F9 (FM) – PART D – Section B – CBE MCQs – ACCA

These are ACCA F9 (FM) Financial Management MCQs for Part-D of the Syllabus “Investment appraisal”.

These multiple-choice questions (MCQs) are designed to help ACCA F9 students to better understand the exam format. We aim to instill in students the habit of practicing online for their CBE exams. By doing so, students can reduce exam stress and prepare more effectively.

Please note:

  • Students should not attempt these MCQs until they have finished the entire chapter.
  • All questions are compulsory, so please do not skip any.

We hope that these MCQs will be a valuable resource for students preparing for the ACCA F9 (FM) exam.

INFORMATION ABOUT THESE CBE MCQs Test/Quiz

Course:ACCD – Association of Chartered Certified Accountants
Fundamental Level:Applied Skills
Subject:Financial Management
Paper:F9 – FR
Chapter and Topic
  • Investment appraisal techniques,
  • Allowing for inflation and taxation in DCF,
  • Adjusting for risk and uncertainty in investment appraisal,
  • Specific investment decisions (lease or buy, asset replacement, capital rationing)
Questions:
  1. Sensitivity analysis
  2. Guilder Co
  3. Trecor Co
  4. BRT Co
Syllabus Area:D – “Investment appraisal”
Questions Type:CBE MCQs
Exam Section:Section A

Syllabus Area

These Multiple Choice Questions (MCQs) cover the Syllabus Area Part D of the Syllabus; “Investment appraisal” of ACCA F9 (FM) Financial Management Module.

Time

These MCQs are not time-bound. Take your time and solve them without stress. Pay proper attention and focus. Do not rush or hesitate

Result

Students will get their F9 CBE MCQs Test results after they finish the entire test. They will also be able to see the correct and incorrect answers, as well as explanations for the incorrect questions.

Types of Questions

MCQs: Choose one from the given options.
Multiple choice: Choose all those answers which seem correct/ or incorrect to you, as per the requirement of the question. Keep your eye on the wording “(select all those which are correct/ or incorrect)“.
Drop-down: Select from the list provided.
Type numbers: Type your answer in numbers as per the requirement of the question.

QUESTION – Sensitivity analysis – (01/04)

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15

F9 (FM) - Part D - MCQs - Sensitivity analysis

Course: ACCA - Association of Chartered Certified Accountants
Subject: F9 (FM) - Financial Management
Syllabus Area: D - Investment appraisal
Chapter: 07 Investment decisions, 08 Investment appraisal using DCF methods, 09 Allowing for inflation and taxation, 10 Project appraisal and risk, 11 Specific investment decisions
Exam Section: Section B
Question Name: Sensitivity analysis
Questions type: MCQs
Time: No Time Limit

INSTRUCTIONS

  1. If you are using mobile, turn on the mobile rotation and solve the MCQs on wide screen for better experience.

REQUEST

  1. Please rate the quiz and give us feedback once you completed the quiz.
  2. Share with ACCA students on social media such as, Facebook Groups, Whatsapp, Telegram, etc.

1 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

A company is considering a project with the following cash flows.

Year Initial investment Variable costs Cash inflows Net cash flows
$'000 $'000 $'000 $'000
0 (11,000) (11,000)
1 (3,200) 10,300 7,100
2 (3,200) 10,300 7,100

Cash flows arise from selling 1,030,000 units at $10 per unit. The company has a cost of capital of 9%.

The net present value (NPV) of the project is $1,490.

REQUIREMENT

Which TWO of the following statements are true of the IRR and the NPV methods of appraisal?

2 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

A company is considering a project with the following cash flows.

Year Initial investment Variable costs Cash inflows Net cash flows
$'000 $'000 $'000 $'000
0 (11,000) (11,000)
1 (3,200) 10,300 7,100
2 (3,200) 10,300 7,100

Cash flows arise from selling 1,030,000 units at $10 per unit. The company has a cost of capital of 9%.

The net present value (NPV) of the project is $1,490.

REQUIREMENT

Which of the following statements is TRUE?

