听力原文：If a statement that presents a summary of the revenues and expenses of a business unit for a specific period, what is it called?(3)A．the income statementB．the balance sheetC．the financial statementD．the statement of cash flow
题目
听力原文：If a statement that presents a summary of the revenues and expenses of a business unit for a specific period, what is it called?
(3)
A．the income statement
B．the balance sheet
C．the financial statement
D．the statement of cash flow
相似考题
参考答案和解析
解析：单句问的是“在一特定日期总结一家事业单位收益和亏损的报表是什么报表”，根据所学知识，这应是指损益表。
更多“听力原文：If a statement that presents a summary of the revenues and expenses of a business unit for a specific period, what is it called?(3)A．the income statementB．the balance sheetC．the financial statementD．the statement of cash flow”相关问题
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第1题：
Which of the following financial statements reports information as of a specific date? ()A. income statement
B. statement of owner's equity
C. statement of cash flows
D. balance sheet
参考答案：D
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第2题：
(b) Discuss the key issues which the statement of cash flows highlights regarding the cash flow of the company.
(10 marks)
正确答案：
(b) Financial statement ratios can provide useful measures of liquidity but an analysis of the information in the cash flow
statement, particularly cash flow generated from operations, can provide specific insights into the liquidity of Warrburt. It is
important to look at the generation of cash and its efficient usage. An entity must generate cash from trading activity in order
to avoid the constant raising of funds from non-trading sources. The ‘quality of the profits’ is a measure of an entity’s ability
to do this. The statement of cash flow shows that the company has generated cash in the period despite sustaining a
significant loss ($92m cash flow but $21m loss). The problem is the fact that the entity will not be able to sustain this level
of cash generation if losses continue.
An important measure of cash flow is the comparison of the cash from operating activity to current liabilities. In the case of
Warrburt, this is $92m as compared to $155m. Thus the cash flow has not covered the current liabilities.
Operating cash flow ($92 million) determines the extent to which Warrburt has generated sufficient funds to repay loans,
maintain operating capability, pay dividends and make new investments without external financing. Operating cash flow
appears to be healthy, partially through the release of cash from working capital. This cash flow has been used to pay
contributions to the pension scheme, pay finance costs and income taxes. These uses of cash generated would be normal for
any entity. However, the release of working capital has also financed in part the investing activities of the entity which includes
the purchase of an associate and property, plant and equipment. The investing activities show a net cash outflow of
$43 million which has been financed partly out of working capital, partly from the sale of PPE and AFS financial assets and
partly out of cash generated from operations which include changes in working capital. It seems also that the issue of share
capital has been utilised to repay the long term borrowings and pay dividends. Also a significant amount of cash has been
raised through selling AFS investments. This may not continue in the future as it will depend on the liquidity of the market.
This action seems to indicate that the long term borrowings have effectively been ‘capitalised’. The main issue raised by the
cash flow statement is the use of working capital to partially finance investing activities. However, the working capital ratio
and liquidity ratios are still quite healthy but these ratios will deteriorate if the trend continues. -
第3题：
(b) Explain the matters that should be considered when planning the nature and scope of the examination of
Cusiter Co’s forecast balance sheet and income statement as prepared for the bank. (7 marks)
正确答案：
(b) Matters to be considered
Tutorial note: Candidates at this level must appreciate that the matters to be considered when planning the nature and
scope of the examination are not the same matters to be considered when deciding whether or not to accept an
engagement. The scenario clearly indicates that the assignment is being undertaken by the current auditor rendering any
‘pre-engagement’/‘professional etiquette’ considerations irrelevant to answering this question.
This PFI has been prepared to show an external user, the bank, the financial consequences of Cusiter’s plans to help the bank
in making an investment decision. If Cusiter is successful in its loan application the PFI provides a management tool against
which the results of investing in the plant and equipment can be measured.
The PFI is unpublished rather than published. That is, it is prepared at the specific request of a third party, the bank. It will
not be published to users of financial information in general.
The auditor’s report on the PFI will provide only negative assurance as to whether the assumptions provide a reasonable basis
for the PFI and an opinion whether the PFI is:
■ properly prepared on the basis of the assumptions; and
■ presented in accordance with the relevant financial reporting framework.
