Adl 13-Financial-Management PDF

11/15/2016
Adl13financialmanagement
SlideShareExploreSearch
You
TojoThomas
MyClipboards
Logout
Upload
Back
TojoThomas
MyClipboards
MyUploads
Analytics
AccountSettings
Support
Logout
Search
Home
Technology
Education
MoreTopics
MyClipboards
http://www.slideshare.net/HimanshuJindal9/adl13financialmanagement
1/44
11/15/2016
ForUploaders
GetStarted
Tips&Tricks
Tools
Search
Connecttomoreopportunity!Weveconnectedyourtojoeverlasting@gmail.comaccountwithLinkedIn.Learn
moreorchooseadifferentSlideShareaccount.
2/44
11/15/2016
3/44
11/15/2016
4/44
11/15/2016
5/44
11/15/2016
6/44
11/15/2016
7/44
11/15/2016
8/44
11/15/2016
9/44
11/15/2016
10/44
11/15/2016
11/44
11/15/2016
12/44
11/15/2016
13/44
11/15/2016
14/44
11/15/2016
15/44
11/15/2016
16/44
11/15/2016
17/44
11/15/2016
18/44
11/15/2016
19/44
11/15/2016
20/44
11/15/2016
21/44
11/15/2016
22/44
11/15/2016
23/44
11/15/2016
24/44
11/15/2016
25/44
11/15/2016
26/44
11/15/2016
27/44
11/15/2016
28/44
11/15/2016
29/44
11/15/2016
UpcomingSlideShare
Loadingin5
28of28
30/44
11/15/2016
2,339views
Share
Like
Download
HimanshuJindal,Sr.AccountantatOmShailshutaLogisticsPvtltd.
FollowFollowing
0 2 0
PublishedonOct12,2015
AssignmentFinancialManagementADL13
AmityUniversityM.B.A2ndSem.
...
Publishedin:Internet
0Comments
2Likes
Statistics
Notes
FullName
Commentgoeshere.
12hoursagoDeleteReplySpamBlock
AreyousureyouwanttoYesNo
Yourmessagegoeshere
Shareyourthoughts
Post
Bethefirsttocomment
TamizhAzhaganPMP
31/44
11/15/2016
2monthsago
NaveenRawat
11monthsago
NoDownloads
Views
Totalviews
2,339
OnSlideShare
0
FromEmbeds
0
NumberofEmbeds
25
Actions
Shares
2
Downloads
100
Comments
0
Likes
2
Embeds0
Noembeds
Nonotesforslide
1.1.FinancialManagementAssignmentAQuestion1a:Shouldthetitlesofcontrollerandtreasurerbe
adoptedunderIndiancontext?Wouldyouliketomodifytheirfunctionsinviewofthecompanypractice
inIndia?Justifyyouropinion?Answerto1a:Controller&Treasurerareindependent&theyhavetheir
ownPerspectives&Driversasdetailedbelow:ControllerTreasurerResponsibilitiesinclude,Double
entryaccounting,financialreporting,Fraudmeasure,detectivecontrols,Financialrestatement,
CompliancewithstatutoryrequirementslikeRules,Accountingstandards,GAAP,IFRSetc.,Responsible
forLiquiditymanagement(veryimportantfunction),RiskManagement,Morefocusonfinancial
statements,followsleadingpractices&responsibleforthefutureperformanceofcompany(projectscash
flows)Controllerworks&forecaststheeventsforalongterm.MainfocusincomestatementTreasurer
works/forecaststheeventsregularly(daily/weekly)focusBalancesheet&futurecapitalstructure,
capitalexpenditureetc.,Ex:CashinvolvedeventControllerlooksfromcomplianceangle(howtorecord,
whatGAAPprovidesetc.,)Treasurerconcentratesmoreoncashavailabilityfocusi.e.howtobringin
therequiredcashetc,Therefore,fromtheaboveitisclearthat,controller&treasurerhavedifferentroles
toplay.However,majorityoftheIndiancompaniesworkswithFinancialControllerwhohimselftakes
careofthetreasurydepartment/Portfolio.Therefore,asfarasfromIndiancontext,itcanbeconcluded
that,controllerisalsoresponsiblefortreasuryjobs&thereisnoseparatetreasurer/treasurydepartment
existsQuestion1b:firmpurchasesamachineryforRs.8,00,000bymakingadownpaymentof
Rs.1,50,000andremainderinequalinstallmentsofRs.1,50,000forsixyears.Whatistherateofinterest
tothefirm?AnswertoQ1b:ParticularsRefYear0Year1Year2Year3Year4Year5Year6Rs.Costof
Machinery(a)800,000DownPaymentmadebyfirm(b)150,000Financedthroughborrowingsc=(ab)
32/44
11/15/2016
650,000Repaymentinequalinstalmentseveryyeard=6*150,000900,000150,000150,000150,000
150,000150,000150,000(maximumofsixyears)Totalinterestpaidover6yearperiode=dc250,000
RateofInterest=totalinterest/totalborrowingsf=e/c38.46%
2.2.Rateofinteretperannumg=f/6yrs6.41%Breakofinterestcost/principalrepayment:1)interest
cost(canbeapportionedintheratioof6:5:4:3:2:121654321noofyearsrepaymenti.e.earlierthe
yearsmore(ratio)(6+5+4+3+2+1)theinterestcost&viceversa)h25000071429595244761935714
2381011905(250,000*6/21)(250,000*5/21)(250,000*4/21)(250,000*3/21)(250,000*2/21)(250,00
0*1/21)2)PrincipalOutstandingadjustmenti=dh6500007857190476102381114286126190
138095YearwiseInterestrates:PrincipalOutstandingatyearendj650000571429480952378571
2642861380950(prinicpalo/satyearbeginningPrincipalrepayment)(650000i)(571429i)(480952
i)(378571i)(264286i)(138095i)RATEOFINTERESTEVERYYEARh/principalo/satyear
beginning)11.0%10.4%9.9%9.4%9.0%8.6%(h/650000)(h/571429)(h/480952)(h/378571)(h/
264286)(h/138095)Question2a:Explainthemechanismofcalculatingthepresentvalueofcashflows.
Whatisannuitydue?Howcanyoucalculatethepresentandfuturevaluesofanannuitydue?Illustrate
Answer2a:CalculatingPresentValueofCashflows:Moneyhastimevalue.Forex:Rs.1000received
todayisnotthesameworthafterayear(actuallyitisless)Presentvalueofcashflows:Itindicatesthe
valueofexpectedworthatcurrentvalue.(Discountstheexpectedcashflowsatappropriatediscountrate
(maybe10%,20%etc.,)Discountratewillgenerallybeequalto=Inflationrate+Reqd.rateofreturn+
riskfreepremiumrateDetailsrequiredforcalculatingPresentValueofcashflows:Cashflowsyearwise,
discountrate.Thistechniqueisveryusefulfordecisionmaking.
