代写 ACC515 - Accounting & Finance
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代写 ACC515 - Accounting & Finance
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 1 40
ACC515 - Accounting & Finance
Session 1 2016
Faculty of Business
School of Accounting and Finance
Internal Mode
Subject Overview
This subject integrates the study of the accounting and finance functions of the firm in the context of a
global financial institutional environment. The subject examines the objectives of corporate finance
and develops specific student competencies pertinent to corporate treasury management and
institutional finance.
Learning outcomes
On successful completion of this subject, you should
be able to evaluate and explain the congruence of accounting, finance and treasury functions;
be able to explain and critique the objectives of financial management in contemporary
organisations;
be able to critically evaluate mainstream financial theory and concepts;
be able to discuss and evaluate ethical considerations in financial dealings;
be able to demonstrate appropriate communication skills in the context of corporate finance;
be able to demonstrate specific technical competencies and skills in utilising quantitative
techniques in financial analysis.
Lecturer Details
Subject Coordinator Sajjad Khan
Phone To be advised.
Contact phone number 03 99357927
Campus Other
Building/Room number To be advised.
About your lecturer
To be advised.
Learning, Teaching and Support Strategies
Class times and location
Please refer to the most updated timetable for the class times and location.
You would have received your timetable by email. You can also obtain a copy from the timetable
stand outside the academic office or via the noticeboard. You can also obtain a current copy from the
link below:
https://csutimetable.au.studygroup.com/Melbourne
It is essential that you keep checking the timetable for the latest class information. The Important:
timetable may change until the second week of the teaching session, and it is important to monitor the
timetable regularly on the noticeboard.
Charles Sturt University Subject Outline
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The weekly instruction in this subject will consist of a combined lecture /tutorial lasting up to 3 hours
which will occur every week. This will cover the main points from each topic.
Attendance is required at all scheduled lectures and tutorials.
How to contact your lecturer
Email is the best way to contact your lecturer. Please send a brief message regarding the issue and
include the subject name and code in your email ?it really helps to know which class you belong to,
before lecturer responds to your query. If you prefer to phone your lecturer that is fine, but please
leave a message if lecturer is not there at the time ? lecturer will give you a call back as soon as he/she
can.
How you are expected to engage with the subject
All of your subject materials are available on the Interact site under the Topics link in the left hand
side menu. I suggest that for each topic you read the learning objectives carefully, review the topic
notes and read the relevant text references.
In this subject there are many opportunities for you to engage with myself, with other students and
with the subject. I will be holding weekly face to face classes throughout the session where we can
discuss content issues and assessment items.
Review Questions: There are several review questions on each topic with solutions for you to check
your understanding on the topic.
Feedback: Students are encouraged to give feedback to me throughout the session. Email, forum posts
and discussion during face to face classes are all the avenues for giving feedback so I can make
adjustment to meet students' learning needs. There is also a survey at the end of the session which
allows students to give anonymous feedback on your experience in this subject.
Make sure you regularly (at least 3 times per week) check the Interact site for discussion board
(forum) postings, announcements, topic information and other resources vital to your success in this
subject.
Studying at university does not mean studying alone. Take advantage of collective wisdom and post
your questions to the subject Discussion Board.
Information on effective time management is available on the CSU Learning Support website via the
following link: http://student.csu.edu.au/
Visit the Learning Support website for advice about assignment preparation, academic reading and
note taking, referencing and effective time management at: student.csu.edu.au
You can also contact an adviser through Student Central on the following number:
1800 275 278 (or +61 2 6933 7507 (http://interact.csu.edu.au/sakai-msi-tool/content/templates/edit.html?setId=37112#)
from outside Australia).
Queries regarding the content of this subject should be directed to your Subject Coordinator.
Library Services
The CSU Library website provides access to online material and print, using Primo Search to find
online journal articles, eBooks, hardcopy books from CSU Library (see Library Manager for
Interlibrary Loan Requests), company & government reports, eJournals, dissertations, theses,
newspapers including Business & Financial newspapers in Factiva (See Business & IT Journal
Databases), and other reference resources (eg. Australian Bureau of Statistics, Australian standards,
online encyclopaedias & dictionaries to be read on the computer). You will also find library guides,
Charles Sturt University Subject Outline
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Subject Reserve for any readings eg. ITC100, ACC100, etc., and online assistance to help you use the
Library's resources such as Ask a Librarian – Live Chat and Ask a Librarian - Web Form.
You can find Library Services on both the SGA library online catalogue:
http://primo.unilinc.edu.au/primo_library/libweb/action/search.do?vid=SGA
The SGA library online catalogue allows students to Sign In, My Account shows student’s current
library record including all books on loan, Renew your borrowed books online before the due date,
also Search and Request all books in the SGA library, even if unavailable due to high demand from
students. Students can Request books when all books are on loan to other students. When the
requested book is returned to the SGA library, the student who requested the book receives an email
immediately to pick up the book from the SGA library. View your library record online 24/7 at the
above web link for SGA library.
And also CSU Library online:
http://student.csu.edu.au/library - CSU Library Services including Primo Search & Subject Reserve
online with 24/7 access, online and video tutorials in research skills, finding journal articles for
assignments, topic analysis, download Endnote referencing program and many other online library
services to help you successfully complete your assignments for all CSU courses.
http://trove.nla.gov.au/ - Powerful search engine from National Library of Australia to access many
different online resources on any subject from one search.
Contact Details for renewing loans, locating books and other information:
SGA Melbourne Library:
Marian Lees - Director, Library Services
Ph: (03) 9935 7921
Library Help
http://student.csu.edu.au/library/help-contacts Friendly and quick assistance is available. Ask for help
finding information and navigating the library's extensive eResources.
Online Tutorials
http://student.csu.edu.au/library/study-research/training-tutorials-videos
Learn how to:
• use Primo Search to find eReserve material and journal articles
• search journal databases and web resources for information for your assessments
• identify appropriate sources of information and peer reviewed material, and evaluate resources.
Bookmark your Subject Library Resource Guide
Subject Library Guides are a great way to get started with research. Each online guide is tailored to a
specific area of study, including Accounting, Business & Information Technology outlining how to
research in your area and where to look for information.
http://libguides.csu.edu.au/
Academic Learning Support Assistance
代写 ACC515 - Accounting & Finance
Visit the learning support website for advice about assignment preparation, academic reading and
note-taking, referencing, and preparing for exams at: http://student.csu.edu.au/study
You may also contact:
Name: Monique Moloney
Phone: (03) 9935 7919
For appointments, please see Reception.
Queries regarding the content of this subject should be directed to your subject lecturer.
Charles Sturt University Subject Outline
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Your workload in this subject
Each week you should spend around 9-11 hours studying this subject. Obviously some weeks may require
more time than others depending how you work. But the following is a guide for your information.
Online tutorial and supporting readings 2.5 hours
Preparation of answers to topic review questions 2.5 hours
Participation in weekly face to face class 3.0hours
Preparation of assessment items 3.0 hours
Text and Learning Materials
Prescribed text(s)
Titman, S., et al. (2016) Financial Management 7th edn. Pearson Australia.
Schedule
Session
Week
Week
Commencing
Modules
Reading
1 29 February
1. Introduction to financial management and the Australian
taxation system.
2. Financial markets.
Chapter 1, 2 & 3
2 7 March
3. Financial mathematics.
Chapter 5 & 6
3 14 March
4. Credit management and short-term financing.
Online Test due date 16 March.
Chapter 18
4 21 March
5. Introduction to risk and rates to return.
Chapter 7 & 8
5 28 March 6. Valuation of bonds and shares Chapter 9 & 10
6 04 April
7. Capital budgeting concepts and methods.
8. Issues in capital budgeting.
Chapter 11 & 12
7 11 April
9. Other approaches to evaluating risk in project evaluation.
Report writing due date 13 April.
Chapter 13
8 18 April 10. Cost of capital. Chapter 14
Charles Sturt University Subject Outline
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Session
Week
Week
Commencing
Modules
Reading
9 25 April 11. Long-term debt finance. Refer eReserve
10 02 May 12. Shares & convertible securities. Refer eReserve
11 09 May
13. Capital structure
Case study due date 09 May.
Chapter 15
12 16 May 14. Divident policy Chapter 16
13 23 May 15. International business finance. Chapter 19
14 30 May Revision period.
15 06 June Final examination starts.
Assessment Information
Introduction to assessment
To protect the academic integrity of the subject, you may be asked to complete an additional test
(which may be verbal) if I or another member of the teaching staff have doubts that the work that you
have submitted for an assessment item is your own. This test would be held within 4 weeks of the
submission of the assessment.
Detailed information regarding:
Sample exam (for subjects with a formal exam)
Pass requirements
Grades
Presentation
Submissions
Extensions
Penalties for late submission
Assignment return
Resubmission
Plagiarism
are included in Appendix 1.
Assessment Items
Item number Title Type Value Due date* Return date**
1 Online Test Assignment 5% 16-Mar-2016 -
2 Report Writing Assignment 20% 13-Apr-2016 05-May-2016
3 Case Study Assignment 15% 09-May-2016 31-May-2016
4 Final Exam Assignment 60% Variable -
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 6 40
* due date is the last date for assessment items to be received at the University
** applies only to assessment items submitted by the due date
Assessment item 1
Online Test
Value: 5%
Due date: 16-Mar-2016
Return date: -
Submission method options
Alternative submission method
Task
Assessment 1 is an online test. You are to attempt Online quizzes on Interact2 for Topics 1 & 2 by no
later than 16 March 2016.
