成本会计练习.docx

成本会计练习.docx

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成本会计练习

MultipleChoiceQuestions

1.Managementaccounting:

A.focusesonestimatingfuturerevenues,costs,andothermeasurestoforecastactivitiesandtheirresults

B.providesinformationaboutthecompanyasawhole

C.reportsinformationthathasoccurredinthepastthatisverifiableandreliable

D.providesinformationthatisgenerallyavailableonlyonaquarterlyorannualbasis

Answer:

ADifficulty:

Moderate

2.Abudgetcanserveas:

A.aplanningtool

B.acontroltool

C.abasisforpreparingfinancialstatements

D.aplanningandcontroltool

Answer:

DDifficulty:

Easy

3.___________arelationshipbetweenexpectedreturnandrisk.

A.APTstipulates

B.CAPMstipulates

C.BothCAPMandAPTstipulate

D.NeitherCAPMnorAPTstipulate

E.Nopricingmodelhasfound

Answer:

CDifficulty:

Easy

4.Whichofthefollowingstatementsregardingrisk-averseinvestorsistrue?

A.Theyonlycareabouttherateofreturn.

B.Theyacceptinvestmentsthatarefairgames.

C.Theyonlyacceptriskyinvestmentsthatofferriskpremiumsovertherisk-freerate.

D.Theyarewillingtoacceptlowerreturnsandhighrisk.

E.AandB.

Answer:

CDifficulty:

Moderate

5.Therisk-freerateandtheexpectedmarketrateofreturnare0.056and0.125,respectively.Accordingtothecapitalassetpricingmodel（CAPM）,theexpectedrateofreturnonasecuritywithabetaof1.25isequalto

A.0.1225

B.0.144.

C.0.153.

D.0.134

E.0.117

Answer:

ADifficulty:

Easy

Rationale:

E（R）=5.6%+1.25（12.5-5.6）=14.225%.

6.XlinkCompanyhasanexpectedROEof15%.Thedividendgrowthratewillbe_______ifthefirmfollowsapolicyofplowingback75%ofearnings.

A.3.75%

B.11.25%

C.8.25%

D.15.0%

E.noneoftheabove

Answer:

BDifficulty:

Easy

Rationale:

15%X0.75=11.25%.

7.Thedifferencebetweenbudgetedfixedmanufacturingoverheadandthefixedmanufacturingoverheadallocatedtoactualoutputunitsachievediscalled:

A.Fixedoverheadvolumevariance

B.Fixedoverheadefficiencyvariance

C.Fixedoverheadbudgetvariance

D.Allofthese

Answer:

BDifficulty:

Moderate

8.Eliasisarisk-averseinvestor.Davidisalessrisk-averseinvestorthanElias.Therefore,

A.forthesamerisk,DavidrequiresahigherrateofreturnthanElias.

B.forthesamereturn,EliastolerateshigherriskthanDavid.

C.forthesamerisk,EliasrequiresalowerrateofreturnthanDavid.

D.forthesamereturn,DavidtolerateshigherriskthanElias.

E.cannotbedetermined.

Answer:

DDifficulty:

Moderate

Rationale:

Themoreriskaversetheinvestor,thelessriskthatistolerated,givenarateofreturn.

9.Historically,P/Eratioshavetendedtobe_________.

A.higherwheninflationhasbeenhigh

B.lowerwheninflationhasbeenhigh

C.uncorrelatedwithinflationratesbutcorrelatedwithothermacroeconomicvariables

D.uncorrelatedwithanymacroeconomicvariablesincludinginflationrates

E.noneoftheabove

Answer:

BDifficulty:

Easy

Rationale:

P/Eratioshavetendedtobelowerwheninflationhasbeenhigh,reflectingthemarket'sassessmentthatearningsintheseperiodsareof"lowerquality",i.e.,artificiallydistortedbyinflation,andwarrantinglowerP/Eratios.

10.The____________providesanunequivocalstatementontheexpectedreturn-betarelationshipforallassets,whereasthe_____________impliesthatthisrelationshipholdsforallbutperhapsasmallnumberofsecurities.

A.APT,CAPM

B.APT,OPM

C.CAPM,APT

D.CAPM,OPM

E.noneoftheabove

Answer:

CDifficulty:

Moderate

Rationale:

TheCAPMisanasset-pricingmodelbasedontherisk/returnrelationshipofallassets.TheAPTimpliesthatthisrelationshipholdsforallwell-diversifiedportfolios,andforallbutperhapsafewindividualsecurities.

11.ConsiderasinglefactorAPT.PortfolioAhasabetaof1.0andanexpectedreturnof16%.PortfolioBhasabetaof0.8andanexpectedreturnof12%.Therisk-freerateofreturnis6%.Ifyouwantedtotakeadvantageofanarbitrageopportunity,youshouldtakeashortpositioninportfolio__________andalongpositioninportfolio_______.

A.A,A

B.A,B

C.B,A

D.B,B

E.A,therisklessasset

Answer:

CDifficulty:

Moderate

Rationale:

A:

16%=1.0F+6%;F=10%;B:

12%=0.8F+6%:

F=7.5%;thus,shortBandtakealongpositioninA.

12.Aportfoliohasanexpectedrateofreturnof0.15andastandarddeviationof0.15.Therisk-freerateis6percent.Aninvestorhasthefollowingutilityfunction:

U=E（r）-（A/2）s2.WhichvalueofAmakesthisinvestorindifferentbetweentheriskyportfolioandtherisk-freeasset?

A.5

B.6

C.7

D.8

E.noneoftheabove

Answer:

DDifficulty:

Difficult

Rationale:

0.06=0.15-A/2（0.15）2;0.06-0.15=-A/2（0.0225）;-0.09=-0.01125A;A=8;U=0.15-8/2（0.15）2=6%;U（Rf）=6%.

