英文p2investment decision知识点选题60道答案解析

A.B.C.D.您的答案：未作答正确答案题目翻译300,000，使用直折旧，会计上年限5年，税法要求3年。在第年年末，设备的去除成本是0,0，处置价格是3,0,营运资本要增加0,0，产品的售价0，材料和人工成本是每位6，每年的间接成本会增加5,00，税率，求在计算V中第年的净现金流考点：thecalculationofincrementalcash：attime+$300,000+显示答显示答题点击提问，或查看大家对本题的回答第2 平均正确率Thestageofthecapitalraisingfundstoinitiallysupporttheforecastingcash您的答案：未作答正确答案资本预算的哪个过程风险最A.筹集初始B.确认可能的项目C.绩效评估和学习 考点:资本预算:capitalbudgeting解题思路：了解资本预算过程,识别风险最大的环节，所有环节中，风险最大的过程是预测现金流，因为点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第3 平均正确率 isconsideringthepurchaseofanewmachinetoreceafive-yearoldmachineandhasgatheredthefollowinginformation:If recestheoldmachinewiththenewmachine,whatisthecashflowinperiod您的答案：未作答正确答案题目翻译公司正在虑台新设来代替经使用了的老备，提可以下：新机器的价格 5000新机器的安装成 4旧机器的市场价格（价格）5旧机器的账面价 000如果新机器已安装，净营运资本的增加 000有效的所得税税 考点：Calculatingtheincrementalcashflows：nperiod0设备购置成本=50资本化费用=4营运资本流出=1旧设备处置净流入=5-（5- 初始现金流出=50+4+1-点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第4 平均正确率CalamityCauliflowerCorporationisconsideringundertakingacapitalproject.The wouldhavetocommit$24,000ofworkingcapitalinadditiontoanimmediateoutlayof$160,000fornewequipment.Theprojectisexpectedtogenerate$100,000ofannual efor10years.Attheendofthattime,thenewequipment,whichwillbedepreciatedonastraight-linebasis,isexpectedtohaveasalvagevalueof$10,000Theexistingequipmentthatwouldbesoldtomakeroomfortheprojecthasahistoricalcostof$220,000andaccumulateddepreciationof$208,000.Ithasanestimatedremainingusefullifeof2yearsandtheremainingcarryingamountisbeingdepreciatedonastraight-linebasis.Ascrapdealerhasagreedtobuyitfor$8,’seffectivetaxrateis40%.Iftheprojectisaccepted,CalamityCauliflower’sexpectednetcashinflowattheendofthefirstyearis您的答案：未作答正确答案题目翻译CalamityCauliflower企业正考虑采取一个资本项目，新设备的购置成本是160K，营运资本是24K，这个项目每年可以产生100K的收入，持续10年。在期末，新设备预计残值是10K，使用直折旧。旧设备的历史成本是20,累积折旧是20K，预计剩余使用年限年，使用直折旧，可以卖出K的价格，税率4，求第一年年末的净现金流：attheendofthefirst解题思路：第一年年末就是期间增量净现金流=(收入–费用)×(1–税率)+折旧费用×税率 收入-费用 折旧费用=新设备折旧额-旧设备折旧 新设备折旧额=(160- 旧设备折旧=（220-期间增量净现金流=100*0.6+（15-点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第5 平均正确率SkytopIndustriesis yzingacapitalinvestmentprojectusingdiscountedcashflow(DCF) ysis.Thenewequipmentwillcost$250,000.Installationandtransportationcostsaggregating$25,000willbecapitalized.AfiveyearMACRSdepreciationschedule(20%,32%,19.2%,11.52%,11.52%,5.76%)withthehalf-yearconventionwillbeemployed.Existingequipment,withabookvalueof$100,000andanestimatedmarketvalueof$80,000,willbesoldimmediayafterinstallationofthenewequipment.Annualincrementalpre-taxcashinflowsareestimatedat$75,000.Skytop'seffective etaxrateis40%.After-taxcashflowforthefirstyearoftheprojectwouldamountto您的答案：未作答正确答案题目翻译S公司用折现现金流分析资本投资.新设备花费250000,安装和的25000需要资本化.5年的折旧率如下(20%,32%,19%,14.5%,14.5%)旧设备会在新设备安装后立刻被，旧设备的税基是10,0，预计市价8,0，每年的税前增量现金流是70,税率是第年项目的税后净现金流是多少考点：thecalculationofcash：first解题思路：第1年则是期间增量净现金流=(费用1税率折旧税收入-费用=$75,000折旧费用$250,000$25,00020$55,000期间增量净现金点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第6 平均正确率TheFinancial ysisDepartmentofStoverInc.has