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2016年美国CPA模拟试题：Business（01）
为了使广大美国注册会计师考生能够顺利通过考试，如下是网校为美国注册会计师考生整理的习题，希望对大家有所帮互助！
The discount rate is determined in advance for which of the following capital budgeting techniques?
a. Net present value.
b. Internal rate of return.
c. Accounting rate of return.
d. Payback.
答案：A
Explanation
Choice "a" is correct. The discount or hurdle rate is determined in advance for computations of net present value. Project cash flows are discounted based upon a predetermined rate and compared to the investment in the project to arrive at a positive or negative net present value. Advance determination of management's required return is integral to the development and evaluation of net present value.
Choice "d" is incorrect. The payback method computes the period of time required to recover the cost of an investment and does not require a predetermined discount rate.
Choice "c" is incorrect. The accounting rate of return computes a percentage return based upon accrual basis data and does not require a predetermined discount rate.
Choice "b" is incorrect. The internal rate of return computes a rate of return that produces a net present value of zero and does not require a predetermined rate. The computed internal rate of return is evaluated in relation to management's required hurdle rate after the computation is done.
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