The two industries embody both import and export （) a single transaction. The purpos

operate as one organization. Mergers usually occur when two firms are similar strong or weak, and【M1】______ takeovers occur when one firm is strong and the other is weak. One【M2】______ business can acquire with a public limited company by buying 51【M3】______ percent of the shares. Since the late 1990s, the number of M&A (merger and acquisition)has developed in a quick speed all over the【M4】______ world Nearly all me industries have been affected as result of this trend.【M5】______ There are various types of mergers and takeovers. For example, horizontal integration occurs where two companies in exactly the【M6】______ same line of business and the same stage of production such as two oil firms join together; Vertical integration can be forward vertical integration or backward vertical integration. Take a firm which manufactures and assembles bikes as an example. If it were to acquire【M7】______ with a firm which was a raw material supplier of tires for the bikes, this will be an example of backward vertical integration. Forward【M8】______ vertical integration involves merging with a firm which is in the next stage of production, such as a merger with a retailer of bikes. In addition, mere is no diversifying integration in which two firms in【M9】______ completely different lines of business join together to exploring new【M10】______ and different market opportunities and reduce risks of operations.

【M1】

可能的政策选择是：(1)扩张性货币政策：(2)货币政策不变。请仿照本章附录中的分析，说明不同政策选择的结果。日本和美国如果想相互协调是否能取得比各自单独行动更好的效果？

Suppose the U.S. and Japanese governments both want to depreciate their currencies to help their tradables industries but fear the resulting inflation. The two policy choices available to them are(1)expansionary monetary policy and(2)no change in monetary policy. Develop an analysis like the one in the appendix to show the consequences of different policy choices. Can Japan and the United States do better by cooperating than by acting individually？

in the files of two audit clients.

Palm Industries Co (Palm)

Palm’s year end was 31 March 2015 and the draft financial statements show revenue of $28·2 million, receivables of $5·6 million and profit before tax of $4·8 million. The fieldwork stage for this audit has been completed.

A customer of Palm owed an amount of $350,000 at the year end. Testing of receivables in April highlighted that no amounts had been paid to Palm from this customer as they were disputing the quality of certain goods received from Palm. The finance director is confident the issue will be resolved and no allowance for receivables was made with regards to this balance.

Ash Trading Co (Ash)

Ash is a new client of Chestnut & Co, its year end was 31 January 2015 and the firm was only appointed auditors in February 2015, as the previous auditors were suddenly unable to undertake the audit. The fieldwork stage for this audit is currently ongoing.

The inventory count at Ash’s warehouse was undertaken on 31 January 2015 and was overseen by the company’s internal audit department. Neither Chestnut & Co nor the previous auditors attended the count. Detailed inventory records were maintained but it was not possible to undertake another full inventory count subsequent to the year end.

The draft financial statements show a profit before tax of $2·4 million, revenue of $10·1 million and inventory of $510,000.

Required:

For each of the two issues:

(i) Discuss the issue, including an assessment of whether it is material;

(ii) Recommend ONE procedure the audit team should undertake to try to resolve the issue; and

(iii) Describe the impact on the audit report if the issue remains UNRESOLVED.

Notes:

1 The total marks will be split equally between each of the two issues.

2 Audit report extracts are NOT required.

rformed on a person-to person【C1】______ by the simple means of speech. If we travel in buses, stand in football match【C2】______ , we are likely to have conversation【C3】______ we give information or opinions, and sometimes have our views【C4】______ by other members of society. Face-to-face contact is【C5】______ the only form. of communication and during the last two hundred years the【C6】______ of mass communication has become one of the dominating factors of contemporary society. Two things, 【C7】______ others, have caused the enormous growth of the communication industry. Firstly, inventiveness has led to【C8】______ in printing, photography and so on. Secondly, speed has revolutionized the【C9】______ and reception of communications so that local news often takes【C10】______ back beat to national news.

