...ZIMBABWE SCHOOL EXAMINATIONS COUNCIL (ZIMSEC) ADVANCED LEVEL SYLLABUS BUSINESS STUDIES 9198 EXAMINATION SYLLABUS FOR 2008-2012 2 BUSINESS STUDIES ZGCE Advanced Level 9198 CONTENTS Introduction Syllabus Aims Assessment Objectives Scheme of Assessment Curriculum Content Notes for Guidance Resource List PAGE 2 2 2 3 3 10 25 3 INTRODUCTION 1.1 The aim of this syllabus is to enable Centres to develop Business Studies courses that are suitable for Advanced Level candidates. The syllabus contains largely the same body of curriculum content as the Management of Business Advanced Level syllabus (9368) and AICE Business Studies syllabus (0128) which previously were examined by UCLES. Although no previous study of the subject is assumed by the syllabus, it would be recommended that students should have done 'O' Level Business Studies 1.2 1.3 2 SYLLABUS AIMS The syllabus is intended to lead to courses that will encourage students to: 2.1 2.2 Understand and appreciate the nature and scope of business and its role in society; Develop critical understanding of organisations, the markets they serve and the process of adding value. This should involve consideration of the internal workings and management of organisations and, in particular, the process of decision making in a dynamic environment; Be aware of the economic, environmental, ethical, governmental, legal, social, technological etc issues associated with business activity; Develop skills in:...
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...JANUARY 31, 2012 INFRASTRUCTURE SPECIAL COMMENT Default and Recovery Rates for Project Finance Bank Loans, 1983–2010 1. Introduction 1 2 4 7 12 14 15 28 37 37 39 60 60 Table of Contents: 1. INTRODUCTION 2. SUMMARY 3. OVERVIEW OF THE PROJECT FINANCE INDUSTRY 4. DATA AND METHODOLOGY 5. DISTRIBUTION OF PROJECTS 6. DISTRIBUTION OF DEFAULTS 7. DEFAULT RATE ANALYSIS 8. RECOVERY ANALYSIS 9. FURTHER ANALYSIS OF TIME TO DEFAULT AND TIME TO EMERGENCE BY INDUSTRY 10. EXPOSURE AT DEFAULT APPENDICES MOODY’S RELATED RESEARCH ACKNOWLEDGEMENT Analyst Contacts: NEW YORK 1.212.553.1653 This Special Comment (the “Study”) is an update to Moody’s initial study published in October 2010 (the “Initial Study”) examining the default and recovery performance of project finance bank loans. The Study documents Moody’s updated analysis of historical project finance bank loan default and recovery rates using updated and expanded aggregate data (the “Study Data Set”) from a consortium of leading sector lenders (together, the “Bank Group”). Moody’s wishes to acknowledge and thank each of the banks in the Bank Group for supporting and contributing to the Study. This Special Comment is an abridged version of a more comprehensive study undertaken on behalf of the Bank Group. The updated Study Data Set includes 3,533 projects which account for some 51% of all project finance transactions originated globally during a 27 year period from January 1, 1983 to December 31, 2010. The Study Data Set is...
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...Account Based COPA - Simplification with Simple Finance A typical pain point for most projects has been the underlying differences in Costing Based COPA and the P&L in Financial Accounting. Most of the customers used costing based COPA with one of the reasons being getting a break up of Cost of Goods Sold. Typically in Costing based COPA, the values for key figures like Revenue, cost of goods sold, variances, overheads etc get stored in value field in CE1* tables. This essentially used to map the accounts such as revenue and sales deductions to value fields in costing based COPA. Additionally there were restrictions on the no of value fields in costing based copa with around 200 fields (SAP OSS Note 1029391). The account based COPA on the other hand uses cost elements to store the same values for various attributes like revenue, cost of goods sold, and so on. However, the posting logic in traditional account based COPA was such that cost of goods sold and variances could only be mapped to a single GL Account/Cost element. This was one of the basic reasons why most SAP customers preferred using Costing based COPA over Account based COPA. Another major challenge with using Costing based COPA was the frequent reconciliation issues between COPA and GL. For eg, typically, the COGS was booked in the GL at the time of Outbound delivery and the same value flowed into Costing Based COPA at the time of billing. So if the PGI and Billing were far apart in two different posting...
