A.On

B.With

C.on

D.At

According to accounting rules, falling interest rates increase the value of________

The ratio between payments into and out of a country is known as the country's balance of payments. Besides the value of imports and exports (the balance of trade), the balance of payments includes private foreign loans (and interest); loans by governments, central banks, and international organizations; and movements of gold or reserve currencies.

An international medium of exchange is required for international trade. From the late 1800s until World War I, most countries operated on the gold standard. Gold coins of standard specifications circulated freely between countries, making gold in effect an international currency. This system provided an automatic correction for some trade imbalances, but it had little liquidity (the money supply could not expand as rapidly as required by expanding trade), and it was vulnerable to short-term changes in the gold supply.

After the financial instability of the 1930s, the international monetary system was rebuilt following World War Ⅱ on the gold-exchange standard. The values of most national currencies were fixed in relation to the U. S. dollar; reserves were kept in dollars, which could be exchanged on demand for gold at a set price (#35 on ounce until 1968). The International Monetary Fund (IMF), a key institution set up under this system, makes international loans with capital subscribed by its members which include most noncommunist states. Voting rights are proportional to the amounts subscribed. The IMF has been able, through its loans, to stabilize fluctuating currencies and to influence the internal financial policies of recipient countries, a frequently criticized practice.

The success of the gold-exchange standard, however, depended on the superior position of the United States in world trade. In the 1960s, continual balance of payments deficits lowered U. S. gold reserves and fatally undermined the system. In 1968 a two-tiered system was adopted. Government banks maintained fixed gold prices, while non-governmental buyers traded freely. Simultaneously, non-dollar special drawing rights (SDRs) were assigned to IMF members in proportion to their contributions. But these changes did not relieve strain on the U. S. dollar. In 1971 President Richard Nixon announced that dollars would no longer automatically be exchanged for gold, and since then there has been no single international monetary standard.

As a measure of money flow, the balance of payments differs from the balance of trade primarily because of its greater

A．specificity.

B．a(chǎn)ccuracy.

C．usefulness.

D．comprehensiveness.

The ratio between payments into and out of a country is known as the country's balance of payments. Besides the value of imports, and exports (the balance of trade), the balance of payments includes private foreign loans (and interest); loans by governments, central banks, and international organizations; and movements of gold or reserve currencies.

An international medium of exchange is required for international trade. From the late 1800s until World War Ⅰ, most countries operated on the gold standard. Gold coins of standard specifications circulated freely between countries, making gold in effect an international currency. This system provided an automatic correction for some trade imbalances, but it had little liquidity (the money supply could not expand as rapidly as required by expanding trade), and it was vulnerable to short-term changes in the gold supply.

After the financial instability of the 1930s, the international monetary(貨幣的) system was rebuilt following World War Ⅱ on the gold-exchange standard. The values of most national currencies were fixed in relation to the U. S. dollar; reserves were kept in dollars, which could be exchanged on demand for gold at a set price (＄35 an ounce until 1968). The International Monetary Fund (IMF), a key institution set up under this system, makes international loans with capital subscribed by its members which include most noncommunist states. Voting rights are proportional to the amounts subscribed. The IMF has been able, through its loans, to stabilize fluctuating currencies and to influence the internal financial policies of recipient(接受的) countries, a frequently criticized practice.

The success of the gold-exchange standard, however, depended on the superior position of the United States in world trade. In the 1960s, continual balance of payments deficits(赤字) lowered U. S. gold re serves and fatally undermined the system. In 1968 a two-tiered(兩極的) system was adopted. Government banks maintained fixed gold prices, while nongovernmental buyers traded freely. Simultaneously, non-dollar special drawing rights (SDRs) were assigned to IMF members in proportion to their contributions. But these changes did not relieve strain on the U. S. dollar. In 1971 President Richard Nixon announced that dollars would no longer automatically be exchanged for gold, and since then there has been no single international monetary standard.

As a measure of money flow, the balance of payments differs from the balance of trade primarily because of its greater ______.

A．specificity

B．a(chǎn)ccuracy

C．a(chǎn)bility to predict future trends

D．comprehensiveness

Theaccountingmanagerwantsyoutocreateaformthatwhenqueriedwilldisplayacalculatedtotalofyear-to-dateactualexpendituresforthefundcodeentered.Thevalueneededtogeneratethissummarydataarestoredinmultipletables.HowwouldyoudefinethedatasourceforthisdatablockwithouthavingtheDBAcreateadatabaseobject?（）

A.ChooseTools->DataBlockWizard,selectViewasthedatasourcetype,andbasetheblockonthecolumnsfromthebales.

