注册会计师综合阶段综合试卷二(A卷)

0.80
Henry 18%
1.Albert
Albert
2.Albert
3.Albert
4.Albert
Albert 5.Albert 6. 7.2008
Albert
8.Albert A
25
B
A
=12%
1
3
2.7
2
4
3.2
3
4
2.8
4
4
2.5
5
5
2.8
6
7.4
3.7
7
8
3.6
8
8
3.2
9
8
2.9
10
1 The calculation is simple;
2 It is easy for decision makers to understand;
3 It gives a higher level indication of the projects’ liquidity and risk.
Disadvantages of using the payback period method:
Company finally decided to use the adjusted P/E ratio model when evaluating Albert Company.
1.
1. 1
①
/
②
③
④
⑤
2 ① ② ③ ④ ⑤
⑥
2. 1 2 3 4
/ ( (
4 1
4
) )
5 19 1/3
5 3
1/3 5
8
2.6
59.4
30
Albert
Albeபைடு நூலகம்t 5
Adjusted P/E ratio model Albert
1 2 3 4 5
Albert
Albert
A B C D E 15.00
16
85%
12%
20
B
=12%
9
8
8
6.4
8
5.7
6
3.8
6
3.4
6.6
3.3
4
1.8
4
1.6
3
1.1
2.6
0.9
57.2
10 Based on the information provided in Material Four(
), calculate the net present value(
) and present value
index(
)for Project A and Project B, respectively, and decide whether the net present value method and the present
the P/E ratio model(
)and the adjusted P/E ratio model(
)respectively, and evaluate whether the
transaction price of USD 16 per share was over-priced or under-priced using each model;(iii)briefly explain why Henry
36
P/E Price-to-earnings ratio model
2012
20.10
16%
16.00
13%
15.40
12%
11.20
9%
12.30
10%
12%
1 2 3
4
5
6 7
8
Albert
9 Based on the information provided in Material Four(
6
7
3
1
8
3. 1
2
:
①
②
③
3
:
①
②
③
4. 1 3
2015 2
5. 1 2 3
6. 1
1
2
2
3
3
4
4
2/3
6 20%~30%
7. 1 2
5
1
12
5000
8. 1 Albert
2 Albert
3 85%
4 Albert
5 Albert
6
Albert
7 Albert
8
9 Albert
10 2008 2008
11 Based on the information provided in Material Four(
), (i)identify the three driving factors that affect the P/E ratio
(
) (ii)with the related financial information provided for 2012, calculate the share values of Albert Company using
1.
45%
: 2007
1.
4
4
2.
3
3
3
3.
3
2011 2 53%
2010
70% 70%
70% :
2011 10
2012
12
12 100 / 17.72 /
5
120
1200
10%
130% 70%
30
20
30
12%
14 /
1.
12%
10%
2.
3.
14 /
17.72 /
26.6%
4.
:
Albert
Albert 2012
Albert
9.The payback period for Project A is: 4+(20-3-4-4-4) ÷5= 5 years
The payback period for Project B is: 2+(25-9-8) ÷8=3 years
Advantages of using the payback period method:
), indicate the payback period(
) for Project A and
Project B, respectively, and briefly describe the advantages and disadvantages of using the payback period method.
value index method is more appropriate for the project evaluation in terms of the efficiency of investment, given the same
project period. Please provide a reason to support your answer.
1 This method ignores time value of money by assuming values are the same at different times;
2 This method does not consider cash flows after the payback period, therefore giving no indication of the profitability;