They agreed to share in common any ______ of funds after all expenses were paid in full.
A．sufficiency
B．surpass
C．excess
D．surplus
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更多“They agreed to share in common…”相关的问题
第1题
A.Agreeing
B.Having agreed
C.To agree
D.It is agreed
第2题
A.股本Capital share
B.实收资本Paid-in capital
C.资本公积 Capital reserve
D.盈余公积Surplus reserve
第3题
(b) On 31 May 2007, Leigh purchased property, plant and equipment for $4 million. The supplier has agreed to
accept payment for the property, plant and equipment either in cash or in shares. The supplier can either choose
1·5 million shares of the company to be issued in six months time or to receive a cash payment in three months
time equivalent to the market value of 1·3 million shares. It is estimated that the share price will be $3·50 in
three months time and $4 in six months time.
Additionally, at 31 May 2007, one of the directors recently appointed to the board has been granted the right to
choose either 50,000 shares of Leigh or receive a cash payment equal to the current value of 40,000 shares at
the settlement date. This right has been granted because of the performance of the director during the year and
is unconditional at 31 May 2007. The settlement date is 1 July 2008 and the company estimates the fair value
of the share alternative is $2·50 per share at 31 May 2007. The share price of Leigh at 31 May 2007 is $3 per
share, and if the director chooses the share alternative, they must be kept for a period of four years. (9 marks)
Required:
Discuss with suitable computations how the above share based transactions should be accounted for in the
financial statements of Leigh for the year ended 31 May 2007.
第4题
听力原文： My first semester of college was the worst I've been through. I had made plans during the summer to share an apartment with two of my close friends from high school. But before we moved in，problems started developing.
One of the two girls I was to share an apartment with was going to work instead of going to college。 However，a week before we were to move in，she found out that she didn't get the job. She is forced to live at home and look for work. The rest two of us lasted for a month and then agreed that we couldn't make it with the higher monthly rent payments. I started looking around.
I found another apartment and the rent wasn't bad. The place was noisy，but it was the best I could afford for the time. However，one day when I returned，I saw smoke coming from the back of the house. The cottage had caught fire，and my room was a burned mess。I was once more out of a place to stay.
I finally gave up looking around and moved home. I had to drive forty miles to school every day，so I almost spent as much on gas as I would have on lodging. I was very bored I almost lost the will to study. It had been really a bad semester!
(33)
A．To look for two of her close friends.
B．To stay at home and study.
C．To share an apartment with friends.
D．To move out and live alone.
第5题
expand the company’s activities overseas. In order to resolve the position it has been agreed that Spica will sell her
shares back to the company. Once the purchase of her shares has taken place, the company intends to establish a
number of branches overseas and acquire a shareholding in a number of companies that are resident and trade in
overseas countries.
The following information has been obtained from client files and meetings with the parties involved.
Acrux Ltd:
– An unquoted UK resident company.
– Share capital consists of 50,000 ordinary shares issued at ￡1·90 per share in July 2000.
– None of the other shareholders has any connection with Spica.
The purchase of own shares:
– The company will purchase all of Spica’s shares for ￡8 per share.
– The transaction will take place by the end of 2008.
Spica:
– Purchased 8,000 shares in Acrux Ltd for ￡2 per share on 30 September 2003.
– Has no income in the tax year 2008/09.
– Has chargeable capital gains in the tax year 2008/09 of ￡3,800.
– Has houses in the UK and the country of Solaris and divides her time between them.
Investment in non-UK resident companies:
– Acrux Ltd will acquire between 15% and 20% of each of the non-UK resident companies.
– The companies will not be controlled foreign companies as the rates of tax in the overseas countries will be
between 23% and 42%.
– There may or may not be a double tax treaty between the UK and the overseas countries in which the companies
are resident. Where there is a treaty, it will be based on the OECD model treaty.
– None of the countries concerned levy withholding tax on dividends paid to UK companies.
– The directors of Acrux Ltd are concerned that the rate of tax suffered on the profits of the overseas companies
will be very high as they will be taxed in both the overseas country and in the UK.
