ACCA考试F4模拟试题(2020-08-15)

发布时间：2020-08-15

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10 The board of directors of Harvest Technology Joint Stock Company Ltd (Harvest Stock), a listed company, formulated a plan to issue corporate bonds through the securities market. Among other things, the plan included the following items:

(i) A securities company would be entrusted to be the sole underwriter to issue corporate bonds for RMB 70 million yuan;

(ii) The entire period of the public issue would be 100 days;

(iii) The interest rate of the bonds would be 5%, same as the annual fixed interest rate of saving deposit for one year;

(iv) The funds collected by the issue of corporate bonds would be used to make up the losses of the last year.

Required:

Answer the following questions in accordance with the Securities Law, and give your reasons for your answers:

(a) state whether the form of issue of corporate bonds was in conformity with the relevant provision of the law;

(b) state whether the duration of the issue was in conformity with the relevant provision of the law;

(c) state whether the proposed interest rate of the corporate bonds was in conformity with the relevant provision of the law;

(d) state whether the purpose of use of the funds was in conformity with the relevant provision of the law.

答案：

10 This question requires candidates to deal with the legal issue of the conditions for the public issue of corporate bonds under the Securities Law.

(a) In accordance with Article 32 of the Securities Law, securities to be offered to unspecific investors with a total face value exceeding RMB 50 million yuan shall be underwritten by an underwriting syndicate. Since the proposed public issue of corporate bonds would be RMB 70 million yuan, far more than the limitation of RMB 50 million yuan, it was not in conformity with the law by entrusting a securities company as the sole underwriter.

(b) In accordance with Article 33 of the Securities Law, the maximum period for public issue of securities shall be 90 days. Since the proposed duration of the issue would be 100 days, longer than the limitation as prescribed by the law, the proposed plan for issuing corporate bonds as to the duration of issue was, therefore, not in conformity with the law.

(c) In accordance with Article 16 of the Securities Law, the interest rate of the bonds shall not exceed the ceiling fixed by the State Council. The proposed interest rate by the board of directors was 5%, the same as the interest rate for savings deposit of one year. Hence the proposed interest rate was in conformity with the law.

(d) In accordance with Article 16 of the Securities Law, funds raised through the issue of corporate bonds must be used for the purpose approved and shall not be used to make up the losses of the company or for non-production expenditure. Therefore, the proposed use of funds was not in conformity with the law.

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下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

(ii) Advise Benny of the amount of tax he could save by delaying the sale of the shares by 30 days. For the

purposes of this part, you may assume that the benefit in respect of the furnished flat is ￡11,800 per

year. (3 marks)

正确答案：

 

(ii) how effective delegation might be achieved; (6 marks)

正确答案：
(ii) Effective delegation can be achieved by assigning agreed tasks to the subordinate, ensuring that resources are allocated and by specifying expected performance levels and ensuring that they are understood. In addition, it is necessary to ensure that the subordinate has the ability and experience to undertake the tasks by maintaining frequent contact and ensuring that the subordinate has authority to do the job. Sufficient authority must be delegated to fulfil the task. This authority in turn may be specific or general; the scenario suggests that the authority of the managers and supervisors is specific. The subordinate should not refer decisions upwards, and the superior should not expect this. In addition there should be no doubts over boundaries; they must be clearly defined as to who holds what authority and who accounts to whom. Therefore there must be clarity as to departmental functions and individual authority, which is at the root of the problem at Flavours Fine Foods.

(c) State one advantage to a business of keeping its working capital cycle as short as possible.

(2 Marks)

正确答案：
(c) The advantage to a company of keeping its working capital cycle short is that fewer resources are tied up in working capital,
thus freeing them for other purposes.
(Other answers considered on their merits)

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