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Flashcard 1438194208012

Tags

#analyst-notes #cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting

Question

Others. Some projects need special considerations beyond traditional capital budgeting analysis for example, a very [...] in which cash flows cannot be reliably forecast.

Answer

risky research project

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ty and environmental projects. These projects are mandatory investments, and are often non-revenue-producing. Others. Some projects need special considerations beyond traditional capital budgeting analysis (for example, a very risky research project in which cash flows cannot be reliably forecast). <body><html>

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Subject 1. Capital Budgeting: Introduction
ood capital budgeting decisions can be made). Otherwise, you will have the GIGO (garbage in, garbage out) problem. Improve operations, thus making capital decisions well-implemented. Project classifications: Replacement projects. There are two types of replacement decisions: Replacement decisions to maintain a business. The issue is twofold: should the existing operations be continued? If yes, should the same processes continue to be used? Maintenance decisions are usually made without detailed analysis. Replacement decisions to reduce costs. Cost reduction projects determine whether to replace serviceable but obsolete equipment. These decisions are discretionary and a detailed analysis is usually required. The cash flows from the old asset must be considered in replacement decisions. Specifically, in a replacement project, the cash flows from selling old assets should be used to offset the initial investment outlay. Analysts also need to compare revenue/cost/depreciation before and after the replacement to identify changes in these elements. Expansion projects. Projects concerning expansion into new products, services, or markets involve strategic decisions and explicit forecasts of future demand, and thus require detailed analysis. These projects are more complex than replacement projects. Regulatory, safety and environmental projects. These projects are mandatory investments, and are often non-revenue-producing. Others. Some projects need special considerations beyond traditional capital budgeting analysis (for example, a very risky research project in which cash flows cannot be reliably forecast). LOS a. describe the capital budgeting process and distinguish among the various categories of capital projects; <body><html>

Flashcard 1614485261580

Tags

#excel

Question

Como le hago para que cuando pongo un número autofill los siga en secuencia?

Answer

Le picas alt para jalarla

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Flashcard 1620840942860

Tags

#cfa-level-1 #reading-23-financial-reporting-mechanics

Question

Name if the financial statement element

Bonds (payable)

Answer

Liabilities

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Exhibit 2. Common Accounts Assets Cash and cash equivalents Accounts receivable, trade receivables Prepaid expenses Inventory Property, plant, and equipment Investment propert

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3.1. Financial Statement Elements and Accounts
ounting periods), and sales returns and allowances (an offset to revenue reflecting any cash refunds, credits on account, and discounts from sales prices given to customers who purchased defective or unsatisfactory items). Exhibit 2. Common Accounts Assets Cash and cash equivalents Accounts receivable, trade receivables Prepaid expenses Inventory Property, plant, and equipment Investment property Intangible assets (patents, trademarks, licenses, copyright, goodwill) Financial assets, trading securities, investment securities Investments accounted for by the equity method Current and deferred tax assets [for banks, Loans (receivable)] Liabilities Accounts payable, trade payables Provisions or accrued liabilities Financial liabilities Current and deferred tax liabilities Reserves Unearned revenue Debt payable Bonds (payable) [for banks, Deposits] Owners’ Equity Capital, such as common stock par value Additional paid-in capital Retained earnings Other comprehensive income Minority interest Revenue Revenue, sales Gains Investment income (e.g., interest and dividends) Expense Cost of goods sold Selling, general, and administrative expenses “SG&A” (e.g., rent, utilities, salaries, advertising) Depreciation and amortization Interest expense Tax expense Losses For presentation purposes, assets are sometimes categorized as “current” or “non-current.” For example, Tesco (a large European retailer) prese

Flashcard 1620846185740

Tags

#cfa-level-1 #reading-23-financial-reporting-mechanics

Question

Name if the financial statement element

Additional paid-in capital

Answer

Owners' Equity

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Exhibit 2. Common Accounts Assets Cash and cash equivalents Accounts receivable, trade receivables Prepaid expenses Inventory Property, plant, and equipment Investment propert

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Flashcard 1620861390092

Tags

#cfa-level-1 #reading-23-financial-reporting-mechanics

Question

Name if the financial statement element

Cost of goods sold

Answer

Expense

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Exhibit 2. Common Accounts Assets Cash and cash equivalents Accounts receivable, trade receivables Prepaid expenses Inventory Property, plant, and equipment Investment propert

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Flashcard 1620866632972

Tags

#cfa-level-1 #reading-23-financial-reporting-mechanics

Question

Name the financial statement element

Depreciation and amortization

Answer

Expense

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Exhibit 2. Common Accounts Assets Cash and cash equivalents Accounts receivable, trade receivables Prepaid expenses Inventory Property, plant, and equipment Investment propert

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Flashcard 1621230750988

Tags

#cfa-level-1 #reading-25-understanding-income-statement

Question

[...] may include labour and material costs, depreciation, some salaries (e.g., salespeople’s), and other direct sales related expenses

Answer

Cost of Goods sold

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An example of grouping by function would be grouping together expenses into a category such as cost of goods sold, which may include labour and material costs, depreciation, some salaries (e.g., salespeople’s), and other

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2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT
nature or function. Grouping together expenses such as depreciation on manufacturing equipment and depreciation on administrative facilities into a single line item called “depreciation” is an example of a grouping by nature of the expense. An example of grouping by function would be grouping together expenses into a category such as cost of goods sold, which may include labour and material costs, depreciation, some salaries (e.g., salespeople’s), and other direct sales related expenses.8 Both Danone and Kraft present their expenses by function, which is sometimes referred to “cost of sales” method. One subtotal often shown in an income statement is gross

Flashcard 1621310704908

Tags

#reading-6-time-value-of-money

Question

The return that borrowers pay comprises the nominal risk-free rate ( [...] ) and a [...]

