--- Mr. Chairman, could I raise a point about the plan？ --- __________ .A.Yes, Dr ChockB.

The message ______ Mr. Black was elected chairman of the committee arrived just in time.

A．which

B．what

C．that

D．how

onference room, second floor of 3T Co. Ltd. Participants: All the directors Chairman: Chairman of the board, Mr. William Forest Minutes keeper: Linda The main activities at the meeting are as follows: Firstly, Mr. William Forest, chairman of the board, made a report on the work and total sales of the company this season. Then the report was followed by a heated discussion. Secondly, all the directors agreed to hold a press conference for the company next month. Thirdly, the meeting suggested inviting experts from Canada to give a five-day training course to staff in the Sales Department. The meeting finished at 3:30 p.m.

1. Who are the meeting participants().

A. The executive assistants.

B. The directors.

C. The interviewees.

2. How many activities does the meeting have().

A. The executive assistants.

B. The directors.

C. The interviewees.

3. Mr. William Forest made a report ()this season.

A. on training course to staff in the Sales Department

B. on the advertisement policies of the company

C. on the work and total sales of the company

4. What did all the directors agree to do ()

A. To carry out a training project in the company next year.

B. To have another board meeting of all directors next season.

C. Tohave a press conference for the company next month.

5. How long did the meeting last ()

A.1.5 hours.

B.1 hour.

C.2 hour.

Monthly Meeting Minutes of Board of Directors

Time:2:30p.m.,March5,2015

Place:Conference Room, second floor of 3T Co. Ltd.

Participants:All the directors

Chairman:Chairman of the board, Mr. William Forest

Minutes keeper: Linda

The main activities at the meeting are as follows:

Firstly, Mr. William Forest, chairman of the board, made a report on the work and total sales of the company this season. Then the report was followed by a heated discussion.

Secondly，all the directors agreed to hold a press conference for the company next month.

Thirdly, the meeting suggested inciting experts from Canada to give a five-day training course to staff in the Sales Department.

The meeting finished at 3 : 30 p. m.

1. Who are the meeting participants？

A.The directors

B.The interviewees

C.The executive assistants

2.How many activities does the meeting have？

A.One

B.Two

C.Three

3.Mr. William Forest made a report on

A.the work and total sales of the company

B.the advertisement policies of the company

C.the training course in the Sales Department

4.What did all the directors agree to do

A.To carry out a training project in the company next year.

B.To have another board meeting of all directors next season.

C.To hold a press conference for the company next month.

5.How long did the meeting last？

A.1 hour

B.2 hours

C.3 hours

s for the year ended 31 December 2015 as they show a continuing improvement over recent past performance. However, the finance director says that a better assessment of the company’s performance would be made by a comparison to other companies in the same sector. The finance director has obtained some ratios for Nonat Co’s business sector, based on a year end of 31 December 2015, which are:

Required:

(a) Prepare for Nonat Co the equivalent ratios to those of its sector.

Note: The finance lease obligations should be treated as debt in the ROCE and gearing calculations. (6 marks)

(b) Analyse the financial performance and position of Nonat Co for the year to 31 December 2015 in comparison to the sector averages. (9 marks)

ified Accountants. The financial

year end for each client is 30 September 2007.

You are reviewing the audit senior’s proposed audit reports for two clients, Alpha Co and Deema Co.

Alpha Co, a listed company, permanently closed several factories in May 2007, with all costs of closure finalised and

paid in August 2007. The factories all produced the same item, which contributed 10% of Alpha Co’s total revenue

for the year ended 30 September 2007 (2006 – 23%). The closure has been discussed accurately and fully in the

chairman’s statement and Directors’ Report. However, the closure is not mentioned in the notes to the financial

statements, nor separately disclosed on the financial statements.

The audit senior has proposed an unmodified audit opinion for Alpha Co as the matter has been fully addressed in

the chairman’s statement and Directors’ Report.

In October 2007 a legal claim was filed against Deema Co, a retailer of toys. The claim is from a customer who slipped

on a greasy step outside one of the retail outlets. The matter has been fully disclosed as a material contingent liability

in the notes to the financial statements, and audit working papers provide sufficient evidence that no provision is

necessary as Deema Co’s lawyers have stated in writing that the likelihood of the claim succeeding is only possible.

