问题如下：
Jackie is evaluating the effects of changes in the capital budgeting assumptions. What will happen if we make a switch from straight-line depreciation to accelerated depreciation?
选项：
A.The NPV will increase and the first year operating income after taxes will decrease.
B.The NPV will decrease and the first year operating income after taxes will increase.
C.Both the NPV and the first year operating income after taxes will increase.
解释：
A is correct.
考点：Cash Flow Projections: Expansion Project
解析：加速折旧法导致前几年折旧费用上升，税后经营利润会下降。在计算经营性现金流时，我们需要把折旧这一项非现金流支出加回。当转换为加速折旧法之后，早期的现金流变多，而现金流发生的越早对NPV的影响越大，从而导致NPV的增加。
老师您好，但是加速MARCS 第一年的折旧应该跟straight-line 的折旧是一样的~？
