ACCA財務(wù)管理F9-西安交通大學(xué)中國大學(xué)mooc課后章節(jié)答案期末考試題庫2023年

ACCA財務(wù)管理F9_西安交通大學(xué)中國大學(xué)mooc課后章節(jié)答案期末考試題庫2023年Thefinancialbenefitsofanewinvestmentconsistoftheincreasedsalesrevenuesitgenerates.

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錯誤

Onereasonthatcapitalexpendituremaybeincurredistomaintaintheearningcapacityofexistingnon-currentassets.

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錯誤

'Signalling'inthecontextofdividendspolicyistheuseofdividendpolicytoindicatethefutureprospectsofanenterprise.

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正確

Acompanyofferstopayadividendintheformofnewshareswhichareworthmorethanthecashalternativewhichisalsooffered.Thisdividendintheformofsharesiscalledanenhancedscripdividend.

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正確

Thedefinitionoffinancialmanagementisthemanagementofthefinancesofanorganisationinordertoachievethefinancialobjectivesoftheorganisation.

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正確

Whatthreebroadtypesofdecisiondoesfinancialmanagementinvolve?A.InvestmentdecisionsB.FinancingdecisionsC.OperatingdecisionsD.Dividenddecisions

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Investmentdecisions_Financingdecisions_Dividenddecisions

Themainfinancialobjectivethatthetheoryofcompanyfinanceassumethatabusinessorganisationhasistomaximisethewealthofthecompany'sboarddirectorsandmanagers.

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錯誤

Ifearningspersharefallfromoneyeartothenext,sowillthelevelofdividends.

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錯誤

Tickwhicharestakeholdergroupsforacompany.

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Employees_Ordinaryshareholders_TheBoardofDirectors_Tradepayables(suppliers)

Returnoncapitalemployed=Profitafterinterestandtax/Capitalemployed

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錯誤

Goalcongruenceisaccordancebetweentheobjectivesofagentsactingwithinanorganisation.

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正確

Whichisnotoneofthe'ThreeEs'ofvalueformoney?

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Exigency

Foracertainproject,thenetpresentvalueatadiscountrateof15%is$3,670,andatarateof18%thenetpresentvalueisnegativeat($1,390).Whatistheinternalrateofreturnoftheproject?

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17.2%

PBCouses2,500unitsofcomponentXperyear.ThecompanyhascalculatedthatthecostofplacingandprocessingapurchaseorderforcomponentXis$185,andthecostofholdingoneunitofcomponentXforayearis$25.theeconomicorderquantity(EOQ)forcomponentXis

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192

SHIBORistherateofinterestthatappliestowholesalemoneymarketlendingbetweenLondonbanks

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錯誤

ThebasicEOQformulaforinventoryindicateswhetherbulkdiscountsshouldbetakenadvantageof.

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錯誤

Theperpetuityformulaisannualcashflow/discountrate.

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正確

Whichonesofthefollowingarethetypesofinterestratederivativeusedtohedgeinterestraterisk?

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Futurescontracts_Interestrateswaps_Interestrateoptions_Caps,collarsandfloors

TheadvantagesoftheDCFmethodofprojectappraisaloverotherappraisalmethodsinclude:takingaccountofthetimevalueofmoney,usingallcashflowsrelatingtoaprojectandallowingforthetimingofcashflows.

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正確

WhatisnotthecashflowtimingconventionsusedinDCF?

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Acashoutlaytobeincurredattheendofaninvestmentprojectoccursinyear0.

Whichofthefollowingitemsarenotincludedinthecashflowswhendeterminingthenetpresentvalueofaproject?

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Depreciationchargesfortheequipment_Researchcostsincurredpriortotheappraisal_Interestpaymentsontheloantofinancetheinvestment

Hardcapitalrationingoccurswhenarestrictiononanorganization’sabilitytoinvestcapitalfundsiscausedbyaninternalbudgetceilingimposedbymanagement.

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錯誤

Whichofthefollowingdoesnotdeterminetheamountofcreditofferedbyasupplier?

