單項選擇題信用中介和支付中介職能以( )為重要支柱和經濟基礎。
A.支票
B.現金
C.存款
D.貸款


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Section B – TWO questions ONLY to be attemptedYou are a manager in the audit department of Beech & Co, responsible for the audits of Fir Co, Spruce Co and Pine Co. Each company has a financial year ended 31 July 2011, and the audits of all companies are nearing completion. The following issues have arisen in relation to the audit of accounting estimates and fair values:(a) Fir CoFir Co is a company involved in energy production. It owns several nuclear power stations, which have a remaining estimated useful life of 20 years. Fir Co intends to decommission the power stations at the end of their useful life and the statement of financial position at 31 July 2011 recognises a material provision in respect of decommissioning costs of $97 million (2010 – $110 million). A brief note to the financial statements discloses the opening and closing value of the provision but no other information is provided.Required: Comment on the matters that should be considered, and explain the audit evidence you should expect to find in your file review in respect of the decommissioning provision. (8 marks)(b) Spruce CoSpruce Co is also involved in energy production. It has a trading division which manages a portfolio of complex financial instruments such as derivatives. The portfolio is material to the financial statements. Due to the specialist nature of these financial instruments, an auditor’s expert was engaged to assist in obtaining sufficient appropriate audit evidence relating to the fair value of the financial instruments. The objectivity, capabilities and competence of the expert were confirmed prior to their engagement.Required:Explain the procedures that should be performed in evaluating the adequacy of the auditor’s expert’s work. (5 marks)(c) Pine CoPine Co operates a warehousing and distribution service, and owns 120 properties. During the year ended 31 July 2011, management changed its estimate of the useful life of all properties, extending the life on average by 10 years. The financial statements contain a retrospective adjustment, which increases opening non-current assets and equity by a material amount. Information in respect of the change in estimate has not been disclosed in the notes to the financial statements.Required:Identify and explain the potential implications for the auditor’s report of the accounting treatment of the change in accounting estimates. (5 marks)

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Section B – TWO questions ONLY to be attemptedThere has been a debate in the country of Geeland for some years about the most appropriate way to regulate corporate governance. Several years ago, there were a number of major corporate failures and ‘scandals’ caused in part by a number of single powerful individuals dominating their boards. Business leaders and policy-makers were sceptical about a rules-based approach, and this led the Geeland stock exchange to issue guidance in the ‘Geeland Code’ as follows:‘Good corporate governance is not just a matter of prescribing particular corporate structures and complying with a number of rules. There is a need for broad principles. All stakeholders should then apply these flexibly to the varying circumstances of individual companies.’Given the causes of the Geeland corporate governance failures, there was a debate about whether the separation of the roles of chairman and chief executive should be made a legal requirement. This resulted in the stock exchange issuing guidance that whilst a rules-based or ‘box ticking’ approach would specify that ‘the roles of chairman and chief executive officer should never be combined… We do not think that there are universally valid answers on such points.’One company to take advantage of the flexibility in Geeland’s principles-based approach was Anson Company. In July 2010, Anson Company announced that it had combined its roles of chairman and chief executive in a single role carried out by one individual. In accordance with the Geeland listing rules, it made the following ‘comply or explain’ statement in its 2011 annual report:‘Throughout the year the company complied with all Geeland Code provisions with the exception that from 1 July 2010 the roles of chairman and chief executive have been exercised by the same individual, William Klunker. We recognise that this has been out of line with best practice. We understand the concerns of shareholders but believe that we have maintained robust governance while at the same time benefiting from having Mr Klunker in control. On 31 July 2012 Mr Klunker will step down as executive chairman, remaining as chairman until we conclude our search for a non-executive chairman to succeed him, no later than March 2013.’Required:(a) Briefly distinguish between rules and principles-based approaches to corporate governance. Critically evaluate the Geeland stock exchange’s guidance that ‘all stakeholders should then apply these flexibly to the varying circumstances of individual companies.’ (12 marks)(b) Explain why a separation of the roles of chairman and chief executive is considered best practice in most jurisdictions. (8 marks)(c) Assess the ‘comply or explain’ statement made by Anson Company in its 2011 annual report. (5 marks)