The amount of the claim is fixed and is adequately covered by cash resources.

The audit senior proposes that the audit opinion for Deema Co should not be qualified, but that an emphasis of matter

paragraph should be included after the audit opinion to highlight the situation.

Hugh Co was incorporated in October 2006, using a bank loan for finance. Revenue for the first year of trading is

$750,000, and there are hopes of rapid growth in the next few years. The business retails luxury hand made wooden

toys, currently in a single retail outlet. The two directors (who also own all of the shares in Hugh Co) are aware that

due to the small size of the company, the financial statements do not have to be subject to annual external audit, but

they are unsure whether there would be any benefit in a voluntary audit of the first year financial statements. The

directors are also aware that a review of the financial statements could be performed as an alternative to a full audit.

Hugh Co currently employs a part-time, part-qualified accountant, Monty Parkes, who has prepared a year end

balance sheet and income statement, and who produces summary management accounts every three months.

Required:

(a) Evaluate whether the audit senior’s proposed audit report is appropriate, and where you disagree with the

proposed report, recommend the amendment necessary to the audit report of:

(i) Alpha Co; (6 marks)

ithin your firm of Chartered

Certified Accountants. You are currently reviewing the audit working papers for Pulp Co, a long standing audit client,

for the year ended 31 January 2008. The draft statement of financial position (balance sheet) of Pulp Co shows total

assets of $12 million (2007 – $11·5 million).The audit senior has made the following comment in a summary of

issues for your review:

‘Pulp Co’s statement of financial position (balance sheet) shows a receivable classified as a current asset with a value

of $25,000. The only audit evidence we have requested and obtained is a management representation stating the

following:

(1) that the amount is owed to Pulp Co from Jarvis Co,

(2) that Jarvis Co is controlled by Pulp Co’s chairman, Peter Sheffield, and

(3) that the balance is likely to be received six months after Pulp Co’s year end.

The receivable was also outstanding at the last year end when an identical management representation was provided,

and our working papers noted that because the balance was immaterial no further work was considered necessary.

No disclosure has been made in the financial statements regarding the balance. Jarvis Co is not audited by our firm

and we have verified that Pulp Co does not own any shares in Jarvis Co.’

Required:

(b) In relation to the receivable recognised on the statement of financial position (balance sheet) of Pulp Co as

at 31 January 2008:

(i) Comment on the matters you should consider. (5 marks)

ation, is known in Italy as the Lawyer, because he was trained in law at Turin University.That he has never practiced, his training may soon be useful. On April 17th Mr. Agnelli admitted to a group of Italian industrialists in Venice (19 ) _________Fiat had been (20 ) _________in some corruptions in Italy. On April 21st, Fiats lawyers and Cesare P, omiti, its managing director, met Milan magistrates to (21) _________ the firms involvement in bribery to win business from state-owned companies. Fiat is not the (22) _________ . Italian company caught up in Italys increasing Political corruption scandal. According to the latest figure, some 200 businessmen and politicians were sitting in prison (23) _________a result of judicial inquiries into kickbacks paid to politicians by firms. Hundreds more are still (24) _________ influence of Fiat, (25) _________ sales are equal to 40% of Italys home product, the scandal at the company has (26) _________ the industrial establishment. Though neither Mr. Agnelli (27) _________ Mr. Romiti has been (28 ) _________ of wrongdoing,several other senior Fiat managers have allegedly been involved in paying kickbacks to win state-owned contracts. (29) _________ arrested include Francesco Mattiol, Fiats finance director, and Antonio Moscon, the (30 ) _________ head of its Toro insurance branch. (31 ) _________ men have been (32) _________about their previous roles on the board of Cogefar-Impresit,Fiats construction subsidiary. Last May, Enzo Papi admitted paying a 1.5 million-dollar bribe for a contract, (33) _________ to Milans underground. 第(19)处填写

A.what

B.that

C.when

D.if

阅读理解：阅读下面的短文，根据文章内容进行判断，正确写“T”错误写“F”。

An annual report of a company provides information about its business performance for certain people. These people include the investors, potential investors and other stakeholders. From the report, people can understand the company’s business scope, recent situation and future development. The main parts of an annual report usually include chairman’s letter, financial statements and operation analysis.

