Running Head THE TMA QUESTIONS CASE STUDIES ANSWERS 1The TM.docx

Running Head: THE TMA QUESTIONS CASE STUDIES
ANSWERS 1
The TMA Questions Case Studies Answers
10
The TMA Questions Case Studies Answers
03 November 2013
PART A: Capital Budgeting – Zenobia Case Study
1. State the approaches that Zenobia might be used to recognize
risk in capital budgeting (Hint: some research is mandatory
here). (180 words)
The approach that Zenobia might be used to recognize risk in
capital budgeting are
Net present value: The difference between the present value of
inflows of cash and the present value of outflows of cash. NPV
is applied in capital making allowance for to investigate the
profitability of doing a project. A positive NPV shows that the
project is feasible.
Payback period: The Payback period is the period which shows

the time needed to realize the initial investment. If Cash flows
are discounted using the appropriate discount rate to arrive at
the Payback Period then it is called Discounted Payback period.
Internal Rate of Return: The discount rate often used in capital
budgeting that makes the present value of all the future cash
flows equal to zero. Generally, the higher a project's internal
rate of return, the more attractive it is to attempt the project. As
such, IRR can be used to grade some projects that a firm is
considering. Assuming all other components are identical
amidst the diverse projects, the project with the highest IRR
would likely be advised as more feasible.
Profitability Index: A ratio of PV of all future cash flows of the
project over Cost of investment in project.
= Present Value of the Future Cash Flows / Cost of Investment.
2. State for the Company what would be the effect of using a
depreciation method other than straight-line when considering
the role of income taxes on the net present value process. (100
words)
The straight-line method of depreciation is used to depreciate
the cost of the asset over its useful life consistently over the
years. As a result of utilizing a depreciation method other than
straight-line, lets say Diminishing method of deprecation, the
depreciation charge in the initial years will be high as compare
to later years which means the Company will charge more
expense to initial years of project and hence less cost in future
years. This leads to decrease in net profit in the initial years and
hence the income tax accordingly. This would affect the NPV in
a positive manner as the Company earns higher taxable revenue
in initial years so the increase in taxable expenditure would
lead to less taxable net income.
3. Explain why it is useful for Zenobia if their accountants have
to concern themselves with qualitative factors when making
choices. (180 words)
It is helpful for Zenobia because the accountant address the
qualitative components when taking decisions. They have to

consider the project’s qualitative components and future
advantages for Zenobia. The Qualitative components may
include:
(1) Effect on workers’ morale, motivation, mission and other
internal elements;
(2) Relationships with the stakeholders;
(3) Effect on current and potential clients; and
(4) Long-term effect on future profitability.
In some decision-making process, qualitative factors are more
significant than the direct economic advantage from a decision.
In supplement to the quantitative or economic components
emphasized by incremental analysis. They are the components
applicable to a conclusion that are tough to assess in terms of
value for money.
4. Explain how Zenobia's accounting systems help to control the
underlying operations of a company and in particular explain
how they may help with decisions involving constraining factors
or reserves. (160 words)
Zenobia's accounting systems help to control the underlying
operations of a company by making the Accounting control plan
which comprises of the organizational accounting rules and
records that are concerned with the safeguards of assets and the
reliability of financial records. The accounting system
describes the accounting system and controls which may help
with decisions involving constraining factors or resources of the
company. This decision processes leading to management's
authorization of any transactions in the accounting system. Such
authorization is a management function directly associated with
the responsibility for achieving the goals of the organization
and is the starting point for establishing accounting controls of
transactions. The accounting system recorded transaction for
evidence that actually took place and that it occurred in
accordance with the prescribed rules. (Morris G. Danielson,
2006).
PART B: Transfer Pricing

