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P R A C T I C PAPER F9 E FINANCIAL MANAGEMENT & R E V In this January 2010 edition I x We discuss the best strategies for revising and taking your ACCA exams x We show you how to be wwell prepared for your exam S x We give you lots of great guidance on tackling questions I x We show you how you can build your own exams x We provide you with three mock exams including the DDecember 2009 exam O ThiNganHang.comx We provide the AACCA examiner's answers as well as our own to the June and December N 2009 exams as an additional revision aid Our i-Pass product also supports this paper. K I T FOR EXAMS IN 2010 ThiNganHang.com
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First edition 2007 Fourth edition January 2010 ISBN 9780 7517 8057 4 (previous ISBN 9780 7517 6664 6) British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library All our rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, Published by photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd. BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past www.bpp.com/learningmedia examination questions. The answers to past examination questions have been prepared by BPP Learning Media Ltd. Printed in the United Kingdom ThiNganHang.com Your learning materials, published by BPP Learning © Media Ltd, are printed on paper sourced from BPP Learning Media Ltd sustainable, managed forests. 2010 ii ThiNganHang.com
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Contents Page Finding questions Question index ................................................................................................................................................................. iv Topic index ..................................................................................................................................................................... vii Using your BPP Learning Media Practice and Revision Kit........................................viii Revising F9 General exam support from BPP Learning Media............................................................................................................. ix Topics to revise................................................................................................................................................................ ix Question practice ............................................................................................................................................................. ix Passing the F9 exam ........................................................................................................................................................ ix Exam formulae ................................................................................................................................................................. xi Formulae to learn ............................................................................................................................................................ xii Exam information ........................................................................................................................................................... xiv Useful websites ............................................................................................................................................................. xvii Planning your question practice BPP Learning Media's question plan ........................................................................................................................... xviii Build your own exams................................................................................................................................................... xxii Questions and answers Questions..........................................................................................................................................................................3 Answers ..........................................................................................................................................................................57 Exam practice Mock exam 1 x Questions ............................................................................................................................................................227 x Plan of attack .......................................................................................................................................................233 x Answers...............................................................................................................................................................234 Mock exam 2 x Questions ............................................................................................................................................................247 