Last October, restless and homesick after days in the desert, my Marine unit finally rea

rest.

A．flared

B．glittered

C．sparked

D．flashed

(b) You are the manager responsible for the audit of Poppy Co, a manufacturing company with a year ended

31 October 2008. In the last year, several investment properties have been purchased to utilise surplus funds

and to provide rental income. The properties have been revalued at the year end in accordance with IAS 40

Investment Property, they are recognised on the statement of financial position at a fair value of $8 million, and

the total assets of Poppy Co are $160 million at 31 October 2008. An external valuer has been used to provide

the fair value for each property.

Required:

(i) Recommend the enquiries to be made in respect of the external valuer, before placing any reliance on their

work, and explain the reason for the enquiries; (7 marks)

A、During their first winter after their arrival, over half of the settlers died of starvation or epidemics

B、Franklin Roosevelt was the first president to proclaim the last Thursday in November as a national day of Thanksgiving

C、October in 1777 marked the first time that all 13 colonies joined in a thanksgiving celebration

D、The people who sailed to America aboard the Mayflower were originally Englishmen

MGM Grand Hotel

October 25, 2007

Our current chef, Andy Matthews, will be leaving on November 15 to become the head chef of our newest Bellagio Hotel in Las Vegas.

Our restaurant is seeking a new head chef with initiative and experience. We invite applications from candidates who have worked in MGM Grand Hotel kitchens for the last four years and have made significant contributions to our recent drive to provide a better service. Candidates' abilities will be reviewed by an independent judge. On November 7, invited candidates will prepare the specific dishes from the Bellagio Hotel menu. These will be tested and judged by the restaurant reviewer from the Nevada Weekly. The final selection for the position will be made based on the reviews. Applications must be received by October 30.

For more information, please contact: Ms. Kate Hunter, (519) 747-2373 ext. 289.

What is being announced in the notice？

A．The plan of early retirements

B．The contest for the position of head chef

C．The introduction of new service standards

D．Andy Matthews' article in the Nevada Weekly

ts year end of 31 October

2005. The financial statements were authorised on 12 December 2005. The following events are relevant to the

financial statements for the year ended 31 October 2005:

(i) Ryder has a good record of ordinary dividend payments and has adopted a recent strategy of increasing its

dividend per share annually. For the last three years the dividend per share has increased by 5% per annum.

On 20 November 2005, the board of directors proposed a dividend of 10c per share for the year ended

31 October 2005. The shareholders are expected to approve it at a meeting on 10 January 2006, and a

dividend amount of $20 million will be paid on 20 February 2006 having been provided for in the financial

statements at 31 October 2005. The directors feel that a provision should be made because a ‘valid expectation’

has been created through the company’s dividend record. (3 marks)

(ii) Ryder disposed of a wholly owned subsidiary, Krup, a public limited company, on 10 December 2005 and made

a loss of $9 million on the transaction in the group financial statements. As at 31 October 2005, Ryder had no

intention of selling the subsidiary which was material to the group. The directors of Ryder have stated that there

were no significant events which have occurred since 31 October 2005 which could have resulted in a reduction

in the value of Krup. The carrying value of the net assets and purchased goodwill of Krup at 31 October 2005

were $20 million and $12 million respectively. Krup had made a loss of $2 million in the period 1 November

2005 to 10 December 2005. (5 marks)

(iii) Ryder acquired a wholly owned subsidiary, Metalic, a public limited company, on 21 January 2004. The

consideration payable in respect of the acquisition of Metalic was 2 million ordinary shares of $1 of Ryder plus

a further 300,000 ordinary shares if the profit of Metalic exceeded $6 million for the year ended 31 October

2005. The profit for the year of Metalic was $7 million and the ordinary shares were issued on 12 November

2005. The annual profits of Metalic had averaged $7 million over the last few years and, therefore, Ryder had

included an estimate of the contingent consideration in the cost of the acquisition at 21 January 2004. The fair

value used for the ordinary shares of Ryder at this date including the contingent consideration was $10 per share.

The fair value of the ordinary shares on 12 November 2005 was $11 per share. Ryder also made a one for four

bonus issue on 13 November 2005 which was applicable to the contingent shares issued. The directors are

unsure of the impact of the above on earnings per share and the accounting for the acquisition. (7 marks)

(iv) The company acquired a property on 1 November 2004 which it intended to sell. The property was obtained

as a result of a default on a loan agreement by a third party and was valued at $20 million on that date for

accounting purposes which exactly offset the defaulted loan. The property is in a state of disrepair and Ryder

intends to complete the repairs before it sells the property. The repairs were completed on 30 November 2005.

