Paper F7: Financial Management - Study text 2016

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https://www.facebook.com/chiasetailieuACCA/ACCA APPROVED CONTENT PROVIDER ACCA F9 ACCA approved content provider BPP Learning Media is dedicated to supporting aspiring business professionals with top-quality learning material as they study for demanding professional exams, often whilst working full time. BPP Learning Media’s commitment to student success is shown by our record of quality, innovation and market leadership in paper-based and e-learning materials. BPP Learning Media’s study Financial Management materials are written by professionally qualified specialists who know from personal experience the importance of top-quality materials for exam success. Paper F9 Financial Management This ACCA Study Text for Paper F9 Financial In addition to ACCA examining team reviewed Management has been comprehensively reviewed by material you get: Study Text the ACCA examining team. This review guarantees • A user-friendly format for easy navigation appropriate depth and breadth of content and • Exam focus points describing what the examining comprehensive syllabus coverage. team will want you to do • Regular Fast Forward summaries emphasising the key points in each chapter • Questions and quick quizzes to test your understanding • A practice question bank containing exam- standard questions with answers • A full index • All you need in one book For exams from 1 September 2015 to 31 August 2016 ACCA Approved Free access Study Text to our Exam Paper F9 Success site Contact us BPP House 142-144 Uxbridge Road Financial Management Look inside London W12 8AA United Kingdom Study Text for exams from T 0845 075 1100 (UK) T +44 (0)20 8740 2211 (Overseas) 1 September 2015 to 31 August 2016 E Learningmedia@bpp.com bpp.com/learningmedia April 2015 £32.00 https://www.facebook.com/chiasetailieuACCA/ ACF9ST15 (RICOH).indd 1-3 31/03/2015 11:39
https://www.facebook.com/chiasetailieuACCA/ ACCA APPROVED CONTENT PROVIDER As the first accredited publisher of ACCA materials, BPP Learning Media has set the benchmark for producing exceptional study materials for students and tutors alike. Our Study Texts, Practice & Revision Kits and i-Passes (for ACCA F1/FIA FAB, ACCA F2/FIA FMA, ACCA F3/ FIA FFA and ACCA F4) are reviewed by the ACCA examining team and are written by our in-house authors with industry and teaching experience who understand what is required for exam success. EXAM SUCCESS SITE To help maximise your chances of succeeding in your exams, we’ve put together a suite of exclusive ACCA resources. Our Exam Success site provides you with access to a free digital version of this publication, as well as extra resources designed to focus your efforts on exams and study methods. To access the Exam Success site, please email learningmedia@bpp.com with the subject line “Access to Exam Success site - eBook”, including your order reference number and the name of the book you’ve bought (ie ACCA F7 Study Text) for your access code. Once you have received your code, please follow the instructions below: To access the BPP ACCA Exam Success site for this material please go to: www.bpp.com/ExamSuccessSite n Create a user account if you don’t already have one. Make sure you reply to the confirmation email. n Log in using your registered username and password. Select the paper you wish to access. n Enter the code you received when prompted. You will only have to do this once for each paper you are studying. https://www.facebook.com/chiasetailieuACCA/
https://www.facebook.com/chiasetailieuACCA/ S T U D Y T PAPER F9 E FINANCIAL MANAGEMENT X T BPP Learning Media is an ACCA Approved Content Provider. This means we work closely with ACCA to ensure this Study Text contains the information you need to pass your exam. In this Study Text, which has been reviewed by the ACCA examination team, we:  Highlight the most important elements in the syllabus and the key skills you need  Signpost how each chapter links to the syllabus and the study guide  Provide lots of exam focus points demonstrating what is expected of you in the exam  Emphasise key points in regular fast forward summaries  Test your knowledge in quick quizzes  Examine your understanding in our practice question bank  Reference all the important topics in our full index BPP's Practice & Revision Kit products also support this paper. FOR EXAMS FROM 1 SEPTEMBER 2015 TO 31 AUGUST 2016 https://www.facebook.com/chiasetailieuACCA/
