CIMA Revision Card Fundamentals of Business Maths

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CIMA Revision Card Fundamentals of Business Maths provides complete coverage of the CIMA syllabus in notes. This handy kit, the only revision aids recommended by CIMA, saves you time by distilling the contents of your CIMA Learning System down to bite-sized chunks, focusing only on the key points you need to pass your exam. This new revised edition reflects changes in the Learning System.

This book covers basic mathematics; obtaining data; presentation of data; descriptive statistics; index numbers; financial mathematics; correlation and regression; time series; probability; and spreadsheets. Diagrams and bulleted lists show key points as clearly and concisely as possible, making them easy to learn and remember. Study tips are included to guide you in the right direction.

This book will appeal to General Accounting students, and especially to CIMA students taking Fundamentals of Business Maths module- 2006 syllabus.

* New revised edition to reflect changes in the Learning System
* Exam focused, pocket sized revision guides summarising the key topics of the CIMA syllabus
* Diagrams and tables throughout reinforce key concepts and aid memory retention and recall
* Easily portable size - revision on the move

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Front Cover 2
Fundamentals of Business Mathematics 3
Copyright Page 4
Table of Contents 6
About the assessment 7
Chapter 1. Basic mathematics 9
- Topic 1 Operations, brackets and negative numbers 10
  - But sort out brackets first 10
  - Negative numbers 10
  - Order of operations 10
- Topic 2 Powers and roots 11
  - Rules 11
  - Examples 11

Front Cover 2
Fundamentals of Business Mathematics 3
Copyright Page 4
Table of Contents 6
About the assessment 7
Chapter 1. Basic mathematics 9
- Topic 1 Operations, brackets and negative numbers 10
  - But sort out brackets first 10
  - Negative numbers 10
  - Order of operations 10
- Topic 2 Powers and roots 11
  - Rules 11
  - Examples 11
- Topic 3 Writing equations in Excel 12
  - Mathematical operations in Excel 12
  - Example 12
- Topic 4 Formulae 13
  - Rearranging equations 13
  - Examples 14
- Topic 5 Linear equations 15
  - Finding values of ‘a’ and ‘b’ 15
  - The meaning of ‘a’ and ‘b’ 15
- Topic 6 Simultaneous linear equations 17
  - Example 17
- Topic 7 Quadratic equations 19
  - Example 19
  - Sometimes you don’t need the formula 19
- Topic 8 Inequalities and percentages 21
  - Example 21
  - Percentages and ratios 21
  - Manipulating inequalities 21
  - Example 21
- Topic 9 Rounding, accuracy and approximation 22
  - Errors due to rounding and inaccuracy 22
  - Rounding 22
- Topic 10 Using Excel to plot equations 23
  - Producing a single linear equation in Excel 23
  - Using Excel to produce graphs of linear and quadratic equations 23
  - Drawing multiple equations on a single graph 25
  - Producing a single quadratic equation in Excel 25
  - Producing multiple quadratic equation in Excel 26
- Topic 11 Practice questions 28
  - Practice questions 28
- Topic 12 Solutions to practice questions 30
  - Solutions to practice questions 30
- Chapter 2. Obtaining data 33
  - Topic 1 Types of data and information 34
    - Pros and cons 35
    - Good information should be 35
    - Primary and secondary data 35
    - Information 35
  - Topic 2 Sampling methods 36
    - Sampling frame 36
    - Random sampling 36
    - Simple random sampling 37
    - Random numbers 37
    - Systematic sampling 37
    - Probability sampling methods 37
    - Stratified random sampling 38
    - Pros and cons 38
    - But 38
    - Cluster sampling 39
    - Multi-stage sampling 39
    - Pros and cons 39
    - But 40
    - Quota sampling 40
    - Pros and cons 40
  - Topic 3 Questionnaires 41
    - Do 41
    - Avoid 41
  - Topic 4 Contact with respondents 42
  - Topic 5 Practice questions 44
    - Practice questions 44
  - Topic 6 Solutions to practice questions 46
    - Solutions to practice questions 46
  - Chapter 3. Presentation of data 47
    - Topic 1 Frequency distributions 48
      - Example 48
      - Grouped data 48
      - Continuous frequency distributions 49
      - Grouped distributions are treated as if they are continuous 49
      - Discrete and continuous variables 49
      - Cumulative frequency distributions 50
      - Frequency polygon 50
      - Shapes of distributions 50
    - Topic 2 Frequency polygons 51
      - Negatively skewed 51
      - Symmetrical 51
      - Uses of frequency polygon 51
      - Positively skewed 51
    - Topic 3 Histograms 52
      - Uses of the histogram 52
      - Calculating heights of the bars 52
      - For example 52
      - A full example 53
      - Using spreadsheets to produce histograms 54
    - Topic 4 Ogives 55
      - Ogive of salary distribution 55
      - Creating an ogive in Excel 56
    - Topic 5 Pie charts 57
      - Pie chart showing breakdown of turnover (£ m) 57
      - Example 57
      - Creating a pie chart in Excel 58
    - Topic 6 Bar charts 59
      - Simple bar chart 59
      - Multiple bar chart 59
      - Component bar chart 60
      - Percentage component bar chart 61
    - Topic 7 Tabulation 62
      - Rules of tabulation 62
    - Topic 9 Using spreadsheets to present data 63
    - Topic 8 Pareto analysis 63
      - Pareto analysis – the 80–20 rule 63
    - Topic 10 Practice questions 67
      - Practice questions 67
    - Topic 11 Solutions to practice questions 70
      - Solutions to practice questions 70
    - Chapter 4. Descriptive statistics 73
      - Topic 1 Arithmetic mean 74
        
