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Trentusestheformula:(tradereceivablesatyearend/revenuefortheyear)×365tocalculatehowlongonaverage(indays)itscustomerstaketopay.

A、Trentexperiencesconsiderableseasonaltrading

B、Trentmakesanumberofcashsalesthroughretailoutlets

C、Reportedrevenuedoesnotincludea15%salestaxwhereasthereceivablesdoincludethetax

D、Trentfactorswithrecoursethereceivableofitslargestcustomer

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答案解析：Areceivablefactoredwithrecoursewillstillbeincludedintradereceivablesattheyearend.OptionAwillcreateparticulardistortionifthebusiestperiodisjustbeforetheyearend.Cashsaleswillneedtoberemovedfromthecalcul

Fritwellhasanassetturnoverof2.0andanoperatingprofitmarginof10%.ItislaunchinganewproductwhichisexpectedtogenerateadditionalsalesofUSD1.6millionandadditionalprofitofUSD120,000.Itwillrequireadditionalass

A、Operatingprofitmargin:Decrease;ROCE:Decrease

B、Operatingprofitmargin:Decrease;ROCE:Increase

C、Operatingprofitmargin:Increase;ROCE:Decrease

D、Operatingprofitmargin:Increase;ROCE:Increase

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答案解析：Thenewproductwillhaveanoperatingprofitof120/1,600=7.5%,sowillreducethecurrentmargin.ItwillhaveanROCEof120/500=24%,higherthanthecurrent20%.

Creativeaccountingmeasuresareoftenaimedatreducinggearing.

A、Re-negotiatingaloantosecurealowerinterestrate

B、Treatingafinanceleaseasanoperatinglease

C、Repayingaloanjustbeforetheyearendandtakingitoutagainatthebeginningofthenextyear.

D、’Selling’anassetunderasaleandleasebackagreement

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答案解析：Renegotiatingtosecurealowerinterestratemaysaveinterestcostsbutwillhavenoeffectongearing.Theotheroptionsaremethodsthatcouldberesortedtoinordertoreduceoravoidanyincreaseingearing.

Whichofthefollowingwillincreasethelengthofacompany’soperatingcycle?

A、Reducingthereceivablescollectionperiod

B、Reducingtheinventoryholdingperiod

C、Reducingthepayablespaymentperiod

D、Reducingtimetakentoproducegoods

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答案解析：Thiswillreduceworkingcapitalandmeansthatitwilltakelongertobuildupworkingcapitalneededforproduction.Theotheroptionswillallspeeduptheoperatingcycle.

Useofhistoricalcostaccountingmeansassetvaluescanbereliablyverifiedbutithasanumberofshortcomingswhichneedtobeconsideredwhenanalysingfinancialstatements.

A、Overstatementofnon-currentassetvalues

B、Overstatementofprofits

C、Understatementofinterestcosts

D、UnderstatementofROCE

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答案解析：Theuseofhistoricalcostaccountingduringaperiodofinflationcanleadtooverstatementofprofits.Non-currentassetscarriedathistoricalcostmaybepresentedatavaluewellbelowtheirfairvalue,leadingtounderstateddeprec

Anentityhasanaverageoperatingprofitmarginof23%andanaverageassetturnoverof0.8,whichissimilartotheaveragesfortheindustry.

A、narchitecturalpractice

B、supermarket

C、supermarket

D、manufacturer

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答案解析：Thelowassetturnoversuggestsacapital-intensiveindustry.Thisrulesouttheestateagencyorarchitecturalpractice.Supermarketscanalsobecapital-intensivebuttendtooperateonlowprofitmargins.

Ifacompanywishedtomaintainthecarryingamountinthefinancialstatementsofitsnon-currentassets,whichoneofthefollowingwoulditbeunlikelytodo?

A、nterintoasaleandoperatingleaseback

B、ccountforasset–basedgovernmentgrantsusingthedeferralmethod

C、Revalueitsproperties

D、hangethedepreciationmethodfornewassetacquisitionsfrom25%reducingbalancetotenyearsstraightline

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答案解析：Asaleandoperatingleasebackwouldbeanunlikelytransactionasitwouldremovetheassetfromthestatementoffinancialposition.Thedeferralmethodofaccountingforgovernmentgrantsleavesthecarryingamountoftheassetintact

Quartileisinthejewelleryretailbusinesswhichcanbeassumedtobehighlyseasonal.Fortheyearended30September2014,Quartileassesseditsoperatingperformancebycomparingselectedaccountingratioswiththoseofitsbusines

A、llfour

B、(i),(ii)and(iii)

C、(ii)and(iii)only

D、(ii),(iii)and(iv)

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答案解析：Apossiblethree-monthdifferenceinyear-enddatecanbesignificantinaseasonalbusinessandQuartilecouldbeexpectedtoshowaproportionatelyhigherROCEthanentitiesthatrevaluetheirproperties.Risingcostswillhavebeene

Acompanymeasurestheaveragetimetocollectreceivablesas:

A、Reason1only

B、Reason2only

C、Reason3only

D、Reasons1,2and3

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答案解析：Iftherehasbeenalargecreditsaleneartheendofthefinancialyear,theamountowedwillbeincludedwithinreceivablesattheyearendandtradereceivablesmaybeunusuallyhigh.Ifso,theaveragetimeforreceivablestopaymaybedist

Whichofthefollowingisapossiblereasonwhyacompany’sinventoryholdingperiodincreasesfromoneyeartothenext?

A、nincreaseindemandforitsproducts

B、reductioninsellingprices

C、Obsoleteinventorylines

D、Seasonalfluctuationsinorders

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答案解析：Obsoletegoodscanleadtoabuild-upofunsoldinventory,therebyincreasingtheholdingperiod.Areductioninsellingpriceoranincreaseindemandcouldincreasesalesleadingtoafallintheholdingperiod.Seasonalfluctuationswi