DO NOT OPEN THIS QUESTION PAPER UNTIL YOU ARE TOLD TO DO SO.

Financial Pillar

F2 – Financial Management
Friday 1 March 2013

F2 – Financial Management
Instructions to candidates

You are allowed three hours to answer this question paper.

You are allowed 20 minutes reading time before the examination begins
during which you should read the question paper and, if you wish, highlight
and/or make notes on the question paper. However, you will not be allowed,
under any circumstances, to open the answer book and start writing or use
your calculator during this reading time.

You are strongly advised to carefully read ALL the question requirements
before attempting the question concerned (that is all parts and/or sub-
questions).

ALL answers must be written in the answer book. Answers written on the
question paper will not be submitted for marking.

You should show all workings as marks are available for the method you use.

ALL QUESTIONS ARE COMPULSORY.

Section A comprises 5 questions and is on pages 2 to 7.

Section B comprises 2 questions and is on pages 8 to 11.

Maths tables and formulae are provided on pages 15 to 17.

The list of verbs as published in the syllabus is given for reference on page
19.

Write your candidate number, the paper number and examination subject title
in the spaces provided on the front of the answer book. Also write your
contact ID and name in the space provided in the right hand margin and seal
to close.

Tick the appropriate boxes on the front of the answer book to indicate the
questions you have answered.

TURN OVER

 The Chartered Institute of Management Accountants 2013

SECTION A – 50 MARKS

[You are advised to spend no longer than 18 minutes on each question in this section.]

ANSWER ALL FIVE QUESTIONS IN THIS SECTION

Question One
(a) ASD operates a defined benefit pension plan for its employees. At 1 January 2012 the
fair value of the pension plan assets was $5,700,000 and the present value of the
pension plan liabilities was $5,500,000. The net pension asset that resulted was
correctly accounted for in accordance with IAS 19 Employee benefits.

The actuary estimates that the service cost for the year to 31 December 2012 is
$1,020,000. The interest cost on the plan liabilities is estimated at 6% and the
expected return on plan assets at 3% for the year to 31 December 2012. The pension
plan paid $280,000 to retired members and ASD paid $820,000 in contributions to the
pension plan for the year to 31 December 2012.

At 31 December 2012 the fair value of the pension plan assets is $6,300,000 and the
present value of the pension plan liabilities is $6,500,000.

ASD recognises actuarial gains and losses in other comprehensive income in the
period in which they occur.

Required:
In accordance with IAS 19 Employee benefits:

(i) Calculate the actuarial gains or losses on pension plan assets and liabilities that will be
included in ASD’s other comprehensive income for the year ended 31 December 2012.
(Round all figures to the nearest $000.)
(ii) Calculate the net pension asset or liability (stating which it is) that will be included in
ASD’s statement of financial position as at 31 December 2012.
(6 marks)

Financial Management 2 March 2013

(b) ASD granted 1,000 share options to each of its 400 employees on 1 January 2011, with
the condition that they continue to work for ASD for 3 years from the grant date. The
fair value of each option on 1 January 2011 was $8.

35 employees left in the year to 31 December 2011 and at that date another 80 were
expected to leave over the next two years. 28 employees left in the year to 31
December 2012 and at that date another 34 were expected to leave in 2013.

Required:
In accordance with IFRS 2 Share-based payment:

(i) Calculate the charge to ASD’s income statement for the year ended 31 December
2012 in respect of the share options; and
(ii) Prepare the journal entry to record this charge.
(4 marks)
(Total for Question One = 10 marks)

TURN OVER

March 2013 3 Financial Management

Question Two

Statement of financial position as at 31 December 2012:

ZX CV
$000 $000
ASSETS
Non-current assets
Property, plant and equipment 20,250 11,000
Investment in CV (held at cost) 11,750 -
32,000 11,000
Current assets 16,000 5,000
Total assets 48,000 16,000

EQUITY AND LIABILITIES

Equity attributable to owners of the parent
Share capital ($1.00 shares) 5,000 1,000
Retained earnings 28,200 10,200
Total equity 33,200 11,200
Total liabilities 14,800 4,800
Total equity and liabilities 48,000 16,000

Additional information

ZX acquired 60% of the 1 million $1.00 equity shares of CV on 1 January 2011 for $8,750,000
when CV’s retained earnings were $9,280,000. The group policy is to measure non-
controlling interest at the date of acquisition at its proportionate share of the fair value of the
net assets.

