F9考官亲自陈述ACCA考试报告--Question One （a）

　　导读：每次考试结束ACCA考官都会依据本次考试考生的总体体现状况写陈述，具体分析学生在答题过程中呈现的问题，总结学生在备考该门类时大概留意的事项，高顿网校的小编为大家整理了F9考官陈述：

　　Question One （a）

　　This question called for the calculation of the net present value （NPV） of a construction project for BQK Co and then comment on its financial acceptability. Many candidates gained high marks on this part of question. A nominal terms evaluation had to be undertaken because tax on profits was being paid one year in arrears, and because specific inflation rates were linked with selling price, variable cost and infrastructure costs. The nominal after-tax cost of capital of 12% was given in the question. Some answers mistakenly used the real after-tax cost of capital of 9%, or tried to calculate another discount rate altogether using the Fisher equation, but all that was needed was to use the 12% rate provided. Although the question stated that two types of houses were to be built on the development site, some candidates mistakenly treated large houses and small houses as two separate investment projects. Some candidates chose to ignore the fixed infrastructure costs which the question stated were for new roads, gardens, drainage and utilities, arguing that fixed costs were not relevant in investment appraisal, but a housing development without roads, drainage and so on would not be a practical investment. Most answers calculated correctly the nominal values of sales income, variable costs and fixed costs, and then calculated correctly and timed correctly in arrears the tax liabilities on the before-tax cash flow. The question said that capital allowances on the purchase cost of the development site were on a straight-line basis over the four year construction period. Most answers calculated correctly the associated capital allowance tax benefits, although some candidates lost marks by calculating capital allowances on a 25% reducing balance basis. Having calculated nominal after-tax cash flows, some candidates chose mistakenly to discount them with the real after-tax cost of capital of 9%. Nominal after-tax cash flows must be discounted with a nominal after-tax cost of capital （this is the nominal terms approach）。

　　Some answers chose not to comment on the financial acceptability of the investment project and so lost a relatively straightforward mark. A small number of answers wasted valuable time by commenting at length on financial acceptability, for example by discussing critically the merits of NPV as an investment appraisal method.      高顿温馨贴士：各位考生，如果您在学习中遇到任何疑问，请登录高顿部落ACCA论坛，随时与广大考生朋友们一起互动交流！进入论坛>>