112 年國立政治大學會計研究所稅務組《中英語文能力》考古題與詳解

Question 1

Please read the following article and answer questions 1 to 5 (choose the one that best answers the question). (The following article is cited from IFRS 2 - Share-based Payment (paragraph B5)). The entity shall consider factors that knowledgeable, willing market participants would consider in selecting the option pricing model to apply. For example, many employee options have long lives, are usually exercisable during the period between vesting date and the end of the options' life, and are often exercised early. These factors should be considered when estimating the grant date fair value of the options. For many entities, this might preclude the use of the Black-Scholes-Merton formula, which does not allow for the possibility of exercise before the end of the option's life and may not ade…

Accepted Answer

這題考驗對 Black-Scholes-Merton (BSM) 模型基本假設的理解。BSM 模型是選擇權定價的經典模型，但其開發的基礎是針對特定類型的選擇權。

根據文章的敘述，BSM 模型「does not allow for the possibility of exercise before the end of the option's life」。

Question 2

Please read the following article and answer questions 1 to 5 (choose the one that best answers the question). (The following article is cited from IFRS 2 - Share-based Payment (paragraph B5)). The entity shall consider factors that knowledgeable, willing market participants would consider in selecting the option pricing model to apply. For example, many employee options have long lives, are usually exercisable during the period between vesting date and the end of the options' life, and are often exercised early. These factors should be considered when estimating the grant date fair value of the options. For many entities, this might preclude the use of the Black-Scholes-Merton formula, which does not allow for the possibility of exercise before the end of the option's life and may not ade…

Accepted Answer

這題考驗對「call option」基本定義的理解。

Call option，中文稱為「買權」或「看漲選擇權」，賦予持有人在合約規定的期間內，以約定的履約價格 (strike price) 買入標的資產的權利，而非義務。

Question 3

3. The volatility N(x) is calculated based on? A. The standard normal cumulative distribution function B. Probability density function of the normal distribution C. The binominal cumulative distribution function D. Probability density function of the Bernoulli distribution

Accepted Answer

核心觀念

本題考查選擇權定價模型中 $N(x)$ 的意義。

在 Black–Scholes 選擇權定價模型中， $N(x)$ 表示標準常態累積分配函數（standard normal cumulative distribution function, CDF）：

N(x)=P(Z\leq x)

其中 $Z\sim N(0,1)$ ，亦即平均數為 $0$ 、變異數為 $1$ 的標準常態隨機變數。

其數學定義為：

N(x)=\int_{-\infty}^{x}\frac{1}{\sqrt{2\pi}}e^{-t^{2}/2}\,dt

因此， $N(x)$ 所計算的是標準常態分配在 $x$ 左側的累積機率。

須特別區分：

波動度通常以 $\sigma$ 表示。
$N(x)$ 是標準常態累積分配函數。
標準常態機率密度函數通常以 $\phi(x)$ 表示。

解題方法

直接辨認 $N(x)$ 的統計符號即可。

在 Black–Scholes 模型中，歐式買權價格可寫為：

C=S_{0}N(d_{1})-Ke^{-rT}N(d_{2})

其中：

d_{1} = \frac{\ln(S_{0}/K)+(r+\sigma^{2}/2)T} {\sigma\sqrt{T}}

d_{2}=d_{1}-\sigma\sqrt{T}

公式中的 $N(d_{1})$ 與 $N(d_{2})$ 都是將 $d_{1}$ 、 $d_{2}$ 代入標準常態累積分配函數後所得的機率值。因此， $N(x)$ 是根據標準常態累積分配函數計算，而不是根據常態機率密度函數或離散分配計算。

選項分析

A. The standard normal cumulative distribution function

正確。

$N(x)$ 即表示標準常態累積分配函數：

N(x)=P(Z\leq x),\qquad Z\sim N(0,1)

因此本選項符合 $N(x)$ 的定義。

Question 4

4. Why does the IFRS 2 paragraph B5 conclude that many entities might preclude the use of the Black-Scholes- Merton formula? A. Because some entity might grant too many share options to its employee instead of the management. B. Because the share options may be exercised early. C. Because some entity might grant the shares option too early. D. Because the period between vesting date and the end of the options' life is too short.

