(ii) Comment briefly on the use of its own tree plantations as a source of raw materials by Our Timbers Ltd.(3 marks)
题目
(ii) Comment briefly on the use of its own tree plantations as a source of raw materials by Our Timbers Ltd.
(3 marks)
相似考题
参考答案和解析
(ii) The use of its own tree plantations as a source of raw materials not only ensures available supplies of timber but may
also demonstrate that the directors of Our Timbers Ltd are mindful of the need for careful planning in the consumption
of natural resources. This concern with the need to protect the environment will enhance the reputation of Our Timbers
Ltd as an environmentally-conscious organisation which in turn may translate into a source of competitive advantage
since contemporary thought is very much focused on the environmental responsibilities of organisations with particular
regard to the use of natural resources such as timber.
更多“(ii) Comment briefly on the use of its own tree plantations as a source of raw materials by Our Timbers Ltd.(3 marks)”相关问题
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第1题：
(b) Comment (with relevant calculations) on the performance of the business of Quicklink Ltd and Celer
Transport during the year ended 31 May 2005 and, insofar as the information permits, its projected
performance for the year ending 31 May 2006. Your answer should specifically consider:
(i) Revenue generation per vehicle
(ii) Vehicle utilisation and delivery mix
(iii) Service quality. (14 marks)
正确答案：
difference will reduce in the year ending 31 May 2006 due to the projected growth in sales volumes of the Celer Transport
business. The average mail/parcels delivery of mail/parcels per vehicle of the Quicklink Ltd part of the business is budgeted
at 12,764 which is still 30·91% higher than that of the Celer Transport business.
As far as specialist activities are concerned, Quicklink Ltd is budgeted to generate average revenues per vehicle amounting to
￡374,850 whilst Celer Transport is budgeted to earn an average of ￡122,727 from each of the vehicles engaged in delivery
of processed food. It is noticeable that all contracts with major food producers were renewed on 1 June 2005 and it would
appear that there were no increases in the annual value of the contracts with major food producers. This might have been
the result of a strategic decision by the management of the combined entity in order to secure the future of this part of the
business which had been built up previously by the management of Celer Transport.
Each vehicle owned by Quicklink Ltd and Celer Transport is in use for 340 days during each year, which based on a
365 day year would give an in use % of 93%. This appears acceptable given the need for routine maintenance and repairs
due to wear and tear.
During the year ended 31 May 2005 the number of on-time deliveries of mail and parcel and industrial machinery deliveries
were 99·5% and 100% respectively. This compares with ratios of 82% and 97% in respect of mail and parcel and processed
food deliveries made by Celer Transport. In this critical area it is worth noting that Quicklink Ltd achieved their higher on-time
delivery target of 99% in respect of each activity whereas Celer Transport were unable to do so. Moreover, it is worth noting
that Celer Transport missed their target time for delivery of food products on 975 occasions throughout the year 31 May 2005
and this might well cause a high level of customer dissatisfaction and even result in lost business.
It is interesting to note that whilst the businesses operate in the same industry they have a rather different delivery mix in
terms of same day/next day demands by clients. Same day deliveries only comprise 20% of the business of Quicklink Ltd
whereas they comprise 75% of the business of Celer Transport. This may explain why the delivery performance of Celer
Transport with regard to mail and parcel deliveries was not as good as that of Quicklink Ltd.
The fact that 120 items of mail and 25 parcels were lost by the Celer Transport business is most disturbing and could prove
damaging as the safe delivery of such items is the very substance of the business and would almost certainly have resulted
in a loss of customer goodwill. This is an issue which must be addressed as a matter of urgency.
The introduction of the call management system by Quicklink Ltd on 1 June 2004 is now proving its worth with 99% of calls
answered within the target time of 20 seconds. This compares favourably with the Celer Transport business in which only
90% of a much smaller volume of calls were answered within a longer target time of 30 seconds. Future performance in this
area will improve if the call management system is applied to the Celer Transport business. In particular, it is likely that the
number of abandoned calls will be reduced and enhance the ‘image’ of the Celer Transport business.
