Yesterday’s ACCA March 21 FM Exam certainly rewarded those students who attempted the exam in my recommended order – C A B.

The topics tested in Q31 & Q32 varied depending upon the timing the candidates sat the exam, but the topics tested were:

1. NPV

2. Profitability Index (Capital Rationing)

3. EOQ

4. WACC with Convertible Debt

5. Effect of convertible debt on capital structure – this needs careful thought

6. Asset Replacement ( 3 or 4 years) – interesting scrap proceeds calculation.

7. Working Capital Management vs Working Finance.

Expected score = 30/40

Section A had the usual syllabus coverage. One paper had a lot of “theory” questions.

Expected score = 18/30

Section B was said by most to be odd. Not quite as expected.

Expected score = 14/30