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Financial Management. June to June This syllabus and study guide is designed to help with planning. The syllabus for Paper F9, Financial Management. Read or download more about financial info from here Click here now. Nov 1, You cannot change the file format of this material or make it editable.
You cannot resell this material unless you are selling the original copy purchased. You cannot use any part of this material in or with contents associated with violence, politics, religious and pornographic contents in any way. It provides list of main headings at the beginning of each exam topic. You have to click relevant heading in a list to reach there. It provides broad information on composition theoretical v computational and importance of each paper in exam context.
Exam Support provides detailed information on application of theory and calculations in exam context. Example provides practical application of technical theoretical knowledge. Illustration provides numerical applications of theoretical knowledge.
Explanations provide the reasons for correctness or un correctness of particular statements and calculation. Formula is mathematical equations and tabular formats. Diagrams are visual Graph, Charts, Tree formats etc presentations of theoretical knowledge. Cross-referencing are hyperlinks to other exam topics. Click previous view button to go back. Highlighting is used show the relationship or connection between words and figures. Click bookmark icon in the side bar see below to jump to specific exam topic in the e-book.
If you not currently using adobe reader, then i recommend you to download adobe reader, to get most benefits from this e-book. F1 Accountant in Business. F2 Management Accounting. All questions must be attempted.
Questions could be comprised of many requirements a, b, c, d, e etc. Mathematical questions are rewarded separately from text-based questions. If you get calculations wrong, you can still earn marks by commenting reasonably on wrong figures. Usually each question examines only one part of the syllabus. Example: Question examining Part A Specialist cost and management accounting techniques can cover chapters such as Absorption costing, Marginal costing and ABC costing as requirement a, b, c respectively.
Additional 15 minutes are reading and planning time. However, you can annotate question paper only during that time. Practice past examination questions Study examiners reports from previous examinations Prepare revision cards Plan written answers Write legibly Include all your workings and label them clearly.
It depends on your daily activities and environment. I recommend you to make a printed copy to read when computer is not available. Number of pages will include allowance for solving past paper questions, student accountant articles etc. Please note that different syllabus areas will take different amount of time. Calculations will take more time than theoretical areas. Therefore, it will give you only rough idea of your progress.
Study at time of day when you are fresh. This will enable you to learn more in available time. Consider skip reading examples, if you understood theory by reading main text. Study in the end sub exam topics, which is less likely to be examined in your exam session. You can see past paper analysis given below each sub exam topic. Above analysis is given to emphasis the comparative importance of each topic.
This analysis can be used as guide for allocating time to topics accordingly. Do not attempt to guess future question paper from this analysis, as this is historical data and it is not helpful for reading examiners mind at a time of setting exam paper.
Also, see how different exam topics are examined together in single question. Exam Awareness This chapter explains the objective and scope of financial management. However, it will help you to make reasonable and relevant discussion for other topics. You can use these relationships found out to write relevant points in order to answer requirements in the exam.
Requirement Marks Explain the nature of the agency problem and discuss the use of share option schemes as a Q1:e 8 way of reducing the agency problem in a stockmarket listed company such as Dartig Co.
Discuss the reasons why small and mediumsized entities SMEs might experience less Q3:a 4 conflict between the objectives of shareholders accasupport. Principal delegates some responsibility to be performed on behalf of principal. Principal also gives agent necessary decision-making authority.
Agent can be responsible to more than one principal. Example: Shareholders delegate responsibility to board of directors to management day-to-day operations of organization. Directors are granted necessary authority through articles of association and accasupport. Shareholders being too many in numbers and may not have technical knowledge of the companys operations would not be able to protect their interest themselves. Unfortunately, they have to rely on directors to look after their interest.
Danger is that directors do not act in the best interest of shareholders. Directors acting other than in the interest of shareholders is an agency problem.
Agency problem creates the need for building mechanism, which promotes goal congruence or Alignment of interest. Directors have their own needs and desires, which may be different from shareholders needs and desires. It does not affect performance and risk attitudes of managers. It does not ensure that directors focus on shareholders wealth maximization. Profit related pay could lead to directors undertaking excessive risky investment projects, which may be over and above the wish of shareholders.
Financial management primary objective is to focus on long-term shareholder wealth maximization. Share based payment encourages directors to focus their attention on increasing share price. Increase in share price leads to increase in shareholders wealth.