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第2题：
(ii) Briefly discuss FOUR non-financial factors which might influence the above decision. (4 marks)
正确答案：
(ii) Four factors that could be considered are as follows:
(i) The quality of the service provided by NSC as evidenced by, for example, the comfort of the ferries, on-board
facilities, friendliness and responsiveness of staff.
(ii) The health and safety track record of NSC – passenger safety is a ‘must’ in such operations.
(iii) The reliability, timeliness and dependability of NSC as a service provider.
(iv) The potential loss of image due to redundancies within Wonderland plc. -
第3题：
(ii) Briefly discuss TWO factors which could reduce the rate of return earned by the investment as per the
results in part (a). (4 marks)
正确答案：
(ii) Two factors which might reduce the return earned by the investment are as follows:
(i) Poor product quality
The very nature of the product requires that it is of the highest quality i.e. the cakes are made for human
consumption. Bad publicity via a ‘product recall’ could potentially have a catastrophic effect on the total sales to
Superstores plc over the eighteen month period.
(ii) The popularity of the Mighty Ben character
There is always the risk that the popularity of the character upon which the product is based will diminish with a
resultant impact on sales volumes achieved. In this regard it would be advisable to attempt to negotiate with
Superstores plc in order to minimise potential future losses. -
第4题：
(ii) Briefly explain the extent to which the application of sensitivity analysis might be useful in deciding
which refrigeration system to purchase and discuss the limitations inherent in its use. (3 marks)
正确答案：
(ii) Sensitivity analysis could be used to assess how responsive the NPV calculated in part (a) in respect of each decision
option change is to changes in the variables used to calculate it. The application of sensitivity analysis requires that the
net present values are calculated under alternative assumptions in order to determine how sensitive they are to changing
conditions. In this particular example then a relatively small change in the forecast cash flows might lead to a change
in the investment decision. The application of sensitivity analysis can indicate those variables to which the NPV is most
sensitive and the extent to which these variables may change before an investment results in a negative NPV. Thus the
application of sensitivity analysis may provide management with an indication of why a particular project might fail. The
directors of Stay Cool Ltd should give consideration to the potential variations in the independent variables which feature
in the decision-making process such as:
– estimated revenues
– estimated operating costs
– estimated working lives
– estimated repair costs
– the estimated discount rate i.e. cost of capital of each alternative investment.
Sensitivity analysis has some serious limitations. The use of the method requires changes in each variable under
consideration are isolated. However management may be focused on what happens if changes occur in two or more
critical variables. Another problem relating to the use of sensitivity analysis to forecast outcomes lies in the fact that it
provides no indication of the likelihood of the occurrence of changes in critical variables. -
第5题：
(d) Suggest a set of SIX performance measures which the directors of SSH could use in order to assess the
quality of service provided to its clients. (3 marks)
正确答案：
(d) The following performance measures which could be used to assess the quality of service provided to its clients:
– The reliability of staff in keeping to scheduled appointment times with clients
– The responsiveness of staff to client enquiries or requests for assistance
– The quality of communications between SSH and its clients
– The competence of its staff in providing training to its clients
– The access times to staff upon the request of clients
– The availability of staff to meet emergency needs of clients
– The security of the data of its client base.
Notes: (i) Only six performance measures were required
(ii) Other relevant performance measures would be acceptable.
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第6题：
(ii) Briefly outline the tax consequences for Henry if the types of protection identified in (i) were to be
provided for him by Happy Home Ltd compared to providing them for himself. You are not required to
discuss the corporation tax (CT) consequences for Happy Home Ltd. (4 marks)
正确答案：
(ii) Provision of protection: company or individual
If any of the policies are taken out and paid for by Henry personally, then there will be no tax relief on the premiums,
but neither will there normally be any tax payable on the proceeds or benefits received.