Rationale
The rationale for this assessment is to encourage interaction and engagement in this subject from early
weeks. This assignment covers work studied in Topics 1 and 2 and provide you an opportunity to
demonstrate specific technical competencies and skills in utilising quantitative techniques in financial
analysis. This assignment will also be used to identify disengaged students.
Marking criteria
The test will be comprised of 20 qualitative / quantitative multiple choice questions, where each
question is worth 1 mark.
Marking Rubric for Multiple Choice Questions
HD D CR PS FL
To meet this level
you will answer
correctly 85-100% of
the multiple choice
questions.
To meet this level
you will answer
correctly 75-84% of
the multiple choice
questions
To meet this level
you will answer
correctly 65-74% of
the multiple choice
questions.
To meet this level
you will answer
correctly 50-64% of
the multiple choice
questions
At this level you will
only answer
correctly 0-49% of
the multiple choice
questions.
Assessment item 2
Report Writing
Value: 20%
Due date: 13-Apr-2016
Return date: 05-May-2016
Submission method options
Alternative submission method
Task
This assessment task covers topics covered in week 1 to 6 and has been designed to ensure that you are
engaging with the subject content on a regular basis.
Task
An overseas institutional investor has approached your investment advisory firm seeking to invest
AUD280 million in one of the big local bank’s ordinary shares. Your Chief Investment Officer has
done some preliminary research on the seven banks financial returns and current financial position that
Charles Sturt University Subject Outline
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has helped her to narrow the choices down to two banks. You have been given the assignment to
analyse and prepare a report as to which of the two banks' ordinary shares is better value for
investment.
Based on your market research (qualitative and quantitative) on BENDIGO AND ADELAIDE BANK
and SUNCORP GROUP LIMITED, you are required to prepare a report with your recommendation to
the Chief Investment Officer, as to which of the companies’ ordinary shares is better value for
investment. The overseas investor desires high returns and growth and is looking to park the funds for
long term i.e. 10 years. In your report, include all the calculations and market information on which
your recommendation is based.
Show all your calculations on the annexure. Limit your report between 1,500 to 2,000 words using
financial theory and concepts.
For this question you may use information provided in the below websites and any other sources you
feel will assist you to come up with your recommendation.
Yahoo! Finance http://au.finance.yahoo.com/
Australian Stock Exchange http://www.asx.com.au/
Reuters http://www.reuters.com/finance/markets
Bendigo and Adelaide Bank http://www.asx.com.au/asx/research/company.do#!/BEN
Suncorp Group Limited
http://www.suncorpgroup.com.au/investors/results-presentations?term=financial-results&year=2015
As a minimum calculate the following to help you come up with a recommendation:
• The required rate of return on ordinary shares of the above two banks using Capital Asset Pricing
Model.
• Ordinary share valuation – Constant dividend growth model.
• Find the monthly holding period returns (%) for the period 01 July 2014 to 30 June 2015. The
monthly holding period return is the percentage return you would receive if you bought an asset on the
first day of the month (opening price) and sold it on the last day of the month (closing price). Graph
your results on one graph with returns on the y axis and time on the x axis. (Use ‘Close’ rather than
‘Adjusted Close’ for the selling price and ignore any dividends.
Guidelines:
Base your calculations on the most recent financial results ending 30 June 2015.
Rationale
This report writing will provide an opportunity to apply the concepts in an authentic scenario that you
may encounter in the workplace and also:
· be able to demonstrate appropriate communication skills in the context of corporate finance.
· be able to demonstrate specific technical competencies and skills in utilizing quantitative
techniques in financial analysis.
· be able to critically evaluate mainstream financial theory and concepts.
Marking criteria
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 8 40
Where necessary, state any assumptions you have made. Assignments should show all workings and students will be penalized for failing to do this.
Use the following rubric as guidance:
. High Distinction Distinction Credit Pass Fail
Problem types/criteria (HD) (DI) (CR) (PS) (FL)
. 85% to 100% 75% to 84% 65% to 74% 50% to 64% 0% to 49%
Quantitative problems HD DI CR PS FL
Recommendation report applies
principles of finance correctly to
quantitative analysis. Types of
quantitative analysis required are
valuation of shares, expected rate
of return & price-earnings ratio
etc.
Applies all correct
principles and calculations,
substantiated with workings
or diagrams in order to
arrive at the right answer.
There are negligible errors
in calculations.
Applies correct principles
and calculations,
substantiated with workings
or diagrams in order to
arrive at the right answer,
shows workings but
contains minor errors in
calculations.
Applies most of the correct
principles and calculations,
substantiated with workings
or diagrams in order to
arrive at the right answer,
shows workings but contains
some minor errors.
Applies understanding of
most relevant principles,
shows workings but
contains some major errors.
Frequent errors or
unacceptable mistakes
indicative of a lack of
understanding of core
principle(s).
Conceptual problems HD DI CR PS FL
Recommendation report use
applies principles of finance
correctly in discussing
recommendation.
Principles are applied in the
appropriate manner to
arrive at the correct answer.
The use of relevant
principles shows creativity
and imagination.
Discussion reflects
excellent understanding of
relevant principles, as
evidenced by explicit use of
financial theories and
concepts.
Discussion reflects on all
relevant principles with
some level of detail, minor
errors in the application.
Discussion reflects basic
understanding, but not deep
understanding of relevant
principles. Minor errors in
the application.
Discussion reflects lack
of basic understanding
of relevant principles.
Financial technology HD DI CR PS FL
Recommendation report uses
appropriate financial technology
to gather information and
conduct financial analysis.
Spreadsheet, data sources,
and/or financial software
used masterfully. The
correct answers are derived
using relevant technology,
and the results are
presented in a clear and
professional manner.
Spreadsheet, data sources,
and/or financial software
used competently. Mostly
correct results are derived
using relevant technology.
Spreadsheet, data sources,
and/or financial software
used competently. Mostly
correct results are derived
using relevant technology,
but there may be some
minor errors.
Spreadsheet, data sources,
and/or financial software
used competently. Mostly
correct results are derived
using relevant technology,
but there may be some
major errors.
Spreadsheet, data
sources, and/or
financial software is
misused or used
inappropriately.
Analyze business situations HD DI CR PS FL
Analysis is sufficient to reach
reasonable conclusions and
recommendations as to which
stock is better value.
Quantitative and qualitative
analysis persuasively
supports the
recommendations and
conclusions.
Quantitative and qualitative
analysis is clearly used to
make specific and relevant
conclusions and/or
recommendations
Quantitative and qualitative
analysis is used to make
reasonable conclusions
and/or recommendations
Quantitative and qualitative
analysis is adequate to
make reasonable
conclusions and/or
recommendations
Quantitative and
qualitative analysis too
simplistic or
convoluted.
Financial research HD DI CR PS FL
Use of literature/market research
/evidence of reading.
Has developed and justified
own ideas based on a wide
Literature is presented with
soundly based criticisms, in
Literature is presented with
some criticisms, in a
Literature is presented
uncritically, in a descriptive
No evidence of
literature or irrelevant
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 9 40
range of sources which
have been thoroughly
analysed, applied and
discussed.
a descriptive way and
indicates a good
understanding of the
literature.
descriptive way and
indicates a few limitations of
understanding.
way and indicates some
limitations of
understanding.
to the research question
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 10 40
Assessment item 3
Case Study
Value: 15%
Due date: 09-May-2016
Return date: 31-May-2016
Submission method options
Alternative submission method
Task
This assessment task covers topics covered in week 1 to 10 and has been designed to ensure that you
are engaging with the subject content on a regular basis.
Task
Pacific Energy Limited (ASX: PEA) is an ASX-listed energy supply business. The businesses deliver
low-cost ‘off-grid’ power supply to the Australian resource sector and ‘grid-connected’ renewable
hydro power.
PEA owns and operates 22 power stations with a total power generation capacity approaching
237MW. These power stations utilise either gas, diesel, dual fuel or water to generate electricity for
our long-term customers.
The Company’s core business division Kalgoorlie Power Systems (KPS) has been delivering its
resource sector clients, including some of the world’s biggest mining companies, ‘off-grid’ power
supply solutions for in excess of 25 years.
i) Being part of the treasury team of Pacific Energy Limited, your first exercise is to categorize Pacific
Energy’s capital structure into debt and equity capital. Begin by going to the website
http://www.asx.com.au/asx/research/company.do#!/PEA to obtain Pacific Energy Limited’s 2015
Annual Report.
ii) Calculate after-tax Weighted Average Cost of Capital.
iii) Assuming Pacific Energy Limited’s credit rating is AAA, what alternative capital structure would
you recommend lowering the cost of capital to the company?
Show all your calculation and limit your report to 1,000 words.
Guidelines:
You are to calculate cost of debt and cost of equity to work out Weighted Average Cost of
Capital.
To lower the cost of capital of the company, you could suggest an alternative debt and equity
capital mix taking into account the company is AAA rated.
Rationale
This will provide an opportunity to apply the concepts in an authentic scenario that you may encounter
in the workplace and also:
• be able to evaluate and explain the congruence of accounting, finance and treasury functions.
Charles Sturt University Subject Outline
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Marking criteria
Where necessary, state any assumptions you have made. Assignments should show all workings and
students will be penalized for failing to do this.
