题目内容
（请给出正确答案）
So ______ that no fish can live in it.
A) shallow is the lake B) the lake is shallow
C) shallow the lake is D) is the lake shallow
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The meeting room is so small that it can hold 20 people ________.
A.at last
B.at most
C.at first
D.at once
PART 1
For each question, complete the second sentence so that it means the same as the first, using no more than three words. Write only the missing words on your answer sheet.
My friend told me that I could stay in his flat.
My friend said: 'You ____________________ my flat.'
Which of the following is not correct？______.
A．Asset securitization refers to the packaging and selling of loans and other assets backed by securities.
B．Asset securitization allows Flasset portfolios to become more liquid.
C．Asset securitization originated in the real estate and remains to be solely applied to mortgages.
D．Theoretically all assets and loans can be securitized, so long as it is profitable to do so or the benefits to the FI from securitization outweigh the costs of securitization.
Section B – TWO questions ONLY to be attempted
Five years ago, George Woof was appointed chief executive offi cer (CEO) of Tomato Bank, one of the largest global banks. Mr Woof had a successful track record in senior management in America and his appointment was considered very fortunate for the company. Analysts rated him as one of the world’s best bankers and the other directors of Tomato Bank looked forward to his appointment and a signifi cant strengthening of the business.
One of the factors needed to secure Mr Woof’s services was his reward package. Prior to his acceptance of the position, Tomato Bank’s remuneration committee (comprised entirely of non-executives) received a letter from Mr Woof saying that because his track record was so strong, they could be assured of many years of sustained growth under his leadership. In discussions concerning his pension, however, he asked for a generous non-performance related pension settlement to be written into his contract so that it would be payable whenever he decided to leave the company (subject to a minimum term of two years) and regardless of his performance as CEO. Such was the euphoria about his appointment that his request was approved. Furthermore in the hasty manner in which Mr Woof’s reward package was agreed, the split of his package between basic and performance-related components was not carefully scrutinised. Everybody on the remuneration committee was so certain that he would bring success to Tomato Bank that the individual details of his reward package were not considered important.
In addition, the remuneration committee received several letters from Tomato Bank’s fi nance director, John Temba, saying, in direct terms, that they should offer Mr Woof ‘whatever he wants’ to ensure that he joins the company and that the balance of benefi ts was not important as long as he joined. Two of the non-executive directors on the remuneration committee were former colleagues of Mr Woof and told the fi nance director they would take his advice and make sure they put a package together that would ensure Mr Woof joined the company.
Once in post, Mr Woof led an excessively aggressive strategy that involved high growth in the loan and mortgage books fi nanced from a range of sources, some of which proved unreliable. In the fi fth year of his appointment, the failure of some of the sources of funds upon which the growth of the bank was based led to severe fi nancing diffi culties at Tomato Bank. Shareholders voted to replace George Woof as CEO. They said he had been reckless in exposing the company to so much risk in growing the loan book without adequately covering it with reliable sources of funds.
When he left, the press reported that despite his failure in the job, he would be leaving with what the newspapers referred to as an ‘obscenely large’ pension. Some shareholders were angry and said that Mr Woof was being ‘rewarded for failure’. When Mr Woof was asked if he might voluntarily forego some of his pension in recognition of his failure in the job, he refused, saying that he was contractually entitled to it and so would be keeping it all.
Required:
(a) Criticise the performance of Tomato Bank’s remuneration committee in agreeing Mr Woof’s reward package. (10 marks)
(b) Describe the components of an appropriately designed executive reward package and explain why a more balanced package of benefi ts should have been used to reward Mr Woof. (10 marks)
(c) Construct an ethical case for Mr Woof to voluntarily accept a reduction in his pension value in recognition of his failure as chief executive of Tomato Bank. (5 marks)
听力原文：W: I think we should set a definite date for student union reelections. So far, five people have planned to run in it.
M: If it were less than three, I'd say we keep waiting for more nominations. But with that many already planning to run for president, I guess we'd better call a meeting.
Q: What does the man suggest？
(19)
A．The election issue might need to be addressed immediately.
B．Elections may need to be postponed, since only five have agreed to run.
C．They should wait for more nominations before calling a meeting.
