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ACCA FM

Guided practice

Exam-style FM questions worked on a practice sheet, with hints and Show me how when you are stuck, then exam-style MCQs to finish.

Chapter 3: Management of working capital (1)

  1. Chapter 3The cash operating cycle: each element on its own base2 questions · 5 exam-style MCQs

Chapter 4: Management of working capital (2) – Inventory

  1. Chapter 4Economic order quantity and quantity discounts3 questions · 5 exam-style MCQs

Chapter 5: Management of working capital (3) – Receivables and Payables

  1. Chapter 5Settlement discounts: the effective annual cost3 questions · 5 exam-style MCQs
  2. Chapter 5A change of credit policy and factoring: cost against benefit3 questions · 5 exam-style MCQs

Chapter 6: Management of working capital (4) – Cash

  1. Chapter 6A six-month cash budget and an overdraft ceiling3 questions · 5 exam-style MCQs
  2. Chapter 6Cash management models: Baumol and Miller-Orr2 questions · 5 exam-style MCQs

Chapter 7: Investment appraisal – methods

  1. Chapter 7NPV at the cost of capital, then the IRR by interpolation2 questions · 5 exam-style MCQs
  2. Chapter 7Annuities and perpetuities, immediate and deferred4 questions · 5 exam-style MCQs
  3. Chapter 7Accounting rate of return and payback2 questions · 5 exam-style MCQs

Chapter 8: Relevant cash flows for DCF

  1. Chapter 8Relevant costs: future, incremental cash flows only3 questions · 5 exam-style MCQs
  2. Chapter 8Working capital in the NPV: timing, increments and release2 questions · 5 exam-style MCQs
  3. Chapter 8Tax and capital allowances in an NPV2 questions · 5 exam-style MCQs
  4. Chapter 8Inflation in NPV - money and real methods3 questions · 5 exam-style MCQs

Chapter 9: Discounted cash flow – further aspects

  1. Chapter 9Single-period capital rationing3 questions · 5 exam-style MCQs
  2. Chapter 9Asset replacement - equivalent annual cost2 questions · 5 exam-style MCQs
  3. Chapter 9Lease or buy - the financing decision2 questions · 5 exam-style MCQs

Chapter 10: Investment appraisal under uncertainty

  1. Chapter 10Sensitivity analysis in investment appraisal3 questions · 5 exam-style MCQs
  2. Chapter 10Expected values in investment appraisal2 questions · 5 exam-style MCQs

Chapter 11: Sources of finance – equity

  1. Chapter 11Rights issues and shareholder wealth3 questions · 5 exam-style MCQs

Chapter 13: Capital structure and financial ratios

  1. Chapter 13Financial and operating gearing - the effect on returns2 questions · 5 exam-style MCQs
  2. Chapter 13Gearing, investor ratios and total shareholder return3 questions · 5 exam-style MCQs

Chapter 15: The valuation of securities – theoretical approach

  1. Chapter 15Share valuation - constant, growing and delayed-growth dividends3 questions · 5 exam-style MCQs
  2. Chapter 15Debt valuation - redeemable and convertible debt2 questions · 5 exam-style MCQs

Chapter 17: The cost of capital

  1. Chapter 17Cost of equity - the dividend growth model and estimating growth3 questions · 5 exam-style MCQs
  2. Chapter 17Cost of debt and the WACC - irredeemable and redeemable debt3 questions · 5 exam-style MCQs

Chapter 19: The cost of capital – the effect of changes in gearing

  1. Chapter 19Capital structure - the WACC across gearing levels2 questions · 5 exam-style MCQs

Chapter 20: Capital asset pricing model

  1. Chapter 20CAPM - required return, beta and a project at its own rate3 questions · 5 exam-style MCQs

Chapter 21: CAPM and MM combined

  1. Chapter 21Asset betas - ungear, regear and a project cost of equity2 questions · 5 exam-style MCQs

Chapter 22: Forecasting foreign currency exchange rates

  1. Chapter 22Exchange rate forecasting - purchasing power parity2 questions · 5 exam-style MCQs

Chapter 23: Foreign exchange risk management

  1. Chapter 23Spot and forward contracts - the right side of the quote2 questions · 5 exam-style MCQs
  2. Chapter 23Money market hedging - receipts and payments2 questions · 5 exam-style MCQs