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此書能有效地指出學生於 BAFS 考試中的常犯
錯誤,筆記精闢扼要,教授技巧獨到,其教授
的答題技巧能助學生洞悉取分要訣,練習亦能
幫助學生重溫重要概念。這是我看過最好、
最全面的 DSE BAFS考試攻略!
此書重點明確,試題詳解一目了然,再配以考
生常犯錯誤的分析,有效將筆記與練習結合於
一身。要數 BAFS 的最佳秘笈,此書可
謂無出其右!
恒生管理學院會計學系葉頴諭副教授
中學副校長 陳得南先
生
權威推介
破題技巧獨到,教學口碑載道
• 任教於 Band 1 名校,曾出任大型連鎖補習社名師,歷任會計科科主任
• 多次榮獲中學邀請教授破題技巧及應試策略
• 曾接受《New Monday》訪問,講解教學心得
• 網上教學平台“Rex Ng BAFS 商科教育專頁”創辦人,教學短片於一年間點擊次數超過 16,000人次,口碑載道
Rex Ng吳偉良BBA (Hons) (Professional Accountancy), MSc (Marketing), DipEd CUHK
教學技巧創新,屢獲邀請分享心得
• 擔任香港商業教育學會模擬試卷 2018擬卷員
• 榮獲行政長官卓越教學獎(2017/2018)
• 2017年榮獲國際傑出電子教學獎銅獎(香港大學電子學習發展實驗室主辦)
• 獲邀擔任亞洲教育資源展 2016演講嘉賓(題為:Google教室:上課從此不一樣)
• 獲邀於香港教育城拍攝商科教學短片
CT Kwok郭俊廷BEd (Hons), MEd
• 碩士級 BAFS名師
• 現職中學資深教師,擁有多年任教 BAFS經驗,學生公開試成績優異
• 擁有多年閱卷經驗,對公開試制度、出題陷阱及取分要訣瞭如指掌
作者簡介
Contents
PART 1 Basic Skills in BAFS 10 I. Business Environment and Introduction to Management
II. Introduction to Accounting
III. Personal Financial Management
PART 2 Exam Analysis in BAFS 23 I. DSE Examination overview
II. DSE Paper 1 past paper questions distribution analysis
PART 3 Exam Traps and Common Mistakes in BAFS 26
Chapter 1 Hong Kong Business Environment .....................................31
Chapter 2 Forms of Business Ownership .............................................47
Chapter 3 Business Ethics and Social Responsibilities........................71
Unique Exam Skills and Analysis
Tour to Capture Stars
Chapter 4 Management Functions ......................................................81
Chapter 5 Key Business Functions ....................................................101
Chapter 6 Small and Medium Enterprises (SMEs) .............................117
Chapter 7 Purposes and Role of Accounting ....................................131
Chapter 8 The Accounting Cycle – Double Entry System .................139
Chapter 9 The Accounting Cycle – Trial Balance ...............................167
Chapter 10 The Accounting Cycle – Financial Statements .................179
Chapter 11 Accounting Assumptions, Principles and Conventions ....199
Chapter 12 Accounting Ratios .............................................................213
Chapter 13 Time Value of Money .........................................................231
Chapter 14 Consumer Credit ...............................................................247
Chapter 15 Personal Financial Planning and Investment ....................259
Chapter 16 Stock Trading as an Investment ........................................275
Chapter 2
(i) Describe the characteristics of major forms of business
ownership.
(ii) Compare the pros and cons of different forms of business
ownership.
(iii) Describe the characteristics of multinational corporations in
Hong Kong.
Forms of Business Ownership
(A) MC questions (2 marks each)
(B) Short questions (2 marks to 6 marks)
Note: Mark awarding system for Short questions:
0 marks: irrelevant or wrong answers
1 mark: mention of key points or words
2 marks: mention of key points or words with detailed explanation
• Remember Characteristics, Pros and Cons (CPC) for each
form of ownership.
• Pay attention to nominal partners and comparison among
different forms of ownership.
• Use 3C analysis3 to help you memorise key points in MNCs.
• Use Cause-effect approach4 and/or Example approach5 to give
detailed explanation (to secure getting 2 marks in each
point).
學習重點Le
arning
P oints
Re
vision and
溫習及考試策略
Examination Stra
teg
ies
DSE
考題類別
和分數Question Types &
Mar
ks
Section1 Common Mistakes1. Joint venture must be formed by two enterprises.
Joint venture can be formed by two or more enterprises.