x Plan of attack .......................................................................................................................................................253 x Answers...............................................................................................................................................................254 Mock exam 3 (December 2009) x Questions ............................................................................................................................................................269 x Plan of attack .......................................................................................................................................................275 xACCA examiner's answersxx Answers...............................................................................................................................................................276June 2009............................................................................................................................................................291December 2009 ...................................................................................................................................................301ThiNganHang.com Mathematical tables..........................................................................................................................................311 Review form & free prize draw iii ThiNganHang.com
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Question index The headings in this checklist/index indicate the main topics of questions, but questions often cover several different topics. Questions set under the old syllabus Financial Management and Control (FMC) are included because their style and content are similar to those that appear in the Paper F9 exam. Time Page number allocation Marks Mins Question Answer Part A: Financial management function 1 ABC Co 25 45 3 57 2 RZP Co (FMC, 6/05) 25 45 4 58 Part B: Financial management environment 3 Tagna (FMC, 6/03, amended) 25 45 5 61 4 Phoenix 25 45 6 63 Part C: Working capital management 5 East Meets West Co 25 45 8 66 6 JIT and EOQ 25 45 8 68 7 TNG Co (FMC, 6/05) 25 45 9 70 8 PNP Co (FMC, 6/07) 25 45 10 72 9 Thorne Co (FMC, 12/05) 25 45 10 74 10 Velm Co (FMC, 6/03) 25 45 11 77 11 PCB Co 25 45 12 80 12 Special Gift Suppliers (FMC, 12/01) 25 45 13 82 13 Ulnad Co (Pilot paper) 25 45 14 84 14 PKA Co (12/07) 25 45 15 87 15 FLG Co (6/08) 25 45 16 90 16 HGR Co (6/09) 25 45 17 93 Part D: Investment appraisal 17 Preparation question: Investment appraisal n/a n/a 18 97 18 Chromex Co 25 45 18 98 19 Preparation question: NPV with inflation and tax20 Charm Co (FMC, 6/06)21 Trecor Co (Pilot paper)ThiNganHang.comn/a2525 n/a4545 192020 100101103 22 Preparation question: Sensitivity analysis n/a n/a 21 105 23 Umunat Co (FMC, 12/04) 25 45 21 106 24 Duo Co (12/07) 25 45 22 109 25 SC Co (6/08) 25 45 22 112 26 Rupab Co (12/08) 25 45 23 115 27 PV Co (6/09) 25 45 24 118 28 AGD Co (FMC, 12/05) 25 45 24 121 29 Leaminger Co (FMC, 12/02) 25 45 25 124 30 Preparation question: Bread Products Co n/a n/a 26 126 iv Finding questions ThiNganHang.com
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Time Page number allocation Marks Mins Question Answer 31 Filtrex Co 25 45 26 129 32 Basril Co (FMC, 12/03) 25 45 27 131 Part E: Business finance 33 Tirwen Co (FMC, 12/04) 25 45 28 134 34 PG 25 45 29 136 35 Newsam Co 25 45 29 138 36 Arwin (FMC, 6/04) 25 45 31 141 37 Food retailers 25 45 32 143 38 CF Co 25 45 32 145 39 TFR Co (FMC, 6/07) 25 45 33 149 40 Echo Co (12/07) 25 45 34 152 41 JJG Co (6/09) 25 45 35 155 Part F: Cost of capital 42 XYZ Co 25 45 36 158 43 D Co 25 45 37 161 44 IML Co 25 45 37 164 45 KJI 25 45 38 166 46 WEB Co 25 45 39 168 47 CAP Co 25 45 40 170 48 FAQ 25 45 40 174 49 Droxfol Co (Pilot paper) 25 45 41 176 50 Burse Co (6/08) 25 45 42 179 Part G: Business valuations 51 MC 25 45 43 182 52 BST 25 45 44 185 53 Phobis Co (12/07) 25 45 44 188 54 THP Co (6/08) 25 45 45 192 55 Dartig Co (12/08) 25 45 46 195 56 KFP Co (6/09) 25 45 47 198 Part H: Risk management57 Marton CoThiNganHang.com25 45 48 201 58 SDT 25 45 49 204 59 BS 25 45 50 207 60 Nedwen Co (Pilot paper) 25 45 51 209 61 Boluje Co (12/08) 25 45 52 211 62 Preparation question: Interest rates n/a n/a 52 214 63 Preparation question: QW n/a n/a 53 216 64 Gorwa Co (12/08) 25 45 54 218 Finding questions v ThiNganHang.com
