選看講義fm復(fù)習(xí)階段part c考點(diǎn)梳理

ExamSectionAAllpartsinSectionBOTPartGRisk必考一PartCWCorPartD考一SectionCPartEFinanceorPartCWC PartCWC PartDInvestment PartEFinanceandPartF PartGRiskPartWorkingCapitalPartCWCManagement(Net)Working Daytodayoperation CA-CL CAvialong-termWCWCLiquidityratiosObjectivesofLiquidityratiosWCMillerMillerOrrmodelBaumolmodelEarlysettlementdiscountCashDiscount計(jì)Factor職能，外包優(yōu)點(diǎn)，計(jì)Stock(EOQwithleadMeasurement(Overtrading;延伸變化ThreePoliciesWCWCThreePoliciesWC最好理解成CurrentassetWCinvestment 2018SDQ32c6%思路很ThreePoliciesWC 2014JuneQ21.ThreePolicies2012JuneQ2 區(qū)別之處只要解釋定義即 相同點(diǎn)的思路是均按Conservative與Aggressive來(lái)分類(lèi)1.ThreePolicies （Receivablemanagement 考官摯愛(ài)，頻率極高，分值 風(fēng)險(xiǎn)審核預(yù)防壞賬（Credit 賬齡法實(shí) 后續(xù)收款（collect

2017JuneQ31c2016SepQ31c2013JuneQ3b2012DecQ2d1.ThreePolicies （Receivable 2017June2016Sep2013June2012DecThreePolicies （Receivable 延伸考點(diǎn)Foreign

2015JuneQ3b2015DecQ3bEarlySettlementDiscount考Receivableor理解：占用現(xiàn)金是有機(jī)會(huì)成本的Financingcost=receivablebalance*interestratereceivablebalance=days/365*creditsales應(yīng)收：2015DecQ3a應(yīng)付：2016SepQ31aFactor文字題：三個(gè)Factor是銀行的下屬業(yè)務(wù)，所以外包saleledger管理及收款只銀行 （當(dāng)然也 的啦）是提供融資。FM所有考題的規(guī)則都80%應(yīng)收余額預(yù)借給企業(yè)，并收取高于overdraft2%with-recourse和non-recoursefactor承擔(dān)壞賬。理所當(dāng)然的是，當(dāng)factor負(fù)責(zé)風(fēng)險(xiǎn)是審核并承擔(dān)壞賬風(fēng)險(xiǎn)的時(shí)候，servicefee會(huì)提高。

2018SDQ32ab計(jì)算8%+優(yōu)點(diǎn)2015JuneQ3a(7%)2013DecQ3c(6%)Factor Extracoston80%ofrevised Interestingcostsaving Adminsaving BaddebtStockManagementStockcosts(4OrderHoldingStockout 對(duì)比訂貨政策（含EOQ）對(duì)比兩 批量采購(gòu)政策對(duì)比三2016SepQ31b4.StockManagementEOQwithLeadholding=averagestock*holdingcostperbufferstockandleadEOQ只能實(shí)現(xiàn)orderingcostandholdingcost2007DecQ4InventoryThecurrent istoorder100,000unitswhentheinventorylevelfallsto35,000units.Forecastdemandtomeetproductionrequirementsduringthenextyearis625,000units.Thecostofcingandprocessinganorderis€250,whilethecostofholdingaunitinstoresis€0·50perunitperyear.Bothcostsareexpectedtobeconstantduringthenextyear.Ordersarereceivedtwoweeksafterbeing cedwiththe r.Youshouldassumea50-weekyearandthatdemandisconstantthroughouttheyear.2007DecQ4Weeklydemand=625,000/50=12,500unitsperweekConsumptionduring2weeksleadtime=12,500x2=25,000unitsBufferstock=re-orderlevellessusageduringlead=35,000–25,000=10,000Averagestockheldduringtheyear=10,000+=60,000Holdingcost=60,000x€0·50=€30,000per5.Twocashmodelsa）MillerOrrTwocashmodelsMillerOrr原理！原理！原理5.TwocashmodelsBaumol靈活多變！各種情景6.OvertradingOverCapitalisation OvertradingMeasurementOvertrading屬于計(jì)算+文字的題問(wèn)你企業(yè)有沒(méi)有出現(xiàn)overtrading解釋overtrading含義，并肯定企業(yè)出現(xiàn)了該跡ratios，sales/WC2分析以上指標(biāo)的變化，并得出結(jié)論Overtrading）解決方案和建是的，就是那么俗套！拿分2016JuneQ12012JuneQ2aMeasurement最近兩年的靈活題目：Overdraft變2017June用days變動(dòng)推導(dǎo)科目余額變用科目余額變化推導(dǎo)Overdraft變Overdraft變動(dòng)=應(yīng)收增加+存貨增加-應(yīng)付增再推導(dǎo)CBE2016Sep【A5CragCohassalesof$200mperyearandthegrossprofitmarginis40%.Finishedgoodsinventorydaysvarythroughouttheyearwithinthefollowingrange:Inventory

Allpurchasesandsalesaremadeonacashbasisandnoinventoryofrawmaterialsorworkinprogressiscarried.CragCointendstofinancepermanentcurrentassetswithequityandfluctuatingcurrentassetswithitsoverdraft.Inrelationtofinishedgoodsinventoryandassuminga360-dayyear,howmuchfinancewillbeneededfromtheoverdraft?A B C DCBE2016Sep【A5$200m×30/360×0.6=CBE2016Dec【A11CostofGrossCoislookingtochangeitsworkingcapital tomatchtherestoftheindustry.ThefollowingCostofGrossRevenueandcostofsalescanbeassumedtobespreadevenlythroughouttheyear.CoReceivableInventoryCoReceivableInventoryPayableCBE2016Dec【A11Assumethereare365daysineach Comatchesitsworkingcapitalcyclewiththeindustry,willbethedecreaseinitsnetworkingppppCBE201