答案和详解如下： 11.Which of the following assumptions is not commonly used to simplify the calculation of residual income? Continuing residual income is expected to: A) disappear immediately. B) decline gradually as ROE declines. C) stay at the same level indefinitely. D) decline to the market average. The correct answer was D) A common assumption involves residual income declining to an average level consistent with a mature industry. This assumption makes sense, considering that we generally calculate residual income for an individual company, and the company’s industry average is quite possibly the best benchmark for its future income-generation potential. The market average is not generally used as a proxy. The other three assumptions are commonly used. 12.Which of the following regarding the statements Clifton made about the usefulness of residual-income valuation is most accurate? Clifton is correct in regard to: A) reason 4, but incorrect in regard to reasons 1, 2 and 3. B) reasons 1 and 3, but incorrect in regard to reasons 2 and 4. C) reasons 1 and 2, but incorrect in regard to reasons 3 and 4. D) reasons 1, 2, and 4, but incorrect in regard to reason 3. The correct answer was C) Residual income models work when cash flows are volatile or negative and are not dominated by terminal value calculations – Cliftons reasons 1 and 2 are correct. Residual-income models use accounting data that is easy to find, but often requires numerous adjustments, therefore, Clifton’s reason 3 is incorrect. Residual-income models make no assumptions in regard to future earnings growth, therefore, reason 4 is incorrect. 13.Which of the following scenarios represents a violation of the clean surplus relationship? A) A company stops paying dividends suddenly. B) Changes in industry fundamentals render growth forecasts unreliable. C) The market value of securities held for sale changes. D) Unusual charges against income are not charged against equity. The correct answer was C) The clean surplus relationship holds that ending book value equals the beginning book value plus earnings minus dividends, excluding ownership transactions. The relationship is violated when charges skip the income statement and go directly to equity. Changes in the market value of debt and equity classified as available for sale can affect equity without affecting earnings. Unusual charges should not be included in residual-value calculations because they are not expected to recur. Charges that do not affect equity will not violate the relationship. Residual-income models do not depend on growth forecasts, so changes in forecasts should have little effect, and certainly do not violate the clean surplus relationship. Cessation of dividends also does not violate the relationship. 14.The residual income of CR Industries is closest to: A) - $15.45 million. B) - $0.63 million. C) $18.17 million. D) - $4.23 million. The correct answer was B) Residual income = net income - equity charge. Net income = (sales – COGS - SG&A expense - depreciation and amortization expense - interest expense) × (1 - tax rate) = $10.2 million. Equity charge = equity * cost of equity.
(total capital - debt) * cost of equity = $95 million * 11.4% = $10.83 million. Residual income = $10.2 million - $10.83 million = - $0.63 million. 15.The economic value added of CR Industries is closest to: A) - $4.53 million. B) - $8.13 million. C) $2.66 million. D) $0.07 million. The correct answer was C) EVA = NOPAT – (WACC * invested capital). NOPAT = (sales – COGS – SG&A expense – depreciation and amortization expense) * (1 – tax rate) = $17.40 million. To calculate the weighted average cost of capital, start by determining the percentage of equity and debt. $130 million in debt represented 57.78 percent of total capital. The remaining 42.22 percent is the equity portion. Don’t forget to adjust the cost of debt for taxes. WACC = 57.78% * (5% * [1 – 40%]) + (42.22% * 11.4%) = 6.55%. EVA = $17.40 million – ($225 million * 6.55%) = $2.66 million. | 
发表于 2008-5-21 10:09
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