4. Nominal partners take part in the operation of a partnership.
Nominal partners do not take part in the operation of a partnership. They work as consultants of a partnership.
2. Limited partnership has limited liability as a whole.
Limited partnership has unlimited liability as a whole as there is at least one general partner.
5. Public corporations work under commercial basis. They are not wholly owned by the government.
Public corporations work under commercial basis. They are wholly owned by the government.
3. Nominal partners are owners of a partnership.
Nominal partners are not owners of a partnership. They work as consultants of a partnership. Nominal partners are not general or limited partners.
6. Private limited companies do not issue shares.
Private limited companies issue shares. Their shares cannot be sold in stock market.
7. Multinational corporations are listed companies.
Most but not all multinational corporations are list companies.
48 Chapter 2 Forms of Business Ownership
Section2 Capture Star Notes1 Forms of ownership
2 Sole proprietorship
(A) Characteristics
Number of owners 1
Legal entity Not a separate legal entity
Liability Unlimited
Source of capital From the owner
Management By the owner
Disclose financial information Neednotdisclosefinancialinformationtothepublic
Note: The owner of a sole proprietorship is called a sole proprietor.
(B) Pros of sole proprietorship
1 Simple setup procedure and lower set up cost Sole proprietorship has lower setup cost when compared with other
forms of ownership. The setup procedure is simple. It just needs a BusinessRegistrationCertificate.
Private enterprises
Sole proprietorship
Partnership
Private limited company
Public limited company
Public enterprises
Government department
Public corporation
They form Joint venture for a specific project.They can expand by using Franchise.
Wholly owned by the government
50 Chapter 2 Forms of Business Ownership
2 Lower profits tax rate Profits tax rateofsoleproprietorship is lowerwhencomparedwith
limitedcompany.Thegovernmentsets lowerprofits tax rate tosoleproprietorship as it has unlimited liability. A smaller portion of money is deductedfortaxfromnetprofit.
3 Higher flexibility in decision marking Sole proprietorship has fast decision making as it has one owner only.
The owner needs not discuss with partners and seek their consent. Time issavedandflexibilityishigher.
4 Closer relationship with customers and employees The owner usually works in the sole proprietorship. He has closer
relationship with customers and employees. This can help develop customer loyalty and staff morale.
5 Easy transfer of ownership with consent of one owner The ownership of the sole proprietorship can easily be transferred to
another party as it just needs the consent of one owner. No discussion is needed.
(C) Cons of sole proprietorship
1 Unlimited liability The owner has unlimited liability. He may have to use his personal
money to pay for the sole proprietorship’s debts.
2 Lack of continuity Business needs to be closed by withdrawal or death of the owner
as there is only one owner. No other people can take over the sole proprietorship.
3 Lack of resources and capital Sole proprietorship have limited resources and capital as they are
provided by one owner only.
4 Lack of expertise Soleproprietorshipmay lackexpertise likedifferentmanagement
skills. As the sole proprietorship has one owner only, he may not know all management skills like marketing management and financial management.
51Chapter 2 Forms of Business Ownership
8 Public enterprise
(A) Characteristics
Government departments Public corporations
• Wholly owned by the government• Notaimatprofitmaking• Provides public services• The government takes part in
operations• Examples:HongKongFireServices
Department, Education Bureau
• Wholly owned by the government• Notaimatprofitmaking• Provides public services• Operates under commercial basis• The government does not take part
in operations • Examples:HongKongExaminations
and Assessment Authority
(B) Pros of public enterprise
1 Ensure reliable supply of public services Public services like water supply are provided by the government. This
can ensure reliable supply at affordable price. The government will continuetoprovideserviceseveniftheyarenotprofitable.
2 Avoid wastage of resources The government organises resources together to provide public services.
This avoids duplication of services and wastage.
(C) Cons of public enterprise
1 Low efficiency Governmentdepartmentsandpubliccorporationshavelowefficiencyas
there is usually no competition in the area they are serving.
2 Increase taxpayer burden Governmentdepartments’expensesarefinancedbythegovernment.If
governmentdepartmentsincurloss,thelosswillbebornebytaxpayers.Thisincreasestaxpayerburden.
Concept ClarificationBoth government departments and public corporations have low efficiency. But public corporations have higher efficiency as they work under commercial basis.
60 Chapter 2 Forms of Business Ownership
9 Multinational corporations
Multinational corporations (MNCs) have business in many different countries. They put some of production process in developing countries to reducecost.Forexample,garmentcompaniesbuilt factories inAfricaforproduction.
