Updated upto June 2014 Session

Comment on any four of the following:

CS PP June 2014 under Old Syllabus
1, (i) The goal of profit maximisation does not provide us with an operationally useful criterion.
(ii) Social-cost-benefit analysis for capital projects has no relevance in the case of private enterprises.
(iii) Financial leverage is a fair weather friend.
(iv) Internal treasury control is a process of self improvement.
(v) Risk and return go together and there is always a conflict between the return from a decision and
the risk it brings to the firm. (5 marks each)
CS PP June 2014 under New Syllabus
1.(a) Current assets are financed by current liabilities.
(b) Commodity trading causes high level of inflation.
(c) Economic Value Added (EVA) concept is in conformity with the objective of wealth maximisation.
(d) Higher financial leverage is better than higher operating leverage.
(5 marks each)
2. (a) "The investors behaviour criterion provides framework for analysis of risk-return choices"
Markowitz. Do you agree ? (4 marks)
(c) The time value of money concept is needed to maximise wealth. (4 marks)
Distinguish between any four of the following :
CS PP June 2014 under Old Syllabus
4.(i) 'Investment decision' and 'financial decision'.
(ii) 'Capital market line' and 'security market line'.
(iii) 'Deep discount bonds' and 'disaster bonds'.
(iv) 'Stable dividend policy' and 'residual dividend policy'.
(v) 'Liquidity management' and 'treasury management'. (5 marks each)
CS PP June 2014 under New Syllabus
2. (b) 'sensitivity analysis' and 'scenario analysis'
(d) 'interest rate parity' and 'purchasing power parity'(4 marks each)
Write notes on any four of the following :
CS PP June 2014 under Old Syllabus
7. (i) Marginal cost of capital
(ii) Sharpe index model
(iii) Social aspects of project appraisal
(iv) Approaches to credit rating
(v) Capital account convertibility. (5 marks each)
CS PP June 2014 under New Syllabus
6. (a) Mark-to-market process
(b) Asset backed securitisation
(c) Currency derivatives
(d) Financial insolvency. (4 marks each)
Other Theory questions

CS PP June 2014 under New Syllabus

2A. (i) Describe participants in the foreign exchange market. (4 marks)
(ii) How does capital asset pricing model (CAPM) help in estimating expected rate of return of a
security ? (4 marks)
(iii) Explain the net income approach to capital structure. (4 marks)
(iv) How do firms manage required level of receivables ? (4 marks)
5. (a) Financial management means the management of finances of a business organisation in order
to achieve financial objectives. Elaborate the financial objectives of a firm. (4 marks)
(b) What is a financial lease ? How is it different from sale and leaseback ? (4 marks)
(c) What factors are to be considered while deciding the financial and commercial viability of a project
? (4 marks)
(d) Describe briefly the different roles of treasury manager in overall functioning of a firm. (4 marks)
Updated upto December 2013 Session
Comment on any four of the following:
CS PP December 2013
1. (i) Financial gearing is a fair weather friend.
(ii) Deferred payment of taxes is a source of working capital.
(iii) The device of capital rationing is adopted to control capital expenditure.
(iv) A stable dividend policy is always preferable to a fluctuating dividend policy.
(v) Intrinsic value of a security is valid for a given set of conditions.
Distinguish between any four of the following :
CS PP December 2013
4. (i) 'Liquidity management' and 'treasury management'.
(ii) 'Financial aspects' and 'economic aspects' of project appraisal.
(iii) 'Current account' and 'capital account' in balance of payment.
(iv) 'Capital structure' and 'financial structure'.
(v) 'Dematerialisation' and 'immobilisation'.
Write notes on any four of the following :
CS PP December 2013
7. (i) Sensitivity analysis in capital budgeting
(ii) Stock index futures
(iii) Secured premium notes
(iv) Internal treasury control
(v) Benefits of depository system.
Dear Friends,
Updated upto June 2013 Session
Please find the past questions containing 60 marks of CS Professional: M-II P 3 > Past Questions
>Financial Treasury and Forex Management for the benefits of the CS Professional students.
Comment on any four of the following:
CS PP June 2013
(i) Liquidity and profitability are competing goals for the financial executives.
(ii) Internal rate of return (IRR) of a project is that rate where net present value (NPV)is zero.
(iii) Tools and techniques of treasury managers are very specific.
(iv) Cost of capital is used by a company as a minimum benchmark for its yield.

