2014年12月份样卷下载，F9 Financial Management

Financial ManagementSpecimen Exam applicable from December 2014
2014年12月份ACCA考试样卷，F9 Financial Management


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Section A – ALL TWENTY questions are compulsory and MUST be attemptedPlease use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer toeach multiple choice question.Each question is worth 2 marks.1 In relation to hedging interest rate risk, which of the following statements is correct?A The flexible nature of interest rate futures means that they can always be matched with a specific interest rateexposureB Interest rate options carry an obligation to the holder to complete the contract at maturityC Forward rate agreements are the interest rate equivalent of forward exchange contractsD Matching is where a balance is maintained between fixed rate and floating rate debt2 The home currency of ACB Co is the dollar ($) and it trades with a company in a foreign country whose home currencyis the Dinar. The following information is available:Home country Foreign countrySpot rate 20·00 Dinar per $Interest rate 3% per year 7% per yearInflation rate 2% per year 5% per yearWhat is the six-month forward exchange rate?A 20·39 Dinar per $B 20·30 Dinar per $C 20·59 Dinar per $D 20·78 Dinar per $3 The following financial information relates to an investment project:$000Present value of sales revenue 50,025Present value of variable costs 25,475–––––––Present value of contribution 24,550Present value of fixed costs 18,250–––––––Present value of operating income 6,300Initial investment 5,000–––––––Net present value 1,300–––––––What is the sensitivity of the net present value of the investment project to a change in sales volume?A 7·1%B 2·6%C 5·1%D 5·3%24 TKQ Co has just paid a dividend of 21c per share and its share price is $3·50 per share. One year ago its share pricewas $3·10 per share.Working to one decimal place, what is the total shareholder return over the period?A 17·4%B 18·2%C 18·9%D 19·7%5 Gurdip plots the historic movements of share prices and uses this analysis to make her investment decisions. To what extent does Gurdip believe capital markets to be efficient?A Not efficient at allB Weak form efficientC Semi-strong form efficientD Strong form efficient6 Which of the following statements concerning capital structure theory is correct?A In the traditional view, there is a linear relationship between the cost of equity and financial riskB Modigliani and Miller said that, in the absence of tax, the cost of equity would remain constantC Pecking order theory indicates that preference shares are preferred to convertible debt as a source of financeD Business risk is assumed to be constant7 What is the impact of a fall in a country’s exchange rate?1 Exports will be given a stimulus2 The rate of domestic inflation will riseA 1 onlyB 2 onlyC Both 1 and 2D Neither 1 nor 28 Which of the following actions is LEAST likely to increase shareholder wealth?A The average cost of capital is decreased by a recent financing decisionB The financial rewards of directors are linked to increasing earnings per shareC The board of directors decides to invest in a project with a positive net present valueD The annual report declares full compliance with the corporate governance code9 Value for money is an important objective for not-for-profit organisations.Which action is LEAST consistent with increasing value for money?A Using a cheaper source of goods without decreasing the quality of not-for-profit organisation servicesB Searching for ways to diversify the finances of the not-for-profit organisationC Decreasing waste in the provision of a service by the not-for-profit organisationD Focusing on meeting the objectives of the not-for-profit organisation3 [P.T.O.10 Which of the following statements are features of money market instruments?1 A negotiable security can be sold before maturity2 The yield on commercial paper is usually lower than that on treasury bills3 Discount instruments trade at less than face valueA 2 onlyB 1 and 3 onlyC 2 and 3 onlyD 1, 2 and 311 The following are extracts from the statement of profit or loss of CQB Co:$000Sales income 60,000Cost of sales 50,000–––––––Profit before interest and tax 10,000Interest 4,000–––––––Profit before tax 6,000Tax 4,500–––––––Profit after tax 1,500–––––––60% of the cost of sales is variable costs.What is the operational gearing of CQB Co?A 5·0 timesB 2·0 timesC 0·5 timesD 3·0 times12 The management of XYZ Co has annual credit sales of $20 million and accounts receivable of $4 million. Workingcapital is financed by an overdraft at 12% interest per year. Assume 365 days in a year.What is the annual finance cost saving if the management reduces the collection period to 60 days?A $85,479B $394,521C $78,904D $68,38413 Which of the following statements concerning financial management are correct?1 It is concerned with investment decisions, financing decisions and dividend decisions2 It is concerned with financial planning and financial control3 It considers the management of riskA 1 and 2 onlyB 1 and 3 onlyC 2 and 3 onlyD 1, 2 and 3414 SKV Co has paid the following dividends per share in recent years:Year 2013 2012 2011 2010Dividend (cents per share) 36·0 33·8 32·8 31·1The dividend for 2013 has just been paid and SKV Co has a cost of equity of 12%.Using the geometric average historical dividend growth rate and the dividend growth model, what is the marketprice of SKV Co shares to the nearest cent on an ex dividend basis?A $4·67B $5·14C $5·40D $6·9715 ‘There is a risk that the value of our foreign currency-denominated assets and liabilities will change when we prepareour accounts.’To which risk does the above statement refer?A Translation riskB Economic riskC Transaction riskD Interest rate risk16 The following information has been calculated for A Co: Trade receivables collection period 52 days Raw material inventory turnover period 42 days Work in progress inventory turnover period 30 days Trade payables payment period 66 days Finished goods inventory turnover period 45 days What is the length of the working capital cycle?A 103 daysB 131 daysC 235 daysD 31 days17 Which of the following is/are usually seen as benefits of financial intermediation?1 Interest rate fixing2 Risk pooling3 Maturity transformationA 1 onlyB 1 and 3 onlyC 2 and 3 onlyD 1, 2 and 35 [P.T.O.18 Which of the following statements concerning working capital management are correct?1 The twin objectives of working capital management are profitability and liquidity2 A conservative approach to working capital investment will increase profitability3 Working capital management is a key factor in a company’s long-term successA 1 and 2 onlyB 1 and 3 onlyC 2 and 3 onlyD 1, 2 and 319 Luke Co has 8% convertible loan notes in issue which are redeemable in five years’ time at their nominal value of$100 per loan note. Alternatively, each loan note could be converted after five years into 70 equity shares with anominal value of $1 each.The equity shares of Luke Co are currently trading at $1·25 per share and this share price is expected to grow by 4%per year. The before-tax cost of debt of Luke Co is 10% and the after-tax cost of debt of Luke Co is 7%.What is the current market value of each loan note to the nearest dollar?A $92B $96C $104D $10920 Governments have a number of economic targets as part of their monetary policy.Which of the following targets relate predominantly to monetary policy?1 Increasing tax revenue2 Controlling the growth in the size of the money supply3 Reducing public expenditure4 Keeping interest rates lowA 1 onlyB 1 and 3C 2 and 4 onlyD 2, 3 and 4
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