How to deal with wishes,conditions, and requirements put forward by the exhibitor？

Revise each of the following sentences according to the requirement given in the brackets.

15. In accordance with your wishes , we are sending you under separate cover two contract forms. (to make it concise)

16. The committee reached the conclusion that a great majority of students had a preference for mail-in registration. (to improve the vigor and clarity)

17. Reference is made to your May 7 letter in which you describe the approved procedure for initiating a claim. (to make it conversational)

18. You won' t be disappointed with the many electronic services we now offer. (to make it positive)

19. It is imperative that you reply at once. (to make it courteous)

20. This letter is to inform. you of an important change in our policy concerning insurance. (to emphasize "you" attitude)

21. Every employee is entitled to see his personnel file. (to eliminate gender bias)

22. According to you , the it stopped working. (to avoid mistrust)

23. You must return the form. by 5 p. m. (to change the aggressive tone to a friendly one)

24. We will inspect the building plans before construction begins. (to avoid dangerous words)

Green Gene Technology

For the past 10,000 years humans have influenced the plants they use at first unknowingly, later by design. Today's crops have been created by a process of selection and classical breeding. More specific improvements in breeding will be possible in future.

Science has cracked the genetic information code. Green gene technology is an effective tool in crop breeding, enabling us to develop new crops even more rapidly and specifically. We can make them more efficient, optimizing their contents and valuable substances to suit the wishes and requirements of customers and the processing industry. Their metabolism can be individually modified, making them produce starch, protein and fats with special properties. Through gene transfer plants can be made more resistant to viruses, bacteria, harmful fungi and insect pests.

Genetically modified plants can be cultivated to possess improved stress behavior, with the result that they absorb water better in dry locations and can make more efficient use of soil nutrients. We can also optimize weed control. To do so, we make crops tolerant to environmentally sound and easily degradable herbicides. This is not as simple as it sounds. But we have been successful: Innovator has been on the Canadian market since 1995. This is the first oilseed rape variety to contain the glufosinate tolerance gene, facilitating the use of AgrEvo's broad-spectrurn herbicide liberty.

We are committed to green gene technology, with which we aim to make crop breeding even more efficient and environmentally friendly. Before being brought on to the market these genetically modified plants are researched and tested for years until the questions posed regarding their safety have been answered. This is a great opportunity for us to realize our vision: the use of faster methods to breed varieties which will continue to provide us with sufficient food and raw materials in future. Our fossil reserves will soon be exhausted. Experts estimate that we only have enough oil for another 43 years and natural gas for less than 60.

This means we must rethink and act accordingly, using new crop varieties to step up the move to replenishable sources of raw materials and energy. In other words, green gene technology is the key technology for sustainable agriculture.

What is the requirement of Mr. Spencer?

He wishes to be given ______5% additionally.

Product advertising is an important part of marketing. It aims at increasing sales by making a product or service known to a wider audience, and by emphasizing its positive qualities. A company can advertise in various ways, depending on how much it wishes to spend. There are different media for advertising including television, radio, newspapers, magazines, the Internet and direct mail. The design and organization of advertising campaigns is usually the job of an advertising agency. A good advertising program tells potential customers why they need the product, how it is used and the benefits derived from its use. A successful program also tells the consumer how the product is better than similar offerings by competitors.Corporate advertising is not directly concerned with increasing the sales of a particular product or service, but more with the brand image and reputation a company wants to present to the general public or within an industry. Corporate advertising comes in three different types image advertising, opinion advertising and investment advertising. Image advertising attempts to promote the importance of a company. Opinion advertising presents the impression of doing a public service by addressing the importance of a company. Investment advertising is designed to attract potential investors. DECIDE IF EACH OF THE FOLLOWING STATEMENT IS TRUE (T) OR FALSE (F).

