ACCA2011年6月份考试大纲(F9)(10)

　　随着ACCA2010年12月份考试的结束,考生正式进入ACCA2011年6月份的考试备考当中,为帮助广大考生迅速掌握考试要点,定位好备考重点,正保会计网校本着服务广大考生、努力让广大考生的复习、备考事半功倍的宗旨,将陆续公布2011年6月份ACCA考试大纲和学习指南,以飨考生！该大纲和学习指南旨在帮助考生规划学习,并为每一部分的考点提供详细的信息。

　　D INVESTMENT APPRAISAL

　　1.The nature of investment decisions and the appraisal process

　　a)Distinguish between capital and revenue expenditure,and between non-current assets and working capital investment.^[2]

　　b)Explain the role of investment appraisal in the capital budgeting process.^[2]

　　c)Discuss the stages of the capital budgeting process in relation to corporate strategy.^[2]

　　2.Non-discounted cash flow techniques

　　a)Identify and calculate relevant cash flows for investment projects.^[2]

　　b)Calculate payback period and discuss the usefulness of payback as an investment appraisal method.^[2]

　　c)Calculate return on capital employed(accounting rate of return)and discuss its usefulness as an investment appraisal method.^[2]

　　3.Discounted cash flow(DCF)techniques

　　a)Explain and apply concepts relating to interest and discounting,including:^[2]

　　i)the relationship between interest rates and inflation,and between real and nominal interest rates

　　ii)the calculation of future values and the application of the annuity formula

　　iii)the calculation of present values,including the present value of an annuity and perpetuity,and the use of discount and annuity tables

　　iv)the time value of money and the role of cost of capital in appraising investments

　　b)Calculate net present value and discuss its usefulness as an investment appraisal method.^[2]

　　c)Calculate internal rate of return and discuss its usefulness as an investment appraisal method.^[2]

　　d)Discuss the superiority of DCF methods over non-DCF methods.^[2]

　　e)Discuss the relative merits of NPV and IRR.^[2]

　　4.Allowing for inflation and taxation in DCF

　　a)Apply and discuss the real-terms and nominalterms approaches to investment appraisal.^[2]

　　b)Calculate the taxation effects of relevant cash flows,including the tax benefits of capital allowances and the tax liabilities of taxable profit.^[2]

　　c)Calculate and apply before- and after-tax discount rates.^[2]

　　5.Adjusting for risk and uncertainty in investment appraisal

　　a)Describe and discuss the difference between risk and uncertainty in relation to probabilities and increasing project life.^[2]

　　b)Apply sensitivity analysis to investment projects and discuss the usefulness of sensitivity analysis in assisting investment decisions.^[2]

　　c)Apply probability analysis to investment projects and discuss the usefulness of probability analysis in assisting investment decisions.^[2]

　　d)Apply and discuss other techniques of adjusting for risk and uncertainty in investment appraisal,including:

　　i)simulation ^[1]

　　ii)adjusted payback ^[1]

　　iii)risk-adjusted discount rates ^[2]

　　6.Specific investment decisions(Lease or buy;asset replacement;capital rationing)

　　a)Evaluate leasing and borrowing to buy using the before-and after-tax costs of debt.^[2]

　　b)Evaluate asset replacement decisions using equivalent annual cost.^[2]

　　c)Evaluate investment decisions under singleperiod capital rationing,including:^[2]

　　i)the calculation of profitability indexes for divisible investment projects

　　ii)the calculation of the NPV of combinations of non-divisible investment projects

　　iii)a discussion of the reasons for capital rationing