ACCA财务管理综合练习

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ACCA《财务成本管理基础》练习题

(注：表中制造费用、管理费用中的80%是固定成本)
项目销售收入销售成本其中：直接材料生产工人计件工资制造费用
销售税金及附加（售价的4%）门市销售计件工资管理费用税前利润
单位产品 10 7.725 4.025 0.575 3.125 0.4 0.5 1.00 0.375
全部产品（8万双） 800000 618000 322000 46000 250000 32000 40000 80000 30000
其中，制造费用中有一项是机器设备折旧费，全年共180000元，按月平均分摊；其余制造费用随产量而变动；销售税金及附加按销售价格的2%计算得出；营业及管理费用全部是固定成本，全年共120000元，也是按月平均分摊。假设每月的产销量相等，不考虑其它费用。
此时，销售经理收到一份特殊订单：5000盏灯，每盏灯的价格是13元。他就这一订单请示总经理，总经理抱怨说：“这价格确实太低了！这个价格还不够弥补成本，更何况为生产这盏灯还要花费2000元的设计费！就算它不会对正常生产和销售产生影响，我们也不能接受这笔订单。我们已经亏损了，接受它，只会对企业造成更大的亏损！”
年初东方宾馆直接来厂订货30000双，但每双只出价7.5元，而且必须一次全部购置，否则不要。此项业务不会影响市场上的正常需要量。对东方宾馆订货，厂长认为对方出价低于每双的成本，而且还影响了正常生产能力，可能造成亏损，不应接受。生产科长算了一笔帐，认为即是减少正常销售10000双，接收这笔订单仍然有利可图。销售科长认为正常销售量应该保证，接受这笔订单后，不足的生产能力可采取加班的方法弥补。但每双要支付额外加班费1.8元，其它费用不变。
案例分析1：
光明公司是一家灯具生产厂，全年的最大生产能力是40000盏灯。该公司的总经理近日心情不好，因为他才阅读了一份本年度1— —9月份的会计报表，如下：

ACCA财务管理基础练习题及答案

《财务成本管理基础》练习题一，单项选择题：1，企业发行债券，在名义利率相同的情况下,对其比较有利的复利计息期是（）。

A一年 B半年 C一季 D一月2，某投资方案的年营业收入为100万元，年营业支出为60万元(不包括所得税)，其中折旧为10万元，所得税率为40％，该方案每年的营业现金净流量为（）。

A 42万元B 56万元C 34万元D 28万元3，对于长期投资决策而言，下列各种说法中不正确的是（）。

A按收付实现制计算的现金流量比按权责发生制计算的净收益更加可靠B利用净现值不能揭示某投资方案可能达到的实际报酬率C分别利用净现值、内含报酬率、投资回收期、现值指数法进行项目评价时，结果可能不一致。

D投资回收期和会计收益率法都没有考虑回收期满以后的现金流量状况4，某企业编制“生产预算”，预计第一季度期初存货为120件；预计销售量第一季度为1500件，第二季度1600件；预计年末存货150件。

该企业存货量通常按下期销售量的10％比例安排期末存货，则“生产预算”中第一季度的预计生产量为（）。

A 1540件B 1460件C 810件D 1530件5，下列公式中不正确的是（）。

A利润=安全边际×边际贡献率 B 安全边际率十盈亏临界点作业率= lC安全边际率十边际贡献率=1 D 正常销售量一盈亏临界点销售量=安全边际6，敏感系数所具有的性质是（）。

A敏感系数为正数，参量值与目标值发生同向变化B只有敏感系数大于1的参量才是敏感因素C敏感系数为负数，参量值与目标值发生同向变化D只有敏感系数小于1的参量才是敏感因素7，降低保本点的办法是（）。

A降低销售量 B减少固定成本 C降低售价 D提高预计利润8，企业全面预算的出发点及各种预算的基础是（）。

A生产预算 B销售预算 C现金预算D直接人工预算9，A方案在三年内每年年初付款500元，B方案在三年内每年年未付款500元，若贴现率为10％，则两个方案第三年年末时的终值相差（）。

accasbr2023年9月模拟题

ACCASBR2023年9月模拟题一、概述ACCASBR（Strategic Business Reporting）是ACCA（Association of Chartered Certified Accountants）专业会计师考试的一部分，旨在培养会计专业人士具备高水平的战略商业报告能力。

本次模拟题将涵盖ACCASBR的主要考点和重点知识，旨在帮助考生更好地理解和掌握相关知识，为顺利通过ACCASBR考试提供帮助。

二、题目分析题目一：公司治理和道德问题题目二：财务报表分析题目三：商业组合与合并财务报告题目四：员工福利和薪酬题目五：战略规划与预算控制三、解题策略1. 仔细阅读题目，审题清楚，确保准确理解题目要求和考点；2. 根据题目的命题方向，有针对性地复习相关知识点，包括相关理论、实务案例和审计准则；3. 在实际解答中，要注重逻辑性、整体性和准确性，避免主观臆断和散乱表述；4. 考试时间分配要合理，控制好答题节奏，确保每道题都有充足的时间去思考和构思答案。