ZX assessed the goodwill on the acquisition of CV to be impaired by 10% of its initial carrying
amount on 31 December 2011 and charged this in arriving at the consolidated profit for that
year.

ZX acquired an additional 20% of CV’s equity share capital on 31 December 2012 for
$3,000,000.

Required:
Prepare the consolidated statement of financial position for the ZX Group as at 31
December 2012.
(Total for Question Two = 10 marks)

Financial Management 4 March 2013

Question Three

(a) On 1 October 2011 VB, a listed entity, had 8,000,000 $1.00 ordinary shares in issue.
On 1 January 2012 VB made a bonus issue, with 1 new ordinary share issued for every
4 held. On 1 July 2012 VB issued a further 1,500,000 new $1.00 ordinary shares for
$9.20 per share. The profit before tax of VB for the year ended 30 September 2012
was $10,582,000.

VB is subject to corporate income tax at a rate of 30% and recorded a corporate

income tax expense for the period of $435,000. In the published financial
statements for the year ended 30 September 2011, the basic earnings per share
figure was 108.2 cents per share.

VB also has a convertible instrument in issue. This was issued on 1 October 2011 and
the liability component was initially recognised at $5 million. The liability is being
measured at amortised cost using an effective interest rate of 6%, in accordance with
IAS 39 Financial instruments: recognition and measurement. There would be an
additional issue of 1,000,000 $1.00 ordinary shares, if this instrument was converted in
the future.

Required:
Calculate the amounts that will be reported in the financial statements of VB for the year
ended 30 September 2012, in accordance with IAS 33 Earnings per share, for:

(i) basic earnings per share, including comparative; and

(ii) diluted earnings per share (no comparative required).

(6 marks)

(b) On 30 September 2012 VB’s $1.00 ordinary shares were trading at a price of $9.58 per
share. VB’s main competitor had a reported price/earnings (P/E) ratio of 12.2 as at 30
September 2012.

Required:
(i) Calculate the P/E ratio of VB as at 30 September 2012; and
(ii) Prepare comments on VB’s P/E ratio compared with that of its competitor as at
30 September 2012.
(4 marks)
(Total for Question Three = 10 marks)

TURN OVER

March 2013 5 Financial Management

Question Four

(a) LP acquired 100,000 of the 1 million equity shares in GHJ on 1 October 2012 for $6
per share. The related transaction costs were $30,000. The investment was
classified as held for trading. At 31 December 2012 GHJ’s shares were trading at
$6.40.

Required:
Prepare the journal entries that LP would have made to record the initial AND subsequent
measurement of this investment in its financial statements for the year to 31 December
2012.
(3 marks)

(b) LP issued $10 million 6% convertible bonds on 1 January 2013 at their par value. The
bonds are redeemable at par on 31 December 2017 or can be converted at that date
on the basis of two $1.00 equity shares for every $10 of nominal value of bonds held.
The financial controller is unsure of how to account for this instrument and no
entries have yet been recorded.

The prevailing market rate for similar bonds without conversion rights is 8%.

Required:
(i) Explain how the convertible bonds will be initially recorded and measured, in
accordance with IAS 32 Financial instruments: presentation.
(ii) Calculate the value of the liability that LP will include in its statement of financial
position as at 31 December 2013 in respect of the bonds.
(7 marks)
(Total for Question Four = 10 marks)

Financial Management 6 March 2013

Question Five

WRT is a large international manufacturing entity, based in country X. WRT’s main

manufacturing plant is situated in country X, however it has divisions and staff operating
worldwide. WRT has the reputation for keeping its key stakeholders well-informed and
produces voluntary additional disclosures within its annual report.

