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本帖最后由 catherine 于 2015-7-17 09:19 编辑
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9 c( H+ a+ D( {( p- PQuestion 66
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+ p% i7 F" _9 e2 cWhich of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?
9 m+ O- A( V. ^. eA) Interest income.& M! ^7 l2 M B& V }
B) Interest expense.% k9 y3 v% v( [2 F9 y: p; y/ r
C) Income tax expense.
) ]% V, l8 `! V( kD) Financing expenses.
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% U( T) ~) c A+ w- @答案和详解:
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Question 677 |) g( {( c& V6 _* w
. F3 g% }$ x6 ~4 z& ^+ E: DThe 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:
6 p5 i h2 C/ w8 {' pTake-or-pay contract Sale of receivables with recourse& m8 y& ~7 u" z0 S: {; ]
A) not affect the current ratio decrease the total debt-to-equity ratio
6 d1 g+ k8 _1 X8 u/ E9 M3 P* AB) decrease the current ratio increase the total debt-to-equity ratio1 ~! S4 N" y# x6 y/ ^
C) decrease the current ratio decrease the total debt-to-equity ratio
2 E3 Q# A5 b; {# A" O( FD) not affect the current ratio increase the total debt-to-equity ratio: T- r# @8 M1 p$ q* Z3 A, E
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答案和详解:
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" @$ r- t+ F3 M8 FQuestion 68
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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?
3 [7 A/ z9 A. ]# I. y5 R) `( i5 b Short-term borrowings Advances to customers
: X( H# p, A# o: X7 x/ v0 ~, _A) Stable or decreased risk of liquidity problems Deteriorating liquidity position- O0 V# [* K* Y% d l
B) Increased risk of liquidity problems Stable or improving liquidity position
X7 X' x: q$ u# O! v: S8 g. uC) Increased risk of liquidity problems Deteriorating liquidity position) Q! c' T+ V/ N: ~: M ]! c
D) Stable or decreased risk of liquidity problems Stable or improving liquidity position
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Question 69
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0 t& ?: m* |6 G8 OAn analyst prepared the following selected horizontal common-size balance sheet data for Spider Corporation:
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/ p0 Y! ?2 U" J) _! G- U( rIn the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:
: w: Q! z- }& oA) 0.86.$ j) \) v3 S0 v7 O8 X& F3 J& b6 Z# u
B) 1.50.& Y2 d9 ~7 X, n' U; `
C) 1.29.
+ K& O1 l, [% _1 |D) 1.16.8 N K( i2 S, J, V9 V i
1 j/ H5 ~6 V! E答案和详解:. ]) M9 H2 ?+ H( x8 j2 M
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Question 705 G& o4 r6 S" |* I% J1 O q
/ H& f; }% z* t$ {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.
3 O+ U4 e+ j* i, ~4 S! @7 G: sCalculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
5 I( [! E3 y5 L) |: x8 ]NPV IRR Accept/Reject
9 n4 o" v) P5 {3 Z7 |A) $15,070 14% Accept4 {$ Y% ?* D U" D4 q1 T. u
B) $15,070 14% Reject
1 [8 [8 ]- q) ~/ |. U3 G* KC) $3,318 20% Accept2 y; w; c) a# @
D) $3,318 20% Reject4 v+ D" M7 A4 _4 p/ v
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