题目内容
（请给出正确答案）
The small company is ______ to handle this large order.
A．able
B．probable
C．reasonable
D．possible
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更多“The small company is ______ to…”相关的问题
The company is small but promising. ______I'll take the job.
A．In some cases
B．In that case
C．In case
D．In any case
(c) Discuss the difficulties that may be experienced by a small company which is seeking to obtain additional
funding to finance an expansion of business operations. (8 marks)
Bluebird Enterprises Co (Bluebird) is a retail company planning to list on a stock exchange within the next six months, and management has been advised by the company’s auditors about the need for compliance with corporate governance provisions. In particular, the finance director is looking to recruit non-executive directors as he understands that Bluebird will need to establish an audit committee.
The finance director has two potential non-executive directors whom he is considering approaching to join the board of Bluebird. Antony Goldfinch is currently an executive sales director of a listed multi-national banking company; he sits on an audit committee of another company as a non-executive director and is agreeable to being paid a fixed fee which is not related to profits. Jacob Mallard is currently a finance director of a small retail company, which does not compete with Bluebird; he has expressed an interest in a fixed seven year contract and he is the brother of Bluebird’s chief executive.
Required
(a) Explain the benefits to Bluebird Enterprises Co of establishing an audit committee. (4 marks)
(b) Discuss the advantages and disadvantages of appointing:
(i) Anthony Goldfinch; and
(ii) Jacob Mallard
as non-executive directors of Bluebird Enterprises Co.
Note: The total marks will be split equally between each part. (6 marks)
B.develop new technology
C.expand its own business
D.increase the power of information
According to Aleem Walji, the company’s first project is to ________.A.set up a new system to warn people of infectious diseases
B.find out where infectious diseases develop
C.identify the causes of infectious diseases
D.cure patients of infectious diseases
What kind of businesses will benefit from Google.org’s second project？A.large enterprises
B.cross-national companies
C.foreign-funded corporations
D.small and medium-sized businesses
From the fourth paragraph, we learn that Google’s money is also invested to help ________.A.start more research programs
B.make more advanced electric cars
C.develop renewable and coal-based energy
D.conduct studies related to climate changes
From the last paragraph we learn that the investments by Google.org come from ________.A.Google’s profits and stock value
B.some international IT companies
C.the company’s own interests
D.local commercial banks
请帮忙给出每个问题的正确答案和分析，谢谢！
5 The directors of Blaina Packaging Co (BPC), a well-established manufacturer of cardboard boxes, are currently
considering whether to enter the cardboard tube market. Cardboard tubes are purchased by customers whose
products are wound around tubes of various sizes ranging from large tubes on which carpets are wound, to small
tubes around which films and paper products are wound. The cardboard tubes are usually purchased in very large
quantities by customers. On average, the cardboard tubes comprise between 1% and 2% of the total cost of the
customers’ finished product.
The directors have gathered the following information:
(1) The cardboard tubes are manufactured on machines which vary in size and speed. The lowest cost machine is
priced at $30,000 and requires only one operative for its operation. A one-day training course is required in order
that an unskilled person can then operate such a machine in an efficient and effective manner.
(2) The cardboard tubes are made from specially formulated paper which, at times during recent years, has been in
short supply.
(3) At present, four major manufacturers of cardboard tubes have an aggregate market share of 80%. The current
market leader has a 26% market share. The market shares of the other three major manufacturers, one of which
is JOL Co, are equal in size. The product ranges offered by the four major manufacturers are similar in terms of
size and quality. The market has grown by 2% per annum during recent years.
(4) A recent report on the activities of a foreign-based multinational company revealed that consideration was being
given to expanding operations in their packaging division overseas. The division possesses large-scale automated
machinery for the manufacture of cardboard tubes of any size.
(5) Another company, Plastic Tubes Co (PTC) produces a narrow, but increasing, range of plastic tubes which are
capable of housing small products such as film and paper-based products. At present, these tubes are on average
30% more expensive than the equivalent sized cardboard tubes sold in the marketplace.
Required:
(a) Using Porter’s five forces model, assess the attractiveness of the option to enter the market for cardboard
tubes as a performance improvement strategy for BPC. (10 marks)
Larry found a job parking cars for one of Hollywood's big restaurants. His pay was basic, but since the guests were kind enough to give him more money, he managed to make a living.
One day he recognized an important film director driving into the parking lot and getting out of his car. Larry had recently heard that the man was ready to make a new picture.
Larry got into the car and prepared to drive it on into the lot and park it. Then he stopped, jumped out, and ran over to the director. "Excuse me, sir, but I think it's only fair to tell you that it's now or never if you want me in your next picture. A lot of big companies are after me."
Instead of pushing away the boy, the director got interested in Larry's words and stopped. "Yes？ Which companies？" he asked.
"Well," replied the boy, "there's the telephone company, the gas company, and the electric company, to tell you only a few."
The director laughed, then wrote something on a card and handed it to the young man. "Come and see me tomorrow."
