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本帖最后由 catherine 于 2015-7-17 09:19 编辑 _6 ~. Q G% y. {0 \
0 L% K! V8 f& B( h4 K2 kQuestion 66
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3 }" v. Y O) w+ E1 R" nWhich of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?
/ }! X. C5 K) xA) Interest income.
+ j6 [ C8 K2 q% p7 ^B) Interest expense./ V/ _4 P% @5 I! l) b# D
C) Income tax expense.4 V8 u9 f/ c+ B) x# }
D) Financing expenses.
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* t0 l6 ] v! a' r) c答案和详解:
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Question 67
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5 k6 c7 z0 p( ]7 KThe 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:
" W8 h. W) `9 S* s5 e. FTake-or-pay contract Sale of receivables with recourse
) B9 O! y. |* s" w% ?+ g9 R L( LA) not affect the current ratio decrease the total debt-to-equity ratio5 a) M1 a. x; Y7 A/ Q
B) decrease the current ratio increase the total debt-to-equity ratio
0 k; }6 F$ ?& ~% fC) decrease the current ratio decrease the total debt-to-equity ratio: [6 M9 s1 Q1 v! T
D) not affect the current ratio increase the total debt-to-equity ratio) [$ U' ^. y( T0 k
4 ?. [0 H' Q9 Y2 F3 o5 ^- S$ L答案和详解:! u: O" i* ?2 Q9 j
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' a3 X/ g6 Z* ]) Y8 D: G9 aQuestion 68! F/ t- o0 K7 K. o1 J+ j
8 }8 M) }5 l+ I; MThe 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?
; J. a! ~5 m1 z% N; D Short-term borrowings Advances to customers: l- L' m0 t! ?( u
A) Stable or decreased risk of liquidity problems Deteriorating liquidity position6 y! F7 N+ [+ L1 C# p. O2 @3 A
B) Increased risk of liquidity problems Stable or improving liquidity position1 R! ~2 M0 b+ P0 y. M1 a4 t
C) Increased risk of liquidity problems Deteriorating liquidity position" O- x0 i" S8 v$ Z
D) Stable or decreased risk of liquidity problems Stable or improving liquidity position
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8 t4 M& t/ [1 V8 w4 O. P5 d答案和详解:
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Question 69
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4 L5 a( H& P( R; H! uAn analyst prepared the following selected horizontal common-size balance sheet data for Spider Corporation:! E# W' a0 h* J9 _$ X8 _
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2 ^8 i+ e% x: ?9 ~In the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:; @# S4 |8 c& e$ i/ T$ X2 O3 E+ @
A) 0.86.
% b: k$ K. j5 l& q7 UB) 1.50.
+ A. N4 {0 J/ z; a8 v2 kC) 1.29.
. }, T' m. [- RD) 1.16.
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; {6 N* b( Y3 t/ {. t8 h答案和详解:. m1 ^3 {* V: M+ y6 u; G5 T( _' v
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Question 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.
- A( t {4 G7 s0 ]Calculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
, J7 k8 U8 c( p6 O0 o. CNPV IRR Accept/Reject
' D" w5 y/ T, O* J1 w7 `5 ]+ SA) $15,070 14% Accept0 B/ X) H7 S' Y: N" E2 d- c
B) $15,070 14% Reject# v. O* l/ J9 g6 S
C) $3,318 20% Accept1 F0 P5 q% \2 b+ ]5 a
D) $3,318 20% Reject. c3 J: j7 J" p0 V+ q4 z. I8 a
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答案和详解:* w8 B. ?9 R! Y, B0 m
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