英文p2investment decision知識點選題60道答案解析

A.B.C.D.您的答案：未作答正確答案題目翻譯300,000，使用直折舊，會計上年限5年，稅法要求3年。在第年年末，設備的去除成本是0,0，處置價格是3,0,營運資本要增加0,0，產品的售價0，材料和人工成本是每位6，每年的間接成本會增加5,00，稅率，求在計算V中第年的凈現(xiàn)金流考點：thecalculationofincrementalcash：attime+$300,000+顯示答顯示答題點擊提問，或查看大家對本題的回答第2 平均正確率Thestageofthecapitalraisingfundstoinitiallysupporttheforecastingcash您的答案：未作答正確答案資本預算的哪個過程風險最A.籌集初始B.確認可能的項目C.績效評估和學習 考點:資本預算:capitalbudgeting解題思路：了解資本預算過程,識別風險最大的環(huán)節(jié)，所有環(huán)節(jié)中，風險最大的過程是預測現(xiàn)金流，因為點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第3 平均正確率 isconsideringthepurchaseofanewmachinetoreceafive-yearoldmachineandhasgatheredthefollowinginformation:If recestheoldmachinewiththenewmachine,whatisthecashflowinperiod您的答案：未作答正確答案題目翻譯公司正在慮臺新設來代替經使用了的老備，提可以下：新機器的價格 5000新機器的安裝成 4舊機器的市場價格（價格）5舊機器的賬面價 000如果新機器已安裝，凈營運資本的增加 000有效的所得稅稅 考點：Calculatingtheincrementalcashflows：nperiod0設備購置成本=50資本化費用=4營運資本流出=1舊設備處置凈流入=5-（5- 初始現(xiàn)金流出=50+4+1-點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第4 平均正確率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：未作答正確答案題目翻譯CalamityCauliflower企業(yè)正考慮采取一個資本項目，新設備的購置成本是160K，營運資本是24K，這個項目每年可以產生100K的收入，持續(xù)10年。在期末，新設備預計殘值是10K，使用直折舊。舊設備的歷史成本是20,累積折舊是20K，預計剩余使用年限年，使用直折舊，可以賣出K的價格，稅率4，求第一年年末的凈現(xiàn)金流：attheendofthefirst解題思路：第一年年末就是期間增量凈現(xiàn)金流=(收入–費用)×(1–稅率)+折舊費用×稅率 收入-費用 折舊費用=新設備折舊額-舊設備折舊 新設備折舊額=(160- 舊設備折舊=（220-期間增量凈現(xiàn)金流=100*0.6+（15-點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第5 平均正確率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：未作答正確答案題目翻譯S公司用折現(xiàn)現(xiàn)金流分析資本投資.新設備花費250000,安裝和的25000需要資本化.5年的折舊率如下(20%,32%,19%,14.5%,14.5%)舊設備會在新設備安裝后立刻被，舊設備的稅基是10,0，預計市價8,0，每年的稅前增量現(xiàn)金流是70,稅率是第年項目的稅后凈現(xiàn)金流是多少考點：thecalculationofcash：first解題思路：第1年則是期間增量凈現(xiàn)金流=(費用1稅率折舊稅收入-費用=$75,000折舊費用$250,000$25,00020$55,000期間增量凈現(xiàn)金點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第6 平均正確率TheFinancial ysisDepartmentofStoverInc.has yzedaproposedcapitalinvestmentandcalculatedtheappropriateincrementalcashflowsasfollows.Anetpresentvalue(NPV)ofapproximay$25,000andaninternalrateofreturn(IRR)ofminus29%werecalculatedfortheprojectandtheprojectwassubmittedtotheboardofdirectorsforapproval.Whichoneofthefollowingstatementsiscorrect?IntheIRRcalculation,theproject’scashflowsareassumedtobereinvestedatStover’scostofTheprojecthasanotherIRRinadditiontotheminus29%TheIRRcalculationmusthavecontainedanTheboardofdirectorsshouldnotapprovethe您的答案：未作答正確答案 (100000流 80 流 80 流 80000流 (100000流投資的NPV接近25000,IRR為-29%,下面哪一項說法是正確的在IRR計算中，項目的現(xiàn)金流假定在投資率為資除了IRR，-29%,項目還有另一個內部IRR考點:IRR的缺點:解題思路:NPV>0，IRR<0，所以項目的現(xiàn)金流方向有問題，因為在初始投資之后有流出現(xiàn)金流,所以IRR的計算有兩點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第7 平均正確率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：未作答正確答案題目翻譯Sto工廠正在使用折現(xiàn)現(xiàn)金流方法分析一個資本投資項目，新設備會花費25,0，安裝費和運費是,00，舊設備會在新設備安裝后立刻被，舊設備的稅基是1,00，預計市價,00，Sto預計新設備會產生額外的應收賬款和存貨,00，而應付賬款增加了,0.