Use the following rubric as guidance:
High Distinction Distinction Credit Pass Fail
Problem
types/criteria
(HD) (DI) (CR) (PS) (FL)
85% to 100% 75% to 84% 65% to 74% 50% to 64% 0% to 49%
Quantitative
problems
HD DI CR PS FL
Be able to identify
and determine
individual cost of
capital and
compute weighted
cost of capital.
Identify and
determine all the
cost of capital and
be able to compute
the cost of capital
correctly with no
flaws.
Identify and
determine all the
cost of capital and
be able to compute
the cost of capital
correctly, with
minor flaws.
Identify and
determine most of
the cost of capital
and be able to
compute the cost
of capital
correctly, with
minor errors
Identify and
determine some of
the cost of capital
and be able to
compute weighted
cost of capital,
with substantial
errors.
Fails to
identify and
determine
most of the
cost of
capital. Does
not
demonstrate
the ability to
compute
weighted cost
of capital,
contains
multiple and
substantial
errors.
Conceptual
problems
HD DI CR PS FL
Be able to analyse
the elements in the
business
environment that
at a particular time
cause the cost of
the individual
source of capital to
be high or low.
Explicit and
detailed analysis
of all elements in
business
environment that
cause cost of the
individual source
of capital to be
high or low.
Analysis of
elements
demonstrates a
very broad and
deep knowledge of
the topic
Clear and detailed
analysis of all
elements in
business
environment that
cause cost of the
individual source
of capital to be
high or low.
Clear analysis of
most key elements
in business
environment that
cause cost of the
individual source
of capital to be
high or low.
Analysis lack
explicit detail.
Limited analysis
of some elements
in business
environment that
cause cost of the
individual source
of capital to be
high or low.
No analysis of
relevant
elements, fails
to make links
to the specific
business
environment.
Financial
technology
HD DI CR PS FL
Use appropriate
financial
technology to
gather information
and conduct
financial analysis.
Data used skilfully
and demonstrates
explicit integration
into the analysis.
The correct
answers are
derived using
multiple relevant
sources and the
results are
presented in a
Data used
competently and
demonstrates
integration into the
analysis. The
correct answers
are derived using
relevant sources
and the results are
presented in a
clear and
professional
manner.
Data sources used
competently. Most
correct results are
derived using
relevant sources
but they may be
some minor errors
Data sources used
competently. Most
correct results are
derived using
relevant sources
but they may be
some major errors
Data sources
are not used
competently.
Most results
are incorrect
and derived
using
irrelevant
sources.
Contains
major errors
Charles Sturt University Subject Outline
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clear and
professional
manner.
Analyze business
situations
HD DI CR PS FL
Reach reasonable
conclusion and
recommendations
on an alternative
capital structure to
lower cost of
capital.
Quantitative and
qualitative
analysis
persuasively and
explicitly supports
the conclusion and
recommendations
incorporating all
factors
determining cost
of capital.
Quantitative and
qualitative
analysis is use in a
clear and concise
manner to make
reasonable
conclusion and
recommendations
incorporating most
of the factors
determining cost
of capital.
Quantitative and
qualitative
analysis is used to
make reasonable
conclusion and
recommendations
incorporating most
factors
determining cost
of capital.
Quantitative and
qualitative
analysis is used to
make reasonable
conclusion and
some
recommendations.
Quantitative
and
qualitative
analysis is too
simplistic or
convoluted.
Financial
research
HD DI CR PS FL
Use of
literature/market
research/evidence
of reading.
Has developed and
justified own ideas
based on a wide
range of sources
which has been
thoroughly
analysed, applied
and discussed.
Reference list of
an extensive rant
of resources used,
correctly
formatted using
APA style.
Literature is
presented with
soundly based
criticisms, in a
descriptive way
and indicates a
good
understanding of
the literature.
Literature is
presented with
some criticisms, in
a descriptive way
and indicates a
few limitations of
understanding.
Literature/market
research is
presented with
some criticisms, in
a descriptive way
and indicates few
limitation of
understanding.
Reference list
used, formatted in
APA style with
minor errors.
No evidence
of literature or
irrelevant to
the research
question
Assessment item 4
Final Exam
Value: 60%
Due date: Variable
Return date: -
Submission method options
N/A - submission not required/applicable
Task
Final Exam
Rationale
The final examination will cover all the topics in this subject using a mixture of multiple choice
question, short question answers and quantitative problems.
Marking criteria
Where necessary, state the assumptions you have made. All workings must be shown and students will
be penalised for failing to do so.
You will be assessed on the followings:
Criteria High Distinction Distinction Credit Pass Fail
Multiple To meet this level To meet this level To meet this To meet this level To meet this level
Charles Sturt University Subject Outline
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choice
questions
Students
will be
required to
answer a set
number of
multiple
choice
questions by
selecting the
best option
from four
available
choices.
you will attain a
cumulative mark
between
85%-100% for this
section of the
examination.
Overall, in meeting
this level you will
demonstrate an
exceptional and a
consistently high
level of knowledge
and understanding
across the
complete range of
topics in this
subject.
you will attain a
cumulative mark
between 75%-84%
for this section of
the examination.
Overall, In
meeting this level
you will
demonstrate a
comprehensive
and high level of
knowledge and
understanding
across the across
the majority of the
topics in this
subject.
level you will
attain a
cumulative mark
between
65%-74% for
this section of
the examination.
Overall, in
meeting this
level you will
demonstrate a
sound
knowledge and
understanding
across the across
the majority of
the topics in this
subject.
you will attain a
cumulative mark
between 50%-64%
for this section of
the examination.
Overall, In meeting
this level you will
demonstrate a basic
knowledge and
understanding of the
topics in this
subject.
you will have
attained a
cumulative mark
between 0%-49%
for this section of
the examination
Overall, in meeting
this level you have
failed to
demonstrate a basic
knowledge of the
topics in this
subject.
Short
answer &
quantitative
problems
In response
to each of
the
questions,
students are
required to
demonstrate
their
knowledge
of a range of
scenarios
that have
been
covered in
the topics of
the subject.
To meet this level
you will attain a
cumulative mark
between
85%-100% for this
section of the
examination.
Overall, in meeting
this level you will
demonstrate
exceptional
knowledge,
understanding, and
ability across the
majority of topics
in this subject.
To meet this level
you will attain a
cumulative mark
between 75%-84%
for this section of
the examination.
Overall, in
meeting this level
you will
demonstrate a
comprehensive
knowledge,
understanding, and
ability across the
majority of topics
in this subject.
To meet this
level you will
attain a
cumulative mark
between
65%-74% for
this section of
the examination.
Overall, in
meeting this
level you will
demonstrate a
sound
knowledge,
understanding,
and ability
across the
majority of
topics in this
subject.
To meet this level
you will attain a
cumulative mark
between 50%-64%
for this section of
the examination.
Overall, in meeting
this level you will
demonstrate a basic
knowledge,
understanding, and
ability across the
majority of topics in
this subject
At this level you
will attain a
cumulative mark
between 0%-49%
for this section of
the examination. A
mark in this range
indicates that you
have demonstrated
limited knowledge,
understanding, and
ability across the
majority of topics in
this subject.
Requirements
This assessment is designed to assess your progress towards meeting the learning outcomes of the
subject and may assess all topics in this subject.
2 x 12 page answer booklet MATERIALS SUPPLIED BY UNIVERSITY:
1 x General Purpose Answer Sheet
2B Pencil/Eraser MATERIALS REQUIRED BY THE STUDENTS:
Battery operated/Solar Calculator
(no printer, non-programmable)
Appendix 1 Assessment Information
Sample exam
NOTE: Sample exam is only a guide to the structure and level of difficulty of final exams.
School of Accounting and Finance
Sample Examination Session 1, 2016
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 14 40
ACC515 ACCOUNTING & FINANCE
EXAM CONDITIONS:
This is closed book exam – no learning material to be taken into the exam.
Battery operated/Solar Calculator is permitted (no printer, non-programmable).
Bilingual Dictionary permitted (printed copy only, unmarked and unannotated).
The student may NOT retain the question paper.
: WRITING TIME 3 hours plus 10 minutes reading time
Writing is permitted during reading time
MATERIALS SUPPLIED BY UNIVERSITY: 2 x 12 page answer booklet
1 x General Purpose Answer Sheet
As listed in Exam Conditions MATERIALS PERMITTED IN EXAMINATION:
NUMBER OF QUESTIONS: Part A: 40 Multiple Choice Questions
Part B: 5 Questions
This examination is worth 60% of the total VALUE:
assessment
INSTRUCTIONS TO CANDIDATES:
1. Write your name and student number and sign in the space provided at the bottom of this page
and on all answer booklets used.
2. This examination paper has two parts. Part A comprises 40 multiple choice questions worth 1
mark each. Part B comprises 5 questions worth a total of 60 marks. All questions in Part A and B are
compulsory and should be attempted.
3. A formula sheet and annuity tables are attached.
STUDENT
NAME:.............................................................................................
STUDENT
ID:............................................
STUDENT
SIGNATURE:................................................................................................................................................................
CALCULATOR USED (IF ANY)
....................................................................................................................................................
