F5考試在即，相信各位備戰(zhàn)的同學(xué)們都在如火如荼地翻書刷題模擬考，忙得不亦樂乎，如果你已暈眩在題海中，下面就來梳理一下重點內(nèi)容。

正所謂知己知彼，方能百戰(zhàn)百勝，那么首先，就要了解考試題型及覆蓋的考綱內(nèi)容，來開展高效的備考計劃。

5科目考試由三個Section組成：Section A+Section B+Section C

Section A：由15道客觀題構(gòu)成，每題2分，總共30分，考點覆蓋全部知識點；

Section B：由三個情景分析案例構(gòu)成，各個情景分析案例包含5道客觀題，每題2分，總共30分，考點覆蓋全部知識點；

Section C：由兩道20分的大題構(gòu)成，考點出自PartB Decision-making techniques,Part C Budgeting and control,Part D Performance measurement and control。

你的復(fù)習(xí)內(nèi)容真的全面覆蓋了嗎？！看一下重點大盤點：（排名分了先先先后噢?。?/span>

如果發(fā)現(xiàn)還沒復(fù)習(xí)到的知識點，就先速速瀏覽一下歷年考點分布吧！記得看完做練習(xí)喲！

重要考點分析：

1.Variance analysis

歷年考題練習(xí):

2016 Specimen–Section A–Q5

2016 Specimen–Section C–Q31

2016 Sep–Section A–Q3/7/12

2016 Sep–Section B–Q23

2016 Mar/June–Section B–Q5

2015 Sep/Dec–Section B–Q3

2015 June–Section A–Q14/15/18

2015 June–Section B–Q3

2014 Dec-Section B-Q5

2014 June–Q5

2013 Dec-Q5

2013 June–Q4

Variance analysis是F5科目較重要的考點，沿襲F2 Basic variance基礎(chǔ)上，F(xiàn)5進一步加深分析了Planning variance and operational variance，Materials mix and yield variances，Sales mix and quantity variances，其計算方法及差異比較應(yīng)深入掌握。

2.Throughput accounting

歷年考題練習(xí)：

2016–Specimen–Section A–Q13

2016–Specimen–Section B–Q17/18/20

2016–Sep–Section A-Q11

2015–June–Section A–Q9/Q20

2014–Dec–Section B–Q2

2013 Dec-Q2

歷年考題分析1：2013 Dec-Q2

該題是典型Throughput accounting計算題型，需注意的是正確掌握計算方法及公式：Throughput accounting ratio=throughput return per factory hour/cost per factory hour.當(dāng)多產(chǎn)品比較時，需計算各產(chǎn)品TA Ratio進行排序。

歷年考題分析2：2015 June–Section A–Q20

該題型考核對Throughput accounting概念的掌握和理解。Throughput accounting有三個基本概念：1.Material cost是相關(guān)費用，其他費用包括labor cost均作為fixed costs歸集處理，即Sales–material cost=Throughput,Throughput–fixed cost=Profit；2.以JIT環(huán)境為理論基礎(chǔ)，存貨不能創(chuàng)造價值，理想的存貨水平為0；3.“Making money means maximizing throughput.”最大化throughput,即最大化盈利。

3.ROI,RI&transfer pricing

Transfer pricing

歷年考題練習(xí)：

2016 Specimen–Section A–Q14

2016 Mar/June–Section B–Q4

2015 June-Section B-Q2

2014 Dec–Section A–Q8

2014 June–Q3

2013 Dec–Q1

歷年考題分析1：2015 June-Section B-Q2

該題全面考核了transfer pricing核心知識點，包括Minimum transfer price，Maximum transfer price，以及transfer price對企業(yè)整體的作用和影響。需注意對于供應(yīng)部門（賣方）最低可提供價格是邊際成本+機會成本，一般考生都會忽略計算機會成本，應(yīng)掌握機會成本的識別。對于購買部門,愿意接受的最大價格是同等產(chǎn)品最低市場價格，以及扣減內(nèi)部包裝運輸所節(jié)省的費用。

計算方法:

Minimum transfer price:=Marginal cost+Opportunity cost

(Supplying department lowest acceptable limit)

Maximum transfer price:=lowest market price-internal cost savings in packaging and delivery

(Receiving department highest acceptable limit)

?ROI(Return on investment)=(Profit/Capital employed)100%.

歷年考題練習(xí)：

2016 Sep-Section A–Q10

2015 Sep/Dec–Section B–Q5

2015 June–Section A–Q19

?RI(Residual income)=Profit-notional or imputed interest cost

歷年考題練習(xí)：

2015 June-Section A–Q1

2014 Dec–Section A–Q1

4.Maximin/Maximax/Minimax regret decision rule

歷年考題練習(xí)：

2016 Sep–Section B–Q16/17

2015 June–Section A–Q4

2008 Dec Q2

Maximin

The'play it safe'basis for decision-making is referred to as the maximin basis.This is short for

'maximise the minimum achievable profit'.

Maximax

A basis for making decisions by looking for the best outcome is known as the maximax basis,short for'maximise the maximum achievable profit'.

Minimax regret

The'opportunity loss'basis for decision-making is known as minimax regret.

The minimax regret rule aims to minimise the regret from making the wrong decision.Regret is the opportunity lost through making the wrong decision.

5.Probabilities and expected values

歷年考題練習(xí)：

2016 Dec–CBE–Q14

2014 Dec–Section A–Q17

2014 June Q4

An expected value is a weighted average value of the different possible outcomes from a decision,where weightings are based on the probability of each possible outcome.

Expected values are used to support a risk-neutral attitude.Expected values are more valuable as a guide to decision-making where they refer to outcomes which will occur many times over.

