Wiley CMAexcel learning system exam review instructor guide and participant guide errata

WILEY CMAEXCEL LEARNING SYSTEM EXAM REVIEW 2017: INSTRUCTOR GUIDE AND PARTICIPANT GUIDE Part and Part 2017 ERRATA Added text is underlined Deleted text is struck out Modified text is in bold In some cases, additional text, before and/or after the change, may be included to clarify the context or specific location Italicized text is FYI Part Instructor Guide: Nothing to report at this time Part Participant Guide: Nothing to report at this time Part Instructor Guide Session 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 (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 Cash flows: Revenues Operating Expenses Operating Income Depreciation EBITDA Taxes 40% Net Income DTS: Cash Flow 450,000 (300,000) 150,000 150,000 (60,000) 90,000 18,000 (180,000/4 years x 40%) 108,000 Part Participant Guide: Nothing to report at this time 10.27.2015 | Page | John Wiley and Sons, Inc