注册会计师财务管理英语

2023-04-13 17:47:12 文档大全网 [ 字体：小中大 ] [ 阅读： ]

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英语,会计师,财务管理,注册
Section A Investment appraisal 项目投资评价

概述

从20##出题来看，英语加试题出了两小道，一道是财务管理，一道是管理会计，预测近年仍沿袭此风格。

Section A[Investment appraisal]项目投资评价Glossary Method：方法

NPV: Net Present Value净现值

DCF: Discounted Cash Flow折现现金流 IRR: Internal Rate of Return 内含报酬率 Payback period: 回报期，回收期

ARR: Accounting Rate of Return会计收益率 Inflow:现金流入 Outflow:现金流出

Profitability index:获利指数

Capital rationing: 资金限额;资金配额 QUESTION 1 Paragraph 1 Duo Co to increase production capacity to meet increasing demand for an existing product, ‘Quago’,which is used in food processing. A new machine, with a useful lite of four years and a maximum output of 600,000kg of Quago per year, could be bought for $800,000, payable immediately. The scrap value of the machine after four years would be $30,000. Forecast demand and production of Quago over the four years is as follows: Year 1 2 3 4

Demand〔kg〕 1-4 million 1-5 million 1-6 million 1-7 million Increase production capacity: 增加生产能力 Meet increasing demand: 满足日益增长的需求 Machine:机器

Useful life:使用年限 Maximum:最大

Maximum output:最大产量

Payable immediately:立即支付

Scrap value or residual value:残值 Forecast:预测 Million:百万 Paragraph 2

Existing production capacity for Quago is limited to one million kilograms per year and the new machine would only be used for demand additional to this. 现有的生产能力上限为100万公斤,新机器仅用来满足额外的需求. Paragraph 3

The current selling price of Quago is $8.00 per kilogram and the variable cost of materials is $5.00 per kilogram. Other variable costs of production are $1.90 per kilogram. Fixed costs of production associated with the new machine would be $240.00 in the first year of production, increasing by $20.00 per year in each subsequent year of operation.

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Current selling price:当前售价 Variable cost:变动成本 Material:材料 Labor:人工

Production overhead:生产制造费用 Fixed cost:固定成本

Associated with:和…相关 Increase by:增加了多少 Increase to:增加到

Each subsequent year:每一个随后的年份 Paragraph 4

Duo Co pays tax one year in arrears at an annual rate of 30% and can claim capital allowances〔tax-allowable depreciation〕 on a 25% reducing balance basis. A balancing allowance is claimed in the final year of operation. One year in arrears:在一年后; in arrears:拖延,托后 Annual rate: 年利率、年税率〔根据具体情况〕 Claim:要求,索偿

On a 25% reducing balance basis: 按25%在余额递减的基础上计提 Paragraph 5

Duo Co uses its after-tax weighted average cost of capital when appraising investment projects. If has a cost of equity of 11% and a before-tax cost of debt of 8.6%. The long-term finance of the pany, on a market-value basis, consists of 80% equity and 20% debt. After tax:税后 Before tax:税前

WACC: weighted average cost of capital加权平均资本成本 Appraise:评价

Cost of equity:权益成本 Debt:债

Long-term:长期

On a market-value basis:在市值的基础上 Consist of:组成 Required:

〔a〕Calculate the net present value of buying the new machine and advise on the acceptability of the proposed purchase 〔Work to the nearest $1,000〕. Present value:现值 Net:净

Calculate:计算

Advise/suggest:建议

Work to the nearest $1000:近似到千,以千为单位 Acceptability:可接受性 Feasibility:可行性

〔b〕 Calculate the internal rate of return of buying the new machine and advise on the acceptability of the proposed purchase〔work to the nearest $1,000〕. 运用已掌握知识翻译

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