yzedaproposedcapitalinvestmentandcalculatedtheappropriateincrementalcashflowsasfollows.Anetpresentvalue(NPV)ofapproximay$25,000andaninternalrateofreturn(IRR)ofminus29%werecalculatedfortheprojectandtheprojectwassubmittedtotheboardofdirectorsforapproval.Whichoneofthefollowingstatementsiscorrect?IntheIRRcalculation,theproject’scashflowsareassumedtobereinvestedatStover’scostofTheprojecthasanotherIRRinadditiontotheminus29%TheIRRcalculationmusthavecontainedanTheboardofdirectorsshouldnotapprovethe您的答案：未作答正确答案 (100000流 80 流 80 流 80000流 (100000流投资的NPV接近25000,IRR为-29%,下面哪一项说法是正确的在IRR计算中，项目的现金流假定在投资率为资除了IRR，-29%,项目还有另一个内部IRR考点:IRR的缺点:解题思路:NPV>0，IRR<0，所以项目的现金流方向有问题，因为在初始投资之后有流出现金流,所以IRR的计算有两点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第7 平均正确率SkytopIndustriesis yzingacapitalinvestmentprojectusingdiscountedcashflow(DCF) ysis.Thenewequipmentwillcost$250,000.Installationandtransportationcostsaggregating$25,000willbecapitalized.Existingequipmentwillbesoldimmediayafterinstallationofthenewequipment.Theexistingequipmenthasataxbasisof$100,000andanestimatedmarketvalueof$80,000.Skytopestimatesthatthenewequipment’scapacitywillgenerateadditionalreceivablesandinventoryof$30,000,whilepayableswillincreaseby$15,000.Annualincrementalpre-taxcashinflowsareestimatedat$75,000.Skytop'seffective etaxrateis40%.Totalafter-taxcashoutflowsoccurringinYear0wouldbe您的答案：未作答正确答案题目翻译Sto工厂正在使用折现现金流方法分析一个资本投资项目，新设备会花费25,0，安装费和运费是,00，旧设备会在新设备安装后立刻被，旧设备的税基是1,00，预计市价,00，Sto预计新设备会产生额外的应收账款和存货,00，而应付账款增加了,0.每年的税前增量现金流是500，Sto的税率是0，第0年的税后总现金流出额是考点：thecalculationofincrementalcash：Year设备购置成本=250资本化费用=25旧设备处置净流入=处置价格-（处置价格-税基）*税率=80-（80-100）*0.4=88营运资本流出=30-15=-15初始现金流出=250+25-88+15=202注意，营运资本就是的占用，应收和存货是被占用，应付是占用别人的资点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第8 平均正确率VerlaIndustriesistryingtodecidewhichoneofthefollowingtwooptionstopursue.EitheroptionwilltakeeffectonJanuary1stofthenextyear.OptionOne-AcquireaNewFinishingThecostofthemachineis$1,000,000andwillhaveausefullifeoffiveyears.Netpretaxcashflowsarisingfromsavingsinlaborcostswillamountto$100,000peryearforfiveyears.Depreciationexpensewillbecalculatedusingthestraight-linemethodforbothfinancialandtaxreportingpurposes.Asanincentivetopurchase,Verlawillreceiveatrade-inallowanceof$50,000ontheircurrentfullydepreciatedfinishingmachine.OptionTwo-OutsourcetheFinishingWork.VerlacanoutsourcetheworktoLMInc.atacostof$200,000peryearforfiveyears.Iftheyoutsource,willscraptheircurrentfullydepreciatedfinishingmachine.Verla’seffective etaxrateis40%.Theweighted-averagecostofcapitalis10%.Whencomparingthetwooptions,the$50,000trade-inallowancewouldbeirrelevantbecausetdoesnotaffectrelevantbecausetisadecreaseincashirrelevantbecauseitdoesnotaffectrelevantbecauseitisanincreaseincash您的答案：未作答正确答案题目翻译Vla公司正在决定从以下个方案中选择个。每个选项都在明年的月日开始。方案一–购置一台加工机法的目的，使用直来计算折旧。作为一种的，现有已全额折旧的设备会让Verla获得$50,000以旧换新的折备。Verla适用的税率为40%。平均的资本成本为10%在比较两个方案时，$50,000以旧换新的折扣应被视不相关的，因为它不会影响到相关的，因为它降低现金流不相关的，因为不会影响到现考点：relevantcost：trade-in解题思路：题目长，都是干扰项，从选项开始读题。跟决策有关的是相关成本，相关成本：.在未来发生.在决策之间有而以旧换新的$50,000是方案一才有的成本，是相关成本，这是折扣，会抵减额，所以会减低现金的流点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第9 平均正确率IfaninvestmentprojecthasaprofitabilityindexofTheproject’sinternalrateofreturnisTheproject’scostofcaptalisgreaterthanitsinternalrateofTheproject’sinternalrateofreturnexceedstsnetpresentThenetpresentvalueoftheprojectis您的答案：未作答正确答案题目翻译如果投资项目的性指数是内部收益率是资本成本大于内部收益内部收益率超过净现净现值大于考点：PI和NPV、IRR的关解题思路：PI>1=NPV>0=IRR>贴现点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第10 平均正确率Theprimaryadvantageofusingtheinternalrateofreturnmethodtoevaluatecapitalbudgetingprojectsisthatitresultsindecisionsthat iseasytounderstandand izeshareholder您的答案：未作答正确答案答案题目解释用internalrateofreturn评价资本项目的主要优点是什么A.