题目内容
（请给出正确答案）
Andrew Co is a large listed company financed by both equity and debt.
In which of the following areas of financial management will the impact of working capital management be smallest？
A.Liquidity management
B.Interest rate management
C.Management of relationship with the bank
D.Dividend policy
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更多“Andrew Co is a large listed company financed by both equity and debt.In which of the follo”相关的问题
A、1 year
B、2 years
C、3 years
D、4 years
A．Because hamburgers are good to eat.
B．Because they are easy to make.
C．Because they could sell hamburgers throughout the country.
D．Because they thought they could make large profit.
Why did southerners want to keep slavery？
A．They could employ large numbers of slaves in cotton plantations.
B．They could only produce cotton.
C．The black people could go to the north to make money.
D．They could unite the southern states.
Why light in color is important to large animals in deserts？
A．It helped them maintain a constant normal body temperature.
B．It reflects rather than absorbs the sun-light.
C．It helps them see their peers at night.
D．It keeps them keep cool during the night.
Andrew Carnegie
Born in Scotland, in 1835, Andrew Carnegie entered the world in poverty. Carnegie's father came to America when Andrew was twelve, and his brother, Thomas, was five. Arriving in New York in 1848, the Carnegies settled in Allegheny City, Pennsylvania Allegheny City provided Carnegie's first job, as a bobbin boy in a cotton factory, working for $1.20 a week. At 15, Carnegie became a telegraph messenger boy in Pittsburgh. Carnegie's next job was as a railroad clerk, working for the Pennsylvania Railroad. He worked his way up the ladder, through his dedication and honest desire to succeed, to become train dispatcher and then division manager. At this time, young Carnegie, age 24, had already made some small investments that laid the foundations of his what would be tremendous fortune. One of these investments was the purchase of stock in the Woodruff Sleeping Car Company.
In 1864, Carnegie entered the iron business, but did not begin to make steel until years later. In 1873, he built the Edgar Thomson works in Braddock, Pennsylvania, to make Bessemer steel. He established many other steel plants, and in 1892, he merged all of his interests into the Carnegie Steel Company. This act from Carnegie is fitting with one of his most famous quotations, "Put all of your eggs in one basket, and then watch that basket." This firm became one of the greatest industrial enterprises in America. Carnegie later sold it to J. P. Morgan's United States Steel Corporation in 1901 for $ 400 million, which would be a little over $4 billion today!
After retiring, Carnegie's fortune was estimated to be as large as half a billion dollars. From that time on, with the philosophy that the rich have a moral obligation to give away their money, he devoted himself to philanthropy. Although ironic, this man of great fortune strongly believed in the merits of poverty for the development of character and work ethic, and determined that wealthy men should not leave their fortunes to their children, but should give it away, claiming "The man who dies thus rich, dies disgraced." With the picture of community service, Carnegie is quoted as saying, "Pittsburgh entered the core of my heart when I was a boy, and cannot be torn out. I can never be one hair's breadth less loyal to her, or less anxious to help her in any way, than I have been since I could help anything. My treasure is still with you, and how best to serve Pittsburgh is the question which occurs to me almost every day of my life."
Andrew Carnegie was
A．an American by origin.
B．an Irishman by origin.
C．a Scotsman by origin.
D．a German by origin.
欧洲大型强子对撞机是现在世界上最大、能量最高的粒子加速器，英文名称为LHC(Large Hadron Collider)。它坐落于()的交界处。
A比利时和法国
B瑞士和德国
C瑞士和法国
A、Actively prevent and detect non-compliance with the regulations
B、Perform specific audit procedures to identify possible non-compliance
C、Obtain sufficient appropriate audit evidence about F Co’s compliance with the regulations
D、Nothing – the food hygiene regulations do not have a direct effect on the financial statements
A、Return some inventory which had been purchased for cash and obtain a full refund on the cost
B、Make a bulk purchase of inventory for cash to obtain a large discount
C、Make an early payment to suppliers, even though the amount is not due
D、Offer early payment discounts in order to collect receivables more quickly
Kyanite Pizzas Co (Kyanite) operates a large chain of fast food restaurants. You are an audit supervisor of Jasper & Co and are currently preparing the audit programmes for the audit of Kyanite’s financial statements for the year ended 31 March 2016. You are reviewing the notes of last week’s meeting between the audit manager and finance director where two material issues were discussed.
(i) Property, plant and equipment
In the past Kyanite has received negative press reports over the condition of its fast food restaurants, with comments suggesting they are old fashioned and tired looking. Therefore during the year the company undertook a full review of all its assets and carried out extensive refurbishments to the majority of its restaurants. This review resulted in a significant amount of ageing fixtures and fittings being disposed of and a significant amount of capital expenditure was invested in all remaining restaurants. (6 marks)
(ii) Equity The refurbishment was financed via a share issue in April 2015 at a premium of $1·6 million. (4 marks)
Required:
Describe substantive procedures you should perform. to obtain sufficient and appropriate audit evidence in relation to the above two matters.
Note: The mark allocation is shown against each of the two matters above.
Recent information on the earnings per share and share price of Par Co is as follows:
The 8% loan notes are convertible into eight ordinary shares per loan note in seven years’ time. If not converted, the loan notes can be redeemed on the same future date at their nominal value of $100. Par Co has a cost of debt of 9% per year.
The ordinary shares of Par Co have a nominal value of $1 per share and have been traded on a large stock exchange for many years. Listed companies similar to Par Co have been recently reported to have an average price/earnings ratio of 12 times.
Required:
(a) Calculate the market price of the convertible loan notes of Par Co, commenting on whether conversion is likely. (5 marks)
(b) Calculate the share price of Par Co using the price/earnings ratio method and discuss the problems in using this method of valuing the shares of a company. (5 marks)
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