F9考官亲自陈述ACCA考试报告--Question Two (d)
ACCA F6F7F9一次过经验分享
ACCA F6/7/9一次过经验分享刘灿辉，重庆理工大学2014级ACCA专业学生，acca中国区优秀学员。
2015年12月第一次参加ACCA统考即通过F679三门，并且很好的平衡了专业课与ACCA考试，GPA排名前列。
与ACCA相识已经快半年了，我很高兴能在今年12月的全球统考中首过三门(F6/F7/F9)，下面我想分享下我与ACCA的故事。
学习ACCA是一次又漫长又难熬的过程，这不仅仅是一次又一次的起早贪黑地备考，而是一次又一次地与自己内心不断斗争的过程。
当我决定第一次参加全球统考要首战三门的时候我就下定决心一定要一举拿下，不管中途经历多少不可能。
其中很多次在备考中想要放弃，因为备考三科的日子是极其的无聊，以至于有一种作呕的感觉。
每天做着同样的一件事，每天都对着电脑看着网课，看累了就趴下睡会儿，然后起来又继续，日复一日。
整个暑假我都是很少放松的。
看着离开学的日子越来越近，心中总是无比的慌张，因为开学就意味着有从早到晚的课要上还要完成学生会安排下来的任务。
就这样，利用着暑假的时间每天不断地激励着自己，最终，我还是达到了自己想要去完成的目标。
你以为前方暗淡无光，实际上越过了这个弯，前途一片光明。
很多同学在开学的时候来问我，你为何如此“凶残”，用这么短的时间还去报了三门，其实他们不知，我早已胸有成竹。
F6F6讲义3遍，练习册4遍，真题两遍。
F6是我备战的首科，对于F6我觉得它的知识点比较散，也很容易忘记，如果不靠习题去巩固它的话可能你永远都不会记住某些知识点。
通过F6还是要多看讲义，万变不离其宗，F6的考试总是围绕着那一堆知识点展开，而F6的考官出题也总是给我们一种，很怪，很偏，读不懂的感觉，但是你知识点掌握了，就算你答案做不出来，你的思路也能清晰地呈现给考官。
F7练习册4遍，真题两遍。
对于F7我想说地就是，刷题！一定要多做题。
对于F7，有的人说就算你不学，就仅仅把BPP练习册刷上4，5遍你也能过的，的确是这样。
ACCA考试报告分析F2-examreport-2010D
Examiner’s reportF2 Management AccountingDecember 2010General CommentsThis was the seventh examination under the current syllabus. The two hour paper, as usual, contained 50 multiple choice questions – 40 carried two marks each and the other 10 carried one mark each. This mix continues to be exactly in line with the pilot paper. The overall general performance of candidates improved at this sitting compared with recent sittings. The performance on an individual question basis also improved – on this occasion, on only a very few questions was the correct answer not selected by at least 40% of the candidates.The following questions taken from the December 2010 examination are ones where the performance of candidates was weak – in each case less than 40% of the candidates selected the correct answer. Each of these questions carried 2 marks and each related to a mainstream topic in the Study Guide.Sample Questions for DiscussionExample 1A company which operates a process costing system had work-in-progress at the start of last month of 400 units (valued at $3,000) which were 40% complete in respect of all costs. Last month 1,500 units were completed and transferred to the finished goods warehouse. The cost per equivalent unit for output produced last month was $20. The company uses the FIFO method of cost allocation.What is the total cost of the 1,500 units transferred to the finished goods warehouse last month?A $26,800B $28,200C $29,800D $30,000The correct answer was C. This question tested Section D6(g) and (h) in the Study Guide.If 1,500 units were completed in the month then 1,100 units [1,500−400] must have been started and finished in the month. These are valued at $22,000 [1,100×20]. The 400 units from opening work-in-progress (WIP) were already 40% complete so last month would have had 60% of work done to complete them. The total value of the 400 units is therefore calculated as: $3,000 + $[400×0.6×20] = $7,800. The total value of the month’s output was $[22,000 + 7,800] = $29,800.Each of the three wrong answers was selected by at least 17% of the candidates. Candidates selecting answer A had simply failed to add in the $3,000 opening WIP value. Answer B could have been obtained by valuing the 400 units as follows: $3,000 + $[400×0.4×20] = $6,200. This had taken the percentage to complete the WIP as 40% instead of 60%. Answer D was simply 1,500 units valued at $20 per unit and made no adjustment for WIP.Example 2A company uses standard marginal costing. Last month the budgeted contribution was $20,000 and the only variances that occurred were as follows:$Sales price 3,000 AdverseSales volume contribution 5,000 FavourableFixed overhead expenditure 1,000 AdverseWhat was the actual contribution last month?A $18,000B $19,000C $21,000D $22,000The correct answer was D. This question tested Section E5(b) of the Study Guide – the reconciliation of budgeted and actual contribution under marginal costing.The fixed overhead expenditure variance is not relevant to a reconciliation of budgeted and actual contributions. Fixed costs are deducted afterwards from contribution to arrive at profit. Therefore the correct calculation of actual contribution was:[20,000 − 3,000 + 5,000] = $22,000.Answer A was obtained by adding the adverse sales price variance and subtracting the favourable sales volume contribution variance to the budgeted profit. Answer B could have been obtained in two [wrong] ways. First, by simply deducting the adverse fixed overhead expenditure variance from the budgeted contribution. Second, by netting the three variances listed in the question and then deducting this net figure from the budgeted contribution – there were two errors made in this case. The most popular wrong answer was C [chosen by a third of the candidates] which added the net of all three variances listed to the budgeted contribution.Example 3Are the following statements, which refer to different types of budgets, true or false?Statement 1An annual budget that can be broken down into monthly budgets, which differ depending on the number of working days in each month, is called a flexible budget.Statement 2An annual budget set before the start of a year based on estimated sales and production volumes is called a fixed budget.Statement 1 Statement 2A True TrueB False FalseC True FalseD False TrueThe correct answer was D. This question tested section E3(a) in the Study Guide – the explanation of fixed, flexible and flexed budgets.A flexible budget is one which recognizes different cost behaviour patterns and is designed to change to reflect different volumes of activity. Therefore statement 1 is false. Statement 2 describes a fixed budget and is therefore true.All three incorrect answers were selected by significant numbers of candidates – even the least popular choice [Answer C – the exact opposite to the correct answer] was chosen by nearly 16% of the candidates. This seems to indicate that this part of the Study Guide is generally not well understood.Future candidates are advised to:•Study the whole syllabus. The examination will always cover all sections of the Study Guide.•Use the pilot paper questions for practice. The pilot paper is also a very good guide to the styles of questions that will continue to be set and to the coverage of the topics in the Study Guide. It is also givesa good indication of the approximate split between calculation and non-calculation questions that willcontinue in examinations up to and including the June 2011 sitting.•Practise as many multiple choice questions as possible in preparing for the examination.•Read questions carefully in the examination•Read previous F2 Examiner’s Reports – they are all still very relevant and helpful. Each contains three multiple choice questions set.。
2012年12月ACCA考试F9考试考官报告(2)
2012年12月ACCA考试F9考试考官报告(2)本文由高顿ACCA整理发布，转载请注明出处Question Two (a)The requirement here was to calculate the net benefit or cost of proposed changes in receivables policy, commenting on findings. The cost of an early settlement discount had to be calculated, as well as the decrease in financing cost arising from a reduction in the trade receivables balance. Candidates were expected to recognise that although current trade terms allowed credit customers to pay after 30 days, they were in fact paying on average after 60 days, as shown by a comparison between credit sales and the level of trade receivables. The average trade receivables period after introducing the proposed changes in receivables policy was 40.5 days, leading to a lower level of trade receivables and a lower financing cost. Weaker answers showed a lack of understanding of how the receivables days’ ratio links credit sales for a period with the trade receivables balance at the end of the period. Some answers, for example, tried to calculate the revised trade receivables balance by applying changed receivables days ratios to current receivables, instead of applying them to credit sales.Question Two (b)Candidates were asked here to calculate whether an offered bulk purchase discount was financially acceptable, commenting on assumptions made by the calculation.Perhaps because information on holding cost and order cost was provided in the question, many candidates calculated the economic order quantity (EOQ). The question made no reference to the EOQ and an EOQ calculation was not necessary. In fact, what was needed was a comparison between the current ordering policy and the ordering policy employing the bulk discount. Candidates who wasted time calculating the EOQ found that the company was already using an EOQ approach to ordering inventory. Some answers did not gain full credit because they did not comment on the assumptions made by their calculations. Credit was also lost by candidates who could not calculate order cost, or holding cost, or both.Question Two (c)The requirement here was to identify and discuss the factors to be considered in determining the optimum level of cash to be held by a company. A number of answers gained marks for identifying and discussing the reasons for holding cash (transactions need, precautionary need and speculative need), the availability of finance, the need to balanceprofitability and liquidity, the opportunity cost of funds held in liquid form, and so on. The marking scheme gave space for ‘other relevant discussion’ here, and marks were awarded accordingly. However, many answers failed to gain reasonable marks because they did not discuss factors. For example, some answers explained the workings of the Baumol and Miller-Orr cash management models. The question did not ask for a discussion of these models and such answers gained little or no credit. Where such answers discussed factors included in the models, such as the demand for cash, the volatility of cash flows, and so on, credit was given.Question Two (d)This question asked candidates to discuss the factors to be considered in formulating a trade receivables management policy. Many answers gained high marks and covered a number of key factors relating to credit analysis, credit control and receivables collection. Weaker answers failed to focus on receivables collection, discussing instead a range of working capital management topics such as working capital financing policy, the analysis of current assets, trade payables policy, inventory management policy and so on.更多ACCA资讯请关注高顿ACCA官网：。
超详细你要的ACCA F5-F9分季机考问题都在这儿~
超详细|你要的ACCA F5-F9分季机考问题都在这儿~2016年9月开始，ACCA对F5（管理会计）、F6UK（英国税法）、F7（财务报告）、F8（审计与鉴证）和F9（财务管理）的科目考试逐步推行全新的分季机考模式。
机考题型将更贴近当今财会专业人士的实际工作，将有助于提升雇主对ACCA 学员的认可。
对于F5-F9分季机考，可能有些小伙伴已经体验过啦，不过还没参加过考试的同学可能还有点糊。
F5-F9分季机考与F1-F4随时机考有何不同？2016年12月F5-F9分季机考如何报名？12月F5-F9分季机考都有哪些机考中心？F5-F9分季机考题型有哪些变化？……楷博君给大家捋一捋，F5-F9分季机考的相关问题，希望能帮到大家。
F5-F9机考与F1-F4机考的区别ACCA将针对FIA（Foundation inAccountancy）的前七门考试(包括初级财务会计FA1和初级管理会计MA1，中级财务会计FA2和中级管理会计MA2，和FAB, FAA 和FMA)如何报名2016年12月及以后的考季？学员可以通过新的考试报名系统进行报考，学员可以在台式电脑，平板电脑和移动设备上进行考试报名。
点击/uk/en/student/exam-entry-and-administration/enter-an-exam.html进行报名。
新的F5-F9考试报名系统不仅供学员报考2016年12月考季，还可预订次年3月考试。
但是如果学员12月考季参加纸质考试，依旧通过现有系统预订报名。
2016年12月考季机考中心●为了便于更多学员参加机考，2016年ACCA会在北京，长沙，成都，广州，杭州，南昌，南京，上海，武汉和西安开设考点。
F5-F9分季机考题型有哪些变化在机考推行期间，F5-F9的机考与笔考将双向运行，考生可自愿选择参加两者中的一个参加。
需要注意的是：从9月份开始，笔试部分科目由原先的3小时延长至3小时15分钟，机考考试时间依然为3小时。
ACCA机考F5-F9指导详解
中公财经培训网：/
ACCA机考政策在很早之前就已经听说了。
但是，依然有的acca学员在接到机考的通知之后一脸懵逼。
这是不可排除的情况。
那么小编在这里就给大家详细的介绍一下有关acca 机考的相关注意事项吧;
从2016年9月开始，ACCA将在北京，上海和成都开展F5(管理会计)、F6UK(英国税法)、F7(财务报告)、F8(审计与鉴证)和F9(财务管理)的科目的机考。
近日，ACCA总部发布了一份关于F5-9机考的指导文件，涵盖所有机考题型和机考常用功能介绍，帮助学员更好地准备机考。
点击左下角阅读原文查看细节。
全新的F5-9机考将嵌入电子表格和文档处理等丰富的题型，培养ACCA学员更贴近实际工作环境，更好地满足雇主的需求和期待。
机考优势多多，你got到了吗?
•机考形式更贴近当今工作场景，有利于培养雇主所需的技能
•机考功能简单易懂，只需加以练习，很快可以适应
•不用担心字体潦草失分，所有回答简洁易读，Marker容易给分
•答题区域内可以剪切，复制，黏贴，修改起来非常方便，节省时间
•使用电子表格，可设公式自动计算，不用反复摁计算器算了再算
•客观题答题不用图圈圈，直接读题，同屏答题，节省时间
•时钟提醒，帮助更好把控时间
•不确定的题目可以标记，方便之后检查，不用翻前翻后
•9月CBE报名一律适用早报优惠价格!
