选看讲义fm复习阶段part c考点梳理

ExamSectionAAllpartsinSectionBOTPartGRisk必考一PartCWCorPartD考一SectionCPartEFinanceorPartCWC PartCWC PartDInvestment PartEFinanceandPartF PartGRiskPartWorkingCapitalPartCWCManagement(Net)Working Daytodayoperation CA-CL CAvialong-termWCWCLiquidityratiosObjectivesofLiquidityratiosWCMillerMillerOrrmodelBaumolmodelEarlysettlementdiscountCashDiscount计Factor职能，外包优点，计Stock(EOQwithleadMeasurement(Overtrading;延伸变化ThreePoliciesWCWCThreePoliciesWC最好理解成CurrentassetWCinvestment 2018SDQ32c6%思路很ThreePoliciesWC 2014JuneQ21.ThreePolicies2012JuneQ2 区别之处只要解释定义即 相同点的思路是均按Conservative与Aggressive来分类1.ThreePolicies （Receivablemanagement 考官挚爱，频率极高，分值 风险审核预防坏账（Credit 账龄法实 后续收款（collect

2017JuneQ31c2016SepQ31c2013JuneQ3b2012DecQ2d1.ThreePolicies （Receivable 2017June2016Sep2013June2012DecThreePolicies （Receivable 延伸考点Foreign

2015JuneQ3b2015DecQ3bEarlySettlementDiscount考Receivableor理解：占用现金是有机会成本的Financingcost=receivablebalance*interestratereceivablebalance=days/365*creditsales应收：2015DecQ3a应付：2016SepQ31aFactor文字题：三个Factor是银行的下属业务，所以外包saleledger管理及收款只银行 （当然也 的啦）是提供融资。FM所有考题的规则都80%应收余额预借给企业，并收取高于overdraft2%with-recourse和non-recoursefactor承担坏账。理所当然的是，当factor负责风险是审核并承担坏账风险的时候，servicefee会提高。

2018SDQ32ab计算8%+优点2015JuneQ3a(7%)2013DecQ3c(6%)Factor Extracoston80%ofrevised Interestingcostsaving Adminsaving BaddebtStockManagementStockcosts(4OrderHoldingStockout 对比订货政策（含EOQ）对比两 批量采购政策对比三2016SepQ31b4.StockManagementEOQwithLeadholding=averagestock*holdingcostperbufferstockandleadEOQ只能实现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灵活多变！各种情景6.OvertradingOverCapitalisation OvertradingMeasurementOvertrading属于计算+文字的题问你企业有没有出现overtrading解释overtrading含义，并肯定企业出现了该迹ratios，sales/WC2分析以上指标的变化，并得出结论Overtrading）解决方案和建是的，就是那么俗套！拿分2016JuneQ12012JuneQ2aMeasurement最近两年的灵活题目：Overdraft变2017June用days变动推导科目余额变用科目余额变化推导Overdraft变Overdraft变动=应收增加+存货增加-应付增再推导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