四、解题详解1. 公司治理和道德问题公司治理和道德问题一直是财务会计领域的热点问题，涉及公司内部控制、董事会职责、股东权益保护等多个方面。

在解答本部分问题时，考生需注意公司治理的重要性、内部控制的作用、董事会的职责以及道德问题对企业经营的影响等方面的内容。

2. 财务报表分析财务报表分析是财务会计中的核心内容，通过分析财务报表可以评估企业的经营状况和财务健康度。

在解答本部分问题时，考生需注意财务比率分析、现金流量表分析、财务报表附注的重要性等方面的知识点，同时结合实际案例进行分析，提高解题的可信度和说服力。

3. 商业组合与合并财务报告商业组合与合并财务报告是财务会计的重要内容之一，涉及并购交易的会计处理、商誉的确认与计量等方面。

在解答本部分问题时，考生需要熟悉商业组合的会计处理方法、子公司财务报表的合并方法、商誉的测试和减值等相关知识点，并能够结合具体案例进行分析和解答。

2021年ACCA考试模拟试题

2021年ACCA考试模拟试题：财务管理(1)1.在有限责任公司中，所有者的责任仅限于A.公司的债务B. 已发行普通股的市场价值C. 已发行普通股的票面价值D. 注册资本的价值2. 历史成本原则A. 不适用于资产负债表上的任何资产项目B.适用于资产负债表上某些负债项目C.适用于资产负债表上某些资产项目D. 适用于资产负债表上所有资产、负债项目3. 在进行财务比率分析时，假设货币价值A. 保持不变B. 变化可以预测C. 变化不可预测D. 不相关4. 企业评价投资项目时，计算全部现金流入量、现金流出量的现值，并将其进行比较，所得到的计算结果称为A. 回收期B.内部收益率C.会计报酬率D. 净现值5. 有4种评价投资的主要方法，其中考虑了货币时间价值的方法有A. 净现值法和内部收益率法B.内部收益率法和回收期法C.回收期法和会计报酬率法D. 会计报酬率法和净现值法6. 在存在资金限额的条件下，备选方案的排序应按下列哪种标准来进行A.现在已筹集到的资金的每元净现值B.尚需筹集的资金的每元净现值C. 尚需筹集的资金的每元内部收益率D.现在已筹集到的资金的每元内部收益率7. 在投资项目评价中，税款支出应A. 包含于现金流量之中B. 不包含在现金流量之中C. 包含于利润之中D.不包含在利润之中8. 抵押贷款是【】A. 一方以资产为担保借钱给另一方B.一种法律责任，以拥有的资产作担保的一项贷款C.一方向另一方借钱，并且以财产作担保，但不一定承担法律责任D.将款项支付给贷出方，其担保物是财产9. 营运资本应该【】A. 尽可能多B. 与企业的经营规模相适应C. 尽可能少D. 与长期资本一样多10. 存货周转率反映【】A. 商品销售的速度B. 商品付款的速度C. 客户购买存货付款的速度D. 购买商品的速度11. 一项兼并受到目标公司董事的反对，这项兼并称为【】A. 善意兼并B. 敌意兼并C. 横向兼并D. 企业的分立12. 给予现有普通股东购买新增发股票的权利是【】A. 发行可转换证券B. 发放贷款C. 发放奖金D. 发行优先认股权2021年ACCA考试模拟试题：财务管理(2)The following information should be used when answering questions 1, 2 and 3.ScenarioCAET have implemented a bespoke Human Resources (HR) system. The system has gone live but it has not proved very popular or successful, with users claiming that it only partly fulfils their requirements. A consultant has been hired toexamine their claims and to suggest how their concerns might be tackled.The consultant’s report has highlighted the role played by the Requirements Specification. He suggests that theRequirements Specification’s reliance on ambiguous textual specifications has led to problems of ill-defined and poorlycommunicated requirements. He claims that the‘analyst’s failure to use diagrammatic models has meant that manyrequirements were not fully understood before they were programmed. Specifications without diagrams are very difficult toquality assure.’ His report quotes several examples of textual specifications. Two specifications are reproduced below;Specification 1(field names are shown in italics)The system should hold information about Jobs (job number, job description, grade) and about the Departments (department name, department head) that these Jobs are in. A Department may have many Jobs allocated to it, but oneJob is only in one Department. When these Jobs become vacant they should be advertised in both Internal and Externalmedia. The information that must be stored isdate advertised, size of advertisement, noticeboard location(for internaladvertisement only),newsletter reference(for internal advertisement only),newspaper edition(for external advertisementonly) and cost of advertisement(for external advertisement only). Information about Applicants (applicant name, applicantaddress) is required, specifying which Job they are applying for and where they saw the Job advertised.Specification 2When an application form is received from an Applicant, a Clerk enters the information on the form into the system. As itis entered, it is validated against Job details to ensure that the Applicant is applying for a valid Job. Once details have beenentered they are stored on an Applicant database. Overnight a batch process is run to send an acknowledgement letter toeach Applicant. The date that the letter is sent is noted on the Applicant details held in the system.Redefinition ProjectThe consultant has suggested a Redefinition Project to address the problems encountered by the users. He says that,‘I am suggesting a mini-project with agreed Terms of Reference and a project plan. These problems need to be addressedin a planned manner’.The consultant is keen to stress that he does not wish to over-engineer the software solution. ‘We have to ensure that thetrade-off between time, cost and quality is appropriate for the delivered software’, he says, ‘the delivered software must beappropriately located on the time/cost/quality triangle.’1The consultant has recognised that ambiguous textual specification has contributed to the software’s problems. Heclaims that the ‘analyst’s failure to use diagrammatic models has meant that many requirements were not fullyunderstood before they were programmed.’ The implication is that the use of such diagrammatic models in analysiswould have solved many of the ambiguities of the specification.(a)Specification 1 in the scenario describes static structures, which could be modelled with a class model, entity-relationship model or logical data structure model.(i)Briefly explain the notation of EITHER a class model OR an entity-relationship model OR a logical datastructure model;(4 marks)(ii)Using this notation, model the information given in Specification 1. Note any assumptions you havemade or issues you would need to clarify with the user. Your answer should indicate the fields in eachentity/class.(6 marks)2021年ACCA考试模拟试题：财务管理(3) An organisation is reviewing the way that Information System (IS) projects are accounted for in the organisation. Atpresent the Information Systems department (which undertakes the IS projects) is a non-recharged cost centre.However, the organisation wishes to explore the advantages and disadvantages of other charging approaches.Four approaches are being considered(1)Non-rechargeable cost centre (current situation)(2)Recharged at cost(3)Recharged at a mark up (profit centre)(4)Setting up a separate IS companyRequired:FOR EACH of the FOUR approaches listed above:(i)briefly describe the principle of the approach;(1 mark)(ii)briefly describe ONE advantage of the approach;(2 marks)(iii)briefly describe ONE disadvantage of the approach.(2 marks)The mark allocation shown is for each approach, four approaches are listed.(20 marks)5(Designing Information Systems)An organisation wishes to purchase a software package to administer its workflow requirements. It is currently drawingup an Invitation to Tender (ITT) to send out to potential suppliers.Required:(a)Identify and briefly describe the contents of FOUR possible sections of the Invitation to Tender which will be sent to the potential suppliers.(12 marks)(b)Some of the managers are sceptical about the formal drawing up of an ITT. Project manager, Mary Mendes, claims ‘our approach is to select a software package from a well-established software house, show it to the usersand convince them that it is what they want. Ours is a much quicker approach than all this formal ITT stuff’.Explain the potential problems of Mary’s approach to software package selection and explain how these are overcome by a formal approach that includes the production of an ITT.(8 marks)(20 marks)46(Evaluating Information Systems)An examination board currently has a system where the following details are held about examinations. There are currently 1,000 examinations on file, set by 100 examiners. Each examiner has set 10 examinations. There is asimple computer file (called ASSESSMENT) containing 1,000 records. Each record has the following structure: ASSESSMENT fileField nameLength of fieldType of fieldExamination number4NumericExamination name30CharacterExaminer name30CharacterExaminer address50CharacterPassmark2Numeric2021年ACCA考试模拟试题：会计师与企业（1）Section A–BOTH questions are compulsory and MUST be attempted 1 Doric Co,a listed company,has two manufacturing divisions:parts and fridges.It has been manufacturing parts for domestic refrigeration and air conditioning systems for a number of years,which it sells to producers of fridges and air conditioners worldwide.It also sells around 50% of the parts it manufactures to its fridge production division.It started producing and selling its own brand of fridges a few years ago.After limited initial success,competition in the fridge market became very tough and revenue and profits have beendeclining.Without further investment there are currently few growth prospects in either the parts or the fridge divisions.Doric Co borrowed heavily to finance the development and launch of its fridges,and has now reached its maximum overdraft limit.The markets have taken a pessimistic view of the company and its share price has declined to 50c per share from a high of $2.85 per share around three years ago.Extracts from the most recent financial statements:A survey from the refrigeration and air conditioning parts market has indicated that there is potential for Doric Co to manufacture parts for mobile refrigerationunits used in cargo planes and containers.If this venture goes ahead then the parts division before-tax profits are expected to grow by 5% per year.The proposed venture would need an initial one-off investment of $50 million.Suggested proposalsThe Board of Directors has arranged for a meeting to discuss how to proceed and is considering each of the following proposals:1.To cease trading and close down the company entirely.2.To undertake corporate restructuring in order to reduce the level of debt and obtain the additional capital investment required to continue current operations.5.To close the fridge division and continue the parts division through a leveraged management buy-out,involving some executive directors and managers from the partsdivision.The new company will then pursue its original parts business as well as the development of the parts for mobile refrigeration business,described above.All the current and long-term liabilities will be initially repaid using the proceeds from the sale of the fridge division.The finance raised from the management buy-out will pay for any remaining liabilities,the additional capital investment required to continue operations and re-purchase the shares at a premium of 20%.The following information has been provided for each proposal:Cease tradingCorporate restructuringThe existing ordinary shares will be cancelled and ordinary shareholders will be issued with 40 million new $1 ordinary shares in exchange for a cash payment at par.The existing unsecured bonds will be cancelled and replaced with 270 million of $1 ordinary shares.The bond holderswill contribute $90 million in cash.All the shares will be listed and traded.The bank overdraft will be converted intoa secured ten-year loan with a fixed annual interest rate of 7%.The other unsecured loans will be repaid.In addition to this,the directors of the restructured company will get 4 million $1 share options for an exercise price of$1.10,which will expire in four years.An additional one-off capital investment of $80 million in machinery and equipment is necessary to increase sales revenue for both divisions by 7%,with no change to the costs.After the one-off 7% growth,sales will continue at the new level for the foreseeable future.It is expected that the Doric's cost of capital rate will reduce by 550 basis points following the restructuring from the current rate.Management buy-outThe parts division is half the size of the fridge division in terms of the assets and liabilitiesattributable to it.If the management buy-out proposal is chosen,a pro rata additional capital investment will be made to machinery and equipment on a one-off basis to increase sales revenue of the parts division by 7%.Salesrevenue will then continue at the new level for the foreseeable future.All liabilities categories have equal claim for repayment against the company's assets.It is expected that Doric's cost of capital rate will decrease by 100 basis points following the management buy-out from the current rate.The following additional information has been provided:Redundancy and other costs will be approximately $54 million if the whole company is closed,and pro rata for individual divisions that are closed.These costs have priority for payment before any other liabilities in case of closure.The taxation effects relating to this may be ignored.Corporation tax on profits is 20% and losses cannot be carried forward for tax purposes.Assume that tax is payable in the year incurred.All the non-current assets,including land and buildings,are eligible for tax allowable depreciation of 15% annually on the book values.The annual reinvestmentneeded to keep operations at their current levels is roughly equivalent to the tax allowable depreciation.The $50 million investment in the mobile refrigeration business is not eligible for any tax allowable depreciation.Doric's current cost of capital is 12%.Required:Prepare a report for the Board of Directors,evaluating the financial and non-financial impact of all the three proposals to Doric Co's main stakeholder groups,that includes:(i)An estimate of the return the debt holders and shareholders would receive in the event that Doric Co ceases trading and is closed down.(5 marks)(ii)An estimate of the income position and the value of Doric Co in the event that the restructuring proposal is selected.State any assumptions made.(8 marks)(iii)An estimate of the amount of additional finance needed and the value of Doric Co if the management buy-out proposal is selected.State any assumptions made.(8 marks)(iv)A discussion of the impact of each proposal on the existing shareholders,the unsecured bond holders,and the executive directors and managers involved in the management buy-out.Suggest which proposal is likely to be selected.(12 marks)Professional marks will be awarded in question 1 for the appropriateness and format of the report.(4 marks)(55 marks)2 Fubuki Co,an unlisted company based in Megaera,has been manufacturing electrical parts used in mobility vehicles for people with disabilities and the elderly,for many years.These parts are exported to various manufacturers worldwide but at present there are no local manufacturers of mobility vehicles in Megaera.Retailers in Megaera normally import mobility vehicles and sell them at an average price of $4,000 each.Fubuki Co wants to manufacture mobility vehicles locally and believes that it can sell vehicles of equivalent quality locally at a discount of 57.5% to the current average retail price.Although this is a completely new venture for Fubuki Co,it will be in addition to the company's corebusiness.Fubuki Co's directors expect to develop theproject for a period of four years and then sell it for $16 million to a private equity firm.Megaera's government has been positive about the venture and has offered Fubuki Co a subsidised loan of up to 80% of the investment funds required,at a rate of 200 basis points below Fubuki Co's borrowing rate.Currently Fubuki Co can borrow at 500 basis points above the five-year government debt yield rate.A feasibility study commissioned by the directors,at a cost of $250,000,has produced the following information.1.Initial cost of acquiring suitable premises will be $11 million,and plant and machinery used in the manufacture will cost $5 million.Acquiring the premises and installing the machinery is a quick process and manufacturing can commence almost immediately.2.It is expected that in the first year 1,500 unitswill be manufactured and sold.Unit sales will grow by 40% in each of the next two years before falling to an annual growth rate of 5% for the final year.After the first yearthe selling price per unit is expected to increase by 5% per year.5.In the first year,it is estimated that the total direct material,labour and variable overheads costs will be $1,200 per unit produced.After the first year,the direct costs are expected to increase by an annual inflation rate of 8%.4.Annual fixed overhead costs would be $2.5 million of which 60% are centrally allocated overheads.The fixed overhead costs will increase by 5% per year after the first year.5.Fubuki Co will need to make working capital available of 15% of the anticipated sales revenue for the year,at the beginning of each year.The working capital is expected to be released at the end of the fourth year when the project is sold.Fubuki Co's tax rate is 25% per year on taxable profits.Tax is payable in the same year as when the profits are earned.Tax allowable depreciation is available on the plant and machinery on a straight-line basis.It isanticipated that the value attributable to the plant and machinery after four years is $400,000 of the price at which the project is sold.No tax allowable depreciation is available on the premises.Fubuki Co uses 8% as its discount rate for new projects but feels that this rate may not be appropriate for this new type of investment.It intends to raise the full amount of funds through debt finance and take advantage of the government's offer of a subsidised loan.Issue costs are 4% of the gross finance required.It can be assumed that the debt capacity available to the company is equivalent to the actual amount of debt finance raised for the project.Although no other companies produce mobility vehicles in Megaera,Haizum Co,a listed company,produces electrical-powered vehicles using similar technology to that required for the mobility vehicles.Haizum Co's cost of equity is estimated to be 14% and it pays tax at 28%.Haizum Co has 15 million shares in issue trading at $2.55 each and $40 million bonds trading at $94.88 per $100.The five-year government debt yield is currently estimated at 4.5% and the market risk premium at 4%.Required:(a)Evaluate,on financial grounds,whether Fubuki Co should proceed with the project.(17 marks)(b)Discuss the appropriateness of the evaluation method used and explain any assumptions made in part(a)above.(8 marks)(25 marks)2021年ACCA考试模拟试题：会计师与企业（2）1 Bravado，a public limited company，has acquired two subsidiaries and an associate. The draft statements of financial position are as follows at 51 May 2009：Bravado Message Mixted$m $m $mAssets：Non-current assetsProperty，plant and equipment 265 250 161Investments in subsidiariesMessage 500Mixted 128Investment in associate - Clarity 20 Available-for-sale financial assets 51 6 5 - - -764 256 166- - -Current assets：Inventories 155 55 75Trade receivables 91 45 52Cash and cash equivalents 102 100 8- - -528 200 115- - -Total assets 1，092 456 279- - -Equity and liabilities：Share capital 520 220 100Retained earnings 240 150 80Other components of equity 12 4 7- - -Total equity 772 574 1872021年ACCA考试模拟试题：会计师与企业（3）On 1 June 2007，Bravado acquired 6% of the ordinary shares of Mixted. Bravado had treated this investment asavailable-for-sale in the financial statements to 51 May 2008 but had restated the investment at cost on Mixted becoming a subsidiary. On 1 June 2008，Bravado acquired a further 64% of the ordinary shares of Mixted and gained control of the company. The consideration for the acquisitions was as follows：Holding Consideration$m1 June 2007 6% 101 June 2008 64% 118- -70% 128- -Under the purchase agreement of 1 June 2008，Bravado is required to pay the former shareholders 50% of the profits of Mixted on 51 May 2010 for each of the financial years to 51 May 2009 and 51 May 2010. The fair value of this arrangement was estimated at $12 million at 1 June 2008 and at 51 May 2009 this value had not changed. This amount has not been included in the financial statements.At 1 June 2008，the fair value of the equity interestin Mixted held by Bravado before the business combination was $15 million and the fair value of the non-controlling interest in Mixted was $55 million. The fair value of the identifiable net assets at 1 June 2008 of Mixted was $170 million (excluding deferred tax assets and liabilities)，and the retained earnings and other components of equity were $55 million and $7 million respectively. There had been no new issue of share capital by Mixted since the date of acquisition and the excess of the fair value of the net assets is due to an increase in the value of property，plant and equipment (PPE)。

