1.—When is your birthday?—It ’s_________ .A. october 7thB. may,5thC. September 2ndD. January 8

题目

1.—When is your birthday?

—It ’s_________ .

A. october 7th

B. may,5th

C. September 2nd

D. January 8


相似考题

4.Additionally the directors wish to know how the provision for deferred taxation would be calculated in the followingsituations under IAS12 ‘Income Taxes’:(i) On 1 November 2003, the company had granted ten million share options worth $40 million subject to a twoyear vesting period. Local tax law allows a tax deduction at the exercise date of the intrinsic value of the options.The intrinsic value of the ten million share options at 31 October 2004 was $16 million and at 31 October 2005was $46 million. The increase in the share price in the year to 31 October 2005 could not be foreseen at31 October 2004. The options were exercised at 31 October 2005. The directors are unsure how to accountfor deferred taxation on this transaction for the years ended 31 October 2004 and 31 October 2005.(ii) Panel is leasing plant under a finance lease over a five year period. The asset was recorded at the present valueof the minimum lease payments of $12 million at the inception of the lease which was 1 November 2004. Theasset is depreciated on a straight line basis over the five years and has no residual value. The annual leasepayments are $3 million payable in arrears on 31 October and the effective interest rate is 8% per annum. Thedirectors have not leased an asset under a finance lease before and are unsure as to its treatment for deferredtaxation. The company can claim a tax deduction for the annual rental payment as the finance lease does notqualify for tax relief.(iii) A wholly owned overseas subsidiary, Pins, a limited liability company, sold goods costing $7 million to Panel on1 September 2005, and these goods had not been sold by Panel before the year end. Panel had paid $9 millionfor these goods. The directors do not understand how this transaction should be dealt with in the financialstatements of the subsidiary and the group for taxation purposes. Pins pays tax locally at 30%.(iv) Nails, a limited liability company, is a wholly owned subsidiary of Panel, and is a cash generating unit in its ownright. The value of the property, plant and equipment of Nails at 31 October 2005 was $6 million and purchasedgoodwill was $1 million before any impairment loss. The company had no other assets or liabilities. Animpairment loss of $1·8 million had occurred at 31 October 2005. The tax base of the property, plant andequipment of Nails was $4 million as at 31 October 2005. The directors wish to know how the impairment losswill affect the deferred tax provision for the year. Impairment losses are not an allowable expense for taxationpurposes.Assume a tax rate of 30%.Required:(b) Discuss, with suitable computations, how the situations (i) to (iv) above will impact on the accounting fordeferred tax under IAS12 ‘Income Taxes’ in the group financial statements of Panel. (16 marks)(The situations in (i) to (iv) above carry equal marks)

更多“1.—When is your birthday? —It ’s_________ .A. october 7thB. may,5thC. September 2ndD. J ”相关问题
  • 第1题:

    The following trial balance relates to Sandown at 30 September 2009:

    The following notes are relevant:

    (i) Sandown’s revenue includes $16 million for goods sold to Pending on 1 October 2008. The terms of the sale are that Sandown will incur ongoing service and support costs of $1·2 million per annum for three years after the sale. Sandown normally makes a gross profit of 40% on such servicing and support work. Ignore the time value of money.

    (ii) Administrative expenses include an equity dividend of 4·8 cents per share paid during the year.

    (iii) The 5% convertible loan note was issued for proceeds of $20 million on 1 October 2007. It has an effective interest rate of 8% due to the value of its conversion option.

    (iv) During the year Sandown sold an available-for-sale investment for $11 million. At the date of sale it had a

    carrying amount of $8·8 million and had originally cost $7 million. Sandown has recorded the disposal of the

    investment. The remaining available-for-sale investments (the $26·5 million in the trial balance) have a fair value of $29 million at 30 September 2009. The other reserve in the trial balance represents the net increase in the value of the available-for-sale investments as at 1 October 2008. Ignore deferred tax on these transactions.

    (v) The balance on current tax represents the under/over provision of the tax liability for the year ended 30 September 2008. The directors have estimated the provision for income tax for the year ended 30 September 2009 at $16·2 million. At 30 September 2009 the carrying amounts of Sandown’s net assets were $13 million in excess of their tax base. The income tax rate of Sandown is 30%.

