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S T U D Y T E X T

PAPER F9

FINANCIAL MANAGEMENT

In this edition approved by ACCA

x We ddiscuss the bbest strategies for studying for ACCA exams x We h highlight the mmost important elements in the syllabus and the kkey skills you will need x We s signposthow each chapter links to the syllabus and the study guide x We p providelots of eexam focus points demonstrating what the examiner will want you to do x We e emphasise key points in regular ffast forward summaries x We ttest your knowledge of what you've studied in qquick quizzes x We eexamine your understanding in our eexam question bank x We rreference all the important topics in our ffull index BPP'si-Learnandi-Passproducts also support this paper.

FOR EXAMS IN DECEMBER 2009 AND JUNE 2010

ii

First edition 2007

Third edition June 2009

ISBN 9780 7517 6373 7

(Previous ISBN 9780 7517 4732 4)

British Library Cataloguing-in-Publication Data

A catalogue record for this book

is available from the British Library

Published by

BPP Learning Media Ltd

BPP House, Aldine Place

London W12 8AA

www.bpp.com/learningmedia

Printed in the United Kingdom

Your learning materials, published by BPP

Learning Media Ltd, are printed on paper

sourced from sustainable, managed forests. All our rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd. We are grateful to the Association of Chartered Certified

Accountants for permission to reproduce past

examination questions. The suggested solutions in the exam answer bank have been prepared by BPP Learning

Media Ltd, except where otherwise stated.

BPP Learning Media Ltd

2009

Contentsiii

Contents

Page

Introduction

How the BPP ACCA-approved Study Text can help you pass iv

Studying F9vii

The exam paper and exam formulae

viii

Part A Financial management function

1 Financial management and financial objectives

3

Part B Financial management environment

2 The economic environment for business

35

3 Financial markets and institutions

53

Part C Working capital management

4 Working capital 65

5 Managing working capital

79

6 Working capital finance

103

Part D Investment appraisal

7 Investment decisions

127

8 Investment appraisal using DCF methods

141

9 Allowing for inflation and taxation

157

10 Project appraisal and risk

169

11 Specific investment decisions

181

Part E Business finance

12 Sources of finance

201

13 Dividend policy 223

14 Gearing and capital structure

231

Part F Cost of capital

15 The cost of capital

253

16 Capital structure 275

Part G Business valuations

17 Business valuations

293

18 Market efficiency 313

Part H Risk management

19 Foreign currency risk

325

20 Interest rate risk 349

Mathematical tables 361

Exam question bank367

Exam answer bank389

Index447

Review form and free prize draw................................................................... ivIntroduction

A note about copyright

Dear Customer

What does the little © mean and why does it matter? Your market-leading BPP books, course materials and e-learning materials do not write and update

themselves. People write them: on their own behalf or as employees of an organisation that invests in this

activity. Copyright law protects their livelihoods. It does so by creating rights over the use of the content.

Breach of copyright is a form of theft - as well as being a criminal offence in some jurisdictions, it is

potentially a serious breach of professional ethics.

With current technology, things might seem a bit hazy but, basically, without the express permission of

BPP Learning Media:

xPhotocopying our materials is a breach of copyright

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to facebook or emailing them to your friends is a breach of copyright

You can, of course, sell your books, in the form in which you have bought them - once you have finished

with them. (Is this fair to your fellow students? We update for a reason.) But the e-products are sold on a

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really trust them?

Introductionv

How the BPP ACCA-approved Study Text can help you

pass your exams - AND help you with your Practical

Experience Requirement!

NEW FEATURE - the PER alert!

Before you can qualify as an ACCA member, you do not only have to pass all your exams but also fulfil a

three year practical experience requirement (PER). To help you to recognise areas of the syllabus that

you might be able to apply in the workplace to achieve different performance objectives, we have

introduced the 'PER alert' feature. You will find this feature throughout the Study Text to remind you that

what you are learning to pass your ACCA exams is equally useful to the fulfilment of the PER requirement.

Tackling studying

Studying can be a daunting prospect, particularly when you have lots of other commitments. The

different features of the text, the purposes of which are explained fully on the Chapter features page, will

help you whilst studying and improve your chances of exam success.

Developing exam awareness

Our Texts are completely focused on helping you pass your exam.

Our advice on Studying F9 outlines the content of the paper, the necessary skills the examiner expects

you to demonstrate and any brought forward knowledge you are expected to have. Exam focus points are included within the chapters to highlight when and how specific topics were examined, or how they might be examined in the future.

Using the Syllabus and Study Guide

You can find the syllabus, Study Guide and other useful resources for F9 on the ACCA web site:

The Study Text covers all aspects of the syllabus to ensure you are as fully prepared for the exam as

possible.

Testing what you can do

Testing yourself helps you develop the skills you need to pass the exam and also confirms that you can

recall what you have learnt. We include Questions - lots of them - both within chapters and in the Exam Question Bank, as well as Quick Quizzes at the end of each chapter to test your knowledge of the chapter content. viIntroduction

Chapter features

Each chapter contains a number of helpful features to guide you through each topic.

Topic list

Topic list Syllabus reference

Tells you what you will be studying in this chapter and the relevant section numbers, together the ACCA syllabus references.

Introduction

Puts the chapter content in the context of the syllabus as a whole.

Study Guide

Links the chapter content with ACCA guidance.

Exam Guide

Highlights how examinable the chapter content is likely to be and the ways in which it could be examined.

Knowledge brought forward from earlier studies

What you are assumed to know from previous

studies/exams.

Summarises the content of main chapter headings,

allowing you to preview and review each section easily.

Examples

Demonstrate how to apply key knowledge and

techniques.

Key terms

Definitions of important concepts that can often earn you easy marks in exams.

Exam focus points

Tell you when and how specific topics were examined, or how they may be examined in the future.

Formula to learn

Formulae that are not given in the exam but which have to be learnt. This is a new feature that gives you a useful indication of syllabus areas that closely relate to performance objectives in your Practical Experience Requirementquotesdbs_dbs14.pdfusesText_20

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