更多相关内容点击ACCA行业动态。
ACCA F7-F9答题技巧总结
ACCA F7-F9答题技巧总结本文由高顿ACCA整理发布，转载请注明出处F71. 时间管理报表做不平或做题时有些小不顺，千万不要纠结，时间差不多了，往下才做是王道。
2. 列示WORKING要写标题，列清楚，（告诉阅卷老师你在算什么，计算过程中的每个数字代表什么，答案是从什么地方来的），这是很重要的一点，因为即使结果错误，只要思路正确依然可以得很多分数。
相反，如果只有一个结果，即使数字正确，但没有过程分补充，能得的分数依然很少。
提醒：合并时P+S 的算式列好以后，要记得进行加总。
算式列好，不做加总，阅卷老师是不会替你加总的！（他每天要批那么多卷子，哪儿有空替你加）但是报表题，SOFP，最后的平衡总数和利润表中的Profit for the financial year是不计分的，考试时，如果时间不够，这里的数字可以不必实际计算。
但是，不计算又如何知道你的表平了呢？所以，还是算一下，来的放心吧。
F81. 时间管理利用好15分钟阅读时间，阅读全卷5题的题干，大致了解考试考点，并对最有把握的一题进行进一步阅读，可以在题目中划出重点内容和大纲以便之后回答。
严格控制时间，过时就空开一些，做下一题。
2. 学会审题分析考题要你做什么，特别注意使用的动词及关键词，如：define是给出定义，explain 除了定义以外还要稍加阐述等。
Only answer what is asked! 不要只回答和题目某一个词相关的自己觉得容易回答的内容。
3.Apply to the case!案例分析的题目一定要结合案例！F91. How to tackle Theory-based questions?Understand theory first before recitingContrast different theoriesA vividpoint= one definition+ one explanation + one example2. How to tackle Calculation-based questions?Follow typical questions tackling procedureUse real exam questions onlyFocus on the main and most familiarquestionsMostly popular questions：Investment appraisal(NPV, IRR, ARR, Payback, Discount payback,Sensitivity analysis, Lease or buy, and etc)Working capital management(AR, Inventory, Cash, AP, and working capital management approach)Cost of capital and source of finance(Capital structure theory, WACC and risk adjusted WACC, Islamic finance)Dividend policy and risk management(Right issue, Bonus issue, Dividend method,Share repurchase, Forward, Future, Option, MMH, EMH)更多ACCA资讯请关注高顿ACCA官网：。
ACCA考试报告分析F2-examreport-2015D
Examiner’s reportF2/FMA Management AccountingFor CBE and Paper exams covering July to December 2015 General CommentsThe examination consists of two sections. Section A of the paper contains 35 objective test questions – each worth 2 marks, and section B contains 3 MTQs worth ten marks each. All questions are compulsory. The paper is two hour examination. A specimen paper reflecting this structure is available on the ACCA website together with a number of practice MTQsAs always, excellent scores were achieved by some candidates. I congratulate both them and their teachers. I offer my commiserations to those who were not successful.In section A the worst answered MCQ questions were calculation based. Calculation questions accounted for approximately 46% of section A questions, and as usual were answered worse than the narrative based MCQs. Seven out of the 10 worst answered section A questions were calculation based in the December diet.In section B 60% of the marks were for calculation. There was little difference in performance between section B calculation and narrative questions.As is usually the case for this paper, F2 candidates on average, performed better than FMA candidates.The following questions are ones where the performance of candidates was very weak.Section A Sample questions for discussionExample 1A company’s total operating cost is semi variable. It flexes its profit budget from an output level of 1,000 units to an output level of 2,000 units.Which of the following statements is true?A Operating profit will double between the two output levelsB Fixed cost per unit at the two output levels will be the sameC Total contribution will double between the two output levelsD Contribution per unit will increase between the two output levelsThis was a badly answered question with only 20% of candidates choosing the correct answer. It covers syllabus area B 2 a and A 3g.Candidates often appear to find questions that ask for the effect of a change in input data on performance indicators difficult. It may help them to “invent” simple figures to test the validity of the statements on offer.For example if we assume a sales price of $10 per unit ,a variable cost of $2 per unit and a fixed cost of $4,000 per period, then the following figures can be quickly produced.Sales units 1,000 2,000$ $Sales revenue 10,000 20,000Variable cost 2,000 4,000Total contribution 8,000 16,000Fixed cost 2,000 2,000Operating profit 6,000 14,000It is soon apparent that alternative C is correct, and that the rest are incorrect.Incorrect answers appear to have been selected because of confusion between “per unit “ and “total” figures.For example B was most popular alternative. This suggests some confusion between fixed cost per unit (which will decrease as volume increases) and total fixed cost (which will remain the same).Choosing option D again suggest confusion between contribution per unit (which will remain constant) and total contribution (which will increase in direct proportion to volume).Candidates are recommended to plot some graphs of total costs and revenues with respect to volume, and cost and revenue per unit with respect to volume to ensure they fully understand this area.Example 2The following spreadsheet shows part of a time series analysis of a company’s sales.What is the four quarter centred moving average of sales units for quarter 4, 2014?A 2,500B 5,025C 5,000D 10,000This question covers syllabus area C2i.Spreadsheet based questions are commonly some of the worst answered questions on the paper and this one proved no exception The correct answer is A. This is arrived at by averaging the four quarter moving totals that straddle quarter 4, 2014.( (9,000 + 11,000) ÷ 2 = 10,000). This gives a centred moving total, which when averaged over the four quarters (10,000 ÷ 4) gives 2,500.The most popular choice was D. Candidates here failed to complete the final step and chose the centred moving total rather than a centred moving average. It is common practice by examiners, when writing multiple choice questions, to offer distractors (wrong answers) based on a figure that occurs part way through the calculation of the right answer. With this in mind candidates should make sure their calculations are complete before looking at the 4 alternative answers on offer.Alternative B was arrived at by incorrectly averaging the incorrect numbers and demonstrated a lack of understanding of the area. (7,000 + 9,000 + 11,000 + 13,200) ÷ 8 = 5,025.Alternative C was a variation on D involving dividing the centred moving total by 4. ((9,000 + 11,000) ÷ 4 = 5,000).The similarity of the statistics for this question suggests that a lot of candidates lacked knowledge of the area and tried to guess the right answer. As such candidates may need to revisit time series analysis.Finally it was clear that many candidates were not performing reasonableness checks on their answers. Sales units per quarter given in the question varied between 1,100 and 4,100.It should have been obvious that the average had to lay somewhere between these numbers leaving alternative A as the only viable solution. Example 3A process produces two joint products A andB in equal physical quantities. A and B are sold at split off point for $5 per kg and $8 per kg respectively. There are no further costs after the split off point.If joint costs are apportioned on a relative sales value basis, which of the following statements is true?A Both products will have the same return on sales ratio (operating margin)B Product A will have the higher return on sales ratio (operating margin)C The cost per kg will be the same for both productsD The cost per kg of product A will be higher than that of product BThis question covers syllabus area B3b (xi) and required knowledge of the different methods of apportioning joint costs. If joint costs are apportioned on a relative sales value basis and there are no further costs after split off point then all joint products will have the same amount of profits per $ of sales. This is arguably the major benefit of this method. Because one product cannot be produced without the other, it makes sense to make them appear equally profitable.This means that alternative A is correct and that alternative B is incorrect. The popularity of alternative D is perhaps due to confusion between profit per kg and profit per $ of sales.The physical method of apportioning joint costs apportions equal cost to each kilogram of output. However as this method is not being used, and a kilogram of B has a higher sales value than a kilogram of A , then alternative C is incorrect.Finally D is incorrect, because as product A has a lower sales price per kilogram than product B, the relative sales value method will apportion less cost per kilogram than product B.Section BSection B contains 3 questions, one from each of syllabus areas C Budgeting, D Standard Costing and E Performance Measurement. This approach will continue in future papers. The balance of MCQ questions in section A reflects this weighting so as to preserve the overall balance of the paper. The spacemen paper reflects the weightings and this balance of questions will be used in future papers.Common problems with section B questions include the following∙ A failure to include scrap value of assets in payback and NPV calculations.∙An inability to calculate and explain sales volume and sales price variances.∙ A lack of knowledge concerning residual income.∙An apparent difficulty with questions presented in spreadsheet format∙ A difficulty with questions involving the reconciliation of actual and budgeted figuresFuture candidates are advised to:∙Study the whole syllabus, because the exam will cover the full syllabus.∙Practise as many questions as possible.∙Read questions very carefully in the examination∙Ensure that their calculations are complete before selecting their answer to multiple choice questions ∙Try to attempt the “easy” examination questions first.∙Not to spend too much time on apparently “difficult” questions.∙Attempt all questions in the examination (there are no negative marks for incorrect answers).∙For paper exam only, present section B answers as tidily as possible and ensure that all parts of the question are answered∙Read previous Examiner’s Reports.。
【ACCA驿站】F5、F8、F9考官报告
【ACCA驿站】F5、F8、F9考官报告F5 Performance Management F5 绩效管理June 2015 pass rate – 37%F5 candidates must learn to stand back and look at the big picture in questions at this level, says the latest Examiner’s Report (for June). If you can learn to do this it will serve you well when moving on to the professional level papers.F5的考生必须学会后退一步，站在大局观上来看待问题，最新的考官文章（6月）说。
如果你学会这个，这对你专业水平的考试很有帮助。
It seems many students struggled with the ABC question (Q1) in June. The examiner pointed to the fact that students are making fundamental errors when calculating their answers.似乎许多学生在Q1上费了很大功夫。
考官指出，计算这个问题时他们犯了很基本的错误。
Q2 covered transfer pricing and sitters again struggled with this topic.For Q3, the examiner examined learning curves in conjunction with planning and operational variances. When answering a question involving consideration of consequences the examiner said PQs need to ask themselves: ‘why should we care, why is it important?’ This should help ensure that the implications of the observations being made are also consideredin order to earn the marks available.Q3考察了结合规划和操作差异的学习曲线。
ACCA F4-F9模拟题及解析(4)
ACCA F4-F9模拟题及解析（4）1、 The following trial balance relates to Quincy as at 30 September 2012:$’000 $’000Revenue (note (i)) 213,500Cost of sales 136,800Distribution costs 12,500Administrative expenses (note (ii)) 19,000Loan note interest and dividend paid (notes (ii) and (iii)) 20,700Investment income 400Equity shares of 25 cents each 60,0006% loan note (note (ii)) 25,000Retained earnings at 1 October 2011 18,500Land and buildings at cost (land element $10 million) (note (iv)) 50,000Plant and equipment at cost (note (iv)) 83,700Accumulated depreciation at 1 October 2011: buildings 8,000plant and equipment 33,700Equity financial asset investments (note (v)) 17,000Inventory at 30 September 2012 24,800Trade receivables 28,500Bank 2,900Current tax (note (vi)) 1,100Deferred tax (note (vi)) 1,200Trade payables 36,700–––––––– ––––––––397,000 397,000–––––––– –––––––– The following notes are relevant:(i) On 1 October 2011, Quincy sold one of its products for $10 million (included in revenue in the trial balance).As part of the sale agreement, Quincy is committed to the ongoing servicing of this product until 30 September2014 (i.e. three years from the date of sale). The value of this service has been included in the selling price of $10 million. The estimated cost to Quincy of the servicing is $600,000 perannum and Quincy’s normal gross profit margin on this type of servicing is 25%. Ignore discounting. (ii) Quincy issued a $25 million 6% loan note on 1 October 2011. Issue costs were $1 million and these have been charged to administrative expenses. The loan will be redeemed on 30 September 2014 at a premium which gives an effective interest rate on the loan of 8%.(iii) Quincy paid an equity dividend of 8 cents per share during the year ended 30 September 2012. (iv) Non-current assets:Quincy had been carrying land and buildings at depreciated cost, but due to a recent rise in property prices, it decided to revalue its property on 1 October 2011 to market value. An independent valuer confirmed the value of the property at $60 million (land element $12 million) as at that date and the directors accepted this valuation.The property had a remaining life of 16 years at the date of its revaluation. Quincy will make a transfer from the revaluation reserve to retained earnings in respect of the realisation of the revaluation reserve. Ignore deferred tax on the revaluation.Plant and equipment is depreciated at 15% per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset for the year ended 30 September 2012. All depreciation is charged to cost of sales.(v) The investments had a fair value of $15·7 million as at 30 September 2012. There were no acquisitions or disposals of these investments during the year ended 30 September 2012.(vi) The balance on current tax represents the under/over provision of the tax liability for the year ended 30 September 2011. A provision for income tax for the year ended 30 September 2012 of $7·4 million is required. At 30 September 2012, Quincy had taxable temporary differences of $5 million, requiring a provision for deferred tax. Any deferred tax adjustment should be reported in the income statement. The income tax rate of Quincy is 20%.Required:(a) Prepare the statement of comprehensive income for Quincy for the year ended 30 September 2012.(b) Prepare the statement of changes in equity for Quincy for the year ended 30 September 2012.(c) Prepare the statement of financial position for Quincy as at 30 September 2012.Note: Notes to the financial statements are not required.The following mark allocation is provided as guidance for this question:(a) 11 marks(b) 4 marks(c) 10 marks(25 marks)2、Quartile sells jewellery through stores in retail shopping centres throughout the country.Over the last two years it has experienced declining profitability and is wondering if this is related to the sector as whole. It has recently subscribed to an agency that produces average ratios across many businesses. Below are the ratios that have been provided by the agency for Quartile’s business sector based on a year end of 30 June 2012.Return on year-end capital employed (ROCE) 16·8% Net asset (total assets less current liabilities) turnover 1·4 timesGross profit margin 35%Operating profit margin 12%Current ratio 1·25:1Average inventory turnover 3 timesTrade payables’ payment period 64 daysDebt to equity 38%The financial statements of Quartile for the year ended 30 September 2012 are:Income statement$’000 $’000Revenue 56,000Opening inventory 8,300Purchases 43,900–––––––52,200Closing inventory (10,200) (42,000)––––––– ––––––– Gross profit 14,000Operating costs (9,800)Finance costs (800)–––––––Profit before tax 3,400Income tax expense (1,000)–––––––Profit for the year 2,400––––––– Statement of financial position$’000 $’000AssetsNon-current assetsProperty and shop fittings 25,600Deferred development expenditure 5,000–––––––30,600Current assetsInventory 10,200Bank 1,000 11,200––––––– –––––––Total assets 41,800––––––– Equity and liabilitiesEquityEquity shares of $1 each 15,000Property revaluation reserve 3,000Retained earnings 8,600–––––––26,600Non-current liabilities10% loan notes 8,000Current liabilitiesTrade payables 5,400Current tax payable 1,800 7,200––––––– –––––––Total equity and liabilities 41,800––––––– Note: The deferred development expenditure relates to an investment in a process to manufacture artificial precious gems for future sale by Quartile in the retail jewellery market. Required:(a) Prepare for Quartile the equivalent ratios that have been provided by the agency. (9 marks)(b) Assess the financial and operating performance of Quartile in comparison to its sector averages.