题目内容
（请给出正确答案）
A、An amount less than the stated interest rate times the principal.
B、An amount more than the stated interest rate times the principal.
C、An amount equal to the stated interest rate times the principal.
D、The company may skip the first interest payment date since the appropriate time has not passed.
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Each bag of cement sells for $9 and costs $4 to make. If cement is unsold at the end of the year, it has to be disposed of at a cost of $0·50 per bag.
Cement Co has decided to produce at one of the three levels of production to match forecast demand. It now has to decide which level of cement production to select.
Required:
(a) Construct a pay off table to show all the possible profit outcomes. (8 marks)
(b) Decide the level of cement production the company should choose, based on the following decision rules:
(i) Maximin (1 mark)
(ii) Maximax (1 mark)
(iii) Expected value (4 marks)
You must justify your decision under each rule, showing all necessary calculations.
(c) Describe the ‘maximin’ and ‘expected value’ decision rules, explaining when they might be used and the attitudes of the decision makers who might use them. (6 marks)
Hummingbird Scents Co (Hummingbird) manufactures and sells luxury toiletries; they have been trading for over 20 years and the company’s year end is 30 September 2014. Hummingbird sells products to trade customers via its own website; this represents 60% of revenue. Remaining revenue is generated by contracts to supply toiletries to hotels. Below is a description of the sales system.
Hotel revenue
The hotel revenue is made up of four key customers. Hummingbird has one sales clerk, Brenda, who maintains all aspects of this revenue stream; Brenda receives customer orders, raises sales invoices and processes payments. In raising invoices, the sales system automatically inserts the online trade customer prices for products. However, each hotel customer has contracted prices which are lower than the online prices and hence Brenda manually edits the invoices prior to despatch.
Online revenue
New trade customers are set up in the sales ledger master file upon passing suitable credit checks, and a credit limit is set at this stage by the finance director. Customers place online orders up to their pre-set credit limit; they receive an email confirmation and the sales order interfaces into the despatch system. The order number is linked to the customer account number. Goods are despatched daily with a goods despatched note which is referenced to the sales order number but are not sequentially numbered. Hummingbird used to despatch goods via a reliable national courier company. However, to reduce costs they have changed to a cheaper local courier and some orders have been delivered to customers late.
Trade customers’ sales invoices are automatically generated by the system on the day the online order is placed. The prices are inserted in accordance with the website rates. Occasionally Hummingbird makes special offers or discounts sales; when this occurs the master file data has to be amended to ensure that the correct prices are used on invoices. This task is usually performed by a senior sales ledger clerk.
Revenue and receivables records
On a monthly basis statements are sent to the hotel customers; a number of trade customers have been requesting monthly statements and Hummingbird is considering this request. The company only reconciles the sales ledger control account at the end of September in order to verify the year-end balance.
Required:
(a) As the external auditor of Hummingbird Co, write a report to management in respect of the sales system described above which:
(i) Identifies and explains SEVEN deficiencies in the sales system; and
(ii) Provides a recommendation to address each of these deficiencies.
A covering letter IS required.
Note: Up to two marks will be awarded within this requirement for presentation and the remaining marks will be split equally between each part. (16 marks)
(b) Describe substantive procedures the auditor should perform. to confirm Hummingbird Co’s revenue. (4 marks)
When the saver needs his money back, he dose not have to go to the company with whom he originally placed it. Instead, he sells his shares through a stockbroker to some other saver who is seeking to invest his money.
Many of the services needed both by industry and by each of us are provided by the Government or by local authorities. Without hospitals, roads, electricity, telephones, railways, this country could not function. All these require continuous spending on new equipment and new development if they are to serve us properly, requiring more money than is raised through taxes alone. The Government, local authorities, and nationalized industries therefore frequently need to borrow money to finance major capital spending, and they, too, come to the Stock Exchange.
There is hardly a man or woman in this country whose standard of living dose not depend on the ability of his or her employers to raise money to finance new development. In one way or another this new money must come from the savings of the country. The Stock Exchange exists to provide a channel through which these savings can reach those who need finance.
Almost ail companies involved in new production and development must ______.
A．rely on their own financial resources
B．persuade the banks to provide long-term fin0ance
C．borrow large sums of money from friends and people they know
D．depend on the population as a whole for finance
Division M makes product M using one unit of component L and other materials. It then sells the completed
product M to external customers. To date, Division M has always bought component L from Division L.
The following information is available:
Division L charges the same price for component L to both Division M and external customers. However, it does not incur the selling and distribution costs when transferring internally.
Division M has just been approached by a new supplier who has offered to supply it with component L for $37 per unit. Prior to this offer, the cheapest price which Division M could have bought component L for from outside the group was $42 per unit.
It is head office policy to let the divisions operate autonomously without interference at all.
Required:
(a) Calculate the incremental profit/(loss) per component for the group if Division M accepts the new supplier’s
offer and recommend how many components Division L should sell to Division M if group profits are to be
maximised. (3 marks)
(b) Using the quantities calculated in (a) and the current transfer price, calculate the total annual profits of each division and the group as a whole. (6 marks)
(c) Discuss the problems which will arise if the transfer price remains unchanged and advise the divisions on a suitable alternative transfer price for component L. (6 marks)
The following scenario relates to questions 11–15.
