ACCA考前指导：F9(FINANCIAL MANAGEMENT)备考攻略

2015年ACCA考试《F9财务管理》辅导资料（6）本文由高顿ACCA整理发布，转载请注明出处The equivalent annual cost (EAC) approachThis approach computes the present value of costs for each project over a cycle and then expresses the present value in an annual equivalent cost using the appropriate annuity factors for each cycle. The annual equivalent of NPVs of the two or more projects can then be compared. Having calculated the EAC for each cycle and each project，then compare the EACs. The project that has the lowest EAC over the cycles is the better one if lowest outlay is the objective or the higher EAC would be preferred if the highest revenue were the objective.Infinite re-investment approachThis approach is appropriate when projects of unequal lives and unequal risks are being considered. The first step to take will be to establish the net present value of the projects in the normal way and then calculate the net present value of projects to infinity using the formula：NPV ? = NPV of project/PV of annuity for the life of project at discount rateDiscount rate for the projectThe project，which has the highest NPV to infinity，is the one to recommendProject appraisal under inflationInflation is a state of affairs under which prices are constantly rising. When this happens the purchasing power of money depreciates. The currency will buy fewer goods and services than previously and consequently the real returns on investments will fall. Investors understandably，will expect to be compensated for the fall in the value of money during inflation. When appraising investment opportunities the appraiser requires an understanding of three discount rates. These are Money Rates，Real Rates and Inflation Rates. Money rate (also known as Nominal rate) is a combination of the real rate and inflation rate and should be used to discount money cash flows. If on the other hand youwere given real cash flows these must be discounted using the real discount rates. In order to be able to use either of these two rates，you need to know how to calculate both of them. They can be calculated from the following formula，devised by Fisher1 + m =(1 + r) x (1 + i)Where：m = money rater = real ratei = inflation rateFrom the above formula it is possible to calculate m，r and i if you were given information about two of the three variables. For example if you were told that the money rate was 20% and real rate was 12% the inflation rate will be calculated as follows：i =1 + m ? 11 + ri =1 + 0.20? 11 + 0.12i =1.0714?= 7.14%Equally m and r could be calculated as follows.m =(1.12 x 1.0714) ? 1(1.19999) ? 120%r =1.20? 11.071412%When the appropriate discount rate has been established the present value factors of this rate at different time periods can be obtained from the present value table or the present value factors calculated using the following formula：11111(1+r)(1+r)2(1+r)3(1+r)4(1+r)5?etcWhere r = discount rate.Present value tables are only available for whole numbers，so if your r is not a whole number you will have to use the formula to calculate the required present value factors. Let us calculate for example the present value factors of 7.14% for years 1 to 5.11111(1.0714)(1.0714) 2(1.0714) 3(1.0714) 4(1.0714)5?etc0.9330.8710.8130.7590.708Having either obtained or calculated the present value factors for the relevant discount rates，these are then used to discount the future cash flows to give the net present values of the projects. It is important to understand when to use which rate. If the question gives you money cash flows，then use the money rate; if the question gives real cash flow it follows then that the real rate must be used. To confuse one with the other would give the wrong answer.更多ACCA资讯请关注高顿ACCA官网：X。

搞定ACCAF9 做题是唯一出路鉴于12 月的ACCA 考试刚于上周结束，不知道各位学员都发挥的如何，应届毕业生网小编在各大社交媒体上转了一圈，发现还是有不少吐槽和泪目的。

大部分学员仍然要勒紧裤腰带继续和明年的ACCA 斗智斗勇，为了帮助大家更好地应战，贴心的小编为大家整理了学员总结的F9 考试经验。

F9 的题型一般是计算题、分析题或两者的结合。

但无论是采用何种形式，最大的特点都是与实际联系紧密，这也是ACCA 出题的一大特点。

题目不会要求考生空泛地解释什么是ROCE，或阐述如何编制现金预算，而是让考生计算财务指标来评价GS 的盈利能力、偿债能力，或是让考生编制一份某企业的现金预算，因此，单纯的背书，记真题的答案是没有用的，要理解基本概念并学会灵活运用。