Answer

real rate + an inflation premium

default risk premium.

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Subject 1 Time Value of Money and Interest Rates
a pure rate of interest) and an inflation premium. Risk: Companies exhibit varying degrees of uncertainty concerning their ability to repay lenders. Lenders therefore charge interest rates that incorporate default risk. The return that borrowers pay thus comprises the nominal risk-free rate (real rate + an inflation premium) and a default risk premium. Compounding is the process of accumulating interest over a period of time. A compounding period is the number of times per year that interest is paid. Continuous compounding occur

Annotation 1622526266636

On the other hand, Abbasid poets such as Abu Tammiim and his gen- eration were able to truly revolutionize the qll$"idah and its motifs rather than simply abandon them as irrelevant and outdated.

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Annotation 1622527839500

This book looks at the works of some mufldath poets using the critical theoretical framework that is often used to talk about modem avant-garde movements and particularly through the lens of metapoesis.

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Annotation 1622529412364

this book detects and examines a meta poetic tendency and a self-reflexive attitude in the poetry of the first century of Abbasid poets.

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Annotation 1622531771660

One term , h ij ii', commonly tran slated as 'satire', is hardly sufficient to ov r a wid range, from the lofty, moralistic and serious to the o ar se, amoral, immoral , obscene and flippant; from fun and wit to in s ipidity and dullness; from objectivity and distance to anger and emotion; from subtlety and bliqueness to bluntn ess a nd blatancy. Ob viously, 'satire' is an inad qu at translation in many cases: 'invecti .ve ', 'lampoon', 'abuse' and related words are often more exact. 3

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Flashcard 1622682242316

Tags

#tvm

Question

PV = FV_N(1+^rs/_m)^−mn

m = [...]

r_s = [...]

N = [...]

Answer

number of compounding periods per year

quoted annual interest rate

number of years

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Annotation 1622684863756

compounding

#tvm

Many applications in investment management involve assets that offer a series of cash flows over time. The cash flows may be highly uneven, relatively even, or equal. They may occur over relatively short periods of time, longer periods of time, or even stretch on indefinitely.

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Flashcard 1622686698764

Tags

#tvm

Question

[...] = A/( 1 + r ) + A/( 1 + r ) ² + A/( 1 + r ) ³ + … + A/( 1 + r ) ^N

Answer

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Flashcard 1622690106636

Tags

#tvm

Question

Shortcut factor PV even cashflows (Annuity)

PV = [...]

Answer

$PV = A ({1-\frac1{(1+r)^n} \ {} \over r})$

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Flashcard 1622701378828

Tags

#excel

Question

Que pasa cuando le picas alt y vas a hacer autofill?

Answer

aparece una crucesita negra arriba de la +

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Flashcard 1622712913164

Tags

#cfa-level-1 #reading-25-understanding-income-statement

Question

Cost of Goods sold may include labour and material costs, [...] , some salaries (e.g., [...] ), and other direct sales related expenses

Answer

depreciation

salespeople’s

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Flashcard 1622722088204

Tags

#tvm

Question

Formula de valor presente de una perpetuidad

Answer

PV = ^A/_r

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Flashcard 1622724709644

Tags

#tvm

Question

A perpetuity of $10 per year with a 20 percent required rate of return has a present value of [...]

Answer

$10/0.2 = $50.

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Flashcard 1622726544652

Tags

#tvm

Question

PV of a Perpetuity formula is valid only for [...] .

Answer

a perpetuity with level payments

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Annotation 1622728379660

6.3. Present Values Indexed at Times Other than t = 0

#tvm

In practice with investments, analysts frequently need to find present values indexed at times other than t = 0. Subscripting the present value and evaluating a perpetuity beginning with $100 payments in Year 2, we find PV₁ = $100/0.05 = $2,000 at a 5 percent discount rate. Further, we can calculate today’s PV as PV₀ = $2,000/1.05 = $1,904.76.

Consider a similar situation in which cash flows of $6 per year begin at the end of the 4th year and continue at the end of each year thereafter, with the last cash flow at the end of the 10th year. From the perspective of the end of the third year, we are facing a typical seven-year ordinary annuity. We can find the present value of the annuity from the perspective of the end of the third year and then discount that present value back to the present. At an interest rate of 5 percent, the cash flows of $6 per year starting at the end of the fourth year will be worth $34.72 at the end of the third year (t = 3) and $29.99 today (t = 0).

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Flashcard 1622730214668

Tags

#tvm

Question

In practice with investments, analysts frequently need to find present values indexed at [...]

Answer

times other than t = 0.

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6.3. Present Values Indexed at Times Other than t = 0
In practice with investments, analysts frequently need to find present values indexed at times other than t = 0. Subscripting the present value and evaluating a perpetuity beginning with $100 payments in Year 2, we find PV 1 = $100/0.05 = $2,000 at a 5 percent discount rate. Further, we can calcu

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on 03-Jul-2017 (Mon)

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