标题: Reading 43: Residual Income Valuation-LOS a, (Part 2) 习题精 [打印本页]
作者: 土豆妮 时间: 2010-4-20 10:54 标题: [2010]Session 12-Reading 43: Residual Income Valuation-LOS a, (Part 2) 习题精
Session 12: Equity Investments: Valuation Models
Reading 43: Residual Income Valuation
LOS a, (Part 2): Calculate and interpret related measures of residual income (e.g., economic value added and market value added).
A common adjustment in calculating economic value added (EVA?) is to:
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A) |
add back deferred taxes. | |
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B) |
treat capital leases as operating leases. | |
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C) |
capitalize and amortize research and development expenses. | |
It is common to capitalize and amortize research and development (R&D) expenses and add R&D expenses back to earnings. Deferred taxes are eliminated to pick up only cash taxes. Operating leases are treated as capital leases.
作者: 土豆妮 时间: 2010-4-20 10:55
Market value added is calculated as:
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A) |
net operating profit after taxes minus a charge for total capital. | |
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B) |
market value of the company minus total capital. | |
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C) |
market value of the company minus a charge for equity capital. | |
Market value added is the market value of the company minus total capital. It is used to measure the effect on value of management’s decisions since the firm’s inception.
作者: 土豆妮 时间: 2010-4-20 10:55
Economic value added (EVA?) is calculated as net operating profit after taxes minus:
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A) |
a charge for total capital. | |
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B) |
a charge for equity capital. | |
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EVA = NOPAT – (C% × TC), where NOPAT is a firm’s net operating profit after taxes, C% is the cost of capital, and TC is total capital.
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