Discounting（of future income）（未来收人）折现

第1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2题：

(ii) Explain how the inclusion of rental income in Coral’s UK income tax computation could affect the

income tax due on her dividend income. (2 marks)

You are not required to prepare calculations for part (b) of this question.

Note: you should assume that the tax rates and allowances for the tax year 2006/07 and for the financial year to

31 March 2007 will continue to apply for the foreseeable future.

正确答案：
(ii) The effect of taxable rental income on the tax due on Coral’s dividend income
Remitting rental income to the UK may cause some of Coral’s dividend income currently falling within the basic rate
band to fall within the higher rate band. The effect of this would be to increase the tax on the gross dividend income
from 0% (10% less the 10% tax credit) to 221/2% (321/2% less 10%).
Tutorial note
It would be equally acceptable to state that the effective rate of tax on the dividend income would increase from 0%
to 25%.

第3题：

—() — In most cases, it is the total income received.

A. What does taxable income refer to?

B. Why do you want to know taxable income?

C. When do you start to learn taxable income?

参考答案：A

第4题：

The other main source of revenue for a bank is fee income, or called ______ income.

A．interest

B．commission

C．service

D．net

正确答案：B
解析：句意：银行另一项主要收人来源于手续费。fee income-和commission income都指手续费，是银行不需要动用自己资金获得的收入，是与利息不同的一种收入来源。

第5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

第6题：

对下面的个人所得税程序中满足语句覆盖测试用例的是()

If(income800)taxrate=0;

elseif(income=1500)taxrate=0.05;

elseif(income2000)taxrate=0.08;

elsetaxrate=0.1;

A、income=(800,1500,2000,2001

B、"income=(800,801,1999,2000)"

C、"income=(799,1499,2000,2001)"

D、"income=(799,1500,1999,2000)"

正确答案:D

第7题：

In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.

What is the correct treatment of the estate income for individual income tax purposes?

A.The estate income is not taxable

B.The estate income will be taxed as occasional (ad hoc) income

C.The estate income will be taxed as other income

D.The estate income will be taxed as service income

正确答案：A

第8题：

名词解释题

Discounting（of future income）（未来收人）折现

正确答案：将未来收人折算成等价的现值。该过程将一个未来值以一个折现率加以缩减，折现率应恰当地体现利率。例如，如果某人许诺2年后给你121美元。当时，正常的利率或贴现率是年率10%。据此我们可以计算这门1美元的现值。所用的折扣因子是（110）。用以折现未来收人的折扣因子或曰比率称为折现率（discountrate）。

解析：暂无解析

第9题：

单选题

Income Income may be national income and personal income. Whereas national income is defined as the total earned income of all the factors of production-namely, profits, interest, rent, wages, and other compensation for labor, personal income may be defined as total money income received by individuals before personal taxes are paid. National income does not equal GNP (Gross National Product) because the factors of production do not receive payment for either capital consumption allowances or indirect business taxes, both of which are included in GNP. The money put aside for capital consumption is for replacement and thus is not counted as income. Indirect taxes include sales taxes, property taxes , and excise taxes that are paid by businesses directly to the government and so reduce the income left to pay for the factors of production. Three-fourths of national income goes for wages, salaries, and other forms of compensation to employees. Whereas national income shows the income that the factors of production earn, personal income measures the income that individuals or households receive. Corporation profits are included in national income because they are earned. Out of these profits, however, corporation profit taxes must be paid to the government, and some money must be put into the business for expansion. Only that part of profits distributed as dividends goes to the individual; therefore, out of corporation profits only dividends count as personal income. The factors of production earn money for social security and unemployment insurance contributions, but this money goes to government (which is not a factor of production), not to individuals. It is therefore part of national income but not part of personal income. On the other hand, money received by individuals when they collect social security or unemployment compensation is not money earned but money received. Interest received on government bonds is also in this category, because much of the money received from the sale of bonds went to pay for war production and that production no longer furnishes a service to the economy. The money people receive as personal income may be either spent or saved. However, not all spending is completely voluntary. A significant portion of our income goes to pay personal taxes. Most workers never receive the money they pay in personal taxes, because it is withheld from their paychecks. The money that individuals are left with after they have met their tax obligations is disposable personal income. Disposable income can be divided between personal consumption expenditures and personal savings. It is important to remember that personal saving is what is left after spending. It can be easily seen from this passage that the government levies tax on（）

A

corporation profits

B

every individual even though his income is very low

C

those who work in joint ventures

D

those who work in government departments

正确答案： A

解析：本文提到过个人也要缴税，但并没有说每个有收入的人都要缴纳，不管其收入是多少，但是公司的利税是必须缴的。本题的依据是第二段中的一句： Out of these profits， however， corporation profit taxes must be paid to the government... C 和D在本文中根本没有提到过，故都不对。答案为A。

第10题：

单选题

Income tax rates are（）to one's annual income.