PART A
MULTIPLE CHOICE QUESTIONS
1. Which of the following is not a feature of accounting profits?
A. Rarely the same as cash flows.
B. Ignore timing of cash flows.
C. Ignore time value of money.
D. Make no provision for decline in asset values.
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 15 40
2. The principal goal of corporate financial management should be to:
A. Maximise reported profits.
B. Minimise tax liabilities.
C. Maximise sales.
D. Maximise shareholder wealth.
3. Required rates of return are influenced by:
A. An investment’s expected rate of return.
B. Inflation.
C. The investor’s opportunity cost of capital.
D. B, C & D.
4. A direct relation between risk and required rates of return implies that:
A. Investors are risk-takers.
B. Investors are risk averse.
C. Investors are risk neutral.
D. High-risk projects are preferred to low-risk projects.
5. Which of the following is an example of agency costs?
A. Production costs
B. Income tax
C. Excessive travel expenses incurred by management
D. Dividends
6. Assuming a company income tax rate of 30%, a fully-franked dividend of $15,000 carries a
franking credit (to the nearest dollar) of:
A. $4,500
B. $19,500
C. $6,429
D. $10,500
7. Which of the following is not a necessary feature of an efficient secondary market?
A. An efficient title transfer system
B. Low transaction costs
C. Large numbers of buyers and sellers
D. A central business district location
8. Which of the following is not a financial asset of the holder?
A. Bank deposits
B. Debentures
C. Convertible notes
D. Accounts payable
9. If a nominal annual rate of 12% is compounded monthly, the effective annual rate is:
A. 12.12%
B. 12.60%
C. 12.68%
D. 12.86%
10. The future value of $100 invested for four years at a nominal rate of 8% pa compounded quarterly
is:
A. $136.05
B. $137.28
C. $450.61
D. $1,863.93
11. A company expects to pay an annual dividend next year of ten cents per share, which it expects
will increase indefinitely thereafter at a rate of 2% per year. If the share’s current market price is
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 16 40
$2.00, what is its expected annual rate of return?
A. 6.67%
B. 6.93%
C. 7.10%
D. 10.67%
12. The relationship between interest rates and the term to maturity, where the risk of default is held
constant, is known as the:
A. risk structure of interest rates
B. term to maturity
C. yield to maturity
D. term structure of interest rates
13. Which of the following is not a concept or definition of risk?
A. A combination of danger and opportunity
B. The range of possible outcomes
C. The standard deviation of possible outcomes
D. The expected outcome
14. Which of the following expressions best describes the notion of risk reduction through
diversification?
A. Look before you leap.
B. A bird in the hand is worth two in the bush.
C. A stitch in time saves nine.
D. Don’t put all your eggs in one basket.
15. If the risk-free rate is 4% and the expected market return 12%, what is the required rate of return
for a security with a beta value of 1.2?
A. 9%
B. 12.5%
C. 15%
D. 13.6%
16. If a share plots above the Security Market Line, then:
A. it is overpriced
B. it is underpriced
C. it earns a return greater than that required for its level of risk
D. demand for the share will increase, causing its price to rise and its expected return also to rise
17. Which of the following is not one of the four main principles of corporate capital budgeting
criteria?
A. Focus on cash flows
B. Consistency with the goal of maximising shareholder wealth
C. Allowing for the time value of money
D. Maximising market share.
18. The profitability index of a project is:
A. the ratio between the future value of a project’s expected net cash flows and its initial outlay
B. the ratio between a project’s net present value and its initial outlay
C. the ratio between the present value of a project’s expected net cash flows and its initial outlay
D. the ratio between a project’s average expected profits and its initial outlay
19. Which of the following statements about the payback period method of project evaluation is false?
A. the method deals with cash flows
B. the method provides a reliable indicator of a project’s expected impact on shareholder wealth
C. the method can be used as a rough screening device to eliminate projects the returns of which will
not materialise until later years
D. the method focuses on early cash flows, which are less uncertain than later cash flows
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 17 40
20. Which of the following is irrelevant to project evaluation?
A. initial outlay
B. differential cash flows over the project’s life
C. terminal cash flows
D. sunk costs
21. Which of the following five indivisible projects should a company invest in, given a capital budget
constraint of $1 million?
Project Initial outlay Profitability Index Net Present Value
A 300,000 1.22 66,000
B 200,000 1.20 40,000
C 600,000 1.15 90,000
D 500,000 1.12 60,000
A. A, B & C
B. A & B
C. A & C
D. A, B & D
22. Which of the following measures is most suitable for choosing mutually exclusive projects of
unequal lives?
A. Net Present Value
B. Internal Rate of Return
C. Accounting Rate of Return
D. Equivalent Annual Annuity
23. Which of the following is not used to evaluate or allow for risk in capital budgeting?
A. risk adjusted discount rates
B. certainty-equivalent cash flows
C. simulation
D. accounting rate of return.
24. If a 90-day bill with a face value of $100,000 is issued at an annual discount rate of 6.75%, what
will be the net proceeds of the issue after paying an acceptance fee of $100?
A. $98,124.87
B. $98,262.86
C. $92,807.42
D. $98,024.87
25. A firm offers a prompt settlement discount of 1% to its debtors for accounts settled within ten days
of the invoice date. What is the annualised cost of the discount as a percentage of the funds obtained
through prompt settlement? Assume: (i) annual compounding; (ii) that debtors taking the discount will
pay on the tenth day after the invoice date and that those who don’t take the discount pay 33 days after
the invoice date.
A. 12.00%
B. 16.03%
C. 12.82%
D. 12.68%
26. A company has the following capital structure:
Source After-tax cost % per year Market Value $ in million
Debt 10 20
Preference shares 12 20
Ordinary shares 15 60
Accounts payable - 10
What is the company’s after-tax weighted average cost of capital?
A. 13.40%
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 18 40
B. 12.83%
C. 12.33%
D. 9.25%
27. A zero-coupon bond will be redeemed ten years from now at its face value of $1,000. If the market
yield for this type of investment is 8%, the bond’s current market price is:
A. $1,000.00
B. $1,064.18
C. $935.82
D. $463.19
28. The most relevant alternative to acquiring the use of an asset through a financial lease is:
A. buying the asset
B. borrowing the asset
C. hiring the asset
D. owning the asset
The following information relates to the next three questions.
A company has seven million shares on issue with a current market price of $9.44 per share. The
company decides to raise additional share capital of $6.3 million through a rights issue offered at
$9.00 per share.
29. How many new shares will be issued?
A. 6.3 million
B. 700,000
C. 630,000
D. 810,000
30. What will be the value of one right (to acquire one new share)?
A. $0.60
B. $0.837
C. $0.93
D. $0.40
31. What will be the theoretical ex-rights price per share?
A. $9.90
B. $10.00
C. $9.40
D. $9.60
32. Business risk is a direct result of a firm’s
A. financing decisions
B. investment decisions
C. debt-equity ratio
D. price/earnings ratio
The following information relates to the next five questions.
Alpha is an unlevered firm in which shareholders require a return of 14% after-tax. Alpha is valued at
$100,000 and corporate taxes are 30%.
33. What are the perpetual earnings before interest and taxes of Alpha?
A. $25,000
B. $15,000
C. $26,667
D. $20,000
34. What is the theoretical value of Alpha if it uses $70,000 of new perpetual debt to buy back shares
if the interest rate is 10%?
A. $109,600
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 19 40
B. $121,000
C. $108,000
D. $128,333
35. What return will shareholders require in Alpha after it becomes levered?
A. 9.3%
B. 19.6%
C. 22.1%
D. 17.8%
36. What is the weighted average cost of capital in Alpha if it is unlevered?
A. 15.0%
B. 14.2%
C. 12.5%
D. 14.0%
37. What is the weighted average cost of capital in Alpha after it issues the debt?
A. 15.4%
B. 15.5%
C. 12.1%
D. 11.6%
38. Which of the following is the correct sequence of events relating to the payment of dividends?
A. Announcement date, record date, ex-dividend date, payment date.
B. Announcement date, payment date, ex-dividend date, record date.
C. Announcement date, ex-dividend date, record date, payment date.
D. Ex-dividend date, announcement date, record date, payment date.
39. Which of the following is least likely to provide a company with a means of transferring value to
its shareholders?
A. A share buy-back.
B. A cash dividend.
C. A dividend reinvestment plan.
D. A share split.
40. A company has just paid a dividend of $0.10 per share. If dividends are expected to grow
indefinitely at an annual rate of 4% and the required rate of return is 12%, what is the intrinsic value of
the share?
A. $1.20
B. $1.25
C. $1.30
D. $1.35
PART B
This part comprises five (5) questions worth 12 marks each. Attempt all questions and record your
answers in the answer book provided.
Question 41
Briefly explain what is meant by the “agency problem” and outline measures that a company might
take to minimise that problem. (12 marks)
Question 42
(a) A bond has a redemption value of $100 and a redemption date ten years from now. It has a coupon
rate of 8% and pays interest twice per year. If the current annual bond yield is 6% what is the bond’s
current value? Give your answer in dollars to two decimal places. [Note that an annual bond yield is
simply divided by two to arrive at the half-year yield.] (3 marks)
(b) Sydney Bank has just paid an annual dividend of $0.40 per share. If its dividends are expected to
grow indefinitely at a rate of 5% per year and the required rate of return is 12% per year, what is the
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 20 40
intrinsic value of one Sydney Bank share? (Give your answer in dollars to two decimal places.) (3
marks)
(c) Given a risk-free rate of 4.25% and an expected market return of 12.00%, what is the required rate
of return for an asset with a beta value of 1.2? (Give your answer in percentage points to two decimal
places.) (2 marks)
(d) Sydney Bank has just paid an annual dividend of $0.40 per share. Today its shares are trading at a
price of $10. What return would an investor expect to earn by investing in Sydney Bank shares if its
dividends are forecast to grow indefinitely at an annual rate of 3%? (Give your answer in percentage
points to two decimal places.) (2 marks)
(e) If you purchase a share for $5.00 and sell it after one month for $5.06, what is your holding period
return expressed as an effective annual rate? (Ignore transaction costs. Give your answer in percentage
points to two decimal places.) (2 marks)
Question 43
(A) A company has a capital structure comprising 5 million issued shares with a current market price
of $10 per share. Expected profit is $6 million, all of which will be paid out as dividends. The
company has no debt and pays no tax on its profits.