2015年12月ACCA考试F9财务管理真题(SectionB部分)及标准答案

2015年12月ACCA考试F9财务管理真题（SectionB部）(总分100, 考试时间180分钟)Section BGemlo Co is planning an expansion of existing business operations costing $10 million in the(a) Calculate the debt/equity ratio of Gemlo Co based on market values and comment on your findings.(b) Gemlo Co agrees with a bank that its business expansion will be financed by a new issue of 8% loan notes. The company then announces to the stock market both this financing decision and the expected increase in profit before interest and tax arising from the business expansion. Required:Assuming the stock market is semi-strong form efficient, analyse and discuss the effect of the financing and profitability announcement on the financial risk and share price of Gemlo Co.Required:(a) Evaluate the proposed forward rate agreement as a way of managing the interest rate risk anticipated by GXJ Co.该题您未回答:х 该问题分值: -3forward exchange rates and future (expected) spot rates.receivable.It is expected that investing $20 million in the business will increase income by 5% over theRequired:(a) Assess the impact of financing the business expansion by the loan note issue on financial position, financial risk and shareholder wealth after one year, using appropriate measures.company could be used in investment appraisal and indicate briefly how its limitations as a discount rate could be overcome.(a) Using a nominal terms net present value approach, evaluate whether purchasing the newmachine is financially acceptable.。

2023年ACCA考试真题精选

2023年ACCA考试真题精选第一题：财务会计假设您是一家制造业公司的财务经理。

您被要求准备财务报表，并解释公司2019年与2020年间发生的财务变化。

请根据以下数据和信息回答问题。

2019年数据：- 销售收入：500万美元- 销售成本：400万美元- 管理费用：50万美元- 借款利息：10万美元2020年数据：- 销售收入：600万美元- 销售成本：450万美元- 管理费用：55万美元- 借款利息：12万美元问题1：请计算2019年的净利润和净利润率，并与2020年进行比较。

解释净利润和净利润率的变化。

根据上述数据，2019年的净利润可通过以下公式计算：净利润=销售收入-销售成本-管理费用-借款利息净利润=500万美元-400万美元-50万美元-10万美元净利润=40万美元净利润率可通过以下公式计算：净利润率=(净利润/销售收入)×100%净利润率=(40万美元/500万美元)×100%净利润率=8%同样的方式，我们可以计算2020年的净利润和净利润率：净利润=600万美元-450万美元-55万美元-12万美元净利润=83万美元净利润率=(83万美元/600万美元)×100%净利润率=13.83%通过比较2019年和2020年的净利润和净利润率，我们可以得出以下结论：- 净利润从40万美元增加到83万美元。

这表明公司的盈利能力有所提高。

- 净利润率从8%增加到13.83%。

这说明公司在销售收入中的盈利比例增加了。

问题2：请根据净利润和净利润率的变化，分析公司在2019年与2020年间可能采取的经营策略。

根据净利润和净利润率的变化，我们可以推断公司可能采取了以下经营策略：1. 成本控制：销售成本从400万美元减少到450万美元，管理费用从50万美元增加到55万美元。

这表明公司在成本控制方面取得了一定的成效。

2. 销售增长：销售收入从500万美元增加到600万美元。

公司可能采取了一些措施，如市场拓展或产品创新，以增加销售额。

财务管理综合测试题精选全文

可编辑修改精选全文完整版综合试题6一、名词解释2’*5 (10’)1．财务决策2．终值3．公司的资产组合4．股权5．现金净流量二、单项选择题1’*15 (15’)1.下列能充分考虑资金时间价值和投资风险价值的理财目标是（）。

A.利润最大化B.资金利润率最大化C.每股利润最大化D.企业价值最大化2、某人将10000元存入银行，银行年利率为8%，按复利计算，则5年后此人可从银行取出（）元。

A、10200；B、10400；C、14000；D、146933.普通年金终值系数的倒数称为（）。

A.复利终值系数B.偿债基金系数C.普通年金现值系数D.回收系数4.下列措施中，只能提高安全边际而不能降低保本点的是（）。

A．增加销售量 B．提高单价C．降低单位变动成本 D．压缩固定成本开支5．如果其他因素不变，一旦贴现率提高，则下列指标中其数值将会变小的是( )。

A．净现值B．投资报酬率C．内部报酬率D．静态投资回收期6．在评价单一方案的财务可行性时，如果不同评价指标之间的评价结论发生了矛盾，就应当以主要评价指标的结论为准，如下列项目中的( )。

