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質問 1：
Pindar Co is an airport operator that is quoted on the Stock Exchange. Recently, the board of directors agreed to change the company's depreciation policy concerning airport runways. In future, these assets will be written off over 100 years rather than 50 years. This change is solely designed to increase reported profits over the next 50 years and thereby create a better impression to investors of company performance.
What is the maximum level of market efficiency that the board of directors is assuming to be consistent with suchbehavior?
A. Semi-strong form of efficiency
B. No form of efficiency
C. Weak-form of efficiency
D. Strong-form of efficiency
正解：C
質問 2：
Lydia Co is financed by one million $1 ordinary shares trading at $3 each and has $2,000,000 4*25% irredeemable loan notes which have a market value of $85 per $100. Lydia Co pays tax at 30%. An equivalent all-equity financed company would have a cost of capital of 10%.
What is Lydia Co's cost of equity, according to Modigliani and Miller Proposition 2?
A. 12*68%
B. 12*33%
C. 12*28%
D. 11*98%
正解：D
質問 3：
The following statements about the drawbacks of the accounting rate of return (ARR) were made at a recent meeting:
1) ARR is based on accounting profits and not cash flows, and can change because profits are subject to different possible treatments.
2) ARR only considers cash flows within a given time period and ignores cash flows after that time period.
3) With the ARR method $1 receivable today is worth the same as a $1 in five years.
Therefore it ignores the time value of money.
Which combination of the above statements is true?
A. 1 and 3 only
B. 1, 2 and 3
C. 2 and 3 only
D. 1 and 2 only
正解：A
質問 4：
Indus Co holds an item of inventory for which the demand is 40,000 units per year. The cost of holding one unit of the item is $2*50 per year and the cost of placing an order for the item is $20. Demand for the item is even throughout the year. Indus Co employs the economic order quantity (EOQ) model to derive the optimal order quantity for the item.
What is the combined annual cost of holding and ordering this item?
A. $8,125
B. $8,250
C. $3,000
D. $2,000
正解：D
質問 5：
Dorsal Co intends to make a bonus issue of ordinary shares during the forthcoming year.
Which one of the following will be affected as a result of the issue?
A. Liquidity
B. Earnings per share
C. Financial gearing
D. Total equity
正解：B
Pindar Co is an airport operator that is quoted on the Stock Exchange. Recently, the board of directors agreed to change the company's depreciation policy concerning airport runways. In future, these assets will be written off over 100 years rather than 50 years. This change is solely designed to increase reported profits over the next 50 years and thereby create a better impression to investors of company performance.
What is the maximum level of market efficiency that the board of directors is assuming to be consistent with suchbehavior?
A. Semi-strong form of efficiency
B. No form of efficiency
C. Weak-form of efficiency
D. Strong-form of efficiency
正解：C
質問 2：
Lydia Co is financed by one million $1 ordinary shares trading at $3 each and has $2,000,000 4*25% irredeemable loan notes which have a market value of $85 per $100. Lydia Co pays tax at 30%. An equivalent all-equity financed company would have a cost of capital of 10%.
What is Lydia Co's cost of equity, according to Modigliani and Miller Proposition 2?
A. 12*68%
B. 12*33%
C. 12*28%
D. 11*98%
正解：D
質問 3：
The following statements about the drawbacks of the accounting rate of return (ARR) were made at a recent meeting:
1) ARR is based on accounting profits and not cash flows, and can change because profits are subject to different possible treatments.
2) ARR only considers cash flows within a given time period and ignores cash flows after that time period.
3) With the ARR method $1 receivable today is worth the same as a $1 in five years.
Therefore it ignores the time value of money.
Which combination of the above statements is true?
A. 1 and 3 only
B. 1, 2 and 3
C. 2 and 3 only
D. 1 and 2 only
正解：A
質問 4：
Indus Co holds an item of inventory for which the demand is 40,000 units per year. The cost of holding one unit of the item is $2*50 per year and the cost of placing an order for the item is $20. Demand for the item is even throughout the year. Indus Co employs the economic order quantity (EOQ) model to derive the optimal order quantity for the item.
What is the combined annual cost of holding and ordering this item?
A. $8,125
B. $8,250
C. $3,000
D. $2,000
正解：D
質問 5：
Dorsal Co intends to make a bonus issue of ordinary shares during the forthcoming year.
Which one of the following will be affected as a result of the issue?
A. Liquidity
B. Earnings per share
C. Financial gearing
D. Total equity
正解：B
高梨** -
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