(i) Under the present capital structure, what is the market value of the firm? (1 mark)
(ii) What is the rate of return (% pa) on the company’s equity capital? (1 mark)
(iii) Suppose the company issues $5 million of long-term debt at an interest rate of 8% and uses the
entire proceeds of the issue to buy back some of its ordinary shares.
(a) What will be the annual interest bill (in dollars)?
(b) What will be the expected annual profit after paying interest?
(c) How many shares will be bought back?
(d) What will be the total market value of equity after the share buy-back?
(e) What will be the total market value of the company (equity plus debt) after the share buy-back?
(f) What will be the rate of return (% pa) on the company’s equity capital after the share buy-back?
(g) What will the company’s weighted average cost of capital (WACC) after the share buy-back?
[Note that WACC is the rate of return (% pa) on the company’s total capital (equity plus debt).]
(7 marks)
(B) Identify three (3) ways in which a company can return its profits to its shareholders.
(3 marks)
Question 44
An asset can be purchased today at an installed cost of $1,000. It is forecast to generate annual
operating net cash inflows of $250 for the next five years and to be sold for $100 at the end of four
years. (Assume that there is no income tax and that annual net cash flows occur at the end of each
year.)
(a) Draw a time-line showing all the cash flows relating to this asset. (1 mark)
(b) Using a discount rate of 10% per year, what is the present value of the forecast cash inflows? (Give
your answer to the nearest cent.) (2 marks)
(c) Using the present value you calculated in part (b), what is the net present value of this project?
(Give your answer to the nearest cent.) (1 mark)
(d) If the asset is depreciated at the rate of $200 per year:
(i) What will be the accounting profit in years 1 to 4? (1 mark)
(ii) What will be the accounting profit in year 5? (1 mark)
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 21 40
(iii) What will be the average annual accounting profit? (1 mark)
(iv) What will be the average investment (based on the asset’s installed cost and salvage value)? (1
mark)
(v) What will be the accounting rate of return? (Give your answer in percentage points to two decimal
places.) (1 mark)
(e) If the cash inflows can be reinvested at 10% per year, what will be the investment’s modified
internal rate of return? (1.5 marks)
(f) Assuming (for this part only) that the operating net cash inflows are generated continuously, how
many years will it take to pay back the cost of the investment? (Give your answer in years to two
decimals.) (1.5 marks)
Question 45
(a) A company’s long-term capital currently comprises $32 million of debt and $52 million of equity.
Its target capital structure is 40% debt; 60% equity. The company has $4 million of
internally-generated funds that can be used to either finance the equity portion of new investments or
pay dividends. The company’s weighted average cost of capital is 14%. It is considering four
investment opportunities, for which the required investment outlays and expected internal rates of
return are shown below:
Project Investment Cost ($ '000) Internal rate of return (%)
A 1,800 17.50
B 1,000 16.00
C 2,200 14.50
D 2,800 13.65
(i) Which projects should be accepted?
(2mark)
(ii) What is the total investment cost of the accepted projects?
(2 mark)
(iii) How much of that total investment cost should be funded from (i) new debt, $2m and (ii) existing
equity? (Give your answer in dollars.)
(2 marks)
(b) Ethics in finance or rather a lack of ethics is recurring theme in the present context. Why do you
think ethics is still relevant in the present competative financial environment? Give an example of a
company carrying out ethical behaviour. (6 marks)
SOLUTION
PART A
MULTIPLE CHOICE QUESTIONS
Record your answers to the following questions on the answer sheet provided, using a 2B pencil.
1. Which of the following is a feature of accounting profits? not
A. Rarely the same as cash flows.
B. Ignore timing of cash flows.
C. Ignore time value of money.
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 22 40
D. Make no provision for decline in asset values.
2. The principal goal of corporate financial management should be to:
A. Maximise reported profits.
B. Minimise tax liabilities.
C. Maximise sales.
D. Maximise shareholder wealth.
3. Required rates of return are influenced by:
A. Inflation.
B. The investor’s opportunity cost of capital.
C. Risk.
D. All of the above.
4. A direct relation between risk and required rates of return implies that:
A. Investors are risk-takers.
B. Investors are risk averse.
C. Investors are risk neutral.
D. High-risk projects are preferred to low-risk projects.
5. Which of the following is an example of agency costs?
A. Production costs
B. Income tax
C. Excessive travel expenses incurred by management
D. Dividends
6. Assuming a company income tax rate of 30%, a fully-franked dividend of $15,000 carries a
franking credit (to the nearest dollar) of:
A. $4,500
B. $19,500
C. $6,429
D. $10,500
7. Which of the following is not a necessary feature of an efficient secondary market?
A. An efficient title transfer system
B. Low transaction costs
C. Large numbers of buyers and sellers
D. A central business district location
8. Which of the following is not a financial asset of the holder?
A. Bank deposits
B. Debentures
C. Convertible notes
D. Accounts payable
9. If a nominal annual rate of 12% is compounded monthly, the effective annual rate is:
A. 12.12%
B. 12.60%
C. 12.68%
D. 12.86%
10. The future value of $100 invested for four years at a nominal rate of 8% pa compounded
quarterly is:
A. $136.05
B. $137.28
C. $450.61
D. $1,863.93
11. A company expects to pay an annual dividend next year of ten cents per share, which it expects
will increase indefinitely thereafter at a rate of 2% per year. If the share’s current market price is
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 23 40
$2.00, what is its expected annual rate of return?
A. 6.67%
B. 6.93%
C. 7.10%
D. 10.67%
12. The relationship between interest rates and the term to maturity, where the risk of default is
held constant, is known as the:
A. risk structure of interest rates
B. term to maturity
C. yield to maturity
D. term structure of interest rates
13. Which of the following is not a concept or definition of risk?
A. A combination of danger and opportunity
B. The range of possible outcomes
C. The standard deviation of possible outcomes
D. The expected outcome
14. Which of the following expressions best describes the notion of risk reduction through
diversification?
A. Look before you leap.
B. A bird in the hand is worth two in the bush.
C. A stitch in time saves nine.
D. Don’t put all your eggs in one basket.
15. If the risk-free rate is 4% and the expected market return 12%, what is the required rate of
return for a security with a beta value of 1.2?
A. 9%
B. 12.5%
C. 15%
D. 13.6%
16. If a share plots above the Security Market Line, then:
A. it is overpriced
B. it is underpriced
C. it earns a return greater than that required for its level of risk
D. demand for the share will increase, causing its price to rise and its expected return also to
rise
17. Which of the following is not one of the four main principles of corporate capital budgeting
criteria?
A. Focus on cash flows
B. Maximising market share
C. Allowing for the time value of money
D. Allowing for project risk
18. The profitability index of a project is:
A. the ratio between the future value of a project’s expected net cash flows and its initial
outlay
B. the ratio between a project’s net present value and its initial outlay
C. the ratio between the present value of a project’s expected net cash flows and its
initial outlay
D. the ratio between a project’s average expected profits and its initial outlay
19. Which of the following statements about the payback period method of project evaluation is
false?
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 24 40
A. the method deals with cash flows
B. the method provides a reliable indicator of a project’s expected impact on
shareholder wealth
C. the method can be used as a rough screening device to eliminate projects the returns of
which will not materialise until later years
D. the method focuses on early cash flows, which are less uncertain than later cash flows
20. Which of the following is irrelevant to project evaluation?
A. initial outlay
B. differential cash flows over the project’s life
C. sunk costs
D. cost of capital.
21. Which of the following five indivisible projects should a company invest in, given a capital
budget constraint of $1 million?
Project Initial outlay Profitability Net Present Value
$ Index $
A 300,000 1.22 66,000
B 200,000 1.20 40,000
C 600,000 1.15 90,000
D 500,000 1.12 60,000
E 300,000 1.11 33,000
A. A, B & C
B. A & B
C. A & C
D. A, B & D
22. Which of the following measures is most suitable for choosing mutually exclusive projects of
unequal lives?
A. Net Present Value
B. Internal Rate of Return
C. Accounting Rate of Return
D. Equivalent Annual Annuity
23. Which of the following is not used to evaluate or allow for risk in capital budgeting?
A. accounting rate of return.
B. certainty-equivalent cash flows
C. simulation
D. sensitivity analysis
24. If a 90-day bill with a face value of $100,000 is issued at an annual discount rate of 6.75%,
what will be the net proceeds of the issue after paying an acceptance fee of $100?