Accepted Answer

這題考驗對文章中關於 Black-Scholes-Merton (BSM) 模型適用限制的理解。

文章中提到：「For many entities, this might preclude the use of the Black-Scholes-Merton formula, which does not allow for the possibility of exercise before the end of the option's life and may not adequately reflect the effects of expected early exercise.」

這段話直接指出了 BSM 模型無法處理「提前行使 (early exercise)」的情境，而許多員工選擇權 (employee options) 的特徵就是可能被提前行使。

Question 5

5. Which of the followings is another major factor that leads IFRS 2 paragraph B5 to conclude that many entities might preclude the use of the Black-Scholes-Merton formula? A. The existence of knowledgeable, willing market participants B. Number of employees the entity hires C. Number of share options the entity is allowed to grant D. The entity's decision to pay cash dividend

Accepted Answer

核心觀念 IFRS 第 2 號準則（IFRS 2）第 B5 段指出，使用 Black‑Scholes‑Merton（BSM）模型對於多數企業而言可能受到限制，原因在於 BSM 需要滿足若干市場假設。除了「可觀測的市場價格」之外，「市場參與人須具備足夠的知識與意願」（knowledgeable, willing market participants）亦是關鍵條件。若此條件不成立，則無法合理取得必要的波動率、無風險利率等參數，從而無法套用 BSM。 解題方法 1. 先回顧 IFRS 2 B5 段的文字敘述，確認它列出的兩大前提： - 存在活躍的市場，使得相關資產（普通股）與衍生權益工具（股權激勵）皆能有公開、可觀測的價格。 - 市場參與人具備足夠的專業知識與交易意願，才能保證價格之有效性（efficient market）。 2. 逐一比較選項，判斷哪一項屬於「另一個主要因素」——即同樣屬於 IFRS 2 B5 所列、會導致企業無法使用 BSM 的條件。 3. 以排除法：若選項與上述條件無關，則可直接判為錯誤。 選項分析 | 選項 | 內容 | 與 IFRS 2 B5 之關聯性 | 判斷 | |------|------|----------------------|------| | A | The existence of knowledgeable, willing market participants（具備知識且願意交易的市場參與人） | 正是 IFRS 2 B5 所強調的第二項假設。若市場參與人不具備此特性，價格無法被視為公平且有效，企業就不能合理套用 BSM。 | 正確 |

Question 6

6. 下列何者為IFRS17中,「Contractual service margin」之中文名稱? A. 合約服務利潤 B. 合約服務差價 C. 合約服務邊際 D. 合約服務毛利

Accepted Answer

這題考驗對 IFRS 17 中關鍵術語的中文翻譯。IFRS 17 是保險合約的會計準則。

「Contractual service margin」 (CSM) 是 IFRS 17 中一個核心概念，代表保險公司在提供保險服務過程中預期可獲得的利潤。它是一個在保險合約負債確認時，在初始確認時，作為保險合約組合的組成部分，並在後續期間攤銷。

Question 7

7. 下列何者為IFRS 15中,「單獨履約義務」所使用之詞彙? A. Self-performance obligation B. Single performance obligation C. Separate performance obligation D. Standalone performance obligation

Accepted Answer

核心觀念

本題考 IFRS 15「辨認合約中的履約義務」所用的英文詞彙。企業須判斷合約承諾的商品或勞務是否具有「可區分性」（distinct）；符合條件的承諾，會作為一項單獨的履約義務分別處理。IFRS 15 第 22 至 30 段說明履約義務的辨認及可區分性的判斷。(IFRS 解釋委員會說明)

解題方法

先抓住題目中的「單獨履約義務」，對應英文 separate performance obligation。不要把它和「可區分」（distinct）的判斷條件混為一談：distinct 描述承諾是否可區分；separate performance obligation 則表示符合條件、須分別辨認與處理的履約義務。(ACCA：IFRS 15 履約義務)

選項分析

**A. Self-performance obligation：錯誤。

Question 8

8. 下列何者為IFRS16中,「租賃修改」所使用之詞彙? A. Lease modification B. Lease revision C. Lease alteration D. Lease amendment

Accepted Answer

這題考驗對 IFRS 16 中關鍵術語的英文翻譯。IFRS 16 是租賃會計準則。

「租賃修改」指的是對原始租賃合約條款的變動。在 IFRS 16 中，這個概念的標準術語是「Lease modification」。

選項分析：
A. Lease modification：這是 IFRS 16 中對「租賃修改」的標準術語。

Question 9

9. 下列何者為IFRS15中,「單獨售價」所使用之詞彙? A. Self-alone selling price B. Single selling price C. Separate selling price D. Stand-alone selling price

Accepted Answer

這題考驗對 IFRS 15 中關鍵術語的英文翻譯。IFRS 15 是收入認列準則。

「單獨售價」指的是在沒有其他履約義務組合的情況下，企業銷售某商品或服務的價格。在 IFRS 15 中，這個概念的標準術語是「Standalone selling price」。

