問29
頻出度★★★
導入を検討している機械の経済性評価を行う。取得費用が1,000万円で，耐用年数は10年間である。導入によって，毎年，110万円の利益を得られる。また，保守費用として毎年取得費用の1%が発生する。この機械への投下資本利益率，すなわち機械への投資に対する利益の割合は何%か。 なお，投下資本利益率は，次の式で算出するものとする。 投下資本利益率 (%) = 利益 ÷ 投下資本 × 100
平成26年度 秋期 ITパスポート試験 問29
ストラテジ系企業活動 › 会計・財務
This question's explanation and your answers so far.
解説
問 29
Incorrectア
90.0% is the value that appears when the net profit is estimated as 1 million yen less than the correct 10 million yen. For example, if you subtract the total maintenance cost of 1 million yen from the 10-year total profit of 11 million yen and then deduct another 1 million yen to get 9 million yen, you obtain 9 million ÷ 10 million × 100 = 90.0%. The maintenance cost of 100,000 yen per year × 10 years = 1 million yen should be subtracted only once, and the correct net profit is 10 million yen.
- イ
正解 The correct answer is イ, 100.0%. The return on invested capital is found as “Profit ÷ Invested capital × 100”. Here the invested capital is the acquisition cost of the machine, and the profit is the total net profit obtained over the 10-year service life (the yearly profit minus the yearly maintenance cost). The maintenance cost is 1% of the acquisition cost each year, so 10 million yen × 1% = 100,000 yen per year. The net profit is therefore 1.1 million yen − 100,000 yen = 1 million yen per year, and the 10-year total is 1 million yen × 10 years = 10 million yen. The invested capital is the acquisition cost of 10 million yen, so 10 million yen ÷ 10 million yen × 100 = 100.0%, and the answer is イ. There are two key points: always include the maintenance cost that occurs every year, and total the profit over the entire service life (10 years) rather than for a single year. Also, instead of subtracting the total maintenance cost of 1 million yen from the profit, you may add it to the invested capital side (11 million yen ÷ 11 million yen × 100); the answer is still 100.0%.
Incorrectウ
110.0% is the value obtained when the maintenance cost is not considered at all. The yearly profit of 1.1 million yen is simply totaled over 10 years to give 11 million yen, and then 11 million ÷ 10 million × 100 = 110.0%. This question clearly states that a maintenance cost of 1% of the acquisition cost is incurred every year, so it must be included in the calculation.
Incorrectエ
120.0% is the value obtained when the maintenance cost is added to the profit instead of being treated as a cost. Taking 1.1 million yen + 100,000 yen = 1.2 million yen per year gives 12 million yen over 10 years, so 12 million ÷ 10 million × 100 = 120.0%. The maintenance cost is an outlay (a cost), so it works in the direction of decreasing the profit (or increasing the invested capital), not increasing the profit.
ここがポイント
- Return on invested capital (ROI) = Profit ÷ Invested capital × 100. The invested capital is the acquisition cost of the machine, and the profit is the net profit (yearly profit − yearly cost) totaled over the entire service life. Be careful not to calculate using the profit of a single year.
- Ongoing running costs such as “a maintenance cost of 1% of the acquisition cost incurred every year” must always be built into the evaluation. This question was solved by deducting the total maintenance cost of 1 million yen from the profit, but treating it as an addition to the invested capital side (11 million yen ÷ 11 million yen) gives the same result of 100.0%. Either arrangement is acceptable; what must be avoided is counting the same cost twice, once on the profit side and once on the capital side.
用語