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Grains 4U Co （Grains) manufactures breakfast cereals and has three factories, four warehou

Grains 4U Co (Grains) manufactures breakfast cereals and has three factories, four warehouses and three distribution depots spread across North America. The audit for the year ended 31 December 2015 is almost complete and the financial statements and audit report are due to be signed shortly. Profit before taxation is $7·9 million. The following events have occurred subsequent to the year end and no amendments or disclosures have been made in the financial statements.

Event 1 – Fire

On 15 February 2016, a fire occurred at the largest of the distribution depots. The fire resulted in extensive damage to 40% of the company’s vehicles used for dispatching goods to customers; however, there have been no significant delays to customer deliveries. The company estimates the level of damage to the vehicles to be in excess of $650,000. Only a minimal level of inventory, approximately $25,000, was damaged. Grain’s insurance company has started to investigate the fire to assess the likelihood and level of payment, however, there are concerns the fire was started deliberately, and if true, would invalidate any insurance cover.

Event 2 – Inventory

On 18 February 2016, it was discovered that a large batch of Grain’s new cereal brand ‘Loopy Green Loops’ held in inventory at the year end was defective, as the cereal contained too much green food colouring. To date no sales of this new cereal have been made. The cost of the defective batch of inventory is $915,000 and the defects cannot be corrected. However, the scrapped cereal can be utilised as a raw material for an alternative cereal brand at a value of $50,000.

Required:

For each of the two subsequent events described above:

(i) Based on the information provided, explain whether the financial statements require amendment; and

(ii) Describe audit procedures which should now be performed in order to form. a conclusion on any required amendment.

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

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更多“Grains 4U Co （Grains) manufact…”相关的问题

第1题

A. grains B. chickens C. cookies D. eggs

A.grains

B. chickens

C. cookies

D. eggs

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第2题

A．plantsB．animalsC．cropsD．grains

A.plants

B.animals

C.crops

D.grains

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第3题

When grains are rare because of years of draught, the producers__ the price of food.

A.rise

B.arise

C.raise

D.decrease

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第4题

According to the passage, the parity system is used to ______.A．encourage farmers to produ

According to the passage, the parity system is used to ______.

A．encourage farmers to produce more grains in the future

B．lower the cost of producing agricultural product

C．determine the prices below which grains will not be sold

D．ensure that the farmers' interest is properly protected

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第5题

Mr. Brown is 102 years old. He is leading a full and active life. Why has he【21】so long？ M

any【22】would like to know the answer to the question. They are studying groups of old people all over the world and try to find why some very old people remain healthy【23】and spirit (精神) while【24】be come weak and iii in their 60s. They have observed, first of all, that doing【25】work is a way of life for all these long-lived people. They began their long days of physical labor【26】children and never seem to stop. Second, all these people come from【27】. The air has【28】oxygen (氧) and is pollution free,【29】makes the hearts stronger. Third, these people eat little animal meat. They like to have fresh vegetables, nuts (坚果) , grains, and【30】They never eat more food than their bodies need.

(46)

A．been

B．worked

C．stayed

D．lived

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第6题

Are organically grown foods the best food choices？ The advantages claimed for such foods o

ver conventionally grown and marketed food products are now being debated. Advocates of organic foods frequently proclaim that such products are safer and more nutritious than others.

The growing interest of consumers in the safety and nutritional quality of the typical North American diet is a welcome development. However, much of this interest has been sparked by sweeping claims that the food supply is unsafe or inadequate in meeting nutritional needs. Although most of these claims are not supported by scientific evidence, the greater number of written material advancing such claims make it difficult for the general public to sep arate fact from fiction. As a result, claims that eating a diet consisting entirely of organically grown foods prevents or cures disease or provides other benefits to health have become widely publicized and form. the basis for folklore.

