Section One Directions: In this section ,you will hear ten short statements. Each statement will be spoken only once. After each statement, there will be a pause. During the pause, you must read the four suggested answers marked A, B, C and D, and decide which is the best answer.
A.Information technology system can cause operational risk.
B.A major fire can be a cause of operational risk.
C.The most important types of operational risk involve breakdowns in internal controls and corporate governance.
D.Other aspects of operational risk include firing its dealers, lending officers or other staff exceeding their authority or conducting business in an unethical or risky manner.
A B C D
B
[解析] Other aspects of operational risk include major failure of information technology systems or events such as major fires or other disasters.
A.The foreign exchange market operates like other financial markets in every respect.
B.The foreign exchange market has a specific place like a stock exchange.
C.There's no physical market place such as stock exchanges for the foreign exchange transactions.
D.The foreign exchange market operates quite differently since the former has no physical market place.
A B C D
C
[解析] The foreign exchange market operates much like other financial markets, but isn't located in a specific place like a stock exchange.
单句意思为“外汇市场和其他金融市场运行很相似,但是和股票市场不同的是,它没有特定的交易场所。”
10.
A.If you lose your bank notes, you will not get them back.
B.If you lose your bank notes, you will get compensation.
C.If you lose your bank notes, you can get them back soon.
D.If you lose your bank notes, most probably, you will not get them back.
A B C D
D
[解析] If you lose your bank notes, the chance for you to get them back is not high.
单句意思为“如果你丢失了银行支票,你找回它的机会不大。”
Section Two Directions: In this section, you will hear ten short conversations. At the end of each conversation, a question will be asked about what was said. The conversation and question will be spoken only once. During the pause, you must read the four choices marked A, B, C, D, and decide which is the best answer.
[解析] W: I know there are some elements which will affect the investors' searches for the highest possible returns. What are they? M: Risk aversion, lack of time, lack of skill, and other mortal conditions. Q: Which of the following doesn't belong to the elements which will constrain the investors' searches for the highest possible returns?
[解析] W: Manager, I have to inform you that there is an error in our invoice to Mr. Smith for the shoes he ordered on May 25. M: OK, just change "carriage forward" to "carriage paid". We can't lose this customer. Q: What did the customer order on May 257
[解析] M: CDs can be traded in the money market at any time. They are more flexible than fixed-term deposits. W: That's right. So banks usually offer slightly lower interest rates on them. Q: Which of the following has a higher rate?
[解析] W: What's the value of US dollars now? M: It's inflated and is losing value against Euro and RMB, while RMB is depreciated against Euro. Q: What does the man think of the US dollars?
对话中男士认为美元相对欧元和人民币在贬值,尽管人民币相对欧元贬值。
5.
A.In equity securities.
B.In personal funds.
C.In securities rated as investment grade.
D.In property markets.
A B C D
C
[解析] M: It is reported that in some countries banks are not allowed to make investments in equity securities. W: Generally commercial banks may invest only in those securities that are rated as "investment grade", or have bond ratings in the top four categories. Q: Where are banks only allowed to make investments?
根据女士的回答商业银行只能投资"securities that are rated as 'investment grade'"。
D.He cashed the cheque but the money was stolen by a thief.
A B C D
A
[解析] W: Did you hear about Mr. William's case last week? M: Yes. It's too terrible. As a matter of fact, he should not issue an open cheque in favor of a third party. Anyone who holds it would present it to the paying bank and obtain cash against it. Q: What happened to Mr. Williams?
[解析] M: Excuse me, Ms Li. Could you tell me what kind of drawings do you like to make, by cheque or upon presentation of your deposit book? W: I'd prefer to draw by cheque. Q: What account does Ms. Li want to open?
B.He has to entrust the draft for collection to the bank.
C.He has to fill in some forms.
D.He has to endorse the draft.
A B C D
B
[解析] M: Good morning! This is a demand draft for one thousand American dollars. May I have it discounted here? W: Sorry, immediate encashment of a foreign bill is not allowed. You may entrust it to us for collection. But it takes time. Q: What should the man do if he wants to get the payment of the draft?