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...Book Review: The Little Book That Still Beats the Market The book is written in the first person point of view of the author, Joel Greenblatt. He talks about the various elements and basics of finance in a much different light as compared to how a common, every day finance specialist would normally explain it. He breaks it down into a level wherein even young kids could understand, making it relatable to people of all ages. Having such a complex topic being discussed in the most simple way possible makes it that much more intriguing to read through, especially that it touches on different techniques on how one could better manage and make their own money. He starts off with a simple story and continues on with many more of them. However, what makes it so difficult to put down this book is that these stories serve as simple analogies of what had before seemed like a complex idea in the finance world. Not only do these stories make it more entertaining and easier to understand the basics of finance, but they are also very informative, practical and relatable. In addition to these series of funny and simple tales is the discussion of a heavy but gentle load of information that all build up to the revealing of the magic formula. This formula, as explained by Greenblatt, is one that has been repeatedly proven to beat the market thus, helping a number of people become better investors. There were many insights I was able to gain from reading this book. These insights were not...
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...Econometrics Course Webpage: http://www.yorku.ca/rsufana/teaching.htm Course Instructor/Contact: Name: Prof. Razvan Sufana Office: VH 1030 Phone: 416-736-2100 Ext. 66065 Office Hours: Tuesday 2 – 3 PM, Thursday 2:45 – 3:45 PM Email: rsufana@yorku.ca (Please include course number in subject line) LectureTime and Location: Thursday 11:30 – 2:30 PM, ACE 002 Prerequisite: AP/ECON 3210 3.00 or AP/ECON 3500 3.00 or equivalent. Course Credit Exclusions: None. PRIOR TO FALL 2009: Course credit exclusion: AK/ECON 4130 3.00. Course Description: This course is an introduction to financial econometrics. Background knowledge of finance is not required. The objective of the course is to explain, in simple terms, the use of selected statistical methods and econometric models in finance. The content of the course includes simple static and dynamic models of financial returns, elements of portfolio theory, the CAPM regression model, elements of option pricing, the Value-at-Risk (VaR), and the ARCH model. Weighting of Course: Assignment 1 (12.5% of final grade): available October 2, due at beginning of class on October 9 Midterm Exam (30% of final grade): October 16 Assignment 2 (12.5% of final grade): available November 20, due at beginning of class on November 27 Final Exam (45% of final grade): scheduled in the final exam period The midterm exam will cover material presented up to and including the...
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...Simple Diagnostic Medicine – Financial Analysis Executive Summary Introduction This report provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Simple Diagnostic Medicine (SDM). The purpose of this analysis is to determine if SDM is a suitable investment opportunity. Methods include horizontal and vertical analyses as well as financial ratios examining SDM’s liquidity, solvency and profitability. Other calculations include rates of return on Shareholder’s Equity and Total Assets and Return on Investment. All calculations can be found in the appendices. This report is divided into three sections: the first section presents the financial analysis of SDM’s 1999 and 2000 fiscal year financial statements. The second section is a detailed examination of the financial statements notes and the third section presents our conclusions. Results of the financial statement analysis demonstrate that the company appears to be able to produce significant revenues and profit and is in a relatively good financial position. However, further analysis of the financial statement notes have identified significant areas of concern that weakens SDM’s financial position and profitability, and ultimately forms the bases of our recommendation not to invest in SDM at this time. 1. Financial Statement Analysis Horizontal and Vertical Analysis (Trend Analysis) A complete horizontal analysis for SDM shows significant increases...
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...International Finance: A Course Overview Mihir A. Desai* Harvard University and NBER ABSTRACT This paper describes the International Finance course at Harvard Business School for instructors considering adopting the associated material. The paper begins by arguing that the forces of globalization have fundamentally changed the scope and activities of firms thereby altering the practice of finance within these firms. As a consequence of an increasing reliance on tightly-integrated foreign operations, a parallel world of finance has been opened within every multinational firm and this world has, heretofore, been overlooked. The course materials are designed to address the many aspects of financial decision making within global firms prompted by these changes that are not addressed in traditional materials. The paper provides an overview of the structure of the course and its seven modules with particular emphasis on the three modules that constitute the core of the course. The paper also describes an analytical framework that has been developed through the creation of the course materials to guide critical financial decisions on financing, investment, risk management and incentive management within a multinational firm. This framework emphasizes the need to reconcile conflicting forces in order for multinational firms to gain competitive advantage from their internal capital markets. The paper concludes with a discussion of the course's pedagogical approach and detailed descriptions...