A．净现值 B．静态投资回收期C．投资报酬率D．年平均报酬率7.已知某种证券的β系数为1，则表明该证券( )。

A．基本没有投资风险B．与市场上的所有证券的平均风险一致C．投资风险很低D．比市场上的所有证券的平均风险高一倍8．某公司拟发行5年期债券进行筹资，债券票面金额为100元，票面利率为12％，而当时市场利率为10％，那么．该公司债券发行价格应为( )元。

A．93．22 B．100C．105．35 D．107．589．在下列各项中，不属于商业信用融资内容的是( )。

A．赊购商品B．预收货款C．办理应收票据贴现D．用商业汇票购货10．在财务预算中，用以反映企业预算期期末财务状况的财务报表是( )。

A．现金预算B．预计损益表C．预计资产负债表D．预计现金流量表11、在一定的产销数量限度范围内，当产品产销数量增加时，固定成本将（）A、增加；B、减少；C、相对稳定不变；D、不一定12、已知企业本年目标利润2500万元，产品单价1000元，变动成本率40%，产品固定成本为700万元，则要达到目标利润，企业应销售产品（）A、80000件；B、53333件；C、41667件；D、62500件13．某企业每月现金需要量为250000元，现金与有价证券的每次转换金额和转换成本分别为50000元和40元，其每月现金的转换成本为( )。

2016年12月ACCA考试《高级财务管理》真题及答案

2016年12月ACCA考试《高级财务管理》真题及答案2016年12月ACCA考试《高级财务管理》真题(总分：100.00，做题时间：150分钟)案例分析题Section A为必做题，Section B任意选两题。

(总题数：4，分数：125.00)Section A – This ONE question is compulsory and MUST be attemptedMorada Co is involved in offering bespoke travel services and maintenance services. In addition to owning a few hotels, it has built strong relationships with companies in the hospitality industry all over the world. It has a good reputation of offering unique, high quality holiday packages at reasonable costs for its clients. The strong relationships have also enabled it to offer repair and maintenance services to a number of hotel chains and cruise ship companies.Following a long discussion at a meeting of the board of directors (BoD) about the future strategic direction which Morada Co should follow, three directors continued to discuss one particular issue over dinner. In the meeting, the BoD had expressed concern that Morada Co was exposed to excessive risk and therefore its cost of capital was too high. The BoD feared that several good projects had been rejected over the previous two years, because they did not meet Morada Co’s high cost of capital threshold. Each director put forward a proposal, which they then discussed in turn. At the conclusion of the dinner, the directors decided to ask for a written report on the proposals put forward by the first director and the second director, beforetaking all three proposals to the BoD for further discussion.First director’s proposalThe first director is of the opinion that Morada Co should reduce its debt in order to mitigate its risk and therefore reduce its cost of capital. He proposes that the company should sell its repair and maintenance services business unit and focus just on offering bespoke travel services and hotel accommodation. In the sale, the book value of non-current assets will reduce by 30% and the book value of current liabilities will reduce by 10%. It is thought that the non-current assets can be sold for an after-tax profit of 15%.The first director suggests that the funds arising from the sale of the repair and maintenance services business unit and cash resources should be used to pay off 80% of the long-term debt. It is estimated that as a result of this, Morada Co’s credit rating will improve from Baa2 to A2.Second director’s proposalThe second director is of the opinion that risk diversification is the best way to reduce Morada Co’s risk and therefore reduce its cost of capital. He proposes that the company raise additional funds using debt finance and then create a new strategic business unit. This business unit will focus on construction of new commercial properties.The second director suggests that $70 million should be borrowed and used to invest in purchasing non-current assets for the construction business unit. The new debt will be issued in the form of four-year redeemable bonds paying an annual coupon of 6·2%. It is estimated that if this amount of debt is rai sed, then Morada Co’s credit rating will worsen to Ca3 from Baa2. Current liabilities are estimated to increase to $28 million.Third director’s proposalThe third director is of the opinion that Morada Co does not need to undertake the proposals suggested by the first director and the second director just to reduce the company’s risk profile. She feels that the above proposals require a fundamental change in corporate strategy and should be considered in terms of more than just tools to manage risk. Instead, she proposes that a risk management system should be set up to appraise Morada Co’s current risk profile, considering each type of business risk and financial risk within the company, and taking appropriate action to manage the risk where it is deemed necessary.Morada Co, extracts from the forecast financial position for the coming yearOther financial informationMorada Co’s forecast after-tax earnings for the coming year are expected to be $28 million. It is estimated that the company will make a 9% return after-tax on any new investment in non-current assets, and will suffer a 9% decrease in after-tax earnings on any reduction in investment in non-current assets.Morada Co’s current share price is $2·88 per share.According to the company’s finance division, it is very difficult to predict how the share price will react to either the proposal made by the first director or the proposal made by the second director. Therefore it has been assumed that the share price will not change following either proposal.The finance division has further assumed that the proportion of the book value of non-current assets invested in each business unit gives a fair representation of the size of each business unit within Morada Co.Morada Co’s equity beta is estimated at 1·2, while the asset beta of the repairs and maintenance services business unit is estimated to be 0·65. The relevant equity beta for the new, larger company including the construction unit relevant to the second director’s proposals has been estimated as 1·21.The bonds are redeemable in four years’ time at face value. For the purposes of estimating the cost of capital, it can be assumed that debt beta is zero. However, the four-year credit spread over the risk free rate of return is 60 basis points for A2 rated bonds, 90 basis points for Baa2 rated bonds and 240 basis points for Ca3 rated bonds.A tax rate of 20% is applicable to all companies. The current risk free rate of return is estimated to be 3·8% and the market risk premium is estimated to be 7%.Required:（分数：50）(1).Explain how business risk and financial risk are related; and how risk mitigation and risk diversification can form part of a company’s risk management strategy.（分数：6）________________________________________________________________ _________________ _________正确答案：(The owners or shareholders of a business will accept that it needs to engage in some risky activities in order to generate returns in excess of the risk free rate of return.A business will be exposed to differing amounts of business and financial risk depending on the decisions it makes. Business risk depends on the decisions a business makes with respect to the services and products it offers and consists of the variability in its profits. For example, it could be related to the demand for its products, the rate of innovation, actions of competitors, etc. Financial risk relates to the volatility of earnings due to the financial structure of the business and could be related to its gearing, the exchange rate risk it is exposed to, its credit risk, its liquidity risk, etc. A business exposed to high levels of business risk may not be able to take excessive financial risk, and vice versa, as the shareholders or owners may not want to bear risk beyond an acceptable level.Risk management involves the process of risk identification, of assessing and measuring the risk through the process of predicting, analysing and quantifying it, and then making decisions on which risks to assume, which to avoid, which to retain and which to transfer. As stated above, a business will not aim to avoid all risks, as it will want to generate excess returns. Dependent on factors such as controllability, frequency and severity of the risk, it may decide to eliminate or reduce some risks from the business through risk transfer. Risk mitigation is the process of transferring risks out of a business through, for example, hedging or insurance, or avoiding certain risks altogether. Risk diversification is a process of risk reduction through spreading business activity into different products and services, different geographical areas and/or different industriesto minimise being excessively exposed by focusing exclusively on one product/service.)(2).Prepare a report for the board of directors of Morada Co which:(i) Estimates Morada Co’s cost of equity and cost of capital, based on market value of equity and debt, before any changes and then after implementing the proposals put forward by the first and by the second directors;(17 marks)(ii) Estimates the i mpact of t he first and second directors’ proposals on Morada Co’s forecast after-tax earnings and forecast financial position for the coming year; and (7 marks) (iii) Discusses the impact on Morada Co of the changes proposed by the first and second directors and recommends whether or not either proposal should be accepted. The discussion should include an explanation of any assumptions made in the estimates in (b)(i) and (b)(ii) above. (9 marks) Professional marks will be awarded in part (b) for the format, structure and presentation of the report. (4 marks)（分数：37）________________________________________________________________ _________________。

2020年ACCA考试模拟试题：财务管理(3)