Required:

(a) Discuss the social AND environmental issues which are likely to be most important to
the investors in WRT.
(7 marks)
(b) Discuss the limitations that investors should consider when relying on voluntary
information provided by entities in their annual reports.
(3 marks)
(Total for Question Five = 10 marks)

(Total for Section A = 50 marks)

End of Section A

Section B starts on page 8

TURN OVER

March 2013 7 Financial Management

SECTION B – 50 MARKS
[You are advised to spend no longer than 45 minutes on each question in this section.]

ANSWER BOTH QUESTIONS IN THIS SECTION – 25 MARKS EACH

Question Six

The statement of financial position for the DF Group as at 31 December 2012 and its
comparative are shown below:

2012 2011
ASSETS $000 $000
Non-current assets
Property, plant and equipment 46,710 44,400
Goodwill 7,000 7,200
Investment in associate 24,400 23,400
78,110 75,000
Current assets
Inventories 34,800 36,000
Receivables 28,200 26,400
Cash and cash equivalents 8,950 12,300
71,950 74,700
Total assets 150,060 149,700

EQUITY AND LIABILITIES

Equity attributable to owners of the parent
Share capital ($1.00 shares) 42,000 30,000
Share premium 2,400 -
Retained earnings 10,260 20,100
54,660 50,100
Non-controlling interests 16,500 18,300
Total equity 71,160 68,400

Non-current liabilities
Long-term borrowings 42,000 48,000
Current liabilities
Trade payables 33,100 30,600
Income tax 3,800 2,700
36,900 33,300
Total liabilities 78,900 81,300
Total equity and liabilities 150,060 149,700

Financial Management 8 March 2013

The statement of total comprehensive income for the DF Group for the year ended 31
December 2012 is shown below:
$000
Revenue 36,000
Cost of sales (25,200)
Gross profit 10,800
Distribution costs (1,200)
Administrative expenses (3,780)
Finance costs (note 3) (1,350)
Share of profit of associate 2,100
Profit before tax 6,570
Income tax expense (3,800)
Profit for the year 2,770
Profit for the year attributable to:
Owners of the parent 2,160
Non-controlling interests 610
2,770

Additional information:

1. There were no disposals of property, plant and equipment in the year. Depreciation
charged in arriving at profit was $3,100,000.
DF disposed of its entire holding in SD on 1 October 2012 for $8,140,000. It had
acquired 100% of SD in 1993 and the associated goodwill on this acquisition had been
fully written off by 2010. The gain on disposal of SD has been netted off against
administrative expenses and the tax charge on the gain is included within the group
income tax expense. DF made no other purchases or sales of investments in the year.
2. The carrying values of the net assets of SD as at 1 October 2012 were as follows:
$000
Property, plant and equipment 2,400
Inventories 3,600
Receivables 2,000
Cash and cash equivalents 200
Payables (3,800)
4,400
3. Finance costs include interest on long-term borrowings. The effective rate of interest
equated to the coupon rate and all interest due was paid in the year.
4. DF and one of its partly owned subsidiaries paid dividends in the year.
5. DF made a bonus issue to all shareholders on 1 January 2012 of 1 share for every 3
currently held. DF utilised retained earnings for this purpose. DF subsequently issued
shares at full market value on 1 July 2012.

Required:
Prepare the consolidated statement of cash flows for the DF Group for the year ended 31
December 2012, in accordance with IAS 7 Statement of cash flows.
(25 marks)
(Total for Question Six = 25 marks)

Section B continues on the next page

TURN OVER

March 2013 9 Financial Management

Question Seven

QW plc is looking for long-term funding and has submitted an application to a bank requesting
a loan of $50 million. You work for the bank and have been asked to perform a review on the
financial statements of QW. You have also been asked to provide an initial recommendation
as to whether or not this application should proceed further.