每年的稅前增量現(xiàn)金流是500，Sto的稅率是0，第0年的稅后總現(xiàn)金流出額是考點：thecalculationofincrementalcash：Year設備購置成本=250資本化費用=25舊設備處置凈流入=處置價格-（處置價格-稅基）*稅率=80-（80-100）*0.4=88營運資本流出=30-15=-15初始現(xiàn)金流出=250+25-88+15=202注意，營運資本就是的占用，應收和存貨是被占用，應付是占用別人的資點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第8 平均正確率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：未作答正確答案題目翻譯Vla公司正在決定從以下個方案中選擇個。每個選項都在明年的月日開始。方案一–購置一臺加工機法的目的，使用直來計算折舊。作為一種的，現(xiàn)有已全額折舊的設備會讓Verla獲得$50,000以舊換新的折備。Verla適用的稅率為40%。平均的資本成本為10%在比較兩個方案時，$50,000以舊換新的折扣應被視不相關的，因為它不會影響到相關的，因為它降低現(xiàn)金流不相關的，因為不會影響到現(xiàn)考點：relevantcost：trade-in解題思路：題目長，都是干擾項，從選項開始讀題。跟決策有關的是相關成本，相關成本：.在未來發(fā)生.在決策之間有而以舊換新的$50,000是方案一才有的成本，是相關成本，這是折扣，會抵減額，所以會減低現(xiàn)金的流點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第9 平均正確率IfaninvestmentprojecthasaprofitabilityindexofTheproject’sinternalrateofreturnisTheproject’scostofcaptalisgreaterthanitsinternalrateofTheproject’sinternalrateofreturnexceedstsnetpresentThenetpresentvalueoftheprojectis您的答案：未作答正確答案題目翻譯如果投資項目的性指數(shù)是內部收益率是資本成本大于內部收益內部收益率超過凈現(xiàn)凈現(xiàn)值大于考點：PI和NPV、IRR的關解題思路：PI>1=NPV>0=IRR>貼現(xiàn)點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第10 平均正確率Theprimaryadvantageofusingtheinternalrateofreturnmethodtoevaluatecapitalbudgetingprojectsisthatitresultsindecisionsthat iseasytounderstandand izeshareholder您的答案：未作答正確答案答案題目解釋用internalrateofreturn評價資本項目的主要優(yōu)點是什么A.做出收入最大化的決策 B.易于理解和交流 C.假設一個保守的再投資率 D.做出股東最大化的決策考點:internalrateofreturn的優(yōu)點:解題思路:了解internalrateofreturn的優(yōu)點點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第11 平均正確率Thenetpresentvalue(NPV)profilesofprojectsAandBareasTheapproximateinternalratesofreturn(IRR)forProjectsAandB,respectively,20.5%and0%and19.0%and19.5%and您的答案：未作答正確答案題目翻譯A和B兩個項目的凈現(xiàn)值如下所解題思路：根據(jù)NPV=0時的折現(xiàn)率=IRR，可以判斷A項目在18-20之間，B項目在24-26之點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第12 平均正確率ThedirectorofcapitalbudgetingofBethesdaCorporationisevaluatingtwomutuallyexclusiveprojectswiththefollowingnetcashflowsIftherequiredrateofreturnontheseprojectsis14%,whichprojectshouldbechosenandProjectX,becauseithasthehigherinternalrateofreturnProjectY,becauseithasthelowernetpresentvalueProjectY,becauseithasthehighernetpresentvalueProjectX,becauseitthelowerinternalrateofreturn您的答案：未作答正確答案題目翻譯評估兩個互斥項目的凈現(xiàn)金流如下年X項目的凈現(xiàn)金Y項目的凈現(xiàn)金0(100(100137023703370437185如果要求的投資回報率是14%，應X項目，因為它的內含率（IRR）更Y項目，因為它的凈現(xiàn)值(NPV)更X項目，因為它的凈現(xiàn)值(NPV)更：mutuallyexclusive解題思路：互斥項目的首選都是NPV，計算兩個項目的NPV，選擇較大者即根據(jù)的折現(xiàn)，XP=,.6 