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Mock exam 1 Questions 65 to 68 Mock exam 2 Questions 69 to 72 Mock exam 3 (December 2009) Questions 73 to 76 Planning your question practice Our guidance from page xviii shows you how to organise your question practice, either by attempting questions from each syllabus area or by building your own exams – tackling questions as a series of practice exams. ACCA examiner’s answers The ACCA examiner’s answers to questions marked ‘Pilot paper’, ‘12/07’, ‘6/08’ or ‘12/08’ can be found on the BPP website at the following link: www.bpp.com/acca/examiner-solutions Additional question guidance Additional guidance to certain questions can be found on the BPP website at the following link: www.bpp.com/acca/extra-question-guidance Using your BPP Learning Media products This Kit gives you the question practice and guidance you need in the exam. Our other products can also help you pass: x Learning to Learn Accountancy gives further valuable advice on revision x Passcards provide you with clear topic summaries and exam tips x Success CDs help you revise on the move x i-Pass CDs offer tests of knowledge against the clock You can purchase these products by visiting www.bpp.com/mybpp. You can view demonstrations of i-Learn and i-Pass products by visiting www.bpp.com/ACCA/study materials. Scroll down the page until you find the sections for i-Learn and i-Pass and click on the appropriate 'View demo'ThiNganHang.com button. vi Finding questions ThiNganHang.com
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Topic index Listed below are the key Paper F9 syllabus topics and the numbers of the questions in this Kit covering those topics. If you need to concentrate your practice and revision on certain topics or if you want to attempt all available questions that refer to a particular subject, you will find this index useful. Syllabus topic Question numbers Asset replacement decisions 30 Betas 44, 45, 46 Business valuation 51, 52, 53, 54, 55, 56, 61 Capital rationing 29, 31, 32 CAPM 26, 43, 44, 47, 48, 42 Cash management 9, 11, 13, 16, 38 Cash operating cycle 5, 8, 15 Competition policy 3, 18 Convertible loan notes 34, 35, 46, 53 Cost of capital 42, 43, 46, 50, 56 Corporate governance 1 Dividend policy 37, 40 EOQ 6, 7, 14, 15 Exchange rate risk 8, 14, 57, 58, 59, 60, 61 Financial intermediaries 4 Gearing 35, 36, 43, 49, 56 Inflation 5, 19, 60 Interest rate risk 62, 63 Interest rates 3, 62, 64 Inventory management 6, 7, 14 Investment appraisal 17, 18, 19, 20, 21, 22, 23, 26, 27 IRR 17, 20, 21, 24, 25, 27 Leasing 28, 40 Managerial reward schemes 2, 55 NPV 17, 19-32 Objectives 1, 14, 41 Overtrading 11, 64 Payback 17, 18, 23, 27 Pecking order 48, 56, 61 Project-specific discount rate 48 Ratio analysis 1, 2, 4, 15, 18, 33, 34, 35, 36, 37, 41, 45, 49 Receivables management 8, 10, 12, 14, 15,16, 57, 64 Rights issue 33, 34, 40, 41, 54, 55 Risk and uncertainty 24 Risk/return trade-off 4 Sensitivity analysis 22, 23 Shareholder wealth maximisation 1, 3, 25, 41 SME'sSources of financeStock market efficiencyTotal shareholder returnThiNganHang.com44, 53, 5438, 391, 234, 35, 36, 37, 38, 39, 40, 41, 42, 43, 46, 54, 61 Value for money 3 Venture capital 38 WACC 26, 42, 43, 45, 46, 47, 48, 49, 50, 56 Working capital financing 5, 9, 10, 11, 12, 13, 15, 16, 29 Working capital management 5- 16 Finding questions vii ThiNganHang.com
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Using your BPP Learning Media Practice and Revision Kit Tackling revision and the exam You can significantly improve your chances of passing by tackling revision and the exam in the right ways. Our advice is based on feedback from ACCA examiners. x We look at the dos and don’ts of revising for, and taking, ACCA exams x We focus on Paper F9; we discuss revising the syllabus, what to do (and what not to do) in the exam, how to approach different types of question and ways of obtaining easy marks Selecting questions We provide signposts to help you plan your revision. x A full question index x A topic index listing all the questions that cover key topics, so that you can locate the questions that provide practice on these topics, and see the different ways in which they might be examined x BPP's question plan highlighting the most important questions and explaining why you should attempt them x Build your own exams, showing how you can practise questions in a series of exams Making the most of question practice At BPP Learning Media we realise that you need more than just questions and model answers to get the most from your question practice. x Our Top tips included for certain questions provide essential advice on tackling questions, presenting answers and the key points that answers need to include x We show you how you can pick up Easy marks on some questions, as we know that picking up all readily available marks often can make the difference between passing and failing x We include marking guides to show you what the examiner rewards x We include examiners’ comments to show you where students struggled or performed well in the actual exam x We refer to the 2009 BPP Study Text (for exams in December 2009 and June 2010) for detailed coverage of the topics covered in questions x In a bank at the end of this Kit we include the examiner's answers to the June and December 2009 papers. Used in conjunction with our answers they provide an indication of all possible points that could be made, issues that could be covered and approaches to adopt. Attempting mock examsThere are three mock exams that provide practice at coping with the pressures of the exam day. We stronglyThiNganHang.com recommend that you attempt them under exam conditions. Mock exams 1 and 2 reflect the question styles and syllabus coverage of the exam; Mock exam 3 is the December 2009 paper. viii Using your BPP Learning Media Practice and Revision Kit ThiNganHang.com