        Examples 74
      - Topic 2 Median 75
        
        For grouped data we use the ogive 75
        
        Examples 75
      - Topic 3 Mode 76
        
        Examples 76
      - Topic 4 Range 77
        
        Examples 77
      - Topic 5 Quartile deviation 78
      - Topic 6 Mean deviation 79
        
        Example 79
      - Topic 7 Standard deviation 80
        
        Two important statistics related to the standard deviation 81
      - Topic 8 Comparison of statistics 82
        
        Averages 82
        
        Mode 82
        
        Mean 82
        
        Median 82
        
        Conclusions 83
        
        Skewed data and the averages 83
        
        Quartile deviation 84
        
        The range 84
        
        Standard deviation 84
      - Topic 9 Using Excel 85
        
        Descriptive statistics using Excel 85
      - Topic 10 Practice questions 87
        
        Practice questions 87
      - Topic 11 Solutions to practice questions 89
        
        Solutions to practice questions 89
      - Chapter 5. Index numbers 93
        
        Topic 1 Simple index numbers 94
        
        Choice of base year 94
        
        Example 94
        
        Note 94
        
        Interpretation 95
        
        Topic 2 Change of base 96
        
        Example 96
        
        Topic 3 Combining two series of index numbers 97
        
        Example 97
        
        Topic 4 Chain-base index numbers 98
        
        Interpretation 98
        
        Notes 98
        
        Example 98
        
        Topic 5 Relative index numbers and price indices 99
        
        Example 99
        
        Relative price index 99
        
        Example of a relative price index 100
        
        Interpretation 100
        
        Relative quantity index 100
        
        Topic 6 Aggregative index numbers 101
        
        Aggregative quantity index 101
        
        Example of base weighted price index 101
        
        Aggregative price index 101
        
        Topic 7 Base or current weighting? 102
        
        Current weights 102
        
        Base weights 102
        
        Index numbers are greatly affected by 102
        
        Topic 8 The UK retail price index (RPI) 103
        
        Finding ‘real’ values 103
        
        Uses of the RPI 103
        
        Topic 9 Finding ‘real’ values 104
        
        Examples 104
        
        Value at base year prices 104
        
        Topic 10 Practice questions 106
        
        Practice questions 106
        
        Topic 11 Solutions to practice questions 108
        
        Solutions to practice questions 108
        
        Chapter 6. Financial mathematics 111
        
        Topic 1 Simple and compound interest 112
        
        Compound interest 112
        
        Example 112
        
        Simple interest 112
        
        Example 113
        
        Compounding with annual payments 113
        
        If the rate of interest changes 113
        
        Sinking funds 114
        
        Example 114
        
        Example 114
        
        Topic 2 Equivalent rates of interest 115
        
        Example 115
        
        Examples 115
        
        Nominal rates of interest 115
        
        Topic 3 Depreciation 116
        
        Examples 116
        
        Example 116
        
        Topic 5 Net present value (NPV) 118
        
        Investment appraisal 118
        
        Example 118
        
        Conclusion 118
        
        Topic 6 Annuities 119
        
        Examples 119
        
        Annuities at unusual times 120
        
        A perpetuity 120
        
        Topic 7 Loans and mortgages 121
        
        Examples 121
        
        Topic 8 Internal rate of return 122
        
        Method 1 – graphical 122
        
        Topic 9 Applying the techniques in Excel 124
        
