Please use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet. Which of the following audit procedures for obtaining audit evidence is correctly described? A Recalculation involves the auditor’s independent execution of procedures or controls which were originally performed as part of the entity’s internal control B Confirmation consists of seeking information of knowledgeable persons, within the company or outside the company C Reperformance consists of checking the mathematical accuracy of documents or records D Observation consists of looking at a procedure or process being performed by others Answer： D  Audit procedure A describes reperformance, B is describing inquiry rather than confirmation and procedure C is describing recalculation.  ACCA特许公认会计师F段+OBU本科学位班【签约班】 高级商业会计证书+英国牛津布鲁克斯大学学士学位 不过重读1年 查看折扣 ACCA特许公认会计师P段【签约班】 名师授课，签约过关有保障！不过免费重读1年 查看折扣 ACCA特许公认会计师全科【签约班】 名师授课，助您零基础直达ACCA初级 查看折扣 更多精彩： ACCA F1科目考试重点，必看！ 学霸分享 | 跨专业高分考取ACCA双第一，我是怎么做到的？ ACCA考试经验——简单粗暴就可以！  

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question. Each question is worth 2 marks Which of the following is/are usually seen as forms of market failure where regulation may be a solution? 1 Imperfect competition 2 Social costs or externalities 3 Imperfect information A 1 only B 1 and 2 only C 2 and 3 only D 1, 2 and 3 Answer： D ACCA特许公认会计师F段+OBU本科学位班【签约班】 高级商业会计证书+英国牛津布鲁克斯大学学士学位 不过重读1年 查看折扣 ACCA特许公认会计师P段【签约班】 名师授课，签约过关有保障！不过免费重读1年 查看折扣 ACCA特许公认会计师全科【签约班】 名师授课，助您零基础直达ACCA初级 查看折扣 更多精彩： ACCA这张证书价值究竟有多大？写给对ACCA仍不了解的童鞋们 ACCA F1科目考试重点，必看！ 上班族如何高效复习备考ACCA？    

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question. Each question is worth 2 marks A company has just paid an ordinary share dividend of 32·0 cents and is expected to pay a dividend of 33·6 cents  in one year’s time. The company has a cost of equity of 13%. What is the market price of the company’s shares to the nearest cent on an ex dividend basis? A $3·20 B $4·41 C $2·59 D $4·20 Answer：  D Dividend growth rate = 100 x ((33·6/32) – 1) = 5% MV = 33·6/(0·13 – 0·05) = $4·20 ACCA特许公认会计师F段+OBU本科学位班【签约班】 高级商业会计证书+英国牛津布鲁克斯大学学士学位 不过重读1年 查看折扣 ACCA特许公认会计师P段【签约班】 名师授课，签约过关有保障！不过免费重读1年 查看折扣 ACCA特许公认会计师全科【签约班】 名师授课，助您零基础直达ACCA初级 查看折扣 更多精彩： ACCA这张证书价值究竟有多大？写给对ACCA仍不了解的童鞋们 ACCA会员权利 & 义务知多少 学ACCA能收获哪些实用专业技能？  

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question. Each question is worth 2 marks Which of the following statements is correct? A Governments may choose to raise interest rates so that the level of general expenditure in the economy will increase B The normal yield curve slopes upward to reflect increasing compensation to investors for being unable to use their cash now C The yield on long-term loan notes is lower than the yield on short-term loan notes because long-term debt is less risky for a company than short-term debt D Expectations theory states that future interest rates reflect expectations of future inflation rate movements Answer： B ACCA特许公认会计师F段+OBU本科学位班【签约班】 高级商业会计证书+英国牛津布鲁克斯大学学士学位 不过重读1年 查看折扣 ACCA特许公认会计师P段【签约班】 名师授课，签约过关有保障！不过免费重读1年 查看折扣 ACCA特许公认会计师全科【签约班】 名师授课，助您零基础直达ACCA初级 查看折扣 更多精彩： ACCA这张证书价值究竟有多大？写给对ACCA仍不了解的童鞋们 ACCA新手入门该如何安排学习计划？学习ACCA到底有什么收获？ ACCA会员权利 & 义务知多少  

