十2010年注会综合阶段综合英语讲义(已排版可直接打印)全

2010年注册会计师考试辅导教案 综合阶段—综合英语

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2010年注会综合阶段 综合英语

总 论

【知识点1】总体背景介绍

1.为适应经济全球化的趋势，以及注册会计师在工作中的实际需要，中注协近年来不断加强对专业财经英语的考察力度。这其实代表的是未来注册会计师发展要求的一个大方向，一个发展趋势。

2.经过2009年注会改革前几年的铺垫（锦上添花，不“伤筋动骨”阶段），今年中注协在综合阶段正式提升了英语考查的地位（由“游离于”体制外转化为“体制内”）。

3.财经专业英语的考查在综合考试阶段的位置。 综英概图-1

4.从发展趋势看，与其“被动应战”，不如“主动出击”。希望那些今后参加综合阶段考试的广大学员，从现在开始，从点滴开始，逐渐培养对财经专业英语的学习兴趣。“不积跬步，无以至千里。”只要坚持一段时间，就会看到明显的效果和进步。这既是提升考试胜算的方法，同时也是增强在实际工作中自身竞争优势的手段。 一个人只有肯先为自己坚持一个人只有肯先为自己坚持，，别人才会为你坚持别人才会为你坚持！！

【知识点2】辅导安排和思路 综英概图

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【看图说话】

1.综合阶段考试大纲明确指出的考试知识点范围涉及专业阶段的6科考试：《会计》、《审计》、《财务成本管理》、《公司战略与风险管理》、《经济法》和《税法》（其中道德操守并在《审计》中）。

2.根据综合阶段考试大纲，已给出每科考查的主要知识点，财经专业英语主要围绕这些知识点展开讲解。

3.每科财经专业英语总讲授时间控制在2个小时左右，其中每一个小时为一个单元（Unit ）；分两轮讲解。具体授课目录如下： 综英图

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其中穿插讲解： 综英图0-4

Unit 1 Corporate Strategy and Risk Management-Part A

概 述 Content

The environment and competitive forces Marketing and the value of goods and services Internal sources, capabilities and competences Strategic choices

Organizational structure

PART I The environment and competitive forces 1.Environment

Picture 1-1

Glossary:

1.Macro-environment: 宏观经济环境

2.Porter’s diamond: 波特的钻石模型（研究国家竞争力）

3.Porter’s five forces: 波特的五力模型

4.Industry: 行业

5.Sector: 部门，领域

An industry is a group of firms selling the same principal product or products which are close substitutes. A sector extends the idea of industry into the public services. 6.Convergence:集中，趋同 7.SWOT: SWOT 模型 8.Opportunity: 机会

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9.Threat: 威胁 10.Strength: 优势 11.Weakness: 劣势 https://www.360docs.net/doc/fa14042143.html,petitor: 竞争者

13.Product life cycle: 产品生命周期 14.Strategic group: 战略组群 15.Segmentation: 细分 2.The PESTEL model

The PESTEL model looks at the macro environment, using the following headings:

Political

The political environment

includes

taxation policy,

government stability

and foreign trade regulations.

Economic

The economic environment includes

interest rates, inflation, business cycles, unemployment, disposable income and energy availability and cost.

Social

The social/culture environment includes population demographics, social mobility,

income distribution, lifestyle changes, attitudes to work and leisure, levels of education and consumerism. Technological

The technological environment is

influenced by government spending on

research, new discoveries and development,

government and industry focus of technological

effort, speed of technological transfer and rates of obsolescence.

Ecological

The ecological environment, sometimes just referred to as ‘the environment’, considers

ways in which the organization can produce its goods and services with the minimum environmental damage.

Legal

The legal environment covers influences

such as taxation, employment law, monopoly legislation and environmental protection laws.

3. Porter’s diamond Picture1-2

Glossary

Demand condition （also called diamond condition ） 需求条件，又称钻石条件

Factor conditions 有利因素状况

Related and supporting industries 相关和支持性行业的存在 Firm strategy, structure and rivalry 企业战略、结构和同业竞争 4.Porter’s five forces model

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Picture1-3

Glossary

1.Threat of new entrants 新进入者的威胁

2.Barrier to entry 进入壁垒

3.Power of supplier 供应商力量

4.Customer 客户

https://www.360docs.net/doc/fa14042143.html,petitive rivalry between existing firms 现存企业间的竞争对手

6.Substitute product 替代产品

Porter looked at the structure of industries. In particular, he was interested in assessing industry attractiveness, by which he meant how easy it would be to make above average profits （for shareholders and to fund adequate investment ）. He concluded that industry

attractiveness depends on five factors or forces.