https://www.facebook.com/chiasetailieuACCA/ First edition 2007 All rights reserved. No part of this publication may be Eighth edition April 2015 reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, ISBN 9781 4727 2678 0 photocopying, recording or otherwise, without the prior (Previous ISBN 9781 4727 1084 0) written permission of BPP Learning Media Ltd. e-ISBN 9781 4727 2756 5 We are grateful to the Association of Chartered Certified British Library Cataloguing-in-Publication Data Accountants for permission to reproduce past examination questions. The suggested solutions in the A catalogue record for this book practice answer bank have been prepared by BPP is available from the British Library Learning Media Ltd, unless otherwise stated. Published by BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA www.bpp.com/learningmedia Printed in the United Kingdom by RICOH UK Limited Unit 2 Wells Place Merstham RH1 3LG Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable sustainable sources. © BPP Learning Media Ltd 2015 https://www.facebook.com/chiasetailieuACCA/ ii
https://www.facebook.com/chiasetailieuACCA/ Contents Page Introduction Helping you to pass v Studying F9 vii The exam paper and exam formulae ix Syllabus and study guide xi Part A Financial management function 1 Financial management and financial objectives 3 Part B Financial management environment 2 The economic environment for business 37 3 Financial markets, money markets and institutions 57 Part C Working capital management 4 Working capital 79 5 Managing working capital 93 6 Working capital finance 119 Part D Investment appraisal 7 Investment decisions 143 8 Investment appraisal using DCF methods 159 9 Allowing for inflation and taxation 177 10 Project appraisal and risk 189 11 Specific investment decisions 205 Part E Business finance 12 Sources of finance 225 13 Dividend policy 259 14 Gearing and capital structure 269 15 The cost of capital 291 16 Capital structure 317 Part F Business valuations 17 Business valuations 337 18 Market efficiency 361 Part G Risk management 19 Foreign currency risk 373 20 Interest rate risk 401 Mathematical tables 415 Practice question bank 419 Practice answer bank 441 Index 481 Review form https://www.facebook.com/chiasetailieuACCA/ Contents iii
https://www.facebook.com/chiasetailieuACCA/ A note about copyright Dear Customer What does the little © mean and why does it matter? Your market-leading BPP books, course materials and e-learning materials do not write and update themselves. People write them: on their own behalf or as employees of an organisation that invests in this activity. Copyright law protects their livelihoods. It does so by creating rights over the use of the content. Breach of copyright is a form of theft – as well being a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics. With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media:  Photocopying our materials is a breach of copyright  Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to Facebook or emailing them to your friends is a breach of copyright You can, of course, sell your books, in the form in which you have bought them – once you have finished with them. (Is this fair to your fellow students? We update for a reason.) But the e-products are sold on a single user licence basis: we do not supply 'unlock' codes to people who have bought them secondhand. And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local printing arrangements, pricing policies and partnerships which are clearly listed on our website. A tiny minority ignore this and indulge in criminal activity by illegally photocopying our material or supporting organisations that do. If they act illegally and unethically in one area, can you really trust them? https://www.facebook.com/chiasetailieuACCA/ iv Introduction
https://www.facebook.com/chiasetailieuACCA/ Helping you to pass BPP Learning Media – Approved Content Provider As ACCA's Approved Content Provider, BPP Learning Media gives you the opportunity to use study materials reviewed by the ACCA examination team. By incorporating the examination team's comments and suggestions regarding the depth and breadth of syllabus coverage, the BPP Learning Media Study Text provides excellent, ACCA-approved support for your studies. The PER alert Before you can qualify as an ACCA member, you not only have to pass all your exams but also fulfil a three year practical experience requirement (PER). To help you to recognise areas of the syllabus that you might be able to apply in the workplace to achieve different performance objectives, we have introduced the 'PER alert' feature. You will find this feature throughout the Study Text to remind you that what you are learning to pass your