2019年ACCA考试《会计师与企业（基础阶段）》章节练习(2019-03-15)

正确答案：
(ii) Evidence supporting the assertion that development costs are technically feasible would include the following:
– Review the results of scientific tests performed on the products, for example, the results of animal or human testing
of the products.
– Discuss any detrimental results of these tests, e.g. harmful side effects, with the scientists working on the project
to determine what corrective action is being taken.
– Enquire whether any licences necessary for continued development and/or commercial production have been
granted by the appropriate regulatory body.
– Compare expected to actual development costs incurred per product being developed. Where actual costs are in
excess of expected costs investigate whether the extra costs have been incurred in order to make good any problems
identified in the development process.
– Review board minutes for relevant discussion of the product development taking place during the year.

正确答案：
(b) (i) The face to face interview is the most common form. of interview. In this situation the candidate is interviewed by a single representative of the employing organisation.
The advantages of such interviews are that they establish an understanding between the participants, are cost effective for the organisation (only one member of the organisation’s staff is involved) and, because of the more personal nature, ensure that candidates feel comfortable.
The disadvantages are that the selection interview relies on the views and impression of a single interviewer that can be both subjective and biased. In addition, the interviewer may be selective in questioning and it is easier for the candidate to hide weaknesses or lack of ability.

正确答案：
(d) The dividend growth model calculates the ex div share price from knowledge of the cost of equity capital, the expected growth
rate in dividends and the current dividend per share (or next year’s dividend per share). Using the formula given in the
formulae sheet, the dividend growth rate expected by the company of 8% per year and the decreased dividend of 7·5p per
share:
Share price = (7·5 x 1·08)/(0·11 – 0·08) = 270p or ￡2·70
This is the same as the share price prior to the announcement (￡2·70) and so if dividend growth of 8% per year is achieved,
the dividend growth model forecasts zero share price growth. The share price growth claim made by the company regarding
expansion into the retail camera market cannot therefore be substantiated.
In fact, a lower future share price of ￡2·49 was predicted by applying the current price-earnings ratio to the earnings per
share resulting from the proposed expansion. If this estimate is correct, a fall in share price of 7% can be expected.
The share price predicted by the dividend growth model of ￡2·70 would require an after-tax return on the proposed expansion
of 11·66%, which is more than the 9% predicted by the Board. The current return on shareholders’ funds is 7·5% (4·5/60),
but in 2005 it was 12·8% (7·3/57), so 11·66% may be achievable, but looks unlikely.
Since the market price fell from ￡2·70 to ￡2·45 following the announcement, it appears that the market does not believe
that the forecast dividend growth can be achieved.