2009年6月ACCA考试真题：Part II真题答案(9)

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2009年6月大学英语A级真题试卷及答案

2009年6月大学英语A级真题试卷及答案(2010-06-16 09:54:05)转载标签：分类：大学英语AB级（三级）大学英语a级真题及答案英语考试英语学习英语教育Part II Structure (15 minutes)Directions:This part is to test your ability to construct grammatically correct sentences. It consists of 2 sections.Section ADirections:In this section, there are 10 incomplete sentences. You are required to complete each one by deciding on the most appropriate word or words from the 4 choices marked A),B), C) and D). Then you should mark the corresponding letter on the Answer Sheetwith a single line through the center.16. By the end of this year Mr. Smith ______ in our company for exactly three years.A) is working B) has workedC) will work D) will have worked17. I think that the Great Wall is worth ______ hundreds of miles to visit.A) to travel B) traveling C) traveled D) travel18. The new staff didn’t know how to use the system ______ I explained it to him yesterday.A) until B) because C) if D) since19. ______ is reported in the newspapers that the talks between the two companies have not madeany progress.A) That B) What C) It D) As20. ______ by the failure of the project, the manager could hardly say a word.A) To be shocked B) Shocked C) Be shocked D) Shocking21. The first question we now discuss is ______ we should go there so early tomorrow.A) whether B) where C) what D) whom22. He was attending a meeting, ______ he would have come to your party yesterday.A) unless B) when C) but D) or23. Enclosed you ______ an application form that you are asked to fill out.A) will find B) find C) found D) are finding24. The auto industry spends large amounts of money on marketing campaigns ______ youngadult customers.A) attract B) attracted C) to attract D) attracts25. The advertising company recently hired a designer ______ had once won a prize in a nationalcontest.A) whose B) which C) whom D) whoSection BDirections:There are 10 incomplete statements here. You should fill in each blank with the proper form of the word given in brackets. Write the word or words in thecorresponding space on the Answer Sheet.26. Your daughter is (luck) ______ enough to have been admitted to this large company.27. After an (introduce) ______ by the chairperson, we’ll go on with the day’s discussion.28. We must keep the manager (inform) ______ of the advertising campaign.29. It is suggested that the president of the Union (make) ______ a speech on behalf of all theworkers.30. Having been badly damaged by the earthquake, the city has to be (rebuild) ______.31. She described the ancient city in detail because she (live) ______ there for years.32. The new university graduate is confident of (win) ______ the post as the assistant to themanaging director.33. Successful companies concentrate (much) ______ on selling their products to their existingcustomers than to their new ones.34. The local economy depends (heavy) ______ on the exports of manufactured goods.35. With such a short time (leave) ______, it’s impossible for us to finish this complicatedKeys16．[答案]D17．[答案]B18．[答案]A19．[答案]C20．[答案]B21．[答案]A 22．[答案]D 23．[答案]A 24．[答案]C 25．[答案]DSection B26．[答案]lucky 27．[答案] introduction 28．[答案] informed 29. [答案](should) make 30．[答案]rebuilt 31．[答案] had lived 32．[答案]winning 33．[答案]more 34．[答案]heavily 35．[答案] left。