Larry got a small part in the director's next film. He was on his way!
Which of the following was Larry interested in？
A．Working as a waiter.
B．Becoming a film star.
C．Parking cars for film stars.
D．Never going home.
capital of Hira Ltd from Belgrove Ltd. Belgrove Ltd currently owns 100% of the share capital of Hira Ltd and has no
other subsidiaries. All three companies have their head offices in the UK and are UK resident.
Hira Ltd had trading losses brought forward, as at 1 April 2006, of ￡18,600 and no income or gains against which
to offset losses in the year ended 31 March 2006. In the year ending 31 March 2007 the company expects to make
further tax adjusted trading losses of ￡55,000 before deduction of capital allowances, and to have no other income
or gains. The tax written down value of Hira Ltd’s plant and machinery as at 31 March 2006 was ￡96,000 and
there will be no fixed asset additions or disposals in the year ending 31 March 2007. In the year ending 31 March
2008 a small tax adjusted trading loss is anticipated. Hira Ltd will surrender the maximum possible trading losses
to Belgrove Ltd and Dovedale Ltd.
The tax adjusted trading profit of Dovedale Ltd for the year ending 31 March 2007 is expected to be ￡875,000 and
to continue at this level in the future. The profits chargeable to corporation tax of Belgrove Ltd are expected to be
￡38,000 for the year ending 31 March 2007 and to increase in the future.
On 1 February 2007 Dovedale Ltd will sell a small office building to Hira Ltd for its market value of ￡234,000.
Dovedale Ltd purchased the building in March 2005 for ￡210,000. In October 2004 Dovedale Ltd sold a factory
for ￡277,450 making a capital gain of ￡84,217. A claim was made to roll over the gain on the sale of the factory
against the acquisition cost of the office building.
On 1 April 2007 Dovedale Ltd intends to acquire the whole of the ordinary share capital of Atapo Inc, an unquoted
company resident in the country of Morovia. Atapo Inc sells components to Dovedale Ltd as well as to other
companies in Morovia and around the world.
It is estimated that Atapo Inc will make a profit before tax of ￡160,000 in the year ending 31 March 2008 and will
pay a dividend to Dovedale Ltd of ￡105,000. It can be assumed that Atapo Inc’s taxable profits are equal to its profit
before tax. The rate of corporation tax in Morovia is 9%. There is a withholding tax of 3% on dividends paid to
non-Morovian resident shareholders. There is no double tax agreement between the UK and Morovia.
Required:
(a) Advise Belgrove Ltd of any capital gains that may arise as a result of the sale of the shares in Hira Ltd. You
are not required to calculate any capital gains in this part of the question. (4 marks)
Section B – TWO questions ONLY to be attempted
Introduction
Flexipipe is a successful company supplying flexible pipes to a wide range of industries. Its success is based on a very innovative production process which allows the company to produce relatively small batches of flexible pipes at very competitive prices. This has given Flexipipe a significant competitive edge over most of its competitors whose batch set-up costs are higher and whose lead times are longer. Flexipipe’s innovative process is partly automated and partly reliant on experienced managers and supervisors on the factory floor. These managers efficiently schedule jobs from different customers to achieve economies of scale and throughput times that profitably deliver high quality products and service to Flexipipe’s customers.
A year ago, the Chief Executive Officer (CEO) at Flexipipe decided that he wanted to extend the automated part of the production process by purchasing a software package that promised even further benefits, including the automation of some of the decision-making tasks currently undertaken by the factory managers and supervisors. He had seen this package at a software exhibition and was so impressed that he placed an order immediately. He stated that the package was ‘ahead of its time, and I have seen nothing else like it on the market’.
This was the first time that the company had bought a software package for something that was not to be used in a standard application, such as payroll or accounts. Most other software applications in the company, such as the automated part of the current production process, have been developed in-house by a small programming team. The CEO felt that there was, on this occasion, insufficient time and money to develop a bespoke in-house solution. He accepted that there was no formal process for software package procurement ‘but perhaps we can put one in place as this project progresses’.
This relaxed approach to procurement is not unusual at Flexipipe, where many of the purchasing decisions are taken unilaterally by senior managers. There is a small procurement section with two full-time administrators, but they only become involved once purchasing decisions have been made. It is felt that they are not technically proficient enough to get involved earlier in the purchasing lifecycle and, in any case, they are already very busy with purchase order administration and accounts payable. This approach to procurement has caused problems in the past. For example, the company had problems when a key supplier of raw materials unexpectedly went out of business. This caused short-term production problems, although the CEO has now found an acceptable alternative supplier.
The automation project
On returning to the company from the exhibition, the CEO commissioned a business analyst to investigate the current production process system so that the transition from the current system to the new software package solution could be properly planned. The business analyst found that some of the decisions made in the current production process were difficult to define and it was often hard for managers to explain how they had taken effective action. They tended to use their experience, memory and judgement and were still innovating in their control of the process. One commented that ‘what we do today, we might not do tomorrow; requirements are constantly evolving’.
