题目内容
（请给出正确答案）
A、Cash, short-term investments, and inventory.
B、Cash, short-term investments, and current receivables.
C、Cash, inventory, and current receivables.
D、Accounts receivable, inventory, and prepaid expenses.
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更多“The quick assets are defined as:”相关的问题
The selected data pertain to a company at 31 December 2003 as the following:
Quick Assets ＄208,000
Quick ratio 2.6 to 1
Current ratio 3.5 to 1
Net sales for 2003 ＄1,800,000
Cost of good sold for 2003 ＄990,000
Average total assets for 2003 ＄1,200,000
The company's inventory balance at 31 December 2003 is ______.
A．＄72,000.
B．＄186,990.
C．＄231,111.
D．＄68,000.
A.0.50.
B.0.68.
C.0.74.
D.1.50.
E.2.20.
A、Cash, short-term investments, and inventory.
B、Cash, short-term investments, and current receivables.
C、Cash, inventory, and current receivables.
D、Cash, noncurrent receivables, and prepaid expenses.
E、Accounts receivable, inventory, and prepaid expenses.
A.buys fixed assets on credit.
B.uses cash to purchase inventory.
C.pays off accounts payable from cash.
Which of the following equations is not correct？______.
A．Net profit=revenues—expenses
B．Assets=liabilities+owner's equity + (revenue—expense)
C．Current assets—current liabilities=net worth
D．Current assets=quick assets+inventory
For the year to end of March 2014, CSZ Co had domestic and foreign sales of $40 million, all on credit, while cost of sales was $26 million. Trade payables related to both domestic and foreign suppliers.
For the year to end of March 2015, CSZ Co has forecast that credit sales will remain at $40 million while cost of sales will fall to 60% of sales. The company expects current assets to consist of inventory and trade receivables, and current liabilities to consist of trade payables and the company’s overdraft.
CSZ Co also plans to achieve the following target working capital ratio values for the year to the end of March 2015:
Required:
(a) Calculate the working capital cycle (cash collection cycle) of CSZ Co at the end of March 2014 and discuss whether a working capital cycle should be positive or negative. (6 marks)
(b) Calculate the target quick ratio (acid test ratio) and the target ratio of sales to net working capital of CSZ Co at the end of March 2015. (5 marks)
(c) Analyse and compare the current asset and current liability positions for March 2014 and March 2015, and discuss how the working capital financing policy of CSZ Co would have changed. (8 marks)
(d) Briefly discuss THREE internal methods which could be used by CSZ Co to manage foreign currency transaction risk arising from its continuing business activities. (6 marks)
Section B – TWO questions ONLY to be attempted
Your client, Eric, requires advice on the capital gains tax implications arising from the receipt of insurance proceeds and the disposal of some shares, and the inheritance tax reliefs available in respect of assets in his estate at death. His son Zak requires advice regarding the application of the personal service company (IR35) legislation.
Eric:
– Is UK resident and domiciled.
– Is a higher rate taxpayer.
– Is in ill health and is expected to die within the next few months.
Capital transactions in the tax year 2014/15:
– Eric made no disposals for capital gains tax purposes in the tax year 2014/15 other than those detailed below.
– Eric received insurance proceeds of ￡10,000 following damage to a valuable painting.
– Eric sold half of his shareholding in Malaga plc for ￡11·50 per share.
Damaged painting:
– Eric purchased the painting for ￡46,000 in July 2012.
– The painting was damaged in October 2014 such that immediately afterwards its value fell to ￡38,000.
– The insurance proceeds of ￡10,000 were received by Eric on 1 December 2014.
– Eric has not had the painting repaired.
Malaga plc shares:
– Malaga plc is a quoted trading company with 200,000 issued shares.
– 80% of Malaga plc’s chargeable assets have always been chargeable business assets.
– Eric was given 12,000 shares in Malaga plc by his sister on 1 April 2010, when they were valued at ￡126,000.
– Eric’s sister had purchased the shares for ￡96,000 on 1 March 2009.
– Gift relief was claimed in respect of the gift of the shares to Eric on 1 April 2010.
– Eric paid the inheritance tax arising in respect of this gift following his sister’s death on 1 September 2011.
– Eric has never worked for Malaga plc.
– Eric sold 6,000 shares in Malaga plc on 1 March 2015.
Assets owned by Eric and a previous lifetime gift:
– Eric owns farmland in the UK, which has been leased to a tenant farmer for the last ten years.
– The farmland has a market value of ￡420,000 and an agricultural value of ￡340,000.
– Eric’s other assets, excluding the remaining Malaga plc shares, are valued at ￡408,000.
– Eric has made only one previous lifetime gift, of ￡60,000 cash to his son Zak on 1 July 2009.
Zak:
– Is the sole shareholder, director and employee of Yoyo Ltd, a company which provides consultancy services.
– In the year ended 31 March 2016, Yoyo Ltd’s gross fee income from relevant engagements performed by Zak will be ￡110,000.
– In the tax year 2015/16, Zak will draw a salary of ￡24,000 and dividends of ￡50,000 from Yoyo Ltd.
– Neither Yoyo Ltd nor Zak has any other source of income.
Required:
(a) Calculate Eric’s total after-tax proceeds in respect of the two capital gains tax disposals in the tax year 2014/15. (6 marks)
(b) (i) On the assumption that Eric dies on 31 March 2016, advise on the availability and effect (if any), of agricultural property relief, business property relief and quick succession relief in respect of the farmland and the retained shares in Malaga plc.
