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(b) Analyse how effective project management could have further improved both the process and the outcomes
of the website re-design project. (10 marks)
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(ii) Analyse why moving to a ‘no frills’ low-cost strategy would be inappropriate for ONA.
Note: requirement (b) (ii) includes 3 professional marks (16 marks)
(b) Explain the need for a first time group auditor to analyse the group structure. (5 marks)
(b) Analyse THREE potential problems, based solely on the information provided above, that TMC might
encounter in the acquisition of CBC. (5 marks)
Last year Dull plc entered into a contract to buy a large consignment of metal from Era Ltd. Caz attended the board meeting that approved the contract and voted in favour of it, without revealing any link with Era Ltd.
Required:
Analyse the situation explaining any potential liability that Caz may have in relation to the sale of the metal to
Dull plc by Era Ltd.(10 marks)
Recently, business activity in the defence sector had been very slow, and MRA was about to announce around 500 staff redundancies. Therefore news that this contract was about to be awarded came as a great relief to the board of MRA, as the jobs would now be secured. However, only the chief executive officer (CEO) and operations director knew about the facilitation fee, so an emergency meeting of the board was convened with only one item on the agenda.
Due to the very sensitive nature of the matter at hand, it was decided not to make a formal record of the discussions at the board meeting. This was more likely to result in a frank exchange of views and encourage all directors to express their opinions openly.
The CEO, Charlie Desborough, explained the dilemma to the board, making it very clear that without this contract there would be no way to protect jobs. The finance director, Jake Neilson, said that he was personally very uncomfortable with the idea of paying a facilitation fee, which was in effect a ‘bribe’. As a professional accountant he was bound by a code of ethics which strictly prohibited making such payments, therefore he could not sanction the payment under any circumstances.
The HR director, Sarah Shue, took a far more pragmatic stance. She acknowledged that any form. of corruption was utterly deplorable; however, it was a fact of life in many countries. She asserted that if the board of MRA decided not to make the payment and forego the contract, then it could be assured that a competitor would not adopt such a high-minded position. The net effect was that by avoiding a relatively small payment, the firm would be doing a disservice to both its employees and its shareholders, who would undoubtedly suffer a reduction in their shareholder value. She maintained that sometimes it is necessary to take difficult decisions in business that are for the greater good, and so suggested that the payment to the official should be made.
Required:
(a) (i) Compare relativism and absolutism and explain the significance of individual or personal differences in guiding ethical behaviour under each approach in a given scenario such as the situation at MRA. (5 marks)
(ii) Explain the ethical theories of deontology and teleology or consequentialism, and analyse which of the approaches have been adopted by Sarah Shue and Jake Neilson. (6 marks)
The involvement of directors in bribery and corruption can seriously undermine the relationships of trust upon which corporate governance is based.
Required:
(b) (i) Assess how bribery and corruption could undermine confidence and trust in MRA, with reference to the principles of corporate governance. (8 marks)
(ii) Describe best practice measures which could be employed by MRA to combat bribery and corruption. (6 marks)
Required:
(a) Prepare for Nonat Co the equivalent ratios to those of its sector.
Note: The finance lease obligations should be treated as debt in the ROCE and gearing calculations. (6 marks)
(b) Analyse the financial performance and position of Nonat Co for the year to 31 December 2015 in comparison to the sector averages. (9 marks)
5 The International Accounting Standards Board (IASB) is currently in a joint project with the Accounting Standards
Board (ASB) in the UK and the Financial Accounting Standards Board (FASB) in the USA in the area of reporting
financial performance/comprehensive income. The main focus of the project is the development of a single statement
of comprehensive income to replace the income statement and statement of changes in equity. The objective is to
analyse all income and expenses and categorise them in a way that increases users’ understanding of the results of
an entity and assists in forming expectations of future income and expenditure. There seems to be some consensus
that the performance statement should be divided into three components being the results of operating activities,
financing and treasury activities, and other gains and losses.
Required:
(a) Describe the reasons why the three accounting standards boards have decided to cooperate and produce a
single statement of financial performance. (8 marks)
37,000 hours were used to complete the work and there was no idle time. The total labour cost for the quarter was $531,930.
At the beginning of the last quarter, the design of the gloves was changed slightly. The new design required workers to sew the company’s logo on to the back of every glove made and the estimated time to do this was 15 minutes for each pair. However, no-one told the accountant responsible for updating standard costs that the standard time per pair of gloves needed to be changed. Similarly, although all workers were given a 2% pay rise at the beginning of the last quarter, the accountant was not told about this either. Consequently, the standard was not updated to reflect these changes.
When overtime is required, workers are paid 25% more than their usual hourly rate.
Required:
(a) Calculate the total labour rate and total labour efficiency variances for the last quarter. (2 marks)
(b) Analyse the above total variances into component parts for planning and operational variances in as much detail as the information allows. (6 marks)
(c) Assess the performance of the production manager for the last quarter. (7 marks)
The new management team introduced a new reward scheme for the hotel managers in an attempt to motivate managers to improve the revenue and profitability of the chain. The salary package devised for each manager comprised:
– A relatively low fixed salary
– A bonus payment based on high room occupancy rate. The occupancy rate is the percentage of usable hotel beds filled every night. Managers who achieved more than 90% occupancy rate receive a significant bonus. This target is aimed at keeping the hotel full.
– A smaller bonus payment based on the net profit margin achieved by the hotel. This is aimed at improving the profitability of the hotel.
However, despite these incentives the overall performance of the company is still declining. Managers are generally achieving a high occupancy rate but are largely failing to deliver higher net margins. It is also clear that some managers have achieved a high occupancy rate by declaring that some bedrooms were unfit for use or were being used as seminar rooms.
Also, the pursuit of high occupancy and high net profit appears to be affecting the perceived image of the hotel chain.
Once regarded as a mid-market hotel chain, the chain now seems to be perceived as a budget buy. A large percentage of bookings are received through the Internet broker lastsecondhotels.com and their view of the chain is given below, together with some visitor quotes from their web site.
Comments
‘Great last minute bargain … very easy to get rooms at half the advertised rate’
‘Full of school children on a trip … will not be using this chain again’
‘No Internet connections in the rooms or public areas, very disappointing’
‘The bath was cracked and the windows were dirty. Cheap, but badly in need of a clean’
‘Receptionists were very off-hand and unable to help. Did not seem to know much about the area surrounding the hotel’
‘The staff were surly and uncommunicative. Much worse than last time we visited it. It used to be such a lovely hotel’
‘Cheap, but don’t eat there. The price for breakfast was extortionate’
‘Cheap and cheerful but don’t pay the full rate! Always lots of cheap beds available’
‘Food was expensive and dull. The serving staff were uncommunicative, the cutlery was dirty and damaged. Staff were more interested in talking to each other than to the customers’
‘Restaurant food was very expensive and of poor quality. The two nights I stayed there I was the only customer in the restaurant’
Lastsecondhotels.com says: ‘Value for money hotels with rooms always available. Perfect for those last minute breaks’
Required:
(a) Analyse the unanticipated consequences of the management reward scheme at Elegant Hotels. (15 marks)
(b) The DMAIC methodology of Six Sigma includes five steps: Define, Measure, Analyse, Improve and Control.
Evaluate the potential benefits of using the DMAIC methodology at Elegant Hotels. (10 marks)