3.3.Annuitydue:Uniform/Constant/EqualcashflowseveryyearPresentvalueofannuityFuturevalueof
annuityWorthofLumpsumconsiderationtodaywhichisgoingtobereceivedtomorrowValueoffixed
investmenteveryyearworthtomorrow.(i.e.corpusitgrows)Computation:Annuity*Presentvalue
annuityfactor(PVAF)PVAFiscalculatedas=1[1/(1+r)tothepowern].Annuity*Futurevalueannuity
factor(FVAF)FVAFiscalculatedas=[(1+r)tothepowern]1Illustration:Mr.Awouldliketoreceive
Rs.1000/everyyearfor10yearsfromnow.Itisassumeddiscountrate10%,thepresentvalueannuity
factorfor10years10%is6.144.Presentvalueofannuity=1000*6.144=Rs.6145/Mr.Xwouldliketo
growacorpusbyinvestmentofRs.10,00010yearsfromnow.Rateofinterest@10%,thefuturevalue
annuityfactorfor10years10%is1.594Futurevalueofannuity=10000*1.594=Rs.15937/Question
2b:"Theincreaseintheriskpremiumofallstocks,irrespectiveoftheirbetaisthesamewhenrisk
aversionincreases"CommentwithpracticalexamplesAnswer2b:Thesecurity'sbetaisafunctionofthe
correlationofthesecurity'sreturnswiththemarketindexreturnsandthevariabilityofthesecurity's
returnsrelativetothevariabilityoftheindexreturns.Insimple,betameasuresthesensitivityofthestock
withreferencetobroadbasedmarketindex.Forinstance:abetaof1.2forastockwouldindicatethatthis
stockis20%riskierthantheindex&similarlybetaof0.9forastockindicates10%lessriskierthanthe
index.Finally,abetaof1.0means,stockisasriskyasthestockmarketindex.Therefore,thegiven
statementisfalse.Expectedriskpremiumforstockisbetatimesthemarketriskpremium.Forex:letus
assumebeta=1.2times,marketriskpremium=10%,thenexpectedriskpremium=10%*1.2times=
12%.Question3a:Howleverageislinkedwithcapitalstructure?TakeexampleofaMNCandanalyze.
Answerto3a:Leverage:Itisanadvantagegained(itmaybeanything)LeverageislinkedwithCapital
Structure,sinceanorganizationhavingaoptimumcapitalstructure(whereWACC(weightedaveragecost
ofcapital)isminimum)isagreatleverage/advantagebothtothecompanyaswellfortheinvestors.
Organizations,generallyhavetwotypesofrisksoperatingrisksimpactoffixedcosts&variabilityof
EBIT&Financialrisksimpactofinterestcost/financialcharges&variabilityofEBT.Example:XYZ
ltdhasthefollowingnos:ContributionRs.100lacs,fixedcostRs.25lacs,FinancialCharges/debtcost
Rs.40lacs.
4.4.ParticularsValue(Rs.Inlacs)Contribution100Fixedcost25EBIT75Interestcost35EBT40XYZ
Ltd.hasfollowing:OperatingleverageFinancialleverageContribution/EBIT=100/75=1.33EBIT/
EBT=75/40=1.87Itisalwayspreferabletohavelowoperatingrisk&highfinancialrisk(subjectto
Returnoncapitalemployed(ROCE)>Interestcostondebtfunds)Wecanconcludethat,XYZltd(MNC)
ishavingaoptimumcapitalstructure&manageablerisk.Question3b:Thefollowingfiguresrelatetotwo
companies(10)PLTD.QLTD.(InRs.Lakhs)Sales5001,000Variablecosts200300
ContributionFixedcosts300700FixedCost150400150400Interest50100
Profitbeforetax100200Youarerequiredto:(i)Calculatetheoperating,financialandcombined
33/44
11/15/2016
leveragesforthetwocompaniesandCommentontherelativeriskpositionofthemAnswer3b:PltdQ
ltdParticulars(inRs.Lacs)Sales5001000Variablecosts200300Contibution300700Fixedcost150
400PBIT/EBIT150300Interest50100ProfitbeforeTax/EBT100200Computation:a)Opearting
leverage:=Contribution/EBIT2.02.3b)Financialleverage:=EBIT/EBT1.51.5
5.5.c)Combinedleverage:=Contirbution/EBT3.03.5Comments:OperatingriskishigherOperatingrisk
ishigherthan'P'ltd(i.e.fixedcostsarehigh)(i.e.fixedcostsarehigh)FinancialrisklookslowFinancial
risklookslowOverallriskislowascomparedOverallriskishighascomparedto'Q'ltd.to'P'ltd.Itis
alwayspreferabletohavelowOperatingleverage&highFinancialleverage(provided,Returnoncapital
employed>Interestondebtfunds)Question4a:Definevariousconceptsofcostofcapital.Explainthe
procedureofcalculatingweightedaveragecostofcapital.Answer4a:ConceptsofCostofCapital:a)All
sourceoffinancehaveitsowncost.Outoflongsourcefinance,equitymodeofsourcingiscostlierthan
debtfinancingbecauseofexpectationofshareholders.b)RISKVS.COST:Equitymodeoffinancewill
havelowriskbutcostlierasagainstdebtfundswhichwillhavehighriskbutrelativelycheaper&havetax
advantagethusreducingthenetcostofdebt.Organizationshavetoeffectivelytradeoffbetweenrisk,cost
&control.c)OptimumCapitalStructure:Whenthefirm/organizationhasacombinationofdebtand
equity,suchthatthewealthofthefirmismaximum.Atthispoint,costofcapitalisminimum&market
priceofashareismaximum.ProcedureofcalculatingWeightedAverageCostofCapital(WACC):Itis
computedbyreferencetoproportionofeachcomponentofcapital(bookvalueormarketvalueas
specified)asweights.WACC=Sum[proportionofeachcomponentofcapital(weights)*individualcost
ofcapital]Note:Taxratesneedstobeadjustedinrespectofdebtfunds.Question4b:Thefollowingitems
havebeenextractedfromtheliabilitiessideofthebalancesheetofXYZCompanyason31stDecember
2005.Paidupcapital:4,00,000equitysharesofRseach40,00,000Loans:16%nonconvertible
debentures20,00,00012%institutionalloans60,00,000Otherinformationaboutthecompanyasrelevant
isgivenbelow:31stdecDividendEarningaveragemarketprice2005Persharepersharepershare7.2
10.5065Youarerequiredtocalculatetheweightedaveragecostofcapital,usingbookvaluesasweights
andearnings/priceratioasthebasisofcostofequity.Assume9.2%taxrate
6.6.Answer4b:ComputationofWeightedAverageCostofCapital(WACC):NatureofCapitalValue
WeightsCostofcapitalWeights*CostofCapital(basisofbookvaluesO/S.)a)EquityCapital4,000,000
33%16.155.38(referW.No.1)b)16%nonconvertibledebentures2,000,00017%14.532.42Interest(1
taxrate)=16%(100%9.2%)c)12%institutionalloans6,000,00050%10.905.45Interest(1taxrate)=
12%(100%9.2%)Total12,000,000100%13.25WorkingNote:1Costofequity:Priceearningsapproach
=Earningspershare/Marketpricepershare10.50/65=16.15%Question5a:Acompanyhasissued
debenturesofRs.50Lakhstoberepaidafter7years.Howmuchshouldthecompanyinvestinasinking
fundearning12%inordertobeabletorepaydebentures?Showtheprocedureofloanamortizationand
capitalrecoverythroughanexample.Answer5a:Debenturestoberedeemedafter7years5,000,000
Expectedrateofreturnonsinkingfundinvestmenttobecreated12%Discountrate@12%,7yrs0.452
Presentvalueofexpectedrepaymentofdebentures@12%7yrs2,261,746therefore,companyhasto
investRs.22,61,746@12%earninginSinkingfundtocovertherepaymentexpected7yearsfromnow.