● CHAIRMAN’S LETTER

Usually, an annual report should contain a letter from the chairman. The letter should provide details about the successes and the challenges of the past year. It should also include the future outlook for the company.

● OPERATION ANALYSIS

The operation analysis is an overview of the business in the past year. It usually includes new hires and new product introductions. At the same time, it will introduce business acquisitions and other important issues.

● FINANCIAL STATEMENTS

The financial statements are very important for an annual report. People can know the company’s performance in the past from the statements. It usually consists of the following three aspects. The first one is the profit and loss statement. The second one is the balance sheet. And the third one is the cash flow statement.

1. An annual report of a company provides some information about its business performance for certain people.{T、F}

2. People can know everything of the company from the annual report.{T、F}

3. An annual report usually includes chairman’s letter, financial statements and operation analysis.{T、F}

4. A chairman’s letter should include the strategic direction moving forward.{T、F}

5. This passage is mainly about the main parts of an annual report.{T、F}

n commercial property development. Moonstar Co has had some difficulties over the last few years, with some developments not generating the expected returns and the company has at times struggled to pay its finance costs. As a result Moonstar Co’s credit rating has been lowered, affecting the terms it can obtain for bank finance. Although Moonstar Co is listed on its local stock exchange, 75% of the share capital is held by members of the family who founded the company. The family members who are shareholders do not wish to subscribe for a rights issue and are unwilling to dilute their control over the company by authorising a new issue of equity shares. Moonstar Co’s board is therefore considering other methods of financing the development, which the directors believe will generate higher returns than other recent investments, as the country where Moonstar Co is based appears to be emerging from recession.

Securitisation proposals

One of the non-executive directors of Moonstar Co has proposed that it should raise funds by means of a securitisation process, transferring the rights to the rental income from the commercial property development to a special purpose vehicle. Her proposals assume that the leases will generate an income of 11% per annum to Moonstar Co over a ten-year period. She proposes that Moonstar Co should use 90% of the value of the investment for a collateralised loan obligation which should be structured as follows:

– 60% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 150 basis points

– 15% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 12%

– 15% of the collateral value to support a tranche of C-rated fixed rate loan notes offering investors 13%

– 10% of the collateral value to support a tranche as subordinated certificates, with the return being the excess of receipts over payments from the securitisation process

The non-executive director believes that there will be sufficient demand for all tranches of the loan notes from investors. Investors will expect that the income stream from the development to be low risk, as they will expect the property market to improve with the recession coming to an end and enough potential lessees to be attracted by the new development.

The non-executive director predicts that there would be annual costs of $200,000 in administering the loan. She acknowledges that there would be interest rate risks associated with the proposal, and proposes a fixed for variable interest rate swap on the A-rated floating rate notes, exchanging LIBOR for 9·5%.

However the finance director believes that the prediction of the income from the development that the non-executive director has made is over-optimistic. He believes that it is most likely that the total value of the rental income will be 5% lower than the non-executive director has forecast. He believes that there is some risk that the returns could be so low as to jeopardise the income for the C-rated fixed rate loan note holders.

Islamic finance

Moonstar Co’s chief executive has wondered whether Sukuk finance would be a better way of funding the development than the securitisation.

Moonstar Co’s chairman has pointed out that a major bank in the country where Moonstar Co is located has begun to offer a range of Islamic financial products. The chairman has suggested that a Mudaraba contract would be the most appropriate method of providing the funds required for the investment.

Required:

(a) Calculate the amounts in $ which each of the tranches can expect to receive from the securitisation arrangement proposed by the non-executive director and discuss how the variability in rental income affects the returns from the securitisation. (11 marks)

(b) Discuss the benefits and risks for Moonstar Co associated with the securitisation arrangement that the non-executive director has proposed. (6 marks)

(c) (i) Discuss the suitability of Sukuk finance to fund the investment, including an assessment of its appeal to potential investors. (4 marks)

(ii) Discuss whether a Mudaraba contract would be an appropriate method of financing the investment and discuss why the bank may have concerns about providing finance by this method. (4 marks)