讨论：CFA leve 2 官方sample 第二套第7题。

mango_mm

做了50美元1套的sample exam，有一题百思不得其解。第二套sample的第7题。

题目给出公司的income statement and balance sheet，让算FCFF。其他条件都有，WC 没有直接给出。我用的是WC=CA-CL，但是结论与答案不符。

答案很简单，说change in WC = 80 - 105。看得出105是change in CL，那么 80 应该是change in CA。可是CA 2005 = 1199， CA2006 = 1290。CA里面有4项：cash, A/R, inventory, other CA。就算拿出来分别算也是得不出 change 80。这么贵的题，不应该有误吧。。。

那位考友有同感？

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我自己找到原因了。计算CA对WC的影响时，要把CASH那一项拿出来。。。

[此贴子已经被作者于2007-6-1 13:56:36编辑过]

luck

You are right. I think the answer is wrong as well.

jessie1981

The answer is right. WCInv in cash flow calculation is different from change in WC, which equals to delta current assets minus delta current liabilities. WCInv in CF calculation = delta(accounts receivable+inventory-accounts payable)

nolatl

my understanding: NWC = CA-Cash-CL

caca

Go back to read the notes on calculation of WCInv. It's excluding cash, notes payable, cash equivalent, current portion of ltd...

I also made the same mistake