No longer is the possession of information【C11】______ to a privileged minority. Forty years ago people used to【C12】______ to the cinema, but now far more people sit at home and turn on the TV to watch a programme that【C13】______ into millions of homes. Communication is no longer merely concerned【C14】______ the transmission of information. The modem communications industry influences the way people live in society and broadens, their【C15】______ by allowing access to information, education and entertainment. The printing, broadcasting and【C16】______ industries are all involved with informing, educating and entertaining.

【C17】______ a great deal of the material communicated by the mass media is very【C18】______ to the individual and to the society of which he is a part, the vast modem network of communications is【C19】______ to abuse. How ever, the mass media are with us for better, for worse, and there is no turning【C20】______ .

【C1】

A．basis

B．base

C．foundation

D．ground

A.Manufacturing and Technology

B.Construction and Infrastructure;

C.Primary Industries

D.Social and Community Services

E.Services Industries.

F.Creative Industries.

he telecom industry, China's rapid development has had a large impact on the world telecom industry. According to Ministry of Information Industry (MII) statistics for the first half of 2003, China has the world's largest telecom subscriber base, with nearly 500 million fixed-line and mobile subscribers. Overall telecom operator service revenue grew 14 percent to US$50 billion in 2002, with over 98 percent of this revenue accounted for by the four major state-owned operators.

In the cable TV industry, China has a rather unique history. Long considered part of the state propaganda apparatus, the State Administration of Radio, Film & Television (SARFT) has traditionally been responsible for both the production as well as the transmission of content. To de-politicize the business of video transmission. SARFT has been taking steps to separate the stations (i.e., content) from the net works in recent years.

In the computer/Internet industry. China has developed rapidly. Traditionally heavily focused on hardware, to the relative neglect of software, China's computer industry has been exposed to international competition for quite some time and has developed world-class domestic suppliers, in addition, China has over 50 million Internet users and Chinese is expected to become the most widely used language on the web within this decade.

Lastly, in the electronics manufacturing industry, China has in recent years emerged as a manufacturing base, as significant portions of the supply/assembly chain (most notably in computer and telecom equipment) have moved to the PRC. China's electronics sector is ranked first among all of China's industries in terms of foreign investment attracted, export volume, industrial value added, and contribution to GDP growth.

China's overall ICT industry can be viewed as growing very rapidly in many areas. Indeed, ICT constitutes a major area of China's overall growth. In the first quarter of 2003, China's overall industrial sector's industrial value-added grew by 17.2 percent year on year, compared to 10.9 percent growth a year earlier. Nearly one-third of that growth, or 5.8 points out of 17.2 percentage points of growth, came from two sectors: telecommunications and electronics.

China's rapid development in the telecom industry has played a/an ______ role on the w0orld telecom industry.

A．minor

B．important

C．secondary

from the opposite page to fill each of the blanks． ·For each blank(8-12)，mark one letter(A-G)on your Answer Sheet． ·Do not mark any leder twice． ·There is an example at the beginning(0)． Sir， You stated on February l3th that New Mexico has“few natural resources” D． In 1991 New Mexico ranked fourth in the United States in production of natural gas，seventh in oil and tenth in non-fuel minerals(8)______ Non-fuel minerals contributed about$l billion and coal $509 million． Taxes from production of fuels and minerals，and lease payments on state lands have been set aside by legislative acts to endow two permanent funds worth about$5．65 billion．(9)______In addition，during fiscal year 1991，payments to New Mexico from taxes on federal lands were$108 million，all earmarked for public education。 (10)______About$566 million came from taxes and permanent-fund earnings attributable to oil and gas production．(11)______Tourism is an important industry in New Mexic0，yet its economic impact on the public sector is dwarfed by that of mineral production． New Mexico canle through the recent recession in much better shape than most other states．It does not have a deficit．(12)______States that rely primarily on a sales tax or on an income tax have big problems during economic downturns．Income growth per head in New Mexico averaged 6．1／00 in the year to October l992-one of the fastest growth rates in the United STATES Charles Chapin A．This is in large due to its broadly based tax structure． B． New Mexic0’S extractive mineral industries contribute about a third of the state’S $1．9 billion general-fund income in fiscal year l 991． C．However．the extractive mineral industry in New Mexico is one of the state’S strongest economic forces． D．During fiscal year l 992 New Mexico raised permanent funds worth about$6．1billion． E．The combined value of oil and gas production was$2．8 billion． F．Some 16，000 employees work in the extractive industries and their wages are among the highest of any major industry． G．The$39 million earned by these funds in l 991 was used to finance education and other public services． (8)__________

