从ACCA考官报告来看，广大考生于2016年9月在F9这一学科上的表现是比较好的。本文将从以下几个章节对这次的考试结果进行分析，同时也将对2016年12月的考试作出预测。——泽稷网校ACCA讲师 Crystal

一、F9考试组成

首先，F9 的考试由3个部分组成，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考试范围及答题

为了通过F9测试，需要你可以掌握大纲上所列出的知识点，因此需要你投入足够的时间和精力去完成ACCAF9的学习。同时，考生应该注意答题的格式，尤其是计算有关的题目，比如：Section C.在这类题型的解答中，你需要清晰地写出所有相关的Workings calculations,同时需要按照规范的要求干净整洁地写出你的计算过程。

三、F9审题技巧

除此之外，你必须要认真读题。在Section C 的考题中，经常会出现discussion/explanation/criticallydiscuss 等key words,这就需要考生可以认真地读题，准确地回答出这道题的要求，而不是答非所问。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月参加F9考试的考生基本上都对Section A 的题目进行了作答，希望以后参加考试的考生，也可以完成SectionA 的题目。

SectionA 的考题的来源非常广泛，比如：polite paper、any published past exam papers 以及现有的各种出版物中关于F9的选择题型。同时，Section A 部分的问题致力于涵盖大纲上所有的知识点，因此，对于Section A,你需要认真地复习书中所有的知识点。

下面我们将讲解两道考题，以便于帮助你了解Section A部分的考题类型，同时给你一些指导关于怎么回答section A中问题。

Example 1

Summary: is a numerical question

通过练习这道题，希望你可以知道怎么准确地审题。

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

正确答案：B

答案详解：

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

错误答案分析：

有相当多的考生在考试中选择了C选项。这就再次强调了认真读题的重要性，正如题目中所言：What is the theoreticalvalue of a right per existing share? 因此，很多考生就是因为审题不准确而失去了完全可以到手的分数。

Example 2

Summary: is a question requiring knowledge of principles.通过练习这道题，希望你可以了解到F9大纲中的知识点是怎么在Secion A 中进行测试的。

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

答案详解：

风险越大，债权人所要求的回报越高。

在不可赎回的债券具有一个固定利率的前提假设下，如果想要增加该债券的投资收益率，就只能通过降低债券的公允价值来实现。

错误答案分析：

C在这次九月份的考试中，有很多考生错误地选择了C.显而易见，C选项是错误的，因为在一个固定利率的假设条件下，债券公允价值的增加必然会导致该债券投资回报率的下降，一个下降的投资回报率是没有办法弥补上升的风险所要求的高回报。

Section B(questions 16-30)

同Section A 一样，几乎所有考生都完成了这一部分的答题。同时，考生们在这一部分的表现是要比在section A 的表现好的。

众所周知，Section B 由3个案例题，基于每个案例，有5个客观的选择题；Section B考点可能会来自于大纲上的任意一部分，因此，希望考生们可以认真地复习F9中的知识点。

Section C （questions 31-32）

总结：

在这次考试中，考生们在以下计算题目中表现比较好，即：31a,31b 32a及讨论题31c；但在讨论题32c中表现的不是非常好。虽然考生们已经很努力地去完成这两道大题，但是依然存在一些部分没有回答，尤其是32b.但是值得表扬的是：考生们在Section C的答题时，时间规划还是比较合理地。

审题注意：

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.

考生在这道题的表现还是比较好的，很多人甚至获得了满分。

但是也有一部分同学fail to answer this question. 主要的问题存在于对thereduction in trade payables and its effect on the financing cost 的理解存在偏差。同时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.

还有一些同学尝试回答这道问题 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.

这道题的回答不仅要包含the calculation of the net effect of such a decision,同时还应该有相关的讨论，比如：recommendation.

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

同样，考生在这道的回答上还是比较圆满的，其中，很多人都取得了满分。

但是呢，也有一些考生回答错啦，错误主要出现在：

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,

总体而言，这一部分回答的还是不错的。

针对这道题，考生主要集中在讨论 these points relating to collection of amounts owed ,很少有人讨论 those points relating to credit analysis or credit control.比如：关于early settlement discounts 和 the factoringof trade receivables 的讨论非常受欢迎；但是，关于the monitoring oftrade receivables的讨论就相对比较地少，such as:an aged receivables analysis or a credit utilisation report.

尽管如此，大部分考生的讨论基本上涵盖了主要内容，但是需要进一步得到提高的是：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.如果答案中仅仅提到A factoringcompany 可以用来管理应收账款是不够的，还需要对它的具体影响进行阐述和分析，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)

考生在下面的计算中表现非常好，比如：The calculation of NPV and the benefits of tax allowabledepreciation.

但是，还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，错误地将sunk cost 包含在了thevalue of the initial investment; 除此之外，还有一些考生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，题目中已经明确地指出：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）

考生们在这道题的回答差强人意。

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.

学生的答案：

只有极少数的学生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.

大部分学生的答案不是答非所问，就是回答不到重点。

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. 这样的答案一般只可以得到很少的分数。

For example2: some students chose to discuss the difference between systematic andunsystematic risk. 这种答案并没有直接针对问题回答，因此也只能得很少的分数。

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