Tài liệu vấn đáp TACN2 học viện tài chính AOF EPS

Tài liệu vấn đáp TACN2 đạt điểm cao, có thể sử dụng thi viết, mình thi đợt trước được 9,5 nhé mng Tài liệu soạn theo câu hỏi cô giáo cho và câu hỏi trong sách giáo trình chúc mọi người học tốt 1. What does the term “corporate finance” refer to? (Concept) CF is a broad term that is used to collectively identify the various financial dealings undertaken by a corporation.

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UNIT 16: CORPORATE FINANCE

1 What does the term “corporate finance” refer to? (Concept)

- CF is a broad term that is used to collectively identify the various financial dealings

undertaken by a corporation

2 What is one of the main functions of corporate finance?

- One of the core functions of reponsible CF is to make wise use of the financial

resources available to the company

3 What is the ultimate goal of corporate finance?

- The general goal of corporate finance is to ensure that the company is achieving the

maximum profits while incurring the minimum amount of expenditure

4 What does corporate finance include?

- Corporate finance includes planning, raising, investing and monitoring of finance in

order to achieve the financial objectives of the company

5 What sources of finance can financial managers of when they want to raise more

capital?

- Finance can be collected from many sources: banks, shares, debentures, financial

institutions, creditors, etc

6 How is the capital of a firm basically classified?

- There are 2 types of corporate capital: Fixed capital and Working capital

7 How is fixed capital and working capital often used?

- Fixed capital is used to purchase fixed assets like land, buildings, machinery, etc

/ɪtˈset.ər.ə/

- Working capital is used to purchase raw materials It’s also used to pay the

day-to-day expenses like salaries, rent, taxes, electricity bills, etc

8 What are the tasks of financial managers in planning the finance?

- The finance manager plans the finance of the company He takes decisions of

questions like:

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+ What are sources of finance?

+ How to use the finance profitably?

9 What are the tasks of financial managers in raising the finance?

- The finance managers raise finance for the company Finance can be collected from many sources: banks, shares, debentures, financial institutions, creditors, etc

10 What are the tasks of financial managers in investing the finance?

- The finance manager uses the finance to achieve the objectives of the company

11 What are the tasks of financial managers in monitoring the finance?

- The finance manager monitors the finance of the company He has to minimize: + the cost of finance

+ the wastage and misuse of finance

+ and the risk of investment of finance

- He also has to get maximum return of the finance and in general he has to make sure that there are assets on hand to maintain company operations

13 What are the objectives of corporate finance?

- Some main objectives of corporate finance are making wise financial resources, developing an operation budget for all financial needs of the company, working with other departments to track income generated from various operations and investments The general goal of corporate finance is to ensure that the company is achieving the maximum profits while incurring the minimum amount of

expenditure

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UNIT 17: FUNDING THE BUSINESS

3 What are capital sources debt financing?

- A company can raise liabilities by issuing new bonds, using trade credit or

borrowing money from banks or other financial institutions

4 What are capital sources equity financing?

- A company can increase its equity by issuing new shares, using reinvested earnings

or selling parts of the company’s assets

5 What does the high/ low gearing mean?

- A high/low gearing ratio means the company has a greater/ smaller proportion of

long-term debt

6 How many forms of equity are there? (low gearing)

- 4 forms: owne’s capital, venture capital, unlisted security market, stock exchange

7 What are advantages and disadvantages of owner’s capital?

- Owner’s capital is the money invested by the owners of the company

- Advantage: In successful times, the owners have a claim on all the net profits of the company

- Disadvantage: Owner’s capital is the most exposed form of capital because: + A return is received only after all other calls on company profits have been satisfied

+ In the case of bankruptcy, the owner’s equity will be repaid only after everyone

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8 What are advantages and disadvantages of venture capital?

- Venture capital is provided by the venture firms interested in financing high-groth

9 What are advantages and disadvantages of unlisted securities market?

- Sometimes called the second or third market

- The unlisted securities market has the advantage of allowing a company to raise

money from outside investors without losing much control of the company

- However, this source of funds is available to small and medium companies

10 What are advantages and disadvantages of stock exchange? (listed security market)

- Stock exchange is available only to large companies

- Advantage: The listed security market has the advantage of providing the long-term opportunity of raising capital by issuing fresh shares

- Disadvantage: However, at least 25% of the equity must be in public hands there by reducing the control of the original owners

11 What are advantages and disadvantages of long-term loans?

- Long –term loans provide companies opportunities to raise more capital

- Advantages: In times of prosperity, long-term loans (a high gearing) can (will) give the owners much better returns because net profit will be a much higher percentage

of equity after interest payments, on the long term debt

- Disadvantages: However, in harder times, the owner’s earning will drop

dramatically because interest payment soaks up most of the company’s profits

12 Is the higher fearing helpful or harmful to companies?

- Both harmful and helpful

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13 CFO obligations: Why is it necessary for the CFO to choose the proper gearing?