(12 marks)(c) Explain four possible limitations of the usefulness of the above comparison. (4 marks)(25 marks)3、(a) Two of the qualitative characteristics of information contained in the HKICPA’s Conceptual Framework for Financial Reporting are understandability and comparability.Required:Explain the meaning and purpose of the above characteristics in the context of financial reporting and discuss the role of consistency within the characteristic of comparability in relation to changes in accounting policy.(6 marks)(b) Lobden is a construction contract company involved in building commercial properties. Its current policy for determining the percentage of completion of its contracts is based on the proportion of cost incurred to date compared to the total expected cost of the contract.One of Lobden’s contracts has an agreed price of $250 million and estimated total costs of $200 million.The cumulative progress of this contract is:Year ended: 30 September 2011 30 September 2012$million $millionCosts incurred 80 145Work certified and billed 75 160Billings received 70 150Based on the above, Lobden prepared and published its financial statements for the year ended 30 September2011. Relevant extracts are:Income statement$millionRevenue (balance) 100Cost of sales (80)––––Profit (50 x 80/200) 20–––– Statement of financial position $millionCurrent assetsAmounts due from customersContract costs to date 80Profit recognised 20––––100Progress billings (75)––––25–––– Contract receivables (75 – 70) 5Lobden has received some adverse publicity in the financial press for taking its profit too early in the contract process, leading to disappointing profits in the later stages of contracts. Most of Lobden’s competitors take profit based on the percentage of completion as determined by the work certified compared to the contract price.Required:(i) Assuming Lobden changes its method of determining the percentage of completion of contracts to that used by its competitors, and that this would represent a change in an accounting estimate, calculate equivalent extracts to the above for the year ended 30 September 2012; (7 marks) (ii) Explain why the above represents a change in accounting estimate rather than a change in accounting policy. (2 marks) (15 marks)4、(a) Shawler is a small manufacturing company specialising in making alloy castings. Its main item of plant is a furnace which was purchased on 1 October 2009. The furnace has two components: the main body (cost $60,000 including the environmental provision – see below) which has a ten-year life, and a replaceable liner (cost $10,000) with a five-year life.The manufacturing process produces toxic chemicals which pollute the nearby environment. Legislation requires that a clean-up operation must be undertaken by Shawler on 30 September 2019 at the latest. Shawler received a government grant of $12,000 relating to the cost of the main body of the furnace only.The following are extracts from Shawler’s statement of financial position as at 30 September 2011 (two years after the acquisition of the furnace):Carrying amount$Non-current assetsFurnace: main body 48,000replaceable liner 6,000Current liabilitiesGovernment grant 1,200Non-current liabilitiesGovernment grant 8,400Environmental provision 18,000 (present value discounted at 8% per annum)Required:(i) Prepare equivalent extracts from Shawler’s statement of financial position as at 30 September 2012;(3 marks)(ii) Prepare extracts from Shawler’s income statement for the year ended 30 September 2012 relating to the items in the statement of financial position. (3 marks)(b) On 1 April 2012, the government introduced further environmental legislation which had the effect of requiring Shawler to fit anti-pollution filters to its furnace within two years. An environmental consultant has calculated that fitting the filters will reduce Shawler’s required environmental costs (and therefore its provision) by 33%. At 30 September 2012 Shawler had not yet fitted the filters.Required:Advise Shawler as to whether they need to provide for the cost of the filters as at 30 September 2012 and whether they should reduce the environmental provision at this date. (4 marks)(10 marks)试题答案：1、(a)Quincy – Statement of comprehensive income for the year ended 30 September 2012$’000Revenue (213,500 – 1,600 (w (i))) 211,900Cost of sales (w (ii)) (147,300)––––––––Gross profit 64,600Distribution costs (12,500) Administrative expenses (19,000 – 1,000 loan issue costs (w (iv))) (18,000)Loss on fair value of equity investments (17,000 – 15,700) (1,300)Investment income 400Finance costs (w (iv)) (1,920)–––––––– Profit before tax 31,280Income tax expense (7,400 + 1,100 – 200 (w (v))) (8,300)––––––––Profit for the year 22,980Other comprehensive incomeGain on revaluation of land and buildings (w (iii)) 18,000––––––––Total comprehensive income 40,980–––––––– (b)Quincy – Statement of changes in equity for the year ended 30 September 2012Share Revaluation Retained Total capital reserve earnings equity$’000 $’000 $’000 $’000Balance at 1 October 2011 60,000 nil 18,500 78,500Total comprehensive income 18,000 22,980 40,980Transfer to retained earnings (w (iii)) (1,000) 1,000 nilDividend paid (60,000 x 4 x 8 cents) (19,200) (19,200)––––––– ––––––– ––––––– ––––––––Balance at 30 September 2012 60,000 17,000 23,280 100,280––––––– ––––––– ––––––– –––––––– (c)Quincy – Statement of financial position as at 30 September 2012Assets $’000 $’000Non-current assetsProperty, plant and equipment (57,000 + 42,500 (w (iii))) 99,500Equity financial asset investments 15,700––––––––115,200Current assetsInventory 24,800Trade receivables 28,500Bank 2,900 56,200––––––– ––––––––Total assets 171,400–––––––– Equity and liabilitiesEquityEquity shares of 25 cents each 60,000Revaluation reserve 17,000Retained earnings 23,280 40,280––––––– ––––––––100,280Non-current liabilitiesDeferred tax (w (v)) 1,000Deferred revenue (w (i)) 8006% loan note (2014) (w (iv)) 24,420 26,220–––––––Current liabilitiesTrade payables 36,700Deferred revenue (w (i)) 800Current tax payable 7,400 44,900––––––– ––––––––Total equity and liabilities 171,400–––––––– Workings (figures in brackets in $’000)(i) Sales made which include revenue for ongoing servicing work must have part of the revenue deferred. The deferred revenue must include the normal profit margin (25%) for the deferred work. At 30 September 2012, there are two more years of servicing work, thus $1·6 million ((600 x 2) x 100/75) must be treated as deferred revenue, split equally between current and non-current liabilities.(ii) Cost of sales$’000Per trial balance 136,800Depreciation of building (w (iii)) 3,000Depreciation of plant (w (iii)) 7,500––––––––147,300–––––––– (iii) Non-current assetsLand and buildings:The gain on revaluation and carrying amount of the land and buildings is:Land Building$’000 $’000Carrying amount as at 1 October 2011 10,000 (40,000 – 8,000) 32,000Revalued amount as at this date (12,000) (60,000 – 12,000) (48,000)––––––– –––––––Gain on revaluation 2,000 16,000––––––– ––––––– Building depreciation year to 30 September 2012 (48,000/16 years) 3,000The transfer from the revaluation reserve to retained earnings in respect of ‘excess’ depreciation (as the revaluation is realised) is $1 million (48,000 – 32,000)/16 years.The carrying amount at 30 September 2012 is $57 million (60,000 – 3,000).Plant and equipment:$’000Carrying amount as at 1 October 2011 (83,700 – 33,700) 50,000Depreciation at 15% per annum (7,500)–––––––Carrying amount as at 30 September 2012 42,500––––––– (iv) Loan noteThe finance cost of the loan note is charged at the effective rate of 8% applied to the carrying amount of the loan. Theissue costs of the loan ($1 million) should be deducted from the proceeds of the loan ($25 million) and not treated asan administrative expense. This gives an initial carrying amount of $24 million and a finance cost of $1,920,000(24,000 x 8%). The interest actually paid is $1·5 million (25,000 x 6%) and the difference between these amounts,of $420,000 (1,920 – 1,500), is accrued and added to the carrying amount of the loan note. This gives $24·42 million(24,000 + 420) for inclusion as a non-current liability in the statement of financial position. Note: The loan interest paid of $1·5 million plus the dividend paid of $19·2 million (see (b)) equals the $20·7 millionshown in the trial balance for these items.(v) Deferred tax$’000Provision required as at 30 September 2012 (5,000 x 20%) 1,000Less provision b/f (1,200)––––––Credit to income statement 200–––––– 2、(a) Below are the specified ratios for Quartile and (for comparison) those of the business sector average:Quartile sector averageReturn on year-end capital employed ((3,400 + 800)/(26,600 + 8,000) x 100) 12·1% 16·8%Net asset turnover (56,000/34,600) 1·6 times 1·4 timesGross profit margin (14,000/56,000 x 100) 25% 35%Operating profit margin (4,200/56,000 x 100) 7·5% 12%Current ratio (11,200:7,200) 1·6:1 1·25:1Average inventory (8,300 + 10,200/2) = 9,250) turnover (42,000/9,250) 4·5 times 3 timesTrade payables’ payment period (5,400/43,900 x 365) 45 days 64 daysDebt to equity (8,000/26,600 x 100) 30% 38%(b)Assessment of comparative performance ProfitabilityThe primary measure of profitability is the return on capital employed (ROCE) and this shows that Quartile’s 12·1% is considerably underperforming the sector average of 16·8%. Measured as a percentage, this underperformance is 28% ((16·8–12·1)/16·8). The main cause of this seems to be a much lower gross profit margin (25% compared to 35%). A possible explanation for this is that Quartile is deliberately charging a lower mark-up in order to increase its sales by undercutting the market. There is supporting evidence for this in that Quartile’s average inventory turnover at 4·5 times is 50% better than the sector average of three times. An alternative explanation could be that Quartile has had to cut its margins due to poor sales which have had a knock-on effect of having to write down closing inventory.Quartile’s lower gross profit percentage has fed through to contribute to a lower operating profit margin at 7·5% compared to the sector average of 12%. However, from the above figures, it can be deduced that Quartile’s operating costs at 17·5% (25%– 7·5%) of revenue appear to be better controlled than the sector average operating costs of 23% (35% – 12%) of revenue.This may indicate that Quartile has a different classification of costs between cost of sales and operating costs than the companies in the sector average or that other companies may be spending more on advertising/selling commissions in order to support their higher margins.The other component of ROCE is asset utilisation (measured by net asset turnover). If Quartile’s business strategy is indeed to generate more sales to compensate for lower profit margins, a higher net asset turnover would be expected. At 1·6 times,Quartile’s net asset turnover is only marginally better than the sector average of 1·4 times.Whilst this may indicate that Quartile’s strategy was a poor choice, the ratio could be partly distorted by the property revaluation and also by whether the deferred development expenditure should be included within net assets for this purpose, as the net revenues expected from the development have yet to come on stream. If these two aspects were adjusted for, Quartile’s net asset turnover would be 2·1 times (56,000/(34,600 – 5,000 – 3,000)) which is 50% better than the sector average.In summary, Quartile’s overall profitability is below that of its rival companies due to considerably lower profit margins,although this has been partly offset by generating proportionately more sales from its assets.LiquidityAs measured by the current ratio, Quartile has a higher level of cover for its current liabilities than the sector average (1·6:1 compared to 1·25:1). Quartile’s figure is nearer the ‘norm’ of expected liquidity ratios, often quoted as between 1·5 and 2:1, ith the sector average (at 1·25:1) appearing worryingly low. The problem of this ‘norm’ is that it is generally accepted that it relates to manufacturing companies rather than retail companies, as applies to Quartile (and presumably also to the sector average). In particular, retail companies have very little, if any, trade receivables as is the case with Quartile. This makes a big difference to the current ratio and makes the calculation of a quick ratio largely irrelevant. Consequently, retail companies operate comfortably with much lower current ratios as their inventory is turned directly into cash. Thus, if anything, Quartile has a higher current ratio than might be expected. As Quartile has relatively low inventory levels (deduced from high inventory turnover figures), this means it must also have relatively low levels of trade payables (which can be confirmed from the calculated ratios). The low payables period of 45 days may be an indication of suppliers being cautious with the credit period they extend to Quartile, but there is no real evidence of this (e.g. the company is not struggling with an overdraft). In short,Quartile does not appear to have any liquidity issues.GearingQuartile’s debt to equity at 30% is lower than the sector average of 38%. Although the loan note interest rate of 10% might appear quite high, it is lower than the ROCE of 12·1% (which means shareholders are benefiting from the borrowings) and the interest cover of 5·25 times ((3,400 + 800)/800) is acceptable. Quartile also has sufficient tangible assets to give more than adequate security on the borrowings, therefore there appear to be no adverse issues in relation to gearing. ConclusionQuartile may be right to be concerned about its declining profitability. From the above analysis,it seems that Quartile may be addressing the wrong market (low margins with high volumes). The information provided about its rival companies would appear to suggest that the current market appears to favour a strategy of higher margins (probably associated with better quality and more expensive goods) as being more profitable. In other aspects of the appraisal, Quartile is doing well compared to other companies in its sector.