Threat of

new

entrants

New entrants into a market will bring extra

capacity

and

intensify

competition. The threat from new entrants will depend upon the strength of the barriers to entry and the likely response of existing competitors to a

new entrant. Economy of scale

Product differentiation Capital requirements Switching cost

Access to distribution channels Cost advantages of existing producers Know-how Regulation

Threat of substitute

products

This threat is across industries （e.g. rail

travel versus bus travel versus private

car ） or within an industry （e.g. long

life milk as a substitute for delivered

fresh milk ）.

Bargaining power of customers

Powerful customers can force price cuts and/or quality improvements. Either

way, margins are eroded. Bargaining power is high when a combination of factors arises:

A buyer’s purchases are a high proportion of the supplier’s total

business or represent a high proportion

of total trade in that market A buy makes a low profit The

quality

of

purchases

is

unimportant or delivery timing is irrelevant, and prices will be forced down.

There are similar alternative products available from other suppliers. Bargaining power of suppliers

The power of suppliers to charge higher

prices will be influenced by the following:

The degree to which switching costs

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apply and substitutes are available The presence of one or two dominant

suppliers controlling prices

The extent

to which

products

offered have

a uniqueness of brand, technical

performance or design

not available

elsewhere.

Competition/rivalry

Intensity of existing competition will depend on the following factors: Number and relative strength of competitors. Rate of growth.

Where high fixed costs are involved companies will cut prices to marginal

cost levels to protect volume, and drive weaker competitors out of the market. If buyers can switch easily between suppliers the competition is keen. If the exit barrier （i.e. the cost incurred in leaving the market ） is high, companies will hang on until forced out, thereby increasing competition and depressing profit.

5.The life cycle model Picture 1-4

Picture 1-5

Industry features Introductio

n

Growth Maturity Decline

Competition Few players Many new

entrants and

mergers/takeov

er. Fight for

market share.

Shake-out

leaves only a

few large

players

Heavy

discounting

and price

wars.

Demand Usually

higher-inco

me buyers

Increasing

market

penetration

Growth rate

fails, most

purchases

now

replacement

or repeat

buying. Well

informed,

demanding

buyers.

Falling

demand

Technology Non-standar

d

Narrowing in

the range of

technologies

applied

Knowledge is

well

understood

by all players

in the market

Knowledge

is well

understood

by all

players

in

the market

Product characteristi cs Differences

in choice,

inconsistent

quality

Improvement

in the design

and quality

Standardizati

on of

products with

only small

differentiatio

Less

emphasis on

product

differentiati

on

ns

Production

processes

Short

production

runs with

specialized

distributors

Mass

production

Overcapacity

begins to

develop; long

production

runs

High

incidence of

overcapacit

y

Critical

success

factors

Innovative

product

Products are

able to be mass

produced

Efficiency in

operations to

keep costs

low

Brand

loyalty

Low

overheads

6.Strategic group:

Have similar characteristics, e.g. size

Pursue similar competitive strategies over time, e.g. heavy

advertising

Have similar assets and skills, e.g. quality image

PART II Marketing and the value of goods and services

1.Critical Success Factors （CSF）

Critical success factors （CSFs）are performance requirements

that are fundamental to an organization’s success. In this context

CSFs should thus be viewed as those product features that are

particularly valued by customers. This is where the organization must

outperform competition.

Measured targets for CSFs are called key performance indicators

（KPIs）.

2.Value chain

Glossary

Value chain 价值链

Support or secondary value activities 辅助活动

Primary value activities 基本活动

Firm infrastructure 企业基础设施建设

Human resource management 人力资源管理

Technology development 技术开发

Procurement 采购

Inbound logistics 进货后勤

Operations 生产经营

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Outbound logistics 发货后勤

Marketing and sales 市场营销

Service 服务

Margin 利润

Once CSFs have been identified, the firm needs to be analyze whether and where it is adding value （as perceived by customers）to products.

Porter developed the value chain to help identify which activities within the firm were contributing to a competitive advantage and which were not.

The approach involves breaking down the firm into five ‘primary’ and four ‘support’ activities, and then looking at each to see if they give a cost advantage or quality advantage.

Primary activities:

Inbound logistics Receiving, storing and handling raw material inputs. For example, a just-in-time stock system could give a cost advantage.

Operations Transformation of the raw materials into finished goods and services. For example, using skilled craftsmen could give a quality advantage.

Outbound logistics Storing, distributing and delivering finished goods to customers. For example, outsourcing delivering could give a cost advantage.

