ACCA P4历年考试真题及答案大全（2002年-2008年）

包含（2002年-2008年）ACCA P4历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Strategic Financial
Management

PART 3
WEDNESDAY 13 JUNE 2007

QUESTION PAPER
Time allowed 3 hours
This paper is divided into two sections
Section A BOTH questions are compulsory and MUST be
answered
Section B TWO questions ONLY to be answered
Formulae sheet, present value, annuity and standard normal
distribution tables are on pages 9, 10, 11 and 12

Section A – BOTH questions are compulsory and MUST be attempted
1 Partsea plc, a UK company, currently exports to a developing country, Hotternia. Hotternia has recently enjoyed a
period of sustained economic growth, and inflation has reduced from 60% per year to 10% per year during the last
three years. Partsea wishes to expand its sales in Hotternia and is considering either foreign direct investment or a
licensing deal with KBD, a large Hotternian company.
Foreign Direct Investment
Foreign direct investment would involve the purchase of an existing competitor in Hotternia, expansion of its facilities
and the introduction of new technologically advanced machinery. A purchase price of 120 million Hotternian dollars
($H) has been agreed for the Hotternian company, in addition to which $H70 million will be needed for expansion
of buildings, and $H35 million for working capital. The purchase of the Hotternian company and the working capital
outlay would take place immediately, the other cash outflows would occur at the end of year 1. The new machinery
will be supplied from the UK parent company at a cost of ￡4 million, has an expected working life of four years, and
will increase the parent company’s pre-tax net cash flow in year 1 by ￡1 million. Tax allowable depreciation is
available in Hotternia on the new machinery on a straight line basis at 25% per year from the beginning of year two.
The existing Hotternian company has fully depreciated its machinery.
Production and sales is expected to be 1 million units at a price of $H150 per unit in the first year as existing
operations continue in the Hotternian company, and 2·5 million units per year for the remainder of Partsea’s five-year
planning horizon. Sales prices are expected to increase after year 1 in line with Hotternian inflation.
At the end of five years the investment, including working capital, is expected to have a total after tax realisable value
of $H150 million.
Variable costs per unit ($H) are expected to be:
Year 1 Year 2
Labour 35·0 28·6
Materials 33·0 32·0
Distribution 8·0 9·0
Variable costs after year 2 are expected to increase in line with inflation in Hotternia for the relevant year.
Fixed costs in year 1 are expected to be $H23 million, increasing to H$40 million in each of years 2-5.
Semi-finished components for the product will be imported from another of Partsea’s subsidiaries in Bottoniland from
year two onwards at a fixed price of 5 Bottoniland tala (Bt) per unit. 25% of this price represents a profit element to
the Bottoniland company.
Licensing
Under a licensing agreement Partsea would permit KBD to manufacture and market its product for an initial period
of four years commencing in year 2. Partsea would sell the ￡4 million new machinery to KBD in year 1, and would
also insist on a maintenance contract for the machinery for which it would charge a fixed rate of ￡500,000 per year.
This is double the expected annual cost of maintenance. Partsea would also supply two members of staff to Hotternia
to monitor quality control. The cost of these staff (salaries and other expenses) is expected to be ￡200,000 per year
in total at current prices.
KBD would pay Partsea a fee of $H20 per unit for the license, increasing after year 2 by the rate of inflation in
Hotternia. KBD expects to sell 2 million units per year. Partsea would not have a legal presence in Hotternia and would
not be liable for Hotternian tax.
Other information:
Exchange rates $H/￡ Bt/￡
Spot 15·80 4·2