The statement of financial position as at 30 June 2012 and its comparative is shown below:

2012 2011
$m $m
ASSETS
Non-current assets
Property, plant and equipment 96 83
Investment in associate 27 -
Available for sale investment 30 25
153 108
Current assets
Inventories 29 13
Receivables 49 27
Cash and cash equivalents - 5
78 45
Total assets 231 153

EQUITY AND LIABILITIES

Equity
Share capital ($1 shares) 15 15
Share premium 5 5
Revaluation reserve 10 -
Other reserves 12 8
Retained earnings 80 68
Total equity 122 96
Non-current liabilities
Long-term borrowings 70 40
Deferred tax 6 2
76 42
Current liabilities
Trade and other payables 20 15
Short-term borrowings (overdraft) 13 -
33 15
Total liabilities 109 57
Total equity and liabilities 231 153

Financial Management 10 March 2013

The statement of comprehensive income for the year ended 30 June 2012 is shown below
together with its comparative:

2012 2011
$m $m
Revenue 290 201
Cost of sales (210) (141)
Gross profit 80 60
Administrative expenses (16) (14)
Distribution costs (32) (18)
Finance costs (13) (7)
Share of profit of associate 5 -
Profit before tax 24 21
Income tax expense (7) (6)
Profit for the year 17 15
Other comprehensive income:
Revaluation gain on Property, plant and equipment 13 -
Gains on Available for sale investment 5 3
Tax effects of other comprehensive income (4) (1)
Other comprehensive income for the year, net of tax 14 2
Total comprehensive income for the year 31 17

In addition to obtaining extracts from the financial statements provided below, you have
highlighted a section of the annual report where the newly appointed Chief Executive Officer
of QW made the following comment:

“We commenced the planned expansion in the second quarter of the financial period with
much success. Revenue has increased 44% in the last 12 months and profitability continues
to improve with post-tax profits of $17 million in this year. During the year we acquired a
strategic 35% investment in AB, our main supplier, and now have representation on its board.
We have also invested in other non-current assets and this will ensure the expansion
continues as planned.”

Required:

(a) Prepare a report that analyses the financial performance and financial position of QW
and makes a recommendation, based on your analysis, as to whether the application
should proceed further. (8 marks are available for the calculation of relevant ratios.)
(21 marks)
(b) Explain briefly the potential limitations of performing analysis while relying on:
(i) the financial information of QW from one year to another; and
(ii) the narrative information of QW provided in the annual report.
(4 marks)
(Total for Question Seven = 25 marks)

(Total for Section B = 50 marks)

End of Question Paper

Maths Tables and Formulae are on pages 15 to 17
March 2013 11 Financial Management
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Financial Management 12 March 2013

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March 2013 13 Financial Management

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Financial Management 14 March 2013

 MATHS TABLES AND FORMULAE

Present value table

-n
Present value of $1, that is (1 + r) where r = interest rate; n = number of periods until payment or
receipt.

Periods Interest rates (r)

(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909
2 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0.857 0.842 0.826
3 0.971 0.942 0.915 0.889 0.864 0.840 0.816 0.794 0.772 0.751
4 0.961 0.924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.683
5 0.951 0.906 0.863 0.822 0.784 0.747 0.713 0.681 0.650 0.621
6 0.942 0.888 0.837 0.790 0.746 0.705 0.666 0.630 0.596 0.564
7 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.583 0.547 0.513
8 0.923 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.467
9 0.914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.424
10 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0.463 0.422 0.386
11 0.896 0.804 0.722 0.650 0.585 0.527 0.475 0.429 0.388 0.350
12 0.887 0.788 0.701 0.625 0.557 0.497 0.444 0.397 0.356 0.319
13 0.879 0.773 0.681 0.601 0.530 0.469 0.415 0.368 0.326 0.290
14 0.870 0.758 0.661 0.577 0.505 0.442 0.388 0.340 0.299 0.263
15 0.861 0.743 0.642 0.555 0.481 0.417 0.362 0.315 0.275 0.239
16 0.853 0.728 0.623 0.534 0.458 0.394 0.339 0.292 0.252 0.218
17 0.844 0.714 0.605 0.513 0.436 0.371 0.317 0.270 0.231 0.198
18 0.836 0.700 0.587 0.494 0.416 0.350 0.296 0.250 0.212 0.180
19 0.828 0.686 0.570 0.475 0.396 0.331 0.277 0.232 0.194 0.164
20 0.820 0.673 0.554 0.456 0.377 0.312 0.258 0.215 0.178 0.149

