ACCA2010年12月份考试真题（F9）

文章作者 100test 发表时间 2011:03:08 17:38:56
来源 100Test.Com百考试题网

导读：ACCA2010年12月份考试已结束。百考试题整理ACCA2010年12月份考试真题（F9）供考生参考。

　　点击查看：#0000ff>2010年12月份ACCA考试真题汇总

　　ALL FOUR questions are compulsory and MUST be attempted

　　1 CJ Co is a profitable company which is financed by equity with a market value of $180 million and by debt with a market value of $45 million.The company is considering two investment projects,as follows.

　　Project A

　　This project is an expansion of existing business costing $3·5 million,payable at the start of the project,which will increase annual sales by 750,000 units.Information on unit selling price and costs is as follows:

　　Selling price:$2·00 per unit（current price terms）

　　Selling costs:$0·04 per unit（current price terms）

　　Variable costs:$0·80 per unit（current price terms）

　　Selling price inflation and selling cost inflation are expected to be 5% per year and variable cost inflation is expected to be 4% per year. Additional initial investment in working capital of $250，000 will also be needed and this is expected to increase in line with general inflation.

　　Project B

　　This project is a diversification into a new business area that will cost $4 million.A company that already operates in the new business area,GZ Co,has an equity beta of 1·5.GZ Co is financed 75% by equity with a market value of $90 million and 25% by debt with a market value of $30 million.

　　Other information

　　CJ Co has a nominal weighted average after-tax cost of capital of 10% and pays profit tax one year in arrears at an annual rate of 30%. The company can claim capital allowances （tax-allowable depreciation） on a 25% reducing balance basis on the initial investment in both projects.

　　Risk-free rate of return:4%

　　Equity risk premium:6%

　　General rate of inflation:4·5% per year

　　Directors‘ views on investment appraisal

　　The directors of CJ Co require that all investment projects should be evaluated using either payback period or return on capital employed（accounting rate of return）.The target payback period of the company is two years and the target return on capital employed is 20%,which is the current return on capital employed of CJ Co.A project is accepted if it satisfies either of these investment criteria.The directors also require all investment projects to be evaluated over a four-year planning period,ignoring any scrap value or working capital recovery,with a balancing allowance（if any）being claimed at the end of the fourth year of operation.

　　Required：

　　（a）Calculate the net present value of Project A and advise on its acceptability if the project were to be appraised using this method. （12 marks）

　　（b）Critically discuss the directors‘ views on investment appraisal. （7 marks）

　　（c）Calculate a project-specific cost of equity for Project B and explain the stages of your calculation.（6 marks）

　　（25 marks）

　　2 The following financial position statement as at 30 November 2010 refers to Nugfer Co,a stock exchange-listed company,which wishes to raise $200m in cash in order to acquire a competitor.

	$m	$m	$m
Assets
Non-current assets			300
Current assets			211
			----
Total assets			511
			----
Equity and liabilities
Share capital		100
Retained earnings		121
		----
Total equity			221
Non-current liabilities
Long-term borrowings		100
Current liabilities
Trade payables	30
Short-term borrowings	160
	----
Total current liabilities		190
		----
Total liabilities			290
			----
Total equity and liabilities			511
			----

　　The recent performance of Nugfer Co in profitability terms is as follows：

Year ending 30 November	2007	2008	2009	2010
	$m	$m	$m	$m
Revenue	122.6	127.3	156.6	189.3
Operating profit	41.7	43.3	50.1	56.7
Finance charges（interest）	6.0	6.2	12.5	18.8
Profit before tax	35.7	37.1	37.6	37.9
Profit after tax	25.0	26.0	26.3	26.5