選項分析：
A. Self-alone selling price：此詞彙不存在。
B. Single selling price：Single selling price 僅指單一價格，但未強調其是「獨立」的價格。

Question 10

10. 下列何者為IFRS3中,「廉價購買」所使用之詞彙? A. Reasonable buy B. Cheap buy C. Bargain purchase D. Discount purchase

Accepted Answer

這題考驗對 IFRS 3 (企業合併) 中關鍵術語的英文翻譯。

「廉價購買」指的是企業在企業合併中，以低於標的資產公允價值的價格取得。在 IFRS 3 中，這個概念的標準術語是「Bargain purchase」。

選項分析：
A. Reasonable buy：Reasonable buy 指「合理的購買」，不一定代表低於公允價值。
B. Cheap buy：Cheap buy 是一個通俗的說法，但不是正式的會計術語。

Question 11

Please read the following article and answer questions 16 to 20 (choose an option that best answers the question). (The following article is cited from To the Lighthouse by Virginia Woolf). "Yes, of course, if it's fine tomorrow," said Mrs. Ramsay. "But you'll have to be up with the lark," she added. To her son these words conveyed an extraordinary joy, as if it were settled, the expedition were bound to take place, and the wonder to which he had looked forward, for years and years it seemed, was, after a night's darkness and a day's sail, within touch. Since he belonged, even at the age of six, to that great clan which cannot keep this feeling separate from that, but must let future prospects, with their joys and sorrows, cloud what is actually at hand, since to such people even in earlie…

Accepted Answer

核心觀念 本題考查字義判斷與語境辨義。convey 常見意思包括： - 傳達、表達（思想、感情、訊息） - 運送、搬運（物品、人員） - 傳遞、轉移 判斷正確選項時，不能只看單字的字典義，而要根據句中主詞、受詞及上下文決定最自然的意思。 解題方法 句子為： To her son these words conveyed an extraordinary joy. 其中： - these words 指 Mrs. Ramsay 所說的話； - conveyed 是動詞； - an extraordinary joy 是受詞，表示「一種非凡的喜悅」。 句意是：對她的兒子而言，這些話傳達了／帶來了極大的喜悅。 由於 joy 是抽象的情感，convey 在此不是指實際搬運或運送，而是指透過語言使某種情緒或意義被感受到。因此最貼近的意思是「溝通、傳達」。 選項分析

Question 12

Please read the following article and answer questions 16 to 20 (choose an option that best answers the question). (The following article is cited from To the Lighthouse by Virginia Woolf). "Yes, of course, if it's fine tomorrow," said Mrs. Ramsay. "But you'll have to be up with the lark," she added. To her son these words conveyed an extraordinary joy, as if it were settled, the expedition were bound to take place, and the wonder to which he had looked forward, for years and years it seemed, was, after a night's darkness and a day's sail, within touch. Since he belonged, even at the age of six, to that great clan which cannot keep this feeling separate from that, but must let future prospects, with their joys and sorrows, cloud what is actually at hand, since to such people even in earlie…

Accepted Answer

這題考驗對單詞 "expedition" 的近義詞理解。

在句子 "the expedition were bound to take place" 中，"expedition" 指的是一趟有目的的旅程，通常是為了探索、科學研究、軍事行動或商業目的。在文章的上下文（提到「a day's sail」）中，它明顯指的是一趟旅程。

Question 13

Please read the following article and answer questions 16 to 20 (choose an option that best answers the question). (The following article is cited from To the Lighthouse by Virginia Woolf). "Yes, of course, if it's fine tomorrow," said Mrs. Ramsay. "But you'll have to be up with the lark," she added. To her son these words conveyed an extraordinary joy, as if it were settled, the expedition were bound to take place, and the wonder to which he had looked forward, for years and years it seemed, was, after a night's darkness and a day's sail, within touch. Since he belonged, even at the age of six, to that great clan which cannot keep this feeling separate from that, but must let future prospects, with their joys and sorrows, cloud what is actually at hand, since to such people even in earlie…

Accepted Answer

這題考驗對文章內容的理解，特別是關於小男孩 James Ramsay 的感受和期待。

文章開頭描述了 Mrs. Ramsay 對兒子說的話，讓兒子感到「extraordinary joy」。
接著提到：「as if it were settled, the expedition were bound to take place, and the wonder to which he had looked forward, for years and years it seemed, was, after a night's darkness and a day's sail, within touch.」
這段話清楚地表明，兒子對即將到來的「expedition」（旅程）充滿期待，這趟旅程是他多年來嚮往的，現在似乎即將實現。