(c)Factors which may limit the usefulness of the comparison with business sector averages:It is unlikely that all the companies that have been included in the sector averages will use the same accounting policies. In the example of Quartile, it is apparent that it has revalued its property; this will increase its capital employed and (probably) lower its ROCE (compared to if it did not revalue). Other companies in the sector may carry their property at historical cost.The accounting dates may not be the same for all the companies. In this example the sector averages are for the year ended 30 June 2012, whereas Quartile’s are for the year ended 30 September 2012. If the sector is exposed to seasonal trading (although this may be unlikely for jewellery), this could have a significant impact on many ratios, in particular working capital based ratios. To allow for this, perhaps Quartile could prepare a form of adjusted financial statements to 30 June 2012.It may be that the definitions of the ratios have not been consistent across all the companies included in the sector averages (and for Quartile). This may be a particular problem with ratios like ROCE as there is no universally accepted definition. Often agencies issue guidance on how the ratios should be calculated to minimise these possible inconsistencies. Of particular relevance in this example is that it is unlikely that other jewellery retailers will have an intangible asset of deferred development expenditure.16 Sector averages are just that: averages. Many of the companies included in the sector may not be a good match to the type of business and strategy of Quartile. ‘Jewellery’ is a broad category and some companies may adopt a strategy of high-end (expensive) goods which have high mark-ups, but usually lower inventory turnover, whereas other companies may adopt astrategy of selling more affordable jewellery with lower margins in the expectation of higher volumes.Note: Other relevant examples may be acceptable, but they must relate to issues of inter-company comparison and not general issues of interpretation such as inflation distorting profit trends.3、(a)The main objective of financial statements is to provide information that is useful toa wide range of users for the purpose of making economic decisions. Therefore, it is importantthat the activities and events of the entity, as expressed within the financial statements, are understood by users, meaning that their usefulness and relevance is maximised. This can present management with a problem because clearly not all users have the same (financial) abilities and knowledge. For the purpose of understandability, management are allowed to assume users do have a reasonable knowledge of accounting and business and are prepared to study the financial statements diligently. Importantly, this characteristic cannot be used by management to avoid disclosing complex information that may be relevant in user decision-making. However, management must recognise that too much or overly complex disclosure can obscure the more important aspects of an entity’s performance, i.e. important information should not be ‘buried’ in the detail of unfathomable information.Comparability is the main tool by which users can assess the performance of an entity. This can be done through trend analysis of the same entity’s financial statements over time (say five years), or by comparing one entity with other (suitable) entities (or business sector averages) for the same time period. This means that the measurement and disclosure (classification) of like transactions should be consistent over time for the same entity, and (ideally) between different entities.Consistency and comparability are facilitated by the existence and disclosure of accounting policies. The above illustrates the close correlation between comparability and consistency. However, it is not always possible for an entity to apply the same accounting policies every year; sometimes they have to change (e.g. because of a new accounting standard or a change inlegislation). Similarly, it is not practical for accounting standards to require all entities to adopt the same accounting policies.Thus, if an entity does change an accounting policy, this breaks the principle of consistency. In such circumstances, HKFRSs normally require that any reported comparatives (previous year’s financial statements) are restated as if the new policy had been in force when those statements were originally reported. In this way, although there has been a change of policy, comparability has been maintained.It is more difficult to address the issue of consistency across entities; as already stated, accounting standards cannot prescribe the use of the same policy for all entities (this would be uniformity). However, accounting standards do prohibit certain accounting treatments (considered inappropriate or inferior) and they do require entities to disclose their accounting policies,such that users become aware of differences between entities and this may allow them to make value adjustments when comparing entities using different policies.(b) (i) Lobden’s income statement (extracts) for the year ended:30 September 2012$millionRevenue (based on work certified) (160 – 100) 60Cost of sales (balance) (48)–––Profit ((50 x 160/250) – 20) 12––– Statement of financial position (extracts) as at:30 September 2012$millionCurrent assets:Amounts due from customersContract costs to date 145Profit recognised (cumulative 20 + 12) 32––––177Progress billings (cumulative) (160)––––Amounts due from customers 17––––Contract receivables (160 – 150) 10–––– (ii) The relevant issue here is what constitutes the accounting policy for construction contracts. Where there is uncertainty in the outcome of a contract, the appropriate accounting policy would be the completed contract basis (i.e. no profit is taken until the contract is completed). Similarly, any expected losses should be recognised immediately. Where the outcome of a contract is reasonably foreseeable, the appropriate accounting policy is to accrue profits by the percentage of completion method. If this is accepted, it becomes clear that the different methods of determining the percentage of completion of construction contracts are different accounting estimates. Thus the change made by Lobden in the year to 30 September 2012 represents a change of accounting estimate. This approach complies with the guidance in HKAS 11 Construction Contracts paras 30 and 38.4、 (a) (i)Shawler statement of financial position (extract) as at 30 September 2012Carrying amount。
ACCA
新手导航：ACCA报考指南及常见相关问题汇总2009年6月ACCA各科考试通过率教材真题下载：[ACCA]—2009年6月考题及答案超级汇总版[ACCA]ACCA历年全球统考考题汇总[ACCA]—历年试题下载汇总（P1—P7,F1—F9）[ACCA]—新旧大纲历年试题下载汇总（P1—P7,F1—F9）ACCA教材下载—F1_chapter1-3(word版)ACCA教材下载—F5_word版[ACCA]—2009年F4模拟试题课件及讲义：[ACCA]—2009年12月份各科讲义下载汇总F4—公司法和商法—讲义下载09年12月f4讲义09.6 F9讲义及练习[ACCA考试]《F1 会计师与企业Accountant in Business （AB）》讲座课件下载[ACCA考试]《F2 管理会计Management Accounting（MA）》讲座课件下载[ACCA考试]《F3 财务会计Financial Accounting （FA）》讲座课件下载[ACCA考试]《F7 财务报告Financial Reporting （FR）》讲座课件下载[ACCA考试]《F8 审计与认证服务Audit and Assurance Services（AAS）》讲座课件下载备考辅导：F5复习资料F9复习资料整理分享2009年11月考官文章汇总资料2009年10月考官文章汇总资料2009年12月ACCA考试tips大全！ACCA字典会计科目中英对照经验分享：[经验分享]ACCA看书有诀窍[经验分享]中国ACCA第一人：吴卫军[经验分享]我的ACCA考试经验、教训以及建议[经验分享]F7,F9 的攻略（ACCA考试总结）[经验分享]ACCA考试高手的经验[经验分享]ACCA考试技巧与学习方法[经验分享]ACCA工作经验－work Experience[经验分享]—ACCA考试试题的特点及做题技巧分析[经验分享]—ACCA考试技巧与学习方法![经验分享]—ACCA三遍循环法[经验分享]—ACCA考试实战攻略(1)[经验分享]—ACCA考试实战攻略(2)[ACCA考试]《F3 财务会计 Financial Accounting （FA）》讲座课件下载ACCA F6 真题[ACCA]ACCA各Paper考官一览表[ACCA考试]《F1 会计师与企业 Accountant in Business （AB）》讲座课件下载[ACCA考试]2007年12月开始执行的新大纲的模拟试题[ACCA]ACCA历年全球统考考题汇总[ACCA]教材相关问题汇总[转贴]我是这样考过ACCA的(word版)[转贴]ACCA考试经验及P1.2－P2.2攻略（完整下载版）[转帖]ACCA看书有诀窍[转帖]中国ACCA第一人：吴卫军[转帖]我的ACCA考试经验、教训以及建议[ACCA考试]《F8 审计与认证服务 Audit and Assurance Services（AAS）》讲座课件下载[ACCA考试]《F2 管理会计 Management Accounting（MA）》讲座课件下载[ACCA考试]《F7 财务报告 Financial Reporting （FR）》讲座课件下载[ACCA]ACCA 考试报考指南ACCA 考试介绍特许公认会计师公会(The Association of Chartered Certified Accountants,简称ACCA) 成立于1904年，是目前全球最大的国际会计师组织。
ACCA F阶段考卷结构介绍
ACCA F阶段考卷结构介绍Structure of the ACCA F1 paperSection A contains 16 one mark objective questions and 30 two mark questions objective test questions (pick one answer from a number of alternatives).Section B will contains 6 four mark multi-task questions. Multi-task questions (MTQs) contain a series of tasks which relate to one or more scenarios.Emphasis of the ACCA F1 examThe syllabus and study guide take you through:•Work effectively in accountancy and finance•Principles of internal control•Evaluating accounting systems•Professional ethics in accounting and finance•Professional values and basic business legislation•Business environment, structure and governance•Leadership management and communicationStructure of the ACCA F2 paperSection A will contain 35 two mark objective questions.Section B will contain 3 ten mark multi-task questions – one will be on Budgeting, one will be on Standard costing, and one will be on Performance measurement.Structure of the F3 paperSection A will contain 35 two mark objective questions.Section B will contain 2 fifteen mark multi-task questions. One will test consolidations and the other will test accounts preparation.Structure of the ACCA F4 paperThe exam will be a two-hour paper, with all questions being compulsory.Section A will comprise 25 objective test questions of 2 marks each, and 20 objective test questions of 1 mark each.Section B will comprise five 6 mark multi-task questions.Emphasis of the ACCA F4 examMajor areas covered in exams are administration as an alternative dispute remedy, sale of goods law and company law. Typically 5 or 6 questions in each exam are from these 3 areas.In the scenario questions, the examiner is looking for a student’s ability to establish the area of law involved, analyse the problem, identify the general principles of law relevant to the question and then apply those principles to the situation in the question, often with the requirement of giving advice to one or more of the parties involved.Structure of the ACCA F5 paperThere are two sections to the exam –Section A will comprise 20 multiple choice questions of 2 marks each; Section B of the exam comprises three 10 mark questions and two 15 mark questions. The two 15 mark questions will come from decision making techniques, budgeting and control, and/or performance measurement and control areas of the syllabus.The Section A questions and the other questions in section B can cover any areas of the syllabus.There are 3 hours for the exam, plus 15 minutes of reading time.Overall, approximately 50% of the exam involves calculations, and approximately 50% is written.Emphasis of the ACCA F5 examAlthough most of the arithmetic involved is not difficult in itself, the calculation parts of questions are designed to check that you understandthe techniques, and can decide what information is relevant, rather than checking that you have just learned rules.For the written parts of questions there is some learning involved, but most of them are again checking that you understand the techniques –that you can explain them, that you can discuss advantages and disadvantages, and that you can identify the problems of applying them in practice.Structure of the ACCA F6 paperThere are no changes to the syllabus in the December 2014 ExamsThere are no changes to the format of the exam in the December 2014 ExamsThe paper will be predominantly computational and will have five questions, all of which will be compulsory.•Question one will focus on income tax and question two will focus on corporation tax. The two questions will be for a total of 55 marks, with one of the questions being for 30 marks and the other being for 25 marks.•Question three will focus on chargeable gains (either personal or corporate) and will be for 15 marks.•Questions four and five will be on any area of the syllabus, can cover more than one topic and will respectively be for 15 marks.There will always be a minimum of 10 marks on value added tax. These marks will normally be included within question one or question two, although there might be a separate question on value added tax.National Insurance Contributions will not be examined as a separate question, but may be examined in any question involving income tax or corporation tax.Emphasis of the ACCA F6 examThe exam will require you to prepare a computation for each of the main taxes correctly including the relevant items and in addition for businesses a Capital Allowances computation, Adjustment of profit statement will be required along with an understanding of the application of the VAT system to that business.Structure of the ACCA F7 paperThe exam is a three-hour paper, with all questions being compulsory, and with 15 minutes reading time.There will be two sections to the exam:Section A will comprise 20 multiple choice questions of 2 marks each.Section B will comprise one 30 mark questions and two 15 mark questions.(The 30 mark question will examine the preparation of financial statements for either a single entity or a group. The section A question and the other questions in Section B can cover any areas of the syllabus.)Structure of the ACCA F8 paperPart A – 20% (12 multiple choice questions: four questions for 1 mark each, eight for 2 marks each)Part B –80% (six compulsory questions: four questions for 10 marks each, two questions for 20 marks eachStructure of the ACCA F9 paperThere are two sections to the exam:Section A comprises 20 multiple choice questions of 2 marks each;Section B comprises three 10 mark questions and two 15 mark questions.The two 15 mark questions will come from working capital management, investment appraisal, and business finance areas of the syllabus. The Section A questions and the other questions in Section B can cover any areas of the syllabus.There are three hours for the exam, plus 15 minutes of reading time.Approximately 50% of the marks will be for calculations and approximately 50% will be written.。
ACCA
ACCA F 阶段题型汇总针对ACCA F 阶段题型的解释：1、客观题(Objective test questions/OT questions)客观题是指这些单一的，题干较短的，并且自动判分的题目。
每道客观题的分值为2分，ACCA 报名考生必须回答的完全正确才可以得分，即使回答正确一部分，也不能得到分数。
2、案例客观题(OT case questions)案例客观题是ACCA 引入的新题型，每道案例客观题都是由一组与一个案例相关的客观题组成的，因此要求符合ACCA 报考条件的考生从多个角度来思考一个案例。
这种题型能很好的反映出考生将如何在实践中完成这些任务。
案例客观题会出现在2016年9月份的笔试中，这意味着CBEs 考试和笔试的格式在本次考试中将完全一致。
3、主观题(Constructed response questions/CR qustions)考生将使用电子表格程序和文字处理程序去完成主观题的回答。
就像笔试中的主观题一样，答案最终将由专家判分。
这些变化都是更紧密地反映了考生在工作场所中执行同样任务的方式跟ACCA 就业前景及职业发展也有一定的联系，所以考生必须具备现代金融专业所需要的最相关的技能。
ACCA F1(机考)考试科目:企业会计时间:2hours ;通过分数:50，F1考试包含2个sections：Section A :46道题目，其中30道题，每题2分;16道题，每题1分。
总分值是76分。
Section B ：6道题目，每道题目4分。
总分值24分。
所有的题目都是必做题。
ACCA F2(机考)考试科目:管理会计时间:2hours 通过分数:50;F2考试包含2个sections:Section A ：25道题目，每道题目2分。
总分值是70分。
Section B ：3道题目，每道题目10分。
总分值是30分。
ACCA F3(机考)考试科目:财务会计时间:2hours 通过分数:50,F3考试包含2个sectionsSection A ：25道题目，每道题目2分。
2015年6月ACCA F1考官文章之考官报告
