BEC 無料問題集「AICPA CPA Business Environment and Concepts」
Hedgehog International has a receivable valued at 500,000 local currency units from its foreign customer
due in 90 days. The current spot rate of the local currency unit is $.60. Hedgehog purchases a put option
to sell the local currency unit in 90 days for $.61 for a premium of $.005. The exchange rate for the local
currency increases to $.63 in 90 days. What will Hedgehog do on the receivable's settlement date?
due in 90 days. The current spot rate of the local currency unit is $.60. Hedgehog purchases a put option
to sell the local currency unit in 90 days for $.61 for a premium of $.005. The exchange rate for the local
currency increases to $.63 in 90 days. What will Hedgehog do on the receivable's settlement date?
正解：B
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The sales manager at Ryan Company feels confident that if the credit policy at Ryan's was changed,
sales would increase and, consequently, the company would utilize excess capacity. The two credit
proposals being considered are as follows:
Currently, payment terms are net 30. The proposal payment terms for Proposal A and Proposal B are net
4 5 and net 90, respectively. An analysis to compare these two proposals for the change in credit policy
would include all of the following factors, except the:
sales would increase and, consequently, the company would utilize excess capacity. The two credit
proposals being considered are as follows:
Currently, payment terms are net 30. The proposal payment terms for Proposal A and Proposal B are net
4 5 and net 90, respectively. An analysis to compare these two proposals for the change in credit policy
would include all of the following factors, except the:
正解：B
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In 1992, Anchor, Chain, and Hook created ACH Associates, a general partnership. The partners orally
agreed that they would work full time for the partnership and would distribute profits based on their capital
contributions. Anchor contributed $5,000; Chain $10,000; and Hook $15,000.
For the year ended December 31, 1993, ACH Associates had profits of $60,000 that were distributed to
the partners. During 1994, ACH Associates was operating at a loss. In September 1994, the partnership
dissolved.
In October 1994, Hook contracted in writing with Ace Automobile Co. to purchase a car for the partnership.
Hook had previously purchased cars from Ace Automobile Co. for use by ACH Associates partners. ACH
Associates did not honor the contract with Ace Automobile Co. and Ace Automobile Co. sued the
partnership and the individual partners.
Determine whether (A) or (B) is correct. Select the answer that corresponds to the correct statement.
agreed that they would work full time for the partnership and would distribute profits based on their capital
contributions. Anchor contributed $5,000; Chain $10,000; and Hook $15,000.
For the year ended December 31, 1993, ACH Associates had profits of $60,000 that were distributed to
the partners. During 1994, ACH Associates was operating at a loss. In September 1994, the partnership
dissolved.
In October 1994, Hook contracted in writing with Ace Automobile Co. to purchase a car for the partnership.
Hook had previously purchased cars from Ace Automobile Co. for use by ACH Associates partners. ACH
Associates did not honor the contract with Ace Automobile Co. and Ace Automobile Co. sued the
partnership and the individual partners.
Determine whether (A) or (B) is correct. Select the answer that corresponds to the correct statement.
正解：B
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Jeb, a member in J & S LLC, sold his interest in the LLC to Chris without obtaining the other members'
consent. Absent an agreement to the contrary, Chris:
I. May participate in the management of J & S.
II. May receive Jeb's share of J & S's profits.
III. Is not entitled to anything since Jeb did not obtain the other members' consent.
consent. Absent an agreement to the contrary, Chris:
I. May participate in the management of J & S.
II. May receive Jeb's share of J & S's profits.
III. Is not entitled to anything since Jeb did not obtain the other members' consent.
正解：D
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Youngsten Electric is contemplating new projects for the next year that will require $30,000,000 of new
financing. In keeping with its capital structure, Youngsten plans to use debt & equity financing as follows:
. Issue $10,000,000 of 20-year bonds at a price of 101.5, with a coupon of 10%, and flotation costs of
2 .5% of par value.
. Use internal funds generated from earnings of $20,000,000.
The equity market is expected to earn 15%. U.S. treasury bonds currently are yielding 9%. The beta
coefficient for Youngsten's common stock is estimated to be .8. Youngsten is subject to a 40% corporate
income tax rate. Youngsten has a price/earnings ratio of 10, a constant dividend payout ratio of 40%, and
an expected growth rate of 12%.
Assume Youngsten has an after-tax cost of debt of 9% and an after-tax cost of equity of 15%.
Youngsten's weighted average cost of capital is:
financing. In keeping with its capital structure, Youngsten plans to use debt & equity financing as follows:
. Issue $10,000,000 of 20-year bonds at a price of 101.5, with a coupon of 10%, and flotation costs of
2 .5% of par value.
. Use internal funds generated from earnings of $20,000,000.
The equity market is expected to earn 15%. U.S. treasury bonds currently are yielding 9%. The beta
coefficient for Youngsten's common stock is estimated to be .8. Youngsten is subject to a 40% corporate
income tax rate. Youngsten has a price/earnings ratio of 10, a constant dividend payout ratio of 40%, and
an expected growth rate of 12%.
Assume Youngsten has an after-tax cost of debt of 9% and an after-tax cost of equity of 15%.
Youngsten's weighted average cost of capital is:
正解：A
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In order to increase production capacity, Gunning Industries is considering replacing an existing
production machine with a new technologically improved machine effective January 1, 1997. The
following information is being considered by Gunning Industries.
. The new machine would be purchased for $160,000 in cash. Shipping, installation, and testing would
cost an additional $30,000.
. The new machine is expected to increase annual sales by 20,000 units at a sales price of $40 per unit.
Incremental operating costs are comprised of $30 per unit in variable costs and total fixed costs of
$ 40,000 per year.
. The investment in the new machine will require an immediate increase in working capital of $35,000.
. Gunning uses straight-line depreciation for financial reporting and tax reporting purposes. The new
machine has an estimated useful life of five years and zero salvage value.
. Gunning is subject to a 40 percent corporate income tax rate.
Gunning uses the net present value method to analyze investments and will employ the following factors
and rates.
The acquisition of the new production machine by Gunning Industries will contribute a discounted
net-oftax contribution margin of:
production machine with a new technologically improved machine effective January 1, 1997. The
following information is being considered by Gunning Industries.
. The new machine would be purchased for $160,000 in cash. Shipping, installation, and testing would
cost an additional $30,000.
. The new machine is expected to increase annual sales by 20,000 units at a sales price of $40 per unit.
Incremental operating costs are comprised of $30 per unit in variable costs and total fixed costs of
$ 40,000 per year.
. The investment in the new machine will require an immediate increase in working capital of $35,000.
. Gunning uses straight-line depreciation for financial reporting and tax reporting purposes. The new
machine has an estimated useful life of five years and zero salvage value.
. Gunning is subject to a 40 percent corporate income tax rate.
Gunning uses the net present value method to analyze investments and will employ the following factors
and rates.
The acquisition of the new production machine by Gunning Industries will contribute a discounted
net-oftax contribution margin of:
正解：C
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