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ACCAPaper F9Financial Managel11ent

Mock ExaminationJune and December 2009Question PaperSECTIONA - Answer ALL twenty sub-questionSECTIONB - Answer ALL six sub-questionSECTIONC- Answer ONEof the two questions

Time Allowed 20 minutes Reading3 hours Writing

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G et in to good exam hab its now !Take a m om ent to focus on the righ t app roach fo r th is exam .

E ffe ctiv e tim e m a na ge m en t W atch the c lock ; a llow 1 .8 m inutes per m ark . W ork ou t how long you can spend on each ques tion

and do no t exceed tha t tim e. Take a few mom ents to th ink wha t the requ irem en ts a re ask ing fo r and how you are go ing to

a ns we r th em .

E ffe c tiv e p la n n in g This paper is in exac tly the sam e form at as the rea l exam . You should read through the paper and

p lan the orde r in w hich you w ill tack le the questions. A lways s tart w ith the one you fee l m ostcon fiden t abou t and take tim e to choose the questions you w ill answ er in sec tions w ith cho ice .

R ead the requ irem en ts ca re fu lly : focus on m ark alloca tion , ques tion w ords (see be low ) andp ote ntia l o ve rla p b etw e en re qu ire m en ts .

Iden tify and m ake sure you pick up the easy m arks ava ilab le in each ques tion .

E ffe ctiv e la yo u t P resen t your num erica l so lu tions us ing the s tandard layou ts you have seen . Show and re fe rence

y ou r w o rk in gs c le arly . W ith w ritten e lem en ts try and m ake a num ber o f d istinct poin ts using head ings and short

pa rag raphs . Y ou shou ld a im to m ake a separa te po int fo r each m ark. Ensure tha t you exp la in the poin ts you are m ak ing , ie why is the po in t a s treng th , c ritic ism or

oppor tuni ty? G ive yourself p len ty o f space to add ex tra lines as necessary, it w ill a lso make it easie r fo r the

ex am in er to m ark .

C o m m o n te rm i no lo g yAna lyseC a lc ula te /c o m p uteC om pa re a nd c on tra stDef ineDescr ibeD iscussDist inguishEvaluateExpla inIdentifyInterpretJustifyL istPrepareRecommend

E xam ine in deta il the struc tu re o fA s ce rta in o r re ck on m a th em a tic allyS h ow th e s im ila ritie s a nd /o r d iffe re nc esG ive the exac t m ean ing o fC om mu nica te the key fea tu res o fE xa mine in d eta il b y a rg um en tH ig hlig ht th e d iffe re nc es b etw ee nAppra ise o r assess the value ofM ak e c le ar o r in te llig ib le /s tate th e m ea nin g o fR e co gn is e, e sta blis h o r s ele ct a fte r c on sid era tio nP ro ce ss in fo rm atio n to e xp la in its m ea nin gP roduce reasons in support o fS ta te s ho rt p ie ce s o f in fo rm atio n o n s ep ara te lin esM ake or ge t ready fo r useA dv ise on a course o f action

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Fo rm u lae sh ee tP re se nt v alu e ta bleP resent va lue o f 1 ie (1 + r)-nw here r = d is co un t ra te

n = nu mb er o f p erio ds u ntil p ay me ntD is co u nt r at es (r )Per iods(n ) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%1 0 .990 0 .980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.9092 0 .980 0 .961 0.943 0.925 0.907 0.890 0.873 0.857 0.842 0.8263 0 .971 0 .942 0.915 0.889 0.864 0.840 0.816 0.794 0.772 0.7514 0 .961 0 .924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.6835 0 .951 0 .906 0.863 0.822 0.784 0.747 0.713 0.681 0.650 0.621

6 0 .942 0 .888 0.837 0.790 0.746 0.705 0.666 0.630 0.596 0.5647 0 .933 0 .871 0.813 0.760 0.711 0.665 0.623 0.583 0.547 0.5138 0 .923 0 .853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.4679 0 .914 0 .837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.42410 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0.463 0.422 0.386

