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]

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

nolatl

my understanding: NWC = CA-Cash-CL

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)

luck

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