USCPA考试一共有四门科目，这四门科目大家掌握的怎么样了呢?为了帮助大家更好的备考USCPA，中公小编将美国注册会计师考试知识点：怎样提升商务写作（business writing）为各位考生如下整理：
Cost of Capital Computations
A.Cost of Long-Term Debt(kdx)
kdx=kdt x(1-T)
B.Cost of Preferred Stock(kps)
kps=Dps/Nps
C.Cost of Retained Earnings(kre)
Is the rate of return required by common stockholders.
A firm should earn at least as much on any RE and
reinvested in the business as stockholders could have
earned elsewhere.
After tax consideration is ignored since dividends are
not exempt from tax.
Three common methods of computing kre：
1.Capital asset pricing model(CAPM)
2.Discounted cash flow(DCF)
3.Bond yield plus risk premium(BYRP)
1.The Capital Asset Pricing Model(CAPM)
Formula：
Kre=risk free rate+risk premium
Kre=krf+(bi x PMR)
Kre = krf+[bi x(km–krf)]
2. Discounted Cash Flow(DCF)
Formula
Kre=(D1/P0)+g
Kre=[D0 x(1+g)]/P0 + g
Actually，dividend growth model，or Gordon growth model-refer to B6-59
P0=D0x(1+g)/(Kre-g)
Key Factors and Formula Notations
a.Cost of RE：kre
b.Current market value or price of the
outstanding common stock：P0
c.The dividend per share expected at the end
of one year：D1
d.The constant rate of growth in dividends：g
D.Weighted Average Cost of Capital(WACC)
Serves as a major link between the long term investment decisions associated with a corporation‘s capital structure and the wealth of its owners.
The theoretical optimal capital structure is the mix of financing instruments(debt & equity)that produces the LOWEST WACC.
以上就是中公小编关于美国注册会计师考试知识点：怎样提升商务写作（business writing）为各位考生做的整理，希望能对各位考生的USCPA备考有一定的帮助。