Marketing and sales For example, sponsorship of a sports celebrity could enhance the image of the product.

Service All activities that occur after the point of sale, such as installation, training and repair, e.g. Marks and Spencer’s friendly approach to returns gives it a perceived a quality advantage.

Secondary activities

Firm infrastructure How the firm

is organized. For example, centralized buying could result in cost savings due to bulk discounts.

Technology development How the firm uses technology. For example, the latest computer-controlled machinery gives greater flexibility to tailor products to individual customer specifications.

Human resources development How people contribute to competitive advantage. For example, employing expert

buyers could enable a supermarket to purchase better wines than competitors.

Procurement Purchasing, but not just limited to materials.

For example, buying a building out or town

could give a cost advantage over high street

competitors.

All organizations in a particular industry will have a similar

value chain, which will include activities such as:

Obtaining raw materials

Designing products

Building manufacturing facilities

Developing co-operative agreements

Providing customer service

It is vital that the linkages between the different elements of a

value chain are considered. Firstly this is to ensure consistency.

Secondly it may be that through linking separate activities more

effectively than competitors, a firm can gain a competitive advantage.

3.Benchmarking

Benchmarking is the process of systematic comparison of a

service, practice or process. Its use is to provide a target for action in

order to improve competitive position.

基准分析是企业和竞争对手在劳务、实践或流程等方面系统

进行比较的过程。其主要目的就是为提升竞争力而设定相关目标。

The main benefits include: 主要好处包括：

a）Improved performance and added value 提升业绩和增加价

值

b）Improved understanding of environmental pressure 更加深刻

理解周边环境压力

c）Improved competitive position 提升竞争李

d）A creative process of change 创造性的变化过程

e）A target to motivate and improve operations 促进和改进营运

的目标

f）Increased rate of organizational learning 提升组织学习程度

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PART III Internal resources, capabilities and competences 1.Unique resources are those resources that create competitive advantage and that others cannot imitate or obtain.

2.Core competences are the activities, processes and methods through which an organization uses its resources effectively, in ways that others cannot imitate or obtain. Examples of core competences are: sophisticated IT, a corporate culture and the ability to share and

lever knowledge throughout the organization.

3.SWOT Picture 1-6

PART IV Strategic choices

1.Related diversification （Corporate Strategy ） There are two types of related diversification:

Vertical integration

Horizontal diversification （sometimes known as concentric diversification ）

2.Vertical integration

Taking over a supplier （backwards vertical integration ） or customer （forwards vertical integration ） Advantages

Disadvantages Cost Economies of

combined operations

Economies of internal control Economies of avoiding the market Quality

Tap into technology – enhanced ability to differentiate Barriers

Assured supply/demand Defense against lock-out

Create barriers by controlling supplies/distribution/retail outlets Cost

It may not be cheaper to do

it oneself – especially if

suppliers have economies of

scale

Increased operating gearing Dulled incentives Capital investment Reduced flexibility to switch to cheaper suppliers Quality

Cut off from suppliers Reduced flexibility to

switch to better suppliers Differing

managerial

requirement

3. Unrelated/conglomerate diversification Diversifying into completely unrelated business

Not clear where added value comes from – except if an ailing business is turned round

Often leads to loss of shareholder value Advantages Disadvantages

Increased flexibility

Increased profitability Ability to grow quickly Better access to capital markets Avoidance of anti-monopoly legislation

Diversification of risk

No synergies

No additional benefit for shareholders No advantage over small firms

Lack of management focus 4. Development method of Corporate Strategy Organic

Acquisition Alliances 5. Ansoff’s matrix Picture 1-7

Existing

New

Existing Consolidation Withdrawal Efficiency gains Market

penetration/growth This could involve cutting prices, spending more on advertizing and/or minor product improvements.

Product development ● Basic idea is to get more money

from

existing

customers.

● Can be particularly good if using existing resources,

distribution

channels, etc

● New products could arise from R&D, joint ventures, buying in other people’s products

or

licensing.

New

Market development

● This involves finding

new markets for existing

products.

● These could be new

segments in current

markets （e.g. new age

group ） or overseas

markets.

● CSF is market attractiveness

Diversification

This could be related to

what we do at the moment

（ e.g. vertical

integration ） or unrelated

（conglomerate

diversification ）.

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6. Porter’s generic strategies

Michael Porter stated that a firm that is wishing to obtain competitive advantage over its rivals is faced with two choices. Basis of completion

Lower cost Differentiation Broad target Cost leadership Differentiation Competitive Scope

Narrow target

Cost focus

Differentiation focus

7. Strategy evaluation

There are three conditions for successful choice. Suitability Whether the options are adequate responses to the firm’s assessment of its strategic position. Feasibility

Assesses whether the organization has the resources it needs to carry out the strategy Acceptability

Considers whether the options meet and are

consistent with the firm’s objectives and are acceptable to the stakeholders.

