2017 postexam briefing Paper 1B presentations “risks being shared by joint venture partners”) X...
Transcript of 2017 postexam briefing Paper 1B presentations “risks being shared by joint venture partners”) X...
2017 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES
EXAMINATION
PAPER 1
Section A: Multiple-Choice Questions
(selected)
Section B: Questions 1 - 5
Section A: Multiple-Choice Questions
Section A: Multiple-Choice Questions
Section A: Multiple-Choice Questions
Section A: Multiple-Choice Questions
Paper 1B Paper 1 Question 1
Paper 1B Question 1- Marking Scheme
Supplementary marking notes Q1a:
• Two (or more) businesses + form a new business entity + carry out joint
project(s) 1 mark
Two (or more) businesses (two or more owners ×) local company cooperate with overseas company (two companies) to form
a separate entity (company) to carry out joint project(s)
Joint project(s): develop, produce or sell products; with specific purpose
Supplementary marking notes
Q1b: • Advantages: (2 marks for ONE advantage with complete explanation) • easier entry into new market: share of goodwill of the participating
companies (without explaining “such goodwill may help the joint venture partners develop their market connection / know more about the market information) (1 mark only)
• bring in expertise: (knowledge technology goodwill ) • Synergetic effect • business risks can be reduced / decreased / lowered (without
explaining “risks being shared by joint venture partners”) X • Enjoy a lower profit tax ×
PAPER 1B QUESTION 1 – SAMPLE 1E
Relevant explanation on the characteristics of a joint
venture (i.e. a separate entity, formed by two or more
companies and aim at achieving a specific goal).
PAPER 1B QUESTION 1 – SAMPLE 1E
Showed two
advantages
of a joint
venture
with good
elaboration .
PAPER 1B QUESTION 1 – SAMPLE 2E
Unable to define ‘joint venture’ (missing ‘form a new entity’
and ‘to carry out joint projects’).
Showed two advantages without proper
elaboration.
PAPER 1B QUESTION 1 – SAMPLE 3C
考生能完整指出何謂合營企業
考生能清楚地列出合營企業的兩個好處,並附以清晰合理的解釋
PAPER 1B QUESTION 1 – SAMPLE 4C
考生未能完整指出何謂合營企業
考生能列出合營企業的兩個好處,但未能加以解釋
Paper 1B Paper 1 Question 2
Paper 1B Question 2- Marking Scheme
Supplementary marking notes Q2a:
Financial needs:
• paying daily expenses (daily living / daily life) to maintain (keep) her desired
lifestyle
(e.g. leisure, transportation, food, meals, entertainment, travelling, vacation)
• meeting contingencies, e.g. urgent medical expenses
(e.g. accidents, unexpected incidents, financial needs of family members)
• estate planning (expenses on funeral / burial arrangement)
Supplementary marking notes
Q2b:
Responsibilities:
• not to allow others to trade on her account
• to give clear instructions to her financial planner or broker
PAPER 1B QUESTION 2 – SAMPLE 1E
Needs of paying daily expenses and meeting contingencies
were correctly listed with detailed explanations.
Paper 1B Question 2 – Sample 1E
Two responsibilities of Mary were listed correctly.
PAPER 1B QUESTION 2 – SAMPLE 2E
The need of paying daily expenses
was explained repeatedly.
• The right to file a complaint was irrelevant .
• The responsibility to consider Mary’s own
risk tolerance level was correct.
PAPER 1B QUESTION 2 – SAMPLE 3C
考生正確解釋馬莉作為退休人士的兩項財務需要
考生能指出投資者應承擔的兩項責任
PAPER 1B QUESTION 2 – SAMPLE 4C
錯誤以投資工具或金融產品作為財務需要
考生指出投資者的其中一項責任了解投資工具的特性
Paper 1B Paper 1 Question 3
Paper 1B Paper 1 Question 3
Paper 1B Question 3 - Marking Scheme
Supplementary marking notes Q3a:
(i) By functions / Functional departmentalisation / Functional organisation (1)
By functioning (0)
(ii) By products (1)
By production / By goods (0)
Q3c:
• Risk Management Department (1)
• Main role (relevant points)
One role description + at least one relevant / related example (2)
No role mentioned + at least two relevant examples explained (1) To identify and quantify the organisation’s exposures to accidental
loss. e.g. fire. burglary, flooding.(1+1)
To develop and adopt proper financial protection measures through risk
transfer risk avoidance, risk assumption and risk reduction programs. (1+1)
Assess and identify the risks involved in the company’s operation +
elaboration (1+1)
Develop the most suitable methods to protect the company
against different risks + elaboration (1+1)
Supplementary marking notes • Carry out four risks methods including risk avoidance, risk assumption, risk
reduction and risk transfer. (1)
• Responsible to claim compensation and minimize the risk of loss by risk reduction such as providing training to employees reducing operation mistakes.(0)
• Securing and maintaining adequate insurance coverage at the most reasonable cost.(example of risk transfer) ( 0 )
• 為公司預計風險,就公司意外損失作投保….或應對策略.(2)
• 有效地減少,避免或轉移有可能承受的經營風險 (1) (因未有提及角色但舉最少兩例子)
• 作出决策,例如:風險廻避及轉移,從而減低公司的損失. (1)
• 量度及預防企業損失,並且在意外後作出保償(0)
• 防止公司發生任何損失的管理 (0)
• 負責保險索償賠款 (0)
•
Supplementary marking notes
Q.3d Accrual Concept
• Wrong spelling of ‘accrual’ (0)
• All accrued expenses should be recorded in the financial period that accrued (0)
• Recorded +in the financial statements of year incurred = recognized (1)
PAPER 1B QUESTION 3 – SAMPLE 1E
Accurate
explanation on the
main role of the
Risk Management
Department.
