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本帖最后由 catherine 于 2015-7-17 09:19 编辑 # v6 t" \$ @( |
' r, `8 o# S6 V |& _ j( ?Question 66
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9 z# e$ k) r! T* b; h4 \Which of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?0 X8 W. A3 c: m$ x/ R) m0 l7 u
A) Interest income.
. [. S7 ]! u n8 Q" s4 r" eB) Interest expense.
/ G) [! O: o0 RC) Income tax expense.7 g% I9 b7 S9 \' G0 ~# s
D) Financing expenses.9 k# }. @0 H& ~( ~+ k
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答案和详解:
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Question 67) o! P( h" q: f- V4 U6 M
4 ~/ S! f' K* y5 s& y0 X# GThe 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:# Q5 q& B" {6 I i# a' \5 t
Take-or-pay contract Sale of receivables with recourse* _& d6 {, w" F4 W
A) not affect the current ratio decrease the total debt-to-equity ratio; S% c( s* F/ ^+ {6 z. [& k
B) decrease the current ratio increase the total debt-to-equity ratio6 I+ M; n% }' d) X- Y- N6 A
C) decrease the current ratio decrease the total debt-to-equity ratio
+ s5 g/ t& k- zD) not affect the current ratio increase the total debt-to-equity ratio/ d2 V, l6 d1 j0 @. }. d
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答案和详解:9 E( e6 c+ W6 h+ K
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Question 68/ `5 t$ i# D3 Z, |! k9 A
. `% _8 D/ g1 |0 u8 JThe 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?
: g# h |* `& ~2 I# }3 w: K Short-term borrowings Advances to customers
7 h9 a5 d# w' \. F. G2 s2 A# VA) Stable or decreased risk of liquidity problems Deteriorating liquidity position
3 Y& {, i+ Q9 CB) Increased risk of liquidity problems Stable or improving liquidity position
) b8 d: c: ~( s+ y" V9 }+ xC) Increased risk of liquidity problems Deteriorating liquidity position/ E- o0 n/ T6 ?9 ^$ y
D) Stable or decreased risk of liquidity problems Stable or improving liquidity position
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3 h# R% J5 B `答案和详解:
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2 s# Q. X5 ]) a& YQuestion 69
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An analyst prepared the following selected horizontal common-size balance sheet data for Spider Corporation:
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/ d, c) h9 J, Y. TIn the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:
5 v( H" \' @( O- f. ZA) 0.86.
& _2 c) H6 p% ^" yB) 1.50.
( U) k+ i: T( F' A, p$ MC) 1.29. w$ C6 d$ w2 |- ]! A5 ^
D) 1.16.
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( I0 u" X& p- }, W答案和详解:- c( {) g9 b; u6 F
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# _8 j5 C% E3 o8 D$ h0 eQuestion 70
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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. * A2 ^. B4 |9 V; N2 F! z
Calculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.) E) G! W6 s3 l
NPV IRR Accept/Reject1 s. H; W* v4 z4 S+ p
A) $15,070 14% Accept
# K$ R* F( e: O0 b( i, n' tB) $15,070 14% Reject
$ g) J n+ ]! A2 M$ j" P" Y* oC) $3,318 20% Accept
/ Y) Z3 U- P5 I" M; T0 x4 q0 K1 X; n4 SD) $3,318 20% Reject d7 k+ m$ y M' W
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答案和详解:
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