1. Generally, an advertising agency is responsible for designing and organizing a product’s advertisement.()

2. It is not necessary to consider the budget of an advertisement in choosing a media for advertising.()

3. According to the text, there are three types of media used in advertising.()

4. Product advertising is different from corporate advertising.()

5. This passage is mainly about the history of advertising.()

A major reason for conflict in the animal world is territory. The male animal 【C1】______ an area. The size of the area is 【C2】______ to provide food for him, his 【C3】______ and their off- spring. Migrating birds, for example, divide up the best 【C4】______ in the order of" first come, first 【C5】______ " The late arrivals may acquire 【C6】______ territories, but less food is available, or they are too close to the 【C7】______ of the enemies of the species.

When there is 【C8】______ over territory, animals will commonly use force, or a 【C9】______ of force, to decide which will stay and which will go.

It is interesting to note, however, that animals seem to use only the 【C10】______ amount of force necessary to drive away the 【C11】______ .

There is usually no killing. In the 【C12】______ of those animals which are capable of doing each other harm, there is a 【C13】______ .for the losing animal to show the winning animal that he wishes to submit. When he shows this, the 【C14】______ normally stops fighting. Animals (especially birds), which can easily escape from conflict seem to have no 【C15】______ against killing, and equally no mechanism for 【C16】______ .

The 【C17】______ bird simply flies away. However, if two doves are 【C18】______ in a cage, and they start fighting, they will continue to fight until one kills the other. We all think of the dove as a 【C19】______ of peace and, in its natural habitat, it is peaceful. But the" peace" mechanism does not 【C20】______ in a cage.

【C1】

A．establishes

B．builds

C．founds

D．erects

A major reason for conflict in the animal world is territory. The male animal【C1】______ an area. The size of the area is【C2】______ to provide food for him, his【C3】______ and their offspring. Migrating birds, for example, divide up the best territory in the order of "first come, first【C4】______ "The late arrivals may acquire【C5】______ territories, but less food is available, or they are too close to the【C6】______ of the enemies of the species.

When there is【C7】______ over territory, animals will commonly use force, or a【C8】______ of force, to decide which will stay and which will go. It is interesting to note,【C9】______ ,that animals seem to use only the【C10】______ amount of force necessary to drive away the intruder. There is usually no killing. In the【C11】______ of those animals which are capable of doing each other harm, there is a【C12】______ for the losing animal to show the winning animal that he wishes to submit. When he shows this, the【C13】______ normally stops fighting. Animals (especially birds),which can【C14】______ escape from conflict seem to have no【C15】______ against killing, and equally no mechanism for【C16】______ The losing bird simply flies away. However, if two doves are 【C17】______ in a cage, and they start fighting, they will continue to fight until one kills the other. We all think of the dove as a【C18】______ of peace and,【C19】______ its natural habitat, it is peaceful. But the "peace" mechanism does not【C20】______ in a cage.

【C1】

A．establishes

B．builds

C．founds

D．erects

A major reason for conflict in the animal world is territory. The male animal【C1】______ an area. The size of the area is【C2】______ to provide food for him, his【C3】______and their off- spring. Migrating birds, for example, divide up the best【C4】______ in the order of" first come, first【C5】______ " The late arrivals may acquire【C6】______ territories, but less food is available, or they are too close to the【C7】______ of the enemies of the species.

When there is【C8】______ over territory, animals will commonly use force, or a【C9】______ of force, to decide which will stay and which will go.

It is interesting to note, however, that animals seem to use only the【C10】______ amount of force necessary to drive away the【C11】______

There is usually no killing. In the 【C12】______ of those animals which are capable of doing each other harm, there is a【C13】______ .

for the losing animal to show the winning animal that he wishes to submit. When he shows this, the【C14】______ normally stops fighting. Animals (especially birds), which can easily escape from conflict seem to have no【C15】______ against killing, and equally no mechanism for 【C16】______ .

The【C17】______ bird simply flies away. However, if two doves are【C18】______ in a cage, and they start fighting, they will continue to fight until one kills the other. We all think of the dove as a【C19】______ of peace and, in its natural habitat, it is peaceful. But the" peace" mechanism does not【C20】______ in a cage.

