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Which of the following is the most appropriate definition of the term 'factoring'?

A.

Where a business sells its accounts receivable to a third party at a discount

B.

Where a business borrows a loan with short-term conditions from a third party

C.

Where a business sells equity to third parties to gain short-term finance

D.

Where a business is provided with a highly flexible regular source of short-term finance by a bank

A non-executive director of a company is somebody who:

A.

is involved in making operational decisions m the company

B.

need not have experience of the industry in which the company operates

C.

does not earn remuneration from the company

D.

can be appointed Chief Executive Officer of the company.

XY is an entity incorporated in Country B but operates in several countries. Monthly management meetings to decide on strategic matters take place in Country A, where the majority of its production happens. XY sells most of its goods to Country C.

In accordance with the Organization for Economic Co-operation and Development (OECD) rules on corporate residence which of the following statements is true?

A.

XY is resident in Country B because this is the country of its incorporation.

B.

XY is resident in Country C because this is the country where XY generates most of its revenue.

C.

XY is resident in Country A because this is the country of its effective management.

D.

XY is resident in Country A because this is the country where XY undertakes most of its production.

AAA has the following working capital ratios at 30 March 20X4:

During the year ended 30 March 20X4 credit purchases were $3,600 and at 30 March 20X4 the outstanding trade payables amounted to $522.

The year ended 30 March 20X4 was not a leap year.

Calculate the working capital cycle for AAA.

Give your answer to one decimal place.