11 0.896 0.804 0.722 0.650 0.585 0.527 0.475 0.429 0.388 0.35012 0.887 0.788 0.701 0.625 0.557 0.497 0.444 0.397 0.356 0.31913 0.879 0.773 0.681 0.601 0.530 0.469 0.415 0.368 0.326 0.29015 0.861 0.743 0.642 0.555 0.481 0.417 0.362 0.315 0.275 0.239

11% 12% 13% 14% 15% 16% 17% 18% 19% 20%1 0 .901 0 .893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.8332 0 .812 0 .797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.6943 0 .731 0 .712 0.693 0.675 0.658 0.641 0.624 0.609 0.593 0.5794 0 .659 0 .636 0.613 0.592 0.572 0.552 0.534 0.516 0.499 0.4825 0 .593 0 .567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402

6 0 .535 0 .507 0.480 0.456 0.432 0.410 0.390 0.370 0.352 0.3357 0 .482 0 .452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.2798 0 .434 0 .404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.2339 0 .391 0 .361 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.19410 0.352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162

11 0.317 0.287 0.261 0.237 0.215 0.195 0.178 0.162 0.148 0.13512 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.124 0.11213 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.104 0.09314 0.232 0.205 0.181 0.160 0.141 0.125 0.111 0.099 0.088 0.07815 0.209 0.183 0.160 0.140 0.123 0.108 0.095 0.084 0.074 0.065

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A n nu ity T ab leP If' f l ' 1 - (1 + r)-nre se nt va u e 0 a n a n nu ity 0 te rw he re r = d is c ou n t r at e

n = n um b er o f p erio dsIn te re st ra te s (r)(n ) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%1 0.990 0 .980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.9092 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.7364 3.902 3 .808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.1705 4 .853 4 .713 4 .580 4 .452 4 .329 4 .212 4 .100 3.993 3.890 3.7916 5.795 5 .601 5.417 5.242 5.076 4 .917 4 .767 4 .623 4 .486 4.3557 6.728 6 .472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.8688 7.652 7 .325 7.020 6.733 6.463 6.210 5.971 5.747 5.535 5.3359 8.566 8 .162 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.75910 9.471 8.983 8.530 8.111 7.722 7.360 7.024 6.710 6.418 6.14511 10.368 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.49512 11.255 10.575 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.81413 12.134 11.348 10.635 9.986 9.394 8.853 8.358 7.904 7.487 7.10314 13.004 12.106 11.296 10.563 9.899 9.295 8.745 8.244 7.786 7.36715 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 8.061 7.606

11% 12% 13% 14% 15% 16% 17% 18% 19% 20%1 0.901 0 .893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.8332 1.713 1.690 1.668 1.647 1.626 1.605 1.585 1.566 1.547 1.5283 2.444 2 .402 2.361 2.322 2.283 2.246 2.210 2.174 2.140 2.1064 3.102 3 .037 2.974 2.914 2.855 2.798 2.743 2.690 2.639 2.5895 3.696 3 .605 3.517 3.433 3.352 3.274 3.199 3.127 3.058 2.9916 4 .231 4 .111 3.998 3.889 3.784 3.685 3.589 3.498 3.410 3.3267 4 .712 4 .564 4 .423 4 .288 4 .160 4 .039 3.922 3.812 3.706 3.6058 5.146 4 .968 4 .799 4 .639 4 .487 4 .344 4 .207 4 .078 3.954 3.8379 5.537 5 .328 5.132 4 .946 4 .772 4 .607 4 .451 4 .303 4 .163 4.03110 5.889 5.650 5.426 5.216 5.019 4.833 4.659 4.494 4.339 4.19211 6.207 5.938 5.687 5.453 5.234 5.029 4.836 4.656 4.486 4.32712 6.492 6.194 5.918 5.660 5.421 5.197 4.988 4.793 4.611 4.43913 6.750 6.424 6.122 5.842 5.583 5.342 5.118 4.910 4.715 4.53314 6.982 6.628 6.302 6.002 5.724 5.468 5.229 5.008 4.802 4.61115 7.191 6.811 6.462 6.142 5.847 5.575 5.324 5.092 4.876 4.675

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E co no m ic O r de r Q u an ti ty

= t ~ : DM iller - O rr M o de lR etu rn p oin t = L ow er lim it + ( Y s x s pre ad )