ACCA exams is equally useful to the fulfilment of the PER requirement. Your achievement of the PER should now be recorded in your online My Experience record. Tackling studying Studying can be a daunting prospect, particularly when you have lots of other commitments. The different features of the Text, the purposes of which are explained fully on the Chapter features page, will help you whilst studying and improve your chances of exam success. Developing exam awareness Our Texts are completely focused on helping you pass your exam. Our advice on Studying F9 outlines the content of the paper, the necessary skills you are expected to be able to demonstrate and any brought forward knowledge you are expected to have. Exam focus points are included within the chapters to highlight when and how specific topics were examined, or how they might be examined in the future. Using the Syllabus and Study Guide You can find the syllabus and Study Guide on pages xi–xxi of this Study Text. Testing what you can do Testing yourself helps you develop the skills you need to pass the exam and also confirms that you can recall what you have learnt. We include Questions – lots of them – both within chapters and in the Practice Question Bank, as well as Quick Quizzes at the end of each chapter to test your knowledge of the chapter content. https://www.facebook.com/chiasetailieuACCA/ Introduction v
https://www.facebook.com/chiasetailieuACCA/ Chapter features Each chapter contains a number of helpful features to guide you through each topic. Topic list Topic list Syllabus reference What you will be studying in this chapter and the relevant section numbers, together with ACCA syllabus references. Puts the chapter content in the context of the syllabus as Introduction a whole. Study Guide Links the chapter content with ACCA guidance. Highlights how examinable the chapter content is likely to Exam Guide be and the ways in which it could be examined. Knowledge brought forward from earlier studies What you are assumed to know from previous studies/exams. Summarises the content of main chapter headings, FAST FORWARD allowing you to preview and review each section easily. Demonstrate how to apply key knowledge and Examples techniques. Definitions of important concepts that can often earn you Key terms easy marks in exams. When and how specific topics were examined, or how Exam focus points they may be examined in the future. Formulae that are not given in the exam but which have to Formula to learn be learnt. Gives you a useful indication of syllabus areas that closely relate to performance objectives in your Practical Experience Requirement (PER). Gives you essential practice of techniques covered in the Question chapter. Case Study Real world examples of theories and techniques. Chapter Roundup A full list of the Fast Forwards included in the chapter, providing an easy source of review. A quick test of your knowledge of the main topics in the Quick Quiz chapter. Found at the back of the Study Text with more Practice Question Bank comprehensive chapter questions. Cross referenced for easy navigation. https://www.facebook.com/chiasetailieuACCA/ vi Introduction
https://www.facebook.com/chiasetailieuACCA/ Studying F9 This paper examines a wide range of financial management topics, many of which will be completely new to you. You will need to be competent at a range of quite tricky calculations as well as being able to explain and discuss financial management techniques and issues. The F9 examination team The ACCA examination team expects you to be able to perform and comment on calculations, exercise critical abilities, clearly demonstrate understanding of the syllabus and use question information. Syllabus update The F9 syllabus has been updated for the September 2015 sitting onwards. The syllabus changes are summarised below. Summary of changes to F9 The wording of syllabus areas B3(a)(i) and D4(b) has been amended. Syllabus area E5(d) has been amended and now includes supply chain financing and crowdfunding as sources of finance. https://www.facebook.com/chiasetailieuACCA/ Introduction vii