Examiner’s reportF1/FAB Accountant in BusinessFor CBE and Paper exams covering January to June 2015General CommentsThe examination was made up of two parts. Part A of the paper comprised 46 objective test questions, worth 1 and 2 marks, while part B of the paper had 6 multi-task questions each relating to different parts of the syllabus, and each worth 4 marks. Candidates were asked to attempt all of the questions in 2 hours.Candidates appeared to have prepared well for the examination, with very few questions presenting major difficulties. The vast majority of candidates completed the paper, suggesting that it was not time pressured. Syllabus topics on which candidates performed well included stakeholders, outsourcing, responsibilities for budgetary planning, personal effectiveness and financial information used to prepare the profit or loss account. Section E of the syllabus, which is concerned mainly with personal effectiveness and communications, presented least difficulty, and candidates dealt with questions relating to appropriate methods of communication to deal with specified situations very well. Questions drawn from this part of the syllabus had the highest average pass rates.Syllabus topics on which candidates performed poorly included non-governmental organisations, Tuckman’s team development theory, intrinsic rewards, and corporate codes of ethics. There was also evidence to suggest that candidates struggled to identify the appropriate action that should be taken by external auditors when evidence of fraud was uncovered. Many candidates did not understand how a package of legislation would impact on the labour market and wages. Newer organisational models (hollow, modular, vir tual) and Herzberg’s two factor theory presented difficulties for some.Candidates did not always understand some of the distinctions between the role and duties of internal auditors and external auditors, or indeed some of the attributes of both.Scenario-based questions posed no significantly greater level of difficulty than shorter questions, though clearly candidates would have spent longer reading through these and considering the information presented. There was some evidence to suggest that part B questions with slightly longer scenarios offered candidates more opportunity to make reasoned selections of answers. This was especially applicable to questions on types of organisation (companies, cooperatives, partnerships) and ethical theories (deontological and teleological approaches).For candidates who choose to take the paper-based version of the examination, it has to be emphasised very strongly that they must select answers in the manner required, as set down clearly in the instructions. Writing narrative answers and giving written justifications for answers is given no credit, as the required answers are objective. Candidates must never write out words, sentences or paragraphs. If the candidate believes that the correct answer is B, it is only necessary to write the letter B, and nothing else. By attempting to enhance the submission with added words, phrases or sentences, candidates simply waste valuable time that would be better spent on questions that are more challenging. Likewise, it is futile to write down more answers that the number required. Therefore, if there are two correct answers and the candidate writes ‘B, D and E’, no marks will be awarded, even if two of the selections are correct.As stated above, the examination can be completed within the required time by a well-prepared candidate, but it is significant that some candidates did not attempt all of the questions, and in some cases this may have been critical in achieving success. Even if the candidate is not certain of the correct answer, by reading and considering the choices carefully it is often possible to eliminate some of them, enabling an informed decision to be made. Questions should not be left unanswered.It is inevitable that some candidates will choose answers on a balance of probabilities even if they do not know the answer, and this is entirely acceptable. However, a minority of submissions suggested that some answers were pure guesswork, and this is supported by the fact that some candidates chose option D for questions where there was no such option. For example, single mark questions can only have A, B or C as a correct answer. Sample questions for discussionThis section of the report discusses three questions with which candidates experienced difficulties.Question 9This question required an understanding of the differences between intrinsic and extrinsic rewards.Which of the following is driven by intrinsic rewards?A Pawel, who wants good grades in his examinations to secure a bonusB Quentin, who sees achievement of his targets as a way of securing promotionC Ralph, who has declined managerial appointments because he enjoys his current jobD Suzanne, who tries to be the best in her team in order to build her reputation in the companyIntrinsic rewards are those which arise from performance of the work assigned to the individual, and are often related to the quality of working life. They include factors such as job satisfaction, recognition, the feeling of belonging to a successful organisation and personal growth. By contrast, extrinsic rewards are dependent on the decisions of others and are generally pre-determined by external forces. They may include pay and fringe benefits as determined by the employer, or a national minimum wage decided by legislators.In the context of this question, targets set by managers, bonuses and the perso n’s reputation are driven by external factors to the job itself, while enjoyment of the job is clearly intrinsic. The correct answer is therefore C. The pass rate for this question was 36%.Question 29:The question required an understanding of how the performance of a non-governmental organisation (NGO) is assessed.The performance of a non-governmental organisation is most often measured in respect of which of the following?A Customer satisfactionB ProfitabilityC Value for moneyNon-governmental organisations (NGOs) are a diverse group of bodies which, although independent of government, generally have social, welfare or environmental objectives. They are not necessarily charities, though some charities would undoubtedly be recognised as NGOs.In many cases, NGOs have to be financially self-sufficient and must therefore break even or turn a surplus. However, profitability is not a recognised objective of most NGOs. They are also not truly commercial organisations, so customer satisfaction could not be measured in the conventional sense. If option A had stated ‘stakeholder satisfaction’, this would be a credible answer. Instead of using the usual commercial criteria, the performance of NGOs is often assessed using value for money indicators associated with effectiveness and efficiency. The correct answer is therefore C.It is quite possible that candidates were confused by the term ‘non-governmental’, assuming that it referred to commercial organisations. However, NGOs are clearly mentioned in the syllabus and study guide as a particular type of organisation, so it is necessary to study them as a distinct type of entity.The correct answer was selected by 25% of candidates.Question 43This question required knowledge of the content of a corporate code of ethics.Which of the following should be included in a corporate code of ethics?A A detailed description of all of the commercial objectives of the companyB The consequences for employees of violating the standards of behaviour expected of themC A summary of the responsibilities of the individual directors of the companyD A list of laws and regulations with which the company will complyA corporate code of ethics typically opens with a statement of values, mission and core objectives of a company, but it would never include a detailed description of all of the commercial objectives as laid down by its board of directors. The strategic plan would most certainly include such as statement.The details of responsibilities of individual directors are often set out in the directors’ report and financial statements published by larger companies, and indeed may be a corporate governance requirement for listed companies. However, the corporate code of ethics would not normally drill down to personal responsibilities of individual directors, as the code itself would be expected to be relevant irrespective of future changes in the composition of the board.Although the corporate code may allude to specific laws and regulations, it would not be expected to include all of these.The correct answer is B. Many organisations now acknowledge that in order for a corporate code of ethics to be effective, it is necessary to combine statements of minimum standards with explicit preventative actions that the company is prepared to take when violations occur.The correct answer was chosen by 37% of candidates.ConclusionsThe performance of candidates was generally sound, with pass rates on individual questions suggesting a satisfactory or good standard of preparation, and although some topics appeared to be easier or more difficult, this may have been a function of the requirement rather than the specific topic set.Candidates should attempt all of the questions on the paper, and plan their time accordingly. It should be possible for a candidate who has invested sufficient time in study to make an attempt at every requirement. Although it is unlikely that even the best prepared candidates will know every answer instantly, distractors can often be eliminated by a process of deduction. This takes time, and there is perhaps a case for dealing with questions in ‘sweeps’, by getting marks quickly for questions where the answer is known straight away, and then focusing more time and effort on those requiring greater thought.The part B questions are generally longer and therefore probably need to have more time allocated to them. For example, parts of these questions may require two or three selections from more than four choices, and eachshould be considered carefully. It was clear that some candidates opted for default selections, such as choosing ‘A’ for all options or using sequences (often A, B, C, D), but this is seldom a successful strategy, as answers are randomised in advance.Those taking the paper-based examination must follow the instructions and make their answers legible. A significant minority of candidates presented detailed answers when it was only necessary to write down the chosen letter. This is time consuming and often self-defeating. It is very regrettable that in some cases, credit could not be given because it was unclear what the candidate had actually chosen. If an answer cannot be read, credit cannot be given.。
ACCA考试报告分析F2-examreport-2008D
Examiners’reportF2Management AccountingDecember2008This was the third examination under the new syllabus.The two hour paper,as usual,contained50multiple choice questions–40carried two marks each and the other10carried one mark each.This mix is exactly in line with the pilot paper.The general performance of candidates showed a definite improvement in December2008 compared with the previous two examinations.The following questions taken from the December2008examination are ones where the performance of candidates was particularly weak.Each of these questions carried2marks.Example1A manufacturing company operates a standard absorption costing st month25,000production hours were budgeted and the budgeted fixed production overhead cost was$125,st month the actual hours worked were24,000and the standard hours for actual production were27,000.What was the fixed production overhead capacity variance for last month?A$5,000AdverseB$5,000FavourableC$10,000AdverseD$10,000FavourableThe correct answer was A($5,000Adverse)and was selected by less than40%of the candidates.The fixed production overhead capacity variance is the difference between the budgeted hours and the actual hours worked with the difference being evaluated at the hourly standard fixed production overhead cost rate.So the value of the correct answer is calculated as:[(25,000–24,000)×$5]=$5,000.There is a second stage in determining the correct answer as both choices A and B contain a value of$5,000.Is the variance Adverse or Favourable?It is adverse because the predetermined standard rate of$5per hour was based on25,000 budgeted hours.By only working24,000hours this would cause overheads to be under absorbed–an adverse effect.Almost as many candidates selected choice B as selected the correct choice A.Candidates selecting a variance value of$10,000had presumably calculated the volume variance rather than the capacity variance,which was $10,000Favourable.This question tested Section E4(a)in the Study Guide.A one mark written question on this topic with just two choices(A or B)was also set in the June2008examination.A comparable outcome occurred then as the candidates opted for A and B in almost equal proportions.Example2The profit-volume chart for a single product company is as follows:($’000)What is the product’s contribution to sales ratio(expressed as a%)?A16%B28%C40%D72%The correct answer was C(40%).Only one third of the candidates selected the correct answer to this question. The diagram shows that at an activity level of$500,000worth of sales,the profit was$140,000.It also shows that the loss at zero activity is$60,000which also represents the total fixed costs.Therefore the contribution at $500,000of sales is$200,000(140,000+60,000)and the contribution to sales ratio is:[200,000÷500,000×100]=40%.Choice B was the most popular selection by candidates for this question.This was possibly based on the calculation of$140,000as a percentage of$500,000or just a pure guess?This question tested Section F1(c)in the Study Guide which refers to the identification of elements in profit-volume charts.Example3Last month a manufacturing company’s profit was$2,000,calculated using absorption costing principles.If marginal costing principles had been used,a loss of$3,000would have occurred.The company’s fixed production cost is$2per unit.Sales last month were10,000units.What was last month’s production(in units)?A7,500B9,500C10,500D12,500The correct answer was D(12,500units).Significantly less than50%of candidates selected this answer.The difference between the marginal costing loss and the absorption costing profit was$5,000.This equates with the change in inventory(in units)evaluated at$2(the fixed production cost per unit).Therefore the change in inventory last month was2,500units[5,000÷2].As the marginal costing‘profit’outcome was lower than the absorption costing profit then production was greater than sales last month–by2,500units.Therefore last month’s production was[10,000+2,500]=12,500units.Choice A(7,500units)could be obtained by deducting the2,500from the10,000in the final step.Nearly15% of candidates selected A.More than40%of the candidates selected either B or C which probably meant that they had taken the initial difference in‘profits’as$1,000which gave a inventory change of500units.This question tested section D4(d)in the Study Guide.The worst answered question in December2008has not been reproduced in this report as it again involved the reconciliation of budgeted and actual contributions in a standard marginal costing system[Study Guide E5(c)]. Very similar questions in both the December2007and June2008examinations were highlighted in the respective Examiner’s Reports.Students are advised to look back to these reports as they are still very relevant. Future candidates are advised to:∙Study the whole syllabus.The examination will always cover all sections of the Study Guide.∙Use the pilot paper as practice questions.The pilot paper is also a very good guide to the styles of questions that will continue to be set and to the coverage of the topics in the Study Guide.It is also gives a good indication of the approximate split between calculation and non-calculation questions that will continue in examinations in2009.∙Practise as many multiple choice questions as possible in preparing for the examination.∙Read questions carefully in the examination–including all the alternative choices of answer to each question.Candidates should remember that the examiner puts a lot of careful thought not only into each question and the correct answer but also into the distractors(the wrong answers to a multiple choicequestion).This point is well illustrated by Example3from the December2008examination(see above).。
ACCA考试科目难易度评估
ACCA考试科目难易度评估ACCA（特许公认会计师）是全球范围内公认的财会领域的专业认证，具备ACCA资格证书对于财会从业者来说具有很高的含金量和职业竞争力。
ACCA考试分为多个科目，每门科目都有不同的难度和挑战。
本文将评估ACCA考试科目的难易度。
一、F级科目1. F1- Accountant in Business：这门科目主要介绍会计专业的职业背景和职责，包括法律和道德原则、基本商业环境等。
难易程度相对较低，适合刚刚入行的财务和非财务从业者。
2. F2- Management Accounting：这门科目主要涵盖管理会计的基础和技巧，如成本控制、预算编制等。
相对于F1，F2的难度稍大，需要掌握更多的计算和分析技能。
3. F3- Financial Accounting：这门科目主要涵盖企业财务报表的编制和分析，包括收入和费用的计量、资产负债表和现金流量表的理解等。
F3相对来说也是相对易于掌握的科目。
二、P级科目1. P1- Governance, Risk, and Ethics：这门科目主要关注公司治理、风险管理和道德伦理等内容。
P1的难度较高，需要对国际商业环境了解全面并掌握一定的伦理原则。
2. P2- Corporate Reporting：这门科目要求掌握国际财务报告准则和国际会计准则等内容，对于财务报表的编制和分析有较高要求。
难度相对较大。
3. P3- Business Analysis：这门科目主要关注商业分析和战略规划等方面的能力，需要对企业经营环境和战略决策有较深入的理解。
相对来说，P3的难度较大。
三、E级科目1. E1- Managing Finance in a Digital World：这门科目主要关注数字化时代财务管理的新趋势和挑战，对于财务技能和数字技术的结合有较高要求。
相对于以往的科目，E1的难度较大。
2. E2- Strategic Business Reporting：这门科目涵盖了战略财务报告和企业绩效评估等内容，对于财务管理和战略规划能力有很高的要求。
F9考官亲自陈述ACCA考试报告--Question Four (a)
