BSAS 2012 Practice Exam Addendum: Level I: Morning Session
BSAS 2012 Practice Exam Addendum: Level I: Morning Session
BSAS 2012 Practice Exam Addendum: Level I: Morning Session
Thank you for your comments and questions. All submitted comments were reviewed and considered by
our exam coordinator and team of level coordinators. Only questions that were incorrect or needed
further clarification are included on this addendum.
Answer 50. FCFF = Net Income + Noncash Charges + Interest Expense x (1 – Tax Rate) - Investment
in Fixed Capital – Investment in Working Capital (p. 280)
FCFF= -21 + 35 +5.8 x (1- 0.32) – 73.0 - ((- 42 – 103.6 + 8.7) – (+ 89.5 + 29 -20.3))
= 180.0
Noncash Charges
• Depreciation Expense2011 = 35.0
CFA Program Identification Policy Change: All candidates must have a valid international travel
passport to register and sit for the 2012 CFA Exam. Please direct all inquiries regarding this policy to
CFA Institute at info@cfainstitute.org