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Revising F9 General exam support from BPP Learning Media BPP Learning Media is committed to giving you the best possible support in your quest for exam success. With this in mind, we have produced guidance on how to revise and techniques you can apply to improve your chances of passing the exam. This guidance can be found on the BPP Learning Media web site at the following link: www.bpp.com/acca/examtips/Revising-for-ACCA-exams.doc A paper copy of this guidance is available by emailing learningmedia@bpp.com As well as written guidance, an excellent presentation entitled ‘Exam technique – advice from the experts at BPP Learning Media’ is available at the following link: www.bpp.com/learningmedia/acca/accaexamskils/player.html Topics to revise The exam consists of four questions, all of which are compulsory. No one section in the syllabus is more important than another so there are no short-cuts. You will have to be able to answer questions on the entire syllabus. Question practice You need to practise exam standard and exam style questions on a regular basis. As you get closer to the exam, try to do complete questions in 45 minutes so that you are able to work at an appropriate speed. Make sure you practise written sections as well as the calculations. Passing the F9 exam Displaying the right qualities The aim of Paper F9 is to develop the knowledge and skills expected of a finance manager in relation to investment, financing and dividend decisions. You need to be able to communicate your understanding clearly in an exam context. Calculations and discussions are equally important so do not concentrate on the numbers and ignore the written parts. You need to be able to: x Discuss the role and purpose of the financial management function x Assess and discuss the impact of the economic environment on financial management x Discuss and apply working capital management techniques xxxx ThiNganHang.comIdentify and evaluate alternative sources of business financeCarry out effective investment appraisalExplain and calculate cost of capital and the factors that affect itExplain and apply risk management techniques in business Avoiding weaknesses Do not avoid any syllabus areas, they are all equally examinable. Make sure you can discuss techniques as well as apply them, you will not pass this exam with calculations alone. Plan your answers to ensure you do not run out of time and miss out on easy marks. Revisung F9 ix ThiNganHang.com
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Using the reading time You will have 15 minutes reading time for Paper F9. Here are some helpful tips on how best to utilise this time. x Speed read through the question paper, jotting down any ideas that come to you about any of the questions. x Decide the order which you're likely to tackle the questions (probably easiest questions first, most difficult questions last). x Spend the remainder of the reading time reading the question(s) you will do first in detail, jotting down proformas and plans (any proformas or plans written on the question paper should be reproduced in the answer booklet). x When you can start writing, get straight on with the question(s) you have planned in detail. If you have looked at all the questions during the reading time, this should hopefully mean that you will find it easier to answer the more difficult questions when you come to them, as you will have been generating ideas and remembering facts while answering the easier questions. Choosing which questions to answer first You can use the planning time in the exam to choose the order in which to attempt the questions. You may prefer to attempt the questions that you are more confident about first. However, make sure you watch the time carefully and do not spend too long on any one question. Alternatively, you could answer the questions in strict order. This will force you to spend an equal time on each question but make sure you leave plenty of space if you decide to move on and finish a question later. Tackling questions Write a short plan for each question containing bullet points per mark and use it to write your answer when the writing time begins. If you get stuck, make an assumption, write