《管理会计cha》word版

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1、Chap12Screeningdecisions.Doesaproposedprojectmeetsomepresentstandardofacceptance?Preferencedecisions.Selectingfromamongseveralcompetingcoursesofaction.筛选决策：Screeningdecisions（一）净现值法！NPV!(Total-costapproach&　Incremental－costapproach)1.折现率（discountrate）至少大于：存款利率、贷

2、款利率、大于等于公司资本成本分配率。2.复利现值公式：其中1/(1+i)^n是复利现值系数（factor）。i为利率/折现率，n为年数。年金现值公式：K为年金现值系数（factor），PMT为payment计算NPV时大于等于0可以接受！！！1.先算出annualnetcashflow2.注意是负数项！！upgradingofequipment---设备升级Reliningequipment更换设备！3.in2years-在第二年！4.最后别忘加上workingcapitalreleased3.Incremental和

3、total决策是否接受？AlternativeAB两者比较?E.g:LesterCompanyhasbeenofferedafiveyearcontracttoprovidecomponentpartsforalargemanufacturer.Attheendoffiveyears,theworkingcapitalwillbereleasedandmaybeusedelsewherebyLester.LesterCompanyusesadiscountrateof10%.Shouldthecontractbeac

4、cepted?Answer:Annualnetcashflowfromoperations=750,000-400,000-270,000=80,000ItemYearsCashflow10%FactorPresentvalueInvestmentinequipmentNow(160,000)1(160,000)WorkingcapitalneededNow(100,000)1(100,000)Reliningofequipment3(30,000)0.751(22,530)Salvagevalueifequipmen

5、t55,0000.6213,105Annualnetcashinflows1-580,0003.791303,280Workingcapitalreleased5100,0000.62162100Netpresentvalue85955Acceptthecontractbecausetheprojecthasapositivenetpresentvalue.E.g:DennyAssociateshasbeenofferedafour-yearcontracttosupplythecomputingrequirement

6、sforalocalbankTheworkingcapitalisreleasedattheendofthecontract.DennyAssociatesrequiresa14%return.--Whatisthenetpresentvalueofthecontractwiththelocalbank?=148,,897.554a.$150,000b.$28,230c.$92,340d.$132,916E.g:WhiteCo.usesadiscountrateof10%.NewOldAnnualrevenues90,

7、00070,000Annualcashoperatingcosts30,00025,000Netannualcashinflows60,00045,000Ithastwoalternatives.Youshoulddecidewhichonetochoose.(1)installanewequipCost:300,000.Productivevalue:10years.Salvagevalue:7,000.Replacebrushesin6years:50,000Salvageofoldequip:40,000(2)r

8、emodel:(10years)Remodelcost:175,000.replacebrushesin6year:　80,000.Answer-----TotalcostapproachYearCashflow10%factorPresentvalueEquipmentinvestmentNow(300,000)1(300,00