7.7.LoanAmortizationCapitalRecoveryAloanamortizationscheduleisarepaymentplanthatis
calculatedbeforerepaymentofaloanbegins.Amortizationschedulesareusedforfixedinterestlong
termloanssuchasmortgages,expenseslikeR&Dexpenses,PurchaseofGoodwill,VoluntaryRetirement
paymentexpenses,Amalgamationexpensesetc.ThereciprocalofPresentvalueannuityfactor(PVAF)is
thecapitalrecovery.Belowexamplewillclarifybetterthemeaning:ProcedurewithEx:M/s.XYZltdhas
incurredaRs.50,00,000aslumpsumpaymenttowardsvoluntaryretirementseparationchargesduringthe
accountingyear20092010.XYZltdhaveplannedtoamortizetheaboveexpensesforaperiodof10
yearscommencingfromFY.0910Therefore,thescheduleofamortizationfor10yearperiodasfollows:
Rs.500,000/peryearsfor10yearsProcedurewithEx:Mr.XplantolendRs.1lactodayforaperiodof5
years@int.rateof12%,howmuchincomeMr.Xshouldreceiveeachyeartorecoverinvestment&
principalback.Theresultisknownascapitalrecovery&whichcanbearrivedbycapitalrecoveryfactor.
Calculation:Presentvalue=Annuity*PVAF@12%,5yearsCapitalRecovery=Annuity*1/
PVAF@12%,5yearsTherefore,capitalrecovery=100,000*0.27739=Rs.27,740eachyearfor5years.
Question5b:AbankhasofferedtoyouanannuityofRs.1,800for10yearsifyouinvestRs.12,000
today.Whatistherateofreturnyouwouldearn?.Answer5b:ParticularsRs.Returnexpectedperannum
1800Fixedreturn/annuityfornoofyears10Totalreturnexpected18000Investmentrequiredtoday
34/44
11/15/2016
12000Nettreturnexpectedfrominvestment6000Percentageofreturnfor10years50%Percentageof
returnperannum5%
8.8.AssignmentCQuestion1:TheproformaofcostsheetofHLLprovidesthefollowingdata:Cost
(perunit):Rs.Rawmaterials52.0Directlabour19.5Overheads39.0Totalcost(perunit):110.5Profit
19.5Sellingprice130.0Thefollowingistheadditionalinformationavailable:Averagerawmaterialin
stock:onemonthAveragematerialsinprocess:halfmonthCreditallowedbysuppliers:onemonth
Creditallowedtodebtors:twomonthsTimelaginpaymentofwages:oneandhalfweeksOverheads:
onemonth.Onefourthofsalesareoncashbasis.CashbalanceexpectedtobeRs.12,000.Youare
requiredtoprepareastatementshowingtheworkingcapitalneededofinancealevelofactivityof70,000
unitsofoutput.Youmayassumethatproductioniscarriedonevenlythroughouttheyearandwagesand
overheadsaccruesimilarly.Answer1:ParticularsCost/unitProduction=70,000unitscost(Rs.)for70000
unitsRawMaterial523640000DirectLabour19.51365000Primecost5005000Overheads392730000
Totalcost110.57735000Profit19.51365000Sales1309100000StatementofWorkingCapitalforHLL
70,000unitsproductionperyear:ParticularsNoofmonthsComputationRs.CurrentAssets:(A)Raw
materialstock136,40,000/12*1month303333ProcessstockWorkinprogress(WIP)0.5
50,05,000/12*0.5months208542Debtorscustomers291,00,000*3/4(creditsales)/12*21137500Cash
balanceexpectedtomaintain12000TotalofCURRENTASSETS(A)1661375CurrentLiabilities:(B)
9.9.Creditorssuppliers136,40,000/12*1month303333WagesOutstanding1.5weeksor
13,65,000/12*0.34386750.34monthOverheadsoutstanding127,30,000/12*1227500Totalof
CURRENTLIABILITIES(B)569508NETTWORKINGCAPITALREQUIRED1091867Question
2a:ThroughquantitativeanalysisprovethatPIisabettertechniquethanNPVinCapitalBudgeting.
Answer2a:PIProfitabilityIndex&NPVNetPresentValuebotharecapitalbudgetingtechniques.
ProfitabilityIndex(PI)NetPresentValue(NPV)PI=Presentvalueofinflows/Presentvalueofoutflows
NPV=PresentvalueofinflowsPresentvalueofoutflowsIdeal=shouldbe>1Ideal=NPVshouldbe
positive,itshowsabsolutepresentvalueoftomorrowswealthQuantitativeanalysis:Presentvalueof
inflows=Rs.200,000Presentvalueofoutflows=Rs.100,000PI=2Presentvalueofinflows=Rs.
