考前冲刺阶段22年09月fm习题带练一

WhichofthefollowingstatementsareisingmarketshareisanexampleofafinancialShareholderwealthisationistheprimaryfinancialobjectiveforalistedonastockexchangeFinancialobjectivesshouldbetativesothattheirachievementscanbe1and21and32and31,2andWhichofthefollowingstatementsisNOTReturnoncapitalemployedcanbedefinedasprofitbeforeinterestandtaxdividedbythesumofshareholders‘fundsandpriorchargecapitalReturnoncapitalemployedistheproductoprofitmarginanassetDividendyieldcanbedefinedasdividendpersharedividedbytheex-dividendshareReturnonequitycanbedefinedasprofitbeforeinterestandtaxdividedChapter2TheeconomicenvironmentforSection72Sectionernmentshaveanumberofeconomictargetsaspartoftheirfiscal.Whichofthefollowingernmentactionsrelatepredominantlytofiscal?UsingofficialforeigncurrencyreservestobuythedomesticBorrowingmoneyfromthecapitalmarketsandspendingitonpublic1M✔M✔M✔Answer:2and42,3andWhichofthefollowingernmentactionswouldleadtotakingacontractionary Decreasingmoney❌ ❌ 11and2and41,2andWhichofthefollowingis/areusuallyseenasformsofmarketfailurewhereregulationmaysolvethefailure?Socialcostsor11and22and31,2andChapter3FinancialmarketsandSection72SectionThereverseyieldgapreferstoequityyieldsbeinghigherthandebt12and31and21,2andWhichofthefollowingstatementsare①Asecondarymarketiswheresecuritiesareboughtandsoldby②Financialmarketscanbeclassifiedintoexchangeandover-the-counter③Capitalmarketsecuritiesareassetsforthesellerbutliabilitiesforthe1and31and22and31,2andMoneymarketMoneyMoneyTreasuryWhichofthefollowingstatementsare①Treasurybillsareboughtandsoldonadiscount② ofdepositisanexampleofamoneymarket③Moneymarketdepositsareshort-termloansbetweenorganizationssuchas1and21and32and31,2andThank感谢您选择高顿ACCA本节结束！Chapter5WorkingcapitalSection52Section36-10Zintahasannualcreditsalesof$54millionandrelatedcostofsalesof$30million.ThehasthefollowingtargetsforthenextInventorydays:60daysAssumethereare360daysintheWhatisthinvestmentinworkingcapitalrequiredforthenext

Accountsreceivable=360×$54=Inventory=360×$30=Accountspayable

×$30=Workingcapital=$7.5+$5−$3.75=Abusinesshasacurrentratioof2.Currentassetsconsistofinventory$10mandcurrentliabilitiesof$15m.Thegiveso age36.5dayscredittoitscustomers.WhatistheannualcreditCurrentCurrent=Currentassets=Currentliabilities×2=$15×2=Accountsreceivable=30−10=Accountsreceivabledays×365=Sales=TGACo,amultinational,hasannualcreditsalesof$5·4millionandrelatedcostofsalesare$2·16million.ApproximayhalfofallcreditsalesareexportstoaEuropeancountry,whicharedineuros.FinancialinformationrelatingtoTGACoisasfollows:TGAConstochangeworkingcapitalinordertoimproveitsprofitability.Thischangewillnotaffectthecurrentlevelsofcreditsales,costofsaleso capital.Asaresultofthechange,thefollowingworkingcapitalratiovaluesareInventorydays 50daysTradereceivablesdays62daysTradepayablesdays45daysAssumethereare365daysineachyear.Forthechangeinworkingcapital,calculatethechangeintheoperatingcycle,theeffectonthecurrentratio.Thecurrentoperatingcycleisthesumofthecurrentinventorydaysandtradereceivablesdays,lessthecurrenttradepayablesdays.Currentinventorydays=(473,400/2,160,000)x365=80Currenttradereceivablesdays=(1,331,500/5,400,000)x365=90daysCurrenttradepayablesdays=(177,500/2,160,000)x365=30daysCurrentoperatingcycle=80+90–30=140daysOperatingcycleafterchanges=50+62–45=67Thechangeintheoperatingcycleisthereforeadecreaseof73Atpresent,thecurrentratiois1,804,900/1,504,100=1·20inventory，accountsreceivable，accountspayableRevisedinventory=2,160,000x50/365=$295,890Revisedtradereceivables=5,400,000x62/365=$917,260Revisedtradepayables=$2,160,000x45/365=$266,301因为题中WC不变，因此可以根据新的inventory和accountsreceivable减去accountspayableWC，得到overdraftThecurrenworkingcapitalisRevisedoverdraftlevel=295,890+917,260–266,301–300,800=Revisedcurrentassets=295,890+917,260=$1,213,150Revisedcurrentliabilities=266,301+646,049=$912,350Revisedcurrentratio=1,213,150/912,350=1·33timesTheeffectonthecurrentratioistoreaseitfrom1·20to1·33Chapter6ManagementofworkingSection42Section55-14Question3(2010/12WQZCoisconsideringmakingthefollowingchangeintheareaofinventorymanagementIthasbeensuggestedthattheordersizeforProductKN5shouldbedeterminedusingtheeconomicordertymodel(EOQ).WQZCoforecaststhatdemandforProductKN5willbe160,000unitsinthecomingyearandithastraditionallyordered10%ofannualdemandperorder.Theorderingcostipectedtobe$400perorderwhiletheholdingcostipectedtobe$5·12perunitperyear.Abufferinventoryof5,000unitsofProductKN5willbemaintained,whetherordersaremadebythetraditionalmethodorusingtheeconomicorderingtyCalculatethecostofthecurrentorderingandthechangeinthecostsofinventorymanagementthatwillariseiftheeconomicordertyisusedtodeterminetheoptimumordersizeforProductKN5.CostCostofthecurrentOrdersize=10%of160,000=16,000unitsperNumberofordersperyear=160,000/16,000=10ordersperyearAnnualorderingcost=10x400=$4,000peryearHoldingcosts=5·12x(5,000+16,000/2)=$66,560peryearTotalcostofcurrent =$4000+$66,560=$70,560peryearCostCostoftheusingtheEOQEOQEOQ 2×400×160,000=5,000unitsperAnnualorderingcost=160,000/5,000x400=$12,800perHoldingcostof=5·12x(5,000+(5,000/2))=$38,400perTotalcostof=$51,200perostsofinventorymanagementbyusingEOQ osts=70,560–51,200=Earlysettlementdiscount,alsocalledcashdiscount,isadiscountgiventoencourageearlypayment,forexample,givingacustomer2%discountofsalesifthecustomerpayswithinonemonthratherthan3monthscreditterm.savedfromreductionofcustomerswhotaketheearlyPipsLimitedisconsideringofferingacashsettlementdiscounttoitscustomers.Currentlyitsannualsalesare$10manditsnormalpaymenttermsare90days.Customerswillbeabletotakea2%discountforpaymentsafter10days.Pipsanticipatethat20%ofcustomerswilltakethediscount.CurrentlyPipshasanoverdraftonwhichitispaying10%AssesswhetherPipsshouldofferthe$10m×20%×2%=Beforeaccountsreceivable=

