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2015年ACCA考试真题模拟练习:审计科目

发表时间:2015-06-26 来源:
【编者按】金程网校为广大学员分享2015年ACCA考试审计科目的真题模拟练习,帮助大家梳理历年来的考试重难点,查找备考中的薄弱环节,加强训练。

        在ACCA考试中,模拟真题的练习不仅可以检查学员们的知识掌握程度,还可以查漏补缺,找到学员在备考中薄弱的环节。通过加强训练,全面提升综合应试能力。为了帮助学员们更好的备考,小编为大家整理了关于2015年ACCA考试审计科目的考试模拟练习,供大家练习参考,希望可以帮助到大家。ACCA考试费用、备考指南、考试动态等,金程网校会在第一时间内通知大家,请及时关注金程网校动态。 2015年ACCA考试讲义+大纲+真题免费获取》》

        Financial Management
 
        1 (a) Weighted average cost of capital (WACC) calculation
 
        Cost of equity of KFP Co = 4·0 + (1·2 x (10·5 – 4·0)) = 4·0 + 7·8 = 11·8% using the capital asset pricing model
 
        To calculate the after-tax cost of debt, linear interpolation is needed
 
        After-tax interest payment = 100 x 0·07 x (1 – 0·3) = $4·90
 
        Year Cash flow $ 10% discount PV ($) 5% discount PV ($)
 
        0 Market value (94·74) 1·000 (94·74) 1·000 (94·74)
 
        1 to 7 Interest 4·9 4·868 23·85 5·786 28·35
 
        7 Redemption 100 0·513 51·30 0·711 71·10   
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        ––––– –––––
         
        (19·59) 4·71
 
        ––––– –––––
 
        After-tax cost of debt = 5 + ((10 – 5) x 4·71)/(4·71 + 19·59) = 5 + 1·0 = 6·0%
 
        Number of shares issued by KFP Co = $15m/0·5 = 30 million shares
 
        Market value of equity = 30m x 4·2 = $126 million
 
        Market value of bonds issued by KFP Co = 15m x 94·74/100 = $14·211 million
 
        Total value of company = 126 + 14·211 = $140·211 million
 
        WACC = ((11·8 x 126) + (6·0 x 14·211))/140·211 = 11·2%
 
        (b) (i) Price/earnings ratio method
 
        Earnings per share of NGN = 80c per share
 
        Price/earnings ratio of KFP Co = 8
 
        Share price of NGN = 80 x 8 = 640c or $6·40
 
        Number of ordinary shares of NGN = 5/0·5 = 10 million shares
 
        Value of NGN = 6·40 x 10m = $64 million
 
        However, it can be argued that a reduction in the applied price/earnings ratio is needed as NGN is unlisted and thereforeits shares are more difficult to buy and sell than those of a listed company such as KFP Co. If we reduce the appliedprice/earnings ratio by 10% (other similar percentage reductions would be acceptable), it becomes 7·2 times and thevalue of NGN would be (80/100) x 7·2 x 10m = $57·6 million
 
        (ii) Dividend growth model
 
        Dividend per share of NGN = 80c x 0·45 = 36c per share
 
        Since the payout ratio has been maintained for several years, recent earnings growth is the same as recent dividendgrowth, i.e. 4·5%. Assuming that this dividend growth continues in the future, the future dividend growth rate will be4·5%.Share price from dividend growth model = (36 x 1·045)/ (0·12 – 0·045) = 502c or $5·02
 
        Value of NGN = 5·02 x 10m = $50·2 million
 
        (c) A discussion of capital structure could start from recognising that equity is more expensive than debt because of the relativerisk of the two sources of finance. Equity is riskier than debt and so equity is more expensive than debt. This does not dependon the tax efficiency of debt, since we can assume that no taxes exist. We can also assume that as a company gears up, itreplaces equity with debt. This means that the company’s capital base remains constant and its weighted average cost ofcapital (WACC) is not affected by increasing investment.
 
        The traditional view of capital structure assumes a non-linear relationship between the cost of equity and financial risk. As acompany gears up, there is initially very little increase in the cost of equity and the WACC decreases because the cost of debtis less than the cost of equity. A point is reached, however, where the cost of equity rises at a rate that exceeds the reductioneffect of cheaper debt and the WACC starts to increase. In the traditional view, therefore, a minimum WACC exists and, as aresult, a maximum value of the company arises.
 
        Modigliani and Miller assumed a perfect capital market and a linear relationship between the cost of equity and financial risk.
 
        They argued that, as a company geared up, the cost of equity increased at a rate that exactly cancelled out the reductioneffect of cheaper debt. WACC was therefore constant at all levels of gearing and no optimal capital structure, where the valueof the company was at a maximum, could be found.
 
        It was argued that the no-tax assumption made by Modigliani and Miller was unrealistic, since in the real world interestpayments were an allowable expense in calculating taxable profit and so the effective cost of debt was reduced by its taxefficiency. They revised their model to include this tax effect and showed that, as a result, the WACC decreased in a linearfashion as a company geared up. The value of the company increased by the value of the ‘tax shield’ and an optimal capitalstructure would result by gearing up as much as possible.
 
        It was pointed out that market imperfections associated with high levels of gearing, such as bankruptcy risk and agency costs,would limit the extent to which a company could gear up. In practice, therefore, it appears that companies can reduce their
 
        WACC by increasing gearing, while avoiding the financial distress that can arise at high levels of gearing.
 
        Time allowed
 
        Reading and planning: 15 minutes
 
        Writing: 3 hours a
 
        ALL FOUR questions are compulsory and MUST be attempted.
 
        Formulae Sheet, Present Value and Annuity Tables are on
 
        pages 6, 7 and 8.
 
        Do NOT open this paper until instructed by the supervisor. P
 
        During reading and planning time only the question paper maybe annotated. You must NOT write in your answer booklet untilinstructed by the supervisor.
 
        This question paper must not be removed from the examination hall.
 
        The Association of Chartered Certified Accountants

        通过ACCA考试也许不能立即为我们带来高薪和令人羡慕的职业发展,但是对于我们却是一种能力的肯定,相信我们手中持有这个具有很高含金量的证书,我们的职业道路会越走越好,祝愿大家都能实现自己的目标,成为一个令人惊羡的ACCA持证人。

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