喜大普奔喜大普奔~前方高能預(yù)警！ACCA考試終于到了最后一天啦！高冷如高頓網(wǎng)校小編，也依然難掩心中的激（禮）動（拜）之（五）情（了）。今天的考試科目為F4、F9和P4，由于本次考試F4考的不是英國稅法，所以今天就來一發(fā)F9和P4的考點精煉。
我們先來分析一下F9的考題形式。F9也分為兩個part：Section A為選擇題，計算和理解各占一半，占比40分；Section B為有五道題，計算與論述六四開，占比60分。
下面是Section A中會涉及到的考點：
• Measuring financial objectives (Shareholder wealth; Profitability; Debt; Liquidity)
• Management reward scheme (PRP; shares; ESOPs)
• Not-for-profit organisations (Value for money)
• The role of government policies in achieving targets(Fiscal policy; Monetary policy)
• Role of financial intermediaries (Examples; Roles; Disintermediation)
• Monetary market and capital market instruments (Interest bearing vs Discount; OTC vs floor trading; Negotiable vs non-negotiable etc)
• Rate of interest of rate of return (Risk-return trade off; reverse yield gap)
而在Section A和Section B都會涉及到的考點中，我們可以分成Calculation、Discussion和Calculation&Discussion三種形式進行分類。
Calculation
• Inventory and receivable management
• ROCE; Payback period
• EAC; Lease or buy; Capital rationing
Discussion
• Objectives of working capital
• Factors to be considered when formulating working capital investment and financing policies
• Debt vs Equity
• Theories on dividends and capital structure
• Market efficiency
• Types of exchange risk and interest rate risks
• Theories on exchange rate and interest rate movement
Calculation&Discussion
• Overtrading or overcapitalisation
• Cash flow management
• Cash operating cycle
• NPV; IRR
• Risk and uncertainty using EV, sensitivity analysis, discounted payback period etc
• Rights issue
• WACC calculations
• Business valuations using asset-based; earnings-based and cashflow-based methods
• Hedging exchange rate and interest rate risks methods
小伙伴們，再檢測一遍，F(xiàn)9的這些考點是否都掌握透徹了？在考場上，還是有一些得分技巧的，大家也不可忽略哦。比如在做Section A的時候，可以有這幾個小tips：排除明顯錯誤的選項、給出對應(yīng)的公式、著重關(guān)注關(guān)鍵詞、用你所知道的common knowledge。而在Section B部分，你可以先準備好核心知識點來處理簡單的問題、著重問題要求中的關(guān)鍵詞、將問題轉(zhuǎn)移到core knowledge，還有就是一定要看清題目的要求！
在P4中，我們也將一些會考的考點按照Calculation、Discussion和Calculation&Discussion進行分類。
Calculation
? Ratio analysis (Focus on value added comments); EVA
? FCF; FCFE
? NPV;MIRR; VAR; Duration
? APV
? Business valuation using FCF/FCFE/Iterative r*uation methods
Discussion
• Stakeholder analysis related to agency theory
• Role of international financial institutions such as WTO, IMF, World Bank
• Environmental analysis using PESTEL
• Reasons and forms of acquisition
• Acquisition regulation and defensive tactics
• Cash offer vs paper offer
Calculation&Discussion
• Option and real options using BSOP
• Reconstruction using debt/equity swap; LBOs etc and the effects
• Reorganisation using unbundling/pay attention to MBO
• Foreign currency hedging strategies such as forwards, futures; options and swaps
• Interest rate hedging strategies such as forwards, futures; options (collars) and swaps
還有是All discussion topics:
1. Global debt crisis
2. Dark pool trading
3. Tranching
4. Credit-default swap
5. Money laundry
6. Islamic finance
在答題的時候，預(yù)計留給Section A十分鐘的讀題時間和80分鐘的答題時間，在Section B用五分鐘的時間讀題并選題，給每道題留出至少50分鐘的作答時間。另外，準備好閱讀場景，找到場景中需要的信息，列出答題提綱這些都已是老生常談的ACCA考試技巧了，但大家仍然不可忽略，這些技能在考試中是有百利而無一害的。
隨著今天的落幕，2016年3月的ACCA考試也即將告一段落，希望這次考試，對有的人來說會是漫長征程的華麗終結(jié)，對有的人來說是繼續(xù)前行的堅持力量，但愿在下月十八號傳來的都是讓人欣慰的好消息。
▎本文作者Yvonne ，來源高頓網(wǎng)校ACCA。更多內(nèi)容請關(guān)注微信號(gaodunacca)，掌握最全面ACCA政策以及學(xué)習(xí)方法，更有在線小編為你解答各種困惑，會說話的公眾號，你見過嗎？原創(chuàng)文章，歡迎分享，若需引用或轉(zhuǎn)載請保留此處信息。