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The following question is taken from the June 2013 exam paper.A project has an initial outflow of $12,000 followed by six equal annual cash inflows, commencing in oneyear’s time. The payback period is exactly four years. Thec ost of capital is 12% per year.What is the project’s net present value (to the nearest $)?

A

$333

B

-$2,899

C

-$3,778

D

-$5,926

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Chapter19Methodsofprojectappraisal

The correct answer is A.A four year payback period implies an (equal) annual cash flow of $12,000 + 4 years = $3,000 per year. As these cash flows run for 6 years the NPV is equal to $333 ( -$12,000 + annuity factor for 6 years @ 12% x $3,000 = -$12,000 + 4.111 x $3,000 = $333). Alternative C is based upon an incorrect calculation of annual cash flow ($12,000 + 6 years = $2,000 per year), suggesting a misunderstanding of the payback method.In alternative B the NPV was based on a project life of 4 years rather than 6 suggesting a failure to read the question carefully.Finally alternative D's NPV was based upon a combination of the other two distracters, that is, an annual cash flow of $2,000 for 4 years.

多做几道

Which of the following statements about management accounting information is/are true?

(i) They must be stated in purely monetary terms.

(ii) Limited companies must, by law, prepare management accounts.

(iii) They serve as a future planning tool and are not used as an historical record.

A

(i), (ii) and (iii)

B

(i) and (ii)

C

(ii) only

D

None of the statements is true

Which of the following statements is/are correct?

(i) A management control system is a term used to describe the hardware and software used to drive a database system which produces information outputs that are easily assimilated by management.

(ii) An objective is a course of action that an organisation might pursue in order to achieve its strategy.

(iii) Information is data that has been processed into a form meaningful to the recipient.

A

(i), (ii) and (iii)

B

(i) and (iii)

C

(ii) and (iii)

D

(iii) only

Good information should have certain qualities. Which of the following are qualities of good information?(i) Complete(ii) Extensive(iii) Relevant(iv) Accurate

A

(i), (ii) and (iii)

B

(i), (iii) and (iv)

C

(ii) and (iv)

D

All of them

Monthly variance reports are an example of which one of the following types of management information?

A

Tactical

B

Strategic

C

Non-financial

D

Operational

Which of the following statements is/are correct?

(i) Information for decision-making should incorporate uncertainty in some way

(ii) The data used to prepare financial accounts and management accounts are the

A

(i) is true and (ii) is false

B

(ii) is true and (i) is false

C

Both are true

D

Both are false

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