A、that
B、which
C、who
D、whose
第1题:
(b) Router has a number of film studios and office buildings. The office buildings are in prestigious areas whereas
the film studios are located in ‘out of town’ locations. The management of Router wish to apply the ‘revaluation
model’ to the office buildings and the ‘cost model’ to the film studios in the year ended 31 May 2007. At present
both types of buildings are valued using the ‘revaluation model’. One of the film studios has been converted to a
theme park. In this case only, the land and buildings on the park are leased on a single lease from a third party.
The lease term was 30 years in 1990. The lease of the land and buildings was classified as a finance lease even
though the financial statements purport to comply with IAS 17 ‘Leases’.
The terms of the lease were changed on 31 May 2007. Router is now going to terminate the lease early in 2015
in exchange for a payment of $10 million on 31 May 2007 and a reduction in the monthly lease payments.
Router intends to move from the site in 2015. The revised lease terms have not resulted in a change of
classification of the lease in the financial statements of Router. (10 marks)
Required:
Discuss how the above items should be dealt with in the group financial statements of Router for the year ended
31 May 2007.
第2题:
Our tradition ______ be different _____ yours.
A、can;with
B、must;with
C、need;as
D、may;from
第3题:
3 (a) Leigh, a public limited company, purchased the whole of the share capital of Hash, a limited company, on 1 June
2006. The whole of the share capital of Hash was formerly owned by the five directors of Hash and under the
terms of the purchase agreement, the five directors were to receive a total of three million ordinary shares of $1
of Leigh on 1 June 2006 (market value $6 million) and a further 5,000 shares per director on 31 May 2007,
if they were still employed by Leigh on that date. All of the directors were still employed by Leigh at 31 May
2007.
Leigh granted and issued fully paid shares to its own employees on 31 May 2007. Normally share options issued
to employees would vest over a three year period, but these shares were given as a bonus because of the
company’s exceptional performance over the period. The shares in Leigh had a market value of $3 million
(one million ordinary shares of $1 at $3 per share) on 31 May 2007 and an average fair value of
$2·5 million (one million ordinary shares of $1 at $2·50 per share) for the year ended 31 May 2007. It is
expected that Leigh’s share price will rise to $6 per share over the next three years. (10 marks)
Required:
Discuss with suitable computations how the above share based transactions should be accounted for in the
financial statements of Leigh for the year ended 31 May 2007.
第4题:
第5题:
37. —There's somebody at the door._________ it be Jim?
—No ,It __________be him. It's just seven o'clock.It’s too early.
A. May; can't
B. Will; won't
C. May; mustn’t
D Must; may not
第6题:
(b) The marketing director of CTC has suggested the introduction of a new toy ‘Nellie the Elephant’ for which the
following estimated information is available:
1. Sales volumes and selling prices per unit
Year ending, 31 May 2009 2010 2011
Sales units (000) 80 180 100
Selling price per unit ($) 50 50 50
2. Nellie will generate a contribution to sales ratio of 50% throughout the three year period.
3. Product specific fixed overheads during the year ending 31 May 2009 are estimated to be $1·6 million. It
is anticipated that these fixed overheads would decrease by 10% per annum during each of the years ending
31 May 2010 and 31 May 2011.
4. Capital investment amounting to $3·9 million would be required in June 2008. The investment would have
no residual value at 31 May 2011.
5. Additional working capital of $500,000 would be required in June 2008. A further $200,000 would be
required on 31 May 2009. These amounts would be recovered in full at the end of the three year period.
6. The cost of capital is expected to be 12% per annum.
Assume all cash flows (other than where stated) arise at the end of the year.
Required:
(i) Determine whether the new product is viable purely on financial grounds. (4 marks)
第7题:
3.—__________ 1 go out for a while?
—No,you __________ You must finish your homework first.
A. Must,needn't
B. Can,may
C. May,mustn't
D. May,must
第8题:
(b) On 31 May 2007, Leigh purchased property, plant and equipment for $4 million. The supplier has agreed to
accept payment for the property, plant and equipment either in cash or in shares. The supplier can either choose
1·5 million shares of the company to be issued in six months time or to receive a cash payment in three months
time equivalent to the market value of 1·3 million shares. It is estimated that the share price will be $3·50 in
three months time and $4 in six months time.
Additionally, at 31 May 2007, one of the directors recently appointed to the board has been granted the right to
choose either 50,000 shares of Leigh or receive a cash payment equal to the current value of 40,000 shares at
the settlement date. This right has been granted because of the performance of the director during the year and
is unconditional at 31 May 2007. The settlement date is 1 July 2008 and the company estimates the fair value
of the share alternative is $2·50 per share at 31 May 2007. The share price of Leigh at 31 May 2007 is $3 per
share, and if the director chooses the share alternative, they must be kept for a period of four years. (9 marks)
Required:
Discuss with suitable computations how the above share based transactions should be accounted for in the
financial statements of Leigh for the year ended 31 May 2007.
(b) Transactions that allow choice of settlement are accounted for as cash-settled to the extent that the entity has incurred a
liability (IFRS2 para 34). The share based transaction is treated as the issuance of a compound financial instrument. IFRS2
applies similar measurement principles to determine the value of the constituent parts of a compound instrument as that
required by IAS32 ‘Financial Instruments: Disclosure and Presentation’. The purchase of the property, plant and equipment
(PPE) and the grant to the director, both fall under this section of IFRS2 as the supplier and the director have a choice of
settlement. The fair value of the goods can be measured directly as regards the purchase of the PPE and therefore this fact
determines that the transaction is treated in a certain way. In the case of the director, the fair value of the service rendered
will be determined by the fair value of the equity instruments given and IFRS2 says that this type of share based transaction
should be dealt with in a certain way. Under IFRS2, if the fair value of the goods or services received can be measured directly
and easily then the equity element is determined by taking the fair value of the goods or services less the fair value of the
debt element of this instrument. The debt element is essentially the cash payment that will occur. If the fair value of the goods
or services is measured by reference to the fair value of the equity instruments given then the whole of the compound
instrument should be fair valued. The equity element becomes the difference between the fair value of the equity instruments
granted less the fair value of the debt component. It should take into account the fact that the counterparty must forfeit its
right to receive cash in order to receive the equity instrument.
When Leigh received the property, plant and equipment it should have recorded a liability of $4 million and an increase in
equity of $0·55 million being the difference between the value of the property, plant and equipment and the fair value of theliability. The fair value of the liability is the cash payment of $3·50 x 1·3 million shares, i.e. $4·55 million.
The accounting entry would be:
第9题:
Your load line certificate expires on 27 May 2006.The vessel is surveyed on that date and is found satisfactory.You are sailing foreign the same day.Which statement is TRUE ________.
A.A new certificate must be issued before you sail
B.The existing certificate is endorsed as valid for a five year period commencing 27 May 2006
C.The existing certificate is extended for a period of up to 150 days
D.The existing certificate is extended until the first foreign port of call where a new certificate will be issued by the local surveyor
第10题:
下面英文日期写法错误的是____?
A.May 1, 2015
B.1 May,2015
C.1 May 2015
D.May 1st, 2015