ACCAer你们的必备书单来了哟！赶紧看看吧！

发布时间：2020-04-23

很多小伙伴想了解ACCA的必备书单的相关信息，今天51题库考试学习网带大家一起来看一看。

作为 ACCAer不仅要扩充自己的专业知识，学好ACCA相关的课程，同时还要一些其他的精神食粮来充实自己，让自己了解一些与财会和经济方面的知识。那么，今天我们就给大家带来了一些ACCAer的必备书籍，希望读过这些书之后，你们都能够有所收获。

《国富论》作为一本可以放在书架典藏的学术书籍，《国富论》是你了解资本主义的基础读本。有言道：想要了解经济学，必须先读《国富论》。建议专业方向的读者选择阅读原著，更好地理解书籍的精髓。

《一本书读懂财报》是一部财报解读、财务分析的经典著作。本文帮你解读资产负债表、利润表、现金流量表三大财务报表，引导你学习剖析财务数据背后的秘密，被众多企业指定为中层及以上管理者必读图书。

《让数字说话》是一本专门讲审计的书籍，审计专业的同学一定要看看！而且据前辈推荐：如果是热衷于考注册会计师、ACCA，想进四大的财会大学生，会计师事务所工作的人，建议可以先看这本书，再看教材。

《穷爸爸富爸爸》和《国富论》一样，这本书也属于经典行列。全文通过两位父亲对于金钱观念的不同，分析了金钱真正的意义，以及人与金钱的关系：不做金钱的奴隶，要让金钱为我们工作。

《世界上最简单的会计书》以小男孩出售柠檬汁为背景，有趣细致地讲述了最基本的会计原理和方法。通过小男孩做生意的起起落落，介绍了公司财务处理情况，各个报表背后的秘密，浅显易懂，层层深入。

《小艾上班记》这本书又名真账实操教你学会计，有趣且实用的会计书。本书描述了一个会计从初入职场到成为高情商会计人的成长过程，不仅有会计干货，有创业风云，也有求职，生活，和爱情的经历，不仅教你做账，还帮你提升情商和思维，这些书籍不仅可以给你减轻生活中的压力，平静自己的内心。增加知识，还能够让你在极短的时间内掌握大量的文化知识，开阔视野。提高记忆力，经常读书并用心去记住书中的内容，可以很好的锻炼记忆力，久而久之记忆力就提高了。

以上就是今天51题库考试学习网为大家带来的关于ACCA的必备书单的相关讯息，感兴趣的小伙伴后续也可以通过51题库考试学习网关注更多信息。

下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

(c) Mentoring. (3 marks)

正确答案：
(c) Mentoring, not to be confused with coaching, involves training on a wider range of activities, often aimed at career development of employees at supervisory or management level. The trainee is provided with a development programme and is under close supervision. The mentor should not be the trainee’s immediate supervisor or manager.

2 Good Sports Limited is an independent sports goods retailer owned and operated by two partners, Alan and Bob. The

sports retailing business in the UK has undergone a major change over the past ten years. First of all the supply side

has been transformed by the emergence of a few global manufacturers of the core sports products, such as training

shoes and football shirts. This consolidation has made them increasingly unwilling to provide good service to the

independent sportswear retailers too small to buy in sufficiently large quantities. These independent retailers can stock

popular global brands, but have to order using the Internet and have no opportunity to meet the manufacturer’s sales

representatives. Secondly, UK’s sportswear retailing has undergone significant structural change with the rapid growth

of a small number of national retail chains with the buying power to offset the power of the global manufacturers.

These retail chains stock a limited range of high volume branded products and charge low prices the independent

retailer cannot hope to match.

Good Sports has survived by becoming a specialist niche retailer catering for less popular sports such as cricket,

hockey and rugby. They are able to offer the specialist advice and stock the goods that their customers want.

Increasingly since 2000 Good Sports has become aware of the growing impact of e-business in general and e-retailing

in particular. They employed a specialist website designer and created an online purchasing facility for their

customers. The results were less than impressive, with the Internet search engines not picking up the company

website. The seasonal nature of Good Sports’ business, together with the variations in sizes and colours needed to

meet an individual customer’s needs, meant that the sales volumes were insufficient to justify the costs of running

the site.

