| 第 1 頁：試題 |
| 第 4 頁：答案解析 |
14.【答案】 Point(2)is correct，point(1)，(3)，(4)，(5)areincorrect. When making decision，the useful life and salvage value stipulated in tax law should be used to calculate the tax shield on capital allowance，calculation of the old plant is the same， otherwise，the amount could not be calculated correctly.Thus，point(1)is incorrect.Through market survey,old raw material has no value for sale，SO it is irrelevant cost，and the related cash flows would be ignored.point(3)is incorrect. Although this project launched results in reducin9 1 00，000 yuan earning of company’S other similar products，however,if the company does not launch this project，other companies will do it，then lead to reduce l 00，000 yuan eaming of company’S other similar products.So in this question，the l 00，000 yuan mentioned above should not be considered in cash flow,and point (4)is incorrect. When weighted average cost of capital of project is used as discount rate，it has some restrictions.if defined terms are not complied with，it should not be used as discount rate for the project.SO point(5)is incorrect. There are some matters that should be notified when analyzing cash flows ①Distinguish between relevant cost and irrelevant cost Relevant cost is referred to the cost that is relevant to decision.makin9，and need to be taken into consideration when analyzing and evaluating projects，for example，differentiation cost， future cost，replacement cost，opportunity cost are all relevant cost.Irrelevant cost is referred to the cost that is irrelevant to decision.making and no need to be taken into consideration in analyzing and evaluating projects，for example，sunk cost，historical cost and the book value. ②Do not ignore opportunity cost When choosing investment plan，if one investment decision is selected，opportunities to invest in other ways have to be foregone.The benefits obtained from investing in other ways are the costs for implementing this plan，it Can be called an opportunity cost for this investment plan. ③Efrects on other projects should be taken into consideration When we accept a new project，it will have positive or negative effects on company’S otherprojects. ④Effect on working capital Working capital requirement is referred to the difference between operating current assets increased and operating current liability increased.
【附中文翻譯】觀點(diǎn)(2)正確，觀點(diǎn)(1)、(3)、(4)、(5)不正確。 決策時，要使用項(xiàng)目稅法規(guī)定的使用年限和殘值計(jì)算折舊從而確定折舊抵稅的數(shù)值， 舊廠房的計(jì)算也是如此，否則，不能正確計(jì)算折扣抵稅的具體數(shù)值。因此，觀點(diǎn)(1) 不正確。 由于經(jīng)市場調(diào)查，舊的原材料已無出售價值，因此，其為此項(xiàng)目的不相關(guān)成本，不用考 慮其引起的現(xiàn)金流量，觀點(diǎn)(3)不正確。 雖然該項(xiàng)目的上馬會導(dǎo)致該企業(yè)其他同類產(chǎn)品的收益減少10萬元，但是，由于如果該 公司不上該項(xiàng)目，其他企業(yè)也會上馬該項(xiàng)目，即也會導(dǎo)致該企業(yè)其他同類產(chǎn)品的收益 減少10萬元。所以，本題中不應(yīng)該把“該項(xiàng)目的上馬會導(dǎo)致該企業(yè)其他同類產(chǎn)品的 收益減少10萬元”計(jì)入現(xiàn)金流量。因此，觀點(diǎn)(4)不正確。 使用項(xiàng)目的加權(quán)平均資本成本作為項(xiàng)目的折現(xiàn)率，是有條件限制的，如果不符合規(guī)定的 條件，則不能直接將其作為項(xiàng)目的折現(xiàn)率，因此，觀點(diǎn)(5)不正確。 對現(xiàn)金流量進(jìn)行判斷時要注意以下幾個問題： ①區(qū)分相關(guān)成本和非相關(guān)成本。 相關(guān)成本是指與特定決策有關(guān)的、在分析評價時必須加以考慮的成本。例如，差額成本、 未來成本、重置成本、機(jī)會成本等都屬于相關(guān)成本。非相關(guān)成本是指與特定決策無關(guān)的、 在分析評估時不必加以考慮的成本。例如，沉沒成本、過去成本、賬面成本等。 ②不要忽視機(jī)會成本。 在投資方案的選擇中，如果選擇了一個投資方案，則必須放棄投資于其他途徑的機(jī)會。 其他投資機(jī)會可能取得的收益是實(shí)行本方案的一種代價，被稱為這項(xiàng)投資方案的機(jī)會 成本。 ③要考慮投資方案對公司其他項(xiàng)目的影響。 當(dāng)我們采納一個新項(xiàng)目后，該項(xiàng)目可能對公司的其他項(xiàng)目造成有利或不利的影響。 ④對營運(yùn)資本的影響。 所謂營運(yùn)資本的需要，指增加的經(jīng)營性流動資產(chǎn)與增加的經(jīng)營性流動負(fù)債之間的差額。
【附題干翻譯】分析資料(四)中李會計(jì)的觀點(diǎn)是否正確，簡述對現(xiàn)金流量進(jìn)行判斷時要 注意哪些問題。
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