SPECIFIC GUIDANCE OF AFC EXAMINATION AND STUDY MATERIAL FOR

SUMMER AND AUTUMN 2021

May 17, 2021

EXAMS GUIDANCE

AFC-04 Introduction to Information Technology

Content Guidance
Operating System- Microsoft Examinable version “Windows 10”
Windows
 Microsoft Excel Examinable version “2016”
 Microsoft Word Please note that any examination questions that have different
 Microsoft PowerPoint answers based on earlier versions of MS Office will be assessed on
the basis of 2016 version of MS Office.

Exam Notice: There is no change in the syllabus, learning outcomes and exam
Page ii of the study text pattern. Please consider the exam note deleted.

Chapter 15 - Useful keyboard There is no change in the syllabus, learning outcomes or exam
shortcuts pattern. The useful shortcuts have only been included in the study
text for students’ learning only and are not examinable.

However, Shortcuts covered in all other chapters shall be

examinable.
Permission to use "HELP" or With the office version 2016, Office Help is only available online.
“F1” Since access to internet cannot be provided to students, therefore,
Office Help will NOT be available for the examinations.
 SPECIFIC GUIDANCE OF AFC EXAMINATION AND STUDY MATERIAL FOR
SUMMER AND AUTUMN 2021
May 17, 2021

STUDY MATERIAL GUIDANCE

AFC-03 Quantitative Methods

Reference Issue Guidance

Chapter 2:
Coordinate system and
equations of a straight Option “(d)” is marked correct The correct answer is Option “(c)”.
line:
Self-Test Question 2.15
Page 30
Chapter 4:
Mathematical
progression Typing error in Option “(c)” The answer choice may be corrected as
Self-Test Question 4.18 “163.83” instead of “163.84”.
Page 81
Chapter 4:
Mathematical
progression: Option “(d)” is marked correct The correct answer is Option “(a)”.
Self-Test Question 4.26
Page 82
Chapter 4:
Mathematical
progression: Option “(c)” is marked correct The correct answer is Option “(a)”.
Self-Test Questions 4.29
Page 82
Chapter 5: It should be replaced with:
Financial Mathematics: Word “compound” at the end of “compounded annually”
Compounding first line is not clear
Practice Question 2 (2)
Page 91
Chapter 5: The question should be read as follows:
Financial Mathematics: Interest rate missing from the
Compounding question statement A person invests Rs. 200,000 for 4 years at an
Practice Question 2 (5) interest rate of 8% compounded semi-
Page 91 annually. What is the total interest received
from this investment?
Chapter 5: Typing error in Illustration: The statement for ‘Annuity due’ should be
Financial Mathematics: Annuities read as:
Compounding
Formula: Future Value “The payments to service the loan would
of Annuity start on 1 January 2013 with the last
payment on 1 January 2017”
Page 96

Chapter 5: Formatting error in the formula Formula for Ordinary Annuity and Annuity
Financial Mathematics: for Ordinary Annuity and Annuity due can be read as
Compounding due
 SPECIFIC GUIDANCE OF AFC EXAMINATION AND STUDY MATERIAL FOR
SUMMER AND AUTUMN 2021
May 17, 2021

Reference Issue Guidance

Formula: Future Value (1 + 𝑟)𝑛 − 1
𝑆𝑛 = 𝑋 [ ]
of Annuity 𝑟
Page 96
(1 + 𝑟)𝑛 − 1
𝑆𝑛 = 𝑋(1 + 𝑟) [ ]
𝑟
Chapter 5: The solution to Practice Question
Financial Mathematics: 2 (1) requires slight correction at Correct step should be:
Compounding step 2 which is as follow: Sn = 100,000 × 2.1589 = Rs. 215,890
Solution to Practice
Questions 2 (1) Sn = 100,000 × 2.1589 = Rs.
215,892
Page 99
Chapter 5: The solution requires correction in existing
Financial Mathematics: The solution to Practice steps and an additional step. Complete
Compounding Questions 2 (2) is incomplete corrected solution is as follows:
Formula: Future Value
of Annuity Sn = 60,000 × 1.066
Practice Questions 2 (2) Sn = 60,000 × 1.419 = Rs. 85,140
Page 99
Total interest earned=Rs. 85,140 - Rs. 60,000
=Rs. 25,140
Chapter 5: The correct answer to the question is:
Financial Mathematics:
Compounding The solution to Practice Total interest earned= 273,800 - 200,000
Formula: Future Value Questions 2 (5) is incomplete = Rs. 73,800

Practice Questions 2 (5)

of Annuity Page 99

Chapter 6: The answer to the example Replace Rs. 206,010 with “Rs. 205, 982”
Financial mathematics: question is given as “Rs. 206,010”
Discounting in the narration.
Example: “Comparing
Cash flows”
Page 115
Chapter 6: The value of “Rs. 1000” after 12 The expected future value should be
Financial mathematics: months is a typing error. corrected as “Rs. 100,000”.
Discounting
Example: “Comparing
Cash flows”
Page 116
Chapter 6: Typing error for Discount factor The discount factor should be corrected as
Financial mathematics: at 15%, 0 periods written as “1.000”
Discounting “1,000”
Example: “IRR”
Page 125
Chapter 6 Financial Typing error for discount rate The discount rate (A%) in the formula for IRR
Mathematics: (A%) used in the IRR calculation should be corrected as “11%” instead of
Discounting which is written as “10%” “10%” when calculating IRR.
Solution to practice
question 3(1)
 SPECIFIC GUIDANCE OF AFC EXAMINATION AND STUDY MATERIAL FOR
SUMMER AND AUTUMN 2021
May 17, 2021

Reference Issue Guidance

Page 128 The IRR should hence be corrected to
“13.2%” instead of “12.7%”.