ACCA历年考题之f9_2009_dec_ans

Fundamentals Level –Skills Module, Paper F9Financial Management December 2009 Answers 1(a)After-tax cost of borrowing = 8·6 x (1 – 0·3) = 6% per yearEvaluation of leasingYear Cash flow Amount ($)6% Discount factors Present value ($)0–3Lease rentals(380,000)1·000 + 2·673 = 3·673(1,395,740)2–5T ax savings114,0004·212 – 0·943 = 3·269372,666–––––––––––(1,023,074)–––––––––––Present value of cost of leasing = $1,023,074Evaluation of borrowing to buyLicence Tax Net cash6% discount Present Year Capital fee benefits flow factors value$$$$$ 0(1,000,000)(1,000,000)1·000(1,000,000)1(104,000)(104,000)0·943(98,072)2(108,160)106,200(1,960)0·890(1,744)3(112,486)88,698(23,788)0·840(19,982)4100,000(116,986)75,93458,9480·79246,6875131,659131,6590·74798,349–––––––––(974,762)–––––––––Present value of cost of borrowing to buy = $974,762WorkingsLicence feeYear Capital allowance Tax benefits tax benefits Total$$$$21,000,000 x 0·25 = 250,00075,00031,200106,2003750,000 x 0·25 = 187,50056,25032,44888,6984562,500 x 0·25 =140,62542,18833,74675,9345421,875 – 100,000 = 321,87596,56335,096131,659ASOP Co should buy the new technology, since the present cost of borrowing to buy is lower than the present cost of leasing.(b)Nominal terms net present value analysisYear12345$$$$$ Cost savings365,400479,250637,450564,000T ax liabilities(109,620)(143,775)(191,235)(169,200)–––––––––––––––––––––––––––––––––––––––––––Net cash flow365,400369,630493,675372,765(169,200)Discount at 11%0·9010·8120·7310·6590·593–––––––––––––––––––––––––––––––––––––––––––Present values329,225300,140360,876245,652(100,336)–––––––––––––––––––––––––––––––––––––––––––Present value of benefits1,135,557Present cost of financing(974,762)––––––––––Net present value160,795––––––––––The investment in new technology is acceptable on financial grounds, as it has a positive net present value of $160,795.WorkingsYear1234Operating cost saving ($/unit)6·096·396·717·05Production (units/year)60,00075,00095,00080,000––––––––––––––––––––––––––––––––Operating cost savings ($/year)365,400479,250637,450564,000T ax liabilities at 30% ($/year)109,620143,775191,235169,200(Examiner’s note: Including the financing cash flows in the NPV evaluation and discounting them by the WACC of 11% is also acceptable)(c)The equivalent annual cost or benefit method can be used to calculate the equal annual amount of cost or benefit which,when discounted at the appropriate cost of capital, produces the same present value of cost or net present value as a set of varying annual costs or benefits.For example, the net present value (NPV) of investing in the new technology of $160,795 in part (b) was calculated usinga weighted average cost of capital (WACC) of 11% over an expected life of four years. The annuity factor for 11% and fouryears is 3·102. The equivalent annual benefit (EAB) is therefore 160,795/3·102 = $51,835·9 per year. This can be checked by multiplying the EAB by the annuity factor, i.e. 51,835·9 x 3·102 = $160,795.If an alternative investment in similar technology over five years had a lower EAB, the four-year investment would be preferred as it has the higher EAB.(d)When capital is rationed, the optimal investment schedule is the one that maximises the return per dollar invested. The capitalrationing problem is therefore concerned with limiting factor analysis, but the approach adopted is slightly different depending on whether the investment projects being evaluated are divisible or indivisible.With divisible projects, the assumption is made that a proportion rather than the whole investment can be undertaken, with the net present value (NPV) being proportional to the amount of capital invested. If 70% of a project is undertaken, for example, the resulting NPV is assumed to be 70% of the NPV of investing in the whole project.For each divisible project, a profitability index can be calculated, defined either as the net present value of the project divided by its initial investment, or as the present value of the future cash flows of the project divided by its initial investment. The profitability index represents the return per dollar invested and can be used to rank the investment projects. The limited investment funds can then be invested in the projects in the order of their profitability indexes, with the final investment selection being a proportionate one if there is insufficient finance for the whole project. This represents the optimum investment schedule when capital is rationed and projects are divisible.With indivisible projects, ranking by profitability index will not necessarily indicate the optimum investment schedule, since it will not be possible to invest in part of a project. In this situation, the NPV of possible combinations of projects must be calculated. The most likely combinations are often indicated by the profitability index ranking. The combination of projects with the highest aggregate NPV will then be the optimum investment schedule.2(a)The cost of debt of Bond A can be found by linear interpolation.Using 11%, the difference between the present value of future cash flows and the ex interest market value = (9 x 5·889) + (100 x 0·352) – 95·08 = 53·00 + 35·20 – 95·08 = ($6·88)As the net present value is negative, 11% is higher than the cost of debt.Using 9%, the difference between the present value of future cash flows and the ex interest market value = (9 x 6·418) + (100 x 0·422) – 95·08 = 57·76 + 42·20 – 95·08 = $4·88As the net present value is positive, 9% is lower than the cost of debt.Cost of debt = 9 + ((11 – 9) x 4·88)/(4·88 + 6·88) = 9 + 0·83 = 9·83%Using estimates other than 11% and 9% will give slightly different values of the cost of debt.(b) A key factor here could be the duration of the bond issues, linked to the term structure of interest rates. Normally, the longerthe time to maturity of a debt, the higher will be the interest rate and the cost of debt. Bond A has the greater time to maturity and therefore would be expected to have a higher interest rate and a higher cost of debt than Bond B, which is the case here.Liquidity preference theory suggests that investors require compensation for deferring consumption, i.e. for not having access to their cash in the current period, and so providers of debt finance require higher compensation for lending for longer periods.The premium for lending for longer periods also reflects the way that default risk increases with time.Expectations theory suggests that the shape of the yield curve depends on expectations as to future interest rates. If the expectation is that future interest rates will be higher than current interest rates, the yield curve will slope upwards. If the expectation is that future interest rates will be lower than at present, the yield curve will slope downwards.Market segmentation theory suggests that future interest rates depend on conditions in different debt markets, e.g. the short-term market, the medium-term market and the long-term market. The shape of the yield curve therefore depends on the supply of, and demand for, funds in the market segments.Since the two bonds were issued at the same time by the same company, the business risk of DD Co can be discounted asa reason for the difference between the two costs of debt. If the two bonds had been issued by different companies, a differentbusiness risk might have been a reason for the difference in the costs of debt.The size of the debt could be a contributory factor, since the Bond A issue is twice the size of the Bond B issue. The greater size of the Bond A issue could be one of the reasons it has the higher cost of debt.(c)(i)Cost of equity = 4 + (1·2 x (11 – 4)) = 4 + 8·4 = 12·4%(ii)Dividend growth rate = 100 x ((52/50) – 1) = 100 x (1·04 – 1) = 4% per yearShare price using DGM = (50 x 1·04)/(0·124 – 0·04) = 52/0·84 = 619c or $6·19(iii)Number of ordinary shares = 25 millionMarket value of equity = 25m x 6·19 = $154·75 millionMarket value of Bond A issue = 20m x 95·08/100 = $19·016mMarket value of Bond B issue = 10m x 102·01/100 = $10·201mMarket value of debt = $29·217mMarket value of capital employed = 154·75m + 29·217m = $183·967mCapital gearing = 100 x 29·217/183·967 = 15·9%(iv)WACC = ((12·4 x 154·75) + (9·83 x 19·016) + (7·82 x 10·201))/183·967 = 11·9%(d)Miller and Modigliani showed that, in a perfect capital market, the value of a company depended on its investment decisionalone, and not on its dividend or financing decisions. In such a market, a change in dividend policy by DD Co would not affect its share price or its market capitalisation. They showed that the value of a company was maximised if it invested in all projects with a positive net present value (its optimal investment schedule). The company could pay any level of dividend and if it had insufficient finance, make up the shortfall by issuing new equity. Since investors had perfect information, they were indifferent between dividends and capital gains. Shareholders who were unhappy with the level of dividend declared bya company could gain a ‘home-made dividend’ by selling some of their shares. This was possible since there are notransaction costs in a perfect capital market.Against this view are several arguments for a link between dividend policy and share prices. For example, it has been argued that investors prefer certain dividends now rather than uncertain capital gains in the future (the ‘bird-in-the-hand’ argument).It has also been argued that real-world capital markets are not perfect, but semi-strong form efficient. Since perfect information is therefore not available, it is possible for information asymmetry to exist between shareholders and the managers of a company. Dividend announcements may give new information to shareholders and as a result, in a semi-strong form efficient market, share prices may change. The size and direction of the share price change will depend on the difference between the dividend announcement and the expectations of shareholders. This is referred to as the ‘signalling properties of dividends’.It has been found that shareholders are attracted to particular companies as a result of being satisfied by their dividend policies. This is referred to as the ‘clientele effect’. A company with an established dividend policy is therefore likely to have an established dividend clientele. The existence of this dividend clientele implies that the share price may change if there isa change in the dividend policy of the company, as shareholders sell their shares in order to reinvest in another company witha more satisfactory dividend policy. In a perfect capital market, the existence of dividend clienteles is irrelevant, sincesubstituting one company for another will not incur any transaction costs. Since real-world capital markets are not perfect, however, the existence of dividend clienteles suggests that if DD Co changes its dividend policy, its share price could be affected.3(a)Amount of equity finance to be invested in euros = 13m/2 = €6·5 millionAmount of equity to be invested in dollars = 6·5m/1·3000 = $5 millionThe amount of equity finance to be raised in dollars = 5m + 0·312m = $5·312mRights issue price = 4·00 x 0·83 = $3·32 per shareNumber of new shares issued = 5·312m/3·32 = 1·6 million sharesCurrent number of ordinary shares in issue = $100m/4·00 = 25 million sharesT otal number of shares after the rights issue = 25m + 1·6m = 26·6 million sharesTheoretical ex rights price = ((25m x 4) + (1·6m x 3·32))/26·6 = 105·312/26·6 = $3·96 per share(b)(i) Effect on earnings per shareCurrent EPS = 100 x 4·00/10 = 40 cents per share(Alternatively, current profit after tax = 100m/10 = $10 millionCurrent EPS = 100 x 10m/25m = 40 cents per share)Increase in profit before interest and tax = 13m x 0·2 = €2,600,000Dollar increase in profit before interest and tax = 2,600,000/1·3000 = $2 million$000Increase in profit before interest and tax2,000Increase in interest = 6·5m x 0·08 = 0·52m/1·3000 =400–––––––Increase in profit before tax1,600T axation = 1·6m x 0·3 =480–––––––Increase in profit after tax1,120Current profit after tax = 100m/10 =10,000–––––––Revised profit after tax11,120–––––––Alternatively, using euros:€000Increase in profit before interest and tax = 13m x 0·2 =2,600Increase in interest = 6·5m x 0·08 =520–––––––Increase in profit before tax2,080T axation = 2·08m x 0·3 =624–––––––Increase in profit after tax1,456$000Increase in dollar profit after tax = 1·456m/1·300 =1,120Current profit after tax = 100m/10 =10,000–––––––Revised profit after tax11,120–––––––Revised EPS = 100 x 11·12m/26·6m = 41·8 cents/share(ii)Effect on shareholder wealthExpected share price using PER method = (41·8 x 10)/100 = $4·18 per shareThis should be compared to the theoretical ex rights price per share in order to evaluate any change in shareholder wealth.The investment produces a capital gain of 22 cents per share ($4·18 – $3·96)In the absence of any information about dividend payments, it appears that the investment will increase the wealth of shareholders.