Almost daily the public is surrounded by claims for "no-aging" diets, new vitamins, and other wonder foods. There are numerous unsubstantiated reports that natural vitamins are superior to synthetic ones, that crops grown with organic fertilizers are nutritionally superior to chose with chemical fertilizers, that untreated grains are better than fumigated grains, and the like.

One thing that most organically grown food products seem to have in common is that they cost more than conventionally grown foods. But in many cases consumers are misled if they believe organic foods can maintain health and provide better nutritional quality than conventionally grown foods. So there is real cause for concern ff consumers, particularly those with limited incomes, distrust the regular food supply and buy only expensive organic foods instead.

The author implies that there is cause for concern if consumers with limit ed incomes buy organic foods instead of conventionally grown foods be cause ______ .

A．organic goods can be more expensive but are often no better than conventionally grown foods

B．many organic foods are actually less nutritious than similar conventionally grown foods

C．conventionally grown foods are more readily available than organic foods

D．too many farmers will stop using conventional methods to grow food crops

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第7题

选词填空：The method for making beer has changed over time. Hops （啤酒花)，for example

选词填空：The method for making beer has changed over time. Hops (啤酒花)，for example, which many a modern beerits bitter flavor, are a 26 recent additions to the beverage. Thiswas mentioned in reference to brewing in the ninth century. Now, researchershave found a 27 ingredient in residue (残留物) from 5000-year-old beer brewingequipment. While excavating two pits at a site in thecentral plains of China, scientists discovered pottery fragments from pots,funnels, amphorae, and stoves (stove fragment pictured). The different shapesof the containers 28 theywere used to brew, filter, and store beer—they may be ancient “beer-making tools,” and the earliest 29 evidence of beer brewing in China, the researchers report online today in theProceedings of the National Academy of Sciences.To30 thathypothesis, the team examined the yellowish, dried 31 insidethe vessels. The majority of the grains—about 80%—were from cereal cropslike barley (大麦), andabout 10% were bits of roots, 32 lily,which would have sweetened the brew, the scientists say. Barley was anunexpected find: The crop was domesticated in western Eurasia and didn’t becomea 33 food incentral China until about 2000 years ago, according to the researchers. basedon that timing, they suggest barley may have 34 in theregion not as food, but as 35 material forbeerbrewing.

A) arrived

B) consuming

C) direct

D) exclusively

E) including

F) inform

G) raw

H) reached

I) relatively

J) remains

K) resources

L) staple

M) suggest

N) surprising

O) test

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第8题

A wealthy Persian Prince loved good stories. The older he grew, the fonder he became of th

em. But he always regretted they had to have an end. So he decided to give half his wealth and his beautiful daughter to the man who could tell him a story without an end. Anybody who failed would be sent to prison for life. The risk was so great that nobody came to the palace to tell the Prince a story for a whole year. Then one day, a tall, handsome young man came and said he wanted to tell a story that would go on forever. The Prince agreed but warned him what would happen if he failed. "The risk is worth your fair daughter, " the young man replied poetically (得体地). He then began this well-known story:

" Once upon a time there was a certain King who feared famine. So he ordered his men to build an enormous storehouse, which he filled with corn. Then, when it was up, made water-proof and fire-proof, the King felt happy. But one day he noticed a small hole in the roof and as he looked at it, a locust came out with a grain of corn. A minute later, another locust came out with another grain of corn. Then a third locust with another grain of corn. Then a fourth locust, flying at great speed, pushed through the hole and came out with two grains of corn. Then a fifth locust came and. . . "

"Stop, " shouted the Prince. "I can't, " answered the young man. "I must go on until I tell you what happened to each grain of the corn. " "But that will go on forever. " The Prince protested. "Exactly, " the young man replied, and he smiled as he turned towards the Prince's beautiful young daughter.

The Prince always felt regretted about story because______.