(A) Characteristics of MNCs compared with SMEs
MNCs SMEs
Number of employees More Fewer
Organisation structure Taller Flatter
Flexibility Lower Higher
Management Employ professionals to manage
By owners
Products or services Diversified Specialised
Sources of capital Issue share, bonds, obtain bank loans
Usually by owners
Market Multinational Local
Customer relationship More distant CloserNote: You will learn small and medium enterprises (SMEs) in Chapter 6.
(B) Importance of MNCs to local economy with 3C analysisCustomers Provide new goods and services • MNCs provide new goods and services to a place.
Customers have more choices.
Competitors Promote market competition • MNCs promote market competition by bringing new
products and services to a place.
Community Provide job opportunities to local people • MNCs employ local people and give them training. For
example,globalhotelgroupsemploylocalpeopletoworkin their hotels.
61Chapter 2 Forms of Business Ownership
Section3 Past paper Analysis
2012 2013 2014 2015 2016 2017 2018
Characteristics of major forms of ownership
MC Q12 MC Q1MC Q5
MC Q1SQ Q1
MC Q1MC Q27SQ Q5b
MC Q6MC Q16MC Q28
MC Q30SQ Q1a
MC Q18MC Q24
Pros and cons of different forms of ownership
SQ Q7a SQ Q5c SQ Q3a MC Q11MC Q18SQ Q1b
MC Q28
Characteristics of multinational corporations
MC Q1
• Forms of Business Ownership的特徵近乎是必考課題,同學們必須熟讀。
• 同學們須注意 General Partners, Limited Partners 和 Nominal Partners的特徵。
• 同學們要懂得比較不同 forms of ownership的 Pros and Cons。
Key to Success
62 Chapter 2 Forms of Business Ownership
Comprehensive Training
Section 4Comprehensive Training
A Multiple Choice Questions (2 marks each)
1. Which of the following statements about multinational corporations (MNCs) are correct?
(1) They have operations in different countries.
(2) They have closer relationship with customers.
(3) Theyusuallyhireprofessionalstomanagethefirms.
A. (1) and (2) only B. (1) and (3) only C. (2) and (3) only D. (1), (2) and (3) Reference HKDSE2016Paper1AQ1
The answer is B.
(2) is not correct. MNCs do not have closer relationship with customers as MNCs are large in size and have complex organisational structure. Owners usually do not involve in operations and do not have direct contact with customers.
2. Which of the following statements about a nominal partner is/are correct?
(1) A nominal partner has unlimited liability to the partnership.
(2) A nominal partner is an owner of a partnership.
(3) A nominal partner enhances the reputation of a partnership.
A. (1) only B. (3) only C. (2) and (3) only D. (1), (2) and (3) Reference HKDSE2017Paper1AQ30
The answer is B.
(1) is not correct. A nominal partner is not an owner. He does not have unlimited liability.(2) is not correct. A nominal partner is not an owner. He works as a consultant for the partnership.
63Chapter 2 Forms of Business Ownership
Comprehensive Training
3. Which of the following statements about joint venture is correct?
A. A joint venture is formed by two enterprises. B. A joint venture fee is required for joining the joint venture. C. Ajointventureisformedforspecificpurpose. D. A joint venture is a partnership. Reference HKDSE2016Paper1AQ6
The answer is C.
A is not correct. A joint venture can be formed by two or more enterprises.B is not correct. No joint venture fee is needed. Do not mix up with Franchise.D is not correct. A joint venture is not a partnership. Joint venture is a separate legal entity but partnership is not.
4. Which of the following statements about public enterprises are correct?
(1) A government department is owned by the government.
(2) A public corporation is owned by the government.
(3) Apubliccorporationhashighefficiency.
A. (1) and (2) only B. (1) and (3) only C. (2) and (3) only Reference HKDSE2012Paper1AQ12
D. (1), (2) and (3) Reference HKDSE2015Paper1AQ27
The answer is A.
(3) is not correct. Public corporations have low efficiency as there is usually no competition in the area they are serving.
64 Chapter 2 Forms of Business Ownership
Comprehensive Training
Use Cause-effect approach4 and/or Example approach5 to give detailed explanation (to secure getting 2 marks in each point).
Points Cause-effect Example
Limited liability - Loss of an owner is limited to the amount he invested in
- Need not use his personal money to pay for company’s debts
/
Continues to operate when an owner died or withdrew from the company
Owners and the company are separate legal entities.