Required:
(a) (i) Prepare detailed calculations to determine the most beneficial tax treatment of the payment Spica will
receive for her shares; (7 marks)
第6题
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.
第7题
1 The board of Worldwide Minerals (WM) was meeting for the last monthly meeting before the publication of the yearend
results. There were two points of discussion on the agenda. First was the discussion of the year-end results;
second was the crucial latest minerals reserves report.
WM is a large listed multinational company that deals with natural minerals that are extracted from the ground,
processed and sold to a wide range of industrial and construction companies. In order to maintain a consistent supply
of minerals into its principal markets, an essential part of WM’s business strategy is the seeking out of new sources
and the measurement of known reserves. Investment analysts have often pointed out that WM’s value rests principally
upon the accuracy of its reserve reports as these are the best indicators of future cash flows and earnings. In order to
support this key part of its strategy, WM has a large and well-funded geological survey department which, according
to the company website, contains ‘some of the world’s best geologists and minerals scientists’. In its investor relations
literature, the company claims that:
‘our experts search the earth for mineral reserves and once located, they are carefully measured so that the company
can always report on known reserves. This knowledge underpins market confidence and keeps our customers
supplied with the inventory they need. You can trust our reserve reports – our reputation depends on it!’
At the board meeting, the head of the geological survey department, Ranjana Tyler, reported that there was a problem
with the latest report because one of the major reserve figures had recently been found to be wrong. The mineral in
question, mallerite, was WM’s largest mineral in volume terms and Ranjana explained that the mallerite reserves in
a deep mine in a certain part of the world had been significantly overestimated. She explained that, based on the
interim minerals report, the stock market analysts were expecting WM to announce known mallerite reserves of
4·8 billion tonnes. The actual figure was closer to 2·4 billion tonnes. It was agreed that this difference was sufficient
to affect WM’s market value, despite the otherwise good results for the past year. Vanda Monroe, the finance director,
said that the share price reflects market confidence in future earnings. She said that an announcement of an incorrect
estimation like that for mallerite would cause a reduction in share value. More importantly for WM itself, however, it
could undermine confidence in the geological survey department. All agreed that as this was strategically important
for the company, it was a top priority to deal with this problem.
Ranjana explained how the situation had arisen. The major mallerite mine was in a country new to WM’s operations.
The WM engineer at the mine said it was difficult to deal with some local people because, according to the engineer,
‘they didn’t like to give us bad news’. The engineer explained that when the mine was found to be smaller than
originally thought, he was not told until it was too late to reduce the price paid for the mine. This was embarrassing
and it was agreed that it would affect market confidence in WM if it was made public.
The board discussed the options open to it. The chairman, who was also a qualified accountant, was Tim Blake. He
began by expressing serious concern about the overestimation and then invited the board to express views freely. Gary
Howells, the operations director, said that because disclosing the error to the market would be so damaging, it might
be best to keep it a secret and hope that new reserves can be found in the near future that will make up for the
shortfall. He said that it was unlikely that this concealment would be found out as shareholders trusted WM and they
had many years of good investor relations to draw on. Vanda Monroe, the finance director, reminded the board that
the company was bound to certain standards of truthfulness and transparency by its stock market listing. She pointed
out that they were constrained by codes of governance and ethics by the stock market and that colleagues should be
aware that WM would be in technical breach of these if the incorrect estimation was concealed from investors. Finally,
Martin Chan, the human resources director, said that the error should be disclosed to the investors because he would
not want to be deceived if he were an outside investor in the company. He argued that whatever the governance codes
said and whatever the cost in terms of reputation and market value, WM should admit its error and cope with
whatever consequences arose. The WM board contains three non-executive directors and their views were also
invited.
At the preliminary results presentation some time later, one analyst, Christina Gonzales, who had become aware of
the mallerite problem, asked about internal audit and control systems, and whether they were adequate in such a
reserve-sensitive industry. WM’s chairman, Tim Blake, said that he intended to write a letter to all investors and
analysts in the light of the mallerite problem which he hoped would address some of the issues that Miss Gonzales
had raised.