做出收入最大化的决策 B.易于理解和交流 C.假设一个保守的再投资率 D.做出股东最大化的决策考点:internalrateofreturn的优点:解题思路:了解internalrateofreturn的优点点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第11 平均正确率Thenetpresentvalue(NPV)profilesofprojectsAandBareasTheapproximateinternalratesofreturn(IRR)forProjectsAandB,respectively,20.5%and0%and19.0%and19.5%and您的答案：未作答正确答案题目翻译A和B两个项目的净现值如下所解题思路：根据NPV=0时的折现率=IRR，可以判断A项目在18-20之间，B项目在24-26之点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第12 平均正确率ThedirectorofcapitalbudgetingofBethesdaCorporationisevaluatingtwomutuallyexclusiveprojectswiththefollowingnetcashflowsIftherequiredrateofreturnontheseprojectsis14%,whichprojectshouldbechosenandProjectX,becauseithasthehigherinternalrateofreturnProjectY,becauseithasthelowernetpresentvalueProjectY,becauseithasthehighernetpresentvalueProjectX,becauseitthelowerinternalrateofreturn您的答案：未作答正确答案题目翻译评估两个互斥项目的净现金流如下年X项目的净现金Y项目的净现金0(100(100137023703370437185如果要求的投资回报率是14%，应X项目，因为它的内含率（IRR）更Y项目，因为它的净现值(NPV)更X项目，因为它的净现值(NPV)更：mutuallyexclusive解题思路：互斥项目的首选都是NPV，计算两个项目的NPV，选择较大者即根据的折现，XP=,.6 Y的V=,.5点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第13 平均正确率TheEat-Righthasbeendisappointedbypreviouscapitalbudgetingdecisionsusingthepaybackmethod.Anewrequirementhasbeenimplementedthatrequiresdiscountedcashflow ysistobeusedtocomputethenetpresentvalueofproposedpurchasesover$300,000.TheFoodProcessingDepartmentoftheEat-Rightisconsideringtheacquisitionofanewmachinethatwillreducelaborcostsbyapre-taxamountof$175,000peryear.Otherinformationregardingthepossibleacquisitionisasfollows:Themachinewillcost$450,000.Installationchargeswillamounttoanadditional$25,000.Themachinewillhaveausefullifeofthreeyears,withnosalvagevalue.Depreciationratesfortaxpurposesare25%,38%,and37%foryearsone,twoandthree,respectively.Eat-Right'scostofcapital,12%,isconsideredtheappropriatediscountrate. etaxrateis40%.Cashflowsareassumedtooccurattheendofthecalendaryear,whichcoincideswithEat-Right'sfiscalyear-end.Whichofthefollowingbestindicatesthenetpresentvalueoftheproposedinvestment,andtheappropriateacquisitiondecision?Approximay mendnotmakingtheApproximay mendmakingtheApproximay mendnotmakingtheApproximay mendmakingthe您的答案：未作答正确答案题目翻译要求项目的净现值大于300K，新设备减少了每年的税前人工成本175K，其他相关信息如下大约（73000）；推荐不投大约55000；推荐投资解题思路：NPV=税后净现金流总和-初始投资税后净现金流=(费用1税率折旧费用税每年的（收入-费用）=175三年的折旧额分别是（450+25）*25%=118.75、（450+25）*38%=180.5*PVIFA(12%,3)+118.75*0.4*PVIF(12%,1)+180.5*0.4*PVIF(12%,2)+175.75*0.4*PVIF(12%,3)(450+25)=大约是$(73,000)，由于点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第14 平均正确率WebsterProductsisperformingacapitalbudgeting ysisonanewproductitisconsidering.Annualsalesareexpectedtobe50,000unitsinthefirstyear,100,000unitsinthesecondyear,and125,000unitstheyearthereafter.Sellingpricewillbe$80inthefirstyearandisexpectedtodecreaseby5%peryear.Annualcostsareforecastedasfollows.Theinvestmentof$2millionwillbedepreciatedonastraight-linebasisover4yearsforfinancialreportingandtaxpurposes.Webster'seffectivetaxrateis40%.Whencalculatingnetpresentvalue(NPV),thenetcashflowforyear3wouldbe:您的答案：未作答正确答案题目翻译Wber正对一个新产品做资本预算分析，每年的销售额预计是第一年5,00，第二年1,00，第三年2,0，第一年的售价是固定成本每年$300 