2020年ACCA考试《财务成本管理》模拟试题(2020-10-18)

发布时间：2020-10-18

为了帮助大家更好的备考考试，51题库考试学习网给大家带来2020年ACCA考试《财务成本管理》模拟试题（2），供大家练习，希望能够对大家有所帮助。

1.某公司目前面临一个投资机会，该项目所在行业竞争激烈，如果经济发展迅速并且该项目搞得好，取得较大市场占有率，利润会很大，否则利润很小甚至亏本。假设未来的经济情况只有3种：繁荣、正常、衰退，出现的概率分别为0.2、0.5、0.3，预计收益率分别为100%、20%、-70%，则下列各项不正确的是( )。

A.该项目预期收益率为9%

B.该项目方差为0.3589

C.该项目标准差为59.9%

D.该项目变化系数为3.99

【正确答案】D

【答案解析】预期收益率=100%×0.2+20%×0.5-70%×0.3=9%;方差=(100%-9%)2×0.2+(20%-9%)2×0.5+(-70%-9%)2×0.3=0.3589;标准差=0.35891/2=59.9%;变化系数=59.9%/9%=6.66。

2.关于投资组合的风险，下列说法不正确的是( )。

A.相关系数越大，两种证券构成的投资组合的标准差越大

B.证券组合的标准差不仅取决于单个证券的标准差，还取决于证券之间的协方差

C.充分投资组合的风险，只受证券之间协方差的影响，而与各证券本身的方差无关

D.投资组合的标准差大于组合中各证券的最大标准差

【正确答案】D

【答案解析】投资组合的标准差小于等于各证券标准差的加权平均数，不会大于组合中各证券的最大标准差。

3.某公司拟于2012年5月1日发行面值为1000元、票面利率为10%的债券，每半年支付一次利息，5年后到期，同等风险投资的必要报酬率为8%，则债券价值是( )元。

A.1079.87

B.1081.15

C.1016.12

D.1086.15

【正确答案】B

【答案解析】债券价值=1000×5%×(P/A，4%，10)+1000×(P/F，4%，10)=1081.15(元)。

4.关于公司的资本成本和投资项目的资本成本，下列说法不正确的是( )。

A.公司资本成本的高低取决于无风险报酬率、经营风险溢价和财务风险溢价

B.投资项目资本成本的高低主要取决于从哪些来源筹资

C.如果公司新的投资项目的风险与企业现有资产平均风险相同，且不改变公司的资本结构，则项目资本成本等于公司资本成本

D.每个项目都有自己的资本成本，同一个公司的各个项目的资本成本可能是不同的

【正确答案】B

【答案解析】投资项目资本成本的高低主要取决于资金运用于什么样的项目，而不是从哪些来源筹资。

5.某公司的信用级别为A级。为了估计其税前债务成本，收集了目前上市交易的A级公司债3种。三种债券的到期收益率分别为5.36%、5.50%、5.78%，同期的长期政府债券到期收益率分别为4.12%、4.46%、4.58%，当期的无风险利率为4.20%，则该公司的税前债务成本是( )。

A.5.36%

B.5.50%

C.5.78%

D.5.55%

【正确答案】A

【答案解析】平均风险补偿率=[(5.36%-4.12%)+(5.50%-4.46%)+(5.78%-4.58%)]/3=1.16%

时通公司的税前债务成本=4.20%+1.16%=5.36%

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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。

(b) Calculate the value of the closing stocks of finished goods at the end of the three-month period, and the value

of cost of sales for the period. (3 marks)

正确答案：
(b) Opening stock of finished goods = ￡69,800
Closing stock of finished goods = 2,000 x 18·66 = ￡37,320
Cost of sales for three-month period = 69,800 + 2,262,380 – 37,320 = ￡2,294,860

10 What would the company’s profit become after the correction of the above errors?

A $634,760

B $624,760

C $624,440

D $625,240

正确答案：D
630,000 – 4,320 – 440

5 An organisation’s goals can only be achieved through the efforts of motivated individuals.

Required:

Explain what is meant by the following terms:

(a) Hygiene factors. (8 marks)

正确答案：
5 Overview
Understanding what motivates people is necessary at all levels of management. It is important that professional accountants
understand the relevance of individual motivation. Unless individuals are well managed and motivated they are unlikely to cooperate
to achieve the organisation’s objectives.
Part (a):
(a) Hygiene (or maintenance) factors lead to job dissatisfaction because of the need to avoid unpleasantness. They are so called
because they can in turn be avoided by the use of ‘hygienic’ methods, that is, they can be prevented. Attention to these
hygiene factors prevents dissatisfaction but does not on its own provide motivation.
Hygiene factors (or ‘dissatisfiers’) are concerned with those factors associated with, but not directly a part of, the job itself.
Herzberg suggested that these are mainly salary and the perceived differences with others’ salaries, job security, working
conditions, the level and quality of supervision, organisational policy and administration and the nature of interpersonal
relationships. Resolution of hygiene factors, however, is short term, longer term resolution requires motivator factors.

(iii) delegation. (3 marks)

正确答案：
(iii) DELEGATION is giving a subordinate the discretion to make decisions within a certain, defined sphere of influence. Therefore the superior must possess the authority to delegate. The key element here is discretion and the level of authority within a specific sphere which is behind the problems at Flavours Fine Foods. Authority should be clearly delegated as appropriate to the managers and, through them, to the supervisors.

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