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Pasquini Investments (Pasquini) is a private brokerage looking for 30-day financing of $25 million of its accounts payable but is unsure whether the appropriate investment is a term repurchase agreement (repo) or a term reverse repo agreement. Pasquini is willing to postAAA-rated government bonds as collateral. The bonds have a face value of $27 million and a market value of $25million. The firm is quoted a rate of 0.5% for the transaction. Which of the following choices most accurately reflects the contract type and the repurchase price needed by Pasquin？

Contract type Repurchase price

A) Repo $27,011,250

B) Reverse Repo $25,010,417

C) Repo $25,010,417

D) Reverse Repo $27,011,250

答案：C

解析: Given that Pasquini is a borrower in the repo market, the transaction is a repo

from the perspective of the firm (but a reverse repo from the perspective of the lender).

The repurchase price is calculated as follows:

$25,000,000 ×(1 + 0.5%×30/360) = $25,010,417

It would be prudent for a trader to direct accounting entries in the following situation:

A) Never.

B) When senior management of the firm and the Board of Directors are aware and have approved such on an exception basis.

C) When audit controls are such that the entries are reviewed on a regular basis to ensure detection of irregularities.

D) Solely during such times as staffing turnover requires the trader to back-fill until additional personnel can be hired and trained.

答案：A

解析：In accordance with the separation of duties principle, it would never be appropriate for a trader to direct the accounting entries.

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