2012年ACCA考试《F9财务报告》讲义辅导8

TheAccountingRateofReturn
　　TheinformationprovidedbyAICOplcisbasedonhypotheticalcashflows.ThisinformationisinsufficientforestablishingtheARRofthetwomodels;thereforeitwillbenecessarytocalculatetheannualdepreciationfiguresforthetwomachines.Toarriveattheannualaccountingprofitswillnecessitateadeductionfromeachyear�snetcashinflows�theannualdepreciationfigure.
Supermodel
Depreciationperannum =Costlessscrapvalue
Lifeofmachine
=£500,000less20,000
6
=£80,000perannum
Deluxemodel
Depreciationperannum =£800,000less80,000
6
=£120,000perannum
　　Nowthatwehavecalculatedtheannualdepreciationforeachmachine,letusestablishtheannualaccountingprofitorlossforeachmachine.
Supermodel
Year Cashinflow less Depreciation =AccountingProfit/(Loss)
1 250,000 � 80,000 =170,000
2 100,000 � 80,000 =20,000
3 100,000 � 80,000 =20,000
4 50,000 � 80,000 =(30,000)
5 150,000 � 80,000 =70,000
6 100,000 � 80,000 =20,000
Totalaccountingprofit    270,000
Thereforetheaverageaccountingprofit   =£270,000
   _______
   6
   =£45,000
AverageCapitalEmployed   =£500,000+20,000
   2
   =£260,000
ARR   =45,000x100
   260,000
   =17•30%
DeluxeModel   
Year Cashinflow less Depreciation =AccountingProfit/(Loss)
1 150,000  120,000 =30,000
2 200,000  120,000 =80,000
3 250,000  120,000 =130,000
4 100,000  120,000 =(20,000)
5 100,000  120,000 =(20,000)
6 250,000  120,000 =130,000
Totalaccountingprofits    330,000
Averageaccountingprofit   =£330,000
   6
   =£55,000
Averagecapitalemployed   =£800,000+80,000
   2
   =£440,000
ThereforeARR   =£55,000x100
   £440,000
   =12•50%
　　UsingARR,clearlythesupermodelwitha17•30%willberecommendedinsteadofthedeluxemodel,whichhasalowerrateofreturnof12•50%