2008年6月、12月特许公认会计师（ACCA）P5考试真题及答案

Advanced Performance
Management
Friday 6 June 2008

Section A – BOTH questions are compulsory and MUST be attempted
1 The Health and Fitness Group (HFG), which is privately owned, operates three centres in the country of Mayland.
Each centre offers dietary plans and fitness programmes to clients under the supervision of dieticians and fitness
trainers. Residential accommodation is also available at each centre. The centres are located in the towns of Ayetown,
Beetown and Ceetown.
The following information is available:
(1) Summary financial data for HFG in respect of the year ended 31 May 2008.
Ayetown Beetown Ceetown Total
$000 $000 $000 $000
Revenue:
Fees received 1,800 2,100 4,500 8,400
Variable costs (468) (567) (1,395) (2,430)
—— —— —— ——-
Contribution 1,332 1,533 3,105 5,970
Fixed costs (936) (1,092) (2,402) (4,430)
—— —— —— ——-
Operating profit 396 441 703 1,540
Interest costs on long-term debt at 10% (180)
——-
Profit before tax 1,360
Income tax expense (408)
——-
Profit for the year 952
——-
Average book values for 2008:
Assets
Non-current assets 1,000 2,500 3,300 6,800
Current assets 800 900 1,000 2,700
—— —— —— ——-
Total assets 1,800 3,400 4,300 9,500
(7) The market value of the long-term borrowings of HFG is equal to the book value.
(8) The directors are concerned about the return on investment (ROI) generated by the Beetown centre and they are
considering using sensitivity analysis in order to show how a target ROI of 20% might be achieved.
(9) The marketing director stated at a recent board meeting that ‘The Group’s success depends on the quality of
service provided to our clients. In my opinion, we need only to concern ourselves with the number of complaints
received from clients during each period as this is the most important performance measure for our business.
The number of complaints received from clients is a perfect performance measure. As long as the number of
complaints received from clients is not increasing from period to period, then we can be confident about our
future prospects’.
Required:
(a) The directors of HFG have asked you, as management accountant, to prepare a report providing them with
explanations as to the following:
(i) Which of the three centres is the most ‘successful’? Your report should include a commentary on return
on investment (ROI), residual income (RI), and economic value added (EVA) as measures of financial
performance. Detailed calculations regarding each of these three measures must be included as part of
your report;
Note: a maximum of seven marks is available for detailed calculations. (14 marks)
(ii) The percentage change in revenue, total costs and net assets during the year ended 31 May 2008 that
would have been required in order to have achieved a target ROI of 20% by the Beetown centre. Your
answer should consider each of these three variables in isolation. State any assumptions that you make.