投资额Phecllionofinretlchlow：year解题思路：第三年说明就是期间增量净现金流费用-折旧1税率折旧费用；其中，费用=人工+材+固第三年的收入是(125,000units)($80perunit)(0.95)(0.95$9,025,000，人工=125,000units)($20)(1.05)(1.05)=$2,756,250，材料=(125,000units)($30)(1.1)(1.1)=$4,537,500折旧额=$2,000,000/4years= $300,000−$500,000)(1-0.4)+$500,000=点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第15 平均正确率Ifaprojecthasaprofitabilityindexthatisgreaterthan1.0,itmeansthatinitialinvestmentexceedsthecash-requiredreturnislessthantheinternalrateofinternalrateofreturnisequaltotherequiredcash-flowsexceedtheinitial您的答案：未作答正确答案如果一个项目的PI大于1,表明什A.初始投资超过现金流 B.要求的回报率小于内部收益率 C.内部率等于要求率 考点:PI和IRR的关系:greater解题思路:PI>1==IRR>要求率点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第16 平均正确率Jorelle'sfinancialstaffhasbeenrequestedtoreviewaproposedinvestmentinnewcapitalequipment.Applicablefinancialdataispresentedbelow.Therewillbenosalvagevalueattheendoftheinvestment'slifeand,duetorealisticdepreciationpractices,itisestimatedthatthesalvagevalueandnetbookvalueareequalattheendofeachyear.Allcashflowsareassumedtotakeceattheendofeachyear.Forinvestmentproposals,Jorelleusesa12%after-taxtargetrateofreturn.Thenetpresentvalue(NPV)fortheinvestmentproposal您的答案：未作答正确答案题目翻译Jorelle公司正做资本预算，相应的财务信息如下年购置成本和账面价每年税后现金每年净收0$2500011681203521001083935096434188447507251基于12%的折现年$1在每期期末的现$1年金在每期期末的现123456PV考点：thecalculationof解题思路：NPV=税后增量现金流的现值之和-=($120,000)(0.89)+($108,000)(0.80)+($96,000)(0.71)+($84,000)(0.64)+($72,000)(0.57)-$250,000=$106,160.注意，使用 这一列数据而不 e这点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第17 平均正确率KellInc.is yzinganinvestmentforanewproductexpectedtohaveannualsalesof100,000unitsforthenext5yearsandthenbedis .Newequipmentwillbepurchasedfor$1,200,000andcost$300,000toinstall.Theequipmentwillbedepreciatedonastraight-linebasisover5yearsforfinancialreportingpurposesand3yearsfortaxpurposes.Attheendofthefifthyear,itwillcost$100,000toremovetheequipment,whichcanbesoldfor$300,000.Additionalworkingcapitalof$400,000willberequiredimmediayandneededforthelifeoftheproduct.Theproductwillsellfor$80,withdirectlaborandmaterialcostsof$65perunit.Annualindirectcostis$500,000.Kell'seffectivetaxrateis40%.Inacapitalbudgeting ysis,whatistheexpectedcashflowattime=3(3rdyearofoperation)thatKellshouldusetocomputethenetpresentvalue?您的答案：未作答正确答案K公司准备投资一项新产品,能实现未来5年每年100,000的销售额.新设备买价1,200,000,安装费300,000,5年内直摊在第五年年末,要花100000移除设备,设备可卖300000.开始需要400000的营运资本,产品可卖80一个,人工和材料用共65,非直接费用每年500000,税率是40%,问第三年的现金流是多少:time=3解题思路第三年说明是期间增量净现金流=(收入费用1税率折旧费用税率单位=100,000units边际贡献=80-65=15固定费用=500,000收入-费用=100*15-500=1,000,000注意：折旧费应按照税法要求的年限摊销折旧费用 期间增量净现金点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第18 平均正确率Whichoneofthefollowingcapitalbudgetingtechniqueswouldalwaysresultinthesameinvestmentdecisionforaprojectasthenetpresentvaluemethod?AccountingRateofProfitabilityDiscountedInternalRateof您的答案：未作答正确答案题目翻译下面哪个资本预算方法总会在一个项目中，跟使用NPV导致会计回报指折现回收内含考点：NPV和PI：aP>P>点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第19 平均正确率SkytopIndustriesisyzingacapitalinvestmentprojectusingdiscountedcashflow(DCF)ysis.Thenewequipmentwillcost$250,000.Installationandtransportationcostsaggregating$25,000willbecapitalized.Theappropriatefiveyeardepreciationschedule(20%,32%,19%,14.5%,14.5%)willbeemployedwithnoterminalvaluefactoredintothecomputations.Annualincrementalpre-taxcashinflowsareestimatedat$75,000.Skytop'seffective etaxrateis40%.AssumingthemachineissoldattheendofYear5for$30,000,theafter-taxcashflowforYear5oftheprojectwouldamountto您的答案：未作答正确答案S公司用折现现金流分析资本投资.