题目内容
（请给出正确答案）
(iii) Explain the potential corporation tax (CT) implications of Tay Limited transferring work to Trent Limited,
and suggest how these can be minimised or eliminated. (3 marks)
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更多“（iii) Explain the potential corporation tax （CT) implications of Tay Limited transferring”相关的问题
Explain why aluminium(III )is the only stable oxidation state of aluminum in this compounds,in contrast to thallium,which has states of+1 and+3.
A、(i), (ii) and (iii)
B、(i) and (ii) only
C、(ii) and (iii) only
D、(i) and (iii) only
In relation to company law:
(a) explain the meaning of limited liability. (3 marks)
(b) Explain and distinguish between:
(i) unlimited companies; (2 marks)
(ii) companies limited by guarantee; (2 marks)
(iii) companies limited by shares. (3 marks)
(iii) Can internal audit services be undertaken for an audit client？ (4 marks)
Required:
For each of the three questions, explain the threats to objectivity that may arise and the safeguards that
should be available to manage them to an acceptable level.
NOTE: The mark allocation is shown against each of the three questions above.
4 (a) ISA 701 Modifications to The Independent Auditor’s Report includes ‘suggested wording of modifying phrases
for use when issuing modified reports’.
Required:
Explain and distinguish between each of the following terms:
(i) ‘qualified opinion’;
(ii) ‘disclaimer of opinion’;
(iii) ‘emphasis of matter paragraph’. (6 marks)
A research group has carried out such an experiment: Portland cement and fly ash Portland cement with the same strength grade are used to prepare two kinds of concrete with the same strength grade. It is found that: (i) The compressive strength development law is shown in the following figure; (ii) the carbonation phenomenon of fly ash Portland cement concrete is significantly lower than that of Portland cement concrete after accelerated carbonization; (iii) After 28 days of curing, when soaked in concentrated sulfate environment, the corrosion resistance time of Portland cement concrete is significantly lower than that of fly ash Portland cement concrete. Please explain the reasons for the above three phenomena (strength, carbonation and corrosion resistance difference) .
Section III Translation
Directions:
Translate the following text from English into Chinese. Write your translation
on ANSWER SHEET.
A fifth grader gets a homework assignment to select his future career path from a
list of occupations. He ticks “astronaut” but quickly adds “scientist” to the list and
selects it as well. The boy is convinced that if he reads enough, he can explore as
many careerpathsas he likes. And so he reads-everything from encyclopedias to
science fiction novels. He reads so passionately that his parents have to institute a “no
reading policy” at the dinner table.
That boy was Bill Gates, and he hasn’t stopped reading yet-not even after
becoming one of the most successful people on the planet. Nowadays, his reading
material has changed from science fiction and reference books: recently, he revealed
that he reads at least 50 nonfiction books a year. Gates chooses nonfiction titles
because they explain how the world works. “Each book opens upnewavenues of
knowledge to explore”, Gates says.
(c) Mr Cobar, the chief executive of SHC, has decided to draft two alternative statements to explain both possible
outcomes of the secrecy/licensing decision to shareholders. Once the board has decided which one to pursue,
the relevant draft will be included in a voluntary section of the next corporate annual report.
Required:
(i) Draft a statement in the event that the board chooses the secrecy option. It should make a convincing
business case and put forward ethical arguments for the secrecy option. The ethical arguments should
be made from the stockholder (or pristine capitalist) perspective. (8 marks)
(ii) Draft a statement in the event that the board chooses the licensing option. It should make a convincing
business case and put forward ethical arguments for the licensing option. The ethical arguments should
be made from the wider stakeholder perspective. (8 marks)
(iii) Professional marks for the persuasiveness and logical flow of arguments: two marks per statement.
(4 marks)
The chief executive officer (CEO) of Faoilean Co has just returned from a discussion at a leading university on the ‘application of options to investment decisions and corporate value’. She wants to understand how some of the ideas which were discussed can be applied to decisions made at Faoilean Co. She is still a little unclear about some of the discussion on options and their application, and wants further clarification on the following:
(i) Faoilean Co is involved in the exploration and extraction of oil and gas. Recently there have been indications that there could be significant deposits of oil and gas just off the shores of Ireland. The government of Ireland has invited companies to submit bids for the rights to commence the initial exploration of the area to assess the likelihood and amount of oil and gas deposits, with further extraction rights to follow. Faoilean Co is considering putting in a bid for the rights. The speaker leading the discussion suggested that using options as an investment assessment tool would be particularly useful to Faoilean Co in this respect.
(ii) The speaker further suggested that options were useful in determining the value of equity and default risk, and suggested that this was why companies facing severe financial distress could still have a positive equity value.
(iii) Towards the end of the discussion, the speaker suggested that changes in the values of options can be measured in terms of a number of risk factors known as the ‘greeks’, such as the ‘vega’. The CEO is unclear why option values are affected by so many different risk factors.
Required:
(a) With regard to (i) above, discuss how Faoilean Co may use the idea of options to help with the investment decision in bidding for the exploration rights, and explain the assumptions made when using the idea of options in making investment decisions. (11 marks)
(b) With regard to (ii) above, discuss how options could be useful in determining the value of equity and default risk, and why companies facing severe financial distress still have positive equity values. (9 marks)
(c) With regard to (iii) above, explain why changes in option values are determined by numerous different risk factors and what ‘vega’ determines. (5 marks)
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