(c)T ransaction risk is exchange rate risk that arises as a result of short-term transactions. Because it is short term in nature, ithas a direct effect on cash flows, which can either increase or decrease, depending on the movement in exchange rates before the settlement dates of individual short-term transactions.NG Co is exposed to transaction risk on its euro-denominated European sales and interest payments. The dollar value of its euro-denominated sales, for example, would decrease if the dollar appreciated against the euro.T ranslation risk is exchange rate risk that arises from the need to consolidate financial performance and financial position when preparing consolidated financial statements. For this reason, it is also referred to as accounting exposure.NG Co is exposed to translation risk on its euro-denominated non-current assets. The dollar value of the non-current assets acquired by investing in the storage, packing and distribution network, for example, will change as the euro/dollar exchange rate changes.(d)NG Co will receive euro-denominated income and will incur euro-denominated expenses as a result of its Europeanoperations. One hedging method is to maintain a euro-denominated bank account for all euro-denominated transactions. This natural hedge will minimise the need for cash to be exchanged from one currency to another.T ransactions that are deemed to have significant exchange-rate risk could be hedged using the forward market, i.e. using a forward exchange contract or FEC. This is a binding contract between a company and a bank for delivery or receipt of an agreed amount of foreign currency at an agreed exchange rate on an agreed future date.The six-monthly interest payment of €260,000 can be used to illustrate an FEC. The current cost of the interest payment is $200,000. In six months and twelve months, as the euro is expected to strengthen against the dollar, the dollar cost of the interest payment is expected to rise. In order to protect against unexpected adverse exchange rate movements, NG Co can lock into the six-month and twelve-month forward rates of 1·2876 €/$ and 1·2752 €/$ using forward exchange contracts, thereby guaranteeing the dollar cost of its euro-denominated interest payments. The dollar cost of the six-month interest payment would be $201,926 (€260,000/1·2876) and the dollar cost of the twelve-month interest payment would be $203,890 (€260,000/1·2752).An alternative to an FEC is a money market hedge. NG Co could borrow now in dollars in order to make a euro deposit which, with accrued interest, will be sufficient to pay the euro-denominated interest in six months’ time.The six-month euro deposit rate available to NG Co is 1·39% (100 x (1·0280·5– 1)) and the six-month dollar borrowing rate available to NG Co is 2·62% (100 x (1·0530·5–1)). The amount of dollars to deposit now would be €256,436 (260,000/1·0139) and to make this payment NG Co would need to borrow $197,259 (256,436/1·3000). The six-month dollar cost of this debt would be $202,427 (197,259 x 1·0262). This is more expensive than using the six-month forward exchange contract.(Examiner’s note: an illustration using the interest payment due in twelve months would also be acceptable. It would also be acceptable to use six-monthly interest rates that are one half of the annual interest rates.)Other hedging methods that could be identified and briefly discussed are currency futures, currency options and currency swaps.4(a)The role of financial intermediaries in providing short-term finance for use by business organisations is to provide a link between investors who have surplus cash and borrowers who have financing needs. The amounts of cash provided by individual investors may be small, whereas borrowers need large amounts of cash: one of the functions of financial intermediaries is therefore to aggregate invested funds in order to meet the needs of borrowers. In so doing, they provide a convenient and readily accessible route for business organisations to obtain necessary funds.Small investors are likely to be averse to losing any capital value, so financial intermediaries will assume the risk of loss on short-term funds borrowed by business organisations, either individually or by pooling risks between financial intermediaries.This aspect of the role of financial intermediaries is referred to as risk transformation. Financial intermediaries also offer maturity transformation, in that investors can deposit funds for a long period of time while borrowers may require funds on a short-term basis only, and vice versa. In this way the needs of both borrowers and lenders can be satisfied.(b)Forecast income statement$mT urnover = 16·00m x 1·084 =17·344Cost of sales = 17·344m – 5·203m =12·141–––––––Gross profit = 17·344m x 30% =5·203Other expenses = 5·203m – 3·469m =1·734–––––––Net profit = 17·344m x 20% =3·469Interest = (10m x 0·08) + 0·140m =0·940–––––––Profit before tax2·529T ax = 2·529m x 0·3 =0·759–––––––Profit after tax1·770Dividends = 1·770m x 50% =0·885–––––––Retained profit0·885–––––––Forecast statement of financial position$m$mNon-current assets22·00Current assetsInventory3·66T rade receivables3·09–––––6·75––––––T otal assets28·75––––––Equity finance:$m$mOrdinary shares5·00Reserves8·39–––––13·39Bank loan10·00––––––23·39Current liabilitiesT rade payables2·49Overdraft2·87–––––5·36––––––T otal liabilities28·75––––––WorkingsInventory = 12·141m x (110/365) = $3·66mT rade receivables = 17·344m x (65/365) = $3·09mT rade payables = 12·141m x (75/365) = $2·49mReserves = 7·5m + 0·885m = $8·39mOverdraft = 28·75m – 23·39m – 2·49 = $2·87m (balancing figure)(c)Working capital financing policies can be classified into conservative, moderate (or matching) and aggressive, depending onthe extent to which fluctuating current assets and permanent current assets are financed by short-term sources of finance.Permanent current assets are the core level of investment in current assets needed to support a given level of business activity or turnover, while fluctuating current assets are the changes in the levels of current assets arising from the unpredictable nature of some aspects of business activity.A conservative working capital financing policy uses long-term funds to finance non-current assets and permanent currentassets, as well as a proportion of fluctuating current assets. This policy is less risky and less profitable than an aggressiveworking capital financing policy, which uses short-term funds to finance fluctuating current assets and a proportion of permanent current assets as well. Between these two extremes lies the moderate (or matching) policy, which uses long-term funds to finance long-term assets (non-current assets and permanent current assets) and short-term funds to finance short-term assets (fluctuating current assets).The current statement of financial position shows that APX Co uses trade payables and an overdraft as sources of short-term finance. In terms of the balance between short- and long-term finance, 89% of current assets (100 x 4·1/4·6) are financed from short-term sources and only 11% are financed from long-term sources. Since a high proportion of current assets are permanent in nature, this appears to be a very aggressive working capital financing policy which carries significant risk. If the overdraft were called in, for example, APX Co might have to turn to more expensive short-term financing.The forecast statement of financial position shows a lower reliance on short-term finance, since 79% of current assets (100 x 5·36/6·75) are financed from short-term sources and 21% are financed from long-term sources. This decreased reliance on an aggressive financing policy is sensible, although with a forecast interest coverage ratio of only 3·7 times (3·469/0·94), APX Co has little scope for taking on more long-term debt. An increase in equity funding to decrease reliance on short-term finance could be considered.(d)Working capital managementFinancial analysis shows deterioration in key working capital ratios. The inventory turnover period is expected to increase from81 days to 110 days, the trade receivables period is expected to increase from 50 days to 65 days and the trade payablesperiod is expected to increase from 64 days to 75 days. It is also a cause for concern here that the values of these working capital ratios for the next year are forecast, i.e. APX Co appears to be anticipating a worsening in its working capital position.The current and forecast values could be compared to average or sector values in order to confirm whether this is in fact the case.Because current assets are expected to increase by more than current liabilities, the current ratio and the quick ratio are both expected to increase in the next year, the current ratio from 1·12 times to 1·26 times and the quick ratio from 0·54 times to 0·58 times. Again, comparison with sector average values for these ratios would be useful in making an assessment of the working capital management of APX Co. The balance between trade payables and overdraft finance is approximately the same in both years (trade payables are 46% of current liabilities in the current statement of financial position and 47% of current liabilities in the forecast statement of financial position), although reliance on short-term finance is expected to fall slightly in the next year.The deteriorating working capital position may be linked to an expected deterioration in the overall financial performance of APX Co. For example, the forecast gross profit margin (30%) and net profit margin (20%) are both less than the current values of these ratios (32% and 23% respectively), and despite the increase in turnover, return on capital employed (ROCE) is expected to fall from 16·35% to 14·83%.AnalysisExtracts from current income statement:$mT urnover16·00Cost of sales10·88–––––Gross profit5·12Other expenses1·44–––––Net profit3·68–––––Current ForecastGross profit margin (100 x 5·12/16·00)32%30%Net profit margin (100 x 3·68/16·00)23%20%ROCE(100 x 3·68/22·5)16·35%(100 x 3·469/23·39)14·83%Inventory period (365 x 2·4/10·88)81 days110 daysReceivables period (365 x 2·2/16·00)50 days65 daysPayables period (365 x 1·9/10·88)64 days75 daysCurrent ratio(4·6/4·1)1·12 times(6·75/5·36)1·26 timesQuick ratio(2·2/4·1)0·54 times(3·09/5·36)0·58 timesFundamentals Level –Skills Module, Paper F9Financial Management December 2009 Marking SchemeMarks Marks1(a)Present value of lease rentals2Present value of lease rental tax benefits1Present value of cost of leasing1Investment and scrap values1Licence fee1Capital allowance tax benefits2Licence fee tax benefits1Present value of cost of borrowing to buy1Appropriate decision on leasing versus buying1–––11(b)Inflated cost savings2T ax liabilities1Present values of net cash flows1Net present value1Advice on acceptability of investment1–––6(c)Definition of equivalent cost or benefit1Relevant discussion1Appropriate illustration1–––3(d)Capital rationing1–2Divisible projects and profitability index2–3Indivisible projects and combinations1–2–––Maximum5–––252(a)Calculation of cost of debt of Bond A3(b)T erm structure of interest rates1–2Liquidity preference theory1–2Expectations theory1–2Market segmentation theory1–2Other relevant discussion1–2–––Maximum6(c)Cost of equity2Dividend growth rate1Share price using dividend growth model2Capital gearing2Weighted average cost of capital2–––9(d)Dividend irrelevance3–4Dividend relevance3–4–––Maximum7–––25Marks Marks 3(a)Amount of equity finance to be raised in dollars1 Rights issue price1Theoretical ex rights price2–––4(b)Current EPS1Increase in PBIT from investment1Interest on bond issue1Revised dollar profit after tax2Revised EPS1Revised share price using PER method1Comment on effect on shareholder wealth1–3–––Maximum9(c)T ransaction risk1–2T ranslation risk1–2Link to question1–2–––Maximum4(d)Euro account1Forward market hedge1Illustration of forward market hedge1–2Money-market hedge1Illustration of money-market hedge1–2Other hedging strategies, including derivatives1–2–––Maximum8–––25 4(a)Relevant discussion on financial intermediaries4(b)Gross profit1Net profit1Profit before tax1Retained profit1Inventory1T rade receivables1T rade payables1Reserves1Overdraft1Layout and format1–––Maximum9(c)Working capital financing policies2–3Financial analysis1–2Working capital financing policy of company2–3–––Maximum6(d)Discussion of working capital management3–4Financial analysis2–4–––Maximum6–––25。