F9 是我参加ACCA 考试的第一科，同时准备的还有F7。

我从三月份着手复习，每天花三到四个小时看书，第一遍看六、七百页的全英文教材，花了大约一个月，但是感觉印象不深。

通读一遍教材之后，四月份开始做教材配套的练习题(BPP 教材)，其中大部分是历年真题，还有BPP 根据真题题型出的模拟题。

这些题基本涵盖了F9 考试中的全部重点。

第一遍做题，完全没有思路，几乎是读完题之后直接看答案，但在看答案时要多花些时间思考解答思路、答题的切入点以及词语的运用。

因为这是我第一次参加ACCA 考试，还不适应全部用英文作答，模仿标准答案的写作和用词能够使我在考试中更准确地表达自己的想法。

离考试还有不到一个月的时候，我开始在题库做第二遍真题，这一遍大概花了20 天的时间。

读完每道题之后，我都会先尝试写出答案的要点，再与答案对照，并重点看答案中我没有想到的要点。

ACCA 的。

ACCA考经分享 F9P1P2P3考试一次过，我是如何做到
的？
作者简介
张谱元，Estelle，重庆大学三年级学生，ACCA专业。

爱读书，爱旅行，爱自由，对新鲜事物充满热情。

前言
18号查ACCA成绩，很幸运和基友一起都一次性通过了四门。

F9P1P2的成绩没有我之前估计得那么理想，P3就全部听天由命了，这次能踩线通过纯属侥幸。

鉴于我的分数都不大高，我也给不出什么指导性建议，我就讲讲自己的备考过程，希望能有所帮助。

原计划是这次报考F9P1P2三门，然而在一个夜黑风高的晚上，我的好基友劝我跟她一起再多报考一门，美其名曰“有问题可以一起讨论”。

我起初是不大同意，我觉得多考一门P2已经很悬了，而她是在听了ACCA P2的网课之后觉得可以hold住，所以拉我入坑。

她劝我的理由如下：1. 早早考完省下时间可以去实习；2.报的科目少的话还是会花时间看各种剧和综艺，不如把自己逼得紧一点把这些时间利用起来；3.对于ACCA学生来说大学没一次考过四门其实是一大憾事。

前两个理由我并不苟同，对于最后一个，虽然我在心里吐槽竟然有这种憾事真是奇葩啊，但还是觉得既然其他那些我永远无法完成的“憾事”注定是憾事，不如尝试一下这一个。

ACCA时间安排
原计划是F9P1跟着老师，P2P3听网课。

暑假快结束的时候听了一些P2&3 9月份的网课，在开学前把P2基础课听完了，可能在家效率不高没有紧迫感加上我不大适合L老师最初那种把准则糅合到合并真题里来讲的方式，所以并没有学到什么。

ACCA F9 FM Financial Management (FM)记大合集今天将之前发过的 F9笔记稍微整理了一下合成一篇推送，并且修改了一些错漏和格式问题。

Part A Financial Management and Financial ObjectivesI.Three key decisions 财务管理的三大决策1) InvestmentCapital assets ( 考虑 return&risk)Working capital (balance the risk of insolvency against the cost of funding)2) Finance (需 要融 资多少totally funding required ,从哪 儿融资 internally vs. externally ,用债还是权益 debt vs. equity ,长短期 long term vs. short term)(eg. Restriction on the company s level of gearing, profit retention, a target for operating全套笔3 ) Dividend decision (发不发profitability, cash flow, growth,expectation )2.Corporate objectives --Financial objectives1)Shareholder wealth maximization 2)Maximizing profitshareholder wealth maximization面：long term vs. short term issues, not equal to cash3)Earnings per share growth 4)Other financial objectives?发多少？何形式？影响因素：legal restriction, shareholder(最基本，首要)和 Maximizing profit 不同的方quality of earnings, profit doesprofitability)--Non-financial objectives*market share increase is a non-financial object3.Stakeholders 利益相关者--Agency theory--agency problemThe divorce of ownership and control--Conflict of interest1.Takeovers 并购2.Time horizon3.Risk4.Reward解决方法：1)Managerial reward schemesPerformance related payRewarding managers with sharesExecutive share option plans(ESOPS)--ESOPS优缺点--Advantages :Goal congruenceImprove staff motivation and retention 保留and thus lower expensive staff turnover costs --Disadvantages:不——定能仓造extra share value可能不是有主要影响的因素2)Regulatory requirementsCorporate governance (内治)(目标和规则？)Stock exchange listing regulations (外治)4.Not for profit organizationValue for money1.Economy given output, input 最小化2.Efficiency given input, output 最大化3.Effectiveness goals are achievedPart B Financial Management Environment 「Economic policy--The principle objectives1)Full employment2)Price stability3)Economic growth/living standard4)Balance of payments (exports and imports)--Economic policies1)MonetaryRate of interestMoney supply2)FiscalGovernment spendingTaxation3)Exchange rate4)External tradeFair Trading ActThe Competition Commission25% or more of market share3.Green policy--AdvantagesCustomersPublic/local communities Investments funds4 .Financial market and institutions --Financial intermediaries--Financial markets classifications 1)Capital markets and money markets(interest bearing instrument, discount instruments andderivatives衍生产品)2)Exchange markets and over the counter markets3)Primary and secondary marketsPart C Working Cap4tjil Ma nKpnwnrt 计为思常分1 .EvdluAte wMth&f th* prap&cal ts factor “川电・共电前^61^ it financially 5号tK 口『。