CFA Level 1 － 模考试题(1)(PM) Q66-70

catherine

Question 66

/ d+ Q$ y4 o# D8 G+ r8 xWhich 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.
7 O' ]8 ]" Q! F: I1 n+ q$ SB)   Interest expense.
C)   Income tax expense.
5 x; ~, e4 @. sD)   Financing expenses.

答案和详解：
' P% S6 m5 I7 D

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: A5 C1 f" A# u1 S1 kQuestion 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:
Take-or-pay contract         Sale of receivables with recourse
% e2 S' s' d% V4 I5 q5 q0 KA)    not affect the current ratio       decrease the total debt-to-equity ratio
$ `, y7 n4 e1 S4 R! u7 iB)   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

答案和详解：

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6 [% p9 b' o& ^9 Z, ?Question 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?
. `9 u2 W* E) l7 w+ J8 X       Short-term borrowings                    Advances to customers
5 S& [: }' I9 ?A)    Stable or decreased risk of liquidity problems    Deteriorating liquidity position
/ x- p+ k/ }4 K: D6 p* l/ [/ t4 G" gB)   Increased risk of liquidity problems               Stable or improving liquidity position
C)   Increased risk of liquidity problems               Deteriorating liquidity position
' O. V3 G5 F) F+ l; }# R9 rD)   Stable or decreased risk of liquidity problems    Stable or improving liquidity position
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9 H$ v6 x$ r- ?; p答案和详解：
5 a0 L2 s. r) [9 C. W' o0 v  A

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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:



$ f9 x- r8 f9 L6 V% o* aIn the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:
3 a3 x/ p  _4 o7 e1 B7 O' i" CA)    0.86.
5 ?) I/ w5 ~! }5 XB)   1.50.
1 V; S0 V# ^- t7 XC)   1.29.
D)   1.16.
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答案和详解：
5 _& T, b) {  X$ j# m  u) B

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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.
NPV        IRR         Accept/Reject
A)    $15,070     14%        Accept
; t9 Y6 P' o! t/ mB)   $15,070     14%        Reject
C)   $3,318     20%        Accept
D)   $3,318     20%        Reject

; Q7 V/ m! w4 g% x+ N答案和详解：

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catherine

换个方式发布哦~
大家可以先做题目，然后再回复看答案哈~

Ean

THANKS!

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