新设备花费250000,安装和的25000需要资本化5年的折旧率如下(20321914.514.5%),每年的税前增量现金流是75000,税率是40%,假设设备在第五年底:Year5解题思路第5年是期末，期末增量净现金流=[(费用1税率折旧费税率营运资新设MACRS法下，设备处置净流入=处置价格*（1-税率）=$30,000× （收入-费用 折旧=（250+25）*点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第20 平均正确率FastFreight,Inc.isnningtopurchaseequipmenttomakeitsoperationsmoreefficient.Thisequipmenthasanestimatedlifeof6years.Aspartofthisacquisition,a$75,000investmentinworkingcapitalisanticipated.Inadiscountedcashflowysis,theinvestmentinworkingcapitalShouldbeamortizedovertheusefullifeoftheShouldbetreatedasanimmediatecashoutflowthatislaterrecoveredattheendof6ShouldbetreatedasanimmediatecashCanbedisregardedbecausenocashis您的答案：未作答正确答案题目翻译FtFig打算新设备使运营更有效率，设备预计使用年限6年，为了获取设备，营运资本要7,0。在折现现金流应该在设备的使用年限中分应该在期初被确认为现金流出，在第6年年末回应该立即被确认为现金流因为不涉及现金，可以被忽考点：theinvestmentinworking：theinvestmentinworking解题思路：营运资本就是在期初流出，在期末收点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第21 平均正确率SkytopIndustriesis yzingacapitalinvestmentprojectusingdiscountedcashflow(DCF) Thenewequipmentwillcost$250,000.Installationandtransportationcostsaggregating$25,000willbeAfiveyearMACRSdepreciationschedule(20%,32%,19.2%,11.52%,11.52%,5.76%)withthehalf-yearconventionwillbeemployed.Existingequipment,withabookvalueof$100,000andanestimatedmarketvalueof$80,000,willbesoldimmediayafterinstallationofthenewequipment.Annualincrementalpre-taxcashinflowsareestimatedat$75,000.Skytop'seffective etaxrateis40%.After-taxcashflowforthefirstyearoftheprojectwouldamount您的答案：未作答正确答案题目翻译新设备的购置成本安装费和运费25，可以资本5年MACRS(203219.211.5211.52旧设备账面价值100，市价80，在新设备安装好就税率 在第一年的税后现金流考点：thecalculationofincrementalcash：first解题思路：第一年就是期间增量净现金流=(费用1税率税率折旧费用=($250,000$25,000)(0.2)=期间增量净现金流=点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第22 平均正确率LunarInc.isconsideringthepurchaseofamachinefor$500,000whichwilllast5years.Afinancial ysisisbeingdevelopedusingthefollowinginformation.Themachinewillbedepreciatedover5yearsonastraight-linebasisfortaxpurposesandLunarissubjecttoa40%effective etaxrate.AssumingLunarwillhavesignificanttaxable efromotherlinesofbusiness,andusinga20%discountrate,thenetpresentvalueoftheprojectwouldbe:您的答案：未作答正确答案题目翻译正在考虑台机器，置成本,，使用年给出一财务析信息如下年，税率，折现率PV考点：thecalculationof解题思路：NPV=税后折现现金流总和-初始投每年的折旧额=$500,000/5=$100,000Cashflow,Year1=($50,000−$100,000)(1−0.4)+Cashflow,Year1=(−$50,000)(0.6)+$100,000=−$30,000+$100,000=Cashflow,Year2=($50,000−$100,000)(1−0.4)+Cashflow,Year2=(−$50,000)(0.6)+$100,000=−$30,000+$100,000=Cashflow,Year3=($400,000−$100,000)(1−0.4)+Cashflow,Year3=(−$300,000)(0.6)+$100,000=−$180,000+$100,000=Cashflow,Year4=($400,000−$100,000)(1−0.4)+Cashflow,Year4=(−$300,000)(0.6)+$100,000=−$180,000+$100,000=Cashflow,Year5=($400,000−$100,000)(1−0.4)+Cashflow,Year5=(−$300,000)(0.6)+$100,000=−$180,000+$100,000=Thenetpresentvalue(NPV)oftheprojectcanthenbecalculatedasPVofYear0cashflow=PVofYear1cashflow=$70,000(0.833PVlumpsumi=20,n=1)=$58,310PVofYear2cashflow=$70,000(0.694PVlumpsumi=20,n=2)=$48,580PVofYear3cashflow=$280,000(0.579PVlumpsumi=20,n=3)=$162,120PVofYear4cashflow=$280,000(0.482PVlumpsumi=20,n=4)=$134,960PVofYear5cashflow=$280,000(0.402PVi=20,n=5)=$112,560Thesumofthesecashflows,whichisalsothenetpresentvalueoftheproject,is点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第23 