WILEY CMAEXCEL LEARNING SYSTEM EXAM REVIEW 2017: INSTRUCTOR GUIDE AND PARTICIPANT GUIDE 1 0.. ERRATA Added text is underlined.. Deleted text is struck out.. Modified text is in bold..
Trang 1WILEY CMAEXCEL LEARNING SYSTEM EXAM REVIEW 2017:
INSTRUCTOR GUIDE AND PARTICIPANT GUIDE
1 0 2 7 2 0 1 5 | P a g e 1 | John Wiley and Sons, Inc
ERRATA
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Part 1 Instructor Guide:
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Part 1 Participant Guide:
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Part 2 Instructor Guide
Session 1 ABC Company Balance Sheet: See pdf title ABC Company Balance Sheet 2017 at
https://www.efficientlearning.com/cma/support/updates/
Page 543: In the notes, Answer b is residual risk
Page 627: In the notes
Answer c is incorrect, because the increase in working capital required is a cash flow, however not to be included in year 1, but at the initiation in year 0 (and to be reversed at the end of the project life)
Additionally, please include a second calculation using DTS (Depreciation Tax Shield) which is usually easier to calculate during the exam, when depreciation and taxes are given
Using DTS
Year 1 Cash flows:
Revenues 450,000
Operating Expenses (300,000)
Operating Income 150,000
Depreciation 0
EBITDA 150,000
Taxes 40% (60,000)
Net Income 90,000
DTS: 18,000 (180,000/4 years x 40%)
Cash Flow 108,000
Part 2 Participant Guide:
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