If Happy Home Ltd were to pay the premiums on a policy taken out by Henry, and of which he was the direct beneficiary,
then this will constitute a benefit, on the grounds that the company will have satisfied a personal liability of Henry’s.
Accordingly, income tax and Class 1A national insurance contributions will be payable on the benefit.
If, however, Happy Home Ltd were to decide to offer protection benefits to their employees on a group basis (and not
just to Henry), then it would be possible to avoid a charge under the benefits rules and/or obtain a lower rate of premium
under a collective policy. For example:
– A death in service benefit of up to four times remuneration can be provided as part of an approved pension scheme.
No benefit charge arises on Henry and any lump sum will be paid tax free. This could be considered a substitute
for a term assurance policy.
– If a group permanent health insurance policy were taken out, no benefit charge would arise on Henry, but any
benefits payable under the policy would be paid to Happy Home Ltd in the first instance. When subsequently paid
on to Henry, such payments would be treated as arising from his employment and subject to PAYE and national
insurance as for normal salary payments.
– If a group critical illness policy were taken out, again no benefit charge would arise on Henry, but in this case also,
any benefits received by Henry directly from Happy Home Ltd as a result of the payments under the policy would
be considered as derived from his employment and subject to income tax and national insurance. Such a charge
to tax and national insurance would however be avoided if these payments were made in terms of a trust. -
第7题：
Exports are either raw materials or manufactured goods. Raw materials are products of the land, such as cotton, timber or rubber. Some raw materials such as iron ore, come from mines. These raw materials are often exported by the countries that produce them to other countries where they are made into manufactured goods.
Some countries produce food for export, for example, meat, sugar, or cereals such as wheat and maize. These countries are agricultural countries. An agricultural county needs fertile land and a good climate. A cold, dry climate is not suitable for agriculture.
A country which produces manufactured goods is known as an industrialized country. An industrialized country cannot always produce enough food for its own needs. In this case, it does not export foodstuffs. Instead it has to import them. It relies on exports of manufactured products and pays for imports with the money it earns from the exported goods.
21. From the first sentence of the passage we can know that there are()kinds of exports.
A. two
B. three
C. four
22. Raw materials are often exported by the countries that produce them to other countries where().
A. they are consumed
B. they are made into finished products
C. they are wasted
23. The countries which produce food for export,for example, meat, sugar, or cereals such as wheat and maize are()countries.
A. developed
B. industrial
C. agricultural
24. An industrialized country usually has to import foodstuffs because().
A. it cannot always produce enough food for its own needs
B. it doesn't has fertile land and a good climate
C. it relies on exports of manufactured products
25. The best title of this passage is().
A. Agriculture and Industry
B. Export
C. Production
参考答案：21-25：ABCAB
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第8题：
JJG Co is planning to raise $15 million of new finance for a major expansion of existing business and is considering a rights issue, a placing or an issue of bonds. The corporate objectives of JJG Co, as stated in its Annual Report, are to maximise the wealth of its shareholders and to achieve continuous growth in earnings per share. Recent financial information on JJG Co is as follows:
Required:
(a) Evaluate the financial performance of JJG Co, and analyse and discuss the extent to which the company has achieved its stated corporate objectives of:
(i) maximising the wealth of its shareholders;
(ii) achieving continuous growth in earnings per share.