The nature of the engagement is an examination to obtain evidence concerning:
■ the reasonableness and consistency of assumptions made;
■ proper preparation (on the basis of stated assumptions); and
■ consistent presentation (with historical financial statements, using appropriate accounting principles).
Such an examination is likely to take the form. of inquiry, analytical procedures and corroboration.
The period of time covered by the prospective financial information is two years. The assumptions for 2008 are likely to be
more speculative than for 2007, particularly in relation to the impact on earnings, etc of the investment in new plant and
equipment.
The forecast for the year to 31 December 2007 includes an element of historical financial information (because only part of
this period is in the future) hence actual evidence should be available to verify the first three months of the forecast (possibly
more since another three-month period will expire at the end of the month).
Cusiter management’s previous experience in preparing PFI will be relevant. For example, in making accounting estimates
(e.g. for provisions, impairment losses, etc) or preparing cash flow forecasts (e.g. in support of the going concern assertion).
The basis of preparation of the forecast. For example, the extent to which it comprises:
■ proforma financial information (i.e. historical financial information adjusted for the effects of the planned loan and capital
expenditure transaction);
■ new information and assumptions about future performance (e.g. the operating capacity of the new equipment, sales
generated, etc).
The nature and scope of any standards/guidelines under which the PFI has been prepared is likely to assist the auditor in
discharging their responsibilities to report on it. Also, ISAE 3400 The Examination of Prospective Financial Information,
establishes standards and provides guidance on engagements to examine and report on PFI including examination
procedures.
The planned nature and scope of the examination is likely to take into account the time and fee budgets for the assignments
as adjusted for any ‘overlap’ with audit work. For example, the examination of the PFI is likely to draw on the auditor’s
knowledge of the business obtained in auditing the financial statements to 31 December 2006. Analytical procedures carried
out in respect of the PFI may provide evidence relevant to the 31 December 2007 audit. -
第4题：
You are an audit manager responsible for providing hot reviews on selected audit clients within your firm of Chartered
Certified Accountants. You are currently reviewing the audit working papers for Pulp Co, a long standing audit client,
for the year ended 31 January 2008. The draft statement of financial position (balance sheet) of Pulp Co shows total
assets of $12 million (2007 – $11·5 million).The audit senior has made the following comment in a summary of
issues for your review:
‘Pulp Co’s statement of financial position (balance sheet) shows a receivable classified as a current asset with a value
of $25,000. The only audit evidence we have requested and obtained is a management representation stating the
following:
(1) that the amount is owed to Pulp Co from Jarvis Co,
(2) that Jarvis Co is controlled by Pulp Co’s chairman, Peter Sheffield, and
(3) that the balance is likely to be received six months after Pulp Co’s year end.
The receivable was also outstanding at the last year end when an identical management representation was provided,
and our working papers noted that because the balance was immaterial no further work was considered necessary.
No disclosure has been made in the financial statements regarding the balance. Jarvis Co is not audited by our firm
and we have verified that Pulp Co does not own any shares in Jarvis Co.’
Required:
(b) In relation to the receivable recognised on the statement of financial position (balance sheet) of Pulp Co as
at 31 January 2008:
(i) Comment on the matters you should consider. (5 marks)
正确答案：
(b) (i) Matters to consider
Materiality
The receivable represents only 0·2% (25,000/12 million x 100) of total assets so is immaterial in monetary terms.
However, the details of the transaction could make it material by nature.
The amount is outstanding from a company under the control of Pulp Co’s chairman. Readers of the financial statements
would be interested to know the details of this transaction, which currently is not disclosed. Elements of the transaction
could be subject to bias, specifically the repayment terms, which appear to be beyond normal commercial credit terms.
Paul Sheffield may have used his influence over the two companies to ‘engineer’ the transaction. Disclosure is necessary
due to the nature of the transaction, the monetary value is irrelevant.
A further matter to consider is whether this is a one-off transaction, or indicative of further transactions between the two
companies.
Relevant accounting standard
The definitions in IAS 24 must be carefully considered to establish whether this actually constitutes a related party
transaction. The standard specifically states that two entities are not necessarily related parties just because they have
a director or other member of key management in common. The audit senior states that Jarvis Co is controlled by Peter
Sheffield, who is also the chairman of Pulp Co. It seems that Peter Sheffield is in a position of control/significant influence
over the two companies (though this would have to be clarified through further audit procedures), and thus the two
companies are likely to be perceived as related.
