本次F5 考试有CBE(机考)和Paper（纸质考试）两种类型。两种类型的试卷结构是一样的，但由于机考的特性，每名参加机考的考生所做的题目是不一样的。在本报告中，考官结合考生的表现， 指明了考生表现较好的地方和存在的问题，并给未来要参加F5考试的考生提供了一些建设性的建议。

Section A

很高兴看到大部分考生都做完了这个部分的考题。Section A的题目会涵盖F5考试大纲的大部分内容，所以希望F5考生不要尝试去押题，要把重点放到对整体知识的掌握上。

下面挑选出了几道考生表现不太好的真题，希望能帮助各位考生熟悉考试类型、考试套路，每道题最后都给了详细的参考答案。

Example 1

Mabel Co manufactures and sells tables and chairs in a standard mix of one table to four chairs.

The following information is available:

Product                            Table          Chair

Variable cost per unit ($)             120            16

Contribution to sales ratio            0.4            0.6

Annual fixed costs are $100,000.

What is the break-even point in sales revenue (to the nearest hundred dollars)?

A $210,500

B $178,600

C $200,000

D $204,500

What does this test?

ü The calculation of a break-even point in a multi-product situation.

What is the correct answer?

ü The correct answer is D

l To calculate break even revenue in a multi-product situation requires the annual fixed costs to be divided by the weighted average contribution to sales ratio. To do this firstly the selling price of both products need to be determined. The selling price of a table is calculated as the variable cost divided by 1 – the C/S ratio: $120/(1-0.4) = $200. The selling price of a chair is $16/(1-0.6) = $40. Once the selling prices are determined the contribution of each product can be calculated. For a table this will be $200 x 0.4 = $80 and for a chair this will be $40 x 0.6 = $24. Now we have the selling price and contribution for both products we can calculate the weighted average C/S ratio. Sales revenue based on the sales mix will be (1 x $200) + (4 x $40) = $360 and contribution will be (1 x $80) + (4 x $24)= $176; this gives a C/S ratio of 0.489. Therefore the break even revenue is $100,000/0.489 = $204,499 and to the nearest hundred dollars is $204,500

l Selecting option A would have been based on calculating the weighted average C/S ratio using incorrect weightings

l Selecting option C would have meant that a straight average of the product’s C/S ratios was used

l Selection option D would have been arrived at by weighting the C/S ratios by units

Example 2

Which of the following should be categorised as environmental failure costs by an airline company?

(1) Compensation payments to residents living close to airports for noise pollution caused by their aircraft

(2) Air pollution due to the airline’s carbon emissions from their aircraft engines

(3) Penalties paid by the airline to the government for breaching environmental regulations

A 2 only

B 1, 2 and 3

C 1 and 3 only

D 2 and 3 only

What does this test?

ü The understanding of the categorisation of environmental costs.

What is the correct answer?

ü The correct answer is B

l Environmental failure costs are costs incurred as a result of environmental issues being created either internally or outside the company. These can be financial or societal costs. Compensation, penalties and air pollution are all environmental failure costs.

l This is a good example of why covering the whole syllabus is important. Environmental management accounting is often an area which is overlooked.

Section B

Section B主要对考纲中的重点知识进行更加详细的考核，包含三个Case Question，每个Case有5道分值为2分的客观题。在2017年6月考季考试的知识点有：

ü Costing

ü Cost-volume-profit (CVP) analysis

ü Variance analysis

ü Short-term decisions

其中存在的一些问题需要我们注意一下：

l 读懂题目要求。在客观题中，如果读错题意或者误解题目要求导致选项选错的话，就只能得到零分。

l 图表知识依然很重要！虽然现在不要求考生画图，但是考生会被要求解释图表。这种情况下就需要加深对各个图表的理解了，比如： CVP graphs, linear programming graphs, decision trees etc.

l 知识结构要覆盖整个考纲。虽然F5相关的知识看起来很繁杂，但我们还是要求掌握整个知识结构。比如，在Section B中，如果一道10分的case questions是基于Throughput Accounting的，而你对这个知识点不了解，那么这10分你就很有可能会失去。

l 要善于知识结合案例。运用所学的知识对案例进行合理的分析的能力，是F5考试的重点。

Section C

在Section C中主要涵盖以下知识点：

ü Performance management

ü Pricing

ü Budgeting

ü Limiting factors

Performance management

l 这块知识在F5考纲中占据了很大比重，考生会被要求分析案例企业的financial and non-financial performance，要么分析整个企业，要么分析企业中的某一个部门。

l 也正因为这块知识涵盖的知识点太广，所以很难有一个万能的答题方式，但是一些答题技巧考生可以用来提升自己的分数。第一个技巧是熟练掌握financial ratios，题目中会经常明确要求计算相关的比率。第二个技巧是活学活用两个models：the Balanced Scorecard and Fitzgerald and Moon’s Building Block Model，有助于更好的组织答题思路。

l 针对关键性的财务指标，像ROI and RI，考生表现的都很不错。未来出题会尝试偏向adjust figures to allow for controllability，考察考生活学活用财务指标的能力。

l 考生需要提升对于客观题的分析能力。现在考生的分析模式一般是在计算出的比率后面加一些简单的评论，像“this is good,” or “this has improved from last year”，这些评论并不会带来加分。那么怎样才会得到高分呢？那就是针对比率变化的原因做专门的分析。这就需要考生仔细的读题，结合案例中提供的信息做出自己的判断。

Pricing

关于pricing decision，不仅要求考生计算，而且还要具备一定的分析能力。比如，在以往考试中，The MR=MC optimum price method是一个经常在Section A or B中出现的知识点，但是它也可以结合大的案例出题。虽然相当大比例的考生都对大量的数学计算存在畏惧感，但考生可以通过大量的联系来攻克这个难关。

一个比较好的现象是大部分考生对不同的定价决策都比较熟悉，能够针对不同的案例背景进行合理的分析。

针对这一块知识点考生可以在官网上下载历年真题，并针对相关真题做集中练习。