F9考官亲自陈述ACCA考试报告--Question Four （a）本文由高顿ACCA整理发布，转载请注明出处Question Four （a）This part of question 4 asked candidates to calculate the value of a company using four different methods. Most candidates were able to calculate correctly the market capitalisation （equity market value）of the company by calculating the number of shares and multiplying this total by the market value per share. Occasional errors that arose were incorrect calculations of the number of shares and adding the value reserves to the calculated market capitalisation. Many students were not able to calculate correctly the net asset value on a liquidation basis. Some answers calculated the net asset value from the current statement of financial position information, rather than on a liquidation basis. A common error was to fail to subtract non-current liabilities, or current liabilities, or both from the revised figure for total assets. The price/earnings ratio valuation method was often calculated correctly, although some answers began by dividing earnings by the number of shares to give earnings per share, and ended by multiplying share price by number of shares to give company value, representing an unnecessary dip into and out of share-based values. Some candidates had difficulty calculating the average historical dividend growth rate, although either the arithmetic or geometric average would have been accepted. Most answers were able to offer a dividend growth model value, even when the calculated growth rate was incorrect.The second dividend growth model valuation required the dividend growth rate to be calculated using Gordon’s growth model, as the product of the retention ratio and the return on equity. It was common to see the retention ratio calculated correctly, only to be multiplied by the cost of equity instead of the return on equity.更多ACCA资讯请关注高顿ACCA官网：。
2015年6月ACCA P2考官文章之考官报告
Examiner’s reportP2 Corporate ReportingJune 2015General CommentsThe examination consisted of two sections. Section A contained one question for 50 marks and Section B contained three questions of 25 marks each, from which candidates had to answer two questions .In order to pass this examination, there is a significant cost in terms of time, discipline and energy inorder to obtain the required level of knowledge and application. Candidates should manage their own learning and not be totally reliant on a single textbook or revision course for their knowledge. Candidates are unlikely to be successful if they simply rely on a short revision course without having dedicated many hours to the subject area.Knowledge and understanding does not come quickly in this subject. It does not come through rote learning but through a deeper understanding of the subject matter. The subject lends it to a principles approach whereby the candidate understands the principles used in a range of accounting standards. IFRSs can be taught through a series of principle-based lectures/seminars. An example is the principle of measurement. Various types of measurement system are used across IFRSs and candidates could develop their knowledge of, for example, fair value by looking at the various IFRSs that use this as a basis for measurement. The IASB themselves advocate this way of teaching the standards.Further, IFRSs can be taught through the medium of the Conceptual Framework. This method of teaching will demonstrate to candidates, for example, the inconsistency of the application of the fundamental principles of corporate reporting. In this way, candidates will learn the principles underpinning the IFRSs and be capable of critical appreciation of the subject area. An accountant giving advice to a client needs to have an appreciation of the subject area and not specific knowledgeof a handful of standards. Teaching methods need to adapt to the demands of the examination, whichin itself is being driven, by the demands of employers. The examination is not based upon traditional textbook type questions but on the reality that is corporate reporting and issues therein. Accountants advise clients, they do not act in the capacity of bookkeepers and therefore the examination reflects this. A client would not thank ACCA, if their graduates simply quoted by rote, an accounting standard when asked for advice on a certain matter.The examination of necessity does contain a certain amount of technical material but a significant partof the examination is based around the application of the fundamental principles within IFRS. The comments below will reflect the above points.Specific CommentsQuestion OneThis question required the candidates to prepare a consolidated statement of financial position. In this question candidates were required to deal with the purchase of two subsidiaries and the sale of another subsidiary. Additionally, non controlling interest (NCI) was calculated using both the fair value method and the partial goodwill method in this question and additionally the valuation of NCI in thetwo acquired subsidiaries was based respectively on market prices and a valuation based upon the PE ratio. Candidates seemed to be able to calculate NCI using market prices but struggled with the calculation involving the PE ratio. The understanding of the PE ratio is fundamental to corporate reporting. Analysts use this ratio extensively and it is one of the simple ways to value an entity. Interms of the syllabus, it is dealt with at Paper F7 as well as being included in syllabus section C1(a)‘Prepare reports relating to corporate performance for external stakeholders’.As stated above, candidates should be able to understand the principles of corporate reporting and be able to apply them. The calculation using the PE ratio to value a business is very straightforward andas such only carried one mark in the marking scheme but if candidates do not understand the meaning of the ratio, then it is understandable that they could not calculate the value of the entity. There was some comment in the media about the use of the own figure rule. (OFR) The OFR is only used when a candidate has wrongly calculated a ‘figure’ which is subsequently used in another calculation. Theca ndidate will lose the marks for the original calculation but if the ‘own figure’ is subsequently used correctly, then marks will be given for the correct principle being used. It is unfair to penalise a candidate on more than one occasion for an incorrect calculation.In addition to the purchase and disposal of subsidiaries, the holding company also decided to restructure one of its business segments which affected the employees’ pension benefits in two locations. Candidates were expected to show the impact on profit or loss of the restructuring. This partof the question was quite well doneAdditionally the holding company leased out equipment under a finance lease but had incorrectly accounted for the lease. Again candidates performed quite well on this part of the question. Finally, the holding company impairment tested its non-current assets and it was decided that a building located overseas was impaired because of major subsidence. Candidates were expected to calculate the impairment loss and the deferred tax asset, which arose because of the impairment. This part of the question was quite well answered.More than half of the marks in question 1 are normally allocated to the group accounting part of the question. Therefore it is imperative that candidates not only understand group accounting techniquesbut also complete the workings for goodwill, retained earnings, other comprehensive income (OCI) and NCI.Question 1b required candidates to discuss the difference between equity and liabilities, and the proposed accounting treatment of the contingent payments on acquisition of NCI .The Framework and IAS 32 Financial Instruments; Presentation set out the fundamental differences between equity and liabilities and this question has been posed before in this examination paper. The definition is fundamental to the presentation of financial statements and performance reporting. Candidates however still struggle with this difference. Also, it would seem sensible that if the question required a discussion of the above then, the second part of the question might require the use of this distinction. Hence the contingent payment was in fact a financial liability, which very few candidates recognised. Question 1c required a discussion of the philosophy behind ‘rules based’ and ‘principles based’ accounting standards together with a discussion of the ethical challenges faced by accountants if there were a switch in a jurisdiction from ‘rules based’ to ‘principles based’ accounting standards. This partof the question was well answered by candidates, which was very pleasing. It is important to realise in answering this type of question that there is a range of possible points, which could be raised by candidates, which may or may not be included in the model answer. Candidates were given due credit for relevant opinion on the subject matter of the question.Question TwoThis question dealt with the measurement and disclosure of the fair value of assets, liabilities andequity instruments. It did not focus specifically upon IFRS 13 Fair Value Measurement, but of coursethis standard is the basis of fair value measurement for many IFRS s.Part (a) of the question required the application of IFRS 13 to agricultural vehicles. The main principles involved were the application of principal and advantageous market definitions to a set of data. Candidates were awarded marks based upon the principles involved and the application of those principles. Answers were quite disappointing considering the fact that the market definitions are the cornerstone of IFRS 13. As mentioned above, the principles involved in this part of the question were quite basic and fundamental to the standard.Part b of the question required candidates to apply a valuation technique to the valuation of short-lived crops where there was no active market for partly grown crops. A discounted cash flow method wasused to value the crops and the entity wished to know how they should account for the biological assetat various quarterly dates and when the crops were sold. Candidates needed to use discounted cashflow techniques to value the crops. This part of the question was not well answered. Valuation techniques are used extensively in corporate reporting and therefore candidates must become accustomed to using such techniques in answering questions.Part (c) of the question was well answered. It involved calculating and discussing the valuation ofshare appreciation rights (SARs) under IFRS 2 Share-based Payment and not IFRS 13. However part (d) of the question was surprisingly poorly answered. One of the fundamental principles of IFRS 13 is that of ‘highest and best use' as long as the alternate uses are physically, legally and financially permissible. In this question, the non-current asset had more value if it were used for residential purposes rather than for farmland providing that planning permission was granted. A discussion of this principle and its application was required but was seldom forthcoming from candidates.Question ThreeQuestion 3 was a case study question which required the application of the fundamental principles of several accounting standards. In part (a), there were two laboratories which carried out research and development activities for the entity. The activities of the laboratories were set out in the question aswas the reporting structure of the entity. Candidates were required to discuss whether the research and development laboratories should be reported as two separate segments under IFRS 8 Operating Segments.Candidates often discussed the principles of IFRS 8 very well and many felt correctly that the second laboratory should be reported as a separate segment. However few students realised that the first laboratory was in fact simply supporting the business of the entity and was not actually a separate segment.Part (b) of the question dealt with the valuation of publicly listed shares in exchange for and receivedon transactions concerning the acquisition and sale of patent rights. In addition candidates had to deal with the accounting for a royalty. Few students discussed IFRS 9 in this context or IFRS 2.This part ofthe question was not well answered by candidates.Part (c) of the question required a discussion of the accounting for the costs of developing certain drugs. The knowledge and application of IAS 38, Intangible Assets, was required in terms of whichcosts should be capitalised and which costs should be expensed. The question was quite well answered as regards the principles but the application particularly in the case of the first contract wasnot well discussed. In this case, the payments were to a third party who was carrying out the development of the drug and should have been expensed.Question FourThis question is normally the current issues question. Candidates were required to describe the current presentation requirements relating to the statement of profit or loss and other comprehensive income (OCI) and to discuss, with examples, the nature of a reclassification adjustment and the arguments for and against allowing reclassification of items to profit or loss. Additionally, candidates were asked to discuss the principles and key components of the IIRC’s Framework, and any concerns, which could question the IIRC Framework’s suitability for assessing the prospects of an entity. The p rinciples behind the use of OCI have not been fully determined by the IASB and they are currently discussing them as part of the Conceptual Framework project. The arguments for and against reclassification adjustments were quite well answered by candidates as was the current presentation requirements of IAS 1.However the IIRC’s Framework, which is a recent addition to the syllabus, was often confusedwith the IASB’s Framework, with the result that some candidates scored poorly on this part of the question.Part( b) required the application of part (a in terms of determining which elements of a profit or loss should be reported in OCI and which elements in profit or loss. The first part of this question dealt witha cash flow hedge and the treatment of gains and losses .The second part of the question dealt withthe revaluation of property, plant and equipment and was very well answered by most candidates. The cash flow hedge was not as well answered.。
2012年12月ACCA考试F9考试考官报告(1)
