Benfield Co has the following a legal claim outstanding: Benfield Co has the following a l

Translate the following counter-offer letter，and write three acceptance letters to the following counter-offer according to the different requests．

  Dear Sirs,

  Re: Men's Sweaters

  Thank you for your letter of May 18 and samples.

  We appreciate the good quality of men's sweaters, but we find your prices appear to be on the high side and out of line with the current price in the market．It would leave us only a small profit on our sales if we accept the prices you quoted.

  We appreciate the quality of your goods and would like to have the opportunity to do business with you, but we have also to point out that the men's sweaters are available in our market from several European manufactures．All the prices quoted by them are lower about 10% than yours for the same quality．Therefore we suggest you should make a reduction by 10%.

  It is in view of our long-standing business relations that we make you such a counter-offer．We hope you will take our counter-offer into consideration favorably and fax us your acceptance immediately.

  We are looking forward to your early reply.

  Yours faithfully,

  (Signature)

The following scenario relates to questions 11 to 15.

The following information relates to an investment project which is being evaluated by the directors of Fence Co, a listed company. The initial investment, payable at the start of the first year of operation, is $3·9 million.

The directors believe that this investment project will increase shareholder wealth if it achieves a return on capital employed greater than 15%. As a matter of policy, the directors require all investment projects to be evaluated using both the payback and return on capital employed methods. Shareholders have recently criticised the directors for using these investment appraisal methods, claiming that Fence Co ought to be using the academically-preferred net present value method.

The directors have a remuneration package which includes a financial reward for achieving an annual return on capital employed greater than 15%. The remuneration package does not include a share option scheme.

What is the payback period of the investment project?

A.2·75 years

B.1·50 years

C.2·65 years

D.1·55 years

Which of the following statements about investment appraisal methods is correct?A.The return on capital employed method considers the time value of money

B.Return on capital employed must be greater than the cost of equity if a project is to be accepted

C.Riskier projects should be evaluated with longer payback periods

D.Payback period ignores the timing of cash flows within the payback period

Which of the following statements about Fence Co is/are correct?

(1) Managerial reward schemes of listed companies should encourage the achievement of stakeholder objectives

(2) Requiring investment projects to be evaluated with return on capital employed is an example of dysfunctional behaviour encouraged by performance-related pay

(3) Fence Co has an agency problem as the directors are not acting to maximise the wealth of shareholders

A.1 and 2 only

B.1 only

C.2 and 3 only

D.1, 2 and 3

Which of the following statements about Fence Co directors’ remuneration package is/are correct?

(1) Directors’ remuneration should be determined by senior executive directors

(2) Introducing a share option scheme would help bring directors’ objectives in line with shareholders’ objectives

(3) Linking financial rewards to a target return on capital employed will encourage short-term profitability and discourage capital investment

A.2 only

B.1 and 3 only

C.2 and 3 only

D.1, 2 and 3

Based on the average investment method, what is the return on capital employed of the investment project?

A.13·3%

B.26·0%

C.52·0%

D.73·5%

请帮忙给出每个问题的正确答案和分析，谢谢！

Study the following abbreviated essay outline. Then choose the most appropriate concluding paragraph. When computing technology is making an ever-increasing impact on many aspects of the production and life of mankind, computers have been widely applied in almost every field. However, the question of whether there are more benefits than drawbacks for young children using a computer everyday has triggered a wide debate. As far as I am concerned, I tend to believe that the advantages outweigh disadvantages for the following reasons. For one thing, in modern society, computer is used in many different fields such as health, education and business. It has become an indispensable part in our life… For another thing, some computer knowledge is required for the job, so great importance should be attached to it. Some people consider that it is not good for children to use computer everyday, because sitting in front of a screen for too long can damage both the eyes and the physical posture of young children. But we can cope with this problem by limiting the time of using computers and giving proper supervision for them… ...

A、Although, to some extent, computers have brought people great convenience in getting information, entertainment and contact with others, especially for those businessmen, for those youngsters, typically those teenagers who are not rational enough to control themselves, computers should not be allowed to intrude into their daily life.