200,000Presentvalueofoutflows=Rs.100,000NPV=Rs.100,000NPVtechniqueisbetterthanPI
techniqueforcapitalbudgetingdecisions.NPVshowswealthattheendinabsoluteamount,whichwillbe
helpfultomakedecisionsclearly,whereasthesameadvantageisnotavailablewithPItechnique.
However,PIshowsreturnoverinvestmentintimes,whichwillbeveryusefulforimmediatedecision
making.Generally,overtheyears,organizationspreferNPVtechniqueforcapitalbudgetingdecisions
thanPItechnique.Question2b:Acompanyisconsideringthefollowinginvestmentprojects:CashFlows
(Rs.)ProjectsCoC1C2C3A10,000+10,000B10,000+7,500+7,500C10,000+
2,000+4,000+12,000D10,000+10,000+3,000+3,000I.accordingtoeachofthefollowing
methods:(1.)Payback,(2.)ARR,(3.)IRR,(4.)NPVassumingdiscountratesof10and30percent.II.
Assumingtheprojectisindependent,whichoneshouldbeaccepted?Iftheprojectsaremutually
exclusive,whichprojectisthebest?
10.10.Answer2b:I)ProjectAProjectBProjectCProjectDMethods(1)Payback@10%discountrate
@30%discountrate1+years1+years1.13years1.25years2.14years3+years1.7years2.8years(2)
Accountingrateofreturn(ARR)100%150%180%160%(3)NPV@10%discountrate@30%discount
rate(909)(2308)30172074140(633)3824833(4)IRR0%32%26%38%Independentproject:Project
withhigherNPVneedstobeselected,whichshowswealthinabsolutevalueattheendoftheproject
Therefore,ProjectCneedstobeaccepted.II)Incaseprojectsaremutuallyexclusive:Firstdisparity
betweenprojectsneedstoberesolved.NPVselectsProjectCwhereasIRRselectsProjectD,therefore,
disparityexists.Sincecashoutflows(Rs.10,000/)aresameforboththeprojects,thedisparityarisenis
calledasCashflowdisparity.ItcanberesolvedbyusingIncrementalcashflowtechnique.After
resolving,therightprojectcanbeaccepted.Workingsareasfollows:PROJECTA:Thefollowinghas
beencalculatedassumingdiscountratesof10%&30%separately:1)Paybackperiod:timeperiodto
recoverinitialinvestmenta)Discounted@10%b)Discounted@30%YearsCashflowsDiscountrate*
DiscountedcashflowsUnrecovereddiscountedcashflowsYearsCashflowsDiscountrate*Discounted
cashflowsUnrecovereddiscountedcashflows@10%@30%(1)(2)(3)(4)=(2)*(3)(5)(1)(2)(3)(4)
=(2)*(3)(5)0(10,000)1.000(10,000)(10,000)0(10,000)1.000(10,000)(10,000)110,0000.909
9,091(909)110,0000.7697,692(2,308)*disocuntratecomputedusingformule=1/(1+r)tothepower
35/44
11/15/2016
nwherer=disocuntrate&n=yearPaybackperiod=Baseyear+[(unrecovereddisocuntedcashflowof
baseyear/
11.11.disocuntedcashflowsofnextyear)*12]Paybackperiodexceed1year,sinceunrecoveredcashflows
turnspositiveonlyfromIIndyronwardswherebaseyear=yearinwhichunrecoveredcashflowsturns0
or+vePaybackperiod@10%&30%discountrate=1+years=1+years2)Accountingrateofreturn:
rateofreturnoninitialinvestmentmade:givenas:Averageprofitafterdepreciation&Tax/Initial
investmentSincenoinformationonprofits,depreciation&taxes,itistreatedcashinflowsconsideredas
profitsafterdepreciation&taxestherefore=(10,000(inflow)/10,000(investment))*100accounting
rateofreturn=100%effectively0%return(whateverinvestedtakenback)4)NPV(netpresentvalue):a)
Discounted@10%b)Discounted@30%YearsCashflowsDiscountrate*DiscountedcashflowsYears
CashflowsDiscountrate*Discountedcashflows@10%@30%(1)(2)(3)(4)=(2)*(3)(1)(2)(3)(4)
=(2)*(3)0(10,000)1.000(10,000)0(10,000)1.000(10,000)110,0000.9099,091110,0000.769
7,692NPV(909)NPV(2,308)*disocuntratecomputedusingformule=1/(1+r)tothepowernwherer
=disocuntrate&n=year3)IRR(Internalrateofreturn):whichistherateofreturnatwhichNPV=0In
projectA,IRRis'0'%atwhichNPV=0(i.e.thereisnoreturnfromtheproject)
12.12.PROJECTB:Thefollowinghasbeencalculatedassumingdiscountratesof10%&30%separately:1)
Paybackperiod:timeperiodtorecoverinitialinvestmenta)Discounted@10%b)Discounted@30%
YearsCashflowsDiscountrate*DiscountedcashflowsUnrecovereddiscountedcashflowsYearsCash
flowsDiscountrate*DiscountedcashflowsUnrecovereddiscountedcashflows@10%@30%(1)(2)
(3)(4)=(2)*(3)(5)(1)(2)(3)(4)=(2)*(3)(5)0(10,000)1.000(10,000)(10,000)0(10,000)1.000
(10,000)(10,000)17,5000.9096,818(3,182)17,5000.7695,769(4,231)27,5000.8266,1983,0172
7,5000.5924,438207*disocuntratecomputedusingformule=1/(1+r)tothepowernwherer=
disocuntrate&n=yearPaybackperiod=Baseyear+[(unrecovereddisocuntedcashflowofbaseyear/
disocuntedcashflowsofnextyear)*12]wherebaseyear=yearinwhichunrecoveredcashflowsturns0