13.Accordingtothemean-variancecriterion,whichoneofthefollowinginvestmentsdominatesallothers?

A.E（r）=0.15;Variance=0.20

B.E（r）=0.10;Variance=0.20

C.E（r）=0.10;Variance=0.25

D.E（r）=0.15;Variance=0.25

E.noneofthesedominatestheotheralternatives.

Answer:

ADifficulty:

Difficult

Rationale:

Agivesthehighestreturnwiththeleastrisk;returnperunitofriskis.75,whichdominatesthereward-riskratiofortheotherchoices.

14.Whichofthefollowingactionsshouldamanagementaccountanttakefirstinconfrontingapotentialethicalconflictconcerningyourdirectsupervisor?

A.InformtheBoardofDirectorsoftheexistenceofapotentialconflict.

B.Confrontthesupervisordirectly.

C.Discussthesituationwithyoursupervisor’sdirectsupervisor.

D.Reviewyourorganization’sproceduresconcerningresolutionofsuchaconflict.

Answer:

DDifficulty:

Moderate

15.Considerariskyportfolio,A,withanexpectedrateofreturnof0.15andastandarddeviationof0.15,thatliesonagivenindifferencecurve.Whichoneofthefollowingportfoliosmightlieonthesameindifferencecurve?

A.E（r）=0.15;Standarddeviation=0.20

B.E（r）=0.15;Standarddeviation=0.10

C.E（r）=0.10;Standarddeviation=0.10

D.E（r）=0.20;Standarddeviation=0.15

E.E（r）=0.10;Standarddeviation=0.20

Answer:

CDifficulty:

Difficult

Rationale:

PortfolioAhasarewardtoriskratioof1.0;portfolioCistheonlychoicewiththesamerisk-returntradeoff.

16.ConsiderthemultifactorAPTwithtwofactors.StockAhasanexpectedreturnof16.4%,abetaof1.4onfactor1andabetaof.8onfactor2.Theriskpremiumonthefactor1portfoliois3%.Therisk-freerateofreturnis6%.Whatistherisk-premiumonfactor2ifnoarbitrageopportunitiesexit?

A.2%

B.3%

C.4%

D.7.75%

E.noneoftheabove

Answer:

DDifficulty:

Difficult

Rationale:

16.4%=1.4（3%）+.8x+6%;x=7.75.

Usethefollowingtoanswerquestions17-19:

Youinvest$1000inariskyassetwithanexpectedrateofreturnof0.17andastandarddeviationof0.40andaT-billwitharateofreturnof0.04.

17.Whatpercentagesofyourmoneymustbeinvestedintheriskyassetandtherisk-freeasset,respectively,toformaportfoliowithanexpectedreturnof0.11?

A.53.8%and46.2%

B.75%and25%

C.62.5%and37.5%

D.46.1%and53.8%

E.Cannotbedetermined.

Answer:

ADifficulty:

Moderate

Rationale:

11%=w1（17%）+（1-w1）（4%）;11%=17%w1+4%-4%w1;7%=13%w1;w1=0.538;1-w1=0.461;0.538（17%）+0.462（4%）=11.0%.

18.Whatpercentagesofyourmoneymustbeinvestedintherisk-freeassetandtheriskyasset,respectively,toformaportfoliowithastandarddeviationof0.20?

A.30%and70%

B.50%and50%

C.60%and40%

D.40%and60%

E.Cannotbedetermined.

Answer:

BDifficulty:

Moderate

Rationale:

0.20=x（0.40）;x=50%inriskyasset.

19.TheslopeoftheCapitalAllocationLineformedwiththeriskyassetandtherisk-freeassetisequalto

A.0.325.

B.0.675.

C.0.912.

D.0.407.

E.Cannotbedetermined.

Answer:

ADifficulty:

Moderate

Rationale:

（0.17-0.04）/0.40=0.325.

20.Thecapitalassetpricingmodelassumes

A.allinvestorsarepricetakers.

B.allinvestorshavethesameholdingperiod.

C.investorspaytaxesoncapitalgains.

D.bothAandBaretrue.

E.A,BandCarealltrue.

Answer:

DDifficulty:

Easy

Rationale:

TheCAPMassumesthatinvestorsareprice-takerswiththesamesingleholdingperiodandthattherearenotaxesortransactioncosts.

21.Youinvest$600inasecuritywithabetaof1.2and$400inanothersecuritywithabetaof0.90.Thebetaoftheresultingportfoliois

A.1.40

B.1.00

C.0.36

D.1.08

E.0.80

Answer:

DDifficulty:

Moderate

Rationale:

0.6（1.2）+0.4（0.90）=1.08.

22.FoolsGoldMiningCompanyisexpectedtopayadividendof$8intheupcomingyear.Dividendsareexpectedtodeclineattherateof2%peryear.Therisk-freerateofreturnis6%andtheexpectedreturnonthemarketportfoliois14%.ThestockofFoolsGoldMiningCompanyhasabetaof-0.25.Thereturnyoushouldrequireonthestockis________.

A.2%

B.4%

C.6%

D.8%

E.noneoftheabove

Answer:

BDifficulty:

Moderate

Rationale:

6%+[-0.25（14%-6%）]=4%.

23.HighTechChipCompanyisexpectedtohaveEPSinthecomingyearof$2.50.TheexpectedROEis12.5%.Anappropriaterequiredreturnonthestockis11%.Ifthefirmhasaplowbackratioof70%,thegrowthrateofdividendsshouldbe

A.5.00%

B.6.25%

C.6.60%

D.7.50%

E.8.75%

Answer:

EDifficulty:

Easy

Rationale:

12.5%X0.7=8.75%.

24.Acompanypaidadividendlastyearof$1.75.TheexpectedRO