PART V Organization structure https://www.360docs.net/doc/fa14042143.html,anizational structure a ）Functional structure 职能结构

b ）Divisional structure （product division ， geographical division ）事业部结构（产品事业部、地区事业部）

c ）SBU （strategic business unit ） 战略业务单元

d ）Matrix organization 矩阵组织

2.Centralization vs. decentralization 集权抑或分权 Advantages and disadvantages of centralization Advantages: 优点

a ）Co-ordinated decisions and better management control, therefore less sub-optimizing （协调决策和管理控制，减少次优决策）

b ）Conformity with overall objectives – goal congruence is more likely to be achieved （有助于整体目标的一致性）

c ）Standardization （标准化）

d ）Balanc

e between functions, divisions, etc （在职能、事业部之间取得平衡）

e ）Economy o

f scale （规模经济）

f ）Top managers become better decision makers （高级管理层成为更好的决策者）

g ）Speedier central decisions may be made in a crisis – delegation can be time-consuming. （遭遇危机可以较快决策应对） Disadvantages: 缺点

a ）Those of lower rank experience reduce jo

b satisfaction. （底层员工缺乏工作满意度）

b ）Senior management do not possess sufficient knowledge of all organizational activities. （高级管理层不大可能掌握组织内方方面面活动的足够知识）

c ）Centralization places stress an

d responsibility onto senior management.（集权制使高层领导承担较大压力和责任）

d ）Subordinates experienc

e restricted opportunity for career development toward senior management positions. （下属员工向上发展的职业机会有限）

e ）Decisions often take considerable time. （决策往往花费较多之间）

3.Mintzberg’s structural configurations 明茨伯格组织构型理论

Building blocks and coordinating mechanisms 构建模块和协调机

Picture 1-8

Building blocks

a ）Strategic apex 战略顶点

b ）Techno structure 技术结构

c ）Operating core 作业核心

d ）Middl

e line 中间层 e ）Support staf

f 支持性人员 f ）Ideology 思想体系、意识形态

Coordinating mechanism, that together with the building blocks make up the detailed configuration of the organization. 构建模块和协调机制构成了具体的结构构型。 https://www.360docs.net/doc/fa14042143.html,ments on divisional structures Advantages

Disadvantages

Flexibility – divisions can be

closed or created to respond to changes in

organizational strategy

Specialist expertise is built up relating to a particular product or market segment

Managers of divisions have a greater personal interest in the strategy for their own division. The enabling of performance management （and hence control ） of businesses by head office from a distance. High central management costs

Duplication of effort with all

functions represented within divisions Vertical barriers between

divisions that may prevent information sharing

and

co-operation between

divisions.

Strategic management can be a complex hierarchical process.

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Unit 2 Audit and Ethics Unit 2 Audit and Ethics––Part A

Content

Glossary （Key Words） Stages of Audit Concept of materiality

Understanding the entity and its environment

Part Part I Glossary I Glossary I Glossary （（Key Words Key Words））审计常用50字汇字汇 1.Letter of Engagement 审计业务约定书

2.Assurance engagement and external audit 鉴证业务和外部审计

3.Audit approach 审计方法

4.Staffing 人员安排

5.Deadline 截止日期

6.Group Audit 集团审计

7.Materiality 重要性

8.Fraud 舞弊；欺诈

9.Professional skepticism 职业怀疑 10.Going concern 永续经营 11.Tolerable Error 可容忍错误

12.True and fair presentation 真实公允披露 13.Reasonable assurance 合理保证

14.Appointment, removal and resignation of auditors 注册会计师（审计人员）的聘用、解聘和辞职

15.Types of opinion: unqualified opinion, qualified opinion, adverse opinion, disclaimer of opinion

审计意见类型：无保留意见，保留意见，否定意见，无法表示意见

16.Due care 合理关注 17.Independence 独立 18.Integrity 诚信

19.Audit risk = inherent risk x control risk x detection risk

审计风险=固有风险x 控制风险x 检查风险

20.Assessing the risks of material misstatement and fraud 估计（评估）重大错报或舞弊的风险 21.Analytical procedure