IAS 24 requires full disclosure of the following in respect of related party transactions:
– the nature of the related party relationship,
– the amount of the transaction,
– the amount of any balances outstanding including terms and conditions, details of security offered, and the nature
of consideration to be provided in settlement,
– any allowances for receivables and associated expense.
There is currently a breach of IAS 24 as no disclosure has been made in the notes to the financial statements. If not
amended, the audit opinion on the financial statements should be qualified with an ‘except for’ disagreement. In
addition, if practicable, the auditor’s report should include the information that would have been included in the financial
statements had the requirements of IAS 24 been adhered to.
Valuation and classification of the receivable
A receivable should only be recognised if it will give rise to future economic benefit, i.e. a future cash inflow. It appears
that the receivable is long outstanding – if the amount is unlikely to be recovered then it should be written off as a bad
debt and the associated expense recognised. It is possible that assets and profits are overstated.
Although a representation has been received indicating that the amount will be paid to Pulp Co, the auditor should be
sceptical of this claim given that the same representation was given last year, and the amount was not subsequently
recovered. The $25,000 could be recoverable in the long term, in which case the receivable should be reclassified as
a non-current asset. The amount advanced to Jarvis Co could effectively be an investment rather than a short term
receivable. Correct classification on the statement of financial position (balance sheet) is crucial for the financial
statements to properly show the liquidity position of the company at the year end.
Tutorial note: Digressions into management imposing a limitation in scope by withholding evidence are irrelevant in this
case, as the scenario states that the only evidence that the auditors have asked for is a management representation.
There is no indication in the scenario that the auditors have asked for, and been refused any evidence. -
第5题：
听力原文：The tax return does not show accrued income.
(8)
A．The tax return is not shown in the income.
B．The income is not accurate in taxation.
C．The tax should be returned according to the income.
D．The tax return is not in accordance with the income that should be taxed.
正确答案：D
解析：单句意思为“纳税申报单不能反映应计收入”，D项意思与之接近。 -
第6题：
听力原文：M: Most banks tend to decline loan proposals which are highly speculative.
W: I think because the banks expect the loan to generate sufficient profit and positive cash-flow for themselves and for the clients.
Q: What will the banks usually do to the highly speculative loan proposals?
(15)
A．The banks will disapprove them.
B．The banks will approve them.
C．The Bank will benefit from the loans.
D．The bank will make profit from lending.
正确答案：A
解析：根据男士的话可知银行对投机性高的贷款申请的态度是“decline”，即“拒绝”，A项正确。 -
第7题：
When the management of a business makes some decisions, it often refers to the normal income statement because the normal income statement is more useful in that.
A．Right
B．Wrong
C．Doesn't say
正确答案：B
解析：从段落中最后一句话For management's use in the decision-making process…as a Contribution Margin Income Statement, is more valuable可得知答案。 -
第8题：
The income statement is prepared from ().A.the income statement columns of the work sheet
B.the adjusted trial balance
C.either the adjusted trial balance or the income statement columns of the work sheet
D.both the adjusted trial balance and the income statement columns of the work sheet
正确答案：C
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第9题：
A balance sheet is simply the enumeration of the various assets of a business on one side of a ledger and the enumeration of various liabilities and (61) accounts on the other side. The two sides must be equal, or balance. Only one further point should be (62) : A balance sheet refers to a single point in time, for example, the close of business on December 31. Taken by itself, a balance sheet does not show (63) over time. It is what economists call a stock concept, not a (64) concept. That is, the balance sheet shows the stock of goods a firm has on hand at any particular instant and does not show the flow of goods through the firm over time. For this reason, a balance sheet does not show business (65) , which are a flow.