由对话可知,男士是想将一张即期汇票兑取现金,但女士的回答是将外汇汇票立即兑现成现金是不可以的,不过他可以"entrust it to us for collection",可见B为正确项。
9.
A.USD508.09.
B.USD58.9.
C.USD500.89.
D.USD50089.
A B C D
C
[解析] M: Good afternoon, Madam. I want to exchange some US dollars for RMB Yuan. I've got USD 500.89. W: All right. This is an exchange memo. Please fill in your name and the amount you intend to change. Q: How much US dollars does the man want to exchange?
男士是想将美元换成人民币,他说他有“USD 500.89”,可见C为正确项。
10.
A.A merchant doesn't know the balance before completing a sale.
B.No security system has yet been devised for personal checks.
C.A personal check is secure at the check stand.
D.The clerk can examine all the bankcards.
A B C D
B
[解析] W: With the convenience of bankcards, more and more people prefer bankcards to personal checks. M: I agree. People like bankcards because they offer greater safety and convenience than personal checks. Q: What can be inferred from the conversation?
根据男士的回答,银行信用卡比个人支票安全、方便,由此可推断出个人支票缺乏安全性。
Section Three Directions: In this section, you will hear three short passages. At the end of each passage, you will hear some questions. The passages and the questions will be spoken only once. After you hear a question, you must choose the best answer from the four choices marked A, B, C and D. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.
[解析] 21-23 The Chinese currency is the Renminbi. China has maintained a unified managed floating exchange rate since January 1994. The exchange rate of the Renminbi is determined by the inter-bank foreign exchange market. The People' s Bank of China announces a reference rate for the Renminbi against the US dollar, the Hong Kong dollar, and the Japanese yen based on the weighted average price of foreign exchange transactions during the previous day's trading. Daily movement of the exchange rate of the Renminbi against the US dollar in inter-bank foreign exchange market is limited to 0.3% on either side of the reference rate as announced by the PBC. The buying and selling rates of the Renminbi against the Hong Kong dollar and the Japanese yen may not deviate more than 1% on either side of the reference rate. In the case of other currencies, the deviation may not exceed 0.5% on either side of their respective rates. 21. When did China begin to maintain a unified managed floating exchange rate?
录音原文提到China has maintained a unified managed floating exchange rate since January 1994,中国从1994年1月开始实行单一的有管理的浮动汇率制。
2.
A.The People's Bank of China.
B.China Foreign Exchange Trading Center.
C.Inter-bank Foreign Exchange Market.
D.The State Administration of Foreign Exchange.
A B C D
C
[解析] Who determines the exchange rate of the Renminbi?
录音原文提到The exchange rate of the Renminbi is determined by the inter-bank foreign exchange market。
3.
A.1%
B.0.3%
C.0.5%
D.0.4%
A B C D
B
[解析] What is the deviation allowed on daily movement of the exchange rate of Renminbi against the US dollar?
录音原文提到Daily movement of the exchange rate...limited to 0.3%. 在银行间外汇市场人民币对美元的汇率日变动幅度不能超过0.3%。
[解析] 24-26 At the end of the total accounting period and after all transactions have been journalized and posted, the equality of the debit and credit entries is checked by preparing a trial balance. A trial balance is a schedule that lists the titles of the accounts in the general ledger and their debit or credit balances. If the trial balance is in balance, the financial statements can be prepared. If a trial balance does not agree, it implies that an error or errors have been made. The account balances, postings and the journal entries must be checked until the error is found. A trial balance does not prove that all transactions have been recorded or that the ledger is correct. The trial balance may still agree when a transaction is not journalized, a journal entry is not posted, an entry is posted twice, incorrect accounts are used in journalizing or posting, or offsetting errors are made in recording the amount of a transaction. 24. How does the accountant check the equality of the debit and credit entries?
录音原文提到...the equality of the debit and credit entries is checked by preparing a trial balance,故答案为B项。
2.
A.It is a schedule that lists the titles of the accounts in the general ledger and their debit or credit balances.
