The aim of ACCA Paper F9, Financial management, is to develop the knowledge and We have reproduced the ACCA's study guide below, showing where the. ACCA All rights reserved. 1. Financial Management. (F9). September to June. This syllabus and study guide are designed to help. ACCA F5 Study Text) for your access code. closely with ACCA to ensure this Study ACCA F3 - Financial Accounting (INT) Study Text - STIMUL.
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Download free ACCA F9 Notes PDF, View on line ACCA notes and watch free F9 lectures. ACCA. Paper. F9. Financial management. Publishing. Welcome to Emile . The syllabus for Paper F9 aims to develop the skills expected of a. How the BPP ACCA-approved Study Text can help you pass iv. Studying F9 vii. The exam paper and exam formulae viii. Part A Financial management function.
MM - No tax consistently over time. MM - With tax dividends will grow at the same rate in the future. Mathematically, if current dividend is zero, then [Rf] which changes over time and with maturity the solution to the equation will be zero i. Expected, rather than historical return high gearing level should be use, but historical returns are normally Optimal capital structure exists — At lowest WACC used.
Outcome of hedge Forward rate may need to be determined by: Sell foreign currency 3. Borrow home currency Payment home currency 2. download foreign currency 3.
Deposit foreign currency offsetting payment Internal Hedge: Translation exposure: Invoice in home currency Area 3 Hedge by matching 2. Netting bilateral, multilateral etc Risk currencies 3. Transaction Exposure 2. Economic exposure: Leading or lagging Hedge by diversification Other currency contracts: downloading Power Parity — relative inflations 1.
Interest Rate Parity — relative interest rates Relatively high interest rate leads to forward 2. Liquidity premium theory discount and forward rate is unbiased estimates - higher interest rate for longer term to of exchange rate compensate for liquidity loss 3.
Demand and supply for currencies Relative export, investment etc 3. Market segmentation theory 4. Currency speculations - different market segment determine the 5.
Flexibility currency, amount, date etc 1.
Single price and thus no cost of download-sell spread 2. No deposit is required 2. Price is transparent to everyone fair price 3. Short term and long term hedge 3. Highly regulated market and ease of monitoring through central clearinghouse, no Disadvantages: There is cost of download-sell spread Disadvantages: Hidden price — may not pay fair price 1. Limited contracts available currency, amount 3.
Regulated market but problem of monitoring, etc chances of default is relatively high 2.
Margin requirement Initial, maintenance, Variation 3. For short term hedge only limited expiry Email: Assessing creditworthiness of customers Economic Order Quantity 2.
Cash Model or Treasury Model 2. Credit Control 3.
EOQ with bulk discount 3. Short term assets with short term capital 1.
Rapid increase in turnover 2 Conservative policy 2. Significant drop in Liquidity: Appropriate for minority shareholding 2.
Theoretically sound Best method as dividends, profits etc and constructs Disadvantages: Weak form efficient: Semi-strong form efficient: Appropriate for controlling interest past Provide minimum value Earnings easily obtained and current published information Data easily available 3.
Strong form efficient: Earnings easily manipulated information. Hidden liabilities PE is only an estimate Need professional valuation Email: Equity finance through: Factors to consider include: The best part?
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