    (vi) Non-current assets:

    The freehold property has a land element of $13 million. The building element is being depreciated on a

    straight-line basis.

    Plant and equipment is depreciated at 40% per annum using the reducing balance method.

    Sandown’s brand in the trial balance relates to a product line that received bad publicity during the year which led to falling sales revenues. An impairment review was conducted on 1 April 2009 which concluded that, based on estimated future sales, the brand had a value in use of $12 million and a remaining life of only three years.

    However, on the same date as the impairment review, Sandown received an offer to purchase the brand for

    $15 million. Prior to the impairment review, it was being depreciated using the straight-line method over a

    10-year life.

    No depreciation/amortisation has yet been charged on any non-current asset for the year ended 30 September

    2009. Depreciation, amortisation and impairment charges are all charged to cost of sales.

    Required:

    (a) Prepare the statement of comprehensive income for Sandown for the year ended 30 September 2009.

    (13 marks)

    (b) Prepare the statement of financial position of Sandown as at 30 September 2009. (12 marks)

    Notes to the financial statements are not required.

    A statement of changes in equity is not required.


    正确答案:
    (i)IAS18Revenuerequiresthatwheresalesrevenueincludesanamountforaftersalesservicingandsupportcoststhenaproportionoftherevenueshouldbedeferred.Theamountdeferredshouldcoverthecostandareasonableprofit(inthiscaseagrossprofitof40%)ontheservices.Astheservicingandsupportisforthreeyearsandthedateofthesalewas1October2008,revenuerelatingtotwoyears’servicingandsupportprovisionmustbedeferred:($1·2millionx2/0·6)=$4million.Thisisshownas$2millioninbothcurrentandnon-currentliabilities.

  • 第2题:

    The2010WorldExpoinShanghaiwillendon_________.

    A.September30

    B.October31

    C.November30

    D.December31


    正确答案:B

  • 第3题:

    On which day was the notice posted?

    A.September 21
    B.October 21
    C.November 1
    D.November 21

    答案:A
    解析:
    第一篇文章中提到艺术展是在10月21日开幕,第二篇文章中提到距离展览会开幕还有一个月的时间。因此答案是A。

  • 第4题:

    (a) The following information relates to Crosswire a publicly listed company.

    Summarised statements of financial position as at:

    The following information is available:

    (i) During the year to 30 September 2009, Crosswire embarked on a replacement and expansion programme for its non-current assets. The details of this programme are:

    On 1 October 2008 Crosswire acquired a platinum mine at a cost of $5 million. A condition of mining the

    platinum is a requirement to landscape the mining site at the end of its estimated life of ten years. The

    present value of this cost at the date of the purchase was calculated at $3 million (in addition to the

    purchase price of the mine of $5 million).

    Also on 1 October 2008 Crosswire revalued its freehold land for the first time. The credit in the revaluation

    reserve is the net amount of the revaluation after a transfer to deferred tax on the gain. The tax rate applicable to Crosswire for deferred tax is 20% per annum.

    On 1 April 2009 Crosswire took out a finance lease for some new plant. The fair value of the plant was

    $10 million. The lease agreement provided for an initial payment on 1 April 2009 of $2·4 million followed

    by eight six-monthly payments of $1·2 million commencing 30 September 2009.

    Plant disposed of during the year had a carrying amount of $500,000 and was sold for $1·2 million. The

    remaining movement on the property, plant and equipment, after charging depreciation of $3 million, was

    the cost of replacing plant.

    (ii) From 1 October 2008 to 31 March 2009 a further $500,000 was spent completing the development

    project at which date marketing and production started. The sales of the new product proved disappointing

    and on 30 September 2009 the development costs were written down to $1 million via an impairment

    charge.

    (iii) During the year ended 30 September 2009, $4 million of the 10% convertible loan notes matured. The

    loan note holders had the option of redemption at par in cash or to exchange them for equity shares on the

    basis of 20 new shares for each $100 of loan notes. 75% of the loan-note holders chose the equity option.

    Ignore any effect of this on the other equity reserve.

    All the above items have been treated correctly according to International Financial Reporting Standards.