D．Put a stop to any more nominations until they have a meeting.
(a) Apex is a publicly listed supermarket chain. During the current year it started the building of a new store. The directors are aware that in accordance with IAS 23 Borrowing costs certain borrowing costs have to be capitalised.
Required:
Explain the circumstances when, and the amount at which, borrowing costs should be capitalised in accordance with IAS 23. (5 marks)
(b) Details relating to construction of Apex’s new store:
Apex issued a $10 million unsecured loan with a coupon (nominal) interest rate of 6% on 1 April 2009. The loan is redeemable at a premium which means the loan has an effective fi nance cost of 7？5% per annum. The loan was specifi cally issued to fi nance the building of the new store which meets the defi nition of a qualifying asset in IAS 23. Construction of the store commenced on 1 May 2009 and it was completed and ready for use on 28 February 2010, but did not open for trading until 1 April 2010. During the year trading at Apex’s other stores was below expectations so Apex suspended the construction of the new store for a two-month period during July and August 2009. The proceeds of the loan were temporarily invested for the month of April 2009 and earned interest of $40,000.
Required:
Calculate the net borrowing cost that should be capitalised as part of the cost of the new store and the fi nance cost that should be reported in the income statement for the year ended 31 March 2010. (5 marks)
Dialogues Fill in the blanks with the words you hear. W: Why do you want to eat western food so much today？ Anything __________ to celebrate？ M: Honey, do you really forget about it？ Think it over. It’s a candlelight dinner. W: It’s not your _____________, also not mine. Hey, come on. Just tell me. M: It’s our wedding anniversary, honey. How can you forget about it？ W: My dear, tomorrow is our wedding anniversary. We’ve been together for 20 years. M: But you never change. Always so careless! Do you remember things on our wedding day？ W: Of course. I almost missed my own ___________. M: Do you remember our fi rst date？ I got a really special gift. W: I can never ____________ that. I bought you a box of chocolate, but I was so anxious that I forgot to give them to you. You didn’t get them until we parted. They had already melted down (融化). M: Yeah, it’s really unforgettable. Thank you for making me ___________ all these years. W: You are the one I should thank. You’ve done really a great job.
Net present value = 1,645,000 – 2,000,000 = ($355,000) so reject the project.
The following information was included with the draft investment appraisal:
1. The initial investment is $2 million
2. Selling price: $12/unit (current price terms), selling price infl ation is 5% per year
3. Variable cost: $7/unit (current price terms), variable cost infl ation is 4% per year
4. Fixed overhead costs: $500,000/year (current price terms), fi xed cost infl ation is 6% per year
5. $200,000/year of the fi xed costs are development costs that have already been incurred and are being recovered by an annual charge to the project
6. Investment fi nancing is by a $2 million loan at a fi xed interest rate of 10% per year
7. OKM Co can claim 25% reducing balance capital allowances on this investment and pays taxation one year in arrears at a rate of 30% per year
8. The scrap value of machinery at the end of the four-year project is $250,000
9. The real weighted average cost of capital of OKM Co is 7% per year
10. The general rate of infl ation is expected to be 4？7% per year
Required:
(a) Identify and comment on any errors in the investment appraisal prepared by the trainee accountant. (5 marks)
(b) Prepare a revised calculation of the net present value of the proposed investment project and comment on the project’s acceptability. (12 marks)
(c) Discuss the problems faced when undertaking investment appraisal in the following areas and comment on how these problems can be overcome:
(i) assets with replacement cycles of different lengths;
(ii) an investment project has several internal rates of return;
(iii) the business risk of an investment project is signifi cantly different from the business risk of current operations. (8 marks)
听力原文： The tragedy of Titanic will always be remembered, because she went down on her first voyage with heavy loss of life. Titanic, the great ship, sailed for New York from' Southampton on April 10th, 1912. She was carrying 1,316 passengers and a crew of 891.
