CIMA P2 問題集

質問 1：
A division of company XYZ has reported an operating profit of $350,000 and its residual income (RI) has been calculated as $60,000. The company's cost of capital is 12%.
The division's return on investment (ROI) is:
A. 12.0%
B. 17.0%
C. 14.5%
D. 2.5%
正解：C

質問 2：
Juan is looking to invest in the mining industry. He has narrowed his options down to two rival companies, both with sales of £200m. Company A has an EBIT of £10m whereas Company B has an EBIT of £14m.
This would suggest that Company B is the better investment but Juan is suspicious that Company B has more financial backing than Company A.
Which ratios will tell him which company will use his investment the best?
A. Current ratio
B. R.O.C.E
C. Profit margin
D. Quick ratio
正解：B,C

質問 3：
When making an investment decision, which THREE of the following are reasons why receiving $1 today is preferable to receiving $1 in the future?
A. Inflation
B. Re-investment opportunities
C. Taxation
D. Depreciation
E. Uncertainty
正解：A,B,E

質問 4：
A public sector service organization is considering whether to use a balanced scorecard or a value for money approach based on the three Es to assess its performance.
Which of the following are correct comparisons of the balanced scorecard and value for money based on the three Es as performance measurement frameworks?
Select ALL that apply.
A. If the organization wishes to consider both financial and non-financial performance then the balanced scorecard should be used rather than the three Es.
B. The three Es approach was designed for public sector service organizations, but the balanced scorecard approach can also be used in the public sector.
C. The public's satisfaction with the organization's services can be measured by both the three Es and the balanced scorecard.
D. Efficiency is measured as one of the three Es but the balanced scorecard does not measure efficiency.
E. The balanced scorecard is concerned with meeting the organization's objectives whereas the three Es approach is concerned only with reducing costs.
正解：B,C

質問 5：
A company is classifying its quality costs to prepare a quality cost report. Which of the following are conformance costs?
Select ALL that apply.
A. Prevention Costs
B. Appraisal Costs
C. Internal Failure Costs
D. External Failure Costs
正解：A,B

質問 6：
A division of a company transfers all its output to other divisions in the same company.
For this division, which of the following measures is NOT affected by the transfer price that the division uses?
A. Sales revenue
B. Operating profit
C. Return on investment
D. Cost of components purchased
正解：D

質問 7：
A manager must decide which one of three projects should be implemented. For each project the possible outcomes and their associated probabilities can be estimated reliably. The manager has decided to make the decision based solely on which project has the highest expected value of profit.
Which of the following statements are correct?
Select ALL that apply.
A. The manager will select the project with the lowest standard deviation.
B. The decision is characterized by risk and the manager is risk neutral.
C. The range of possible outcomes for each project is not important to the manager.
D. The decision is characterized by uncertainty and the manager is risk seeking.
E. The manager will select the project with the highest of all of the possible outcomes.
正解：B,C

質問 8：
SQ has the opportunity to invest in project X. The net present value for project X is $12,600. Cash inflows occur in years 1, 2 and 3. The company's cost of capital is 14%.
Calculate the annualized equivalent annuity of project X.
Give your answer to the nearest whole $.
正解：
$5429