ACCA考试F4考试模拟试题(2020-08-13)

发布时间：2020-08-13

备考ACCA考试，好的学习方法很重要，但是练习也很重要，下面51题库考试学习网就给大家分享一些，ACCA考试F4考试模拟试题，备考的小伙伴赶紧来练练手吧。

10 The board of directors of Harvest Technology Joint Stock Company Ltd (Harvest Stock), a listed company, formulated a plan to issue corporate bonds through the securities market. Among other things, the plan included the following items:

(i) A securities company would be entrusted to be the sole underwriter to issue corporate bonds for RMB 70 million yuan;

(ii) The entire period of the public issue would be 100 days;

(iii) The interest rate of the bonds would be 5%, same as the annual fixed interest rate of saving deposit for one year;

(iv) The funds collected by the issue of corporate bonds would be used to make up the losses of the last year.

Required:

Answer the following questions in accordance with the Securities Law, and give your reasons for your answers:

(a) state whether the form of issue of corporate bonds was in conformity with the relevant provision of the law;

(b) state whether the duration of the issue was in conformity with the relevant provision of the law;

(c) state whether the proposed interest rate of the corporate bonds was in conformity with the relevant provision of the law;

(d) state whether the purpose of use of the funds was in conformity with the relevant provision of the law.

答案：

10 This question requires candidates to deal with the legal issue of the conditions for the public issue of corporate bonds under the Securities Law.

(a) In accordance with Article 32 of the Securities Law, securities to be offered to unspecific investors with a total face value exceeding RMB 50 million yuan shall be underwritten by an underwriting syndicate. Since the proposed public issue of corporate bonds would be RMB 70 million yuan, far more than the limitation of RMB 50 million yuan, it was not in conformity with the law by entrusting a securities company as the sole underwriter.

(b) In accordance with Article 33 of the Securities Law, the maximum period for public issue of securities shall be 90 days. Since the proposed duration of the issue would be 100 days, longer than the limitation as prescribed by the law, the proposed plan for issuing corporate bonds as to the duration of issue was, therefore, not in conformity with the law.

(c) In accordance with Article 16 of the Securities Law, the interest rate of the bonds shall not exceed the ceiling fixed by the State Council. The proposed interest rate by the board of directors was 5%, the same as the interest rate for savings deposit of one year. Hence the proposed interest rate was in conformity with the law.

(d) In accordance with Article 16 of the Securities Law, funds raised through the issue of corporate bonds must be used for the purpose approved and shall not be used to make up the losses of the company or for non-production expenditure. Therefore, the proposed use of funds was not in conformity with the law.

以上是本次51题库考试学习网分享给大家的ACCA考试试题，备考的小伙伴抓紧时间练习一下吧。欲了解更多关于ACCA考试的试题，敬请关注51题库考试学习网！

下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

(c) Critically discuss FOUR principal roles of non-executive directors and explain the potential tensions between

these roles that WM’s non-executive directors may experience in advising on the disclosure of the

overestimation of the mallerite reserve. (12 marks)

正确答案：
(c) Non-executive directors
Roles of NEDs
Non-executive directors have four principal roles.
The strategy role recognises that NEDs are full members of the board and thus have the right and responsibility to contribute
to the strategic success of the organisation for the benefit of shareholders. The enterprise must have a clear strategic direction
and NEDs should be able to bring considerable experience from their lives and business experience to bear on ensuring that
chosen strategies are sound. In this role they may challenge any aspect of strategy they see fit and offer advice or input to
help to develop successful strategy.
In the scrutinising or performance role, NEDs are required to hold executive colleagues to account for decisions taken and
company performance. In this respect they are required to represent the shareholders’ interests against the possibility that
agency issues arise to reduce shareholder value.
The risk role involves NEDs ensuring the company has an adequate system of internal controls and systems of risk
management in place. This is often informed by prescribed codes (such as Turnbull in the UK) but some industries, such as
chemicals, have other systems in place, some of which fall under ISO standards. In this role, NEDs should satisfy themselves
on the integrity of financial information and that financial controls and systems of risk management are robust and defensible.
Finally, the ‘people’ role involves NEDs overseeing a range of responsibilities with regard to the management of the executive
members of the board. This typically involves issues on appointments and remuneration, but might also involve contractual
or disciplinary issues and succession planning.
Tutorial note: these four roles are as described in the UK Higgs Report and are also contained in the Combined Code 2003.
Tensions in NED roles in the case
This refers to a potential tension in the loyalties of the NEDs. Although the NED is accountable, through the chairman to the
shareholders and thus must always act in the economic best interests of the shareholders, he or she is also a part of the board
of the company and they may, in some situations, advise discretion. Withholding information might be judged correct because
of strategic considerations or longer-term shareholder interests. In most situations, NEDs will argue for greater transparency,
less concealment and more clarity of how and why a given action will be in the interests of shareholders.
The case of mallerite overestimation places the WM NEDs in a position of some tension. Any instinct to conceal the full extent
of the overestimate of the reserve for the possible protection of the company’s short-term value must be balanced against the
duty to serve longer-term strategic interests and the public interest. Whilst concealment would protect the company’s
reputation and share price in the short term, it would be a duty of the NEDs to point out that WM should observe transparency
as far as possible in its dealing with the shareholders and other capital market participants.