A.Ensuring an equal distribution of goods and services

B.Ensuring that resources are used in the most efficient manner

C.Ensuring that all industries will be perfectly competitive in the long run

D.Equating the marginal utilities of all goods consumed

E.Equating level of purchases with level of needs

"Wedon&39;t make anything anymore," he told Fox News, while defending his own made-in-Mexicoclothing line.

Without question, manufacturing has taken a significant hit during recent decades, and further tradedeals raise questions about whether new shocks could hit manufacturing.

But there is also a different way to look at the data.

Across the country, factory owners are now grappling with a new challenge: instead of having toomany workers, they may end up with too few. Despite trade competition and outsourcing, Americanmanufacturing still needs to replace tens of thousands of retiring boomers every years. Millennialsmay not be that interested in taking their place, other industries are recruiting them with similar orbetter pay.

For factory owners, it all adds up to stiff competition for workers－and upward pressure on wages. "They&39;re harder to find and they have job offers," says Jay Dunwell, president of Wolverine CoilSpring, a family-owned firm, "They may be coming [into the workforce], but they&39;ve been pluckedby other industries that are also doing an well as manufacturing," Mr. Dunwell has begun bringinghigh school juniors to the factory so they can get exposed to its culture.

At RoMan Manufacturing, a maker of electrical transformers and welding equipment that his fathercofounded in 1980, Robert Roth keep a close eye on the age of his nearly 200 workers, five areretiring this year. Mr. Roth has three community-college students enrolled in a work-placementprogram, with a starting wage of $13 an hour that rises to $17 after two years.

At a worktable inside the transformer plant, young Jason Stenquist looks flustered by the coppercoils he&39;s trying to assemble and the arrival of two visitors. It&39;s his first week on the job. Askedabout his choice of career, he says at high school he considered medical school before switching toelectrical engineering. "I love working with tools. I love creating." he says.

But to win over these young workers, manufacturers have to clear another major hurdle: parents,who lived through the worst US economic downturn since the Great Depression, telling them toavoid the factory. Millennials "remember their father and mother both were laid off. They blame iton the manufacturing recession," says Birgit Klohs, chief executive of The Right Place, a businessdevelopment agency for western Michigan.

These concerns aren&39;t misplaced: Employment in manufacturing has fallen from 17 million in 1970to 12 million in 2013. When the recovery began, worker shortages first appeared in the high-skilledtrades. Now shortages are appearing at the mid-skill levels. "

The gap is between the jobs that take to skills and those that require a lot of skill," says Rob Spohr,a business professor at Montcalm Community College. "There&39;re enough people to fill the jobs atMcDonalds and other places where you don&39;t need to have much skill. It&39;s that gap in between, andthat&39;s where the problem is."

Julie Parks of Grand Rapids Community points to another key to luring Millennials intomanufacturing: a work/life balance. While their parents were content to work long hours, youngpeople value flexibility. "Overtime is not attractive to this generation. They really want to live theirlives," she says.

A、says that he switched to electrical engineering because he loves working with tools。

B、 points out that there are enough people to fill thejobs that don ’t need much skill 。

C、points out that the US doesn’t manu facture anything anymore。

D、believes that it is important to keep a close eye on the age of his workers。

[E] says that for factory owners，workers are harder to find because of stiff competition。

[F] points out that a work/life balance can attract young people into manufacturing。

[G] says that the manufacturing recession is to15 blame for the lay-off the young people’s parents 。

41.Jay Deuwell______________

42.Jason Stenquist______________

43.Birgit Klohs______________

44.Rob Spohr______________

45.Julie Parks______________

41__________

42

43

44

45

请帮忙给出每个问题的正确答案和分析，谢谢！