Senke Education
Beijing Certified Public Accountant Face-to-face Teaching and Research Center
Beijing "Financial Cost Management" Pre-examination
1. Single choice questions (This question type has 21 questions, each question has 1.5 points, totaling 31.5 points. There is only one correct answer for each question.
Please select the answer you think is the most correct answer from the alternative answers of each question and click the corresponding option with the mouse.)
1. The basic goal of financial management adopted by Company A is to increase shareholder wealth. Then the following items can reflect the maximum shareholder wealth
ization ( ).
A. Maximize earnings per share when the risks are the same.
B. Maximize profit when the risks are the same.
C. Maximize stock price when the investment capital is the same.
D. Maximize corporate value when the investment capital is the same. A certain enterprise purchases 10 million yuan of goods on the terms of "3/15, n/45". Due to difficulties in capital turnover, the enterprise chose to pay on the
45th day. Assuming that 360 days a year, the cost of the enterprise giving up the cash discount is ().
A.37.11%
B.36.88%
C.24.74%
D.24.24%
3. According to the sales budget, Company B expects production volumes from the first quarter to the fourth quarter of 2016 to 1,000 pieces, 1,200
, 1,500 pieces, and 1,800 pieces, respectively. The unit product consumes 6 kg of A material. The end-of-period material stock is determined based on 20% of the production demand in the next quarter. The estimated unit price of material purchase is RMB 10/kg. Assuming that 40% of the purchase price of material purchase is paid in this quarter, and
pays 60% in the next quarter, the amount of the "Accounts Payable" item at the end of the third quarter is ( ) yuan.
A.37440
B.45360
C.30240
D.56160
4.A The company uses share allocation to raise funds. August 21, 2016 is the registration date for share allocation ex-rights registration. Based on the total number of shares of the company on
12-31, 2015, it is planned to allocate 4 shares for every 10 shares. The share allotment price is 80% of the average closing price of the company's stock in 20
trading days before the announcement of the share allotment manual, and the share allotment ex-rights price is ( ) yuan/share.
A.3.86
B.4.25
C.4.71
D.4.98
5. Among the following statements about financial leverage, the wrong one is ().
A. The financial leverage effect has amplified the degree of change in the change of the company's pre-interest and tax profits to earnings per share
B. Financial leverage measures financial risks. The greater the financial leverage, the greater the financial risk
C. If the financial leverage coefficient is equal to 1, it means that there is no financial leverage effect
D. Financial leverage is caused by debt interest, the debt interest is 0, and there is no financial leverage effect
6. Assuming that the current market price of ABC company's stock is 40 yuan, there is 1 call option with the underlying asset, the price of executing
is 45 yuan, and the expiration time is 6 months, 6 months, After a month, the stock price has two possibilities: up 25%, or down 20%,
risk-free annual return rate is 4%, and according to the copy principle, the value of the call option is ( ) yuan.
A.1.97
B.2.40
C.2.56
D.2.78
7. A company's sales revenue last year was RMB 50 million, operating assets were RMB 25 million, and operating liabilities were RMB 10 million. It is estimated that the net sales profit margin of
in 2016 will be 15%, and the dividend payment rate is to 40%. Assuming that the turnover rate of net operating assets remains unchanged, the
in 2016 will be ().
The brain is the same as the limbs of the human body. If you use it more, you will be effective. If you don’t use it, you will be useless. If you don’t use it, you will be useless. If you don’t, you will be useless. If you don’t, you will be worth
A.38.99%
B.40.65%
C.41.75%
D.42.86%
8. Wang holds shares of Company A. The stock is expected to be 2 yuan in the first year and 5 yuan in the second year. After that, the dividend will grow at a growth rate of 5% per
year. Assuming that the necessary return required by investors is 10%, the value of the stock is
( ) yuan.
A.84.84
B.88.60
C.92.73
D.97.27
9. Assuming that the optimal cash return line of a company is 22 million yuan, the lower limit of cash stock is 15 million yuan, and the company's current
cash holding is 36 million yuan, then the amount that the company should purchase securities is ( ) million yuan.
A.0
B.1400
C.1700
D.2100
10. The following calculation formula for profit before interest and tax is wrong ().
A. Profit = sales revenue × marginal contribution rate - fixed cost
B. Profit = marginal contribution - profit and loss critical point sales × unit marginal contribution
C. Profit = safety marginal amount × unit marginal contribution
D. Profit = profit and loss critical point sales × marginal contribution rate
11. A certain enterprise borrowed 10 million yuan from a bank with an interest rate of 10%. Interest payment is paid using the discount method. The bank requires a 12% compensation remaining amount and will provide a 2% interest rate. Then the effective annual interest rate of the loan is ().