Y的V=,.5點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第13 平均正確率TheEat-Righthasbeendisappointedbypreviouscapitalbudgetingdecisionsusingthepaybackmethod.Anewrequirementhasbeenimplementedthatrequiresdiscountedcashflow ysistobeusedtocomputethenetpresentvalueofproposedpurchasesover$300,000.TheFoodProcessingDepartmentoftheEat-Rightisconsideringtheacquisitionofanewmachinethatwillreducelaborcostsbyapre-taxamountof$175,000peryear.Otherinformationregardingthepossibleacquisitionisasfollows:Themachinewillcost$450,000.Installationchargeswillamounttoanadditional$25,000.Themachinewillhaveausefullifeofthreeyears,withnosalvagevalue.Depreciationratesfortaxpurposesare25%,38%,and37%foryearsone,twoandthree,respectively.Eat-Right'scostofcapital,12%,isconsideredtheappropriatediscountrate. etaxrateis40%.Cashflowsareassumedtooccurattheendofthecalendaryear,whichcoincideswithEat-Right'sfiscalyear-end.Whichofthefollowingbestindicatesthenetpresentvalueoftheproposedinvestment,andtheappropriateacquisitiondecision?Approximay mendnotmakingtheApproximay mendmakingtheApproximay mendnotmakingtheApproximay mendmakingthe您的答案：未作答正確答案題目翻譯要求項目的凈現(xiàn)值大于300K，新設備減少了每年的稅前人工成本175K，其他相關信息如下大約（73000）；推薦不投大約55000；推薦投資解題思路：NPV=稅后凈現(xiàn)金流總和-初始投資稅后凈現(xiàn)金流=(費用1稅率折舊費用稅每年的（收入-費用）=175三年的折舊額分別是（450+25）*25%=118.75、（450+25）*38%=180.5*PVIFA(12%,3)+118.75*0.4*PVIF(12%,1)+180.5*0.4*PVIF(12%,2)+175.75*0.4*PVIF(12%,3)(450+25)=大約是$(73,000)，由于點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第14 平均正確率WebsterProductsisperformingacapitalbudgeting ysisonanewproductitisconsidering.Annualsalesareexpectedtobe50,000unitsinthefirstyear,100,000unitsinthesecondyear,and125,000unitstheyearthereafter.Sellingpricewillbe$80inthefirstyearandisexpectedtodecreaseby5%peryear.Annualcostsareforecastedasfollows.Theinvestmentof$2millionwillbedepreciatedonastraight-linebasisover4yearsforfinancialreportingandtaxpurposes.Webster'seffectivetaxrateis40%.Whencalculatingnetpresentvalue(NPV),thenetcashflowforyear3wouldbe:您的答案：未作答正確答案題目翻譯Wber正對一個新產品做資本預算分析，每年的銷售額預計是第一年5,00，第二年1,00，第三年2,0，第一年的售價是固定成本每年$300 投資額Phecllionofinretlchlow：year解題思路：第三年說明就是期間增量凈現(xiàn)金流費用-折舊1稅率折舊費用；其中，費用=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折舊額=$2,000,000/4years= $300,000?$500,000)(1-0.4)+$500,000=點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第15 平均正確率Ifaprojecthasaprofitabilityindexthatisgreaterthan1.0,itmeansthatinitialinvestmentexceedsthecash-requiredreturnislessthantheinternalrateofinternalrateofreturnisequaltotherequiredcash-flowsexceedtheinitial您的答案：未作答正確答案如果一個項目的PI大于1,表明什A.初始投資超過現(xiàn)金流 B.要求的回報率小于內部收益率 C.