喜大普奔喜大普奔~前方高能预警！ACCA考试终于到了最后一天啦！高冷如高顿网校小编，也依然难掩心中的激（礼）动（拜）之（五）情（了）。今天的考试科目为F4、F9和P4，由于本次考试F4考的不是英国税法，所以今天就来一发F9和P4的考点精炼。
我们先来分析一下F9的考题形式。F9也分为两个part：Section A为选择题，计算和理解各占一半，占比40分；Section B为有五道题，计算与论述六四开，占比60分。
下面是Section A中会涉及到的考点：
• Measuring financial objectives (Shareholder wealth; Profitability; Debt; Liquidity)
• Management reward scheme (PRP; shares; ESOPs)
• Not-for-profit organisations (Value for money)
• The role of government policies in achieving targets(Fiscal policy; Monetary policy)
• Role of financial intermediaries (Examples; Roles; Disintermediation)
• Monetary market and capital market instruments (Interest bearing vs Discount; OTC vs floor trading; Negotiable vs non-negotiable etc)
• Rate of interest of rate of return (Risk-return trade off; reverse yield gap)
而在Section A和Section B都会涉及到的考点中，我们可以分成Calculation、Discussion和Calculation&Discussion三种形式进行分类。
Calculation
• Inventory and receivable management
• ROCE; Payback period
• EAC; Lease or buy; Capital rationing
Discussion
• Objectives of working capital
• Factors to be considered when formulating working capital investment and financing policies
• Debt vs Equity
• Theories on dividends and capital structure
• Market efficiency
• Types of exchange risk and interest rate risks
• Theories on exchange rate and interest rate movement
Calculation&Discussion
• Overtrading or overcapitalisation
• Cash flow management
• Cash operating cycle
• NPV; IRR
• Risk and uncertainty using EV, sensitivity analysis, discounted payback period etc
• Rights issue
• WACC calculations
• Business valuations using asset-based; earnings-based and cashflow-based methods
• Hedging exchange rate and interest rate risks methods
小伙伴们，再检测一遍，F9的这些考点是否都掌握透彻了？在考场上，还是有一些得分技巧的，大家也不可忽略哦。比如在做Section A的时候，可以有这几个小tips：排除明显错误的选项、给出对应的公式、着重关注关键词、用你所知道的common knowledge。而在Section B部分，你可以先准备好核心知识点来处理简单的问题、着重问题要求中的关键词、将问题转移到core knowledge，还有就是一定要看清题目的要求！
在P4中，我们也将一些会考的考点按照Calculation、Discussion和Calculation&Discussion进行分类。
Calculation
✔ Ratio analysis (Focus on value added comments); EVA
✔ FCF; FCFE
✔ NPV;MIRR; VAR; Duration
✔ APV
✔ Business valuation using FCF/FCFE/Iterative r*uation methods
Discussion
• Stakeholder analysis related to agency theory
• Role of international financial institutions such as WTO, IMF, World Bank
• Environmental analysis using PESTEL
• Reasons and forms of acquisition
• Acquisition regulation and defensive tactics
• Cash offer vs paper offer
Calculation&Discussion
• Option and real options using BSOP
• Reconstruction using debt/equity swap; LBOs etc and the effects
• Reorganisation using unbundling/pay attention to MBO
• Foreign currency hedging strategies such as forwards, futures; options and swaps
• Interest rate hedging strategies such as forwards, futures; options (collars) and swaps
还有是All discussion topics:
1. Global debt crisis
2. Dark pool trading
3. Tranching
4. Credit-default swap
5. Money laundry
6. Islamic finance
在答题的时候，预计留给Section A十分钟的读题时间和80分钟的答题时间，在Section B用五分钟的时间读题并选题，给每道题留出至少50分钟的作答时间。另外，准备好阅读场景，找到场景中需要的信息，列出答题提纲这些都已是老生常谈的ACCA考试技巧了，但大家仍然不可忽略，这些技能在考试中是有百利而无一害的。
随着今天的落幕，2016年3月的ACCA考试也即将告一段落，希望这次考试，对有的人来说会是漫长征程的华丽终结，对有的人来说是继续前行的坚持力量，但愿在下月十八号传来的都是让人欣慰的好消息。
▎本文作者Yvonne ，来源高顿网校ACCA。更多内容请关注微信号(gaodunacca)，掌握最全面ACCA政策以及学习方法，更有在线小编为你解答各种困惑，会说话的公众号，你见过吗？原创文章，欢迎分享，若需引用或转载请保留此处信息。