1. Discuss why is it necessary to set up transfer prices between
subunits before evaluating the performance of subunit
managers. (80 words)
A transfer price is a price which one component or sub-unit
charges to another for some services or goods provided within
the Company. In the absence of transfer price, there will be no
measure for the value of services / goods provided by one unit
to another and hence the performance of the units may not be
evaluated with certainty. Resources are allocated to sub units as
per their requirements. Accordingly each sub unit should assign
some value to their services / goods provided to other sub units
so that the performance of each sub unit can be measured.
2. Explain how does the condition of "arm's-length transaction"
correspond to a perfectly competitive market. (110 words)
The word "arm's length" denotes that each group to a deal be in
service independently of the other group and is completely able
of building an alternative that would be in its personal best
importance. The deal can be confirmed by the practice of one
figure that symbolizes the actions of both groups, the give-and-
take feature or the assessment of what was given up is identical
to the assessment of what was in use. A rightly competitive
market survives when no personal consumers or vendors can
influence the prices decided upon by their individual actions.
One price suits both the consumer and the vendor. In this way
the condition of "arm's-length transaction" corresponds to a
perfectly competitive market.
3. Explain why it may be a problem when a subunit of a
company cannot match its transfer price to a market price. (100
words)
The problem of being powerless to go with market values
(assuming they survive) with transfer costs in the production
method is that the manufacturing expenses of the corporation
are so in all probability more than the expenses of their rivals.
The in general expenditure of the manufactured goods will be
the total of expenses of the subunits. If at some point the total
of the expenses surpasses those of the market, an administrator

should investigate for inefficiencies or other issues. Thus, in
this way a problem when a subunit of a company cannot match
its transfer price to a market price.
4. Transfer prices are not calculated as part of the cost of a
product for product-costing purposes; therefore discuss why
Japanese Corporation P develops guidelines for determining a
minimum transfer price. (80 words)
Guidelines are replicas used to help in decision making.
However, the transfer price does not turn out to be a fraction of
the product expenditure (at least the yield constituent is not
incorporated), per se, the transfer price is significant in the
performance assessment and motivation features of a
decentralized organization. Guidelines, or replicas, explain
known relationships and are money-making gear that managers
can use for meeting right facts in making decisions. So, in this
regards, Japanese Corporation P develops guidelines for
determining a minimum transfer price.
5. If an organization is decentralized in the design and
production functions but centralized for the finance and tax
functions, discuss why should the production subunits have to
consider taxes in the setting of transfer prices. (100 words)
The decentralization of the process of production is the cause
for containing transfer prices. The structures below which the
economics functions and tax subunits are prepared do not
influence the production part's transfer pricing. Taxes do
influence the background of transfer prices for the reason that
the company requires to have the lowest cost potential for its
goods. Taxes are a price to the business. As well as taxes as
element of the transfer price sources subunit managers to be
conscious of the impact of taxes on the price of their
manufactured goods. Information is vital in optimizing
conclusions.
6. Discuss why processes need to use intermediate measures to
check performance toward a goal. (190 words)
Appropriate assortment of intermediate assess rank in supply
chain is a significant obligation for the effective administration

of offer chain. The facts and numbers envelopment investigation
(DEA) is suitable tool for assessing offer string of connections
performance. In the accepted DEA it is regarded that the
variable rank of each presentation assesses from the point
outlook of advice or yield is known. In give string of
connections intermediate assesses treat as both inputs of
purchaser and yields of seller. Conventional facts and numbers
envelopment investigation will not be engaged exactly to assess
the presentation of supply string of connections and its
constituents, because of the reality of the intermediate measures
that connects the provide string of connections members. In this
paper we evolve a DEA model to classify the rank of
intermediate assesses and assess the presentation of provide
string of connections members. The suggested form for each
DMU0 permits that provide chains (DMUs) select which is best
for each intermediate assess, if to appoint it as a yield of seller
or response of buyer. Then we show the submission of model in
a numerical example (Members of the UN Tax Committee’s
Subcommittee, 2011).
7. The Assembly Division of “Japanese Corporation P” has
offered to purchase 80,000 batteries from the Electrical
Division for $100 per unit. At a normal volume of 260,000
batteries per year, production costs per battery are as follows:
Direct materials
$ 50
Direct manufacturing labor
10
Variable factory overhead
18
Fixed factory overhead
50
Total
$128
The Electrical Division has been selling 260,000 batteries per
year to outside buyers at $146 each; capacity is 380,000
batteries per year. The Assembly Division has been buying

