CFA Level 1 － 模考试题(1)(PM) Q66-70

catherine

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Question 66
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6 ~! W7 a  O7 ?" E- ^, zWhich 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.
% B* S$ R. l: z7 o4 oB)   Interest expense.
C)   Income tax expense.
D)   Financing expenses.
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Question 67

: M& U( R7 u5 Z# p: 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:
: T1 {/ s/ Q. J) W/ j; H, [& XTake-or-pay contract         Sale of receivables with recourse
, u0 |4 j+ g% d" [* W7 ]% ~A)    not affect the current ratio       decrease the total debt-to-equity ratio
( T- t6 H+ }# n" N  m/ vB)   decrease the current ratio       increase the total debt-to-equity ratio
: d( v8 l3 @) R2 ^1 ?" x9 oC)   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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5 f  t) z" W5 x  uQuestion 68

* d9 G+ @  n+ xThe 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
* W; G' u" Y3 z9 m  ~( ?/ LA)    Stable or decreased risk of liquidity problems    Deteriorating liquidity position
- F  j" |! S3 V: CB)   Increased risk of liquidity problems               Stable or improving liquidity position
: |4 J' k4 h0 c4 aC)   Increased risk of liquidity problems               Deteriorating liquidity position
* ?) Q% X4 k4 ]( a2 w0 n+ a; BD)   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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' a- K0 v, k/ \7 t! R6 v# WIn the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:
' G: K6 A+ s0 ?0 \. e+ n' _, EA)    0.86.
  C" X) o; _3 o, k) M, GB)   1.50.
C)   1.29.
D)   1.16.

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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 $7,500 for each of the next 5 years.
6 X. A  v  C9 i0 s9 XCalculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
1 F* z' F$ p7 }* MNPV        IRR         Accept/Reject
0 x6 J7 o4 F! z- u6 _A)    $15,070     14%        Accept
B)   $15,070     14%        Reject
. ?1 N' h/ V- OC)   $3,318     20%        Accept
D)   $3,318     20%        Reject

答案和详解：
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catherine

换个方式发布哦~
9 r6 d& W5 M* c+ J大家可以先做题目，然后再回复看答案哈~

Ean

THANKS!

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