https://www.facebook.com/chiasetailieuACCA/ 1 What F9 is about The aim of this syllabus is to develop the knowledge and skills expected of a finance manager in relation to investment, financing and dividend policy decisions. F9 is a middle level paper in the ACCA qualification structure. There are some links to material you have covered in F2, particularly short-term decision-making techniques. The paper with a direct link following F9 is P4 which thinks strategically and considers wider environmental factors. F9 requires you to be able to apply techniques and think about their impact on the organisation. 2 What skills are required?  You are expected to have a core of management accounting knowledge from Paper F2.  You will be required to carry out calculations, with clear workings and a logical structure.  You will be required to interpret data.  You will be required to explain management accounting techniques and discuss whether they are appropriate for a particular organisation.  You must be able to apply your skills in a practical context. 3 How to improve your chances of passing  There is no choice in this paper; all questions have to be answered. You must therefore study the entire syllabus; there are no shortcuts.  The first section of the paper consists of 20 multiple choice questions, worth two marks each. These will inevitably cover a wide range of the syllabus.  Practising questions under timed conditions is essential. BPP's Practice & Revision Kit contains 2 mark, 10 mark and 15 mark questions to help you practise this.  Questions will be based on simple scenarios and answers to Section B questions must be focused and specific to the organisation.  Answer plans in Section B will help you to focus on the requirements of the question and enable you to manage your time effectively.  Answer all parts of the questions in Section B. Even if you cannot do all of the calculation elements, you will still be able to gain marks in the discussion parts.  Make sure your answers focus on practical applications of management accounting, common sense is essential!  Keep an eye out for articles, as the examination team will use Student Accountant to communicate with students.  Read journals etc to pick up on ways in which real organisations apply management accounting and think about your own organisation if that is relevant. 4 Brought forward knowledge You will need to have a good working knowledge of certain management accounting techniques from F2. In particular, you will need to be familiar with the capital budgeting process, and be able to apply the concepts of interest and discounting. This includes being able to calculate annuities and perpetuities, and to use the discount and annuity tables to calculate net present values. This Study Text revises these topics and brought forward knowledge is identified. If you struggle with the examples and questions used, you must go back and revisit your previous work. The ACCA examination team will assume you know this material and it may form part of an exam question. https://www.facebook.com/chiasetailieuACCA/ viii Introduction
https://www.facebook.com/chiasetailieuACCA/ The exam paper and exam formulae Format of the paper The exam is a three-hour paper divided into two sections. Section A consists of 20 multiple choice questions of two marks each. These questions can be on any part of the syllabus. Section B consists of three questions of 10 marks each and two questions of 15 marks each. The 10-mark questions can be on any part of the syllabus. The 15-mark questions will cover two of Parts C, D and E of the syllabus. All questions are compulsory. In Section B, answers to the questions will require a mixture of calculations and discussion. You also have 15 minutes for reading and planning. The exam will cover as much of the syllabus as possible. Exam formulae Set out below are the formulae you will be given in the exam. If you are not sure what the symbols mean, or how the formulae are used, you should refer to the appropriate chapter in this Study Text. Chapter in Study Text Economic order quantity 5 2C0D = Ch Miller-Orr Model 6 1 Return point = Lower limit + (  spread) 3 1 3 3  4  transaction cos t  variance of cash flows  Spread = 3    int erest rate    The Capital Asset Pricing Model 15 E(ri) = Rf + ßi(E (rm) – Rf) The asset beta formula 16  Ve   Vd (1 T)  ßa =  e  +  d   (Ve  Vd (1 T))   (Ve  Vd (1 T))  The Growth Model 15 D0 (1 g) P0 = (re  g) Gordon's growth approximation 15 g = bre https://www.facebook.com/chiasetailieuACCA/ Introduction ix
https://www.facebook.com/chiasetailieuACCA/ The weighted average cost of capital 15  V   V  WACC =  e  ke +  d  kd (1–T)  Ve  Vd   Ve  Vd  The Fisher formula 9 (1 + i) = (1 + r)(1 + h) Purchasing power parity and interest rate parity 19 (1 hc ) (1 ic ) S1 = S0  F0 = S0  (1 hb ) (1 ib ) https://www.facebook.com/chiasetailieuACCA/ x Introduction
https://www.facebook.com/chiasetailieuACCA/ Syllabus and Study Guide The F9 syllabus and Study Guide can be found below. https://www.facebook.com/chiasetailieuACCA/ Introduction xi
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