2015年12月acca考试f9讲义(一)

《2015年12月acca考试f9讲义(一)》由会员上传分享，免费在线阅读，更多相关内容在应用文档-天天文库。

1、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22月ACCAF9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。Theequivalentannualcost(EAC)approachThisapproachcomputesthepresentvalueofcostsforeachprojectoveracycleandthenexpressesthepresentvalueinanannualequivalentcostusingt

2、heappropriateannuityfactorsforeachcycle・TheannualequivalentofNPVsofthetwoormoreprojectscanthenbecompared.HavingcalculatedtheEACforeachcycleandeachproject,thencomparetheEACs・TheprojectthathasthelowestEACoverthecyclesisthebetteroneiflowestoutlayistheobjecti

3、veorthehigherEACwouldbepreferredifthehighestrevenueweretheobjective・Infinitere-investmentapproachThisapproachisappropriatewhenprojectsofunequallivesandunequalrisksarebeingconsidered.Thefirststeptotakewillbetoestablishthenetpresentvalueoftheprojectsintheno

4、rmalwayandthencalculatethenetpresentvalueofprojectstoinfinityusingtheformula：NPV[x=NPVofproject/PVofannuityforthelifeofprojectatdiscountrateDiscountratefortheprojectTheproject,whichhasthehighestNPVtoinfinity,istheonetorecommendProjectappraisalunderinflati

5、onInflationisastateofaffairsunderwhichpricesareconstantlyrising.Whenthishappensthepurchasingpowerofmoneydepreciates・Thecurrencywillbuyfewergoodsandservicesthanpreviouslyandconsequentlytherealreturnsoninvestmentswillfall.Investorsunderstandably，willexpectt

6、obecompensatedforthefallinthevalueofmoneyduringinflation.Whenappraisinginvestmentopportunitiestheappraiserrequiresanunderstandingofthreediscountrates・TheseareMoneyRates,RealRatesandInflationRates・Moneyrate(alsoknownasNominalrate)isacombinationoftherealrat

7、eandinflationrateandshouldbeusedtodiscountmoneycashflows・Ifontheotherhandyouweregivenrealcashflowsthesemustbediscountedusingtherealdiscountrates・Inordertobeabletouseeitherofthesetworates,youneedtoknowhowtocalculatebothofthem.Theycanbecalculatedfromthefoll

8、owingformuladevisedbyFisher1+m=(1+r)x(1+i)Where：m=moneyrater=realratei=inflationrateFromtheaboveformulaitispossibletocalculatem,randi讦youweregiveninformationabouttwoofthethreevariables.Forexampleifyouweretoldthatthe