(v) Depository system functions just like the banking system.

CS PP December 2012
(i) Issue of bonus shares does not affect the liquidity position of the company.
(ii) Dividend policy has to be adapted in the light of nature and environment of firm, industry and the
economy.
(iii) The risk of becoming technically insolvent is measured by using the tool of net working capital by
the Finance Managers.
(iv) Treasury function is concerned with management of funds at the micro level.
(v) Exchange rate is the price of one country's money in terms of other country's money.
Distinguish between any four of the following:
CS PP June 2013
(i) 'Profit maximisation' and 'wealth maximisation'.
(ii) 'Netting in forex' and 'matching in forex'.
(iii) 'Currency swaps' and 'currency option'.
(iv) 'Efficient portfolio' and 'optimal portfolio'.
(v) 'Interest rate parity' and 'purchasing power parity'.
CS PP December 2012
(i) 'Risk evaluation' and 'sensitivity analysis'.
(ii) 'Factoring' and 'bill discounting'.
(iii) 'Technical viability of a project' and 'financial viability of a project'.
(iv) 'Growth oriented funds' and 'high growth funds'.
(v) 'Bearer debentures' and 'registered debentures'.
Write notes on any four of the following:
CS PP June 2013
(i) Factoring
(ii) Translation exposure
(iii) Transfer pricing
(iv) Economic rate of return for project appraisal
(v) Sweat equity shares.
CS PP December 2012
(i) Social cost benefit analysis
(ii) ABC analysis of inventory management
(iii) Efficient portfolio
(iv) Economic value added (EVA)
(v) Residual theory of dividend policy.
Sourse: ICSI Past Question Papers available on www.icsi.edu
Hope this will help you in preparing your notes for ensuing examination.
Updated upto June 2012 Session
Please find the past questions containing 60 marks of CS Professional: M-II P 3 > Past Questions
>Financial Treasury and Forex Management for the benefits of the CS Professional students.

Comment on any four of the following:

CS PP June 2012
(i) NPV decision rule does not hold true in the situation of capital rationing.
(ii) Risk is always associated with receivables.
(iii) The strategy for effective cash management in any firm has a core component of operating cycle.
(iv)Treasury function is supplemental and complemental to the finance function in a firm.
(v) Capital Asset Pricing Model (CAPM) is a tool to work out cost of equity.
Distinguish between any four of the following:
CS PP June 2012
(i) Financial distress and insolvency.
(ii) Open ended mutual funds and close ended mutual funds.
(iii) Accounting exposure and economic exposure.
(iv) Semi-strong form of efficient market hypothesis and strong form of efficient market hypothesis.
(v) Factoring and bill discounting.
Write notes on any four of the following:
CS PP June 2012
(i) External commercial borrowings
(ii) Financial viability of a project
(iii) Counter party risk
(iv) Optimal capital structure
(v) Zero coupon convertible notes.
Sourse: ICSI Past Question Papers available on www.icsi.edu
Dear Friends,
Please find the past questions containing 60 marks of CS Professional: Old Syllabus: P 3 > Past
Questions >Financial Treasury and Forex Management for the benefits of the CS Professional
students.

Comment on any four of the following :

CS PP December 2011
(i) It is not always necessary that inventory is held for smooth manufacturing and sales operations.
(ii) Capital rationing does not always lead to optimum results.
(iii) Corporate taxation creates incentive for advancement to the company by utilising borrowed funds
for financing its growth schemes.
(iv) Financial gearing is a double-edged sword.
(v) Financial policy and corporate strategy are most significant concerns of top management.
(c) How do firms manage economic risk due to fluctuations in forex market?
CS PP June 2011
(i) A treasury manager has a significant role to play in the overall functioning of a firm.
(ii) A firms stock price is not related to its mix of debt and equity financing.
(iii) Depreciation is a source of internal finance.
(iv) A stable dividend policy is always preferable to fluctuating dividend policy.
(v) Risk and uncertainty are quite inherent in capital budgeting decisions.
CS PP December 2010
(I) Dividend policy is strictly a financing decision and payment of cash dividend is a passive residual.

