2016年美國CPA練習題精選：Financial 46

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來源: 正保會計網校編輯： 2016/11/04 14:26:57　字體：大小

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The calculation of depreciation is used in the determination of the net present value of an investment for which of the following reasons?

a. Depreciation represents a cash outflow that must be added back to net income.

b. Depreciation increases cash flow by reducing income taxes.

c. The decline in the value of the investment should be reflected in the determination of net present value.

d. Depreciation adjusts the book value of the investment.

答案：B

Explanation

Choice "b" is correct. Although depreciation is not directly relevant to net present value computations, the depreciation tax shield (reduced income taxes) results in increased cash flows from an investment and is used in the determination of net present value.

Choice "c" is incorrect. Depreciation is an accounting method of cost allocation, not a method of valuation that would be considered in determining the initial investment.

Choice "d" is incorrect. The reductions in the book value associated with depreciation expense are not relevant to net present value calculations.

Choice "a" is incorrect. Depreciation is not a cash outflow, rather it is a noncash expense.

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