CFA Level 1 － 模考试题(1)(PM) Q66-70

catherine

! n: E/ h' s! C1 f& OQuestion 66
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  Y6 H! W' n5 Q# P. P0 B$ GWhich of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?
A)    Interest income.
B)   Interest expense.
C)   Income tax expense.
( b* K, D( N. }! k. d& uD)   Financing expenses.
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Question 67
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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:
+ _9 d" M8 I$ bTake-or-pay contract         Sale of receivables with recourse
A)    not affect the current ratio       decrease the total debt-to-equity ratio
9 d0 H& X1 @7 C8 m( f# ?0 NB)   decrease the current ratio       increase the total debt-to-equity ratio
C)   decrease the current ratio       decrease the total debt-to-equity ratio
D)   not affect the current ratio       increase the total debt-to-equity ratio
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6 k& q5 t0 ~2 W4 @Question 68
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2 u  i, m5 F2 s+ FThe 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?
1 T8 Q8 z1 g' `% J9 c- `! @! L       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
" a1 U" |. [; Z9 h1 Y% x# bC)   Increased risk of liquidity problems               Deteriorating liquidity position
D)   Stable or decreased risk of liquidity problems    Stable or improving liquidity position
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6 J' V3 a8 ~1 u% [Question 69

, T( `2 x; y) a7 IAn analyst prepared the following selected horizontal common-size balance sheet data for Spider Corporation:


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. r9 C! ?% a" q$ IIn the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:
$ B; [9 H  R. U+ f* Z+ u" p- ]A)    0.86.
' Y$ {- }: P* X4 M) \6 I( s0 G7 @B)   1.50.
C)   1.29.
! ^! D& K8 t' e3 y- n1 eD)   1.16.
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Question 70

, H; s5 w; m, @7 z0 [' NEdelman 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.
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
  E+ u" X% B; h" AA)    $15,070     14%        Accept
: Z- {8 s5 G' J# S) ]5 {5 m+ }& aB)   $15,070     14%        Reject
0 U0 @3 _) o4 l  l& b- f% m% @" XC)   $3,318     20%        Accept
6 {' \. V3 G, U9 o9 fD)   $3,318     20%        Reject

答案和详解：
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catherine

换个方式发布哦~
大家可以先做题目，然后再回复看答案哈~

Ean

THANKS!

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