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本帖最后由 catherine 于 2015-7-17 09:19 编辑 ' I0 g/ `; l; g5 [) u8 K
& C& j2 X# F4 |; x" ]Question 66
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Which of the following items for a mutual funds company is least likely to be considered an operating item on the income statement? X( Y* W( c0 f, x& P! ?( x2 t
A) Interest income.2 Z" _: a% d; k# c, w. I+ x; x& C
B) Interest expense.5 A! Q% Z: a: W6 P" D
C) Income tax expense.
0 I( b2 s9 G0 a% wD) Financing expenses. D! {6 h( q7 C5 }! R9 h8 D- J8 h
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% G, A5 w4 H d* \4 t- rQuestion 67( r, P# ]% I# |! P
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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:
' Q% D$ i# \6 N& c1 W0 [Take-or-pay contract Sale of receivables with recourse% o8 W# h1 p; P0 W' M( H
A) not affect the current ratio decrease the total debt-to-equity ratio% a# H" b. o) Q* [2 [
B) decrease the current ratio increase the total debt-to-equity ratio/ P9 ]( L0 T+ e" \
C) decrease the current ratio decrease the total debt-to-equity ratio
% U' ?- y; \( z# y \# \D) not affect the current ratio increase the total debt-to-equity ratio' Z$ p# Q& F/ l
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Question 680 g# Y$ K% S' I
% l# d& s; I( a! o- I" 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?
, p! K2 j1 C3 [$ [. k" d Short-term borrowings Advances to customers
0 |' E& ?- P( f" oA) Stable or decreased risk of liquidity problems Deteriorating liquidity position3 V# }6 m" M3 |# i4 m
B) Increased risk of liquidity problems Stable or improving liquidity position
1 I* N. c* J3 m# lC) Increased risk of liquidity problems Deteriorating liquidity position
/ @) E, x, z( i) G9 y5 ~, _D) Stable or decreased risk of liquidity problems Stable or improving liquidity position7 d) A% c8 O# m& U5 W- }
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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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0 e1 P$ l7 t- h& LIn the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:- \% s; p& G) O) K
A) 0.86.% z5 R+ k9 `- _* {+ Y8 t9 [! @. l
B) 1.50.3 n- c0 K) F4 `# T# |4 |. V" N! Y
C) 1.29.
0 U# G" T. c4 b; y+ f5 b' v: R0 }D) 1.16.
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! C5 ]; @5 F: C" ]4 J/ NQuestion 70* A& x" D" [- W& I. I0 E5 R
( d ]2 ?6 P8 X$ E0 A/ wEdelman 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 U" Y6 s( w5 K. O5 f2 OCalculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
2 S. w c) v* E4 ~- ^9 L' n4 pNPV IRR Accept/Reject6 f4 r. G4 P; B: @% N) W" k- Z8 K2 g0 s- Q
A) $15,070 14% Accept
' V/ q6 C' K& k7 A1 l+ e' `) gB) $15,070 14% Reject1 V3 A7 D' z. t2 c- s. O
C) $3,318 20% Accept& ]& U0 C; l6 ^$ [
D) $3,318 20% Reject
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