2012年12月ACCA考试F9考试考官报告本文由高顿ACCA整理发布，转载请注明出处General CommentsCongratulations to all those candidates who were successful in passing Paper F9 in December 2012! The overall performance in December 2012 was good and most candidates answered four full questions. Please read this report carefully if you were not successful in passing the paper at this sitting, as it indicates areas where candidate answers in general could be improved, as well as indicating where candidates did well. It is also recommended that this report should be read in conjunction with the detailed suggested answers written by the examiner. Overall, the highest marks were usually gained on question 1, while roughly equal marks were gained on questions 2, 3 and 4.Specific CommentsQuestion One (a)This question called for the calculation of the net present value (NPV) of a construction project for BQK Co and then comment on its financial acceptability. Many candidates gained high marks on this part of question. A nominal terms evaluation had to be undertaken because tax on profits was being paid one year in arrears, and because specific inflation rates were linked with selling price, variable cost and infrastructure costs. The nominal after-tax cost of capital of 12% was given in the question. Some answers mistakenly used the real after-tax cost of capital of 9%, or tried to calculate another discount rate altogether using the Fisher equation, but all that was needed was to use the 12% rate provided. Although the question stated that two types of houses were to be built on the development site, some candidates mistakenly treated large houses and small houses as two separate investment projects. Some candidates chose to ignore the fixed infrastructure costs which the question stated were for new roads, gardens, drainage and utilities, arguing that fixed costs were not relevant in investment appraisal, but a housing development without roads, drainage and so on would not be a practical investment. Most answers calculated correctly the nominal values of sales income, variable costs and fixed costs, and then calculated correctly and timed correctly in arrears the tax liabilities on the before-tax cash flow. The question said that capital allowances on the purchase cost of the development site were on a straight-line basis over the four year construction period. Most answers calculated correctly the associated capital allowance tax benefits, although some candidates lost marks by calculating capital allowances on a 25% reducing balance basis. Having calculated nominal after-tax cash flows, some candidates chose mistakenly to discount them with thereal after-tax cost of capital of 9%. Nominal after-tax cash flows must be discounted with a nominal after-tax cost of capital (this is the nominal terms approach).Some answers chose not to comment on the financial acceptability of the investment project and so lost a relatively straightforward mark. A small number of answers wasted valuable time by commenting at length on financial acceptability, for example by discussing critically the merits of NPV as an investment appraisal method.Question One (b)Candidates were asked here to calculate the before-tax return on capital employed (ROCE) of the investment project on an average investment basis and to discuss briefly its financial acceptability. Many candidates did not gain full marks here because they were not sure of how to calculate ROCE for investment appraisal purposes. The definition of ROCE in this case is average annual accounting profit as a percentage of average annual investment. Since the NPV evaluation was in cash flow terms, accounting profit had to be calculated by subtracting depreciation from investment project cash flows, a point overlooked by some candidates. Some candidates were also not aware that average annual accounting profit, rather than total accounting profit, was needed. Some candidates incorrectly chose to calculate internal rate of return (IRR), perhaps because they were confusing ROCE with IRR. It is also possible that this error was partly due to the fact that both ROCE and IRR are relative measures of investment worth.Question One (c)The requirement here was to discuss the effect of a substantial rise in interest rates on the financing cost of the construction company and its customers and on the capital investment decision-making process. This question allowed students to show their understanding of how a company might be affected by its economic environment and many candidates gained credit for making relevant points. For example, the increased cost of customer borrowing might lead to a reduction in forecast demand for housing that could be countered in part by a change in product mix, increasing the proportion of small houses expected to be built. Candidates who lost marks tended to do this in one of two ways. Firstly, some candidates spent time explaining why interest rates might increase in an economy, something that was not required by the question and so did not gain any credit. Secondly, some candidates explained, occasionally at length, the stages in the investment appraisal process. Again, since this had not been asked for, such explanations did not gain any credit.更多ACCA资讯请关注高顿ACCA官网：。
2010.Dec.ACCA.F9_OpenTuition-Paper-Mock-exam-Solutions
MOCK EXAM SolutionsYou can download Mock Exam Questions on:/acca/PAPER F9FINANCIAL MANAGEMENT This material is © protected and is licensed by Kevin J Kelly to Live Online tuition includes•Focused advice & help on WHAT and HOW to learn for the December F9 Exam, plus targeted EXAM TIPS•Revise a topic that you nd di fficult,•Essential THEORY skills – I will teach you theAPPROACH required to be MARK – TIMEaware in the exam … don’t lose easy marksanymore. Instead, let me show you how to pick up the easy marks to help you passrst time! Students frequently forget that inF9 50% of the marks are available fortheory!•Essential NUMERIC skills – don’t risk failing theexam because you have got bogged down on aparticular numeric question in the exam. Do you have a reliable and structured approach for dealing with important numerical questions on Investment Appraisal, Financial Analysis, Working Capital Management, Cost of Capital, calculating WACC, Foreign Exchange calculations, etc., ? I will teach you essential numeric skills quickly and e ffectively using my unique “TEMPLATES ”.Can you provide your answers to numeric and theory questions at speed, demonstrating e ffective planning & logical layout? If not, let me show you how.•EXAM TECHNIQUE skills signi cantly improved – students often frequently under-perform in the exam when dealing with questions on Financial analysis, Investment Appraisal. Calculating WACC, Forex, etc., •Past F9 Exam Papers - explained in a simple and easy to understand fashionone-to-one tuition with ACCA Tutor Kevin Kelly For further information email Kevin Kelly: info@ or visit: Paper F9Book your one-to-one tuition with ACCA F9 Tutor, Kevin Kelly,(You choose any topic from within the F9 syllabus)Available Live on-line now £9.99 for 15 minutes or only £35.00 for 1 hr (All you will need is access to the internet and Skype)Contact: info@ or Mock Exam Service – Correction, Feedback and Assessment•Mock exam Assessment and Feedback. Correction Service for only £3.00 per question (£9.99 per paper - 4 questions). Marked and returned to you with DETAILED comments and suggestions for improvements online within 24 hours.•Revision questions marked and returned to you with comments and suggestions forimprovements £3.00 per question (£9.99 per paper - 4 questions)Mock Exam Assessment From only £3.00Solution 1Cost of Capital and Investment AppraisalBefore attempting this question you are advised to have carefully revised the following chapters of the Course NotesChapter 6 Management of Working Capital (4) - CashChapter 7 Investment AppraisalChapter 8 Relevant Cash Flows for DCFChapter 11 Sources of Finance - EquityChapter 12 Sources of Finance – DebtChapter 14 The Valuation of Securities – theoretical approachChapter 15 The Valuation of Securities – practical issuesChapter 16 The Cost of CapitalChapter 17 When (and when not!) to use the WACC for Investment AppraisalSolution 1a)Calculate the after-tax weighted average cost of capital of Orihuela SA (6 marks)*Tutors Note: Firstly, let’s recap on the procedure (Answer Plan) to follow in the exam … so that you produce an answer with a well structured layout that the marker can easily follow.WACC procedure may be summarised under the following headings. You will then only need to decide on which components of the following structure will be relevant to answering our specific exam question.WACC states: Ko = Ke (%) + Kdat (%)Approach / Procedure in the EXAMKe DVM (Growth or no Growth in Dividends?)P/E modelCAPMNPV # 1 Kdat Redeemable => IRR => NPV # 2InterpolateIRRedeemable => IRR => CI (1-t) / MV Weightings Preferably Market Values*Tutors Note: Looking at our question it is easily apparent that in our answer we will need to calculate Ke (the cost of equity) by reference to a suitable Dividend Valuation Model (DVM.. in this case Gordon’s Dividend Growth Formula) and the Kdat (the cost of redeemable debt AFTER TAX) by reference to first principles, using IRR.1This material is © protected and is licensed by Kevin J Kelly to Ke - Cost of EquityGordon’s formula states that Ke = Do (1+g) + gPe*Tutors Note: “Just Paid” = Do = $53, Current MPS = $18, Growth = g = 0.06Filling in the blanks we get:Ke = 3.0 (1+.06) + .0618Ke= 23.67%KDAT - Cost of Redeemable Debt*Tutors Note: We calculate Kdat from first principles - based on examination of the Relevant Cash Flows (Relevant Costs) associated with the bond. These c/f’s may be summarized as followsCalculation of NPV @ say 5%Table of Relevant Cash FlowsT o t1t2!!!.>t10Cost (MV) (93)Coupon Interest (1-t) 4.2 4.2……..> 4.2Redemption @par 100Redemption premium 10% 10Net Cash Flows (93) 4.2 4.2……. 114.20Df @5% 1 0.952 0.907 …. 0.614P.V. (93) 4.0 3.81 ……. 70.12NPV = 6.97*Tutors Note: Within the strict time constraints of the exam it would be a little time consuming to work out the NPV in this “normal” fashion. Clearly, it would be more efficient to use the Cumulative Discount Tables (or Annuity Factor Tables) to work out the Present Value of the constant CI cash flow ($4.20) between years 1 & 10 as follows:KDAT- Cost of Redeemable DebtCalculation of NPV @ say 5%Summary of Relevant Cash FlowsPVCost T o (93) x 1.00 (Real Cost) (93)CI after tax t1 to t10 4.20 x 7.722 (AF for 10 yrs) 32.43 Redemption t10 110 x .614 (df for yr 10) 67.54NPV+ 6.972This material is © protected and is licensed by Kevin J Kelly to This material is © protected and is licensed by Kevin J Kelly to 3*Tutors Note: The 2nd approach to calculating the NPV is much faster in this instance. Therefore, I will derive the 2nd NPV in this way also.Calculation of NPV @ say 10%Summary of Relevant Cash Flows PV Cost T o (93) x 1.00 (Real Cost) (93)CI after tax t 1 to t 10 4.20 x 6.145 (AF for 10 yrs) 25.81Redemption t 10 110 x .386 (df for yr 10) 42.46NPV - 24.73NPV = (24.73)*Tutors Note: We can now proceed to INTERPOLATE in order to estimate the Cost of Capital (df) that gives us a breakeven NPV … => the Kdat (of Redeemable Debt).*Tutors Note: The Formula for the IRR is either:IRR !- or if you prefer -Difference in Pos. NPV IRR ! Pos. Coc + Coc X Sum of NPV’s Where:L = Lower rate of InterestH = Higher rate of InterestN L = NPV @ Lower rate of InterestH L = NPV @ Higher rate of InterestInterpolateKdat = IRR ! ! 6.10%Weightings (based on Market Values)Market# ‘000 MPU Value %[E ] Equity 1,500 18.00 27,000 85.31[D ] Debt 5,000 93% 4,650 14.69[V ] Value 31,650 100%WACC states: Ko = Ke (%) + Kdat (%)*Tutors Note: Now, filling in the blanks in the formula we get:! Ko = 23.67(.8531) + 6.10(.1469) ! 21.09%Solution 1 contd.,(b)Advise the MD of Orihuela SA, with reasons, whether or not you believe theinvestment appears worthwhile. (6 marks) *Tutors Note: Questions of this nature, which question the economic value of investments (whether or not they are worthwhile) require you ALWAYS (unless you are instructed otherwise) to calculate the NPV of the investments. The DECISION CRITERION is then to choose the investment with the highest NPV.Why is this? The answer is simple, NPV is THEORETICALLY, the superior decision making technique.Calculation of NPVBased on examination of the Relevant Cash Flows (Relevant Costs)Table of Relevant Cash Flows- 000’s -t0 t1 t2 t3 t4 t5 t6Cash from Operations:Operating cash flows 710 745.5 782.8 821.9 863Tax - Payable (213) (223.6) (234.8) (246.6) (258.9) - Saved on CA’s (W1) 225 168.7 126.6 94.9 248.8 Other Relevant Cash Flows:Cost (3,000)Scrap Value 120Working Capital (W2)(390) (19.50) (20.5) (21.5) (22.5) 474Net Cash Flow (3,390)690.5 737 706.4 691.2 1305.3(10.1)d.f @21%(W3) 1.0 .826 .683 .564 .466 .385 .319P.V. (3,390) 570.3 503.4 398.4 322.1 502.5 (3.2) NPV = (1,096) Negative REJECT(W1)Calculation of Tax Relief on Capital AllowancesTaxYear WDV CA Relief Timing1 3,000 750 225 t22 2,250 562.5 168.75 t33 1,687.5 421.9 126.57 t44 1,265.6 316.4 94.92 t55 949.2 *829.2 248.76 t6Total Entitlement 2,880 x 30% 864This material is © protected and is licensed by Kevin J Kelly to 4* Calculation of Balancing Allowance / ChargeTax WDV of 949.2 – Sale Proceeds of 120 = Balancing Allowance of 829.2(W2)Calculation of annual Incremental Working Capital requirementBeginning Opening AnnualYear Balance Increment Timing1 390 (390) t02 409.5 (19.5) t13 429.975 (20.475) t24 451.474 (21.499) t35 474.047 (22.573) t4End of year 5 Repayment 474.047 t5(W3)Calculation of an appropriate df (Discount Factor) to use in the evaluationAssumption: that 21.09%, the WACC calculated in part (a) rounded to 21%, is the correct average cost of capital (df) to use in this instance. This assumption is based on the assertion that the new investment will have the same Business Risk (same Industry) and will be financed in the same way (the same Financial Risk / same Financing mix of capital, D:E) as the company’s existing operations. Consequently, it is considered appropriate to use the existing company WACC. If both of these conditions were not met then a project specific WACC would have to be calculated using CAPMAdvise the MD, with reasons, whether or not you believe the investment appears worthwhile.Purely on financial grounds I would advise the MD not to proceed with the proposed investment.The principle reason is that, in THEORY, proceeding with the proposed investment will result in an immediate DECREASE in shareholders wealth in the amount of $1,096,000.This advice however ignores consideration of a range of non-financial and/or qualitative factors which will necessarily be an important part of the strategic decision making process of the MD and the board of Orihuela Plc in this instance.*Tutors Note: Refer to the points listed under part ( c) below for further information on non-financial/qualitative factors.5This material is © protected and is licensed by Kevin J Kelly to Solution 1 contd.,(c)Advise the Managing Director on what factors he should consider before decidingon a “correct” buying price to pay for the target company. (3 marks) *Tutors Note: It is important to appreciate, when considering what price the predator company should pay for the target company, that questions about “correct price” are like trying to consider “how long is a piece of string”! There are many practical considerations to take into a/c, each varying in importance depending on the circumstances or motivations surrounding the takeover discussions. There are financial considerations (valuation methods, funding issues, stock market & share price reaction, synergies,…) as well as non-financial considerations (strategic, managerial, operational issues,…) to take into a/c. Suffice it to say that every minute aspect of the business and the industry in which it operates in are likely to be considered. …… Thus following on from this logic you should now be able to appreciate that there is NO SUCH THING as a “correct buying price” – in the final analysis it will depend on the negotiation skills of the people involved and sitting around the table! Having said all this an acceptable answer for 3 marks might look like this:(i) Range of Prices - Valuation methodsThere are several possible valuation models available, each of which have different underlying assumptions and thus each model will produce a different BUYING PRICE. For example, there are;•Dividend valuation models•Price / Earnings models•Discounted Cash Flow Models•Net Asset based modelsThe Net Assets or Balance Sheet approaches are often quite useful in these types of negotiations; the Net Realizable Value basis can provide a useful MINIMUM PRICE and the Net Replacement Cost basis can provide a useful MAXIMUM PRICE….around which the negotiations can take place.The other bases (P/E, DVM and DCF models) tend to provide prices which lie between the two extremities of the price range provided by the NRV and NRC.As I have stated above, the FINAL or “correct” buying price will be a matter of judgment and will very much depend on the negotiation skills of the people involved in the discussions.