/
More sources of capital / Can issue shares to raise capital
B Short Questions
1. Lau,KwanandCheungrunapartnership.OnlyLau is involved indailyoperations.
(a) Which type of partner does Lau belong to? (1 mark)
(b) Thepartnershipisthinkingtoconvertintoalimitedcompany.Explainthe advantages of limited company over partnership. (4 marks)
Answer
(a) General partner (1) (as he is involved in daily operation).
(b)
Hot
Exam strategies
• The owners have limited liability. (1) The loss of an owner is limited to the amount he invested in the company. He needs not use his personal money to pay for company’s debts. (1)
• The company can continue to operate when an owner died or withdrew from the company (1) as owners and the company are separate legal entities. (1)
• Limited companies have more sources of capital (1) as they can issue shares to raise capital. (1)
(Any two, 2 marks each)
66 Chapter 2 Forms of Business Ownership
Comprehensive Training
Use Cause-effect approach4 and/or Example approach5 to give detailed explanation (to secure getting 2 marks in each point).
Points Cause-effect Example
Helps foreign companies to enter a new market more easily
Local enterprises are more familiar with the local market.
Local companies know more about the taste and buying habit of local residents.
More sources of capital Resources are provided by more than one enterprises.
/
Risk of suffering loss of entering a new market is shared
There are more than one enterprise which form the joint venture.
/
Expertisecanbesharedin a joint venture
Enterprises in a joint venture have different expertise.
Some may be good at marketing while some may be good at production.
Enjoy economies of scale Production capacity is larger and they can enjoy economies of scale and reduce cost of production.
Bulk purchase discount
Exam strategies
2. It is common for foreign companies to form joint venture with local companies when they enter a new market.
(a) What is a joint venture? (2 marks)
(b) Explaintheadvantagesofformingjointventurewithlocalcompanieswhen a foreign company enter a new market. (6 marks)
Reference HKDSE2017Paper1BQ1
Answer
(a) • Joint venture is a separate entity formed by two or more enterprises for specific purposes. (1)
• The joint venture is independent of the companies which form it. (1)
(b)
• The joint venture helps foreign companies to enter a new market more easily (1) as local enterprises are more familiar with the local market. For example, local companies know more about the taste and buying habit of local residents. (1)
• Joint venture has more sources of capital (1) as resources are provided by more than one enterprises who form the joint venture. (1)
67Chapter 2 Forms of Business Ownership
Comprehensive Training
• The risk of suffering loss of entering a new market is shared by enterprises (1)who form the joint venture as there are more than one enterprise. (1)
• Expertise can be shared in a joint venture. (1) Enterprises in a joint venture have different expertise. Some may be good at marketing while some may be good at production. (1)
• Enterprises can enjoy economies of scale. (1) Joint venture is formed by two or more enterprises, the production capacity is larger and they can enjoy economies of scale and reduce cost of production. For example, discount on bulk purchase. (1)
(Any three, 2 marks each)
3. It iscommonfor restaurants touse franchise toexpandtheirbusinessand open new branches. However, some restaurants found drawback in franchise and withdrew from the scheme.
(a) What is franchise? (2 marks)
(b) Fromtheviewpointoftherestaurantowner,explainthedisadvantagesof using franchise to open new branches. (4 marks)
Reference HKDSE2016Paper1BQ3
Answer
(a) Franchise is a business arrangement. Under franchise, franchisees pay franchise fees to franchisors to join the franchise. (1) Franchisors give support like training to the franchisees and allow franchisees to sell their products and services. (1)
(b)
Use Cause-effect approach4 and/or Example approach5 to give detailed explanation (to secure getting 2 marks in each point).
Points Cause-effect Example
Confidentialinformationmaybe leaked
Franchisees may start their own business and become competitors in the future.
Secret recipe
Reputation of the franchisors may be adversely affected
The reputation of the franchisors may be adversely affected if a franchisee performs poorly.
A case of food poisoning
Exam strategies
68 Chapter 2 Forms of Business Ownership
(i) Explain the accounting equation.
(ii) Apply double entries to record business transactions in ledger.
Chapter 8
The Accounting Cycle – Double Entry System
學習重點Le
arning
P oints
• Use Double Entries System to enter transactions.
• Two entries at a time (One debit and One credit).
• Check the agreement of the Accounting equation6 to avoid
making mistakes.
