跟着融跃CFA一起看看一级财报的考试题！

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Inventory,cost of sales,and gross profit can be different under periodic and perpetual inventory systems if a firm uses which inventory cost method?

A)LIFO or weighted average cost,but not FIFO.

B)FIFO or weighted average cost,but not LIFO.

C)LIFO or FIFO,but not weighted average cost.

答案：A

【解析:】

The LIFO and weighted average cost methods can provide different values for inventory,cost of sales,and gross profit depending on whether the firm uses a periodic or perpetual inventory system.FIFO produces the same values from either a periodic or perpetual inventory system.

Assuming that the investment in fixed capital and working capital offset each other,free cash flow to the firm(FCFF)may be proxied by net income if:

A.earnings before interest and taxes(EBIT)equals depreciation.

B.non-cash charges and interest charges are zero.

C.non-cash charges and interest charges are equal.

答案：B

【解析:】

The answer is shown by the relationship between FCFF and net income:FCFF=NI+NCC+Int(1–tax rate)–FCInv–WCInv.Further:FCFF=EBIT(1–tax rate)+Dep–FCInv–WCInv,which assumes that depreciation is the only non-cash charge.

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