[ % x transaction cost x variance of cash flow s 1 XSpread =3 I n te re st r at eT he C ap ita l A ss et P ric in g M o de lE (n )= R f+ ~i (E ( r m ) - Rf)T he A ss et B eta F orm u la

Vd (1- T)----=-----~(V e + V d(1 - T))

T he G ro wth M o de lD (1 + g )P o = _o=----_(K e -g)

G ordon's G row th A pprox ima t ion9 = b rT he W e ig hte d A ve ra ge C os t o f C ap ita l

W ACC = [ V e 1 k, + [ Vd 1 kd (1 - T)Ve + Vd Ve + V d

T he F is he r F o rm u la(1 + i) = (1 + r)( 1 + h)P ur ch as in g P ow e r P arit y a nd I nt ere st R a te P ari ty

(1 + i )Fo = So x __ c_ S f(1 + ib )

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1 KatieK atie is a m ed iu m s ize d e nte rp rise th at m an ufa cture s h igh q ua lity k itch en u te nsils. K atie w as e sta blis he dfive years ago w hen the founder sta rted selling a revo lu tionary p roduct ca lled the sp ife (a cross be tw eena spoon and a kn ife wh ich can be used to cu t fru it and then scoop ou t the flesh ). The company has grownrap id ly. It now se lls a w ide range o f p roduc ts bo th in its dom estic m arke t and th roughout the w orld,T he fo llow ing in fo rm ation show s the recen t pe rfo rm ance o f the o rganisa tion . It is now D ecem ber 20 X8 .B a la nc e s he et

30 Nov 20X8 30 Nov 20X7$ '000 $ '000

Asse tsNon-cu rrent asse ts 740 634C u rre nt a ss etsInven to ry 528 228Rece ivab les 504 259Bank 0 51 ,772 1 ,126Eq u ity a n d L ia b il it ie sShareho lde rs ' funds 900 828Non c u r ren t l iab i li ti esBank 680 100Payab les 192 198

1 ,772 1 ,126O t he r i nf or m a ti on

Sa les fo r 20X8 w ere $4 m illion ($3 m illion in 20X7 ) and ne t p ro fit w as $197 ,000 ($175 ,000 in20X7)2 The inven to ry va lue fo r 20X8 (and 20X7 ) a re sp lit as fo llow s:

F in is he d g oo dsW IPRaw ma te ri als

30%50%20 %

3 M ater ia l cos ts rep resent 50% of the tota l cos ts of sa les.4 G ross p ro fit m arg in on sa les rem a ined a t a constan t 25% over the two years .Requ i red(a ) Exp la in the s ign ificance o f the cash opera ting cyc le in the m anagem ent o f p ro fitab ility andliquidity. ( 6 m a rk s)( b ) C alcu la te , to the neares t day, the cash opera ting cyc le fo r Ka tie for 20 X7 and 20 X8 . ( 7 m a rk s)(c ) Us ing your answer to (b ) exp la in why it is no t unusua l fo r a m anu fac tu ring com pany to face cash

sh orta ge s w he n s ale s a re e xp an d in g v ery q u ic kly , d es pite b ein g p ro fita ble ( 6 m a rk s)(d ) Sa les a re fo recast to g row by 40% in 20X9 . C alcu la te the sa les I n et w orkin g c apita l ra tio in 20 X8

(n et w o rk in g c ap ita l = inventory + rece ivab les - payables) and fo recas t the financ ing needs o f theb us in es s in 20 X9 . ( 6 m a rk s)

( To ta l: 2 5 m a rk s)

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2 O scarO sca r p ic is a m anu factu ring com pany tha t has m ade low techno logy products for the agricu ltu ra l sectorfo r m any yea rs. O scar's research and deve lopm ent dep artm en t has just deve lop ed a new p roduct w hichis an autom atic feeder fo r ch ickens. Th is w ill a llow sm allho lde rs to leave ch ickens for up to tw o days.In itia l m arke t resea rch , w hich cost O scar $10 0,00 0 and has not ye t been pa id for, suggests tha t dem andw ill be h igh .The cost s tructure o f a feeder a t cu rren t prices is as fo llow s:

$C os ts p er un it o f ou tpu tD ire ct lab ou r cos t p er un itM ate ria l co st p er u nitV ariab le ove rhead cos t pe r un itF ixed ove rhead cost pe r un it

21521635

A dd ition al no te sT he fixe d ov erhe ad rep re se nts an ap portion men t o f c en tra l ad min is tra tive an d m arke ting co sts .These are expec ted to rise in to ta l by $50 ,0 00 pa (a t today 's p rices) as a resu lt o f undertak ing th ispro ject .

