CIMA P3 問題集

質問 1：
A project requires a capital investment of £2.7million. The project will save £450,000 each year after taxation.
Assume the savings are in perpetuity. The business risk of the venture requires a 15% discount rate. The company has to borrow £1million to finance the project at a rate of 9% and the net tax shield is 30%, the project supports debt which generates an interest tax shield of 0.30 x 0.09 x £1million, which is £27,000 per year in perpetuity.
Calculate the project's adjusted present value.
A. 0
B. £600,000
C. £(30,000)
D. £570,000
正解：B

質問 2：
Which of the following summarises Purchasing Power Parity Theory (PPPT)?
A. The difference between the interest rates in the two countries is equal to the differential between the spot and the forward exchange rate for the currency in the two countries.
B. PPPT predicts that the country with the lower inflation rate will see the currency devalue accordingly.
C. Government intervention cannot affect the inevitable rise or fall of its currency in the short-term.
D. The difference between the spot and the forward exchange rates is equal to the differential between the inflation rates in the two countries.
正解：D

質問 3：
You have been assigned the role of lead internal auditor. Your task is to carry out the annual assessment of the production line maintenance department.
When planning for this audit, which of the following must be completed?
A. Decide how the controls will be tested.
B. Prepare the report.
C. Establish whether the controls are adequate or not.
D. Learn all about the systems and controls in the department.
E. Carefully consider any control weaknesses that are reported.
F. Review previous audit findings for the department.
正解：A,D,F

質問 4：
YHU manufactures flour from wheal (hat it purchases from wheat wholesalers who buy the gram in bulk from farmers around the world and import it to YHU's home country.
YHU sells its flour as "organic and free from genetically modified grain" It is difficult to test wheat to ensure that it is organic and impossible to prove that it has not been obtained from genetically modified crops YHU must trust its wholesalers to check the provenance of the wheat that they buy for resale to YHU.
Without YHU's knowledge, a consignment of wheat that it has used to make flour was purchased from a farmer who used genetically modified seed. The wholesaler made an error in tracking this consignment through its inventory system and sold it to YHU as organic and free from genetically modified gram Which TWO of the following are correct?
A. YHU could easily eliminate the risks associated with such errors by putting a prominent warning on its flour bags that they may contain flour made from non-organic or genetically modified flour.
B. The risk of YHU discovering this error is minimal because the wholesaler will both have to realise its mistake and be willing to admit to it.
C. If YHU admits to this error then there is a strong risk that customers will take legal action for being sold a dangerous product and that the courts will find in the customers' favors.
D. YHU should ignore the interaction between risk factors when considering its response to the possibility of mislabelled ingredients
E. YHU's total risk is affected by both the risk that the flour was incorrectly labelled and that the company was unaware of that fact
正解：C,E

質問 5：
Company N is considering opening another production plant in Northland, a country 2000 km from its current production plant location N would also sell its products in Northland Which TWO of the following are business risks'
A. The risk that it may be difficult to sell its products in Northland.
B. The risk that the Northland currency may strengthen making it expensive.
C. The risk that Northland's government may introduce policies that would be unfavorable to N.
D. The risk that Northland may not be able to support N's technology requirements.
E. The risk that interest rates may rise making N's loans expensive.
正解：A,D

質問 6：
ZZ is a data security company that is responsible for cyber security m a large shopping mall 21 uses Network Configuration Management (NCM) to assist it in meeting the various needs of the mall's user community.
Which THREE of the following are advantages provided by NCM?
A. NCM allows ZZ to restrict traffic for different user groups in the mall
B. NCM allows ZZ to provide different service levels for different user groups in the mall
C. NCM allows ZZ to stop malware from being spread for different user groups in the mall
D. NCM allows ZZ to prevent data corruption for different user groups in the mall
E. NCM allows ZZ to prevent scanners being used on the public WiFi for different user groups in the mall
F. NCM allows ZZ to segregate traffic for different user groups in the mall
正解：B,E,F

質問 7：
Achieving the budget is often used as a good performance measure. However, there are problems with budgets which may mean they are not always good measures of performance.
Which TWO of the following statements about budgets suggest that they should not always be used to measure performance?
A. Budgets are a commitment. They therefore act as a constraint on doing anything different.
B. Budgets can be used to motivate staff if they are set correctly.
C. Budgets can give people goals to achieve and if everyone strives to achieve these goals the whole organisation will benefit.
D. Budgets may deliberately be set too low by managers so they are easily achieved and make the manager look good.
正解：A,D

質問 8：
CW is a large company in the food production industry. It has grown over the years by the acquisition of several smaller rivals CW has ten branches located in its home country and has just opened a foreign branch for the first time It has recently made some changes to the structure and implementation of its control system.
Which TWO of the following changes would be most likely to improve the overall control system?
A. Excess funds are now invested, by the finance director, in short-term securities The finance director initiates buy and sell transactions and she also receives and retains all correspondence relating to the investments
B. Establishing an internal audit department
C. Purchase invoices are now approved for payment at branches and a list of approved invoices are sent to head office for payment The invoices, supporting documentation and suppliers' statements are retained at the branches
D. CW has just opened a bank account in the currency in which the newly opened branch is now operating
E. A policy has been initiated to complete a physical inventory of all non-current assets at least annually This is then reconciled with the non-current asset register
正解：B,C

質問 9：
Internal audit should be both efficient and effective.
Which THREE of the following measure the efficiency of internal audit"?
A. The number of breaches in internal controls prevented.
B. The cost per audit day.
C. The number of internal audit reports produced.
D. The cost per audit report
E. The number of improvements in internal controls introduced.
正解：A,C,E