2009年ACCAP1-P3真题答案

2009年ACCA P1-P3真题答案Professional Level – Essentials Module, Paper P1 Professional Accountant December 2009 Answers 1 (a) Seven-step (AAA) modelStep 1: What are the facts of the case?The facts are that the Mary Jane, one of the company’s ships, has sunk and that one contributory cause of the disaster was that the ship had not received the necessary modifications for operating in the rougher seas between Eastport and Northport. Had the recommended structural changes been made, the Mary Jane would not have sunk.Step 2: What are the ethical issues in the case?The ethical issues are whether to disclose the information publicly, thereby providing bereaved families with a better explanation of why their loved ones died (and potentially opening the company up to greater liability), or to conceal the information, thereby limiting the value of any punitive damages and protecting shareholder value, at least in the short term.Step 3: What are the norms, principles and values relevant to the case?The company is bound by the norms and expectations of its stock exchange and it has voluntarily claimed to have ‘the highest standards of corporate ethics’, particularly valuing its reputation for ‘outstanding customer care’. This means that it owes an implicit and explicit duty of care to both its customers and its shareholders. As a company that seemingly values its reputation as a well-governed organisation, it is also bound by the underlying principles of corporate governance that include integrity, probity and transparency. Health and safety issues are also very important in all shipping operations and Sea Ships should ensure that all of its ferries are compliant with the highest health and safety standards.Step 4: What are the alternative courses of action?Alternative 1 is to disclose the information about the advice on structural work to the Mary Jane to the media, the government and the bereaved families. Alternative 2 is to seek to suppress the information within the company and hope that there is no leak.Step 5: What course of action is most consistent with the norms, values and principles identified in step 3?The information is material to a number of parties’ better understanding of why the Mary Jane sank. The bereaved families, maritime accident investigators, the government, the ship’s insurers and other shipping companies would all benefit from having the information. Disclosure would seem to be the most appropriate course of action notwithstanding the potentially unfortunate consequences for Sea Ships Company of this information leaking out. However, disclosure may result in greater penalties which will be harmful to shareholder value.Step 6: What are the consequences of each possible course of action?If the company makes the disclosure, there is a risk that the punitive damages (not yet agreed by the court) would be higher. The case says that ‘the size of [the punitive damages] would ... reflect the scale of Sea Ships’ negligence in contributing to the disaster’. A large enough fine would threaten future cash flows and hence future shareholder value. It would also threaten employees’ jobs and the ability of the company to continue to provide the existing level of service to customers. Disclosure would potentially invalidate any insurance policy they had to deal with such a disaster, further harming shareholder value.If the company were to suppress the information, then each person in possession of the knowledge would not only have to examine his or her own responsibilities in the matter but each would also have potentially damaging information if they were to leave Sea Ships or become disillusioned with it. The consultant who recommended the upgrade will also be a potentially major risk in the leaking of the information.Step 7: What is the decision?Alternative 1 is that the company should make a full and detailed disclosure, probably with an acceptance of full responsibility for the failure to make the necessary amendments to the ship. This would be a very costly choice but would be consistent with the company’s claimed ethical values and also with the important core values of corporate governance (integrity, transparency, etc).Alternative 2 is to suppress the information and take all necessary measures to ensure that it is not revealed. This would be a very risky option as the cost to the company and to the directors personally, if the information was ever to emerge, would be very serious. It would also be against the letter and spirit of the core values of corporate governance. It would be unlikely to protect shareholder value in the longer term, is the least ethical of the options and so should be avoided. [Tutorial note: it is possible to argue for suppression of the report in the short term protection of shareholder value. Allow some marks for logic of reasoning process if coherently argued but alignment with the stated values of the company does not allow for suppression as a final decision.] (b) Identify and analyse the internal control failures at Sea Ships Company and on the Mary Jane The case describes internal control failures both on the Mary Jane herself and also at Sea Ships’head office.The company ignored important advice about necessary structural changes needed to the Mary Jane to make her seaworthy for the Northport route. If there was an internal procedure for processing advice, presumably as a part of an economic evaluation of transferring the Mary Jane to the Northport route, then it was clearly ineffective. The document identified a major risk, but had been suppressed within the company and not brought to the attention of any party who could have authorised this to go ahead.At head office, an ‘oversight in the company’s legal department’ resulted in the full value of the Mary Jane’s liabilities not being insured. Presumably a human error, this created uninsured liabilities for Sea Ships after the Mary Jane sank. All insurance policies should be reviewed annually and major changes in cover or changes of terms be recommended to the board so that issues like this do not arise. All insurance policies should be reviewed annually and major changes in cover or changes of terms be recommended to the board so that issues like this do not arise. On the Mary Jane herself, lax internal controls produced four internal control problems. There should be a ‘safety first’ culture on board all ships in which safety considerations outweigh all commercial issues such as meeting schedules.First, a system put in place to ensure that each department head signalled readiness for sea departure was abandoned. This is an example of a ‘reporting by exception’ system being wrongly assumed to be appropriate. Internal control reporting systems are there because they are important and the fact that they may be inconvenient should not be a reason for abandoning them.Second, there was a ‘mistake’ in loading vehicles onto the car deck. A sound internal control system would have ensured that such a mistake could not have happened, possibly using physical ‘fit’ issues of loading ramps, appropriate signage, staff training, or similar mechanisms toensure compliance. The result of the ‘mistake’ was that it created time pressure to leave the port and this contributed to the oversight of the rear doors not being secured and, possibly, the excess speed after leaving port.The third internal control problem on the Mary Jane was the confusion over responsibility for ensuring that the rear doors were closed – a key safety procedure for any ferry. It is baffling that two people were, seemingly simultaneously, responsible for this and is a problem created by the poor design of internal reporting systems. According to the case, both had assumed that the other person was checking the doors.The fourth problem was that the Mary Jane was going too fast and exceeding the maritime rules about speed in that section of sea. This created swell and caused turbulence at the back of the ship. This, in turn, caused water to enter the ship that wouldn’t have been the case at lower speed. This was a failure to observe regulatory speed restrictions on the part of senior ship officers.(c) Contribution that NEDs might make The board of Sea Ships appears to be in need of help on a number of issues, some of which may be addressed by the use of non-executive directors.Mrs Chan’s conclusions noted that the board lacked independent scrutiny. One of the most important purposes of any non-executive appointment is to bring an outside perspective (sometimes acting as a ‘corporate conscience’) on what can at times be an insular executive culture. In the case of Sea Ships, a number of important internal control issues went unchallenged and a strong non-executive presence could have helped that.Also mentioned by Mrs Chan was the fact that the board lacked nautical and technical expertise. This is a disturbing finding as some detailed knowledge of a company’s products or operations is very important in guiding discussions about those parts of the business. The non-executive appointment of serving or retired senior ferry operating personnel from other companies would rectify this and bring the requisite level of expertise.The Combined Code in the UK (based on the Smith Report) and other statutory and advisory codes of corporate governance, specify that every listed company should have an audit committee made up entirely of non-executive directors. The functions of the committee, according to the Combined Code, include reviewing ‘the company’s internal control and risk management systems’ and monitoring and reviewing ‘the effectiveness of the company’s internal audit function’. Both of these are deficient at Sea Ships and so an effective audit committee would be a major contribution. We are not told if the company currently has one but we can assume that if it has, it is ineffective. There are legal compliance issues at Sea Ships, including a failure to enforce the observation of maritime speed limits among its senior ships’ officers. One of the advantages of any independent non-executive presence is the enforcement of regulatory and legal rules on company boards with the knowledge that all directors, including non-executives, can be held legally accountable for non-compliance.(d) Memo(i) Importance of information on operational internal controls and risks From: Wim Bock (CEO) To: all Sea Ships senior officers Date: 14 December 2009 Re: information on internal control and risks following the loss of the Mary Jane Colleagues,I know you all share with me and the other directors our heartfelt sorrow at the sinking of the Mary Jane with so many lives being lost. Our deepest sympathies go out to the families and friends of all those involved. In the light of the tragic loss, the board felt it vital to write to youall at this time to remind you all of a number of crucial aspects of internal control and risk. First, I wanted to make clear to you all why the flow of information upwards to the board on matters of internal control and risk is so important. We feel that one contributory factor in the loss of the Mary Jane was a lack of information flow on relevant issues hence my writing to you about this at this time.In the first instance, the information provided enables the board to monitor the performance of the company on the crucial issues in question. This includes compliance, performance against targets and the effectiveness of existing controls. We, the board, need to know, for example, if there are issues with internal controls on board our ships, in ports or in any other area of ships’ operations. By being made aware of the key risks and internal control issues at the operational level, we can work with you to address them in the most appropriate way.We also need to be aware of the business impact of operational controls and risks to enable us at board level to make informed business decisions at the strategic level. If we are receiving incomplete, defective or partial information then we will not be in full possession of the necessary facts to allocate resources in the most effective and efficient way possible.You will be aware that at board level we have the responsibility to provide information about risks and internal controls to external audiences. Best practice reporting means that we have to provide information to shareholders and others, about our systems, controls, targets, levels of compliance and improvement measures and we need quality information to enable us to do this. This brings me to the second purpose of this memo.