[单项选择]The estimated annual after-tax cash flows of a proposed investment are shown below: Year 1: $10000 Year 2: $15000 Year 3: $18000 After-tax cash flow from sale of investment at the end of year 3 is $120000 The initial cost of the investment is $100000, and the required rate of return is 12 percent. The net present value (NPV) of the project is closest to:（）
A. $63000.
B. $66301.
C. $19113.

[单项选择]An analyst identifies the following cash flows for an average-risk project: Year 0 - $ 5000 Years 1-2 $ 1900 Year 3 $ 2500 Year 4 $ 2000 The project’s discounted payback period if the company’s cost of capital is 12% , and internal rate of return of the project, are closest to: Discounted payback period IRR （）
A. 3.0 years           13.3%
B. 3.0 years           23.2%
C. 3.9 years           13.3%

[单项选择]When preparing a statement of cash flows under the indirect method, the adjustment to net income for an increase in wages payable (WP) and a decrease in the deferred tax liability (DTL) on the balance sheet compared to the prior reporting period is: Increase in WP Decrease in DTL（）①A. Negative No adjustment ②B. Positive Negative ③C. Positive No adjustment
A. ①
B. ②
C. ③

[单项选择]On a direct format statement of cash flows prepared under U. S, generally accepted accounting principles (U. S. GAAP), which of the following is most likely a line item in the financing cash flow section（）
A. Interest paid.
B. Cash dividends received.
C. Cash dividends paid to shareholders.

[单项选择]For a project with conventional cash flows and a negative net present value, the profitability index is most likely:（）
A. less than one.
B. equal to one.
C. more than one.

[单项选择]In the statement of cash flows, a company is allowed to classify interest paid:（　）
A. in either the operating or financing section under IFRS.
B. in either the operating or financing section under U. S. GAAP.
C. only in the financing section under both IFRS and U. S. GAAP.

[单项选择]Passage 2 A firm’s cash flows can be divided into cash flow from(1) operating activities,(2)investment activities, and(3)financing activities, The operation activity cash flows are cash flows-inflows and outflows-directly related to origination and sale of the financial firm’s assets and to operating costs such as general market activities , security trading activities, interest received and foreclosed collateral, Investment activity cash flows are cash flows and financial investments. Clearly, purchase transactions would result in cash outflows where as sales transactions would generate cash inflows, The financing activity cash flows result from debt and equity financing transactions. Borrowing and repaying either short-term debt or long-term debt would result in a corresponding cash inflow or outflow. Similarly , the sale of common or preferred stock would result in a cash inflow shereas the repurchase of stock or payment of cash dividends would result in a financing outflow. Summa
A. net profit after taxes
B. retained earnings of a given period
C. the firm’s cash position of a given period
D. financial position of the firm

[简答题]cash register

[单项选择]Annual Leave
There will be 30 days paid annual leave plus 10 days public and privilege holidays.
The employees are entitled to
A. 20 paid holidays each year．
B. 30 paid holidays each year．
C. 40 paid holidays each year．

[简答题]cash-flow

[单项选择]On the cash flow statement, the payment of cash dividends during the year will most likely affect the cash flow from:（）
A. operations.
B. investing activities.
C. financing activities.