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BEC EXAM DEC 2023

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Which of the following statements is false regarding the present value of an annuity?

"An ordinary annuity due is a series of equal cash flows received at the beginning of equal intervals of time."

A company issues 10-year bonds with a face value of $1 million, dated January 1, 20X1, and bearing interest at an annual rate of 12% payable semiannually on January 1 and July 1. The market rate of interest on bonds of similar risk and maturity, with the same schedule of interest payments, is also 12%. If the bonds are issued on February 1, 20X1, the amount the issuing company receives from the buyers of the bonds on that date is:

$1,010,000.

Strom, Inc. has current assets of $5,500,000. Their current ratio is 2.0 and their quick ratio is 1.5. What is Strom's total inventory?

$1,375,000

Gartshore, Inc., is a mail-order book company. The company recently changed its credit policy in an attempt to increase sales. Gartshore's variable cost ratio for obtaining credit is 70% and its required rate of return is 12%. The company projects that annual sales will increase from the current level of $360,000 to $432,000, but the average collection period on receivables will go from 30 to 40 days. Ignoring any tax implications, what is the cost of carrying additional investment in accounts receivable, using a 360-day year?

$1,512

Milligan Products' bank offered to reduce the collection time on the company's deposits by 2 days. Milligan has daily cash receipts of $25,400. The bank wants to charge a monthly fee for the collection time reduction of $80. Money market rates are expected to average 2.1% during the year. How much is Milligan's net benefit or cost for the year if it undertakes this offer? (Round the answer to the nearest whole dollar.)

$107 benefit

The following information is available about a company's project: Units to be sold 20,000Total variable costs $73,500Fixed operating costs (excluding depreciation) $14,000Tax depreciation (equipment) $2,800Tax depreciation (building) $2,000Sales price per unit $5.25Tax rate 40% What is the expected net cash flow after taxes for the project?

$12,420

A company's target gross margin is 40% of the selling price of a product that costs $89 per unit. The product's selling price should be:

$148.33 The gross margin ratio compares the gross margin generated by the net sales revenue. In this problem, the following target relationships exist: Revenue 100%COGS (cost of goods sold) 60%Gross profit 40% If the costs for producing the product are $89 per unit (60% of revenue), then the selling price should be set at: (Sales − 0.40) × Sales = $89 0.60 × Sales = $89 Sales = $89 ÷ 0.60 = $148.33

Financial statements were being prepared for the ABC Company, and among its long-term investments were 1,000 shares of XYZ common stock, a publicly held company traded on a major market. At the close of the day related to the date of the financial statements, the XYZ stock had a quoted market price of $65 per share; however, at approximately 4:30 p.m., after the close of the

$25 per share due to the new information; however, the input level would be dropped to Level 2.

The following data are from the Giant Oreo division at Feebler Cookies. Selected information concerning its only product, a 10-pound Giant Oreo, is as follows: Average invested capital $4,900,000Unit selling price $42Units sold annually 62,000Variable cost per unit $18 How much is operating income if the annual return on investment (ROI) is 5.4% and the cost of capital is 3.7%?

$264,600

CeraTech's average daily cash outflows are $450,000 for payables. A proposal has been received by CeraTech for a new payables disbursement process. The new system is expected to add 2 days to the disbursement schedule, though payments will still be made on time. CeraTech's seasonal operations put it in a short-term borrowing situation for 5 months of the year. It is able to invest excess funds during the other 7 months. Money market rates are estimated to be 2.3%, with a 4.2% borrowing rate throughout the entire year. What annual expense will need to be attained for this project to have a net zero benefit?

$27,825

Information related to the financial transactions for a country is given as follows with values stated in billions of dollars. Gross domestic product (GDP) $4,000Transfer payments 500Corporate income taxes 50Social Security contributions 200Indirect business taxes 210Personal income taxes 250Undistributed corporate profits 25Depreciation 500Net income earned abroad for the country 0 Disposable income is:

$3,265. Disposable income is that income received by individuals which is available for consumption and saving (i.e., personal income minus personal income taxes). The example below demonstrates the calculation of disposable income: Gross domestic product (GDP) $4,000- Depreciation (500)= Net domestic product (NDP)(at mkt cost) $3,500- Indirect business taxes (210)= Net national income (NNI) (at factor cost) $3,290- Corporate income taxes ( 50)- Undistributed corporate profits ( 25)- Social Security contributions (200)+ Transfer payments 500 = PERSONAL INCOME $3,515- Personal income taxes (250)= DISPOSABLE INCOME $3,265

