【判断题】When a companymeasures performance using residual income, managers tend to invest in anyproject earning more than the cost of capital and thus raise the firm’s totalprofits.

What do you think are the most important criteria for measuring staff performance? (Why? / Why not?)

It is quite common for a company to recruit new employees. When a company seeks to fill a vacant job, it may advertise the【C1】______, promote someone from【C2】______, or ask an outside employment agency to send applicants, After interviewing, checking references, and perhaps【C3】______a few tests, the company selects【C4】______employee from among the applicants. The new worker will usually【C5】______some training. Large companies find【C6】______necessary to develop ways of【C7】______evaluating the performance of workers; they usually devise objective【C8】______for measuring the quality and quantity of work and consider【C9】______in addition to the supervisors' impressions.

Most Workers are paid by the hour or by the day. In some industries, however, the【C10】______speed can be controlled by the individual, and【C11】______is based on "piece rates". The【C12】______type of piece rate is a specific amount of money for each item produced, but most incentive(激励的) system are more【C13】______. For example, an employee may received a standard base rate【C14】______additional pay for items produced over a given【C15】______. The rate of extra pay may vary,【C16】______ with each subsequent item produced.【C17】______the worker may receive a bonus for the amount of time saved in performing a【C18】______. Developing a satisfactory incentive system requires that trained experts determine【C19】______workers can reasonably be expected to produce and what【C20】______be considered fair rates of pay for producing different amounts.

【C1】

A．person

B．opening

C．company

D．search

When there is only measurement errors in, usually the OLS estimator is inconsistent.

Each year Universum, a Swedish consulting firm asks American MBA students where they would most like to work. The 2007 survey showed a few surprises in its top 50 companies named: Hewlett-Packard and Cisco Systems had fell, while old reliables such as General Electric, Coca-Cola and General Mills had jumped up the list. But the most-desired industry remains consulting, despite the beating it has taken since the end of the dotcom boom, and the top firm remains McKinsey. Perhaps the reason is: in recent years McKinsey has done as much as any company to provide MBA graduates with increasingly better and more profitable positions.

The reason for this was the firm's popularization of a concept known as "war for talent". It advocated finding the best and brightest and rewarding their innovations (创新) in proportion to "talent" instead of their performance or seniority (资格). But what is talent? And how does a company measure its employees' talent, especially when assigning them to new projects? The "war for talent" recommends a careful assessment of the inner skills and characteristics ready for success but gives few clues as to what those inner skirls might be, which might make the war standardless. For a company focused on quick growth, one shortcut could be young hires who had already been rewarded for their talent by receiving MBAs from well-respected schools. Thus as the idea of finding talented employees who could quickly learn the skills took off, so did the asking price of the star MBA graduates.

Unfortunately, now the "war for talent" seems less of a brilliant idea. The economic downturn, bringing with it less competition for the available talent, also did its part to control in indulgent (宽容的) employers.

Similarly, Professor Jeffrey Pfeifer emphasized that cultivating a talent means not just hiring the most effective performers, but being able to deal quickly and firmly with the least effective C performers. But he adds that the C refers not to the person but to the individual's performance in a given job. Some low-performing managers were A or B performers earlier in their careers—and may attain that level of performance again.

MBA programs will remain attractive recruiting areas, but the MBA model itself has come under increasing criticism. Prof. Pfeifer, in a 2007 article found little evidence that an MBA had much effect on future salary or career. Future MBA students might need to provide more evidence of their talent to impress potential employers.

According to the text, McKinsey is favored by American MBA students in that the company ______.

A．has a world wide reputation for high salary

B．is famous for its consulting business

C．makes very attractive job offers to MBA holders

D．successfully survived the burst of dotcom bubble

IAS 1 Presentation of Financial Statements defines profit or loss and other comprehensive income. The purpose of the statement of profit or loss and other comprehensive income is to show an entity’s financial performance in a way which is useful to a wide range of users so that they may attempt to assess the future net cash inflows of an entity. The statement should be classified and aggregated in a manner which makes it understandable and comparable. However, the International Integrated Reporting Council (IIRC) is calling for a shift in thinking more to the long term, to think beyond what can be measured in quantitative terms and to think about how the entity creates value for its owners. Historical financial statements are essential in corporate reporting, particularly for compliance purposes, but it can be argued that they do not provide meaningful information. Preparers of financial statements seem to be unclear about the interaction between profit or loss and other comprehensive income (OCI) especially regarding the notion of reclassification, but are equally uncertain about whether the IIRC’s Framework constitutes suitable criteria for report preparation. A Discussion Paper on the Conceptual Framework published by the International Accounting Standards Board (IASB) has tried to clarify what distinguishes recognised items of income and expense which are presented in profit or loss from items of income and expense presented in OCI.

Required:

(a) (i) Describe the current presentation requirements relating to the statement of profit or loss and other comprehensive income. (4 marks)

(ii) Discuss, with examples, the nature of a reclassification adjustment and the arguments for and against allowing reclassification of items to profit or loss. Note: A brief reference should be made in your answer to the IASB’s Discussion Paper on the Conceptual Framework. (5 marks)

(iii) Discuss the principles and key components of the IIRC’s Framework, and any concerns which could question the Framework’s suitability for assessing the prospects of an entity. (8 marks)

(b) Cloud, a public limited company, regularly purchases steel from a foreign supplier and designates a future purchase of steel as a hedged item in a cash flow hedge. The steel was purchased on 1 May 2014 and at that date, a cumulative gain on the hedging instrument of $3 million had been credited to other comprehensive income. At the year end of 30 April 2015, the carrying amount of the steel was $8 million and its net realisable value was $6 million. The steel was finally sold on 3 June 2015 for $6·2 million.

