[ A] expenditures[ B] benefits[ C] costs[ D] profits

正确答案：D

正确答案：D

正确答案：
(c) The Shirtmaster Group has decided to structure itself using two divisions who are dealing with very different markets,
customers and buying behaviours. In so doing the intention is to provide more value to the customer through a better
understanding of their needs. The existence of the two divisions also reflects the origins of the two family businesses.
Mintzberg in his work on organisation design and structure sees divisional configurations as being appropriate in relatively
simple and static environments where significant strategic power is delegated from the ‘strategic apex’ to the ‘middle line‘
general managers with responsibility for the performance of the division. Indeed one of the benefits cited for divisionalised
companies is their ability to provide a good training ground in strategic decision making for general managers who can then
progress to senior positions at company headquarters. Tony Masters’s reluctance to delegate real strategic decision making
power to the senior managers in the Shirtmaster division may be preventing those managers developing key managerial skills.
Using the Boston Box model one could classify the Shirtmaster division as a ‘dog’ with low market share in a market exhibiting
change but little growth. The Corporate Clothing division, by contrast, can be regarded as a ‘problem child’ having a small
share but of a growing market. Porter’s ‘better-off test’ needs to be met – are the two divisions better off being in the same
Group? As it stands there seems little synergy between the two divisions – there seems to be little evidence of the two divisions
sharing resources or transferring skills or learning between the two divisions. Their two value chains and systems are both
separate and different though on the face of it there are many activities that are similar. Operating independently may
encourage healthy competition between the two divisions and consequently better performance through better motivated staff.
Specialised competences such as Corporate Clothing division’s on-line response to customer orders and design changes are
more easily developed within a divisionalised structure. Performance can be clearly identified and controlled and resources
channelled to those areas showing potential. However, this may be at the expense of costly duplication of resources and an
inability to get the necessary scale to compete in either of their separate markets. Certainly, the lack of co-operation betweenthe divisions in areas such as information systems may lead to higher costs and poorer performance.

正确答案：B
解析：单句意思为“银行对于存款人担有特殊的义务，因为它的收益部分来自存款，部分来自自身的资本金。”

正确答案：B
解析：会计等式(accounting equation)：资产=负债+所有者权益。investor's yield投资者的收益。assets, liabilities and owner's equity分别是指：资产、负债、所有者权益。

答案：A

解析：

答案：C

解析：

正确答案：E

正确答案：B,C,B,D,A

正确答案：
(b) Increased information disclosure benefits users by reducing the likelihood that they will misallocate their capital. This is
obviously a direct benefit to individual users of corporate reports. The disclosure reduces the risk of misallocation of capital
by enabling users to improve their assessments of a company’s prospects. This creates three important results.
(i) Users use information disclosed to increase their investment returns and by definition support the most profitable
companies which are likely to be those that contribute most to economic growth. Thus, an important benefit of
information disclosure is that it improves the effectiveness of the investment process.
(ii) The second result lies in the effect on the liquidity of the capital markets. A more liquid market assists the effective
allocation of capital by allowing users to reallocate their capital quickly. The degree of information asymmetry between
the buyer and seller and the degree of uncertainty of the buyer and the seller will affect the liquidity of the market as
lower asymmetry and less uncertainty will increase the number of transactions and make the market more liquid.
Disclosure will affect uncertainty and information asymmetry.
(iii) Information disclosure helps users understand the risk of a prospective investment. Without any information, the user
has no way of assessing a company’s prospects. Information disclosure helps investors predict a company’s prospects.
Getting a better understanding of the true risk could lower the price of capital for the company. It is difficult to prove
however that the average cost of capital is lowered by information disclosure, even though it is logically and practically
impossible to assess a company’s risk without relevant information. Lower capital costs promote investment, which can
stimulate productivity and economic growth.
However although increased information can benefit users, there are problems of understandability and information overload.
Information disclosure provides a degree of protection to users. The benefit is fairness to users and is part of corporate
accountability to society as a whole.
The main costs to the preparer of financial statements are as follows:
(i) the cost of developing and disseminating information,
(ii) the cost of possible litigation attributable to information disclosure,
(iii) the cost of competitive disadvantage attributable to disclosure.
The costs of developing and disseminating the information include those of gathering, creating and auditing the information.
Additional costs to the preparers include training costs, changes to systems (for example on moving to IFRS), and the more
complex and the greater the information provided, the more it will cost the company.
Although litigation costs are known to arise from information disclosure, it does not follow that all information disclosure leads
to litigation costs. Cases can arise from insufficient disclosure and misleading disclosure. Only the latter is normally prompted
by the presentation of information disclosure. Fuller disclosure could lead to lower costs of litigation as the stock market would
have more realistic expectations of the company’s prospects and the discrepancy between the valuation implicit in the market
price and the valuation based on a company’s financial statements would be lower. However, litigation costs do not
necessarily increase with the extent of the disclosure. Increased disclosure could reduce litigation costs.
Disclosure could weaken a company’s ability to generate future cash flows by aiding its competitors. The effect of disclosure
on competitiveness involves benefits as well as costs. Competitive disadvantage could be created if disclosure is made relating
to strategies, plans, (for example, planned product development, new market targeting) or information about operations (for
example, production-cost figures). There is a significant difference between the purpose of disclosure to users and
competitors. The purpose of disclosure to users is to help them to estimate the amount, timing, and certainty of future cash
flows. Competitors are not trying to predict a company’s future cash flows, and information of use in that context is not
necessarily of use in obtaining competitive advantage. Overlap between information designed to meet users’ needs and
information designed to further the purposes of a competitor is often coincidental. Every company that could suffer competitive
disadvantage from disclosure could gain competitive advantage from comparable disclosure by competitors. Published figures
are often aggregated with little use to competitors.
Companies bargain with suppliers and with customers, and information disclosure could give those parties an advantage in
negotiations. In such cases, the advantage would be a cost for the disclosing entity. However, the cost would be offset
whenever information disclosure was presented by both parties, each would receive an advantage and a disadvantage.
There are other criteria to consider such as whether the information to be disclosed is about the company. This is both a
benefit and a cost criterion. Users of corporate reports need company-specific data, and it is typically more costly to obtain
and present information about matters external to the company. Additionally, consideration must be given as to whether the
company is the best source for the information. It could be inefficient for a company to obtain or develop data that other, more
expert parties could develop and present or do develop at present.
There are many benefits to information disclosure and users have unmet information needs. It cannot be known with any
certainty what the optimal disclosure level is for companies. Some companies through voluntary disclosure may have
achieved their optimal level. There are no quantitative measures of how levels of disclosure stand with respect to optimal
levels. Standard setters have to make such estimates as best they can, guided by prudence, and by what evidence of benefits
and costs they can obtain.

参考答案：D

正确答案：D

答案：A

解析：