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DThenumberofpurchasesmadebythebuyereachyear

Ifacustomerdecidedtopassupthechanceofacashdiscountof1%inreturnforreducingtheiraveragepaymentperiodfrom70to30days,whatwouldbetheimpliedcostininterestperannum?

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9.5%

Weakformefficiencystatesthatsharepricesreflectallinformationinpastsharepricerecord.

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正確

Fundamentalanalysistheorystatesthatthevalueofashareisthediscountedpresentvalueofall.

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正確

Randomwalktheorystatesthatpastsharepricepatternstendtoberepeated.

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錯誤

Whichfactorsaffectsharepricebehavior?

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Investorspeculation_Marketabilityandliquidityofshares_Information_Pricinganomalies

Theefficientmarkethypothesisexistsinanumberofformsthatrelatetodifferentlevelsofinformationprocessingefficiency.Inthesemi-strongformofthehypothesis,whichoneofthefollowingtypesofinformationwillnotinfluencetheshareprice?

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Specialistinformation

WhartonFingersCohasjustmadeapublicannouncementthatitplanstolaunchanewproductontothemarketthatshouldreducethevolatilityofitsreportedannualprofits.OnthesamedaySalivaCo,afoodproductsmanufacturer,haspubliclyannouncedthatithaswithdrawnsubstantialinventoriesofitsproductfromitsretailcustomersbecauseofareportedfoodpoisoningincident.Ifneitheroftheseitemsofinformationhadbeenmadepublicbefore,whateffectshouldtheynowhaveonthecompanies'shareprices,assumingthatthestockmarkethassemi-strongformefficiency?

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WhartonfinersCoshareprice:IncreaseSalivaCoshareprice:Decrease

Aninvestorbelievesthattheycanmakeabnormalreturnsbystudyingpastsharepricemovements.Intermsofcapitalmarketefficiency,towhichofthefollowingdoestheinvestor’sbeliefrelate?

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Technicalanalysis

Whichtheoryofsharepricebehaviourdoesthefollowingstatementdescribe?'Theanalysisofexternalandinternalinfluencesontheoperationsofacompanywithaviewtoassistingininvestmentdecisions.'

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Fundamentalanalysistheory

Aninvestmentprojecthasthefollowingdiscountedcashflows($’000).YearDiscountrate0%10%20%0(90)(90)(90)13027.325.023024.829.833022.517.443020.514.5305.1(12.3)Therequiredrateofreturnoninvestmentis10%perannum.Whatisthediscountedpaybackperiodoftheinvestmentproject?

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Between3yearsand4years

TheexamplesofuncertainindependentvariablesonwhichtheNPVofaprojectmaydependinclude:

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Salesvolume_Costofcapital_Initialcost_Operatingcosts

Cuminterestpricesshouldalwaysbeusedincalculationsinvolvingdebt.

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錯誤

Whatarelikelytobethemainaimsofagovernment'seconomypolicy?

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Economicgrowth_Controlofpriceinflation_Fullemployment_Balancebetweenimportsandexports

Theroleofthechartistortechnicalanalystinstockmarketsistoidentifysharesthatareunder-orover-valuedbycalculatingthepresentvalueoftheirexpectedfutureearningsstream.

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錯誤

Depreciationofproductionmachineryshouldbeincludedinacashflowforecast?

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錯誤

Receiptsofdividendsfromoutsidethebusinessshouldbeincludedinacashflowforecast?

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正確

Ifamachinewithannualrunningcostsof$100,000wasdivertedfromproducingoutputsellingfor$50,000toproducingaspecialorderworth$70,000,whatwouldbethenetincome

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D$20,000

Thereturnoncapitalemployedmethodofinvestmentappraisalusesaccountingprofitsbeforedepreciationcharges.

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錯誤

Chartismstatesthatasharepricecanbeexpectedtofluctuatearoundits'intrinsic'value.