2020年ACCA考试模拟试题：财务管理(3)An organisation is reviewing the way that Information System (IS) projects are accounted for in the organisation.Atpresent the Information Systems department (which undertakes the IS projects) is a non-recharged cost centre.However, the organisation wishes to explore the advantages and disadvantages of other charging approaches.Four approaches are being considered(1)Non-rechargeable cost centre (current situation)(2)Recharged at cost(3)Recharged at a mark up (profit centre)(4)Setting up a separate IS companyRequired：FOR EACH of the FOUR approaches listed above：(i)briefly describe the principle of the approach;(1 mark)(ii)briefly describe ONE advantage of the approach;(2 marks)(iii)briefly describe ONE disadvantage of the approach.(2 marks)The mark allocation shown is for each approach, four approaches are listed.(20 marks)5(Designing Information Systems)An organisation wishes to purchase a software package to administer its workflow requirements. It is currently drawingup an Invitation to Tender (ITT) to send out to potential suppliers.Required：(a)Identify and briefly describe the contents of FOUR possible sections of the Invitation to Tender which will besent to the potential suppliers.(12 marks)(b)Some of the managers are sceptical about the formal drawing up of an ITT. Project manager, Mary Mendes,claims ‘our approach is to select a software package from a well-established software house, show it to the usersand convince them that it is what they want. Ours is a much quicker approach than all this formal ITT stuff’.Explain the potential problems of Mary’s approach to software package selection and explain how these areovercome by a formal approach that includes the production of an ITT.(8 marks)(20 marks)46(Evaluating Information Systems)An examination board currently has a system where the following details are held about examinations. There arecurrently 1,000 examinations on file, set by 100 examiners. Each examiner has set 10 examinations. There is asimple computer file (called ASSESSMENT) containing 1,000 records. Each record has the following structure：ASSESSMENT fileField nameLength of fieldType of fieldExamination number4NumericExamination name30CharacterExaminer name30CharacterExaminer address50CharacterPassmark2Numeric。

ACCA考试《财务成本管理》重点练习(2)

ACCA考试《财务成本管理》重点练习（2）一.上述的流动比率显示流动资产多于短期负债。

但是1.07:1的比率数值似乎低了一点。

假若变卖公司的流动资产，只能容许很小的折让，否则，所得金额亦不足偿还短期负债。

速动比率不考虑存货，所以是一个比较精确的变现能力测试。

0.57:1的速动比率亦是比较偏低，显示公司可能没有足够的资金来偿还它的债务。

当解释这些比率时，要紧记它们是基于资产负债表的帐面数值，所以只能代表某一时间的变现能力的状况。

较有效的方法是留意这些比率的走势。

若想了解将来的变现能力的状况，预测现金流量会是一有效方法。

同时，银行的透支是一主要的短期融资工具，银行是否继续支持，对公司是很重要的。

(6 分)(每个1 分，小计8分)(b) 企业的营运资金周期代表了由付款购货至销售收款之间的时期。

以一个批发商为例，营运资金周期如下：平均存货库存时间+ 平均应收款收帐时间- 平均应付帐清还时间营运资金周期愈长，此公司的融资需求愈大，而涉及的风险更高。

(5 分)(c) 营运资金周期如下：(* 每个? 分，# 每个1 分)(小计14 分)(b) 关于新手帐的可行性的报告致：万氏公司分部经理由：考生在评估新手帐的可行性时，净现值法被采用了。

这个方法适用于投资决策的原因如下：(i) 它与企业的假设目的，即增加财富，有着直接的关系。

(ii) 它把未来收入及支出折现，从而考虑到金钱的时间价值。

(iii) 它已考虑到所有有关的资料。

有别于回本期法，回本期法忽略了回本期以后的现金流量。

(iv) 它利用了根据长期融资提供者要求的回报所计算出来的贴现率。

(v) 相对来说，它是较易理解的，同时亦提供了清晰的决策原则及计算方法。

上述(a) 的计算显示电子手帐的净现值为正数。

如果接受建议，分部经理将可增加股东的财富。

因此，应对电子手帐的生产放行绿灯。

(6 分)(c) 在作出投资决策时，应认知到通胀可影响企业融资的成本和项目的未来现金流量。

ACCA财务管理试题

ACCA财务管理试题1、企业溢价发行股票，实收款项超过股票面值的部分，应计入（）。

[单选题] *A.主营业务收入B.资本公积(正确答案)C.盈余公积D.财务费用2、下列项目中，应计入营业外收入的有（）。

[单选题] *A.处置交易性金融资产的收益B.固定资产盘盈C.接受捐赠(正确答案)D.无法收到的应收账款3、企业因解除与职工的劳动关系给予职工补偿而发生的职工薪酬，应借记的会计科目是（）。

[单选题] *A.管理费用(正确答案)B.计入存货成本或劳务成本C.营业外支出D.计入销售费用4、企业购进货物用于集体福利时，该货物负担的增值税额应当计入（）。

[单选题] *A.应交税费——应交增值税B.应付职工薪酬(正确答案)C.营业外支出D.管理费用5、下列固定资产当月应计提折旧的有（）。

[单选题] *A.以经营租赁方式租出的汽车(正确答案)B.当月购入并投入使用的机器C.已提足折旧的厂房D.单独计价入账的土地6、会计期末，如果企业所持有的非专利技术的账面价值高于其可回收金额的，应按其差额计入（）。

[单选题] *A.其他业务成本B.资产减值损失(正确答案)C.无形资产D.营业外支出7、企业为扩大生产经营而发生的业务招待费，应计入（）科目。

[单选题] *A.管理费用(正确答案)B.财务费用C.销售费用D.其他业务成本8、某企业去年发生亏损235 000元，按规定可以用本年度实现的利润弥补去年全部亏损时，应当（）。

[单选题] *A.借:利润分配——弥补亏损235 000 贷:利润分配——未分配利润235 000B.借:盈余公积235 000 贷:利润分配——未分配利润235 000C.借:其他应收款235 000 贷:利润分配——未分配利润235 000D.不做账务处理(正确答案)9、某企业自创一项专利，并经过有关部门审核注册获得其专利权。

该项专利权的研究开发费为15万元，其中开发阶段符合资本化条件的支出8万元;发生的注册登记费2万元，律师费1万元。

2023年ACCA财务管理真题

2023年ACCA财务管理真题序言在2023年的ACCA财务管理真题中，考察了包括财务战略制定、投资决策、资本结构和资本预算等领域的知识点。

本文将通过分析真题材料以及解题思路，探讨该考题的解答方法和相关要点。

一、财务战略制定财务战略是一个组织在长期内如何获得和运用资金以及实施财务方面战略决策解决问题的过程。

在ACCA财务管理真题中，考生需要从材料中获取相关信息，并基于此制定有效的财务战略。

二、投资决策投资决策是指组织在研究和分析现有和未来的投资项目中，选择和实现一个或多个投资项目的过程。

解答该部分问题需要考生熟悉投资评估方法、现金流量预测以及风险评估等方面的知识。

三、资本结构资本结构是指企业通过债务和股权融资构成的资本规模、形式及其比例。

在ACCA财务管理真题中，考生需要分析材料中的公司财务状况，评估不同的资本结构对企业价值的影响，并给出相关建议。

四、资本预算资本预算是指企业通过投资决策，确定可行的投资项目并进行预算规划的过程。

在解答资本预算问题时，考生需要熟悉现金流量预测、项目评估指标等相关知识，并能准确分析材料中的信息，做出合理的决策。

五、其他相关题型除了上述重点内容外，ACCA财务管理真题还可能包括其他题型，如财务风险管理、业绩评估和投资组合等。

考生需要灵活运用财务管理知识，结合材料给出合理的解决方案。

结语通过对2023年ACCA财务管理真题的分析，我们可以看出该考题全面覆盖了财务管理的重要知识点和实践技能。

考生在备考过程中，需要扎实掌握相关知识，并注重解题思路的培养，以应对各类考题的挑战。

在解题时，要注重对材料的仔细阅读和理解，结合题目要求合理运用相关知识和方法进行分析和解答。

同时，也要注意时间分配，合理安排解题顺序，确保每个题目都能得到充分的解答。

最后，建议考生在备考过程中多进行真题练习，并结合资料和指导书进行复习，不断提高自己的解题能力和时间管理能力。

只有通过不断的练习和积累，才能在ACCA财务管理考试中取得优异的成绩。

ACCA《财务成本管理基础》练习题

（1）分别计算两道工序按原材料消耗程度表示的在产品完工率。（2）分别计算两道工序按原材料消耗程度表示的在产品的约当产量。（3）按约当产量比例法分配完工产品与月末在产品的原材料费用。
5，已知：某公司只销售一种产品，2009年单位变动成本为12元/件，变动成本总额为 60000元，共获利润18000元，若该公司计划于2010年维持销售单价不变，边际贡献率仍维持2009年的60%，固定成本维持不变。要求：（1）计算2009年的保本点；（2）如果预计2010年实际可销售6000件，预测2010年的安全边际；（2）若2010年的计划销售量比2000年提高 8%，则可获得多少利润？
7，某厂全年需要甲零件30000个，生产甲的设备日产量100个，每天要领用60个，每次调整准备成本800元；单位零件的变动生产成本是5元/个，全年的单位甲零件储存成本 5元，请计算该厂甲零件的最优生产批量。
8.长江公司产销A产品，期初存货为0，本年度计划产销10000件，相应的计划成本资料如下：直接材料2元/件，直接人工3元/件，单位变动制造费用3元/件，单位固定制造费用 4元/件，单位变动管理及营业费用1元/件，单位固定管理及营业费用2元/件，单价20元/ 件；本年度实际生产了11000件(未突破相关范围)，卖出了9000件。要求：请分别用完全成本法和变动成本法计算本年度A产品的实际单位生产成本、生产成本总额、期总经理的决定是否有利于企业？请给出
计算和说明。 2）请描述一种更有用的利润表形式。 3）如果公司不接受这笔订单，这笔订单将会被竞争对手夺取，并会造成对正常销量的影响，会使下个季度产销量降低20%，此时企业应否接受该笔订单？
案例分析2：
某制鞋厂生产一种高级室内拖鞋，年生产能力为 100000双，根据销售预测编制的计划年度损益表（简表）如下：

