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本帖最后由 catherine 于 2015-7-17 09:19 编辑
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Question 66
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4 C; f; d, u0 G( }3 g9 P! f( a- @Which of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?, }& T: X6 v# _4 v, N! t8 J
A) Interest income.
6 h( r F% p V1 kB) Interest expense.3 S5 v7 g6 H z+ Q7 n- i
C) Income tax expense.
+ {* ?) R! {7 ^9 m LD) Financing expenses.. q3 O# w' k# g1 n4 h* p2 n' w; @7 h
9 w* _) z$ O: S* ]: Z( ] n K答案和详解：, \6 g- q, d. h& @; Q+ b' t" T
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Question 67
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" j G7 M0 T# _6 T2 cThe 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:& d i3 C1 g! p! i3 n9 M( O# f
Take-or-pay contract Sale of receivables with recourse
+ `2 E1 z5 S" r- q. |7 D) v# UA) not affect the current ratio decrease the total debt-to-equity ratio
# Z; t5 h9 t) o3 j3 j" U; RB) decrease the current ratio increase the total debt-to-equity ratio7 n3 v, J3 i3 r2 g
C) decrease the current ratio decrease the total debt-to-equity ratio
! p. q( n( f( A8 x, zD) not affect the current ratio increase the total debt-to-equity ratio+ A* E2 I: R' T
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答案和详解：# g5 n7 l- @$ j) K
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/ i- q2 V% I* V4 M& ?Question 682 M1 T P3 b: }
1 b m0 f( d: z% d: bThe 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?; ^( X x* M0 T s$ ~
Short-term borrowings Advances to customers
3 C- ~- r+ J# d4 I: w i: D9 ^A) Stable or decreased risk of liquidity problems Deteriorating liquidity position+ z3 R0 W& t+ I) J9 [. m& r4 Z
B) Increased risk of liquidity problems Stable or improving liquidity position7 n" v k `# t5 {
C) Increased risk of liquidity problems Deteriorating liquidity position
6 N0 H; V" |! B3 HD) Stable or decreased risk of liquidity problems Stable or improving liquidity position7 r3 O2 F3 W* W, u$ E+ e
9 J! I6 T+ q7 X3 } _ x7 D答案和详解：
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6 Y: K c: G0 U8 B) hQuestion 69! s8 |4 I5 c0 b% _
% i# M: Q0 [4 `+ E* YAn analyst prepared the following selected horizontal common-size balance sheet data for Spider Corporation:3 b( q5 N# F* R, W. J
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' j( i% l+ t1 V% lIn the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:6 B# O& c/ i) }: V- x
A) 0.86.8 H2 y+ z: l9 l2 V
B) 1.50.
3 R& E9 j& B0 X7 D7 MC) 1.29.1 b+ K% h. B! @0 r) T) f
D) 1.16.( T! t* i; I6 `' n7 @
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Question 70
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, J0 h5 b. A# ]. E* S: S) \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* }1 S1 @" X* M* a9 aCalculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
. L( v; [! T( VNPV IRR Accept/Reject, c- ? F/ N0 E* z1 Q4 |2 H* H# J
A) $15,070 14% Accept
, }% Z4 _1 d& Q% GB) $15,070 14% Reject' z2 C2 P( [/ h( r% O
C) $3,318 20% Accept
1 ?. M$ n! C' ^& a6 ~/ T7 rD) $3,318 20% Reject
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答案和详解：
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发表于 2015-7-17 09:18:19
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