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Which combination of depreciation methods and useful lives is most conservative in the year a depreciable asset is acquired?
AStraight-line depreciation with a short useful life.
BDeclining balance depreciation with a long useful life.
CDeclining balance depreciation with a short useful life.
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For 2009, Flamingo Products had net income of $1,000,000. At 1 January 2009, there were 1,000,000 shares outstanding. On 1 July 2009, the company issued 100,000 new shares for $20 per share. The company paid $200,000 in dividends to common shareholders. What is Flamingo’s basic earnings per share for 2009?
A$0.80.
B$0.91.
C$0.95.
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A company with no debt or convertible securities issued publicly traded common stock three times during the current fiscal year. Under both IFRS and US GAAP, the company’s:
Abasic EPS equals its diluted EPS.
Bcapital structure is considered complex at year-end.
Cbasic EPS is calculated by using a simple average number of shares outstanding.
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Cell Services Inc. (CSI) had 1,000,000 average shares outstanding during all of 2009. During 2009, CSI also had 10,000 options outstanding with exercise prices of $10 each. The average stock price of CSI during 2009 was $15. For purposes of computing diluted earnings per share, how many shares would be used in the denominator?
A1,003,333.00
B1,006,667.00
C1,010,000.00
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Defining total asset turnover as revenue divided by average total assets, all else equal, impairment write-downs of long-lived assets owned by a company will most likely result in an increase for that company in:
Athe debt-to-equity ratio but not the total asset turnover.
Bthe total asset turnover but not the debt-to-equity ratio.
Cboth the debt-to-equity ratio and the total asset turnover.
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Under which section of a manufacturing company’s cash flow statement are the following activities reported? Item 1: Purchases of securities held for trading Item 2: Sales of securities considered cash equivalents
ABoth items are investing activities.
BBoth items are operating activities.
COnly Item 1 is an investing activity.
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A conversion of a face value $1 million convertible bond for $1 million of common stock would most likely be:
Areported as a $1 million investing cash inflow and outflow.
Breported as a $1 million financing cash outflow and inflow.
Creported as supplementary information to the cash flow statement.
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Mabel Corporation (MC) reported accounts receivable of $66 million at the end of its second fiscal quarter. MC had revenues of $72 million for its third fiscal quarter and reported accounts receivable of $55 million at the end of its third fiscal quarter. Based on this information, the amount of cash MC collected from customers during the third fiscal quarter is:
A$61 million.
B$72 million.
C$83 million.
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Red Road Company, a consulting company, reported total revenues of $100 million, total expenses of $80 million, and net income of $20 million in the most recent year. If accounts receivable increased by $10 million, how much cash did the company receive from customers?
A$90 million.
B$100 million.
C$110 million.
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Golden Cumulus Corp., a commodities trading company, reported interest expense of $19 million and taxes of $6 million. Interest payable increased by $3 million, and taxes payable decreased by $4 million over the period. How much cash did the company pay for interest and taxes?
A$22 million for interest and $10 million for taxes.
B$16 million for interest and $2 million for taxes.
C$16 million for interest and $10 million for taxes.
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Silverago Incorporated, an international metals company, reported a loss on the sale of equipment of $2 million in 2010. In addition, the company’s income statement shows depreciation expense of $8 million and the cash flow statement shows capital expenditure of $10 million, all of which was for the purchase of new equipment. Using the following information from the comparative balance sheets, how much cash did the company receive from the equipment sale?
A$1 million.
B$2 million.
C$3 million.
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Brown Corporation had average days of sales outstanding of 19 days in the most recent fiscal year. Brown wants to improve its credit policies and collection practices and decrease its collection period in the next fiscal year to match the industry average of 15 days. Credit sales in the most recent fiscal year were $300 million, and Brown expects credit sales to increase to $390 million in the next fiscal year. To achieve Brown’s goal of decreasing the collection period, the change in the average accounts receivable balance that must occur is closest to:
A+$0.41 million.
B–$0.41 million.
C–$1.22 million.
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The data in Exhibit 1 appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.
The company’s total assets at year-end FY9 were GBP 3,500 million. Which of the following choices best describes reasonable conclusions an analyst might make about the company’s efficiency?
AComparing FY14 with FY10, the company’s efficiency improved, as indicated by a total asset turnover ratio of 0.86 compared with 0.64.
BComparing FY14 with FY10, the company’s efficiency deteriorated, as indicated by its current ratio.
CComparing FY14 with FY10, the company’s efficiency deteriorated due to asset growth faster than turnover revenue growth.
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The data in Exhibit 1 appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.
Which of the following choices best describes reasonable conclusions an analyst might make about the company’s liquidity?
AComparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its debt-to-assets ratio from 0.14 to 0.27.
BComparing FY14 with FY10, the company’s liquidity deteriorated, as indicated by a decrease in interest coverage from 10.6 to 8.4.
CComparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its current ratio from 0.71 to 0.75.
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An analyst compiles the following data for a company:
Based only on the information above, the most appropriate conclusion is that, over the period FY13 to FY15, the company’s:
Anet profit margin and financial leverage have decreased.
Bnet profit margin and financial leverage have increased.
Cnet profit margin has decreased but its financial leverage has increased.
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A client invests €20,000 in a four-year certificate of deposit (CD) that annually pays interest of 3.5%. The annual CD interest payments are automatically reinvested in a separate savings account at a stated annual interest rate of 2% compounded monthly. At maturity, the value of the combined asset is closest to:
A21670.00
B22890.00
C22950.00
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Which of the following most accurately lists a required reporting element that isused to measure a company’s financial position and one that is used to measurea company’s performance?
APosition Performance Assets Liabilities
BPosition Performance Income Expenses
CPosition Performance Liabilities Income
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Which of the following statements about the FASB conceptual framework, as compared to the IASB conceptual framework, is most accurate?
AThe FASB framework allows for upward revaluations of tangible, long-lived assets.
BThe FASB framework and IASB framework are now fully converged.
CThe FASB framework lists revenue, expenses, gains, losses, and comprehensive income related to financial performance.
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Which of the following statements about analyzing the balance sheet is most accurate?
AThe value of the firm’s reputation is reported on the balance sheet a amortized cost.
BShareholders’ equity is equal to the intrinsic value of the firm.
CThe balance sheet can be used to measure the firm’s capital structure.
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SF Corporation has created employee goodwill by reorganizing its retirementbenefit package. An independent management consultant estimated the value ofthe goodwill at $2 million. In addition, SF recently purchased a patent that was developed by a competitor. The patent has an estimated useful life of five years. Should SF report the goodwill and patent on its balance sheet?
AGoodwill Patent Yes No
BGoodwill Patent No Yes
CGoodwill Patent No No
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At the beginning of the year, Company P purchased 1,000 shares of Company S for $80 per share. During the year, Company S paid a dividend of $4 per share. At the end of the year, Company S’s share price was $75. What amount should Company P report on its balance sheet at year-end if the investment in Company S is considered a trading security, and what amount should be reported if the investment is considered an available-for-sale security?
ATrading Available-for-sale$75000 $75000
BTrading Available-for-sale$75000 $80000
CTrading Available-for-sale$80000 $80000
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Which of the following is least likely a limitation of financial ratios?
AData on comparable firms are difficult to acquire.
BDetermining the target or comparison value for a ratio requires judgment.
CDifferent accounting treatments require the analyst to adjust the data before comparing ratios.
