ACCA F9 Financial Management Study Text 1st Edition by BPP Learning Media ISBN 0751746665 9780751746662 by Bpp Learning Media 075176373X instant download after payment.

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Product details:

ISBN 10: 0751746665 
ISBN 13: 9780751746662
Author: BPP Learning Media

An ACCA F9 Financial Management Study Text is designed to cover the entire syllabus for the F9 (now FM) exam. The content is structured to build knowledge progressively, from fundamental concepts to more complex applications of financial management.

ACCA F9 Financial Management Study Text 1st Table of contents:

Part A: The Financial Management Function

• Chapter 1: The Nature and Purpose of Financial Management
  • What is financial management?
  • Relationship with management accounting and financial accounting
  • Key decisions in financial management (investment, financing, dividend)
  • The role of the finance manager/treasury function
• Chapter 2: Financial Objectives and Stakeholders
  • Shareholder wealth maximization vs. profit maximization
  • Stakeholders and their objectives (shareholders, employees, customers, government)
  • Agency problem and corporate governance
  • Financial and other objectives in Not-for-Profit organizations

Part B: The Financial Management Environment

• Chapter 3: The Economic Environment for Business
  • Macroeconomic policy targets (inflation, employment, economic growth, balance of payments)
  • Fiscal policy, monetary policy, and interest rate policy
  • Exchange rate policy and its impact on business
  • Interaction of government economic policy with business decisions
• Chapter 4: Financial Markets and Institutions
  • The role of financial markets (money markets, capital markets)
  • Primary and secondary markets
  • Financial intermediaries (banks, investment funds, etc.)
  • Stock exchange listing and delisting

Part C: Working Capital Management

• Chapter 5: The Nature and Elements of Working Capital
  • Components of working capital (current assets, current liabilities)
  • Importance of effective working capital management
  • The cash operating cycle
  • Overtrading and overcapitalization
• Chapter 6: Management of Inventories
  • Costs of holding and ordering inventory
  • Economic Order Quantity (EOQ) model and its assumptions
  • Reorder level, buffer stock, and Just-in-Time (JIT) systems
• Chapter 7: Management of Accounts Receivable
  • Credit policy and its impact
  • Credit control methods (e.g., credit limits, collections)
  • Early settlement discounts
  • Factoring and invoice discounting
• Chapter 8: Management of Accounts Payable
  • Effective use of trade credit
  • Evaluating early settlement discounts and bulk purchase discounts
  • Managing foreign accounts payable
• Chapter 9: Cash Management
  • Reasons for holding cash (transactions, precautionary, speculative)
  • Cash flow forecasting
  • Centralized treasury management and cash control
  • Models for optimal cash balances (Baumol, Miller-Orr)
• Chapter 10: Working Capital Funding Strategies
  • Permanent vs. fluctuating current assets
  • Relative cost and risk of short-term and long-term finance
  • Matching principle
  • Aggressive, conservative, and matching funding policies

Part D: Investment Appraisal

• Chapter 11: Investment Appraisal Techniques
  • Identifying and calculating relevant cash flows
  • Non-discounted cash flow techniques (Payback Period, Accounting Rate of Return - ARR/ROCE)
  • Discounted Cash Flow (DCF) techniques:
    • Net Present Value (NPV)
    • Internal Rate of Return (IRR)
    • Comparison of NPV and IRR
• Chapter 12: Allowing for Inflation and Taxation in DCF
  • Real vs. nominal interest rates
  • Application of real and nominal terms approaches
  • Taxation effects on cash flows (e.g., capital allowances/depreciation tax shields)
  • Before-tax and after-tax discount rates
• Chapter 13: Adjusting for Risk and Uncertainty in Investment Appraisal
  • Understanding risk and uncertainty
  • Techniques: Sensitivity analysis, Scenario analysis, Probability analysis, Expected Values, Simulation
  • Risk-adjusted discount rates
  • Certainty equivalent approach
• Chapter 14: Specific Investment Decisions
  • Asset replacement decisions
  • Lease or buy decisions
  • Capital rationing (hard and soft rationing)

Part E: Business Finance

• Chapter 15: Sources of Finance
  • Short-term sources of finance (overdrafts, short-term loans, trade credit)
  • Long-term sources of finance (equity, debt, convertibles, preference shares)
  • Raising finance through Islamic financing principles
  • Internal sources of finance (retained earnings)
  • Finance for small and medium-sized entities (SMEs)
• Chapter 16: Dividend Policy
  • Factors influencing dividend policy
  • Dividend theories (e.g., dividend irrelevance, bird-in-hand, tax-preference)
  • Forms of dividend (cash, script, share repurchase)

Part F: Cost of Capital and Capital Structure

• Chapter 17: The Cost of Capital
  • Cost of equity (Dividend Valuation Model, Gordon Growth Model, Capital Asset Pricing Model - CAPM)
  • Cost of debt (Irredeemable, Redeemable, Convertibles)
  • Cost of preference shares
  • Weighted Average Cost of Capital (WACC)
  • Marginal cost of capital
• Chapter 18: Capital Structure
  • Gearing and its impact
  • Capital structure theories (Modigliani and Miller, traditional view)
  • Factors influencing capital structure decisions
  • Impact of cost of capital on investments

Part G: Business Valuations

• Chapter 19: Business Valuations
  • Nature and purpose of business and financial asset valuation
  • Asset-based valuation (net assets, replacement cost)
  • Income-based valuation (earnings yield, P/E ratio, Dividend Valuation Model)
  • Cash flow-based valuation (Discounted Cash Flow - DCF)
  • Valuation of debt and other financial assets
• Chapter 20: Market Efficiency
  • Efficient Market Hypothesis (EMH) (weak, semi-strong, strong forms)
  • Implications of market efficiency for financial management
  • Practical considerations in the valuation of shares

Part H: Risk Management

• Chapter 21: The Nature and Types of Risk
  • Types of financial risk (business risk, financial risk, liquidity risk, interest rate risk, foreign currency risk)
  • Approaches to risk management
• Chapter 22: Foreign Currency Risk
  • Causes of exchange rate differences
  • Types of foreign currency risk (transaction, translation, economic)
  • Hedging techniques for foreign currency risk (forward contracts, money market hedging, options, futures)
• Chapter 23: Interest Rate Risk
  • Causes of interest rate fluctuations
  • Hedging techniques for interest rate risk (interest rate swaps, forward rate agreements - FRAs, interest rate options, interest rate futures)

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