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Top Trades Co has been trading for a number of years and is currently going through a peri

od of expansion.

An extract from the statement of cash flows for the year ended 31 December 20X7 for Top Trades Co is presented as follows:

Top Trades Co has been trading for a number of yea

Which of the following statements is correct according to the extract of Top Trades Co’s statement of cash flows？

A.The company has good working capital management

B.Net cash generated from financing activities has been used to fund the additions to non-current assets

C.Net cash generated from operating activities has been used to fund the additions to non-current assets

D.Existing non-current assets have been sold to cover the cost of the additions to non-current assets

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更多“Top Trades Co has been trading…”相关的问题

第1题

Which of the following expression has the different meaning from the other three？（）

A.On top of the world

B.Happy as a clam

C.Down in the dumps

D.Over the moon

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第2题

Which of the following expression has the opposite meaning from the other three？（）

A.On top of the world

B.Happy as a clam

C.Down in the dumps

D.Over the moon

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第3题

My best friend has been a companion to me for five years.In this sentence, the word co

A.mother

B.friend

C.brother

D.father

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第4题

American Dreams There is a common response to America among foreign writers:the US is a

American Dreams

There is a common response to America among foreign writers:the US is a land of extremes where the best of things qre just as easily found as the worst.This is a cliche(陈词滥调).

In the land of black and white,people should not be too surprised to find some of the biggest gaps between the rich and the poor in the world.But the American Dream offers a way out to everyone.(46) No class system or govemment stands in the way.

Sadly,this old argument is no longer true.Over the past few decades there has been a fundamental shift in the structure of the American economy.

The gap between the rich and the poor has widened and widened.(47)

Over the past 25 years the median US family income has gone up 18 per cent.For the top 1 per cent,however,it has gone up 200 per cent.Twenty-five years ago the top fifth of Americans had an average income 6.7 times that of the bottom fifth.(48)

Inequalities have grown worse in different regions.In California,incomes for lower class families have fallen by 4 per cent since 1969.(49) This has led to an economy hugely in favor of a small group of very rich Americans.The wealthiest 1 per cent of households now control a third of the national wealth.There are now 37 million Americans living in poverty.At 12.7 per cent of the population,it is the highest percentage in the developed world.

Yet the tax burden on America’s rich is falling,not growing.(50) There was an economic theory holding that the rich spending more would benefit everyone as a whole.But clearly that theory has not worked in reality.

A.Nobody is poor in the US.

B.The top 0.01 per cent of households has seen its tax bite fall by a full 25 percentage points since 1980.

C.For upper class families they have risen 41 per cent.

D.Now it is 9.8 times.

E.As it does so,the possibility to cross that gap gets smaller and smaller.

F.All one has to do is to work hard and climb the ladder towards the top.

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第5题

Look, here ______.A．Mr. Brown comesB．comes he Mr. BrownC．comes Mr. BrownD．Mr. Brown has co

Look, here ______.

A．Mr. Brown comes

B．comes he Mr. Brown

C．comes Mr. Brown

D．Mr. Brown has come

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第6题

Tinep Co is planning to raise funds for an expansion of existing business activities and i

n preparation for this the company has decided to calculate its weighted average cost of capital. Tinep Co has the following capital structure:

The ordinary shares of Tinep Co have a nominal value of 50 cents per share and are currently trading on the stock market on an ex dividend basis at $5·85 per share. Tinep Co has an equity beta of 1·15.

The loan notes have a nominal value of $100 and are currently trading on the stock market on an ex interest basis at $103·50 per loan note. The interest on the loan notes is 6% per year before tax and they will be redeemed in six years’ time at a 6% premium to their nominal value.

The risk-free rate of return is 4% per year and the equity risk premium is 6% per year. Tinep Co pays corporation tax at an annual rate of 25% per year.

Required:

(a) Calculate the market value weighted average cost of capital and the book value weighted average cost of capital of Tinep Co, and comment briefly on any difference between the two values. (9 marks)

(b) Discuss the factors to be considered by Tinep Co in choosing to raise funds via a rights issue. (6 marks)

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第7题

Saxophone Enterprises Co （Saxophone) has been trading for 15 years selling insurance and h

Saxophone Enterprises Co (Saxophone) has been trading for 15 years selling insurance and has recently become a listed company. In accordance with corporate governance principles Saxophone maintains a small internal audit department. The directors feel that the team needs to increase in size and specialist skills are required, but they are unsure whether to recruit more internal auditors, or to outsource the whole function to their external auditors, Cello & Co.

Saxophone is required to comply with corporate governance principles in order to maintain its listed status; hence the finance director has undertaken a review of whether or not the company complies.

Bill Bassoon is the chairman of Saxophone, until last year he was the chief executive. Bill is unsure if Saxophone needs more non-executive directors as there are currently three non-executive directors out of the eight board members. He is considering appointing one of his close friends, who is a retired chief executive of a manufacturing company, as a non-executive director.

The finance director, Jessie Oboe, decides on the amount of remuneration each director is paid. Currently all remuneration is in the form. of an annual bonus based on profits. Jessie is considering setting up an audit committee, but has not undertaken this task yet as she is very busy. A new sales director was appointed nine months ago. He has yet to undertake his board training as this is normally provided by the chief executive and this role is currently vacant.

There are a large number of shareholders and therefore the directors believe that it is impractical and too costly to hold an annual general meeting of shareholders. Instead, the board has suggested sending out the financial statements and any voting resolutions by email; shareholders can then vote on the resolutions via email.