Mighty IT Co provides hardware, software and IT services to small business customers.
Mighty IT Co has developed an accounting software package. The company offers a supply and installation service for $1,000 and a separate two-year technical support service for $500. Alternatively, it also offers a combined goods and services contract which includes both of these elements for $1,200. Payment for the combined contract is due one month after the date of installation.
In December 20X5, Mighty IT Co revalued its corporate headquarters. Prior to the revaluation, the carrying amount of the building was $2m and it was revalued to $2·5m.
Mighty IT Co also revalued a sales office on the same date. The office had been purchased for $500,000 earlier in the year, but subsequent discovery of defects reduced its value to $400,000. No depreciation had been charged on the sales office and any impairment loss is allowable for tax purposes.
Mighty It Co’s income tax rate is 30%.
In accordance with IFRS 15 Revenue from Contracts with Customers, when should Mighty IT Co recognise revenue from the combined goods and services contract？
A.Supply and install: on installation Technical support: over two years
B.Supply and install: when payment is made Technical support: over two years
C.Supply and install: on installation Technical support: on installation
D.Supply and install: when payment is made Technical support: when payment is made
In January 20X6, the accountant at Mighty IT Co produced the company’s draft financial statements for the year ended 31 December 20X5. He then realised that he had omitted to consider deferred tax on development costs. In 20X5, development costs of $200,000 had been incurred and capitalised. Development costs are deductible in full for tax purposes in the year they are incurred. The development is still in process at 31 December 20X5.
What adjustment is required to the income tax expense in Mighty IT Co’s statement of profit or loss for the year ended 31 December 20X5 to account for deferred tax on the development costs？
A.Increase of $200,000
B.Increase of $60,000
C.Decrease of $60,000
D.Decrease of $200,000
For each combined contract sold, what is the amount of revenue which Mighty IT Co should recognise in respect of the supply and installation service in accordance with IFRS 15？A.$700
B.$800
C.$1,000
D.$1,200
In accordance with IAS 12 Income Taxes, what is the impact of the property revaluations on the income tax expense of Mighty IT Co for the year ended 31 December 20X5？
A.Income tax expense increases by $180,000
B.Income tax expense increases by $120,000
C.Income tax expense decreases by $30,000
D.No impact on income tax expense
Mighty IT Co sells a combined contract on 1 January 20X6, the first day of its financial year.
In accordance with IFRS 15, what is the total amount for deferred income which will be reported in Mighty IT Co’s statement of financial position as at 31 December 20X6？
A.$400
B.$250
C.$313
D.$200
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Tea is available in more places than ever. "Tea was one of the most prolific beverage categories in 1999," with 24 percent more products offered over the previous year, reports Tom Vierhile of Marketing Intelligence Service, which tracks food and beverage trends. And the Tea Association of the United States reports that from 1990 to 1999, annual sales of the drink grew to $ 4.6 billion from $1.8 billion. "Green tea is seen by consumers as a 'functional food' delivering health benefits beyond sustenance," says Vierhile.
Recently published studies point out that not all brews are created equal. Only teas that come from the leaves of the plant Camellia sinensis — which, in their raw state are brewed to make green tea, and, with curing, can be turned into oolong and black tea leaves — have been shown to contain health benefits. Other herbal teas and infusions may taste good, yet they do little more than warm up the drinker. But for Camellia sinensis, the evidence is powerful. In a 1998 study, Harvard University researchers found that drinking one cup of black tea a day lowered the risk of heart attack by as much as 44 percent compared with non-tea drinkers, and other studies have suggested that the antioxidants in these so-called real teas can also prevent cancer.
One such antioxidant in green tea is ECGC, a compound 20 times as powerful as vitamin E and 200 times as powerful as vitamin C. "When people ask me for something good and cheep they can do to reduce their cancer risk, I tell them drink real tea." Says Mitchell Gaynor, director of medical oncology at New York City's Strang-Cornell Cancer Prevention Centre.
Among those inspired to become a green-tea drinker is Tess Ghilaga. A new York Writer who took it up after consulting a nutritionist six years ago. "I've never been a coffee drinker." says Ghilaga, 33, "she told me to start drinking green tea for the antioxidant properties." Now Ghilaga and her husband routinely brew tea they order theirs from Inpursuitoftea.com, an internet tea company, which sells a variety of ready-made and raw teas. http://www. alitea.com/ — along with green, black, and oolong tea, this company sells a wide variety of herbal teas and offers a "Tea of the Month" club. http://www. Teasofgreen.com/ — this site sells higher-end green, black and oolong teas and has good tips on proper storage and preparation of tea. http://www. tea.com/ — tea drinkers can find links to sites offering tea lore, such as articles about tea ceremonies in foreign lands. An exhaustive "frequently asked question" file found out the site.
What do recent studies reveal about tea drinking？
A．Many tea houses have sprung up to meet the market demands.
B．Drinking tea can cut the risk of lung cancer in particular.
C．Tea is rather a magical drinking material to slow down the aging process.
D．Many die-hard coffee brewers have developed strong sentiments towards tea.
A.at
B.for
C.on