B.It is the titles of the accounts in the general ledger and their debit or credit balances.
C.It is a list of the titles of the accounts in the general ledger.
D.It is a schedule that makes their debit or credit balances.
A B C D
A
[解析] What is a trial balance?
录音原文提到A trial balance is a schedule that lists the titles of the accounts in the general ledger and their debit or credit balances. 试算平衡表列出各分类账户的总账、借方余额和贷方余额。
3.
A.The ledger is correct.
B.A journal entry is not posted.
C.An error or errors have been made.
D.An entry is posted twice.
A B C D
C
[解析] What is implied if a trial balance does not agree?
录音原文提到If a trial balance does not agree, it implies that an error or errors have been made. 如果试算平衡表不能平衡,就意味着错误发生。
A.They are drafts issued by a bank on another bank.
B.They are a very old form of commercial credit.
C.They are exchange bills discounted by customers.
D.They are checks cashed through the ATMs.
A B C D
B
[解析] 27-30 Banker's acceptances are a very old form of commercial credit. They provide, in essence, a method whereby a bank may add its good name and reputation to bills of a borrower, thereby making the bills much more marketable than it would otherwise be. Specifically, the mechanics of the operation typically, work like the following. Suppose that an American exporter sells wheat to a German importer. The terms of the sale are that the German importer will pay for the wheat ninety days after it is shipped. For a variety of reasons, however, the American firm may want its money now, and not want to wait the ninety days. If so, it may issue a draft on its bank ordering the bank to pay a stipulated sum of money to the holder of the draft ninety days from now. Along with the draft, the American exporter will send the appropriate documents showing that the wheat has actually been shipped. When the bank receives the draft, together, with the documentation, it stamps "accepted" across the face of it. 27. What are banker's acceptances?
录音原文提到Banker's acceptances are a very old form of commercial credit。
2.
A.The German importer.
B.The American exporter.
C.The exporter's bank.
D.Any bank.
A B C D
C
[解析] Who is the drawee of the draft mentioned in the passage?
A.The appropriate documents showing that shipment has been made.
B.A letter of credit issued by the buyer's bank.
C.The draft on the drawer in the foreign country.
D.The document showing that the transaction has been settled.
A B C D
A
[解析] What should be attached to the draft when it is presented for acceptance?
录音原文提到Along with the draft, the American exporter will...been shipped. 美国出口商将证明货物已经运输的单据和汇票一起呈交给承兑行。
4.
A.It receives the draft and examines it for its customer.
B.It issues a banker's draft to the exporter.
C.It accepts the draft and makes the payment.
D.It stamps "accepted" across the face of it.
A B C D
D
[解析] How does the bank accept the draft?
录音原文提到When the bank receives the draft,...across the face of it. 当银行收到汇票和单据是,它将在汇票正中间标志“已承兑”字样。
Part Two Reading
Section One Directions: There are three passages in this section. Each passage is followed by some questions or unfinished statements. For each of them, there are four choices marked A, B, C and D. Passage 1 A bank's bookkeeping system is trying to prove three things—that all the day's transactions have gone through for the right amounts, that they have all been posted to the right accounts, and that the fresh balances of those accounts are correct after recording the transactions. The waste lists all the day's transactions. At the end of the day you prove that no transactions are missing or wrong by balancing the total debits against the total credits. Next, you prove that all transactions have reached the ledger correctly by balancing the total debits and credits on various parts of the ledger against the corresponding totals in the waste. A bank proves that the right accounts have been posted by comparing the ledger entries with the vouchers. These are separately checked by having the vouchers posted into the ledger by one clerk and into the statements by another. The chances of their making the same mistake are small, and it is easy to discover a mistake by comparing ledger and statement. Nowadays it is rare to rely on human arithmetic to work out the correct balance of an account by subtracting all the day's debits and adding all the day's credits. Although accounting machinery is reliable, it is still possible to get the wrong balances by putting wrong information into it.
1. What is the function of the bookkeeping system in bank accounting?
A.To prove that all the day's transactions have gone through for the right amounts.