(ii) Qualitative characteristics of information neededSecondly, I want to write to you about the most helpful ways in which to convey this crucial information to us. The information we receive on risks and internal controls should be high quality information. This means that it enables the full information content to be conveyed to the board in a manner that is clear and has nothing in it that would make any part of it difficult to understand. In particular I would ask that you consider that your communications should be reliable, relevant and understandable. They should also be complete.By reliable I refer to the trustworthiness of the information: the assumption that it is ‘hard’information, that it is correct, that it is impartial, unbiased and accurate. In the event that you must convey bad news such as some of the issues raised by the loss of the Mary Jane, we expect you to do so with as much truthfulness and clarity as if you were conveying good news.By relevant I mean not only that due reports should be complete and delivered promptly, but also that anything that you feel should be brought to the board’s attention, such as maritime safety issues, emergent risks, issues with ports, etc. should be brought to our attention while there is still time for us to do something about it. In the case of the Mary Jane there were technical issues with the fit of the ship with her berth at Eastport that were important and we should be made aware of such problems as soon as possible.Not all directors of Sea Ships possess the technical and nautical knowledge of senior operating personnel on board the ferries. It is therefore particularly important that information you convey to us is understandable. This means that it should contain a minimum of technical terms that have obvious meaning to you on board ships, but may not be understandable to a non-marine specialist. All communication should therefore be as plain as possible within the constraints of reliability and completeness. This brings me to my final point.By complete, I mean that all information that we need to know and which you have access to, shouldbe included. Particularly with relevance to on-board accidents or risks, you must convey all relevant information to us regardless of the inconvenience that it may cause to one or more colleagues. As we have learned at the highest cost to those involved in the loss of the Mary Jane and to ourselves commercially, the flow of information on controls and risks is of vital importance to us. Timely receipt of, and appropriate response to, high quality information is not only important to the safe operation of the ships but also to the company itself.Thank you very much for your understanding and full co-operation on behalf of Sea Ships.Wim BockChief executive[Tutorial note: candidates may express similar information qualities in different ways in part (ii).]2 (a) Director’s induction programme The overall purpose of induction is to minimise the amount of time taken for the new director to become effective in his or her new job. There are four major aspects of a director’s induction.To convey to the new starter, the organisation’s norms, values and culture. This is especially important when the new employee is from a different type of culture. Because Sam moved from a different country to join Ding Company, he had to adjust to a new national culture as well as a new corporate culture. There is evidence from the case that he misunderstood some of the cultural norms in that it was alleged that he made what he considered normal but what was perceived as an inappropriate remark to a young female employee. An induction programme including content on culture and norms may have prevented this situation from occurring.To communicate practical procedural duties to the new director including company policies relevant to a new employee. In Sam’s case this would involve his orientation with his place in the structure, his reporting lines (up and down), the way in which work is organised in the department and practical matters. In the case scenario, Sam made a simple error in the positioning of his office furniture. Again, this is an entirely avoidable situation had the induction programme provided him with appropriate content on company policy in this area.To convey an understanding of the nature of the company, its operations, strategy, key stakeholders and external relationships. For a new director, an early understanding of strategy is essential and a sound knowledge of how the company ‘works’ will also ensure that he or she adapts more quickly to the new role. In the case of a financial controller such as Sam, key external relationships will be with the company’s auditors and banks. If Sam is involved in reporting, the auditor relationship will be important and if he is involved in financing, the banks and other capital providers will be more important.To establish and develop the new director’s relationships with colleagues, especially those with whom he or she will interact on a regular basis. The importance of building good relationships early on in a director’s job is very important as early misunderstandings can be costly in terms of the time needed to repair the relationship. It is likely that Sam and Annette will need to work together to repair an unfortunate start to their working relationship as it seems that one of her first dealings with him was to point out his early misunderstandings (which were arguably due to her failure to provide him with an appropriate induction programme).(b) Critically evaluate Annette’s belief Countries differ in their employment of various types of board structure. Companies in the UK and US have tended towards unitary structures while Japanese companies and some European countries have preferred two–tier or even multi-tier boards. Thedistinction refers to the ways in which decision-making and responsibility is divided between directors. In a unitary structure, all of the directors have a nominally equal role in board discussions but they also jointly share responsibility (including legal responsibility) for the outcome of those discussions. On a two tier board, the senior board acts as a ‘kitchen cabinet’in which decisions are concentrated whilst other directors, typically departmental managers, will be on the ‘operating board’ and brought into board discussions where the senior (upper tier) board deem it appropriate.There are some arguments in favour of the adoption of a two-tier structure in turbulent environments. As the case implies, turbulent and dynamic environments change often and strategic leadership is partly about continually adjusting strategy to optimise the company’s fit with its environment.A smaller board can act quick and decisively in a way that larger and more cumbersome boards cannot. This is because meetings of larger numbers of people require excessive consultation, discussion and debate before a decision can be reached. When a decision needs to be taken quickly, this can be inconvenient. The meeting of a small number of people is therefore easier, cheaper and quicker to arrange because there are fewer diaries to match. As these arguments focus on both the efficiency and effectiveness of strategic decision-making, Annette has a strong case for supporting two-tier boards.The arguments against two-tier boards are as follows. In any complex situation where finely balanced judgments are made, such as making strategic decisions in turbulent environmental conditions, input from more people is likely to provide more views upon which to make the decision. Where, say, technical, detailed financial or operational details would be of benefit to the decision then a larger board would be likely to provide more feedback into the decision making process. The second reason is that decisions taken by a corporate board with little or no consultation with the operating board may not enjoy the full support of those key departmental directors who will be required to implement the decision. This, in turn, may cause friction, discord and resentment that will hinder good relations and thus impede the implementation of the strategy. Additionally, without a full understanding of operations, an inappropriate decision may be taken by the corporate board and unworkable procedures implemented. Finally, Annette is quite an autocratic personality and the two-tier board may be little more than a device to grant her excessive powers over company strategies and activities.(c) Arif Zaman’s understanding of his role The first observation to make is that overall, Arif Zaman has a poor understanding of his role as chairman and poorly represents the interests of Ding’s shareholders. He doesn’t seem to understand his role as intended by Cadbury, Sarbanes Oxley and other influential codes on corporate governance.It appears from the case that he cedes too much power to Annette. One of the purposes of having a separate chairman is to avoid allowing the chief executive to operate without recourse to the chairman. The chairman, along with the non-executive directors, should hold the chief executive to account.Arif allowed Annette’s views to take effect on matters such as board structure. Arif is legally head of the board and not Annette. Ding’s shareholders have a reasonable expectation that Arif will personally ensure that the strategic oversight of the board will be a matter for the chairman who is, notionally at least, an independent non-executive director.Being old friends with Annette threatens Arif’s independence as chairman. Is he acting as a representative of the shareholders or as Annette’s friend? He seems to be doing the job as afavour to Annette and seems to see no intrinsic value in his role in terms of acting to provide checks and balances on the activities of the executive board and the chief executive in particular. Arif seems to view the chairing of board meetings as optional. He said that he saw his role as ‘mainly ceremonial’ and that he ‘chaired some board meetings when he was available’. Both of these attitudes are inappropriate and demonstrate an underestimation of the importance of the chairman in leading the company and its strategy.3(a) This question asks candidates to analyse the business analysis certification training industry (BACTI) in Erewhon using Porter’s five forces framework. This is the preferred approach of Xenon, the company commissioned to undertake the study. In this context it seems a reasonable model to use. The forces ultimately determine the profit potential of the industry and ABCL will be keen to invest in an industry where there is long-term return on its investment. The framework also helps identify how a potential new entrant (such as ABCL) might position itself in the industry. The five forces driving industry competition are the threat of entrants, the threat of substitute products or services, the bargaining power of suppliers, the bargaining power of buyers and the competitive rivalry between existing firms in the industry. Looking at each of these in turn: The threat of entryNew entrants to an industry bring new capacity. Existing suppliers stand to lose market share and have their profitability eroded. In the context of ABCL, the threat of entry is a particularly significant issue because they are, themselves, threatening to enter the industry. Consequently they need to understand the barriers to entry to see if they are sufficient to deter or delay their potential entrance. Furthermore, an understanding of these barriers will give them an understanding of how likely it is that other companies will consider entering the industry. If barriers are high then the threat of entry is low.In the context of the scenario, the main barriers appear to be:Access to supply channels. The industry is dominated by three established providers who know the industry very well and have established relationships with key suppliers of expertise; the lecturing staff. In two instances, CATalyst and Batrain, lecturers are full-time employees with attractive salary packages, share options and generous benefits. In the case of Ecoba Ltd, the company promotes the images and expertise of the high-profile presenters that it uses. Although these presenters are on sub-contract, they feel secure about the arrangement. As one of them commented ‘students are attracted to the company because they know I will be teaching a certain module. I suppose I could be substituted by a cheaper resource, but the students would soon complain that they had been misled.’The fees of 60% of all students are paid for by their employer. The three established suppliers have good relationships with the major corporate customers and, in some cases, have set up infrastructure (dedicated training sessions, personalised websites) to support these contracts.Although corporate customers do switch provider (see later), it might be difficult, in the short term, for ABCL to gain corporate clients.Expected retaliation is an accepted barrier to entry. The industry in Erewhon has a history of vigorous retaliation to entrants. The scenario mentions that ABCL has commissioned the study from Xenon because of the well documented experience of another Arcadian company, Megatrain. Megatrain’s proposed entry into this market place was met by price-cutting and promotional campaigns from the established suppliers. This was supported by a campaign to discredit the CEO of Megatrain and to highlight its foreign ownership. Porter makes the point that there is a strong likelihood of retaliation where there are established firms with great commitment to the industry and who are relatively illiquid. This is supported by evidence from Ecoba’s balance sheet where goodwill and property are both significant assets.The cost and time taken to achieve gold level certification may also deter ABCL from entering the industry. All three main providers currently have EIoBA’s gold standard. To be a creditable alternative, ABCL has to achieve this level of certification. Evidence from the case study suggests that it takes at least one year to achieve this certification. In the meantime ABCL will be trading at a disadvantage.The three providers dominating the industry have well-established brands, supported by extensive marketing. ABCL will have to invest heavily to overcome existing customer loyalties and to build up a brand that appears to be a credible player in the industry. This will require time, and investment in building a brand name is particularly risky since, as Porter explicitly recognised ‘it has no salvage value if entry fails’. However, there are only 15 major corporate customers. ABCL could target these to gain market share. It is possible that ABCL already works with these customers in Arcadia, and they may also be attracted by ABCL’s e-learning expertise.Threat of substitutesThe threat of substitutes is again important to ABCL because it would not want to invest in an industry where the product or service is under threat. Substitution reduces demand and might, in extreme cases, lead to the product or service becoming obsolete.The threat of substitutes appears to be constant in this industry. There is no legislative or certification requirement to study for the examinations with an accredited provider. Evidence from the case study suggests that a large proportion of students do not attend formal classes but prefer to study on their own.The case study also mentions that one of the smaller providers has gained some success by providing ‘blended’ learning solutions where tutors provide some support, but students are expected to complete e-learning modules. In effect, these students are substituting face-to-face tuition with。

