2020年ACCA考试F2-F5-F9-P5科目特点及备考建议

发布时间：2020-02-29

ACCA考试科目较多，考生往往需要几年才能通过所有考试。而合理的考试科目搭配，可以让考试通过时间更快。鉴于此，51题库考试学习网在下面为大家带来2020年ACCA考试F2-F5-F9-P5科目备考的相关信息，以供参考。

从考试内容中我们不难看出，F5和F2是可以考虑接着学,F2中的variance，在F5中更加灵活。因此，F2可算作是F5的基础。先学F2，再看F5，F2比较简单，很多常识的知识，为F5打好基础，又可以加深对F2的理解。如此一来，可以让学习效率更高。

除此外，F2《管理会计》同时也是F5《业绩管理》和P5《高级业绩管理》的基础。该科目内容涵盖：管理会计，管理信息，成本会计，预算和标准成本，业绩衡量，短期决策方法。在学习这些科目时，可以学到如何使学员能够处理基本的成本信息，并能向管理层提供能用作预算和决策的信息。除了P5之外，F9科目又是F5升级版，但是RATIO部分是一样的；所以可以F5和F9一起考。同样的，在学习F9时，也在对F5进行复习巩固。

ACCA考试必须按照四大课程的顺序进行，因此小伙伴们在报考时主要面对的是课程内的科目搭配顺序。而不同科目之间又往往存在递进关系，所以ACCA官方建议学员只需按照科目顺序从F1考到P7是非常合理的。同时，因为一年只能考8门，所以平均下来每次报2科目就非常简单合理了。不过，由于2020年第一考试季的ACCA考试已经取消（中国地区），因此准备好的小伙伴们也可以在剩下的考试季适当增加一科。

以上就是关于ACCA考试科目搭配的相关情况。51题库考试学习网提醒：ACCA考试费用较高，小伙伴们在报考后应尽快安排学习计划，争取早日脱坑。最后，51题库考试学习网预祝准备参加2020年ACCA考试的小伙伴都能顺利通过。

下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

The following financial information relates to HGR Co:

Statement of financial position at the current date (extracts)

The finance director has completed a review of accounts receivable management and has proposed staff training and operating procedure improvements, which he believes will reduce accounts receivable days to the average sector value of 53 days. This reduction would take six months to achieve from the current date, with an equal reduction in each month. He has also proposed changes to inventory management methods, which he hopes will reduce inventory days by two days per month each month over a three-month period from the current date. He does not expect any change in the current level of accounts payable.

HGR Co has an overdraft limit of $4,000,000. Overdraft interest is payable at an annual rate of 6·17% per year, with payments being made each month based on the opening balance at the start of that month. Credit sales for the year to the current date were $49,275,000 and cost of sales was $37,230,000. These levels of credit sales and cost of sales are expected to be maintained in the coming year. Assume that there are 365 working days in each year.

Required:

(a) Discuss the working capital financing strategy of HGR Co. (7 marks)

(b) For HGR Co, calculate:

(i) the bank balance in three months’ time if no action is taken; and

(ii) the bank balance in three months’ time if the finance director’s proposals are implemented.

Comment on the forecast cash flow position of HGR Co and recommend a suitable course of action.

(10 marks)

(c) Discuss how risks arising from granting credit to foreign customers can be managed and reduced.

(8 marks)

