题目内容
（请给出正确答案）
(c) Define ‘market risk’ for Mr Allejandra and explain why Gluck and Goodman’s market risk exposure is
increased by failing to have an effective audit committee. (5 marks)
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A.s2=PI*r+3*r+3
B.s2=3.14*（r+3）*（r+3）
C.s2=3.14*r+3*r+3
D.s2= PI*r*r
假定货币需求取决于可支配收入，因此，货币市场方程式变为：M/P=L(r，Y-T)。分析在浮动汇率和固定汇率下小型开放经济中减税对汇率和收入的影响。
Suppose that money demand depends on disposable income, so that the equation for the money market becomes: M/P=L(r，Y-T). Analyze the impact of a tax cut in a small open economy on the exchange rate and income under both floating and fixed exchange rates.
Two things emerge in the study of students’attitudes toward online learning: individual situations impact students’ perceptions of computer-based learning, and students’ varied individual characteristics make it difficult to define their perceptions conclusively. For example, some students have their own computers, while others rely on computer labs. Such variation in computer access can result in attitudinal differences. In addition, the purpose of computer use varies. Distance education courses, for example, use computers in different ways than traditional classrooms, which can also affect students’ perceptions. A wide variety of achievement levels and attitudes exist among both online and traditional learners. Although an illusory “typical learner” exists, a variety of factors, including students’ gender, age, and motivation, could explain different reactions among the student population.
1).According to the passage, what does "digital learners" mean？（）
A、Learners of mathematics
B、Learners of information technology
C、Computer users
D、Online learners
2).What will make online learning more and more popular？（）
A、The crowded classrooms
B、The lower cost of computers
C、The increase of computer users
D、The previous generations interest in digital communication
3).Which of the following is the main factor that makes it difficult to define students'' perceptions of online learning definitely？（）
A、Learners'' varied locations
B、Learners'' varied characteristics
C、Learners'' varied communication skills
D、Learners'' varied experiences
4).What is the author''s attitude towards online learning？（）
A、cautious
B、indifferent
C、positive
D、negative
5).Who may become online learners？（）
A、Mainly teenagers
B、Mostly college students
C、Only working people with their own computers
D、People of all ages and backgrounds
been with the company for some time, there has been a high level of employee turnover.
However, an unhappy atmosphere has been apparent for some time. There has been a number of instances ofarguments between the staff, friction between different departments, disturbance, low morale, poor production and general unrest, made worse recently by a decline in business which may lead to staff reduction and redundancy. Poor pay is leading to family problems that are affecting the commitment and motivation of the employees.
The business was recently sold to the new owner, Rebecca Stonewall. She is concerned that the negative atmosphere she has found will harm the prospects of the business and is determined to address the issues that have become apparent.
She has therefore decided that it is time to take account of opinions and views of the employees in an attempt both to identify the problems and to resolve them. She has appointed external counsellors since she thinks that a programme of individual counselling might be appropriate and is also of the opinion that some form. of different or improved approach to motivation might be the answer to the problems at Bailey’s.
Required:
(a) Define the role that the external counsellor must fulfil at Bailey’s. (3 marks)
1 The board of Worldwide Minerals (WM) was meeting for the last monthly meeting before the publication of the yearend
results. There were two points of discussion on the agenda. First was the discussion of the year-end results;
second was the crucial latest minerals reserves report.
WM is a large listed multinational company that deals with natural minerals that are extracted from the ground,
processed and sold to a wide range of industrial and construction companies. In order to maintain a consistent supply
of minerals into its principal markets, an essential part of WM’s business strategy is the seeking out of new sources
and the measurement of known reserves. Investment analysts have often pointed out that WM’s value rests principally
upon the accuracy of its reserve reports as these are the best indicators of future cash flows and earnings. In order to
support this key part of its strategy, WM has a large and well-funded geological survey department which, according
to the company website, contains ‘some of the world’s best geologists and minerals scientists’. In its investor relations
literature, the company claims that:
‘our experts search the earth for mineral reserves and once located, they are carefully measured so that the company
can always report on known reserves. This knowledge underpins market confidence and keeps our customers
supplied with the inventory they need. You can trust our reserve reports – our reputation depends on it!’
At the board meeting, the head of the geological survey department, Ranjana Tyler, reported that there was a problem
with the latest report because one of the major reserve figures had recently been found to be wrong. The mineral in
question, mallerite, was WM’s largest mineral in volume terms and Ranjana explained that the mallerite reserves in
a deep mine in a certain part of the world had been significantly overestimated. She explained that, based on the
interim minerals report, the stock market analysts were expecting WM to announce known mallerite reserves of
4·8 billion tonnes. The actual figure was closer to 2·4 billion tonnes. It was agreed that this difference was sufficient
to affect WM’s market value, despite the otherwise good results for the past year. Vanda Monroe, the finance director,
said that the share price reflects market confidence in future earnings. She said that an announcement of an incorrect
estimation like that for mallerite would cause a reduction in share value. More importantly for WM itself, however, it
could undermine confidence in the geological survey department. All agreed that as this was strategically important
for the company, it was a top priority to deal with this problem.
Ranjana explained how the situation had arisen. The major mallerite mine was in a country new to WM’s operations.
The WM engineer at the mine said it was difficult to deal with some local people because, according to the engineer,
‘they didn’t like to give us bad news’. The engineer explained that when the mine was found to be smaller than
originally thought, he was not told until it was too late to reduce the price paid for the mine. This was embarrassing
and it was agreed that it would affect market confidence in WM if it was made public.
The board discussed the options open to it. The chairman, who was also a qualified accountant, was Tim Blake. He
began by expressing serious concern about the overestimation and then invited the board to express views freely. Gary
Howells, the operations director, said that because disclosing the error to the market would be so damaging, it might
be best to keep it a secret and hope that new reserves can be found in the near future that will make up for the
shortfall. He said that it was unlikely that this concealment would be found out as shareholders trusted WM and they
had many years of good investor relations to draw on. Vanda Monroe, the finance director, reminded the board that
the company was bound to certain standards of truthfulness and transparency by its stock market listing. She pointed
out that they were constrained by codes of governance and ethics by the stock market and that colleagues should be
aware that WM would be in technical breach of these if the incorrect estimation was concealed from investors. Finally,
Martin Chan, the human resources director, said that the error should be disclosed to the investors because he would
not want to be deceived if he were an outside investor in the company. He argued that whatever the governance codes
said and whatever the cost in terms of reputation and market value, WM should admit its error and cope with
whatever consequences arose. The WM board contains three non-executive directors and their views were also
invited.
At the preliminary results presentation some time later, one analyst, Christina Gonzales, who had become aware of
the mallerite problem, asked about internal audit and control systems, and whether they were adequate in such a
reserve-sensitive industry. WM’s chairman, Tim Blake, said that he intended to write a letter to all investors and
analysts in the light of the mallerite problem which he hoped would address some of the issues that Miss Gonzales
had raised.
Required:
(a) Define ‘transparency’ and evaluate its importance as an underlying principle in corporate governance and in
relevant and reliable financial reporting. Your answer should refer to the case as appropriate. (10 marks)
A.with
B.to
C.as
(c) Define ‘retirement by rotation’ and explain its importance in the context of Rosh and Company.
(5 marks)
