ACCA考试F9财务管理真题2015年6月及答案解析.doc

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1、ACCA 考试 F9 财务管理真题 2015 年 6 月及答案解析(总分：99.99，做题时间：180 分钟)一、Section A ALL 20 q(总题数：20，分数：40.00)1.Which of the following statements is/are correct? (1)Monetary policy seeks to influence aggregate demand by increasing or decreasing the money raised through taxation (2)When governments adopt a floating ex

2、change rate system, the exchange rate is an equilibrium between demand and supply in the foreign exchange market (3)Fiscal policy seeks to influence the economy and economic growth by increasing or decreasing interest rates（分数：2.00）A.2 onlyB.1 and 2 onlyC.1 and 3 onlyD.1, 2 and 32.Which of the follo

3、wing statements are correct? (1)The general level of interest rates is affected by investors desire for a real return (2)Market segmentation theory can explain kinks (discontinuities) in the yield curve (3)When interest rates are expected to fall, the yield curve could be sloping downwards（分数：2.00）A

4、.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 33.The following information relates to a company: （分数：2.00）A.The dividend payout ratio is greater than 40% in every year in the periodB.Mean growth in dividends per share over the period is 4%C.Total shareholder return for the third year is 26%D.M

5、ean growth in earnings per share over the period is 6% per year4.Which of the following statements is correct?（分数：2.00）A.One of the problems with maximising accounting profit as a financial objective is that accounting profit can bemanipulatedB.A target for a minimum level of dividend cover is a tar

6、get for a minimum dividend payout ratioC.The welfare of employees is a financial objectiveD.One reason shareholders are interested in earnings per share is that accounting profit takes account of risk5.Which of the following statements is NOT correct?（分数：2.00）A.Return on capital employed can be defi

7、ned as profit before interest and tax divided by the sum of shareholdersfunds and prior charge capitalB.Return on capital employed is the product of net profit margin and net asset turnoverC.Dividend yield can be defined as dividend per share divided by the ex dividend share priceD.Return on equity

8、can be defined as profit before interest and tax divided by shareholders funds6. Which of the following statements are correct? (1)The sensitivity of a project variable can be calculated by dividing the project net present value by the present value of the cash flows relating to that project variabl

9、e (2)The expected net present value is the value expected to occur if an investment project with several possible outcomes is undertaken once (3)The discounted payback period is the time taken for the cumulative net present value to change from negative to positive （分数：2.00）A.1 and 2 onlyB.1 and 3 o

10、nlyC.2 and 3 onlyD.1, 2 and 37.Which of the following statements is/are correct? (1)The asset beta reflects both business risk and financial risk (2)Total risk is the sum of systematic risk and unsystematic risk (3)Assuming that the beta of debt is zero will understate financial risk when ungearing

11、an equity beta（分数：2.00）A.2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 38.Which of the following statements are correct? (1)Share option schemes always reward good performance by managers (2)Performance-related pay can encourage dysfunctional behaviour (3)Value for money as an objective in not-for-pr

12、ofit organisations requires the pursuit of economy, efficiency and effectiveness（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 39.Which of the following are financial intermediaries? (1)Venture capital organisation (2)Pension fund (3)Merchant bank（分数：2.00）A.2 onlyB.1 and 3 onlyC.2 and

13、 3 onlyD.1, 2 and 310.A company has in issue loan notes with a nominal value of $100 each. Interest on the loan notes is 6% per year,payable annually. The loan notes will be redeemed in eight years time at a 5% premium to nominal value. The before-tax cost of debt of the company is 7% per year. What

14、 is the ex interest market value of each loan note?（分数：2.00）A.$9403B.$9694C.$10291D.$1031011.Which of the following statements are correct? (1)Capital market securities are assets for the seller but liabilities for the buyer (2)Financial markets can be classified into exchange and over-the-counter m

15、arkets (3)A secondary market is where securities are bought and sold by investors（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 312.Which of the following statements are correct? (1)A certificate of deposit is an example of a money market instrument (2)Money market deposits are short-

16、term loans between organisations such as banks (3)Treasury bills are bought and sold on a discount basis（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 313.A company is evaluating an investment project with the following forecast cash flows: （分数：2.00）A.158%B.172%C.178%D.194%14.Which of