Required:

(a) Explain the advantages and disadvantages for each of Saxophone Enterprises Co AND Cello & Co of outsourcing the internal audit department.

Note: The total marks will be split as follows:

Saxophone Enterprises Co (8 marks)

Cello & Co (2 marks) (10 marks)

(b) In respect of the corporate governance of Saxophone Enterprises Co:

(i) Identify and explain FIVE corporate governance weaknesses; and

(ii) Provide a recommendation to address each weakness.

Note: The total marks will be split equally between each part. (10 marks)

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第8题

The statement of financial position of BKB Co provides the following information:BKB Co ha

The statement of financial position of BKB Co provides the following information:

BKB Co has an equity beta of 1·2 and the ex-dividend market value of the company’s equity is $125 million. The ex-interest market value of the convertible bonds is $21 million and the ex-dividend market value of the preference shares is $6·25 million.

The convertible bonds of BKB Co have a conversion ratio of 19 ordinary shares per bond. The conversion date and redemption date are both on the same date in five years’ time. The current ordinary share price of BKB Co is expected to increase by 4% per year for the foreseeable future.

The overdraft has a variable interest rate which is currently 6% per year and BKB Co expects this to increase in the near future. The overdraft has not changed in size over the last financial year, although one year ago the overdraft interest rate was 4% per year. The company’s bank will not allow the overdraft to increase from its current level.

The equity risk premium is 5% per year and the risk-free rate of return is 4% per year. BKB Co pays profit tax at an annual rate of 30% per year.

Required:

(a) Calculate the market value after-tax weighted average cost of capital of BKB Co, explaining clearly any assumptions you make. (12 marks)

(b) Discuss why market value weighted average cost of capital is preferred to book value weighted average cost of capital when making investment decisions. (4 marks)

(c) Comment on the interest rate risk faced by BKB Co and discuss briefly how this risk can be managed. (5 marks)

(d) Discuss the attractions to a company of convertible debt compared to a bank loan of a similar maturity as a source of finance. (4 marks)

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第9题

TKQ Co has just paid a dividend of 21 cents per share and its share price one year ago was

$3·10 per share. The total shareholder return for the year was 19·7%. What is the current share price？

A.$3·50

B.$3·71

C.$3·31

D.$3·35

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第10题

The question of whether war is inevitable is one which has concerned many of the world's g

reat writers. Before considering this question, it will be useful to introduce some related concepts. Conflict, defined as opposition among social entities directed against one another, is distinguished from competition, defined as opposition among social entities independently striving for something which is in inadequate supply. Competitors may not be aware of one another, while the parties to a conflict are. Conflict and competition are both categories of opposition, which has been defined as a process by which social entities function in the disservice of one another.

Opposition is thus contrasted with cooperation, the process by which social entities function in the service of one another. These definitions are necessary because it is important to emphasize that competition between individuals or groups is inevitable in a world of limited resources, but conflict is not. Conflict, nevertheless, is very likely to occur, and is probably an essential and desirable element of human societies.

Many authors have argued for the inevitability of war from the premise that in the struggle for existence among animal species, only the fittest survive. In general, however, this struggle in nature is competition, not conflict. Social animals, such as monkeys and cattle, fight to win or maintain leadership of the group. The struggle for existence occurs not in such fights, but in the competition for limited feeding areas and for occupancy of areas free froth meat-eating animals. Those who fail in this competition starve to death or become victims to other species. This struggle for existence does not resemble human war, but rather the competition of individuals for jobs, markets, and materials. The essence of the struggle is the competition for the necessities of life that are insufficient to satisfy all.

Among nations there is competition in developing resources, trades, skills, and a satisfactory way of life. The successful nations grow and prosper; the unsuccessful decline. While it is true that this competition may induce efforts to expand territory at the expense of others, and thus lead to conflict, it cannot be said that war-like conflict among nations is inevitable, although competition is.

In the first paragraph, the author gives the definitions of some terms in order to ______.

A．argue fur the similarities between animal societies and human societies

B．smooth out the conflicts in human societies

C．distinguish between two kinds of opposition

D．summarize the characteristic features of opposition and cooperation

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第11题

Section A暂缺Section B – ALL SIX questions are compulsory and MUST be attemptedYou are an

Section A暂缺

Section B – ALL SIX questions are compulsory and MUST be attempted

You are an audit manager of Pink Partners & Co (Pink) and are planning the audit of Golden Finance Co (Golden), a banking institution which provides a range of financial services including loans. Your firm has audited Golden for four years and the company’s year end is 30 September 2015.

At the end of August, Golden’s financial controller left and the new replacement is not due to start until approximately two months after the year end. The finance director, who is the sister-in-law of the audit engagement partner, has asked if a member of the audit team can be seconded to Golden for three months to act as the temporary financial controller.

You are aware that a number of the audit team members currently bank with Golden and two team members have significant loans owing to the company.

Pink’s taxation department also provides services to Golden. They have been approached by Golden to represent them in negotiations to resolve some outstanding issues with the taxation authorities, for which the fees quoted are substantial.

The finance director has informed the audit engagement partner that when the audit is complete, she would like the whole team to attend an evening watching the national football team play a match followed by a luxury meal.

Required:

Using the information above:

(i) Identify and explain FIVE ethical threats which may affect the independence of Pink Partners & Co’s audit of Golden Finance Co; and

(ii) For each threat, explain how it might be reduced to an acceptable level.

Note: The total marks will be split equally between each part.

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