從ACCA考官報(bào)告來(lái)看，廣大考生于2016年9月在F9這一學(xué)科上的表現(xiàn)是比較好的。本文將從以下幾個(gè)章節(jié)對(duì)這次的考試結(jié)果進(jìn)行分析，同時(shí)也將對(duì)2016年12月的考試作出預(yù)測(cè)。——澤稷網(wǎng)校ACCA講師 Crystal

一、F9考試組成

首先，F(xiàn)9 的考試由3個(gè)部分組成，即sectionA / section B /section C. 其中：

Section A:Objectivetesting questions (15 * 2marks)

Section B:Scenarios objective testing questions (15 * 2 marks)

Section C: Twoquestions of 20 marks each

二、F9考試范圍及答題

為了通過(guò)F9測(cè)試，需要你可以掌握大綱上所列出的知識(shí)點(diǎn)，因此需要你投入足夠的時(shí)間和精力去完成ACCAF9的學(xué)習(xí)。同時(shí)，考生應(yīng)該注意答題的格式，尤其是計(jì)算有關(guān)的題目，比如：Section C.在這類(lèi)題型的解答中，你需要清晰地寫(xiě)出所有相關(guān)的Workings calculations,同時(shí)需要按照規(guī)范的要求干凈整潔地寫(xiě)出你的計(jì)算過(guò)程。

三、F9審題技巧

除此之外，你必須要認(rèn)真讀題。在Section C 的考題中，經(jīng)常會(huì)出現(xiàn)discussion/explanation/criticallydiscuss 等key words,這就需要考生可以認(rèn)真地讀題，準(zhǔn)確地回答出這道題的要求，而不是答非所問(wèn)。比如：

Example 1: A requirement to "evaluate whether" a company should pursue a particular course ofaction.

解析：

Theanswer should include a decision or recommendation based upon the overalleffect of the action, which will need to consider the net financial effect.

Example 2: A requirement to "critically discuss"an issue

解析：

Theanswer should include an appreciation of the different aspects of the elementsinvolved, which may include both the advantageous and disadvantageous aspects.

Section A(questions 1-15)

9月參加F9考試的考生基本上都對(duì)Section A 的題目進(jìn)行了作答，希望以后參加考試的考生，也可以完成SectionA 的題目。

SectionA 的考題的來(lái)源非常廣泛，比如：polite paper、any published past exam papers 以及現(xiàn)有的各種出版物中關(guān)于F9的選擇題型。同時(shí)，Section A 部分的問(wèn)題致力于涵蓋大綱上所有的知識(shí)點(diǎn)，因此，對(duì)于Section A,你需要認(rèn)真地復(fù)習(xí)書(shū)中所有的知識(shí)點(diǎn)。

下面我們將講解兩道考題，以便于幫助你了解Section A部分的考題類(lèi)型，同時(shí)給你一些指導(dǎo)關(guān)于怎么回答section A中問(wèn)題。

Example 1

Summary: is a numerical question

通過(guò)練習(xí)這道題，希望你可以知道怎么準(zhǔn)確地審題。

Q:DrumlinCo has $5m of $0.50 nominal value ordinary shares in issue. It recentlyannounced a 1 for 4 rights issue at $6 per share. Its share price on the announcementof the rights issues was $8 per share.

What is thetheoretical value of a right per existing share?

A $1.60

B $0.40

C $0.50

D $1.50

正確答案：B

答案詳解：

Current shares=5.00m @ $8.00 = $40m

New sharesunder 1 for 4

(5m / 4) @ $6.00 = $7.5m

Total numberof shares= (5m + 5m/4 )=6.25m

The totalvalue of these shares (original shares + new shares )= $40m + $7.5m = 47.5m

So thetheoretical ex rights price: 47.5m/6.25m=$7.60

Current price ofshare= $6.00

Then, the value of a right

=theoretical ex rightsprice – current price = $1.6

Finally, the value of right per share=$1.6/4=$0.4

錯(cuò)誤答案分析：

有相當(dāng)多的考生在考試中選擇了C選項(xiàng)。這就再次強(qiáng)調(diào)了認(rèn)真讀題的重要性，正如題目中所言：What is the theoreticalvalue of a right per existing share? 因此，很多考生就是因?yàn)閷忣}不準(zhǔn)確而失去了完全可以到手的分?jǐn)?shù)。

Example 2

Summary: is a question requiring knowledge of principles.通過(guò)練習(xí)這道題，希望你可以了解到F9大綱中的知識(shí)點(diǎn)是怎么在Secion A 中進(jìn)行測(cè)試的。

In relation to anirredeemable security paying a fixed rate of interest, which of the followingstatements is correct?