        Steps 124
        
        Using Excel to calculate NPV and IRR 124
        
        Topic 10 Practice questions 127
        
        Practice questions 127
        
        Topic 11 Solutions to practice questions 129
        
        Solutions to practice questions 129
        
        Chapter 7. Correlation and regression 133
        
        Scatter diagrams in Excel 135
        
        Steps 135
        
        Product–moment correlation 136
        
        Interpretation of r 136
        
        Limitations 136
        
        Regression 138
        
        Interpreting ‘a’ and ‘b’ 139
        
        Least squares lines in Excel 140
        
        Steps 140
        
        Forecasting 142
        
        Example 142
        
        Coefficient of determination 143
        
        Example 143
        
        About the exam 145
        
        Likely questions 145
        
        Possible questions 145
        
        Practice questions 146
        
        Practice questions 146
        
        Solutions to practice questions 149
        
        Solutions to practice questions 149
        
        Chapter 8. Time series 151
        
        Topic 1 Components and models of time series 152
        
        Models 152
        
        Simplified models 152
        
        Topic 2 Finding the trend 153
        
        Moving average trend for data with an odd cycle [e.g. 3 years] 153
        
        Linear trends 153
        
        Positioning 154
        
        Moving average trend for data with an even cycle (e.g. quarterly) 154
        
        Calculations 154
        
        Topic 3 Seasonal components 155
        
        Additive model 155
        
        Multiplicative model 155
        
        Additive model 156
        
        Multiplicative model 156
        
        Topic 4 Overall forecasts 157
        
        Overall forecasts 157
        
        Trend forecasts 157
        
        Topic 5 Seasonal adjustment 158
        
        Example 158
        
        Topic 6 Daily or annual data 159
        
        Annual data 159
        
        Example 159
        
        Daily data 159
        
        Topic 7 Interpretations 160
        
        Trend 160
        
        Seasonal components 160
        
        Seasonally adjusted values 160
        
        Topic 8 The validity of forecasts 161
        
        Use of Excel 161
        
        Residuals 161
        
        Topic 9 Practice questions 163
        
        Practice questions 163
        
        Topic 10 Solutions to practice questions 165
        
        Solutions to practice questions 165
        
        Chapter 9. Probability 167
        
        Topic 1 Definition of probability 168
        
        Exact probability 168
        
        Basic features of probabilities 168
        
        Empirical probability 168
        
        Basic definition 168
        
        Subjective probability 168
        
        Topic 2 Addition rules of probability 169
        
        If both events A and B can occur 169
        
        If both events A and B cannot occur 169
        
        Topic 3 Multiplication rules and conditional probability 170
        
        If events A and B are independent 170
        
        Conditional probability 170
        
        If A and B are not independent 170
        
        The order of events 171
        
        Example 171
        
        Topic 4 Expected value 172
        
        Topic 5 Decision making 173
        
        Example 173
        
        Limitations of the method 173
        
        The expected value criterion 173
        
        Example using a payoff table 174
        
        Topic 6 Normal distribution 175
        
        The normal curve 175
        
        Normal tables 176
        
        Example, the table entry for 1.96 177

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