3 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

A company is considering a project with the following cash flows.

Year Initial investment Variable costs Cash inflows Net cash flows
$'000 $'000 $'000 $'000
0 (11,000) (11,000)
1 (3,200) 10,300 7,100
2 (3,200) 10,300 7,100

Cash flows arise from selling 1,030,000 units at $10 per unit. The company has a cost of capital of 9%.

The net present value (NPV) of the project is $1,490.

REQUIREMENT

What is the internal rate of return (IRR) of the project? (using discount rates of 15% and 20%)

4 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

A company is considering a project with the following cash flows.

Year Initial investment Variable costs Cash inflows Net cash flows
$'000 $'000 $'000 $'000
0 (11,000) (11,000)
1 (3,200) 10,300 7,100
2 (3,200) 10,300 7,100

Cash flows arise from selling 1,030,000 units at $10 per unit. The company has a cost of capital of 9%.

The net present value (NPV) of the project is $1,490.

REQUIREMENT

What is the discounted payback of the project?

5 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

A company is considering a project with the following cash flows.

Year Initial investment Variable costs Cash inflows Net cash flows
$'000 $'000 $'000 $'000
0 (11,000) (11,000)
1 (3,200) 10,300 7,100
2 (3,200) 10,300 7,100

Cash flows arise from selling 1,030,000 units at $10 per unit. The company has a cost of capital of 9%.

The net present value (NPV) of the project is $1,490.

REQUIREMENT

What is the sensitivity of the project to changes in sales volume? (to one decimal place)

Your score is

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QUESTION – Guilder Co – (02/04)

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18

F9 (FM) - Part D - MCQs - Guilder Co

Course: ACCA - Association of Chartered Certified Accountants
Subject: F9 (FM) - Financial Management
Syllabus Area: D - Investment appraisal
Chapter: 07 Investment decisions, 08 Investment appraisal using DCF methods, 09 Allowing for inflation and taxation, 10 Project appraisal and risk, 11 Specific investment decisions
Exam Section: Section B
Question Name: Guilder Co
Questions type: MCQs
Time: No Time Limit

INSTRUCTIONS

  1. If you are using mobile, turn on the mobile rotation and solve the MCQs on wide screen for better experience.

REQUEST

  1. Please rate the quiz and give us feedback once you completed the quiz.
  2. Share with ACCA students on social media such as, Facebook Groups, Whatsapp, Telegram, etc.

1 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

Guilder Co is appraising four different projects but is experiencing capital rationing in Year 0. No capital rationing is expected in future periods but none of the four projects that Guilder Co is considering can be postponed, so a decision must be made now. Guilder Co's cost of capital is 12%.

The following information is available.

Outlay in
Project Year 0 PV NPV
$ $ $
Amster 100,000 111,400 11,400
Eind 56,000 62,580 6,580
Utrec 60,000 68,760 8,760
Tilbur 90,000 102,400 12,400

REQUIREMENT

The following potential cash flows are predicted for maintenance costs for the Great machine:

Year Cash flow Probability
$
2 19,000 0.55
2 26,000 0.45
3 21,000 0.30
2 25,000 0.25
3 31,000 0.45

What is the expected present value of the maintenance costs for Year 2? (to the nearest whole number $)

2 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

Guilder Co is appraising four different projects but is experiencing capital rationing in Year 0. No capital rationing is expected in future periods but none of the four projects that Guilder Co is considering can be postponed, so a decision must be made now. Guilder Co's cost of capital is 12%.

The following information is available.

Outlay in
Project Year 0 PV NPV
$ $ $
Amster 100,000 111,400 11,400
Eind 56,000 62,580 6,580
Utrec 60,000 68,760 8,760
Tilbur 90,000 102,400 12,400

REQUIREMENT

Which of the following statements concerning Guilder Co's use of the EAC are TRUE?

  1. The use of equivalent annual cost is appropriate in periods of high inflation.
  2. The EAC method assumes that the machine can be replaced by exactly the same machine in perpetuity.

