感谢各位帮忙！

46. A company operating in a highly fragmented and competitive industry reported an increase in ROE over the prior year. Which of the following reasons for the increase in ROE is least likely to be sustainable? The company:
A. increased the prices of its product significantly.
B. decided to make greater use of long-term borrowing capacity.
C. implemented a new IT system allowing it to reduce working capital levels as a percentage of assets.

这道题答案是A,但是C为什么对?我就搞不懂working capital跟ROE有什么关系? DuPont formula里面没有working capital阿？


60. Which of the following statements about balance sheets is most accurate? Under:
A. U.S. GAAP, intangibles must be valued at historical cost.
B. IFRS, a commercial real estate company should use a liquidity based presentation.
C. IFRS, a classified balance sheet must present current assets before non-current assets.

答案是A，C对吗？好像在哪里看到过。

68. If a company chooses to capitalize an expenditure related to capital assets instead of expensing it, ignoring taxes, the company will most likely report:
A. a lower cash flow per share in that period.
B. a higher earnings per share in future periods.
C. the same free cash flow to the firm in that period.



答案是C，虽然CFO和capex的变化抵消了，但是FCFF里面还有Interest（1+t）这一项阿，变成capital lease的话interest会变多吧？