ACCA F9考试真题.docx
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ACCAF9考试真题
FundamentalsLevel–SkillsModule
FinancialManagement
Friday5December2014
Timeallowed
Readingandplanning:
15minutes
Writing:
3hours
Thispaperisdividedintotwosections:
SectionA–ALL20questionsarecompulsoryandMUSTbe
attempted
SectionB–ALLFIVEquestionsarecompulsoryandMUSTbe
attempted
FormulaeSheet,PresentValueandAnnuityTablesareon
pages11,12and13.
DoNOTopenthispaperuntilinstructedbythesupervisor.
Duringreadingandplanningtimeonlythequestionpapermay
beannotated.YoumustNOTwriteinyouranswerbookletuntil
instructedbythesupervisor.
Thisquestionpapermustnotberemovedfromtheexaminationhall.
TheAssociationofCharteredCertifiedAccountants
SectionA–ALL20questionsarecompulsoryandMUSTbeattempted
PleaseusethespaceprovidedontheinsidecoveroftheCandidateAnswerBooklettoindicateyourchosenanswerto
eachmultiplechoicequestion.
Eachquestionisworth2marks.
1
TKQCohasjustpaidadividendof21centspershareanditssharepriceoneyearagowas$3·10pershare.The
totalshareholderreturnfortheyearwas19·7%.
Whatisthecurrentshareprice?
A
B
C
D
$3·50
$3·71
$3·31
$3·35
2
Whichofthefollowingstatementsis/arecorrect?
1
2
3
Securitisationistheconversionofilliquidassetsintomarketablesecurities
Thereverseyieldgapreferstoequityyieldsbeinghigherthandebtyields
Disintermediationariseswhereborrowersdealdirectlywithlendingindividuals
A
B
C
D
2only
1and3only
2and3only
1,2and3
3
Whichofthefollowingstatementsarecorrect?
1
2
3
Maximisingmarketshareisanexampleofafinancialobjective
Shareholderwealthmaximisationistheprimaryfinancialobjectiveforacompanylistedonastockexchange
Financialobjectivesshouldbequantitativesothattheirachievementcanbemeasured
A
B
C
D
1and2only
1and3only
2and3only
1,2and3
4
Acompanywhosehomecurrencyisthedollar（$）expectstoreceive500,000pesosinsixmonths’timefroma
customerinaforeigncountry.Thefollowinginterestratesandexchangeratesareavailabletothecompany:
Spotrate
Six-monthforwardrate
15·00pesoper$
15·30pesoper$
Homecountry
4%peryear
3%peryear
Foreigncountry
8%peryear
6%peryear
Borrowinginterestrate
Depositinterestrate
Workingtothenearest$100,whatisthesix-monthdollarvalueoftheexpectedreceiptusingamoney-market
hedge?
A
B
C
D
$32,500
$33,700
$31,800
$31,900
2
5
6
Whichofthefollowingstatementsiscorrect?
A
B
C
D
Abonusissuecanbeusedtoraisenewequityfinance
Asharerepurchaseschemecanincreasebothearningspershareandgearing
MillerandModiglianiarguedthatthefinancingdecisionismoreimportantthanthedividenddecision
Shareholdersusuallyhavethepowertoincreasedividendsatannualgeneralmeetingsofacompany
Whichofthefollowingstatementsiscorrect?
A
Taxallowabledepreciationisarelevantcashflowwhenevaluatingborrowingtobuycomparedtoleasingasa
financingchoice
B
C
Assetreplacementdecisionsrequirerelevantcashflowstobediscountedbytheafter-taxcostofdebt
Ifcapitalisrationed,divisibleinvestmentprojectscanberankedbytheprofitabilityindexwhendeterminingthe
optimuminvestmentschedule
D
Governmentrestrictionsonbanklendingareassociatedwithsoftcapitalrationing
7
Aninvestmentprojecthasacostof$12,000,payableatthestartofthefirstyearofoperation.Thepossiblefuture
cashflowsarisingfromtheinvestmentprojecthavethefollowingpresentvaluesandassociatedprobabilities:
PVof
Year1cashflow（$）
16,000
PVof
Year2cashflow（$）
20,000
Probability
0·15
Probability
0·75
12,000
0·60
（2,000）
0·25
（4,000）
0·25
Whatistheexpectedvalueofthenetpresentvalueoftheinvestmentproject?
A
B
C
D
$11,850
$28,700
$11,100
$76,300
8
9
Whichofthefollowingstatementsiscorrect?
A
B
C
D
Oncepurchased,currencyfutureshavearangeofclose-outdates
Currencyswapscanbeusedtohedgeexchangerateriskoverlongerperiodsthantheforwardmarket
Bankswillallowforwardexchangecontractstolapseiftheyarenotusedbyacompany
Currencyoptionsarepaidforwhentheyareexercised
Acompanyhas7%loannotesinissuewhichareredeemableinsevenyears’timeata5%premiumtotheirnominal
valueof$100perloannote.Thebefore-taxcostofdebtofthecompanyis9%andtheafter-taxcostofdebtofthe
companyis6%.
Whatisthecurrentmarketvalueofeachloannote?
A
B
C
D
$92·67
$108·90
$89·93
$103·14
3
[P.T.O.
10Whichofthefollowingstatementsconcerningworkingcapitalmanagementarecorrect?