(ii) Depository system functions very much like banking system.

(iii) Accounting profit does not take into account a1 costs of capital invested in business.
(iv) The mark-to-market process is lengthy for index futures.
(v) Financial gearing is a fair weather friend.
CS PP June 2010
(i) While deciding upon the capital structure, the firm has to consider the different life cycle stages.
(ii) Financial services industry encompasses a considerable range and depth of activities.
(iii) Tools and techniques of treasury manager are very specific.
(iv) Traditional approach of business finance considers efficient utilisation of resources.
(v) Playing with float is a risky proposition.
CS PP December 2009
(i) Financial sector acts as conduit for the transfer of financial resources from net savers to net
borrowers.
(ii) Under capital rationing, the standard net present value (NPV) decision rule no longer holds true.
(iii) Most businesses need cash funds to meet contingencies.
(iv) Apart from the retention of profits and capitalising the accumulated earnings, the bonus shares
serve several other objectives.
(v) Foreign exchange risk can be managed both internally and externally.
CS PP June 2009
(i) Failure of a firm is technical if it is unable to meet its current obligations.
(ii) In addition to transaction motive, more motives force corporate to hold inventory.
(iii) CAPM is a tool to workout cost of equity.
(iv) Counter party risk is faced in forward transactions.
(v) The function of treasury management is concerned with both macro and micro facets of the
economy.
(c) Discounted cash flow is very close to economic value added. Comment.
CS Final June 2010
(i) Beta of a security can also be negative. Comment.
(ii) Internal treasury control is a process of self-improvement. Explain.
(iii) Optimal investment decisions need to be made taking into consideration specific factors. Explain.
(iv) Depository system has unique advantages for investors, brokers and issuing company. Discuss.
(v) Public deposits have more benefits for issuing companies and investors than merely sharing the
spreads of financial intermediaries. Discuss.
CS Final December 2009
(i) Economic value added represents real profit,
(ii) Sensex is a barometer to economic progress of a nation.
(iii) Current asset policy and current asset financing reflect working capital policy,
(iv) There is a conflict of goals between management and owners.
(v) The concept of Economic Order Quantity (EOQ) is losing its importance for the companies
managing their business strategically.
CS Final June 2009
(i) The optimum dividend policy should strike a balance between current dividends
and future growth.
(ii) Financial leverage is caused due to fixed financial costs.
(iii) Economic exposure implies change in value of a firm due to unanticipated change
in exchange rates.
(iv) Permanent working capital financed by current liabilities has its pitfalls.
(v) Forward exchange rates are always at premium or discount to spot rates.

CS Final December 2008

(i) Investment, financing and dividend decisions are inter-related.
(ii) Total risk is the risk associated with combined leverage.
(iii) The depository system functions very much like the banking system.
(iv) Stock options are for speculators.
(v) Inspite of many advantages, the stable dividend policy suffers from certain limitations.
(b) Describe the features of index futures. How are interest rate futures settled ?
CS Final June 2008
(i) Financial leverage is a fair weather friend. Discuss.
(ii) The risk of the portfolio which combines both a risky and a risk-free asset will be reduced to the
standard deviation of the risky security, weighted for its proportionate value in the portfolio. Do you
agree ? Discuss.
(iii) Alpha is an indicator of the extent to which the actual return of a stock deviates from those
predicted by its beta value. Discuss.
(iv) An investor suffers dilution of financial interest when he does not exercise his pre-emptive
rights. Comment.
(v) Derivatives are mainly used to control risk to increase returns. Comment.
CS Final December 2007
(i) Effective treasury management involves incorporation of control and supervision measures.
(ii) A stable dividend policy is always preferable to fluctuating dividend policy.
(iii) An option protects the underlying asset against loss and the underlying asset protects the option
against loss.
(iv) Adequacy of current assets is a myth.
(v) The portfolio managers generally attempt to diversify risks by investing in debts and equity
instruments.
(vi) Taxation provisions have a significant effect on financial planning of a company.
CS Final June 2007
(i) Wealth maximisation objective of the financial management is redefined as value maximisation.
(ii) Project planning aims at choosing the minimum quantum of investment which may yield the
highest return or maximise investments for obtaining the highest growth of the project.
(iii) Corporate financing decision without consideration of corporate taxation is meaningless.
(iv) Zero based budgeting plays a vital role in treasury management.
(v) Operations in forex market are exposed to a number of risks.
(vi) Large shareholders are not interested in dividends.
CS Final December 2006
(a) The choice of an appropriate debt policy involves a trade-off between tax benefits and the cost of
financial distress. Comment.
(b) In the emerging economic and financial environment, the role and responsibility of treasury
manager has become more demanding, complex and important. Elaborate.
(c) Cost of retained earnings is the opportunity cost of returns obtained in a similar investment
elsewhere. Discuss.
(d) Internal treasury control is a process of self-improvement. Comment.
CS Final June 2006
(a) Profit maximisation is pre-requisite for shareholders wealth maximisation. Do you agree ? Give a
brief account of the advantages and disadvantages of these goals.
(b) Discuss the advantages of investing in mutual funds.
(c) Length of operating cycle is the major determinant of working capital needs of a business firm.
Explain.