*Tutors Note: To recap:EQUITY valuation models include:•Dividend valuation models•Price / Earnings models•Discounted Cash Flow Models•Net Asset (Balance Sheet) based models providing valuations based on:N.B.V !Little useN.R.V !Min. (Seller)N.R.C !Max. (Buyer)6This material is © protected and is licensed by Kevin J Kelly to (ii) Other Financial considerationsCosts (accountants, legal, brokers, underwriting), Goodwill, stock marketreaction, EPS, Share Price, Funding arrangements,(iii) Other Non-Financial considerationsStrategic (rapid growth, acquire expertise, diversification, enhance EPS),Managerial & Operational….Solution 1 contd.,(d)(i)Calculate the theoretical ex-rights price of an ordinary share. (2 marks) Theoretical ex-rights price per ordnary share.Shares Price MVExisting (original) holding 4 2.80 11.20Rights Issue 1 2.20 2.2013.40TERP=> 13.40/5= $2.68*Tutors Note: => this implies that the value of the rights are $2.68 -$2.20 = $0.48 for every 4 shares held or new share acquired.(d)(ii)H ow will the wealth of an investor holding 10,000 ordinary shares in Murcia Plc be affected by the rights issue if they take up their rights to buy new shares or decline the option to do so. (3 marks) Expected effect on Wealth of Shareholders - Wealth -$ 10,000 sharesBefore $Current position (as above) 4 x 2.80 = 11.20 28,000Take up RightsNew position 5 x 2.68 = 13.40Cost of new share 1 x 2.20 = (2.20)Wealth 11.2028,000Before = 11.20After = 11.20of the ShareholderDecline Rights Issue offer but sells rightsNew value of existing sh/holding 4 x 2.68 = 10.72Proceeds from sale of rights 1 x 0.48 = 0.48Wealth 11.20 28,000 Before = 11.20 After = 11.20of the ShareholderThis material is © protected and is licensed by Kevin J Kelly to 7Decline Rights Issue offer and does nothing (does not sell rights)New value of existing sh/holding 4 x 2.68 = 10.72 26,800Before = 11.20After = 10.72 Wealth of the*Tutors Note: => this implies that the Wealth of the shareholder has decreased by the value of the rights that have not been taken up ($2.68 -$2.20 = $0.48). On 10,000 shares this is a fall in wealth of 2,500 shares x $0.48 = $1,200.To recap: In THEORY, the only way the investor can lose is if he IGNORES the rights issue offer and neglects to SELL the rights. Consequently, in THEORY, there is NO EFFECT on the wealth of the shareholder whether he decides to take up the rightsand/or sells the rights. But, from the point of view of retaining some influence within the company however, the decision whether to invest in the rights or not would be an important one.Solution 1 contd.,(e)Explain what you understand by the term “Funding Gap” and suggest remediesthat an SME (small or medium sized enterprise) finding itself in this positionmight consider. (5 marks) *Tutors Note: Given the economic climate that exists within the UK and Europeat present, it would be unwise not to be prepared for a question that refers to the current“Liquidity Crisis”, “Banking Crisis” or “Credit Crisis”.More than ever before, if companies are to survive these harsh economic times it is imperative that they operate sound principles of working capital management – note specifically that from a practical point of view good Cash Management involves knowing not only how to raise more money and/or spend less money but also importantly an understanding of the variety of Sources of Finance available through the EQUITY Markets, BOND Markets, MONEY MARKETS and central and regionalGovernment/European initiatives.As a corollary, part (e) should be an important part of your THEORY preparations for the forthcoming December 2010 examination. For this reason I am providing you with a solution that goes WAY BEYOND what might be expected in the exam for 5 marks but nevertheless I hope that you find this summary of Sources of Finance generally useful and that it helps to “bring together” what is an otherwise potentially expansive part of the syllabus.The FUNDING GAP ... facing SME’sThis material is © protected and is licensed by Kevin J Kelly to 8Funding Gap…. arises when the SME wants to expand beyond its existing Funding Capacity and finds that it is unable to access suitable Debt and/or Equity Finance to do so.•For investments below £500,000 most SME’s can access an informal funding network of their friends, families and business angels. Once companies requirefunding above £2m they are usually quite established and therefore perceived as lower risk and therefore are more likely to be able to secure funding frominstitutional investors.•The gap between these two finance situations is known as the Funding Gap.Maturity Gap……arises because LT loans are easier to raise than MT or ST loans.•LT loans can be secured against Personal Property and/or other assets via Mortgages.•Banks are basically unwilling to lend further without a corresponding increase in SECURITYEquity Gap…..arises out of the difficulty associated with obtaining additional Equity Finance beyond the Initial equity finance injected by the Owners and/or BUSINESS ANGELS… many assets are intangible.Compounding the Funding Gap difficulties being faced by SME’s are also the following:SecurityLack of suitable assets available to PLEDGE as security on Bank Borrowings - Fixed and/or Floating Charges on assetsSizeUsually SME is un-quoted…..a draw back to raising D and EUn-quoted (normally the SME is unquoted)•Greater difficulty in raising finance thru a Rights Issue or a Placing …. often family and friends will be exhausted (as well as financially!) from the SME.•Other external Investors are difficult to attract because of greater perceived Systematic Financial Risk and Systematic Business RiskTrack RecordYoung Entrepreneurial companies often have no or limited borrowing history / track record.Competitive Market Place for FinanceLarge quoted companies, government all competing for a limited pool of deposits.Lack of Financial ExpertiseDeficit of knowledge in identifying and raising suitable sources of financeRisk•Both D and E Investors consider SME’s more risky investments•High Failure rate of start-ups and SME’sUncertaintyNo or Poor Credit Rating with Credit Rating Agencies or the Banks themselves.Lack of adequate MIS or FISDetailed Accounting Records, Fixed Asset Registers (re; Fixed or Floating Charges), Projections, Budgets, Business Plans, suitably Qualified Directors with Financial Skills (ACCA qualified accountants)Exit Route• A problem for Equity Investors as the company is usually Un-quoted.•If company tries to buy back its own shares this can often just exacerbate C/F problemsPotential Sources of Finance for SME’s ….. REMEDIAL ACTIONEquity (E)Debt (D)Government AidShare Issues R.E’s ST LTOwners Div Policy B/Overdraft Loans (SFLGS)Business Angels Operating Lease Finance LeaseRI (Rights Issue) Factoring Mortgage LoansPrivate Placing Invoice Discounting MezanineFinanceVenture Capital Commercial Paper Franchise Finance(see definition in OT Course Notes) Trade Credit Sale & Lease back Flotation (IPO on AIM or maybe Official List) Euro-CurrencyLoansAfter Flotation could lead to: Working Capital mgt PreferenceShares- Offer for Sale -by Tender Cash Operating Cycle Public Debt- Offer for Sale -@ Fixed Price Debentures - if SME isquotedScrip DividendsIrredeemable DebenturesConvertible DebenturesDebentures with WarrantsZero Coupon BondsDeep Discount BondsJunk Bonds- SFLGS- Govt Grants- Govt.Loans- Govt. Tax Incentives- E.C.F’s (Enterprise Capital Funds)Government AidThe assistance available, in order to encourage Loans and/or Equity Investment into SME’s, is very Country Specific …. the various schemes available in the UK can differ to the variety and extent of the schemes available in Ireland, Spain, Germany, etc.,Considering the UK situation.., the main points to consider are:SFLGS- Definition. .. The Small Firms Loan Guarantee Scheme is designed to help Small Firms get a loan from the bank…..especially when they lack the SECURITY the Bank ordinarily needs.- Under the scheme, the bank can lend up to £250,000 without SECURITY over PERSONAL assets or a PERSONAL GUARANTEE being required of the borrower.- All available BUSINESS assets must be used as security if required by the bank.- The Government will guarantee 75% of the Loan.- A PREMIUM of 2% is payable on the guaranteed part of the loan.GRANTS- Definition…a CAPITAL or REVENUE Grant is a sum of money given to an individual or business for a specific project or purpose. The Grant usually covers only part of the total costs involved.- Grants to help with Business Development are available from a variety of sources such as the following sources:•Government•European Union•Regional Development Agencies•Business Link•Local Authorities•Charitable Organisations- Grants are awarded on the basis of:•Business Activity•Specific Industry Sector (e.g. Technology)•Geographical Area (e.g. areas in need of economic Regeneration or Regional Development)- Examples of various Government Grant schemes:•RSA – REGIONAL SELECTIVE ASSISTENCE SCHEME•RIG – REGIONAL INNOVATION GRANTS•ENTERPRISE GRANTS- Examples of various Government Loan schemes:•SFLGS – SMALL FIRMS LOAN GUARANTEE SCHEME•STFL – SMALL FIRMS TRAINING LOANS•EIB – EUROPEAN INVESTMENT BANK•EIF – EUROPEAN INVESTMENT FUND- Examples of various Government Tax Incentive schemes:•EIS – ENTERPRISE INVESTMENT SCHEME•VCT – VENTURE CAPITAL TRUSTS•EMPLOYEE SHARE INCENTIVE SCHEMES•DECREASING CORPORATION TAX THRESHOLD•INCREASING SALES TAX THRESHOLD•ECF - ENTERPRISE CAPITAL FUNDS- Definition…ECFs were launched in the UK in 2005. ECF’s are designed to becommercial funds, investing a combination of private and public money/funds in high-growth businesses.- Each ECF will be able to make Equity investments of up to 2 million intoeligible SMEs that have genuine growth potential but whose funding needs arenot currently met.Further Points to remember on the …“Equity” Sources of Finance mentioned above Business AngelsHigh net worth individuals who invest in Start-Ups and Development Stage of SMEs Usually have very good knowledge / expertise of INDUSTRY ( BUSINESS RISK ) they are buying into…..do you watch ‘Dragons Den” ? !RIThe key points to remember with Rights Issues are:Voting Rights remain Unchanged / RIs are at Directors Discretion / Rarely Fails / Cheaper / Pre-emption RightsVCDefinition…Venture Capital is the provision of Risk Finance to young Entrepreneurial Companies on a 5 – 7 year investment time horizon.Consider the following points in Choosing between Sources (E -v- D) Finance •Amount of Finance (Loan or Equity) required•Cost (Interest Rates – Fixed or Floating - versus Dividends)•Term Structure of Interest Rates (The Yield Curve)•Duration / Maturity / Redemption•Gearing / Capital Structure (Optimal balance reached?)•Accessibility•Control•Dividend Policy•Memorandum and Articles of Association•Debt CovenantsSolution 2Working Capital Management & Financial AnalysisBefore attempting this question you are advised to have carefully revised the following chapters of the Course NotesChapter 3 Management of Working Capital (1)Chapter 4 Management of Working Capital (2) - Inventory Chapter 5 Management of Working Capital (3) – Receivables & Payables Chapter 6 Management of Working Capital (4) - CashChapter 11 Sources of Finance - EquityChapter 12 Sources of Finance - DebtChapter 13 Capital Structure and Financial RatiosChapter 18 Cost of Capital – the Effect of Changes in Gearing Solution 2(a)Comment on why you think the bank has refused the additional loan facilityrequested and advise on what remedial action you think might be available.(13 marks) Tutor’s note: a discussion on the working capital financing policy, capital structure and the financial performance of UK Plc is required hereFirstly, a quick Tutorial on RatiosFINANCIAL ANALYSIS: SOME BASIC EXAMPLESRatios are potentially useful in financial analysis since they help summarize extensive amounts of data in a meaningful format.Ratios may be grouped into 5 broad categories:1. Profitability }Return on Capital employed (ROCE) + Return on Equity (ROI)2. Liquidity3. Working Capital4. Capital Structure5. Investor RatiosTutor’s note: There is no universal agreement on the definitions of the ratios to use here. Different textbooks/professors utilize alternative measures and even use alternative grouping schemes. For the purposes of ACCA F9 this classification is fine.Remember1.Be Selective……. Choose to calculate /use those ratios that will help you toanswer what you want to know:1.How well is the Company managed?2.How well is the Working Capital managed?3.How is the company financed?4.How good is the company’s Liquidity?5.How good an Investment is the company?2.Individual Ratios are of little use…... Look at the (a) TREND over timeand/or (b) inter-company comparisons within the SAME INDUSTRY and/or (c) BUDGETS.3.Look at trends over time in terms of ……..1. E.P.S.2.Dividends3.Sales4.Do not forget to adjust for INFLATION5.Look out for OVER-TRADING….. a successful company with insufficientinvestment in w/c (under-capitalized for Working Capital).Symptoms:1)HIGH ROCE2)POOR Liquidity Ratios3)POOR Creditors day ratio6.Working Capital Management can be assessed by an analysis of the CashOperating Cycle+ Debtors + Trade Debtors * 365 = x daysAnnual Credit Sales+ Stocks + Raw Material Stocks *365 = x daysAnnual Purchases+ Work in Progress *365 = x daysCost of Sales+ Finished Goods Stocks *365 = x daysCost of Sales- Creditors - Trade Creditors *365 = (x days)Annual Purchases…………Length of Cash Operating (W/C) Cycle X……….7.If a company Requires Finance consider:!Equity!Debt - rem: Loan Guarantee Scheme!Factoring / Invoice Discounting!Better Debtors Control!Better Stock management!Take more Credit from supplier!Sale and lease-back of Free Hold property!Sale of Investments and / or Assets!“Management-Buyout” …. Sell–off one of your divisions for cash.Finally, remember that in a Financial Analysis (ratio analysis) question you can expect the marks for the CALCULATIONS and the marks for COMMENTS to be broadly evenly split. In other words, expect a MAXIMUM of 50% of the marks for the calculations….. You have been warned!Tutor’s note: For those of you who find answering exam questions on Financial Analysis difficult can I suggest that you Study and Learn the following TEMPLATE and I hope you will thus find that your understanding and approach to answering questions on Financial Analysis improves accordingly. Use this template approach to practice ALL previous ACCA F9 questions on Financial Analysis so far examined.Financial Analysis TEMPLATE for UK Plc。
ACCA考试(英国特许公认会计师公会).doc
ACCA考试(英国特许公认会计师公会)ACCA简介ACCA (特许公认会让师公会(The Association of Chartered Certified AccounUirHs ,简称ACCA))成立于1904年，是目前世界上最大及最有彩响力的专业会计师组织之一，也是在运作上通向国际化及发展最快的会计师专业团体。
H前已在世界上各主要国家都设立了分部、办窃处及联络处。
在160多个国家共设有300 多个考点，拥有学生和会员超过二十五力人。
ACCA课程全面、完善及先进兼备，现已被联合国采用作为全球会计课程的蓝本。
自九零年开始，ACCA便积极参与中国会计专业人才的培训工作。
H前已在全国十二个城市开设了十三个考点，每年都有过千名学生参加ACCA考试。
十一个城市分别是：上海，北京，天津，武汉，大连，广州，深圳，长沙，南京，福州，成都和沈阳。
ACCA还在上海，天津，武汉，大连及广州与当地大学合作开设了培训班，赞助及辅导学生参加ACCA课程考试。
ACCA考试科目从2007年12月起，ACCA实施新的考试大纲。
新大纲充分表达了雇主和专业人士的意见，反映了现代商务社会对财务人员的要求。
在学习过程中使学员全面学握财务、财务管理、审计、税务及经营战略等方面的专业知识，提升分析能力并拓展战略思维。
新大纲共有十四门课程，分为两个部分，具体科冃如下：一、基础阶段课程列表课程类别课程序号课程名称(中)课程名称(英)知识课程F1会计师与企业Accountant in Business (AB)F2 管理会计Management Accounting (MA)F3 财务会计Financial Accounting (FA)技能课程F4公司法丿厂商法Corporate and Business Law (CL)F5 业绩管理Perfonnance Management (PM)F6 税务Taxation (TX)F7 财务报告Financial Reporting (FR)F8 审计与认证业务Audit and Assurance (AA)F9 财务管理Financial Management (FM)二、专业阶段课程列表课程类别课程序号课程名称(屮)课程名称(英)核心课程PI &•业会计师Professional Accountant (PA)P2 公司报告Corporate Reporting (CR)P3 商务分析Business Analysis (BA)选修课程(四选二)P4 高级财务管理Advanced Financial Management (AFM)P5 高级业绩管理Advanced Performance Management (APM)P6 高级税务Advanced Taxation (ATX)P7 高级审计与认证业务Advanced Audit and Assurance (AAA)ACCA考试于每年6月和12月举行。