Note: up to 7 marks are available for financial analysis.(12 marks)
(b) If the new finance is raised via a rights issue at $7·50 per share and the major expansion of business has
not yet begun, calculate and comment on the effect of the rights issue on:
(i) the share price of JJG Co;
(ii) the earnings per share of the company; and
(iii) the debt/equity ratio. (6 marks)
(c) Analyse and discuss the relative merits of a rights issue, a placing and an issue of bonds as ways of raising the finance for the expansion. (7 marks)
正确答案：
AchievementofcorporateobjectivesJJGCohasshareholderwealthmaximisationasanobjective.Thewealthofshareholdersisincreasedbydividendsreceivedandcapitalgainsonsharesowned.Totalshareholderreturncomparesthesumofthedividendreceivedandthecapitalgainwiththeopeningshareprice.TheshareholdersofJJGCohadareturnof58%in2008,comparedwithareturnpredictedbythecapitalassetpricingmodelof14%.Thelowestreturnshareholdershavereceivedwas21%andthehighestreturnwas82%.Onthisbasis,theshareholdersofthecompanyhaveexperiencedasignificantincreaseinwealth.Itisdebatablewhetherthishasbeenasaresultoftheactionsofthecompany,however.Sharepricesmayincreaseirrespectiveoftheactionsanddecisionsofmanagers,orevendespitethem.Infact,lookingatthedividendpersharehistoryofthecompany,therewasoneyear(2006)wheredividendswereconstant,eventhoughearningspershareincreased.Itisalsodifficulttoknowwhenwealthhasbeenmaximised.Anotherobjectiveofthecompanywastoachieveacontinuousincreaseinearningspershare.Analysisshowsthatearningspershareincreasedeveryyear,withanaverageincreaseof14·9%.Thisobjectiveappearstohavebeenachieved.CommentonfinancialperformanceReturnoncapitalemployed(ROCE)hasbeengrowingtowardsthesectoraverageof25%onayear-by-yearbasisfrom22%in2005.Thissteadygrowthintheprimaryaccountingratiocanbecontrastedwithirregulargrowthinturnover,thereasonsforwhichareunknown.Returnonshareholders’fundshasbeenconsistentlyhigherthantheaverageforthesector.ThismaybeduemoretothecapitalstructureofJJGCothantogoodperformancebythecompany,however,inthesensethatshareholders’fundsaresmalleronabookvaluebasisthanthelong-termdebtcapital.Ineverypreviousyearbut2008thegearingofthecompanywashigherthanthesectoraverage.(b)CalculationoftheoreticalexrightspershareCurrentshareprice=$8·64pershareCurrentnumberofshares=5·5millionsharesFinancetoberaised=$15mRightsissueprice=$7·50pershareNumberofsharesissued=15m/7·50=2millionsharesTheoreticalexrightspricepershare=((5·5mx8·64)+(2mx7·50))/7·5m=$8·34pershareThesharepricewouldfallfrom$8·64to$8·34pershareHowever,therewouldbenoeffectonshareholderwealthEffectofrightsissueonearningspershareCurrentEPS=100centspershareRevisedEPS=100x5·5m/7·5m=73centspershareTheEPSwouldfallfrom100centspershareto73centspershareHowever,asmentionedearlier,therewouldbenoeffectonshareholderwealthEffectofrightsissueonthedebt/equityratioCurrentdebt/equityratio=100x20/47·5=42%Revisedmarketvalueofequity=7·5mx8·34=$62·55millionReviseddebt/equityratio=100x20/62·55=32%Thedebt/equityratiowouldfallfrom42%to32%,whichiswellbelowthesectoraveragevalueandwouldsignalareductioninfinancialrisk(c)Thecurrentdebt/equityratioofJJGCois42%(20/47·5).Althoughthisislessthanthesectoraveragevalueof50%,itismoreusefulfromafinancialriskperspectivetolookattheextenttowhichinterestpaymentsarecoveredbyprofits.Theinterestonthebondissueis$1·6million(8%of$20m),givinganinterestcoverageratioof6·1times.IfJJGCohasoverdraftfinance,theinterestcoverageratiowillbelowerthanthis,butthereisinsufficientinformationtodetermineifanoverdraftexists.Theinterestcoverageratioisnotonlybelowthesectoraverage,itisalsolowenoughtobeacauseforconcern.Whiletheratioshowsanupwardtrendovertheperiodunderconsideration,itstillindicatesthatanissueoffurtherdebtwouldbeunwise.Aplacing,oranyissueofnewsharessuchasarightsissueorapublicoffer,woulddecreasegearing.Iftheexpansionofbusinessresultsinanincreaseinprofitbeforeinterestandtax,theinterestcoverageratiowillincreaseandfinancialriskwillfall.GiventhecurrentfinancialpositionofJJGCo,adecreaseinfinancialriskiscertainlypreferabletoanincrease.Aplacingwilldiluteownershipandcontrol,providingthenewequityissueistakenupbynewinstitutionalshareholders,whilearightsissuewillnotdiluteownershipandcontrol,providingexistingshareholderstakeuptheirrights.Abondissuedoesnothaveownershipandcontrolimplications,althoughrestrictiveornegativecovenantsinbondissuedocumentscanlimittheactionsofacompanyanditsmanagers.Allthreefinancingchoicesarelong-termsourcesoffinanceandsoareappropriateforalong-terminvestmentsuchastheproposedexpansionofexistingbusiness.Equityissuessuchasaplacingandarightsissuedonotrequiresecurity.Noinformationisprovidedonthenon-currentassetsofJJGCo,butitislikelythattheexistingbondissueissecured.Ifanewbondissuewasbeingconsidered,JJGCowouldneedtoconsiderwhetherithadsufficientnon-currentassetstoofferassecurity,althoughitislikelythatnewnon-currentassetswouldbeboughtaspartofthebusinessexpansion. -
