The plant has 1,000 workers, three fourths o () f are women.

The role of the farmer has always been an important one. Two hundred

years ago, 95% of American workers were farmers. Agriculture is 【S1】______.

America's biggest industry. Today, less than 3% of American workers are

farmers. Yet agriculture still is America's biggest industry, it employs more

workers than any other industry, and it produces more food than Americans

can consume enough to make the United States the world's largest importer 【S2】______.

of agricultural goods. American farmers used to grow only enough food to

feed their families and animals. Now each farmer grows enough to feed 78

other people. American farmers produce more today because they have to

use modern farm and business methods. This means they have to know more 【S3】______.

than ever before. They still learn about soil, the weather, harmless insects, 【S4】______.

and plant and animal diseases, but they also must learn about economics,

international trade, and even computers. It has said that farming in America 【S5】______.

today is three fourths paper work and one fourth physical labor. Because of

this, American farmers now are able to work for more years. In the past,

most were old and tired of by the time they were about 40. Today , 【S6】______.

however, the average age of the American farmer is 48 -five years older

than the averag6 age of other American workers. Almost all new farmers in

the United states have completed at most 12 years of schooling, and many 【S7】______.

young Americans study agriculture at a state university. The federal

government provided with the establishment of these schools in a law signed 【S8】______.

by President Abraham Lincoln in 1862. Today there is a so-called land-grant

university in each state. The land-grant law also created the cooperative

extension service. This is a series of local .offices around the country that

informs farmers about the latest developments in agriculture. American 【S9】______.

farmers also get information from the many agricultural publications in the

United States, Farmers also join organizations which they and their families 【S10】______.

can exchange information.

A．by

B．at

C．to

D．with

A、were

B、has been

C、was

D、is

&8226;Read the article below about profit.

&8226;Choose the best sentence to fill each of the gaps.

&8226;For each blank 8 12 mark one letter (A—G) on your Answer Sheet.

&8226;Do not use any letter more than once.

&8226;There is an example at the beginning.

Profit

Entrepreneurship is directly responsible for production The business person (entrepreneur) takes a cue from consumers in deciding what they want—or, in the case of a new product (8) Profit means different things to different people. According to some public opinion polls, many people are not sure what it is, but they are sure (9) Workers may look at profit as an unfairly large payment to the entrepreneur that deprives them of a higher wage. The business person thinks of profit (10) During negotiations before the settlement of the second baseball strike in August, 1985, the Players' Association claimed the owners had made profits of $ 91 million, an accounting firm said owner profits were $ 43 mil- lion, and the owners insisted they had lost $ 9 million. The truth was that all three were correct. The disparity in the figures was due to the fact that each group was defining profit differently. Let us now see if we can develop a more exact definition of what profit is.

Gross profit is the difference between what a business firm sells its product for end what it costs to produce that product. The merchant buys $200,000 worth of merchandise during the year and sells it for $270,000. His gross profit is $ 70,000. The percentage difference between his cost and the selling price is 35 percent, and he calls this markup. Net profit is (11) —rent, wages, and interest—and setting aside money to allow for the loss due to depreciation (wearing out) of capital. Our merchant has to subtract from his gross profit his payments for rent ($ 6,0O0), wages ($ 20,000), interest on money borrowed ($1,000), repairs and upkeep ($1,000), taxes ($1,000), electricity and other expenses $1,000. Expenses for operating the business come to $ 30,000. Gross profit is $ 70, 000, and net profit is $40,000.

Economists have a narrower definition of what constitutes profit. They are concerned with payment for all the resources that have gone into production (12) , like those listed above, or from inside the business.

A what profit really means

B it is too large and represents too much of the consumer's dollar

C as the difference between total revenue and total cost

D what the business person has left after paying expenses

E what they might want

F production

G whether they come from outside the business

(8)

A．by

B．at

C．to

D．with

A．by

B．at

C．to

D．with

听力原文： Most ants are hard workers and often work from six o'clock in the morning until ten o'clock at night. The work is divided among the worker ants so that each one has a certain amount to do. We do not know how they decide what each one is to do, for they do not talk, some people think ants follow each other by their sense of smell. Ants often live to be one year old, and some have been known to live six or seven years. One way they get their food is from plant lice, which we might call their cows. The ants milk these "cows" by tapping the lice gently until a drop of honey comes out. Then they eat the honey. Ants take very good care of these plant lice and often build a covering over them so that they will be protected from the rain.

(33)

A．One.

B．Few.

C．Several.

D．Many.

A．by

B．at

C．to

D．with

(a) The objective of IAS 36 Impairment of assets is to prescribe the procedures that an entity applies to ensure that its assets are not impaired.

Required:

Explain what is meant by an impairment review. Your answer should include reference to assets that may form. a cash generating unit.

Note: you are NOT required to describe the indicators of an impairment or how impairment losses are allocated against assets. (4 marks)

(b) (i) Telepath acquired an item of plant at a cost of $800,000 on 1 April 2010 that is used to produce and package pharmaceutical pills. The plant had an estimated residual value of $50,000 and an estimated life of five years, neither of which has changed. Telepath uses straight-line depreciation. On 31 March 2012, Telepath was informed by a major customer (who buys products produced by the plant) that it would no longer be placing orders with Telepath. Even before this information was known, Telepath had been having difficulty finding work for this plant. It now estimates that net cash inflows earned from the plant for the next three years will be:

On 31 March 2015, the plant is still expected to be sold for its estimated realisable value.

Telepath has confirmed that there is no market in which to sell the plant at 31 March 2012.

Telepath’s cost of capital is 10% and the following values should be used:

(ii) Telepath owned a 100% subsidiary, Tilda, that is treated as a cash generating unit. On 31 March 2012, there was an industrial accident (a gas explosion) that caused damage to some of Tilda’s plant. The assets of Tilda immediately before the accident were:

As a result of the accident, the recoverable amount of Tilda is $6·7 million

The explosion destroyed (to the point of no further use) an item of plant that had a carrying amount of $500,000.

Tilda has an open offer from a competitor of $1 million for its patent. The receivables and cash are already stated at their fair values less costs to sell (net realisable values).

Required:

Calculate the carrying amounts of the assets in (i) and (ii) above at 31 March 2012 after applying any impairment losses.

Calculations should be to the nearest $1,000.

The following mark allocation is provided as guidance for this requirement:

(i) 4 marks

(ii) 7 marks

The car manufacturer has ______ 1,000 workers because of the drop in sales.

A．picked out

B．gave up

C．dealt with

D．laid off

Section B

Directions: In this section, you will hear 3 short passages. At the end of each passage, you will hear some questions. Both the passage and the questions will be spoken only once. After you hear a question, you must choose the best answer from the four choices marked A, B, C and D.

听力原文： Most ants are hard workers and often work from six o'clock in the morning until ten o'clock at night. The work is divided among the worker ants so that each one has a certain amount to do. We do not know how they decide what each one is to do, for they do not talk, some people think ants follow each other by their sense of smell. Ants often live to be one year old, and some have been known to live six or seven years. One way they get their food is from plant lice, which we might call their cows. The ants milk these "cows" by tapping the lice gently until a drop of honey comes out. Then they eat the honey. Ants take very good care of these plant lice and often build a covering over them so that they will be protected from the rain.

(33)

A．One.

B．Few.

C．Several.

D．Many.