2009英语二真题及问题详解

2009年考研英语二真题Section II Close(10%)Directions: For each numbered blank in the following passage ,there are four choices marked A, B, C, and D. Choose the best one and mark your answer on ANSWER SHEET 1 with a pencil. (10 points)In1999, the price of oil hovered around $16 a barrel. By 2008, it had (21) the $100 a barrel mark. The reasons for the surge (22) from the dramatic growth of the economies of china and India to widespread (23) in oil-producing regions, including Iraq and Nigeria's delta region. Triple-digit oil prices have (24) the economic and political map of the world, (25) some old notions of power. Oil-rich nations are enjoying historic gains and opportunities, (26) major importers—including china and India, home to a third of the world's population-- (27) rising economic and social costs.Managing this new order is fast becoming a central (28) of global politics. Countries that need oil are clawing at each other to (29) scarce supplies, and are willing to deal with any government, (30) how unpleasant, to do it .In many poor nations with oil , the profits are being ,lost to corruption, (31) these countries of their best hope for development. And oil is fueling enormous investment funds run by foreign governments, (32) some in the west see as a new threat.Countries like Russia, Venezuela and Iran are well supplied with rising oil (33) , a change reflected in newly aggressive foreign policies. But some unexpected countries are reaping benefits, (34) costs, from higher prices. Consider Germany. (35) it imports virtually all its oil, it has prospered from extensive trade with a booming Russia and the Middle East. German exports to Russia (36) 128 percent from 2001 to 2006.In the United States, as already high gas prices rose (37) higher in the spring of 2008,the issue cropped up in the presidential campaign, with Senators McCain and Obama (38) for a federal gas tax holiday during the peak summer driving months. And driving habits began to (39) ,as sales of small cars jumped and mass transport systems (40) the country reported a sharp increase in riders.21. A. come B. gone C. crossed D. arrived22. A. covered B. discovered C. arranged D. ranged23. A. intensity B. infinity C. insecurity D.instability24. A. drawn B. redrawn C. retained D. reviewed25. A. fighting B. struggling C. challenging D. threatening26. A. and B. while C. thus D. though27. A. confine B. conflict C. conform D. confront28. A. problem B. question C. matter D. event29. A. look for B. lock up C. send out D. keep off30. A. no matter B. what if C. only if D. in spite of31. A. abolishing B. depriving C. destroying D. eliminating32. A. what B. that C. which D. whom33. A. interests B. taxes C. incomes D. revenues34. A. as many as B. as good as C. as far as D. as well as35. A. Although B. Because C. Since D. As36. A. advanced B. grew C. reduces D. multiplie37. A. even B. still C. rather D. fairly38. A. asking B. requesting C. calling D. demanding39. A. change B. turn C. shift D. transform40.A. for B. from C. across D. OverPart III Reading Comprehension (40%)Direction: There are 4 passages in this part. Each passage is followed by some questions or unfinished statements. For each of them there are four choices marked A, B, C, and D. You should decide on the best choice. Then blacken the corresponding letter on the Answer Sheet with a pencil.PASSAGE1.Henric Ibsen ,author of the play"A Doll's House", in which a pretty, helpless housewife abandons .Her husband and children to seek a more serious life, would surely have approved.. From January Ist ,2008, all public companies in Norway are obliged to ensure that at least 40% of their board directors are women. Most firms have obeyed the law, which was passed in 2003.But about 75 out of the 480 or so companies it affects are still too male for the government's liking. They will shortly receive a letter informing them that they have until the end of February to act , or face the legal consequences---which could include being dissolved.Before the law was proposed, about 7% of board members in Norway were female , according to the Centre for Corporate Diversity .The number has since jumped to 36%. That is far higher than the average of 9% for big companies across Europe or America's 15% for the Fortune 500.Norway's stock exchange and its main business lobby oppose the law, as do many businessmen." I am against quotas for women or men as a matter of principle," says Sverre Munck , head of international operations at a media firm. "Board members of public companies should be chosen solely on the basis of merit and experience,"be says. Several firms have even given up their public status in order to escape the new law.Companies have had to recruit about 1,000 women in four years. Many complain that it has been difficult to find experienced candidates. Because of this, some of the best women have collected as many as 25-35 directorships each, and are known in Norwegian business circles as the "golden skirts". One reason for the scarcity is that there are fairly few women in management in Norwegian companies---they occupy around 15% of senior positions. It has been particularly hard for firms in the oil, technology and financial industries to find women with a enough experience.Some people worry that their relative lack of experience may keep women quiet on boards, and that in turn could mean that boards might become less able to hold managers to account. Recent history in Norway, however, suggests that the right women can make strong directors. "Women feel more compelled than men to do their homework," says Ms Reksten Skaugen , who was voted Norway's chairman of the year for 2007, "and we can afford to ask the hard questions, because women are not always expected to know the answers."41. The author mentions Ibsen's play in the first paragraph in order to?A. depict women's dilemma at workB. explain the newly passed lawC. support Norwegian governmentD. introduce the topic under discussion42. A public company that fails to obey the new law could be forced to?.A. pay a heavy fineB. close down its businessC. change to a private businessD. sign a document promising to act43. To which of the following is Sverre Munck most likely to agree?A. A set ratio of women in a board is unreasonable.B. A reasonable quota for women at work needs to be set.C. A common principle should be followed by all companies.D. An inexperienced businessman is not subject to the new law.44.The author attributes the phenomenon of "golden skirts" to? .A. the small number of qualified females in managementB. the over-recruitment of female managers in public companiesC. the advantage women enjoy when competing for senior positionsD. the discrimination toward women in Norwegian business circles45. The main idea of the passage might be? .A. female power and liberation in NorwayB. the significance of Henric Ibsen's playC. women's status in Norwegian firmsD. the constitution of board members in NorwayPASSAGE2While there's never a good age to get cancer, people in their 20s and 30s can feel particularly isolated. The average age of a cancer patient at diagnosis is 67. Children with cancer often are treated at pediatric (小儿科的) cancer centers, but young adults have a tough time finding peers, often sitting side-by-side during treatments with people who could be their grandparents.In her new book Crazy Sexy Cancer Tips, writer Kris Carr looks at cancer from the perspective of a young adult who confronts death just as she's discovering life. Ms. Carr was 31 when she was diagnosed with a rare from of cancer that had generated tumors on her liver and lungs.Ms. Carr reacted with the normal feelings of shock and sadness. She called her parents and stocked up on organic food, determined to become a "full-time healing addict." Then she picked up the phone and called everyone in her address book, asking if they knew other young women with cancer. The result was her own personal "cancer posse": a rock concert tour manager, a model, a fashion magazine editor, a cartoonist and a MTV celebrity, to name a few. This club of? "cancer babes" offered support, advice and fashion tips, among other things.Ms. Carr put her cancer experience in a recent Learning Channel documentary, and she has written a practical guide about how she coped. Cancer isn't funny, but Ms. Carr often is. She swears, she makes up names for the people who treat her ( Dr. Fabulous and Dr. Guru ), and she even makes second sound fun ("cancer road trips," she calls them).She leaves the medical advice to doctors, instead offering insightful and practical tips that reflect the world view of a young adult. "I refused to let cancer ruin my party," she writes. " There are just too many cool things to do and plan and live for."Ms. Carr still has cancer, but it has stopped progressing. Her cancer tips include using time-saving mass e-mails to keep friends informed, sewing or buying fashionable hospital gowns so you're not stuck with regulation blue or gray and playing Gloria Gaynor's "I Will Survive" so loud you neighbors call the police. Ms. Carr also advises an eyebrow wax and a new outfit before you tell the important people in your illness. " people you tell are going to cautious and not so cautiously try to see the cancer, so dazzle them instead with your miracle," she writes.While her advice may sound superficial, it gets to the heart of what every cancer patient wants: the chance to live life just as she always did, and maybe better.46. Which of the following groups is more vulnerable to cancer?A. Children.B. People in their 20s and 30s.C. Young adults.D. Elderly people.47. All of the following statements are true EXCEPT _______.A. Kris Carr is a female writerB. Kris Carr is more than 31-year-old.C. Kris Carr works in a cancer center.D. Kris Carr is very optimistic.48. The phrase "cancer posse" (Line 4, para.3 ) probably refers to ________A. a cancer research organizationB. a group of people who suffer from cancerC. people who have recovered from cancerD. people who cope with cancer49. Kris Carr make up names for the people who treat her because ________A. she is depressed and likes swearingB. she is funny and likes playing jokes on doctorC. she wants to leave the medical advice to doctorD. she tries to leave a good impression on doctor50. From Kris Carr's cancer tips we may infer that ________A. she learned to use e-mails after she got cancerB. she wears fashionable dress even after suffering from cancerC. hospital gowns for cancer patients are usually not in bright colorsD. the neighbors are very friendly with cancer patientsPASSAGE3Questions 51 to 55 are based on the following passage:Should a leader strive to be loved or feared?This question,famously posed by Machiavelli,lies at the heart of Joseph Nye's new book.Mr.Nye,a former dean of the Kennedy School of Government at Harvard and one-time chairman of America's National Intelligence Council,is best known for promoting the idea of "soft power",based on persuasion andinfluence,as a counterpoint to "hard power",based on coercion(强迫) and force.Having analyzed the use of soft and hard power in politics and diplomacy in his previous books,Mr.Nye has now turned his attention to the relationship between power and leadership,in both the political and business spheres.Machiavelli,he notes,concluded that "one ought to be both feared and loved,but as it is difficult for the two to go together,it is much safer to be feared than loved."In short,hard power is preferable to soft power.But modem leadership theorists have come to the opposite conclusion.The context of leadership is changing,the observe,and the historical emphasis on hard power is becoming outdated.In modem companies and democracies,power is increasingly diffused and traditional hierarchies(等级制) are being undermined,making soft power ever more important.But that does not mean coercion should now take a back seat to persuasion.Mr.Nye argues.Instead,he advocates a synthesis of these two views.The conclusion of The Powers to Lead ,his survey of the theory of leadership,is that a combination of hard and soft power,which he calls”smart power”,is the best approach.The dominant theoretical model of leadership at the moment is ,apparently,the “transformational leadership pattern”.Anone allergic(反感) to management term will already be running for the exit,but Mr,Nye has performed a valuable service in rounding up and summarizing the various academic studies and theories of leadcriship into a single,slim volume.He examines different approaches to leadership,the morality of leadership and how the wider context can determine the effcctiveness of a particular leader.There are plcnty of anccdotes and examples,both historical and contemporary,political and corporate.Alsa,leadership is a slippery subject,and as he depicts various theories,even Mr.Nye never quite nails the jelly to the wall.He is at his most interesting when discussing the moral aspects of leadershipin particular,the question of whether it is sometimes necessary for good leaders? to lie -and he provides a helpful 12-point summary of his conclusions.A recuming theme is that as circumstances change,different sorts of leadcrs are required;a leader who thrives in one environment may struggle in another,and vice versa.Ultimately that is just a fancy way of saying that leadcrship offers no casy answers.51.From the first two paragraphs we may learn than Mr.Machiavelli's idea of hard power is ______.A.well accepted by Joseph NyeB.very influential till nowadaysC.based on sound theoriesD.contrary to that of modem leadership theorists52.Which of the following makes soft power more important today according to Mr.Nye?A.Coercion is widespread.B.Morality is devalued.C.Power is no longer concentrated.D.Traditional hierarchies are strengthened53.In his book the Powers to lead,Mr.Nye has exmined all the following aspects of leadership EXCEPT_____.A.authorityB.contextC.approachesD.morality54.Mr.Nye's book is particularly valuable in that it _____.A.makes little use of management termsB.summarizes various studies conciselyC.serves as an exit for leadership researchersD.sets a model for contemporary corporate leaders55.According to the author,the most interesting part of Mr.Nye's book lies in his _____.A.view of changeable leadershipB.definition of good leadershipC.summary of leadership historyD.discussion of moral leadershipPASSAGE4Questions 56to 60are based on the following passage:Americans don't like to lose wars. Of course, a lot depends on how you define just what a war is. There are shooting wars-the kind that test patriotism and courage-and those are the kind at which the U.S excels. But other struggles test those qualities too. What else was the Great Depression or the space race or the construction of the railroads? If American indulge in a bit of flag—when the job is done, they earned it.Now there is a similar challenge. Global warming. The steady deterioration(恶化)of the very climate of this very planet is becoming a war of the first order, and by any measure, the U.S. produces nearly a quarter of the world's greenhouse gases each year and has stubbornly made it clear that it doesn't intend to do a whole lot about it. Although 174 nations approved the admittedly flawed Kyoto accords to reduce carbon levels, the U.S. walked away from them. There are vague promises of manufacturing fuel from herbs or powering cars with hydrogen. But for a country that tightly cites patriotism as one of its core values, the U.S. is taking a pass on what might be the most patriotic struggle of all. It's hard to imagine a bigger fight than one for the survival of a country's coasts and farms, the health of its people and stability of its economy.The rub is, if the vast majority of people increasingly agree that climate change is a global emergency, there's far less agreement on how to fix it. Industry offers its pans, which too often would fix little. Environmentalists offer theirs, which too often amount to native wish lists that could weaken American's growth. But let's assume that those interested parties and others will always bent the table and will always demand that their voices be heard and that their needs be addressed. What would an aggressive, ambitious, effective plan look like-one that would leave the U.S. both environmentally safe and economically sound?Halting climate change will be far harder. One of the more conservative plans for addressing the problem calls for a reduction of 25 billion tons of carbon emissions over the next 52 year. And yet by devising a consistent strategy that mixes and blends pragmatism(实用主义)with ambition, the U.S. can, without major damage to the economy, help halt the worst effects of climate change and ensure the survival of its way of life for future generations. Money will do some of the work, but what's needed most is will. "I'm not saying the challenge isn't almost overwhelming," says Fred Krupp. "But this is America, and America has risen to these challenges before."56. What does the passage mainly discuss?A. Human wars.B. Economic crisis.C. America's environmental policies.D. Global environment in general.57. From the last sentence of paragraph 2 we may learn that the survival of a country's coasts and farms, the health of its people and the stability of its economy is__________.A. of utmost importanceB. a fight no one can winC. beyond people's imaginationD. a less significant issue58. Judging from the context, the word "rub"(Line 1, Para.3)probably means_______.A. frictionB. contradictionC. conflictD. problem59. What is the author's attitude toward America's policies on global warming?A. CriticalB. IndifferentC. SupportiveD. Compromising60. The paragraphs immediately following this passage would most probably deal with___________.A. the new book written by Fred KruppB. how America can fight against global warmingC. the harmful effects of global warmingD. how America can tide over economic crisisPart V Writing (20%)Direction: In this section, you are asked to write an essay based on the following information. Make comments and express your own opinion. You should write at least 150 words on Answer Sheet 2.At present, there is no doubt that short message plays an increasingly important role in our lives . We are all aware that, like everything else, short message have both favorable and unfavorable aspects.Generally speaking, the advantages can be listed as follows. First of all, in festivals, we can send short messages to wish good luck to other people we know. It brings us a lot of convenience. In addition, short message connects its users with the outside world. For example, some people subscribe weather forecast or news short messages, with them, people’s life will be greatlyenriched.But it is pity that every coin has two sides. The disadvantages of short message can’t be ignored. We spend too muc h time on spelling our words and sending short messages that we can’t focus on our studies. Also, you will always be annoyed by strangers’ short messages one after another.As is known to all, short message is neither good nor bad itself. In my opinion, we can use it. But we shouldn’t spend too much time on it and don’t let it disturb us from our lives.2009年真题答案答案SECTION 2 21-30 CDDBC BDABA 31-40 BADDA BACACSECTION 3 41-50 BBAAC CCBCC 51-60 DCABD CAAAC。

