题目内容
（请给出正确答案）
A.Australia
B.Maharashtra
C.France
D.Austria
答案
C、France
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Section A – This ONE question is compulsory and MUST be attempted
Cocoa-Mocha-Chai (CMC) Co is a large listed company based in Switzerland and uses Swiss Francs as its currency. It imports tea, coffee and cocoa from countries around the world, and sells its blended products to supermarkets and large retailers worldwide. The company has production facilities located in two European ports where raw materials are brought for processing, and from where finished products are shipped out. All raw material purchases are paid for in US dollars (US$), while all sales are invoiced in Swiss Francs (CHF).
Until recently CMC Co had no intention of hedging its foreign currency exposures, interest rate exposures or commodity price fluctuations, and stated this intent in its annual report. However, after consultations with senior and middle managers, the company’s new Board of Directors (BoD) has been reviewing its risk management and operations strategies.
The following two proposals have been put forward by the BoD for further consideration:
Proposal one
Setting up a treasury function to manage the foreign currency and interest rate exposures (but not commodity price fluctuations) using derivative products. The treasury function would be headed by the finance director. The purchasing director, who initiated the idea of having a treasury function, was of the opinion that this would enable her management team to make better decisions. The finance director also supported the idea as he felt this would increase his influence on the BoD and strengthen his case for an increase in his remuneration.
In order to assist in the further consideration of this proposal, the BoD wants you to use the following upcoming foreign currency and interest rate exposures to demonstrate how they would be managed by the treasury function:
(i) a payment of US$5,060,000 which is due in four months’ time; and
(ii) a four-year CHF60,000,000 loan taken out to part-fund the setting up of four branches (see proposal two below). Interest will be payable on the loan at a fixed annual rate of 2·2% or a floating annual rate based on the yield curve rate plus 0·40%. The loan’s principal amount will be repayable in full at the end of the fourth year.
Proposal two
This proposal suggested setting up four new branches in four different countries. Each branch would have its own production facilities and sales teams. As a consequence of this, one of the two European-based production facilities will be closed. Initial cost-benefit analysis indicated that this would reduce costs related to production, distribution and logistics, as these branches would be closer to the sources of raw materials and also to the customers. The operations and sales directors supported the proposal, as in addition to above, this would enable sales and marketing teams in the branches to respond to any changes in nearby markets more quickly. The branches would be controlled and staffed by the local population in those countries. However, some members of the BoD expressed concern that such a move would create agency issues between CMC Co’s central management and the management controlling the branches. They suggested mitigation strategies would need to be established to minimise these issues.
Response from the non-executive directors
When the proposals were put to the non-executive directors, they indicated that they were broadly supportive of the second proposal if the financial benefits outweigh the costs of setting up and running the four branches. However, they felt that they could not support the first proposal, as this would reduce shareholder value because the costs related to undertaking the proposal are likely to outweigh the benefits.
Additional information relating to proposal one
The current spot rate is US$1·0635 per CHF1. The current annual inflation rate in the USA is three times higher than Switzerland.
The following derivative products are available to CMC Co to manage the exposures of the US$ payment and the interest on the loan:
Exchange-traded currency futures
Contract size CHF125,000 price quotation: US$ per CHF1
It can be assumed that futures and option contracts expire at the end of the month and transaction costs related to these can be ignored.
Over-the-counter products
In addition to the exchange-traded products, Pecunia Bank is willing to offer the following over-the-counter derivative products to CMC Co:
(i) A forward rate between the US$ and the CHF of US$ 1·0677 per CHF1.
(ii) An interest rate swap contract with a counterparty, where the counterparty can borrow at an annual floating rate based on the yield curve rate plus 0·8% or an annual fixed rate of 3·8%. Pecunia Bank would charge a fee of 20 basis points each to act as the intermediary of the swap. Both parties will benefit equally from the swap contract.
Required:
(a) Advise CMC Co on an appropriate hedging strategy to manage the foreign exchange exposure of the US$ payment in four months’ time. Show all relevant calculations, including the number of contracts bought or sold in the exchange-traded derivative markets. (15 marks)
(b) Demonstrate how CMC Co could benefit from the swap offered by Pecunia Bank. (6 marks)
(c) As an alternative to paying the principal on the loan as one lump sum at the end of the fourth year, CMC Co could pay off the loan in equal annual amounts over the four years similar to an annuity. In this case, an annual interest rate of 2% would be payable, which is the same as the loan’s gross redemption yield (yield to maturity).
