求问老师，如果用代入法解这道题的第一小问是不是先要记住asset turnover ratio 一般是大于一的？从而推出expense情况下asset turnover ratio变大？

问题如下：

With respect to Statement 1, which of the following is the most likely effect of management’s decision to expense rather than capitalise these expenditures?

选项：

2009 net profit margin is higher than if the expenditures had been capitalised.

2009 total asset turnover is lower than if the expenditures had been capitalised.

Future profit growth will be higher than if the expenditures had been capitalised.

解释：

C is correct.

Expensing rather than capitalising an investment in long- term assets will result in higher expenses and lower net income and net profit margin in the current year. Future years’ incomes will not include depreciation expense related to these expenditures. Consequently, year- to- year growth in profitability will be higher. If the expenses had been capitalised, the carrying amount of the assets would have been higher and the 2009 total asset turnover would have been lower.

实际情况：2009年当年费用化，当年会有一大笔费用在损益表中，资产负债表中不确认相应资产，未来损益表中对应的无折旧费用。

对比情况：如果资本化，当年确认一笔资产，不会有这笔费用，但是当年和未来若干年每年确认折旧费用。

A： net profit margin =NI/sales，相比资本化，NI会因为费用化而变低，因此net profit margin是lower，不是higher，A不对。

B： total asset turnover =sales/total asset，相比资本化，费用化情形中的total asset更低，total asset turnover会higher，不是lower ，B不对。

C：由于费用化未来不会有折旧，所以相比资本化，费用化的情形未来earning会更高。C选项正确。