ACCA考试F9财务管理真题2014年12月及答案解析.doc

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1、ACCA 考试 F9 财务管理真题 2014 年 12 月及答案解析(总分：99.98，做题时间：180 分钟)一、Section A ALL 20 q(总题数：20，分数：40.00)1.TKQ Co has just paid a dividend of 21 cents per share and its share price one year ago was $310 per share. The total shareholder return for the year was 19.7% What is the current share price?（分数：2.00）A.$3.

2、50B.$3.71C.$3.31D.$3.352.Which of the following statements is/are correct? 1 Securitisation is the conversion of illiquid assets into marketable securities 2 The reverse yield gap refers to equity yields being higher than debt yields 3 Disintermediation arises where borrowers deal directly with lend

3、ing individuals（分数：2.00）A.2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 33.Which of the following statements are correct? 1 Maximising market share is an example of a financial objective 2 Shareholder wealth maximisation is the primary financial objective for a company listed on a stock exchange 3 Fi

4、nancial objectives should be quantitative so that their achievement can be measured（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 34.A company whose home currency is the dollar ($) expects to receive 500,000 pesos in six months time from a customer in a foreign country. The following

5、interest rates and exchange rates are available to the company: （分数：2.00）A.$32,500B.$33,700C.$31,800D.$31,9005.Which of the following statements is correct?（分数：2.00）A.A bonus issue can be used to raise new equity financeB.A share repurchase scheme can increase both earnings per share and gearingC.Mi

6、ller and Modigliani argued that the financing decision is more important than the dividend decisionD.Shareholders usually have the power to increase dividends at annual general meetings of a company6.Which of the following statements is correct?（分数：2.00）A.Tax allowable depreciation is a relevant cas

7、h flow when evaluating borrowing to buy compared to leasing as a financing choiceB.Asset replacement decisions require relevant cash flows to be discounted by the after-tax cost of debtC.If capital is rationed, divisible investment projects can be ranked by the profitability index when determining t

8、he optimum investment scheduleD.Government restrictions on bank lending are associated with soft capital rationing7.An investment project has a cost of $12,000, payable at the start of the first year of operation. The possible future cash flows arising from the investment project have the following

9、present values and associated probabilities: （分数：2.00）A.$11,850B.$28,700C.$11,100D.$76,3008.Which of the following statements is correct?（分数：2.00）A.Once purchased, currency futures have a range of close-out datesB.Currency swaps can be used to hedge exchange rate risk over longer periods than the fo

10、rward marketC.Banks will allow forward exchange contracts to lapse if they are not used by a companyD.Currency options are paid for when they are exercised9.A company has 7% loan notes in issue which are redeemable in seven years time at a 5% premium to their nominal value of $100 per loan note. The

11、 before-tax cost of debt of the company is 9% and the after-tax cost of debt of the company is 6%. What is the current market value of each loan note?（分数：2.00）A.$9267B.$10890C.$8993D.$1031410.Which of the following statements concerning working capital management are correct? 1 Working capital shoul

12、d increase as sales increase 2 An increase in the cash operating cycle will decrease profitability 3 Overtrading is also known as under-capitalisation（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 311.Which of the following is LEAST likely to fall within financial management?（分数：2.00）

13、A.The dividend payment to shareholders is increasedB.Funds are raised to finance an investment projectC.Surplus assets are sold offD.Non-executive directors are appointed to the remuneration committee12.Which of the following statements concerning profit are correct? 1 Accounting profit is not the s

14、ame as economic profit 2 Profit takes account of risk 3 Accounting profit can be manipulated by managers （分数：2.00）A.1 and 3 onlyB.1 and 2 onlyC.2 and 3 onlyD.1, 2 and 313.A company has annual credit sales of $27 million and related cost of sales of $15 million. The company has the following targets

15、for the next year: Trade receivables days 50 days Inventory days 60 days Trade payables 45 days Assume there are 360 days in the year. What is the net investment in working capital required for the next year? （分数：2.00）A.$8,125,000B.$4,375,000C.$2,875,000D.$6,375,00014.An investor believes that they

16、can make abnormal returns by studying past share price movements. In terms of capital market efficiency, to which of the following does the investors belief relate? （分数：2.00）A.Fundamental analysisB.Operational efficiencyC.Technical analysisD.Semi-strong form efficiency15.Which of the following state

