2013 mock exam 里的疑难问题，求大神解答

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46. A company operating in a highly fragmented and competitive industry reported an increase in ROE over the prior year. Which of the following reasons for the increase in ROE is least likely to be sustainable? The company:
A. increased the prices of its product significantly.
B. decided to make greater use of long-term borrowing capacity.
C. implemented a new IT system allowing it to reduce working capital levels as a percentage of assets.

这道题答案是A,但是C为什么对?我就搞不懂working capital跟ROE有什么关系? DuPont formula里面没有working capital阿？


60. Which of the following statements about balance sheets is most accurate? Under:
A. U.S. GAAP, intangibles must be valued at historical cost.
B. IFRS, a commercial real estate company should use a liquidity based presentation.
C. IFRS, a classified balance sheet must present current assets before non-current assets.

答案是A，C对吗？好像在哪里看到过。

68. If a company chooses to capitalize an expenditure related to capital assets instead of expensing it, ignoring taxes, the company will most likely report:
A. a lower cash flow per share in that period.
B. a higher earnings per share in future periods.
C. the same free cash flow to the firm in that period.



答案是C，虽然CFO和capex的变化抵消了，但是FCFF里面还有Interest（1+t）这一项阿，变成capital lease的话interest会变多吧？

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关键词：mock exam MOCK Exam 疑难问题 MOC percentage following industry capacity increase

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明天就考试了,急啊

46. 因为WC减少了，asset（WC作为asset的一部分）也减少，然后DuPont里第二项变大，ROE上升。装IT system是长期的，所以是sustainable。

60. IFRS 里NCA 都是在CA前面

68.
BTW，capital lease不是在这个考点里的吧？

46. 因为WC减少了，asset（WC作为asset的一部分）也减少，然后DuPont里第二项变大，ROE上升。装IT system是长期的，所以是sustainable。

60. IFRS 里NCA 都是在CA前面

68. CFO + interest×(1- t) – capital expenditures， CFO和Capex同时增长，FCFE不变。BTW，capital lease不是在这个考点里的吧？而且capitalise不会增长利息吧？
讨论看看，我也不知道对不。
Good Luck Tomorrow!

沾沾 发表于 2013-12-6 13:58
46. 因为WC减少了，asset（WC作为asset的一部分）也减少，然后DuPont里第二项变大，ROE上升。装IT system是 ...

谢谢沾沾的回答！

关于68题，captial lease 绝对增加利息阿。整个lease payment就是分成了interest expense和lease liability amortization两部分阿。notes上第268页的例子里看的很清楚的。你觉得呢？