it down and move on. Make sure your answers are focused and specific to the organisation in the question. Show clear workings for your calculations and write full sentences in your explanations. Never overrun on any question and once the 45 minutes is up, move on to the next. Gaining the easy marks Easy marks in this paper tend to fall into two categories. Calculations The calculations within a question will get progressively harder and easy marks will be available in the easy stages. Set our your calculations clearly and show all your workings in a clear format. Use a proforma, for example in complex NPV questions and slot the simpler figures into the proforma straight away before you concentrate on the figures that need a lot of adjustment.ThiNganHang.com Discussions Discussions that are focused on the specific organisation in the question will gain more marks than regurgitation of knowledge. Read the question carefully and more than once, to ensure you are actually answering the specific requirements. Pick out key words such as 'describe', 'evaluate' and 'discuss'. These all mean something specific: 'Describe' means to communicate the key features of; 'Evaluate' means to assess the value of; 'Discuss' means to examine in detail by argument. Clearly label the points you make in discussions so that the marker can identify them all rather than getting lost in the detail. Provide answers in the form requested, particularly using report format if asked for and giving recommendations if required. x Revising F9 ThiNganHang.com
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Exam formulae Set out below are the formulae which you will be given in the exam, and formulae which you should learn. If you are not sure what the symbols mean, or how the formulae are used, you should refer to the appropriate chapter in this Study Text Exam formulae Chapter in Study Text Economic Order Quantity 5 2C D0 = CH Miller-Orr Model 6 Return point = Lower limit + (1/3 u spread) 1 ª 3 º3 « u transaction costuvariance of cash flows» Spread = 3 4 « interest rate » « » ¬ ¼ The Capital Asset Pricing Model 15 E(r) = R + ß (E (r ) – R) i f i m f The Asset Beta Formula 16 ª Ve º ª V (1d T) º ß = « Ee » + « Ed» a (V V (1T)) (V V (1T)) ¬ e d ¼ ¬ e d ¼ The Growth Model 17 D (10 g) D (10 g) P = or P = 0 (K g) 0 (r g) e e Gordon’s Growth Approximation 17 g = bre The weighted average cost of capital 15 ª Ve º ª Vd º WACC = « » k + « » k (1–T) V V e V V d ¬ e d ¼ ¬ e d ¼ The Fisher formula 19 (1 + i) = (1 + r)(1 + h) SPurchasing Power Parity and Interest Rate Parity1 = S0ThiNganHang.comu (1(1h )h )c 19 b (1i )c F = S u 19 0 0 (1i ) b Revisung F9 xi ThiNganHang.com
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Formulae to learn Profitability ratios include: Profit from operations ROCE = % Capital employed Profit from operations Revenue ROCE = u Revenue Capital employed Profit margin u Asset turnover Debt ratios include: Book value of debt Gearing = Book value of equity Profit from operations Interest coverage = Interest Liquidity ratios include: Current ratio = Current assets : Current liabilities Acid Test ratio = Current assets : Current liabilities (less inventory) Shareholder investor ratios include: Dividend yield = Dividendper share × 100 Market price per share Earnings per share = Profits distributable to ordinary shareholders Number of ordinary shares issued Market price per share Price-earnings ratio = EPS Receivables Av. collection period u 365 days (credit)sales Inventory days Finishedgoods (a) Finished goods: u 365 days Cost of sales WIP (b) WIP: u 365 days Cost ofproduction Rawmaterial (c) ThiNganHang.comRaw material: u 365 days Rawmaterialpurchases Payables Av. payables period u 365 days (credit)purchases NPV IRR = a + a (b – a) NPV -NPV a b NPV of costs Equivalent annual cost = Annuity factor for thelifeof theproject xii Revising F9 ThiNganHang.com
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D1 Cost of equity = K g e P 0 i(1 T) Cost of debt = K = d P 0 Preference Dividend d Cost of preference shares = K = = pref Market Value P (ex div) 0 NPV of cashinflows Profitability index = Cashoutflow ThiNganHang.com Revisung F9 xiii ThiNganHang.com
