導讀：每次考試結(jié)束ACCA考官都會依據(jù)本次考試考生的總體體現(xiàn)狀況寫陳述，具體分析學生在答題過程中呈現(xiàn)的問題，總結(jié)學生在備考該門類時大概留意的事項，高頓網(wǎng)校的小編為大家整理了F9考官陳述：
　　Question One （a）
　　This question called for the calculation of the net present value （NPV） of a construction project for BQK Co and then comment on its financial acceptability. Many candidates gained high marks on this part of question. A nominal terms *uation had to be undertaken because tax on profits was being paid one year in arrears, and because specific inflation rates were linked with selling price, variable cost and infrastructure costs. The nominal after-tax cost of capital of 12% was given in the question. Some answers mistakenly used the real after-tax cost of capital of 9%, or tried to calculate another discount rate altogether using the Fisher equation, but all that was needed was to use the 12% rate provided. Although the question stated that two types of houses were to be built on the development site, some candidates mistakenly treated large houses and small houses as two separate investment projects. Some candidates chose to ignore the fixed infrastructure costs which the question stated were for new roads, gardens, drainage and utilities, arguing that fixed costs were not relevant in investment appraisal, but a housing development without roads, drainage and so on would not be a practical investment. Most answers calculated correctly the nominal values of sales income, variable costs and fixed costs, and then calculated correctly and timed correctly in arrears the tax liabilities on the before-tax cash flow. The question said that capital allowances on the purchase cost of the development site were on a straight-line basis over the four year construction period. Most answers calculated correctly the associated capital allowance tax benefits, although some candidates lost marks by calculating capital allowances on a 25% reducing balance basis. Having calculated nominal after-tax cash flows, some candidates chose mistakenly to discount them with the real after-tax cost of capital of 9%. Nominal after-tax cash flows must be discounted with a nominal after-tax cost of capital （this is the nominal terms approach）。
　　Some answers chose not to comment on the financial acceptability of the investment project and so lost a relatively straightforward mark. A small number of answers wasted valuable time by commenting at length on financial acceptability, for example by discussing critically the merits of NPV as an investment appraisal method.      高頓溫馨貼士：各位考生，如果您在學習中遇到任何疑問，請登錄高頓部落ACCA論壇，隨時與廣大考生朋友們一起互動交流！進入論壇>>