22 November 2011 – Tuesday Afternoon Session Instructions to candidates You are allowed three hours to answer this question paper. You are allowed 20 minutes reading time before the examination begins during which you should read the question paper and, if you wish, highlight and/or make notes on the question paper. However, you are not allowed, under any circumstances, to open the answer book and start writing or use your calculator during this reading time. You are strongly advised to carefully read ALL the question requirements before attempting the question concerned (that is, all parts and/or subquestions). The question requirements for Section A are highlighted in a dotted box. ALL answers must be written in the answer book. Answers or notes written on the question paper will not be submitted for marking. You should show all workings as marks are available for the method you use. ALL QUESTIONS ARE COMPULSORY. Section A comprises 3 questions on pages 2 to 5. Section B comprises 1 question containing 12 objective test sub-questions on pages 6 to 10. Maths tables and formulae are provided on pages 11 to 13. These are detachable for ease of reference. The list of verbs as published in the syllabus is given for reference on page 15. Write your candidate number, the paper number and the examination subject title in the spaces provided on the front of the examination answer book. Also write your contact ID and name in the space provided in the right hand margin and seal to close. Tick the appropriate boxes on the front of the answer book to indicate which questions you have answered.
A1 - CIMA Gateway Assessment
A1 - CIMA Gateway Assessment (CGA)
TURN OVER
Š The Chartered Institute of Management Accountants 2011
SECTION A – 75 MARKS [You are advised to spend no longer than 45 minutes on each question in this section]
ANSWER ALL THREE QUESTIONS Question One SDF is considering the manufacture of a new consumer electronics product. The market for the product is highly competitive and SDF is forced to accept the market price for its products. SDF expects the market price for the new product to be $85 per unit and that this selling price will continue throughout the product's life. SDF expects to sell a total of 500 units over the lifetime of the product. SDF requires an average unit contribution of $15 to be achieved on each of its products. The direct material cost for the new product is expected to be $34 per unit and the variable overhead cost is expected to be $18 per unit. No additional fixed costs are likely to be incurred. Direct labour costs are expected to reduce as the volume of output increases due to the effects of a 75% learning curve. The time to be taken for the first unit is expected to be 20 hours and the learning effect is expected to end after 200 units have been produced. Thereafter, each unit is th expected to take the same time as the 200 unit. Direct labour cost is $12 per hour.
Required (a)
Calculate the total direct labour hours over the lifetime of the product. (6 marks)
(b)
Calculate the contribution that SDF will earn from the product over its lifetime. (3 marks)
(c)
Explain Target Costing, illustrating your answer using the scenario provided. (4 marks)
(d)
Explain how each of the following techniques may be used by SDF: (i) (ii) (iii)
Value Analysis Functional Cost Analysis Kaizen Costing (12 marks) (Total for Question One = 25 marks)
Note: The value of the learning index for a 75% learning curve is -0.4150
Section A continues on the opposite page
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Question Two As part of STU College's ambitious strategy for growth, investment is being made in a student village. The Finance Director of STU College has been appointed as the project manager and is in the early stages of setting up the project. This will be a complex project involving the construction of new buildings to provide for the growth in student numbers, including living accommodation for students, teaching rooms and sports and recreation facilities. A state of the art business and conference facility will be built and it is hoped that this will create a new income stream attracting corporate clients to use and pay for the facilities. The build will be a collaborative venture funded by the college and investment from two local businesses. The regional authority currently owns the land that STU College wants to acquire to build the student village. The regional authority, whose members are directly elected by local residents, makes the decisions on whether to accept or reject planning proposals made. It was recently reported in the local paper that the local residents are unhappy about the proposals because of both the disruption during the build and then having students in the neighbourhood. The development will mean that staff from two STU College departments will be relocated to the new site which is two miles away from the main campus. In the first open meeting held by the Finance Director to communicate the proposals, he was met with a hostile reaction from staff, with most of them being very unhappy about moving to the new site. The Finance Director knows that this will be a complex project to manage and that project management software will be essential in making his job achievable. He is also aware that the project has a number of different stakeholders that he must consider in putting together the project plan.