B.To prove that they have all been posted to the right accounts.
C.To prove that the fresh balances of those accounts are correct after recording the transaction.
D.To try to prove the three things mentioned above.
2. Which is the best way to prove that no transactions are missing or wrong at the end of the day?
A.We can do that by checking the total debits and the total credits to see whether they are in the state of balance.
B.We can examine all the transactions carefully and find the wrong records.
C.We can balance the total debits and the total credits by posting them again.
D.We can post all the entries again and correct the mistakes.
A B C D
A
第二段第二句指出At the end of the day you prove that...by balancing the total debits against the total credits,意指通过检查总贷记额和总借记额是否平衡来证明交易记录没有遗漏和错误。balance平衡。
3. What is the purpose of comparing the ledger entries with the vouches?
A.To prove that all the transactions have been made for the right amounts.
B.To check the number of all the debits and credits.
C.To prove that all the accounts have been posted correctly.
D.To post the right accounts.
A B C D
C
第三段第一句提到A bank proves that the right accounts have been posted by comparing the ledger entries with the vouchers, 意即银行将分类账户科目和记账凭证对比是为了检查账务已经准确的过账。
4. Why must the entries be posted separately into the ledger and into the statements?
A.Because the work must be finished in a very short period of time.
B.Because it is unlikely for the same mistakes to be made in both ledger and statements and people can find the wrong entries without difficulty.
C.Because it is difficult for only one person to do it.
D.Because it is easy for people to discover mistakes by keeping accounts.
A B C D
B
第三段第二、三句指出These are separately checked...by another. The chances of their making the same mistake...by comparing ledger and statement, 意指一人将记账凭证登入账户,另一人则录入报表的做法是因为两人犯同一种错误的机率很少,同时通过比较会计账户和报表可以轻易发现对方的错误。
5. How do people work out the correct balance of an account by hand?
A.By adding all the entries together.
B.By subtracting all the debits and adding all the credits.
C.By computing the aggregate amount of the day's transactions.
D.By comparing the debits and the credits.
A B C D
B
最后一段第一句指出Nowadays it is rare to rely on human arithmetic...all the day's debits and adding all the day's credits,意指过去人们常常依靠人工计算,通过将全部的贷记额相加,减去全部的借记额来证明会计账户余额的正确性,但是现在很少这样做,而是通过电脑来验证。
Passage 2 Valuation of stock prorides the most common form of description. Stock is generally valued at cost or market value, whichever is the lower, as otherwise profit is shown which may never materialize. It is no more than prudent to err on the side of caution, as some stock may deteriorate or, in the course of time, become unsaleable, and care should be taken to see that in no event must there be an overvaluation. Naturally an undervaluation of closing stock keeps down the profit and, of course, the tax payable of such profit. The closing stock of the first year becomes the opening stock of the second year, and, if the stock has been greatly undervalued, then the closing stock of the second year will have to be very greatly undervalued if a similar gross profit ratio is to be shown for both years. For example, if stock at the close of the first year is undervalued by £ 1,000, the profit will likewise be kept down by £ 1,000. In the second year, if both the opening and closing stock are undervalued by £ 1,000, the profit will be unaffected and will be the actual profit earned. If it is desired to make the profit £ 1,000 less than actual, in line with the first year, then the closing stock will have to be undervalued by another £ 1,000, making the stock evaluation £ 2,000 less than it actually is. The proprietor's problems are only just beginning, because, to keep the same ratio of gross profit to sales, the stock will have to be undervalued more and more each year and the build-up will mean that in the course of time too much stock will be held in the business and the proprietor will not know what to do with it. If the excess is sold against cheques, the cheques will show in a banking account; it is not easy to sell bulk stock for cash at its full market value. As so many people have found, undervaluation of stock causes a great deal of difficulty. In the present instance, it is not any help for the customer to say that his stock is worth £ 42, 000 unless it is his intention to restrict purchases and bring the excess stock back into the account and therefore increase his profit and his tax. By comparing the gross profit ratio over a few years and by careful questioning, it should be fairly straightforward for a banker to judge the true position about customer's stock valuation methods, and to consider if they alter in substance the trading figures produced.