Bob, however, is convinced that developing an e-business strategy suited to the needs of the independent sports

retailer such as Good Sports will be key to business survival. He has been encouraged by the growing interest of

customers in other countries to the service and product range they offer. He is also aware of the need to integrate an

e-business strategy with their current marketing, which to date has been limited to the sponsorship of local sports

teams and advertisements taken in specialist sports magazines. Above all, he wants to avoid head-on competition

with the national retailers and their emphasis on popular branded sportswear sold at retail prices that are below the

cost price at which Good Sports can buy the goods.

Required:

(a) Provide the partners with a short report on the advantages and disadvantages to Good Sports of developing

an e-business strategy and the processes most likely to be affected by such a strategy. (12 marks)

正确答案：
(a) To: Good Sports Limited
From:
E – Business strategy
Clearly, the markets that Good Sports operates in are being affected by the development of e-business and its experiences to
date are mixed to say the least. In many ways the advantages and disadvantages of e-business are best related to the benefit
the customer gets from the activity. Firstly, through integrating and accelerating business processes e-business technologies
enable response and delivery times to be speeded up. Secondly, there are new business opportunities for information-based
products and services. Thirdly, websites can be linked with customer databases and provide much greater insights into
customer buying behaviour and needs. Fourthly, there is far greater ability for interaction with the customer, which enables
customisation and a dialogue to be developed. Finally, customers may themselves form. communities able to contact one
another.
There is considerable evidence to show how small operators like Good Sports are able to base their whole strategy on
e-business and achieve high rates of growth. The key to Good Sports survival is customer service – in strategic terms they
are very much niche marketers supplying specialist service and advice to a small section of the local market. The nature of
the business means that face-to-face contact is crucial in moving customers from awareness to action (AIDA – awareness,interest, desire and action). There are therefore limits to the ability of e-business to replace such contact.
Yours,

KFP Co, a company listed on a major stock market, is looking at its cost of capital as it prepares to make a bid to buy a rival unlisted company, NGN. Both companies are in the same business sector. Financial information on KFP Co and NGN is as follows:

NGN has a cost of equity of 12% per year and has maintained a dividend payout ratio of 45% for several years. The current earnings per share of the company is 80c per share and its earnings have grown at an average rate of 4·5% per year in recent years.

The ex div share price of KFP Co is $4·20 per share and it has an equity beta of 1·2. The 7% bonds of the company are trading on an ex interest basis at $94·74 per $100 bond. The price/earnings ratio of KFP Co is eight times.

The directors of KFP Co believe a cash offer for the shares of NGN would have the best chance of success. It has been suggested that a cash offer could be financed by debt.

Required:

(a) Calculate the weighted average cost of capital of KFP Co on a market value weighted basis. (10 marks)

(b) Calculate the total value of the target company, NGN, using the following valuation methods:

(i) Price/earnings ratio method, using the price/earnings ratio of KFP Co; and

(ii) Dividend growth model. (6 marks)

(c) Discuss the relationship between capital structure and weighted average cost of capital, and comment on

the suggestion that debt could be used to finance a cash offer for NGN. (9 marks)