On a separate issue, Cloud purchased an item of property, plant and equipment for $10 million on 1 May 2013. The asset is depreciated over five years on the straight line basis with no residual value. At 30 April 2014, the asset was revalued to $12 million. At 30 April 2015, the asset’s value has fallen to $4 million. The entity makes a transfer from revaluation surplus to retained earnings for excess depreciation, as the asset is used.

Required:

Show how the above transactions would be dealt with in the financial statements of Cloud from the date of the purchase of the assets.

Note: Candidates should ignore any deferred taxation effects. (6 marks)

Professional marks will be awarded in question 4 for clarity and quality of presentation. (2 marks)

— Read the on the opposite page about an awards scheme for companies.

— Choose the best sentence from below to fill each of the gaps.

— For each gap 8 - 12, mark one letter (A - G) on your Answer Sheet.

— Do not use any letter more than once.

— There is an example at the beginning, (0).

The region's best smaller companies

Once again, readers of this magazine have the chance to vote for the region's best companies. (0)The awards will be presented at a dinner in Birmingham on May 17.

The pattern established in the first year, of awards for Best Established Company, Best New Company and Best Entrepreneur, will of course continue. However this year sees a new category, that of Best Communication with Investors. 【8】______

The Established Company of the Year will be one whose success has lasted for more than just a couple of months or years. Its share price will be performing above the average for its sector, but that is not the only measurement which will be taken into account. 【9】______ Above all, the winner will be professionally managed, in a way that deals equally well with good and bad trading conditions.

The New Company of the Year 'will have gone public last year, but will already have shown its growth and management qualities. 【10】______ In fact three early winners have already been successful in this second category, as well.

The Entrepreneur of the Year will be someone with a proven track record of expertise in setting up and providing leadership to one or possibly more businesses. He or she will have created an organisation that can deal with the demands placed on it as a public company. 【11】______ The winner will have maintained a balance between that original energy and the need to adapt as the company grows.

In our new category, Best Communication with Investors, the winning company will show that it is engaging in two-way dialogue with both actual and potential investors. 【12】______ All of these communication channels will be carefully tailored for the intended audience. In addition, the company is likely to distribute press releases by electronic means, to maximise its opportunities for publicity.

Nominations for awards were invited several months ago, and reduced by the judges to a shortlist of three in each category. The shortlisted companies are described below, together with details of how to vote. Please get your vote to us no later than 31 March.

A. It will, in effect, be able to demonstrate that it can go on to become an Established Company of the Year before long,

B. In order to win, the company will have achieved success in both spheres, and have the evidence to prove it.

C. To achieve this, it will be using a variety of means, including the annual report, presentations, a dedicated website and attendance at specialised exhibitions.

D. The judges will also consider the degree to which the company has a well planned and soundly financed strategy for its growth and development.

E. At the same time, this structure must not stifle the spirit that led to the company's initial SUCCESS.

F. The innovation has been made in order to recognise the increasingly important part which this factor plays in a company's success.

G. The competition, which is now in its tenth year, is designed to encourage excellence in smaller public companies based in this area.

Surfing the Internet during class doesn't just steal focus from the educator;it also hurts students who're already struggling to __26__ the material. A new study from Michigan State University, though, argues that all students—including high achievers—see a decline in performance when they browse the Internet during class for non-academic purposes.

To measure the effects of Internet-based distractions during class, researchers __27__ 500 students taking an introductory psychology class at Michigan State University. Researchers used ACT scores as a measure of intellectual __28__ Because previous research has shown that people with high intellectual abilities are better at __29__ out distractions, researchers believed students with high ACT scores would not show a __30__ decrease in performance due to their use of digital devices. But students who surfed the web during class did worse on their exams regardless of their ACT scores, suggesting that even the academically smartest students are harmed when they're distracted in class.

College professors are increasingly __31__ alarm bells about the effects smartphones, laptops, and tablets have on academic performance. One 2013 study of college students found that 80% of students use their phones or laptops during class, with the average student checking their digital device 11 times in a __32__ class. A quarter of students report that their use of digital devices during class causes their grades to __33__.

Professors sometimes implement policies designed to __34__ students' use of digital devices, and world where people are increasingly some instructors even confiscate (没收)tablets and phones. In dependent on their phones, though, such strategies often fail. One international study found that 84% of people say they couldn't go a day without their smartphones. Until students are able to __35__ the pull of social networking, texting, and endlessly surfing the web, they may continue to straggle in their classes.

A) aptitude B) eradication C) evaluated D) evaporated E) filtering F) grasp G) legacy H) minimize I) obscure J) obsess K) raising L) resist M) significant N) suffer O) typical

Write on ANSWER SHEET THREE a composition of about 200 words on the following topic :Should Mark Adding Policy in College Entrance Exam Be Perfected or Cancelled?

You are to write in three parts.

In the first part, state specifically what your opinion is.

In the second part, provide one or two reasons to support your opinion.

In the last part, bring what you have written to a natural conclusion or make a summary.

Marks will be awarded for content, organization, grammar and appropriateness．Failure to follow the instructions may result in a loss of marks.