2 New m ach inery w ill have to be bought. It w ill cost $5m and is expected to opera te for five years.Th is figu re inc ludes $250 ,0 00 of m ateria ls stocks. The m ach inery w ill have a res idua l va lue o f$ 2m .

3 The com pany is m oving towa rds a J IT s tock m anagem en t po licy ; it is expected that th is p ro jectw ill invo lve stead ily reducing w ork ing cap ita l needs , exp ected to decline at about 3 % pa byvo lume .

4 The m ach inery w ill be accomm odated in a p resently em pty bu ild ing for w h ich an offe r o f $2m hasrecen tly been rece ived from anothe r com pany . If the bu ild ing is re ta ined, it is exp ected thatp rop erty p rice in fla tion w ill in crea se its va lue to $3 m a fte r fiv e ye ars.

5 O scar ope ra tes in a coun try where there is uncerta in ty over the prec ise ra tes of p rice and costin fla tio n. O sca r h as m ade th e fo llow ing fo re ca sts fo r the av era ge an nu al ra te s o f in fla tion re le va ntto th e p ro je ct:C hic ke n fe ed er p ric esM a te ria l p ric esD irect la b ou r w age ra te sV aria ble o ve rh ea d c os tsO th er ove rhe ad cos tsR eta il P ric e In de x

5% pa3% pa8% pa6% pa4% pa9% pa

6 M arket research suggests tha t a t a p rice today o f $60 O sca r w ill se ll 10 0 ,0 00 un its a year.7 Co rpora tion tax o f 3 0% is payab le . Tax paym ents occur in the yea r fo llow ing the transactions . The

new m ach ine a ttracts w riting dow n allow ances of 25% on the reducing ba lance basis .Requ i red(a ) Assess the financia l v iab ility o f th is proposa l, g iven tha t O scar's sha reho lders requ ire a rea l re turn

of 5 .5% for p ro jects o f th is degree of risk . (13 marks )(b) Identify the lim ita tions o f N PV ana lys is fo r O sca r's dec is ion and d iscuss w hich other inves tm en t

appra isa l techn iques cou ld be u sed to ass is t in th is dec is ion . (8 m a rks)(c) D iscuss whethe r in fla tion cou ld have been ignored in the above ana lys is . (4 m arks )

(T ota l: 25 m ark s)

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3 CeliaC elia is a lis te d fo r-p ro fits p riv ate s ec to r o rg an is atio n.A n inves tm en t o f $ 10 0 m illion is b eing con sid ered to finance a m ajo r ne w expan sio n o f ex is ting ac tiv itiesand is expec ted to las t fo r five yea rs .T he c om pa ny 's e xis tin g c ap ita l s tru ctu re is :M e d iu m -te rm flo atin g ra te lo an s11% d eb en tu re s re de em ab le in 3 y ea rsIssued ord ina ry shares ( 5 0 cen ts pa r va lue )Reserves

$ Mil l ion8514037.5

205Notes(i) Ce lia w ishes to m ain ta in its cu rren t cap ita l s tru c tu re (i.e . gearing ).(ii) T he corpo ra te tax ra te is 30% .(iii) T he risk free ra te is 3 .5% per year and the m arke t re tu rn is 11% per year.(iv ) T he equ ity be ta o f Ce lia is 1 .1 5 .(v ) T he com pany 's cu rren t sha re p rice ex-d iv id end is 478 cen ts, and deben tu re p rice ex-in te res t is

$107 .80 . Each deben tu re is redeem ab le a t its pa r va lue o f $100 .(v i) Issue cos ts a re expec ted to add 0 .3 8 percen tage po in ts to the cos t o f equ ity .Requ i red(a ) E stim ate the cos t o f cap ita l o f the new inves tm en t under each o f the fo llow ing scena rios :

(i) If in te rna l sou rces o f equ ity a re used the sha reho lde rs ' expec ted re tu rn (the cos t o f equ ity )w ill re ma in a t its ex is tin g le ve ls . D eb t fina nce w ill be ra ise d b y a 7 .5 % floa ting ra te b anklo an w ith n eg lig ib le is su e c os ts .