batteries from outside sources for $138 each.
a) Should the Electrical Division manager accept the offer?
Explain.
The Electrical Division manager should Accept the offer
because if the Assembly Division purchase the 80000 batteries
@ $138/ unit from out site seller so that it will be costly to the
Assembly division. If it accepts the offer to the
Japanese Corporation P and purchase the batteries 80000
batteries @ $100/unit from it than it will be save $38/unit from
outside purchase.
b) From the company's perspective, will the internal sales be of
any benefit? Explain. (110 words)
From the perspective of the company the internal sales of the
batteries will be beneficial for the company because if company
purchases 80000 batteries @ $138/ unit from outside it will be
$38/unit cost will increase for the company, on the other hand if
the company purchases 80000batteries from the internal sales it
will save $38/unit and cost of 80000batteries will be just
$100/unit. As a result of this, the total cost of internal sales will
be $8000000/- ($100/unit x 80000 batteries) which will save the
cost of sales $3040000/- . Instead of if company purchase
batteries from outside the total cost would be $11040000/-
($138/unit x 80000bateries).

References
Morris G. Danielson, THE CAPITAL BUDGETING
DECISIONS OF SMALL BUSINESSES, astro.temple.edu, 2006,
pdf. Retrieved 03 November 2013 from
http://astro.temple.edu/~scottjon/documents/CapitalBudgetingin
SmallFirms_June2006_final.pdf
Members of the UN Tax Committee’s Subcommittee,
Transfer Pricing Methods, un.org, 2011, pdf. Retrieved 03
November 2013 from
http://www.un.org/esa/ffd/tax/2011_TP/TP_Chapter5_Methods.
pdf
Case Study Capital Budgeting
Read more at: http://www.mbaclubindia.com/forum/case-study-
capital-budgeting-2963.asp#.Uk0IatK-3To
Zenobia is a developing country situated on the coast of Africa.
Its government, now democratically elected, has produced a
programme of economic reforms aimed at promoting investment
in the country and reducing its dependence on foreign aid. A
major feature of this programme is the privatisation of
companies and corporations which are currently 100% owned by
the government, e.g. hotels, breweries and coffee production.
For the time being, the government is not considering
privatising services such as post, railways or the provision of
basic telecommunications (this is mainly the fixed-line, voice
telephony service). It does, however, wish to attract private
capital to provide new services such as cellular (mobile)
telephones and data communication. Global
Telecommunications Inc (GTI) is a company registered in the
USA but with global business interests. Its shares are not listed
on a stock exchange, but industry sources estimate that it could
command a market capitalisation of around US$200m. It has
established itself as a specialist in the provision of mobile

telephone (cellular) services. It is currently negotiating with the
government of Zenobia (GoZ) for a licence to provide such
services in the country and has already spent US$O.5m in
surveys and miscellaneous expenses. If GTI were successful in
the negotiations, it would be the company's first experience of
working in a developing country. Forecast cash flows Based on
a recent World Bank report, GTI estimates that there is a market
for between 10,000 and 15,000 customers in a rectangular
geographical area bounded by the capital city and three other
main towns. The proposed cellular service will operate in this
relatively prosperous `urban rectangle' but the poorer, rural
areas outside the rectangle will not be covered. The market for
10,000 lines is, apart from potential disasters, virtually
guaranteed. GTI estimates that the initial investment for this
number of lines will be US$25m. The company has asked the
GoZ for a five-year exclusivity period (a period when no other
company will be allowed to enter the market to compete). Net
operating cash flows, based on a network of 10,000 lines, are
forecast to be: Year: 1 2 3 4 5
Net operating cash flows (US$m): 3.5 4.8 5.6 6.8 7.2
In year 6, competitors are likely to enter the market and cash
flows are expected to fall to around US$6m per annum. For the
purposes of evaluation, GTI assumes this annual net cash flow
will be maintained indefinitely from year 6 onwards on a
network of 10,000 lines. The figures are, of course, an extreme
simplification of what would be a complex appraisal. Cash
flows would arise in both local currency and US$ (the `home'
currency in this case). Forecasting the cash flows would be
extremely difficult in the circumstances. However, forecasting
cash flows in any currency is fraught with difficulty and the
procedure has not been covered in detail here as it is not the
main purpose of the article. Discount rate There is some dispute
about the discount rate to be used for the evaluation of this
project. The company's cost of capital is 15% per annum
constant, and this is the rate which is being suggested.