Required: Calculate the modified duration of the loan if it is repaid in equal amounts and explain how duration can be used to measure the sensitivity of the loan to changes in interest rates. (7 marks)
(d) Prepare a memorandum for the Board of Directors (BoD) of CMC Co which:
(i) Discusses proposal one in light of the concerns raised by the non-executive directors; and (9 marks)
(ii) Discusses the agency issues related to proposal two and how these can be mitigated. (9 marks)
Professional marks will be awarded in part (d) for the presentation, structure, logical flow and clarity of the memorandum. (4 marks)
The price for raw materials remained constant throughout the year at $1·20 per kg. Similarly, the direct labour cost for the whole workforce was $14·80 per hour. The annual overhead costs were as follows:
Required:
(a) Calculate the full cost per unit for products A, B and C under traditional absorption costing, using direct labour hours as the basis for apportionment. (5 marks)
(b) Calculate the full cost per unit of each product using activity based costing. (9 marks)
(c) Using your calculation from (a) and (b) above, explain how activity based costing may help The Gadget Co improve the profitability of each product. (6 marks)
(a) The entity uses forward and futures contracts to protect it against fl uctuation in the price of edible oils. Where forwards are used the company often takes delivery of the edible oil and sells it shortly afterwards. The contracts are constructed with future delivery in mind but the contracts also allow net settlement in cash as an alternative. The net settlement is based on the change in the price of the oil since the start of the contract. Seltec uses the proceeds of a net settlement to purchase a different type of oil or purchase from a different supplier. Where futures are used these sometimes relate to edible oils of a different type and market than those of Seltec’s own inventory of edible oil. The company intends to apply hedge accounting to these contracts in order to protect itself from earnings volatility. Seltec has also entered into a long-term arrangement to buy oil from a foreign entity whose currency is the dinar. The commitment stipulates that the fi xed purchase price will be denominated in pounds sterling.
Seltec is unsure as to the nature of derivatives and hedge accounting techniques and has asked your advice on how the above fi nancial instruments should be dealt with in the fi nancial statements. (14 marks)
(b) Seltec has decided to enter the retail market and has recently purchased two well-known brand names in the edible oil industry. One of the brand names has been in existence for many years and has a good reputation for quality. The other brand name is named after a famous fi lm star who has been actively promoting the edible oil as being a healthier option than other brands of oil. This type of oil has only been on the market for a short time. Seltec is fi nding it diffi cult to estimate the useful life of the brands and therefore intends to treat the brands as having indefi nite lives.
In order to sell the oil, Seltec has purchased two limited liability companies from a company that owns several retail outlets. Each entity owns retail outlets in several shopping complexes. The only assets of each entity are the retail outlets. There is no operational activity and at present the entities have no employees.
Seltec is unclear as to how the purchase of the brands and the entities should be accounted for. (9 marks)
Required:
Discuss the accounting principles involved in accounting for the above transactions and how the above transactions should be treated in the fi nancial statements of Seltec.
Professional marks will be awarded in this question for clarity and quality of discussion. (2 marks)
The mark allocation is shown against each of the two parts above.
A machine with a net book value of $40,000 was sold at the start of the year for $50,000 and replaced with a machine costing $250,000. Both the purchase and sale are cash transactions. No depreciation is charged in the year of purchase or disposal. The investment centre calculates return on investment (ROI) based on closing net assets.
Assuming no other changes to profit or net assets, what is the return on investment (ROI) for the year？
A.18·8%
B.19·8%
C.15·1%
D.15·9%
Carpart has entered into supply arrangements for the supply of car seats to two local companies, Vehiclex and Autoseat.