A As riskrises, the market value of the security will fall to ensure that investorsreceive an increased yield yield

B As riskrises, the market value of the security will fall to ensure that investorsreceive a reduced yield

C As riskrises, the market value of the security will rise to ensure that investorsreceive an increased yield,

D As riskrises, the market value of the security will rise to ensure that investorsreceive a reduced yield.

Answer: A

答案詳解：

風(fēng)險(xiǎn)越大，債權(quán)人所要求的回報(bào)越高。

在不可贖回的債券具有一個(gè)固定利率的前提假設(shè)下，如果想要增加該債券的投資收益率，就只能通過(guò)降低債券的公允價(jià)值來(lái)實(shí)現(xiàn)。

錯(cuò)誤答案分析：

C在這次九月份的考試中，有很多考生錯(cuò)誤地選擇了C.顯而易見(jiàn)，C選項(xiàng)是錯(cuò)誤的，因?yàn)樵谝粋€(gè)固定利率的假設(shè)條件下，債券公允價(jià)值的增加必然會(huì)導(dǎo)致該債券投資回報(bào)率的下降，一個(gè)下降的投資回報(bào)率是沒(méi)有辦法彌補(bǔ)上升的風(fēng)險(xiǎn)所要求的高回報(bào)。

Section B(questions 16-30)

同Section A 一樣，幾乎所有考生都完成了這一部分的答題。同時(shí)，考生們?cè)谶@一部分的表現(xiàn)是要比在section A 的表現(xiàn)好的。

眾所周知，Section B 由3個(gè)案例題，基于每個(gè)案例，有5個(gè)客觀的選擇題；Section B考點(diǎn)可能會(huì)來(lái)自于大綱上的任意一部分，因此，希望考生們可以認(rèn)真地復(fù)習(xí)F9中的知識(shí)點(diǎn)。

Section C （questions 31-32）

總結(jié)：

在這次考試中，考生們?cè)谝韵掠?jì)算題目中表現(xiàn)比較好，即：31a,31b 32a及討論題31c；但在討論題32c中表現(xiàn)的不是非常好。雖然考生們已經(jīng)很努力地去完成這兩道大題，但是依然存在一些部分沒(méi)有回答，尤其是32b.但是值得表?yè)P(yáng)的是：考生們?cè)赟ection C的答題時(shí)，時(shí)間規(guī)劃還是比較合理地。

審題注意：

1）It is essential to read the question requirementscarefully in order to understand clearly what you are being asked to do.

2）Furthermore, some candidates try to answer thequestions that they think is there,rather than the one that actually is there.

For example, when asked to critically discuss an issue.It is important to do more than simply list the methods relevant to thatissue. A discussion, which may include examining the positive and negativeaspects of the method, is desired.

Question 31

(a) Asked foran evaluation of whether an early settlement discount should be accepted.

考生在這道題的表現(xiàn)還是比較好的，很多人甚至獲得了滿(mǎn)分。

但是也有一部分同學(xué)fail to answer this question. 主要的問(wèn)題存在于對(duì)thereduction in trade payables and its effect on the financing cost 的理解存在偏差。同時(shí)需要提醒考生注意的是：Paying suppliers earlier in order to accept adiscount is a relevant financing costto the company because it brings about anearlier cash outflow than usual.

還有一些同學(xué)嘗試回答這道問(wèn)題 by calculating an annual equivalent percentage cost of the discountand then comparing it to the overdraft percentage rate.

Infact, the annual equivalent percentage cost of the discount is a relative valuerather than absolute value; Therefore, it is inappropriate to use the relativevalue because it fails to consider a further cost involved in the calculation,namely an administrative cost.

這道題的回答不僅要包含the calculation of the net effect of such a decision,同時(shí)還應(yīng)該有相關(guān)的討論，比如：recommendation.

(b)Asked foran evaluation of whether to adopt an economic order quantity (EOQ) approach toordering a component.