Periods Interest rates (r)

(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833
2 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694
3 0.731 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.593 0.579
4 0.659 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.499 0.482
5 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402
6 0.535 0.507 0.480 0.456 0.432 0.410 0.390 0.370 0.352 0.335
7 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279
8 0.434 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233
9 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.194
10 0.352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162
11 0.317 0.287 0.261 0.237 0.215 0.195 0.178 0.162 0.148 0.135
12 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.124 0.112
13 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.104 0.093
14 0.232 0.205 0.181 0.160 0.141 0.125 0.111 0.099 0.088 0.078
15 0.209 0.183 0.160 0.140 0.123 0.108 0.095 0.084 0.079 0.065
16 0.188 0.163 0.141 0.123 0.107 0.093 0.081 0.071 0.062 0.054
17 0.170 0.146 0.125 0.108 0.093 0.080 0.069 0.060 0.052 0.045
18 0.153 0.130 0.111 0.095 0.081 0.069 0.059 0.051 0.044 0.038
19 0.138 0.116 0.098 0.083 0.070 0.060 0.051 0.043 0.037 0.031
20 0.124 0.104 0.087 0.073 0.061 0.051 0.043 0.037 0.031 0.026

March 2013 15 Financial Management

Cumulative present value of $1 per annum,

1− (1+ r ) − n
Receivable or Payable at the end of each year for n years r

Periods Interest rates (r)

(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909
2 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.736
3 2.941 2.884 2.829 2.775 2.723 2.673 2.624 2.577 2.531 2.487
4 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170
5 4.853 4.713 4.580 4.452 4.329 4.212 4.100 3.993 3.890 3.791
6 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355
7 6.728 6.472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868
8 7.652 7.325 7.020 6.733 6.463 6.210 5.971 5.747 5.535 5.335
9 8.566 8.162 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.759
10 9.471 8.983 8.530 8.111 7.722 7.360 7.024 6.710 6.418 6.145
11 10.368 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495
12 11.255 10.575 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.814
13 12.134 11.348 10.635 9.986 9.394 8.853 8.358 7.904 7.487 7.103
14 13.004 12.106 11.296 10.563 9.899 9.295 8.745 8.244 7.786 7.367
15 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 8.061 7.606
16 14.718 13.578 12.561 11.652 10.838 10.106 9.447 8.851 8.313 7.824
17 15.562 14.292 13.166 12.166 11.274 10.477 9.763 9.122 8.544 8.022
18 16.398 14.992 13.754 12.659 11.690 10.828 10.059 9.372 8.756 8.201
19 17.226 15.679 14.324 13.134 12.085 11.158 10.336 9.604 8.950 8.365
20 18.046 16.351 14.878 13.590 12.462 11.470 10.594 9.818 9.129 8.514

Periods Interest rates (r)