(c) Critically discuss the statement (in note 12) of the managing director of GBC and suggest how the company

could calculate the value of the service provision to the population of the Western region. (6 marks)

正确答案：
(c) It would appear that in operating a bus service to the Western region of Geeland that GBC is fulfilling a social objective since
a contribution loss amounting to $38,400 ($230,400 – $268,800) was made as a consequence of operating the route to
the Western region during 2007. As an organisation which is partially funded by the government it is highly probable that
GBC has objectives which differ from those of TTC which is a profit-seeking organisation.
The value of a social service such as the provision of public transport can be quantified, albeit, in non-financial times. It is
possible to apply quantitative measures to the bus service itself, the most obvious ones being the number of passengers
carried and the number of passenger miles travelled.
The cost of the provision of alternative transport to the Western region might also enable a value to be placed on the current
service by GBC.
It might be possible to estimate quantitatively some of the social benefits resulting from the provision of the transport facility
to and from the Western region. For example, GBC could undertake a survey of the population of the Western region in order
to help estimate the extent to which rural depopulation would otherwise have occurred had the transport facility not been
made.
The application of the technique of cost-benefit analysis makes it possible to estimate money values for non-monetary
benefits. Social benefits can therefore be expressed in financial terms. It is highly probable that the fact that the Western region
is served by GBC will increase the attractiveness of living in a rural area, which may in turn precipitate an increase in property
values in the Western region and the financial benefit could be expressed in terms of the aggregate increase in property values
in the region as a whole.

(b) Using the TARA framework, construct four possible strategies for managing the risk presented by Product 2.

Your answer should describe each strategy and explain how each might be applied in the case.

(10 marks)

正确答案：
(b) Risk management strategies and Chen Products
Risk transference strategy
This would involve the company accepting a portion of the risk and seeking to transfer a part to a third party. Although an
unlikely possibility given the state of existing claims, insurance against future claims would serve to limit Chen’s potential
losses and place a limit on its losses. Outsourcing manufacture may be a way of transferring risk if the ourtsourcee can be
persuaded to accept some of the product liability.
Risk avoidance strategy
An avoidance strategy involves discontinuing the activity that is exposing the company to risk. In the case of Chen this would
involve ceasing production of Product 2. This would be pursued if the impact (hazard) and probability of incurring an
acceptable level of liability were both considered to be unacceptably high and there were no options for transference or
reduction.
Risk reduction strategy
A risk reduction strategy involves seeking to retain a component of the risk (in order to enjoy the return assumed to be
associated with that risk) but to reduce it and thereby limit its ability to create liability. Chen produces four products and it
could reconfigure its production capacity to produce proportionately more of Products 1, 3 and 4 and proportionately less of
Product 2. This would reduce Product 2 in the overall portfolio and therefore Chen’s exposure to its risks. This would need
to be associated with instructions to other departments (e.g. sales and marketing) to similarly reconfigure activities to sell
more of the other products and less of Product 2.
Risk acceptance strategy
A risk acceptance strategy involves taking limited or no action to reduce the exposure to risk and would be taken if the returns
expected from bearing the risk were expected to be greater than the potential liabilities. The case mentions that Product 2 is
highly profitable and it may be that the returns attainable by maintaining and even increasing Product 2’s sales are worth the
liabilities incurred by compensation claims. This is a risk acceptance strategy.

声明：本文内容由互联网用户自发贡献自行上传，本网站不拥有所有权，未作人工编辑处理，也不承担相关法律责任。如果您发现有涉嫌版权的内容，欢迎发送邮件至：contact@51tk.com 进行举报，并提供相关证据，工作人员会在5个工作日内联系你，一经查实，本站将立刻删除涉嫌侵权内容。

站内搜索
热门标签