3 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

Guilder Co is appraising four different projects but is experiencing capital rationing in Year 0. No capital rationing is expected in future periods but none of the four projects that Guilder Co is considering can be postponed, so a decision must be made now. Guilder Co's cost of capital is 12%.

The following information is available.

Outlay in
Project Year 0 PV NPV
$ $ $
Amster 100,000 111,400 11,400
Eind 56,000 62,580 6,580
Utrec 60,000 68,760 8,760
Tilbur 90,000 102,400 12,400

REQUIREMENT

Several years later, there is no capital rationing and Guilder Co decides to replace an existing machine. Guilder Co has the choice of either a Super machine (lasting four years) or a Great machine (lasting three years).

The following present value table includes the figures for a Super machine.

0 1 2 3 4
Maintenance costs (20,000) (29,000) (32,000) (35,000)
Investment and scrap (250,000) 25,000
Net cash flow (250,000) (20,000) (29,000) (32,000) (10,000)
Discount at 12% 1.000 0.893 0.797 0.712 0.636
Present values (250,000) (17,860) (23,113) (22,784) (6,360)

Tax and tax-allowable depreciation should be ignored.

What is the equivalent annual cost (EAC) of the Super machine? (to the nearest whole number $)

4 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

Guilder Co is appraising four different projects but is experiencing capital rationing in Year 0. No capital rationing is expected in future periods but none of the four projects that Guilder Co is considering can be postponed, so a decision must be made now. Guilder Co's cost of capital is 12%.

The following information is available.

Outlay in
Project Year 0 PV NPV
$ $ $
Amster 100,000 111,400 11,400
Eind 56,000 62,580 6,580
Utrec 60,000 68,760 8,760
Tilbur 90,000 102,400 12,400

REQUIREMENT

Which of the following statements about Guilder Co's decision to use PI is TRUE?

5 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

Guilder Co is appraising four different projects but is experiencing capital rationing in Year 0. No capital rationing is expected in future periods but none of the four projects that Guilder Co is considering can be postponed, so a decision must be made now. Guilder Co's cost of capital is 12%.

The following information is available.

Outlay in
Project Year 0 PV NPV
$ $ $
Amster 100,000 111,400 11,400
Eind 56,000 62,580 6,580
Utrec 60,000 68,760 8,760
Tilbur 90,000 102,400 12,400

REQUIREMENT

What is the correct order of the projects based on their preference to Guilder using the profitability index?  The most attractive will come first.

Your score is

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QUESTION – Trecor Co – (03/04)

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13

F9 (FM) - Part D - MCQs - Trecor Co

Course: ACCA - Association of Chartered Certified Accountants
Subject: F9 (FM) - Financial Management
Syllabus Area: D - Investment appraisal
Chapter: 07 Investment decisions, 08 Investment appraisal using DCF methods, 09 Allowing for inflation and taxation, 10 Project appraisal and risk, 11 Specific investment decisions
Exam Section: Section B
Question Name: Trecor Co
Questions type: MCQs
Time: No Time Limit

INSTRUCTIONS

  1. If you are using mobile, turn on the mobile rotation and solve the MCQs on wide screen for better experience.

REQUEST

  1. Please rate the quiz and give us feedback once you completed the quiz.
  2. Share with ACCA students on social media such as, Facebook Groups, Whatsapp, Telegram, etc.

1 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

Trecor Co plans to buy a machine costing $250,000 which will last for 4 years and then be sold for $5,000.

Net cash flows before tax are expected to be as follows.

T₁ T₂ T₃ T₄
Net cash flow $ 122,000 143,000 187,000 78,000

Depreciation is charged on a straight-line basis over the life of an asset.

REQUIREMENT

Which TWO of the following statements about the internal rate of return (IRR) are TRUE?

2 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

Trecor Co plans to buy a machine costing $250,000 which will last for 4 years and then be sold for $5,000.

Net cash flows before tax are expected to be as follows.

T₁ T₂ T₃ T₄
Net cash flow $ 122,000 143,000 187,000 78,000

Depreciation is charged on a straight-line basis over the life of an asset.

