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[单选题]
Before construction or manufacture can begin, it is necessary to have complete assemb
A.drawings
B.manuals
C.instructions
D.conditions
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题目内容
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题目内容
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A.drawings
B.manuals
C.instructions
D.conditions
如果结果不匹配，请 联系老师 获取答案
更多“Before construction or manufac…”相关的问题
The audit is nearly complete and you are reviewing the audit working papers. The audit senior has brought several matters to your attention:
(a) Darren Co is working on a major contract relating to the construction of a bridge for Flyover Co. Work started in July 2014, and it is estimated that the contract will be completed in September 2015. The contract price is $20 million, and it is estimated that a profit of $5 million will be made on completion of the contract. The full amount of this profit has been included in the statement of profit or loss for the year ended 31 January 2015. Darren Co’s management believes that this accounting treatment is appropriate given that the contract was signed during the financial year, and no problems have arisen in the work carried out so far. (8 marks)
(b) A significant contract was completed in September 2014 for Newbuild Co. This contract related to the construction of a 20-mile highway in a remote area. In November 2014, several large cracks appeared in the road surface after a period of unusually heavy rain, and the road had to be shut for ten weeks while repair work was carried out. Newbuild Co paid for these repairs, but has taken legal action against Darren Co to recover the costs incurred of $40 million. Disclosure on this matter has been made in the notes to the financial statements. Audit evidence, including a written statement from Darren Co’s lawyers, concludes that there is a possibility, but not a probability, of Darren Co having to settle the amount claimed. (6 marks)
(c) For the first time this year, the financial statements are presented as part of an integrated report. Included in the integrated report are several key performance indicators, one of which states that Darren Co’s profit before tax has increased by 20% from the previous year. (6 marks)
Required:
Discuss the implications of the matters described above on the completion of the audit and on the auditor’s report, recommending any further actions which should be taken by the auditor.
Note: The mark allocation is shown next to each of the matters above.
A sound is a pressure disturbance: a sonic boom, like other explosive sounds, is the result of an abrupt change in pressure. An airplane in subsonic flight produces weak changed in pressure, but because these disturbances travel at the speed of sound, they move faster than the airplane and stay in front of it. In effect, these disturbances warn the air to get out of the way, and the an does just jet, however, gets ahead of its own pressure disturbances. Consequently a wave of suddenly com pressed air--a shock wave--builds up and is thrown off like the wave ;hat spreads from the bow of a speedboat.
Can sonic booms be eliminated？ The answer is a categorical negative--they are an innerent(内在的) part of supersonic flight--but the sonic boom probably can be reduced; government and private research is now under way to improve understanding of the sonic boom. If and when the booms can be reduced to tolerable levels, commercial supersonic transports can come rata service.
Before commercial airliners travel faster than sound, problems must 0e solved regarding ______.
A．design
B．Construction
C．operation
D．all of the above
(a) During the year Snipe Co’s factory was extended by the self-construction of a new processing area, at a total cost of $5 million. Included in the costs capitalised are borrowing costs of $100,000, incurred during the six-month period of construction. A loan of $4 million carrying an interest rate of 5% was taken out in respect of the construction on 1 March 2011, when construction started. The new processing area was ready for use on 1 September 2011, and began to be used on 1 December 2011. Its estimated useful life is 15 years.
Required:
In respect of your file review of non-current assets:
Comment on the matters that should be considered, and the evidence you would expect to find regarding the new processing area. (8 marks)
(b) Snipe Co has in place a defined benefit pension plan for its employees. An actuarial valuation on 31 January 2012 indicated that the plan is in deficit by $10·5 million. The deficit is not recognised in the statement of financial position. An extract from the draft audit report is given below:
Auditor’s opinion
In our opinion, because of the significance of the matter discussed below, the financial statements do not give a true and fair view of the financial position of Snipe Co as at 31 January 2012, and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards.
Explanation of adverse opinion in relation to pension
The financial statements do not include the company’s pension plan. This deliberate omission contravenes accepted accounting practice and means that the accounts are not properly prepared.
Required:
Critically appraise the extract from the proposed audit report of Snipe Co for the year ended 31 January 2012.
Note: you are NOT required to re-draft the extract of the audit report. (7 marks)
(a) Minco is a major property developer which buys land for the construction of housing. One aspect of its business is to provide low-cost homes through the establishment of a separate entity, known as a housing association. Minco purchases land and transfers ownership to the housing association before construction starts. Minco sells rights to occupy the housing units to members of the public but the housing association is the legal owner of the building. The housing association enters into loan agreements with the bank to cover the costs of building the homes. However, Minco negotiates and acts as guarantor for the loan, and bears the risk of increases in the loan’s interest rate above a specified rate. Currently, the housing rights are normally all sold out on the completion of a project.