同樣，考生在這道的回答上還是比較圓滿(mǎn)的，其中，很多人都取得了滿(mǎn)分。

但是呢，也有一些考生回答錯(cuò)啦，錯(cuò)誤主要出現(xiàn)在：

Firstly,using the value of annual sales rather than the annual demand in units during the calculation.

Secondly,during the calculation of holding cost,the failure to divide by 2 in orderto use the average level of inventory.

(c)Asked for acritical discussion of how the company in question could improve the managementof its trade receivables,

總體而言，這一部分回答的還是不錯(cuò)的。

針對(duì)這道題，考生主要集中在討論 these points relating to collection of amounts owed ,很少有人討論 those points relating to credit analysis or credit control.比如：關(guān)于early settlement discounts 和 the factoringof trade receivables 的討論非常受歡迎；但是，關(guān)于the monitoring oftrade receivables的討論就相對(duì)比較地少，such as:an aged receivables analysis or a credit utilisation report.

盡管如此，大部分考生的討論基本上涵蓋了主要內(nèi)容，但是需要進(jìn)一步得到提高的是：The answer could have beenimproved with a fuller explanation ofpoints made, especially in the question requirement for a criticaldiscussion.比如：很多考生提到了the use of a factoring company.如果答案中僅僅提到A factoringcompany 可以用來(lái)管理應(yīng)收賬款是不夠的，還需要對(duì)它的具體影響進(jìn)行闡述和分析，比如：

Thebenefits of such an arrangement in terms of improved cash flow;

The cost interms of the interest charged for sums advanced as well as the factor’s fee.

Thediscussion could even include the use of a factoring company on therelationship with customers.

Question 32

(a)Required tocalculate the net present value (NPV) of a planned investment over 4 years, ( form the investment appraisal part of thesyllabus)

考生在下面的計(jì)算中表現(xiàn)非常好，比如：The calculation of NPV and the benefits of tax allowabledepreciation.

但是，還有一些部分需要得到提高：

Firstly,initial cost.一些考生failed to recognise a sunkcost, 因此，錯(cuò)誤地將sunk cost 包含在了thevalue of the initial investment; 除此之外，還有一些考生place the Initialinvestment at the end of year one rather than at the start of the first year of operation.

Secondly,working capital in discounted cash flow calculations. 首先，題目中已經(jīng)明確地指出：The investment in working capital is required at the start of thefirst year of operation. It means that the investment is at “Time 0”rather than “Time 1”. 其次，Thechanging working capital needs attention. If more working capital is needed inyear 2 than in year 1, then the relevantcash flow is the change in workingcapital rather than the new total working capital even in the case of anegative cash flow.

Finally,the inflation rates. The inflation rate affect individual itemsof revenue and cost based on a "peryear"basis. 比如：A year 4 selling price needs to be inflated by four year’sworth of inflation rather than by only one year’s inflation.

(b)Be askedhow the decision being made in (a) could be assisted by the capital assetpricing model (CAPM).（wasform business finance part of the syllabus）

考生們?cè)谶@道題的回答差強(qiáng)人意。

答案：

The company’snew product launch is different form company’s existing business operations,which could lead to a discussion about how CAPM could render the inappropriatecompany’s current WACC. Then, you could have a further discussion about aproject specific discount rate.

For futurereference, candidates can also discuss why the current WACC may not beappropriate; Apart from this, you could even discuss how business risk and financialrisk are reflected in the calculation of the different beta values and thereason why both risks should be adjusted into the beta values.

學(xué)生的答案：

只有極少數(shù)的學(xué)生explain why there is the need to use an equity beta from a proxycompany and the need to ungear and regear the equity beta as well as how to dothis, then the regeard beta can be insered into the CAPM in order to provided aproject-specific cost of equity, which can be used to calculate aproject-specific WACC.

大部分學(xué)生的答案不是答非所問(wèn)，就是回答不到重點(diǎn)。

For example1: some students tried to construct an answer based on the CAPM model that hadbeen provided in the question paper, such as: by defining the component partsof each formula. 這樣的答案一般只可以得到很少的分?jǐn)?shù)。

For example2: some students chose to discuss the difference between systematic andunsystematic risk. 這種答案并沒(méi)有直接針對(duì)問(wèn)題回答，因此也只能得很少的分?jǐn)?shù)。

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