(d) Write a note on depository system in India.

CS Final December 2005
(a) "Internal treasury control is a process of self-improvement." Explain.
(b) List out the benefits of public deposits to the company as well as to the depositors.
(c) "For the lessor, lease decision is akin to a capital budgeting exercise." Examine the statement and
explain its implications.
(d) "Economic value added (EVA) concept is in conformity with the objective of wealth maximisation."
Explain.
CS Final June 2005
(a) Treasury management has both macro and micro aspects. Comment.
(b) There are legal constraints on payment of dividends. Discuss it in the light of statutory
framework existing in India.
(c) Describe the main objectives of syndication of euro currency loans.
(d) State with reasons whether the investment, financing and dividend decisions are inter-related.
CS Final December 2004
(a) Treasury management has both macro and micro aspects. Explain.
(b) Reserves and surpluses have no cost. Do you agree ? Give reasons for your answer.
(c) Explain capital account convertibility.
(d) Distinguish between the hedging and conservative approaches to financing of working capital.
CS Final June 2004
(a) A high EPS may not always maximise the stock price. Do you agree ? Discuss.
(b) List out the benefits of issuing bonus shares.
(c) Stability in payment of dividends has a marked bearing on the market price of the shares of a
corporate firm. Explain the statement.
(d) Describe the responsibilities of treasury manager.
CS Final December 2003
(a) Liquidity and profitability are competing goals for the finance manager. Comment.
(b) Depreciation is a part of cost of production and is at the same time an important source of
internal finance. Discuss this statement.
(c) Retained earnings have no cost. Do you agree ? Give reasons for your answer.
(d) Efficient cash management will aim at maximizing the availability of cash inflows by decentralising
collections and decelerating cash outflows by centralizing disbursements. Discuss.
(c) Discuss in brief the techniques of economic appraisal for an industrial project.
(a) Bonus shares represent simply a division of corporate pie into a large number of pieces. Discuss.
(b) Discuss the salient features of risk containment measures developed by National Securities
Clearing Corporation Ltd. (NSCCL) for the futures and option segment.
(c) Discuss the relationship between spot rate and forward rate.
(d) According to Dow Jones Theory, identification of turn is made on the basis of daily movement of
prices. State, with reasons, whether this statement is correct.
CS Final Old December 2004
(a) Why should a company concentrate primarily on wealth maximisation instead of profit
maximisation ?
(b) Explain in brief the role, importance and functions of fundamental analysis.
(a) What do you understand by credit rating ? Explain the methodology for rating debt instruments of
corporates.