A.12.51%
B.12.82%
C.11.11%
D.11.36%
12. Among the following options, the financial instrument that belongs to trading in the capital market is ().
A. Short-term financing bonds
B. Large transferable certificates of deposit
C. Bank loans
D. Corporate bonds
13.A The company is expected to issue 3-year bonds on January 1, 2017. The company's credit rating is BB. In order to estimate its pre-tax debt cost, two types of BB-grade corporate bonds are collected. The average credit wind of these two BB-grade bonds
insurance compensation rate is used as the average credit risk compensation rate of Company A. The return on maturity of the two BB-grade corporate bonds and the relevant government bonds
bond maturity yield is as follows:
bond issuance company Listed bond maturity date
Listed bond to
Period yield
Government bond maturity date
Government bond (no wind
Insurance) maturity yield
Company A June 30, 2017 6.5% May 22, 2017 2.3%
Company B January 31, 2020 7.5% February 1, 2020 2.7%
Then A The pre-tax capital cost of the company's issuance of this bond is ().
A.6.5%
Although the road is far away, the traveler will reach
B.6.8%
C.7.2%
D.7.7%
14. An investor expects that the price of stock A will stabilize in the future and the possibility of fluctuation is extremely small. Then the investor should adopt the
right investment strategy ( ).
A. Protective put option
B. Selling complement call option
C. Long counter
D. Short counter
15. Among the following project investment decision indicators, the decision-making plan for the mutual exclusion scheme with different original investment amount but the life span of the same
is ().
A.Net present value
B.Present value index
C.Included rate of return
D.Recovery period
16. A certain enterprise adopts a fixed dividend payment rate policy, and the dividend payment rate is 40%. In 2016, the company's earnings per share was RMB 1, and the expected growth rate of
was 5%. Sales revenue per share is RMB 10, the expected net sales profit margin remains unchanged, and the equity capital cost is 10%. In 2016
, the company's intrinsic price-to-sales ratio was ().
A.0.71
B.0.8
C.0.84
D.0.88
17. Mr. Zhang purchased a financial insurance that benefited for life at the beginning of 2016. The insurance did not generate any income in the first three years. Starting from the fourth
, he received 5,000 yuan at the beginning of each year. The return rate required by Mr. Zhang is 5%. The maximum purchase price of the insurance should not exceed ( ) yuan.
A.73550
B.86380
C.89270
D.90700
18. In the enterprise value comparison method, the best capital structure is ().
A. The capital structure with the highest earnings per share
B. The capital structure with the largest wealth of shareholders
C. The capital structure with the least risk
D. The capital structure with the highest total value of the company
19. If you want to obtain the dividends issued in this announcement, the latest date for investors to purchase the stock is ().
A.Date of dividend declaration
B.Date of dividend payment
C.Date of ex-dividend date
D.Equity registration date
20.A certain enterprise produces joint products A and B. The combined processing cost incurred before separation is 1.05 million yuan. After separation, the single processing cost of A and B incurred single
is 500,000 yuan and 1 million yuan. After processing, the total sales of product A is 1.2 million yuan, and the total sales of product B is 1.8 million yuan. Then the combined cost that product A should allocate is ( ) million yuan.
A.49
B.56
Human brains are the same as limbs. If you use more, you will be effective. If you don’t use them, you will be useless. If you don’t use them, you will be useless. Based on the cost-nature analysis, based on the linkage between business volume, cost and profit, the budget method prepared according to a series of business volume levels that can be used during the budget period is ().
A. Rolling budget method
B. Regular budget method
C. Flexible budget method
D. Zero-based budget method
2. Multiple choice questions (This question type has 18 questions, 2 points for each question, 36 points for each question. Each question has multiple correct answers. Please
from the alternative answers of each question and click the corresponding option with the mouse. Choose
for all answers to each question and choose the correct score. No answers, no answers, or missed answers will be given.)
1. Assuming that other factors remain unchanged, the following items will cause the value of American put options to decline ().
A. The price of the target asset increases
B. The expiration period is extended
C. The stock price volatility increases
D. The dividends expected to be issued during the validity period of the option are reduced
2. Among the following items, the impacts of stock dividends and stock segmentation are ().
A. The internal structure of owner's equity changes
B. The total share capital remains unchanged
C. Earnings per share declined
D. The number of shares issued increased
3. Both economic added value and market added value can be evaluated for corporate performance. The following relevant statements are correct ().
A. Economic value added is a framework of comprehensive financial management and salary incentive system
B. Economic value added is most directly related to the creation of shareholder wealth
C. Market value added is equivalent to the estimated net present value
D. Market value added can be used for internal performance evaluation
4. Among the following items, the difference between the balanced scorecard and the traditional performance evaluation system is ().
