导读：每次考试结束ACCA考官都会依据本次考试考生的总体体现状况写陈述，具体分析学生在答题过程中呈现的问题，总结学生在备考该门类时大概留意的事项，高顿网校的小编为大家整理了F9考官陈述：
　　Question One （b）
　　Candidates were asked here to calculate the before-tax return on capital employed （ROCE） of the investment project on an average investment basis and to discuss briefly its financial acceptability. Many candidates did not gain full marks here because they were not sure of how to calculate ROCE for investment appraisal purposes. The definition of ROCE in this case is average annual accounting profit as a percentage of average annual investment. Since the NPV *uation was in cash flow terms, accounting profit had to be calculated by subtracting depreciation from investment project cash flows, a point overlooked by some candidates. Some candidates were also not aware that average annual accounting profit, rather than total accounting profit, was needed. Some candidates incorrectly chose to calculate internal rate of return （IRR）， perhaps because they were confusing ROCE with IRR. It is also possible that this error was partly due to the fact that both ROCE and IRR are relative measures of investment worth.
 
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