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Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question. Each question is worth 2 marks The following are extracts from the statement of financial position of a company:                                                     $000               $000 Equity Ordinary shares                          8,000 Reserves                                    20,000                                                 –––––––                                                                            28,000 Non-current liabilities Bonds                                          4,000 Bank loans                                   6,200 Preference shares                        2,000                                                  –––––––                                                                             12,200 Current liabilities Overdraft                                     1,000 Trade payables                            1,500                                                  –––––––                                                                               2,500                                                                           ––––––– Total equity and liabilities                                   42,700                                                                           ––––––– The ordinary shares have a nominal value of 50 cents per share and are trading at $5·00 per share. The preference  shares have a nominal value of $1·00 per share and are trading at 80 cents per share. The bonds have a nominal  value of $100 and are trading at $105 per bond. What is the market value based gearing of the company, defined as prior charge capital/equity? A 15·0% B 13·0% C 11·8% D 7·3% Answer： A Gearing = [(4,000 x 1·05) + 6,200 + (2,000 x 0·8)]/(8,000 x 2 x 5) = 12,000/80,000 = 15% ACCA特许公认会计师F段+OBU本科学位班【签约班】 高级商业会计证书+英国牛津布鲁克斯大学学士学位 不过重读1年 查看折扣 ACCA特许公认会计师P段【签约班】 名师授课，签约过关有保障！不过免费重读1年 查看折扣 ACCA特许公认会计师全科【签约班】 名师授课，助您零基础直达ACCA初级 查看折扣 更多精彩： 上班族如何高效复习备考ACCA？ 传说中最适合考ACCA的大学专业，你的专业中枪了吗.... 学ACCA能收获哪些实用专业技能？  

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单选题  甲、乙双方签订买卖合同，约定甲支付货款一周后乙交付货物。甲未在约定日期付款，却请求乙交货。根据合同法律制度的规定，对于甲的请求，乙可行使的抗辩权是（    ）。  A、不安抗辩权  B、先诉抗辩权  C、不履行抗辩权  D、先履行抗辩权  【答案】D   【解析】先履行抗辩权，是指双务合同的当事人互负债务，有先后履行顺序，先履行（甲）一方未履行的，后履行（乙）一方有权拒绝其履行要求。先履行一方履行债务不符合约定的，后履行一方有权拒绝其相应的履行要求。（P82）  【知识点】先履行抗辩权  CPA注会精英课程【三考季全程班】 新版CPA课程，开启你的注会通关之路！ 查看折扣 2019年CPA任选2科【全程班】 备考无头绪，1v1老师为你解答 查看折扣 更多精彩： 备考CPA有方法，各科目重难点及答题技巧解读，千万不能错过！ 中国东方总部招聘！CPA、CFA、CIA持证人优先！ 李克强签字成立的中民投招聘优先考虑CFA、CPA、ACCA

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question. Each question is worth 2 marks Governments have a number of economic targets as part of their fiscal policy. Which of the following government actions relate predominantly to fiscal policy? 1 Decreasing interest rates in order to stimulate consumer spending 2 Reducing taxation while maintaining public spending 3 Using official foreign currency reserves to buy the domestic currency 4 Borrowing money from the capital markets and spending it on public works A 1 only B 1 and 3 C 2 and 4 only D 2, 3 and 4 Answer： C ACCA特许公认会计师F段+OBU本科学位班【签约班】 高级商业会计证书+英国牛津布鲁克斯大学学士学位 不过重读1年 查看折扣 ACCA特许公认会计师P段【签约班】 名师授课，签约过关有保障！不过免费重读1年 查看折扣 ACCA特许公认会计师全科【签约班】 名师授课，助您零基础直达ACCA初级 查看折扣 更多精彩： ACCA这张证书价值究竟有多大？写给对ACCA仍不了解的童鞋们 ACCA : F1阶段的每个章节介绍 【考试攻略】最全ACCA笔考攻略（超详细）  

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question. Each question is worth 2 marks Which of the following statements is/are correct? 1 An increase in the cost of equity leads to a fall in share price 2 Investors faced with increased risk will expect increased return as compensation 3 The cost of debt is usually lower than the cost of preference shares A 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3 Answer： D ACCA特许公认会计师F段+OBU本科学位班【签约班】 高级商业会计证书+英国牛津布鲁克斯大学学士学位 不过重读1年 查看折扣 ACCA特许公认会计师P段【签约班】 名师授课，签约过关有保障！不过免费重读1年 查看折扣 ACCA特许公认会计师全科【签约班】 名师授课，助您零基础直达ACCA初级 查看折扣 更多精彩： ACCA考试经验——简单粗暴就可以！ ACCA学历项目：英国伦敦大学专业会计硕士（UOL）学位申请 ACCA会员分享 | 会计人成长重在“宽度”与“高度”