2017年12月ACCA考试P4高级财务管理真题及标准答案

2017骞?2鏈圓CCA鑰冭瘯P4楂樼骇璐㈠姟绠＄悊鐪熼(鎬诲垎锛?25.00锛屽仛棰樻椂闂达細195鍒嗛挓)妗堜緥鍒嗘瀽棰?br/>Section A涓哄繀鍋氶锛孲ection B涓洪€夊仛棰樸€?/p>(鎬婚鏁帮細4锛屽垎鏁帮細125.00)Section A – This ONE question is compulsory and MUST be attemptedConejo Co is a listed company based in Ardilla and uses the $ as its currency. The company was formed around 20 years ago and was initially involved in cybernetics, robotics and artificial intelligence within the information technology industry. At that time due to the risky ventures Conejo Co undertook, its cash flows and profits were very varied and unstable. Around 10 years ago, it started an information systems consultancy business and a business developing cyber security systems. Both these businesses have been successful and have been growing consistently. This in turn has resulted in a stable growth in revenues, profits and cash flows. The company continues its research and product development in artificial intelligence and robotics, but this business unit has shrunk proportionally to the other two units.Just under eight years ago, Conejo Co was successfully listed on Ardilla’s national stock exchange, offering 60% of its share capital to external equity holders, whilst the original founding members retained the remaining 40% of the equity capital. The company remains financed largely by equity capital and reserves, with only a small amount of debt capital. Due to this, and its steadily growing sales revenue, profits and cash flows, it has attracted a credit rating of A from the credit rating agencies.At a recent board of directors (BoD) meeting, the company’s chief financial officer (CFO) argued that it was time for Conejo Co to change its capital structure by undertaking a financial reconstruction, and be financed by higher levels of debt. As part of her explanation, the CFO said that Conejo Co is now better able to bear the increased risk resulting from higher levels of debt finance; would be better protected from predatory acquisition bids if it was financed by higher levels of debt; and could take advantage of the tax benefits offered by increased debt finance. She also suggested that the expected credit migration from a credit rating of A to a credit rating of BBB, if the financial reconstruction detailed below took place, would not weaken Conejo Co financially.Financial reconstructionThe BoD decided to consider the financial reconstruction plan further before making a final decision. The financial reconstruction plan would involve raising $1,320 million ($1·32 billion) new debt finance consisting of bonds issued at their face value of $100. The bonds would be redeemed in five years’ time at their face value of $100 each. The funds raised from the issue of the new bonds would be used to implement one of the following two proposals:(i) Proposal 1: Either buy back equity shares at their current share price, which would be cancelled after they have been repurchased; or(ii) Proposal 2: Invest in additional assets in new business ventures.Conejo Co, Financial informationExtract from the forecast financial position for next yearConejo Co’s forecast after-tax profit for next year is $350 million and its current share price is $11 per share.The non-current liabilities consist solely of 5·2% coupon bonds with a face value of $100 each, which are redeemable at their face value in three years’ time. These bonds are currently trading at $107·80 per $100. The bond’s covenant stipulates that s hould Conejo Co’s borrowing increase, the coupon payable on these bonds will increase by 37 basis points.Conejo Co pays tax at a rate of 15% per year and its after-tax return on the new investment is estimated at 12%.Other financial informationCurrent government bond yield curveThe finance director wants to determine the percentage change in the value of Conejo Co’s current bonds, if the credit rating changes from A to BBB. Furthermore, she wants to determine the coupon rate at which the new bonds would need to be issued, based on the current yield curve and appropriate yield spreads given above.Conejo Co’s chief executive officer (CEO) suggested that if Conejo Co paid back the capital and interest of the new bond in fixed annual repayments of capital and interest through the five-year life of the bond, then the risk associated with the extra debt finance would be largely mitigated. In this case, it was possible that credit migration, by credit rating companies, from A rating to BBB rating may not happen. He suggested that comparing the duration of the new bond based on the interest payable annually and the face value in five years’ time with the duration of the new bond where the borrowing is paid in fixed annual repayments of interest and capital could be used to demonstrate this risk mitigation.Required:锛堝垎鏁帮細50锛?/p>(1).Discuss the possible reasons for the finance director’s suggestions that Conejo Co could benefit from higher levels of debt with respect to risk, from protection against acquisition bids, and from tax benefits. 锛堝垎鏁帮細7锛?/p>__________________________________________________________________________________________ 姝ｇ‘绛旀锛?Increasing the debt finance of a company relative to equity finance increases its financial risk, and therefore the company will need to be able to bear the consequences of this increased risk. However, companies face both financial risk, which increases as the debt levels in the capital structure increase, and business risk, which is present in a company due to the nature of its business.In the case of Conejo Co, it could be argued that as its profits and cash flows have stabilised, the company’s business risk has reduced, in contrast to early in its life, when its business risk would have been much higher due to unstable profits and cash flows. Therefore, whereas previously Conejo Co was not able to bear high levels of financial risk, it is able to do so now without having a detrimental impact on the overall risk profile of the company. It could therefore change its capital structure and have higher levels of debt finance relative to equity finance.The predatory acquisition of one company by another could be undertaken for a number of reasons. One possible reason may be to gain access to cash resources, where a company which needs cash resources may want to take over another company which has significant cash resources or cash generative capability. Another reason may be to increase the debt capacity of the acquirer by using the assets of the target company. Where the relative level of debt finance is increased in the capital structure of a company through a financial reconstruction, like in the case of Conejo Co, these reasons for acquiring a company may be diminished. This is because the increased levels of debt would probably be secured against the assets of the company and therefore the acquirer cannot use them to raise additional debt finance, and cash resources would be needed to fund the higher interest payments.Many tax jurisdictions worldwide allow debt interest to be deducted from profits before the amount of tax payable is calculated on the profits. Increasing the amount of debt finance will increase the amount of interest paid, reducing the taxable profits and therefore the tax paid. Modigliani and Miller referred to this as the benefit of the tax shield in their research into capital structure, where their amended capital proposition demonstrated the reduction in the cost of capital and increase in the value of the firm, as the proportion of debt in the capital structure increases.)瑙ｆ瀽锛?/div>(2).Prepare a report for the board of directors of Conejo Co which:(i) Estimates, and briefly comments on, the change in value of the current bond and the coupon rate required for the new bond, as requested by the CFO; (6 marks)(ii) Estimates the Macaulay duration of the new bond based on the interest payable annually and face value repayment, and the Macaulay duration based on the fixed annual repayment of the interest and capital, as suggested by the CEO; (6 marks)(iii) Estimates the impact of the two proposals on how the funds may be used on next year’s forecast earnings, forecast financial position, forecast earnings per share and on forecast gearing; (11 marks)(iv) Using the estimates from (b)(i), (b)(ii) and (b)(iii), discusses the impact of the proposed financial reconstruction and the proposals on the use of funds on:– Conejo Co;– Possible reaction(s) of credit rating companies and on the expected credit migration, including the suggestion made by the CEO;–Conejo Co’s equity holders;–Conejo Co’s current and new debt holders.(16 marks)Professional marks will be awarded in part (b) for the format, structure and presentation of the report. (4 marks)锛堝垎鏁帮細43锛?/p>__________________________________________________________________________________________ 姝ｇ‘绛旀锛?Report to the board of directors (BoD), Conejo CoIntroductionThis report discusses whether the proposed financial reconstruction scheme which increases the amount of debt finance in Conejo Co would be beneficial or not to the company and the main parties affected by the change in the funding, namely the equity holders, the debt holders and the credit rating companies. Financial estimates provided in the appendices are used to support the discussion.Impact on Conejo CoBenefits to Conejo Co include the areas discussed in part (a) above and as suggested by the CFO. The estimate in appendix 3 assumes that the interest payable on the new bonds and the extra interest payable on the existing bonds are net of the 15% tax. Therefore, the tax shield reduces the extra amount of interest paid. Further, it is likely that because of the large amount of debt finance which will be raised, the company’s assets would have been used as collateral. This will help protect the company against hostile takeover bids. Additionally, proposal 2 (appendix 3) appears to be better than proposal 1, with a lower gearing figure and a higher earnings per share figure. However, this is dependent on the extra investment being able to generate an after-tax return of 12% immediately. The feasibility of this should be assessed further.Conejo Co may also feel that this is the right time to raise debt finance as interest rates are lower and therefore it does not have to offer large coupons, compared to previous years. Appendix 1 estimates that the new bond will need to offer a coupon of 3·57%, whereas the existing bond is paying a coupon of 5·57%.The benefits above need to be compared with potential negative aspects of raising such a substantial amount of debt finance. Conejo Co needs to ensure that it will be able to finance the interest payable on the bonds and it should ensure it is able to repay the capital amount borrowed (or be able to re-finance the loan) in the future. The extrainterest payable (appendix 3) will probably not pose a significant issue given that theprofit after tax is substantially more than the interest payment. However, the repayment of the capital amount will need careful thought because it is significant.The substantial increase in gearing, especially with respect to proposal 1 (appendix 3), may worry some stakeholders because of the extra financial risk. However, based on market values, the level of gearing may not appear so high. The expected credit migration from A to BBB seems to indicate some increase in risk, but it is probably not substantial.The BoD should also be aware of, and take account of, the fact that going to the capital markets to raise finance will require Conejo Co to disclose information, which may be considered strategically important and could impact negatively on areas where Conejo Co has a competitive advantage.Reaction of credit rating companiesCredit ratings assigned to companies and to borrowings made by companies by credit rating companies depend on the probability of default and recovery rate. A credit migration from A to BBB means that Conejo Co has become riskier in that it is more likely to default and bondholders will find it more difficult to recover their entire loan if default does happen. Nevertheless, the relatively lower increase in yield spreads from A to BBB, compared to BBB to BB, indicates that BBB can still be considered a relatively safe investment.Duration indicates the time it takes to recover half the repayments of interest and capital of a bond, in present value terms. Duration measures the sensitivity of bond prices to changes in interest rates. A bond with a higher duration would see a greater fluctuation in its value when interest rates change, compared to a bond with a lower duration. Appendix 2 shows that a bond which pays interest (coupon) and capital in equal annual instalments will have a lower duration. This is because a greater proportion of income is received earlier and income due to be received earlier is less risky. Therefore, when interest rates change, this bond’s value will change by less than the bond with the higher duration. The CEO is correct that the bond with equal annual payments of interest and capital is less sensitive to interest rate changes, but it is not likely that this will be a significant factor for a credit rating company when assigning a credit rating.A credit rating company will consider a number of criteria when assigning a credit rating, as these would give a more appropriate assessment of the probability of default and the recovery rate. These criteria include, for example, the industry within which the company operates, the company’s position within that industry, the company’s ability to generate profits in proportion to the capital invested, the amount of gearing, the quality of management and the amount of financial flexibility the company possesses. A credit rating company will be much less concerned about the manner in which a bond’s value fluctuates when interest rates change.Impact on equity holdersThe purpose of the financial reconstruction would be of interest to the equity holders. If, for example, Conejo Co selects proposal 1 (appendix 3), it may give equity holders an opportunity to liquidate some of their invested capital. At present, the original members