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錯誤

Agovernment'sfiscalpolicyisconcernedwithtaxation,borrowingandspendingandtheireffectsontheeconomy.Monetarypolicyisconcernedwithmoneyandinterestrates

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正確

Ahighinterestrateattractsforeigninvestment,thusincreasingthedemandforthecurrency.Theexchangeraterisesasaresult.

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正確

Whichofthefollowingfactorscannotinfluencethelevelofexchangerates?

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Monetaryliquidity

Revaluationofanon-currentassetshouldbeincludedinacashflowforecast?

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錯誤

Fundsfromtheissueofsharecapitalshouldbeincludedinacashflowforecast?

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正確

Whatarethereasonsforgovernmentinterventioninmarkets？

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Imperfectcompetition_Socialcosts/externalities_Imperfectinformation_Equity

Sensitivityanalysisallowsforuncertaintyinprojectappraisalbyassessingtheprobabilityofchangesinthedecisionvariables.

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錯誤

Acompanyisappraisinganinvestmentthatwillsaveelectricitycosts.Electricitypricesareexpectedtoriseatarateof15%perannuminfuture,althoughthegeneralinflationratewillbe10%perannum.Thenominalcostofcapitalforthecompanyis20%.Whatistheappropriatediscountratetoapplytotheforecastactualnominalcashflowsforelectricity?

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20%

Thenominalcostofcapitalis11%.Theexpectedannualrateofinflationis5%.Whatistherealcostofcapital?

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5.7%

Tax-allowabledepreciationisusedtoincreasetaxableprofits,andtheconsequentreductioninataxpaymentshouldbetreatedasacashpaymentarisingfromtheacceptanceofaproject.

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錯誤

Whentheplantiseventuallysold,thedifferencebetweenthesalespriceandthereducingbalanceamountwillbetreatedasataxableprofitifthesalespriceexceedsthereducingbalance,andasatax-allowablelossifthereducingbalanceexceedsthesalesprice.

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正確

RedCoisconsideringthepurchaseofamachinefor$2,190,000.Itwouldbesoldafterfouryearsforanestimatedrealisablevalueof$790,000.Bythistimetax-allowabledepreciationof$1,450,000wouldhavebeenclaimed.Therateoftaxis30%.Whatisthecashflowarisingasaresultoftaximplicationsonthesaleofthemachineattheendoffouryears?

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Outflowof$15,000

Acompanywantsaminimumrealreturnof3%ayearonitsinvestments.Inflationisexpectedtobe8%ayear.Whatisthecompany'sminimumnominalcostofcapital?

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11.24%

Therelationshipbetweenthenominalrateofreturn,therealrateofreturnandtherateofinflationis(1+nominalrate)=(1+realrate)′(1+inflationrate).

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正確

Expectedvaluescanhelpanaccountantevaluatetherangeofpossiblenetpresentvalueoutcomes.

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錯誤

TheCertainty-equivalentapproachiswhereexpectedcashflowsareconvertedtorisklessequivalentamounts.

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正確

Managerscanreduceriskinwhichway?

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Setmaximumpaybackperiod_Usehighdiscountingrate_Usesensitivityanalysistodeterminethecriticalfactorswithinthedecision-makingprocess_Usepessimisticestimates

Simulationmodelsconstructedbyassigningarangeofrandomnumberdigitstoeachpossiblevalueofeachoftheuncertainvariables.

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正確

Theprincipleofpurchasingpowerparitymustalwayshold

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錯誤

Forwardexchangerateisanexchangeratesetfortheexchangeofcurrenciesatsomefuturedate

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正確

Whichoneofthefollowingisnotoneofthetypesofforeigncurrencyderivativeusedtohedgeforeigncurrencyrisk?

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Currencydefaultswaps

Whichoneofthefollowingisnotoneofthemethodsofforeigncurrencyriskmanagement?

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Backwardexchangecontracts

Externalitiesarepositiveeffectsonthirdpartiesresultingfromproductionandconsumptionactivities.

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錯誤

Corporategovernanceisthesystembywhichcompaniesaredirectedandcontrolled.

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正確

TheP/Eratioareusedwhenalargeblockofshares,orawholebusiness,isbeingvalued.