Re
vision and
溫習及考試策略
Examination Stra
teg
ies
(A) MC questions (2 marks each)
(B) Short questions (2 marks to 4 marks)
DSE
考題類別
和分數Question Types &
Mar
ks
Section1 Common Mistakes1. Transaction Debit Credit The owner took cash from
the company for personal use.
Capital Cash
Drawings Cash
4. Transaction Debit Credit Purchased goods by cheque Inventory Bank
Purchases Bank
2. Transaction Debit Credit Cash sales to Mr. Ng Trade receivables
– Mr. NgSales
Cash Sales
3. Transaction Debit Credit Cash purchases from Mr. Ng Purchases Trade payables –
Mr. Ng
Purchases Cash
Concept ClarificationResources taken by owners should be entered in Drawings account but not Capital account. Total drawings amount will be deducted from Capital account balance at year end.
Concept Clarification [(2) and (3)]Students get used to write down the debtor or creditor’s name in double entries and overlook that they are actually cash sales or purchases.
Transactions Debit Credit
Cash sales Cash Sales
Credit sales Trade receivables Sales
Cash purchases Purchases Cash
Credit purchases Purchases Trade payables
140 Chapter 8 The Accounting Cycle – Double Entry System
5. Transaction Debit Credit Cash sales of goods Cash Inventory
Cash Sales
6. Transaction Debit Credit The owner took goods from
the company for personal use.
Drawings Inventory
Drawings Purchases
7. Transaction Debit Credit A j e w e l r y s h o p b o u g h t
furniture by cheque from ABC Ltd.
Purchases Bank
Furniture Bank
8. Transaction Debit Credit A furn i ture shop bought
f u r n i t u r e fo r r e s a l e b y cheque from ABC Ltd.
Furniture Bank
Purchases Bank
Concept Clarification [(4) to (6)] • Inventory should be valued at the end of the accounting period. • Inventory movement is entered by Purchases, Sales, Returns outwards,
Returns inwards.
Concept Clarification [(7) and (8)]A company buys two types of assets:
Entry
Assets for resale Dr Purchases
Assets not for resale (for production of goods and services)
Dr Assets (e.g. Furniture)
141Chapter 8 The Accounting Cycle – Double Entry System
9. Transaction Debit Credit Purchased goods with list
price $100,000 on credit. A trade discount of 10% was received.
Purchases 100,000
Trade payables 10,000
Trade payables 100,000
Discounts received 10,000
Purchases90,000
Trade payables 90,000
10. Transaction Debit Credit Purchased goods with list
price $100,000 on credit. A cash discount of 10% was received because of cash repayment within discount period.
Purchases90,000
Trade payables 90,000
Purchases 100,000
Trade payables 90,000
Trade payables 10,000
Trade payables 100,000
Cash90,000
Discounts received 10,000
11. Transaction Debit Credit The owner pa id h is own
electricity bill by company’s cheque.
Electricity Bank
Drawings Bank
Concept Clarification [(9) and (10)]Trade discount vs Cash discount • Trade discount is received (allowed) at bulk purchases (sales). Discount
amount is deducted from list price at the time of purchases (sales). • Cash discount is received (allowed) for repayment within discount
period. Discount amount is deducted from payment amount at the time of repayment.
Concept ClarificationAccording to business entity concept, owners’ personal transactions should be separated from company’s books. Company’s payment on owners’ personal transaction should be treated as owners’ drawings.
142 Chapter 8 The Accounting Cycle – Double Entry System
Chapter 13
(i) Explain compounding, discounting, present value and future
value.
(ii) Compute net present value.
(iii) Distinguish between nominal and effective rate of return.
Time Value of Money
學習重點Le
arning
P oints
Remember important formula:
• Future value = Present value × (1 + r%)n
• Present value =
• Net Present value
= + +
[r% is interest rate for one period, 1(1 + r%)n
is discount factor,
n is number of periods]
Re
vision and
溫習及考試策略
Examination Stra
teg
ies
Future value(1 + r%)n
Cash flow in first year(1 + r%)1
Cash flow in third year(1 + r%)3
Cash flow in second year(1 + r%)2
(A) MC questions (2 marks each)
(B) Short questions (2 marks to 4 marks)
DSE
考題類別
和分數Question Types &
Mar
ks
Section1 Common Mistakes1. Nominal rate of return is equal to effective rate of return.
Nominal rate of return is not equal to effective rate of return.
2. Timevalueofmoneyisconsideredbecauseofinflationrate.
Time value of money is considered because of interest rate.
