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本帖最后由 catherine 于 2015-7-17 09:19 编辑 3 u- ~' k+ K3 P6 e2 M! L
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Question 66
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4 C. `; Z, r! K' Y: E' {% lWhich of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?/ W' M; t3 Z; b( T% t
A) Interest income.
- X( q: k1 Z$ D: ]& NB) Interest expense.
5 R0 o5 J# ]/ M) x# T! q% DC) Income tax expense.- [8 A; _/ l6 ~! H! T( d5 M
D) Financing expenses.
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2 @3 k" N' r K& P答案和详解： \' \8 S( s- ]' ^1 ]9 _2 a
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0 u! x- I' g2 o7 FQuestion 67) ]* }; E- l! O( r3 K
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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:
& B& {: u5 l: n; f8 GTake-or-pay contract Sale of receivables with recourse' I0 G" t# l, g1 l
A) not affect the current ratio decrease the total debt-to-equity ratio7 r' @: d/ d" C
B) decrease the current ratio increase the total debt-to-equity ratio1 t; g+ k8 _4 o- t0 S$ L( Q
C) decrease the current ratio decrease the total debt-to-equity ratio
5 d$ {, h. z8 a; BD) not affect the current ratio increase the total debt-to-equity ratio4 \" [0 Z. P A3 J) X+ v
3 ~2 A" |- R* M答案和详解：
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3 `/ m5 h4 R& J/ T) R! u. WQuestion 68
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J5 J* J O/ wThe 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 f. ~0 T J, q4 A
Short-term borrowings Advances to customers, R7 e0 h3 k5 u
A) Stable or decreased risk of liquidity problems Deteriorating liquidity position
6 i7 p( e( A! V' SB) Increased risk of liquidity problems Stable or improving liquidity position
* y" r r& }0 M( M) B1 b5 ]# ^. yC) Increased risk of liquidity problems Deteriorating liquidity position
# J+ z l0 M# `- E4 V2 SD) Stable or decreased risk of liquidity problems Stable or improving liquidity position$ ^2 T/ U) v* ?6 W
0 |2 m2 x3 D" ?9 A/ c Z1 G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:8 S/ O9 { \2 G0 J+ _
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In the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:
5 I3 F5 Q# S" Q- Q& L; gA) 0.86.* G& Y# J: W: u
B) 1.50.
! Q' ?, ~' l! x0 }& O/ K, gC) 1.29.( y. U0 n5 X' [0 E" L0 ]: ~
D) 1.16.( K. h& ^. L$ p
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Question 70
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7 a8 E5 c6 b: Y. pEdelman 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. + W! e4 q% `1 q1 k) {2 `+ }" ^
Calculate 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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5 A8 b2 @- Y2 B% SA) $15,070 14% Accept
6 \- R) |3 ]" f \ t4 ]+ P% ?; G9 jB) $15,070 14% Reject3 g3 U7 ?% F! @* Y2 j J6 x
C) $3,318 20% Accept
4 \' a* F% R% P) QD) $3,318 20% Reject
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5 K: a9 z0 n5 A答案和详解：
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发表于 2015-7-17 09:18:19
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