Required:
(a) Define ‘transparency’ and evaluate its importance as an underlying principle in corporate governance and in
relevant and reliable financial reporting. Your answer should refer to the case as appropriate. (10 marks)
第8题
3 The directors of The Healthy Eating Group (HEG), a successful restaurant chain, which commenced trading in 1998,
have decided to enter the sandwich market in Homeland, its country of operation. It has set up a separate operation
under the name of Healthy Sandwiches Co (HSC). A management team for HSC has been recruited via a recruitment
consultancy which specialises in food sector appointments. Homeland has very high unemployment and the vast
majority of its workforce has no experience in a food manufacturing environment. HSC will commence trading on
1 January 2008.
The following information is available:
(1) HSC has agreed to make and supply sandwiches to agreed recipes for the Superior Food Group (SFG) which
owns a chain of supermarkets in all towns and cities within Homeland. SFG insists that it selects the suppliers
of the ingredients that are used in making the sandwiches it sells and therefore HSC would be unable to reduce
the costs of the ingredients used in the sandwiches. HSC will be the sole supplier for SFG.
(2) The number of sandwiches sold per year in Homeland is 625 million. SFG has a market share of 4%.
(3) The average selling price of all sandwiches sold by SFG is $2·40. SFG wishes to make a mark-up of 331/3% on
all sandwiches sold. 90% of all sandwiches sold by SFG are sold before 2 pm each day. The majority of the
remaining 10% are sold after 8 pm. It is the intention that all sandwiches are sold on the day that they are
delivered into SFG’s supermarkets.
(4) The finance director of HSC has estimated that the average cost of ingredients per sandwich is $0·70. All
sandwiches are made by hand.
(5) Packaging and labelling costs amount to $0·15 per sandwich.
(6) Fixed overheads have been estimated to amount to $5,401,000 per annum. Note that fixed overheads include
all wages and salaries costs as all employees are subject to fixed term employment contracts.
(7) Distribution costs are expected to amount to 8% of HSC’s revenue.
(8) The finance director of HSC has stated that he believes the target sales margin of 32% can be achieved, although
he is concerned about the effect that an increase in the cost of all ingredients would have on the forecast profits
(assuming that all other revenue/cost data remains unchanged).
(9) The existing management information system of HEG was purchased at the time that HEG commenced trading.
The directors are now considering investing in an enterprise resource planning system (ERPS).
Required:
(a) Using only the above information, show how the finance director of HSC reached his conclusion regarding
the expected sales margin and also state whether he was correct to be concerned about an increase in the
price of ingredients. (5 marks)
第9题
Text 4
Could the bad old days of economic decline be about to return？ Since OPEC agreed to supply - cuts in March, the price of crude oil has jumped to almost $ 26 a barrel, up from less than $10 last December. This near - tripling of oil prices calls up scary memories of the 1973 oil shock, when prices quadrupled, and 1979 -80, when they also almost tri- pled. Both previous shocks resulted in double - digit inflation and global economic decline. So there are the headlines warning of gloom and doom this time？
The oil price was given another push up this week when Iraq suspended oil experts. Strengthening economic growth, al the' same time as winter grips the northern hemisphere, could push the price higher still in the short Item.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, tuxes account for up to four - fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.
Rich economies are also less dependent on oil than they were, and so less sensitive to swings in the 'oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries have reduced oil consumption. Software, consultancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP (in constant prices) rich economies now use nearly 50% less oil than in 1973. The OECD estimates in its latest Economic Outlook that, oil prices averaged $ 22 a barrel for a full year, compared with $13 in 1998, this would increase the oil import bill in rich economies by only 0.25 - 0.5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies—to which heavy industry has shifted—have become more energy-intensive, and se could he more seriously squeezed.
One more reason net to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist's commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%.
36. The main reason for the latest rise of oil price is______.
A) global inflation
B) reduction in supply
C) fast growth in economy
D) Iraq' s suspension of exports
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