题库·ACCA/CAT
财会类ACCA/CAT
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解答题

(c) Discuss the reasons why the net present value investment appraisal method is preferred to other investment

appraisal methods such as payback, return on capital employed and internal rate of return. (9 marks)

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题目答案

(c) There are many reasons that could be discussed in support of the view that net present value (NPV) is superior to otherinvestment appraisal methods.NPV considers cash flowsThis is the reason why NPV is preferred to return on capital employed (ROCE), s

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3 The ‘person specification’ is derived from the job description.

Required:

(a) Explain what is meant by the terms:

(i) ‘person specification’; (4 marks)

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题目答案

3 Overview:A traditional job description can only list or outline the tangible elements of a job. As work becomes more challenging, moreinformation is required about the skills needed to perform. that job. A person specification is of greater value in the

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(ii) the recent financial performance of Merton plc from a shareholder perspective. Clearly identify any

issues that you consider should be brought to the attention of the ordinary shareholders. (15 marks)

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(ii) Discussion of financial performanceIt is clear that 2006 has been a difficult year for Merton plc. There are very few areas of interest to shareholders whereanything positive can be found to say.ProfitabilityReturn on capital employed has declined fr

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解答题

(c) Calculate the theoretical ex rights price per share and the net funds to be raised by the rights issue, and

determine and discuss the likely effect of the proposed expansion on:

(i) the current share price of Merton plc;

(ii) the gearing of the company.

Assume that the price–earnings ratio of Merton plc remains unchanged at 12 times. (11 marks)

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题目答案

(c) Rights issue price = 2·45 x 0·8 = ￡1·96Theoretical ex rights price = ((2 x 2·45) + (1 x 1·96))/3 = 6·86/3 = ￡2·29New shares issued = 20m x 1/2 = 10 millionFunds raised = 1·96 x 10m = ￡19·6 millionAfter issue costs of ￡300,000 funds raised will be ￡19·

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(d) Calculate the ex dividend share price predicted by the dividend growth model and discuss the company’s

view that share price growth of at least 8% per year would result from expanding into the retail camera

market. Assume a cost of equity capital of 11% per year. (6 marks)

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(d) The dividend growth model calculates the ex div share price from knowledge of the cost of equity capital, the expected growthrate in dividends and the current dividend per share (or next year’s dividend per share). Using the formula given in theformul

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2 (a) Discuss the nature of the financial objectives that may be set in a not-for-profit organisation such as a charity

or a hospital. (8 marks)

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题目答案

2 (a) In the case of a not-for-profit (NFP) organisation, the limit on the services that can be provided is the amount of funds thatare available in a given period. A key financial objective for an NFP organisation such as a charity is therefore to raise

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2 An important part of management is understanding the style. of leadership.

Required:

(a) Explain what Blake and Mouton’s Managerial Grid measures. (5 marks)

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题目答案

2 Overview:The accountant is frequently the manager or group leader. An understanding of leadership theory and practice is therefore animportant part of an accountant’s training.Part (a):Robert Blake and Jane Mouton in their Ohio State Leadership Studies,

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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)

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题目答案

5 OverviewUnderstanding what motivates people is necessary at all levels of management. It is important that professional accountantsunderstand the relevance of individual motivation. Unless individuals are well managed and motivated they are unlikely to

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(c) Discuss the difficulties that may be experienced by a small company which is seeking to obtain additional

funding to finance an expansion of business operations. (8 marks)

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题目答案

(c) Small businesses face a number of well-documented problems when seeking to raise additional finance. These problems havebeen extensively discussed and governments regularly make initiatives seeking to address these problems.Risk and securityInvestors

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6 The accountant communicates information to others in reports and statements. Understanding the nature and

importance of communication is therefore an important part of the accountant’s role.

Required:

(a) Explain the importance of good communication. (5 marks)

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题目答案

6 Overview:The need for clear and concise communication and the consequences of poor communication must be understood by a professionwhich exists to provide information to others. Poor communication leads to ineffective control, poor co-ordination and man

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解答题

(b) Discuss how the operating statement you have produced can assist managers in:

(i) controlling variable costs;

(ii) controlling fixed production overhead costs. (8 marks)

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题目答案

(b) Controlling variable costsThe first step in the process of controlling costs is to measure actual costs. The second step is to calculate variances that showthe difference between actual costs and budgeted or standard costs. These variances then need t

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