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The third type of composer I can only call，______a better name。the traditionalist type.
A. because of lack
B. for lack
C. for lack of
D. because lack of
答案
更多“The third type of composer I can only call，______a better name。the traditionalist type. A.”相关的问题
第1题
Sales ordering, goods despatched and invoicing
Heraklion Co sells footballs to a range of large and small sports equipment retailers in several countries. Sales are made through a network of sales staff employed by Heraklion Co, but new customer leads are generated through a third party company. Sales staff are responsible for assessing new customers’ creditworthiness and proposing a credit limit which is then authorised by the sales director. The sales staff have monthly sales targets and are able to use their discretion in granting sales discounts up to a maximum of 10%. They then record any discount granted in the customer master data file.
The sales staff visit customer sites personally and orders are completed using a two-part pre-printed order form. One copy is left with the customer and the other copy is retained by the sales person. The sales order number is based on the sales person’s own identification (ID) number.
The company markets itself on being able to despatch all orders within three working days. Once the order is taken, the sales person emails the finance department and warehouse despatch team with the customer ID and the sales order details and from this a pick list is generated. Sequentially numbered goods despatched notes are completed and filed in the warehouse.
Sequentially numbered invoices are generated using the pick lists for quantities and the customer master data file for prices. Standard credit terms for customers are 30 days and on a monthly basis sales invoices which are over 90 days outstanding are notified to the relevant sales person to chase payment directly with the customer.
Payroll fraud
The finance director, Montse Mirabelle, has informed you that a significant fraud took place during the year in the payroll department. A number of fictitious employees were set up on the payroll and wages were paid into one bank account. This bank account belonged to two supervisors, who were married, and were employed by Heraklion Co. One had sole responsibility for setting up new joiners in the payroll system and the other processed and authorised bank transfer requests for wages and supplier payments. These employees no longer work for the company and Montse has asked the audit firm for recommendations on how to improve controls in this area to prevent this type of fraud occurring again. Heraklion Co operates a Human Resources department.
Required:
(a) Describe TWO methods for documenting the sales system, and for each explain ONE advantage and ONE disadvantage of using this method. (6 marks)
(b) Identify and explain SEVEN deficiencies in the sales system of Heraklion Co and provide a recommendation to address each of these deficiencies. Note: Prepare your answer using two columns headed Control deficiency and Control recommendation respectively. (14 marks)
(c) In relation to the payroll fraud, identify and explain THREE controls Heraklion Co should implement to reduce the risk of this type of fraud occurring again and, for each control, describe how it would mitigate the risk. (6 marks)
(d) Describe substantive procedures the auditor should perform. to obtain sufficient and appropriate audit evidence in relation to Heraklion Co’s revenue. (4 marks)
第2题
Which of the following statements are true when using historical cost accounting compared to current value accounting in this type of market？
(1) Capital employed which is calculated using historical costs is understated compared to current value capital employed
(2) Historical cost profits are overstated in comparison to current value profits
(3) Capital employed which is calculated using historical costs is overstated compared to current value capital employed
(4) Historical cost profits are understated in comparison to current value profits
A.1 and 2
B.1 and 4
C.2 and 3
D.3 and 4
第3题
The count will be undertaken by 15 teams of two counters from the warehouse department with Quartz’s financial controller providing overall supervision. Each team of two is allocated a number of bays within the warehouse to count and they are provided with sequentially numbered inventory sheets which contain product codes and quantities extracted from the inventory records. The counters move through each allocated bay counting the inventory and confirming that it agrees with the inventory sheets. Where a discrepancy is found, they note this on the sheet.
The warehouse is large and approximately 10% of the bays have been rented out to third parties with similar operations; these are scattered throughout the warehouse. For completeness, the counters have been asked to count the inventory for all bays noting the third party inventories on separate blank inventory sheets, and the finance department will make any necessary adjustments.
Some of Quartz’s finished goods are high in value and are stored in a locked area of the warehouse and all the counting teams will be given the code to access this area. There will be no despatches of inventory during the count and it is not anticipated that there will be any deliveries from suppliers.
Each area is counted once by the allocated team; the sheets are completed in ink, signed by the team and returned after each bay is counted. As no two teams are allocated the same bays, there will be no need to flag that an area has been counted. On completion of the count, the financial controller will confirm with each team that they have returned their inventory sheets.
Required:
(a) In respect of the inventory count procedures for Lemon Quartz Co:
(i) Identify and explain FIVE deficiencies;
(ii) Recommend a control to address each of these deficiencies; and
(iii) Describe a TEST OF CONTROL the external auditors would perform. to assess if each of these controls, if implemented, is operating effectively.