平均正确率ThemanagementofPelicanInc.isevaluatingaproposedacquisitionofanewmachineatapurchaseprice$180,000,andwithinstallationcostsof$10,000.A$9,000increaseinworkingcapitalwillberequired.Themachinewillhaveausefullifeoffouryearsafterwhichitcanbesoldfor$30,000.Theestimatedannualincrementaloperatingrevenuesandcashoperatingexpensesare$450,000and$300,000,respectively,foreachofthefouryears.Pelican’seffective etaxrateis40%andthecostofcapitalis12%.Pelicanusesstraight-linedepreciationforbothfinancialreportingand etaxpurposes.Iftheprojectisaccepted,theestimatedincrementalafter-taxoperatingcashflowsattheendofthefirstyearwillbe$您的答案：未作答正确答案题目翻译Pelican公司的管理层正在评估新设备的事项，该设备的购置成本为$180,000，安装费为$10,000。增加的营运资本$9,000。设备的使用年限为4年，到期后处置的收入为$30,000。预计每年增量的营业收入和现金营业费用别为$450,000和$300,000。Pelican公司的所得税率为40%，资本成本为12%Pelican使用直线折旧法如果接受该项目的话，第1年年考点：thecalculationofincrementalcash：attheendofthefirst期间现金流=（收入-费用）*（1-税率）折旧*税率收入=450000费用=300000折旧=(180 -$30,000)/4=期间现金150000*0.6+40,000*0.4=90000+16000106注：在直线折旧法下，残值是要扣除点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第24 平均正确率WhichoneofthefollowingmethodsforevaluatingcapitalprojectsistheleastusefulfromaninvestmentysispointofAccountingrateofInternalrateofNetpresent您的答案：未作答正确答案题目翻译从投资分析的角度来说，下列哪种方法对于评估资本项目而言是最不起作用的A会计收益率法B.C净现值法D回收期法解题思路：在资本预算中，我们都是用现金流来做预算，而会计收益率法是权责发生制，不是现金流，所以不适用，后三都是分析点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第25 平均正确率WhichoneofthefollowingstatementsconcernscashflowdeterminationforcapitalbudgetingpurposesisnotTaxdepreciationmustbeconsideredbecauseitaffectscashpaymentsforBookdepreciationisrelevantbecauseitaffects SunkcostsarenotincrementalflowsandshouldnotbeNetworkingcapitalchangesshouldbeincludedincashflow您的答案：未作答正确答案题目翻译对于确定资本预算的现金流，下列哪项陈述是错误的必须考虑折旧的，因为它会影响赋税的金折旧账面值是相关的，因为它会影响净收沉没成本不是增量的流量，不应在未来发净营运资本应该包括在现金流的预测考点：cashflowdeterminationforcapital解题思路：在做预算时，只考虑相关成本，折旧账面价值是历史成本，是无关点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第26 平均正确率Whichofthefollowingmethodsofevaluatingcapitalinvestmentprojectsestimatesthediscountratethatwillmakethepresentvalueofnetcashinflowsequaltotheinitialinvestment?InternalrateofProfitabilityNetpresentvaluePayback您的答案：未作答正确答案题目翻译下面哪个方法在评估资本投资项目中，使得净现金流的现值等于初始投内 指考点：theformulaof：解题思路：NPV=初始投资额是IRR的计算原点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第27 平均正确率FullerIndustriesisconsderinga$1millioninvestmentinstamequipmenttoproduceanewproduct.Theequipmentexpectedtolastnineyears,producerevenueof$700,000peryear,andhaverelatedcashexpensesof$450,000peryear.Attheendofthe9thyear,theequipmentisexpectedtohaveasalvagevalueof$100,000andcost$50,000toremove.TheIRScategorizesthisas5-yearModifiedAcceleratedCostRecoverySystem(MACRS)propertysubjecttothefollowingdepreciatonFuller’seffectiveetaxrateis40%andFullerexpects,onanoverall basis,tocontinuetobeprofitableandhavesignificanttaxablee.IfFullerusesthenetpresentvaluemethodtoyzeinvestments,whatistheexpectednettaximpactoncashflowinYear2beforediscounting?Positive$28,000$0Negative$100,000Negative$128,000您的答案：未作答正确答案题目翻译Fuller公司正在考虑投资$100万购置冲压设备来生产新产品。