2012 Mock Questions Incorrect? 2012, concerned, following, actually

torontoanalyst

Just taken the AM of this and I’m concerned that the following questions are geuninely wrong in the answer book, any thoughts?
22 - The question explicitly states to use ‘Sharpe Ratio’ to make your decision, no mention is made of correlations. Based on the Sharpe ratio alone, A is the correct answer.
24 - This is clearly wrong, in the answer book they have actually calculated the expected return from the CAPM wrongly, the correct answer is B since required return is 14% and stock is only expected to return 12%, hence overvalued.
38 - Ok, not sure about this one so maybe I just don’t understand it, but how does a -ve balance sheet accruals ratio imply that cash earnings are greater than accounting earnings? Surely it’s the Cash accruals ratio we should be looking at in this question.