Question 14

Please read the following article and answer questions 16 to 20 (choose an option that best answers the question). (The following article is cited from To the Lighthouse by Virginia Woolf). "Yes, of course, if it's fine tomorrow," said Mrs. Ramsay. "But you'll have to be up with the lark," she added. To her son these words conveyed an extraordinary joy, as if it were settled, the expedition were bound to take place, and the wonder to which he had looked forward, for years and years it seemed, was, after a night's darkness and a day's sail, within touch. Since he belonged, even at the age of six, to that great clan which cannot keep this feeling separate from that, but must let future prospects, with their joys and sorrows, cloud what is actually at hand, since to such people even in earlie…

Accepted Answer

核心觀念 本題考「字義判斷」與「上下文語意」。判斷單字替換時，不能只看中文常見翻譯，還要觀察該詞在句中的語氣與文章情境。 extraordinary 是形容詞，常見意思包括： - 非凡的、異常的 - 特別的、罕見的 - 非常不尋常的 句中 an extraordinary joy 描寫 James Ramsay 聽見母親答應出航後，產生極為特殊、強烈而非凡的喜悅。 解題方法 將句意還原： 這些話帶給他一種非凡的喜悅。 文章後文提到，James 把冰箱的圖片、手推車、割草機、樹葉與烏鴉叫聲等事物，都染上了喜悅的色彩，顯示這份喜悅不只是一般的開心，而是特別強烈、異常而令人難忘。 因此，最接近 extraordinary 的詞是「異常地、非比尋常地」，即 exceptionally。 雖然 extraordinary 在原句中是形容詞，而選項多為副詞，但本題重點在語意上的近義替換；若完整改寫，應理解為： an exceptionally great or unusual joy 選項分析

Question 15

Please read the following article and answer questions 21 to 25 (choose an option that best answers the question). (The following article is cited from Wolfers, Justin. 2006. Did Unilateral Divorce Raise Divorce Rates? A Reconciliation and New Results. American Economic Review 96 (5): 1802-1820.) The "no-fault revolution" that swept the United States in the 1970s radically altered the parameters of family law. The new no-fault unilateral divorce laws allowed people to seek a divorce without the consent of their spouse, a dramatic departure from previous practice. This decade also saw radical changes in the structure of American families, with divorce rates rising dramatically across the nation. Are these two trends connected? This question has been argued at length, and each iteration of t…

Accepted Answer

這題考驗對文章主旨的理解。作者在這篇文章中，對過去關於單方面離婚 (unilateral divorce) 影響離婚率的研究提出了質疑和修正。

文章開頭提到，單方面離婚法的實施與離婚率的急劇上升，這兩者是否相關，一直是爭論的焦點。
接著，作者明確指出：「This paper argues that these conclusions are somewhat misleading.」（本文認為這些結論有些誤導。）
作者進一步分析了過去研究中的方法論問題（difference-in-difference analyses 的困難），並提出了自己的研究結果。作者的研究發現，離婚率確實曾因單方面離婚法而上升，但這種上升並非持久，且在長期來看，離婚率甚至可能降低。

選項分析：
A. The approaches used in the previous research are wrong：作者確實指出了過去研究方法論上的困難（"A major difficulty in difference-in-difference analyses involves separating out preexisting trends from the dynamic effects of a policy shock. Her approach appears

Question 16

Please read the following article and answer questions 21 to 25 (choose an option that best answers the question). (The following article is cited from Wolfers, Justin. 2006. Did Unilateral Divorce Raise Divorce Rates? A Reconciliation and New Results. American Economic Review 96 (5): 1802-1820.) The "no-fault revolution" that swept the United States in the 1970s radically altered the parameters of family law. The new no-fault unilateral divorce laws allowed people to seek a divorce without the consent of their spouse, a dramatic departure from previous practice. This decade also saw radical changes in the structure of American families, with divorce rates rising dramatically across the nation. Are these two trends connected? This question has been argued at length, and each iteration of t…

Accepted Answer

這題考驗對作者對先前研究方法的論述。作者認為過去研究的「結論」有誤導性，而這種誤導性源於其採用的研究方法。

文章中提到：「A major difficulty in difference-in-difference analyses involves separating out preexisting trends from the dynamic effects of a policy shock. Her approach appears to confound the two.」
這段話直接點出了問題所在：過去研究採用的 difference-in-difference (DID) 分析方法，在區分「既有趨勢」(preexisting trends) 和「政策衝擊的動態效應」(dynamic effects of a policy shock) 時遇到了困難。作者認為，過去的研究「confound the two」，即將兩者混淆了。

