ACCA P4考试模拟题(一).docx

2016年3月ACCA P4考试模拟题（一）2016年ACCA将推出四个考季，为了方便大家更好地复习2016年3月ACCA P4考试，小编在百度文库定期传一些考试资料，如有需要请关注财萃财经的百度文库。Question：A defensive tactic in a hostile takeover bid has been described as follows:“A firm that launches a friendly counter-bid and takes control of the target firm.”This description best fits which defensive tactic? A. Golden parachuteB. White squireC. Pacman defenseD. White knight The correct answer is: White knight.解析：A White Squire is also a firm that makes a friendly counter-bid but does not take control of the target firm.A Pacman Defence is an aggressive tactic that involves mounting a counter-bid for the attacker.A Golden Parachute is a large compensation payment made to the top management of the target company if their positions are eliminated due to the hostile takeover.Question：The directors of Little Panda Inc are concerned that the potential of its managers is being under-utilised on the companys existing activities.In order to make the most use of its resources, which of the following companies is Little Panda most likely to wish to acquire? A. A company with the right customer profile.B. A company making similar products operating substantially below capacity.C. A company identified by stock market analysts as having significant growth potential, but currently lacking strategic and operational focus.D. A company with a complementary product range. The correct answer is: A company identified by stock market analysts as having significant growth potential, but currently lacking strategic and operational focus.Hopefully this company should offer Little Pandas underemployed managers the chance to exercise their talents.Question：Relatively low cost access to new markets; easy access to local capital markets; sharing risks; and being able to use existing local expertise and infrastructure are some of the main advantages of which means of establishing an overseas business interest? A. Branch B. Licensing contract C. Joint Venture D. Subsidiary The correct answer is: Joint Venture. The main advantages of overseas expansion through a joint venture arrangement are: Relatively low cost access to new markets Relatively easy access to local capital markets, possibly with accompanying tax incentives or grants Use of joint venture partners existing management expertise, local knowledge, distribution network, technology, brands, patents and marketing Sharing of risks Sharing of costs, providing economies of scaleQuestion：When can an American style option be exercised?A. On any day up to and including the expiry date.B. On any day up to but excluding the expiry date.C. On the expiry date only.D. Within the five day settlement period commencing on the expiry date.The correct answer is:On any day up to and including the expiry date.Note that most options traded in the UK and Europe are in fact American options.Question：Company A operates in country A, which operates the exemption method for double taxation relief and which has a domestic corporation tax rate of 30%.Company B operates in country B, which operates the credit method for double taxation relief and which also has a domestic corporation tax rate of 30%.Company A and Company B each set up a wholly owned subsidiary in country C, where the corporation tax rate is 25%.Which of Company A or Company B is likely to face a higher overall corporation tax charge?A. Not enough information is given.B. Both the same.C. Company B.D. Company A.The correct answer is:Company B.Company A would pay tax on profits in country C at 25%, but would then pay tax at 30% in country B and would be exempt from a charge in country A.Company B would also pay tax on profits in country C at 25%, but would then pay tax at 30% in country B with a credit being given in respect of the tax already paid in country C.Therefore, company A would face a lower overall tax charge.Question：The directors of Little Panda Inc are concerned that the potential of its managers is being under-utilised on the companys existing activities.In order to make the most use of its resources, which of the following companies is Little Panda most likely to wish to acquire?A. A company with the right customer profile.B. A company making similar products operating substantially below capacity.C. A company identified by stock market analysts as having significant growth potential, but currently lacking strategic and operational focus.D. A company with a complementary product range.The correct answer is:A company identified by stock market analysts as having significant growth potential, but currently lacking strategic and operational focus.Hopefully this company should offer Little Pandas underemployed managers the chance to exercise their talents.Question：Consider the following explanation of a defensive tactic in a hostile takeover bid:“An attempt to make the company unattractive by giving the right to existing shareholders to buy shares at a very low price.”This explanation best describes which defensive tactic?A. Poison pillB. Golden parachuteC. Crown jewelsD. Pacman defenceThe correct answer is:Poison pill.A Pacman Defence is an aggressive tactic which involves mounting a counter-bid for the attacker.A Golden Parachute is a large compensation payment made to top management of the target firm if their positions are eliminated due to a hostile takeover.Question：What is the name given to the date on which a forward rate agreement is dealt?A. Fixing dateB. Trade dateC. Maturity dateD. Settlement dateThe correct answer