ACCA考试《财务管理》真题及详解.docx
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ACCA考试《财务管理》真题及详解.docx
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ACCA考试《财务管理》真题及详解
2015年6月ACCA考试《财务管理》真题
(总分:
100,做题时间:
120分钟)
一、SectionA–ALL20questionsarecompulsoryandMUSTbeattempted(总题数:
20,分数:
40.00)
1.Whichofthefollowingstatementsis/arecorrect?
(1)Monetarypolicyseekstoinfluenceaggregatedemandbyincreasingordecreasingthemoneyraisedthroughtaxation
(2)Whengovernmentsadoptafloatingexchangeratesystem,theexchangerateisanequilibriumbetweendemandandsupplyintheforeignexchangemarket(3)Fiscalpolicyseekstoinfluencetheeconomyandeconomicgrowthbyincreasingordecreasinginterestrates
(分数:
2.00)
A.2only√
B.1and2only
C.1and3only
D.1,2and3
2.Whichofthefollowingstatementsarecorrect?
(1)Thegenerallevelofinterestratesisaffectedbyinvestors’desireforarealreturn
(2)Marketsegmentationtheorycanexplainkinks(discontinuities)intheyieldcurve(3)Wheninterestratesareexpectedtofall,theyieldcurvecouldbeslopingdownwards
(分数:
2.00)
A.1and2only
B.1and3only
C.2and3only
D.1,2and3√
3.Thefollowinginformationrelatestoacompany:
Whichofthefollowingstatementsiscorrect?
(分数:
2.00)
A.Thedividendpayoutratioisgreaterthan40%ineveryyearintheperiod
B.Meangrowthindividendspershareovertheperiodis4%
C.Totalshareholderreturnforthethirdyearis26%
D.Meangrowthinearningspershareovertheperiodis6%peryear√
4.Whichofthefollowingstatementsiscorrect?
(分数:
2.00)
A.Oneoftheproblemswithmaximisingaccountingprofitasafinancialobjectiveisthataccountingprofitcanbemanipulated√
B.Atargetforaminimumlevelofdividendcoverisatargetforaminimumdividendpayoutratio
C.Thewelfareofemployeesisafinancialobjective
D.Onereasonshareholdersareinterestedinearningspershareisthataccountingprofittakesaccountofrisk
5.WhichofthefollowingstatementsisNOTcorrect?
(分数:
2.00)
A.Returnoncapitalemployedcanbedefinedasprofitbeforeinterestandtaxdividedbythesumofshareholders’fundsandpriorchargecapital
B.Returnoncapitalemployedistheproductofnetprofitmarginandnetassetturnover
C.Dividendyieldcanbedefinedasdividendpersharedividedbytheexdividendshareprice
D.Returnonequitycanbedefinedasprofitbeforeinterestandtaxdividedbyshareholders’funds√
6.Whichofthefollowingstatementsarecorrect?
(1)Thesensitivityofaprojectvariablecanbecalculatedbydividingtheprojectnetpresentvaluebythepresentvalueofthecashflowsrelatingtothatprojectvariable
(2)Theexpectednetpresentvalueisthevalueexpectedtooccurifaninvestmentprojectwithseveralpossibleoutcomesisundertakenonce(3)Thediscountedpaybackperiodisthetimetakenforthecumulativenetpresentvaluetochangefromnegativetopositive
(分数:
2.00)
A.1and2only
B.1and3only
C.2and3only
D.1,2and3
7.Whichofthefollowingstatementsis/arecorrect?
(1)Theassetbetareflectsbothbusinessriskandfinancialrisk
(2)Totalriskisthesumofsystematicriskandunsystematicrisk(3)Assumingthatthebetaofdebtiszerowillunderstatefinancialriskwhenungearinganequitybeta
(分数:
2.00)
A.2only√
B.1and3only
C.2and3only
D.1,2and3
8.Whichofthefollowingstatementsarecorrect?