(ii) If ex te rna l sou rces o f deb t (new deben tu res issued a t pa r o f $100 ) and equ ity a re used .C om m ent up on your find ing s a nd s ta te c lea r ly a ny assum ptions tha t yo u m ake . ( 13 m a rk s)

(b ) S ta te the unde rly ing assum ptions w hen us ing the W eigh ted A verage Cost o f C ap ita l (W ACC ) ini nv e s tme n t a p pr ai sa l ( 5 m a rk s)

(c ) E xp la in the a rgu m ents aga ins t u s ing the W AC C as the cos t o f cap ita l fo r inves tm en t app ra isa l.( 7 m a rk s)

( To ta l: 2 5 m a rk s)

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4 W h ak aW haka Ltd is located in N ew Zealand. T he finance m anage r has co llec ted the fo llow ing in fo rm ation :W haka has these m oney m arket ra tes ava ilab le to it:

3 M on ths NZ$3 M on ths K r3 M on ths A$O t h er i n fo r m at io n

Bor row ing8.601 0 0 4 07.00

Depos i t8.0010 .006.50

Spo t ra te (C NY to N Z$ )Spo t ra te (A$ to N Z$ )Spo t ra te (Kr to N Z$ )Three m onth forw ard ra te (C NY to N Z$)W here : N Z$ = N ew Z ealan d D olla rs

A$ = A u str alia n D o lla rsK r = Sw ed is h K ro no rsCNY = C hin es e Y ua n

W haka im ports p roducts , reb rands them and then rese lls them . O ne of its m ost popu lar products isd isposab le ba rbeques (BBQ s) wh ich a re m anufac tu red by a th ird party in C hina . These are so ld byW haka in bo th in its dom estic m arket and a lso exp orted ove rseas.

2 .1610 + /- 0 .00502.2504 + /- 0 .00067 .5 52 85 + /- 0 .0 01 952.2145 + /- 0 .0 075

It is now 1 April. W haka has recently taken de live ry o f a conta iner fu ll o f d isposab le BBQ s. The ag reedp rice for the BBQ s w as 4 ,0 00 ,0 00 C hinese Yuan . H alf o f th is has a lready been settled ; the ba lance ispayab le on the 1 Ju ly .Requ i red(a ) C om pa re the cost to W haka if it buys Yuan at the spot ra te or enters in to a forw ard agreem ent.

B rie fly com men t on you r answ er and d iscuss the advan tages/d isadvantages o f us ing forw ard ra teagreements. (5 m a rk s)

(b ) W haka a lso im ports DVDs from Sweden . W haka owes a Swedish supp lie r K r 1 ,4 00 ,000 payab lein three m onths ' tim e. W ha t is the cos t in N Z do lla rs w ith a m oney m arke t hedge and w ha te ffe ctiv e fo rw ard ra te w ou ld th is re pre se nt? (6 m a rk s)

(c) A m a jo r expo rt m a rket fo r W haka fo r bo th BBQ s and DVDs is Austra lia . W haka is owed 2.5mAustra lian do lla rs (A$) in th ree m onths ' tim e by an Austra lian com pany . W ha t is the rece ip t in N Zdo lla rs w ith a m oney m arke t hedge and w ha t e ffective fo rw ard ra te w ou ld th is rep resent?

(6 m a rk s)(d ) F rom the perspec tive of a co rpora te financ ia l m anager, d iscuss the advantages and po tentia l

p rob le ms o f us in g curre ncy sw ap s. ( 4 marks )(e ) You wo rk in the finance departm en t. The Sales D irecto r has recen tly been on an ove rseas trip to

v is it actua l and po tentia l cus tom ers . O ne custom er suggested tha t W haka m igh t use fu turecon tracts . W rite a m em o to the Sa les D irector w hich exp la ins w ha t a fu tu re con tract is and thed iffe re nc e be tw een a forw ard a nd a fu tu re s con tract. ( 4 marks )

( To ta l: 2 5 m a rk s)Note : E xchange ra tes used throughout th is question do no t necessa rily represent rea l w orld ra tes tha t you m ightbe aw are of! Y ou shou ld use the ra tes sta ted in the ques tion .