of the company hold 40% of the equity capital and proposal 1 provides them with the opportunity to realise a substantial capital without unnecessary fluctuations in the share price.Selling large quantities of equity shares in the stock exchange may move the price of the shares down and cause unnecessary fluctuations in the share price.If, on the other hand, proposal 2 (appendix 3) is selected, any additional profits after the payment of interest will benefit the equity holders directly. In effect, debt capital is being used for the benefit of the equity holders.It may be true that equity holders may be concerned about the increased risk which higher gearing will bring, and because of this, they may need higher returns to compensate for thehigher risk. However, in terms of market values, the increased gearing may be of less concern to equity holders. Conejo Co should consider the capital structure of its competitors to assess what should be an appropriate level of gearing.Equity holders will probably be more concerned about the additional restrictive covenants which will result from the extra debt finance, and the extent to which these covenants will restrict the financial flexibility of Conejo Co when undertaking future business opportunities.Equity holders may also be concerned that because Conejo Co has to pay extra interest to debt holders, its ability to pay increasing amounts of dividends in the future could be affected. However, appendix 3 shows that the proportion of interest relative to after-tax profits is not too high and any concern from the equity holders is probably unfounded. Impact on debt holdersAlthough the current debt holders may be concerned about the extra gearing which the new bonds would introduce to Conejo Co, appendix 1 shows that the higher coupon payments which the current debt holders will receive would negate any fall in the value of their bonds due to the credit migration to BBB rating from an A rating. Given that currently Conejo Co is subject to low financial risk, and probably lower business risk, it is unlikely that the current and new debt holders would be overly concerned about the extra gearing. The earnings figures in appendix 3 also show that the after-tax profit figures provide a substantial interest cover and therefore additional annual interest payment should not cause the debt holders undue concern either.The curre nt and new debt holders would be more concerned about Conejo Co’s ability to pay back the large capital sum in five years’ time. However, a convincing explanation of how this can be achieved or a plan to roll over the debt should allay these concerns.The current and new debt holders may be concerned that Conejo Co is not tempted to take unnecessary risks with the additional investment finance, but sensible use of restrictive covenants and the requirement to make extra disclosures to the markets when raising the debt finance should help mitigate these concerns.ConclusionOverall, it seems that the proposed financial reconstruction will be beneficial, as it will provide opportunities for Conejo Co to make additional investments and/or an opportunity to reduce equity capital, and thereby increasing the earnings per share. The increased gearing may not look large when considered in terms of market values. It may also be advantageous to undertake the reconstruction scheme in a period when interest rates are low and the credit migration is not disadvantageous. However, Conejo Co needs to be mindful of how it intendsto repay the capital amount in five years’ time, the information it will disclose to the capital markets and the impact of any negative restrictive covenants.Report compiled by:DateAppendices:Appendix 1: Change in the value of the current bond from credit migration and coupon rate required from the new bond (Question (b) (i))Spot yield rates (yield curve) based on BBB ratingBond value based on BBB rating$5·57 x 1·0220–1+ $5·57 x 1·0251–2+ $105·57 x 1·0284–3= $107·81Current bond value = $107·80Although the credit rating of Conejo Co declines from A to BBB, resulting in higher spot yield rates, the value of the bond does not change very much at all. This is because theincrease in the coupons and the resultant increase in value almost exactly matches the fall in value from the higher spot yield rates.Coupon rate required from the new bondTake R as the coupon rate, such that:Take R as the coupon rate, such that:($R x 1·0220–1) + ($R x 1·0251–2) + ($R x 1·0284–3) + ($R x 1·0325–4) + ($R x 1·0362–5) + ($100 x 1·0362–5) = $1004·5665R + 83·71 = 100R = $3·57Coupon rate for the new bond is 3·57%.If the coupon payments on the bond are at a rate of 3·57% on the face value, it ensuresthat the present values of the coupons and the redemption of the bond at face value exactly equals the bond’s current face value, based on Conejo Co’s yield curve.Appendix 2: Macaulay durations (Question (b) (ii))Macaulay duration based on annual coupon of $3·57 and redemption value of $100 in year 5: [($3·57 x 1·0220–1x 1 year) + ($3·57 x 1·0251–2x 2 years) + ($3·57 x 1·0284–3 x 3 years) + ($3·57 x 1·0325–4x 4 years) + ($103·57 x 1·0362–5x 5 years)]/$100 = [3·49 + 6·79 + 9·85 + 12·57 + 433·50]/100 = 4·7 yearsMacaulay duration based on fixed annual repayments of interest and capital:Annuity factor: (3·57%, 5 years) = (1 –1·0357–5)/0·0357 = 4·51 approximatelyAnnual payments of capital and interest required to pay back new bond issue = $100/4·51 = $22·17 per $100 bond approximately[($22·17 x 1·0220–1 x 1 year) + ($22·17 x 1·0251–2x 2 years) + ($22·17 x 1·0284–3 x 3 years) + ($22·17 x 1·0325–4x 4 years) + ($22·17 x 1·0362–5x 5 years)]/$100 = [21·69 + 42·20 + 61·15 + 78·03 + 92·79]/100 = 3·0 yearsAppendix 3: Forecast earnings, financial position, earnings per share and gearing (Question (b) (iii))Adjustments to forecast earningsNotes:If gearing is calculated based on non-current liabilities/(non-current liabilities + equity) and/or using market value of equity, instead of as above, then this is acceptable as well. Proposal 1Additional interest payable is deducted from current assets, assuming it is paid in cash and this is part of current assets. Reserves are also reduced by this amount.Shares repurchased as follows: $1 x 120m shares deducted from share capital and $10 x 120m shares deducted from reserves. $1,320m, consisting of $11 x 120m shares, added to non-current liabilities.Proposal 2Treatment of additional interest payable is as per proposal 1Additional debt finance raised, $1,320 million, is added to non-current liabilities and to non-current assets, assuming that all this amount is invested in non-current assets to generate extra income.It is assumed that this additional investment generates returns at 12%, which is added to current assets and to profits (and therefore to reserves).(Explanations given in notes are not required for full marks, but are included to explain how the figures given in appendix 3 are derived)(Note: Credit will be given for alternative relevant presentation of financial positions and discussion))瑙ｆ瀽锛?/div>Section B – TWO questions ONLY to be attemptedEview Cinemas Co is a long-established chain of cinemas in the country of Taria. Twenty years ago Eview Cinemas Co’s board decided to convert some of its cinemas into sports g yms, known as the EV clubs. The number of EV clubs has expanded since then. Eview Cinemas Co’s board brought in outside managers to run the EV clubs, but over the years there have been disagreements between the clubs’ managers and the board. The managers h ave felt that the board has wrongly prioritised investment in, and refurbishment of, the cinemas at the expense of the EV clubs.Five years ago, Eview Cinemas Co undertook a major refurbishment of its cinemas, financing this work with various types of debt, including loan notes at a high coupon rate of 10%. Shortly after the work was undertaken, Taria entered into a recession which adversely affected profitability. The finance cost burden was high and Eview Cinemas Co was not ableto pay a dividend for two years.The recession is now over and Eview Cinemas Co has emerged in a good financial position, as two of its competitors went into insolvency during the recession. Eview Cinemas Co’s board wishes to expand its chain of cinemas and open new, multiscreen cinemas in locations which are available because businesses were closed down during the recession.In two years’ time Taria is due to host a major sports festival. This has encouraged interest in sport and exercise in the country. As a result, some gym chains are looking to expand and have contacted Eview Cinemas Co’s board to ask if it would be interested in selling the EV clubs. Most of the directors regard the cinemas as the main business and so are receptive to selling the EV clubs.The finance director has recommended that the sales price of the EV clubs be based on predicted free cash flows as follows:1. The predicted free cash flow figures in $millions for EV clubs are as follows:2. After Year 4, free cash flows should be assumed to increase at 5·2% per annum.3. The discount rate to be used should be the current weighted average cost of capital, which is 12%.4. The finance director believes that the result of the free cash flow valuation will represent a fair value of the EV clubs’ business, but Eview Cinemas Co is looking to obtain a 25% premium on the fair value as the expected sales price.Other information supplied by the finance director is as follows:1. The predicted after-tax profits of the EV clubs are $454 million in Year 1. This can be assumed to be 40% of total after-tax profits of EV Cinemas Co.2. The expected proceeds which Eview Cinemas Co receives from selling the EV clubs will be used firstly to pay off the 10% loan notes. Part of the remaining amount from the sales proceeds will then be used to enhance liquidity by being held as part of current assets, so that the current ratio increases to 1·5. The rest of the remaining amount will be invested in property, plant and equipment. The current net book value of the non-current assets of the EV clubs to be sold can be assumed to be $3,790 million. The profit on the sale of the EV clubs should be taken directly to reserves.3. Eview Cinemas Co’s asset beta for the cinemas can be assumed to be 0·952.4. Eview Cinemas Co currently has 1,000 million $1 shares in issue. These are currently trading at $15·75 per share. The finance director expects the share price to rise by 10% once the sale has been completed, as he thinks that the stock market will perceive it to be a good deal.5. Tradeable debt is currently quoted at $96 per $100 for the 10% loan notes and $93 per $100 for the other loan notes. The value of the other loan notes is not expected to change once the sale has been completed. The overall pre-tax cost of debt is currently 9% and can be assumed to fall to 8% when the 10% loan notes are redeemed.6. The current tax rate on profits is 20%.7. Additional investment in current assets is expected to earn a 7% pre-tax return and additional investment in property, plant and equipment is expected to earn a 12% pre-tax return.8. The current risk-free rate is 4% and the return on the market portfolio is 10%.Eview Cinemas Co’s current summarised statement of financial position is shown below. The CEO wants to know the impact the sale of the EV clubs would have immediately on the statement of financial position, the impact on the Year 1 forecast earnings per share and on the weighted average cost of capital.Required:锛堝垎鏁帮細25锛?/p>(1).Calculate the expected sales price of the EV clubs and demonstrate its impact on Eview Cinemas Co’s statement of financial position, forecast earnings per share and weighted average cost of capital.锛堝垎鏁帮細17锛?/p>__________________________________________________________________________________________ 姝ｇ‘绛旀锛?Proceeds from sales of EV clubsPresent value in Year 5 onwards = $490m x 1·052/(0·12 –0·052) x 0·636 = $4,821mTotal present value = $1,318m + $4,821m = $6,139mDesired sales proc eeds (25% premium) = $6,139m x 1·25 = $7,674mImpact on statement of financial position ($m)Profit on sale = $7,674m – $3,790m = $3,884mCurrent assets adjustment = $2,347m + $7,674m –($2,166m x 1·5) = $6,772mPPE adjustment = $6,772m – $3,200m = $3,572m)瑙ｆ瀽锛?/div>(2).Evaluate the decision to sell the EV clubs.锛堝垎鏁帮細8锛?/p>__________________________________________________________________________________________ 姝ｇ‘绛旀锛?Shareholders would appear to have grounds for questioning the sale of the EV clubs. It would mean that Eview Cinemas Co was no longer diversified into two sectors. Although shareholders can achieve diversification themselves in theory, in practice transaction costs and other issues may mean they do not want to adjust their portfolio.The increase in gym membership brought about by the forthcoming sports festival couldjustify the predicted increases in free cash flows made in the forecasts. Although increased earnings per share are forecast once the EV clubs are sold, these are dependent on Eview Cinemas Co achieving the sales price which it desires for the EV clubs and the predicted returns being achieved on the remaining assets.The proposed expansion of multiscreen cinemas may be a worthwhile opportunity, but the level of demand for big cinema complexes may be doubtful and there may also be practical problems like negotiating change of use. In Year 1 the EV clubs would be forecast to make a post-tax return on assets of (454/3,790) = 12·0% compared with 9·6% (12% x 0·8) on the additional investment in the cinemas.Investors may also wonder about the motives of Eview Cinema s Co’s board. Selling the EV clubs offers the board a convenient way of resolving the conflict with the management teamof the EV clubs and investors may feel that the board is trying to take an easy path by focusing on what they are comfortable with managing.There may be arguments in favour of the sale, however. The lower WACC will be brought about by a fall in the cost of equity as well as the fall in the cost of debt. A reduction in the complexity of the business may result in a reduction in central management costs.。