B、All in all, everything has two sides. Whether computers will do us good or harm all depend on how we use them.

C、In conclusion, I strongly believe that using computer everyday brings more benefits than drawbacks to young children. The most important aspect depends on that the young children need proper guidance.

D、To sum up, computers benefit young children a lot and also bring about some negative influence on children.

The following scenario relates to questions 6–10

You are an audit manager at Blenkin & Co and are approaching the end of the audit of Sampson Co, which is a large listed retailer. The draft financial statements currently show a profit before tax of $6·5m and revenue of $66m for the financial year ended 30 June 20X6. You have been informed that the finance director left Sampson Co on 31 May 20X6.

As part of the subsequent events audit procedures, you reviewed post year-end board meeting minutes and discovered that a legal case for unfair dismissal has been brought against Sampson Co by the finance director. During a discussion with the Human Resources (HR) director of Sampson Co, you established that the company received notice of the proposed legal claim on 10 July 20X6.

The HR director told you that Sampson Co’s lawyers believe that the finance director’s claim is likely to be successful, but estimate that $150,000 is the maximum amount of compensation which would be paid. However, management does not intend to make any adjustments or disclosures in the financial statements.

Blenkin & Co has a responsibility to perform. procedures to obtain sufficient, appropriate evidence that subsequent events are appropriately reflected in the financial statements of Sampson Co.

Subsequent events procedures should be performed between the date of the financial statements and WHICH DATE?

A.The date the subsequent events review is performed

B.The date of approval of the financial statements

C.The date of the auditor’s report

D.The date the financial statements are issued

If, after the financial statements have been issued, Blenkin & Co becomes aware of a fact which may have caused its report to be amended, the firm should consider several possible actions.

Which of the following are appropriate actions for Blenkin & Co to take?

(1) Discuss the matter with management and, where appropriate, those charged with governance

(2) Obtain a written representation from management

(3) Consider whether the firm should resign from the engagement

(4) Enquire how management intends to address the matter in the financial statements where appropriate

A.1 and 2

B.1 and 4

C.2 and 3

D.3 and 4

Which of the following audit procedures should be performed to form. a conclusion as to whether the financial statements require amendment in relation to the unfair dismissal claim?

(1) Inspect relevant correspondence with Sampson Co’s lawyers

(2) Write to the finance director to confirm the claim and level of damages

(3) Review the post year-end cash book for evidence of payments to the finance director

(4) Request that management confirm their views in a written representation

A.1, 2 and 3

B.1, 2 and 4

C.1, 3 and 4

D.2, 3 and 4

You are drafting the auditor’s report for Sampson Co and the audit engagement partner has reminded you that the report will need to reflect the requirements of ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report.

According to ISA 701, which of the following should be included in the ‘Key Audit Matters’ paragraph in the auditor’s report?

A.Matters which required significant auditor attention

B.Matters which result in a modification to the audit opinion

C.All matters which were communicated to those charged with governance

D.All matters which are considered to be material to the financial statements

Which of the following audit opinions will be issued if the unfair dismissal case is NOT adjusted for or disclosed within the financial statements?

A.A qualified audit opinion as the financial statements are materially misstated

B.A qualified audit opinion as the auditor is unable to obtain sufficient appropriate evidence

C.An unmodified opinion with an emphasis of matter paragraph

D.An unmodified audit opinion

请帮忙给出每个问题的正确答案和分析，谢谢！

SECTION B ENGLISH TO CHINESE

Directions: Translate the following text into Chinese.

When the leaders of media, telecommunications, IT and Internet companies congregate, as they did recently in Davos, the talk is upbeat about new accomplishments but subdued about recent ordeals: the dotcom bubble; the telecoms crash; the music industry bust; the advertising downturn; the e-publishing revenue stagnation; the PC slowdown; the wireless saturation; the semiconductor slump; the newspaper recession; tile R&D retrenchment. And the question is, why do these predicaments sweep over the information sector so regularly?

