Explain the grounds upon which a person may be disqualified under the Company Directors Disqualification Act 1986.(10 marks)
Explain the grounds upon which a person may be disqualified under the Company Directors Disqualification Act 1986.(10 marks)
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3 The ‘person specification’ is derived from the job description.Required:(a) Explain what is meant by the terms:(i) ‘person specification’; (4 marks)
(b) Explain the meaning of the term ‘Efficient Market Hypothesis’ and discuss the implications for a company ifthe stock market on which it is listed has been found to be semi-strong form. efficient. (9 marks)
(c) Discuss the difficulties that may be experienced by a small company which is seeking to obtain additionalfunding to finance an expansion of business operations. (8 marks)
(c) (i) State the date by which Thai Curry Ltd’s self-assessment corporation tax return for the year ended30 September 2005 should be submitted, and advise the company of the penalties that will be due ifthe return is not submitted until 31 May 2007. (3 marks)(ii) State the date by which Thai Curry Ltd’s corporation tax liability for the year ended 30 September 2005should be paid, and advise the company of the interest that will be due if the liability is not paid until31 May 2007. (3 marks)
3 The directors of Panel, a public limited company, are reviewing the procedures for the calculation of the deferred taxprovision for their company. They are quite surprised at the impact on the provision caused by changes in accountingstandards such as IFRS1 ‘First time adoption of International Financial Reporting Standards’ and IFRS2 ‘Share-basedPayment’. Panel is adopting International Financial Reporting Standards for the first time as at 31 October 2005 andthe directors are unsure how the deferred tax provision will be calculated in its financial statements ended on thatdate including the opening provision at 1 November 2003.Required:(a) (i) Explain how changes in accounting standards are likely to have an impact on the provision for deferredtaxation under IAS12 ‘Income Taxes’. (5 marks)
(c) the deferred tax implications (with suitable calculations) for the company which arise from the recognitionof a remuneration expense for the directors’ share options. (7 marks)
(c) On 1 May 2007 Sirus acquired another company, Marne plc. The directors of Marne, who were the onlyshareholders, were offered an increased profit share in the enlarged business for a period of two years after thedate of acquisition as an incentive to accept the purchase offer. After this period, normal remuneration levels willbe resumed. Sirus estimated that this would cost them $5 million at 30 April 2008, and a further $6 million at30 April 2009. These amounts will be paid in cash shortly after the respective year ends. (5 marks)Required:Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment ofthe above elements under International Financial Reporting Standards in the financial statements for the yearended 30 April 2008.
(d) Sirus raised a loan with a bank of $2 million on 1 May 2007. The market interest rate of 8% per annum is tobe paid annually in arrears and the principal is to be repaid in 10 years time. The terms of the loan allow Sirusto redeem the loan after seven years by paying the full amount of the interest to be charged over the ten yearperiod, plus a penalty of $200,000 and the principal of $2 million. The effective interest rate of the repaymentoption is 9·1%. The directors of Sirus are currently restructuring the funding of the company and are in initialdiscussions with the bank about the possibility of repaying the loan within the next financial year. Sirus isuncertain about the accounting treatment for the current loan agreement and whether the loan can be shown asa current liability because of the discussions with the bank. (6 marks)Appropriateness of the format and presentation of the report and quality of discussion (2 marks)Required:Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment ofthe above elements under International Financial Reporting Standards in the financial statements for the yearended 30 April 2008.
(c) Discuss the ethical responsibility of the company accountant in ensuring that manipulation of the statementof cash flows, such as that suggested by the directors, does not occur. (5 marks)Note: requirements (b) and (c) include 2 professional marks in total for the quality of the discussion.