17、 the following statements are correct? (1)Interest rate options allow the buyer to take advantage of favourable interest rate movements (2)A forward rate agreement does not allow a borrower to benefit from a decrease in interest rates (3)Borrowers hedging against an interest rate increase will buy i

18、nterest rate futures now and sell them at a future date（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 315.A company needs $150,000 each year for regular payments. Converting the companys short-term investments into cash to meet these regular payments incurs a fixed cost of $400 per tr

19、ansaction. These short-term investments pay interest of 5% per year, while the company earns interest of only 1% per year on cash deposits. According to the Baumol Model, what is the optimum amount of short-term investments to convert into cash ineach transaction?（分数：2.00）A.$38,730B.$48,990C.$54,772

20、D.$63,24616.Which of the following statements is/are correct? (1)Factoring with recourse provides insurance against bad debts (2)The expertise of a factor can increase the efficiency of trade receivables management for a company（分数：2.00）A.2 onlyB.1 onlyC.Neither 1 nor 2D.1 and 217.An investor plans

21、to exchange $1,000 into euros now, invest the resulting euros for 12 months, and then exchange the euros back into dollars at the end of the 12-month period. The spot exchange rate is 1415 per $1 and the eurointerest rate is 2% per year. The dollar interest rate is 18% per year. Compared to making a

22、 dollar investment for 12 months, at what 12-month forward exchange rate will the investormake neither a loss nor a gain?（分数：2.00）A.1.223 per $1B.1.412 per $1C.1.418 per $1D.1.439 per $118.Which of the following statements are correct? (1)If a capital market is weak form efficient, an investor canno

23、t make abnormal returns by using technical analysis (2)Operational efficiency means that efficient capital markets direct funds to their most productive use (3)Tests for semi-strong form efficiency focus on the speed and accuracy of share price responses to the arrival of new information（分数：2.00）A.1

24、 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 319.On a market value basis, GFV Co is financed 70% by equity and 30% by debt. The company has an after-tax cost of debt of 6% and an equity beta of 12. The risk-free rate of return is 4% and the equity risk premium is 5%. What is the after-tax weigh

25、ted average cost of capital of GFV Co?（分数：2.00）A.5.4%B.7.2%C.8.3%D.8.8%20.The following financial information relates to QK Co, whose ordinary shares have a nominal value of $050 per share: （分数：2.00）A.$2.10 per shareB.$2.50 per shareC.$2.80 per shareD.$4.20 per share二、Section B ALL FIVE(总题数：5，分数：60.

26、00)Rose Co expects to receive 750,000 from a credit customer in the European Union in six months time. The spotexchange rate is 2349 per $1 and the six-month forward rate is 2412 per $1. The following commercial interestrates are available to Rose Co: （分数：10.00）(1).(a)Evaluate whether a money market

27、 hedge or a forward market hedge would be preferred on financial grounds by Rose Co. (5 marks)（分数：5.00）_(2).(b)Briefly explain the nature of a forward rate agreement and discuss how a company can use a forward rateagreement to manage interest rate risk. (5 marks)（分数：5.00）_Chad Co is a stock-market-l

28、isted company which has managed to increase earnings over the last year. As a result,the board of directors has increased the dividend payout ratio from 400% for the year to March 2014 to 414% forthe year to March 2015. Chad Co has a cost of equity of 125%. The following information is also availabl

29、e: （分数：9.99）(1).(a)Calculate the equity market value of Chad Co using the dividend growth model. (3 marks)（分数：3.33）_(2).(b)Calculate the equity market value of Chad Co using the earnings yield method. (2 marks)（分数：3.33）_(3).(c)Discuss the relative merits of the dividend growth model and the earnings

30、 yield method as a way of valuing Chad Co. (5 marks)（分数：3.33）_The finance director of Widnor Co has been looking to improve the companys working capital management. Widnor Co has revenue from credit sales of $26,750,000 per year and although its terms of trade require all creditcustomers to settle o

31、utstanding invoices within 40 days, on average customers have been taking longer. Approximately1% of credit sales turn into bad debts which are not recovered. Trade receivables currently stand at $4,458,000 and Widnor Co has a cost of short-term finance of 5% per year. The finance director is consid