ACCA 财务管理 (15)

Chapter 3 Financial markets and institutions P57•Topic list•1 Financial intermediaries•2 Money markets and capital markets•3 International money and capital markets•4 Rates of interest and rates of return•5 Money market instrumentsIntroduction (P57)•Markets •Institutions1 Financial intermediation P58•A financial intermediary links those with surplus funds (eg lender) to those with funds deficits (eg potentialborrowers) thus providing aggregation and economies of scale, risk pooling and maturity transformation.•A financial intermediary is a party bringing togetherproviders and users of finance, either as broker or as principal.1.1.1 Examples of financial intermediaries P59•Commercial banks•Finance houses•Building societies•Government’s National Savings department •Institutional investors eg pension funds and investment trusts1.2 The benefits of financial intermediation P59•(a) convenient, how long, what sort of return, financial instrument•(b) ready source of funds for borrowers.•(c) aggregate, package•(d) risk, pooling, borne as costs, shared among lenders in general•(e) diversified portfolios•(f) maturity transformation, liquidity, loans2 Financial markets P60•2.1 Financial markets•(1)Financial markets are the markets where individuals and organisations with surplus funds lend funds to other individuals and organisations that want to borrow.•(2)The function is shown diagrammatically•Lender savers; Borrower spenders•Direct finance route; indirect finance•(3) Securities (financial instruments) which are claims on the borrowers’ future income or assets.•(4) Securities are assets for buyer but liabilities for the seller.•(5) the channelling of funds form savers to spenders is a crucial function for economy.•(6) Financial markets are essential to promoting economic efficiency•(7) Financial markets can be classified in several ways:•Capital and money markets•Primary and secondary markets•Exchange-traded and over-the-counter markets2.2 Capital markets and Money markets P61•(1) Capital markets are markets for long-term capital •(2) Money markets are markets for short-term capital2.2.1 The money markets P61•(1)Money markets are markets for:•Trading short-term financial instruments•Short-term lending and borrowing•(2) Operated by the banks and other financial institutions •(3) Official market, parallel or wholesale markets(4) Types of market P61•1) Primary market•2) Interbank market•3) Eurocurrency market•4) Certificate of deposit market •5) Local authority market •6) Finance house market •7) Inter-company market•(1) A stock market (in the UK: the main market plus the AIM) acts as a primary market for raising finance, and as a secondary market for the trading of existing securities (ie stocks and shares)•Alternative Investment Market (AIM)•(2) Capital markets for trading in Long-term finance•(3) In the UK, the principal capital markets are:•(a) main market•(b) Alternative Investment Market (AIM)•Government securities•(4) Firm obtain capital ways•(a) share capital,equity stake•(b) loan capital2.3 Primary and secondary markets P62•Primary markets enable organisations to raise new finance.Secondary markets serve•(a) primary markets, raise new finance, have public company status•(b) secondary markets, sell their investments•(6) Stock market: two more important purposes•(a) realise some of the value of their shares in cash•(b) take over2.4 Exchange and over the counter markets P62•Secondary markets can be organised as exchange or over the counter (OTC)•Exchanges•Over-the-counter (OTC) : through individualnegotiation•Securities that are issued in an over the countermarket:•Negotiable•Non-negotiable2.5 Institutional investors P62•(1) Institutional investors•(2) Pension funds, insurance companies, investment trusts, unit trusts and venture capital organisations2.6 Capital market participants P63•(1) Demand for funds comes from •(2) Intermediaries•(3) Suppliers of funds2.7 Securitisation P63•Securitisation is the process of converting illiquid assets into marketable asset-backed securities.•The development of securitisation has led to disintermediation and a reduction in the role of financial intermediaries asborrowers can reach lenders directly.•Disintermediation describes a decline in the traditional deposit and lending relationship between banks and their customers and an increase in direct relationships between the ultimate suppliers and users of financing.。