[問題]SchweserPro (2005 CD 題庫）問題？

[naomiliu]

Ironman Nutrition has traditionally followed a conservative policy of expensing most costs. However, the new CFO is an advocate of capitalization.
During a meeting with company executives he explains that compared to expensing, capitalization results in all the following EXCEPT:
A) lower income variability
B) lower debt to equity ratio
C) greater initial return on assets
D) higher net cash flow

Anser: D

我以為答案全都不對耶？
Capital lease would result in:
higher income variability (because expense amount is more stable than depreciation amount)
higer D/E ratio (because liability is higher)
lower initial ROA (because lower net income in early year)
the same net cash flow

請指正，謝謝！

[onionyang]

lower income --> lower tax paid

[sklpeng]

姐姐你的題目要看仔細喔

姐姐你說的這些是在lease方面的區別
相關內容在在2005年版的Schweser Note seesion 10(p.269 figure 4)

但本題問的是cost的資本化或費用化
相關內容在session 9 P.204 Figure1
頗多出入

這兩個topic的出現率都很高
大家小心看題目

[naomiliu]

Oooooops，恍然大悟！！！

非常感謝 :)

[sklpeng]

不客氣

希望大家一起加油

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