分析程序

22.Audit documentation: working paper 审计记录：工作底稿

23.Rely on the work of experts 依靠专家工作 24.Internal audit 内部审计

25.Evaluation of internal control 内部控制评估 26.Test of control 控制测试test of design, test of

operation

27.Substantive procedure （time, nature, extent）实质

性程序（时间、性质和程度） 28.Transaction cycle 交易循环 29.Audit evidence 审计证据 30.Population（样本选取的）总体 31.Assertion 认定 32.Classification 分类 https://www.360docs.net/doc/fa14042143.html,pleteness 完整性 34.Occurrence 发生 35.Existence 存在 36.Measurement 计量 37.Presentation 列示 38.Disclosure 披露

39.Accuracy 精确，精准（准确性） 40.Rights 权利 41.Valuation 估值 42.Obligation 义务

43.Positive/negative confirmation 积极/消极函证 44.Counting 盘点 45.Cut-off 截止测试

46.Subsequent events 随后事项（期后事项） 47.Quality control 质量控制

48.Management representation 管理层声明 49.‘Emphasis of matter’ paragraph 强调事项段 50.Corporate governance 公司治理机制

Part II Stages of Audit

Part II Stages of Audit

Picture2

Picture2--1

Glossary

1.Assessment评估

2.Internal Control System内部控制制度

3.Test of control控制测试

4.Accounting System会计制度

5.Seek寻找

6.Reduced减少的

7.Extensive延展的

8.Substantive procedures实质性程序

9.Transaction交易

10.Balance

余额

Part III Concept of materiality

Part III Concept of materiality

A.An item is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements.

B.In planning the audit, the auditor therefore needs to establish materiality levels to ensure that any material misstatement or omissions in the accounting records are discovered.

C.Materiality will also be relevant to the internal auditor, although more from quantifying risk exposure of general findings to management rather than form the point of view of the financial statements.

Glossary:

1.Materiality:重要性

2.Omission：遗漏

3.Misstatement：错报

4.Materiality level:重要性水平

5.Influence：影响

6.Economic decision：经济决策

7.Therefore：因此

8.Ensure：确保

9.Discover：发现

10.Rather than：除了、而不是

11.Risk exposure：风险敞口

12.Point of view：观点

Establishing materialit

Establishing materiality levels

y levels

y levels

建立重要性水平

建立重要性水平

There are two levels of materiality to be considered: Materiality at the overall financial statement level

Material for individual balances and classes of transactions

1.Overall：全部、整体

2.Individual：各个

The latter is usually derived from the former.

https://www.360docs.net/doc/fa14042143.html,tter：后者

2.Derive:得到；源于

3.Former：前者

There is an inverse relationship between materiality and the level audit risk. The higher the materiality level, the lower the audit risk, and vice versa.

Where, for example, materiality is low, audit risk is increased and the auditor can compensate for this by either carrying out additional test of control, or by increasing substantive procedures. Either will have the effect of reducing the assessed level of control risk.

Notes:

1.Inverse:相反的

2.Vice versa:反之亦然

https://www.360docs.net/doc/fa14042143.html,pensate for:补偿

4.Derive from:源于

Materiality at the planning stage is often set at a lower level than is strictly necessary in order to reduce the risk of undiscovered misstatements. This also helps to deal with the potential problem of having to adjust materiality levels at a later date in the light of evidence obtained.

1.Set：设置

2.Strictly：严格地

3.Deal with：处置

4.Undiscovered：掩盖；未发现

5.Potential：潜在的

6.Adjust：调整

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7.In the light of:鉴于；由于

The most common bases used are a percentage of sales （1-2%）, pre-tax profit （5-10%） or asset values （2-5%）.

1.Sales：销售收入

2.Base：基数；基础

3.Pre-tax：税前

4.Percentage：百分比

Part IV Understanding the Entity and its Environment

Part IV Understanding the Entity and its Environment 对被审计单位的总体了解和宏观把握对审计人员成功、高效实施审计尤为重要;尤其是对新的被审计单位的了解更为重要.是审计计划中重要的一环;只有对被审计单位有了全面、深入、客观和正确的了解,才能制定正确的审计战略.

新的被审计单位有两层含义:

首次进行审计的客户（第一次接受审计）

你的新客户（以前由其他会计师事务所进行审计）

并且对客户的了解,不仅仅限于你的正式客户,还包括那些潜在的客户;对你客户的充分了解是你决定是否为其提供审计服务的重要决定因素之一.

ISA315 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement was issued to provide guidance to auditors on obtaining an understanding of the entity and its environment.

The auditor should obtain an understanding of the entity and its environment, including its internal control, sufficient to identify and assess the risks of material misstatement of the financial statements whether due to fraud or error, and sufficient to design and perform further audit procedures.