However, the managing director thinks this is a particularly
risky project. Although all calculations and negotiations with
the GoZ are in US$, much of the cash inflow will be in local
currency. The technical director says that, as the project
increases international diversification, it actually reduces the
company's risk, so a lower rate should be used. The finance
director notes that the cash flows for each year are highly
correlated with those of the previous and subsequent years and
this also will affect risk. Method of financing GTI is at present
all equity financed. The company has sufficient cash flows from
other projects to enable it to finance the Zenobia deal
internally. However, the IFC is prepared to offer 10% fixed
interest rates on loans of up to US$20m for investments of this
nature. Capital is repaid at the end of the loan period, which
must be a minimum of five years. Interest is paid annually. No
early repayment of the loan is permitted without severe
financial penalties. If GTI were to raise a similar amount of
debt in the capital markets, it would currently be obliged to pay
12.5% interest. GTI will be eligible for tax relief at 40% on
loan interest payments. Case discussion As noted earlier, two
methods exist to calculate the net present value of international
investment decisions. In the investment decision in a developing
country, neither of these methods is ideal. Forecasting foreign
exchange rates is extremely difficult in countries where
exchange rates are highly volatile. It is also difficult to estimate
the cost of capital in a developing country. It is assumed that
the company uses the first method noted above for evaluating
investments of this type (i.e. it has converted all currency cash
flows from the project into US$ and will discount them at a
US$-denominated discount rate to generate a US$ NPV). The
choice of this method is common in such circumstances.
Implicit in the calculations is a suggestion that charges for
telecommunication services will be increased in local currency
terms to allow for inflation and devaluation. Technically this is
quite acceptable, but there is a political risk that the
government may not wish to see big increases in

telecommunication charges. However, what is being offered
here is a cellular service, where the market is likely to be with
expatriates, diplomats and wealthy local businessmen. Tariffs
are therefore unlikely to be subject to the same amount of
political pressure. The volatility of exchange rates adds to
project risk. Thus a project in a country whose currency has
been highly volatile against the US dollar would carry more risk
than a similar project in a country whose currency is pegged to
the dollar. Expropriation risk, which can never be ignored in
developing countries, is difficult to diversify and even more
difficult to assess, and companies tend to stay out of countries
where such risk is high. However, as with all high-risk projects,
the rewards should be high enough to compensate. The technical
director is in principle correct in that international
diversification will reduce overall risk. However, for a US
company to diversify internationally in, for example, Western
Europe, is a very different proposition from diversifying into a
developing country with a very short history of political and
economic reforms. Inter-temporal correlations (the correlation
of one year's cash flows with the previous year's) affect the
standard deviations of the net present value and internal rate of
return and hence the project's stand-alone risk. Generally,
projects having cash flows with zero inter-temporal correlations
have lower standalone risk than projects with high correlations.
This is because low correlation means that a less-than-expected
cash flow in one year can be offset by greater-than-expected
cash flow in the next. Very few projects have zero inter-
temporal correlations, and most of them are dependent to some
extent on what has happened in a previous year. In theory,
projects should be evaluated using a specific risk-adjusted
discount rate which reflects the risk of that project. In order to
determine a discount rate for a project we should use a `proxy'
company's beta and include this in the capital asset pricing
model. In practice this is almost impossible to do, particularly
in a developing country. Even if we assume that: (i) the
government of Zenobia has agreed to allow GTI to increase

prices in line with depreciation of the local currency; (ii) it can
be trusted not to prevent expropriation of profits and dividends;
and (iii) GTI accepts there will be no political interference in
its operations, three risks remain. Risk 1: Demand is at the level
forecast by the World Bank. Risk 2: Installation of the network
does not meet geographical problems which were not foreseen.
Risk 3: Civil disturbances. The board of directors of GTI can
only take a view on this type of risk, and it is almost impossible
to quantify a discount rate using any formal model such as
CAPM. GTI is currently all equity financed and therefore has
substantial debt capacity. Even though it is a service company,
it will own a number of assets for the provision of
telecommunications services. It will also own the right to future
income generation on networks which it has installed, within
the terms of its licences and agreements. On the face of it, GTI
would be sensible to take the IFC offer of a loan fixed at 10%,
as this would release internally generated cash flows to earn
money in other areas, which should earn a return of the 15%
cost of capital in projects of lower risk than that in Zenobia.
The disadvantages could be as follows: The interest rate is
fixed. If interest rates are expected to fall GTI could be locked
to a high-interest loan for between five and ten years. The
capital is not repaid until the end of the loan period therefore
interest is payable on the full amount each year of the loan. The
maximum amount of the loan of US$20m will not be sufficient
to fund the project. The company will therefore have to provide
a further US$5m from internally generated funds at the
beginning of the project. The main advantages and
disadvantages of taking out a loan of this type may be in the
small print. It is possible that the IFC will offer some inbuilt
insurance that if Zenobia was subject to civil disturbance, the
loan becomes non-repayable. A disadvantage might be that
taking out this loan for Zenobia could preclude GTI's borrowing
money from the IFC for other projects in the future which may
turn out to be less risky and more profitable.