Four days after setting out, the Titanic was sailing across the icy waters of the North Atlantic. Suddenly a huge iceberg was spotted. After the alarm had been given the great ship turned sharply to avoid a direct collision. The Titanic turned just in time, narrowly missing the immense wall of ice which rose over 100 feet out of the water beside her. Suddenly, there was a slight trembling sound from below. The captain went down to see what had happened. The noise had been so weak that no one thought that the ship had been damaged. The captain realized in horror that the Titanic was sinking rapidly. He ordered to abandon ship. Hundreds of people jumped into the icy water. As there were not enough lifeboats for everybody, 1,500 lives were lost.
(30)
A．1,500.00
B．1,316.00
C．891
D．2,207.00
听力原文：M: Right, I guess you've got some ideas for our product promotion(23).
W: Well, first we must win over the medical circle, so I thought we should launch a campaign in all the specialist medical journals to promote our drugs, antibiotics and so on.
M: Yes, that's a good idea.
W: Then TV commercials.
M: Just a moment, are you sure we're allowed to advertise medicines on TV？
W: Oh yes, provided they are not drugs which need a prescription. You can advertise over- the-counter products. We can get users of our products to recommend them--"Their lotion cured my disease in six days." for example.
M: Now, hold on. It is forbidden to claim any positive cure for a disease. And we mustn't offer any drugs for illness which should be treated by a doctor.
W: Mmm. OK. What about this—a series of full page newspaper ads with the message that most doctors consider our products the best.
M: That depends on whether it's true.
W: Sure it is. But here is another suggestion. We could offer to return the purchase price to anyone who's not satisfied with one of our products (24). It's possible to do that, isn't it？
M: No, I'm afraid not (24). Manufacturers of medical products are not allowed to promise a return of price in their ads.
W: Well, it looks as though I'll have to come up with something else. I never realize the regulations were so rigid (25).
(20)
A．The advertising price of the products.
B．How to develop the quality of the drugs.
C．How to promote their products.
D．HOW to satisfy people with more medicine.
The Tuner Section
The tuner section may be equipped to receive only FM signals or both AM and FM signals. Since it is possible to broadcast stereo (two channel) sound via FM, most hi fi receivers have circuitry for decoding the complex composite received signal into separate "left and right" channel signals.
The front end of the tuner section selects the particular signal desired from the hundreds of radio signals present in the atmosphere. As you tune the dial, resonant or tuned circuits are changed so as to be responsive to a single frequency. In the case of FM signals, tuning is adjustable from 88 MHz (millions of alternations/second of the radio wave) to 108 MHz. Since each FM station occupies a space of 0.2 MHz, that means a theoretical maximum of 100 stations is possible in one geographical area. Actually fewer stations are assigned in any one area, so that one station' s signal will not cause audible interference with an adjacent station. In the case of AM, stations broadcast at frequencies ranging from 540 kHz to 1605 kHz (1 kHz = 1000 alternations per second) and selection of desired stations is similar to the technique used in FM.
The signal is amplified by the front end and mixed with a locally generated signal in the receiver to produce a different frequency known as the IF signal (Intermediate Frequency). In the case of AM, the IF frequency is generally 455 kHz. In the case of FM radio, the IF frequency is 10.7 MHz. The process is known as super heterodyne and since the local signal and received signal are always a fixed amount apart, the succeeding IF amplifiers need not be variably tuned but can be designed simply to amplify 455 kHz (for AM) or 10.7 MHz (for FM).
Difference Between FM and AM
In AM radio the amplitude of the radio wave is varied in accordance with the audio information to be broadcast. Hence the name Amplitude Modulation. In FM it is the radio frequency that is varied based on audio signals. It is this feature that makes FM relatively noise free since noise or static is an amplitude phenomenon. If noise accompanies the FM signals the noise can be sliced off by circuits called limiters without impairing the frequency-changing nature of the FM signal.
While the circuits themselves differ, the amplified IF signals are then applied to a detector circuit which strips off the original audio information. In FM, the detector is called a radio detector. The output of either the AM detector or the FM detector is an audio signal suitable for application to and further processing by the "preamplifier control" section o{ the receiver.
In the case o{ stereo FM the recovered audio signal must be further processed or "unscrambled" to recover the separate "left" and "right" audio channels. This is accomplished by the multiplex decoder circuits.
In an FM radio, the Intermediate Frequency is usually ______.
A．10.7 MHz
B．455 kHz
C．540 kHz
D．1605 kHz
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