2012年12月F9财务管理考试考官报告要点提炼.pdfVIP

Examiner’sreport

F9FinancialManagement

December2012

GeneralComments

CongratulationstoallthosecandidateswhoweresuccessfulinpassingPaperF9inDecember2012!Theoverall

performanceinDecember2012wasgoodandmostcandidatesansweredfourfullquestions.Pleasereadthis

reportcarefullyifyouwerenotsuccessfulinpassingthepaperatthissitting,asitindicatesareaswhere

candidateanswersingeneralcouldbeimproved,aswellasindicatingwherecandidatesdidwell.Itisalso

recommendedthatthisreportshouldbereadinconjunctionwiththedetailedsuggestedanswerswrittenbythe

examiner.

Overall,thehighestmarkswereusuallygainedonquestion1,whileroughlyequalmarksweregainedon

questions2,3and4.

SpecificComments

QuestionOne(a)

Thisquestioncalledforthecalculationofthenetpresentvalue(NPV)ofaconstructionprojectforBQKCoand

thencommentonitsfinancialacceptability.Manycandidatesgainedhighmarksonthispartofquestion.

Anominaltermsevaluationhadtobeundertakenbecausetaxonprofitswasbeingpaidoneyearinarrears,and

becausespecificinflationrateswerelinkedwithsellingprice,variablecostandinfrastructurecosts.Thenominal

after-taxcostofcapitalof12%wasgiveninthequestion.Someanswersmistakenlyusedtherealafter-taxcost

ofcapitalof9%,ortriedtocalculateanotherdiscountratealtogetherusingtheFisherequation,butallthatwas

neededwastousethe12%rateprovided.

Althoughthequestionstatedthattwotypesofhousesweretobebuiltonthedevelopmentsite,somecandidates

mistakenlytreatedlargehousesandsmallhousesastwoseparateinvestmentprojects.Somecandidateschose

toignorethefixedinfrastructurecostswhichthequestionstatedwerefornewroads,gardens,drainageand

utilities,arguingthatfix