Note: The total marks will be split equally between each part. (15 marks)
(b) Quartz’s finance director has asked your firm to undertake a non-audit assurance engagement later in the year. The audit junior has not been involved in such an assignment before and has asked you to explain what an assurance engagement involves.
Required:
Explain the five elements of an assurance engagement. (5 marks)
第4题
听力原文： To extinguish different kinds of fires, several types of fire extinguishers have been invented. They must be ready for immediate use when fire breaks out. Most portable kinds operate for less than a minute, so they are useful only on small fires. The law requires ships, trains, buses and planes to carry extinguishers.
Since fuel, oxygen and heat must be present in order for fire to exist, one or more of these things must be removed or reduced to extinguish a fire. If the heat is reduced by cooling the material below a certain temperature, the fire goes out. The cooling method is the most common way to put out a fire. Water is the best cooling material because it is low in cost and easy to get.
Another method of extinguishing fire is by cutting off the oxygen. This is usually done by covering the fire with sand, steam or some other things. A blanket may be used to cover a small fire.
A third method is called separation, which includes removing the fuel, or material easy to burn, from a fire, so that it can find no fuel.
The method that is used to put out a fire depends upon the type of fire. Fires have been grouped in three classes. Fires in wood, paper, cloth and the like are called Class A fires. These materials usually help keep the fire on. Such fires can be stopped most readily by cooling with water.
(30)
A．Separating the fire.
B．Reducing the heat.
C．Removing the fuel
D．Cutting off the oxygen.
第5题
Sycamore’s previous finance director left the company in December 2014 after it was discovered that he had been claiming fraudulent expenses from the company for a significant period of time. A new finance director was appointed in January 2015 who was previously a financial controller of a bank, and she has expressed surprise that Maple & Co had not uncovered the fraud during last year’s audit.
During the year Sycamore has spent $1·8 million on developing several new products. These projects are at different stages of development and the draft financial statements show the full amount of $1·8 million within intangible assets. In order to fund this development, $2·0 million was borrowed from the bank and is due for repayment over a ten-year period. The bank has attached minimum profit targets as part of the loan covenants.
The new finance director has informed the audit partner that since the year end there has been an increased number of sales returns and that in the month of May over $0·5 million of goods sold in April were returned.
Maple & Co attended the year-end inventory count at Sycamore’s warehouse. The auditor present raised concerns that during the count there were movements of goods in and out the warehouse and this process did not seem well controlled.
During the year, a review of plant and equipment in the factory was undertaken and surplus plant was sold, resulting in a profit on disposal of $210,000.
Required:
(a) State Maples & Co’s responsibilities in relation to the prevention and detection of fraud and error. (4 marks)
(b) Describe SIX audit risks, and explain the auditor’s response to each risk, in planning the audit of Sycamore Science Co. (12 marks)
(c) Sycamore’s new finance director has read about review engagements and is interested in the possibility of Maple & Co undertaking these in the future. However, she is unsure how these engagements differ from an external audit and how much assurance would be gained from this type of engagement.
Required:
(i) Explain the purpose of review engagements and how these differ from external audits; and (2 marks)
(ii) Describe the level of assurance provided by external audits and review engagements. (2 marks)
第6题
Section B – TWO questions ONLY to be attempted
Louieed Co
Louieed Co, a listed company, is a major supplier of educational material, selling its products in many countries. It supplies schools and colleges and also produces learning material for business and professional exams. Louieed Co has exclusive contracts to produce material for some examining bodies. Louieed Co has a well-defined management structure with formal processes for making major decisions.
Although Louieed Co produces online learning material, most of its profits are still derived from sales of traditional textbooks. Louieed Co’s growth in profits over the last few years has been slow and its directors are currently reviewing its long-term strategy. One area in which they feel that Louieed Co must become much more involved is the production of online testing materials for exams and to validate course and textbook learning.
Bid for Tidded Co
Louieed Co has recently made a bid for Tidded Co, a smaller listed company. Tidded Co also supplies a range of educational material, but has been one of the leaders in the development of online testing and has shown strong profit growth over recent years. All of Tidded Co’s initial five founders remain on its board and still hold 45% of its issued share capital between them. From the start, Tidded Co’s directors have been used to making quick decisions in their areas of responsibility. Although listing has imposed some formalities, Tidded Co has remained focused on acting quickly to gain competitive advantage, with the five founders continuing to give strong leadership.
