随着ACCA2010年12月份考试的结束,考生正式进入ACCA2011年6月份的考试备考当中,为帮助广大考生迅速掌握考试要点,定位好备考重点,正保会计网校本着服务广大考生、努力让广大考生的复习、备考事半功倍的宗旨,将陆续公布2011年6月份ACCA考试大纲和学习指南,以飨考生！该大纲和学习指南旨在帮助考生规划学习,并为每一部分的考点提供详细的信息。
F COST OF CAPITAL
1.Sources of finance and their relative costs
a)Describe the relative risk-return relationship and the relative costs of equity and debt.[2]
b)Describe the creditor hierarchy and its connection with the relative costs of sources of finance.[2]
2.Estimating the cost of equity
a)Apply the dividend growth model and discuss its weaknesses.[2]
b)Apply the capital asset pricing model(CAPM)and describe and explain the assumptions and components of the CAPM.[2]
c)Explain and discuss the advantages and disadvantages of the CAPM.[2]
3.Estimating the cost of debt and other capital instruments
a)Calculate the cost of capital of a range of capital instruments,including:[2]
i)irredeemable debt
ii)redeemable debt
iii)convertible debt
iv)preference shares
v)bank debt
4.Estimating the overall cost of capital
a)Distinguish between average and marginal cost of capital.[2]
b)Calculate the weighted average cost of capital(WACC)using book value and market value weightings.[2]
5.Capital structure theories and practical considerations
a)Describe the traditional view of capital structure and its assumptions.[2]
b)Describe the views of Miller and Modigliani on capital structure,both without and with corporate taxation,and their assumptions.[2]
c)Identify a range of capital market imperfections and describe their impact on the views of Miller and Modigliani on capital structure.[2]
d)Explain the relevance of pecking order theory to the selection of sources of finance.[1]
6.Impact of cost of capital on investments
a)Explain the relationship between company value and cost of capital.[2]
b)Discuss the circumstances under which WACC can be used in investment appraisal.[2]
c)Discuss the advantages of the CAPM over WACC in determining a project-specific cost of capital.[2]
d)Apply the CAPM in calculating a projectspecific discount rate.[2]
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