(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833
2 1.713 1.690 1.668 1.647 1.626 1.605 1.585 1.566 1.547 1.528
3 2.444 2.402 2.361 2.322 2.283 2.246 2.210 2.174 2.140 2.106
4 3.102 3.037 2.974 2.914 2.855 2.798 2.743 2.690 2.639 2.589
5 3.696 3.605 3.517 3.433 3.352 3.274 3.199 3.127 3.058 2.991
6 4.231 4.111 3.998 3.889 3.784 3.685 3.589 3.498 3.410 3.326
7 4.712 4.564 4.423 4.288 4.160 4.039 3.922 3.812 3.706 3.605
8 5.146 4.968 4.799 4.639 4.487 4.344 4.207 4.078 3.954 3.837
9 5.537 5.328 5.132 4.946 4.772 4.607 4.451 4.303 4.163 4.031
10 5.889 5.650 5.426 5.216 5.019 4.833 4.659 4.494 4.339 4.192
11 6.207 5.938 5.687 5.453 5.234 5.029 4.836 4.656 4.486 4.327
12 6.492 6.194 5.918 5.660 5.421 5.197 4.988 7.793 4.611 4.439
13 6.750 6.424 6.122 5.842 5.583 5.342 5.118 4.910 4.715 4.533
14 6.982 6.628 6.302 6.002 5.724 5.468 5.229 5.008 4.802 4.611
15 7.191 6.811 6.462 6.142 5.847 5.575 5.324 5.092 4.876 4.675
16 7.379 6.974 6.604 6.265 5.954 5.668 5.405 5.162 4.938 4.730
17 7.549 7.120 6.729 6.373 6.047 5.749 5.475 5.222 4.990 4.775
18 7.702 7.250 6.840 6.467 6.128 5.818 5.534 5.273 5.033 4.812
19 7.839 7.366 6.938 6.550 6.198 5.877 5.584 5.316 5.070 4.843
20 7.963 7.469 7.025 6.623 6.259 5.929 5.628 5.353 5.101 4.870

Financial Management 16 March 2013

 FORMULAE

Annuity
Present value of an annuity of $1 per annum receivable or payable for n years, commencing
in one year, discounted at r% per annum:

1 1 
PV = 1 − 
r  [1 + r ]n 

Perpetuity
Present value of $1 per annum receivable or payable in perpetuity, commencing in one year,
discounted at r% per annum:

1
PV =
r

Growing Perpetuity
Present value of $1 per annum, receivable or payable, commencing in one year, growing in
perpetuity at a constant rate of g% per annum, discounted at r% per annum:

1
PV =
r −g

March 2013 17 Financial Management

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Financial Management 18 March 2013

LIST OF VERBS USED IN THE QUESTION REQUIREMENTS
A list of the learning objectives and verbs that appear in the syllabus and in the question requirements for
each question in this paper.

It is important that you answer the question according to the definition of the verb.
LEARNING OBJECTIVE VERBS USED DEFINITION
Level 1 - KNOWLEDGE
What you are expected to know. List Make a list of
State Express, fully or clearly, the details/facts of
Define Give the exact meaning of

Level 2 - COMPREHENSION
What you are expected to understand. Describe Communicate the key features
Distinguish Highlight the differences between
Explain Make clear or intelligible/State the meaning or
purpose of
Identify Recognise, establish or select after
consideration
Illustrate Use an example to describe or explain
something

Level 3 - APPLICATION
How you are expected to apply your knowledge. Apply Put to practical use
Calculate Ascertain or reckon mathematically
Demonstrate Prove with certainty or to exhibit by
practical means
Prepare Make or get ready for use
Reconcile Make or prove consistent/compatible
Solve Find an answer to
Tabulate Arrange in a table

Level 4 - ANALYSIS
How are you expected to analyse the detail of Analyse Examine in detail the structure of
what you have learned. Categorise Place into a defined class or division
Compare and contrast Show the similarities and/or differences
between
Construct Build up or compile
Discuss Examine in detail by argument
Interpret Translate into intelligible or familiar terms
Prioritise Place in order of priority or sequence for action
Produce Create or bring into existence

Level 5 - EVALUATION
How are you expected to use your learning to Advise Counsel, inform or notify
evaluate, make decisions or recommendations. Evaluate Appraise or assess the value of
Recommend Advise on a course of action

March 2013 19 Financial Management

 Financial Pillar

Management Level Paper

F2 – Financial Management

March 2013

Friday

Financial Management 20 March 2013