Knowledge is obtained both before accepting the client and afterwards for each audit.

The ISA states that obtaining an understanding of the entity and its environment is an essential aspect of performing an audit in accordance with ISAs. It is therefore very important. It helps the auditor when professional judgments have to be made, for example, in determining risks and materiality and in considering whether accounting policies have been selected and applied appropriately.

In practice, auditors evaluate risks and gather evidence accordingly. It is also an important means of justifying the audit opinion.

Glossary:

1.Guidance指引，指导

2.Entity主体

3.Sufficient足够的，充足的

4.Identify识别，辨认

5.Due to由于

6.Audit procedure审计程序

7.ISA， International Standard on Audit国际审计准则

8.Essential实质的，本质的

9.htmect方面

10.In accordance with和……一致，遵照

Risk

Risk

Obtaining an understanding of the entity and its environment, including its internal control, is a continuous, dynamic process of gathering, updating and analyzing information throughout the audit.

There is no set format for the risk assessment, although it is likely to involve:

Inquiries of management and others within the entity;

Analytical procedures; and

Observation and inspection;

Discussions among engagement team

Glossary:

1.Continuous持续的，连续的

2.Dynamic动态的

3.Throughout（表示时间）自始至终，在……期间

4.Observation观察

5.Inspection检查

Information required:

The specific areas that the auditor is required to obtain an understanding of are:

Industry, regulatory and other external factors （including the applicable financial reporting framework） The nature of the entity

The entity’s objectives, strategies and related business risks

The measurement and review the entity undertakes of its own financial performance

Internal control

Glossary:

1.Regulatory监管的，调整的

2.Reporting framework报告框架

3.Nature性质

4.Business risk商业风险

5.Undertake担任，承揽，保证

Unit 3 Financial Management and Cost Management

Unit 3 Financial Management and Cost Management Part A Content

Management Accounting

Working Capital Management

Bond Valuation and Share Valuation

Cost of Capital and Capital Structure

Dividend Policy

Part A Management Accounting

Part A Management Accounting

G lossary

1.Absorption costing全部成本法（吸收成本法）

2.Marginal costing变动成本法（边际成本法）

3.Cost-volume-profit （CVP） 本量利分析

4.Direct material直接材料

5.Direct labor直接人工

6.Marginal contribution边际贡献

7.Margin of safety安全边际

8.Variable cost变动成本

9.Fixed cost股东成本

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Example 1

Example 1

Pinafore Ltd manufactures and sells a single product. The budgeted profit statement for this month, which has been prepared using marginal costing principles, is as follows: Glossary

1.Manufacture制造；生产

2.A single product单一产品

3.Budgeted profit预算利润

4.Profit statement利润表

5.Principle原则

6.As follows如下

1.Opening stock存货的期初余额

2.Closing stock存货的期末余额

3.Selling cost销售成本

4.Contribution贡献

5.Fixed overhead固定制造费用

6.Administration行政管理费用

Glossary

1.Normal正常

2.Monthly每月

3.Value估值

4.Standard cost标准成本

5.Level of activity生产水平

6.Reconcile调整

7.Short-run = short-term短期

8.Decision-making决策

9.Relevant相关

10.Break-even

保本点；盈亏分界点

Example 2

Example 2

Glossary

1.Represent代表

2.Full capacity满负荷生产能力

3.Remain unchanged保持不变

4.Contribution to sales ratio销售贡献率

A new customer has offered to take a monthly delivery of 15,000 units at a price per unit 20% below the normal selling price. If this new business is accepted, existing sales are expected to fall by one unit for every six units sold to this mew cunstomer.

Glossary

1.New customer新客户

2.Offer报价

3.Delivery运送

4.Below在……之下

5.Accept接受

6.Fall下降

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7.One unit for every six units 每六个对应一个

Glossary

1.Opportunity cost 机会成本

2.Reference to 参照

3.Context 在…语境中

4.Explain 解释

5.Illustrate

说明

Part B Working capital management Part B Working capital management（（营运资本管理营运资本管理））

Glossary:

1.Creditor 债权人（trade payable）

2.Raw material 原材料

3.Work in process（WIP）在产品

4.Finished goods 产成品

5.Debtor 债务人（trade receivable）

6.Collection 收款 Picture 3Picture 3--1

Glossary:

1.Re-order 再订购，重新订购

2.Lead-time 订货至交货的时间

3.Certainty 确定性

4.Known 已知

5.Demand 需求

Glossary:

1.Stock（inventory）存货

2.Buffer 缓冲

3.Stock out 库存中断；脱销

Glossary:

1.EOQ （economic order quantity）经济订货量

2.Order cost 订货成本

3.Hold cost 持有成本

https://www.360docs.net/doc/fa14042143.html,rge order discount 大宗订货折扣

5.Probability

概率；

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Baumol cash management model 现金管理模型

Glossary:

1.Disbursement 支付

2.Security 证券

3.Variance 方差

4.Transaction cost 交易成本

5.Upper limit 上限

6.Return point 回归线

7.Lower limit 下限

Section C

Section C Bond valuation and share valuation 债券估值和股票估值

债券估值和股票估值 Glossary Glossary：：

1.Face value/par value 面值

2.Yield rate 收益率

3.Interest rate 利率

4.Nominal/stated interest rate 票面利率

5.Maturity 到期日

6.Expiry date 到期日

7.Constant dividend growth model 固定股利增长模型 8.Dividend 股利

9.Required rate of return

要求的报酬率

Section D

Section D ● Cost of capital and capital structure Cost of capital and capital structure 资本成本和资本结构

本结构 ● DOL, DFL, DTL DOL, DFL, DTL 经营杠杆系数经营杠杆系数、、财务杠杆系数和总杠杆系数

● CAPM CAPM 资本资产定价模型

资本资产定价模型 1.DOL:经营杠杆系数degree of operating leverage 2.DFL::财务杠杆系数degree of financing leverage 3.DTL:总杠杆系数degree of TOTAL leverage

4.CAPM: capital asset pricing model 资本资产定价模型

5.Risk free rate of return：无风险报酬率

6.Risk premium：风险溢价

7.WACC：加权平均资本成本

8.Cost of debt：债券资本成本

9.Cost of equity：权益资本成本

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Question 1

1.Ordinary share 普通股

2.Convertible debt 可转换债券

3.Equity beta: β equity 权益贝塔系数

4.Rise 上升

5.Redeem 赎回

6.At par 面值

7.Convert 转换

8.15 shares per $100 bond 每100美圆债券换100股 Discuss whether the dividend growth model or the capital asset pricing model offers the better estimate of the cost of equity of a company. （7 marks） Dividend growth model 股利增长模型 Section E Dividend policy 股利政策

股利政策 Make dividends grow at the long-term growth rate in earnings 股利按长期增长率增长 Payout ratio 股利支付率

Residual dividend policy with all distribution in the form of dividend 所有剩余均以股利形式发放的剩余股利政策 Regular-dividend-plus-extras policy 正常股利加额股利

外支付政策

Unit 4 Accounting Unit 4 Accounting –– Part A

Content Impairment of Assets Revenue recognition Financial instrument

Part A impairment of Assets

There is an established principle that assets should not be carried at above their recoverable amount. An entity should write down the carrying value of an asset to its recoverable amount if the carrying value of an asset is not

recoverable in full.

Glossary:

1. Recoverable amount 可收回金额

2. Carrying value 账面价值

I.Measuring the recoverable amount of the asset The recoverable amount of an asset should be measured as the higher value of:

（a）The asset's fair value less costs to sell; and （b）Its value in use

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Part B Revenue recognition Part B Revenue recognition Sale of goods

Sale of goods Revenue from the sale of goods should only be recognized

when all these conditions are satisfied.

1. The entity has transferred the significant risks and rewards of ownership of the goods to the buyer

2. The entity has no continuing managerial Involvement to the degree usually associated with ownership, and no

longer has effective control over the goods sold

3. The amount of revenue can be measured reliably

4. It is probable that the economic benefits associated

with the transaction will flow to the entity

5. The costs Incurred in respect of the transaction can

be measured reliably

Part C Financial instrument

A financial instrument is any contract that gives

rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise. [Examples are primary instruments such as receivables, payables and equity securities, and derivative instruments such as options, futures and swaps.] Financial instrument：金融工具 Give rise to:引发，导致 Equity instrument：权益工具 Financial asset：金融资产

Financial liability：金融负债

A financial asset is any asset that is:

●Cash

●Contractual right to receive cash or another financial asset

●Contractual right to exchange financial instruments when potentially favorable, or

●An equity instrument of another enterprise

[Examples are cash, receivable balances, investments in shares of other companies.]

A financial liability is any liability that is a contractual obligation:

●To deliver cash or another financial asset, or

●To exchange financial instruments when potentially unfavorable

[Examples are overdrafts, payables, bonds.]

An equity instrument is any contract that evidences a residual interest in the assets of an enterprise after deducting all of its liabilities. [Examples are ordinary

share, most preference share.]