- To meet long-term need for funds

- To minimize the risks and losses to the Co., ensure its liquidity and debt repayment

- To maximize the profitability and owners’ wealth

14 What do finance managers need to do to ensure a company’s long-term survival and prosperity?

- Finance managers need to make decisions about the gearing of the company

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UNIT 18: MANAGEMENT OF WORKING CAPITAL

1 How is profitability determined?

- Profitability is determined in part by the way in which a company managers its working

capital

2 What is one of the principal functions of financial management in managing

working capital?

- One of the principal functions of financial management is to provide the correct amount

of working capital at the right time and in the right place to realize the greatest return on

investment

3 How can working capital initially broken down?/ How many types of working

capital are there?

- Working capital can be classified in 2 ways, they are permanent working capital and

temporary working capital Permanent working capital is tied up in keeping the business

flowing throughout the year While temporary working capital is needed from time to

take account of seasonal, cyclinal, unexpected, fluctuations in the business Both types of

working capital have three major applications: firstly inventories, secondly debtors and

finally cash

4 What is permanent working capital used for? (Purpose)

- Permanent working capital is tied up in keeping the business flowing throughout

the year

- Temporary working capital is needed from time to take account of seasonal,

cyclical or unexpected fluctuation in the business

- Temporary working capital

- 3 major applications: firstly inventories, secondly debtors and finally cash

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10.8 What are inventories further divided into?

- Inventories can be further divided into inventories of raw materials, work in progress and finished goods

- These three can soak up an enormous amount of excess working capital if not well managed

- The finance manager has to minimize:

+ the stocks of raw materials (lượng nguyên liệu thô)

+ the level of the work in progress (lượng bán thành phẩm)

+ the quantity of finished goods (lượng thành phẩm)

- Avoid the vicious circle in the business

- Debtors consits of payment due to supplier and payment owed by customers

- It’s the task of the finance manager to see that generous credit terms are negotiated with suppliers but minimal credit is offered to customers A balance must be achieved between getting and giving good credit terms to attract customers and maintain a positive relationship with suppliers on one hand, and minimizing cash

outlay on the other hand

- Cash is further divided into cash for normal and abnormal requirement

- It’s the task of the finance manager to ensure that adequate cash is always available for meeting the company’s day-to-day debts and that there is also a small reserve

on hand to meet contingencies

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- The vicious circle in the business includes over-stringent cost control, disruption in

production, failure to meet customer orders, loss of customer goodwill, and loss of

sale

production or margins?

- There will be a drop in profit

controlled too stringently?

- Over-stringent control can lead to disruption in production caused by the delay in

receiving raw materials, a failure to take account of costly price rises in the pipeline, a

failure to keep the production volume required by future sales and resulting expensive

and damaging effects on customer goodwill

- The disruption in production caused by the delay in receiving raw materials

- The ‘just-in-time” philosophy, developed in Japan, is aimed at reconciling these often

conflicting interests and keeping inventory costs to a minimum

stringent cost control :Kiểm soát

Over-Disruption in production

Failure to meet customer orders

Loss of customer goodwill mất thiện chí

Loss of sales

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+ The objective of marketing is understand the market demand, then develope and

create new products to satisfy customer’s needs and wants

2 Why should the production department understand the marketing concept?

- Because much of the work of marketing has been done before the final products or

sevices come to existence

3 What is selling concept?

- The selling concept assumes the resisting consumers have to be persuaded by vigorous

hard-selling techniques to buy non-essential goods and services Products are sold rather

than bought

4 What is marketing concept?

- The marketing concept, assumes that the producer’s task is to find the consumer’s

wants and fill them Producer makes products that will be bought In other words, you

don’t sell what you make, you make what will be bought

5 What are market opportunities?

- Market opportunities are a profitable possibility of filling unsatisfied needs andof

creating new ones in areas in which the company is likely to enjoy a differential

advantage, due to its distinctive competencies (the things it does particularly well)

- Market opportunities are generally isolated by market segmentation

6 Why must the companies consider the existence of competitors?

- Because competitors have to be identified, monitored and defeated in the search for

loyal customers

7 Why is market research important?

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- Because it minimizes the risk of launching a product or service solely on the basis of

intuition or guesswork

8 How to conduct a market research?

- They collect and analyze information about the size of a potential market, about the

consumers’ reactions to particular product or service features, and so on

- Sales representatives, who also talk to customers, are another important source of

information

9 What is marketing mix?

- The mkt mix is all various elements of a mkt program, their integration, and the amount of effort that a company can expand on them in order to influence the target

market

10 How many elements of marketing mix are there?

- 4Ps in the marketing mix are product, place, promotion and price

+ Products include quality, feature, style, brand name, size, packaging, services and guarantee

