CFA Level 1 － 模考试题(1)(PM) Q66-70

catherine

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Question 66

Which of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?
- f# p3 o9 _0 R9 g% B9 wA)    Interest income.
B)   Interest expense.
C)   Income tax expense.
% j3 X; h5 T0 ~2 q9 yD)   Financing expenses.
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答案和详解：
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Question 67

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:
Take-or-pay contract         Sale of receivables with recourse
A)    not affect the current ratio       decrease the total debt-to-equity ratio
B)   decrease the current ratio       increase the total debt-to-equity ratio
C)   decrease the current ratio       decrease the total debt-to-equity ratio
% `+ S' P; M6 RD)   not affect the current ratio       increase the total debt-to-equity ratio

$ w9 u6 }& t6 f% U6 x9 W7 ]答案和详解：
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# }$ N# l4 B; {( {0 U' b# @Question 68

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?
8 E" g( |4 Z9 y- Y       Short-term borrowings                    Advances to customers
  H, w# E: G& QA)    Stable or decreased risk of liquidity problems    Deteriorating liquidity position
B)   Increased risk of liquidity problems               Stable or improving liquidity position
8 I  ~9 i5 e7 E8 g6 gC)   Increased risk of liquidity problems               Deteriorating liquidity position
D)   Stable or decreased risk of liquidity problems    Stable or improving liquidity position

答案和详解：
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- U9 J6 N2 f+ Q% Y! j& t) zQuestion 69
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: V$ K* P. A# F8 gAn analyst prepared the following selected horizontal common-size balance sheet data for Spider Corporation:
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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:
A)    0.86.
' P& P( V2 |& n1 ?B)   1.50.
! G% R2 P% `/ j7 |' ^8 u  nC)   1.29.
D)   1.16.

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Question 70
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( @' _- r3 U/ kEdelman 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 $7,500 for each of the next 5 years.
5 f4 V! A$ ?0 t  @Calculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
NPV        IRR         Accept/Reject
1 r3 Y7 `& S' n1 t  @  m3 y5 x* SA)    $15,070     14%        Accept
. v+ ?6 m8 z. hB)   $15,070     14%        Reject
C)   $3,318     20%        Accept
: T& U9 _( c& a# ZD)   $3,318     20%        Reject

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catherine

换个方式发布哦~
) v' H. j- |4 v1 [  K, Q$ u大家可以先做题目，然后再回复看答案哈~

Ean

THANKS!

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