(c) Describe the steps taken by the financial institutions for appraising a project.
(b) Discuss the meaning and importance of risk management and various methods followed for risk
management.
(c) What is meant by joint venture ? Describe the strategy and issues for setting up joint venture
abroad.
(b) What are the financial implications of the retirement benefits and voluntary
retirement scheme (VRS) followed by the corporates?
CS Final Old June 2004
(a) Investment, financing and dividend decisions are inter-related. Comment.
(a) Does declaration of dividends necessarily have positive impact on the wealth of shareholders ?
Discuss.
(a) What is meant by transaction exposure ? Describe the methods used for hedging this kind of
exposure.
(b) What is project report ? Why is it necessary to prepare project report ? Sketch a format for
project report to be submitted to a financial institution and discuss the steps taken by financial
institutions while appraising a project.
CS Final Old December 2003
(a) Discuss the salient features of financial sector reforms and its impact on the financial system of
the country.
(b) Explain the costs of liquidity and illiquidity.
(c) Depreciation is an important source of working capital. Do you agree? Defend your answer.
(b) Discuss briefly various types of financial benefits available to employees in corporate sector in
India in the light of existing statutory framework.

Distinguish between any four of the following :

CS PP December 2011
(i) Control need of widely-held company and control need of closely-held company.
(ii) Capital structure and financial structure.
(iii) Finance lease and sale-and-lease back.
(iv) Net income approach to capital structure and net operating income approach to capital
structure.
(v) Financial risk and business risk.
CS PP June 2011
(i) Current account and capital account in balance of payment.
(ii) Foreign direct investment and portfolio investment.
(iii) Ask price and bid price.
(iv) Horizontal capital structure and vertical capital structure.
(v) Investment and speculation.
CS PP December 2010
(i) 'Financial distress' and 'insolvency',
(ii) 'Leasing'and 'hire-purchase'.
(iii) 'Financial viability of a project' and 'commercial viability of a project'.

(iv) 'Clearing mechanism' and 'settlement mechanism'.

(v) 'Return on capital employed' and 'return on net worth'.
CS PP June 2010
(i) Deep discount bonds and disaster bonds.
(ii) Financial aspects of project appraisal and economic aspects of project appraisal.
(iii) Index futures and index options.
(iv) Initial margin and maintenance margin.
(v) Corporate finance and business finance.
CS PP December 2009
(i) Factoring and bill discounting.
(ii) Operating lease and finance lease.
(iii) Business risk and financial risk.
(iv) Efficient portfolio and optimal portfolio.
(v) Translation risk and transaction risk.
CS PP June 2009
(i) Financing of current assets and financing of fixed assets.
(ii) Financial derivatives and commodity derivatives.
(iii) Interest rate parity and purchasing power parity.
(iv) Capital structure and financial structure.
(v) Liquidity management and treasury management.
CS Final June 2010
(i) Investment and speculation.
(ii) Real estate mortgage and real estate lease.
(iii) Covered option and naked option.
(iv) Current account convertibility and capital account convertibility.
(v) Financial engineering and financial restructuring.
CS Final December 2009
(i) Financial leverage and operating leverage.
(ii) Markowitz model and Sharpe index model.
(iii) Immobilisation and dematerialisation.
(iv) Hedging and speculation.
(v) Forward and futures.
CS Final June 2009
(i) Direct quote and indirect quote.
(ii) Semi-strong form theory and strong form theory of efficient market.
(iii) Weighted average cost of capital and marginal cost of capital.
(iv) Capital budgeting and capital rationing.
(v) Capital structure and financial structure.
CS Final December 2008
(i) Commodity futures and financial futures.
(ii) Factoring and securitisation.
(iii) Bilateral netting and multilateral netting.
(iv) Treasury management and financial management.
(v) Current account and capital account in balance of payment.
CS Final June 2008
(i) Interest swap and currency swap.
(ii) Financial distress and insolvency.

(iii) Net present value and profitability index.