A. $98,124.87
B. $98,262.86
C. $92,807.42
D. $98,024.87
25. A firm offers a prompt settlement discount of 1% to its debtors for accounts settled within ten
days of the invoice date. What is the annualised cost of the discount as a percentage of the funds
obtained through prompt settlement? Assume: (i) annual compounding; (ii) that debtors taking the
discount will pay on the tenth day after the invoice date and that those who don’t take the discount pay
33 days after the invoice date.
A. 12.00%
B. 16.03%
C. 12.82%
D. 12.68%
26. A company has the following capital structure:
Charles Sturt University Subject Outline
ACC515 201630 SM I-9 February 2016-Version 1 Page of 25 40
Source After-tax cost Market Value
% per year $ million
Debt 10 20
Preference shares 12 20
Ordinary shares 15 60
Accounts payable - 10
What is the company’s after-tax weighted average cost of capital?
A. 13.40%
B. 12.83%
C. 12.33%
D. 9.25%
27. A zero-coupon bond will be redeemed ten years from now at its face value of $1,000. If the
market yield for this type of investment is 8%, the bond’s current market price is:
A. $1,000.00
B. $1,064.18
C. $463.19
D. $577.59
28. The most relevant alternative to acquiring the use of an asset through a financial lease is:
A. buying the asset
B. borrowing the asset
C. hiring the asset
D. owning the asset
The following information relates to the next three questions.
A company has seven million shares on issue with a current market price of $9.44 per share. The
company decides to raise additional share capital of $6.3 million through a rights issue offered at
$9.00 per share.
29. How many new shares will be issued?
A. 6.3 million
B. 700,000
C. 630,000
D. 810,000
30. What will be the value of one right (to acquire one new share)?
A. $0.60
B. $0.837
C. $0.93
D. $0.40
31. What will be the theoretical ex-rights price per share?
A. $9.90
B. $10.00
C. $9.40
D. $9.60
32. Business risk is a direct result of a firm’s
A. financing decisions
B. investment decisions
C. debt-equity ratio
D. price/earnings ratio
The following information relates to the next five questions.
Alpha is an firm in which shareholders require a return of 14% after-tax. Alpha is valued at unlevered
$100,000 and corporate taxes are 30%.
Charles Sturt University Subject Outline
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33. What are the perpetual earnings before interest and taxes of Alpha?
A. $25,000
B. $15,000
C. $26,667
D. $20,000
34. What is the theoretical value of Alpha if it uses $70,000 of new perpetual debt to buy back
shares if the interest rate is 10%?
A. $109,600
B. $121,000
C. $108,000
D. $128,333
35. What return will shareholders require in Alpha after it becomes levered?
A. 9.3%
B. 19.6%
C. 22.1%
D. 17.8%
36. What is the weighted average cost of capital in Alpha if it is unlevered?
A. 15.0%
B. 14.2%
C. 12.5%
D. 14.0%
37. What is the weighted average cost of capital in Alpha after it issues the debt?
A. 15.4%
B. 15.5%
C. 12.1%
D. 11.6%
38. Which of the following is the correct sequence of events relating to the payment of dividends?
A. Announcement date, record date, ex-dividend date, payment date.
B. Announcement date, payment date, ex-dividend date, record date.
C. Announcement date, ex-dividend date, record date, payment date.
D. Ex-dividend date, announcement date, record date, payment date.
39. Which of the following is least likely to provide a company with a means of transferring value
to its shareholders?
A. A share buy-back.
B. A cash dividend.
C. A share split.
D. A bonus share plan.
40. A company has just paid a dividend of $0.10 per share. If dividends are expected to grow
indefinitely at an annual rate of 4% and the required rate of return is 12%, what is the intrinsic value of
the share?
A. $1.20
B. $1.25
C. $1.30
D. $1.35
PART B
This part comprises five (5) questions worth 12 marks each. Attempt all questions and record your
answers in the answer book provided.
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Question 41
Briefly explain what is meant by the “agency problem” and outline measures that a company might
take to minimise that problem. See textbook page 14. (12
marks)
Question 42
(a) A bond has a redemption value of $100 and a redemption date ten years from now. It has a
coupon rate of 8% and pays interest twice per year. If the current annual bond yield is 6% what is the
bond’s current value? Give your answer in dollars to two decimal places. [Note that an annual bond
yield is simply divided by two to arrive at the half-year yield.]
(3 marks)
(b) Sydney Bank has just paid an annual dividend of $0.40 per share. If its dividends are expected
to grow indefinitely at a rate of 5% per year and the required rate of return is 12% per year, what is the
intrinsic value of one Sydney Bank share? (Give your answer in dollars to two decimal places.) (3
marks)
$0.42/0.07 = $6.00
(c) Given a risk-free rate of 4.25% and an expected market return of 12.00%, what is the required
rate of return for an asset with a beta value of 1.2? (Give your answer in percentage points to two
decimal places.) (2 marks)
4.25 + 1.2(12 4.25) = 13.55%
(d) Sydney Bank has just paid an annual dividend of $0.40 per share. Today its shares are trading at
a price of $10. What return would an investor expect to earn by investing in Sydney Bank shares if its
dividends are forecast to grow indefinitely at an annual rate of 3%? (Give your answer in percentage
points to two decimal places.) (2 marks)
(e) If you purchase a share for $5.00 and sell it after one month for $5.06, what is your holding
period return expressed as an effective annual rate? (Ignore transaction costs. Give your answer in
percentage points to two decimal places.) (2 marks)
(5.06/5)
12
1 = 15.39%
Question 43
(a) A company has a capital structure comprising 5 million issued shares with a current market
price of $10 per share. Expected profit is $6 million, all of which will be paid out as dividends. The
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company has no debt and pays no tax on its profits.
(i) Under the present capital structure, what is the market value of the firm? (1 mark)
$50 Million
(ii) What is the rate of return (% pa) on the company’s equity capital? (1 mark)
12%
(iii) Suppose the company issues $5 million of long-term debt at an interest rate of 8% and
uses the entire proceeds of the issue to buy back some of its ordinary shares.
(a) What will be the annual interest bill (in dollars)? $400,000
(b) What will be the expected annual profit after paying interest? $5.6 m
(c) How many shares will be bought back? 500,000
(d) What will be the total market value of equity after the share buy-back?
$45 million
(e) What will be the total market value of the company (equity plus debt) after the share
buy-back? $50 million
(f) What will be the rate of return (% pa) on the company’s equity capital after the share
buy-back? 2.44%
(g) What will the company’s weighted average cost of capital (WACC) after the share
buy-back? [Note that WACC is the rate of return (% pa) on the company’s total capital (equity plus
debt).] 12% (7 marks)
(B) Identify three (3) ways in which a company can return its profits to its shareholders.
Dividends, bonus shares, share buy-backs
Question 44
An asset can be purchased today at an installed cost of $1,000. It is forecast to generate annual
operating net cash inflows of $250 for the next five years and to be sold for $100 at the end of four
years. (Assume that there is no income tax and that annual net cash flows occur at the end of each
year.)
(a) Draw a time-line showing all the cash flows relating to this asset. (1 mark)
(b) Using a discount rate of 10% per year, what is the present value of the forecast cash inflows?
(Give your answer to the nearest cent.) (2 marks)
$1,009.79
(c) Using the present value you calculated in part (b), what is the net present value of this project?
(Give your answer to the nearest cent.) (1 mark)
$9.79
(d) If the asset is depreciated at the rate of $200 per year:
(i) What will be the accounting profit in years 1 to 4? (1 mark)
$50.00
(ii) What will be the accounting profit in year 5? (1 mark)
$150.00
(iii) What will be the average annual accounting profit? (1 mark)
$70.00
(iv) What will be the average investment (based on the asset’s installed cost and salvage
value)? (1 mark)
$550
(v) What will be the accounting rate of return? (Give your answer in percentage points to two
decimal places.) (1 mark)
$70/$550 = 12.73%
(e) If the cash inflows can be reinvested at 10% per year, what will be the investment’s modified
internal rate of return? (1.5 marks)
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($1,626.275/1,000) 1 =
1/5
10.21%
(f) Assuming (for this part only) that the operating net cash inflows are generated continuously,
how many years will it take to pay back the cost of the investment? (Give your answer in years to two
decimals.) (1.5 marks)
4.00 years
Question 45
(a) A company’s long-term capital currently comprises $32 million of debt and $52 million of
equity. Its target capital structure is 40% debt; 60% equity. The company has $4 million of
internally-generated funds that can be used to either finance the equity portion of new investments or
pay dividends. The company’s weighted average cost of capital is 14%. It is considering four
investment opportunities, for which the required investment outlays and expected internal rates of
return are shown below:
Project Investment cost ($’000) Internal rate of return (%)
A 1,800 17.50
B 1,000 16.00
C 2,200 14.50
D 2,800 13.65
(i) Which projects should be accepted? A, B & C (2 mark)
(ii) What is the total investment cost of the accepted projects? $5m (2 mark)
(iii) How much of that total investment cost should be funded from new debt and existing equity in
dollars? (2 marks)
Debt $2m and Equity $3m
(b) Ethics in finance or rather a lack of ethics is recurring theme in the present context. Why do you
think ethics is still relevant in the present competitive financial environment? Give an example of a
company carrying out ethical behaviour. (6 marks)
First unethical behaviour eliminates trust and without trust, businesses cannot interact. Secondly, the
most damaging event a business can experience is a loss of the public’s confidence in its ethical
standards. The ultimate problem for shareholders is that ethical errors are not forgiven in the business
world. Companies may lose respect and support from consumers, investors and suppliers. Therefore,
acting in an ethical manner is not only morally correct but it is also congruent with the goal of
maximisation of shareholders wealth. See text book page 9.