Relevant accounting
principle with clear
explanation on
recording the
electricity expense.
Correct Answers
PAPER 1B QUESTION 3 – SAMPLE 2E
Misinterpretation of the main role of the Risk Management Department.
Incorrect form of
departmentalisation
Wrong spelling, no explanation of the Accrual concept
Correct
PAPER 1B QUESTION 3 – SAMPLE 3C
清楚及詳細闡述甲公司風險管理部門的主要角色
能適當利用應計原則解釋電費的記錄
甲及乙部答案正確
PAPER 1B QUESTION 3 – SAMPLE 4C
只能描述乙公司部門劃分方式
未能指岀哪一家公司控制幅度較闊
未能適當闡述甲公司風險管理部門的主要角色
未能適當利用應計原則解釋電費的記錄
正確部門
Paper 1B Paper 1 Question 4
Paper 1B Paper 1 Question 4
Paper 1B Question 4 - Marking Scheme
Paper 1B Question 4 - Marking Scheme
Supplementary marking notes (a)
Trial balance as at 31 December 2016
Dr Cr
$ $ 0.5
1 213 200 1 213 200
2016年12月31日試算表, 試算表2016年12月31日
試算表截至2016年12月31日 X
Supplementary marking notes
Q4b: • moral standards, ethical standards, ethical norms, a set of
moral conducts, a set of moral rules • 倫理標準, 道德標準, 道德規條, 道德規則 1 • a code of ethics, morals or standards of people 0 • non-legal requirements, social responsibilities 0 • 人權道德,社會道德, 應做社會責任, 避免做不道德的事情 0 • govern a business, guide a business, for business to follow • 規範企業, 企業遵守 1 • regulate the operation of a firm 0
Supplementary marking notes Q4c:
• With proper example/elaboration relating to the grocery firm
• Follow the law/ordinance =/= social responsible
PAPER 1B QUESTION 4 – SAMPLE 1E
(b) mentioned both moral rules and
guide behavior of business
(c) provided relevant point
with proper example
(a) well answered
PAPER 1B QUESTION 4 – SAMPLE 1E
(ii) provided relevant point with proper example
PAPER 1B QUESTION 4 – SAMPLE 2E
Well presented.
PAPER 1B QUESTION 4 – SAMPLE 2E
Moral or ethical
principles not
mentioned
The candidate could
not elaborate on what
is meant by a
comfortable working
environment
Relevant illustration
PAPER 1B QUESTION 4 – SAMPLE 3E
Omitted
column
headers
“Dr” and
“Cr”
Irrelevant point
Appropriate
explanation
Relevant
illustration
PAPER 1B QUESTION 4 – SAMPLE 4C
漏寫欄目“借” “貸”
PAPER 1B QUESTION 4 – SAMPLE 4C
考生能提供合適說明,並附以例子
考生描述正確
考生能提供恰當解釋
PAPER 1B QUESTION 4 – SAMPLE 5C
PAPER 1B QUESTION 4 – SAMPLE 5C
考生能提供恰當解釋
考生能提供合適例子,但未能提供說明
考生能提供合適說明並附以例子
PAPER 1B QUESTION 4 – SAMPLE 6C
考生編制的不是試算表
PAPER 1B QUESTION 4 – SAMPLE 6C
不是商號對員工履行的社會責任
描述欠清晰
考生能提供合適說明並附以例子
Paper 1B Paper 1 Question 5
Paper 1B Question 5 - Marking Scheme
Paper 1B Question 5 - Marking Scheme
Supplementary marking notes (a) 純損 / 淨損失 / 淨虧損 / 年度損失
Common mistakes:
• inappropriate heading: as at, without $
• taking capital as opening inventory
• missing closing inventory
• 損益帳
• Dec
• 2016年12月31日 的損益表
(b) MBO, plan, unity of direction (X)
(c)
• set goals provide standards for employees to follow ()
• employees know the goal of the company clearly for them to follow ()
• employees know what the company want them to do ()
• use of resource effectively/有效運用資源 (with appropriate
explanations) ()
• advantages of MBO (X)
PAPER 1B QUESTION 5 – SAMPLE 1E
closing inventory missing,
incorrect Gross profit & Net Loss
PAPER 1B QUESTION 5 – SAMPLE 1E
Candidate could provide one relevant point with explanation.
Repeated point
PAPER 1B QUESTION 5 – SAMPLE 2E
Incorrect COGS and
missing Gross Profit
PAPER 1B QUESTION 5 – SAMPLE 2E
candidate provided
one point without
relevant
explanation
X
X
Irrelevant point
PAPER 1B QUESTION 5 – SAMPLE 3C
PAPER 1B QUESTION 5 – SAMPLE 3C
考生能提供合適例子並附予適切解釋
PAPER 1B QUESTION 5 – SAMPLE 4C
購貨應減購貨退出而不是加
標題欠完整
考生誤把購貨折扣及銀行透支當作營運費用
PAPER 1B QUESTION 5 – SAMPLE 4C
考生能提供合適理由並能附以適切解釋
X
考生能提供合適理由但欠缺解釋