17、ments is/are correct? 1 An increase in the cost of equity leads to a fall in share price 2 Investors faced with increased risk will expect increased return as compensation 3 The cost of debt is usually lower than the cost of preference shares（分数：2.00）A.2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 31

18、6.Governments have a number of economic targets as part of their fiscal policy. Which of the following government actions relate predominantly to fiscal policy? 1 Decreasing interest rates in order to stimulate consumer spending 2 Reducing taxation while maintaining public spending 3 Using official

19、foreign currency reserves to buy the domestic currency 4 Borrowing money from the capital markets and spending it on public works （分数：2.00）A.1 onlyB.1 and 3C.2 and 4 onlyD.2, 3 and 417.The following are extracts from the statement of financial position of a company: （分数：2.00）A.15.0%B.13.0%C.11.8%D.7

20、.3%18.Which of the following statements is correct?（分数：2.00）A.Governments can keep interest rates low by buying short-dated government bills in the money marketB.The normal yield curve slopes upward to reflect increasing compensation to investors for being unable to use their cash nowC.The yield on

21、long-term loan notes is lower than the yield on short-term loan notes because long-term debt is less risky for a company than short-term debtD.Expectations theory states that future interest rates reflect expectations of future inflation rate movements19.A company has just paid an ordinary share div

22、idend of 320 cents and is expected to pay a dividend of 336 cents in one years time. The company has a cost of equity of 13%. What is the market price of the companys shares to the nearest cent on an ex dividend basis?（分数：2.00）A.$3.20B.$4.41C.$2.59D.$4.2020.Which of the following is/are usually seen

23、 as forms of market failure where regulation may be a solution? 1 Imperfect competition 2 Social costs or externalities 3 Imperfect information（分数：2.00）A.1 onlyB.1 and 2 onlyC.2 and 3 onlyD.1, 2 and 3二、Section B ALL FIVE(总题数：5，分数：60.00)Flit Co is preparing a cash flow forecast for the three-month pe

24、riod from January to the end of March. The following sales volumes have been forecast: （分数：9.99）(1).(a) Calculate the cash balance at the end of each month in the three-month period.(5 marks)（分数：3.33）_(2).(b) Calculate the forecast current ratio at the end of the three-month period.(2 marks)（分数：3.33

25、）_(3).(c) Assuming that Flit Co expects to have a short-term cash surplus during the three-month period, discuss whether this should be invested in shares listed on a large stock market.(3 marks)（分数：3.33）_Recent information on the earnings per share and share price of Par Co is as follows: （分数：10.00

26、）(1).(a) Calculate the market price of the convertible loan notes of Par Co, commenting on whether conversion is likely.(5 marks)（分数：5.00）_(2).(b) Calculate the share price of Par Co using the price/earnings ratio method and discuss the problems in using this method of valuing the shares of a compan

27、y.(5 marks)（分数：5.00）_PZK Co, whose home currency is the dollar, trades regularly with customers in a number of different countries. The company expects to receive 1,200,000 in six months time from a foreign customer. Current exchange rates in the home country of PZK Co are as follows: Spot exchange

28、rate: 4.17804.2080 euros per $ Six-month forward exchange rate: 4.23024.2606 euros per $ Twelve-month forward exchange rate: 4.28254.3132 euros per $ Required:（分数：9.99）(1).(a) Calculate the loss or gain compared to its current dollar value which PZK Co will incur by taking out a forward exchange con

29、tract on the future euro receipt, and explain why taking out a forward exchange contract may be preferred by PZK Co to not hedging the future euro receipt.(4 marks)（分数：3.33）_(2).(b) If the interest rate in the home country of PZK Co is 4% per year, calculate the annual interest rate in the foreign c

30、ustomers country implied by the spot exchange rate and the twelve-month forward exchange rate.(2 marks)（分数：3.33）_(3).(c) Discuss whether PZK Co should avoid exchange rate risk by invoicing foreign customers in dollars.(4 marks)（分数：3.33）_Uftin Co is a large company which is listed on a major stock ma

31、rket. The company has been evaluating an investment proposal to manufacture Product K3J. The initial investment of $1,800,000 will be payable at the start of the first year of operation. The following draft evaluation has been prepared by a junior employee. （分数：15.00）(1).(a) Prepare a revised draft