The property was sold after costs for $27 million on 9 December 2005. The property was classified as ‘held for

sale’ at the year end under IFRS5 ‘Non-current Assets Held for Sale and Discontinued Operations’ but shown at

the net sale proceeds of $27 million. Property is depreciated at 5% per annum on the straight-line basis and no

depreciation has been charged in the year. (5 marks)

(v) The company granted share appreciation rights (SARs) to its employees on 1 November 2003 based on ten

million shares. The SARs provide employees at the date the rights are exercised with the right to receive cash

equal to the appreciation in the company’s share price since the grant date. The rights vested on 31 October

2005 and payment was made on schedule on 1 December 2005. The fair value of the SARs per share at

31 October 2004 was $6, at 31 October 2005 was $8 and at 1 December 2005 was $9. The company has

recognised a liability for the SARs as at 31 October 2004 based upon IFRS2 ‘Share-based Payment’ but the

liability was stated at the same amount at 31 October 2005. (5 marks)

Required:

Discuss the accounting treatment of the above events in the financial statements of the Ryder Group for the year

ended 31 October 2005, taking into account the implications of events occurring after the balance sheet date.

(The mark allocations are set out after each paragraph above.)

(25 marks)

Passage Three

More than 6,000 children were expelled (开除) from US school last year for bringing guns and bombs to school, the US Department of Education said on May 8.

The department gave a report to the expulsions (开除) as saying handguns accounted for 58% of the 6,093 expulsions in 1996—1997, against 7% for rifles (步枪) or shotguns and 35% for other types of firearms.

"The report is a clear sign that our nation's public schools are cracking down (严惩) on students who bring guns to school," Education Secretary Richard Riley said in a statement.

In March 1997, an 11-year old boy and a 13-year old boy using handguns and rifles shot dead four children and a teacher at a school in Arkansas. In October, two were killed and seven wounded in a shooting at a Mississippi school. Two months later, a 14-year old boy killed three high school students and wounded five in Kentucky.

Most of the expulsions, 56%, were from high school, 34% were from junior high schools and 9% were from elementary schools, the report said.

41. From the first paragraph we can infer that in the US schools______.

A. students enjoy shooting

B. safety is a problem

C. students are eager to be solider.

D. students can make guns.

ing terms:

an immediate payment of $4 per share on 1 October 2010; and

a further amount deferred until 1 October 2011 of $5·4 million.

The immediate payment has been recorded in Paladin’s financial statements, but the deferred payment has not been recorded. Paladin’s cost of capital is 8% per annum.

On 1 February 2011, Paladin also acquired 25% of the equity shares of Augusta paying $10 million in cash. The summarised statements of financial position of the three companies at 30 September 2011 are:

The following information is relevant:

(i) Paladin’s policy is to value the non-controlling interest at fair value at the date of acquisition. For this purpose the directors of Paladin considered a share price for Saracen of $3·50 per share to be appropriate.

(ii) At the date of acquisition, the fair values of Saracen’s property, plant and equipment was equal to its carrying amount with the exception of Saracen’s plant which had a fair value of $4 million above its carrying amount. At that date the plant had a remaining life of four years. Saracen uses straight-line depreciation for plant assuming a nil residual value. Also at the date of acquisition, Paladin valued Saracen’s customer relationships as a customer base intangible asset at fair value of $3 million. Saracen has not accounted for this asset. Trading relationships with Saracen’s customers last on average for six years.

(iii) At 30 September 2011, Saracen’s inventory included goods bought from Paladin (at cost to Saracen) of $2·6 million. Paladin had marked up these goods by 30% on cost. Paladin’s agreed current account balance owed by Saracen at 30 September 2011 was $1·3 million.

(iv) Impairment tests were carried out on 30 September 2011 which concluded that consolidated goodwill was not impaired, but, due to disappointing earnings, the value of the investment in Augusta was impaired by $2·5 million.

(v) Assume all profits accrue evenly through the year.

Required:

Prepare the consolidated statement of financial position for Paladin as at 30 September 2011.

根据下面对话，回答题。

Dialogue One

Diana：Look at those strangely dressed kids. What are they doing there？

Arthur：Don&39;t you know？ Today is the Halloween Day.1__________October 31’st. The last day in October is a holiday for kids. We call it Halloween.

Diana：Halloween! I heard it before,2__________

Arthur：Children celebrate it by making lanterns that night.