2009年6月考试真题-法语高级（A级）：第二部分阅读理解

第⼆部分阅读理解⼆、单项选择(每⼩题1分，共10分。

)根据⽂章内容，从选项中选择⼀个正确答案填⼊空格内。

TEXTE ALa passion automobile des FrançaisPour Barthes, la voiture est le symbole même de la « promotion petite-bourgeoise ». De fait, jusqu’à la veille de la Seconde Guerre mondiale, elle appartenait seulement aux milieux riches et sa possession représente une haute valeur pour se distinguer des autres.Albert Dion, fondateur de l’Automobile Club de France, est alors le premier qui a construit la voiture à essence. Cependant, lorsque éclate la guerre de 1914, les Etats-Unis comptent une voiture pour 5,3 habitants quand la France n’en possède qu’une pour 44. Le prix d’une automobile correspond alors à 400 journées de travail d’un ouvrier français, contre 25 d’un ouvrier américain.Réalité évidente aux Etats-Unis, dès le lendemain de la Première Guerre mondiale. La généralisation de la voiture nes’accomplira en France que beaucoup plus tard.En 1949, 2% seulement des acheteurs de voitures sont des ouvriers ; ils seront 7% en 1955. A la même époque, il n’y a pas plus d’un ménage sur cinq qui possède une voiture ; on en compte aujourd’hui environ quatre sur cinq.Au cours des vingt dernières années, les taux d’équipement automobile des milieux sociaux les plus modestes (paysans, artisans, ouvriers, employés...) se sont évidemment rapprochés de ceux des milieux plus riches (cadres moyens, cadres supérieurs, avocats, médecins...) : un peu moins de 90% pour le premier groupe, un peu plus de 95% pour le second. Ce processus de « généralisation du bien automobile » s’est même étendu à la multi-possession (deux voitures ou plus parménage) qui, pendant longtemps, était apparue comme l’un des signes les plus déterminants de la différence sociale. Depuis 1973, le taux de multi-équipements des ménages ouvriers a triplé et celui des agriculteurs et employés a doublé, augmentations très supérieures à celles observées chez les cadres et avocats. Ces derniers restent cependant les plus nombreux « multi-propriétaires », avec environ 50% des ménages propriétaires de deux voitures.Sur l’ensemble de la population, on constate qu’il n’existe pour ainsi dire plus de ménages sans automobile, en dehors des personnes seules et des personnes âgées.Outre la multi-possession, le choix du modèle automobile et de la marque constitue également des indications de ladifférence sociale. Comme tous les biens de consommation, l’automobile a, outre sa valeur d’usage, une valeur de symbole. Celle-ci intervient comme élément nécessaire d’un style de vie, lequel fonctionne comme signe de possession d’une position dans l’espace. Au-delà des difficultés liées à la crise économique de ces dernières années (augmentation du prix de l’essence et des voitures, réduction du crédit...), on observe encore que la passion automobile continue. Dans la possession de l’automobile, comme dans celle d’autres biens de consommation durables (réfrigérateurs, télévision, machine à laver...), la différence sociale n’a pas disparu, mais elle devient moins évidente.1. Qu’est-ce qu’on entend par la « promotion petite-bourgeoise » ?a) La réussite socialeb) La situation économiquec) Le statut de la bourgeoisied) Le statut de citadins2. Quelle était la situation de l’automobile en France lors de l’éclatement de la PremièreGuerre mondiale ?a) La France comptait une voiture pour 5, 3 habitants.b) Elle en possédait une pour 44 habitants.c) Elle en comptait une pour 25 habitants.d) La France en possédait quatre pour cinq.3. Qu’est-ce qui était un signe déterminant de la différence sociale pendant une longuepériode ?a) La multi-possessionb) Le choix de modèlec) Le choix de la marqued) Le choix de la voiture4. Dans quels milieux sociaux, le taux de multi-équipements a augmenté le plus vite ?a) Dans les ménages d’agriculteursb) Dans les manages de cadres moyensc) Dans les ménages d’avocatsd) Dans les ménages ouvriers5. Dans quel milieu social constate-t-on le plus grand nombre de multi-propriétaires ?a) Dans les milieux de cadres et d’avocatsb) Dans les milieux d’agriculteursc) Dans le milieu de fonctionnairesd) Dans le milieu d’ouvriersTEXTE BLa violence dans la société moderneIl semble qu’en France, comme partout dans le monde, la violence soit en train de devenir un phénomène de la vie de tous les jours. Le gouvernement français a récemment nommé une commission pour étudier le problème de la violence en France. Son diagnostic est formel.Dans les usines, dans la rue, dans les conflits sociaux, dans les relations personnelles et sociales, il existe une agressiviténouvelle. Les insultes, la violence physique, le vandalisme font partie des moyens d’expression personnelle tout comme les enlèvements et les explosifs font partie de l’arsenal des terroristes. Cette violence vient souvent du besoin d’affirmer qu’on existe, du besoin d’être entendu dans un monde qu’on croit sourd. C’est quand il n’est plus possible de parler ni de comprendre qu’on a recours à la violence.La violence n’est pas une maladie nouvelle de notre société, mais il semble que nous soyons de moins en moins capables de tolérer le sentiment d’insécurité qu’elle provoque. Mais pourquoi cette panique ? Et de quoi a-t-on peur ?Des jeunes d’abord. Trois personnes sur quatre pensent que les jeunes sont plus facilement tentés par la violence que les adultes. Et beaucoup de gens citent la délinquance des jeunes comme un problème majeur de notre société. Parmi les facteurs sociaux qui sont responsables de la délinquance juvénile on cite souvent la ville. Dans les villes de moins de 3 000 habitants la délinquance des mineurs est de 2,2 pour cent. Dans celles de 50 000 à 100 000 habitants, elle est de 10,5 pour cent. Il semble aussi que la criminalité augmente avec la hauteur des immeubles. Dans les grandes villes, les enfants sont non seulement condamnés à vivre dans la stérilité du béton, mais ils sont souvent exilés de leur propre maison. En effet, il est généralement interdit de laisser les enfants jouer dans les escaliers ou marcher sur les pelouses.Souvent les enfants n’ont rien à faire et ils s’ennuient. « Ils devraient faire du sport, ça les occuperait », dit-on souvent. Oui, mais le sport est devenu, lui aussi, une activité très organisée et très compétitive. Il existe une obsession de la victoire et du succès qui contamine tous les aspects de la vie, même les loisirs. Et cette obsession du succès est peut-être, elle aussi, une forme de violence contre les individus... tout comme le matraquage publicitaire et la tyrannie de l’argent.Il semble que toutes les restrictions imposées aux habitants des villes les rendent encore plus agressifs. Il suffit de conduire dans Paris à six heures du soir pour s’en apercevoir. Dans les grandes villes on tue, on viole et on vole plus que dans les petites villes. En France, par exemple, le 3/5 des crimes graves sont commis dans les sept grandes regions urbaines.Pour lutter contre l’anonymat de la ville, certains membres de la commission ont proposé qu’on encourage les camelots et les artistes de la rue. « Camelots, musiciens, chanteurs et mimes méritent de retrouver leur place dans la rue, disent-ils. Leurprésence rassure et elle apporte une animation, une spontanéité et une joie dont les habitants des villes ont bien besoin. »1. Dans quelle circonstance a-t-on besoin de recourir à la violence ?a) Quand on a besoin d’être entendub) Quand on a besoin d’être comprisc) Quand on ne peut pas se faire comprendre dans ce monde qu’on croit sourd.d) Quand on a besoin de se protéger2. Selon le texte, quel est le facteur le plus direct de la délinquance juvénile ?a) La pauvreté des parentsb) Les mauvaises conditions de viec) La ville en béton où s’ennuient les jeunesd) La vie communautaire3. D’après le texte, quelles mesures faut-il adopter pour éloigner la délinquance desjeunes ?a) Il faut animer l’environnement de la ville sur le plan culturel.b) Il faut occuper les enfants en leur faisant pratiquer le sport.c) Il faut leur donner des cours de civisme.d) Il faut leur donner des cours de culture physique.4. Quelles sont les nouvelles formes de violence en France ?a) Insultes, violences physiques, vandalismes etcb) Cambriolages et vols de tous genresc) Enlèvements et explosifs contre des individusd) Obsession de la victoire, matraquage publicitaire, tyrannie de l’argent etc.5. Selon le texte, quelles pourront être des solutions au problème de la violence dans lesvilles ?a) Il faut augmenter le budget pour améliorer la qualité de vie des habitants.b) Il faut améliorer les conditions de vie des urbains.c) Il faut faire revenir les artistes de la rue dans les villes.d) Il faut encourager les gens de la ville à organiser davantage d’activités artistiques.三、⽂章缩写(共1题，共20分。

ACCA P3真题 2009 Dec Q2 答案解析

ACCA P3Dec Q2(a)Analyse the primary activities of the value chain for the product range at IL.IL supplies both manufactured products(crutches,walking frames)and bought-in products(mobility scooters,bath lifts).The value chain for these two sets of products is different and this is reflected in the following analysis.公司既生产产品也进货销售商品。

所以这两种模式的价值链是不同的，反映在以下分析中。

The primary activities of the value chain are:第一种活动的价值链：Inbound Logistics.These are activities associated with receiving,storing and disseminating inputs to the product.Typical examples are materials handling,warehousing and inventory(stock) control.这个活动包含原材料收货、仓储和分发等流程。

如材料处理、仓储和存货控制。

For manufactured products this concerns collection of material from scrap merchants and the storage of that material prior to use.For bought-in products,inbound logistics is handled by the supplying manufacturers.Products are stored in the warehouse.本题中生产货物包含从废品商出收集原材料、存仓需要用到的材料。

2009-2010第二学期期末考试.

第二节语法填空(共15小题；每题1分，满分15分) curiously (curious), he wanted 31. Tom looked at me _________ to know everything. various (variety) kinds of plants in the 32. There are ________ world. 33. He couldn't afford the fare, so he had to earn his by passage ______ doing jobs on the ship. remains 34. Whether it will do us harm or good still ________ (remain) to be seen. 35. She is always complaining, for she is not content with ________ what she has had. 36. When the day breaks, the soldiers found surrounded (surround) by their enemies. themselves ___________ 37. -- Must I finish my paper before 4 o'clock? needn’t You may hand it in tomorrow. -- No, you ________. a unique painter for his painting 38. Van Gogh was ____ style was quite different from others.
句子考查: (共8小题，71-74每小题2分，75—78每小题3分，满分20分) 71. It looks as if he were enjoying himself at the party. (改写) seems to be _____ enjoying He _____ _____ _____ himself at the party. 72. We don't permit the students to smoke. (改写) The students _____ _____ are not _____ permitted to _____. smoke 73. Three boys were playing basketball on the playground. (改写) There were playing basketball _____ _____ three boys ________ ________on the play ground. 74. He likes to stay alone and doesn't like to gossip with others in his spare time. (改写) prefers to rather _____ than gossip He _____ _____ stay alone _____ with others in his spare time.

