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ACCA F9 6月考前预测

在F9的考试中,section A的考点覆盖了正本书的内容,因此,考生应该全面地复习和掌握F9中相关的知识点。但是关于section B和section C的考点,则相对有规律可循。正如大家所了解的一样,section B由三道选择题构成,section C由两道大题构成,因此,这五道题目分别来自课本中的Part C,Part D,Part E,Part F,Part G.

下面就对这五章的重要的考点进行总结和归纳,希望对大家6月份的考试会有所帮助。

Part C Working capital management

关于这一章的内容,在历年考题中主要考查的内容是:

1.receivables management(early settlement discount&factoring)

2.inventories management(EOQ)

3.payable management

4.cash management(Baumol model&Miller-Orr model)

5.the cash operating cycle and related ratios

关于以上的知识点,为同学们总结了以下的经典考题,即使你时间紧迫,也希望你可以刷完这些题目;

2013.12 Q3(考点:inventory management&early settlement discount&invoice discounting&factoring)

2014.6 Q2(考点:1/working capital cycle 2/quick ratio&sales to net working capital 3/current asset&liabilities&working capital financing policy)

2014.12.Q1(考点:cash management/cash surplus)

2015.12.Q3(考点:early settlement discount/risk of foreign account receivables)

预测:在2017年3月份的考试中,本章已经在section C中以一道大题的形式考查过cash operating cycle and related ratios,relevant techniques in managing accounts receivables).所以大胆做出预测:在今年6月份的考试中,这一部分的内容应该会以section B的形式考查,并且重点关注trade receivables management(the calculation of early settlement discount&invoice discounting&factoring)or inventory management.

Part D Investment appraisal

关于这一章的内容,在历年考题中主要考查的内容是:

1.NPV&IRR(inflation&taxation&relevant cash flow)

2.Lease or buy

3.Payback period&ROCE

4.Capital rationing

5.Risk and uncertainty in investment appraisal(Sensitivity analysis&profitability analysis)

关于以上的知识点,为同学们总结了以下的经典考题,即使你时间紧迫,也希望你可以刷完这些题目;

2015.6 Q5(考点:NPV(inflation and taxation)&sensitivity analysis and risk)

2015.12.Q5(考点:asset replacement&capital rationing)

2016.09 Section B-3(考点:payback period&ROCE)

预测:在去年12月份,本章考查的是payback period and ROCE,在今年3月份考查的是NPV(inflation and taxation)&sensitivity analysis and risk,所以,大胆做出预测:在今6月的考试中,大家应该把重点放在asset replacement and capital rationing的练习中;

Part E Business finance

关于这一章的内容,在历年考题中主要考查的内容是:

1.计算cost of debt/cost of equity(CAPM model&Dividend growth model)

2.CAPM model(systematic risk and unsystematic risk)

3.计算cost of capital by using WACC/project-specific cost of equity

4.Discuss the factors to be considered when chose sources of finance

5.不同融资方式的特点,such as Islamic finance/right issues/issue traded bonds/venture capital/leasing and so on)

6.Capital structure theories/the change of capital structure on the cost of capital and business valuation)

历年经典考题总结

2016.06 Q4(考点:1/计算the cost of capital by using WACC 2/讨论source of finance与creditor hierarchy之间的关系3/讨论the difference between Islamic finance and other conventional finance).

2014.06 Q3(考点:1/WACC&cost of equity 2/systematic and unsystematic risk in relation to portfolio theory and CAPM 3/market efficiency)

2013.06 Q4(考点:Discuss the factors to be considered when chose sources of finance/The effect on EPS of raising finance by a stock market listing/The effect on EPS and interest cover of issuing new debt.)

2013.12 Q2(考点:1/cost of equity(dividend growth model)2/the cost of capital by using WACC 3/project-specific cost of equity 4/discuss whether the change of capital structure can lead to a reduction in cost of capital and an increase in company valuation)

预测:在2017年3月的考试中,这一章节的内容是以section C的大题的形式考查的;重点考查的内容有:Calculate cost of capital by using CAPM and project-specific cost of equity,and discuss the factors to be considered when choosing source of finance;

因此,预测这一章的内容在2017年6月的考试中,可能会在section A or section B中出现,重点关注:不同融资方式的特点,及the calculation of cost of debt and cost of equity.

Part F Business valuation

关于这一章的内容,在历年考题中主要考查的内容是:

1.MV of equity(dividend growth model/net asset method/earning yield method)

2.MV of debt

3.Market efficiency

历年考题总结:

2016.09 section B-Q2(考点:Business valuation(dividend growth model)&MV of debt/market efficiency)

2014.12 Q2(考点:1/MV of convertible loan 2/share price using P/E ratio)

预测:在2017年3月的考试中,以section B的形式在考查,重点考查的内容是计算MV of shares(P/E and the market efficiency);预测:在2017年6月的考试中,这一章将会以section C大题的形式考查,并且重点考查的内容应该是business valuation三种不同的方法,包括每种方法的计算及优缺点的分析。)

Part G Risk management

关于这一章的内容,在历年考题中主要考查的内容是:

1.Foreign currency risk

(Foreign currency risk management including:forward exchange contracts/money market borrowing or lending/lead payments)

2.Interest rate risk

(Interest rate risk management including:asset and liability management/matching and smoothing/forward rate agreement)

历年考题总结:

2015.06 Q1(考点:1/评价money market hedge VS forward market hedge 2/explain why forward rate manage interest rate risk)

2016.06.Q2(考点:1/identify and discuss the different interest rate risk face 2/讨论以下pre-denominated interest payment in six month’s time所面临的风险及怎样规避)

预测:2017年3月份关于本章内容,考查的是currency risk management,so今年6月份很有可能会考查interest rate risk management的内容,但是也并不意味着就不考有关currency risk management的知识点了,所以同学们千万不可以掉以轻心哟!

最后两道题大题的预测Q31和Q32

1.BUSINESS VALUATIONS

2.INTEREST RISK MANAGEMENT

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