Information related to the economic activity for a country is given as follows with values stated in billions of dollars. Gross domestic product (GDP) $4,000Transfer payments 500Corporate income taxes 50Social Security contributions 200Indirect business taxes 210Personal income taxes 250Undistributed corporate profits 25Depreciation 500Net income earned abroad for the country 0 National income is:

$3,290 National income (NI) is defined as net domestic product (NDP), plus net income earned abroad, minus indirect business taxes (e.g., sales taxes). NDP is gross domestic product ($4,000) minus depreciation ($500), or $3,500. Thus, national income is $3,290 ($3,500 NDP + $0 net income earned abroad − $210 indirect business taxes). Net domestic product $3,500Net income earned abroad 0Indirect business taxes (210) National income $3,290======

$3,515. Personal income is all income received by individuals whether earned or unearned and is computed before any deductions for personal income taxes. National income (NI) includes all income by American-used resources whether used/invested at home or abroad. Since all income earned is not received, we must adjust NI by deducting Social Security contributions, corporate income taxes and undistributed corporate taxes. Also, some income received is not earned and so we must add in transfer payments received by individuals, including such things as Social Security payments received, unemployment compensation, and welfare payments. Gross domestic product (GDP) $4,000- Depreciation (500)= Net domestic product (NDP)(at mkt cost) $3,500- Indirect business taxes (210)= Net national income (NNI) (at factor cost) $3,290- Corporate income taxes ( 50)- Undistributed corporate profits ( 25)- Social Security contributions (200)+ Transfer payments 500 = PERSONAL INCOME $3,515

In preparing the annual profit plan for the coming year, Wilkens Company wants to determine the cost behavior pattern of the maintenance costs. Wilkens has decided to use linear regression by employing the equation y = a + bx for maintenance costs. The prior year's data regarding maintenance hours and costs, and the results of the regression analysis are given here. Hours Maintenanceof Activity Costs Sum 4,480 $43,200Average 400 3,600 Average cost per hour = $9.00; a = 684.65; b = 7.2884; Standard error of a = 49.515; Standard error of b = .12126; Standard error of the estimate = 34.469; r2 = .99724. Based upon the data derived from the regression analysis, 420 maintenance hours in a month would mean the maintenance costs (rounded to the nearest dollar) would be budgeted at:

$3,746. In this problem, hours of activity is the independent variable (x) with maintenance costs (y) being dependent upon the level of activity achieved. Using the standard simple regression equation and the other information given: y = a + bxy = 684.65 + 7.2884x If maintenance activity (x) in a month is 420 hours, then maintenance costs for the month would be: y = 684.65 + 7.2884(420)= 684.65 + 3061.13= 3745.78= $3,746

The following selected data pertain to the Darwin Division of Beagle Co. for the current year: Sales $400,000Operating income $40,000Capital turnover 4Imputed interest rate 10% What was Darwin's current-year residual income?

$30,000

Yipann Corporation is reviewing an investment proposal; the data for each year are presented as follows. All cash flows are assumed to take place at the end of the year. The salvage value of the investment at the end of each year is equal to its net book value, and there will be no salvage value at the end of the investment's life. Investment ProposalInitial Cost Annual Net Annual Present Value of Present Value ofand After-tax Net $1 Received at Annuity of $1 Book Value Cash Flows Income End of Period (End of Each Period)

$38,246.

Broomall Corporation has decided to include certain financial ratios in its year-end annual report to shareholders. Selected information relating to its most recent fiscal year is provided below: Cash $10,000Accounts receivable 20,000Prepaid expenses 8,000Inventory 30,000Available-for-sale securities:- At cost 9,000- Fair value at year-end 12,000Accounts payable 15,000Notes payable (due in 90 days) 25,000Bonds payable (due in 10 years) 35,000Net credit sales for year 220,000Cost of goods sold 140,000 Broomall's working capital at year-end is:

$40,000.

