2015年12月ACCA考试F9讲义(一).docxVIP

2015年12月ACCA考试F9讲义(一)12月ACCA考试就要到了，为了方便大家更好地复习12月ACCA F9考试，小编在百度文库定期传一些考试资料，如有需要请关注财萃财经的百度文库。The equivalent annual cost (EAC) approach　This approach computes the present value of costs for each project over a cycle and then expresses the present value in an annual equivalent cost using the appropriate annuity factors for each cycle. The annual equivalent of NPVs of the two or more projects can then be compared. Having calculated the EAC for each cycle and each project， then compare the EACs. The project that has the lowest EAC over the cycles is the better one if lowest outlay is the objective or the higher EAC would be preferred if the highest revenue were the objective.　Infinite re-investment approach　This approach is appropriate when projects of unequal lives and unequal risks are being considered. The first step to take will be to establish the net present value of the projects in the normal way and then calculate the net present value of projects to infinity using the formula：　NPV μ = NPV of project/PV of annuity for the life of project at discount rate　Discount rate for the project　The project， which has the highest NPV to infinity， is the one to recommend　Project appraisal under inflation　Inflation is a state of affairs under which prices are constantly rising. When this happens the purchasing power of money depreciates. The currency will buy fewer goods and services than previously and consequently the real returns on investments will fall. Investors understandably， will expect to be compensated for the fall in the value of money during inflation. When appraising investment opportunities the appraiser requires an understanding of three discount rates. These are Money Rates， Real Rates and Inflation Rates. Money rate (also known as Nominal rate) is a combination of the real rate and inflation rate and should be used to discount money cash flows. If on the other hand you were given real cash flows these must be discounted using the real discount rates. In ord