A．he had too much wealth

B．there was a terrible famine

C．all stories have ends

D．there was no story-teller

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第9题

When Neil Armstrong and Buzz Aldrin returned from the moon, their cargo included nearly fi

fty pounds of rock and soil, which were packed in an aluminum box with seals designed to maintain the lunar surfaces low-pressure environment. But back at Johnson Space Center, in Houston, scientists discovered that the seals had been【C1】______—by moon dust. Lunar dust is fine, like a powder,【C2】______it cuts like glass. Its formed when shooting stars【C3】______on the moons surface, heating its rocks and dirt and reducing them to fine particles. Since theres no wind or water to smooth【C4】______edges, the tiny grains are sharp and uneven, and【C5】______nearly everything. "The intruding【C6】______of lunar dust represents a more challenging engineering design issue, as well as a【C7】______issue for settlers, than does radiation," wrote Harrison Schmitt, an Apollo 17 astronaut, in his 2006 book, "Return to the Moon." The dust damaged space-suits and ate away layers of moon boots. Over the【C8】______of six Apollo missions, not one rock box【C9】______its vacuum seal. Dust followed the astronauts back into their ships, too. According to Schmitt, it smelled like gunpowder and made breathing【C10】______. No one knows precisely what the extremely small particles do to human lungs. The dust not only【C11】______the moons surface, but floats up to sixty miles【C12】______it—as an outer part of its atmosphere, where particles【C13】______the moon by gravity, but are so thin that they【C14】______collide. In the nineteen-sixties, Surveyor probes filmed a glowing cloud floating just above the lunar surface during sunrise. Later, Apollo 17 astronaut Gene Cernan, while orbiting the moon, recorded a【C15】______phenomenon at the sharp line where lunar day meets night. Cernan【C16】______a series of pictures illustrating the changing【C17】______; streams of particles popped【C18】______the ground and hovered, and the resulting cloud came into sharper focus as the astronauts orbiter approached daylight. Since theres no wind to form. and【C19】______the clouds, their origin is something of a mystery. Its【C20】______that theyre made of dust, but no one fully understands how or why they do their thing.

【C1】

A．destroyed

B．stained

C．changed

D．consolidated

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第10题

Not content with its doubtful claim to produce cheap food for our own population, the fact

or, farming industry also argues that" hungry nations are benefiting from advances made by the poultry(家禽) industry". In fact, rather than helping the fight against malnutrition(营养不良) in" hungry nations", the spread of factory farming has, inevitably aggravated the problem.

Large-scale intensive meat and poultry production is a waste of food resources. This is because more protein has to be fed to animals in the form. of vegetable matter than can ever be recovered in the form. of meat. Much of the food value is lost in the animal's process of digestion and cell replacement. Neither, in the case of chicken, can one eat feathers, blood, feet or head. In all, only about 44% of the live animal fits to be eaten as meat.

This means one has to feed approximately 9-l0 times as much food value to the animal than one can consume from the carcass. As a system for feeding the hungry, the effects can prove disastrous. At times of crisis, grain is the food of life.

Nevertheless, the huge increase in poultry production throughout Asia and Africa continues.

Normally British or US firms are involved. For instance, an American based multinational company has this year announced its involvement in projects in several African countries. Britain's largest suppliers chickens, Ross Breeders, are also involved in projects all over the world.

Because such trade is good for exports, Western governments encourage it. In 1979, a firm in Bangladesh called Phoenix Poultry received a grant to set up a unit of 6,000 chickens and 18,000 laying hens. This almost doubled the number of poultry kept in the country all at once.

But Bangladesh lacks capital, energy and food and has large numbers of unemployed. Such chicken-raising demands capital for building and machinery, extensive use of energy resources for automation, and involves feeding chickens with potential famine-relief protein food. At present, one of Bangladesh's main imports is food grains, because the country is unable to grow enough food to feed its population. On what then can they possibly feed the chicken？

In this passage the author argues that ______.

A．efficiency must be raised in the poultry industry

B．raising poultry can provide more protein than growing grain

C．factory farming will do more harm than good to developing countries

D．hungry nations may benefit from the development of the poultry industry

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