ACCA考试F9财务管理真题2010年12月及答案解析.doc

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1、ACCA 考试 F9 财务管理真题 2010 年 12 月及答案解析(总分：99.98，做题时间：180 分钟)一、ALL FOUR questions a(总题数：4，分数：100.00)（分数：24.99）(1).(a) Calculate the net present value of Project A and advise on its acceptability if the project were to be appraised using this method. (12 marks)（分数：8.33）_(2).(b) Critically discuss the dire

2、ctors views on investment appraisal. (7 marks)（分数：8.33）_(3).(c) Calculate a project-specific cost of equity for Project B and explain the stages of your calculation. (6 marks)（分数：8.33）_（分数：24.99）(1).(a) Evaluate suitable methods of raising the $200 million required by Nugfer Co, supporting your eval

3、uation with both analysis and critical discussion. (15 marks)（分数：8.33）_(2).(b) Briefly explain the factors that will influence the rate of interest charged on a new issue of bonds. (4 marks)（分数：8.33）_(3).(c) Identify and describe the three forms of efficiency that may be found in a capital market. (

4、6 marks)（分数：8.33）_（分数：25.00）(1).(a) Calculate the cost of the current ordering policy and the change in the costs of inventory management that will arise if the economic order quantity is used to determine the optimum order size for Product KN5. (6 marks)（分数：6.25）_(2).(b) Briefly describe the benefi

5、ts of a just-in-time (JIT) procurement policy. (5 marks)（分数：6.25）_(3).(c) Calculate and comment on whether the proposed changes in receivables management will be acceptable. Assuming that only 25% of customers take the early settlement discount, what is the maximum early settlement discount that cou

6、ld be offered? (6 marks)（分数：6.25）_(4).(d) Discuss the factors that should be considered in formulating working capital policy on the management of trade receivables. (8 marks)（分数：6.25）_（分数：25.00）(1).(a) Calculate the equity value of NN Co using the following business valuation methods: (i) the divid

7、end growth model; (ii) net asset value. (5 marks)（分数：6.25）_(2).(b) Calculate the after-tax cost of debt of NN Co. (4 marks)（分数：6.25）_(3).(c) Calculate the weighted average after-tax cost of capital of NN Co. (6 marks)（分数：6.25）_(4).(d) Discuss the factors to be considered in formulating the dividend

8、policy of a stock-exchange listed company. (10 marks)（分数：6.25）_ACCA 考试 F9 财务管理真题 2010 年 12 月答案解析(总分：99.98，做题时间：180 分钟)一、ALL FOUR questions a(总题数：4，分数：100.00)（分数：24.99）(1).(a) Calculate the net present value of Project A and advise on its acceptability if the project were to be appraised using this m

9、ethod. (12 marks)（分数：8.33）_正确答案：( )解析：(2).(b) Critically discuss the directors views on investment appraisal. (7 marks)（分数：8.33）_正确答案：( )解析：(3).(c) Calculate a project-specific cost of equity for Project B and explain the stages of your calculation. (6 marks)（分数：8.33）_正确答案：( )解析：（分数：24.99）(1).(a) Ev

10、aluate suitable methods of raising the $200 million required by Nugfer Co, supporting your evaluation with both analysis and critical discussion. (15 marks)（分数：8.33）_正确答案：( )解析：(2).(b) Briefly explain the factors that will influence the rate of interest charged on a new issue of bonds. (4 marks)（分数：

11、8.33）_正确答案：( )解析：(3).(c) Identify and describe the three forms of efficiency that may be found in a capital market. (6 marks)（分数：8.33）_正确答案：( )解析：（分数：25.00）(1).(a) Calculate the cost of the current ordering policy and the change in the costs of inventory management that will arise if the economic or

12、der quantity is used to determine the optimum order size for Product KN5. (6 marks)（分数：6.25）_正确答案：( )解析：(2).(b) Briefly describe the benefits of a just-in-time (JIT) procurement policy. (5 marks)（分数：6.25）_正确答案：( )解析：(3).(c) Calculate and comment on whether the proposed changes in receivables managem

13、ent will be acceptable. Assuming that only 25% of customers take the early settlement discount, what is the maximum early settlement discount that could be offered? (6 marks)（分数：6.25）_正确答案：( )解析：(4).(d) Discuss the factors that should be considered in formulating working capital policy on the manage

14、ment of trade receivables. (8 marks)（分数：6.25）_正确答案：( )解析：（分数：25.00）(1).(a) Calculate the equity value of NN Co using the following business valuation methods: (i) the dividend growth model; (ii) net asset value. (5 marks)（分数：6.25）_正确答案：( )解析：(2).(b) Calculate the after-tax cost of debt of NN Co. (4 marks)（分数：6.25）_正确答案：( )解析：(3).(c) Calculate the weighted average after-tax cost of capital of NN Co. (6 marks)（分数：6.25）_正确答案：( )解析：(4).(d) Discuss the factors to be considered in formulating the dividend policy of a stock-exchange listed company. (10 marks)（分数：6.25）_正确答案：( )解析：