F1串讲ACCA F1 冲刺课PPT - 副本

1、PAPER F1,2020/6/22,GOOD LUCK FOR YOUR EXAM READING ,UNDERSTANDING, PASSING 5%-10% not in the syllabus,Part A BUSINESS ORGANISATION，ITS STAKEHOLDERS AND EXTERNAL ENVRIONMENT,Chapter 1 Business organization and their stakeholders An organization is a social arrangement which pursues collective goals,

2、which controls its own performance and which has a boundary separating it from its environment. 2. Synergy - combined output exceeds the sum total. In other words, 1 + 1 exceeds the sum total of two.,3. Profit orientation Profit (Commercial) Its aim is of a commercial nature that is to make profit o

3、r increased shareholders value（maximise shareholders value） in their investments. These commercial organisations can be a sole trader, a partnership, a privately incorporated company, or public or public listed companies. Not-for-profit (NFPs) These organisations are also known as non-trading organi

4、sation, usually formed for a certain purpose either for a charity cause (most charities), provision of benefits and services (e.g. clubs), community and religious gatherings (Elders Groups, churches, and temples), common interests (golf clubs, Bridge association), etc,4. Value for money (3E): effici

5、ency, economy, effective 5. Public sector Organisation owned or run by central or local government or government agencies. Their main aim is to provide a variety of goods and services which addresses the well being of the community. The following are some of the examples of public sector organisatio

6、ns: Economies of scale. Costs can be spread if everything is centralized.(Advantage) Private sector Organisation not owned or run by central or local government, or government agencies.,6. Non-governmental organisations (NGO) NGO is an independent voluntary association of people acting together for

7、some common purpose, aimed at promoting social, political, or environmental change for the good of public at large. 7. (a) Sole trader Owned by an individual, who takes full responsibility for the business (b) Partnership Owned by several individuals, who share profit and take full responsibility ac

8、cording to partnership agreement (c) Limited company Owned by individuals, who take limited responsibility.,8. Directors are appointed by shareholders to run the company. EDdaily operation NEDparticular skill and experience, independent overview 9. Cooperative Co-operatives are businesses owned by t

9、heir workers or customers，who share the profits. Here are some of the features they have in common. They are owned and democratically controlled by their members-the people who buy their goods or use their services. They are not owned by investors. Co-operatives are organised solely to meet the need

10、s of the member-owners, not to accumulate capital for investors.,10. What is stakeholder? Stakeholders are those individuals or groups that, potentially, have an interest in what the organization does.,Stakeholder Mapping ( Mendelow ): D-key players. Strategy must be acceptable to them (major custom

11、er) C- kept satisfied. C must be treated with care .While often passive, they are capable of moving to segment D.(large institutional shareholders) B-kept informed. B do not have great ability to influence strategy, but their views can be important in influencing more powerful stakeholders, perhaps

12、by lobbying Minimal effort is expended on segment A.,Chapter 2 The business environment 1.,2. The Changing environment Changes in the business environment have driven by a number of developments. Globalization of business increased competition and global customers as domestic markets become saturate

13、d. Companies are able to compete easily anywhere in the world Science and technology developments, especially in communications and transport Mergers, acquisitions and strategic alliances Changing customer values and behavior Increased scrutiny of business decisions by government and the public Incr

14、eased liberalization of trade, and deregulation and co-operation between business and government have eased access to foreign markets Changes in business practices downsizing, outsourcing and re-engineering Changes in the social and business relationships between companies and their employees, custo

15、mers and other stakeholders,3. Government intervention and reaction Businesses are able to influence government policies in a number of ways: They can employ lobbyists to put their case to individual ministers of civil servants. They can give MPs non-executive directorships, in the hope that the MP

16、(Member of Parliament) will take an interest in all legislation that affects them. - They can try to influence public opinion.,4. International trade The European Union operates a single European market, allowing for the free movement of labor, goods and services, and free competition. - WTO was set

17、 up to promote free trade and resolve disputes between trading partners. Protectionist measures to restrict competition from overseas include: Quotas Import bans Restrictions on foreign ownership of certain industries Tariffs,5. Wrongful dismissal Wrongful dismissal is dismissal that breaches the co

18、ntract of employment Unfair dismissal ：It is dismissal without good reason. The basic principle is that any dismissal is potentially unfair. The onus is then on the employer to prove that the dismissal was fair. 6. Health and safety Importance of maintaining health and safety at work An employer has

19、 legal obligations under UK and EU law. Accidents and illness cost the employer money. The companys image in the marketplace and society may suffer. Employers duties the nature of the activities involved and the amount of workload for both.,11. Delayering is the reduction of the number of management