接著作者補充：「This problem—that state-specific trends may pick up the effects of a policy and not just preexisting trends is quite general.」
這說明了 DID 方法的普遍性問題，即可能將其他因素（state-specific trends）誤認為是政策效果。

作者並未說 DID 分析方法本身是錯誤的，或者不應採用。相反，他提出「Slight modifications to standard procedures yield more, directly interpretable est

Question 17

Please read the following article and answer questions 21 to 25 (choose an option that best answers the question). (The following article is cited from Wolfers, Justin. 2006. Did Unilateral Divorce Raise Divorce Rates? A Reconciliation and New Results. American Economic Review 96 (5): 1802-1820.) The "no-fault revolution" that swept the United States in the 1970s radically altered the parameters of family law. The new no-fault unilateral divorce laws allowed people to seek a divorce without the consent of their spouse, a dramatic departure from previous practice. This decade also saw radical changes in the structure of American families, with divorce rates rising dramatically across the nation. Are these two trends connected? This question has been argued at length, and each iteration of t…

Accepted Answer

這題考驗對單詞 "radically" 的近義詞理解。

在句子「The "no-fault revolution" that swept the United States in the 1970s radically altered the parameters of family law」中，"radically" 用來修飾動詞 "altered"，表示改變的程度非常劇烈、根本性。

選項分析：
A. entirely：Entirely 意為「完全地」、「徹底地」。與 "radically" 的意思非常接近，都表示程度上的極大改變。
B. exceptionally：Exceptionally 意為「異常地」、「非凡地」，強調的是「不尋常」或「突出」，而非改變的「程度」或「根本性」。

Question 18

24. Look at the sentence' 'There is no evidence that this rise in divorce is persistent.' This word' persistent' could best be replaced by which of the following? A. predetermined B. perpetual C. presumed D. preexisting

Accepted Answer

核心觀念

本題考「上下文判讀」與近義字辨析。

句子：

There is no evidence that this rise in divorce is persistent.

其中 persistent 作形容詞，意為「持續的、長久存在的、不易消退的」。句意是：

「沒有證據顯示離婚率的上升是持續性的。」

因此，應選擇表示「長久存在、持續不變」的字。

解題方法

判斷關鍵在於：

this rise in divorce：離婚現象的上升
is persistent：這種上升是否會持續下去

能放入句中且符合語意的替代字，必須具有「持久、長期延續」的意思。四個選項中，perpetual 表示「永久的、持續不斷的」，與 persistent 的語意最接近。

選項分析

A. predetermined

意為「預先決定的、命中注定的」。

predetermined 強調事情在事前已經被決定。
與「持續存在」無關。
代入句中會變成「離婚率的上升是預先決定的」，語意不合。

因此錯誤。

B. perpetual

意為「永久的、長久持續的、持續不斷的」。

Question 19

25. Look at the word ' consent' in "The new no-fault unilateral divorce laws allowed people to seek a divorce without the consent of their spouse, a dramatic departure from previous practice." This word could best be replaced by which of the following? A. prehension B. preparation C. prescription D. permission

Accepted Answer

這題考驗對單詞 "consent" 的近義詞理解。

在句子「The new no-fault unilateral divorce laws allowed people to seek a divorce without the consent of their spouse...」中，"consent" 指的是「同意」、「認可」。這句話的意思是，新的無過錯單方面離婚法允許人們在未經配偶同意的情況下尋求離婚。

選項分析：
A. prehension：Prehension 意為「預感」、「預知」，與「同意」無關。
B. preparation：Preparation 意為「準備」，與「同意」無關。

112 年國立政治大學會計研究所稅務組《中英語文能力》

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解題方法

選項分析

A. The standard normal cumulative distribution function

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解題方法

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A. predetermined

B. perpetual

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其他考古題

112 年政治大學的其他科目

政治大學《中英語文能力》其他年度

其他學校的財金會計考古題

112 年 國立政治大學會計研究所稅務組《中英語文能力》

第 1 題

第 2 題

第 3 題

核心觀念

解題方法

選項分析

A. The standard normal cumulative distribution function

第 4 題

第 5 題

第 6 題

第 7 題

核心觀念

解題方法

選項分析

第 8 題

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第 23 題

第 24 題

核心觀念

解題方法

選項分析

A. predetermined

B. perpetual

第 25 題

其他考古題

112 年政治大學的其他科目

政治大學《中英語文能力》其他年度

其他學校的財金會計考古題

112 年國立政治大學會計研究所稅務組《中英語文能力》