Tiêu đề CMA INTER FMDA.pdf ✅

CMA INTER EXAMINATION NEW SYLLABUS GROUP - II PAPER 11: FINANCIAL MANAGEMENT AND BUSINESS DATA ANALYTICS FULL TEST Time Allowed: 3 Hours Full Marks: 100 The figures in the margin on the right side indicate full marks. Where considered necessary, suitable assumptions may be made and clearly indicated in the answer. The Question paper has two Sections, A and B. Both sections are to be answered as per instruction given against each. Section – A 1. (A) Choose the correct alternatives (6 marks) 1. A company wants to repay a loan of Rs. 5,00,000, 10 years from today. What amount should it invest each year for 10 years if the funds can earn 8% per annum. The first investment will be made at the beginning of this year. (a) Rs. 50,000 (b) Rs. 31,950 (c) Rs. 40,000 (d) Rs. 32,950 2. In India, NIFTY and SENSEX are calculated on the basis of (a) Market Capitalization (b) Paid up Capital (c) Free-float Capitalization (d) Authorized Share Capital 3. Gross Profit Ratio for a firm remains same but the Net Profit Ratio is decreasing. The reason for such behavior could be: (a) Increase in Costs of Goods Sold (b) If Increase in Expense (c) Increase in Dividend (d) Decrease in Sales. 4. Marginal cost of capital is the cost of: (a) Additional Sales (b) Additional Funds (c) Additional Interests (d) Additional Revenue. 5. Capital Budgeting Decisions are based on: (a) Incremental Profit (b) Incremental Cash Flows (c) Incremental Assets (d) Incremental Capital.
6. If the current ratio is 2.4:1 and working capital is Rs.25,20,000, find the amount of current assets and current liabilities. (a) Current Assets Rs. 43,20,000 and Current Liabilities Rs. 18,00,000 (b) Current Assets Rs. 44,00,000 and Current Liabilities Rs. 18,50,000 (c) Current Assets Rs. 45,50,000 and Current Liabilities Rs. 19,00,000 (d) Current Assets Rs. 46,60,000 and Current Liabilities Rs. 19,30,000 7. The descriptive data may be deciphered as (a) May be deciphered in the form of qualitative information (b) May be deciphered in the form of quantitative information (c) May be deciphered in the form of information from informal sources (d) All of the above 8. Binomial distribution applies to attributes (a) that are categorised into two mutually exclusive and exhaustive classes (b) that are categorised into three mutually exclusive and exhaustive classes (c) that are categorised into less than two mutually exclusive and exhaustive classes (d) that are categorised into four mutually exclusive and exhaustive classes 9. Following are the objectives of data visualisation: (a) Making a better data analysis (b) Faster decision making (c) Analysing complicated data (d) All of the above 10. A scatter plot displays several unique data points: (a) on a single graph. (b) On two different graphs (c) On four different graphs (d) None of the above 11. Following are the benefits of data analytics (a) Improves decision making process (b) Increase in efficiency of operations (c) Improved service to stakeholders (d) All of the above 12. Following are the types of cloud computing (a) Private cloud (b) Public cloud (c) Hybrid cloud (d) All of the above 13. Efficient portfolios are those portfolios, which offer (for a given level of risk) (a) maximum return (b) minimum return (c) average return
(d) positive return 14. In India, NIFTY and SENSEX are calculated on the basis of (a) Market Capitalization (b) Paid up Capital (c) Free-float Capitalization (d) Authorized Share Capital 15. Debt to Total Assets Ratio can be improved by: (a) Borrowing More (b) Issue of Debentures (c) Issue of Equity Shares (d) Redemption of Debt. Section – B Solve any five from the following questions. 2 (a) The following are the income statements of A Limited for the years ended 31.03.2021 and 31.03.2022. 31.03.21 31.03.22 Net Sales 170,000 190,400 Less:Cost of goods sold 1,05,00 1,20,00 Gross Profit (P) 65,000 70,400 Administrative expenses (A) 13,200 14,960 Selling expenses: Advertisement expenses 3,000 4,000 Other selling expenses 40,800 41,800 Total selling expenses (B) 43,800 45,800 Operating expenses (A + B) 57,000 60,760 Operating Profit (D) [D = P-(A + B)] 8,000 9,640 Other Incomes (E) 6,400 9,200 Other expenses (F) 6,800 4,800 Profit before tax (PBT) [PBT = D + E - F] 7,600 14,040 Income tax (T) 3,800 6,200 Profit after tax (PAT) [PAT = PBT -T] 3,800 7,840 Prepare a comparative income statement and comment on the performance of A Limited. (b) The following is the capital structure of ABC Ltd. as on 31.12.2021 Sources of Finance (Rs. ) Equity Shares: 5,000 shares (of Rs.100 each) 5,00,000 10% Preference Shares (of Rs.100 each) 2,00,000 12% Debentures 3,00,000
10,00,000 The market price of the company’s share is Rs. 110 and it is expected that a dividend of Rs. 10 per share would be declared for the year 2021. The dividend growth rate is 6%: (i) If the company is in the 40% tax bracket, compute the weighted average cost of capital. (ii) Assuming that in order to finance an expansion plan, the company intends to borrow a fund of Rs.5 lakhs bearing 14% rate of interest, what will be the company’s revised weighted average cost of capital? This financing decision is expected to increase dividend form Rs.10 to Rs.12 per share. However, the market price of equity share is expected to decline form Rs. 110 to Rs.105 per share. (7 + 7 marks) 3 ) a) Modern Enterprises Ltd. is considering the purchase of a new computer system for its research and development division, which would cost Rs.35 lakh. The operation and maintenance costs (excluding depreciation) are expected to be Rs. 7 lakh per annum. It is estimated that the useful life of the system would be 6 years, at the end of which the disposal value is expected to be Rs. 1 lakh. The tangible benefits expected from the system in the form of reduction in design and draftsmanship costs would be Rs. 12 lakh per annum. The disposal of used drawing office equipment and furniture initially is anticipated to net Rs. 9 lakh. As capital expenditure in research and development, the proposal would attract a 100% writeoff for tax purposes. The gains arising from disposal of used assets may be considered tax free. The effective tax rate is 35%. The average cost of capital of the company is 12%. After appropriate analysis of cash flows, advise the company of the financial viability of the proposal. Ignore tax on salvage value. b) A company manufactures a special product which requires a component ‘Alpha’. The following particulars are collected for the year 2021. (i) Annual demand of Alpha 8,000 units (ii) Cost of placing an order Rs. 200 per order (iii) Cost per unit of Alpha Rs. 400 (iv) Carrying cost % p.a. 20% The company has been offered a quantity discount of 4% on the purchase of ‘Alpha’ provided the order size is 4,000 components at a time. Required: (a) Compute the economic order quantity. (b) Advise whether the quantity discount offer can be accepted. (7 + 7 marks) 4) a) The operating income of Hypothetical Ltd amounts to Rs. 1,86,000. It pays 35% tax on its income. Its capital structure consists of the following: 14% Debentures 15% Preference shares Equity shares (Rs.100 each) 5,00,000 1,00,000 4,00,000 (i) Determine the firm’s EPS. (ii) Determine the percentage change in EPS associated with 30% change (both increase and decrease) in EBIT. (iii) Determine the degree of financial leverage at the current level of EBIT.