20、 levels from bottom to top. IT reduces the need for middle managers to process information. Empowerment removes the need for some middle management jobs. Economy: Delayering reduces managerial/supervisory costs. Fashion:,12. Robert Anthony classified managerial activity as follows: (a)Strategic mana

21、gement(carried out by senior management)is concerned with direction-setting, policy making and crisis handling. The time frame of decisions made at strategic management level would typically have implications for 3-5 years. (b)Tactical management(carried out by middle management)is concerned with es

22、tablishing means to the corporate ends, mobilising resources and innovating(finding new ways to achieve business goals).Decisions made at this level would have medium term implications. (c)Operational management(carried out by supervisors and operatives)is concerned with routine activities to carry

23、out tactical plans. Decisions at this level would deal with short term matters. 13. centralization: A centralized organization is one in which authority is concentrated in one place.,Chapter 6 Organizational culture and committees 1. Research and development This function involves activities that en

24、sure the organization is always staying ahead of the technological advances, and its products development is always ahead of competitors and ever ready to capture market potential at any time.,2. Purchasing is “the acquisition of material resources and business services for use by the organization.”

25、 Purchasing mix Quantity Quality Price Delivery: the lead time, suppliersdelivery arrangements,3. The nature of services - Intangibility. there are no substantial material or physical aspects to a service - Inseparability. Services are created at the same time as they are consumed. - Variability. It

26、 may be hard to attain precise standardization of the service offered. - Ownership. Services do not normally result in the transfer of property.,4. The marketing mix refers to the set of controllable variables and the extent the organization uses them to influence the target market. These variables

27、are product, price, place and promotion, common known as the 4Ps. Two categories of pricing -Penetration pricing: a low price is charged to persuade as many people as possible to buy the product in its early stages -Skimming: prices are set to cream off the highest level of profits even though this

28、restricts the number of people able to afford the product.,5. Financial accounting recording transaction, report to shareholders Trearury management operation of funds Management accounting planning, decision making,control,6. Working capital A companys management of its working capital is vital for

29、 business success. Working capital consists of cash, accounts receivable, accounts payable and inventory. 7.What is culture? Geert Hofstede -Culture is the collective programming of the mind which distinguishes the members of one category of people from another. Charles Handy -Culture is the way we

30、do things around here. Edgar HSchein - The set of shared, taken-for-granted implicit assumptions that a group holds and that determines how it perceives, thinks about and reacts to its environment.,8. Iceberg model The first level: artifacts The second level：values and beliefs The third level：assump

31、tions 9. Gods of Management The power culture (P) - Zeus The role culture (R) Apollo The task culture (T) - Athena The person culture (P) - Dionysus,10. International perspectives on culture Hofstede： 1. Power distance (PD) refers to the extent to which unequal distribution of power is accepted. 2.

32、Uncertainty avoidance (UA) refers to the extent to which security, order and control are preferred to ambiguity, uncertainty and change. 3. Individualism (I) refers to the extent to which people prefer to work in individualist or collectivist ways. 4. Masculinity (M) refers to the extent to which so

33、cial gender roles are distinct.,11. What is a committee? Unlike teams (which are often established to tackle individual problems or projects), committees: are permanent have authority follow well established procedures provide a well tried way of resolving difficult decisions because all individuals

34、 and departments are formally involved in the decision-making process.,12The committee chair and committee secretary - Committee chair Ruling on the spot on points of dispute and give clarification of difficult issues. Impartial treatment of issues and opposing parties or views. Discreet firm and kn

35、owledgeable handling on meetings standing orders and procedure observation. Convening of meeting expeditiously and effectively. Punctuality and regularity are import issues to observe.,- Committee secretary Duties before the committee meeting : Fixing the date and time of the meeting, choosing and p

36、reparing the location of the meeting , and preparing and issuing various documents Duties at the meeting : assisting the chair, making notes Duties after the meeting: preparing minutes, acting on and communicating decisions.,12The committee chair and committee secretary,13. Types of committee used b

37、y business organizations Executive committees have the power to govern or administer such as the Board of Directors. Standing committees are formed for a particular purpose on a permanent basis. Ad hoc committees are formed to complete a particular task. Sub-committees may be appointed to assist and

38、 relieve the burden of the main committee. Joint committees may be formed to co-ordinate the activities of two or more committees. Management committees formed with a number of executives from different level for decisions not necessarily to be taken by the Board of Directors.,Chapter 7 Corporate go

39、vernance and social responsibility 1. Corporate governance is the system by which organizations are directed and controlled by senior officers. Though it is discussed in relation to large quoted public companies, corporate governance is directed at all bodies corporate: both commercial and not for p

