NO.PZ201601200500001004
问题如下：
4. A switch from straight-line to accelerated depreciation would:
选项：
A. increase the NPV and decrease the first year operating income after taxes.
B. increase the first year operating income after taxes and decrease the NPV.
C. increase both the NPV and first year operating income after taxes.
解释：
A is correct.
Accelerated depreciation shifts depreciation expense toward the earlier years so that first-year operating income after taxes will be lower. However, because depreciation is a noncash expense, it must be added back to operating income after taxes in order to obtain after-tax operating cash flow. This process shifts cash flows from later years to earlier years, increasing the NPV.
请问把“第一年”改成“早期”是不是更严谨？记得李老师讲第一年的话，加速折旧和直线折旧折旧率是一样的