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Pass Requirements
You must obtain at least 50% in both the examination and the total mark in order to pass this subject.
You must pass the exam to pass the subject.
To be eligible for the grade AA or AE you must have submitted all assessment items in the subject,
including the final exam. If you choose not to complete an assessment item or do not sit the final exam
then you will not be granted an AA or AE grade.
Grades
Final grades for this subject are awarded by the Business Faculty Assessment Committee in
accordance with the University's Assessment Regulations. (See current Academic Regulations at
https://policy.csu.edu.au/view.currect.php?id-00301#s3
(https://policy.csu.edu.au/view.currect.php?id=00301#s3)). University's Assessment Policy:
(https://policy.csu.edu.au/view.current.php?id=00301). Coursework Subjects
Your final grade for the subject as a whole will be based on the grading scale outlined in the CSU
Assessment Policy: Coursework Subjects https://policy.csu.edu.au/view.current.php?id=00301
(https:// policy.csu.edu.au/view.current.php?id=00301).
HD High Distinction 85% - 100%
An outstanding level of achievement in relation to the assessment process.
DI Distinction 75% - 84%
A high level of achievement in relation to the assessment process.
CR Credit 65% - 74%
A better than satisfactory level of achievement in relation to the assessment process.
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PS Pass 50% - 64%
A satisfactory level of achievement in relation to the assessment process.
FL Fail 0 - 49%
An unsatisfactory level of achievement.
The percentages specified above should be viewed only as guidelines for the award of final grades.
The Faculty has an obligation to ensure that grades are equitable across different cohorts of the same
subject offering and will undertake appropriate moderation processes to ensure that grades are
awarded consistently in accordance with the University’s Moderation Policy.
For further information please consult the CSU Assessment Policy: Coursework Subjects
http://policy.csu.edu.au/view.current.php?id=00301
Presentation
The following points are a general guide for presenting assessment items.
Assessment items should be typed.
Use 1.5 spacing.
Use a wide left margin. Markers need space to be able to include their comments.
Use a standard 12pt font such as Times New Roman, Calibri or Arial.
Left- justify body text.
Include a separate title page with your name, student number, subject code, assessment
number and assessment question. Include class time and tutor’s name if applicable.
Number your pages (except the cover page).
Use a header or footer with your name and student number on each page.
Always keep a copy of your assessments. Both a hard copy and an electronic copy.
Most importantly, always use your spelling and grammar checker, but remember that this
does not pick up all errors. You must still manually and carefully edit your work.
Submission
Online Submission
Assessment item 1 Online Tests
Online Tests will need to be completed via the online test link within your subject Interact site.
Assessment Item 2 and 3:
Assignments on report writing and case study should be submitted through Turnitin. Turnitin
password details for this subject will be given by your lecturer.
Turnitin does not accept Excel files and PDF files.
Assignments are due by midnight (AEST) of the date specified.
Extensions
In order to ensure that other students who hand their assignments in on time are not disadvantaged,
and to enable me to comply with the requirement to return assignments to the class within 15 working
days the following rules about extensions will be strictly enforced:
1. Extensions cannot be granted for on-line tests, as these have to be done within a specific time frame,
after which the answers are released to the class automatically.
2. Computer problems (such as the speed of your computer and the time it may take you to upload
assignments onto EASTS) and normal work-related pressures and family commitments do not
constitute sufficient reasons for the granting of extensions.
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3. If it becomes obvious that you are not going to be able to submit an assignment on time because of
an unavoidable problem, you must submit your request for an extension to the Subject Coordinator in
writing (email is acceptable) prior to the due date.
Requests for extensions will not be granted on or after the due date so you must make sure that any
extension is requested prior to the day on which the assignment is due.
You are expected to do all you can to meet assignment deadlines. Work and family- related pressures
do not normally constitute sufficient reasons for the granting of extensions or incomplete grades.
4. If you apply for an extension, you may be asked to email your lecturer on what you have done so far
on the assignment.
5. You must be able to provide documentary evidence (such as a certificate from a doctor or
counselor) justifying the need for an extension as soon as practicable - but please note that if the
circumstances giving rise to the request for an extension arise on a day when you cannot get
documentary evidence, you must still apply for the extension before the due date and submit the
documentary evidence afterwards.
6. Given the tight deadlines involved in returning assignments to students and putting feedback on
Interact, the maximum extension granted generally will be seven (7) days from the due date.
7. Assignments received more than 10 days after the due date or extension date will not be marked
unless the staff member decides otherwise. Items received late will be penalised at 10% of the mark
available for the assessment item per day it is late (see below).
8. Note that for purposes of measuring lateness, the 'day' begins just after 00.00 hrs AEST - so an
assignment received after midnight of the due date will be penalised 10% for lateness. This rule will
be applied to all students uniformly.
Penalties for Late Submission
The Faculty of Business has determined that the penalty for the late submission of an assessment task
(without obtaining the Subject Coordinator's approval for an extension) will be:
, of the maximum marks allocated for the assessment 10% deduction per day, including weekends
task, i.e. 1 day late 10% deduction, or 2 days late 20% deduction.
An example of the calculation would be:
Maximum marks allocated = 20
Penalty for one day late = 2 marks (so, a score of 18/20 becomes 16/20 and a score of 12/20 becomes
10/20).
If an assignment is due on a Friday but is not submitted until the following Tuesday, then the penalty
will be four days (40% deduction or 8 marks in the example above).
Submissions more than 10 days late will be acknowledged as received but will not be marked.
Assignment Return
You should normally expect your marked assignment to be returned to you within 15 working days of
the due date, if your assignment was submitted on time. If you submitted your assignment on time but
not received it back by the return date, you should make enquiries in the first instance to the subject
lecturer. If the subject lecturer is not available, contact Level 1, Reception.
: Check assignment feedback via on the assignment return date. Turnitin Feedback Turnitin
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Resubmission
Under normal circumstances resubmission of assessment items will not be accepted for any of the
assesment required in this subject.
Assessment Requirements
Assessment at CSU is criterion-referenced and standards-based where students' work is assessed
against stated criteria that reflect the expected learning outcomes of the course and subject. Subjects
that use a satisfactory/unsatisfactory grading scale will have this clearly identified within the Subject
Outline.
For further information please consult the University's Assessment Policy: Coursework Subjects
(https://policy.csu.edu.au/view.current.php?id=00301).
Referencing
Referencing is an important component of academic writing. All CSU assessment tasks should be
appropriately referenced. The specific details of the referencing requirements are included in each
assessment task description.
For further information and assistance with referencing refer to
http://student.csu.edu.au/library/integrity/referencing-at-csu
Plagiarism
Charles Sturt University expects that the work of its students and staff will uphold the values of
academic honesty and integrity. The Guide to Avoiding Plagiarism is located at:
. This is an important resource that will help you understand http://student.csu.edu.au/study/plagiarism
these values and apply them in practice. You should familiarise yourself with these requirements and
ensure that all assessments submitted by you are your own work, have not been submitted elsewhere
and comply with the University's requirements for academic integrity.
The University has purchased Turnitin software. This software has two functions, a pre-emptive
education function which students may use to check their own work prior to submission, and a
plagiarism detection function which academics may use to check the student’s work for improper
citation or potential plagiarism. Use by students is optional and is not a prerequisite for submission.
You are encouraged to check your work for originality prior to submission. You can register with
Turnitin to create a Student Account under the CSU Turnitin Licence at
. Further information on how to use Turnitin is provided http://www.turnitin.com/login_page.asp
within the Guide to Avoiding Plagiarism: . http://student.csu.edu.au/study/plagiarism/checking
Appendix 2 CSU Learning and Teaching Policies
Minimum standards of consultation
According to the Academic Communication with Students Policy
(https://policy.csu.edu.au/view.current.php?id=00139#s3) (clause 8 in section 3), when a student
directly contacts a teaching staff member for information, advice and/or support (except in online
teaching spaces) the teaching staff member will respond to the request within 3 working days. Clauses
19-21: Use of Online Discussion and Communication Technologies states that for each subject, the
Subject Coordinator will be expected to set up and/or activate an appropriate asynchronous
communication technology and respond at least once a week to student messages that request
information and advice.
The Higher Degree by Research Candidates Policy - Academic Communication
(https://policy.csu.edu.au/view.current.php?id=00283) states that a Communication Plan, a
documented agreement between a HDR candidate and his/her supervisory team that establishes
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common understandings and expectations of how and when communication will occur during the
candidature will be developed. The Plan should then be reviewed regularly throughout candidature.
University Policies and Regulations
Academic matters are defined by, and are subject to, Charles Sturt University policies and regulations.
Your Subject Outline should be read in conjunction with all such academic regulations and policies, as
some of these may affect the outcome of your studies.
Academic Progress Regulations
The University requires each student to progress through his or her course at a rate that will enable
him or her to complete the course in a specified maximum time. This maximum time is intended to
ensure the currency of the knowledge within the course and therefore professional suitability of
graduates. Failure to complete within the specified maximum time shall lead to the expiry of a
student?s enrolment in the course. The University believes that all students have a right to know in
advance of study in their course exactly what constitutes satisfactory progress in that course. To this
end the University will specify a maximum completion time for each course, and will also provide
support to students identified as being at risk of exclusion.
