Key examinable areas

Opentuition has posted their december exam tips.

Here’s Kaplan’s key examinable areas.

ACCA F9
Key Examinable Areas
for December 2012
NOTE: These should only be used in conjunction with proper studying.
We cannot guarantee that these topics will appear in the actual exam as we have not seen the exam papers. Examiners are
not predictable so it is vital that all core syllabus areas are revised fully. The tips are based on Kaplan’s experience and
understanding of the ACCA exams and will help focus your last minute revision.
Please also read all the Examiner’s Articles – available on the ACCA Global website
Investment appraisal
This is a key topic which is highly likely to be examined every time. The most common technique
assessed is NPV with inflation and taxation although be prepared for a twist, possibly involving some
of the more basic methods of the applications of NPV such as capital rationing or lease v buy.

Working Capital Management
Another key topic which is likely to examined every time. Exams to date have covered much of this
topic but it’s been a while since we’ve seen the more numerical aspects surrounding inventory or
payables management or anything regarding cash budgeting.
Valuations
This has been examined in virtually every F9 exam to date. Cash flow based values have yet to be
examined although the PE ratio and dividend valuation methods still appear to be the more
examinable areas. This syllabus area often appears alongside cost of capital questions.

Business Finance
This topic has been heavily examined recently and in particular the impact of financing on ratios is an
area the examiner likes. Make sure you’re able to discuss the impact that different policies may
have on company by being able to both calculate and interpret financial ratios.

Continued…
Kaplan Financial December 2012

Cost of Capital
This topic features in virtually every exam to a greater or lesser extent. Good coverage of all of the
syllabus areas is therefore essential to ensure you can handle any eventuality on the day. It’s been a
while since we’ve seen any of the more technical CAPM based calculations regarding de-gearing and
re-gearing betas.

Risk Management
Within this section of the syllabus, foreign exchange risk has been examined more often than
interest rate risk. However, both are fairly under-examined areas of the syllabus as a whole and so
this is a topic worth being on top of.
The Financial Management Function and the impact of the economic
environment upon it
We can probably expect one specific topic from these syllabus areas to feature as a tag on discursive
element within one question on the exam. The most recent question focussed on stakeholder conflicts.