×10m= ccountsreceivable=20%×

×10m+80%×

×10m=Reduction=Interestsaved=$438,355×10%=benefit=$3,836BoldCohaveannualcreditsaleof$21,300,000,andtradereceivablesofAfactorhasofferedtomanagethetradereceivablesofBoldCoinaservicingandfactor-financingagreement.ThefactorexpectstoreducetheaveragetradereceivablesperiodofBoldCofromitscurrentlevelto35days;toreducebaddebtsfrom0·9%ofturnoverto0·6%ofturnover;andtosaveBoldCo$40,000peryearinadministrationcosts.ThefactorwouldalsomakeanadvancetoBoldCoof80%oftherevisedbookvalueoftradereceivables.Theinterestrateontheadvancewouldbe2%higherthanthe7%thatBoldCocurrentlypaysonitsoverdraft.Thefactorwouldchargeafeeof0·75%ofturnoveronawith-recoursebasis,orafeeof1·25%ofturnoveronanon-recoursebasis.Assumethatthereare365workingdaysineachyearandthatallsalesand sareonCalculatethevalueofthefactor’sonawith-recourseonanon-recourseCurrenttradereceivablesRevisedtradereceivables=21,300,000x35/365=Reductionintradereceivablesunderfactor=3,500,000–2,042,066=Financecostsaving=1,457,534x0·07=Baddebtsaving=21,300,000x(0·009–0·006)=$63,900Administrationcostsaving$40,000Totalsaving102,027+63,900+40,000=CostsonwithrecourseofferanAdditionalinterestonadvance=2,042,466x0·8x0·02=$32,680With-recoursefactorfee=21,300,000x0·0075=benefitofwith-recourseoffer205,927–32,680–159,750=$13,497Financecostsaving=1,457,534x0·07=$102,027Baddebtsaving=21,300,000x0·009=$191,700Administrationcostsaving$40,000Additionalinterestonadvance=2,042,466x0·8x0·02=$32,680Non-recoursefactorfee=21,300,000x0·0125=$266,250benefitofnon-recourseoffer102,027+191,700+40,000–32,680–266,250=$34,797Aneeds$150,000eachyearforregularpayments.Convertingtheshort-terminvestmentsintocashtomeettheseregular ursafixedcost$400pertransaction.Theseshort-terminvestmentspayinterestof5%peryear,whiletheearnsinterestofonly1%peryearoncashdeposits.AccordingtotheBaumolModel,whatistheoptimumamountofshort-terminvestmentstoconvertintocashineachtransaction?ABCD22×400×=0.05−Chapter9SpecificinvestmentSection22Section25RidagCo.nstoreceanexistingmachineandmustchoosweentwomachines.Machine1hasaninitialcostof$200,000andwillhaveascrapvalueof$25,000afterfouryears.Annualmaintenancecostsofthemachine1areasfollows:1234Whererelevant,allinformationrelatingtothisprojecthasalreadybeenadjustedtoludeexpectedfutureinflation.RidagCo.hasitsnominaldiscountrate12%.WhatistheequivalentannualcostofMachine1?A. B. C. 01234InitialScrapCash1Present274,582/3.037=Answer:LeaseorRelevantcashRentalInitialTaxbenefitonScrapTaxsavedoncapitalTaxbenefitonmaintenanceUsethepost-taxcostofborrowingasdiscountratePost-taxcostofborrowing=Costofborrowing*(1-Tax)SpotCoisconsideringhowtofinancetheacquisitionofamachinecosting$750,000withanoperatinglifeoffiveyears.Therearetwofinancingoptions.Option1：Themachinecouldbeleasedforanannualleasepaymentof$155,000peryear,payableatthestartofeachyear.Option2：Themachinecouldbeboughtfor$750,000usingabankloancharginginterestatanannualrateof7%peryear.Atoffiveyears,themachinewouldhaveascrapvalueof10%ofthepurchaseprice.Ifthemachineisbought,maintenancecostsof$20,000peryearwouldbeurred.EvaluatewhetherSpotCoshoulduseleasingorborrowingtoQuestion2012345NPV=−155,000×3.387−155,000=012345CashNPV=−75,000+20,000×3.387+55,000×0.7