【正文】 amendment. An irrevocable credit, however, carries the irrevocable undertaking of the issuing bank to pay all drawings made in terms of the credit. Such a credit can only be amended or cancelled with the consent of all parties to it, that is the applicant, the issuing bank, the intermediary bank, if any, and the beneficiary.　　Where the confirmation of an intermediary bank is added to an irrevocable letter of credit, the credit is a confirmed credit, or more exactly, a confirmed irrevocable credit, and such a confirmation constitutes a definite undertaking of the confirming bank in addition to the undertaking of the issuing bank.54. A revocable credit can be amended in any circumstances.A. Right B. Wrong C. Doesn39。t say56. An irrevocable credit cannot be cancelled.A. Right B. Wrong C. Doesn39。t sayPassage Three　　The source of foreign exchange for overseas investment by domestic entities are subject to review by the SAFE before the application for such investment is filed with the relevant government agencies.　　Profits or other foreign exchange ine of Chinese investors from their overseas investment must be remitted home within eight months after the close of each local accounting year and surrendered or kept in foreign exchange accounts in accordance with the regulations. Unless otherwise approved by the SAFE, Chinese investors may not divert foreign exchange receipts to any other purposes or keep them abroad. Whenever an enterprise winds up its overseas business, the investor shall repatriate all of the assets.58. SAFE is the abbreviation of the Stated Administration of Foreign Exchange.A. Right B. Wrong C. Doesn39。t say60. Chinese investors cannot divert foreign exchange receipts to any otherpurposes or keep them abroad. 39。cumulative,39。non cumulative,39。s the correct definition of revolving documentary credit?A. A revolving documentary credit is one by which, under the terms and conditions thereof, the amount is reinstated without specific amendments to whichever kinds of credit the customer required.B. A revolving documentary credit is one by which, under the terms and conditions thereof, the tenor is extended without specific amendmentsto the documentary credit being required.C. A revolving documentary credit is one by which, under the terms and conditions thereof, the amount is renewed with specific amendments tothe documentary credit being required.D. A revolving documentary credit is one by which, under the terms and conditions thereof, the amount is reinstated without specific amendments to the documentary credit being required.62. Ceases to in Line 11 probably means __________________.A. continue B. suspend to C. stop D. carry over63. Which of the following statements is true?A. The revolving documentary credit may revolve according to the amount and time.B. A revolving documentary credit must be irrevocable.C. A revolving documentary credit must be revocable.D. The amount of a revolving documentary credit cannot be cumulated.64. When is the amount reinstated in the case of a documentary credit that　　revolves in relation to value?A. Just on presentation of specified documents. B. Only after the issuing bank receives those documents.C. Under the stated condition.D. All of above.65. The documentary credit that revolves in relation to value isn39。s favourD. it receives the letter of credit issued in the bank39。s normal operating cycle if longer than a year. The operating cycle is the time span during which (1) cash is used to acquire goods and services, and (2) these goods and services are sold to customers, who in turn pay for their purchases with cash. For most businesses, the operating cycle is a few months. A few types of business have operating cycles longer than a year. Cash Accounts Receivable, Notes receivable due within a year or less are current assets. Merchandising entities such as Sears, Penney39。s liabilities. The sooner a liability must be paid, the more current it is. Liabilities that must be paid on the earliest future date create the greatest stain on cash. Therefore, the balance sheet lists liabilities in the order in which they are due. Knowing how many of a business39。s operating cycle. Notes Payable due within one year, Salary Payable, Unearned Revenue, and Interest Payable owed on notes payable are current liabilities.　　Longterm Liabilities. All liabilities that are not current are classified as longterm liabilities. Other notes payable are paid in installments, with the first installment due within one year, the second installment due the second year, and so on. In this case, the first installment would be a current liability and the remainder a longterm liability.75. Which is the most liquid asset on the balance sheet except cash.A. Accounts Receivable.B. Notes Receivable.C. Supplies.D. Inventory. 76. Liquidity is a measure of _______.A. how safely an item may be converted to cash.B. how much an item may be converted to cash.C. how immediately an item may be encashed.D. how quickly the goods may be sold to customer.77. Longterm assets __________.A. are not held for sale, but rather they are used to operate the businessB. are all assets other than current assetsC. fixed assetsD. both A and B78. ______are examples of plant assets.A. Furniture and inventoryB. Equipment and suppliesC. Inventory and suppliesD. Fixture and buildings79. Which sentence is true about the passage?A. For most businesses, the operating cycle is one year.B. Installments are long liabilities.C. Notes Payable due within one year, Salary Payable, Unearned Revenue, and Interest Payable owed on notes payable are current liabilities.D. Current liabilities are only debts that are due to be paid within one year.80. Creditors are most interested in __________.A. the entity39。s liabilitiesC. the quality of assetD. the amount of an enti