or+vePaybackperiod@10%discountrate=1+[(3182/3017)*12]Paybackperiod@30%discount
rate=1+[(4231/207)*12]=1.13years=1.25years2)Accountingrateofreturn:rateofreturnoninitial
investmentmade:givenas:Averageprofitafterdepriciation&Tax/InitialinvestmentSinceno
informationonprofits,depreciation&taxes,itistreatedcashinflowsconsideredasprofitsafter
depreciation&taxestherefore=(15,000(inflow)/10,000(investment))*100accountingrateofreturn=
150%effectively50%return
13.13.4)NPV(netpresentvalue):a)Discounted@10%b)Discounted@30%YearsCashflowsDiscount
rate*DiscountedcashflowsYearsCashflowsDiscountrate*Discountedcashflows@10%@30%(1)
(2)(3)(4)=(2)*(3)(1)(2)(3)(4)=(2)*(3)0(10,000)1.000(10,000)0(10,000)1.000(10,000)1
7,5000.9096,81817,5000.7695,76927,5000.8266,19827,5000.5924,438NPV3,017NPV207*
disocuntratecomputedusingformule=1/(1+r)tothepowernwherer=disocuntrate&n=year3)
IRR(Internalrateofreturn):whichistherateofreturnatwhichNPV=0ForprojectB,IRRis
calculatedasbelow:IRR=L1+[NPVL1/(NPVL1NPVL2)]*(L2L1)whereL1=guessrate
(dependonNPV,disocuntedatgivenrequiredrateofreturn)L2=onemoreguessrateRelationship
betweendiscountrateandNPV:inverserelationship:DiscountrategoesupNPVfallsDiscountrate
comesdownNPVgoesupLetusassumeL1=30%(why,becauseascouldbeseenat30%@discount
rateNPVis+vebyapplyingtherelationship,increaseddisocuntrate)LetuscalculateL2=32%
Discounted@32%(assumedrate)YearsCashflowsDiscountrate*Discounted
14.14.cashflows@32%(1)(2)(3)(4)=(2)*(3)0(10,000)1.000(10,000)17,5000.7585,68227,500
0.5744,304NPV(14)therefore,IRRforProjectB=30%+[207/(207+14)]*32%30%IRR30%+
1.87331.87%PROJECTC:Thefollowinghasbeencalculatedassumingdiscountratesof10%&30%
separately:1)Paybackperiod:timeperiodtorecoverinitialinvestmenta)Discounted@10%b)
Discounted@30%YearsCashflowsDiscountrate*DiscountedcashflowsUnrecovereddiscounted
cashflowsYearsCashflowsDiscountrate*DiscountedcashflowsUnrecovereddiscountedcashflows
@10%@30%(1)(2)(3)(4)=(2)*(3)(5)(1)(2)(3)(4)=(2)*(3)(5)0(10,000)1.000(10,000)
(10,000)0(10,000)1.000(10,000)(10,000)12,0000.9091,818(8,182)12,0000.7691,538(8,462)2
4,0000.8263,306(4,876)24,0000.5922,367(6,095)312,0000.7519,0164,140312,0000.4555,462
(633)*disocuntratecomputedusingformule=1/(1+r)tothepowernwherer=disocuntrate&n=
yearPaybackperiod=Baseyear+[(unrecovereddisocuntedcashflowofbaseyear/disocunted
36/44
11/15/2016
15.15.cashflowsofnextyear)*12]wherebaseyear=yearinwhichunrecoveredcashflowsturns0or+ve
Paybackperiod@10%discountrate=2+[(4876/4140)*12]Paybackperiod@30%discountrate=
exceeds3years=2.14years=3+years2)Accountingrateofreturn:rateofreturnoninitialinvestment
made:givenas:Averageprofitafterdepriciation&Tax/InitialinvestmentSincenoinformationon
profits,depreciation&taxes,itistreatedcashinflowsconsideredasprofitsafterdepreciation&taxes
therefore=(18,000(inflow)/10,000(investment))*100accountingrateofreturn=180%effectively
80%return4)NPV(netpresentvalue):a)Discounted@10%b)Discounted@30%YearsCashflows
Discountrate*DiscountedcashflowsYearsCashflowsDiscountrate*Discountedcashflows@10%
@30%(1)(2)(3)(4)=(2)*(3)(1)(2)(3)(4)=(2)*(3)0(10,000)1.000(10,000)0(10,000)1.000
(10,000)12,0000.9091,81812,0000.7691,53824,0000.8263,30624,0000.5922,367312,0000.751
9,016312,0000.4555,462NPV4,140NPV(633)*disocuntratecomputedusingformule=1/(1+r)to
thepowernwherer=disocuntrate&n=year
16.16.3)IRR(Internalrateofreturn):whichistherateofreturnatwhichNPV=0ForprojectC,IRRis
rateNPVisvebyapplyingtherelationship,reduceddisocuntrate)LetuscalculateL2=26%Discounted
@26%(assumedrate)YearsCashflowsDiscountrate*Discountedcashflows@26%(1)(2)(3)(4)=
(2)*(3)0(10,000)1.000(10,000)12,0000.7941,58724,0000.6302,520312,0000.5005,999NPV
106therefore,IRRforProjectB=30%+[633/(633106)]*26%30%IRR30%3.4326.57
PROJECTD:Thefollowinghasbeencalculatedassumingdiscountratesof10%&30%separately:
17.17.1)Paybackperiod:timeperiodtorecoverinitialinvestmenta)Discounted@10%b)Discounted
@30%YearsCashflowsDiscountrate*DiscountedcashflowsUnrecovereddiscountedcashflows
YearsCashflowsDiscountrate*DiscountedcashflowsUnrecovereddiscountedcashflows@10%@
30%(1)(2)(3)(4)=(2)*(3)(5)(1)(2)(3)(4)=(2)*(3)(5)0(10,000)1.000(10,000)(10,000)0
(10,000)1.000(10,000)(10,000)110,0000.9099,091(909)110,0000.7697,692(2,308)23,0000.826
2,4791,57023,0000.5921,775(533)33,0000.7512,2543,82433,0000.4551,365833*disocuntrate