Note: You are not required to prepare calculations for this part of the question. (6 marks)
(ii) Explain, with the aid of calculations, the impact on the inheritance tax liability arising on Eric’s death if Eric does not die until 1 August 2016. (3 marks)
(c) Calculate Zak’s taxable income for the tax year 2015/16 if the personal service company (IR35) legislation were to apply to the fee income received by Yoyo Ltd. (5 marks)
Today, with very few exceptions, the stock of large U. S. corporations is held by financial institutions such as pension funds, foundations, or mutual funds—not by individual shareholders. And these financial institutions cannot legally become real capitalists who control what they own. How much they can invest in any one company is limited by law, as is how actively they can intervene in company decision making.
These shareholders and corporate managers have a very different agenda than dominant capitalists do, and therein lies the problem. They do not have the clout to change business decisions, corporate strategy, or incumbent managers with their voting power. They can enhance their wealth only by buying and selling shares based on what they think is going to happen to short-term profits. Minority shareholders have no choice but to be short-term traders.
And since shareholders are by necessity interested only in short-term trading, it is not surprising that managers' compensation is based not on long-term performance, but on current profits or sales. Managerial compensation packages are completely congruent with the short-run perspective of short run shareholders. Neither the manager nor the shareholder expects to be around very long. And neither has an incentive to watch out for the long term growth of the company.
We need to give managers and shareholders an incentive to nurture long-term corporate growth—in other words, to work as hard at enhancing productivity and output as they now work at improving short-term profitability.
Which of the following summarizes the main idea of the passage？
A．Most big companies are run by individual capitalists.
B．The problem is that there are no incentives for productivity growth.
C．Let's put capitalists back into capitalism.
D．Individual capitalists or shareholders with enough stock dominate big corporations.
To be liquid means to be easily changeable into other assets or goods. When you buy something with money, you are exchanging money for it So, any of your assets that are easily spendable are money. Social customs and standard practices are central to the liquidity of money. The reason you are willing to hold money is that you know someone else will accept it in trade for something else. Its value is determined by its general acceptability to others.
Money can serve as a medium of exchange. The easiest way to understand money' s medium-of exchange use is to imagine what an economy would be like without money. Direct exchange of commodities without the medium of money- -barter- -can work tolerably well in economies where only a narrow range of goods and services are exchanged, but it becomes extremely cumbersome when there is a wide range of commodities. The use of money as a medium of exchange makes it possible to trade real goods and services without bartering. Instead of carrying around a sack full of diverse goods, all you need to carry around is a bllfol full of money.
Money does not have to have any inherent value to function as a medium of exchange. All that is necessary is that everyone believes that other people will accept it in exchange for their goods. This neat social convention makes the economy function more smoothly.
The social convention depends on there not being too much or too ltte money. If there is too much money compared with the goods and services offered at existing prices, the goods and services will sell out, and money will not buy you anything, or prices will rise. If there is too ltte money compared with the goods and services ofered at the existing prices, there will be a shortage of money and people will have to resort to barter, or prices will fall. Since the central bank controls the supply of money, it also controls the value of money as a medium of exchange.
Money can serve as a unit of account. Money can be used for accounting purposes, to measure the relative exchange values of different goods and services. A bicycle, for example, can be said to be worth RMB 500 and an automatic washing machine RMB 1,500. This indicates that the automatic washing machine is worth three times as much as the bicycle. Money is a useful unit of account only as long as its value relative to the average of all other prices does not change too quickly. For example, in hyperinflation all prices rise so much that our frame. of reference for making relative comparisons is lost. Money can also be used to add up the value of different commodities. In this way, we can measure the entire output of an economy producing a variety of goods and services.
Money can serve as a store of value. Money is a financial asset. So a third use of money is as a store of value. As long as money is serving as a medium of exchange, it automatically also serves as a store of wealth. Money serves as a way to accumulate wealth until it is spent. The restaurant owner can accept your money and hold it for as long as he or she wants before spending it. (But had you paid him or her in fish, he or she would be wise not to hold it for more than a few hours,) A person making RMB 5,000 per month who wants to buy a RMB 3,00-computer could save RMB 500 per month for each of the next months.
To be a satisfactory store of purchasing power, however, the value of money should be reasonably stable over time. If RMB 180 can buy two pairs of jeans in 2015, but only one pair in 2016, people are not going to be too confident in the RMB as a store of value. Unfortunately, the value of stored money is directly dependent on the health of the economy. If, due to rapid inflation, all prices double in one year, then the purchasing power of the money would fall by half. Conversely, savings will buy more when prices fall as a result of recessions.
41. Money is a highly liquid financial asset because of the following reasons except that.
A. it has the inherent value to function as a medium of exchange
B. itis generally accepted in exchange for other assets or goods
C. it can be used as a reference in valuing other assets or goods
D.it can be stored as wealth
42. Which sentence is the topic sentence of the second paragraph？
A. The last sentence.
B. The first sentence.
O C. The second sentence.
D. The third sentence.
43. Money has the following functions except that ______.
A. it serves as a medium of exchange
B. it serves as a unit of account
C.itcan be used as a store of wealth
D. it has its own weight
44.Barter becomes very ______ when there is a wide range of commodities and services that are exchanged.
A. quick
B.easy
C. eficient
D. inconvenient
45. Money can serve as a medium of exchange because of the following except that______
A. money has its inherent value
B. money makes it possible to trade real goods and services without bartering
C. money can be crried more easily than other goods
D. people accept money in exchange for their goods
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