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S tude nt s elf a ss es sme n tHav ing com ple ted th is paper take a few m inu tes to cons ide r wha t you d id we ll and w ha t you found d ifficu lt. U seth is a s a b asis to fo cu s yo ur fu tu re s tu dy o n effe ctiv ely im pro vin g y our p erfo rm an ce .

Common problems Future emphasis if you answer YesT im in g a nd p lan nin gD id yo u fin ish to o ea rly ? Y I N

D id y ou o ve rru n? Y I N

D id y ou w affle ? Y I N

LayoutW as y ou r a nsw er d ifficu lt to fo llow ? Y I N

D id you fa il to exp la in each poin t? Y I NW ere som e of your w ork ings unclea r? Y I N

ContentD id yo u s tru ggle w ith :I nt er pr et in g t he q u es ti on s ? Y I N

U n de rs ta nd in g th e s ub je ct? Y I N

R em em b erin g th e n ote s/te xt? Y I N

Focus your p lanning tim e on generating m ore ideas .U se m ode ls to he lp deve lop w id th to your th inking .F oc us o n a llo ca tin g yo ur tim e b ette r.P ra ctis e q ue stio ns u nd er s tric t tim ed c on d itio ns .If you get beh ind leave space and m ove on .Focus your p lanning tim e on deve lop ing a log ica l s tructu re toy ou r a ns w er.

U se h ea din gs a nd s ub he ad in gs .U se n um be rin g s eq ue nc es w he n ide ntify in g p oin ts .Leave space be tw een each po in t.S how w hy the po int iden tified answ ers the ques tion se t.G ive yourse lf tim e and space to m ake the m arke r's job easy.

L ea rn th e m ea nin g of q ue stio n w ord s (in sid e fro nt c ove r).L ea rn s ub je ct ja rg on (s tu dy te xt g lo ss ary ).R ea d q ue stio ns c are fu lly , n otin g a ll th e p arts .P ra ctise a s m an y q ues tio ns a s p os sib le .R e vie w y ou r n ote slte xt.W ork th ro ug h e as ie r e xa mp le s first.C on ta ct a tu to r fo r h elp .Q uiz yourse lf cons tantly as you s tudy . Y ou need to deve lop yourm em ory as w ell as your unders tand ing of a sub ject.

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MARKING FRONT SHEETAttach this sheet to the front of your scr ipt

LondonS ch oo l o f Busf ness&Finance

InterActiveName LSBF Ref

Address PaperNo ___ Paper initials

Circle as appropriate GBR INT

Postcode Circle as appropriate Tuition Mock Revision Mock

Return completed scri~ts to:Marking Co-ordinator (4 h floor), London School of Business & Finance, 8-9 Holborn, London, EC1N 2LL, UKFor office use only

Date received _

Marker's initials

RESULTSQuestion Marks available Marks achieved

Total 100

Invoice no. _

Date returned _

Markers feedback

LSBF CAN NOT RESPONSIBILITY FOR SCRIPTS LOST IN THE POST AND THEREFORE ASK THATSTUDENTS TAKE A COPY OF THEIR SCRIPT BEFORE SENDING IT IN FOR MARKING.

5/14/2018 ACCA F9

12/12

Marker's assessment

Question numberNeed toimprove GoodD D D D D Questions correctly interpretedApproach Need toimprove GoodD D D D D Logical coherent answersNeed toimprove Good

D D D D DUnderstanding of principles

Technicalcontent Need toimprove GoodD D D D D Theories appl ied wel l to speci fic problemsNeed toimprove GoodD D D D D High standard of accuracyComputations I---- Need toimprove Good

D D D D DWorkings are easy to fol low

Need toimprove GoodD D D D D Text layout is clear and easy to followAppearance I

Layout Need toimprove GoodD D D D D Calculations are easy to followNeed toimprove Good

D D D D DProfessional style

Need toWritten style improve GoodD D D D D Answering the quest ion set

Need toimprove GoodD D D D D Handwriting clear