Equilibrum（for a business firm）厂商均衡

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第1题：

3 You are an audit manager in Webb & Co, a firm of Chartered Certified Accountants. Your audit client, Mulligan Co,

designs and manufactures wooden tables and chairs. The business has expanded rapidly in the last two years, since

the arrival of Patrick Tiler, an experienced sales and marketing manager.

The directors want to secure a loan of $3 million in order to expand operations, following the design of a completely

new range of wooden garden furniture. The directors have approached LCT Bank for the loan. The bank’s lending

criteria stipulate the following:

‘Loan applications must be accompanied by a detailed business plan, including an analysis of how the finance will

be used. LCT Bank need to see that the finance requested is adequate for the proposed business purpose. The

business plan must be supported by an assurance opinion on the adequacy of the requested finance.’

The $3 million finance raised will be used as follows:

$000

Construction of new factory 1,250

Purchase of new machinery 1,000

Initial supply of timber raw material 250

Advertising and marketing of new product 500

Your firm has agreed to review the business plan and to provide an assurance opinion on the completeness of the

finance request. A meeting will be held tomorrow to discuss this assignment.

Required:

(a) Identify and explain the matters relating to the assurance assignment that should be discussed at the meeting

with Mulligan Co. (8 marks)

正确答案：
3 MULLIGAN CO
(a) Matters to be discussed would include the following:
The exact content of the business plan which could include:
– Description of past business performance and key products
– Discussion of the new product
– Evidence of the marketability of the new product
– Cash flow projections
– Capital expenditure forecasts
– Key business assumptions.
The form. of the assurance report that is required – in an assurance engagement the nature and wording of the expected
opinion should be discussed. Webb & Co should clarify that an opinion of ‘negative assurance’ will be required, and whether
this will meet the bank’s lending criteria.
The intended recipient of the report – Webb & Co need to clarify the name and address of the recipient at LCT Bank. For the
limitation of professional liability, it should be clarified that LCT Bank will be the only recipient, and that the assurance opinion
is being used only as part of the bank’s overall lending decision.
Limiting liability – Webb & Co may want to receive in writing a statement that the report is for information purposes only, and
does not give rise to any responsibility, liability, duty or obligation from the firm to the lender.
Deadlines – it should be discussed when the bank need the report. This in turn will be influenced by when Mulligan Co needs
the requested $3 million finance. The bank may need a considerable period of time to assess the request, review the report,
and ensure that their lending criteria have been fully met prior to advancing the finance.
Availability of evidence – Mulligan Co should be made aware that in order to express an opinion on the finance request, they
must be prepared to provide all the necessary paperwork to assist the assurance provider. Evidence is likely to include
discussions with key management, and written representations of discussions may be required.
Professional regulation – Webb & Co should discuss the kind of procedures that will be undertaken, and confirm that they
will be complying with relevant professional guidance, for example:
– ISAE 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information
– ISAE 3400 The Examination of Prospective Financial Information
Engagement administration – any points not yet discussed in detail when deciding to take the assurance engagement should
be finalised at the meeting. These points could include the following:
– Fees – the total fee and billing arrangements must be agreed before any work is carried out
– Personnel – Webb & Co should identify the key personnel who will be involved in the assignment
– Complaints procedures – should be briefly outlined (the complaints procedures in an assurance engagement may differ
from an audit assignment)
– Engagement letter – if not already signed by both Webb & Co and Mulligan Co, the engagement letter should be
discussed and signed at the meeting before any assignment work is conducted.
Tutorial note: the scenario states that Webb & Co have already decided to take the assurance assignment for their existing
client, therefore the answer to this requirement should not focus on client or engagement acceptance procedures.

第2题：

跨国公司（Multinational firm）

参考答案：

跨国公司是指在其他国家投资并且在国外生产和销售产品的厂商。

第3题：

Which contract type consists of - target costs & profit, ceiling prices and shared ratio of risk?

A Cost Plus Incentive Fee

B Cost Plus Percentage of Costs

C Cost Plus Fixed Fee

D Firm Fixed Price

E Firm Fixed Price Plus Incentive

正确答案：E

第4题：

阅读下面的句子，根据文章内容进行判断，正确写(T)错误写(F)

Headhunters or executive search firms specialize in finding the right person for the right job. When a company wishes to recruit a new person for an important position, it may use the services of such a firm. The advantages for the employer are that it does not have to organize the costly and time-consuming process of advertising, selecting and interviewing suitable applicant. In some cases, the search firm may already have a list of people with the appropriate skills for the job. If this is not the case, then it may act as a consultant, advising or even organizing tests and simulations to evaluate candidates' behavior. in order to select the most competent person for the job.

()21. The passage mainly talks about the increased business of headhunters.

()22. Companies may use the services of an executive search firm to recruit new employees.

()23. Employers prefer to use the headhunters because the services are cheap.

()24. Search firms often have their own talent pool or human resource ban

()25. Headhunters also provide services like advertisement and candidate evaluation.

参考答案：21、T 22、T 23、F 24、T 25、T

第5题：

Equilibrum（for a business firm）厂商均衡

参考答案：

指一个厂商在其所面临的各种约束下，利润达到最大化时的产出的水平或状态。此时厂商没有改变其产出或价格水平的动机。在规范的厂商理论中，这意味着厂商选择了一个边际收益恰好等于边际成本的产出水平。

第6题：

主导厂商（ Dominant firm）

参考答案：

在寡头垄断的行业中，主导厂商是一个制定价格的大型厂商，它允许该行业中的小厂商在此价格下销售它们想出售的全部数量的商品。

第7题：

多产品厂商（Multiproduct firm）

参考答案：

多产品厂商是指生产不止一种产品的厂商。例如，杜邦公司生产化工、石油等方面的种类繁多的产品。

第8题：

Which type of contract requires that the buyer keep the tightest labor/material cost control?

A Cost Plus Incentive Fee

B Cost Plus Percentage of Costs

C Cost Plus Fixed Fee

D Firm Fixed Price

E Firm Fixed Price Plus Incentive

正确答案：B

第9题：

As the firm's business increased they ( )more and more employees.

A. took up

B. took in

C. took on

D. took after

参考答案：C

第10题：

Apart from borrowing from hanks, a firm or an individual can obtain funds in a financial market in two ways. The most common method is to issue a (61) , such as a bond or a mortgage, which is a (62) by the borrower to pay the holder of it at (63) until a specified date, when a final payment is made. The (64) of it is the time of expiration date. The second method of raising funds is by issuing (65) , such as common stock, which are claims to share in the net income and the assets of a business.

(46)

A．debt instrument

B．letter of credit

C．letter of guarantee

D．certificate of deposit

正确答案：A
解析：句意：最常见的一种方法是发行债务工具，比如债券或抵押。debt instrument债务工具。letter of credit信用证。letter of guarantee保证函。certificate of deposit大额定期存单。

Equilibrum（for a business firm）厂

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