West Division of Thomas Company compiled the following information from its financial records for the current year: Invested capital, January 1 $ 8,250,000 Invested capital, December 31 8,850,000Operating income 949,050Sales 11,300,000Targeted return on invested capital 5.6%Income tax rate 21% If additional funds of $650,000 are expected to be invested in West Division, how much is West Division expected to add to shareholder value of Thomas Company for the year?

$470,250

Raybon Enterprises banks with First National, which has granted it a line of credit of $140,000. Interest is paid monthly at an annual rate of 7.5%. Raybon presented the following estimates of its operating cash flows for selected months of next year:

$62.50

The following is a summarized income statement of Carr Co.'s profit center No. 43 for March: Contribution margin $70,000Period expenses:Manager's salary $20,000Facility depreciation 8,000Corporate expense allocation 5,000 33,000Profit center income $37,000======= Which of the following amounts would most likely be subject to the control of the profit center's manager?

$70,000 Expense items subject to the control of the profit center's manager are limited to those items that the manager can alter or otherwise influence. Each of the period expenses listed is controlled at a level above the profit center manager. Since this profit center's sales and variable cost of sales are subject to control by the profit center manager, the resulting contribution margin of $70,000 is also subject to the profit center manager's control.

Zig Corp. provides the following information: Pretax operating profit $300,000,000Tax rate 40%Capital used to generate profits 50% debt, 50% equity $1,200,000,000Cost of equity 15%Cost of debt 5% What of the following represents Zig's year-end economic value added amount?

$72,000,000

Division A currently makes a widget. The following is information related to the production of the widgets: Production capacity 100,000 units per yearCurrent sales level 80,000 units per yearSelling price to outside customers $20 per unitVariable costs per unit $12 per unitTotal fixed costs $600,000 Division B wishes to purchase 15,000 widgets from Division A for $16 per unit. Division A has the capacity to handle all of Division B's needs without changing either fixed or variable costs nor losing any sales to outside customers. Division B currently purchases widgets from the outside for $18 per unit. If Division A accepted the $16 internal price and Division B purchases the widgets from Division A, the company as a whole will be:

$90,000 better off each period.

Which of the following formulas should be used to calculate the economic rate of return on common stock?

(Dividends + Change in price) ÷ Beginning price

Which of the following are possible with value chain analysis? Maximizing one's competitive advantage Identifying end-market opportunities Developing strategies and recommendations to address constraints to realizing end-market opportunities

1, 2, and 3

Moss Converters, Inc., uses 100,000 pounds of raw material annually in its production process. Material cost is $12 per pound. The cost to process a purchase order is $45, which includes variable costs of $35 and allocated fixed costs of $10. Out-of-pocket handling and storage costs amount to 20% of the per pound cost. The company's cost of capital is 15%. The formula to determine the economic order quantity is

1,291 units.

A company wants to approximate the 12% annual interest rate based on a 365-day year it pays on its working capital loan. Which of the following terms should the company offer its customers?

1.00%, 15, net 45In order to approximate a 12% annual interest rate (based on a 365-day year), the company should offer its customers terms of 1.00%, 15, net 45.The effective interest rate is the rate that a borrower actually pays on a loan, not the rate stated on the loan document. The effective interest rate is a function of the number of times the debt is compounded during the year, the actual amount of interest paid, and the amount borrowed. The effective interest rate for offering customers a trade discount is computed as follows:365 × Percentage of Discount Total Credit Period − Discount Period 100% − Percentage of DiscountDiscount Part 1 Part 2 Rate 2.00%, 15, net 45 365 ÷ (45 - 15) = 12.17 2% ÷ 98% = 2.04% 24.8%1.00%, 15, net 45 365 ÷ (45 - 15) = 12.17 1% ÷ 99% = 1.01% 12.3%0.75%, 10, net 30 365 ÷ (30 - 10) = 18.25 0.75% ÷ 99.25% = 0.756% 13.8%0.50%, 10, net 30 365 ÷ (30 - 10) = 18.25 0.50% ÷ 99.50% = 0.503% 9.2%

Following are Devlin Company's balance sheet and income statement: Devlin CompanyBalance Sheetas of May 31(in thousands)

1.14 to 1.

A company is planning to market a new product. The original cost and profit calculations are as follows: Factory overhead (based on 40% direct labor) $120Gross profit (25% of sales) 220Direct materials 240Direct labor 300Total cost 660Selling price 880 When reviewing the final calculations, the controller found that direct labor should be 10% higher. Which of the following correctly calculates the selling price for the product?