2009年6月英语六级真题及答案解析

2009年6月大学英语六级(CET-6)真题试卷Part ⅠWriting (30 minutes)注意：此部分试题在答题卡1上。

Directions: For this part, you are allowed 30 minutes to write a short essay entitled On the Importance of a Name. you should write at least 150 words following the outline givenbelow.1. 有人说名字或名称很重要2. 也有人觉得名字或名称无关紧要3. 我认为...On the Importance of a NamePart II Reading Comprehension (Skimming and Scanning) (15 minutes) Directions:In this part, you will have 15 minutes to go over the passage quickly and answer the questions on Answer Sheet 1. For questions 1-7, choose the best answer from the four choices marked [A], [B], [C] and [D]. For questions 8-10, complete the sentences with the information given in the passage.Helicopter Moms vs. Free-Range KidsWould you let your fourth-grader ride public transportation without an adult? Probably not. Still, when Lenore Skenazy, a columnist for the New York Sun, wrote about letting her son take the subway alone to get back to "Long story short :my son got home from a department store on the Upper East Side, she didn’t expect to get hit with a wave of criticism from readers.“Long story short: My son got home, overjoyed with independence,” Skenazy wrote on April 4 in the New York Sun. “Long story longer: Half the people I’ve told this episode to now want to turn on in for child abuse. As if keeping kids under lock and key and cell phone and careful watch is the right way to rear kids. It’s not. It’s debilitating (使虚弱)—for us and for them.”Online message board s were soon full of people both applauding and condemning Skenazy’s decision to let her son go it alone. She wound up defending herself on CNN (accompanied by her son) and on popular blogs like the buffing ton post, where her follow-up piece was ironically headlined “More From America’s Worst Mom.”The episode has ignited another one of those debates that divides parents into vocal opposing camps. Are Modern parents needlessly overprotective, or is the world a more complicated and dangerous place than it was when previous generations were allowed to wander about unsupervised?From the “she’s an irresponsible mother” camp came: “Shame on you for being so careless about his safety,” in Comments on the buffing ton post. And there was this from a mother of four: “How would you have felt if he didn’t come home?” But Skenazy got a lot of support, too, with women and men writing in with stories about how they were allowed to take trips all by them selves at seven or eight. She also got heaps of praise for bucking the “helicopter parent” trend: “Good for this Mom,” one commenter wrote on the buffing ton post. “This is a much-needed reality check.”Last week, encouraged by all the attention, Skenazy started her own blog—Free Range, kids—promoting the idea that modern children need some of the same independence that her generation had. In the good old days nine-year-old baby boomers rode their bikes to school, walked to the store, took buses—and even subways—all by themselves. Her blog, she says, is dedicated to sensible parenting. “At Free Range Kids, we believe in safe kids. We believe in car seats and safety belts. We do NOT believe that every time school-age children go outside, they need a security guard.”So why are some parents so nervous about letting their children out of their sight? Are cities and towns less safe and kids more vulnerable to crimes like child kidnap and sexual abuse than they were in previous generations?Not exactly. New York City, for instance, is safer than it’s ever been; it’s ranked 36th in crime among all American cities. Nationwide, stringer kidnaps are extremely rare; there’s a one-in-a-million chance a child will be taken by a stranger, according to the Justice Department. And 90 percent of sexual abuse cases are committed by someone the child knows. Mortality rates from all causes, including disease and accidents, for American children are lower now than they were 25 years’ ago. According to Child Trends, a nonprofit researc h group, between 1980 and 2003 death rates dropped by 44 percent for children aged 5 to 14 and 32 percent for teens aged 15 to 19.Then there’s the whole question of whether modern parents are more watchful and nervous about safety than previous generations. Yes, some are. Part of the problem is that with wall to wall Internet and cable news, every missing child case gets so much airtime that it’s not surprising even normal parental anxiety can be amplified. And many middle-class parents have gotten used to managing their children’s time and shuttling them to various enriching activities, so the idea of letting them out on their own can seem like a risk. Back in 1972, when many of today’s parents were kids, 87 percent of children who lived within a mile of school walked or biked every day. But today, the Centers for Disease Control report that only 13 percent of children bike, walk or otherwise t themselves to school.The extra supervision is both a city and a suburb phenomenon. Parents are worried about crime, and they are worried about kids getting caught in traffic in a city that’s not used to pedestrians. On the other hand, there are still plenty of kids whose parents give them a lot of independence, by choice or by necessity. The After School Alliance finds that more than 14 million kids aged 5 to 17 are responsible for taking care of themselves after school. Only 6.5 million kids participate in organized programs. “Many children who have working parents have to take the subway or bus to get to school. Many do this by themselves because they have no other way to get to the schools,”says Dr. Richard Gallagher, director of the Parenting Institute at the New York University Child Study Center.For those parents who wonder how and when they should start allowing their kids more freedom, there’s no clear-cut answer. Child experts discourage a one-size-fits-all approach to parenting. What’s right for Skenazy’s nine-year-old could be inappropriate for another one. It all depends on developmental issue, maturity, and the psychological and emotional makeup of that child. Several factors must be taken into account, says Gallagher. “The ability to follow parent guidelines, the child’s level of comfort in handling such situations, and a child’s general judgment sh ould be weighed.”Gallagher agrees with Skenazy that many nine-year-olds are ready for independence like taking public transportation alone. “At certain times of the day, on certain routes, the subways are generally safe for these children, especially if they have grown up in the city and have been taught how to be safe, how to obtain help if they are concerned for their safety, and how to avoid unsafe situations by being watchful and on their toes.”But even with more traffic and fewer sidewalks, modern parents do have one advantage their parents didn’t: the cell phone. Being able to check in with a child anytime goes a long way toward relieving parental anxiety and may help parents loosen their control a little sooner. Skenazy got a lot of criticism be cause she didn’t give her kid her cell phone because she thought he’d lose it and wanted him to learn to go it alone without depending on mom—a major principle of free-range parenting. But most parents are more than happy to use cell phones to keep track of their kids.And for those who like the idea of free-range kids but still struggle with their inner helicopter parent, there may be a middle way. A new generation of GPS cell phones with tracking software make it easier than ever to follow a child’s eve ry movement via the Internet—without seeming to interfere or hover. Of course, when they go to college, they might start objecting to being monitored as they’re on parole (假释).注意：此部分试题请在答题卡1上作答。

ACCA

新手导航：ACCA报考指南及常见相关问题汇总2009年6月ACCA各科考试通过率教材真题下载：[ACCA]—2009年6月考题及答案超级汇总版[ACCA]ACCA历年全球统考考题汇总[ACCA]—历年试题下载汇总（P1—P7,F1—F9）[ACCA]—新旧大纲历年试题下载汇总（P1—P7,F1—F9）ACCA教材下载—F1_chapter1-3(word版)ACCA教材下载—F5_word版[ACCA]—2009年F4模拟试题课件及讲义：[ACCA]—2009年12月份各科讲义下载汇总F4—公司法和商法—讲义下载09年12月f4讲义09.6 F9讲义及练习[ACCA考试]《F1 会计师与企业Accountant in Business （AB）》讲座课件下载[ACCA考试]《F2 管理会计Management Accounting（MA）》讲座课件下载[ACCA考试]《F3 财务会计Financial Accounting （FA）》讲座课件下载[ACCA考试]《F7 财务报告Financial Reporting （FR）》讲座课件下载[ACCA考试]《F8 审计与认证服务Audit and Assurance Services（AAS）》讲座课件下载备考辅导：F5复习资料F9复习资料整理分享2009年11月考官文章汇总资料2009年10月考官文章汇总资料2009年12月ACCA考试tips大全！ACCA字典会计科目中英对照经验分享：[经验分享]ACCA看书有诀窍[经验分享]中国ACCA第一人：吴卫军[经验分享]我的ACCA考试经验、教训以及建议[经验分享]F7,F9 的攻略（ACCA考试总结）[经验分享]ACCA考试高手的经验[经验分享]ACCA考试技巧与学习方法[经验分享]ACCA工作经验－work Experience[经验分享]—ACCA考试试题的特点及做题技巧分析[经验分享]—ACCA考试技巧与学习方法![经验分享]—ACCA三遍循环法[经验分享]—ACCA考试实战攻略(1)[经验分享]—ACCA考试实战攻略(2)[ACCA考试]《F3 财务会计 Financial Accounting （FA）》讲座课件下载ACCA F6 真题[ACCA]ACCA各Paper考官一览表[ACCA考试]《F1 会计师与企业 Accountant in Business （AB）》讲座课件下载[ACCA考试]2007年12月开始执行的新大纲的模拟试题[ACCA]ACCA历年全球统考考题汇总[ACCA]教材相关问题汇总[转贴]我是这样考过ACCA的(word版)[转贴]ACCA考试经验及P1.2－P2.2攻略（完整下载版）[转帖]ACCA看书有诀窍[转帖]中国ACCA第一人：吴卫军[转帖]我的ACCA考试经验、教训以及建议[ACCA考试]《F8 审计与认证服务 Audit and Assurance Services（AAS）》讲座课件下载[ACCA考试]《F2 管理会计 Management Accounting（MA）》讲座课件下载[ACCA考试]《F7 财务报告 Financial Reporting （FR）》讲座课件下载[ACCA]ACCA 考试报考指南ACCA 考试介绍特许公认会计师公会(The Association of Chartered Certified Accountants,简称ACCA) 成立于1904年，是目前全球最大的国际会计师组织。

2009年6月六级听力试题及答案(含原文)

2009年6月Part III Listening Comprehension (35 minutes）Section A注意：此部分试题请在答题卡2上作答.11. A．Fred forgot to call him last night about the camping trip.B．He is not going to lend his sleeping bag to Fred。

C．He has not seen Fred at the gym for sometime。

D．Fred may have borrowed a sleeping bag from someone else.12. A．Summer has become hotter in recent years。

B．It will cool down a bit over the weekend.C．Swimming in a pool has a relaxing effect.D．He hopes the weather forecast is accurate.13. A．Taking a picture of Prof. Brown。

B．Commenting on an oil—painting.C．Hosting a TV program。

D．Staging a performance。

14. A．She can help the man take care of the plants。

B．Most plants grow better in direct sunlight.C．The plants need to be watered frequently.D．The plants should be placed in a shady spot.15。

A．Change to a more exciting channel.B．See the movie some other time。

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2009年6月ACCA考试真题：Part II真题答案(9)
本文由高顿ACCA整理发布，转载请注明出处
（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.
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