第9题：
Exports are either raw materials or manufactured goods. Raw materials are products of the land， such as cotton， timber or rubber. Some raw materials， such as iron ore， come from mines. These raw materials are often exported by the countries that produce them to other countries where they are made into manufactured goods. Some countries produce food for export， for example， meat， sugar， or cereals such as wheat and maize. These countries are agricultural countries. An agricultural country needs fertile land and a good climate. A cold， dry climate is not suitable for agriculture. A country which produces manufactured goods is known as an industrialized country. An industrialized country cannot always produce enough food for its own needs. In this case， it does not export foodstuffs. Instead it has to import them. It relies on exports of manufactured products and pays for imports with the money it earns from the exported goods. Raw materials are often exported by the countries that produce them to other countries where（）.
Athey are consumed
Bthey are made into finished products
Cthey are wasted
B
略 -
第10题：
单选题Exports are either raw materials or manufactured goods. Raw materials are products of the land， such as cotton， timber or rubber. Some raw materials， such as iron ore， come from mines. These raw materials are often exported by the countries that produce them to other countries where they are made into manufactured goods. Some countries produce food for export， for example， meat， sugar， or cereals such as wheat and maize. These countries are agricultural countries. An agricultural country needs fertile land and a good climate. A cold， dry climate is not suitable for agriculture. A country which produces manufactured goods is known as an industrialized country. An industrialized country cannot always produce enough food for its own needs. In this case， it does not export foodstuffs. Instead it has to import them. It relies on exports of manufactured products and pays for imports with the money it earns from the exported goods. The best title of this passage is（）.AAgriculture and Industry
BExport
CProduction
正确答案： C解析： 暂无解析 -
第11题：
单选题By saying “raw materials do not exist, they are created” the author means _____.Athat there will be no more raw materials on the earth some time later, and man will have to create materials by themselves
Bthat it is use that makes raw materials valuable
Cthat people have created various useful materials by using their intelligence and wisdom
Dhuman creativity is amazing
正确答案： D解析：
文中第二段指出“In a very real sense raw materials do not exist, they are created”，从非常实际的意义上讲，原材料不存在，它们是被创造出来的。结合上题的分析，是指人类通过技术手段使自然资源可利用。文中又写到“It is use that makes it valuable”，正是使用使其有价值。故答案为B。 -
第12题：
单选题Exports are either raw materials or manufactured goods. Raw materials are products of the land， such as cotton， timber or rubber. Some raw materials， such as iron ore， come from mines. These raw materials are often exported by the countries that produce them to other countries where they are made into manufactured goods. Some countries produce food for export， for example， meat， sugar， or cereals such as wheat and maize. These countries are agricultural countries. An agricultural country needs fertile land and a good climate. A cold， dry climate is not suitable for agriculture. A country which produces manufactured goods is known as an industrialized country. An industrialized country cannot always produce enough food for its own needs. In this case， it does not export foodstuffs. Instead it has to import them. It relies on exports of manufactured products and pays for imports with the money it earns from the exported goods. An industrialized country usually has to import foodstuffs because,（）.Ait cannot always produce enough food for its own needs
Bit doesn't has fertile land and a good climate
Cit relies on exports of manufactured products
正确答案： B解析： 暂无解析 -
第13题：
(c) Explain how the use of activity-based techniques may benefit Taliesin Ltd. (5 marks)
正确答案：
(c) The usefulness of activity-based techniques is accentuated in situations where overheads comprise a significant proportion of
product costs. Manufacturing overheads comprise 30·9% of turnover during the year ended 31 May 2005. Traditional
methods of allocating overheads to products might result in product cost information which is misleading and detrimental to
managerial decision-making. Calculations of product costs are more prone to error in situations where higher levels of
overhead exist. The consequences can prove disastrous as, for example, in the under-pricing or over-pricing of products.