    (iv) The finance costs are made up of:

    Required:

    (i) Prepare a statement of the movements in the carrying amount of Crosswire’s non-current assets for the

    year ended 30 September 2009; (9 marks)

    (ii) Calculate the amounts that would appear under the headings of ‘cash flows from investing activities’

    and ‘cash flows from financing activities’ in the statement of cash flows for Crosswire for the year ended

    30 September 2009.

    Note: Crosswire includes finance costs paid as a financing activity. (8 marks)

    (b) A substantial shareholder has written to the directors of Crosswire expressing particular concern over the

    deterioration of the company’s return on capital employed (ROCE)

    Required:

    Calculate Crosswire’s ROCE for the two years ended 30 September 2008 and 2009 and comment on the

    apparent cause of its deterioration.

    Note: ROCE should be taken as profit before interest on long-term borrowings and tax as a percentage of equity plus loan notes and finance lease obligations (at the year end). (8 marks)


    正确答案:
    (i)Thecashelementsoftheincreaseinproperty,plantandequipmentare$5millionforthemine(thecapitalisedenvironmentalprovisionisnotacashflow)and$2·4millionforthereplacementplantmakingatotalof$7·4million.(ii)Ofthe$4millionconvertibleloannotes(5,000–1,000)thatwereredeemedduringtheyear,75%($3million)ofthesewereexchangedforequitysharesonthebasisof20newsharesforeach$100inloannotes.Thiswouldcreate600,000(3,000/100x20)newsharesof$1eachandsharepremiumof$2·4million(3,000–600).As1million(5,000–4,000)newshareswereissuedintotal,400,000musthavebeenforcash.Theremainingincrease(aftertheeffectoftheconversion)inthesharepremiumof$1·6million(6,000–2,000b/f–2,400conversion)mustrelatetothecashissueofshares,thuscashproceedsfromtheissueofsharesis$2million(400nominalvalue+1,600premium).(iii)Theinitialleaseobligationis$10million(thefairvalueoftheplant).At30September2009totalleaseobligationsare$6·8million(5,040+1,760),thusrepaymentsintheyearwere$3·2million(10,000–6,800).(b)TakingthedefinitionofROCEfromthequestion:Fromtheaboveitcanbeclearlyseenthatthe2009operatingmarginhasimprovedbynearly1%point,despitethe$2millionimpairmentchargeonthewritedownofthedevelopmentproject.ThismeansthedeteriorationintheROCEisduetopoorerassetturnover.Thisimpliestherehasbeenadecreaseintheefficiencyintheuseofthecompany’sassetsthisyearcomparedtolastyear.Lookingatthemovementinthenon-currentassetsduringtheyearrevealssomemitigatingpoints:Thelandrevaluationhasincreasedthecarryingamountofproperty,plantandequipmentwithoutanyphysicalincreaseincapacity.Thisunfavourablydistortsthecurrentyear’sassetturnoverandROCEfigures.TheacquisitionoftheplatinummineappearstobeanewareaofoperationforCrosswirewhichmayhaveadifferent(perhapslower)ROCEtootherpreviousactivitiesoritmaybethatitwilltakesometimefortheminetocometofullproductioncapacity.Thesubstantialacquisitionoftheleasedplantwashalf-waythroughtheyearandcanonlyhavecontributedtotheyear’sresultsforsixmonthsatbest.Infutureperiodsafullyear’scontributioncanbeexpectedfromthisnewinvestmentinplantandthisshouldimprovebothassetturnoverandROCE.Insummary,thefallintheROCEmaybeduelargelytotheabovefactors(effectivelythereplacementandexpansionprogramme),ratherthantopooroperatingperformance,andinfutureperiodsthismaybereversed.ItshouldalsobenotedthathadtheROCEbeencalculatedontheaveragecapitalemployedduringtheyear(ratherthantheyearendcapitalemployed),whichisarguablymorecorrect,thenthedeteriorationintheROCEwouldnothavebeenaspronounced.

  • 第5题:

    hen is the last day to apply for the position with the General Foods Company?

    A.September 3
    B.September 24
    C.September 30
    D.October 3

    答案:C
    解析:
    由招聘广告中的相关内容可知。投递简历的截止日期为9月30日。答案为C。