2017年12月 特许公认会计师 ACCA F9真题及答案解析.pdfVIP

Fundamentals Level – Skills Module 9 F Financial Management Thursday 9 December 2010 r e p 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 may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination hall. The Association of Chartered Certified Accountants 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 investme