Required: (a)
Discuss how project management software can help the Finance Director and his team successfully carry out the project. (13 marks)
(b)
Using examples, explain why the Finance Director should consider the interests of the different stakeholders in the student village project. (12 marks) (Total for Question Two = 25 marks)
Section A continues on page 4
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CGA
Question Three The statements of financial position for ABC and XYZ as at 31 December 2010 are provided below: ABC $000
XYZ $000
24,000 8,000 32,000
8,000 8,000
Total assets
4,400 6,800 1,600 12,800 44,800
1,600 1,800 600 4,000 12,000
EQUITY AND LIABILITIES Equity Share capital ($1 equity shares) Retained earnings Other reserves Total equity
20,000 15,000 400 35,400
2,000 8,000 10,000
Non-current liabilities Long term borrowings Current liabilities Total liabilities Total equity and liabilities
5,400 4,000 9,400 44,800
2,000 2,000 12,000
ASSETS Non-current assets Property, plant and equipment Available for sale investment (note 1) Current assets Inventories Receivables Cash and cash equivalents
Additional information 1.
ABC acquired a 75% investment in XYZ on 1 May 2010 for $7,600,000. The investment has been classified as available for sale in the books of ABC. The gain on its subsequent measurement as at 31 December 2010 has been recorded within other reserves in ABC's individual financial statements. At the date of acquisition, XYZ had retained earnings of $6,400,000.
2.
It is the group policy to value non-controlling interest at fair value at the date of acquisition. The fair value of the non-controlling interest at 1 May 2010 was $3,200,000.
3.
As at 1 May 2010 the fair value of the net assets acquired was the same as the book value with the following exceptions: The fair value of property, plant and equipment was $1,600,000 higher than the book value. These assets were assessed to have an estimated useful life of 16 years from the date of acquisition. A full year's depreciation is charged in the year of acquisition and none in the year of sale. The fair value of inventories was estimated to be $400,000 higher than the book value. All of these inventories were sold by 31 December 2010. On acquisition ABC identified an intangible asset that XYZ developed internally but which met the recognition criteria of IAS 38 Intangible assets. This intangible asset is expected to generate economic benefit from the date of acquisition until 31 December 2011 and was valued at $300,000 at the date of acquisition.
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A contingent liability, which had a fair value of $420,000 at the date of acquisition, had a fair value of $168,000 at 31 December 2010. 4.
An impairment review was conducted at 31 December 2010 and it was decided that the goodwill on the acquisition of XYZ was impaired by 20%.
5.
ABC sold goods to XYZ for $600,000. Half of these goods remained in inventories at 31 December 2010. ABC makes 20% margin on all sales.
6.
No dividends were paid by either entity in the year ended 31 December 2010.
Required: (a)
Explain how the fair value adjustments identified above will impact both the calculation of goodwill on the acquisition of XYZ and the consolidated financial statements of the ABC group for the year ended 31 December 2010. (7 marks)
(b)
Prepare the consolidated statement of financial position as at 31 December 2010 for the ABC Group. (18 marks) (Total for Question Three = 25 marks)
(Total for Section A = 75 marks)
End of Section A Section B starts on the next page
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SECTION B – 25 MARKS [You are advised to spend no longer than 45 minutes on this section]
ANSWER ALL TWELVE QUESTIONS
Instructions for answering Section B: The answers to the twelve sub-questions in Section B should ALL be written in your answer book. Your answers should be clearly numbered with the sub-question number and ruled off so that the markers know which sub-question you are answering. For multiple choice questions you need only write the sub-question number and the letter of the answer option you have chosen. You do not need to start a new page for each sub-question.
Question Four 4.1
M plc is a divisionalised company that has, for many years, used a number of computer models in its budgetary planning and control process. Three of these models are outlined below. Models: (i)
Divisionalised targets are set for each month-end cash balance. A spreadsheet model is then used to forecast the net cash flow and the resulting monthly cash balances. Where necessary, control action is taken by the division to achieve the desired month-end cash balances.
(ii)
An exponential smoothing model is used by the divisions to prepare a forecast of sales volume each week. If these forecasts show the budgeted sales level will not be achieved, the division is required to take the appropriate control action.
(iii)
A control model is used to determine the minimum and maximum levels for each inventory item used by the division. The model produces an exception report whenever the actual inventory level reaches the minimum or maximum, so that control action can be taken if necessary.