A

dependent

C

based

D

associated

正确答案： A

解析：暂无解析

第11题：

单选题

Income Income may be national income and personal income. Whereas national income is defined as the total earned income of all the factors of production-namely, profits, interest, rent, wages, and other compensation for labor, personal income may be defined as total money income received by individuals before personal taxes are paid. National income does not equal GNP (Gross National Product) because the factors of production do not receive payment for either capital consumption allowances or indirect business taxes, both of which are included in GNP. The money put aside for capital consumption is for replacement and thus is not counted as income. Indirect taxes include sales taxes, property taxes , and excise taxes that are paid by businesses directly to the government and so reduce the income left to pay for the factors of production. Three-fourths of national income goes for wages, salaries, and other forms of compensation to employees. Whereas national income shows the income that the factors of production earn, personal income measures the income that individuals or households receive. Corporation profits are included in national income because they are earned. Out of these profits, however, corporation profit taxes must be paid to the government, and some money must be put into the business for expansion. Only that part of profits distributed as dividends goes to the individual; therefore, out of corporation profits only dividends count as personal income. The factors of production earn money for social security and unemployment insurance contributions, but this money goes to government (which is not a factor of production), not to individuals. It is therefore part of national income but not part of personal income. On the other hand, money received by individuals when they collect social security or unemployment compensation is not money earned but money received. Interest received on government bonds is also in this category, because much of the money received from the sale of bonds went to pay for war production and that production no longer furnishes a service to the economy. The money people receive as personal income may be either spent or saved. However, not all spending is completely voluntary. A significant portion of our income goes to pay personal taxes. Most workers never receive the money they pay in personal taxes, because it is withheld from their paychecks. The money that individuals are left with after they have met their tax obligations is disposable personal income. Disposable income can be divided between personal consumption expenditures and personal savings. It is important to remember that personal saving is what is left after spending. According to this passage, the money you get as interest from government bonds is（）

A

the money earned

B

the money not earned but received

C

the money received for the contribution you have made to the economy

D

the money earned for the service you have furnished to the economy

正确答案： B

解析：根据第三段第一句：money received by individuals when they collect social security or unemployment compensation is not money earned but money received… 以及下句Interest received on government bonds is also in this category…，可知B是答案。C项中的原因状语从句是不对的，所以C不能作为答案。答案为B。

第12题：

单选题

According to the opinion of the interviewer _____.

A

the future for invention depends

B

there is still a future for invention and inspiration

C

there is no future for invention and inspiration in modern society

D

the future for invention and inspiration is unclear

正确答案： C

解析：
第二段最后一句提到“These non-profit clubs, run by inventors for inventors, are an indication that people are once again interested in invention.”，这个人认为那些小型非盈利性质的俱乐部正暗示出人们又一次地对创新发明燃起兴趣。可见，其认为发明创新还是仍有发展空间的。所以选B。

第13题：

(d) Evaluate the effect on Gerard of the changes to be made by Fizz plc to its performance related bonus scheme.

You should ignore the effect of any pension contributions to be made by Gerard in the future, consider both

the value and timing of amounts received by Gerard and include relevant supporting calculations.

(5 marks)

Note: – You should assume that the income tax rates and allowances for the tax year 2006/07 apply throughout

this question.