Since Taliesin Ltd is going to confine its activities to its home country it must be prepared to face increased competition and
this increases the need for greater visibility and more accurate product cost information.
At present, Taliesin Ltd offers a range of products which is increasing in number and this may lead to the need for a more
detailed costing system. Traditional absorption systems might well be inadequate as the number of product variants increases.
One would expect that each new product developed is more complex than its predecessors. The company would probably
start with simple Vanilla, then a few basic flavours but as Taliesin Ltd has expanded one would expect it to take longer to
originate and test new products until they are ready to be introduced. It will probably take longer to mix the ingredients for a
run of each product.
These two, development and mixing ingredients, are examples of activities which arise when new products are considered.
If traditional absorption costing and budgeting are used based on machine-time in production then the effect of these activities
would be ignored.
In order to gain a full appreciation of the impact of new product introduction activity-based techniques should be used to
guide Taliesin Ltd into the easiest way to maintain its policy of growth. It may be a better decision to expand abroad or into
new markets at home with the existing products than pursue growth by introducing new products to a dwindling number of
customers.
We are not told of the composition of the customer base of Taliesin Ltd. However, one thing we do know is that the scope of
activity-based techniques extends beyond products and services. For example, the application of activity-based costing can
provide vital information that enables management to undertake customer profitability analysis, thereby further improving
management decision-making and operating performance.
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第14题：
(ii) Comment briefly on how divisional managers might respond to the results achieved and ONE potential
problem that might be experienced by Our Timbers Ltd. (2 marks)
正确答案：
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第15题：
(c) Explain the term ‘target costing’ and how it may be applied by GWCC. Briefly discuss any potential
limitations in its application. (8 marks)
正确答案：
(c) Target costing should be viewed as an integral part of a strategic profit management system. The initial consideration in target
costing is the determination of an estimate of the selling price for a new product which will enable a firm to capture its required
share of the market. In this particular example, Superstores plc, which on the face of it looks a powerful commercial
organisation, wishes to apply a 35% mark-up on the purchase price of each cake from GWCC. Since Superstores plc has
already decided on a launch price of ￡20·25 then it follows that the maximum selling price that can be charged by GWCC
is (100/135) x ￡20·25 which is ￡15·00.
This is clearly a situation which lends itself to the application of target costing/pricing techniques as in essence GWCC can
see the extent to which they fall short of the required level of return with regard to a contract with Superstores plc which ends
after twelve months. Thus it is necessary to reduce the total costs by ￡556,029 to this figure in order to achieve the desired
level of profit, having regard to the rate of return required on new capital investment. The deduction of required profit from
the proposed selling price will produce a target price that must be met in order to ensure that the desired rate of return is
obtained. Thus the main theme that underpins target costing can be seen to be ‘what should a product cost in order to achieve
the desired level of return’.