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Exam information The exam is a three-hour paper containing four compulsory 25 mark questions. There will be a mixture of calculations and discussion and the examiner's aim is to cover as much of the syllabus as possible. Additional information The Study Guide provides more detailed guidance on the syllabus. December 2009 1 Lease or buy; NPV; investment decisions 2 Cost of debt; CAPM; WACC; dividend growth model; dividend policy 3 Ex rights price; EPS; transaction and translation risk; exchange rate hedging 4 Role financial intermediaries; forecast financial statements; working capital policy and management This paper is Mock Exam 3 this Kit June 2009 Questions in this Kit 1 Weighted average cost of capital; business valuation; capital structure and the 56 WACC 2 Capital investment decision making process: investment appraisal 27 3 Working capital financing strategy; forecast cash flow; foreign receivables 16 management 4 Financial performance analysis; rights issue; sources of finance 41 Examiner's comments. This examination paper covered many syllabus areas and candidates who had omitted some parts of the syllabus from their study may have found it difficult as a consequence. December 2008 ThiNganHang.comQuestions in this Kit 1 Rights issues; business valuation; agency problem 55 2 Interest rate risk; overtrading; factoring 64 3 WACC; investment appraisal; CAPM 26 4 Debt finance; debt valuation; exchange rate risk 61 Examiner's comments. The examination paper was seen to have a good balance between calculation and discussion, as well as a good coverage of the syllabus. Unsuccessful candidates may have prepared poorly for the examination. This examination paper covered many areas of the syllabus and tended to be difficult for candidates who had omitted some sections of the syllabus from their study. Most answers were reasonably well presented, with very few scripts being drawn to the examiner’s attention as difficult to read or difficult to follow. xiv Revising F9 ThiNganHang.com
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June 2008 Questions in this Kit 1 Weighted average cost of capital: Calculation; discussion; comparison of 50 CAPM with divided growth model 2 Business valuation: Dividend growth model calculation; rights issue pricing; 54 P/E ratio method; EMH; debt v equity finance 3 Working capital: Discussion of level of investment; accounts receivable 15 management; calculation using ratios; EOQ 4 Investment appraisal: Calculations of NPV and IRR; discussion of acceptability 25 and limitations; shareholder wealth maximisation Examiner's comments. Where candidates did not reach a pass standard, the main reason was a lack of preparation or a lack of understanding. Students should remember that all parts of the syllabus are examinable and producing answers with very little discussion is unwise. It is good exam practice to present answers clearly as this helps the marker. December 2007 Questions in this Kit 1 Business valuation; convertible bond valuation; efficient market hypothesis 53 2 Investment appraisal: Calculations of NPV and IRR; risk and uncertainty 24 3 Sources of finance: Dividend policy; debt finance; rights issue; operating lease 40 4 Working capital management: Objectives; EOQ; accounts receivable; hedging 14 payables Examiner's comments. There was little evidence of any time pressure and some candidates scored very high marks. Failure to pass the exam appeared generally to be associated with a lack of preparation and revision, with some candidates producing very short answers, or answers with some calculations but with very little discussion. It was good to see many candidates providing clearly labelled workings and well laid-out calculations in their answers. Pilot paper Questions in this Kit 1 Weighted average cost of capital: Calculation; discussion; ratio analysis 49 23 ThiNganHang.comForeign currency: Risk; forecasts; forward market; money market hedge;Working capital: Evaluation of credit policy; Miller-Orr; accounts receivablefutures contractmanagement; funding policy 6013 4 Investment appraisal: Calculations of NPV and ROCE; strengths and 21 weaknesses of IRR Revisung F9 xv ThiNganHang.com
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Analysis of past papers The table below provides details of when each element of the syllabus has been examined and the question number and section in which each element appeared Covered Dec June Dec June Dec Pilot in Text 2009 2009 2008 2008 2007 Paper chapter FINANCIAL MANAGEMENT FUNCTION 1 Nature & purpose 1 Objectives 3a,b 4a 1 Stakeholders 1e FINANCIAL MANAGEMENT ENVIRONMENT 2 Economic environment 3 Financial markets and institutions 4a WORKING CAPITAL MANAGEMENT 4, 5 Management 4b,d 3c 2b,c 3a,b, 4a,b,c 3a,b,c c,d 6 Funding strategies 4c 3a,b 3d INVESTMENT APPRAISAL 7 Non-discounted cash flow techniques 2a,b 4b 8, 9 Discounted cash flow techniques 1a, b 2b,c 3b 1b, 4a,b, 2a,b 4a,c c, d 10 Risk and uncertainty 2c 11 Specific investment decisions 1d,2b BUSINESS FINANCE 12 Sources of short-term finance 4a 3d 12 Sources of long term-finance 4b,c 1a,4a 2b,e 3b,c 13 Dividend policy 2d 3a 14 Finance for SMEs COST OF CAPITAL 15 Calculation 2a,b,c 1a 3a 1a,c 1a 16 Gearing (capital structure) 1c 3c 1b,c BUSINESS VALUATIONS 17 Valuation of shares 1b 1b,c,d 2a,c 1a 17ThiNganHang.comValuation of debt 4b 1b 18 Efficient market hypothesis / practical considerations 2d 1c RISK MANAGEMENT 19 Causes of interest rate / exchange rate fluctuations 3c 19 Hedging foreign currency risk 3d 4c,d 2b 20 Hedging interest rate risk 2a 4d 2a,c,d xvi Revising F9 ThiNganHang.com
