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ACCA考试P9模拟测试题及答案解析(2)

考试网  [ 2017年5月2日 ] 【

  Question:Which of the following is not a valid reason why the directors of a company might decide to retain earnings rather than pay them out as dividends?

  A. Retention of earnings avoids the possibility of a change in control resulting from an issue of new shares

  B. Finance from retained earnings has no cost as a source of finance.

  C. The shareholders generally wish to make a capital profit

  D. Retention of earnings allows the directors to undertake investment projects without involving the shareholders

  The correct answer is: Finance from retained earnings has no cost as a source of finance.

  解析:Finance from retained earnings has the same cost as the rest of the equity capital. However their use does not incur transaction costs.

  If the shareholders wish to make a capital profit (2) then they will prefer their income in the form of capital growth rather than dividends. Thus they will be in favour of the company operating a policy of high retentions.

  Since no change is made to the structure of the ownership of the business, the use of retentions (3) does avoid the possibility of a change in control.

  4 is a valid reason. In this situation the directors will not have to go to the general meeting to obtain permission for a further capital issue to finance new projects. The use of retained earnings therefore allows them greater autonomy in their decisions.

  Question:A company has issued 6% irredeemable preferred shares of $1 each, and 6% irredeemable bonds. The current market value of the preferred shares is $0.75 each and the current market value of the bonds is $96.00 per $100 nominal. The rate of tax is 25%.

  What is the cost of the preference shares and the cost of the bonds?

  A. Cost of preferred shares 8%, cost of bonds 4.7%

  B. Cost of preferred shares 8%, cost of bonds 4.5%

  C. Cost of preferred shares 6%, cost of bonds 4.5%

  D. Cost of preferred shares 6%, cost of bonds 4.7%

  The correct answer is: Cost of the preferred shares is 8%, cost of the bonds is 4.7%.

  Cost of preferred shares = (6/75) x 100% = 8%

  Cost of bonds = (1 - 0.25) (6/96) x 100% = 4.6875%, say 4.7%.

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