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时间:2020-09-15
《2016年ACCAF9《财务管理》重要知识点讲解.doc》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、2016年ACCAF9《财务管理》重要知识点讲解(2)ACCA考试F9内含报酬率法InternalRateofReturn(IRR)methodOftenanentitywouldwanttoestablishitsinternalrateofaprojectforvariousreasonse.g.,fordecision-makingpurposes.ByIRRwemeanaratethatwillbeusedtodiscountfuturecashinflowstomakethetotalofthepresentvaluesequalthecostoftheproj
2、ect.TheattemptbeingmadeunderIRRistofindaratethatwillequatetheNPVofaprojecttobezero.TheIRRthereforeisthemaximumrateofdiscountthatwillbeusedtofinanceaprojectwithoutmakingalossfromit.Againinamutuallyexclusivesituation,theprojectthathasthehighestIRRistheonetorecommend.ThereasonbeingthattheIRR
3、isshowingthehighestratethatcanbeusedtofinanceaprojectwithoutincurringalossfromit.StudentsoftensuggesttotheauthorthattheIRRshouldbecalledthebreak-evenrate.Hisreplytothemisoften,ifthismakesyouunderstandIRRyoushouldusethattermforit.InordertofindtheIRRmanually,thisisdonebythetrialanderrorappr
4、oach.BythiswemeanusingadiscountratewhichgivesapositiveNPVandanotherratewhichgivesanegativeNPV.Thenapplytheformula:IRR=A+ax(B?A)a+bWhere:A=ThelowerdiscountratewhichgivesthepositiveNPVB=ThehigherdiscountratewhichgivesthenegativeNPVa=ThevalueofthepositiveNPVb=ThevalueofthenegativeNPVPleaseno
5、tethataandbshouldbeaddedtogetherasthenegativesigninbisignored.NowletusdemonstratethesevariousmethodsusingacasefromafictitiouscompanyweshallcallAICOPlc.CaseSeniormanagementofAICOPlchaveidentifiedthatthereisastrategicneedforareplacementmachinetobeacquiredinoneoftheirproductiondepartments.Th
6、eyhavetomakeachoicebetweentwomodelsofthemachine?model1iscalledSuperandmodel2iscalledDeluxe.Theyareunsureastowhichofthetwomodelstheyshouldbuy.Theyhavegivenyouthefollowingprofilesofthetwomodels.Theywantyoutousethefourinvestmentappraisaltechniquesdiscussedabove.Youarerequiredtorecommendwhich
7、ofthetwomodelsisbetterundereachappraisaltechniqueandtoexplainbrieflywhyyouhaverecommendedoneinplaceoftheothersundereachtechnique.Youaretoldthatfundsareonlyavailableforonlyonemodel.Thecostofcapitalis12%andAICOdepreciatesallitsfixedassetsonthestraight-linebasis.Bycost
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