CFA Level 1 － 模考试题(1)(PM) Q66-70

catherine

1 l1 Q. o4 X& I% {$ KQuestion 66

Which of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?
& e0 C/ d5 V0 Q. ~. T; dA)    Interest income.
% Y+ W1 ~8 U9 A( l0 h' VB)   Interest expense.
C)   Income tax expense.
D)   Financing expenses.
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Question 67
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3 ?* A# U+ q* S0 Y. |3 b* XThe 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:
: Z, P# O8 Y+ O  l; ~Take-or-pay contract         Sale of receivables with recourse
A)    not affect the current ratio       decrease the total debt-to-equity ratio
B)   decrease the current ratio       increase the total debt-to-equity ratio
, f1 ^5 Q$ c4 x! q! J& uC)   decrease the current ratio       decrease the total debt-to-equity ratio
! n& F) W* u9 x1 C1 ND)   not affect the current ratio       increase the total debt-to-equity ratio

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; [) z- _1 b' ~# WQuestion 68

& C! D& ~$ ?( Y! u+ `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 C. R) i' E: l, _$ [$ G8 p$ K       Short-term borrowings                    Advances to customers
A)    Stable or decreased risk of liquidity problems    Deteriorating liquidity position
! ^& t; Y3 z+ SB)   Increased risk of liquidity problems               Stable or improving liquidity position
+ d% z/ R& Z& ~" m4 }+ iC)   Increased risk of liquidity problems               Deteriorating liquidity position
D)   Stable or decreased risk of liquidity problems    Stable or improving liquidity position

答案和详解：
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Question 69

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:
, W( p8 L# a  ~0 NA)    0.86.
B)   1.50.
6 {( R# I! W) o* h; S2 @4 LC)   1.29.
1 M3 U- E% E& LD)   1.16.
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$ g1 i# W" `9 w7 O0 t答案和详解：
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Question 70
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% H) A' S" N! G' ]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.
) H( N( ]1 k# FCalculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
* t6 h. W, _8 ~0 O2 lNPV        IRR         Accept/Reject
6 B9 A* M0 U5 G5 FA)    $15,070     14%        Accept
B)   $15,070     14%        Reject
1 [$ x- q2 D- P9 n5 S! lC)   $3,318     20%        Accept
D)   $3,318     20%        Reject

1 X$ _" f( {, K7 I; O$ w6 @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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