Corporate Finance (ACCA) 2400-ZEWW800(ACCA)
Lectures Finance I (ACCA), Finance II (ACCA) and a seminar Corporate finance (ACCA) are equivalent to the module „Financial Management” of the ACCA (the Association of Chartered Certified Accountants) qualification so give a chance to be exempted from the official ACCA exam. Since it has to follow ACCA rules, it has some unique features and time constraints (check details below).
The seminar covers the following topics:
1. The nature and purpose of financial management
2. Working capital management – definition and importance of working capital, management of inventories, accounts receivable, accounts payable and cash
3. Investment appraisal – use of different investment appraisal techniques, taking into account inflation and taxation as well as risk and uncertainty
4. Leasing, factoring and asset replacement
5. Business finance – sources of business finance, capital structure theories, M-M theorem, cost of capital, WACC
6. The analysis of equity – efficient market hypothesis (EMH), valuation of shares, cost of equity
7. The analysis of debt – cost of different forms of debt
8. Valuation of business – comparative analysis, free cash flow models (FCFF and FCFE)
Type of course
Prerequisites (description)
Course coordinators
Learning outcomes
After completing the course the student is aware of the nature and types of risk and approaches to risk management, knows how inflation, taxes and risk are reflected in
investment appraisal, knows what working capital is and how important it is, knows how to estimate the cost of capital, as well as how to justify using leasing and factoring.
The student is able to assess the cost of equity and debt, perform an investment appraisal taking inflation, taxes and risk into account. He or she is capable of assessing whether leasing or factoring is a good option and can determine working capital needs.
The student correctly identifies and resolves dilemmas related to performing business activities. He or she is able to broaden the acquired knowledge and skills so as to expand them to the extent required for professional work. With a broad look at a variety of financial problems, the student can think and act in an entrepreneurial way.
Assessment criteria
To complete the course, the student has to pass a written exam. The exam is divided into two sections: Section A consisting of 10 multiple choice questions, either theoretical or short calculations (each question is worth 1 point) and Section B consisting of 2 open questions (each question is worth 10 points). The passing threshold is 50% (15 points). During the exam students have access to financial tables and use spreadsheet (in Excel).
Active participation in classes is additionally awarded.
Bibliography
1. Bojańczyk M., Finanse przedsiębiorstwa, Wydawnictwo SGH
2. Brealey R.A., Myers S., Podstawy finansów przedsiębiorstw, PWN
3. Damodaran A., Finanse korporacyjne teoria i praktyka, Onepress
4. Dębski W., Teoretyczne i praktyczne aspekty zarządzania finansami przedsiębiorstwa, PWN
5. Drajska E., Korol T., Figura P., Bławat F., Prusak B., Gawrycka M., Analiza finansowa przedsiębiorstwa. Finansowanie, inwestycje, wartość, syntetyczna ocena kondycji finansowej, CeDeWu
6. Duliniec A., Struktura i koszt kapitału w przedsiębiorstwie, PWN
7. Grzywacz J. (red.), Finanse przedsiębiorstwa, Wydawnictwo SGH
8. Kowalska A., Baran B., Biernacki K., Kowalski A., Leasing kredyt faktoring jako formy finansowania przedsiębiorstw. Analiza porównawcza i korzyści dla przedsiębiorcy, Difin
9. Rutkowski A., Zarządzanie finansami, PWE
Additional information
Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system: