隨著ACCA2010年12月份考試的結束,考生正式進入ACCA2011年6月份的考試備考當中,為幫助廣大考生迅速掌握考試要點,定位好備考重點,正保會計網校本著服務廣大考生、努力讓廣大考生的復習、備考事半功倍的宗旨,將陸續公布2011年6月份ACCA考試大綱和學習指南,以饗考生！該大綱和學習指南旨在幫助考生規劃學習,并為每一部分的考點提供詳細的信息。

　　D INVESTMENT APPRAISAL

　　1.The nature of investment decisions and the appraisal process

　　a)Distinguish between capital and revenue expenditure,and between non-current assets and working capital investment.^[2]

　　b)Explain the role of investment appraisal in the capital budgeting process.^[2]

　　c)Discuss the stages of the capital budgeting process in relation to corporate strategy.^[2]

　　2.Non-discounted cash flow techniques

　　a)Identify and calculate relevant cash flows for investment projects.^[2]

　　b)Calculate payback period and discuss the usefulness of payback as an investment appraisal method.^[2]

　　c)Calculate return on capital employed(accounting rate of return)and discuss its usefulness as an investment appraisal method.^[2]

　　3.Discounted cash flow(DCF)techniques

　　a)Explain and apply concepts relating to interest and discounting,including:^[2]

　　i)the relationship between interest rates and inflation,and between real and nominal interest rates

　　ii)the calculation of future values and the application of the annuity formula

　　iii)the calculation of present values,including the present value of an annuity and perpetuity,and the use of discount and annuity tables

　　iv)the time value of money and the role of cost of capital in appraising investments

　　b)Calculate net present value and discuss its usefulness as an investment appraisal method.^[2]

　　c)Calculate internal rate of return and discuss its usefulness as an investment appraisal method.^[2]

　　d)Discuss the superiority of DCF methods over non-DCF methods.^[2]

　　e)Discuss the relative merits of NPV and IRR.^[2]

　　4.Allowing for inflation and taxation in DCF

　　a)Apply and discuss the real-terms and nominalterms approaches to investment appraisal.^[2]

　　b)Calculate the taxation effects of relevant cash flows,including the tax benefits of capital allowances and the tax liabilities of taxable profit.^[2]

　　c)Calculate and apply before- and after-tax discount rates.^[2]

　　5.Adjusting for risk and uncertainty in investment appraisal

　　a)Describe and discuss the difference between risk and uncertainty in relation to probabilities and increasing project life.^[2]

　　b)Apply sensitivity analysis to investment projects and discuss the usefulness of sensitivity analysis in assisting investment decisions.^[2]

　　c)Apply probability analysis to investment projects and discuss the usefulness of probability analysis in assisting investment decisions.^[2]

　　d)Apply and discuss other techniques of adjusting for risk and uncertainty in investment appraisal,including:

　　i)simulation ^[1]

　　ii)adjusted payback ^[1]

　　iii)risk-adjusted discount rates ^[2]

　　6.Specific investment decisions(Lease or buy;asset replacement;capital rationing)

　　a)Evaluate leasing and borrowing to buy using the before-and after-tax costs of debt.^[2]

　　b)Evaluate asset replacement decisions using equivalent annual cost.^[2]

　　c)Evaluate investment decisions under singleperiod capital rationing,including:^[2]

　　i)the calculation of profitability indexes for divisible investment projects

　　ii)the calculation of the NPV of combinations of non-divisible investment projects

　　iii)a discussion of the reasons for capital rationing