Louieed Co’s initial bid of five shares in Louieed Co for three shares in Tidded Co was rejected by Tidded Co’s board. There has been further discussion between the two boards since the initial offer was rejected and Louieed Co’s board is now considering a proposal to offer Tidded Co’s shareholders two shares in Louieed Co for one share in Tidded Co or a cash alternative of $22·75 per Tidded Co share. It is expected that Tidded Co&39;s shareholders will choose one of the following options:
(i) To accept the two-shares-for-one-share offer for all the Tidded Co shares; or,
(ii) To accept the cash offer for all the Tidded Co shares; or,
(iii) 60% of the shareholders will take up the two-shares-for-one-share offer and the remaining 40% will take the cash offer.
In case of the third option being accepted, it is thought that three of the company&39;s founders, holding 20% of the share capital in total, will take the cash offer and not join the combined company. The remaining two founders will probably continue to be involved in the business and be members of the combined company&39;s board.
Louieed Co’s finance director has estimated that the merger will produce annual post-tax synergies of $20 million. He expects Louieed Co’s current price-earnings (P/E) ratio to remain unchanged after the acquisition.
Extracts from the two companies’ most recent accounts are shown below:
The tax rate applicable to both companies is 20%.
Assume that Louieed Co can obtain further debt funding at a pre-tax cost of 7·5% and that the return on cash surpluses is 5% pre-tax.
Assume also that any debt funding needed to complete the acquisition will be reduced instantly by the balances of cash and cash equivalents held by Louieed Co and Tidded Co.
Required:
(a) Discuss the advantages and disadvantages of the acquisition of Tidded Co from the viewpoint of Louieed Co. (6 marks)
(b) Calculate the P/E ratios of Tidded Co implied by the terms of Louieed Co’s initial and proposed offers, for all three of the above options. (5 marks)
(c) Calculate, and comment on, the funding required for the acquisition of Tidded Co and the impact on Louieed Co’s earnings per share and gearing, for each of the three options given above.
Note: Up to 10 marks are available for the calculations. (14 marks)
第7题
The Hi Life Co (HL Co) makes sofas. It has recently received a request from a customer to provide a one-off order of sofas, in excess of normal budgeted production. The order would need to be completed within two weeks. The following cost estimate has already been prepared:
Notes
1 The fabric is regularly used by HL Co. There are currently 300 m2 in inventory, which cost $17 per m2. The current purchase price of the fabric is $17·50 per m2.
2 This type of wood is regularly used by HL Co and usually costs $8·20 per m2. However, the company’s current supplier’s earliest delivery time for the wood is in three weeks’ time. An alternative supplier could deliver immediately but they would charge $8·50 per m2. HL Co already has 500 m2 in inventory but 480 m2 of this is needed to complete other existing orders in the next two weeks. The remaining 20 m2 is not going to be needed until four weeks’ time.
3 The skilled labour force is employed under permanent contracts of employment under which they must be paid for 40 hours’ per week’s labour, even if their time is idle due to absence of orders. Their rate of pay is $16 per hour, although any overtime is paid at time and a half. In the next two weeks, there is spare capacity of 150 labour hours.
4 There is no spare capacity for semi-skilled workers. They are currently paid $12 per hour or time and a half for overtime. However, a local agency can provide additional semi-skilled workers for $14 per hour.
5 The $3 absorption rate is HL Co’s standard factory overhead absorption rate; $1·50 per hour reflects the cost of the factory supervisor’s salary and the other $1·50 per hour reflects general factory costs. The supervisor is paid an annual salary and is also paid $15 per hour for any overtime he works. He will need to work 20 hours’ overtime if this order is accepted.
6 This is an apportionment of the general administration overheads incurred by HL Co. Required: Prepare, on a relevant cost basis, the lowest cost estimate which could be used as the basis for the quotation. Explain briefly your reasons for including or excluding each of the costs in your estimate.
Required:
Prepare, on a relevant cost basis, the lowest cost estimate which could be used as the basis for the quotation. Explain briefly your reasons for including or excluding each of the costs in your estimate.
第8题
Although electronic means of payment may be more efficient than a payments system based on paper, several factors work ____6___the disappearance of the paper system. First, it is very ___7___to set up the computer, card reader, and telecommunications networks necessary to make electronic money the __8__ form. of payment. Second, paper checks have the advantages that they ___9___receipts, something that many consumers are unwilling to ____10____. Third , the use of paper checks gives consumers several days of “float”-it takes several days __11____a check is cashed and funds are _12____from the issuer’s account, which means that the writer of the check can earn interest on the funds in the meantime.___13____ electronic payments are immediate, they eliminate the float for the consumer.