(i) Vehiclex
This contract will last for five years and Carpart will manufacture seats to a certain specification which will require the construction of machinery for the purpose. The price of each car seat has been agreed so that it includes an amount to cover the cost of constructing the machinery but there is no commitment to a minimum order of seats to guarantee the recovery of the costs of constructing the machinery. Carpart retains the ownership of the machinery and wishes to recognise part of the revenue from the contract in its current financial statements to cover the cost of the machinery which will be constructed over the next year. (4 marks)
(ii) Autoseat
Autoseat is purchasing car seats from Carpart. The contract is to last for three years and Carpart is to design, develop and manufacture the car seats. Carpart will construct machinery for this purpose but the machineryis so specific that it cannot be used on other contracts. Carpart maintains the machinery but the know-how has been granted royalty free to Autoseat. The price of each car seat includes a fixed price to cover the cost of the machinery. If Autoseat decides not to purchase a minimum number of seats to cover the cost of the machinery, then Autoseat has to repay Carpart for the cost of the machinery including any interest incurred.
Autoseat can purchase the machinery at any time in order to safeguard against the cessation of production by Carpart. The purchase price would be the cost of the machinery not yet recovered by Carpart. The machinery has a life of three years and the seats are only sold to Autoseat who sets the levels of production for a period.
Autoseat can perform. a pre-delivery inspection on each seat and can reject defective seats. (9 marks)
(iii) Vehicle sales
Carpart sells vehicles on a contract for their market price (approximately $20,000 each) at a mark-up of 25%
on cost. The expected life of each vehicle is five years. After four years, the car is repurchased by Carpart at 20% of its original selling price. This price is expected to be significantly less than its fair value. The car must be maintained and serviced by the customer in accordance with certain guidelines and must be in good condition if Carpart is to repurchase the vehicle.
The same vehicles are also sold with an option that can be exercised by the buyer two years after sale. Under this option, the customer has the right to ask Carpart to repurchase the vehicle for 70% of its original purchase price. It is thought that the buyers will exercise the option. At the end of two years, the fair value of the vehicle is expected to be 55% of the original purchase price. If the option is not exercised, then the buyer keeps the vehicle.
Carpart also uses some of its vehicles for demonstration purposes. These vehicles are normally used for this
purpose for an eighteen-month period. After this period, the vehicles are sold at a reduced price based upon their condition and mileage. (10 marks)
Professional marks will be awarded in question 3 for clarity and quality of discussion. (2 marks)
Required:
Discuss how the above transactions would be accounted for under International Financial Reporting Standards in the financial statements of Carpart.
Note. The mark allocation is shown against each of the arrangements above.
Required:
(a) Prepare for Nonat Co the equivalent ratios to those of its sector.
Note: The finance lease obligations should be treated as debt in the ROCE and gearing calculations. (6 marks)
(b) Analyse the financial performance and position of Nonat Co for the year to 31 December 2015 in comparison to the sector averages. (9 marks)
Question 37 to 46 are based on the following passage.
It's our guilty pleasure: Watching TV is the most common everyday activity, after work and sleep, in many parts of the world. Americans view five hours of TV each day, and while we know that spending so much time sitting(37)_____ can lead to obesity(肥胖症)and other disease, researchers have now quantified just how(38)_____ being a couch potato can be.
In an analysis of data from eight large(39)_____ published studies, a Harvard-led group reported in the Journal of the American Medical Association that for every two hours per day spent channel(40)_____, the risk of developing Type 2 diabetes(糖尿病)rose 20% over 8.5 years, the risk of heart disease increased 15% over a(41)_____, and the odds of dying prematurely(42)_____ 13% during a seven-year follow-up. All of these(43)_____ are linked to a lack of physical exercise. But compared with other sedentary(久坐的)activities, like knitting, viewing TV may be especially(44)_____ at promoting unhealthy habits. For one, the sheer number of hours we pass watching TV dwarfs the time we spend on anything else. And other studies have found that watching ads for beer and popcorn may make you more likely to(45)_____ them.
Even so, the authors admit that they didn't compare different sedentary activities to(46)_____ whether TV watching was linked to a greater risk of diabetes, heart disease or early death compared with, say, reading.
A.climbed
B.consume
C.decade
D.determine
E.effective
F.harmful
G.outcomes
H.passively
I.previously
J.resume
K.suffered
L.surfing
M.term
N.terminals
O.twisting
Character is made up of those principles and values that give your life direction, meaning and depth. These constitute your inner sense of what's right and wrong based not on laws or rules of conduct but on who you are. They include such traits as integrity, honesty, courage, fairness and generosity--which arise from the hard choices we have to make in life. So wrong is simply in doing wrong, not in getting caught.