(iv) Investment and speculation.
(v) Commodity futures and financial futures.
CS Final December 2007
(i) Capital structure and financial structure.
(ii) Futures and forwards,
(iii) Business risk and financial risk,
(iv) Finance lease and operating lease.
(v) Semi-strong form and strong form of efficient market hypothesis.
CS Final June 2007
(a) Internal funds are the important sources of finance. Discuss.
(b) No major economic benefit results from bonus shares and share splits. Explain.
(c) Future contracts have linear pay-offs. It means that the losses as well as profits for the buyer and
seller are unlimited. Explain.
(d) There is usually a difference between the social and monetary cost/benefits of a project. Discuss.
(a) In an uncertain world in which verbal statements can be ignored or misinterpreted,dividend action
does provide a clear-cut means of making a statement that speaks louder than thousand words.
Explain.
CS Final December 2006
(i) Sensex and nifty.
(ii) Caps and collars.
(iii) Financial structure and capital structure.
(iv) Forward contract and options.
CS Final June 2006
(a) The cash flow approach of measuring future benefits of a project is superior to
the accounting approach. Discuss.
(b) Describe the main features of the gilt edged primary market.
(c) Briefly explain the services offered by merchant bankers to an issue.
(d) Describe the reasons for internationalisation of business and investment.
CS Final December 2005
(i) 'Factoring' and 'bill discounting'.
(ii) 'NPV' and 'IRR' methods of capital budgeting.
(iii) 'Bonus issue of shares' and 'stock split'.
(iv) 'Stock future' and 'index future'.
(v) 'Futures contracts' and 'forward contracts'.
(a) Mention any four tools available to cover exchange rate risk.
(a) Write a short note on 'credit rating'.
CS Final June 2005
(a) In the case of private enterprises, social cost benefit analysis for capital project
has no relevance. Discuss.
(b) To keep the risk within manageable limits, a firm which has high degree of
operating leverage should have low financial leverage and vice-versa. Comment.
(c) Write a note on Sharpe Index Model.
(d) Describe the mechanics involved in factoring.
(b) Discuss the various products (tools) available in the forex market to cover exchange rate risks.

CS Final December 2004

(a) What is credit rating and how does it benefit the investors and the company ?
(b) Describe the meaning of index futures. What is the scope of risk management by using index
futures ?
(c) Distinguish between capital market line and security market line.
(d) Discuss the basic characteristics of depository system implemented in India.
(b) How does outsourcing benefit the company ?
(b) Risk and return go together and there is always a conflict between the return from a decision and
the risk it brings to the firm. Discuss this statement in the light of finance function.
(c) How the real time gross settlement (RTGS) mechanism initiated by the Reserve Bank of India
would help treasury managers to manage their funds more efficiently?
CS Final June 2004
(b) Depreciation is a non-cash item of an expense and it is said that it is a source of finance. Explain
the statement.
(c) It is possible for an investor to construct a zero-risk portfolio of two securities which are perfectly
negatively correlated. State, giving brief reasons, whether the statement is true.
(a) If the use of financial leverage magnifies the earnings per share under the favourable economic
conditions, why do companies not employ very large amount of debt in their capital structure ?
(b) Discuss the foreign sources of finance available to the .corporate sector.
(c) Discuss in brief the factors to be considered while evaluating the technical feasibility of a project.
(d) Discuss in brief the attributes of debt securitisation.
(b) Distinguish between the hedging and conservative approaches to financing of working capital.
CS Final December 2003
(c) Discuss in brief the techniques of economic appraisal for an industrial project.
(a) What type of risk exposures are faced by a firm which is dealing with foreign exchange ?
(c) What is treasury management ? Explain the various tools of treasury management. How is it
different from financial management ?
(a) Evaluate the growth of derivatives market in India.
(c) What are the methods of venture financing ? Also indicate in brief the elements that are needed
for the success of venture capital.
(a) Bonus shares represent simply a division of corporate pie into a large number of pieces. Discuss.
(b) Discuss the salient features of risk containment measures developed by National Securities
Clearing Corporation Ltd. (NSCCL) for the futures and option segment.
(c) Discuss the relationship between spot rate and forward rate.
(d) According to Dow Jones Theory, identification of turn is made on the basis of daily movement of
prices. State with reasons whether this statement is correct.
CS Final Old June 2004
(a) Describe the salient features of certificate of deposit (CD), commercial paper (CP), non-voting
shares, global depository receipts (GDRs) and foreign currency convertible bonds (FCCBs).
(b) Describe the various steps to be taken in managing an initial public offering by a new company. )
(c) Describe the concept of 'lease'. What are the major differences between 'operating lease' and
'finance lease' ?
CS Final Old December 2003
(a) Differentiate between restructuring and financial reorganisation of the company. What steps do

you take in pursuing financial reorganisation of the company?

