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本帖最后由 catherine 于 2015-7-17 09:19 编辑
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Question 66* x# D" o4 `5 n# w
# S, o( |6 y! P6 D7 vWhich of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?9 D! P$ \6 \4 b# r- z3 n
A) Interest income.
* t& [5 ]& c' k9 q) JB) Interest expense.8 f, f3 W# ~5 Z: J/ T) x' y$ v
C) Income tax expense.
* q# s- F2 e! i7 a& gD) Financing expenses.: e6 X, |8 C9 B4 ?' a# m9 P) w
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# F( r7 N" Z0 f# _Question 67
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The correct financial statement adjustments for a take-or-pay contract and for a sale of receivables with recourse that has been reported as a true sale would:' T) I4 u1 W) R0 D. U8 R
Take-or-pay contract Sale of receivables with recourse* Q F2 n1 T% p0 n6 j# H
A) not affect the current ratio decrease the total debt-to-equity ratio
3 n, Z) \2 g8 ` H6 P1 f5 QB) decrease the current ratio increase the total debt-to-equity ratio1 o: z& F: i. f% f# l# P1 Y1 @5 C
C) decrease the current ratio decrease the total debt-to-equity ratio
; W; B: D6 Q" s' U4 R2 @- ED) not affect the current ratio increase the total debt-to-equity ratio/ c$ t8 i g7 O/ U3 ?% k8 T5 f
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) w6 T( T+ @0 q; x7 Z7 T& f1 F2 ^Question 68
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The financial analyst for Markham Inc. has reviewed the most recent financial statements and observed that while sales are up 10%, trade payables are up 20% and short-term liabilities are unchanged. There has also been an increase in advances from customers, also a liability. Based on this information, which of the following effects on Markham’s liquidity are most likely with respect to these changes?
# |. L: Z# `! D* p& L Short-term borrowings Advances to customers& P0 I# _) S% W
A) Stable or decreased risk of liquidity problems Deteriorating liquidity position) u& Z Q" O; c
B) Increased risk of liquidity problems Stable or improving liquidity position9 ]0 n4 W m& ?. \" M5 L
C) Increased risk of liquidity problems Deteriorating liquidity position. w% N* y" z* a/ F( Y9 g
D) Stable or decreased risk of liquidity problems Stable or improving liquidity position
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答案和详解：
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Question 69
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An analyst prepared the following selected horizontal common-size balance sheet data for Spider Corporation:
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, U- R2 H; r2 {/ K9 CIn the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:
, }+ R D+ U5 N1 V$ ]. _$ p3 fA) 0.86.' L. b+ G( t6 p" F# `6 D7 }
B) 1.50.
; u3 a+ S2 r! X0 L% H, V% zC) 1.29.
1 J" I& z9 l$ G; |2 t0 j2 pD) 1.16.' I' V- h. ? J% F$ _! B+ q
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' Y; a- h6 b" I% E# i% nQuestion 70
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, v1 H9 N' F. {0 ^Edelman Enginenering is considering including an overhead pulley system in this year's capital budget. The cash outlay for the pully system is $22,430. The firm's cost of capital is 14%. After-tax cash flows, including depreciation are $7,500 for each of the next 5 years.
2 J% l# x+ l% z8 d/ p( ~* E2 ~- UCalculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
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- e$ f* \) R' R7 E8 HA) $15,070 14% Accept
2 v! C; Y# e# x- z- A2 o& _B) $15,070 14% Reject( q# G" i7 I2 @/ _/ U" \9 ~2 t
C) $3,318 20% Accept
5 H2 \2 d; U; Y. Q; g" z7 v9 zD) $3,318 20% Reject3 E% b' I* C" R6 A2 e2 ^! C7 o4 `/ _
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发表于 2015-7-17 09:18:19
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