REQUIREMENT

What is the payback period for the machine? (to the nearest whole month)

3 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

Trecor Co plans to buy a machine costing $250,000 which will last for 4 years and then be sold for $5,000.

Net cash flows before tax are expected to be as follows.

T₁ T₂ T₃ T₄
Net cash flow $ 122,000 143,000 187,000 78,000

Depreciation is charged on a straight-line basis over the life of an asset.

REQUIREMENT

Trecor Co can claim tax-allowable depreciation on a 25% reducing balance It pays tax at an annual rate of 30% one year in arrears.

What amount of tax relief would be received by Trecor in time 4 of a net present value (NPV) calculation?

$_______

4 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

Trecor Co plans to buy a machine costing $250,000 which will last for 4 years and then be sold for $5,000.

Net cash flows before tax are expected to be as follows.

T₁ T₂ T₃ T₄
Net cash flow $ 122,000 143,000 187,000 78,000

Depreciation is charged on a straight-line basis over the life of an asset.

REQUIREMENT

Which of the following statement on return on capital employed (ROCE) is False?

5 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

Trecor Co plans to buy a machine costing $250,000 which will last for 4 years and then be sold for $5,000.

Net cash flows before tax are expected to be as follows.

T₁ T₂ T₃ T₄
Net cash flow $ 122,000 143,000 187,000 78,000

Depreciation is charged on a straight-line basis over the life of an asset.

REQUIREMENT

Calculate the before-tax return on capital employed (accounting rate of return) based on the average investment. (to the nearest whole percentage)

______%

Your score is

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QUESTION – BRT Co – (04/04)

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2

F9 (FM) - Part D - MCQs - BRT Co

Course: ACCA - Association of Chartered Certified Accountants
Subject: F9 (FM) - Financial Management
Syllabus Area: D - Investment appraisal
Chapter: 07 Investment decisions, 08 Investment appraisal using DCF methods, 09 Allowing for inflation and taxation, 10 Project appraisal and risk, 11 Specific investment decisions
Exam Section: Section B
Question Name: BRT Co
Questions type: MCQs
Time: No Time Limit

INSTRUCTIONS

  1. If you are using mobile, turn on the mobile rotation and solve the MCQs on wide screen for better experience.

REQUEST

  1. Please rate the quiz and give us feedback once you completed the quiz.
  2. Share with ACCA students on social media such as, Facebook Groups, Whatsapp, Telegram, etc.

1 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

BRT Co has developed a new confectionery line that can be sold for $5.00 per box and that is expected to have continuing popularity for many years. The finance director has proposed that investment in the new product should be evaluated over a four-year time-horizon, even though sales would continue after the fourth year, on the grounds that cash flows after four years are too uncertain to be included.

The variable cost (in current price terms) will depend on sales volume, as follows.

Sales volume (boxes) Less than 1 million 1–1.9 million 2–2.9 million 3–3.9 million
Variable cost ($ per box) 2.80 3.00 3.00 3.05

Forecast sales volumes are as follows.

Year 1 2 3 4
Demand (boxes) 0.7 million 1.6 million 2.1 million 3.0 million

Tax

Tax-allowable depreciation on a 25% reducing balance basis could be claimed on the cost of equipment. Profit tax of 30% per year will be payable one year in arrears. A balancing allowance would be claimed in the fourth year of operation.

Inflation

The average general level of inflation is expected to be 3% per year for the selling price and variable costs. BRT Co uses a nominal after-tax cost of capital of 12% to appraise new investment projects.

A trainee accountant at BRT Co has started a spreadsheet to calculate the net present value (NPV) of a proposed new project.

A B C D E F G
1 Year 0 1 2 3 4 5
2 $'000 $'000 $'000 $'000 $'000 $'000
3 Inflated sales
4 Inflated variable costs
5 Fixed costs (1,030) (1,910) (3,060) (4,277)
6 Net cash flow 556 1,485 1,530 2,308
7 Taxation
8 Tax benefits
9 Working capital (750) (23) (23) (24) 750
10 Investment (2,000)
11 Project cash flows
12 Discount factor 12% 1.000 0.893 0.797 0.712 0.636 0.567
13 Present value

REQUIREMENT

The trainee accountant at BRT Co has calculated the internal rate of return (IRR) for the project.