正确答案：
(b)(i)Price/earningsratiomethodEarningspershareofNGN=80cpersharePrice/earningsratioofKFPCo=8SharepriceofNGN=80x8=640cor$6·40NumberofordinarysharesofNGN=5/0·5=10millionsharesValueofNGN=6·40x10m=$64millionHowever,itcanbearguedthatareductionintheappliedprice/earningsratioisneededasNGNisunlistedandthereforeitssharesaremoredifficulttobuyandsellthanthoseofalistedcompanysuchasKFPCo.Ifwereducetheappliedprice/earningsratioby10%(othersimilarpercentagereductionswouldbeacceptable),itbecomes7·2timesandthevalueofNGNwouldbe(80/100)x7·2x10m=$57·6million(ii)DividendgrowthmodelDividendpershareofNGN=80cx0·45=36cpershareSincethepayoutratiohasbeenmaintainedforseveralyears,recentearningsgrowthisthesameasrecentdividendgrowth,i.e.4·5%.Assumingthatthisdividendgrowthcontinuesinthefuture,thefuturedividendgrowthratewillbe4·5%.Sharepricefromdividendgrowthmodel=(36x1·045)/(0·12–0·045)=502cor$5·02ValueofNGN=5·02x10m=$50·2million(c)Adiscussionofcapitalstructurecouldstartfromrecognisingthatequityismoreexpensivethandebtbecauseoftherelativeriskofthetwosourcesoffinance.Equityisriskierthandebtandsoequityismoreexpensivethandebt.Thisdoesnotdependonthetaxefficiencyofdebt,sincewecanassumethatnotaxesexist.Wecanalsoassumethatasacompanygearsup,itreplacesequitywithdebt.Thismeansthatthecompany’scapitalbaseremainsconstantanditsweightedaveragecostofcapital(WACC)isnotaffectedbyincreasinginvestment.Thetraditionalviewofcapitalstructureassumesanon-linearrelationshipbetweenthecostofequityandfinancialrisk.Asacompanygearsup,thereisinitiallyverylittleincreaseinthecostofequityandtheWACCdecreasesbecausethecostofdebtislessthanthecostofequity.Apointisreached,however,wherethecostofequityrisesataratethatexceedsthereductioneffectofcheaperdebtandtheWACCstartstoincrease.Inthetraditionalview,therefore,aminimumWACCexistsand,asaresult,amaximumvalueofthecompanyarises.ModiglianiandMillerassumedaperfectcapitalmarketandalinearrelationshipbetweenthecostofequityandfinancialrisk.Theyarguedthat,asacompanygearedup,thecostofequityincreasedataratethatexactlycancelledoutthereductioneffectofcheaperdebt.WACCwasthereforeconstantatalllevelsofgearingandnooptimalcapitalstructure,wherethevalueofthecompanywasatamaximum,couldbefound.Itwasarguedthattheno-taxassumptionmadebyModiglianiandMillerwasunrealistic,sinceintherealworldinterestpaymentswereanallowableexpenseincalculatingtaxableprofitandsotheeffectivecostofdebtwasreducedbyitstaxefficiency.Theyrevisedtheirmodeltoincludethistaxeffectandshowedthat,asaresult,theWACCdecreasedinalinearfashionasacompanygearedup.Thevalueofthecompanyincreasedbythevalueofthe‘taxshield’andanoptimalcapitalstructurewouldresultbygearingupasmuchaspossible.Itwaspointedoutthatmarketimperfectionsassociatedwithhighlevelsofgearing,suchasbankruptcyriskandagencycosts,wouldlimittheextenttowhichacompanycouldgearup.Inpractice,therefore,itappearsthatcompaniescanreducetheirWACCbyincreasinggearing,whileavoidingthefinancialdistressthatcanariseathighlevelsofgearing.Ithasfurtherbeensuggestedthatcompanieschoosethesourceoffinancewhich,foronereasonoranother,iseasiestforthemtoaccess(peckingordertheory).Thisresultsinaninitialpreferenceforretainedearnings,followedbyapreferencefordebtbeforeturningtoequity.TheviewsuggeststhatcompaniesmaynotinpracticeseektominimisetheirWACC(andconsequentlymaximisecompanyvalueandshareholderwealth).TurningtothesuggestionthatdebtcouldbeusedtofinanceacashbidforNGN,thecurrentandpostacquisitioncapitalstructuresandtheirrelativegearinglevelsshouldbeconsidered,aswellastheamountofdebtfinancethatwouldbeneeded.Earliercalculationssuggestthatatleast$58mwouldbeneeded,ignoringanypremiumpaidtopersuadetargetcompanyshareholderstoselltheirshares.Thecurrentdebt/equityratioofKFPCois60%(15m/25m).Thedebtofthecompanywouldincreaseby$58minordertofinancethebidandbyafurther$20maftertheacquisition,duetotakingontheexistingdebtofNGN,givingatotalof$93m.Ignoringotherfactors,thegearingwouldincreaseto372%(93m/25m).KFPCowouldneedtoconsiderhowitcouldservicethisdangerouslyhighlevelofgearinganddealwiththesignificantriskofbankruptcythatitmightcreate.ItwouldalsoneedtoconsiderwhetherthebenefitsarisingfromtheacquisitionofNGNwouldcompensateforthesignificantincreaseinfinancialriskandbankruptcyriskresultingfromusingdebtfinance.

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