正确答案：
(a)Whenconsideringthefinancingofworkingcapital,itisusefultodividecurrentassetsintofluctuatingcurrentassetsandpermanentcurrentassets.Fluctuatingcurrentassetsrepresentchangesinthelevelofcurrentassetsduetotheunpredictabilityofbusinessactivity.Permanentcurrentassetsrepresentthecorelevelofinvestmentincurrentassetsneededtosupportagivenlevelofturnoverorbusinessactivity.Asturnoverorlevelofbusinessactivityincreases,thelevelofpermanentcurrentassetswillalsoincrease.Thisrelationshipcanbemeasuredbytheratioofturnovertonetcurrentassets.Thefinancingchoiceasfarasworkingcapitalisconcernedisbetweenshort-termandlong-termfinance.Short-termfinanceismoreflexiblethanlong-termfinance:anoverdraft,forexample,isusedbyabusinessorganisationastheneedarisesandvariableinterestischargedontheoutstandingbalance.Short-termfinanceisalsomoreriskythanlong-termfinance:anoverdraftfacilitymaybewithdrawn,orashort-termloanmayberenewedonlessfavourableterms.Intermsofcost,thetermstructureofinterestratessuggeststhatshort-termdebtfinancehasalowercostthanlong-termdebtfinance.Thematchingprinciplesuggeststhatlong-termfinanceshouldbeusedforlong-terminvestment.Applyingthisprincipletoworkingcapitalfinancing,long-termfinanceshouldbematchedwithpermanentcurrentassetsandnon-currentassets.Afinancingpolicywiththisobjectiveiscalleda‘matchingpolicy’.HGRCoisnotusingthisfinancingpolicy,sinceofthe$16,935,000ofcurrentassets,$14,000,000or83%isfinancedfromshort-termsources(overdraftandtradepayables)andonly$2,935,000or17%isfinancedfromalong-termsource,inthiscaseequityfinance(shareholders’funds)ortradedbonds.ThefinancingpolicyorapproachtakenbyHGRCotowardsthefinancingofworkingcapital,whereshort-termfinanceispreferred,iscalledanaggressivepolicy.Relianceonshort-termfinancemakesthisriskierthanamatchingapproach,butalsomoreprofitableduetothelowercostofshort-termfinance.Followinganaggressiveapproachtofinancingcanleadtoovertrading(undercapitalisation)andthepossibilityofliquidityproblems.(b)Bankbalanceinthreemonths’timeifnoactionistaken:Workings:ReductioninaccountsreceivabledaysCurrentaccountsreceivabledays=(8,775/49,275)x365=65daysReductionindaysoversixmonths=65–53=12daysMonthlyreduction=12/6=2daysEachreceivablesdayisequivalentto8,775,000/65=$135,000(Alternatively,eachreceivablesdayisequivalentto49,275,000/365=$135,000)Monthlyreductioninaccountsreceivable=2x135,000=$270,000ReductionininventorydaysCurrentinventorydays=(8,160/37,230)x365=80daysEachinventorydayisequivalentto8,160,000/80=$102,000(Alternatively,eachinventoryday=37,230,000/365=$102,000)Monthlyreductionininventory=102,000x2=$204,000OverdraftinterestcalculationsMonthlyoverdraftinterestrate=1·06171/12=1·005or0·5%Ifnoactionistaken:Period1interest=3,800,000x0·005=$19,000Period2interest=3,549,000x0·005=$17,745or$18,000Period3interest=3,517,000x0·005=$17,585or$18,000Ifactionistaken:Period1interest=3,800,000x0.005=$19,000Period2interest=3,075,000x0.005=$15,375or$15,000Period3interest=2,566,000x0.005=$12,830or$13,000DiscussionIfnoactionistaken,thecashflowforecastshowsthatHGRCowillexceeditsoverdraftlimitof$4millionby$1·48millioninthreemonths’time.Ifthefinancedirector’sproposalsareimplemented,thereisapositiveeffectonthebankbalance,buttheoverdraftlimitisstillexceededinthreemonths’time,althoughonlyby$47,000ratherthanby$1·47million.Ineachofthethreemonthsfollowingthat,thecontinuingreductioninaccountsreceivabledayswillimprovethebankbalanceby$270,000permonth.Withoutfurtherinformationonoperatingreceiptsandpayments,itcannotbeforecastwhetherthebankbalancewillreturntolessthanthelimit,orevencontinuetoimprove.Themainreasonfortheproblemwiththebankbalanceisthe$2millioncapitalexpenditure.Purchaseofnon-currentassetsshouldnotbefinancedbyanoverdraft,butalong-termsourceoffinancesuchasequityorbonds.Ifthecapitalexpenditurewereremovedfromtheareaofworkingcapitalmanagement,theoverdraftbalanceattheendofthreemonthswouldbe$3·48millionifnoactionweretakenand$2·05millionifthefinancedirector’sproposalswereimplemented.GiventhatHGRCohasalmost$50millionofnon-currentassetsthatcouldpossiblybeusedassecurity,raisinglong-termdebtthrougheitherabankloanorabondissueappearstobesensible.Assumingabondinterestrateof10%peryear,currentlong-termdebtintheform.oftradedbondsisapproximately($200mx2)/0·1=$4m,whichismuchlessthantheamountofnoncurrentassets.AsuitablecourseofactionforHGRCotofollowwouldthereforebe,firstly,toimplementthefinancedirector’sproposalsand,secondly,tofinancethecapitalexpenditurefromalong-termsource.Considerationcouldalsobegiventousingsomelong-termdebtfinancetoreducetheoverdraftandtoreducethelevelofaccountspayable,currentlystandingat100days.(c)Whencreditisgrantedtoforeigncustomers,twoproblemsmaybecomeespeciallysignificant.First,thelongerdistancesoverwhichtradetakesplaceandthemorecomplexnatureoftradetransactionsandtheirelementsmeansforeignaccountsreceivableneedmoreinvestmentthantheirdomesticcounterparts.Longertransactiontimesincreaseaccountsreceivablebalancesandhencetheleveloffinancingandfinancingcosts.Second,theriskofbaddebtsishigherwithforeignaccountsreceivablethanwiththeirdomesticcounterparts.Inordertomanageandreducecreditrisks,therefore,exportersseektoreducetheriskofbaddebtandtoreducethelevelofinvestmentinforeignaccountsreceivable.Manyforeigntransactionsareon‘openaccount’,whichisanagreementtosettletheamountoutstandingonapredetermineddate.Openaccountreflectsagoodbusinessrelationshipbetweenimporterandexporter.Italsocarriesthehighestriskofnon-payment.Onewaytoreduceinvestmentinforeignaccountsreceivableistoagreeearlypaymentwithanimporter,forexamplebypaymentinadvance,paymentonshipment,orcashondelivery.Thesetermsoftradeareunlikelytobecompetitive,however,anditismorelikelythatanexporterwillseektoreceivecashinadvanceofpaymentbeingmadebythecustomer.Onewaytoacceleratecashreceiptsistousebillfinance.Billsofexchangewithasignedagreementtopaytheexporteronanagreedfuturedate,supportedbyadocumentaryletterofcredit,canbediscountedbyabanktogiveimmediatefunds.Thisdiscountingiswithoutrecourseifbillsofexchangehavebeencountersignedbytheimporter’sbank.Documentarylettersofcreditareapaymentguaranteebackedbyoneormorebanks.Theycarryalmostnorisk,providedtheexportercomplieswiththetermsandconditionscontainedintheletterofcredit.Theexportermustpresentthedocumentsstatedintheletter,suchasbillsoflading,shippingdocuments,billsofexchange,andsoon,whenseekingpayment.Aseachsupportingdocumentrelatestoakeyaspectoftheoveralltransaction,lettersofcreditgivesecuritytotheimporteraswellastheexporter.Companiescanalsomanageandreduceriskbygatheringappropriateinformationwithwhichtoassessthecreditworthinessofnewcustomers,suchasbankreferencesandcreditreports.Insurancecanalsobeusedtocoversomeoftherisksassociatedwithgivingcredittoforeigncustomers.Thiswouldavoidthecostofseekingtorecovercashduefromforeignaccountsreceivablethroughaforeignlegalsystem,wheretheexportercouldbeatadisadvantageduetoalackoflocalorspecialistknowledge.Exportfactoringcanalsobeconsidered,wheretheexporterpaysforthespecialistexpertiseofthefactorasawayofreducinginvestmentinforeignaccountsreceivableandreducingtheincidenceofbaddebts.