computedusingformule=1/(1+r)tothepowernwherer=disocuntrate&n=yearPaybackperiod=
Baseyear+[(unrecovereddisocuntedcashflowofbaseyear/disocuntedcashflowsofnextyear)*12]
wherebaseyear=yearinwhichunrecoveredcashflowsturns0or+vePaybackperiod@10%discount
rate=1+[(909/1570)*12]Paybackperiod@30%discountrate=2+[(533/833)*12]=1.7years=2.8
years2)Accountingrateofreturn:rateofreturnoninitialinvestmentmade:givenas:Averageprofitafter
depriciation&Tax/InitialinvestmentSincenoinformationonprofits,depreciation&taxes,itistreated
cashinflowsconsideredasprofitsafterdepreciation&taxestherefore=(16,000(inflow)/10,000
(investment))*100
18.18.accountingrateofreturn=160%effectively60%return4)NPV(netpresentvalue):a)Discounted
@10%b)Discounted@30%YearsCashflowsDiscountrate*DiscountedcashflowsYearsCashflows
Discountrate*Discountedcashflows@10%@30%(1)(2)(3)(4)=(2)*(3)(1)(2)(3)(4)=(2)*(3)
0(10,000)1.000(10,000)0(10,000)1.000(10,000)110,0000.9099,091110,0000.7697,69223,000
0.8262,47923,0000.5921,77533,0000.7512,25433,0000.4551,365NPV3,824NPV833*disocunt
ratecomputedusingformule=1/(1+r)tothepowernwherer=disocuntrate&n=year3)IRR
(Internalrateofreturn):whichistherateofreturnatwhichNPV=0ForprojectC,IRRiscalculatedas
below:IRR=L1+[NPVL1/(NPVL1NPVL2)]*(L2L1)whereL1=guessrate(dependonNPV,
disocuntedatgivenrequiredrateofreturn)L2=onemoreguessrateRelationshipbetweendiscountrate
andNPV:inverserelationship:DiscountrategoesupNPVfallsDiscountratecomesdownNPVgoesup
LetusassumeL1=30%(why,becauseascouldbeseenat30%@discountrateNPVis+vebyapplying
therelationship,increaseddisocuntrate)LetuscalculateL2=38%
19.19.Discounted@38%(assumedrate)YearsCashflowsDiscountrate*Discountedcashflows@38%
(1)(2)(3)(4)=(2)*(3)0(10,000)1.000(10,000)110,0000.7257,24623,0000.5251,57533,000
0.3811,142NPV(37)therefore,IRRforProjectB=30%+[833/(833+37)]*38%30%IRR30%+
7.6637.66%1)NPV(netpresentvalue):forincrementscashflowsa)Discounted@10%b)Discounted
@30%YearsIncrementalCashflows(projectCprojectD)Discountrate*DiscountedcashflowsYears
CashflowsDiscountrate*Discountedcashflows@10%@30%(1)(2)(3)(4)=(2)*(3)(1)(2)(3)(4)
37/44
11/15/2016
=(2)*(3)001.000001.0001(8,000)0.909(7,273)1(8,000)0.769(6,154)21,0000.8268262
1,0000.59259239,0000.7516,76239,0000.4554,096NPV316NPV(1,466)*disocuntrate
computedusingformule=1/(1+r)tothepowernwherer=disocuntrate&n=year
20.20.3)IRR(Internalrateofreturn):whichistherateofreturnatwhichNPV=0ForprojectC,IRRis
rateNPVis+vebyapplyingtherelationship,increaseddisocuntrate)LetuscalculateL2=13%
Discounted@13%(assumedrate)YearsCashflowsDiscountrate*Discountedcashflows@13%(1)
(2)(3)(4)=(2)*(3)001.0001(8,000)0.885(7,080)21,0000.78378339,0000.6936,237NPV(59)
therefore,IRRforProjectB=10%+[316/(316+59)]*13%10%IRR10%+2.512.50%Targetreturn=
10%IRRforincrementalcashflows=12.5%
21.21.sinceIRRforincrementalcashflows>Targetreturn,select/acceptProjectCQuestion3a:"Firm
shouldfollowapolicyofveryhighdividendpayoutTakingexampleoftwoorganizationcommenton
thisstatement"Answer3a:Thestatementnotnecessarilybetrue.Letustake2companiesHighdividend
payoutcompany100%payoutLowdividendpayoutcompany20%payouta)Lessretainedearnings
b)Slower/lowergrowthratec)Lowermarketpriced)Costofequity(Ke)>IRR(r=rateofreturn
earnedbycompanyonitsinvestment.e)Indicatesthatcompanyisdeclining.a)Moreretainedearningsb)
Accelerated/highergrowthratec)Highermarketpriced)Costofequity(Ke)<IRR(r=rateofreturn
earnedbycompanyonitsinvestment.e)Indicatesthatcompanyisgrowing.Itmustbenotedthat,
dividendisatradeoffbetweenretainingmoneyforcapitalexpenditureandissuingnewshares.Question
3b:Aninvestorgainsnothingfrombonusshare"Criticallyanalysethestatementthroughsomereallife
situationofrecentpast.Answer3b:Thestatementisfalse.Aninvestorgainsbonussharesatzerocost,
However,themarketpriceofthestockwillcomedown&overthelongperiod,theinvestordefinitely
maximizeshiswealthduetobonusshares.Fromcompanyangle,bonusissueisonlyanaccountingentry
&itdoesntchangethewealth/valueofthefirm.Recently,BhartiAirtelhaveissuedbonusshare2:1,due
towhich,theinvestorshavegainedBonussharesatzerocost&themarkethavecomedowntotheextent
ofbonusissue&immediatelywentup&investorshavecashedthebonussharesthusmaximizedtheir
wealth.However,currentlyitistradingdownduetovariedreasons.