Which of the above are feedforward control models? A
Models (i) and (ii) only
B
Models (i) and (iii) only
C
Models (ii) and (iii) only
D
Models (i), (ii) and (iii) (2 marks)
Section B continues on the opposite page
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4.2
A Ltd is a manufacturing company that has no production resource limitations for the foreseeable future. The Managing Director has asked the company managers to coordinate the preparation of their budgets for the next financial year. In what order should the following budgets be prepared? (i) (ii) (iii) (iv) (v)
Sales budget Cash budget Production budget Purchases budget Finished goods inventory budget
A
(ii), (iii), (iv), (v), (i)
B
(i), (v), (iii), (iv), (ii)
C
(i), (iv), (v), (iii), (ii)
D
(iv), (v), (iii), (i), (ii) (2 marks)
4.3
B Ltd makes a single product which requires two components, X and Y. The forecast for next year is that B requires 5,000 each of X and Y. Both components are made on the same type of machine of which B has two, giving a total of 12,480 hours of available machine hours next year. The variable cost of internal manufacture and the machine hours needed for X and Y are given below, together with the prices quoted by an external contractor to supply the components. Component X Y
Machine hours/unit 1 3
Variable cost (€ unit) 40 30
Supplier price (€ unit) 47 48
What is the minimum cost for which B Ltd can acquire all the components it requires for next year? A
€392,750
B
€395,126
C
€398,428
D
€400,120 (2 marks)
Section B continues on page 8
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4.4
L plc has a divisional structure. In the last year L1 division recorded an operating profit of €3.9 million on capital employed of €17 million (comprising €16 million of non-current assets and €1 million of net current assets). L1 division is considering a project which is planned to increase annual operating profit by €250,000, but which will require non-current assets to increase by €1.2 million and average inventory levels by €300,000. L plc imposes a 12% capital charge on all of its divisions and values all divisional assets at original cost for evaluation purposes. Given the information above, will using Return on Investment and/or Residual Income to evaluate the performance of the management of L1 division encourage the management to accept the project? Return on Investment
Residual Income
A
Yes
Yes
B
No
No
C
Yes
No
D
No
Yes (2 marks)
4.5
Which ONE of the following of Fayol's functions of management is concerned with getting individuals and groups working together to achieve organisational objectives?
A
Controlling
B
Planning
C
Coordinating
D
Commanding (2 marks)
4.6
Which ONE of the following is a type of decision made at Strategic Business Unit level?
A
Production schedule
B
Approach to marketing a product
C
Acquisitions
D
Diversification (2 marks)
4.7
Which ONE of the following is a feature of the Abilene paradox?
A
Group pressure to agree with a decision
B
Minimising conflict in the group
C
Riskier decisions are taken by the group
D
Team members do not want to disturb group consensus (2 marks)
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4.8
With reference to Porter's Five Forces model identify THREE factors that can create barriers to entry for a new entrant. (3 marks)
4.9
GH granted share options to its 300 employees on 1 January 2009. Each employee will receive 1,000 share options provided they continue to work for GH for three years from the grant date. The fair value of each option at the grant date was $1.22. The actual and expected staff movement over the three years to 31 December 2011 is provided below: 2009 - 25 employees left and another 40 were expected to leave over the next two years. 2010 - A further 15 employees left and another 20 were expected to leave the following year. The charge to GH's income statement for the year ended 31 December 2010 in respect of the share options was:
A
$97,600
B
$99,633
C
$195,200
D
$292,800 (2 marks)
4.10 JK operates a defined benefit pension plan. The fair value of the plan assets at 31 December 2010 was $13.1 million. The present value of the plan liabilities at 31 December 2010 was $13.9 million. JK currently adopts the corridor approach for the treatment of actuarial gains and losses. Unrecognised actuarial losses as at 31 December 2010 totalled $0.5 million. The net pension asset or liability that would be included in JK's statement of financial position as at 31 December 2010 is: A
$300,000 pension asset
B
$300,000 pension liability
C
$800,000 pension liability
D
$1,300,000 pension liability (2 marks)
4.11 AD acquired 100,000 shares in BC on 25 October 2010 for $3 per share. The investment resulted in AD holding 5% of the equity shares of BC. The related transaction costs were $12,000. BC's shares were trading at $3.40 on 31 December 2010. The investment has been classified as held for trading. The increase in value of the investment will result in A
a credit to retained earnings of $28,000
B
a credit to retained earnings of $40,000
C
a credit to profit or loss of $28,000
D
a credit to profit or loss of $40,000 (2 marks) TURN OVER
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4.12 Statement of comprehensive income for the year ended 31 December for KL
Revenue Cost of sales Gross profit Distribution costs Administrative expenses Share of profit of associate Finance costs Profit before tax Income tax expense Profit for the year
2010 $m 252 (203) 49 (18) (16) 7 (12) 10 (3) 7
The operating profit margin (to the nearest two decimal places) of KL for the year ended 31 December 2010 is A
3.97%
B
5.95%
C
8.73%
D
19.44% (2 marks)
Total for Section B = 25 marks)
End of Question Paper Reminder All answers to Section B must be written in your answer book. Answers to Section B written on the question paper will not be submitted for marking Maths tables and formulae are on pages 11-13 which are detachable for ease of reference
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Maths Tables and Formulae Present Value Table
Present value of $1, that is (1+ r ) payment or receipt.