Are the following statements true or false?

  1. When cash flow patterns are conventional, the NPV and IRR methods will give the same accept or reject decision.
  2. The project is financially viable under IRR if it exceeds the cost of capital.

2 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

BRT Co has developed a new confectionery line that can be sold for $5.00 per box and that is expected to have continuing popularity for many years. The finance director has proposed that investment in the new product should be evaluated over a four-year time-horizon, even though sales would continue after the fourth year, on the grounds that cash flows after four years are too uncertain to be included.

The variable cost (in current price terms) will depend on sales volume, as follows.

Sales volume (boxes) Less than 1 million 1–1.9 million 2–2.9 million 3–3.9 million
Variable cost ($ per box) 2.80 3.00 3.00 3.05

Forecast sales volumes are as follows.

Year 1 2 3 4
Demand (boxes) 0.7 million 1.6 million 2.1 million 3.0 million

Tax

Tax-allowable depreciation on a 25% reducing balance basis could be claimed on the cost of equipment. Profit tax of 30% per year will be payable one year in arrears. A balancing allowance would be claimed in the fourth year of operation.

Inflation

The average general level of inflation is expected to be 3% per year for the selling price and variable costs. BRT Co uses a nominal after-tax cost of capital of 12% to appraise new investment projects.

A trainee accountant at BRT Co has started a spreadsheet to calculate the net present value (NPV) of a proposed new project.

A B C D E F G
1 Year 0 1 2 3 4 5
2 $'000 $'000 $'000 $'000 $'000 $'000
3 Inflated sales
4 Inflated variable costs
5 Fixed costs (1,030) (1,910) (3,060) (4,277)
6 Net cash flow 556 1,485 1,530 2,308
7 Taxation
8 Tax benefits
9 Working capital (750) (23) (23) (24) 750
10 Investment (2,000)
11 Project cash flows
12 Discount factor 12% 1.000 0.893 0.797 0.712 0.636 0.567
13 Present value

REQUIREMENT

Which of the following statements about the project appraisal is False?

3 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

BRT Co has developed a new confectionery line that can be sold for $5.00 per box and that is expected to have continuing popularity for many years. The finance director has proposed that investment in the new product should be evaluated over a four-year time-horizon, even though sales would continue after the fourth year, on the grounds that cash flows after four years are too uncertain to be included.

The variable cost (in current price terms) will depend on sales volume, as follows.

Sales volume (boxes) Less than 1 million 1–1.9 million 2–2.9 million 3–3.9 million
Variable cost ($ per box) 2.80 3.00 3.00 3.05

Forecast sales volumes are as follows.

Year 1 2 3 4
Demand (boxes) 0.7 million 1.6 million 2.1 million 3.0 million

Tax

Tax-allowable depreciation on a 25% reducing balance basis could be claimed on the cost of equipment. Profit tax of 30% per year will be payable one year in arrears. A balancing allowance would be claimed in the fourth year of operation.

Inflation

The average general level of inflation is expected to be 3% per year for the selling price and variable costs. BRT Co uses a nominal after-tax cost of capital of 12% to appraise new investment projects.

A trainee accountant at BRT Co has started a spreadsheet to calculate the net present value (NPV) of a proposed new project.

A B C D E F G
1 Year 0 1 2 3 4 5
2 $'000 $'000 $'000 $'000 $'000 $'000
3 Inflated sales
4 Inflated variable costs
5 Fixed costs (1,030) (1,910) (3,060) (4,277)
6 Net cash flow 556 1,485 1,530 2,308
7 Taxation
8 Tax benefits
9 Working capital (750) (23) (23) (24) 750
10 Investment (2,000)
11 Project cash flows
12 Discount factor 12% 1.000 0.893 0.797 0.712 0.636 0.567
13 Present value

REQUIREMENT

What are the tax benefits generated by the tax-allowable depreciation on the equipment in Year 4 (cell F8), to the nearest $'000

4 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

BRT Co has developed a new confectionery line that can be sold for $5.00 per box and that is expected to have continuing popularity for many years. The finance director has proposed that investment in the new product should be evaluated over a four-year time-horizon, even though sales would continue after the fourth year, on the grounds that cash flows after four years are too uncertain to be included.