22.22.CASESTUDYQues1:Youarerequiredtomakethesecalculationsandinthelightthereof,advisethe
financemanageraboutthesuitability,orotherwise,ofmachineAormachineB.Solution:Adviseto
financemanagerofBrownmetalsltd,toselecttheappropriatemachine:ParticularsMachineA(Rs.In
lacs)MachineB(Rs.Inlacs)1)NPV12142)Profitabilityindex1.481.353)PayBackperiod2years3
years4)Discountedpaybackperiod3.18years3.21yearsItisadvisedtogoinforMachineBwith
enhancedcapacity,whichwilladdmorevaluetothefirm.NPVishigherinrespectofMachineBas
comparedtoMachineA&thereforemachinewithhigherNPVneedstobeinvested.Workingsareas
follows:(a)tobuymachineAwhichissimilartotheexistingmachine:YearsCashflows(Rs.Inlacs)
UnrecoveredcashflowsDiscountrate*DiscountedcashflowsUnrecovereddiscountedcashflows@10%
(1)(2)(3)(4)=(2)*(3)(5)0(25)(25)1.000(25)(25)1(25)0.909(25)25(20)0.8264(21)320
0.75115(6)414140.683104514280.621912NPV12*disocuntratecomputedusingformule=1/
(1+r)tothepowernwherer=disocuntrate&n=year1)NetPresentvalue=Presentvalueofinflows
Presentvalueofoutflows=12(ascomputedabove)2)ProfitabilityIndex=Presentvalueofinflows/
presentvalueofoutflowswhichshouldbe>137/251.483)Paybackperiod=Baseyear+[(unrecovered
cashflowofbaseyear/cashflowsofnextyear)*12]wherebaseyear=yearinwhichunrecoveredcash
flowsturns0or+vePaybackperiod=2+[(20/0)*12]=2years
23.23.4)DiscountedPaybackperiod=Baseyear+[(unrecovereddisocuntedcashflowofbaseyear/
disocuntedcashflowsofnextyear)*12]wherebaseyear=yearinwhichunrecoveredcashflowsturns0
or+vePaybackperiod=3+[(6/4)*12]=3.18years(b)togoinformachineBwhichismoreexpensive&
hasmuchgreatercapacity:YearsCashflows(Rs.Inlacs)UnrecoveredcashflowsDiscountrate*
DiscountedcashflowsUnrecovereddiscountedcashflows@10%(1)(2)(3)(4)=(2)*(3)(5)0(40)(40)
1.000(40)(40)110(30)0.9099(31)214(16)0.82612(19)3160.75112(7)417170.683124515
320.621914NPV14*disocuntratecomputedusingformule=1/(1+r)tothepowernwherer=
disocuntrate&n=year1)NetPresentvalue=PresentvalueofinflowsPresentvalueofoutflows=14
38/44
11/15/2016
(ascomputedabove)2)ProfitabilityIndex=Presentvalueofinflows/presentvalueofoutflowswhich
shouldbe>154/401.353)Paybackperiod=Baseyear+[(unrecoveredcashflowofbaseyear/cash
flowsofnextyear)*12]wherebaseyear=yearinwhichunrecoveredcashflowsturns0or+vePayback
period=3+[(16/0)*12]=3years4)DiscountedPaybackperiod=Baseyear+[(unrecovereddisocunted
cashflowofbaseyear/disocuntedcashflowsofnextyear)*12]wherebaseyear=yearinwhich
unrecoveredcashflowsturns0or+vePaybackperiod=3+[(7/4)*12]=3.21years
24.24.AssignmentC1.Themainfunctionofafinancemanageris(a)capitalbudgeting(b)capital
structuring(c)managementofworkingcapital(d)(a),(b)and(c)Answer(d)2.Earningpershare(a)
referstoearningofequityandpreferenceshareholders.(b)referstomarketvaluepershareofthe
company.(c)reflectsthevalueofthefirm.(d)referstoearningsofequityshareholdersafterallother
obligationsofthecompanyhavebeenmet.Answer(d)3.Ifthecutoffrateofaprojectisgreaterthan
IRR,wemay(a)accepttheproposal.(b)rejecttheproposal.(c)beneutralaboutit.(d)waitfortheIRRto
increaseandmatchthecutoffrate.Answer(b)4.Costofequitysharecapitalis(a)equaltolast
dividendpaidtoequityshareholders.(b)equaltorateofdiscountatwhichexpecteddividendsare
discountedtodeterminetheirPV.(c)lessthanthecostofdebtcapital.(d)equaltodividendexpectations
ofequityshareholdersforcomingyear.Answer(b)5.Degreeofthetotalleverage(DTL)canbe
calculatedbythefollowingformula[Givendegreeofoperatingleverage(DOL)anddegreeoffinancial
leverage(DFL)](a)DOL+DFL(b)DOL/DFL(c)DFLDOL(d)DOLxDFLAnswer(d)6.Risk
Returntradeoffimplies(a)increasingtheprofitsofthefirmthroughincreasedproduction(b)nottaking
anyloanswhichincreasetheriskofthefirm(c)takingdecisionsinawaywhichoptimizesthebalance
betweenriskandreturn(d)notgrantingcredittoriskycustomersAnswer(c)7.Thegoalofafirm
shouldbe(a)maximizationofprofit(b)maximizationofearningpershare(c)maximizationofvalueof
thefirm(d)maximizationofreturnonequityAnswer(c)8.CurrentAssetsminuscurrentliabilitiesis
equalto(a)Grossworkingcapital(b)Capitalemployed(c)Networth(d)Networkingcapital.Answer
(d)9.TheindifferencelevelofEBITisoneatwhich(a)EPSincreases(b)EPSremainsthesame(c)EPS
decreases
25.25.(d)EBIT=EPS.Answer(d)10.Moneyhastimevaluesince(a)Thevalueofmoneygets
compoundedastimegoesby(b)Thevalueofmoneygetsdiscountedastimegoesby(c)Moneyinhand
todayismorecertainthanmoneyinfuture(d)(b)and(c)Answer(b)11.Networkingcapitalis(a)
excessofgrosscurrentassetsovercurrentliabilities(b)sameasnetworth(c)sameascapitalemployed
(d)sameastotalassetsemployedAnswer(a)12.Theinternalrateofreturnofaprojectisthediscount
rateatwhichNPVis(a)positive(b)negative(c)zero(d)negativeminuspositiveAnswer(c)13.
Compoundingtechniqueis(a)sameasdiscountingtechnique(b)slightlydifferentfromdiscounting
technique(c)exactlyoppositeofdiscountingtechnique(d)onewhereinterestiscompoundedmorethan
onceinayear.Answer(c)14.FordeterminingthevalueofashareonthebasisofP/Eratio,information
isrequiredregarding:(a)earningpershare(b)normalrateofreturn(c)capitalemployedinthebusiness
(d)contingentliabilitiesAnswer(a)15.Tandoncommitteesuggestedinventoryandreceivablenorms
for(a)15majorindustries(b)20minorindustries(c)25majorandminorindustries(d)30majorand
minorindustriesAnswer(c)16.CapitalstructureofABCLtd.consistsofequitysharecapitalofRs.
1,00,000(10,000shareofRs.10each)and8%debenturesofRs.50,000&earningbeforeinterestandtax
isRs.20,000.Thedegreeoffinancialleverageis(a)1.00(b)1.25(c)2.50(d)2.00Answer(b)17.The
followingdataisgivenforacompany.UnitSP=Rs.2,Variablecost/unit=Re.0.70,TotalfixedcostRs.
1,00,000InterestChargesRs.3,668,Output1,00,000units.Thedegreeofoperatingleverageis(a)4.00
(b)4.33(c)4.75(d)5.33Answer(b)18.MarketpriceofequityshareofacompanyisRs.25andthe
dividendexpectedayearhenceisRs.10.