(1)Shareoptionschemesalwaysrewardgoodperformancebymanagers
(2)Performance-relatedpaycanencouragedysfunctionalbehaviour(3)Valueformoneyasanobjectiveinnot-for-profitorganisationsrequiresthepursuitofeconomy,efficiencyandeffectiveness
(分数:
2.00)
A.1and2only
B.1and3only
C.2and3only√
D.1,2and3
9.Whichofthefollowingarefinancialintermediaries?
(1)Venturecapitalorganisation
(2)Pensionfund(3)Merchantbank
(分数:
2.00)
A.2only
B.1and3only
C.2and3only
D.1,2and3√
10.Acompanyhasinissueloannoteswithanominalvalueof$100each.Interestontheloannotesis6%peryear,payableannually.Theloannoteswillberedeemedineightyears’timeata5%premiumtonominalvalue.Thebefore-taxcostofdebtofthecompanyis7%peryear.Whatistheexinterestmarketvalueofeachloannote?
(分数:
2.00)
A.$94•03
B.$96•94√
C.$102•91
D.$103•10
Marketvalue=(6x5•971)+(105x0•582)=35•83+61•11=$96•94
11.Whichofthefollowingstatementsarecorrect?
(1)Capitalmarketsecuritiesareassetsforthesellerbutliabilitiesforthebuyer
(2)Financialmarketscanbeclassifiedintoexchangeandover-the-countermarkets(3)Asecondarymarketiswheresecuritiesareboughtandsoldbyinvestors
(分数:
2.00)
A.1and2only
B.1and3only
C.2and3only√
D.1,2and3
12.Whichofthefollowingstatementsarecorrect?
(1)Acertificateofdepositisanexampleofamoneymarketinstrument
(2)Moneymarketdepositsareshort-termloansbetweenorganisationssuchasbanks(3)Treasurybillsareboughtandsoldonadiscountbasis
(分数:
2.00)
A.1and2only
B.1and3only
C.2and3only
D.1,2and3√
13.Acompanyisevaluatinganinvestmentprojectwiththefollowingforecastcashflows:
Usingdiscountratesof15%and20%,whatistheinternalrateofreturnoftheinvestmentproject?
(分数:
2.00)
A.15•8%
B.17•2%
C.17•8%√
D.19•4%
14.Whichofthefollowingstatementsarecorrect?
(1)Interestrateoptionsallowthebuyertotakeadvantageoffavourableinterestratemovements
(2)Aforwardrateagreementdoesnotallowaborrowertobenefitfromadecreaseininterestrates(3)Borrowershedgingagainstaninterestrateincreasewillbuyinterestratefuturesnowandsellthematafuturedate
(分数:
2.00)
A.1and2only√
B.1and3only
C.2and3only
D.1,2and3
15.Acompanyneeds$150,000eachyearforregularpayments.Convertingthecompany’sshort-terminvestmentsintocashtomeettheseregularpaymentsincursafixedcostof$400pertransaction.Theseshort-terminvestmentspayinterestof5%peryear,whilethecompanyearnsinterestofonly1%peryearoncashdeposits.AccordingtotheBaumolModel,whatistheoptimumamountofshort-terminvestmentstoconvertintocashineachtransaction?
(分数:
2.00)
A.$38,730
B.$48,990
C.$54,772√
D.$63,246
Optimumcashconversion=(2x400x150,000/(0•05–0•01))0•5=$54,772
16.Whichofthefollowingstatementsis/arecorrect?
(1)Factoringwithrecourseprovidesinsuranceagainstbaddebts
(2)Theexpertiseofafactorcanincreasetheefficiencyoftradereceivablesmanagementforacompany
(分数:
2.00)
A.2only√
B.1only
C.Neither1nor2
D.1and2
17.Aninvestorplanstoexchange$1,000intoeurosnow,investtheresultingeurosfor12months,andthenexchangetheeurosbackintodollarsattheendofthe12-monthperiod.Thespotexchangerateis€1•415per$1andtheeurointerestrateis2%peryear.Thedollarinterestrateis1•8%peryear.Comparedtomakingadollarinvestmentfor12months,atwhat12-monthforwardexchangeratewilltheinvestormakeneitheralossnoragain?