+ Place in a marketing mix includes such factors as distribution channels, locations

of points of sale, transport, inventory size, etc

+ Promotion groups together advertising, publicity, sales promotion and personal selling

+ Price includes the basic list price, discounts, the length of the payment period, possible credit terms, and so on

11 What does producer market include?

- The producer market contains all the raw materials, manufactured parts and components that go into consumer goods, and services that are used in the production of other goods,

or in the supply of services to others

12 Why is the producer market larger than the consumer market?

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- Because, the producer market contains all the raw materials, … There is consequently more industrial than consumer marketing, even though ordinary consumers are seldom

exposed to it

13 Who can increase sales by changing the marketing mix?

- It is the job of a product manager or a brand manager to look for ways to increase sales

by changing the marketing mix

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UNIT 20: SETTING THE PRICE

- How are prices set?

1

- Throughout most of history, prices were set by buyers and sellers negotiating with

each other Sellers would ask for a higher price than they expected to receive, and

buyers would offer less than they expected to pay Through bargaining, they would

arrive at an acceptable price

2 Why have non-price factors become relatively important in buyer-choice

behavior?

Bcs non-price factors include the income, needs, taste, habit and preferences of

consumers, the natural factor and the brand loyalty that determine buyer-choice

behavior whether to buy or not

-

3 What are common mistakes when pricing?

- The most common mistakes are that:

+ Pricing is too cost oriented

+ Price is not revised often enough to capitalize on market changes

+ Price is set independently to the rest of the marketing mix

+ Price is not varied enough for different product items and market segments

4 How do organizations handle pricing?

- Companies handle pricing in many ways

- In small companies, prices are often set by top management rather than by the

marketing or sales department

- In large companies, pricing is typically handled by divisional and product-line

managers

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- In some industries, where pricing is a key factor, pricing department is established to

set prices or assist others in determining appropriate prices

2.- Price has operated as the major determinant of buyer choice

- Price is the only element in the marketing mix that produces revenue, the other

elements represent costs

- Price remain one of the most important element of determining company market share

and profitability

6 What is the difference between setting prices now and in the past?

- In the past, prices were set by buyers and sellers negotiating with each other through

bargaining, they would arrive at an acceptable price

- However, now prices are determined by the demand and supply and are set for all buyers

- In order to handle pricing well, companies should consider prices in relation to other 3Ps in

mkt mix and avoid making vommom mistake in setting the price:

+ Ppricing should not be too cost oriented

+ Prices should be revised often enough to capitalize on market changes

+ Prices should be set in relation to the rest of the mkt mix Moreover, prices should be

varied enough for different product items and market segments

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UNIT 21: WHAT IS ACCOUNTING?

1 What is accounting information?

- Accounting information is the means by which we measure and communicate

economic events

2 What is the accounting process?

- The accounting process produces accounting information used by decision makers in

making economic decisions and taking specific actions (basic purpose) These

decisions and actions result in economic activities that continue the cycle

3 What do you need to understand when using accounting information in making

business decisions?

- To understand and use accounting information in making economic decisions, you

need to understand the following:

+ The nature of economic activities that accounting information describes

+ The assumptions and measurement techniques involved in developing

accounting information

+ The most relevant in4mation for making various types of decisions

4 What is the input/ output of the accounting process?

- Input: economic activities

Output: accounting in4mation

-

5 How many types of accounting information are there?

- 3 types: financial accounting, management accounting and tax accounting

Financial accounting information Management accounting information

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Refer to?

(differences)

refers to information describing the

financial resources, obligations, and

activities of an economic entity

(on the contrary) Involves the development and interpretation of accounting information

Purpose is designed primarily for many

purposes (to assist investors and

creditors in deciding where to place

their scarce investment resources) =>

general purpose.

Used only by company’s managers such

as running the business, setting the company’s overall goals, evaluating the performance of departments and individuals, deciding whether to introduce a new line of products and in making virtually all types of managerial decisions

Who uses? used by people both inside and

outside the company (creditors,

investors, auditors, competitors,…)

mainly by people outside

Used by people inside the company (managers, employees…)

Types of

report

balance sheet, income statement,

statement of cash flow, (footnotes:

thuyet minh bctc)

balance account report, inventory report, accounts payable report…

- Financial position describes an entity’s financial resources and obligations at one point

in time

- Result of operations describes its financial activities during the year

- Because they determine which companies and industries will receive the financial

resources necessary for growth, and which will not

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The most challenging aspect of tax accounting is not the preparation of an income tax

return, but tax planning

-

- Tax planning means anticipating the “tax effects” of business transactions and

structuring these transactions in a manner that will minimize the income tax burden

11 What is tax accounting ?

- Tax accounting refers to the preparation of income tax returns

- The tax accounting information is often adjusted or reorganized to confirm with

income tax reporting requirements

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