1
2
3
Workingcapitalshouldincreaseassalesincrease
Anincreaseinthecashoperatingcyclewilldecreaseprofitability
Overtradingisalsoknownasunder-capitalisation
A
B
C
D
1and2only
1and3only
2and3only
1,2and3
11WhichofthefollowingisLEASTlikelytofallwithinfinancialmanagement?
A
B
C
D
Thedividendpaymenttoshareholdersisincreased
Fundsareraisedtofinanceaninvestmentproject
Surplusassetsaresoldoff
Non-executivedirectorsareappointedtotheremunerationcommittee
12Whichofthefollowingstatementsconcerningprofitarecorrect?
1
2
3
Accountingprofitisnotthesameaseconomicprofit
Profittakesaccountofrisk
Accountingprofitcanbemanipulatedbymanagers
A
B
C
D
1and3only
1and2only
2and3only
1,2and3
13Acompanyhasannualcreditsalesof$27millionandrelatedcostofsalesof$15million.Thecompanyhasthe
followingtargetsforthenextyear:
Tradereceivablesdays
Inventorydays
Tradepayables
50days
60days
45days
Assumethereare360daysintheyear.
Whatisthenetinvestmentinworkingcapitalrequiredforthenextyear?
A
B
C
D
$8,125,000
$4,375,000
$2,875,000
$6,375,000
14Aninvestorbelievesthattheycanmakeabnormalreturnsbystudyingpastsharepricemovements.
Intermsofcapitalmarketefficiency,towhichofthefollowingdoestheinvestor’sbeliefrelate?
A
B
C
D
Fundamentalanalysis
Operationalefficiency
Technicalanalysis
Semi-strongformefficiency
4
15Whichofthefollowingstatementsis/arecorrect?
1
2
3
Anincreaseinthecostofequityleadstoafallinshareprice
Investorsfacedwithincreasedriskwillexpectincreasedreturnascompensation
Thecostofdebtisusuallylowerthanthecostofpreferenceshares
A
B
C
D
2only
1and3only
2and3only
1,2and3
16Governmentshaveanumberofeconomictargetsaspartoftheirfiscalpolicy.
Whichofthefollowinggovernmentactionsrelatepredominantlytofiscalpolicy?
1
2
3
4
Decreasinginterestratesinordertostimulateconsumerspending
Reducingtaxationwhilemaintainingpublicspending
Usingofficialforeigncurrencyreservestobuythedomesticcurrency
Borrowingmoneyfromthecapitalmarketsandspendingitonpublicworks
A
B
C
D
1only
1and3
2and4only
2,3and4
17Thefollowingareextractsfromthestatementoffinancialpositionofacompany:
$000
$000
Equity
Ordinaryshares
8,000
Reserves
20,000
–––––––
28,000
Non-currentliabilities
Bonds
Bankloans
4,000
6,200
Preferenceshares
2,000
–––––––
12,200
Currentliabilities
Overdraft
1,000
Tradepayables
1,500
–––––––
2,500
–––––––
Totalequityandliabilities
42,700
–––––––
Theordinaryshareshaveanominalvalueof50centspershareandaretradingat$5·00pershare.Thepreference
shareshaveanominalvalueof$1·00pershareandaretradingat80centspershare.Thebondshaveanominal
valueof$100andaretradingat$105perbond.
Whatisthemarketvaluebasedgearingofthecompany,definedaspriorchargecapital/equity?
A
B
C
D
15·0%
13·0%
11·8%
7·3%
5
[P.T.O.
18Whichofthefollowingstatementsiscorrect?
A
B
Governmentscankeepinterestrateslowbybuyingshort-datedgovernmentbillsinthemoneymarket
Thenormalyieldcurveslopesupwardtoreflectincreasingcompensationtoinvestorsforbeingunabletouse
theircashnow
C
Theyieldonlong-termloannotesislowerthantheyieldonshort-termloannotesbecauselong-termdebtisless
riskyforacompanythanshort-termdebt
D
Expectationstheorystatesthatfutureinterestratesreflectexpectationsoffutureinflationratemovements
19Acompanyhasjustpaidanordinarysharedividendof32·0centsandisexpectedtopayadividendof33·6cents
inoneyear’stime.Thecompanyhasacostofequityof13%.
Whatisthemarketpriceofthecompany’ssharestothenearestcentonanexdividendbasis?
A
B
C
D
$3·20
$4·41
$2·59
$4·20
20Whichofthefollowingis/areusuallyseenasformsofmarketfailurewhereregulationmaybeasolution?
1
2
3
Imperfectcompetition
Socialcostsorexternalities
Imperfectinformation
A
B
C
D
1only
1and2only
2and3only
1,2and3
（40marks）
6
SectionB–ALLFIVEquestionsarecompulsoryandMUSTbeattempted
1
FlitCoispreparingacashflowforecastforthethree-monthperiodfromJanuarytotheendofMarch.Thefollowing
salesvolumeshavebeenforecast:
December
January
February
March
April
Sales（units）
1,200
1,250
1,300
1,400
1,500
Notes:
1.
Thesellingpriceperunitis$800andasellingpriceincreaseof5%willoccurinFebruary.Salesareallonone
month’scredit.
2.
3.
Productionofgoodsforsaletakesplaceonemonthbeforesales.
Eachunitproducedrequirestwounitsofrawmaterials,costing$200perunit.Norawmaterialsinventoryis
held.Rawmaterialpurchasesareononemonths’credit.
4.
Variableoverheadsandwagesequalto$100
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