正确答案：
(d) Implications for Gerard of the changes to Fizz plc’s bonus scheme
Value received
Under the existing scheme Gerard receives approximately ￡4,500 each year. This is subject to income tax at 40% and
national insurance contributions at 1% such that Gerard receives ￡2,655 (￡4,500 x 59%) after all taxes.
Under the proposed share incentive plan (SIP), Gerard expects to receive free shares worth ￡3,500 (￡2,100 + ￡1,400).
Provided the shares remain in the plan for at least five years there will be no income tax or national insurance contributions
in respect of the value received. Gerard’s base cost in the shares for the purposes of capital gains tax will be their value at
the time they are withdrawn from the scheme.
In addition, the amount he spends on partnership shares will be allowable for both income tax and national insurance such
that he will obtain shares with a value of ￡700 for a cost of only ￡413 (￡700 x 59%).
Accordingly, Gerard will receive greater value under the SIP than he does under the existing bonus scheme. However, as noted
below, he will not be able to sell the free or matching shares until they have been in the scheme for at least three years by
which time they may have fallen in value.
Timing of receipt of benefit
Under the existing scheme Gerard receives a cash bonus each year.
The value of free and matching shares awarded under a SIP cannot be realised until the shares are withdrawn from the
scheme and sold. This withdrawal cannot take place until at least three years after the shares are awarded to Gerard.
Accordingly, Gerard will not have access to the value of the bonuses he receives under the SIP until the scheme has been in
operation for at least three years. In addition, if the shares are withdrawn within five years of being awarded, income tax and
national insurance contributions will become payable on the lower of their value at the time of the award and their value at
the time of withdrawal thus reducing the value of Gerard’s bonus.

第14题：

Discounting（of future income）（未来收人）折现

参考答案：

将未来收人折算成等价的现值。该过程将一个未来值以一个折现率加以缩减，折现率应恰当地体现利率。例如，如果某人许诺2年后给你121美元。当时，正常的利率或贴现率是年率10%。据此我们可以计算这门1美元的现值。所用的折扣因子是（110）。用以折现未来收人的折扣因子或曰比率称为折现率（discountrate）。

第15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16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17题：

Income is recognized when an increase in future benefits related to an increase in an asset of a decrease of a liability has arisen that can be measured reliably.()

正确答案：对

第18题：

decide whether the following translations are true or false. most studies use future income, the favorite yardstick of those dead souls called economists. 译文：很多研究运用未来收入，因为这是那些被称为经济学家的老家伙们最青睐的计算标准。()

参考答案：正确

第19题：

The pSeries technical specialist just finished reviewing the system configurations with the customer. The customer requested that many of the availability options，initially configured，be removed due to budgetary constraints. What should be done next？（）

A、Remove the availability options，as requested， and place the systems on order.
B、Keep the availability options in the configurations and engage the pricer to provide deep discounting on the solution.
C、Remove the availability options and review the new configurations with the customer，highlighting the potential exposures.
D、Keep the availability options in the configurations， knowing that these options may prevent a critical situation in the future.

正确答案:C

第20题：

单选题

Since red flags are likely to be raised at the IRS by the reporting of gambling income, business owners who declare their income as business revenue is less likely to receive an audit.

A

Since red flags are likely to be raised at the IRS by the reporting of gambling income, business owners who declare their income as business revenue is less likely to receive an andit.

B

Because the reporting of gambling income is likely to raise red flags at the IRS, business owners can reduce their chances of receiving an audit by declaring that income as business revenue.

C

Business owners can reduce their chances of receiving an audit by declaring the income as business revenue, since the reporting of gambling income is likely to raise red flags at the IRS.

D

Their chances of receiving an audit are reduced by business owners who report that income as business revenue. because the reporting of gambling income is likely to raise red flags at the IRS.

E

The reporting of that income as business revenue can reduce the chances of business owners of receiving an audit, because of the red flags not having been raised at the IRS by the reporting of gambling income.

