Mac an der University Of South Africa | Karteikarten & Zusammenfassungen

Lernmaterialien für mac an der University of South Africa

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TESTE DEIN WISSEN

WC of wholeseller

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TESTE DEIN WISSEN

Sell and buy on credit

-> Short term borrowing to manage cash

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TESTE DEIN WISSEN

WC of supermarket:

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TESTE DEIN WISSEN

Sales in cash 

Purchase on credit

-> Significant cash holding

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TESTE DEIN WISSEN

What are the objectives of working capital managemetn?

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TESTE DEIN WISSEN

Profitability 

- Low inventory- > lost sales

- Low receivables -> credit terms overly strict -> lost sale

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TESTE DEIN WISSEN

Formula of EAC

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TESTE DEIN WISSEN

EAC = NPV of cost over the replacement cycle/Annuity facor

Equivalent annual cost, which is lowest, should be optimal




Every 1y
Every 2y
YearDFAcc DFCFPVCFPV
0





1





2





3





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TESTE DEIN WISSEN

Uncertainty

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TESTE DEIN WISSEN

Several possible outcomes,

No information upon which to create probabilities

Degree of uncertainty cant be quantified

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TESTE DEIN WISSEN

NPV Layout

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TESTE DEIN WISSEN
Sales
Cost
Operating Cash flow
Taxation
Capital expenditure
Scrap value
Tax benefit of TAD
Working capital changes
Net cash flow
Discount factor
Post tax cost of capital
Present value
Net present value
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TESTE DEIN WISSEN

Fisher-formular

(if only inflation rate, ignore)

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TESTE DEIN WISSEN

(1+i)=(1+r)(1+h)

h = inflation

r = real

i = nominal 

real term = current price

deflate nominal cash flows so it become real cash flow

Real CF = nominal CF/ (1+ inflation)^n

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TESTE DEIN WISSEN

When to use WACC?

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TESTE DEIN WISSEN

- Long term same financial risk (maintain existing capital structutre)

- Project has same risk with company (business risk(

- Marginal in size, not for major projects

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TESTE DEIN WISSEN

Methods of raising equity finance

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TESTE DEIN WISSEN

Internal 

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TESTE DEIN WISSEN

Lease and buy Outlays

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TESTE DEIN WISSEN

1/ 2 NPVs

Should use post-tax cost of debt


01-5
Lease

Tax saved (Lease payment)

Total

DF

PV

NPV




Purchase with loan


01-5
Outlay

Tax saved on TAD

Total

DF

PV

NPV

2/ Single NPV


01-5
Cost saved (positive, asset value)

Tax benefit of TAD

Lease (payment-negative)

Tax saved on lease

Total

DF

PV

NPV

Lösung ausblenden
TESTE DEIN WISSEN

WC of smaller companies

Lösung anzeigen
TESTE DEIN WISSEN

Squeeze: 

- difficult credit from supplier

- longer credit term for customers

Acid test should be used for slow turnover inventory (as inventory can not be turned quickly into cash)

Lösung ausblenden
TESTE DEIN WISSEN

Risk

Lösung anzeigen
TESTE DEIN WISSEN

Several possible outcomes, past relevant experience, probabilities can be assigned to the possible outcomes

Lösung ausblenden
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Beispielhafte Karteikarten für deinen mac Kurs an der University of South Africa - von Kommilitonen auf StudySmarter erstellt!

Q:

WC of wholeseller

A:

Sell and buy on credit

-> Short term borrowing to manage cash

Q:

WC of supermarket:

A:

Sales in cash 

Purchase on credit

-> Significant cash holding

Q:

What are the objectives of working capital managemetn?

A:

Profitability 

- Low inventory- > lost sales

- Low receivables -> credit terms overly strict -> lost sale

Q:

Formula of EAC

A:

EAC = NPV of cost over the replacement cycle/Annuity facor

Equivalent annual cost, which is lowest, should be optimal




Every 1y
Every 2y
YearDFAcc DFCFPVCFPV
0





1





2





3





Q:

Uncertainty

A:

Several possible outcomes,

No information upon which to create probabilities

Degree of uncertainty cant be quantified

Mehr Karteikarten anzeigen
Q:

NPV Layout

A:
Sales
Cost
Operating Cash flow
Taxation
Capital expenditure
Scrap value
Tax benefit of TAD
Working capital changes
Net cash flow
Discount factor
Post tax cost of capital
Present value
Net present value
Q:

Fisher-formular

(if only inflation rate, ignore)

A:

(1+i)=(1+r)(1+h)

h = inflation

r = real

i = nominal 

real term = current price

deflate nominal cash flows so it become real cash flow

Real CF = nominal CF/ (1+ inflation)^n

Q:

When to use WACC?

A:

- Long term same financial risk (maintain existing capital structutre)

- Project has same risk with company (business risk(

- Marginal in size, not for major projects

Q:

Methods of raising equity finance

A:

Internal 

Q:

Lease and buy Outlays

A:

1/ 2 NPVs

Should use post-tax cost of debt


01-5
Lease

Tax saved (Lease payment)

Total

DF

PV

NPV




Purchase with loan


01-5
Outlay

Tax saved on TAD

Total

DF

PV

NPV

2/ Single NPV


01-5
Cost saved (positive, asset value)

Tax benefit of TAD

Lease (payment-negative)

Tax saved on lease

Total

DF

PV

NPV

Q:

WC of smaller companies

A:

Squeeze: 

- difficult credit from supplier

- longer credit term for customers

Acid test should be used for slow turnover inventory (as inventory can not be turned quickly into cash)

Q:

Risk

A:

Several possible outcomes, past relevant experience, probabilities can be assigned to the possible outcomes

mac

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