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Useful websites The websites below provide additional sources of information of relevance to your studies for Financial Management. x www.accaglobal.com ACCA's website. Includes student section. x www.bpp.com Our website provides information about BPP products and services, with a link to the ACCA website. x www.ft.com This website provides information about current international business. You can search for information and articles on specific industry groups as well as individual companies. x www.economist.com Here you can search for business information on a week-by-week basis, search articles by business subject and use the resources of the Economist Intelligence Unit to research sectors, companies or countries. x www.invweek.co.uk This site carries business news and articles on markets from Investment Week and International Investment. x www.pweglobal.com/uk The PricewaterhouseCoopers website includes UK Economic Outlook x www.bbc.co.uk The website of the BBC carries general business information as well as programme-related content. ThiNganHang.com Revisung F9 xvii ThiNganHang.com
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Planning your question practice We have already stressed that question practice should be right at the centre of your revision. Whilst you will spend some time looking at your notes and Paper F9 Passcards, you should spend the majority of your revision time practising questions. We recommend two ways in which you can practise questions. x Use BPP's question plan to work systematically through the syllabus and attempt key and other questions on a section-by-section basis x Build your own exams – attempt questions as a series of practice exams These ways are suggestions and simply following them is no guarantee of success. You or your college may prefer an alternative but equally valid approach. BPP's question plan The BPP plan below requires you to devote a minimum of 40 hours to revision of Paper F9. Any time you can spend over and above this should only increase your chances of success. Step 1 Review your notes and the chapter summaries in the Paper F9 Passcards for each section of the syllabus. Step 2 Answer the key questions for that section. These questions have boxes round the question number in the table below and you should answer them in full. Even if you are short of time you must attempt these questions if you want to pass the exam. You should complete your answers without referring to our solutions. Step 3 Attempt the other questions in that section. For some questions we have suggested that you prepare answer plans or do the calculations rather than full solutions. Planning an answer means that you should spend about 30% of the time allowance for the questions brainstorming the question and drawing up a list of points to be included in the answer. Step 4 Attempt Mock exams 1, 2 and 3 under strict exam conditions. ThiNganHang.com xviii Planning your question practice ThiNganHang.com
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2009 Passcards Questions Done Syllabus section chapters in this Kit Comments 5 Revision period 1 Financial 1-3 1 Answer in full. management This straightforward question shows how ratio calculations can be combined with discussion. 2 Answer in full. More valuable practice at combining ratios with discussion. 3 Prepare an answer plan as this question covers a number of important areas. Revision period 2 Working capital 4 5 Do the calculations and prepare an answer plan for the management discussion parts. Inventory 5 7 Do the calculations and prepare an answer plan for the management discussion parts. 8 Do the calculations and prepare an answer plan for the discussion parts. Revision period 3 Cash management 6 13 Answer in full. This is the working capital management question from the Pilot Paper. 15 Answer in full. This is the working capital management question from December 2007. 16 Answer in full. This is the working capital management question from June 2008. 15 Answer in full. This is the working capital management question from June 2009. Revision period 4 Investment 7-10 17 Do this question if you feel you need practice at basic appraisal investment appraisal techniques. 19 Do this question if you feel you need practice at NPV techniques. ThiNganHang.com23 Answer in full. This question tests your knowledge of risk appraisal. 24 Answer in full. The investment appraisal question from December 2007. 25 Answer in full. The investment appraisal question from June 2008. 26 Answer in full. The investment appraisal question from December 2008. Planning your question practice xix ThiNganHang.com
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