Mr Li, a photographer, had his photos published in the July 2014 edition of the tourism journal. The total fee was RMB20,000 and the publisher agreed to pay Mr Li by two instalments, one of RMB18,000 in June 2014 and the balance of RMB2,000 in August 2014. The same photos were republished by the government in a promotion brochure in August 2014 and Mr Li was paid a further fee of RMB3,000 by the government.

What is the total amount of individual income tax (IIT) which Mr Li will pay on the above incomes?

A.RMB2,492

B.RMB2,576

C.RMB2,548

D.RMB3,680

正确答案：C

20,000 x (1 – 20%) x 20% x 70% + (3,000 – 800) x 20% x 70% = RMB2,548

(b) (i) Calculate the inheritance tax (IHT) that will be payable if Debbie were to die today (8 June 2005).

Assume that no tax planning measures are taken and that there has been no change in the value of any

of the assets since David’s death. (4 marks)

正确答案：

 

(ii) Explain how the existing product range and the actions per Note (3) would feature in Ansoff’s

product-market matrix. (7 marks)

正确答案：
(ii) Market Penetration
With regard to existing products it would appear that a strategy of market penetration is being followed, whereby attempts
are made to sell existing products into existing markets. This is a low risk strategy which is most unlikely to lead to high
rates of growth, reflected in the forecast increase of 2% per annum in the years ending 30 November 2008 and 2009.
Management seeks here to increase its market share with the current product range. In pursuing a penetration strategy
the management of Vision plc may to some extent be able to exploit opportunities including the following:
– Encouraging existing customers to buy more of their brand
– Encouraging customers who are buying a competitor’s brand to switch to their brand
– Encouraging non-users within the segment to buy their brand
‘Strengths’ within the current portfolio will need to be consolidated and any areas of weakness addressed with remedial
action.
Market Development
The purchase of the retail outlets will enable management to sell existing products via new channels of distribution. The
products of both the Astronomy and Outdoor Pursuits divisions could be sold via the retail outlets. Very often new
markets can be established in geographical terms. Management could, for example, look to promote the sale of
microscopes and associated equipment to overseas hospitals.
Product Development
The launch of the Birdcam-V is an example of a product development strategy whereby new products are targeted at
existing markets. Very often, existing products can be improved, or if an organisation possesses adequate resources,
completely new products can be developed to meet existing market needs. Some of the main risks here lie in the ‘time
to market’ and product development costs which frequently go well beyond initial estimates.
Diversification
The purchase of Racquets Ltd is an example of diversification on the part of Vision plc since the products and markets
of Racquets Ltd bear no relationship to the existing products and markets of the company. In this regard the
diversification is said to be unrelated.
The establishment of the Oceanic division could be regarded as a related diversification since existing technology will be
used to develop new products for new markets. The success of this strategy will very much depend on the strength of
the Vision brand.

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