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正確

P/Eratio=Shareprice/EPS

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正確

Ifamachinewithannualrunningcostsof$100,000wasdivertedfromproducingoutputsellingfor$50,000toproducingaspecialorderworth$70,000,whatwouldbetherelevantcostsofwhathashappened?

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C$50,000

Whatarethemainproblemsinusinggearedandungearedbetastocalculateafirm'sequitybeta?

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(c)Theremaybefirm-specificcausesofdifferencesinbetavalues._(d)Themarketmayrecogniseopportunitiesforfuturegrowthforsomefirmsbutnotothers._(b)Estimatesofbetavaluesfromsharepriceinformationarenotwhollyaccurate._(a)Itisdifficulttoidentifyotherfirmswithidenticaloperatingcharacteristics.

Whichofthefollowingisnotoneofthetypesofcurrencyrisk?

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Liquidityrisk

Aportfolioconsistingentirelyofrisk-freesecuritieswillhaveabetafactorof

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0

Forshort-termborrowing,acompanywillgotothecapitalmarkets.

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錯誤

Stockexchangeisamoneymarket.

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錯誤

IfanIndiancompanyborrowsUSdollarsinAustralia,theloanisknownasanEurocurrencyloan.

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正確

Unsystematicriskismeasuredbybetafactors.

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錯誤

Whyacompanymayseekastockmarketlisting?

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accesstoawiderpooloffinance_improvedmarketabilityofshares;transferofcapitaltootheruses_enhancementofcompanyimage_making

growthbyacquisitionpossible

Acompanyhas12%loannotesinissue,whichhaveamarketvalueof$135per$100nominalvalue.Whatistheamountofinterestpayableperannumper$100(nominal)ofloannote?

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$12

Acompanyhas12%loannotesinissue,whichhaveamarketvalueof$135per$100nominalvalue.Whatishecouponrate?

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12%

Whichofthefollowingisleastlikelytobeareasonforseekingastockmarketflotation?

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Improvingtheexistingowners'controloverthebusiness

Whatarethemaincharacteristicsofsmallandmedium-sizedenterprises?

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Firmsarelikelytobeunquoted._Ownershipofthebusinessisrestrictedtoafewindividuals,typicallyafamilygroup._Theyarenotmicrobusinessesthatofferamediumforself-employmentoftheirowners.

BusinessangelfinancingisdirectinvestmentinSMEsbyindividualsorsmallgroupsofinvestors.

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正確

Thereturnsoncapitalinvestmentmustexceedtheinterestpayableontheextradebtusedtofinancetheinvestment.Thisconditionhastobefulfilledforincreasedfinancialgearingtoresultinincreasedearningspershare.

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正確

Debtratio=

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Totaldebt:Totalassets##%_YZPRLFH_%##Totaldebt/Totalassets

（）=Profitbeforeinterestandtax/Interest

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Interestcoverageratio

()gearing=Contribution/Profitbeforeinterestandtax

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Operational

()gearing=Totalcapitalemployed/Priorchargecapital

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Financial

Thatcompanytryingtosupporttoolargeavolumeoftradewiththecapitalresourcesatitsisdisposalovertrading?

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正確

Thatacompanywithexcessiveinvestmentinworkingcapitalisover-capitalisation?

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正確

Whichistheworkingcapitalrequirementofacompanywiththefollowingaveragefiguresoverayear?Inventory3,750Tradeaccountsreceivable1,500Cashandbankbalances500Tradeaccountspayable1,800

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3950

TheModiglianiandMillertheoryisbasedonperfectcapitalmarketswhichdonotexistintherealworld.

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正確

Assumingdebtisriskfreeba=

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(Ve)/(Ve+Vd(1-T))

Forwardrateagreementshedgeriskbyfixingtheinterestrateonfutureborrowing

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正確

Choosethecircumstancesinwhichthesharesofanunquotedcompanymightneedtobevalued.

參考答案:

Settinganissuepriceifthecompanyisfloatingitsshares_Wh