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A.the Shipowner
B.the shipper
C.the consignor
D.the consignee
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更多“To earn lump sum freight，either ______ must complete the voyage，or else the cargo must be”相关的问题
第1题
2 The Rubber Group (TRG) manufactures and sells a number of rubber-based products. Its strategic focus is channelled
through profit centres which sell products transferred from production divisions that are operated as cost centres. The
profit centres are the primary value-adding part of the business, where commercial profit centre managers are
responsible for the generation of a contribution margin sufficient to earn the target return of TRG. The target return is
calculated after allowing for the sum of the agreed budgeted cost of production at production divisions, plus the cost
of marketing, selling and distribution costs and central services costs.
The Bettamould Division is part of TRG and manufactures moulded products that it transfers to profit centres at an
agreed cost per tonne. The agreed cost per tonne is set following discussion between management of the Bettamould
Division and senior management of TRG.
The following information relates to the agreed budget for the Bettamould Division for the year ending 30 June 2009:
(1) The budgeted output of moulded products to be transferred to profit centres is 100,000 tonnes. The budgeted
transfer cost has been agreed on a two-part basis as follows:
(i) A standard variable cost of $200 per tonne of moulded products;
(ii) A lump sum annual charge of $50,000,000 in respect of fixed costs, which is charged to profit centres, at
$500 per tonne of moulded products.
(2) Budgeted standard variable costs (as quoted in 1 above) have been set after incorporating each of the following:
(i) A provision in respect of processing losses amounting to 15% of material inputs. Materials are sourced on
a JIT basis from chosen suppliers who have been used for some years. It is felt that the 15% level of losses
is necessary because the ageing of the machinery will lead to a reduction in the efficiency of output levels.
(ii) A provision in respect of machine idle time amounting to 5%. This is incorporated into variable machine
costs. The idle time allowance is held at the 5% level partly through elements of ‘real-time’ maintenance
undertaken by the machine operating teams as part of their job specification.
(3) Quality checks are carried out on a daily basis on 25% of throughput tonnes of moulded products.
(4) All employees and management have contracts based on fixed annual salary agreements. In addition, a bonus
of 5% of salary is payable as long as the budgeted output of 100,000 tonnes has been achieved;
(5) Additional information relating to the points in (2) above (but NOT included in the budget for the year ending
30 June 2009) is as follows:
(i) There is evidence that materials of an equivalent specification could be sourced for 40% of the annual
requirement at the Bettamould Division, from another division within TRG which has spare capacity.
(ii) There is evidence that a move to machine maintenance being outsourced from a specialist company could
help reduce machine idle time and hence allow the possibility of annual output in excess of 100,000 tonnes
of moulded products.
(iii) It is thought that the current level of quality checks (25% of throughput on a daily basis) is vital, although
current evidence shows that some competitor companies are able to achieve consistent acceptable quality
with a quality check level of only 10% of throughput on a daily basis.
The directors of TRG have decided to investigate claims relating to the use of budgeting within organisations which
have featured in recent literature. A summary of relevant points from the literature is contained in the following
statement:
‘The use of budgets as part of a ‘performance contract’ between an organisation and its managers may be seen as a
practice that causes management action which might lead to the following problems:
(a) Meeting only the lowest targets
(b) Using more resources than necessary
(c) Making the bonus – whatever it takes
(d) Competing against other divisions, business units and departments
(e) Ensuring that what is in the budget is spent
(f) Providing inaccurate forecasts
(g) Meeting the target, but not beating it
(h) Avoiding risks.’
Required:
(a) Explain the nature of any SIX of the eight problems listed above relating to the use of budgeting;
(12 marks)
第2题
(i) Revaluation of property, plant and equipment (PPE)
At the beginning of the year, management undertook an extensive review of Elounda Co’s non-current asset valuations and as a result decided to update the carrying value of all PPE. The finance director, Peter Dullman, contacted his brother, Martin, who is a valuer and requested that Martin’s firm undertake the valuation, which took place in August 20X5. (5 marks)
(ii) Inventory valuation
Your firm attended the year-end inventory count for Elounda Co and ascertained that the process for recording work in progress (WIP) and finished goods was acceptable. Both WIP and finished goods are material to the financial statements and the quantity and stage of completion of all ongoing production was recorded accurately during the count.
During the inventory count, the count supervisor noted that a consignment of finished goods, compound E243, with a value of $720,000, was defective in that the chemical mix was incorrect. The finance director believes that compound E243 can still be sold at a discounted sum of $400,000. (6 marks)
(iii) Bank loan
Elounda Co secured a bank loan of $2·6 million on 1 October 20X4. Repayments of $200,000 are due quarterly, with a lump sum of $800,000 due for repayment in January 20X7. The company met all loan payments in 20X5 on time, but was late in paying the April and July 20X6 repayments. (4 marks)
Required:
(a) Describe substantive procedures you should perform. to obtain sufficient, appropriate audit evidence in relation to the above three matters.
Note: The mark allocation is shown against each of the three matters above.
(b) Describe the procedures which the auditor of Elounda Co should perform. in assessing whether or not the company is a going concern. (5 marks)
第5题
A.For the British, healthcare services are totally fre
B.International students have to pay for healthcare services if they stay for over 6 months.
C.Tourists can have free healthcare services if they stay for over 6 months.
第6题
A. —__________
B. Yes, I will.
C. I’m afraid I won’t be fre
D. Is it all right？
E. That’s great.
第7题
It was as he swung around to look in his toolbox for the cigarettes that Eddie saw the lump. Right in the middle of the brand new bright red carpet, there was a lump. A lump the size of a packet of cigarettes.
"I've done it again？ said Eddie angrily. "I've left the cigarettes under the carpet？
He had done this once before, and taking up and refitting the carpet had taken him two hours. Eddie was determined that he was not going to spend another two hours in this house. He decided to get rid of the lump another way. It would mean wasting a good packet of cigarettes, nearly full, but anything was better than taking up the whole carpet and fitting it again .He turned to his toolbox for a large hammer.
Eddie didn't want to damage the carpet itself, so he took a block of wood and placed it on top of the lump. Then he began to beat the block of wood as hard as he could. He kept beating, hoping Mrs. Vanbrugh wouldn't hear the noise and come to see what he was doing. It would be difficult to explain why he was hammering the middle of her beautiful new carpet... The lump was beginning to flatten out.
After three or four minutes, the job was finally finished. Eddie picked up his tools, and began to walk out to his car. Mrs. Vanbrugh accompanied him. She seemed a little worried about something.
"Young man, while you were working today, you didn't by any chance see any sign of Armand, did you？ Armand is my bird. I let him out of his cage, you see, this morning, and he's disappeared. He likes to walk around the house, and he usually just comes back to his cage after an hour or so and gets right in. Only today he didn't come back. He's never done such a thing before, it's most peculiar..."
"No, madam, I haven't seen him anywhere," said Eddie, as he reached to start the car.
And he saw his packet of Marlboro cigarettes on the panel, where he had left it at lunchtime....
And he remembered the lump in the carpet...
What did Eddie want to do when he had finished fitting the carpet？
A．To have a cigarette.
B．To hammer the carpet flat.
C．To put back his tools.
D．To start work in the dining room.
第8题
A．so as earning
B．so as earn
C．as to earn
D．so as to earn
第10题
A.practical
B.professional
C.profitable