该设备预计用年限为9年，每年产生的收入为$70万，相关 折旧20321911.5211.52之前，第2年年末的税赋对于现金流的净影响为$0的影考点：thecalculationofincrementalcash：nettaximpactoncashflowinYear *32%）*0.4=-28,000,即税赋减少了28000(注意是第二年年末，用MACRS折旧，则直接用金额*折旧率即可)点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第28 平均正确率KunkleProductsis yzingwhetherornottoinvestinequipmenttomanufactureanewproduct.Theequipmentwillcost$1million,isexpectedtolast10years,andwillbedepreciatedonastraight-linebasisforbothfinancialreportingandtaxpurposes.Kunkle'seffectivetaxrateis40%,anditshurdlerateis14%.Otherinformationconcerningtheprojectisasfollows.Salesperyear=10,000unitsSellingprice=$100perunitVariablecost=$70perunitA10%reductioninvariablecostswouldresultinthenetpresentvalueincreasingbyapproxima您的答案：未作答正确答案题目翻译设备购置本，续，直折旧，率，最低望，他相关信如下：每年销售量=0个每个$100变动成本=每个考点：thecalculationofNPV解题思路：NPV=税后净现金流之和-初始投 每年的税后净现金流=（-变动成本）*销量*（1-税率）+折旧费用税折旧费用=1000/10=100现在的税后净现金流=（100-70）*10*0.6+100*0.4=220变动成本减少后=（100-净现值增加额=（262-220）*(5.216presentvalueofannuityi=14,n=10)=$219,072orapproximay点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第29 平均正确率TheHopkinshasestimatedthataproposedproject’s10-yearannualnetcashbenefit,receivedeachyearend,willbe$2,500withanadditionalterminalbenefitof$5,000attheendofthe10thyear.AssumingthatthesecashinflowssatisfyexactlyHopkins’requiredrateofreturnof8%,calculatetheinitialcashoutlay.您的答案：未作答正确答案题目翻译Hopis公司估计一个1年的项目，每年的净现金收益是,50，每年年末流入，最后一年年末还有额外收益50，假考点：thecalculationofinitialcash 折现即可初始额=($2,500)(PVIFAat8%for10periods)+($5,000)(PVIFat8%for10periods)=($2,500)(6.710)+($5,000)(.463)=$19,090点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第30 平均正确率TheChiefFinancialOffcerofPauleyInc.hasrequestedanevaluationofaproposedacquistonofanewmachineatapurchaseprceof$60,000,andwthinstallatoncostsof$10,000.A$3,000increaseinworkingcapitalwillberequired.Themachinewillhaveausefullifeoffouryearsafterwhichtcanbesoldfor$10,000.Theestimatedannualincrementaloperatingrevenuesandcashoperatingexpensesare$150,000and$100,000,respectively,foreachofthefouryears.Pauley'seffective etaxrateis40%andthecostofcaptalis12%.Pauleyusesstraight-linedepreciatonforbothfinancialreportingand etaxpurposes.Pauley'sestimatedafter-taxcashflowin year,atwhichtimetheequipmentwillbesold,will您的答案：未作答正确答案题目翻译Pauley公司的CFO要求评估价值为$60,000的新设备的方案，相关的安装费用为$10,000。该购置计划会增用分别为$150,000和$100,000。Pauley的税率为40%，资本成本为12%。Pauley公司使用直线折旧法考点：thecalculationofincrementalcashflows 解题思路：第4年新设备，所以是计算期末增量净现金流=[(收入–费用)×(1–税率)+折旧费用×税率]+营运资本流入+新设备处置净流入注意此题的处置收入等于残值收入-费用=150-100=50折旧费用=（60+10-10）/4=15营运资本流入=3直下，新设备处置净流入=处置价=点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第31 平均正确率CalvinInc.isconsideringthepurchaseofanewstate-of-artmachinetoreceitshand-operatedmachine.Calvin'seffectivetaxrateis40%,anditscostofcapitalis12%.Dataregardingtheexistingandnewmachinesarepresentedbelow.Ifthenewmachineispurchased,whatisthenetamountoftheinitialcashoutflowatTime0fornetpresentvaluecalculationpurposes?Theexistingmachinehasbeeninserviceforsevenyearsandcouldbesoldcurrentlyfor$25,000.IfthenewmachineispurchasedCalvinexpectstorealizea$30,000before-taxannualreductioninlaborcosts.您的答案：未作答正确答案题目翻译Calvin正在考虑是否一款技术的设备来替代目前手动操作的设备。