管理会计(英文版)课后习题答案(高等教育出版社)chapter-18.doc

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管理会计(英文版)课后习题答案(高等教育出版社)chapter-18.doc

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管理会计〔高等教育出版社〕

于增彪〔清华大学〕改编

余绪缨〔厦门大学〕审校

CHAPTER18

capitalinvestmentdecisions

Questionsforwritinganddiscussion

1. Independentprojectsaresuchthattheacceptanceofonedoesnotprecludetheacceptanceofanother.Withmutuallyexclusiveprojects,acceptanceofoneprecludestheacceptanceofothers.

2. Thetimingandquantityofcashflowsdeterminethepresentvalueofaproject.Thepresentvalueiscriticalforassessingwhetheraprojectisacceptableornot.

3. Byignoringthetimevalueofmoney,goodprojectscanberejectedandbadprojectsaccepted.

4. Thepaybackperiodisthetimerequiredtorecovertheinitialinvestment.Payback=$80,000/$30,000=2.67years

5. (a)Ameasureofrisk.Roughly,projectswithshorterpaybacksarelessrisky.(b)Obsolescence.Iftheriskofobsolescenceishigh,firmswillwanttorecoverfundsquickly.(c)Self-interest.Managerswantquickpaybackssothatshort-runperformancemeasuresareaffectedpositively,enhancingchancesforbonusesandpromotion.

6. Theaccountingrateofreturnistheaverageincomedividedbyoriginaloraverageinvestment.ARR=$100,000/$300,000=33.33%

7. Agree.Essentially,netpresentvalueisameasureofthereturninexcessoftheinvestmentanditscostofcapital.

8. NPVmeasurestheincreaseinfirmvaluefromaproject.

9. Thecostofcapitalisthecostofinvestmentfundsandisusuallyviewedastheweightedaverageofthecostsoffundsfromallsources.ItshouldserveasthediscountrateforcalculatingnetpresentvalueorthebenchmarkforIRRanalysis.

10. ForNPV,therequiredrateofreturnisthediscountrate.ForIRR,therequiredrateofreturnisthebenchmarkagainstwhichtheIRRiscomparedtodeterminewhetheraninvestmentisacceptableornot.

11. IfNPV0,thentheinvestmentisacceptable.IfNPV0,thentheinvestmentshouldberejected.

12. Disagree.OnlyifthefundsreceivedeachperiodfromtheinvestmentarereinvestedtoearntheIRRw