6. Stock is measured ______ in order to give a true picture of profit.
A.at cost value
B.at market value
C.at cost or market value, whichever is lower
D.at cost or market value, whichever is higher
A B C D
C
文章第一段提到Stock is generally valued...which may never materialize。存货价值是按照成本与市场价格孰低法(at cost or market value, whichever is the lower)进行估算的,这样可以获得一个较为真实的利润水平。
7. The prudence adopted in the valuation of stock is aiming to guard against ______.
A.overvaluation of stock
B.under-valuation of stock
C.materialization of stock
D.none of the above
A B C D
A
文章第一段提到It is no more than prudent...must there be an overvaluation。计算成本时遵循的谨慎原则是为了防止对存货的估算出现价值高估的情况(overvaluation)。
8. Undervaluation of closing stock may lead to ______.
A.higher profit than actual
B.less profit than actual
C.higher tax payable
D.none of the above
A B C D
B
文章第二段提到Naturally an undervaluation...the tax payable of such profit.低估存货的期末价值会导致账面利润少于实际利润,因而可以少交纳税款。
9. When the customer keeps the same profit ratio for years, undervaluation of stock may end up with the fact that ______.
A.the actual value of stock will be in great excess of the book value
B.the actual value of stock will be greatly less than its book value
C.the bulk stock will be sold for cash at its full market value
D.none of the above
A B C D
A
文章第二段提到The closing stock of the first year…profit ratio is to be shown for both years。如果客户每年都保持相同的利润率,且低估存货的价值,最终会导致存货的账面价值大大超过其实际价值。
10. A banker can get the true valuation of the customer's stock by ______.
A.browsing the balance sheet of the customer
B.careful questioning
C.comparing the historical data of the gross profit ratio
Passage 3 Though the glass building is modern enough, such scenes suggest that little has really changed at London's ancient insurance market. For centuries, brokers and underwriters have performed similar rituals, in good times and in bad notably in the early 1990s, when Lloyd's suffered such huge losses that it almost went under. But since it pulled back from the abyss in 1996, Lloyd's has reinvented itself. It clings tenaciously to its historic trappings; but, in substance, it is as though it had died and come back in a new form. To see how Lloyd' s has changed, look at who invests there. This year, Britain's largest insurer, CGU, has moved its marine operation into Lloyd's. March & McLennan, the world's largest insurance broker, has helped to found a new Bermudian insurer that will underwrite from Lloyd's. And the market has welcomed its first big multinational, Smith Kline BeeCham, a drags giant, which has launched an in-house (or "captive") insurer. Other arrivals read like a Who's of the industry, including Warren Buffet's Berkshire Hathaway, Ace, a Bermudian insurer, and America's Paul. This adds up to a ringing endorsement of Lloyd's renewed viability, long-term profitability and competitiveness, none of which could have been taken for granted as recently as 1996. Then the market had racked up the world's biggest-ever commercial loss(8 billion $13 billion)in five years. It had mined at least 1,600 of its 34,000 members ("names") , all underwriting with unlimited liability; some committed suicide. Lloyd's seemed doomed.
11. How is the opinion of the author about the London's insurance market?
A.Great changes have taken place since 1990's at London insurance market.
B.London's insurance market was too ancient to be changed.
C.Little has really changed at London's insurance market in recent years.
D.For centuries, no changes have taken place in London's insurance market.
A B C D
C
文章第一段提到But since it pulled back...come back in a new form。劳埃德海上保险协会从1996年的深渊中站了起来,但是现在似乎又回到了从前。由此可知欧洲的保险业在近几年所做改变很小。
12. Which of the following is NOT true according to the passage?
A.The brokers and underwriters in London have followed the same procedure for centuries.
B.Lloyd's has recovered from huge losses in 1996 and has reinvented itself.
C.Lloyd's has been changed for the investment of CGU and March & McLennan.
D.The Britain's largest insurer, March & McLennan, has moved its marine operation into Lloyd's.