26.26.Theexpectedrateofdividendgrowthis5%.Thecostofequalcapitaltocompanywillbe(a)40%(b)
45%(c)35%(d)50%Answer(b)19.Thedilemmaof"liquidityVsprofitability"ariseincaseof(a)
Potentiallysickunit(b)Anybusinessorganization(c)Onlypublicsectorunites(d)Purelytrading
companiesAnswer(b)20.ThepresentvalueofRs.15000receivablein7yearsatadiscountrateof
15%is(a)5640(b)5500(c)5900(d)5940Answer(a)21.AbondofRs.1000bearingcouponrateof
12%isredeemableatparin10yrs.Iftherequiredrateofreturnis10%thevalueofbondis(a)1000(b)
1123(c)1140(d)1150Answer(a)22.TheEPSofABCLtd.isRs.10&costofcapitalis10%.The
marketpriceofshareatreturnrateof15%anddividendpayoutratioof40%is(a)100(b)120(c)130(d)
150Answer(a)23.Thecredittermofferedbyasupplieris3/10net60.Theannualizedinterestcostof
39/44
11/15/2016
notavailingthecashdiscountis(a)22.58%(b)27.45%(c)37.75%(d)38.50%Answer(a)24.The
costliestoflongtermsourcesoffinanceis(a)Preferencesharecapital(b)Retainedearnings(c)Equity
sharecapital(d)DebenturesAnswer(c)25.Whichofthefollowingapproachesadvocatesthatthecost
ofequitycapital&debitcapitalremainsthedegreeofleveragesvaries(a)Netincomeapproach(b)Net
operatingincomeapproach(c)Traditionalapproach(d)ModiglianiMillerapproachAnswer(b)&(d)
26.Whichofthefollowingisnotafeatureofanoptimalcapitalstructure.(a)Profitability(b)Safety(c)
Flexibility
27.27.(d)ControlAnswer(b)27.Whilecalculatingweightedaveragecostofcapital(a)Retainedearnings
areexcluded(b)Bankborrowingsforworkingcapitalareincluded(c)Costofissuesareincluded(d)
WeightsarebasedonmarketvalueoronbookvalueAnswer(a)28.Whichofthefollowingfactors
influencethecapitalstructureofabusinessentity?(a)Bargainingpowerwithsuppliers(b)Demandfor
productofcompany(c)Expectedincome(d)TechnologyadoptedAnswer(c)29.Accordingtothe
Waltersmodel,afirmshouldhave100%dividendpayoutratiowhen.(a)r=ke(b)r<ke(c)r>ke(d)g
>keAnswer(a)30.Operatingcyclecanbedelayedby(a)IncreaseinWIPperiod(b)Decreaseinraw
materialstorageperiod(c)Decreaseincreditpaymentperiod(d)Botha&caboveAnswer(d)31.Ifnet
workingcapitalisnegative,itsignifiesthat(a)Theliquiditypositionisnotcomfortable(b)Thecurrent
ratioislessthen1(c)Longtermusesaremetoutofshorttermsources(d)Allofa,bandcabove
Answer(d)32.Whichofthefollowingmodelsondividendpolicystressesoninvestorspreferencefor
thecurrentdividend(a)Traditionalmodel(b)Waltersmodel(c)Gordonmodel(d)MMmodelAnswer
(d)33.Whichofthefollowingisatechniqueformonitoringthestatusofreceivables(a)ageingschedule
(b)outstandingcreditors(c)selectionmatrix(d)creditevaluationAnswer(a)34.Averagecollection
periodisequalto(a)360/ReceivablesTurnoverRatio(b)AverageCreditors/Salesperday(c)Sales/
Debtors(d)Purchases/DebtorsAnswer(a)35.InIRR,thecashflowsareassumedtobereinvestedin
theprojectat(a)Internalrateofreturn(b)costofcapital(c)Marginalcostofcapital(d)riskfreerate
28.28.Answer(d)36.Inacapitalbudgetingdecision,incrementalcashflowmean(a)cashflowswhichare
increasing.(b)cashflowsoccurringoveraperiodoftime(c)cashflowsdirectlyrelatedtotheproject(d)
differencebetweencashinflowsandoutflowsforeachandeveryexpenditure.Answer(d)37.The
simpleEOQmodelwillnotholdgoodunderwhichofthefollowingconditions(a)Stochasticdemand(b)
constantunitprice(c)Zeroleadtime(d)FixedorderingcostsAnswer(a)38.Theopportunitycostof
capitalreferstothe(a)netpresentvalueoftheinvestment.(b)returnthatisforegonebyinvestingina
project.(c)requiredinvestmentinaproject.(d)futurevalueoftheinvestmentscashflows.Answer(b)
39.WhichofthefollowingfactorsdoesnotinfluencethecompositionofWorkingCapitalrequirements
(a)Natureofthebusiness(b)seasonalityofoperations(c)availabilityofrawmaterials(d)amountof
fixedassetsAnswer(d)40.Thecapitalstructureratiomeasurethe(a)FinancialRisk(b)BusinessRisk
(c)MarketRisk(d)operatingrisksAnswer(a)
Recommended
ResponsiveDesignFundamentals
CreatingaResponsiveWebDesign
40/44
11/15/2016
UserExperienceFundamentalsforWebDesign
Adl02marketingmanagementv2(2)
successacademy
Adl09humanresourcemanagement
HimanshuJindal
Adl12businesslaw
HimanshuJindal
Ms95assignmentResearchMethodologyforManagementDecisions
PallaviDhotra
41/44
11/15/2016
AmityUniversity
vaibhavgupta31
AnnamalaiuniversitysolvedassignmentsandAmitySolvedAssignments
aidlodotcom
Mb0051legalaspectsofbusinessanswer
RohitMishra
English
Espaol
Portugus
Franais
Deutsch
About
Dev&API
Blog
Terms
Privacy
Copyright
Support
LinkedInCorporation2016
ShareClipboard
Email
42/44
11/15/2016
Enteremailaddresses
Addamessage
From
Send
Emailsentsuccessfully..
Facebook
Twitter
LinkedIn
Google+
Link
Publicclipboardsfeaturingthisslide
Nopublicclipboardsfoundforthisslide
SavethemostimportantslideswithClipping
Clippingisahandywaytocollectandorganizethemostimportantslidesfromapresentation.You
cankeepyourgreatfindsinclipboardsorganizedaroundtopics.
Startclipping
Nothanks.Continuetodownload.
43/44
11/15/2016
Selectanotherclipboard
Lookslikeyouveclippedthisslidetoalready.
Searchforaclipboard
Createaclipboard
Youjustclippedyourfirstslide!
Clippingisahandywaytocollectimportantslidesyouwanttogobacktolater.Nowcustomizethenameofa
clipboardtostoreyourclips.
Name* BestofSlides
Description AddabriefdescriptionsoothersknowwhatyourClipboardisabout.
Visibility
OtherscanseemyClipboard
Cancel Save
Savethisdocument
44/44

Adl 13-Financial-Management PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Adl 13-Financial-Management PDF

Uploaded by

Copyright:

Available Formats

11/15/2016

You might also like