This proposal suggests that the project is just about viable using
a discount rate for 20%, the internal rate of return being around
23.5%. The undiscounted payback period is just under five
years. It is not possible to work out the discounted payback
period without doing calculations on cash flows beyond year 6.
This has not been provided at this stage. However, if this
proposal is unacceptable to the GoZ it can only be used as a
benchmark against which alternative options may be compared.
The key to the acceptability of the project is GTI's attitude to
risk. Telecommunications is a high-technology industry and
accustomed to certain levels of risk, but developing a new
network in a developing country, and in a country in which the
company has no previous knowledge, is compounding the risk
factors. As noted earlier, the main risks may be summarised as
follows: Currency risk. Unless GTI has built into its licence a
Tight to increase tariffs when the Zenobia currency depreciates.
Political risk. That the government will honour its agreement in
the licence and will allow the company to remit profits and
dividends as promised. SUMMARY As companies take a more
global perspective to their trading activities, investing overseas
and the financing of such operations will be given greater
consideration. The ability to raise capital, and the cost of that
capital, will remain important but is is also important to be
aware of the risks involved. In this article we have identified
the main types of foreign exchange risk, which may have an
impact on the method of financing overseas operations. When
appraising overseas projects, two equivalent approaches may be
used. The project's currency cash flows can be converted into
sterling and appraised using a sterling discount rate.
Alternatively, the cash flows in the overseas currency can be
discounted at a discount rate appropriate to that currency. The
NPV so produced can then be converted into sterling NPV by
converting at the spot rate of exchange. A case study was used
to provide a real world situation around which a discussion of
risk, discount rate to be used and financing of risky overseas
investments could be focused. (*) The theory of interest rate

parity says that interest rates are determined in the market by
supply and demand (although note political interference). There
is a relationship between foreign exchange and money markets.
Other things being equal the currency with the higher interest
rate will sell at a discount in the forward market against the
currency with the lower interest rate.
1
-4-
Arab Open University
B321: TMA – 1st Semester 2013-2014
Cut-Off Date: 6th of December 2013
About TMA:
.The TMA covers the management accounting concepts and
practices in the businesses. It is marked out of 100 and is worth
20% of the overall assessment component. It is intended to
assess students’ understanding of some of the learning points
within Sessions 1, 3, 6, 8, and 9 beside the supplementary
material. This TMA requires you to apply the course concepts.
The TMA is intended to:
· Assess students’ understanding of key learning points within
Sessions 1, 3, 6, 8, and 9.
· Increase the students’ knowledge about the reality of the
Managerial Accounting as a profession.
· Develop students’ communication skills, such as memo
writing, essay writing, analysis and presentation of material.
· Develop the ability to understand and interact with the nature

of the managerial accounting tools in reality.
· Develop basic ICT skills such as using the internet.
The TMA:
This TMA is based around two cases of “Capital budgeting” and
“Transfer pricing”. Marks will be awarded for blending the
context of each case and with relevant theory by means of your
own interpretation. In addition to this, some research is
required.
The TMA requires you to:
1- Review various study sessions beside the supplementary
materials.
2- Conduct a simple information search using the internet.
3- Present your findings in not more than 1400 words ± 10%
(630 words for part A and 770 for part B).
4- You should use a Microsoft Office Word and Times New
Roman Font of 12 points.
5- You should read and follow the instructions below carefully.
Each part of the process will carry marks for the assignment.
Criteria for Grade Distribution:
Criteria
Content
Referencing& e-library
Structure and Presentation of ideas
Total marks
Part A
Part B
Marks
40
60
(10)