Target costing will necessitate comparison of current estimated cost levels against the target level which must be achieved if
the desired levels of profitability, and hence return on investment, are to be achieved. Thus where a gap exists between the
current estimated cost levels and the target cost, it is essential that this gap be closed.
The Directors of GWCC plc should be aware of the fact that it is far easier to ‘design out’ cost during the pre-production phase
than to ‘control out’ cost during the production phase. Thus cost reduction at this stage of a product’s life cycle is of critical
significance to business success.
A number of techniques may be employed in order to help in the achievement and maintenance of the desired level of target
cost. Attention should be focussed upon the identification of value added and non-value added activities with the aim of the
elimination of the latter. The product should be developed in an atmosphere of ‘continuous improvement’. In this regard, total
quality techniques such as the use of Quality circles may be used in attempting to find ways of achieving reductions in product
cost.
Value engineering techniques can be used to evaluate necessary product features such as the quality of materials used. It is
essential that a collaborative approach is taken by the management of GWCC and that all interested parties such as suppliers
and customers are closely involved in order to engineer product enhancements at reduced cost.
The degree of success that will be achieved by GWCC via the application of target costing principles will be very much
dependent on the extent of ‘flexibility’ in variable costs. Also the accuracy of information gathered by GWCC will assume
critical importance because the use of inaccurate information will produce calculated ‘cost gaps’ which are meaningless and
render the application of target costing principles of little value. -
第16题：
(ii) Briefly discuss THREE disadvantages of using EVA? in the measurement of financial performance.
(3 marks)
正确答案：
(ii) Disadvantages of an EVA approach to the measurement of financial performance include:
(i) The calculation of EVA may be complicated due to the number of adjustments required.
(ii) It is difficult to use EVA for inter-firm and inter-divisional comparisons because it is not a ratio measure.
(iii) Economic depreciation is difficult to estimate and conflicts with generally accepted accounting principles.
Note: Other relevant discussion would be acceptable. -
第17题：
(ii) Comment on the figures in the statement prepared in (a)(i) above. (4 marks)
正确答案：
(ii) The statement of product profitability shows that CTC is forecast to achieve a profit of $2·185 million in 2008 giving a
profit:sales ratio of 11·9%. However, the forecast profit in 2009 is only $22,000 which would give a profit:sales ratio
of just 0·19%! Total sales volume in 2008 is 390,000 units which represent 97·5% utilisation of total annual capacity.
In stark contrast, the total sales volume in 2009 is forecast to be 240,000 units which represents 60% utilisation of
total annual capacity and shows the expected rapid decline in sales volumes of Bruno and Kong products. The rapid
decline in the sales of these two products is only offset to a relatively small extent by increased sales volume from the
Leo product. It is vital that a new product or products with healthy contribution to sales ratios are introduced.
Management should also undertake cost/benefit analyses in order to assess the potential of extending the life of Bruno
and Kong products. -
第18题：
(ii) Briefly explain the implications of Parr & Co’s audit opinion for your audit opinion on the consolidated
financial statements of Cleeves Co for the year ended 30 September 2006. (3 marks)
正确答案：
(ii) Implications for audit opinion on consolidated financial statements of Cleeves
■ If the potential adjustments to non-current asset carrying amounts and loss are not material to the consolidated
financial statements there will be no implication. However, as Howard is material to Cleeves and the modification
appears to be ‘so material’ (giving rise to adverse opinion) this seems unlikely.
Tutorial note: The question clearly states that Howard is material to Cleeves, thus there is no call for speculation
on this.
■ As Howard is wholly-owned the management of Cleeves must be able to request that Howard’s financial statements
are adjusted to reflect the impairment of the assets. The auditor’s report on Cleeves will then be unmodified
(assuming that any impairment of the investment in Howard is properly accounted for in the separate financial
statements of Cleeves).
■ If the impairment losses are not recognised in Howard’s financial statements they can nevertheless be adjusted on
consolidation of Cleeves and its subsidiaries (by writing down assets to recoverable amounts). The audit opinion
on Cleeves should then be unmodified in this respect.