A. Traditional performance assessment focuses on controlling the employee execution process. The balanced scorecard emphasizes the process of goal setting
B. Traditional performance evaluation is out of touch with the company's strategic execution
C. The balanced scorecard helps the company to timely evaluate the implementation of strategy
D. The balanced scorecard can help the company effectively establish cross-departmental teamwork and promote the smooth progress of the internal management process
5. The enterprise has changed from a tax-free MM theory to a tax-free MM theory. Among the following items, the decline will be ().
A. Corporate value
B. Weighted average capital cost
C. Equity capital cost
D. Debt capital cost
6. Among the following applications, the principle of "comparative advantage" is reflected ().
A. People can use their talents and materials to their fullest use
B. Sinking cost
C. Complementary advantages
D. Opportunity cost
7. Among the following items, the increase in external financing amount is ().
A. Increase the percentage of operating liabilities for sales
B. When the dividend payment rate is less than 1, reduce the net sales profit rate
0. Although the road is far away, the traveler will reach
C. When the sales net profit rate is more than 0, increase the dividend payment rate
D. Increase the usable financial assets
8. Among the following items, the ones suitable for calculating product costs by batch method are ().
A. Textile
B. Under construction projects
C. Products produced by assembly line
D. Equipment repair operations
9. Among the following statements about dividend policy, the correct ones are ().
A. Adopting the remaining dividend policy can use the undistributed profits at the beginning of the year to issue dividends
B. Adopting the fixed dividend policy is conducive to stabilizing the price of stocks
C. Adopting the fixed dividend payment rate policy can make the dividends closely match the company's surplus
D. Adopting the low-normal dividend plus additional dividend policy has greater flexibility
10. Among the changes in the following factors, the value of European call options can increase ().
A. Extend maturity term
B. Reduce execution price
C. Issuing dividend
D. Raise stock price volatility
11. Among the following statements regarding warrant bonds and convertible bonds, the wrong ones are ().
A. The main purpose of the issuer of the two bonds is to issue bonds instead of stocks
B. Both bonds will bring new equity capital to the company at the time of conversion (exercise)
C. The included rate of return of the two bonds is between the debt market interest rate and the cost of common stock before tax
D. The issuance costs of the two bonds are the same
12. According to the relevant provisions of my country's "HTM3 Preferential Stocks Pilot Management Measures", the matters stipulated in the company's articles of association
0 are ().
A. It is clear that fixed dividend yield or floating dividend yield
B. Dividends must be distributed to preferred shareholders
C in the case of distributable after-tax profits. The dividend difference of preferred shares that is not fully distributed should be accumulated to the next fiscal year
D. After the dividend is distributed as agreed, the remaining profit distribution will no longer be with ordinary shareholders
13. At the business trough of Company B, the current assets are RMB 3 million, the long-term assets are RMB 7 million, and the spontaneous liabilities, long-term liabilities and owners' equity are RMB 9 million. When the business peak period is reached, current assets will increase by 2 million yuan. The correct
in the following statement is ().
A. It adopts a conservative financing strategy
B. It adopts an aggressive financing strategy
C. The easy-to-money rate during the business trough period is 133.33%
D. The easy-to-money rate during the peak business is 40%
14. Compared with other long-term debt financing, the advantages of long-term loan financing are ().
A. The fundraising speed is faster and
B. The fundraising flexibility is greater.
C. The restriction clauses are fewer.
D. The financial risk is smaller.
15. Enterprise C intends to use the relative value assessment method to evaluate the value of the enterprise. The following statements are correct ().
A. If the net profit of Company C is negative, it is not suitable to use the price-to-earnings ratio method for evaluation
B. If Company C owns a large number of assets and the net assets are positive, it is appropriate to use the price-to-earnings ratio method for evaluation
C. If Company C is a service enterprise with a low sales cost rate, it is appropriate to use the price-to-sales ratio method for evaluation
0. If Company C is a service enterprise with a low sales cost rate, it is appropriate to use the price-to-sales ratio method for evaluation
16. Among the following options, the situations where the basic standard cost needs to be revised are ().
A. The physical structure of the product changes
B. The innovation of production technology leads to changes in labor prices
C. Changes in market supply and demand relationship leads to changes in sales prices
D. Changes in the utilization degree of production and operation capacity
17. The following statements about operating cost method are correct ().
A. The operation cost method believes that the only form of cost allocation to the cost object is the driver allocation
B. The cost allocation path under the operation cost method is "resources → jobs → product"
C. The operation motivation under the operation cost method is divided into business motivation, continuous motivation and intensity motivation
D. The cost motivation under the operation cost method is divided into resource motivation and operation motivation
18. Among the following options, the factors that can directly affect the calculation of the combination standard deviation are ().