竏地
where r = interest rate; n = number of periods until
Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
1% 0.990 0.980 0.971 0.961 0.951 0.942 0.933 0.923 0.914 0.905 0.896 0.887 0.879 0.870 0.861 0.853 0.844 0.836 0.828 0.820
2% 0.980 0.961 0.942 0.924 0.906 0.888 0.871 0.853 0.837 0.820 0.804 0.788 0.773 0.758 0.743 0.728 0.714 0.700 0.686 0.673
3% 0.971 0.943 0.915 0.888 0.863 0.837 0.813 0.789 0.766 0.744 0.722 0.701 0.681 0.661 0.642 0.623 0.605 0.587 0.570 0.554
4% 0.962 0.925 0.889 0.855 0.822 0.790 0.760 0.731 0.703 0.676 0.650 0.625 0.601 0.577 0.555 0.534 0.513 0.494 0.475 0.456
Interest rates (r) 5% 6% 0.952 0.943 0.907 0.890 0.864 0.840 0.823 0.792 0.784 0.747 0.746 0.705 0.711 0.665 0.677 0.627 0.645 0.592 0.614 0.558 0.585 0.527 0.557 0.497 0.530 0.469 0.505 0.442 0.481 0.417 0.458 0.394 0.436 0.371 0.416 0.350 0.396 0.331 0.377 0.312
7% 0.935 0.873 0.816 0.763 0.713 0.666 0.623 0.582 0.544 0.508 0.475 0.444 0.415 0.388 0.362 0.339 0.317 0.296 0.277 0.258
8% 0.926 0.857 0.794 0.735 0.681 0.630 0.583 0.540 0.500 0.463 0.429 0.397 0.368 0.340 0.315 0.292 0.270 0.250 0.232 0.215
9% 0.917 0.842 0.772 0.708 0.650 0.596 0.547 0.502 0.460 0.422 0.388 0.356 0.326 0.299 0.275 0.252 0.231 0.212 0.194 0.178
10% 0.909 0.826 0.751 0.683 0.621 0.564 0.513 0.467 0.424 0.386 0.350 0.319 0.290 0.263 0.239 0.218 0.198 0.180 0.164 0.149
Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
11% 0.901 0.812 0.731 0.659 0.593 0.535 0.482 0.434 0.391 0.352 0.317 0.286 0.258 0.232 0.209 0.188 0.170 0.153 0.138 0.124
12% 0.893 0.797 0.712 0.636 0.567 0.507 0.452 0.404 0.361 0.322 0.287 0.257 0.229 0.205 0.183 0.163 0.146 0.130 0.116 0.104
13% 0.885 0.783 0.693 0.613 0.543 0.480 0.425 0.376 0.333 0.295 0.261 0.231 0.204 0.181 0.160 0.141 0.125 0.111 0.098 0.087
14% 0.877 0.769 0.675 0.592 0.519 0.456 0.400 0.351 0.308 0.270 0.237 0.208 0.182 0.160 0.140 0.123 0.108 0.095 0.083 0.073
Interest rates (r) 15% 16% 0.870 0.862 0.756 0.743 0.658 0.641 0.572 0.552 0.497 0.476 0.432 0.410 0.376 0.354 0.327 0.305 0.284 0.263 0.247 0.227 0.215 0.195 0.187 0.168 0.163 0.145 0.141 0.125 0.123 0.108 0.107 0.093 0.093 0.080 0.081 0.069 0.070 0.060 0.061 0.051
17% 0.855 0.731 0.624 0.534 0.456 0.390 0.333 0.285 0.243 0.208 0.178 0.152 0.130 0.111 0.095 0.081 0.069 0.059 0.051 0.043
18% 0.847 0.718 0.609 0.516 0.437 0.370 0.314 0.266 0.225 0.191 0.162 0.137 0.116 0.099 0.084 0.071 0.060 0.051 0.043 0.037
19% 0.840 0.706 0.593 0.499 0.419 0.352 0.296 0.249 0.209 0.176 0.148 0.124 0.104 0.088 0.079 0.062 0.052 0.044 0.037 0.031
20% 0.833 0.694 0.579 0.482 0.402 0.335 0.279 0.233 0.194 0.162 0.135 0.112 0.093 0.078 0.065 0.054 0.045 0.038 0.031 0.026
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Cumulative present value of $1 per annum, Receivable or Payable at the end of each year for n years
1− (1+ r ) − n r
Periods (n) 1 2 3 4 5
1% 0.990 1.970 2.941 3.902 4.853
2% 0.980 1.942 2.884 3.808 4.713
3% 0.971 1.913 2.829 3.717 4.580