Yet some people wonder if our inner values matter anymore. After all, hasn't our noted bank executive succeeded in every visible way, despite his transgressions (过错,犯罪)？
This question demonstrates a quandary (因境) of our modern life. Many have come to believe that the only things we need for success are talent, energy and personality. But history has taught us that over the long haul, who we are is more important than who we appear to be.
During the nation's first century and a half, almost everything in the literature of success and self-help focused on what could be called the character ethic. Such eminent figures as Benjamin Franklin and Thomas Jefferson made clear their belief that we can only experience tree success and happiness by making character the base of our lives.
After we moved into the industrial age and after World WarⅠ, the basic view of success shifted to what we could call the personality ethic. Success became more a function of charm, skills and techniques that, at least on the surface, lubricate (使润滑) the process of human interaction. Rather than struggle with thorny issues of right and wrong, we turned to making things run smoothly.
Some of that philosophy expressed itself with harmless but superficial maxims such as "Smiling wins more friends than frowning." Other ideas were clearly manipulative or even deceptive-faking interest in others' hobbies so they will like you, for instance.
With a value system based solely on skill and personality, we find heroes in athletes, musicians and in powerful business executives. But despite the admiration we feel for these achievers, we shouldn't necessarily look upon them as role models. While skill is certainly needed for success, it can never guarantee happiness and fulfillment. These come from developing character.
According to the passage, character is（）.
A.your integrity
B.your personality
C.a guide in your life
D.your sense of good
But the article is actually quite optimistic, as it outlines a potential solution to this problem, suggesting that an approach(which involves a one-hour, next-to-no-cost program) can close 63 percent of the achievement gap(measured by such factors as grades)between first-generation and other students.
The authors of the paper are from different universities, and their findins are based on a study involving 147 students(who completed the project)at an unnamed private unive rsity．First generation was defined as not having a parent with a four-year college degree Most of the first-generation students(1 percent) were recipients of Pell Grants，a federal g rant for undergraduates with financial need，while this was true only for 8.6 percent of the students wit at least one parent with a four-year degree Their thesis-that a relatively modest inte rvention could have a big impact-was based on the view that first-gene ration students may be most lacking not in potential but in practical knowledge about how to deal with the issues that face most college students They cite past resea rch by several authors to show that this is the gap that must be na rrowed to close the achievement gap.
Many first-gene ration students"struggle to navigate the middle-class culture of higher education，learn the&39;rules of the game，&39;and take advantage of college resou rces," they write And this becomes more of a problem when collages don&39;t talk about the class advantage and disadvantages of different groups of students Because US colleges and universities seldom acknowledge how social class can affect students&39; educational expe rience，many first-gene ration students lack sight about why they a re struggling and do not unde rstand how students&39; like them can improve .
26. Recruiting more first-generation students has__________________
A.reduced their dropout rates
B.narrowed the achievement gao
C.missed its original purpose
D.depressed college students
The author of the research article are optimistic because__________________A.the problem is solvable
B.their approach is costless
C.the recruiting rate has increased
D.their finding appeal to students
The author of the paper believe that first-generation students__________________A.a re actually indifferent to the achievement gap
B.can have a potential influence on othe r students
C.may lack opportunities to apply for resea rch projects
D.are inexperienced in handling their issues at college
The study suggests that most first-gene ration students__________________A.study at private universities
B.are from single-pa rent families
C.are in need of financial support
D.have failed their collage
We mayinfer from the last paragraph that--A.universities often rect the culture of the middle-class
B.students are usually to blame for their lack of resources
C.social class g reatly helps en rich educational experiences
D.colleges are partly responsible for the problem in question
请帮忙给出每个问题的正确答案和分析，谢谢！
ANNOUNCEMENT FROM THE DEAN: NEW CREDIT REQUIREMENTS
The academic dean announces an important change to the university's core curriculum concerning the number of required credits in mathematics and writing. The mathematics requirement will increase from 1 to 2 courses (or a total of 7 credit hours). The writing requirement will increase from 2 to 3 courses (or a total of 9 credit hours). This change is in response to employers and graduate schools who state that students applying for employment or admission to graduate programs need strong skills in mathematics and writing. The new credit requirements will apply to all students who graduate after May 1 of next year.
Now cover the passage and listen to the recording. When you hear the question, begin preparing your response.
The woman expresses her opinion about the new credit requirements. State her opinion and explain the reasons she gives for holding that opinion.