A. Standard deviation of single assets in the combination
B. The proportion of single assets in the combination to the entire combination
C. Covariance
D.β coefficient
3. Calculation and analysis questions (This question type has a total of 9 questions in total 72 points. If it involves calculation, the calculation steps are required, otherwise no points will be obtained.
0 unless the question specifically states that the calculation process is not required.)
1. Company A only produces and sells one product, and the product is produced in two workshops in two production steps. The semi-finished products produced in the first workshop of
0 are completely transferred to the second workshop. The second workshop processes the semi-finished products into finished products, and each finished product consumes 1 semi-finished product.
Company A uses the parallel carry-forward step-by-step method and allocates production costs between finished products and products according to the production method.
The raw materials consumed in the first workshop are invested at one time at the beginning of production, and other costs are incurred one after another. In addition to using semi-finished products produced in the first workshop, the second workshop also consumes other materials, and other materials and costs are incurred one after another. The completion degree of the products of the first workshop and the second workshop in the second workshop is 50% relative to the workshop.
Company A's cost calculation in September 2016 is as follows:
(1) At the beginning of the month at the product cost (unit: yuan)
production workshop Direct material Direct labor Manufacturing cost Total
First workshop 4985 2460 4000 11445
Second workshop 5000 2000 2000 9000
(2) Production volume this month (unit: piece)
production workshop At the beginning of the month at the beginning of the month at the product
First workshop 5 55 50 10
Second workshop 5 50 45 10
(3) Production expenses incurred this month (unit: yuan)
Production workshop Direct materials Direct labor Manufacturing expenses Total
First workshop 45000 30000 11891 86891
Second workshop 25000 28000 6793.2 59793.2
Note: The manufacturing expenses do not include the auxiliary production expenses that should be allocated this month.
(4) Company A also has two auxiliary production workshops for boilers and power supply. The fees collected from the auxiliary production details of these two workshops are: the power supply workshop is 61,200 yuan and the boiler workshop is 20,000 yuan; the power supply workshop provides 255,000 kWh of electricity to the first workshop, the second workshop, each vehicle management department and the enterprise administrative department, of which the boiler workshop consumes 5,000 kWh of electricity; the boiler workshop provides 5,000 tons of thermal steam to the first workshop, the second workshop, the various workshop management departments and the enterprise administrative department. Although the supply
is far away, the traveler will consume 200 tons of thermal steam to the
electric workshop. The interactive allocation method is used to allocate auxiliary production costs.
requirements: (1) Prepare an auxiliary production cost allocation table (fill in the results in the table below, and there is no need to list the calculation process).
auxiliary production cost allocation table (interactive allocation method) unit: Yuan
project
power supply workshop Boiler workshop
consumption total
(degrees)
units into
units into
units into
units into
amount
consumption
(tons)
units into
distribution
amount
amount
to allocate expenses
interaction
distribution
assisted production-power supply
assisted production-boiler
external distribution auxiliary production costs
external distribution
first workshop 120000 2100
Second workshop 124000 2600
Manufacturing cost 2500 40
Management cost 3500 60
Total
(2) Prepare the first workshop cost calculation form (fill in the table below, and there is no need to list the calculation process).
First workshop cost calculation form Unit: Yuan
Item Production (piece) Direct materials Direct labor Manufacturing costs Total
html in the early 00th product -This month's production cost -
Total -
Distribution rate - -
Finished products Share of this step
html at the end of 0th product(3) Prepare the second workshop cost calculation form (fill in the table below, and there is no need to list the calculation process).
Second workshop cost calculation form Unit: Yuan
Item Production (piece) Direct materials Direct labor Manufacturing costs Total
html in the early 00th product -This month's production costs -
Total -
Distribution rate - -
Finished products Share of this step
at the end of 0th product
(4) prepare a summary calculation table for product cost (fill in the table below, and the calculation process does not need to be listed).
product cost summary calculation table Unit: Yuan
Production workshop Production (piece) Direct materials Direct labor Manufacturing costs Total
First workshop -
Second workshop -
Total
3 Unit cost -
Human brains are the same as limbs. If you use more, you will be effective. If you don’t use it, you will be useless
2.A The company is an industrial enterprise that only produces one product. The product is produced in two production steps. The semi-finished products in two basic production workshops are transferred to the semi-finished products library. The second workshop receives the semi-finished products and continues to process them into finished products. The issuance of semi-finished products
is carried out by the first-in-first-out method. Company A uses the step-by-step method to calculate product costs and allocate production costs between finished products and products according to the production method of approximately
.