(46)
A．profit
B．capital
C．income
D．cash
正确答案：B
解析：资产负债表分为三部分：资产、负债、所有者权益。capital accounts等于owner's equity。 -
第10题：
An income statement is a summary of the revenues and expenses of a business as of a specific date.()
正确答案：错
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第11题：
Cash investments made by the owner to the business are reported on the statement of cash flows in the
A. financing activities section
B. investing activities section
C. operating activities section
D. supplemental statement
正确答案：A
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第12题：
You design a Business Intelligence （BI） solution by using SQL Server 2008. You create a SQL Server 2008 Integration Services （SSIS） package to perform an extract， transform， and load （ETL） process to load data to a DimCustomer dimension table that contains 1 million rows. Your data flow uses the following components： A SQL Destination data flow task to insert new customers An OLE DB Command transform that updates existing customers On average， 25 percent of existing customer records is updated each night. You need to reduce the amount of time required to update customer records. What should you do？（）
- A、 Modify the UPDATE statement in the OLE DB Command transform to use the PAGLOCK table hint.
- B、 Modify the UPDATE statement in the OLE DB Command transform to use the TABLOCK table hint.
- C、 Stage the data in the data flow. Replace the OLE DB Command transform in the data flow with an Execute SQL task in the control flow.
- D、 Stage the data in the data flow. Replace the UPDATE statement in the OLE DB Command transform with a DELETE statement followed by an INSERT statement.
正确答案:C -
第13题：
5 The International Accounting Standards Board (IASB) is currently in a joint project with the Accounting Standards
Board (ASB) in the UK and the Financial Accounting Standards Board (FASB) in the USA in the area of reporting
financial performance/comprehensive income. The main focus of the project is the development of a single statement
of comprehensive income to replace the income statement and statement of changes in equity. The objective is to
analyse all income and expenses and categorise them in a way that increases users’ understanding of the results of
an entity and assists in forming expectations of future income and expenditure. There seems to be some consensus
that the performance statement should be divided into three components being the results of operating activities,
financing and treasury activities, and other gains and losses.
Required:
(a) Describe the reasons why the three accounting standards boards have decided to cooperate and produce a
single statement of financial performance. (8 marks)
正确答案：
(a) The main reasons why the three accounting standards boards have decided to come together in a joint project regarding a
single performance statement are as follows:
(i) there are many different formats and classifications used for financial statements and different time periods used for
comparative data in different countries.
(ii) there are no common definitions as regards the key elements of financial performance and no agreement on the standard
definitions of the key ratios which would then determine the nature of the information that financial statements should
provide. There has been an increase in the reporting of alternative and often inconsistent financial performance
measures that has led to confusion and often has misled users.
(iii) there has been an increase in the use of pro-forma reporting which would tend to suggest that the existing totals and
sub totals in financial statements are not being used or relied upon as much as in the past.
(iv) there are benefits in separating transactions and events that are recorded at historical cost from those recorded at fair
value. Also, the differentiation between trading and holding gains gives useful information. This ‘mixed attribute’ model
is causing concern over the effects on reported performance.
(v) there is often insufficient disaggregation of data which prevents effective financial analysis of performance.
(vi) there has been an inconsistency in the use of ‘recycling ‘in financial statements of different jurisdictions which has led
to issues of reporting gains and losses twice.
(vii) the reporting of gains and losses on financial instruments required consideration. The gains and losses may currently be
reported under several headings dependent upon the nature of the instrument.
(viii) there are many relevant items excluded from the performance statements and inappropriate items included. For example
the reporting of foreign currency gains/losses on the retranslation of the net investment in foreign operations is normally
recognised in equity in many countries and dividends proposed shown on the face of the income statement when it does
not meet the definition of a liability and is a transaction with the owners of the business and not third parties.
(ix) Information is inconsistently classified within and outside totals and subtotals. -
第14题：
17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was later
found that $18,000 paid for the purchase of a motor van had been debited to motor expenses account. It is the
company’s policy to depreciate motor vans at 25 per cent per year, with a full year’s charge in the year of acquisition.
What would the net profit be after adjusting for this error?
A $106,100
B $70,100
C $97,100
D $101,600
正确答案：C
83,600 + 18,000 – 4,500 = 97,100 -
第15题：
(b) (i) Discuss the relationship between the concepts of ‘business risk’ and ‘financial statement risk’; and
(4 marks)
正确答案：
(b) (i) Business risk is defined as a threat which could mean that a business fails to meet an ongoing business objective.