The prevalence of these problems points to fundamental issues beyond a specific industry or short- term period. Instead, we need to recognize that the entire information sector — from music to newspapers to telecoms to Internet to semiconductors and anything in-between — has become subject to a gigantic market failure in slow motion. A market failure exists when market prices cannot reach a self-sustaining equilibrium. The market failure of the entire information sector is one of the fundamental trends of our time, with far-reaching long-term effects, and it is happening right in front of our eyes.

The basic structural reason for this problem is that information products are characterized by high fixed costs and low marginal costs. They are expensive to produce but cheap to reproduce and distribute, and therefore exhibit strong economies of scale with incentives to an over-supply. Second, more information products are continuously being offered to users. And information products and services are becoming more "commodified", open, and competitive.

A、equal to the payment to the debtholders.

B、equal to the firm value minus the fixed debt payment if the residual value are positive.

C、equal to the firm value minus the fixed debt payment whether positive or negative.

D、equal to the debt payment plus the residual cash flow of the firm.

材料：

What advantages does the eye have over the radar ？

The eye has the following advantages:

Reliable

Sensitive to color

Can assess heading

Can identify small targets

Can see light configurations

Can assess ship types

Can identify conspicuous marks

Can identify flashing lights Has better discrimination

Can see changing weather patterns

Can see effect of sea on vessel

Not affected by blind arcs (if observer moves)．

问题：BLIND ARCS mean ______ ．

A.the arcs from which one can not see certain objects

B.the arcs which are blind

C.the black arcs

D.the arcs from which one can see certain objects

This paragraph is ______ ．A.a clause of a contract

B.an explanation of advantage of eyes over radar

C.a requirement from a government

D.an article of Colreg

DISCRIMINATION means the ______ ．A.provision

B.dimension

C.distinction

D.permission

The eye is more ______ than radar．A.distinguishable

B.reasonable

C.controllable

D.reliable

请帮忙给出每个问题的正确答案和分析，谢谢！

YouhaveanExchangeServer2010organizationforacompanynamedContoso，Ltd.Contosohasthefollowingsecuritypolicy：.Messagesthatcontainthewordbudgetcannotbesenttoexternalrecipients.MessagesthatcontainthenameNorthwindTradersmustbesenttothelegaldepartmentautomaticallyYouneedtorecommendasolutiontomeetthesecuritypolicy.Whatshouldyourecommend？（）

A.Createtwotransportrules.

B.Createtwomessageclassifications.

C.Createonetransportruleandconfigurealegalhold.

D.Createonemessageclassificationandconfigurealegalhold.

YouhaveanExchangeServer2010organizationforacompanynamedContoso，Ltd.Contosohasthefollowingsecuritypolicy：.Messagesthatcontainthewordbudgetcannotbesenttoexternalrecipients.MessagesthatcontainthenameNorthwindTradersmustbesenttothelegaldepartmentautomaticallyYouneedtorecommendasolutiontomeetthesecuritypolicy.Whatshouldyourecommend？（）

A.Createtwotransportrules.

B.Createtwomessageclassifications.

C.Createonetransportruleandconfigurealegalhold.

D.Createonemessageclassificationandconfigurealegalhold.

SECTION B ENGLISH TO CHINESE

Directions: Translate the following text into Chinese.

But in general, the United States was founded upon European, and especially British, precedents. Culturally speaking, America might be called a European colony. However, to say so is to draw attention to the complexity of the American scene. No other colony has been so heterogeneously populated, or so long politically independent or Europe. No other country whose origins lie in Europe has had so sharp an awareness of its cleavage from, and superiority to, its parent cultures. Running through American history, and therefore through American literature, is a double consciousness of Old World modes and New World possibilities. Yesterday has been dismissed and pined for; tomorrow has been invoked and dreaded. It has not been the most favourable of situations for the production of literature. As an American, the writer has distrusted Europe; as a writer, be has envied the riches available to his European counterpart. At any rate, this was true of creative literature: the novel, the poem, and the play were for a long time inhibited in the United States. By and large, critical and historical writings have flowed more easily from American pens.