A B C D
C
劳埃德海上保险协会并没有因为有CGU and March & McLennan的投资而有所改变。由最后一段提到all underwriting with unlimited liability; some committed suicide. Lloyd's seemed doomed, 可知C选项错误。
13. Which of the following is not the participant of London insurance market.?
A.CGU.
B.Smith Kline Beecham.
C.March & McLennan.
D.America's Paul.
A B C D
D
在所有投资Lloyd's的商家中没有America's Paul。
14. Five years of huge losses ______.
A.have made Lloyd's change its business scope
B.of Lloyd's have ruined nearly 5% of its members
C.of Lloyd's has undermined the base for its long-term profitability
D.have ruined Lloyd's long-term competitiveness
A B C D
C
文章最后一段提到long-term profitability and competitiveness...Lloyd's seemed doomed。 Lloyd's的5年损失让他从根基上失去了利益增长点和竞争力。所以C选项符合题意。
15. In the Lloyd's system, all the members ______.
A.underwrite with unlimited liabilities
B.underwrite without unlimited liabilities
C.underwrite with limited liabilities
D.underwrite without limited liabilities
A B C D
A
Lloyd's的所有员工都要承担无限连带责任。
Section Two Directions: There are ten statements in this section. For each statement there are four choices marked A, B, C and D.
1. These are four main methods of securing payment in international trade: (1) payment under documentary credit (2) open account (3) collection, that is document against payment or acceptance of a bill of exchange (4) payment in advance From an exporter's point of view, the order of preference is ______.
A.(4), (2), (3), (1)
B.(4), (1), (3), (2)
C.(4), (3), (1), (2)
D.(2), (4), (1), (3)
A B C D
B
payment under documentary credit跟单信用证付款。open account赊销帐户。collection 托收。payment in advance预付款。
2. The balance sheet is divided into ______ sections: ______.
A.two.., assets and liabilities
B.two.., incomes and expenditures
C.three.., assets, liabilities and owner's equity
D.three.., incomes, expenditures, and equity
A B C D
C
the balance sheet资产负债表。expenditures支出,花费。
3. The marketplace where short-term debt securities are traded is referred to as ______.
5. A financial ______ should be carried out for any potential venture in the manufacturing sector, in order to assess the relationship between production volume, production cost and profits.
6. Department of Credit must consider budgetary target, net revenue and ______.
A.risk
B.cost
C.liquidity
D.others
A B C D
B
budgetary target预算目标。net revenue净收益。liquidity流动性。
7. In credit mix, tenor refers to ______.
A.term of loan
B.term structure of loan
C.term of asset
D.term structure of asset
A B C D
B
term structure of loan贷款期限。credit mix信贷组合,又称为"credit portfolio",它包括五个部分:tenor(期限),risk rating(风险等级),industry(行业),obligor(债务人),concentration(集中度)。
8. What insurance document will be issued as evidence of cover when an exporter sells goods insured under an open cover agreement?
A.A third party inspection certificate
B.An insurance policy
C.A black list certificate
D.An insurance certificate
A B C D
D
insurance document保险单据。evidence of cover投保凭证。goods insured被保险货物。open cover预约保险单,这是保险人与被保险人双方就一定业务范围签订的长期性的保险合同。third party inspection certificate第三方检验证。black list certificate黑名单证明(指商业信誉低劣的个人或组织名单)。insurance policy保险单(俗称“大保单”,是保险人与被保险人之间建立保险契约关系的正式凭证。insurance certificate保险凭证(俗称“小保单”,是简化了的保险单,只列明保险单正面的主要内容,但在背面没有印上保险合同的条款)。
9. The task of an auditor is to certify that the accounts and balance sheet show ______.
A.an accurate statement of income and expenditure
B.that the figures stated are accurate and correct
C.a true and fair view of the business
D.that the reserves are enough
A B C D
C
auditor审计员。balance sheet资产负债表。statement of income and expenditure损益表。income and expenditure支出和收入。a true and fair view of the business对公司真实公平的看法。reserves储备金。
10. The revenue, expense, and drawing accounts are ______ used in classifying and summarizing changes in capital during the accounting period.
