Candidates need to take more care when presenting the answers to numerical questions in section B, says the F9 examiner. Here, as in F7 the examiner called for candidates to show all their workings, as marks can be applied for applying the correct method.

Q1: PQs needed to calculate a market value-based debt/equity ratio. In part B candidates needed to analyse and discuss the effect of new information being given by an announcement in a semi-strong form efficient stock market.

Q2: Looked at foreign currency risk, comparing a money market hedge, a forward exchange contract and a lead payment as ways to hedge a future payment. Candidates were then asked to discuss the advantages and disadvantages of currency futures.

Q3: Working capital management, evaluating an early settlement discount. Part B asked candidates to discuss reducing risks associated with foreign accounts receivable.

Q4: Honed in on investment appraisal, requiring a nominal terms NPV analysis of the purchase of a new machine. For part B a discussion was needed on why investment finance might be limited.

Q4: Business finance, looking at estimating the cost of capital and the theoretical approaches to the dividend decision. A chance to use Miller and Modigliani’s dividend irrelevance!

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