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Warden Co plans to buy a new machine. The cost of the machine, payable immediately, is $800,000 and the machine has an expected life of five years. Additional investment in working capital of $90,000 will be required at the start of the first year of operation. At the end of five years, the machine will be sold for scrap, with the scrap value expected to be 5% of the initial purchase cost of the machine. The machine will not be replaced.Production and sales from the new machine are expected to be 100,000 units per year. Each unit can be sold for $16 per unit and will incur variable costs of $11 per unit. Incremental fixed costs arising from the operation of the machine will be $160,000 per year.Warden Co has an after-tax cost of capital of 11% which it uses as a discount rate in investment appraisal. The company pays profit tax one year in arrears at an annual rate of 30% per year. Capital allowances and inflation should be ignored.Required:(a) Calculate the net present value of investing in the new machine and advise whether the investment is financially acceptable. (7 marks)(b) Calculate the internal rate of return of investing in the new machine and advise whether the investment is financially acceptable. (4 marks)(c) (i) Explain briefly the meaning of the term ‘sensitivity analysis’ in the context of investment appraisal; (1 mark) (ii) Calculate the sensitivity of the investment in the new machine to a change in selling price and to a change in discount rate, and comment on your findings. (6 marks)(d) Discuss the nature and causes of the problem of capital rationing in the context of investment appraisal, and explain how this problem can be overcome in reaching the optimal investment decision for a company. (7 marks)

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(a) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors contains guidance on the use of accounting policies and accounting estimates.Required:Explain the basis on which the management of an entity must select its accounting policies and distinguish, with an example, between changes in accounting policies and changes in accounting estimates. (5 marks)(b) The directors of Tunshill are disappointed by the draft profi t for the year ended 30 September 2010. The company’s assistant accountant has suggested two areas where she believes the reported profi t may be improved:(i) A major item of plant that cost $20 million to purchase and install on 1 October 2007 is being depreciated on a straight-line basis over a fi ve-year period (assuming no residual value). The plant is wearing well and at the beginning of the current year (1 October 2009) the production manager believed that the plant was likely to last eight years in total (i.e. from the date of its purchase). The assistant accountant has calculated that, based on an eight-year life (and no residual value) the accumulated depreciation of the plant at 30 September 2010 would be $7·5 million ($20 million/8 years x 3). In the fi nancial statements for the year ended 30 September 2009, the accumulated depreciation was $8 million ($20 million/5 years x 2). Therefore, by adopting an eight-year life, Tunshill can avoid a depreciation charge in the current year and instead credit $0·5 million ($8 million – $7·5 million) to the income statement in the current year to improve the reported profi t. (5 marks)(ii) Most of Tunshill’s competitors value their inventory using the average cost (AVCO) basis, whereas Tunshill uses the fi rst in fi rst out (FIFO) basis. The value of Tunshill’s inventory at 30 September 2010 (on the FIFO basis) is $20 million, however on the AVCO basis it would be valued at $18 million. By adopting the same method (AVCO) as its competitors, the assistant accountant says the company would improve its profi t for the year ended 30 September 2010 by $2 million. Tunshill’s inventory at 30 September 2009 was reported as $15 million, however on the AVCO basis it would have been reported as $13·4 million. (5 marks)Required:Comment on the acceptability of the assistant accountant’s suggestions and quantify how they would affect the fi nancial statements if they were implemented under IFRS. Ignore taxation.Note: the mark allocation is shown against each of the two items above.

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Some commentators argue that: ‘With continuing pressure to control costs and maintain efficiency, the time has come for all public sector organisations to embrace zero-based budgeting. There is no longer a place for incremental budgeting in any organisation, particularly public sector ones, where zero-based budgeting is far more suitable anyway.’Required:(a) Discuss the particular difficulties encountered when budgeting in public sector organisations compared with budgeting in private sector organisations, drawing comparisons between the two types of organisations. (5 marks)(b) Explain the terms ‘incremental budgeting’ and ‘zero-based budgeting’. (4 marks)(c) State the main stages involved in preparing zero-based budgets. (3 marks)(d) Discuss the view that ‘there is no longer a place for incremental budgeting in any organisation, particularly public sector ones,’ highlighting any drawbacks of zero-based budgeting that need to be considered. (8 marks)