(b) Discuss the genesis of international financial markets and explain in brief how euro-currency, eurocredit and euro-bond markets differ from each other.
(c) Discuss in brief the various new money and capital market instruments and its influence on
corporate financing.

Write notes on any four of the following :

CS PP December 2011
(i) Forfaiting
(ii) Financial distress
(iii) Cost of retained earnings
(iv) Advantages of commodity trading
(v) Services provided by venture capital fund.
CS PP June 2011
(i) Sweat equity shares
(ii) Benefits of depository system
(iii) Operating cycle
(iv) Risks in forex market
(v) Interest rate parity.
CS PP December 2010
(i) Secured premium note
(ii) Important motives to hold cash
(iii) Domestic resource cost
(iv) Purchasing power parity
(v) Factoring.
CS PP June 2010
(i) Types of swaps
(ii) Capital rationing
(iii) Technical aspects of feasibility report
(iv) Trade credit as source of finance
(v) ABC analysis.
CS PP December 2009
(i) Financial instruments used for venture financing
(ii) Factors affecting dividend policy of a firm
(iii) Optimal capital structure
(iv) Financing cost escalation
(v) Domestic resource cost.
CS PP June 2009
(i) Participating preference shares
(ii) Credit investigation factors
(iii) Transfer pricing
(iv) Risks in forex market
(v) Financial distress.
CS Final June 2010
(i) Financial planning
(ii) Consequences of low and high pay-out ratios

(iii) Economic aspects of project appraisal

(iv) Regulatory framework for financial system
(v) Operating cycle.
CS Final December 2009
(i) Semi-strong efficient market
(ii) Capital account convertibility
(iii) Assumptions of technical analysis
(iv) Objectives of treasury management
(v) Project implementation.
CS Final June 2009
(i) Elements of forex management
(ii) Participants in the derivative market
(iii) Important aspects for successful monitoring of a project
(iv) Marked-to-market settlement for futures
(v) Models of depository.
CS Final December 2008
(i) Vertical capital structure
(ii) Exchange rate forecasting
(iii) Working capital and dividend policy
(iv) Semi-strong form of market efficiency
(v) Bridge loans.
CS Final June 2008
(i) Gilt-edged primary market
(ii) Essential elements of forex management
(iii) Yield curve and treasury management
(iv) Securitisation of financial assets
(v) Participants in derivatives market.
CS Final December 2007
(i) Sharpe index
(ii) Re-financing
(iii) Bridge finance
(iv) Arbitrage-free market
(v) Hedge funds
(vi) Depository system in India.
CS Final June 2007
(i) Determinants of working capital requirements
(ii) Capital rationing
(iii) Mechanics of factoring
(iv) Loan syndication
(v) Economic rate of return
(vi) Financial distress.
CS Final December 2006
(i) Relationship between spot rate and forward rate
(ii) Sources of real estate funding
(iii) Stock lending scheme
(iv) Technical charts
(v) Economic value added (EVA) and wealth-maximisation.

CS Final June 2006

(i) Leveraged lease
(ii) Considerations in dividend policy
(iii) Dow theory
(iv) Securitisation of mortgages.
CS Final June 2005
(i) Portfolio management
(ii) Measures for development of venture capital industry in India
(iii) Mark-to-market settlement of index futures
(iv) Limitations of Markowitz model.
CS Final December 2004
(i) Leveraged lease
(ii) Green shoe option
(iii) Bonus debentures
(iv) Systematic and unsystematic risks.
CS Final June 2004
(i) Straddle
(ii) Syndicated loans
(iii) Methods of venture capital financing
(iv) Assumptions underlying technical analysis.
CS Final Old December 2004
(i) Euro-bond market
(ii) Residual theory of dividend policy
(iii) Factoring services
(iv) Financial sector reforms
(v) Strategies for acquisitions and takeover.
CS Final Old June 2004
(i) Insurance and risk management
(ii) Fundamental analysis and technical analysis
(iii) Securitisation
(iv) Capital structure ratios
(v) Venture capital.
Sourse: ICSI Past Question Papers available on www.icsi.edu
Hope this will help you in preparing your notes for ensuing examination.
Have a nice day.

Last edited by rchgiri on Fri 10 Oct 2014 - 20:27; edited 7 times in total
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