內部率等于要求率 考點:PI和IRR的關系:greater解題思路:PI>1==IRR>要求率點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第16 平均正確率Jorelle'sfinancialstaffhasbeenrequestedtoreviewaproposedinvestmentinnewcapitalequipment.Applicablefinancialdataispresentedbelow.Therewillbenosalvagevalueattheendoftheinvestment'slifeand,duetorealisticdepreciationpractices,itisestimatedthatthesalvagevalueandnetbookvalueareequalattheendofeachyear.Allcashflowsareassumedtotakeceattheendofeachyear.Forinvestmentproposals,Jorelleusesa12%after-taxtargetrateofreturn.Thenetpresentvalue(NPV)fortheinvestmentproposal您的答案：未作答正確答案題目翻譯Jorelle公司正做資本預算，相應的財務信息如下年購置成本和賬面價每年稅后現(xiàn)金每年凈收0$2500011681203521001083935096434188447507251基于12%的折現(xiàn)年$1在每期期末的現(xiàn)$1年金在每期期末的現(xiàn)123456PV考點：thecalculationof解題思路：NPV=稅后增量現(xiàn)金流的現(xiàn)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 這一列數(shù)據(jù)而不 e這點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第17 平均正確率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：未作答正確答案K公司準備投資一項新產品,能實現(xiàn)未來5年每年100,000的銷售額.新設備買價1,200,000,安裝費300,000,5年內直攤在第五年年末,要花100000移除設備,設備可賣300000.開始需要400000的營運資本,產品可賣80一個,人工和材料用共65,非直接費用每年500000,稅率是40%,問第三年的現(xiàn)金流是多少:time=3解題思路第三年說明是期間增量凈現(xiàn)金流=(收入費用1稅率折舊費用稅率單位=100,000units邊際貢獻=80-65=15固定費用=500,000收入-費用=100*15-500=1,000,000注意：折舊費應按照稅法要求的年限攤銷折舊費用 期間增量凈現(xiàn)金點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第18 平均正確率Whichoneofthefollowingcapitalbudgetingtechniqueswouldalwaysresultinthesameinvestmentdecisionforaprojectasthenetpresentvaluemethod?AccountingRateofProfitabilityDiscountedInternalRateof您的答案：未作答正確答案題目翻譯下面哪個資本預算方法總會在一個項目中，跟使用NPV導致會計回報指折現(xiàn)回收內含考點：NPV和PI：aP>P>點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第19 平均正確率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：未作答正確答案S公司用折現(xiàn)現(xiàn)金流分析資本投資.新設備花費250000,安裝和的25000需要資本化5年的折舊率如下(20321914.514.5%),每年的稅前增量現(xiàn)金流是75000,稅率是40%,假設設備在第五年底:Year5解題思路第5年是期末，期末增量凈現(xiàn)金流=[(費用1稅率折舊費稅率營運資新設MACRS法下，設備處置凈流入=處置價格*（1-稅率）=$30,000× （收入-費用 折舊=（250+25）*點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第20 平均正確率FastFreight,Inc.isnningtopurchaseequipmenttomakeitsoperationsmoreefficient.Thisequipmenthasanestimatedlifeof6years.Aspartofthisacquisition,a$75,000investmentinworkingcapitalisanticipated.Inadiscountedcashflowysis,theinvestmentinworkingcapitalShouldbeamortizedovertheusefullifeoftheShouldbetreatedasanimmediatecashoutflowthatislaterrecoveredattheendof6ShouldbetreatedasanimmediatecashCanbedisregardedbecausenocashis您的答案：未作答正確答案題目翻譯FtFig打算新設備使運營更有效率，設備預計使用年限6年，為了獲取設備，營運資本要7,0。