B.ChooseTools->DataBlockWizard,selectTableasthedatasourcetype,andbasetheblockonthecolumnsfromthetables.

C.SelecttheDataBlocksnodeintheObjectNavigatorandclicktheCreatebutton.ChoosetobuildthedatablockmanuallyandaltertheQueryDataSourceColumnsandQueryDataSourceArgumentspropertiestoentertheSELECTstatement.

D.SelecttheDataBlocksnodeintheObjectNavigatorandclicktheCreatebutton.Choosetobuildthedatablockmanually,altertheQueryDataSourceTypepropertyto‘Table‘,andentertheSELECTstatementintheQueryDataSourceNameproperty.

E.ChooseTools->DataBlockWizard,selectStoredProcedureasthedatasourcetype,andbasetheblockonthecolumnsthetables.

F.SelecttheDataBlocksnodeintheObjectNavigatorandclicktheCreatebutton.Choosetobuildthedatablockmanually.AltertheQueryDataSourceTypeto‘FROM‘clausequery‘,andentertheSELECTstatementintheQueryDataSourceNameproperty.

Theaccountingmanagerwantsyoutocreateaformthatwhenqueriedwilldisplayacalculatedtotalofyear-to-dateactualexpendituresforthefoundcodeentered.Thevaluesneededtogeneratethissummarydataarestoredinmultipletables.WhichdatasourcetypecanyouassigntothedatablockforthisformwithouthavingtheDBAcreateadatabaseobject?（）

A.databasetable

B.transactionaltrigger

C.storedprocedure

D.FROMclausequery

E.client-sideprocedure

Bex has recently left employment and entered into a business partnership with Amy. Bex requires advice in respect of a loan to the partnership, the calculation of her share of profits and the tax treatment of her redundancy payment.

Bex:

– Is resident and domiciled in the UK.

– Received an annual salary of ￡120,000 from her former employer, Cape Ltd.

– Was made redundant by Cape Ltd on 30 September 2015.

– Joined Amy, a sole trader, to form. a partnership on 1 January 2016.

– Has no other source of income.

Amy and Bex partnership:

– Will prepare its first set of accounts for the 16-month period to 30 April 2017.

– Is expected to make a tax-adjusted profit of ￡255,000 (before deducting interest and capital allowances) for the period ending 30 April 2017.

– The tax written down value on its main pool at 1 January 2016 is ￡nil.

– Except for the computer referred to below, no further assets will be purchased by either Amy or Bex for use in the partnership in the period ending 30 April 2017.

Profit sharing arrangements:

– The partnership’s profit sharing agreement is as follows:

Bex – loans:

– In addition to her capital contribution, Bex will make a ￡20,000 loan to the partnership on 1 August 2016. The partnership will use this money wholly for business purposes.

– This loan will be financed by a ￡25,000 personal loan from Bex’s bank, taken out on the same date.

– The remaining ￡5,000 of the bank loan will be used to purchase a computer for use in the partnership. Bex will have 20% private use of this computer.

– Both the loan from Bex to the partnership and the personal bank loan to Bex will carry interest at the rate of 5% per annum.

Bex – redundancy package from Cape Ltd:

– The package comprised a ￡22,000 statutory redundancy payment and an additional ex-gratia payment of ￡48,000.

– Bex also received three months’ salary in lieu of notice, as specified in her contract of employment.

Required:

(a) (i) Explain, with the aid of calculations, the tax deductions which will be available in respect of the loan interest payable on both the loan from Bex to the partnership and the personal bank loan to Bex. (7 marks)

(ii) In respect of the period ending 30 April 2017, show the allocation between the partners of the taxable trading profit of the partnership. (4 marks)

(iii) Calculate Bex’s taxable trading income in respect of her share of the partnership profits for all relevant tax years. Note: Your answer to (a)(iii) should clearly state the tax years and basis periods involved. (3 marks)

(b) Explain the income tax implications for Bex of the receipt of the redundancy package from Cape Ltd and calculate her total income tax liability for the tax year 2015/16. (6 marks)

In accordance with the mission it has set itself to further the development of sport, the International Olympic Committee strives to promote women' s participation in sports activities in the Olympic Games. Sport, whether competition sport or sport for all, has become a social force with a major impact on the structure of society and the condition of women. In all countries, the message and values communicated by sport, through its regulatory bodies, math a substantial part of the population regardless of social class. Because of this, sport is a tremendous medium of communication and emancipation which has to a certain extent helped to build women' s awareness and hence their role in society.

