ACCA考试《财务管理》真题及详解.docx

1、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、Section A ALL 20 questions are compulsory and MUST be attempted (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 taxa

2、tion (2)When governments adopt a floating exchange 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 only B.1 and 2 onlyC

3、.1 and 3 onlyD.1, 2 and 32.Which of the following 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 yie

4、ld 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 3.The following information relates to a company: Which of the following statements is correct?（分数：2.00）A.The dividend payout ratio is greater than 40% in every year in the periodB.Mean growth in divid

5、ends 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 4.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

6、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 reason shareholders are interested in earnings per share is that accounting profit takes account of risk5.Which

7、 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 capitalB.Return on capital employed is the product of net profit margin and net asset turnoverC.Dividend yield c

8、an 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 6. Which of the following statements are correct? (1)The sensitivity of a project variable can be calculated by dividing the pro

9、ject net present value by the present value of the cash flows relating to that project variable (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 cumul

10、ative net present value to change from negative to positive（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.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

11、risk (3)Assuming that the beta of debt is zero will understate financial risk when ungearing an equity beta（分数：2.00）A.2 only B.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-rela

12、ted pay can encourage dysfunctional behaviour (3)Value for money as an objective in not-for-profit 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 only D.1, 2 and 39.Which of the following are financial intermediaries? (1)Vent

13、ure capital organisation (2)Pension fund (3)Merchant bank（分数：2.00）A.2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 3 10.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 a

14、t a 5% premium to nominal value. The before-tax cost of debt of the company is 7% per year. What is the ex interest market value of each loan note?（分数：2.00）A.$9403B.$9694 C.$10291D.$10310Market value = (6 x 5971) + (105 x 0582) = 3583 + 6111 = $969411.Which of the following statements are correct? (

15、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 markets (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 only D.1, 2 a

16、nd 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-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 onl

17、yC.2 and 3 onlyD.1, 2 and 3 13.A company is evaluating an investment project with the following forecast cash flows: Using discount rates of 15% and 20%, what is the internal rate of return of the investment project?（分数：2.00）A.158%B.172%C.178% D.194%14.Which of the following statements are correct?

18、(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 interest rate futures now and sell them

19、at a future date（分数：2.00）A.1 and 2 only B.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 transaction. These short-term investment

20、s 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 D.$63,246Optimum cash conversion = (2

21、 x 400 x 150,000/(005 001)05= $54,77216.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 only B.1 onlyC.Neither 1 nor 2D

22、.1 and 217.An investor plans 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% p

23、er year. Compared to making a 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 $1 D.1.439 per $1Twelve-month forward rate = 1415 x (102/1018) = 1418 per $118.Which of the following

24、 statements are correct? (1)If a capital market is weak form efficient, an investor cannot 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

25、speed and accuracy of share price responses to the arrival of new information（分数：2.00）A.1 and 2 onlyB.1 and 3 only C.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 ris

26、k-free rate of return is 4% and the equity risk premium is 5%. What is the after-tax weighted average cost of capital of GFV Co?（分数：2.00）A.5.4%B.7.2%C.8.3%D.8.8% Cost of equity = 4 + (12 x 5) = 4 + 6 = 10% WACC = (10 x 07) + (6 x 03) = 7 + 18 = 88%20.The following financial information relates to QK

27、 Co, whose ordinary shares have a nominal value of $050 per share: On an historic basis, what is the net asset value per share of QK Co?（分数：2.00）A.$2.10 per share B.$2.50 per shareC.$2.80 per shareD.$4.20 per shareNet asset value (NAV) = 140m 15m 20m = $105m Number of ordinary shares = 25m/05 = 50m

28、shares NAV per share = 105m/50m = $210 per share二、Section B ALL FIVE questions are compulsory and MUST be attempted. (总题数：5，分数：60.00)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

29、 is 2412 per $1. The following commercial interestrates are available to Rose Co: Rose Co does not have any surplus cash to use in hedging the future euro receipt. Required:（分数：10.00）(1).(a)Evaluate whether a money market hedge or a forward market hedge would be preferred on financial grounds by Ros

30、e Co. (5 marks)（分数：5.00）_正确答案：(Forward market hedge: The dollar value of a forward market hedge in six months time can be calculated: Future value = 750,000/2412 = $310,945 Money market hedge: Rose Co is expecting a euro receipt in six months time and it can hedge this receipt in the money markets b

31、y borrowing eurosto create a euro liability. These euros can be converted into dollars at spot and then placed on deposit for six months. Euro borrowing rate for 6 months = 80/2 = 4% Dollar deposit rate for 6 months = 20/2 = 1% Euros to be borrowed now = 750,000/104 = 721,154 Dollar value of these euros at spot = 721,154/2349 = $307,005 Future value of dollar deposit = 307,005 x 101 = $310,075 The forward market hedge would be better by 310,945 310,075 = $870 and would therefore be preferred on financialgrounds by Rose Co.)(2).(b)Briefly explain