(b) Assess the forecasted performance of BEG for the period 2011 to 2013 with reference to the application for ‘platinum status’ quality certifi cation under the following headings:
(i) Financial performance and marketing;
(ii) External effectiveness; and
(iii) Internal effi ciency. (12 marks)
当今世界正在发生深刻复杂变化，但（）仍是时代主题。
社会治理的重心必须落到 （）。
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