The raw materials consumed in the first workshop are initially invested, and other costs are incurred one after another.In addition to using the semi-finished products produced by the first workshop
, the second workshop also needs to consume other materials and costs. The consumed semi-finished products are invested at one time at the beginning of production, and other materials and costs of
are successively incurred. The product completion degrees of the first workshop and the second workshop are 40% and 60% in turn.
A The company's cost accounting data for September 2016 is as follows:
(1) At the beginning of the month at the product cost (unit: yuan)
production workshop Semi-finished products Direct materials Direct labor Manufacturing costs Total
First workshop 2380 3170 2610 8160
Second workshop 1230 1120 2250 2000 6600
(2) Production volume this month (unit: kilogram)
production workshop At the beginning of the month at the end of the month at the product quantity
First workshop 50 250 375
Second workshop 30 200 200
(3) Production costs incurred in the production workshop this month (unit: yuan)
Production workshop Direct materials Direct labor Manufacturing costs
First workshop 9420 7730 6190
Second workshop 11110 8550 8000
(4) Semi-finished products are sent and received and balanced.
Semi-finished products are balanced at the beginning of the month, with an amount of 12,800 yuan; 250 kilograms are deposited at the end of the month, with a balance of 200 kilograms.
Requirements:
(1) Prepare the cost calculation form for the semi-finished product in the first workshop (fill in the table below, and there is no need to list the calculation process).
First workshop semi-finished product cost calculation sheet
September 2016 Unit: Yuan
Item Yield (kg) Direct materials Direct labor Manufacturing costs Total
html In early October in the product -This month's production costs -
Total -
Completed semi-finished product transfer
html At the end of October, prepare the finished product cost calculation sheet for the second workshop in the product(2) (the results are filled in the table below, and the calculation process is not required).
Second workshop finished product cost calculation sheet
September 2016 Unit: Yuan
Item Yield (kg) Semi-finished products Direct materials Direct labor Manufacturing costs Total
html in early October in the product -This month's production costs -
Total -
Production costs are transferred out of
Although the road is far away, the traveler will be at the end of
at the end of
(3) According to the proportion of semi-finished products completed in the first workshop, the finished product cost reduction calculation
is prepared (the results are filled in the table below, and the calculation process is not required).
Finished product cost reduction calculation table
September 2016 Unit: Yuan
Project Semi-finished products Direct materials Direct labor Manufacturing costs Total
Finished products before restoration into
This month’s semi-finished products
Cost
Reduction rate - - - - -
After restoration into
Production into
This year, the company is a manufacturing enterprise that decides to add a device to increase product output. It is expected that the device will be used for 6 years. The company is studying whether to acquire the device by purchasing or leasing it by itself.
(1) If the equipment is purchased by itself, the estimated purchase cost is 2.4 million yuan and the transportation fee is 100,000 yuan. The tax law stipulates that depreciation is calculated according to the linear method according to
. The depreciation period is 8 years, and the estimated residual value rate is 4%. The realization value of the equipment will be 280,000 yuan after 6 years.
equipment maintenance cost is expected to be RMB 20,000 per year, assuming it occurs at the end of each year.
(2) If leased, A leasing company can provide leasing services. The lease period is 6 years, and the annual rental fee is 400,000 yuan. It is paid at the end of each year. The leasing company is responsible for the maintenance of the equipment. It is not allowed to withdraw the lease during the lease period. The ownership of the leasing assets at the expiration of the lease period.
(3) Company B's income tax rate is 25%, and the interest rate of pre-tax loan (secured) is 12%.
Requirement: Calculate the net present value of the lease and make decisions for the company between self-purchase and lease.
Time (end of the year) 0 1 2 3 4 5 6
Lease plan:
Cash flow in each year
Discount coefficient
Cash flow present value
Lease plan net present value
Purchase plan:
Cash flow in each year
Discount coefficient
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(1) The supplier ships according to the company's instructions, and the transportation fee is borne by the company. Each order requires a fixed shipping fee of 100
yuan.
(2) Each order requires one person to be assigned to inspect the goods, and each time it costs 50 yuan.
(3) This material is relatively expensive and requires insurance. An insurance fee of RMB 2 per kilogram is paid for every kilogram.
(4) will cause damage during storage, and the damage cost is 1% of the annual average inventory value.
(5) The annual capital cost of the company is 4%.
(6) Assume that the whole year is calculated based on 360 days.
Requirements:
(1) Calculate the unit order change cost.
(2) Calculate unit storage variable cost.
(3) Calculate the economic order batch.
(4) Calculate the total cost associated with economic order batch.
(5) Calculate the best order cycle (retaining two decimal places).
5. Company A will prepare the next quarterly cash budget for the next year at the end of the year every year. The relevant information is as follows:
(1) The company's sales revenue in each quarter is expected to be: RMB 20 million in the first quarter, RMB 30 million in the second quarter, RMB 40 million in the third quarter, and RMB 34.2 million in the fourth quarter.