The classification of a financial instrument s a

liability or as equity depends on the following:

The substance of the contractual arrangement on initial recognition

The definition of a financial liability and an equity

instrument

Compound instrument:

Compound instruments （those with both liability and equity components） should be shown in the statement of financial position with the liability and equity elements separated

Example – a convertible bond.

Financial assets are classified into four categories defined here.

Held for trading交易性金融资产

Held-to-maturity持有至到期投资

Loans and receivables贷款和应收账款

Available-for-sale financial assets可供出售金融资产

Loans and receivables and held to maturity investments should be measured at amortized cost（摊余成本） using the effective interest method.

Unit 5 Economic Law

Unit 5 Economic Law -- Part A

Content

Contract Law

Contract Law

Contract Law of People's Republic of China

中华人民共和国合同法

（1999年3月15日第九届全国人民代表大会第二次会议通过 ）

(Adopted and Promulgated by the Second Session of the Ninth National People's Congress on March 15, 1999.) Promulgate: 公布，颁布（新法律、法规）

总 则

GENERAL PRINCIPLES

第一章 一般规定

Chapter One: General Provisions

第五条 当事人应当遵循公平原则确定各方的权利和义务。

Article 5 Fairness

The parties shall abide by the principle of fairness in

prescribing their respective rights and obligations.

第二章 合同的订立

Chapter Two: Formation of Contracts

第九条 当事人订立合同，应当具有相应的民事权利能力和民事行为能力。当事人依法可以委托代理人订立合同。

Article 9 Capacity; Contract through Agent

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In entering into a contract, the parties shall have the appropriate capacities for civil rights and civil acts. A party may appoint an agent to enter into a contract on its

behalf under the law.

第十条 当事人订立合同，有书面形式、口头形式和其他形式。法律、行政法规规定采用书面形式的，应当采用书面形式。当事人约定采用书面形式的，应当采用书面形式。

Article 10 Forms of Contract; Writing Requirement

A contract may be made in writing, in an oral conversation, as well as in any other form. A contract shall be in writing if a relevant law or administrative regulation so requires. A contract shall be in writing if the parties

have so agreed.

第十一条 书面形式是指合同书、信件和数据电文（包括电报、电传、传真、电子数据交换和电子邮件）等可以有形地表现所载内容的形式。

Article 11 Definition of Writing

A writing means a memorandum of contract, letter or electronic message （including telegram, telex, facsimile, electronic data exchange and electronic mail）, etc. which is capable of expressing its contents in a tangible form.

第十二条 合同的内容由当事人约定，一般包括以下条款： （一）当事人的名称或者姓名和住所；

（二）标的；

（三）数量；

（四）质量；

（五）价款或者报酬；

（六）履行期限、地点和方式；

（七）违约责任；

（八）解决争议的方法。

当事人可以参照各类合同的示范文本订立合同。

Article 12 Terms of Contract

The terms of a contract shall be prescribed by the parties, and generally include the following:

（i） names of the parties and the domiciles thereof;

（ii） subject matter;

（iii） quantity;

（iv） quality;

（v） price or remuneration;

（vi） time, place and method of performance;

（vii） liabilities for breach of contract;

（viii） method of dispute resolution.

The parties may enter into a contract by referencing a

model contract for the relevant contract category.

第十三条 当事人订立合同，采取要约、承诺方式。

Article 13 Offer-Acceptance

A contract is concluded by the exchange of an offer and an acceptance.

第十四条 要约是希望和他人订立合同的意思表示，该意思表示应当符合下列规定：

（一）内容具体确定；

（二）表明经受要约人承诺，要约人即受该意思表示约束。

Article 14 Definition of Offer

An offer is a party’s manifestation of intention to enter into a contract with the other party, which shall comply with the following:

（i） Its terms are specific and definite;

（ii） It indicates that upon acceptance by the offeree,

the offeror will be bound thereby.

第十五条 要约邀请是希望他人向自己发出要约的意思表示。寄送的价目表、拍卖公告、招标公告、招股说明书、商业广告等为要约邀请。商业广告的内容符合要约规定的，视为要约。

Article 15 Invitation to Offer

An invitation to offer is a party’s manifestation of intention to invite the other party to make an offer thereto.

A delivered price list, announcement of auction, call for tender, prospectus, or commercial advertisement, etc. is an invitation to offer.

A commercial advertisement is deemed an offer if its contents meet the requirements of an offer.

第十七条 要约可以撤回。撤回要约的通知应当在要约到达受要约人之前或者与要约同时到达受要约人。

Article 17 Withdrawal of Offer

An offer may be withdrawn. The notice of withdrawal shall reach the offeree before or at the same time as the offer.

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