CAPEX needs for an accounting firm?

CFA Level I Corporate Finance
#1

Hi all,

Assuming an accounting firm does not have much CAPEX needs, what should I consider as CAPEX when computing FCFF? Nothing at all? Or, as marketing & advertising expenses is what is driving higher revenues, shouldn’t these be considered as capital expenses here?

Thanks!

#2

Capex would be any expenditures that they capitalize. Computers and office furniture are possibilities.