■ If there is no adjustment of Howard’s asset values (either in Howard’s financial statements or on consolidation) it
is most likely that the audit opinion on Cleeves’s consolidated financial statements would be ‘except for’. (It should
not be adverse as it is doubtful whether even the opinion on Howard’s financial statements should be adverse.)
Tutorial note: There is currently no requirement in ISA 600 to disclose that components have been audited by another
auditor unless the principal auditor is permitted to base their opinion solely upon the report of another auditor. -
第19题：
The rising cost of raw materials()us to increase our selling prices.A、has compelled
B、have compelled
C、has been compelled
D、are compelling
参考答案：A
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第20题：
Recently.many citizens try to use the facilities in your university due to a shortage of public sports facilities in your city.Write a letter of aboui 100 words on this issue to the city department concerned to l）give your opinions briefly,and 2）make two or three suggestions.You should write neatly on the ANSWER SHEET.Do not use your own name at the end of the letter.Use"Ii Ming"instead Do not write the acldress.（10 points）答案：解析：Dear Sir or Madam,I am a student of xx University.I'm writing to express my humble opinions about the pubtic sports facilities in our city.In recent years,the population has grown rapidly,so has citizens'passion for bodybuilding,while on the other hand,newly-built communities seriously lack public sports facilities and many existing facilities are in bad conditions.As a consequence,citizens often get into campuses to use sports facilities there without permission,which poses risks to campus security.I suggest that the government allocate more financing to the maintenance and construction of public sports facilities.Besides,opening sports faciIJties on campus in an orderly manner may also be helpful.For example,allow citizens to use those facilities during weekends and holidays by appointment.Thank you for your time and I hope you will find the above suggestions useful.Yours faithfully,Li Ming -
第21题：
单选题If Japan ______ its relation with that country it will have to find another supplier of raw materials.Aprecludes
Bterminates
Cpartitions
Dexpires
正确答案： D解析：
句意：如果日本终止与那个国家的外交关系. 它不得不寻找另外的原材料供应国。Terminates（终止，结束）与relation形成语义关系。Terminate relation，表示“终止关系”。 -
第22题：
单选题Exports are either raw materials or manufactured goods. Raw materials are products of the land， such as cotton， timber or rubber. Some raw materials， such as iron ore， come from mines. These raw materials are often exported by the countries that produce them to other countries where they are made into manufactured goods. Some countries produce food for export， for example， meat， sugar， or cereals such as wheat and maize. These countries are agricultural countries. An agricultural country needs fertile land and a good climate. A cold， dry climate is not suitable for agriculture. A country which produces manufactured goods is known as an industrialized country. An industrialized country cannot always produce enough food for its own needs. In this case， it does not export foodstuffs. Instead it has to import them. It relies on exports of manufactured products and pays for imports with the money it earns from the exported goods. The countries which produce food for export, for example, meat, sugar, or cereals such as wheat and maize are countries.（）Adeveloped
Bindustrial
Cagricultural
正确答案： A解析： 暂无解析 -
第23题：
单选题Exports are either raw materials or manufactured goods. Raw materials are products of the land， such as cotton， timber or rubber. Some raw materials， such as iron ore， come from mines. These raw materials are often exported by the countries that produce them to other countries where they are made into manufactured goods. Some countries produce food for export， for example， meat， sugar， or cereals such as wheat and maize. These countries are agricultural countries. An agricultural country needs fertile land and a good climate. A cold， dry climate is not suitable for agriculture. A country which produces manufactured goods is known as an industrialized country. An industrialized country cannot always produce enough food for its own needs. In this case， it does not export foodstuffs. Instead it has to import them. It relies on exports of manufactured products and pays for imports with the money it earns from the exported goods. Raw materials are often exported by the countries that produce them to other countries where（）.Athey are consumed
Bthey are made into finished products
Cthey are wasted
正确答案： B解析： 暂无解析