32、evaluation of the investment proposal and comment on its financial acceptability.(11 marks)（分数：7.50）_(2).(b) Explain any TWO revisions you have made to the draft evaluation in part (a) above.(4 marks)（分数：7.50）_Tinep Co is planning to raise funds for an expansion of existing business activities and i

33、n preparation for this the company has decided to calculate its weighted average cost of capital. Tinep Co has the following capital structure: （分数：15.00）(1).(a) Calculate the market value weighted average cost of capital and the book value weighted average cost of capital of Tinep Co, and comment b

34、riefly on any difference between the two values.(9 marks)（分数：7.50）_(2).(b) Discuss the factors to be considered by Tinep Co in choosing to raise funds via a rights issue.(6 marks)（分数：7.50）_三、*(总题数：1，分数：0.00)ACCA 考试 F9 财务管理真题 2014 年 12 月答案解析(总分：99.98，做题时间：180 分钟)一、Section A ALL 20 q(总题数：20，分数：40.00)1

35、.TKQ Co has just paid a dividend of 21 cents per share and its share price one year ago was $310 per share. The total shareholder return for the year was 19.7% What is the current share price?（分数：2.00）A.$3.50 B.$3.71C.$3.31D.$3.35解析：Monetary value of return = $310 x 1197 = $371 Current share price =

36、 $371 $021 = $3502.Which of the following statements is/are correct? 1 Securitisation is the conversion of illiquid assets into marketable securities 2 The reverse yield gap refers to equity yields being higher than debt yields 3 Disintermediation arises where borrowers deal directly with lending in

37、dividuals（分数：2.00）A.2 onlyB.1 and 3 only C.2 and 3 onlyD.1, 2 and 3解析：3.Which of the following statements are correct? 1 Maximising market share is an example of a financial objective 2 Shareholder wealth maximisation is the primary financial objective for a company listed on a stock exchange 3 Fina

38、ncial objectives should be quantitative so that their achievement can be measured（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 only D.1, 2 and 3解析：4.A company whose home currency is the dollar ($) expects to receive 500,000 pesos in six months time from a customer in a foreign country. The followin

39、g interest rates and exchange rates are available to the company: （分数：2.00）A.$32,500 B.$33,700C.$31,800D.$31,900解析：The hedge needs to create a peso liability to match the 500,000 peso future income. 6-month peso borrowing rate = 8/2 = 4% 6-month dollar deposit rate = 3/2 = 15% Dollar value of money

40、market hedge = 500,000 x 1015/(104 x 15) = $32,532 or $32,5005.Which of the following statements is correct?（分数：2.00）A.A bonus issue can be used to raise new equity financeB.A share repurchase scheme can increase both earnings per share and gearing C.Miller and Modigliani argued that the financing d

41、ecision is more important than the dividend decisionD.Shareholders usually have the power to increase dividends at annual general meetings of a company解析：6.Which of the following statements is correct?（分数：2.00）A.Tax allowable depreciation is a relevant cash flow when evaluating borrowing to buy comp

42、ared to leasing as a financing choiceB.Asset replacement decisions require relevant cash flows to be discounted by the after-tax cost of debtC.If capital is rationed, divisible investment projects can be ranked by the profitability index when determining the optimum investment schedule D.Government

43、restrictions on bank lending are associated with soft capital rationing解析：7.An investment project has a cost of $12,000, payable at the start of the first year of operation. The possible future cash flows arising from the investment project have the following present values and associated probabilit

44、ies: （分数：2.00）A.$11,850B.$28,700C.$11,100 D.$76,300解析：8.Which of the following statements is correct?（分数：2.00）A.Once purchased, currency futures have a range of close-out datesB.Currency swaps can be used to hedge exchange rate risk over longer periods than the forward market C.Banks will allow forw

45、ard exchange contracts to lapse if they are not used by a companyD.Currency options are paid for when they are exercised解析：9.A company has 7% loan notes in issue which are redeemable in seven years time at a 5% premium to their nominal value of $100 per loan note. The before-tax cost of debt of the

46、company is 9% and the after-tax cost of debt of the company is 6%. What is the current market value of each loan note?（分数：2.00）A.$9267 B.$10890C.$8993D.$10314解析：MV = (7 x 5033) + (105 x 0547) = $926710.Which of the following statements concerning working capital management are correct? 1 Working capital should increase as sales increase 2 An increase in the cash operating c