The variable cost (in current price terms) will depend on sales volume, as follows.

Sales volume (boxes) Less than 1 million 1–1.9 million 2–2.9 million 3–3.9 million
Variable cost ($ per box) 2.80 3.00 3.00 3.05

Forecast sales volumes are as follows.

Year 1 2 3 4
Demand (boxes) 0.7 million 1.6 million 2.1 million 3.0 million

Tax

Tax-allowable depreciation on a 25% reducing balance basis could be claimed on the cost of equipment. Profit tax of 30% per year will be payable one year in arrears. A balancing allowance would be claimed in the fourth year of operation.

Inflation

The average general level of inflation is expected to be 3% per year for the selling price and variable costs. BRT Co uses a nominal after-tax cost of capital of 12% to appraise new investment projects.

A trainee accountant at BRT Co has started a spreadsheet to calculate the net present value (NPV) of a proposed new project.

A B C D E F G
1 Year 0 1 2 3 4 5
2 $'000 $'000 $'000 $'000 $'000 $'000
3 Inflated sales
4 Inflated variable costs
5 Fixed costs (1,030) (1,910) (3,060) (4,277)
6 Net cash flow 556 1,485 1,530 2,308
7 Taxation
8 Tax benefits
9 Working capital (750) (23) (23) (24) 750
10 Investment (2,000)
11 Project cash flows
12 Discount factor 12% 1.000 0.893 0.797 0.712 0.636 0.567
13 Present value

REQUIREMENT

What are the variable costs for Year 3 (cell E4 in the spreadsheet), to the nearest $'000?

5 / 5

The following scenario relates to questions 1–5.

CASE SCENARIO

BRT Co has developed a new confectionery line that can be sold for $5.00 per box and that is expected to have continuing popularity for many years. The finance director has proposed that investment in the new product should be evaluated over a four-year time-horizon, even though sales would continue after the fourth year, on the grounds that cash flows after four years are too uncertain to be included.

The variable cost (in current price terms) will depend on sales volume, as follows.

Sales volume (boxes) Less than 1 million 1–1.9 million 2–2.9 million 3–3.9 million
Variable cost ($ per box) 2.80 3.00 3.00 3.05

Forecast sales volumes are as follows.

Year 1 2 3 4
Demand (boxes) 0.7 million 1.6 million 2.1 million 3.0 million

Tax

Tax-allowable depreciation on a 25% reducing balance basis could be claimed on the cost of equipment. Profit tax of 30% per year will be payable one year in arrears. A balancing allowance would be claimed in the fourth year of operation.

Inflation

The average general level of inflation is expected to be 3% per year for the selling price and variable costs. BRT Co uses a nominal after-tax cost of capital of 12% to appraise new investment projects.

A trainee accountant at BRT Co has started a spreadsheet to calculate the net present value (NPV) of a proposed new project.

A B C D E F G
1 Year 0 1 2 3 4 5
2 $'000 $'000 $'000 $'000 $'000 $'000
3 Inflated sales
4 Inflated variable costs
5 Fixed costs (1,030) (1,910) (3,060) (4,277)
6 Net cash flow 556 1,485 1,530 2,308
7 Taxation
8 Tax benefits
9 Working capital (750) (23) (23) (24) 750
10 Investment (2,000)
11 Project cash flows
12 Discount factor 12% 1.000 0.893 0.797 0.712 0.636 0.567
13 Present value

REQUIREMENT

What is the sales figure for Year 2 (cell D3 in the spreadsheet), to the nearest $'000?

Your score is

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