(2) The company's cashing policy is 40% in this quarter and 60% in the next quarter. It is known that the accounts receivable at the beginning of the year are 1626
million yuan.
(3) It is estimated that the company's sales expenditure in the first quarter will be RMB 13 million, and will increase by 20% in each quarter from now on. The payment policy is 50% for the current
quarter and 50% for the next quarter. It is known that the accounts payable at the beginning of the year were RMB 6.44 million.
(4) Direct labor costs are expected to be RMB 5 million per quarter, and sales and management costs are RMB 1.5 million per quarter. Assume that payment is at the end of
per quarter.
(5) It is estimated that the quarterly manufacturing cost will be RMB 3.5 million, including RMB 340,000 in depreciation.
(6) The annual income tax is 3.4 million yuan, which is on average in the first and third quarters respectively.
(7) The company expects to purchase new equipment in the second half of the year and needs to increase fixed asset investment by 12 million yuan, and is expected to pay
in the third quarter.
(8) The cash balance at the beginning of the year was 200,000 yuan, and there was no loan. The lowest end cash balance for the company is expected to be RMB 150,000.
(9) It is expected that the company will use short-term loans to adjust when there is surplus cash, and apply for short-term loans from the bank when there is insufficient cash (an integer multiple of
.1 million yuan); if the cash is surplus, the short-term loans will be returned (an integer multiple of 100,000 yuan). The loan is at the beginning of the period and the repayment is at the end of
, the annual interest rate of the loan is 10%, and interest is paid once a quarter.
Requirement: Based on the above information, complete the preparation of the cash budget. (Fill in the form below, do not need to list the calculation process)
cash budget Unit: 10,000
Quarterly First quarter Second quarter Third quarter Fourth quarter Fourth quarter Total
start-of-term cash balance
sales cash income
available for use cash
reduce: various expenditure
direct materials
direct manual
manufacturing expenses
sales and management expenses
Although the road is far away, the traveler will go to
Income tax expense
purchase equipment expenditure
cash expenditure total
cash excess or insufficient
loan from the bank
repay bank loan
pay short-term loan interest
end-of-term cash balance
6. A certain enterprise produces Product A, and the actual output is 4800 The actual working hours of the pieces are 8640 hours, and the actual variable manufacturing costs and the fixed
custom manufacturing costs are 44,064 yuan and 100,000 yuan respectively. The budget output this month is 4,000 pieces, the unit working hours standard is 1.6
hours per piece, the standard variable manufacturing cost allocation rate is 4 yuan/hour, and the standard fixed manufacturing cost allocation rate is 6.4 yuan/hour.
requirements:
(1) Calculate the standard cost of variable manufacturing expenses for unit products;
(2) Calculate the standard cost of fixed manufacturing expenses for unit products;
(3) Calculate the difference in variable manufacturing expenses efficiency;
(4) Calculate the difference in variable manufacturing expenses and consume differentials;
(5) Calculate the difference in fixed manufacturing expenses and cost by using two differential analysis method;
(6) Calculate the difference in fixed manufacturing expenses and conduct analysis.
7.Ding Company currently adopts a credit policy of "n/30" and sales revenue is 18 million yuan. Among them,
customers, which account for 40% of the sales revenue, can pay during the credit period, and the remaining customers pay on the 15th day after the expiration of the credit period. It is planned to change the current credit policy, and
is changed to "2/20, n/40". After the credit policy is changed, sales revenue has increased by 20%. Among the customers who account for 50% of the sales revenue,
chooses to enjoy discounts. Among the customers who do not enjoy discounts, 70% pay during the credit period, and the remaining 30% pay on average on the
10 days after the expiration of the credit period. The collection fee is 10% of the overdue unpaid portion, and the bad debt loss is 15% of the sales revenue. Assume that the capital cost of
of Ding Company is 10%, and the cost rate of change is 50% (calculated in 360 days throughout the year).
requirements:
(1) Calculate the accrued interest of the increased accounts receivable funds;
(2) Calculate the increased cash discount cost;
(3) Calculate the increased collection fee;
(4) Calculate the increased bad debt loss;
(5) Calculate the increased pre-tax profit and loss, and determine whether the credit policy should be changed.
8. Company C's main business is to produce sports shoes and cloth shoes, both of which are men and women. Sports shoes and cloth shoes are processed by two independent production lines. Each production line has its own technical department. The four shoes are produced in batches, with each batch of
100 pairs.