在折現(xiàn)現(xiàn)金流應該在設備的使用年限中分應該在期初被確認為現(xiàn)金流出，在第6年年末回應該立即被確認為現(xiàn)金流因為不涉及現(xiàn)金，可以被忽考點：theinvestmentinworking：theinvestmentinworking解題思路：營運資本就是在期初流出，在期末收點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第21 平均正確率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：未作答正確答案題目翻譯新設備的購置成本安裝費和運費25，可以資本5年MACRS(203219.211.5211.52舊設備賬面價值100，市價80，在新設備安裝好就稅率 在第一年的稅后現(xiàn)金流考點：thecalculationofincrementalcash：first解題思路：第一年就是期間增量凈現(xiàn)金流=(費用1稅率稅率折舊費用=($250,000$25,000)(0.2)=期間增量凈現(xiàn)金流=點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第22 平均正確率LunarInc.isconsideringthepurchaseofamachinefor$500,000whichwilllast5years.Afinancial ysisisbeingdevelopedusingthefollowinginformation.Themachinewillbedepreciatedover5yearsonastraight-linebasisfortaxpurposesandLunarissubjecttoa40%effective etaxrate.AssumingLunarwillhavesignificanttaxable efromotherlinesofbusiness,andusinga20%discountrate,thenetpresentvalueoftheprojectwouldbe:您的答案：未作答正確答案題目翻譯正在考慮臺機器，置成本,，使用年給出一財務析信息如下年，稅率，折現(xiàn)率PV考點：thecalculationof解題思路：NPV=稅后折現(xiàn)現(xiàn)金流總和-初始投每年的折舊額=$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點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第23 平均正確率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：未作答正確答案題目翻譯Pelican公司的管理層正在評估新設備的事項，該設備的購置成本為$180,000，安裝費為$10,000。增加的營運資本$9,000。設備的使用年限為4年，到期后處置的收入為$30,000。預計每年增量的營業(yè)收入和現(xiàn)金營業(yè)費用別為$450,000和$300,000。Pelican公司的所得稅率為40%，資本成本為12%Pelican使用直線折舊法如果接受該項目的話，第1年年考點：thecalculationofincrementalcash：attheendofthefirst期間現(xiàn)金流=（收入-費用）*（1-稅率）折舊*稅率收入=450000費用=300000折舊=(180 -$30,000)/4=期間現(xiàn)金150000*0.6+40,000*0.4=90000+16000106注：在直線折舊法下，殘值是要扣除點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第24 平均正確率WhichoneofthefollowingmethodsforevaluatingcapitalprojectsistheleastusefulfromaninvestmentysispointofAccountingrateofInternalrateofNetpresent您的答案：未作答正確答案題目翻譯從投資分析的角度來說，下列哪種方法對于評估資本項目而言是最不起作用的A會計收益率法B.C凈現(xiàn)值法D回收期法解題思路：在資本預算中，我們都是用現(xiàn)金流來做預算，而會計收益率法是權責發(fā)生制，不是現(xiàn)金流，所以不適用，后三都是分析點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第25 平均正確率WhichoneofthefollowingstatementsconcernscashflowdeterminationforcapitalbudgetingpurposesisnotTaxdepreciationmustbeconsideredbecauseitaffectscashpaymentsforBookdepreciationisrelevantbecauseitaffects SunkcostsarenotincrementalflowsandshouldnotbeNetworkingcapitalchangesshouldbeincludedincashflow您的答案：未作答正確答案題目翻譯對于確定資本預算的現(xiàn)金流，下列哪項陳述是錯誤的必須考慮折舊的，因為它會影響賦稅的金折舊賬面值是相關的，因為它會影響凈收沉沒成本不是增量的流量，不應在未來發(fā)凈營運資本應該包括在現(xiàn)金流的預測考點：cashflowdeterminationforcapital解題思路：在做預算時，只考慮相關成本，折舊賬面價值是歷史成本，是無關點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第26 平均正確率Whichofthefollowingmethodsofevaluatingcapitalinvestmentprojectsestimatesthediscountratethatwillmakethepresentvalueofnetcashinflowsequaltotheinitialinvestment?InternalrateofProfitabilityNetpresentvaluePayback您的答案：未作答正確答案題目翻譯下面哪個方法在評估資本投資項目中，使得凈現(xiàn)金流的現(xiàn)值等于初始投內 指考點：theformulaof：解題思路：NPV=初始投資額是IRR的計算原點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第27 平均正確率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：未作答正確答案題目翻譯Fuller公司正在考慮投資$100萬購置沖壓設備來生產新產品。