4 (a) A company may choose to finance its activities mainly by equity capital, with low borrowings (low gearing) or byrelying on high borrowings with relatively low equity capital (high gearing).Required:Explain why a highly geared company is generally more risky from an investor’s point of view than a companywith low gearing. (3 marks)
5 The directors of Quapaw, a limited liability company, are reviewing the company’s draft financial statements for theyear ended 31 December 2004.The following material matters are under discussion:(a) During the year the company has begun selling a product with a one-year warranty under which manufacturingdefects are remedied without charge. Some claims have already arisen under the warranty. (2 marks)Required:Advise the directors on the correct treatment of these matters, stating the relevant accounting standard whichjustifies your answer in each case.NOTE: The mark allocation is shown against each of the three matters
(c) Critically discuss FOUR principal roles of non-executive directors and explain the potential tensions betweenthese roles that WM’s non-executive directors may experience in advising on the disclosure of theoverestimation of the mallerite reserve. (12 marks)
(c) Explain the benefits of performance-related pay in rewarding directors and critically evaluate the implicationsof the package offered to Choo Wang. (8 marks)
(c) Define ‘retirement by rotation’ and explain its importance in the context of Rosh and Company.(5 marks)
(d) Explain the term ‘environmental management accounting’ and the benefits that may accrue to organisationswhich adopt it. (4 marks)
(b) Identify and explain THREE approaches that the directors of Moffat Ltd might apply in assessing theQUALITATIVE benefits of the proposed investment in a new IT system. (6 marks)
(b) Explain how the use of SWOT analysis may be of assistance to the management of Diverse Holdings Plc.(3 marks)
(b) (i) Advise the directors of GWCC on specific actions which may be considered in order to improve theestimated return on their investment of ￡1,900,000. (8 marks)
3 The Chemical Services Group plc (CSG), which operates a divisionalised structure, provides services to industrial anddomestic customers in Swingland, a country whose economic climate is subject to significant variations. There havebeen a number of recent changes at board level within CSG and therefore the managing director called a meeting ofthe board of directors at which each of four recently appointed directors put forward their view as to what their primaryfocus should be. These were as follows:The research and development director stated that ‘my primary focus is upon ensuring that we continue to developthe products and services that satisfy the requirements of our existing and potential customers’.The finance director stated that ‘my primary focus is upon keeping our investors satisfied’.The human resources director stated that ‘my primary focus is upon ensuring that we take all the steps necessary toestablish and maintain our reputation as a responsible employer’.The corporate affairs director stated that ‘my primary focus is upon the need to ensure that we are recognised as asocially responsible organisation’.Required:(a) Discuss the criteria that should be considered in deciding upon suitable performance measures in respect ofthe primary focus of each of the FOUR directors of CSG providing THREE appropriate quantitative measuresfor each primary focus.Note: your answer may include financial or non-financial quantitative measures. (12 marks)
(b) Explain how growth may be assessed, and critically discuss the advantages and issues that might arise as aresult of a decision by the directors of CSG to pursue the objective of growth. (8 marks)
(b) Explain FIVE critical success factors to the performance of HSC on which the directors must focus if HSC isto achieve success in its marketplace. (10 marks)
(c) Explain the reasons for the concerns of the government of Happyland with companies such as TMC andadvise the directors of a strategy that might be considered in order to avoid being subject to any forthcominglegislation concerning the environment. (5 marks)
(b) GHG has always used local labour to build and subsequently operate hotels. The directors of GHG are againconsidering employing a local workforce not only to build the hotel but also to operate it on a daily basis.Required:Explain TWO ways in which the possibility of cultural differences might impact on the performance of a localworkforce in building and operating a hotel in Tomorrowland. (6 marks)
In relation to the law of contract, distinguish between and explain the effect of:(a) a term and a mere representation; (3 marks)(b) express and implied terms, paying particular regard to the circumstances under which terms may be implied in contracts. (7 marks)
In relation to company law, explain:(a) the limitations on the use of company names; (4 marks)(b) the tort of ‘passing off’; (4 marks)(c) the role of the company names adjudicators under the Companies Act 2006. (2 marks)
单选题During the PSC inspection under the provision of SOLAS 74, which one may be regarded as clear grounds for ships’ detainment?（）Afailure of proper operation of propulsionBpaint peeling off the uptakeCno operation procedures for the oil separatorsDdamaged sanitary pump