2011-2014年ACCA考试F9考官报告下载

2011-2014年ACCA考试F9考官报告下载

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Examiner’s report
F9 Financial Management
December 2013
Examiner’s report – F9 December 2013  1


General Comments
There were four compulsory questions in the examination, each worth 25 marks. Almost all candidates
attempted all four questions and there was little evidence of time pressure.
Many candidates performed particularly well on questions 1a, 1b, 2a, 2c, 2e, 3a and 3b. These questions are all
largely numerical in nature, apart from question 2e.  The questions candidates found most challenging were
questions 1c, 2d, 3d, 4a and 4d. These questions were all largely discursive in nature, apart from questions 2d
and 4a. These questions were perhaps challenging because some candidates lacked an understanding of
particular syllabus areas.
A number of common issues relating to candidate’s answers can be highlighted:
 Some candidates did not read the  question requirement clearly and therefore gave irrelevant answers
which scored few (if any) marks.
 Poor time management between questions: for example, some candidates wrote too much for the marks
on offer.
 Making mistakes identified in previous F9 examiner reports and hence not learning to avoid mistakes
already discussed.
 Illegible handwriting and poor formatting of answers.
Specific Comments
Question One(a)
This question required candidates to calculate the net present value (NPV) of an investment project in nominal
terms and comment on its financial acceptability. Most candidates did well on this part of question 1.
Most candidates used a pro-forma NPV calculation, with operating cash flows at the start and other cash flows
(tax and capital elements) later. This approach helps to avoid errors in the tax treatment of cash flows. However,
some candidates wrongly classified incremental working capital as a tax-allowable deduction, resulting in tax
calculation errors.
The question required a nominal terms approach and so sales revenue and costs needed to be inflated by the
general inflation rate of 4.7% per year. Some candidates incorrectly multiplied each year’s figures by 1.047,
rather than by 1.047 (year 1), 1.047
2
(year 2), and so on. Some candidates did not know that nominal cash
flows included the effects of inflation and used the uninflated cash flows provided in the question as nominal
cash flows.
Most candidates correctly put the tax liability one year in arrears. Tax-allowable depreciation (capital allowances)
was available on a 25% reducing balance basis and many candidates correctly calculated tax-allowable
depreciation and its associated tax benefits. Calculating the tax liability using the alternative approach of
subtracting tax-allowable depreciation from net cash flow to give taxable profit, then adding back the taxallowable depreciation as a non-cash item, received full credit. Some answers were not able to calculate the
balancing allowance correctly.
A significant number of candidates were able to calculate correctly both initial and incremental working capital
investment, which was based on sales income, and this topic was examined recently, which should have helped.
However, errors in calculating working capital investment were the most common error found in candidates’
answers.

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