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Section B – TWO questions ONLY to be attemptedA local government housing department (LGHD) has funds which it is proposing to spend on the upgrading of air conditioning systems in its housing inventory.It is intended that the upgrading should enhance the quality of living for the occupants of the houses.Preferred contractors will be identifi ed to carry out the work involved in the upgrading of the air conditioning systems, with each contractor being responsible for upgrading of the systems in a proportion of the houses. Contractors will also be required to provide a maintenance and operational advice service during the fi rst two years of operation of the upgraded systems.Prior to a decision to implement the proposal, LGHD has decided that it should carry out a value for money (VFM) audit.You have been given the task of preparing a report for LGHD, to help ensure that it can make an informed decision concerning the proposal.Required:Prepare a detailed analysis which will form. the basis for the preparation of the fi nal report. The analysis should include a clear explanation of the meaning and relevance of each of (i) to (iii) below:(i) Value for Money (VFM) audit (including references to the roles of principal and agent). (6 marks)(ii) Economy, effi ciency and effectiveness as part of the VFM audit. (6 marks)(iii) The extent (if any) to which each of intangibility, heterogeneity, simultaneity and perishability may be seen to relate to the decision concerning the proposal, and any problems that may occur. (8 marks)Note: Your analysis should incorporate specifi c references to examples relating to the upgrading proposal.

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Dee and Eff are major shareholders in, and the directors of, the public company, Fan plc. For the year ended 30 April 2009 Fan plc’s financial statements showed a loss of £2,000 for the year.For the year ended 30 April 2010 Fan plc made a profit of £3,000 and, due to a revaluation, the value of its land and buildings increased by £5,000.As a consequence, Dee and Eff recommended, and the shareholders approved, the payment of £4,000 in dividends.Required:Advise Dee and Eff as to:(a) the legality of the dividend payment; and (6 marks)(b) any potential legal liability in regard to the dividend payment. (4 marks)

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某公司正在著手編制2016年的財務計劃,打算利用平均資本成本比較法確定最佳資本結構,現在的工作是根據現有資料計算與平均資本成本有關的數據,有關資料如下:公司目前的資本結構 單位:萬元長期借款 192長期債券 960普通股 800留存收益 1248其他有關信息如下:(1)公司長期借款年利率當前是6%,明年將下降為4.6%;(2)公司債券面值為1000元,票面利率為8%,期限為5年,每年年末支付一次利息,當前市價為1120元;如果按公司債券當前市價溢價發行新的債券,發行成本為市價的3%;(3)公司普通股面值為1元,發行的時候籌資費用是2%,當前每股市價為6.6元,本年派發現金股利每股0.55元,預計股利增長率維持6%;(4)公司普通股的β值為1.15,當前國債的收益率為5%,市場平均報酬率為14%;(5)公司所得稅稅率為25%。要求:(1)按照一般模式計算長期借款資本成本;(2)按照折現模式計算債券的資本成本;(3)分別使用股利增長模型和資本資產定價模型計算股票資本成本,并將兩種結果的平均值作為股票資本成本;(4)分別使用股利增長模型和資本資產定價模型計算留存收益資本成本,并將兩種結果的平均值作為留存收益資本成本;(5)如果明年不改變資本結構,計算其平均資本成本。(計算時個別資本成本百分數保留兩位小數)

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案例四:某銀行2010年3月21日向某客戶發放汽車貸款20萬元,并與當日全部劃轉制定汽車經銷商。該筆貸款期限為6個月,貸款利率為5.76%。同年9月11日,該客戶存入25萬元活期存款以備償還貸款,其在2010年9月20日前沒有發生其他存取行為。每季度末月20日為該銀行結息日。按利隨本清計算,該銀行在2010年9月21日貸款到期應收利息是()元。請幫忙給出每個問題的正確答案和分析,謝謝!

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案例五:M投資者預計A股票將要跌價,于2012年4月1日與S投資者訂立賣出合約,合約規定有效期為3個月,M投資者可按現有價格10元賣出A股票1000股,期權費為每股0.5元。2012年5月1日A股票價格下跌至每股8元(不考慮稅金與傭金等其他因素)。M投資者所做的交易屬于()。請幫忙給出每個問題的正確答案和分析,謝謝!

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