题目内容
（请给出正确答案）
A、it encourages competitiveness
B、it rewards the best one in the team
C、it focuses on the work of a team
D、reward systems are individual-oriented
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A、$22,650
B、$21,900
C、$21,600
D、$21,150
A、2.3
B、2.9
C、3
D、2.5
1 A revaluation reserve arises when a non-current asset is sold at a profit.
2 The authorised share capital of a company is the maximum nominal value of shares and loan notes the company
may issue.
3 The notes to the financial statements must contain details of all adjusting events as defined in IAS10 Events after
the balance sheet date.
A All three statements
B 1 and 2 only
C 2 and 3 only
D None of the statements
2 Which of the following are correct？
1. The balance sheet value of inventory should be as close as possible to net realisable value.
2. The valuation of finished goods inventory must include production overheads.
3. Production overheads included in valuing inventory should be calculated by reference to the company’s normal
level of production during the period.
4. In assessing net realisable value, inventory items must be considered separately, or in groups of similar items,
not by taking the inventory value as a whole.
A 1 and 2 only
B 3 and 4 only
C 1 and 3 only
D 2, 3 and 4
MOON Company has 200,000 common shares outstanding, and the par value is $2 per share. MOON has thought it is necessary to reinvest most of its earnings, so as to maintain the growth rate of 12%. Because of the founder's death, it is expected a low growth rate. The realistic growth rate is 5%, and the dividend distribution will increase. The required return rate of the shreholders is 14%. It is expected an earnings of $2 millions in 20X9, and the investment requirement in 20X9 is $0.8 millions. Required: （1）If all the required capital for the investment is from the earning, and MOON uses a residual dividend approach, please calculate the dividend per share in Year 20X9. （2）Please calculate the dividend payout ratio if Year 20X9； （3）If the dividend payout ratio grows by 5% each year, calculate the intrisic value of the share based on the result of (1)；
3 (a) Leigh, a public limited company, purchased the whole of the share capital of Hash, a limited company, on 1 June
2006. The whole of the share capital of Hash was formerly owned by the five directors of Hash and under the
terms of the purchase agreement, the five directors were to receive a total of three million ordinary shares of $1
of Leigh on 1 June 2006 (market value $6 million) and a further 5,000 shares per director on 31 May 2007,
if they were still employed by Leigh on that date. All of the directors were still employed by Leigh at 31 May
2007.
Leigh granted and issued fully paid shares to its own employees on 31 May 2007. Normally share options issued
to employees would vest over a three year period, but these shares were given as a bonus because of the
company’s exceptional performance over the period. The shares in Leigh had a market value of $3 million
(one million ordinary shares of $1 at $3 per share) on 31 May 2007 and an average fair value of
$2·5 million (one million ordinary shares of $1 at $2·50 per share) for the year ended 31 May 2007. It is
expected that Leigh’s share price will rise to $6 per share over the next three years. (10 marks)
Required:
Discuss with suitable computations how the above share based transactions should be accounted for in the
financial statements of Leigh for the year ended 31 May 2007.
The following scenario relates to questions 6 to 10.
Ring Co has in issue ordinary shares with a nominal value of $0·25 per share. These shares are traded on an efficient capital market. It is now 20X6 and the company has just paid a dividend of $0·450 per share. Recent dividends of the company are as follows:
Ring Co also has in issue loan notes which are redeemable in seven years’ time at their nominal value of $100 per loan note and which pay interest of 6% per year.
The finance director of Ring Co wishes to determine the value of the company.
Ring Co has a cost of equity of 10% per year and a before-tax cost of debt of 4% per year. The company pays corporation tax of 25% per year.
Using the dividend growth model, what is the market value of each ordinary share？
A.$8·59
B.$9·00
C.$9·45
D.$7·77
What is the market value of each loan note？A.$109·34
B.$112·01
C.$116·57
D.$118·68
The finance director of Ring Co has been advised to calculate the net asset value (NAV) of the company.
Which of the following formulae calculates correctly the NAV of Ring Co？
A.Total assets less current liabilities
B.Non-current assets plus net current assets
C.Non-current assets plus current assets less total liabilities
D.Non-current assets less net current assets less non-current liabilities
Which of the following statements about valuation methods is true？A.The earnings yield method multiplies earnings by the earnings yield
B.The equity market value is number of shares multiplied by share price, plus the market value of debt
C.The dividend valuation model makes the unreasonable assumption that average dividend growth is constant
D.The price/earnings ratio method divides earnings by the price/earnings ratio
Which of the following statements about capital market efficiency is/are correct？
(1) Insider information cannot be used to make abnormal gains in a strong form. efficient capital market
(2) In a weak form. efficient capital market, Ring Co’s share price reacts to new information the day after it is announced
(3) Ring Co’s share price reacts quickly and accurately to newly-released information in a semi-strong form. efficient capital market
A.1 and 2 only
B.1 and 3 only
C.3 only
D.1, 2 and 3
请帮忙给出每个问题的正确答案和分析，谢谢！
year end. Damian personally owns 10% of the ordinary issued share capital of Linden Limited, for which he paid
￡10,000 in June 1998. He estimates that the current market value of Linden Limited is ￡9 million and that the
company will make taxable profits of ￡1·4 million in the forthcoming year to 31 July 2007.
(a) Damian believes that Linden Limited should conduct its activities in a socially responsible manner and to this
end has proposed that in future all cars purchased by the company should be low emission vehicles. The sales
director has stated that several of his staff, who are the main recipients of company cars, other than the directors,
are extremely unhappy with this proposal, perceiving it as downgrading their value and status.
The cars currently provided to the sales staff have a list price of ￡19,600, on which Linden Limited receives a
bulk purchase discount of 6% from the dealer, and a CO2 emission rate of 168 grams/kilometre. The company
pays for up to ￡400 of accessories, of the salesmen’s own choice to be fitted to the cars and all of the running
costs, including private petrol. The cars are replaced every three years and the ‘old’ cars are sold at auction,
because they are high mileage vehicles.
The low emission cars it is proposed to purchase will have the same list price as the current cars, but the dealer
is only prepared to offer a bulk discount of 5% on these vehicles. Damian does not propose to make any other
changes to Linden Limited’s company car policy or practice.
Required:
(i) Explain the tax consequences of the proposed move to low emission vehicles for both the individual
salesmen and Linden Limited, illustrating your answer by means of relevant calculations of the tax and
national insurance (NIC) savings arising. (9 marks)
A.position
B.power
C.tenure
D.charge
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