经济学方面的阅读材料.doc

《经济学方面的阅读材料.doc》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、QuestionTwoBovisHomesGroupplc(Bovis)buildshousesforsaletomembersofthepublic.a)Bovis’BusinessReviewstatesthatitsstrategyandobjectivesare‘Firstly,theGroupseekstoachieveaminimumreturnoncapitalemployed(ROCE)of20%andmaximiseoperatingmargin.Secondly,theGroups

2、eekstoensuregrowthinprofitsandmaximiseearningspershare.Thirdly,theGroupseekstomaintainthehighestlevelofawarenessandpracticalimplementationofhealth,safetyandenvironmentalstandards’Explaintheroleofsuchnarrativereportinginfinancialstatementsandwhythishasin

3、creasedinrecentyearsb)Bovis’accountingpoliciesincludethefollowingstatementregardingrevenuerecognition:‘Revenueisrecognisedwhenthesignificantrisksandrewardsofownershiphavebeentransferredtothepurchaser.Revenueconsistsofthefairvaluationoftheconsiderationre

4、ceivedorreceivable.Revenuedoesnotincludethevalueoftheonwardlegalcompletionofpropertiesacceptedinpartexchangeagainstanewproperty’Explaintherelevanceofsuchrevenuerecognitionpoliciesforreportedperformanceandratiosc)Bovis’inventoriesinclude£871millionofland

5、heldfordevelopmentoverthefollowing3years;explaintheconceptsbehindtheaccountingtreatmentofthisitemasacurrentassetandtheimpactofthistreatmentonsolvencyratiosd)ExplainhowthePriceEarnings(PE)ratioiscalculated,whatinfluencesitslevelandhowaninvestormightuseth

6、einformationthatBovis’PEratioiscurrently‘low’