4% 0.962 1.886 2.775 3.630 4.452
Interest rates (r) 5% 6% 0.952 0.943 1.859 1.833 2.723 2.673 3.546 3.465 4.329 4.212
7% 0.935 1.808 2.624 3.387 4.100
8% 0.926 1.783 2.577 3.312 3.993
9% 0.917 1.759 2.531 3.240 3.890
10% 0.909 1.736 2.487 3.170 3.791
6 7 8 9 10
5.795 6.728 7.652 8.566 9.471
5.601 6.472 7.325 8.162 8.983
5.417 6.230 7.020 7.786 8.530
5.242 6.002 6.733 7.435 8.111
5.076 5.786 6.463 7.108 7.722
4.917 5.582 6.210 6.802 7.360
4.767 5.389 5.971 6.515 7.024
4.623 5.206 5.747 6.247 6.710
4.486 5.033 5.535 5.995 6.418
4.355 4.868 5.335 5.759 6.145
11 12 13 14 15
10.368 11.255 12.134 13.004 13.865
9.787 10.575 11.348 12.106 12.849
9.253 9.954 10.635 11.296 11.938
8.760 9.385 9.986 10.563 11.118
8.306 8.863 9.394 9.899 10.380
7.887 8.384 8.853 9.295 9.712
7.499 7.943 8.358 8.745 9.108
7.139 7.536 7.904 8.244 8.559
6.805 7.161 7.487 7.786 8.061
6.495 6.814 7.103 7.367 7.606
16 17 18 19 20
14.718 15.562 16.398 17.226 18.046
13.578 14.292 14.992 15.679 16.351
12.561 13.166 13.754 14.324 14.878
11.652 12.166 12.659 13.134 13.590
10.838 11.274 11.690 12.085 12.462
10.106 10.477 10.828 11.158 11.470
9.447 9.763 10.059 10.336 10.594
8.851 9.122 9.372 9.604 9.818
8.313 8.544 8.756 8.950 9.129
7.824 8.022 8.201 8.365 8.514
Periods (n) 1 2 3 4 5
11% 0.901 1.713 2.444 3.102 3.696
12% 0.893 1.690 2.402 3.037 3.605
13% 0.885 1.668 2.361 2.974 3.517
14% 0.877 1.647 2.322 2.914 3.433
Interest rates (r) 15% 16% 0.870 0.862 1.626 1.605 2.283 2.246 2.855 2.798 3.352 3.274
17% 0.855 1.585 2.210 2.743 3.199
18% 0.847 1.566 2.174 2.690 3.127
19% 0.840 1.547 2.140 2.639 3.058
20% 0.833 1.528 2.106 2.589 2.991
6 7 8 9 10
4.231 4.712 5.146 5.537 5.889
4.111 4.564 4.968 5.328 5.650
3.998 4.423 4.799 5.132 5.426
3.889 4.288 4.639 4.946 5.216
3.784 4.160 4.487 4.772 5.019
3.685 4.039 4.344 4.607 4.833
3.589 3.922 4.207 4.451 4.659
3.498 3.812 4.078 4.303 4.494
3.410 3.706 3.954 4.163 4.339
3.326 3.605 3.837 4.031 4.192
11 12 13 14 15
6.207 6.492 6.750 6.982 7.191
5.938 6.194 6.424 6.628 6.811
5.687 5.918 6.122 6.302 6.462
5.453 5.660 5.842 6.002 6.142
5.234 5.421 5.583 5.724 5.847
5.029 5.197 5.342 5.468 5.575
4.836 4.988 5.118 5.229 5.324
4.656 7.793 4.910 5.008 5.092
4.486 4.611 4.715 4.802 4.876
4.327 4.439 4.533 4.611 4.675
16 17 18 19 20
7.379 7.549 7.702 7.839 7.963
6.974 7.120 7.250 7.366 7.469
6.604 6.729 6.840 6.938 7.025
6.265 6.373 6.467 6.550 6.623
5.954 6.047 6.128 6.198 6.259
5.668 5.749 5.818 5.877 5.929
5.405 5.475 5.534 5.584 5.628
5.162 5.222 5.273 5.316 5.353
4.938 4.990 5.033 5.070 5.101
4.730 4.775 4.812 4.843 4.870
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FORMULAE Annuity
Present value of an annuity of $1 per annum receivable or payable for n years, commencing in one year, discounted at r% per annum: PV =
1 1 1 − r [1 + r ]n
Perpetuity Present value of $1 per annum receivable or payable in perpetuity, commencing in one year, discounted at r% per annum: PV =
1 r