該設備預計用年限為9年，每年產生的收入為$70萬，相關 折舊20321911.5211.52之前，第2年年末的稅賦對于現(xiàn)金流的凈影響為$0的影考點：thecalculationofincrementalcash：nettaximpactoncashflowinYear *32%）*0.4=-28,000,即稅賦減少了28000(注意是第二年年末，用MACRS折舊，則直接用金額*折舊率即可)點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第28 平均正確率KunkleProductsis yzingwhetherornottoinvestinequipmenttomanufactureanewproduct.Theequipmentwillcost$1million,isexpectedtolast10years,andwillbedepreciatedonastraight-linebasisforbothfinancialreportingandtaxpurposes.Kunkle'seffectivetaxrateis40%,anditshurdlerateis14%.Otherinformationconcerningtheprojectisasfollows.Salesperyear=10,000unitsSellingprice=$100perunitVariablecost=$70perunitA10%reductioninvariablecostswouldresultinthenetpresentvalueincreasingbyapproxima您的答案：未作答正確答案題目翻譯設備購置本，續(xù)，直折舊，率，最低望，他相關信如下：每年銷售量=0個每個$100變動成本=每個考點：thecalculationofNPV解題思路：NPV=稅后凈現(xiàn)金流之和-初始投 每年的稅后凈現(xiàn)金流=（-變動成本）*銷量*（1-稅率）+折舊費用稅折舊費用=1000/10=100現(xiàn)在的稅后凈現(xiàn)金流=（100-70）*10*0.6+100*0.4=220變動成本減少后=（100-凈現(xiàn)值增加額=（262-220）*(5.216presentvalueofannuityi=14,n=10)=$219,072orapproximay點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第29 平均正確率TheHopkinshasestimatedthataproposedproject’s10-yearannualnetcashbenefit,receivedeachyearend,willbe$2,500withanadditionalterminalbenefitof$5,000attheendofthe10thyear.AssumingthatthesecashinflowssatisfyexactlyHopkins’requiredrateofreturnof8%,calculatetheinitialcashoutlay.您的答案：未作答正確答案題目翻譯Hopis公司估計一個1年的項目，每年的凈現(xiàn)金收益是,50，每年年末流入，最后一年年末還有額外收益50，假考點：thecalculationofinitialcash 折現(xiàn)即可初始額=($2,500)(PVIFAat8%for10periods)+($5,000)(PVIFat8%for10periods)=($2,500)(6.710)+($5,000)(.463)=$19,090點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第30 平均正確率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：未作答正確答案題目翻譯Pauley公司的CFO要求評估價值為$60,000的新設備的方案，相關的安裝費用為$10,000。該購置計劃會增用分別為$150,000和$100,000。Pauley的稅率為40%，資本成本為12%。Pauley公司使用直線折舊法考點：thecalculationofincrementalcashflows 解題思路：第4年新設備，所以是計算期末增量凈現(xiàn)金流=[(收入–費用)×(1–稅率)+折舊費用×稅率]+營運資本流入+新設備處置凈流入注意此題的處置收入等于殘值收入-費用=150-100=50折舊費用=（60+10-10）/4=15營運資本流入=3直下，新設備處置凈流入=處置價=點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第31 平均正確率CalvinInc.isconsideringthepurchaseofanewstate-of-artmachinetoreceitshand-operatedmachine.Calvin'seffectivetaxrateis40%,anditscostofcapitalis12%.Dataregardingtheexistingandnewmachinesarepresentedbelow.Ifthenewmachineispurchased,whatisthenetamountoftheinitialcashoutflowatTime0fornetpresentvaluecalculationpurposes?Theexistingmachinehasbeeninserviceforsevenyearsandcouldbesoldcurrentlyfor$25,000.IfthenewmachineispurchasedCalvinexpectstorealizea$30,000before-taxannualreductioninlaborcosts.您的答案：未作答正確答案題目翻譯Calvin正在考慮是否一款技術的設備來替代目前手動操作的設備。