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Question 6

Busy Company is a retailer. Most of its sales are made on credit terms. The following information relates to the first 4 years.

Year 1 Year 2 Year 3 Year 4

＄＄＄＄

Trade Debtor as at 31 December 500,000 400,000 550,000 600,000

Bad debt written off for

the year ended 31 December - 30,000 10,000 29,000

Busy Company decides to set aside a provision for bad debts equivalent to 5% of trade debtors as at year end.

Required:

(a)Show how the provision for bad debts would be disclosed in the balance sheet as at 31 January Year 1 to Year 4.

(b)Calculate the bad debt expenses for the respective profit and loss account for each of the 4 years.

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第1题

Question 6

How do banks manage their risk of bad loan?

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第2题

Question 6

Kevin Blank, CFA, is a representative for Campbell Advisors. In a meeting with a prospective client, the client inquires about investing in bonds denominated in Mexican pesos. Blank assures the client that Campbell can help him with Mexican fixed income investing. In fact, Blank had heard that his colleague, Jon Woller, might have had experience in Mexican bonds. The following day Blank learns that Woller had, in fact, no such experience. Blank does not correct his earlier statement and the prospective client invests with Campbell. Blank has:

A.only violated the Code and Standards when he learned that his statement was incorrect and did not contact the prospect to explain his error.

B.violated the Code and Standards, both when he misrepresented the qualifications of his firm and later, when he learned the truth and failed to contact the prospective client and correct his earlier statement.

C.not violated the Code and Standards because Blank did not intentionally mislead the prospect.

D.not violated the Code and Standards because Blank’s statements were verbal and not in writing.

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第3题

Question 6

Consider the following data: Nominal GDP for 1994 was ＄6550 billion, as compared to ＄6250 billion for 1993. The GDP deflator for 1994 was 102.5, as compared to 100.0 for 1993.

(a)Calculate the rates of growth of nominal GDP and real GDP for 1994.

(b)What was the inflation rate (as measured by the GDP deflator) for 1994?

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第4题

Question 6

Assume that GDP grew from ＄120 billion in 1994 to ＄160 billion in 1995 and the GDP deflator from 100 in 1994 to 130 in 1995.

(a)Calculate the rate of growth of nominal GDP for 1995.

(b)Calculate the rate of growth of real CDP for 1995.

(c)What is the inflation rate for 1995?

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第5题

Question 6

Define an indorsement of bill of exchange. What are the types of liability of an indorser?

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第6题

Question 6

If a company had 120,000, 4% preference shares of ＄1 each and 250,000 ordinary shares of ＄ 1 each, then the dividends would be payable as follows:

Year 1 Year 2 Year 3 Year 4 Year 5

＄＄＄＄＄

Total Profits appropriated for dividends 7,000 3,000 20,000 4,000 5,000

Required:

(a)If the preference shares are cumulative, non-participating, calculate the preference dividends and ordinary dividends in each year.

(b)If the preference shares are cumulative, participating, calculate the preference dividends and ordinary dividends in each year.

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第7题

Passage 2

Question 6 to 10 are based on the following passage:

If you have a chance to go to Finland, you will probably be surprised to find how “foolish” the Finnish people are.

Take the taxi drivers for example. Taxis in Finland are mostly high-class Benz with a fare of two US dollars a kilometer. You can go anywhere in one, tell the driver to drop you at any place, say that you have some business to attend to, and then walk off without paying your fare. The driver would not show the least sign of anxiety.

The dining rooms in all big hotels not only serve their guests, but also serve outside diners. Hotel guests have their meals free, so they naturally go to the free dining rooms to have their meals. The most they would do to show their good faith is to wave their registration card to the waiter. With such a loose check, you can easily use any old registration card to take a couple of friends to dine free of charge.

The Finnish workers are paid by the hour. (77) They are very much on their own as soon as they have agreed with the boss on the rate. From then on they just say how many hours they have worked and they will be paid accordingly.

With so many loopholes(漏洞) in everyday life, surely Finland must be a heaven to those who love to take “petty advantages”. But the strange thing is, all the taxi passengers would always come back to pay their fare after they have attended to their business; not a single outsider has ever been found in the free hotel dining rooms. And workers always give an honest account of the exact hours they put in. As the Finns always act on good faith in everything they do, living in such a society has turned everyone into a real “gentleman”.

(78) In a society of such high moral practice, what need is there for people to be on guard against others?

6.While taking a taxi in Finland, _____

A. a passenger can go anywhere without having to pay the driver

B. a passenger pays two US dollars for a taxi ride

C. a passenger can never be turned down by the taxi driver wherever he wants to go

D. a passenger needs to provide good faith demonstration before they leave without paying

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第8题

Question 6

(a) What is a homer in due course?

(b) What rights does a holder in due course enjoy?

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第9题

Question 6

Busy Company is a retailer. Most of its sales are made on credit terms. The following information relates to the first 4 years.

Year 1 Year 2 Year 3 Year 4

＄＄＄＄

Trade Debtor as at 31 December 500,000 400,000 550,000 600,000

Bad debt written off for

the year ended 31 December - 30,000 10,000 29,000

Busy Company decides to set aside a provision for bad debts equivalent to 5% of trade debtors as at year end.

Required:

(a)Show how the provision for bad debts would be disclosed in the balance sheet as at 31 January Year 1 to Year 4.

(b)Calculate the bad debt expenses for the respective profit and loss account for each of the 4 years.

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第10题

Question 6

What credit risk assessment is involved in sole proprietorship and partnership company loan?

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