When the software package was delivered there were immediate difficulties in technically migrating some of the data from the current automated part of the production process software to the software package solution. However, after some difficulties, it was possible to hold trials with experienced users. The CEO was confident that these users did not need training and would be ‘able to learn the software as they went along’. However, in reality, they found the software very difficult to use and they reported that certain key functions were missing. One of the supervisors commented that ‘the monitoring process variance facility is missing completely. Yet we had this in the old automated system’. Despite these reservations, the software package solution was implemented, but results were disappointing. Overall, it was impossible to replicate the success of the old production process and early results showed that costs had increased and lead times had become longer.
After struggling with the system for a few months, support from the software supplier began to become erratic. Eventually, the supplier notified Flexipipe that it had gone into administration and that it was withdrawing support for its product. Fortunately, Flexipipe were able to revert to the original production process software, but the ill-fated package selection exercise had cost it over $3m in costs and lost profits. The CEO commissioned a post-project review which showed that the supplier, prior to the purchase of the software package, had been very highly geared and had very poor liquidity. Also, contrary to the statement of the CEO, the post-project review team reported that there were at least three other packages currently available in the market that could have potentially fulfilled the requirements of the company. The CEO now accepts that using a software package to automate the production process was an inappropriate approach and that a bespoke in-house solution should have been commissioned.
Required:
(a) Critically evaluate the decision made by the CEO to use a software package approach to automating the production process at Flexipipe, and explain why this approach was unlikely to succeed. (12 marks)
(b) The CEO recommends that the company now adopts a formal process for procuring, evaluating and implementing software packages which they can use in the future when a software package approach appears to be more appropriate.
Analyse how a formal process for software package procurement, evaluation and implementation would have addressed the problems experienced at Flexipipe in the production process project. (13 marks)
5 (a) Carver Ltd was incorporated and began trading in August 2002. It is a close company with no associated
companies. It has always prepared accounts to 31 December and will continue to do so in the future.
It has been decided that Carver Ltd will sell its business as a going concern to Blade Ltd, an unconnected
company, on 31 July 2007. Its premises and goodwill will be sold for ￡2,135,000 and ￡290,000 respectively
and its machinery and equipment for ￡187,000. The premises, which do not constitute an industrial building,
were acquired on 1 August 2002 for ￡1,808,000 and the goodwill has been generated internally by the
company. The machinery and equipment cost ￡294,000; no one item will be sold for more than its original cost.
The tax adjusted trading profit of Carver Ltd in 2007, before taking account of both capital allowances and the
sale of the business assets, is expected to be ￡81,000. The balance on the plant and machinery pool for the
purposes of capital allowances as at 31 December 2006 was ￡231,500. Machinery costing ￡38,000 was
purchased on 1 March 2007. Carver Ltd is classified as a small company for the purposes of capital allowances.
On 1 August 2007, the proceeds from the sale of the business will be invested in either an office building or a
portfolio of UK quoted company shares, as follows:
Office building
The office building would be acquired for ￡3,100,000; the vendor is not registered for value added tax (VAT).
Carver Ltd would borrow the additional funds required from a UK bank. The building is let to a number of
commercial tenants who are not connected with Carver Ltd and will pay rent, in total, of ￡54,000 per calendar
quarter, in advance, commencing on 1 August 2007. The company’s expenditure for the period from 1 August
2007 to 31 December 2007 is expected to be:
￡
Loan interest payable to UK bank 16,000
Building maintenance costs 7,500
Share portfolio
Shares would be purchased for the amount of the proceeds from the sale of the business with no need for further
loan finance. It is estimated that the share portfolio would generate dividends of ￡36,000 and capital gains, after
indexation allowance, of ￡10,000 in the period from 1 August 2007 to 31 December 2007.
All figures are stated exclusive of value added tax (VAT).
Required:
(i) Taking account of the proposed sale of the business on 31 July 2007, state with reasons the date(s) on
which Carver Ltd must submit its corporation tax return(s) for the year ending 31 December 2007.
(2 marks)
Harry, the managing director of Gilt Ltd, has been approached by Itt plc in respect of its making a takeover bid for Gilt Ltd. Itt plc has given Harry what is described as a facility fee of ￡50,000 for ensuring that the takeover is successful.
At the next board meeting Harry convinces the other directors that the take-over bid is in the long-term interest of Gilt Ltd, but they are concerned that the holders of the majority of the issued share capital will not approve of the takeover.
In order to ensure the success of the takeover, the directors of Gilt Ltd agree that they should allot suffi cient new shares to Itt plc to ensure that a new majority of members will support the takeover.
After the allocation of the shares to Itt plc a general meeting is called to consider the takeover and it is approved, with Itt plc voting in favour.
May, a substantial shareholder in Gilt Ltd has subsequently found out about the actions of Itt plc, Harry and the other directors.
Required:
Advise May as to the legality of the share allotment and as to what action can be taken against Harry.