Diana：Pardon？

Arthur：Those are lanterns made out of fresh pumpkins with a candle burning inside.

Diana：Today I saw some in the street with carved faces on them. Are they all made by children？

Arthur：3__________You know, it is too hard for them to do it by themselves. Sometimes they are available in various shops too.

Diana：They are fascinating. Are you going to any Halloween party tonight？ 4__________

Arthur：No problem.

第1题__________ 查看材料

A.Parents usually help them

B.The kids are going trick or treating

C.but I don’t know how it is celebrated

D.If you go， take me with you

Passage Four

More than 6,000 children were expelled (开除) from US school last year for bringing guns and bombs to school, the US Department of Education said on May 8.

The department gave a report to the expulsions (开除) as saying handguns accounted for 58 percent of the 6,093 expulsions in 1996 and 1997, against 7 percent for rifles (步枪) or shotguns and 35 percent for other types of firearms.

"The report is a clear sign that out nation's public schools are cracking down (严惩) on students who bring guns to school," Education Secretary Richard Riley said in a statement. "We need to be tough-minded about keeping guns out of our schools and do everything to keep our children safe."

In March 1997, an 11 years old boy and 13 years old boy using handguns and rifles shot dead four children and a teacher at a school in Jonesboro, Arkansas. In October, two were killed and seven wounded in a shooting at a Mississippi school. Two months later, a 14 years old boy killed three high school students and wounded five in Dasucah, Kentucky.

Most of the expulsions, 56 percent, were from high school, which have students from about age 13.34 percent were from junior high schools and 9 percent were from elementary schools, the report said.

46. From the first paragraph we can infer that in the US schools ______.

A. students enjoy shooting

B. students are eager to be solider

C. safety is a problem

D. students can make guns

he acquisition was achieved through a share exchange of one share in Penketh for every three shares in Sphere. At that date the stock market prices of Penketh’s and Sphere’s shares were $4 and $2·50 per share respectively. Additionally, Penketh will pay $1·54 cash on 30 September 2014 for each share acquired. Penketh’s finance cost is 10% per annum.

The retained earnings of Sphere brought forward at 1 April 2013 were $120 million.

The summarised statements of profit or loss and other comprehensive income for the companies for the year ended 31 March 2014 are:

The following information is relevant:

(i) A fair value exercise conducted on 1 October 2013 concluded that the carrying amounts of Sphere’s net assets were equal to their fair values with the following exceptions:

– the fair value of Sphere’s land was $2 million in excess of its carrying amount

– an item of plant had a fair value of $6 million in excess of its carrying amount. The plant had a remaining life of two years at the date of acquisition. Plant depreciation is charged to cost of sales.

– Penketh placed a value of $5 million on Sphere’s good trading relationships with its customers. Penketh expected, on average, a customer relationship to last for a further five years. Amortisation of intangible assets is charged to administrative expenses.

(ii) Penketh’s group policy is to revalue land to market value at the end of each accounting period. Prior to its acquisition, Sphere’s land had been valued at historical cost, but it has adopted the group policy since its acquisition. In addition to the fair value increase in Sphere’s land of $2 million (see note (i)), it had increased by a further $1 million since the acquisition.

(iii) On 1 October 2013, Penketh also acquired 30% of Ventor’s equity shares. Ventor’s profit after tax for the year ended 31 March 2014 was $10 million and during March 2014 Ventor paid a dividend of $6 million. Penketh uses equity accounting in its consolidated financial statements for its investment in Ventor.

Sphere did not pay any dividends in the year ended 31 March 2014.

(iv) After the acquisition Penketh sold goods to Sphere for $20 million. Sphere had one fifth of these goods still in inventory at 31 March 2014. In March 2014 Penketh sold goods to Ventor for $15 million, all of which were still in inventory at 31 March 2014. All sales to Sphere and Ventor had a mark-up on cost of 25%.

(v) Penketh’s policy is to value the non-controlling interest at the date of acquisition at its fair value. For this purpose, the share price of Sphere at that date (1 October 2013) is representative of the fair value of the shares held by the non-controlling interest.

(vi) All items in the above statements of profit or loss and other comprehensive income are deemed to accrue evenly over the year unless otherwise indicated.

Required:

(a) Calculate the consolidated goodwill as at 1 October 2013.

(b) Prepare the consolidated statement of profit or loss and other comprehensive income of Penketh for the year ended 31 March 2014.

The following mark allocation is provided as guidance for this question:

(a) 6 marks

(b) 19 marks