正确答案： B

解析：
A项中存在主谓不一致问题。C、D、E三项表述不清，故本题应选B项。

第21题：

单选题

Income Income may be national income and personal income. Whereas national income is defined as the total earned income of all the factors of production-namely, profits, interest, rent, wages, and other compensation for labor, personal income may be defined as total money income received by individuals before personal taxes are paid. National income does not equal GNP (Gross National Product) because the factors of production do not receive payment for either capital consumption allowances or indirect business taxes, both of which are included in GNP. The money put aside for capital consumption is for replacement and thus is not counted as income. Indirect taxes include sales taxes, property taxes , and excise taxes that are paid by businesses directly to the government and so reduce the income left to pay for the factors of production. Three-fourths of national income goes for wages, salaries, and other forms of compensation to employees. Whereas national income shows the income that the factors of production earn, personal income measures the income that individuals or households receive. Corporation profits are included in national income because they are earned. Out of these profits, however, corporation profit taxes must be paid to the government, and some money must be put into the business for expansion. Only that part of profits distributed as dividends goes to the individual; therefore, out of corporation profits only dividends count as personal income. The factors of production earn money for social security and unemployment insurance contributions, but this money goes to government (which is not a factor of production), not to individuals. It is therefore part of national income but not part of personal income. On the other hand, money received by individuals when they collect social security or unemployment compensation is not money earned but money received. Interest received on government bonds is also in this category, because much of the money received from the sale of bonds went to pay for war production and that production no longer furnishes a service to the economy. The money people receive as personal income may be either spent or saved. However, not all spending is completely voluntary. A significant portion of our income goes to pay personal taxes. Most workers never receive the money they pay in personal taxes, because it is withheld from their paychecks. The money that individuals are left with after they have met their tax obligations is disposable personal income. Disposable income can be divided between personal consumption expenditures and personal savings. It is important to remember that personal saving is what is left after spending. This passage is mainly about（）

A

the difference between national income and GNP

B

the difference between national income and personal income

C

the concept of income

D

the difference between disposable income and nondisposable income

正确答案： A

解析：文章主要讲收入的两大分类及其区别。这一点可以从文章的第一句话看出。文章第一段的第一句话常常是文章的论点句。因此A，C和D均不是完整的答案。答案为B。

第22题：

单选题

Income Income may be national income and personal income. Whereas national income is defined as the total earned income of all the factors of production-namely, profits, interest, rent, wages, and other compensation for labor, personal income may be defined as total money income received by individuals before personal taxes are paid. National income does not equal GNP (Gross National Product) because the factors of production do not receive payment for either capital consumption allowances or indirect business taxes, both of which are included in GNP. The money put aside for capital consumption is for replacement and thus is not counted as income. Indirect taxes include sales taxes, property taxes , and excise taxes that are paid by businesses directly to the government and so reduce the income left to pay for the factors of production. Three-fourths of national income goes for wages, salaries, and other forms of compensation to employees. Whereas national income shows the income that the factors of production earn, personal income measures the income that individuals or households receive. Corporation profits are included in national income because they are earned. Out of these profits, however, corporation profit taxes must be paid to the government, and some money must be put into the business for expansion. Only that part of profits distributed as dividends goes to the individual; therefore, out of corporation profits only dividends count as personal income. The factors of production earn money for social security and unemployment insurance contributions, but this money goes to government (which is not a factor of production), not to individuals. It is therefore part of national income but not part of personal income. On the other hand, money received by individuals when they collect social security or unemployment compensation is not money earned but money received. Interest received on government bonds is also in this category, because much of the money received from the sale of bonds went to pay for war production and that production no longer furnishes a service to the economy. The money people receive as personal income may be either spent or saved. However, not all spending is completely voluntary. A significant portion of our income goes to pay personal taxes. Most workers never receive the money they pay in personal taxes, because it is withheld from their paychecks. The money that individuals are left with after they have met their tax obligations is disposable personal income. Disposable income can be divided between personal consumption expenditures and personal savings. It is important to remember that personal saving is what is left after spending. Which of the following statements is true according to the first paragraph?（）

A

GNP equals national income plus indirect business taxes.

B

GNP excludes both capital consumption allowances and indirect business taxes.

C

Personal income is regarded as the total money income received by an individual after his or her taxes are paid.

D

The money that goes for capital consumption is not regarded as income.

正确答案： C

解析：本题的依据是第一段的The money put aside for capital consumption is for replacement and thus is not counted as income 这个句子。对原句的词语选项D用了别的表达方法，但大意仍保持不变。答案为D。

第23题：

单选题

The conversation between Anna and me about her future plans was frank and productive.

A

Anna and me about her future plans was

B

Anna and I about her future plans were

C

Anna and me about her future plans were

D

me and Anna about her future plans were

E

Anna and I about her future plans was

正确答案： A

解析：
原句措辞最为恰当。代词me正确地使用了宾格形式，主谓一致。

第24题：

单选题

What we need in life is divided into _____ according to this article.

A

the basic necessities and luxury

B

many kinds of need such as food, clothing and houses

C

four groups, namely, the basic necessities, luxury, reliable income and future expense

D

the basic necessities and reliable income

正确答案： B

解析：
推理题。人的需要分为基本需要和高级需要。

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