(分数:
2.00)
A.€1.223per$1
B.€1.412per$1
C.€1.418per$1√
D.€1.439per$1
Twelve-monthforwardrate=1•415x(1•02/1•018)=€1•418per$1
18.Whichofthefollowingstatementsarecorrect?
(1)Ifacapitalmarketisweakformefficient,aninvestorcannotmakeabnormalreturnsbyusingtechnicalanalysis
(2)Operationalefficiencymeansthatefficientcapitalmarketsdirectfundstotheirmostproductiveuse(3)Testsforsemi-strongformefficiencyfocusonthespeedandaccuracyofsharepriceresponsestothearrivalofnewinformation
(分数:
2.00)
A.1and2only
B.1and3only√
C.2and3only
D.1,2and3
19.Onamarketvaluebasis,GFVCoisfinanced70%byequityand30%bydebt.Thecompanyhasanafter-taxcostofdebtof6%andanequitybetaof1•2.Therisk-freerateofreturnis4%andtheequityriskpremiumis5%.Whatistheafter-taxweightedaveragecostofcapitalofGFVCo?
(分数:
2.00)
A.5.4%
B.7.2%
C.8.3%
D.8.8%√
Costofequity=4+(1•2x5)=4+6=10%WACC=(10x0•7)+(6x0•3)=7+1•8=8•8%
20.ThefollowingfinancialinformationrelatestoQKCo,whoseordinaryshareshaveanominalvalueof$0•50pershare:
Onanhistoricbasis,whatisthenetassetvaluepershareofQKCo?
(分数:
2.00)
A.$2.10pershare√
B.$2.50pershare
C.$2.80pershare
D.$4.20pershare
Netassetvalue(NAV)=140m–15m–20m=$105mNumberofordinaryshares=25m/0•5=50msharesNAVpershare=105m/50m=$2•10pershare
二、SectionB–ALLFIVEquestionsarecompulsoryandMUSTbeattempted.(总题数:
5,分数:
60.00)
RoseCoexpectstoreceive€750,000fromacreditcustomerintheEuropeanUnioninsixmonths’time.Thespotexchangerateis€2•349per$1andthesix-monthforwardrateis€2•412per$1.ThefollowingcommercialinterestratesareavailabletoRoseCo:
RoseCodoesnothaveanysurpluscashtouseinhedgingthefutureeuroreceipt.Required:
(分数:
10.00)
(1).(a)EvaluatewhetheramoneymarkethedgeoraforwardmarkethedgewouldbepreferredonfinancialgroundsbyRoseCo.(5marks)(分数:
5.00)
__________________________________________________________________________________________
正确答案:
(Forwardmarkethedge:
Thedollarvalueofaforwardmarkethedgeinsixmonths’timecanbecalculated:
Futurevalue=750,000/2•412=$310,945Moneymarkethedge:
RoseCoisexpectingaeuroreceiptinsixmonths’timeanditcanhedgethisreceiptinthemoneymarketsbyborrowingeurostocreateaeuroliability.Theseeuroscanbeconvertedintodollarsatspotandthenplacedondepositforsixmonths.Euroborrowingratefor6months=8•0/2=4%Dollardepositratefor6months=2•0/2=1%Eurostobeborrowednow=750,000/1•04=€721,154Dollarvalueoftheseeurosatspot=721,154/2•349=$307,005Futurevalueofdollardeposit=307,005x1•01=$310,075Theforwardmarkethedgewouldbebetterby310,945–310,075=$870andwouldthereforebepreferredonfinancialgroundsbyRoseCo.)
(2).(b)Brieflyexplain
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