管理会计习题与答案：Methods of project appraisal unit Test and Answer.docxVIP

一、单选题 1、?Which of the following would be part of the capital expenditure budget? (i) Purchase of a new factory premises (ii) Replacement of existing machinery (iii) Refurbishment of existing factory premises (iv) Purchases of raw materials ?A.(i), (ii) and (iii) only B.(ii) and (iv) only C.(iii) and (iv) only D.(i) and (ii) only 正确答案：A 解析： Purchases of raw materials would be classed as revenue expenditure, not capital expenditure. The others are capital expenditure. 2、?Which is worth most, at present values, assuming an annual rate of interest of 8%? A.$1,800 in exactly four years from now B.$1,600 in exactly three years from now C.$1,200 in exactly one year from now D.$1,400 in exactly two years from now 正确答案：A 解析： PV of $1,200 in one year = $1,200 * 0.926 = $1,111.20 PV of $1,400 in two years= $1,400 * 0.857 = $1,199.80 PV of $1,600 in three years= $1,600 * 0.794 =$1,270.40 PV of $1,800 in four years= $1,800 * 0.735 =$1,323.00 3、?A sum of money was invested for 10 years at 7% per annum and is now worth $2,000. What was the original amount invested (to the nearest $)? A.$3,937 B.$14,048 C.$1,016 D.$1,026 正确答案：C 解析： The discount factor for 10 years at 7% is 0.508.Original amount invested = $2,000 * 0.508= $1,016 4、?What is the present value of ten annual payments of $700, the first paid immediately and discounted at 8%, giving your answer to the nearest $? ? A.$5,073 B.$4,697 C.$4,435 D.$1,050 正确答案：A 解析： Annuity= $700 Annuity factor =1 + 6.247 (cumulative factor for 9 years, first payment is now) =7.247 Annuity = PV of annuity/Annuity factor $700 = PV of annuity/7.247 PV of annuity = $5,073 (to the nearest $) 5、?How much should be invested now (to the nearest $) to receive $24,000 per annum in perpetuity if the annual rate of interest is 5%? ? A.$120,000 B.$25,200 C.$1,200 D.$480,000 正确答案：D 解析： The present value of a perpetuity is:PV = a/r where a = annuity = $24,000 r = cost of capital as a proportion = 5% = 0.05 PV = 24,000/0.05= $480,000