2014年12月ACCA F9考试真题

Fundamentals Level – Skills Module

Financial Management

Friday 5 December 2014

Time allowed

Reading and planning: 15 minutes Writing: 3 hours This paper is divided into two sections:

Section A – ALL 20 questions are compulsory and MUST be

attempted Section B – ALL FIVE questions are compulsory and MUST be

attempted Formulae Sheet, Present Value and Annuity Tables are on pages 11, 12 and 13.

Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor.

This question paper must not be removed from the examination hall.

The Association of Chartered Certified Accountants

Section A – ALL 20 questions are compulsory and MUST be attempted

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question. Each question is worth 2 marks. 1

TKQ Co has just paid a dividend of 21 cents per share and its share price one year ago was $3·10 per share. The total shareholder return for the year was 19·7%. What is the current share price? A B C D

$3·50 $3·71 $3·31 $3·35

2 Which of the following statements is/are correct? 1 2 3 A B C D

Securitisation is the conversion of illiquid assets into marketable securities The reverse yield gap refers to equity yields being higher than debt yields

Disintermediation arises where borrowers deal directly with lending individuals 2 only

1 and 3 only 2 and 3 only 1, 2 and 3

3 Which of the following statements are correct? 1 2 3 A B C D

Maximising market share is an example of a financial objective

Shareholder wealth maximisation is the primary financial objective for a company listed on a stock exchange Financial objectives should be quantitative so that their achievement can be measured 1 and 2 only 1 and 3 only 2 and 3 only 1, 2 and 3

4

A company whose home currency is the dollar ($) expects to receive 500,000 pesos in six months’ time from a customer in a foreign country. The following interest rates and exchange rates are available to the company: Spot rate

Six-month forward rate Borrowing interest rate Deposit interest rate

15·00 peso per $ 15·30 peso per $

Home country

4% per year 3% per year

Foreign country 8% per year 6% per year

Working to the nearest $100, what is the six-month dollar value of the expected receipt using a money-market hedge? A B C D

$32,500 $33,700 $31,800 $31,900

2

5 Which of the following statements is correct? A B C D

A bonus issue can be used to raise new equity finance

A share repurchase scheme can increase both earnings per share and gearing

Miller and Modigliani argued that the financing decision is more important than the dividend decision Shareholders usually have the power to increase dividends at annual general meetings of a company

6

Which of the following statements is correct?

Tax allowable depreciation is a relevant cash flow when evaluating borrowing to buy compared to leasing as a financing choice

B Asset replacement decisions require relevant cash flows to be discounted by the after-tax cost of debt

C If capital is rationed, divisible investment projects can be ranked by the profitability index when determining the

optimum investment schedule

D Government restrictions on bank lending are associated with soft capital rationing A

7

An investment project has a cost of $12,000, payable at the start of the first year of operation. The possible future cash flows arising from the investment project have the following present values and associated probabilities: PV of

Year 1 cash flow ($)

16,000 12,000 (4,000)

Probability 0·15 0·60 0·25

PV of

Year 2 cash flow ($)

20,000 (2,000)

Probability 0·75 0·25

What is the expected value of the net present value of the investment project? A

B C D

$11,850 $28,700 $11,100 $76,300

8 Which of the following statements is correct? A B C D

Once purchased, currency futures have a range of close-out dates

Currency swaps can be used to hedge exchange rate risk over longer periods than the forward market Banks will allow forward exchange contracts to lapse if they are not used by a company Currency options are paid for when they are exercised

9

A company has 7% loan notes in issue which are redeemable in seven years’ time at a 5% premium to their nominal value of $100 per loan note. The before-tax cost of debt of the company is 9% and the after-tax cost of debt of the company is 6%.

What is the current market value of each loan note? A B C D

$92·67 $108·90 $89·93 $103·14

3 [P.T.O.

10 Which of the following statements concerning working capital management are correct?

1 2 3 A B C D

Working capital should increase as sales increase

An increase in the cash operating cycle will decrease profitability Overtrading is also known as under-capitalisation 1 and 2 only 1 and 3 only 2 and 3 only 1, 2 and 3

11 Which of the following is LEAST likely to fall within financial management?

A B C D

The dividend payment to shareholders is increased Funds are raised to finance an investment project Surplus assets are sold off

Non-executive directors are appointed to the remuneration committee

12 Which of the following statements concerning profit are correct?

1 2 3 A B C D

Accounting profit is not the same as economic profit Profit takes account of risk

Accounting profit can be manipulated by managers 1 and 3 only 1 and 2 only 2 and 3 only 1, 2 and 3

13 A company has annual credit sales of $27 million and related cost of sales of $15 million. The company has the

following targets for the next year:

Trade receivables days Inventory days Trade payables

50 days 60 days 45 days

Assume there are 360 days in the year.

What is the net investment in working capital required for the next year? A B C D

$8,125,000 $4,375,000 $2,875,000 $6,375,000

14 An investor believes that they can make abnormal returns by studying past share price movements.

In terms of capital market efficiency, to which of the following does the investor’s belief relate? A B C D

Fundamental analysis Operational efficiency Technical analysis

Semi-strong form efficiency

4

15 Which of the following statements is/are correct?

1 2 3 A B C D

An increase in the cost of equity leads to a fall in share price

Investors faced with increased risk will expect increased return as compensation The cost of debt is usually lower than the cost of preference shares 2 only

1 and 3 only 2 and 3 only 1, 2 and 3

16 Governments have a number of economic targets as part of their fiscal policy.

Which of the following government actions relate predominantly to fiscal policy? 1 2 3 4 A B C D

Decreasing interest rates in order to stimulate consumer spending Reducing taxation while maintaining public spending

Using official foreign currency reserves to buy the domestic currency

Borrowing money from the capital markets and spending it on public works 1 only 1 and 3

2 and 4 only 2, 3 and 4

17 The following are extracts from the statement of financial position of a company:

$000

Equity

Ordinary shares Reserves Non-current liabilities

Bonds

Bank loans

Preference shares Current liabilities

Overdraft

Trade payables

8,000 20,000 –––––––

28,000

4,000 6,200 2,000 –––––––

12,200

1,000 1,500 –––––––

2,500 ––––––– 42,700 ––––––– $000

Total equity and liabilities

The ordinary shares have a nominal value of 50 cents per share and are trading at $5·00 per share. The preference shares have a nominal value of $1·00 per share and are trading at 80 cents per share. The bonds have a nominal value of $100 and are trading at $105 per bond.

What is the market value based gearing of the company, defined as prior charge capital/equity? A B C D

15·0% 13·0% 11·8% 7·3%

5 [P.T.O.

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