Growing Perpetuity Present value of $1 per annum, receivable or payable, commencing in one year, growing in perpetuity at a constant rate of g% per annum, discounted at r% per annum: PV =
1 r −g
Time series Additive model: Series = Trend + Seasonal + Random Multiplicative model: Series = Trend*Seasonal*Random Regression analysis The linear regression equation of Y on X is given by: Y = a + bX
or Y – Y = b(X – X ),
where: b=
Covariance ( XY )
=
n ∑ XY − ( ∑ X )( ∑ Y )
Variance ( X )
and or solve
2
n ∑ X − (∑ X )
2
a= Y –bX
∑ Y = na + b ∑ X ∑ XY = a ∑ X + b ∑ X2 Exponential Geometric
x
Y = ab b Y = aX
Learning curve b
Yx = aX
where: Yx = the cumulative average time per unit to produce X units; a = the time required to produce the first unit of output; X = the cumulative number of units; b = the index of learning. The exponent b is defined as the log of the learning curve improvement rate divided by log 2.
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LIST OF VERBS USED IN THE QUESTION REQUIREMENTS A list of the learning objectives and verbs that appear in the syllabus and in the question requirements for each question in this paper. It is important that you answer the question according to the definition of the verb. LEARNING OBJECTIVE Level 1 - KNOWLEDGE What you are expected to know.
Level 2 - COMPREHENSION What you are expected to understand.
VERBS USED
DEFINITION
List State Define
Make a list of Express, fully or clearly, the details of/facts of Give the exact meaning of
Describe Distinguish Explain
Communicate the key features Highlight the differences between Make clear or intelligible/State the meaning or purpose of Recognise, establish or select after consideration Use an example to describe or explain something
Identify Illustrate Level 3 - APPLICATION How you are expected to apply your knowledge.
Apply Calculate Demonstrate Prepare Reconcile Solve Tabulate
Level 4 - ANALYSIS How you are expected to analyse the detail of what you have learned.
Level 5 - EVALUATION How you are expected to use your learning to evaluate, make decisions or recommendations.
November 2011
Analyse Categorise Compare and contrast
Put to practical use Ascertain or reckon mathematically Prove with certainty or to exhibit by practical means Make or get ready for use Make or prove consistent/compatible Find an answer to Arrange in a table
Construct Discuss Interpret Prioritise Produce
Examine in detail the structure of Place into a defined class or division Show the similarities and/or differences between Build up or compile Examine in detail by argument Translate into intelligible or familiar terms Place in order of priority or sequence for action Create or bring into existence
Advise Evaluate Recommend
Counsel, inform or notify Appraise or assess the value of Advise on a course of action
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CIMA Gateway Assessment (CGA)
November 2011
Tuesday Afternoon Session
CGA
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November 2011