Calvin适用的税率为40%，其资本成本12%。新旧设备相关数据如下所示如果新设备，就净现值计算而言，在第0年时的净现金流出量为考点：thecalculationofincrementalnetcashflow：atTime解题思路：在第0时，说明是求初始现金流出量=设备购置成本+资本化费用+营运资本流出-旧设备处置净流设备购置成本=90资本化费用=4+6=10营运资本流出=0在直下，旧设备处置净流入=处置价格-（处置价格-残 旧设备处置净流入=25-（25- 初始现金流出量=90+10-点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第32 平均正确率KellInc.is yzinganinvestmentforanewproductexpectedtohaveannualsalesof100,000unitsforthenext5yearsandthenbedis Newequipmentwillbepurchasedfor$1,200,000andcost$300,000toTheequipmentwillbedepreciatedonastraight-linebasisover5yearsforfinancialreportingpurposesand3yearsfortaxpurposes.Attheendofthefifthyear,itwillcost$100,000toremovetheequipment,whichcanbesoldfor$300,000.Additionalworkingcapitalof$400,000willberequiredimmediayandneededforthelifeoftheproduct.Theproductwillsellfor$80,withdirectlaborandmaterialcostsof$65perunit.Annualindirectcostswillincreaseby$500,000.Kell'seffectivetaxrateis40%.Inacapitalbudgeting ysis,whatistheexpectedcashflowattime=3(3rdyearofoperation)thatKellshouldusetocomputethenetpresentvalue?您的答案：未作答正确答案答案题目解释K公司准备投资一项新产品,能实现未来5年每年100,000的销售额.新设备买价1200000,安装费300000,5年内直摊销,税法要求是3年摊在第五年年末,要花100000移除设备,设备可卖300000.开始需要400000的营运资本,产品可卖80一个,人工和材料费用共65,非直接费用每年500000,税率是40%,问第三年的现金流是多少?考点Calculatingtheincrementalcashflows:time=3解题思路第三年说明是期间增量净现金流=(费用1税率税率单位=100,000units边际贡献=80-65=15固定费用=500,000收入-费用=100*15-500=1,000,000=（1,200,000+300,000)/3=500,000点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第33 平均正确率ColvernCorporationisconsideringtheacquisitionofanewcomputer-aidedmachinetooltoreceanexisting,outdatedmodel.Relevantinformationincludesthefollowing.Annualafter-taxcashflowsfortheprojectwouldamount您的答案：未作答正确答案题目翻译考点：thecalculationofAnnualafter-taxcash：期间增量净现金流=（收入-费用）*（1-税率）+折旧费用*税这个项目比较新的设备，收入费用就节约=.4 折旧费=新设的折旧旧设的折旧=.=.4每年税后金流=..+..=.8点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第34 平均正确率Assumethataninvestmentproject'sassumedcashflowsarenotchanged,buttheassumedweightedaveragecostofcapitalisreduced.Whatimpactwouldthishaveonthenetpresentvalue(NPV)andtheinternalrateofreturn(IRR)ofthisproject?NPVwouldincreaseandIRRwouldnotNPVwouldincreaseandIRRwouldNPVwoulddecreaseandIRRwouldNPVwouldnotchangeandIRRwouldnot您的答案：未作答正确答案答案解析题目解释如果投资的现金流不变,但平均成本降低,问对NPV和IRR的计算有什么影NPV会增加，IRR不会变NPV会增加，IRR会增NPV会减少，IRR会增考点:IRR和NPV:weightedaveragecostofcapital解题思路:NPV计算中 资本成本是作为分母，所以分母减少，分值变IRR计算中，不涉 资本成本，所以不点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第35 平均正确率CalvinInc.isconsideringthepurchaseofanewstate-of-artmachinetoreceitshand-operatedmachine.Calvin’seffectivetaxrateis40%,anditscostofcapitalis12%.Dataregardingtheexistingandnewmachinesarepresentedbelow.Theexistingmachinehasbeeninserviceforsevenyearsandcouldbesoldcurrentlyfor$25,000.Calvinexpectstorealizeabefore-taxannualreductioninlaborcostsof$30,000ifthenewmachineispurchasedandcedinservice.Ifthenewmachineispurchased,theincrementalcashflowsforthefifthyearwouldamount您的答案：未作答正确答案题目翻译Calvin正在考虑是否一款技术的设备来替代目前手动操作的设备。Calvin适用的税率为40%，其资本成本12%。新旧设备相关数据如下所示现有设备已使用7年，目前能以$25,000的价格。Calvin预计，如果并使用新设备，每年能节省的税前人力成本如果新设备，第5年的增量现金流考点：thecalculationofincrementalcash：fifth（费用）（）折旧++收入-费用=节省额=30,000新设备的折旧额直，新设备处置净流入=残值 所以期末增量现金流点击提问，或查看大家对本题的回答点击提问，或查看大家对本题的回答第36 平均正确率TherelevanceofaparticularcosttoadecisionisdeterminedRiskinesso