【C1】

A．establishes

B．builds

C．founds

D．erects

A major mason for conflict in the animal world is territory. The male animal【C1】______an area. The size of the area is sufficient to provide food for him, his【C2】______and their offspring. Migrating birds, for example,【C3】______up the best territory in the order of "first come, first【C4】______". The late arrivals may acquire【C5】______ territories, but【C6】______food is available, or they are too close to the【C7】______of the enemies of the species.

When there is conflict over territory, animals will commonly use force, or a【C8】______of force, to decide which will stay and which will go. It is interesting to note,【C9】______, that animals seem to use only the【C10】______ amount of force necessary to drive away the intruder. There is usually no killing. In the【C11】______of those animals which are capable【C12】______doing each other harm, there is a【C13】______for the losing animal to show the winning animal that he wishes to submit.

When he shows this, the【C14】______normally stops fighting. Animals( especially birds),【C15】______can easily escape from conflict seem to have no【C16】______against killing, and equally no mechanism for【C17】______. The losing bird simply flies away. However, two pigeons are placed in a cage, and they start if fighting, they will continue to fight【C18】______one kills the other. We all think of the pigeon as a【C19】______of peace and, in its natural habitat, it is peaceful. But the "peace" mechanism does not【C20】______in a cage.

【C1】

A．establishes

B．builds

C．founds

D．erects

Section A – THIS ONE question is compulsory and MUST be attempted

The following draft financial statements relate to Marchant, a public limited company.

Marchant Group: Draft statements of profit or loss and other comprehensive income for the year ended 30 April 2014.

The following information is relevant to the preparation of the group statement of profit or loss and other comprehensive income:

1. On 1 May 2012, Marchant acquired 60% of the equity interests of Nathan, a public limited company. The purchase consideration comprised cash of $80 million and the fair value of the identifiable net assets acquired was $110 million at that date. The fair value of the non-controlling interest (NCI) in Nathan was $45 million on 1 May 2012. Marchant wishes to use the ‘full goodwill’ method for all acquisitions. The share capital and retained earnings of Nathan were $25 million and $65 million respectively and other components of equity were $6 million at the date of acquisition. The excess of the fair value of the identifiable net assets at acquisition is due to non-depreciable land.

Goodwill has been impairment tested annually and as at 30 April 2013 had reduced in value by 20%. However at 30 April 2014, the impairment of goodwill had reversed and goodwill was valued at $2 million above its original value. This upward change in value has already been included in above draft financial statements of Marchant prior to the preparation of the group accounts.

2. Marchant disposed of an 8% equity interest in Nathan on 30 April 2014 for a cash consideration of $18 million and had accounted for the gain or loss in other income. The carrying value of the net assets of Nathan at 30 April 2014 was $120 million before any adjustments on consolidation. Marchant accounts for investments in subsidiaries using IFRS 9 Financial Instruments and has made an election to show gains and losses in other comprehensive income. The carrying value of the investment in Nathan was $90 million at 30 April 2013 and $95 million at 30 April 2014 before the disposal of the equity interest.

3. Marchant acquired 60% of the equity interests of Option, a public limited company, on 30 April 2012. The purchase consideration was cash of $70 million. Option’s identifiable net assets were fair valued at $86 million and the NCI had a fair value of $28 million at that date. On 1 November 2013, Marchant disposed of a 40% equity interest in Option for a consideration of $50 million. Option’s identifiable net assets were $90 million and the value of the NCI was $34 million at the date of disposal. The remaining equity interest was fair valued at $40 million. After the disposal, Marchant exerts significant influence. Any increase in net assets since acquisition has been reported in profit or loss and the carrying value of the investment in Option had not changed since acquisition. Goodwill had been impairment tested and no impairment was required. No entries had been made in the financial statements of Marchant for this transaction other than for cash received.

4. Marchant sold inventory to Nathan for $12 million at fair value. Marchant made a loss on the transaction of $2 million and Nathan still holds $8 million in inventory at the year end.

5. The following information relates to Marchant’s pension scheme:

The pension costs have not been accounted for in total comprehensive income.