The (https://policy.csu.edu.au/view.current.php?id=00250) sets out the Academic Progress Policy
requirements and procedures for satisfactory academic progress, for the exclusion of students who fail
to progress satisfactorily and for the termination of enrolment for students who fail to complete in the
maximum allowed time.
Variations to Subject Outlines
Should it be necessary to change the content of the Subject Outline during a teaching session, it will be
done in consultation with the Head of School and other support services of the University. You then
will be notified of the changes in writing by the subject coordinator.
Variations to Assessment
Should it be necessary to vary the assessment in this subject, you will be notified in writing by the
Subject Coordinator, or Subject Convenor where one is appointed. The variations to assessment
include variations to the assessment tasks and/or assessment procedures for assignments, examinations
and any other assessment task published in the Subject Outline. The variations will be communicated
only after the Subject Coordinator or Subject Convenor has obtained approval from their Head of
School. The overriding principle is that such changes will not disadvantage students and is made in
accordance with the (https://policy.csu.edu.au/view.current.php?id=00267). Subject Outlines Policy
Evaluation of Subjects
It is University policy that all subjects are evaluated every time that they are offered. The University's
Division of Student Learning administers the Subject Experience Survey through CSU's online
evaluation system. Staff in the faculties and schools value your feedback very highly and take account
of your comments when reviewing learning and teaching in each subject.
If you are interested in the details of any enhancements to this subject as a result of the latest survey,
please contact the subject coordinator. Students can also view overall results for subjects via the
Student Subject Experience Survey Results Portal:
https://student.csu.edu.au/home/subject-experience-survey-results
Surveys for each of the subjects you are enrolled in for this session will be available for you to
complete for a period of 4 weeks from the last week of the teaching session. An email message will
alert you to the availability of the surveys online.
Please complete the subject evaluation by following the link:
(http:// https://P8.courseval.net/etw/ets/et.asp?nxappid=CS2&nxmid=start
https://P8.courseval.net/etw/ets/et.asp?nxappid=CS2&nxmid=start)
Individual subject results are only reported to the Subject Coordinator and Heads of Schools after
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grades have been submitted for each teaching session (except where subjects have one student the
results are not reported to staff).
Special Consideration
Academic regulations provide for special consideration to be given if you suffer misadventure or
extenuating circumstances during the session (including the examination period) which prevents you
from meeting acceptable standards or deadlines.
Applications for special consideration must be submitted in writing and include supporting
documentary evidence. Such applications should be sent to the Student Administration Office.
For further information about applying for special consideration please refer to Special Consideration
(https://policy.csu.edu.au/view.current.php?id=00298). Policy
Assessment Regulations
The assessment practices of all University subjects are conducted in accordance with the University?s
(https://policy.csu.edu.au/view.current.php?id=00301). Assessment Policy: Coursework Subjects
Academic Conduct
The University expects that you, as a student, will be honest in your studies and research and that you
will not do anything that will interfere with or frustrate the studies and research of other students. In
particular, you are expected to:
acknowledge the work of others in your assignments and other assessable work;
not knowingly allow others to use your work without acknowledgment;
report honestly the findings of your study and research; and
use only permitted materials in examinations.
Details of expected academic conduct are provided in:
the Student Academic Misconduct Policy
(https://policy.csu.edu.au/view.current.php?id=00279);
the (https://policy.csu.edu.au/view.current.php?id=00250); Academic Progress Policy
Students are also expected to be responsible in the use of University facilities and resources and to
abide by University rules concerning the Library and electronic resources.
the (https://policy.csu.edu.au/view.current.php?id=00280); and Library Rule
the Computing and Communications Facilities Use Policy
(https://policy.csu.edu.au/view.current.php?id=00145).
Copies of the Rule of the Library and Code of Conduct for Users of Electronic Facilities can also be
obtained from the Library or the Division of Information Technology (DIT) Service Desk.
Penalties for breaching the above Rule and Policies include suspension or exclusion from the
University.
Students also have expectations of the University and of other students in the cooperative endeavour of
studying. Details of these expectations are provided in the Student Charter
(https://policy.csu.edu.au/view.current.php?id=00268).
Residential school
There is no residential school for this subject.
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Subject Outline as a Reference Document
This Subject Outline is an accurate and historical record of the curriculum and scope of your subject.
The (https://policy.csu.edu.au/view.current.php?id=00267) (at clause 16(f)) Subject Outline Policy
requires that you retain a copy of the Subject Outline for future use such as for accreditation purposes.
Appendix 3 Support Services
Student Central
Student Central is the first point of contact for currently enrolled students to access all non-teaching
services. Student Central liaises closely with Divisions and Schools to ensure the timely and accurate
resolution of student enquiries.
You may direct your enquires in person to Student Central staff situated within the Learning
Commons found on campus at Albury-Wodonga, Bathurst, Dubbo, Orange, and Wagga Wagga.
You may also contact Student Central through:
1800 ASK CSU (1800 275 278)
Phone from outside Australia: + 61 2 6933 7507
Information on Your Library Services
Finding Information
CSU Library provides you with free access to over 600,000 books and 50,000 journals, and much
more. Get an introduction to your library with the Library Orientation Toolbox
(http://www.csu.edu.au/division/library/find-info/toolbox).
Primo Search
Finding the resources you need is easy with Primo Search
(http://primo.unilinc.edu.au/primo_library/libweb/action/search.do?dscnt=1&dstmp=1328694476534&vid=CSU&from
Search most of the Library’s collections, including online resources, print publications and CSU
research. Plus, you can easily place loan requests, view your current loans, and renew items online.
Online Resources
You’ll find journal databases, eBook collections, and other useful online information sources listed
under (http://student.csu.edu.au/library/find-information). Key Resources
eReserve
Some subject readings may be held in eReserve
(http://student.csu.edu.au/library/find-info/search-reserve). Online access is encouraged to help reduce
CSU’s carbon footprint, however a printed copy of eReserve subject readings can be purchased
through CSU Print
(http://www.csu.edu.au/division/student-learning/technologies-for-learning-and-teaching/csu-print).
Borrowing
Your borrowing privileges depend on your enrolment. Visit Information for Students
(http://student.csu.edu.au/library/help/information-for-students) to find out what you are eligible for.
The (http://www.csu.edu.au/division/library/how-to/faq) have more information on Library FAQs
borrowing and access to resources.
Need help?
CSU Library staff are available to answer your questions by phone, Live Chat, email, forum, or in
person. See (http://student.csu.edu.au/library/contacts/ask-a-librarian) for more Ask a Librarian
information.
Keep up to date with what is happening in your Library through Facebook, Twitter and our blog.
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(http://www.facebook.com/CSULibrary) CSU Library Facebook CSU Library Twitter
(http://twitter.com/CSU_Library) CSU Library Blogs
(http://student.csu.edu.au/library/about-your-library/library-blog)
Academic Learning Assistance
CSU’s Learning Skills Advisers can help you develop the skills you need to succeed in your studies.
Learning Skills advisers can help you with:
Understanding and preparing assignments
Study skills
Exam preparation
Time management
Notetaking and
Referencing and avoiding plagiarism
Learning Skills also have specialists in English Language, online learning and maths and statistics who
can support your development in these areas.
Students can take advantage of online resources and workshops, forums and individual appointments
either in person, or online. More information is available at student.csu.edu.au/study
(http://student.csu.edu.au/study).
provides access to a variety of short, non-award subjects in preparation for university STUDYLINK
study. Subjects are available throughout the year through flexible, online delivery, and each is
designed to help you gain confidence, skills and knowledge for your university studies (
). http://www.csu.edu.au/student/studylink/
- Student Support http://student.csu.edu.au/support
A wide range of services are provided to support your student academic experience. Services are
available on campus with relevant services also available via telephone and online. Services provided
include:
Orientation
Student mentoring
Scholarship and financial assistance
Counseling support and referral
Academic appeals and legal advice referral
Disability, welfare and equity support and referral
Health and wellbeing
Social and recreational activities
Graduation
Indigenous student support
International student support
- Residential Student Support http://student.csu.edu.au/campus/residences/residential-advisors
The Residential Support Scheme operates across all campuses to provide for the pastoral care and
welfare of residents and actively encourages student participation and involvement in all aspects of
residential life. The residential community is supported and structured to provide an environment to
support student academic achievement.
For assistance and initial contact go to
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Student Central
Phone: 1800 ASK CSU (1800 275 278)
Phone from outside Australia: + 61 2 6933 7507
Career Development
(http://student.csu.edu.au/study/careers) includes a range of services, from first Career Development
through to the final year of study, which support students’ self-assessment, awareness of opportunities,
improvements to decision making, and gaining the necessary skills for making successful transitions
post-study. This support is available face to face, via telephone and online.
Distance Education Outreach Team
Assistance for students studying by distance education with Charles Sturt University.
The DE Outreach Team is available to all CSU students studying by Distance Education.
We can assist you with:
Your orientation to CSU and DE study;
Study skills;
Preparing assignments;
Time management;
Online learning, and
Any other questions you may have about studying by DE at CSU.
We provide these services in a number of different ways including:
Outreach sessions to locations around Australia including group and individual sessions;
Advice and support via phone, email, and Skype;
Preparing assignments;
Online workshops;
Regional Study Centres, and
Online resources and social media.
Find us at:
http://student.csu.edu.au/study/de-outreach
https://www.facebook.com/DistanceEDatCSU
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