A.temporary accounts
B.permanent accounts
C.income summary
D.terminal accounts
A B C D
A
revenue,expense and drawing accounts营业收入、费用和提存账户。changes in capital资金变动。accounting period会计结算期,会计年度。temporary account临时性账户。permanent account永久性账户。income summary收入总汇。terminal account终结账户。
Section Three Directions: There are 10 blanks in the following passages. For each blank, there are four choices marked A, B, C and D.
Passage One Underwriting simply means that the investment banker promises to buy the 1 . The investment banks help design the securities and buy it from the 2 with the intent of selling it to 3 as quickly as possible. Usually, the issue is not subscribed to in its entirety by the 4 investment banker but is 5 among other institutions as well.
Passage Two When the stock market turns down, holders of common stocks traditionally begin to move some portion of their 1 out of stocks and into 2 to protect themselves against further declines in the market, PI programs attempt to hedge against the possibility of a market decline by 3 stock index futures contracts or stock index options (buying stock index put options). The more the market falls, the more futures and options contracts are sold by PI programs. If the market continues to fall, the rise in the value of the portfolio' futures and option positions cushions the decline in the value of the portfolio' common stocks. PI managers believe that such hedging programs using futures and options involve lower transaction costs and provide greater 4 than the traditional method of actually selling stocks and buying treasury 5
Section Four Directions: Read the following passages and determine whether the sentences are "Right" or "Wrong". ff there is not enough information to answer "Right" or "Wrong", choose "Doesn't say".
Passage One The most basic tool of the accountant is the accounting equation. This equation presents the assets of the business and the claims to those assets. Assets are economic resources of a business that are expected to be of benefit in the future. Cash, office supplies, merchandise, furniture, land and buildings are examples. Claims to those assets come from two sources. Liability are outsider claims, which are economic obligations, debts payable to outsiders. These outside parties are called creditors. For example a creditor who has loaned money to a business has a claim—a legal right—to a part of the assets until the business pays the debt. "Insider claims" are called owners equity or capital. These are the claims held by the owners of the business. An owner has a claim to the entity's assets because he or she has invested in the business. Owners' equity is measured by subtracting liabilities from assets.
1. Assets can be classified into current assets and fixed assets.
A.Right
B.Wrong
C.Doesn't say
A B C
C
文中第一段第二、三句话仅指出Assets are economic resources of a business that are expected to be of benefit in the future. Cash, office supplies, merchandise, furniture, land and buildings are examples. 并没有说资产被分为流动资产和固定资产。
2. The owners of a business are those who have invested their money in the business. Therefore, they are the only persons who have the right of claims to the assets of the business.
A.Right
B.Wrong
C.Doesn't say
A B C
B
第一段最后指出Claims to those assets come from two sources. 第二段紧接着指出两种来源分别是Liability和owners' equity or capital。
3. The amount of liabilities of a business tells us how much the business owes to outsiders.
A.Right
B.Wrong
C.Doesn't say
A B C
B
从文中第二段第一句话Liability are "outsider claims", which are economic obligations. debts payable to outsiders. 题中的意思正好相反。owes to借出。
Passage Two One of the most important functions of the accounting process is to accumulate and report accounting information that shows an organization's financial position and the results of its operations. Many businesses publish such financial statements at least annually. The subdivision of the accounting process that produces these general-purpose reports is referred to as financial accounting. Another major function of accounting is to provide management with the data needed for decision-making and for efficient operation of the firm. Although management people routinely receive the financial reports, they also require various other information, such as the unit cost of a product, estimates of the profit earned from a specific sales activity, cost comparisons of alternative courses of action and long-range budgets. The process of generating and analyzing such data is often referred to as managerial accounting.
1. The purpose of managerial accounting is to prepare financial statements every year.
A.Right
B.Wrong
C.Doesn't say
A B C
B
文中整个第二段都在介绍managerial accounting的含义,第一段末尾指出管理会计的功能是provide management with the data needed for decision-making and for efficient operation of the firm。
2. Financial statements include balance sheet, income statement and cash flow statement.
A.Right
B.Wrong
C.Doesn't say
A B C
C
整篇文章只介绍了Financial statements的目的,并没有提及财务报告包括哪些报表。
3. Financial statements are used only by the outsiders of a firm.
A.Right
B.Wrong
C.Doesn't say
A B C
B
第一段第二句指出Many businesses publish such financial statements at least annually.说明公司外部人要用到它,但第二段开头又指出Although management people routinely receive the financial repots,...可以推导出公司管理层也会用到它。
4. The management of a firm needs to use the results of both financial accounting as well as managerial accounting.
A.Right
B.Wrong
C.Doesn't say
A B C
A
整个第二段Although management people routinely receive the financial repots, they also require...often referred to as managerial accounting.指明了这一点。
Passage Three Well over half of all bank commercial loans are made for a short term, that is, for period of less than one year. Of these loans, about half are made on an unsecured basis to seasonal businesses and to borrowers with short-lived and project-oriented needs for funds. Secured short-term borrowers typically are less strong financially or are untested businesses without an earnings record. The most common type of short-term loan is the working capital line of credit extended to financially strong borrowers who have seasonal swings in their operations. Retailers and seasonal manufacturing firms are regular users of such credit. Through the line-of-credit commitment, a bank indicates its intention to honor borrowings up to the amount of the line. The amount is established on the basis of the customer's proforma peak funding requirement, and it assures the borrower of the availability of funds to finance bulges in working capital as sales expand and contract. The line of credit facility is very flexible and overcomes the need to extend a series of separate short-term loans. The customer "takes down" only parts of the line as the need arises, so that redundant borrowings are unnecessary. Loan interest is charged on only the amount actually borrowed, and the loan may be repaid as reflows of cash to the firm occur when seasonal sales decline.
1. The periods of short-term loan is less than one year.
A.Right
B.Wrong
C.Doesn't say
A B C
A
第一段第一句Well over half of all bank commercial loans are made for a short term, that is, for period of less than one year.可以看出。
2. Loan interest is charged on only the amount actually borrowed.
A.Right
B.Wrong
C.Doesn't say
A B C
A
文中最后一句Loan interest is charged on only the amount actually borrowed...可以找出答案。
3. In quite a few instances, line-of-credit borrowing is unsecured.
A.Right
B.Wrong
C.Doesn't say
A B C
C
文中第二句仅说Of these loans,about half are made on an unsecured basis to seasonal businesses and to borrowers with short-lived and project-oriented needs for funds.但并没有指出贷款额度没有保证,更没有举出例子说明。
Part Three Writing
Section One Directions: Translate the following sentences into Chinese.
1. Bond market provides financing through the issuance of bonds, and enables the subsequent trading thereof.
债券市场通过发行债券具备融资功能,使随后的相关交易成为可能。
2. Apart from credit risk, a bank's weakness may also stem from other risks, including interest rate risk, market risk, operational risk and strategic risk.
除了信贷风险,银行的衰退也可由其他风险引起,包括利率风险、市场风险、营运风险和战略风险。
3. The authorized financial institutions should keep enough foreign exchange working capital in accordance with the relevant regulations on asset and liability ratios concerning their foreign exchange operations and loan loss provisions.
4. As a widely used financial statement, a balance sheet shows the financial position of a business at a specific date, and every business usually prepares it at the end of each accounting period.
October 4th, 2008 ABC Bank Road×××, London Dear Sirs,
Your L/C No. 6854, Our BP33048 921
Upon claiming reimbursement of our negotiation under the captioned L/C on ABC Bank, London, we have been informed By our London Office that the payment was effected under reserve for the reason that the L/C is overdrawn by USD 110.00 according to their records. In this regard, we would point out that the credit stipulates "Difference of about 2% in quantity and amount is acceptable". In view of the fact that the amount we claimed is within the said limit, we therefore hope that you mill lift the reserve under advice to us. Your early attention to this matter is highly appreciated. Yours faithfully, Manager Bank of China Beijing Branch