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...Value…………………………………………………......5 Challenges…………………………………………………………………………...6 Summation…………………………………………………………………………..8 References…………………………………………………………………………...9 Abstract Time value of money operations are the backbone of financial decisions in business. The basics of their operation lie in interest calculations that can be used to determine the value of money five years ago, today and even well into the future. These calculations can be tricky and are weighed with outside challenges that can affect them positively and negatively and give a good framework of when, where and how money should be invested and capital allocated. Time Value of Money It is generally stated that money today is worth more than the money of tomorrow. This simple statement of finance is the basis for understanding the time value of money and how it relates to opportunity costs, sunk costs, present and future values and discount rates. (Wilson, 2010). There are many factors which affect money, but predominantly inflation, risk, and opportunity loss are the factors which affect the time value of money and are the influences which directly affect a manager’s ability to understand and use financial information relating to present and future values to make sound decisions. Future Value (Fv) and Present Value (Pv) In economics, the time value of money is a concept that illustrates the difference in the value of a certain dollar sum over time and how it varies both positively and negatively. In simpler terms...
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...pricing initial public offerings, and to inform parties involved in assorted private transactions such as selling a business or division, dividing property among owners, and settling estates. In this note, we introduce a relatively simple but powerful model of equity (stock) valuation.[1] 1. The basic idea behind valuation Valuation models in finance are typically based on discounted future cash flows or discounted future dividends. Keep in mind that, holding underlying assumptions constant, all valuation models should yield the same result. A model for valuing equity based on accounting data may be preferable in some cases, in that: o Benchmarks for performance are almost always given in earnings per share (EPS) – not cash flows or dividends. o Since real world dividend payout policies tend to be stable for long periods, valuation models based on dividends are less useful for modeling changes in value. o Earnings generally receive far more attention from the business press, investors and analysts. In fact, analysts typically forecast earnings (rather than cash flows or dividends).[2] Thus, in the absence of a clearly superior approach, we will emphasize a valuation model based on discounted future accounting earnings in this handout. 1.1 A simple perpetuity valuation model We start with a highly simplified model that assumes earnings, cash flows...
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...OFFICE USE ONLY AFF/AFW2401 Replacement Paper 24.5.07 Page 1 of 18 Monash University Semester One Examination 2007 Faculty of Business and Economics Department of Accounting and Finance EXAM CODES: AFF/AFW2401 TITLE OF PAPER: COMMERCIAL BANKING AND FINANCE EXAM DURATION: 3 hours READING TIME: 10 minutes THIS PAPER IS FOR STUDENTS STUDYING AT: (office use only - tick where applicable) Berwick Clayton Peninsula Distance Education Open Learning Caulfield Gippsland Sunway Hong Kong Other (specify) During an exam, you must not have in your possession, a book, notes, paper, calculator, pencil case, mobile phone or any other material/item which has not been authorised for the exam or specifically permitted as noted below. Any material or item on your desk, chair or person will be deemed to be in your possession. You are reminded that possession of unauthorised materials in an exam is a disciplinable offence under Monash Statute 4.1. AUTHORISED MATERIALS CALCULATORS YES NO (Permitted calculators: Citizen SRT-135, Casio FX82MS scientific calculator, the Casio FX82AU scientific calculator, and Sharp EL-735 financial calculator, or calculators with an 'approved for use' Faculty label) OPEN BOOK YES NO SPECIFICALLY PERMITTED ITEMS YES NO if yes, items permitted are: This paper consists of six (6) questions and one (1) formula sheet printed on a total of eighteen (18) pages. Answer Question 1 in the scriptbook provided. Answer all other questions in the...
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...FINS1613 Business Finance Semester 2 – 2009 Version 1.0.0 12th October 2009 Contents Page 3 Page 7 Page 10 Page 14 Page 18 Page 23 Page 26 Page 29 Page 32 Page 38 Page 42 Basic Concepts Introduction to Financial Mathematics The Valuation of a Firm’s Securities Capital Budgeting Capital Budgeting Applications – Part 1 Capital Budgeting Applications – Part 2 Risk and Return The Capital Asset Pricing Model Cost of Capital and Raising Capital Capital Structure Dividend Policy Note: This course has prerequisites and, as such, these notes are written assuming that you have sound knowledge from those prerequisite courses. Business Finance– Semester 2 2009 2 Basic Concepts Basic Concepts Background Before we delve into the harder components of business finance, it is imperative that we learn the basics first. Types of Business Forms If you have previously studied Business Studies for the HSC, you can skip this section. Businesses are usually formed based on a set structure. The most common of these are: • Sole Proprietorships This is where the business is owned by a single person. It is very simple, fast to establish and generally has very minimal government regulations. The owner gets to keep all the profits himself so there is incentive to work harder. The downside is that it has unlimited liability (where if the business goes bankrupt, everything the owner owns can be taken by creditors). There is also difficulty in raising large sums of money as you are a single...