The company's September 2016 product data is shown in Table 1:
Table 1
Product varieties Sports shoes Cloth shoes Total
Models Men's Women's Model Men's Model Women's Model -
Batches this month (times) 3 5 6 6 20
Yield per batch (double) 100 100 100 100 100 -
Yield (double) 300 500 600 600 2000 2000
Direct manual
Cost (yuan)
5000 4500 3000 2800 2000 2000
Direct manual
Cost (yuan)
5000 4500 3000 2800 -
Direct materials per batch
cost (yuan)
8500 7000 4000 3200 -
The brain is the same as the limbs. If you use it more, you will be effective. If you don’t use it, you will be useless. If you don’t use it, you will be useless. If you do this month, the amount of manufacturing costs is shown in Table 2:
Table 2 Manufacturing costs incurred
Unit: ln
Item Amount
Production preparation cost (batch cost) 4500
Inspection cost (batch cost) 3000
Sports shoes product line cost (product cost) 6500
Cloth shoes product line cost (product cost) 6000
Manufacturing costs total 20000
requirements:
(1) adopts the traditional (production basis) cost calculation system, and uses output as the allocation standard to determine the unit cost of several products.
(2) uses the operation cost calculation system to determine the total cost and unit cost of several products.
(3) points out the advantages and disadvantages of using the operation cost calculation system to calculate product costs compared to the traditional cost calculation system.
9. A company has an investment center, and the current relevant data are shown in the table below:
Amount unit: 10,000
Project A Investment Center
Department pre-tax operating profit 6000
Income tax (tax rate is 25%) 1500
Department after-tax operating profit 4500
Department average net operating assets 40000
Department investment required necessary rate of return 10%
The company decided to invest an additional investment of 100 million yuan. If invested in Department A, it can increase the pre-tax operating profit by 12 million yuan each year. Fake
Let the company require a necessary rate of return of 10%.
Requirements:
(1) Calculate the remaining returns and return on investment before the investment center is added.
(2) Calculate the remaining returns and return on investment after the additional investment of the investment center of A.
(3) determine which indicator should be used for decision-making, and explain the advantages and disadvantages of the indicator.
4. Comprehensive question (This question type has 2 questions in total, 30 points in total.If the calculation involves calculation, the calculation steps are required, otherwise no points will be obtained. Except for
, non-question, it is not necessary to list the calculation process. )
1. The stock price of Company A was 30 yuan per share on December 31, 2015. The company plans to evaluate the overall value of the company and judge whether the current stock price deviates from the value. Relevant information is as follows:
(1) Balance sheet Unit: 10,000
Assets at December 31, 2015
Assets at the end of the year Liabilities and shareholders' equity Year-end amount
monetary funds 40 Short-term loans 60
measured at fair value and its
changes are included in the current profit and loss
financial assets
6
6
measured at fair value and its change is included in the current profit and loss
dynamically recorded in the current profit and loss
liabilities
30
notes receivable 15 notes payable 5
accounts receivable 400 accounts payable 100
Interest receivable 5 Prepayment 10
Dividends receivable 10 Employee compensation payable 5
Other receivable 12 Taxes and fees payable 5
Although the road is far away, the traveler will go to
inventories 120 Interest payable 15
Non-current
Assets due within one year
75 Dividends payable 10
Total current assets 683 Other payable 20
Available for sale Financial assets 5
Non-current negative
bonds due within one year
2
2
hold to maturity investment 0 Total current liabilities 262
Long-term receivables 0 Long-term loans 450
Long-term equity investment 30 Bonds payable 250
Fixed assets 1282 Long-term payables 50
Total non-current assets 1317 Total non-current liabilities 750
Total liabilities 1012
Share capital (1 million common shares) 100
Capital reserve 20
surplus reserve 60
Undistributed profit 808
Total shareholders' equity 988
Total assets 2000 Total liabilities and shareholders' equity 2000
(2) Income Statement Unit: 10,000
December 2015
Items This year's amount
11. Operating income 3000
Reduce: Operating cost 2500
Business tax and surcharge 50
Sales expenses 30
Management expenses 55
Financial expenses 110
Asset impairment loss 5
Plus: Fair value change income 0
Investment income 6
2. Operating profit 256
Plus: Non-operating income 50
Reduce: Non-operating expenses 26
III. Total profits 280
Reduce: Income tax expenses 84
IV. Net profit 196
(3) The amount of operating assets included in the monetary funds of Company A is 1% of sales revenue. Notes receivable and notes payable are not
interest-free notes. Dividends receivable are dividends receivable for long-term equity investments, and dividends payable are dividends payable for common stocks. Long-term receivable
and long-term receivable are both generated by operating activities. The asset impairment loss is the impairment loss of financial assets, and the investment income is the investment income of long-term
equity investment.
