CFA Level 1 － 模考试题(1)(PM) Q66-70

catherine

Question 66

8 \2 r# |! Z0 p7 kWhich 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.
# y+ m: o* D8 x- e, {( I7 `- bB)   Interest expense.
3 `4 }; R0 |) q, M; vC)   Income tax expense.
; R% B4 v/ ~: [" ^D)   Financing expenses.
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$ c" t- q8 N8 ^. K8 W  n答案和详解：
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Question 67

7 S6 q% Q7 j, i% H# jThe 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:
5 \$ Y! l* L* ^) g- n) aTake-or-pay contract         Sale of receivables with recourse
9 j2 e! R" _7 K8 cA)    not affect the current ratio       decrease the total debt-to-equity ratio
B)   decrease the current ratio       increase the total debt-to-equity ratio
$ I9 Z- u9 Q9 M# Y, y1 h: CC)   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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- J. [, m! V3 P8 g' h答案和详解：
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3 g! P6 L! |! Z- NQuestion 68

4 n( ]2 _5 }* |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?
4 X; P1 x! t. b1 d" F       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
C)   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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答案和详解：
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/ F: [4 q( g8 M& gQuestion 69
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" D' V7 B9 u) A3 @. |) zAn 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:
A)    0.86.
2 m2 n) B5 V% E* hB)   1.50.
: w' |4 v( a- L( }3 ?. AC)   1.29.
# m3 V: }5 T# SD)   1.16.

答案和详解：
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Question 70

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 $7,500 for each of the next 5 years.
Calculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
' T' _$ `6 _5 cNPV        IRR         Accept/Reject
; S8 y5 Y' a9 r) _# b( HA)    $15,070     14%        Accept
, X" I( r2 {* e: f' y" A4 p7 ]B)   $15,070     14%        Reject
/ |/ M" t# g7 N' x: Z! mC)   $3,318     20%        Accept
! ~( K# r  g. O  r7 `D)   $3,318     20%        Reject
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. A1 O0 \( g! _! X- l答案和详解：
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catherine

换个方式发布哦~
  K. W( j$ ?' B大家可以先做题目，然后再回复看答案哈~

Ean

THANKS!

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