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...programme :To provide students with a fundamental understanding of financial management principles and exposure towards analysis and application of finance principles.This course aims to enable students to: 1. Introduce with the various aspects of financial management. 2. Develop essential skills in making financial decisions. 3. Apply the appropriate techniques in making decisions. | 4. | Total Student Learning Time (SLT) | Total Face to Face | Total | 5. | | L | T | P | O | A | B/O | IL | | L = LectureT = TutorialP = Practical(Lab)O= Others A= AssessmentB/O=Blended /Online learningIL= Independent learning | 28 | 14 | | | 4 | 14 | 60 | 6. | Credit Value: 3 credits | 7. | Prerequisite (if any): Nil | 8. | Learning outcomes:On completion of the course, students will be able to: 1. Identify the goal of a firm and the role of a financial manager. 2. Analyze the financial performance of a company 3. Apply the concept of time value of money 4. Calculate the expected rate of return. 5. Perform capital budgeting analysis 6. Apply skills and technique in financial decisions. | 9. | Synopsis: This course focuses on the basic business finance theory both quantitative and qualitative with some simple application. Topics addressed in this course will include the mathematics of finance, time value of money, valuation concepts, capital budgeting, working capital management, the financial market, capital market, and the banking...
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...FACULTY OF ACCOUNTANCY, FINANCE AND BUSINESS Coursework: BBMF3023 Corporate Treasury Management Programme: Bachelor of Business (Honours) Accounting and Finance Academic Year: 2016/2017 Group coursework Corporations must strike a balance between current dividends and future growth which maximise the price of stock. Discuss the corporate dividend policy. You are required to include a public company listed in Bursa Malaysia and determine is there any obvious pattern to the dividend decision? Notes to Students 1. For the Group Coursework, the maximum is 5-6 students to a group. 2. The approximate length for the Group coursework should be around 3,000 words. Report in excess of 10% of the required words will be penalized. Include the word count at the end of report. Students are to use Harvard referencing in this assignment. 3. The coursework should be type written using Times New Roman font (size 12) with line spacing of 1.5. Use simple binding and no need for plastic cover. 4. Students are to submit a Group Member Appraisal form to ensure total participation of each member and a plagiarism statement. It is compulsory to submit your assignments to Safeassign. 5. Be mindful of plagiarism. Referencing and bibliography are expected if any part of your assignment is borrowed from any particular source. You may be penalized for non-referencing to the source. Please fill up plagiarism statement form and attach it with your report. ...
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...INVESTMENT BANK Definition:- Investment bank is a financial institution that assists individuals, corporations, and governments in raising capital by underwriting and or acting as the client's agent in the issuance of securities. An investment bank may also assist companies involved in mergers and acquisitions and provide ancillary services such as market making, trading of derivatives and equity securities, and FICC services (fixed income instruments, currencies and commodities). Investment banks do not take deposits. There are two main lines of business in investment banking. Trading securities for cash or for other securities (e.g. facilitating transactions, market-making), or the promotion of securities (e.g. underwriting, research, etc.) is the "sell side", while buy side is a term used to refer to advising institutions concerned with buying investment services. Private equity funds, mutual funds, life insurance companies, unit trusts, and hedge funds are the most common types of buy side entities. An investment bank can also be split into private and public functions with an information barrier which separates the two to prevent information from crossing. The private areas of the bank deal with private insider information that may not be publicly disclosed, while the public areas such as stock analysis deal with public information. List of the bank: 1) CIMB Investment Bank Berhad 2) RHB Investment Bank Berhad 3) Alliance Investment...
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...Within an economy, how would you describe an economic unit and is saving among economic units desirable? In providing an answer, explain why policymakers place such emphasis on increasing levels of saving, and the need to develop a savings culture in the Caribbean. Furthermore, what is the likely impact on an economy that has 98%-100% of its economic units as net savers? An economic unit is one that participates in the economy either through saving, investment or consumption. Anyone or institution can be an economic unit- government, household, schools,...etc. An increase in the level of savings serves to protect the balance of payments and to raise resources to finance investment in an expanding economy. In the Caribbean where there is a need for progress/growth, funds/savings are vital to finance this development. Although saving is greatly encouraged, there is still a need for borrowing so to stimulate economic activity. With an economy that has 98%-100% of its economic units as net savers, the circular flow of funds is disrupted and in fact this is not the most efficient manner to mobilize funds. Thus with little lending, the economy will not be able to realize its full productive capacity, there would be a reduction in the ability to shift consumption through time and of course there would be other matters such as the decline in employment, GDP,....etc. Financial intermediaries, such as commercial or retail banks, insurance companies and mutual funds, are only interested...
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