CFA Level 1 － 模考试题(1)(PM) Q66-70

catherine

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Question 66

& l# V9 z7 r4 w' }Which 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.
3 \8 Z# m2 d6 Z3 YB)   Interest expense.
9 ^/ ]) }  h( o3 ^1 \. l+ RC)   Income tax expense.
D)   Financing expenses.

答案和详解：
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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:
6 ]) i5 k2 K# x- [% s3 u1 n$ KTake-or-pay contract         Sale of receivables with recourse
1 y9 K. E; w! `( QA)    not affect the current ratio       decrease the total debt-to-equity ratio
5 w% l6 J$ H* v5 N% VB)   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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+ m- w1 b+ h4 ], c8 vQuestion 68

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?
       Short-term borrowings                    Advances to customers
+ i( G* i6 N; J  dA)    Stable or decreased risk of liquidity problems    Deteriorating liquidity position
6 E) U7 n% b7 D+ `0 ~B)   Increased risk of liquidity problems               Stable or improving liquidity position
; i5 v4 d/ y* O+ I5 S  W4 V" jC)   Increased risk of liquidity problems               Deteriorating liquidity position
, M8 W  r+ b& C# z7 q) eD)   Stable or decreased risk of liquidity problems    Stable or improving liquidity position
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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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In the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:
- \+ J9 W+ ]8 z/ ~A)    0.86.
B)   1.50.
* B/ j+ y  u# ~, R* M/ MC)   1.29.
6 W! G: k  J( X, W) j! RD)   1.16.

" X9 b: k/ l& a; o/ m- T答案和详解：

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Question 70
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6 |7 a- N: P* \8 `# z3 h! yEdelman 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.
. k3 \* j& o' g! a+ w* i1 vCalculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
  j0 l8 Z; R- T. W* n. v" wNPV        IRR         Accept/Reject
; y; e& h! `, zA)    $15,070     14%        Accept
B)   $15,070     14%        Reject
' V5 \( `. {; I+ @C)   $3,318     20%        Accept
D)   $3,318     20%        Reject

2 S2 @% Q) I, S: `# y' I答案和详解：
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catherine

换个方式发布哦~
. _% L) f) [! C3 @& D( T大家可以先做题目，然后再回复看答案哈~

Ean

THANKS!

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