Chapter 6: Typing error for Discount factor The discount factor should be corrected as
Financial mathematics: at 15%, 0 periods written as “1.000”
Discounting “1,000”
Solution to practice
question 3(1)
Page 128
Chapter 6: The question stands deleted.
Financial mathematics:
Discounting
Self-Test Questions
6.17 Page 131
Chapter 13: There is a typing error in answer Answer option “(c)” should be corrected as:
Regression and option ‘(c)’.
correlation: “-1 to +1” instead of “1- to +1”
Self-Test Questions
13.26

Page 309

Appendix A Typing error for discount factor discount factor at 5%, 1 period should be
Present Value Table at 5%, 1 period which is written corrected as “.952”
as “.962”
Page 448
2.1 Significance testing The formula in the study text for The formula should be as under:
Examples and Practice calculating z-score is incorrect. ̅̅̅−𝜇
𝑋
Question Z= σ
√𝒏
Solutions to example and practice question
Pages 423, 424, 425 &
432 available at these pages should be read as
under:
Example (pg 423)
Number of standard errors between the
sample mean and the asserted mean (Z
value):
𝑥̅ −  450 − 460
𝑧 𝑠𝑐𝑜𝑟𝑒 = = = −4
𝜎𝑥̅ 2.5
The sample mean is beyond -1.96 standard
errors of the mean.
Therefore, the null hypothesis should be
rejected.
Example (pg. 424)
Number of standard errors between the
sample mean and the asserted mean (Z
value):
 SPECIFIC GUIDANCE OF AFC EXAMINATION AND STUDY MATERIAL FOR
SUMMER AND AUTUMN 2021
May 17, 2021

Reference Issue Guidance

𝑥̅ −  52 − 50
𝑧 𝑠𝑐𝑜𝑟𝑒 = = = 1.33
𝜎𝑥̅ 1.5
The sample mean is within 1.96 standard
errors of the mean.
There is no evidence that the null hypothesis
should be rejected.
Example (pg. 425)
Number of standard errors between the
sample mean and the asserted mean (Z
value):
x̅ −  725 − 700
𝑧 𝑠𝑐𝑜𝑟𝑒 = = = 1.92
σ 13
The sample mean is beyond 1.65 standard
errors of the mean.
The null hypothesis should be rejected.
There is evidence that the new technique
produces stronger cable.
Practice Question (pg. 432)
Number of standard errors between the
sample mean and the asserted mean (Z
value):
x̅ = 13 hours and 20 minutes
(in terms of hours it is 13.33)
𝑥̅ −  13.3333 − 14
𝑧 𝑠𝑐𝑜𝑟𝑒 = = = −1.78
σ 0.375
The sample mean is within -1.96 standard
errors of the mean.
The null hypothesis should be accepted.
There is no evidence that the average
journey time differs from the transport
manager’s assertion.

Self-Test Question The question should read as “If n < 30 and

18.26 There is an error in the symbol the variance of population is unknown then
“>” in the question. the test-statistic for testing mean of
Page # 436 population must be:”

AFC-04 Introduction to Information Technology

Content Issue Guidance

Printers Revisions required The last heading of the page i.e. Printers will be read
Page 9 -10 as:
Printers can be categorized between impact printers
and non-impact printers. Impact printers produce
text and images by striking an ink ribbon (e.g. dot
 SPECIFIC GUIDANCE OF AFC EXAMINATION AND STUDY MATERIAL FOR
SUMMER AND AUTUMN 2021
May 17, 2021

matrix printers). Non-impact printers produce

images without actually striking the paper.
The main types of printer currently used are
 Inkjet printer (non-impact)
 Laser printer (non-impact)
 Dot matrix printer (impact)
 Thermal printer (non-impact)
2.1.1 System software Revisions required Text will be read as:
Page 13 2.1.1 System software
Main categories of system software:
 Operating system software
 Utility software
Communication Revisions required Definition of Communication Software to be added
software within the application software as follows:
Page 14
2.1.3 Application software
 Off-the-shelf software or software
packages…
 Bespoke…
 Communications software controls the
transmission of data within a computer
network making it possible to send and
receive data over media such as telephone
lines and fibre optic cables
Gadgets
Section on Customizing gadgets stands deleted
Page 27
Finding downloaded Revisions required Text will be read as:
files Finding downloaded files
Page 39 When you use Windows Internet Explorer or any
other web browser to download a file from the
Internet (e.g. a pdf format file of some company
accounts that have been posted to the web)
it will be saved in Downloads folder unless you
select an alternate location to save it. The Download
folder is usually located on the drive
where Windows is installed (for example,
C:\users\your name\downloads).

2.3 Date and time Typing error Text will be read as

functions = TODAY - Returns the current date
Page 145 = NOW() - Returns the current date and time

Change the height of a Revised default row Row height can be set between 0 and 409
row height as per Office (representing height measurement in points –
2016. default is 15 points).
Pg. 87
 SPECIFIC GUIDANCE OF AFC EXAMINATION AND STUDY MATERIAL FOR
SUMMER AND AUTUMN 2021
May 17, 2021

Chapter 4: Self-Test Answer is wrongly Correct Option is A (Only one worksheet).

marked.
Pg. 71