Fourth, electronic means of payment may __14_____ security and privacy concerns. We often hear media reports that an unauthorized hacker has been able to access a computer database and to alter information ___15___ there. The fact that this is not an _16____occurrence means that dishonest persons might be able access bank accounts in electronic payments systems and __17__ steal funds by moving them from someone else’s accounts into their own. The ___18__of this type of fraud is no easy task, and a whole new field of computer science is developing to ____19__security issues. A further electronic means of payments leaves an electronic ____20___ that contains a large number of personal data. There are concerns that government, employers, and marketers might be able to access these data, thereby violating our privacy.
A.However .
B.moreover .
C.Therefore .
D.Otherwise
第9题
Passage 2
A study of art history might be a good way to learn more about a culture than is possible to learn in general history classes. Most typical history courses concentrate on politics, economics and war. But art history focuses on much more than this because art reflects not only the political values of a people, but also religious beliefs, emotions and psychology. In addition, information about the daily activities of our ancestors can be provided by art. (78) In short, art expresses the essential qualities of a time and a place, and a study of it clearly offers us a deeper understanding than can be found in most history books.
In history books, objective information about the political life of a country is presented; that is, facts about politics are given, but opinions are not expressed. Art, on the other hand, is subjective(主观的): it reflects emotions and opinions. The great Spanish painter Francisco Goya was perhaps the first truly “political” artist. In his well-known painting The Third of May, 1808, he criticized the Spanish government for its abuse (滥用) of power over people.
In the same way, art can reflect a culture’s religious beliefs. For hundreds of years in Europe, religious art had been almost the only type of art that existed. Churches and other religious buildings were filled with paintings that described people and stories from the Bible. Although most people couldn’t read, they could still understand the Bible stories in the pictures on church walls. By contrast, one of the main characteristics of art in the Middle East was (and still is) its absence of human and animal images. This reflects the Islamic belief that statues (雕像) are not holy.
6. More can be learned about a culture from a study of art history than general history because ___.
A. art history shows us nothing but the political values
B. general history only focuses on politics
C. art history gives us an insight (洞察力) into the essential qualities of a time and a place
D. general history concerns only religious beliefs, emotions and psychology
第10题
Although electronic means of payment may be more efficient than a payments system based on paper, several factors work 6 the disappearance of the paper system. First, it is very 7 to set up the computer, card reader, and telecornmunications networks necessary to make electronic money the 8 form. of payment Second, paper checks have the advantage that they 9 receipts, something thai many consumers are unwilling to 10 . Third, the use of paper checks gives consumers several days of "float" - it takes several days 11 a check is cashed and funds are 12 from the issuer&39;s account, which means that the writer of the check can cam interest on the funds in the meantime. 13 electronic payments arc immediate, they eliminate the float for the consumer.
Fourth, electronic means of payment may 14 security and privacy concerns. We often hear media reports that an unauthorized hacker has been able to access a computer database and to alter information 15 there. The fact that this is not an 16 occurrence means that dishonest persons might be able to access bank accounts in electronic payments systems and 17 from someone else&39;s accounts. The 18 of this type of fraud is no easy task, and a new field of computer science is developing to 19 security issues. A further concern is that the use of e lectronic means of payment leaves an electronic 20 that contains a large amount of personal data. There are concerns that government, employers, and marketers might be able to access these data, thereby violating our privacy.
1
A.However
B.Moreover
C.Therefore
D.Otherwise
2A.off
B.back
C.over
D.around
7A.imaginative
B.expensive
C.sensitive
D.productive
8A.similar
B.original
C.temporary
D.dominant
9A.collect
B.provide
C.copy
D.print
10A.give up
B.take over
C.bring back
D.pass down
11A.before
B.after
C.since
D.when
12A.kept
B.borrowed
C.released
D.withdrawn
13A.Unless
B.Until
C.Because
D.Though
14A.hide
B.express
C.raise
D.ease
16A.unsafe
B.unnatural
C.uncommon
D.unclear
17A.steal
B.choose
C.benefit
D.return
18A.consideration
B.prevention
C.manipulation
D.justification
6A.for
B.against
C.with
D.on
20A.chunk
B.chip
C.path
D.trail
15A.analyzed
B.shared
C.stored
D.displayed
3A.power
B.concept
C.history
D.role
19A.cope with
B.fight against
C.adapt to
D.call for
5A.silent
B.sudden
C.slow
D.steady
4A.reward
B.resist
C.resume
D.reverse
请帮忙给出每个问题的正确答案和分析，谢谢！