(10)
100
The TMA Questions
PART A: Capital Budgeting – Zenobia Case Study
Zenobia is a developing country situated on the coast of Africa.
Its government, now democratically elected, has produced a
programme of economic reforms aimed at promoting investment
in the country and reducing its dependence on foreign aid. A
major feature of this programme is the privatisation of
companies and corporations which are currently 100% owned by
the government, e.g. hotels, breweries and coffee production.
For the time being, the government is not considering
privatising services such as post, railways or the provision of
basic telecommunications (this is mainly the fixed-line, voice
telephony service). It does, however, wish to attract private
capital to provide new services such as cellular (mobile)
telephones and data communication.
Access the Zenobia Case Study web page at:
http://www.mbaclubindia.com/forum/case-study-capital-
budgeting-2963.asp#.Uk0IatK-3To
Required:
a. State the approaches that Zenobiamight be used to recognize
risk in capital budgeting (Hint: some research is required here).
(180 words)
b. State for the Company what would be the effect of using a
depreciation method other than straight-line when considering
the role of income taxes on the net present value method. (100
words)
c. Explain why it is useful for Zenobia if their accountants have
to concern themselves with qualitative factors when making
decisions. (180 words)
d. Explain how Zenobia's accounting systems help to control the
underlying operations of a company and in particular explain

how they may help with decisions involving constraining factors
or resources. (160 words)
[Marks: (13+8+8+11) =40]
PART B: Transfer pricing
Transfer pricing happens whenever two related companies – that
is, a parent company and a subsidiary, or two subsidiaries
controlled by a common parent – trade with each other, as when
a Japanese-based subsidiary of “Japanese Corporation P”, for
example, buys something from a French-based subsidiary of the
same company. When the parties establish a price for the
transaction, they are engaging in transfer pricing.
Transfer pricing is not, in itself, illegal or necessarily abusive.
What is illegal or abusive is transfer mispricing, also known as
transfer pricing manipulation or abusive transfer pricing.
Required:
1- Discuss why is it necessary to establish transfer prices
between subunits before evaluating the performance of subunit
managers. (80 words)
2- Explain how does the condition of “arm’s-length transaction”
correspond to a perfectly competitive market. (110 words)
3- Explain why it may be a problem when a subunit of a
company cannot match its transfer price to a market price. (100
words)
4- Transfer prices are not calculated as part of the cost of a
product for product-costing purposes; therefore discuss why
Japanese Corporation P develops guidelines for determining a
minimum transfer price. (80 words)
5- If an organization is decentralized in the design and
production functions but centralized for the finance and tax
functions, discuss why should the production subunits have to
consider taxes in the setting of transfer prices. (100 words)

6- Discuss why processes need to use intermediate measures to
evaluate performance toward a goal. (190 words)7- The
Assembly Division of “Japanese Corporation P” has offered to
purchase 80,000 batteries from the Electrical Division for $100
per unit. At a normal volume of 260,000 batteries per year,
production costs per battery are as follows:Direct materials$
50Direct manufacturing labor10Variable factory
overhead18Fixed factory overhead50 Total$128The Electrical
Division has been selling 260,000 batteries per year to outside
buyers at $146 each; capacity is 380,000 batteries per year. The
Assembly Division has been buying batteries from outside
sources for $138 each. a. Should the Electrical Division
manager accept the offer? Explain. b. From the company's
perspective, will the internal sales be of any benefit? Explain.
(110 words)
[Marks: (6+6+6+6+6+10+20) = 60]
[Total Marks: 40 + 60 - 20 Marks of deductions for general
presentation and references]
In your answer, you should explain each point or inquire
separately.
All answers should be supported by examples from the case
study.
Use the following headings (below) to make up the different
sections of your work:
The PT3 form

Title and contents page
Part A
Capital Budgeting
Part B
Transfer pricing
References (Recorded according to the Harvard style -
Available on LMS)
(
Good Luck!
Mr. Jacques Hendieh
)

Running Head THE TMA QUESTIONS CASE STUDIES ANSWERS 1The TM.docx

Recommended

Recommended

More Related Content

Similar to Running Head THE TMA QUESTIONS CASE STUDIES ANSWERS 1The TM.docx

Similar to Running Head THE TMA QUESTIONS CASE STUDIES ANSWERS 1The TM.docx (15)

More from MARRY7

More from MARRY7 (20)

Recently uploaded

Recently uploaded (20)

Running Head THE TMA QUESTIONS CASE STUDIES ANSWERS 1The TM.docx