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2015CMA英文考试模拟练习

来源：高顿网校 2015-04-24

　　Globetrade is a retailer that buys virtually all of its merchandise from manufacturers in a country experiencing significant inflation. Globetrade is considering changing its method of inventory costing from first-in, first-out (FIFO) to last-in, first-out (LIFO).

　　What effect would the change from FIFO to LIFO have on Globetrade’s current ratio and inventory turnover ratio?

　　A. Both the current ratio and the inventory turnover ratio would decrease.

　　B. The current ratio would decrease but the inventory turnover ratio would increase.

　　C. Both the current ratio and the inventory turnover ratio would increase.

　　D. The current ratio would increase but the inventory turnover ratio would decrease.

　　Answer（B）：

　　Answer (A) is incorrect. The inventory turnover would increase due to higher cost of goods sold and lower inventory.

　　Answer (B) is correct. During periods of high inflation, manufacturers and retailers often switch to LIFO inventory valuation as a tax postponement tool.

　　The higher costs attaching to more recent inventory pass into cost of goods sold, reducing net income and tax liability. Since cost of goods sold is the numerator of the inventory turnover ratio, turnover will increase. Also, inventory will be lower under LIFO, which reduces the current ratio and increases the turnover ratio.

　　Answer (C) is incorrect. The current ratio would decrease due to the lower inventory value under LIFO.

　　Answer (D) is incorrect. The current ratio would decrease due to the lower inventory value under LIFO.

　　CMA英文考试试题Question 2：

　　A company manufactures one product and has a standard cost system. In April the company had the following experience:

　　The direct labor rate variance for April is

　　A. $240,000 favorable.

　　B. $156,000 favorable.

　　C. $156,000 unfavorable.

　　D. $40,000 unfavorable.

　　Answer（B）：

　　Answer (A) is incorrect. The direct materials efficiency variance is $240,000 favorable.

　　Answer (B) is correct. The direct labor rate variance equals the actual amount of labor used times the standard rate minus the actual rate. The variance is $156,000 favorable [78,000 × ($20 – $18)]. The variance is favorable because the actual rate was less than the standard rate.

　　Answer (C) is incorrect. The variance was favorable.

　　Answer (D) is incorrect. Multiplying the actual units of output by the difference between the actual rate and standard rate results in $40,000.

　　CMA英文考试试题Question 3：

　　The FLF Corporation is preparing to evaluate capital expenditure proposals for the coming year. Because the firm employs discounted cash flow methods, the cost of capital for the

　　firm must be estimated. The following information for FLF Corporation is provided:

　　● The market price of common stock is $60 per share.

　　● The dividend next year is expected to be $3 per share.

　　● Expected growth in dividends is a constant 10%.

　　● New bonds can be issued at face value with a 10% coupon rate.

　　● The current capital structure of 40% long-term debt and 60% equity is considered to be optimal.

　　● Anticipated earnings to be retained in the coming year are $3 million.

　　● The firm has a 40% marginal tax rate.

　　The after-tax cost to FLF Corporation of the new bond issue is

　　A. 14%

　　B. 6%

　　C. 10%

　　D. 4%

　　Answer（B）：

　　Answer (A) is incorrect. The after-tax cost will be less than the effective before- tax rate.

　　Answer (B) is correct. Because the bonds are issued at their face value, the pretax effective rate is 10%. However, interest is deductible for tax purposes, so the government absorbs 40% of the cost, leaving a 6% after-tax cost.

　　Answer (C) is incorrect. This figure is the before-tax rate.

　　Answer (D) is incorrect. This figure results from using a 60% tax rate.

　　CMA英文考试试题Question 4：

　　The financial statements for Dividendosaurus, Inc., for the current year are as follows:

　　Dividendosaurus has return on assets of

　　A. 42.1%

　　B. 21.1%

　　C. 45.3%

　　D. 39.2%

　　Answer（B）：

　　Answer (A) is incorrect. The ratio of income before tax to total assets is 42.1%.

　　Answer (B) is correct. The return on assets is the ratio of net income to total assets. For Dividendosaurus, it equals 21.1% ($200 net income ÷ $950 total assets).

　　Answer (C) is incorrect. The ratio of income before interest and tax to total assets is 45.3%.

　　Answer (D) is incorrect. The ratio of net income to common equity is 39.2%.

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