Bài tập CMA Part 2 Section E (2E): Capital Investment Decisions

Bài tập CMA Part 2 Section E: Capital Investment Decisions (Quyết định đầu tư vốn) là một trong những môn học cuối cùng trong Part 2 của kỳ thi CMA. Bài tập của học phần này đề cập đến quá trình lựa chọn giữa các phương án đầu tư khác nhau để đạt được mục tiêu tài chính hay kinh doanh cụ thể. Dưới đây TACA tổng hợp cho bạn đọc các bài tập của môn học này, tìm hiểu ngay nhé!

Nội dung chính của Part 2 Section E

Section E chiếm tỷ trọng 10% trong tổng bài thi của CMA Part 2. Các nội dung chính của môn học như sau:

1. Capital budgeting process

1. Stages of capital budgeting
2. Incremental cash flows
3. Income tax considerations
4. Evaluating uncertainty
5. Discount rates

2. Capital investment analysis methods

1. Net present value (NPV)
2. Internal rate of return (IRR)
3. Payback
4. Comparison of investment analysis methods
5. Sensitivity analysis

Xem thêm: CMA Part 2 Section E (2E): Capital Investment Decisions (Quyết định đầu tư vốn)

Bài tập CMA Part 2 Section E trắc nghiệm

1.  All of the following would increase the present value of the incremental tax savings associated with the depreciation of an asset except a decrease in the

1. useful life of the asset.
2. marginal income tax rate.
3. discount rate.
4. salvage value of the asset.

2. A capital investment project has the following expected incremental values next year.

If the income tax rate is 25%, the incremental after-tax operating cash flow is

1. $125,000.
2. $375,000.
3. $675,000.
4. $900,000.

3. At the conclusion of a capital budgeting project, a piece of equipment is expected to be sold for $500,000. At the time of sale, the book value of the equipment would be $400,000. If the income tax rate is 35%, what is the after-tax cash flow from the sale of the machine?

1. $325,000.
2. $400,000.
3. $465,000.
4. $535,000.

4. The modeling technique that should be used in a complex situation involving uncertainty is a(n)

1. expected value analysis.
2. program evaluation review technique.
3. Monte Carlo simulation.
4. Markov process.

5. All of the following are advantages of a simulation model except that it

1. allows what-if type of questions.
2. does not interfere with the real-world systems.
3. generates optimal solutions to problems.
4. allows the study of the interactive effect of variables.

6. The net present value of an investment project represents the

1. total actual cash inflows minus the total actual cash outflows.
2. excess of the discounted cash inflows over the discounted cash outflows.
3. total after-tax cash flow including the tax shield from depreciation.
4. cumulative accounting profit over the life of the project.

7. Allstar Company invests in a project with expected cash inflows of $9,000 per year for four years. All cash flows occur at year-end. The required return on investment is 9%. If the project generates a net present value (NPV) of $3,000, what is the amount of the initial investment in the project?

1. $11,253.
2. $13,236.
3. $26,160.
4. $29,160.

8. An investment decision is acceptable if the

1. net present value is greater than or equal to $0.
2. present value of cash inflows is less than the present value of cash outflows.
3. present value of cash outflows is greater than or equal to $0.
4. present value of cash inflows is greater than or equal to $0.

9. Dobson Corp. is analyzing a capital investment requiring a cash outflow at Time 0 of $2.5 million and net cash inflows of $800,000 per year for 5 years. The net present value (NPV) was calculated to be $384,000 at a 12% discount rate. Since several managers felt this was a risky project, three separate scenarios were analyzed, as follows.

• Scenario R – The annual cash inflows were reduced by 10%.
• Scenario S – The discount rate was changed to 18%.
• Scenario T – The cash inflow in year 5 was reduced to zero.

Rank the three individual scenarios in the order of the effect on NPV, from least effect to greatest effect.

1. R, S, T.
2. R, T, S.
3. S, T, R.
4. T, S, R.

10. Which of the following is not a shortcoming of the Internal Rate of Return (IRR) method?

1. IRR assumes that funds generated from a project will be reinvested at an interest rate equal to the project’s IRR.
2. IRR does not take into account the difference in the scale of investment alternatives.
3. IRR is easier to visualize and interpret than net present value (NPV).
4. Sign changes in the cash flow stream can generate more than one IRR.

Bài tập CMA Part 2 Section E tự luận

Morgan Company manufactures engine lubricants. During the manufacturing process, some by-products are produced which have no resale value. The byproducts are considered hazardous to the environment and should be disposed of in a very specific manner, following hazardous material protocol. Morgan pays an outside company to come onsite and haul away the hazardous materials. Morgan’s sales have been much lower than expected this quarter and there is a lot of pressure to lower costs.

John Lark has worked in the company’s Controller’s Office for ten years and is very familiar with the plant floor processes. While walking the plant floor one day, he sees that one of the workers is putting the by-product in the large trash receptacle instead of placing it in the hazardous material bin. When he inquires about why that is being done, the worker explains he is following a management directive, and that disposing of the by-product in the trash would save the company the money that would have to be paid to the hazardous materials company.

Questions

1. Is the management of Morgan Company acting in an ethical manner? What are some of the potential risks that Morgan Company will expose itself to by making decisions like this in order to cut costs?
2. What changes should be made to create a stronger ethical environment? What are some of the potential benefits that Morgan Company could realize by creating a more ethical corporate culture?

Xem thêm: Bài tập CMA part 2 section E – Capital Investment Decisions có đáp án (PDF Free download)

Tham khảo khóa học CMA luyện thi Chứng chỉ Kế toán quản trị Hoa Kỳ (U.S CMA)

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