And it is worth stressing that by engaging in activities which are by definition dosed to them, women can overturn social preconceptions and reassert their identity. Engaging in sport enriches women in terms of communication, feelings and sociability. It is certainly true that this process is largely determined by the position of women within a given society, and that they are still under-represented in countries where cultural and religious traditions limit their advancement. However, we will see more and more women choosing to take up a sport, whether this means breaking with the norms of their society or staying within them. Regardless of the path chosen, these women will become role models for many of their peers who see their actions as a contribution, however small, to their emancipation.

The Olympic Movement is firmly convinced of the need to encourage sports practice among women, and is working to that end, at the same time taking cultural specifics into account and accommodating them. Women must also play a greater part in decision making. It is our task to facilitate access for women to leadership positions within national and world sport, as it is through them that these ideas can be passed on to future generations, since women are still the privileged interlocutors for education in the broadest sense of the term.

Historically, and although the 1896 Olympic Games were not opened to women, they were already taking part in physical activities in the ancient times, and particularly in the competitions of the Her Games, staged specifically for them. Historical documents also show that Roman women were engaged in horse-tiding and swimming. During the Middle Ages and the Renaissance, women put leisure activities aside, as did men. But the following centuries were marked by renewed interest, until at the end of the nineteenth century women became more involved in sports activities by establishing their own clubs and taking up new sports. Women' s first participation in the Olympic Games goes back to 1900 when they took part in the tennis and golf events and in an increasing number of other sports in following years. We are pleased to see that Coubertin' s reservations did not prevent women from participating nor did it stop them from organizing their own Women' s Olympiad at Monaco in 1921 on the initiative A/ice Milliat, the great champion of women' s rights in European sport.

More generally since the 1970s, we have seen a rising awareness of the contribution of sport to well-being and in particular to that of women. Women' s sports associations and clubs have made their appearance mostly in the developed countries but also in developing ones. Thanks to the efforts of women and their struggle for equality, women' s competitive sport has gained full recognition.

As a result, women today took part in the Games of the XXVI Olympiad in the United States of America, in 1996, with a program of 21 sports, and 108 events, including 11 mixed events, and will compete in six sports and 31 events, including 2 mixed events, in the XVIII Olympic Winter Games in Nagano, Japan, in 1998. It was also with the aim of promoting women' s sport that the IOC decided tall sports seeking inclusion in the Oly

A．a(chǎn) competition among sportsmen

B．a(chǎn)n event for everyone

C．a(chǎn) social force

D．the condition of women

(a) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors contains guidance on the use of accounting policies and accounting estimates.

Required:

Explain the basis on which the management of an entity must select its accounting policies and distinguish, with an example, between changes in accounting policies and changes in accounting estimates. (5 marks)

(b) The directors of Tunshill are disappointed by the draft profi t for the year ended 30 September 2010. The company’s assistant accountant has suggested two areas where she believes the reported profi t may be improved:

(i) A major item of plant that cost $20 million to purchase and install on 1 October 2007 is being depreciated on a straight-line basis over a fi ve-year period (assuming no residual value). The plant is wearing well and at the beginning of the current year (1 October 2009) the production manager believed that the plant was likely to last eight years in total (i.e. from the date of its purchase). The assistant accountant has calculated that, based on an eight-year life (and no residual value) the accumulated depreciation of the plant at 30 September 2010 would be $7·5 million ($20 million/8 years x 3). In the fi nancial statements for the year ended 30 September 2009, the accumulated depreciation was $8 million ($20 million/5 years x 2). Therefore, by adopting an eight-year life, Tunshill can avoid a depreciation charge in the current year and instead credit $0·5 million ($8 million – $7·5 million) to the income statement in the current year to improve the reported profi t. (5 marks)

(ii) Most of Tunshill’s competitors value their inventory using the average cost (AVCO) basis, whereas Tunshill uses the fi rst in fi rst out (FIFO) basis. The value of Tunshill’s inventory at 30 September 2010 (on the FIFO basis) is $20 million, however on the AVCO basis it would be valued at $18 million. By adopting the same method (AVCO) as its competitors, the assistant accountant says the company would improve its profi t for the year ended 30 September 2010 by $2 million. Tunshill’s inventory at 30 September 2009 was reported as $15 million, however on the AVCO basis it would have been reported as $13·4 million. (5 marks)

Required:

Comment on the acceptability of the assistant accountant’s suggestions and quantify how they would affect the fi nancial statements if they were implemented under IFRS. Ignore taxation.

Note: the mark allocation is shown against each of the two items above.

Your L/C calls for an insurance amount for 130% of the invoice value. ____ We would request you to amend the insurance clause.

A. The Case Being it

B. The case is like this

C. Such being the case

D. Such is the case