6. On 1 May 2012, Marchant purchased an item of property, plant and equipment for $12 million and this is being depreciated using the straight line basis over 10 years with a zero residual value. At 30 April 2013, the asset was revalued to $13 million but at 30 April 2014, the value of the asset had fallen to $7 million. Marchant uses the revaluation model to value its non-current assets. The effect of the revaluation at 30 April 2014 had not been taken into account in total comprehensive income but depreciation for the year had been charged.

7. On 1 May 2012, Marchant made an award of 8,000 share options to each of its seven directors. The condition attached to the award is that the directors must remain employed by Marchant for three years. The fair value of each option at the grant date was $100 and the fair value of each option at 30 April 2014 was $110. At 30 April 2013, it was estimated that three directors would leave before the end of three years. Due to an economic downturn, the estimate of directors who were going to leave was revised to one director at 30 April 2014. The expense for the year as regards the share options had not been included in profit or loss for the current year and no directors had left by 30 April 2014.

8. A loss on an effective cash flow hedge of Nathan of $3 million has been included in the subsidiary’s finance costs.

9. Ignore the taxation effects of the above adjustments unless specified. Any expense adjustments should be amended in other expenses.

Required:

(a) (i) Prepare a consolidated statement of profit or loss and other comprehensive income for the year ended 30 April 2014 for the Marchant Group. (30 marks)

(ii) Explain, with suitable calculations, how the sale of the 8% interest in Nathan should be dealt with in the group statement of financial position at 30 April 2014. (5 marks)

(b) The directors of Marchant have strong views on the usefulness of the financial statements after their move to International Financial Reporting Standards (IFRSs). They feel that IFRSs implement a fair value model. Nevertheless, they are of the opinion that IFRSs are failing users of financial statements as they do not reflect the financial value of an entity.

Required:

Discuss the directors’ views above as regards the use of fair value in IFRSs and the fact that IFRSs do not reflect the financial value of an entity. (9 marks)

(c) Marchant plans to update its production process and the directors feel that technology-led production is the only feasible way in which the company can remain competitive. Marchant operates from a leased property and the leasing arrangement was established in order to maximise taxation benefits. However, the financial statements have not shown a lease asset or liability to date.

A new financial controller joined Marchant just after the financial year end of 30 April 2014 and is presently reviewing the financial statements to prepare for the upcoming audit and to begin making a loan application to finance the new technology. The financial controller feels that the lease relating to both the land and buildings should be treated as a finance lease but the finance director disagrees. The finance director does not wish to recognise the lease in the statement of financial position and therefore wishes to continue to treat it as an operating lease. The finance director feels that the lease does not meet the criteria for a finance lease, and it was made clear by the finance director that showing the lease as a finance lease could jeopardise the loan application.

Required:

Discuss the ethical and professional issues which face the financial controller in the above situation. (6 marks)

GXJ Co, whose home currency is the dollar, wishes to borrow €12 million for a period of six months in three months’ time. The lending bank will fix the interest rate for the loan period at its prevailing lending interest rate when the loan is taken out. The finance director of GXJ Co believes this lending interest rate could be a minimum of 3·5% per year or a maximum of 5·5% per year. The uncertainty regarding the future interest rate is caused by the volatile state of the economy and impending elections which could lead to a change in political leadership and direction. Interest on the euro loan would be payable at the end of the loan period.

The finance director of GXJ Co would like to hedge the interest rate risk arising from the future loan and the company’s bank has offered a 3–9, 4·5%–3·5% forward rate agreement.

The finance director is also concerned about the foreign currency risk associated with the euro interest payment which would be due in nine months’ time.

The following exchange rates are available:

Required:

(a) Evaluate the proposed forward rate agreement as a way of managing the interest rate risk anticipated by GXJ Co. (3 marks)

(b) Analyse the foreign currency risk associated with the future interest payment of GXJ Co and briefly discuss ways that this risk might be hedged. (4 marks)

(c) Explain the nature of four-way equivalence in the relationship between spot exchange rates, forward exchange rates and future (expected) spot rates. (3 marks)