3. Peter is thinking to purchase a machine to enhance productivity for two years.Thepurchasecostofmachine is$100,000. Itcangenerateextracashinflowattheendofeachyearasfollows:
$ Year 1 30,000 Year 2 20,000
At the end of year 2, Peter can sell the machine at $60,000. Given that the rate of return is 10%, calculate the net present value (NPV) of the project.
Net present value
= 30,000 × 1
(1 + 10%)1 + (20,000 + 60,000) × 1
(1 + 10%)2
Net present value
= – 100,000 × 1 + 30,000 × 1(1 + 10%)1 + (20,000 + 60,000) × 1
(1 + 10%)2
Concept ClarificationNominal rate of return = Interest rate given in the question.Effective rate of return = (1 + r%)n – 1[r% is interest rate for one period, n is number of periods]
Concept ClarificationMoney value changes because of interest rate. Other factors like inflation are ignored.
Concept ClarificationStudents often forget to include cash outflow items in Net present value calculations.
232 Chapter 13 Time Value of Money
4. Peter is thinking to purchase a machine to enhance productivity for two years.Thepurchasecostofmachine is$100,000. Itcangenerateextracashinflowattheendofeachyearasfollows:
$ Year 1 30,000 Year 2 20,000
At the end of year 2, Peter can sell the machine at $60,000. Given that the rate of return is 10%, calculate the net present value (NPV) of the project.
Net present value
= – 100,000 × 1
(1 + 10%)1 + 30,000 × 1
(1 + 10%)2 + (80,000) × 1
(1+10%)3
Net present value
= – 100,000 × 1 + 30,000 × 1
(1 + 10%)1 + (80,000) × 1
(1 + 10%)2
Concept ClarificationStudents often make mistakes in counting of year.The machine was bought at the beginning (Year 0). • Year 0 means current year. The discount factor = 1 (No discount)
• Year 1 means at the end of Year 1. The discount factor = 1
(1 + 10%)1
• Year 2 means at the end of Year 2. The discount factor = 1
(1 + 10%)2
Working
Year 0 Year 1 (End of Year 1) Year 2 (End of Year 2)
Purchase of machine (100,000) / /
Cash inflow / 30,000 20,000
Sale of machine / / 60,000
Discount factor 1 1(1 + 10%)1
1(1 + 10%)2
Present value −100,000×1 30,000 ×
1
(1 + 10%)1 80,000 ×
1(1 + 10%)2
233Chapter 13 Time Value of Money
Section2 Capture Star Notes
2 Present value, future value and compounding
• Future value = Present value × (1 + r%)n
[r% is interest rate for one period, n is number of periods]
• The process of finding future value from present value is called compounding.
1 Time value of money
• Moneyvaluechangeswithtime.Forexample, ifweput$100intothebank account with interest rate of 10% per annum. $100 will become $100 × (1 + 10%) = $110 one year later.
• We consider time value of money because of interest rate.
DSE Tips • In DSE syllabus, money value changes because of interest rate. Other
factors like inflation are ignored. • Interest rate = Rate of return = Cost of capital • per annum = per year = yearly (short form is p.a.)
Example 1
Peterdeposited$1,000 intoabankaccountwith fixed interest rate8%compounded yearly. What is the amount he could withdraw? (Answer to the nearest dollar)
(a) One year later(b) Two years later(c) Three years later
Answer
(a) Amount = $1,000 × (1 + 8%)1 = $1,080(b) Amount = $1,000 × (1 + 8%)2 = $1,166(c) Amount = $1,000 × (1 + 8%)3 = $1,260
Present value Future value
234 Chapter 13 Time Value of Money
奪星易應試系列Deriving Stars Easily
Speedy Solutions - DSE BAFS (Compulsory Part) 11 Skills for 5**Authors: Rex Ng CT KwokPublishing director: Lau Chi HangExecutive editor: Kwan Wai KwanBook designer: Chan Hoi Ying
Published by Ming Pao Education Publications Limited 15/F, Block A, Ming Pao Industrial Centre, 18 Ka Yip Street, Chai Wan, Hong Kong Tel: (852) 2515 5600 Fax: (852) 2595 1115 Email: [email protected] Website: http://www.mpep.com.hk
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First published: November 2018 Price: HKD138ISBN 978-988-8557-01-1
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ALL RIGHTS RESERVEDNo part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic or mechanical, including photocopying and recording or otherwise, without the prior written permission of the publisher.
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