It is consistent with the primary objective of financial management i. Share based payment also encourages directors to take controlled risk in line with shareholders expectation. It encourages directors to increase share price of the company above the exercise price in order to realize gain through buying shares at lower share price than market price at exercise date. Share options direct management attention on primary objective of financial management i.
Share option also encourages directors to take controlled risk in line with shareholder expectations. It is given to motivate directors so that work can be performed efficiently. Pension may not be realized if organization gets bankrupt.
It encourages directors to take long-term view organizational performance. However, it has no contribution towards motivating directors to maximize shareholders wealth beyond existing level. Financial objectives in not for profit and public organizations are different from financial objective in profit motive organizations. Profit motive organizations have profitability as its primary objective. On the other hand, not for profit organizations do not have profitability as its primary objective.
However, not for profit organizations also need to focus on profitability for meeting day-to-day expenses. Example: Rent of the premises used as office of the organization. Payment of stipends remuneration to volunteers. Not for profit organization usually exists to provide services to the society.
Society involves more than one legitimate stakeholder such as donors, users of services, government, public at large etc. Not for profit organization may have more than one objective such as providing quality service, providing services to greater number of people, efficient use of funds provided by donors etc.
Stakeholders are interest holders, which can affect claim or be affected by organizational activities. It becomes difficult to decide which is the primary objective and deciding priority for rest of the secondary objectives. However, profit motive organization may also have objectives other than profit making.
These objectives are necessary for achievement of primary financial objective. This objective supports the primary objective of profit making.
Existing customers may also prefer to buy related goods from the same organization. This will give cross selling selling more than one product to same customer benefits to organization. However, performance of profit motive organization can also be assessed in terms of value for money. Profit motive organizations must provide value for money to its customers if it has to achieve its financial objectives in short term such as profitability, liquidity as well as long term such as growth.
Exam Awareness This exam topic introduces students with basic terminologies relevant to subsequent study. If you are running short of time, then i recommend you to just skim read it in the end if you have extra time. Macro-economics include all the economic activities of private as well as public sector. Micro-economics refers to study of one economics entity at a time. Government may decide to operate market without any regulation as free market in the hope that free movement of capital will result in best economic growth.
In practice, government generally intervenes through making regulations to promote economic growth. Macroeconomic policy has following objectives. Government has following two main policies to achieve its objectives. Interest rate influences individual investment decisions. Government can encourage investment by reducing interest rates and conversely reduce investments by increasing interest rates.
Reduction in interest rate changes public preference from savings to investment. Example: Reduction in interest rates leads to increased activity in stock market and bullion market.
Similarly, government can encourage exports from the country by reducing exchange rate of its home currency. Reduction in exchange rate will make goods produced by the country cheaper to foreign countries. Conversely, government can reduce exports from the country by increasing exchange rate of its home currency.
Increase in exchange rate will make goods more expensive to foreign countries. Taxation is the source of revenue for government. It influences public spending on consumer and capital goods by increasing or decreasing the level of disposable income for private sector. Increase in taxation results in decreased disposable income for spending on satisfaction of needs and capital investments. Conversely, decrease in taxation results in increased disposable income for spending.
Disposable income is the earnings remaining after meeting all liabilities. Level of spending influences demand for goods or services and prices of goods or services. If demand exceeds in relation to supply then prices of goods or services arises inflation. Conversely, if demand lacks in relation to supply then prices of goods or services reduces deflation. Government spending also influences the demand for goods or services and prices of goods or services.
Government spending can be used to reduce the economic imbalance between rich and poor by providing basic goods or services to society at subsidised or free of charge. Formula: accasupport. Government aim is to equal aggregate demand and aggregate supply at a level where workforce is fully employed.
Full employment is one of the objectives of the macroeconomic policy of government. Confidence is the expectation of future stability and growth of economic activities. Confidence among consumers makes them to spend higher percentage of income on goods or services. Confidence among firms makes them invest more money in the business.
Confidence depends on expectation of political, environmental, employment level, inflation, demand, expected future conditions etc. Government can increase demands for goods or services through fiscal policy taxation and government spending and monetary policy exchange rates, interest rates and money supply. Government can provide infrastructure transportation, roads, power, sewage, communication media etc to boost economic activities.