Minco enters into discussions with a housing contractor regarding the construction of the housing units but the agreement is between the housing association and the contractor. Minco is responsible for any construction costs in excess of the amount stated in the contract and is responsible for paying the maintenance costs for any units not sold. Minco sets up the board of the housing association, which comprises one person representing Minco and two independent board members.
Minco recognises income for the entire project when the land is transferred to the housing association. The income recognised is the difference between the total sales price for the finished housing units and the total estimated costs for construction of the units. Minco argues that the transfer of land represents a sale of goods which fulfils the revenue recognition criteria in IAS 18 Revenue. (7 marks)
(b) Minco often sponsors professional tennis players in an attempt to improve its brand image. At the moment, it has a three-year agreement with a tennis player who is currently ranked in the world’s top ten players. The agreement is that the player receives a signing bonus of $20,000 and earns an annual amount of $50,000, paid at the end of each year for three years, provided that the player has competed in all the specified tournaments for each year. If the player wins a major tournament, she receives a bonus of 20% of the prize money won at the tournament. In return, the player is required to wear advertising logos on tennis apparel, play a specified number of tournaments and attend photo/film sessions for advertising purposes. The different payments are not interrelated. (5 marks)
(c) Minco leased its head office during the current accounting period and the agreement terminates in six years’ time. There is a clause in the operating lease relating to the internal condition of the property at the termination of the lease. The clause states that the internal condition of the property should be identical to that at the outset of the lease. Minco has improved the building by adding another floor to part of the building during the current accounting period. There is also a clause which enables the landlord to recharge Minco for costs relating to the general disrepair of the building at the end of the lease. In addition, the landlord can recharge any costs of repairing the roof immediately. The landlord intends to replace part of the roof of the building during the current period. (5 marks)
(d) Minco acquired a property for $4 million and annual depreciation of $300,000 is charged on the straight line basis. At the end of the previous financial year of 31 May 2013, when accumulated depreciation was $1 million, a further amount relating to an impairment loss of $350,000 was recognised, which resulted in the property being valued at its estimated value in use. On 1 October 2013, as a consequence of a proposed move to new premises, the property was classified as held for sale. At the time of classification as held for sale, the fair value less costs to sell was $2·4 million. At the date of the published interim financial statements, 1 December 2013, the property market had improved and the fair value less costs to sell was reassessed at $2·52 million and at the year end on 31 May 2014 it had improved even further, so that the fair value less costs to sell was $2·95 million. The property was sold on 5 June 2014 for $3 million. (6 marks)
Required:
Discuss how the above items should be dealt with in the financial statements of Minco.
Note: The mark allocation is shown against each of the four issues above.
Professional marks will be awarded in question 3 for clarity and quality of presentation. (2 marks)
A major incentive (动力) for college attendance is the belief that it will prepare you for a career. Chances are that the career you want, whether in nursing, counseling, law, or management, requires a college education. Even if the return of your education isn't as great as it used to be, you would probably rather be a relatively poorly paid lawyer than a secretary or a construction worker: you would probably rather be a manager than a managee. In the sense that a degree is increasingly required for even middle-level jobs, your investment in a college education will still pay off.
It can pay off in other ways too. It is a value judgement to say that a college education will make you a better person, but it is a value judgement that the vast majority of college graduates are willing to make survey after survey to demonstrate that people feel very positive about their college education, believing that it has made them better and more tolerant people.
Whether it makes you a better person or not, a college education is likely to have a lasting effect on your knowledge and values. If you finish college, you will sit through 30 to 45 different courses. Even the least dedicated student is bound to learn something from these courses. In addition, students learn informally. Whether you go to college in you hometown or across the country, college will introduce you to a greater diversity of people than you ' re likely to have experienced before. This diversity will challenge your mind and broaden your horizons.
As a result of formal and informal learning, college graduates are more knowledgeable about the world around them, more tolerant and less prejudiced, more active in public and community affairs, and, more open to new ideas.
It is apparent from the passage that people go to college mainly because they believe
A．a college education will provide them with a guarantee of success in life
B．the economy of their country can't absorb an army of untrained youngsters
C．a college education will make them better qualified for a career
D．the investment in a college education can bring a higher economic return than before
Mr. Wright was the ______ president of Ace Construction Company.A.previous B.beforeC.latter D.former
The construction of the laboratory______ by the end of the year.
A．will complete
B．will have completed
C．will be completed
D．will have been completed