32、ering a proposal from a factoring company, Nokfe Co, which was invited to tender tomanage the sales ledger of Widnor Co on a with-recourse basis. Nokfe Co believes that it can use its expertise toreduce average trade receivables days to 35 days, while cutting bad debts by 70% and reducing administra

33、tion costsby $50,000 per year. A condition of the factoring agreement is that the company would also advance Widnor Co 80%of the value of invoices raised at an interest rate of 7% per year. Nokfe Co would charge an annual fee of 075% ofcredit sales. Assume that there are 360 days in each year. Requi

34、red:（分数：10.00）(1).(a)Advise whether the factors offer is financially acceptable to Widnor Co.(7 marks)（分数：5.00）_(2).(b)Briefly discuss how the creditworthiness of potential customers can be assessed.(3 marks)（分数：5.00）_Grenarp Co is planning to raise $11,200,000 through a rights issue. The new shares

35、 will be offered at a 20%discount to the current share price of Grenarp Co, which is $350 per share. The rights issue will be on a 1 for 5basis and issue costs of $280,000 will be paid out of the cash raised. The capital structure of Grenarp Co is asfollows: （分数：15.00）(1).(a)Evaluate the effect on t

36、he wealth of the shareholders of Grenarp Co of using the net rights issue funds to redeem the loan notes. (8 marks)（分数：7.50）_(2).(b)Discuss whether Grenarp Co might achieve its optimal capital structure following the rights issue. (7 marks)（分数：7.50）_Hraxin Co is appraising an investment project whic

37、h has an expected life of four years and which will not be repeated.The initial investment, payable at the start of the first year of operation, is $5 million. Scrap value of $500,000 is expected to arise at the end of four years. There is some uncertainty about what price can be charged for the uni

38、ts produced by the investment project, as thisis expected to depend on the future state of the economy. The following forecast of selling prices and their probabilitieshas been prepared: （分数：15.00）(1).(a)Calculate the expected net present value of the investment project and comment on its financial

39、acceptability.(9 marks)（分数：7.50）_(2).(b)Critically discuss if sensitivity analysis will assist Hraxin Co in assessing the risk of the investment project. (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 2015 年 6 月答案解析(总分：99.99，做题时间：180 分钟)一、Section A ALL 20 q(总题数：20，分数：40.00)1.Which of the fol

40、lowing statements is/are correct? (1)Monetary policy seeks to influence aggregate demand by increasing or decreasing the money raised through taxation (2)When governments adopt a floating exchange rate system, the exchange rate is an equilibrium between demand and supply in the foreign exchange mark

41、et (3)Fiscal policy seeks to influence the economy and economic growth by increasing or decreasing interest rates（分数：2.00）A.2 only B.1 and 2 onlyC.1 and 3 onlyD.1, 2 and 3解析：2.Which of the following statements are correct? (1)The general level of interest rates is affected by investors desire for a

42、real return (2)Market segmentation theory can explain kinks (discontinuities) in the yield curve (3)When interest rates are expected to fall, the yield curve could be sloping downwards（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 3 解析：3.The following information relates to a company:

43、 （分数：2.00）A.The dividend payout ratio is greater than 40% in every year in the periodB.Mean growth in dividends per share over the period is 4%C.Total shareholder return for the third year is 26%D.Mean growth in earnings per share over the period is 6% per year 解析：4.Which of the following statements

44、 is correct?（分数：2.00）A.One of the problems with maximising accounting profit as a financial objective is that accounting profit can bemanipulated B.A target for a minimum level of dividend cover is a target for a minimum dividend payout ratioC.The welfare of employees is a financial objectiveD.One r

45、eason shareholders are interested in earnings per share is that accounting profit takes account of risk解析：5.Which of the following statements is NOT correct?（分数：2.00）A.Return on capital employed can be defined as profit before interest and tax divided by the sum of shareholdersfunds and prior charge

46、 capitalB.Return on capital employed is the product of net profit margin and net asset turnoverC.Dividend yield can be defined as dividend per share divided by the ex dividend share priceD.Return on equity can be defined as profit before interest and tax divided by shareholders funds 解析：6. Which of the following statements are correct? (1)The sensitivity of a project variable can be calculated by dividing the project net present value by the present value of the cas