2015年6月ACCA F9考试真题.docx

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1、FundamentalsLevel–SkillsModuleFinancialManagementFriday5June2015TimeallowedReadingandplanning:15minutesWriting:3hoursThispaperisdividedintotwosections:SectionA–ALL20questionsarecompulsoryandMUSTbeattemptedSectionB–ALLFIVEquestionsarecompulsoryandMUST

2、beattemptedFormulaeSheet,PresentValueandAnnuityTablesareonpages10,11and12.DoNOTopenthispaperuntilinstructedbythesupervisor.Duringreadingandplanningtimeonlythequestionpapermaybeannotated.YoumustNOTwriteinyouranswerbookletuntilinstructedbythesupervisor

3、.DoNOTrecordanyofyouranswersontheexampaper.Thisquestionpapermustnotberemovedfromtheexaminationhall.PaperF9TheAssociationofCharteredCertifiedAccountantsSectionA–ALL20questionsarecompulsoryandMUSTbeattemptedPleaseusethegridprovidedonpagetwooftheCandid

4、ateAnswerBooklettorecordyouranswerstoeachmultiplechoicequestion.DonotwriteouttheanswerstotheMCQsonthelinedpagesoftheanswerbooklet.Eachquestionisworth2marks.1Whichofthefollowingstatementsis/arecorrect?(1)Monetarypolicyseekstoinfluenceaggregatedemandby

5、increasingordecreasingthemoneyraisedthroughtaxation(2)Whengovernmentsadoptafloatingexchangeratesystem,theexchangerateisanequilibriumbetweendemandandsupplyintheforeignexchangemarket(3)Fiscalpolicyseekstoinfluencetheeconomyandeconomicgrowthbyincreasing

6、ordecreasinginterestratesA2onlyB1and2onlyC1and3onlyD1,2and32Whichofthefollowingstatementsarecorrect?(1)Thegenerallevelofinterestratesisaffectedbyinvestors’desireforarealreturn(2)Marketsegmentationtheorycanexplainkinks(discontinuities)intheyieldcurve(

7、3)Wheninterestratesareexpectedtofall,theyieldcurvecouldbeslopingdownwardsA1and2onlyB1and3onlyC2and3onlyD1,2and33Thefollowinginformationrelatestoacompany:Year0123Earningspershare(cents)30·031·833·935·7Dividendspershare(cents)13·013·213·315·0Shareprice

8、atstartofyear($)1·951·982·012·25Whichofthefollowingstatementsiscorrect?AThedividendpayoutratioisgreaterthan40%ineveryyearintheperiodBMeangrowthindividendspershareovertheperiodis4%CTotalshareholderreturnforthethirdyearis26%DMeangrowthinearningspershar