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. Each question is worth 2 marks. Which of the following statements is NOT correct? A Return on capital employed can be defined as profit before interest and tax divided by the sum of shareholders’funds and prior charge capital B Return on capital employed is the product of net profit margin and net asset turnover C Dividend yield can be defined as dividend per share divided by the ex dividend share price D Return on equity can be defined as profit before interest and tax divided by shareholders’ funds 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会员权利 & 义务知多少 学ACCA能收获哪些实用专业技能？ 新手入门之ACCA备考如何挑选教材？    

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. Each question is worth 2 marks. A company is evaluating an investment project with the following forecast cash flows: Year                         0          1          2           3          4 Cash flow ($m)     (6·5)       2·4        3·1       2·1       1·8 Using discount rates of 15% and 20%, what is the internal rate of return of the investment project? A 15·8% B 17·2% C 17·8% D 19·4% Answer：  C Year                 CF               15%                  PV                 20%              PV)                      ($m)                 DF                ($m)                 DF               ($m) 0                    (6·5)             1·000             (6·500)              1·000         (6·500) 1                     2·4              0·870               2·088               0·833          1·999 2                     3·1              0·756               2·344               0·694          2·151 3                     2·1              0·658               1·382               0·579          1·216 4                     1·8              0·572               1·030               0·482          0·868                                                                ––––––                                 ––––––                                                                   0·344                                (0·266)                                                                ––––––                                 –––––– IRR = 15 + [(5 x 0·344)/(0·344 + 0·266)] = 15 + 2·82 = 17·8% 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

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. Each question is worth 2 marks. Which of the following statements are correct? (1) The sensitivity of a project variable can be calculated by dividing the project net present value by the present value of the cash flows relating to that project variable (2) The expected net present value is the value expected to occur if an investment project with several possible outcomes is undertaken once (3) The discounted payback period is the time taken for the cumulative net present value to change from negative to positive A 1 and 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3 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会员权利 & 义务知多少 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”      

套书共六十本，爸爸给我买了其中的六本。第一本是恐龙大追踪，从两亿一千万年前到六千五百万年前，按恐龙出现的年代，以图鉴比对的方式，条理分明地一一介绍。看过书后我知道了恐龙是活跃在中生代的一种大型动物：有些长得和我们现在看到的蜥蜴很像；有的身上长毛，和鸟类很像，但是体型却比蜥蜴或鸟类要大很多；有的像一辆公共汽车那么大，有的甚至比二层楼还要高。到目前为止，已经发现的恐龙种类有八百多种。 我最喜欢的是素食的青岛龙，它全长十米，它的主要特征是嘴型像鸭子一样扁平，头上还长了像鸡冠般的头冠，由于它是发现于青岛市的恐龙，所以命名为青岛龙。 我最不喜欢的是吃肉的肉食性恐龙--异特龙，它体型宠大，全长十一米，重约五吨，是侏罗纪中牛体型最大的，也是最凶猛的肉食性恐龙，它的上下颚相当大，各长了一排锯齿状的尖牙，这些牙齿锐利的像钢刀一样，可以撕裂食物。它的前后肢都有强壮的利爪，使它捕食猎物是无往不利。 我最大的愿望就是长大后能成为一名动植物学家，专门研究动植物存在于大千世界中的奥秘，我会为我的理想而努力读书学习。

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. Each question is worth 2 marks. Which of the following statements is correct? A One of the problems with maximising accounting profit as a financial objective is that accounting profit can be manipulated B A target for a minimum level of dividend cover is a target for a minimum dividend payout ratio C The welfare of employees is a financial objective D One reason shareholders are interested in earnings per share is that accounting profit takes account of risk Answer： A 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准考证打印（附教程） 5大ACCA学习利器！ CFA,FRM,CPA,ACCA,MBA谁更适合你?      

1.日前，财政部针对《财政票据管理办法（修订征求意见稿）》向社会公开征求意见，公众可通过财政部网站或致信的方式提出意见和建议。   2.近日，中国人民银行发布消息称，根据《关于实施银行卡清算机构准入管理的决定》《银行卡清算机构管理办法》等规定，央行会同银保监会审查通过了中国银联的申请，特向其颁发《银行卡清算业务许可证》。这意味着，作为承担国内银行卡跨行交易转接清算职责的中国银联，从获准开展业务正式变成“持证上岗”。   3.全国总工会日前通知要求各级工会认真做好2019年职工防暑降温工作，强调不得以防暑降温饮料和必需药品充抵高温津贴。   4.近日，湖北省注册会计师协会发布《关于开展湖北省

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. Each question is worth 2 marks. Which of the following statements are correct? (1) The general level of interest rates is affected by investors’ desire for a real return (2) Market segmentation theory can explain kinks (discontinuities) in the yield curve (3) When interest rates are expected to fall, the yield curve could be sloping downwards A 1 and 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！ 新手入门之ACCA备考如何挑选教材？  

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. Each question is worth 2 marks. Which of the following statements is/are correct? (1) Monetary policy seeks to influence aggregate demand by increasing or decreasing the money raised through taxation (2) When governments adopt a floating exchange rate system, the exchange rate is an equilibrium between demand and supply in the foreign exchange market (3) Fiscal policy seeks to influence the economy and economic growth by increasing or decreasing interest rates A 2 only B 1 and 2 only C 1 and 3 only D 1, 2 and 3   Answer： A 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： 学ACCA能收获哪些实用专业技能？ 新手入门之ACCA备考如何挑选教材？ CFA,FRM,CPA,ACCA,MBA谁更适合你?