40、rofit.,2. There are three differing views associated with the ownership and management control of organizations and give rise to the importance of governance. These are: Agency theory Management act in an agency capacity, seeking to service their own self-interest Stewardship theory Management of an

41、 organization as the stewards of its assets, charged with their employment and deployment in ways consistent with the overall strategy of the organization and the stakeholder as the owner of the corporation. Stakeholder theory Management has a duty of care in terms of maximizing stakeholder value.,3

42、. Features of poor corporate governance Domination by a single individual Lack of involvement of board Lack of adequate control function Lack of supervision Lack of independent scrutiny Lack of contact with shareholders Emphasis on short-term profitability Misleading accounts and information,4. Appr

43、oaches Principle-based: flexible Rule-based(Sarbanes-Oxley Act):rigid 5. Chair and chief executive to be held by two different people.,6. Non-executive directors Non-executive directors have no executive(managerial)responsibilities. Non-executive directors are not employees of the company but they d

44、o take part in decision making at board meetings. They do not take part in the day-to-day running of the company. Independence of NED: Have no business, financial or other connection with the company Should not take part in share option schemes Appointments should be for a specified term,7. Audit co

45、mmittees Remuneration committees Risk committee Nomination committee 8. Public oversight A public oversight board is to be formed for the purpose of monitoring and enforcement of legal and compliance standards.,Part B 习题,Q1,2020/6/22,ANSWER:,2020/6/22,Q2,2020/6/22,ANSWER:,2020/6/22,Q3:,2020/6/22,ANS

46、WER:,2020/6/22,Q4,2020/6/22,2020/6/22,2020/6/22,ANSWER:,2020/6/22,Part C ACCOUNTING AND REPORTING SYSTEMS, CONTROLS AND COMPLIANECE,Chapter 8 The role of accounting 1. Definition： Accounting is a way of recording, analyzing and summarizing transactions of a business. a. The transactions are recorded

47、 in books of prime entry. b. The transactions are then analyzed and posted to the ledgers. Finally the transactions are summarized in the financial statements.,2. Financial accounting is mainly a method of reporting the results and financial position of business. Accounting standards prescribe that

48、a company should produce accounts to be presented to the shareholders. Management accounting is a management information system which analyses data to provide information as a basis for managerial action. The concern of a management accountant is to present accounting information in the form most he

49、lpful to management.,3. Auditing The annual accounts of a limited company must generally be audited by a person independent of the company. This often means that the members of the company appoint a firm of registered auditors to investigate the financial statements and report as to whether or not t

50、hey show a true and fair view of the companys results for the year and its financial position at the end of the year. When the auditors have completed their work they must prepare a report explaining the work that they have done and the opinion they have formed. Unqualified report Qualified report,4

51、. IASB The international accountancy profession through its many regulatory organizations such as the International Accounting Standards Board (IASB) has played the role of both self regulatory and policing body in ensuring a high and acceptable level of professional standards for financial reportin

52、g and practices. The objectives or the IASB are: To develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent and comparable information in financial statements and other financial reposing to help

53、 participants in the worlds capital markets and other users make economic decisions. To promote the use and rigorous application of those standards. To bring about convergence of national accounting standards and International Accounting Standards (IAS) to high quality solutions.,5. Company law requ

54、ires that: a. The statement of financial position must give a true and fair view of the state of affairs of the company as at the end of financial year. b. The statement of comprehensive income must give a true and fair view of the profit or loss of the company for the financial year.,Chapter 9 Cont

55、rol, security and audit 1.The internal control system comprises the control environment and control procedures. The framework for system control draws a distinction between: Control environment - the overall context of control, in particular the attitude of directors and managers towards control Con

56、trol procedures - the detailed controls in place Control environment is the overall attitude, awareness and actions of directors and management regarding internal controls and their importance in the entity.,2. There are eight (8) types of internal control. To remember them we use the mnemonic SPAMS

57、OAP a. Segregation of duties The separation of duties or responsibilities which would, if combined, enables one individual to record and process a complete transaction. b. Physical This refers to the procedures and security measures needed to ensure that access to assets in limited to those authoriz

58、ed, e.g. locks, safes, and entry authorization card or code. c. Authorization and approval These refer to the controls that ensure transactions are authorized or approved by appropriate responsible person.,3. Management Management should provide control through analysis and review of accounts,eg var

59、iance analysis,provision of internal audit services. 4. Supervisionary controls Supervision of the recording and operations of day-to-day transactions.This ensures that all individuals are aware that their work will be checked,reducing the risk of falsification or errors, eg budgets,managersreview,exception or variance reports. 5. Organization Organization should have a control form within them, defining and allocating responsible and identifying line of reporting, including delegation and authorization. In other words, the structure of the