(4) It is expected that the sales growth rate will be 10% in 2016 and 12% in 2017. Since 2018, the sales growth rate of
people’s brains are the same as limbs. If you use it more, you will be effective. If you don’t use it, the rate of
is stable at 6%. Assuming that net operating assets change in proportion to sales revenue, the net operating profit margin after tax remains unchanged.
(5) The current debt ratio of enterprises is relatively low. In order to make full use of financial leverage, it is expected to increase the capital structure (net liabilities/net economic
business assets). The capital structure will be increased to 45% in 2016, and the capital structure will be increased to 50% in 2017, and will remain unchanged from now on. Using the
remaining dividend policy, the interest rate of net liabilities is 8%, and the financial expenses are calculated based on the net liabilities at the beginning of the period.
(6) Company A applies to corporate income tax rate of 25%, equity capital cost is 12%, and net debt value is determined according to the net liability account
face value.
Requirements: (1) Prepare the balance sheet and income statement for management as of December 31, 2015 (fill in the form below,
does not need to list the calculation process).Unit: 10,000
project 2015 Annual
Balance sheet items (end of the year)
Operating working capital
Net operating long-term assets
Net operating assets total
Net liabilities
Shareholder's equity
Net liabilities and shareholders' equity
Income statement items (annual)
1. Sales income
2. Pre-tax operating profit
reduced: operating profit income tax
3. After-tax operating net profit
interest expense
reduced: expenses deductible
4. After-tax interest expense
5. Net profit
(2) Calculation Company A 2016 Equity cash flow from the year to 2018 (fill in the results in the table below, do not list the
calculation process, and the calculation results retain 3 decimal places). Unit: 10,000 yuan
Year 2016 2017 2018
Net operating assets
Net operating assets increase
Net liabilities
Net liabilities increase
Shareholder equity
Shareholder equity increase
After-tax operating net profit
After-tax interest expense
Net profit
Net profit
Net profit
Distributed dividends
Equity cash flow
(3) Use the equity cash flow discount model to calculate the equity value and entity value of the enterprise in 2015, and judge whether the share price of Company A
is overvalued or undervalued. (Retain two decimal places) Although
is far away, the traveler will reach
2. Company A is a food processing enterprise, and the applicable income tax rate is 25%. Other relevant information is as follows:
Information 1: Company A has decided to enter the automobile manufacturing enterprise and plans to invest in the construction of an automobile manufacturing production equipment. It is expected that the project will require a fixed asset investment of 500 million yuan, which can be used for 8 years, and the construction period is 0. The annual fixed cost is expected to be 42 million
yuan, with a variable cost of 350,000 yuan per unit. The depreciation of fixed assets is done by the straight line method, the depreciation period is 8 years, and the residual value is 50 million
yuan. The annual sales volume is expected to be 200 units, with a sales price of 1 million yuan per unit. The production department is estimated to require RMB 50 million in operating capital investment through
. At the end of the 8th year, it is estimated that the residual value can be realized by RMB 80 million.
Data 2: Company A's current β coefficient is 0.8 and its debt-to-asset ratio is 50%. The investment in this project will not change the company's debt-to-asset ratio. The benchmark enterprise C of automobile manufacturing enterprises has a debt-to-asset ratio of 60%, a β coefficient of 1.5, and the applicable income tax rate
is 20%.
Information 3: Company A expects the average interest rate of future debt to be 8.6%, the return on risk-free assets to be 4%, and the average yield of
of the market portfolio is 12%.
Enterprise B is a listed food processing enterprise that is competitive with Company A. The current capital structure is: total capital is 85,000
million yuan, of which the debt capital is 250 million yuan (the debt interest rate is 7%), and the equity capital is 600 million yuan (100 million shares,
per share is 1 yuan). Company B decided to seize the food processing market and expand its business scale. It is expected to raise 300 million yuan of funds for scale expansion. There are two financing plans available:
A Plan: raise funds through additional issuance of common shares, with an issue price of 10 yuan per share;
B Plan: issue corporate bonds with annual interest payments at the end of the year at the end of the year and coupon rate of 10%.
Assume that the issuance costs of stocks and bonds are negligible, the applicable income tax rate is 25%,
requirements:
(1) Calculate the weighted average capital cost applicable to the investment of Enterprise A;
(2) Calculate the following data for the investment of Enterprise A:
① Initial investment amount; ② Operating cash flow for each year in the 1st to 7th years (NCF1-7); ③ Net cash flow for the 8th year (NCF8); ④ Net
present value (NPV);
(3) determine whether the investment of the project is feasible;
(4) Calculate the earnings per share of the financing plan of Enterprise B;
(5) Enterprise B expects to make profits before interest and taxes of 12,000 For ten thousand yuan, determine which financing plan should be chosen.