Business risks represent problems which are faced by the management of a business, and these problems should be
identified and assessed for their possible impact on the business.
Financial statement risk is the risk that components of the financial statements could be misstated, through inaccurate
or incomplete recording of transactions or disclosure. Financial statement risks therefore represent potential errors or
deliberate misstatements in the published accounts of a business.
There is usually a direct relationship between business risk and financial statement risk. Generally a business risk, if not
addressed by management, will have an impact on specific components of the financial statements. For example, for
Medix Co, declining demand for metal surgical equipment has been identified as a business risk. An associated financial
statement risk is the potential over-valuation of obsolete inventory.
Sometimes business risks have a more general effect on the financial statements. Weak internal systems and controls
are often identified as a business risk. Inadequacies in systems and controls could lead to errors or misstatements in
any area of the financial statements so auditors would perceive this as a general audit risk factor.
Business risks are often linked to going concern issues, because if a business is failing to meet objectives such as cash
generation, or revenue maximisation, then it may struggle to continue in operational existence. In terms of financial
statement risk, going concern is a very specific issue, and the risk is normally the inadequate disclosure of going concern
problems. In the extreme situation where a business is definitely not a going concern, then the risk is that the financial
statements have been prepared on the wrong basis, as in this case the ‘break up basis’ should be used.
Business risk and financial statement risk concepts can both be used by auditors in order to identify areas of the financial
statements likely to be misstated at the year end. The business risk approach places the auditor ‘in the shoes’ of
management, and therefore provides deeper insight into the operations of the business and generates extensive business
understanding. -
第16题：
The task of an auditor is to certify that the accounts and balance sheet show ______.
A．an accurate statement of income and expenditure
B．that the figures stated are accurate and correct
C．a true and fair view of the business
D．that the reserves are enough
正确答案：C
解析：auditor审计员。balance sheet资产负债表。statement of income and expenditure损益表。income and expenditure支出和收入。a true and fair view of the business对公司真实公平的看法。reserves储备金。 -
第17题：
听力原文：M: There are several reasons why careful analysis of financial statements is necessary. What are they?
W: First, financial statements are general-purpose statements. Secondly, the relationships between amounts on successive financial statements are not obvious without analysis. And thirdly, users of financial statements may be interested in seeing how well a company is performing.
Q: What are they talking about?
(17)
A．The methods of financial statements.
B．The necessity of careful analysis of financial statements
C．The relationship among financial statements.
D．The purpose of financial statements.
正确答案：B
解析：男士问的是仔细分析财务报表的必要性的理由，故B选项符合。D项说的是财务报表的目的，并非分析财务报表的目的。 -
第18题：
______ shows that net income for a specified period of time and how it was calculated.
A．The accounting statement
B．The capital statement
C．The income statement
D．The statement of financial condition
正确答案：C
解析：损益表(income statement)显示企业一段时期内获得的净利润，以及计算过程。accounting statement会计报表。capital statement股权变动表。statement of financial condition财务状况表。 -
第19题：
The price at which a stock can be sold depends upon a number of factors. Which statement below is not one of those factors ().A.the financial condition, earnings record, and dividend record of the corporation
B.investor expectations of the corporations earning power
C.how high the par value
D.general business and economic conditions and prospects
正确答案：C
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第20题：
A profit and loss statement indicates the company's ______.
A．assets and liabilities at a particular point in time
B．revenues and expenses for a specific period of time
C．financial resources at a particular point in time
D．performance at a particular point in time
正确答案：B
解析：企业的利润表反映的是企业在一定时间内经营成果(收入和支出)的报表。profit and loss statement损益表。A项是资产负债表内容。 -
第21题：
By what means does a business measure the worth of assets and liabilities?
A．The monetary unit.
B．Dollar.
C．The value of the monetary unit.
D．The sum of all the individual amounts added together.
正确答案：A
解析：一个企业资产和负债的情况是用货币单位来计量。所以A选项符合题意。 -
第22题：
The statement of cash flows consists of an operating section, an income section, and an equity section.()
正确答案：错
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第23题：
Which of the following will begin a new unit of work?()A.The CONNECT statement
B.The first FETCH of a cursor
C.The BEGIN TRANSACTION statement
D.The first executable SQL statement
参考答案：D