6.Target costing

歷年考題：

2016 Specimen–Section A-Q2

2016 Sep–Section A–Q7

2016 Sep–Section B–Q26-30

2015 Sep/Dec–Section B–Q1

2015 June–Section A–Q3

2014 Dec–Section A–Q15

歷年考題分析1：2014 Dec–Section A–Q15

掌握Target costing計算的要素及步驟：

Step 1 Estimate sales volume

Step 2 Decide a target selling price

Step 3 Estimate the required profit

Step 4 Calculate:Target cost=Target selling price–Target profit

Step 5 Prepare an estimated cost for the product

Step 6 Calculate:Target cost gap=Estimated cost–Target cost.

Step 7 Make efforts to close the gap.

7.Learning curve

歷年考題練習(xí)：

2016 Specimen–Section B–Q21/22/23

2016–Sep–Section B-Q29

2015–June–Section A-Q16

2015 June-Section B-Q3

2014 Dec-Section B–Q1

2013–Dec–Q3

歷年考題分析1：2015 June-Section B-Q3

該題是learning curve和variance analysis兩個重要知識點的結(jié)合運用。

歷年考題分析2：2014 Dec-Section B–Q1

該題需注意的是計算price for new seat,即incremental time for 8th unit，即根據(jù)公式Learning curve formula=y=axb,Y=12*8–•415=5•0628948 hours,該值是累計制造8個均攤至每一個的平均用時，非第八個新增用時。因此，要計算出制造第八個的增量用時，應(yīng)將累計制造8個總用時減去累計制造7個總用時，才是第八個的增量用時。

即，累計7個平均用時Y=12*7–•415=5•3513771 hours

累計8個平均用時Y=12*8–•415=5•0628948 hours

累計7個總用時=5•3513771 hours*7 units=37•45964 hours.

累計8個總用時=5•0628948 hours*8 units=40•503158 hours

第八個增量用時=40•503158 hours-37•45964 hours=3•043518 hours

8.Performance measurement

Financial performance indicators(FPIs)

a)Profit(both gross profit and net profit)

b)Revenue

c)Costs

d)Cash flows

e)Debt and gearing

?Non-financial performance indicators(NFPIs)

a)Quality

b)Speed or efficiency

c)Delivery

d)Reliability

e)Customer satisfaction

f)Innovation

歷年考題練習(xí)：

2016 Specimen–Section C–Q32

2016 Sep-Section C–Q31

2015 June–Section A–Q13

2014 June–Q3

2013 Dec–Q4

較易在Section C大題中考核，掌握并分析財務(wù)及非財務(wù)指標(biāo)，結(jié)合案例進行分析。

9.Cost volume profit(CVP)analysis

歷年考題練習(xí)：

2016 Sep–Section B–Q20

2016–Mar/June–Section B–Q2

2015 Sep/Dec–Section B–Q4

掌握多產(chǎn)品Weighted average C/S ratio計算。

相關(guān)公式：

Margin of safety=budgeted sales–breakeven sales

Breakeven sales revenue=fixed costs/weighted average C/S ratio

10.Limiting factor analysis

歷年考題分析：

2016 Specimen–Section A–Q8/20

2016 Sep–Section A–Q9

2016 Sep–Section C–Q32

2014 June–Q2

Slack occurs when maximum availability of a resource is not used:slack is the amount of the unused resource or other constraint,where the constraint is a'less than or equal to'constraint.

Surplus occurs when more than a minimum requirement is used:surplus is the excess over the

minimum amount of constraint,where the constraint is a'more than or equal to'constraint.

最新出爐，小試牛刀

剛結(jié)束的2017 March exam中，Section A考核了ROI和RI的辨析題，快來開動大腦挑戰(zhàn)一下最新題型：

A company has two divisions.The divisions are identical in terms of the number and type of machines they have and the operations they carry out.However,one division was set up four years ago and the other was set up one year ago.Head office appraises the division using both return on investment(ROI)and residual income(RI).

Which of the following statements is correct in relation to the outcome of the appraisal for each division?

A.Both ROI and RI will favour the older division

B.ROI will favour the older division,but RI will treat each fairly

C.RI will favour the newer division and ROI will favour the older division

D.Both RI and ROI will favour the newer division

這道題的考點是什么？

ROI及RI在divisional performance appraisal中的運用及其利弊。

這道題的答案是什么？

正確答案選A

大家都選對了嗎？下面是詳細說明：

計算ROI：(divisional profit/capital employed)x 100%

計算RI：divisional profit–(capital employed x cost of capital)

要了解ROI和RI如何在每個部門中運用，要公允假設(shè)他們都產(chǎn)生相同的profit（實際相同）。兩個部門都有相同的assets-然而，老部門將受到更多的depreciation，由于多消耗3年的depreciation，導(dǎo)致降低了capital employed。

看這兩個部門的計算，與新部門相比,較小的capital employed將給老部門虛高的ROI。

同樣，老部門的“imputed interest”(capital employed x cost of capital)也更小。

兩個部門都使用公司總體的cost of capital，從而使老部門比新部門RI更高。

如果對這類題目有疑惑，可以代入一些數(shù)字來分析。如果兩個部門都賺了10萬美元的profits，但是老部門assets’net book value是50萬美元，而新部門assets’net book value為200萬美元（for example），相應(yīng)得到的ROI為20％和5％。同樣，如果您使用cost of capital是10％，相應(yīng)兩個部門RI是5萬美元和損失10萬美元——顯然，ROI和RI都有利于老部門。

最后，記得結(jié)合重點梳理知識點，對于錯題要勤加練習(xí)??！祝大家考出好成績!

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