Calvin適用的稅率為40%，其資本成本12%。新舊設備相關數(shù)據(jù)如下所示如果新設備，就凈現(xiàn)值計算而言，在第0年時的凈現(xiàn)金流出量為考點：thecalculationofincrementalnetcashflow：atTime解題思路：在第0時，說明是求初始現(xiàn)金流出量=設備購置成本+資本化費用+營運資本流出-舊設備處置凈流設備購置成本=90資本化費用=4+6=10營運資本流出=0在直下，舊設備處置凈流入=處置價格-（處置價格-殘 舊設備處置凈流入=25-（25- 初始現(xiàn)金流出量=90+10-點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第32 平均正確率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：未作答正確答案答案題目解釋K公司準備投資一項新產品,能實現(xiàn)未來5年每年100,000的銷售額.新設備買價1200000,安裝費300000,5年內直攤銷,稅法要求是3年攤在第五年年末,要花100000移除設備,設備可賣300000.開始需要400000的營運資本,產品可賣80一個,人工和材料費用共65,非直接費用每年500000,稅率是40%,問第三年的現(xiàn)金流是多少?考點Calculatingtheincrementalcashflows:time=3解題思路第三年說明是期間增量凈現(xiàn)金流=(費用1稅率稅率單位=100,000units邊際貢獻=80-65=15固定費用=500,000收入-費用=100*15-500=1,000,000=（1,200,000+300,000)/3=500,000點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第33 平均正確率ColvernCorporationisconsideringtheacquisitionofanewcomputer-aidedmachinetooltoreceanexisting,outdatedmodel.Relevantinformationincludesthefollowing.Annualafter-taxcashflowsfortheprojectwouldamount您的答案：未作答正確答案題目翻譯考點：thecalculationofAnnualafter-taxcash：期間增量凈現(xiàn)金流=（收入-費用）*（1-稅率）+折舊費用*稅這個項目比較新的設備，收入費用就節(jié)約=.4 折舊費=新設的折舊舊設的折舊=.=.4每年稅后金流=..+..=.8點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第34 平均正確率Assumethataninvestmentproject'sassumedcashflowsarenotchanged,buttheassumedweightedaveragecostofcapitalisreduced.Whatimpactwouldthishaveonthenetpresentvalue(NPV)andtheinternalrateofreturn(IRR)ofthisproject?NPVwouldincreaseandIRRwouldnotNPVwouldincreaseandIRRwouldNPVwoulddecreaseandIRRwouldNPVwouldnotchangeandIRRwouldnot您的答案：未作答正確答案答案解析題目解釋如果投資的現(xiàn)金流不變,但平均成本降低,問對NPV和IRR的計算有什么影NPV會增加，IRR不會變NPV會增加，IRR會增NPV會減少，IRR會增考點:IRR和NPV:weightedaveragecostofcapital解題思路:NPV計算中 資本成本是作為分母，所以分母減少，分值變IRR計算中，不涉 資本成本，所以不點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第35 平均正確率CalvinInc.isconsideringthepurchaseofanewstate-of-artmachinetoreceitshand-operatedmachine.Calvin’seffectivetaxrateis40%,anditscostofcapitalis12%.Dataregardingtheexistingandnewmachinesarepresentedbelow.Theexistingmachinehasbeeninserviceforsevenyearsandcouldbesoldcurrentlyfor$25,000.Calvinexpectstorealizeabefore-taxannualreductioninlaborcostsof$30,000ifthenewmachineispurchasedandcedinservice.Ifthenewmachineispurchased,theincrementalcashflowsforthefifthyearwouldamount您的答案：未作答正確答案題目翻譯Calvin正在考慮是否一款技術的設備來替代目前手動操作的設備。Calvin適用的稅率為40%，其資本成本12%。新舊設備相關數(shù)據(jù)如下所示現(xiàn)有設備已使用7年，目前能以$25,000的價格。Calvin預計，如果并使用新設備，每年能節(jié)省的稅前人力成本如果新設備，第5年的增量現(xiàn)金流考點：thecalculationofincrementalcash：fifth（費用）（）折舊++收入-費用=節(jié)省額=30,000新設備的折舊額直，新設備處置凈流入=殘值 所以期末增量現(xiàn)金流點擊提問，或查看大家對本題的回答點擊提問，或查看大家對本題的回答第36 平均正確率TherelevanceofaparticularcosttoadecisionisdeterminedRiskinesso