ACCA考试《财务管理》真题及详解.docx

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