CFA Level 1 － 模考试题(1)(PM) Q66-70

catherine

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Question 66
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+ n& B( G& L) D6 b8 ~  R# xWhich of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?
' s9 i# Z- ]4 k% i% J/ d& y1 I8 vA)    Interest income.
) w# d5 q% l9 n; L9 U1 VB)   Interest expense.
1 m: Q5 c# B1 z8 N0 rC)   Income tax expense.
D)   Financing expenses.
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答案和详解：

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Question 67

/ M( p" N  Q& m/ {" N. m* \2 cThe 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:
9 c  e7 m9 A4 g4 w4 n$ S' c0 P- DTake-or-pay contract         Sale of receivables with recourse
A)    not affect the current ratio       decrease the total debt-to-equity ratio
2 D& S4 M7 R6 H. ?' ?B)   decrease the current ratio       increase the total debt-to-equity ratio
' a9 A7 Q! \' BC)   decrease the current ratio       decrease the total debt-to-equity ratio
2 ~' Q. r0 B! o+ ID)   not affect the current ratio       increase the total debt-to-equity ratio

答案和详解：

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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?
       Short-term borrowings                    Advances to customers
A)    Stable or decreased risk of liquidity problems    Deteriorating liquidity position
B)   Increased risk of liquidity problems               Stable or improving liquidity position
0 w( R8 a* X/ [  p  t. y/ H' h% |C)   Increased risk of liquidity problems               Deteriorating liquidity position
) j& ~/ ^3 F# q4 MD)   Stable or decreased risk of liquidity problems    Stable or improving liquidity position

6 J1 B0 [9 ^9 B答案和详解：
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0 l. X4 T) `$ x3 m( |5 S9 [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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In the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:
6 P, f# W6 I. R3 D( z8 t) QA)    0.86.
B)   1.50.
) g0 W+ Q# o5 I* N2 \: OC)   1.29.
& k; |: s- `9 S9 bD)   1.16.
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! \7 P1 i! J3 [4 y, M答案和详解：
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Question 70

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.
; u  q% z* t& t1 f' T* j; uCalculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
1 N2 C0 V8 i& I& f2 @! H" RNPV        IRR         Accept/Reject
A)    $15,070     14%        Accept
4 G* B/ \+ x  v% m( p; f" y* K  KB)   $15,070     14%        Reject
C)   $3,318     20%        Accept
8 n2 W2 l. h+ E; D! @D)   $3,318     20%        Reject

9 ~& C) n6 b9 b8 l! H: [答案和详解：

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catherine

换个方式发布哦~
+ u" `7 m( T1 X, n大家可以先做题目，然后再回复看答案哈~

Ean

THANKS!

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