正保會計網校ACCA真金題，如有疑問可以到所報課程的答疑板與專家進行交流，24小時之內即可得到滿意答復。歡迎大家積極參與！

The following scenario relates to questions 16 to 20.

Herd Co is based in a country whose currency is the dollar ($). The company expects to receive 1,500,000 in six months’ time from Find Co, a foreign customer. The finance director of Herd Co is concerned that the euro ( ) may depreciate against the dollar before the foreign customer makes payment and she is looking at hedging the receipt.

Herd Co has in issue loan notes with a total nominal value of $4 million which can be redeemed in 10 years’ time. The interest paid on the loan notes is at a variable rate linked to LIBOR. The finance director of Herd Co believes that interest rates may increase in the near future.

The spot exchange rate is 1·543 per $1. The domestic short-term interest rate is 2% per year, while the foreign  short-term interest rate is 5% per year.

16 What is the six-month forward exchange rate predicted by interest rate parity?

A 1·499 per $1

B 1·520 per $1

C 1·566 per $1

D 1·588 per $1

17 As regards the euro receipt, what is the primary nature of the risk faced by Herd Co?

A Transaction risk

B Economic risk

C Translation risk

D Business risk

18 Which of the following hedging methods will NOT be suitable for hedging the euro receipt?

A Forward exchange contract

B Money market hedge

C Currency futures

D Currency swap

19 Which of the following statements support the finance director’s belief that the euro will depreciate against thedollar?

(1) The dollar inflation rate is greater than the euro inflation rate

(2) The dollar nominal interest rate is less than the euro nominal interest rate

A 1 only

B 2 only

C Both 1 and 2

D Neither 1 nor 2

20 As regards the interest rate risk faced by Herd Co, which of the following statements is correct?

A In exchange for a premium, Herd Co could hedge its interest rate risk by buying interest rate options

B Buying a floor will give Herd Co a hedge against interest rate increases

C Herd Co can hedge its interest rate risk by buying interest rate futures now in order to sell them at a future date

D Taking out a variable rate overdraft will allow Herd Co to hedge the interest rate risk through matching

前往ACCA學習專區下載歷年試題及答案解析>>

為了幫助備考ACCA考試的小伙伴們高效學習，正保會計網校為大家提供諸多班次以及專業師資，幫助大家盡早拿下ACCA：

點擊查看2021年ACCA新課，早買更優惠>>