1.33 × (($420 × 1.1) + $240) Currently, the sales price of the new product is 1.33 ($880 ÷ $660) times the total costs of $660. Therefore, we know that needs to remain constant. Next, we need to determine what to apply the 10% labor increase to. We know that direct labor ($300) is up 10% and that factory overhead ($120) is a direct function of direct labor. Therefore, we need to increase direct labor (DL) and factory overhead (FOH) by 10% (1.1 × $420). Lastly, to verify that we recoup our costs, we need to account for direct materials of $240. If we include the $120, we will be double-counting it as we already accounted for FOH when applying the 10% increase. Study Hint: Try and narrow this to two answer choices right off the bat and then work through the remaining two choices. Looking at the information given, we can see that the current sales price is 1.33 ($880 ÷ $660) of total cost. Therefore, we can eliminate the 1.25 choices immediately.

Select Co. had the following current-year financial statement relationships: Asset turnover 5Profit margin on sales 0.02 What was Select's current-year percentage return on assets?

10.0% Consider the following relationships: Profit margin on Sales = Income ÷ Sales or Income = Profit margin on sales × Sales Asset turnover = Sales ÷ Assets or Assets = Sales ÷ Asset turnover Return on assets = Income ÷ Assets In expanded fashion: Return on assets = (Profit margin on sales × sales) ÷ (Sales ÷ Asset turnover) or (Profit margin on sales × Sales × Asset turnover) ÷ Sales Since Sales cancels out: Return on assets = Profit margin on sales × Asset turnover= .02 × 5= .10 or 10%

Following is the balance sheet for Lisa's, Inc.: Lisa's, Inc.Balance SheetDecember 31, 20X2(in thousands)

10.6%. Return on common equity is computed by dividing net income by average common stockholders' equity. When computing this rate of return, average stockholders' equity should be used, especially in a period during which significant changes, like the sale of additional stock or the retirement of stock, have taken place. Lisa, Inc.'s, return on common equity for 20X2 is computed as follows: Net income (less preferred stock dividend) $35,000 − $5,000 = $30,000 Common stockholders' equityBeginning of year $275,000End of year $290,000Average commonstockholders' equity = ($275,000 + $290,000) / 2 = $282,500Return on common equity = $30,000 / $282,500 = 10.6%

XYZ Company gets a $100,000 revolving credit agreement from the Last National Bank. The 10% interest is to be paid on a discount basis and XYZ is required to maintain $10,000 more in its non-interest bearing account than it ordinarily would. The effective annual interest cost is:

11.1%.

Spar Co. calculated the following ratios for one of its profit centers: Gross margin percentage 30%Return on sales 25%Capital turnover 0.5 times What is Spar's return on investment for this profit center?

12.5%

Morton Company needs to pay a supplier's invoice of $50,000 and wants to take a cash discount of 2/10, net 40. The firm can borrow the money for 30 days at 12% per annum plus a 10% compensating balance. Assuming Morton Company borrows the money on the last day of the discount period and repays it 30 days later, the effective interest rate on the loan is:

13.33%.

Spear Corp. had sales of $2,000,000, a profit margin of 11%, and assets of $2,500,000. Spear decided to reduce its debt ratio to 0.40 from 0.50 by selling new common stock and using the proceeds to repay principal on some outstanding long-term debt. After the refinancing, what is Spear's return on equity?

14.7%

Edwards Manufacturing Corporation uses the standard economic order quantity (EOQ) model. If the EOQ for Product A is 200 units and Edwards maintains a 50-unit safety stock for the item, what is the average inventory of Product A?

150 units

The Frame Supply Company has just acquired a large account and needs to increase its working capital by $100,000. The controller of the company has identified four alternative sources of funds, which are given as follows. Pay a factor to buy the company's receivables, which average $125,000 per month and have an average collection period of 30 days. The factor will advance up to 80% of the face value of receivables at 10% and charge a fee of 2% on all receivables purchased. The controller estimates that the firm would save $24,000 in collection expense over the year. Assume that the fee and interest are not deductible in advance.

16.0%.

Selected data from Ostrander Corporation's financial statements for the years indicated are presented below in thousands: 20X2 Operations Net sales $4,175Costs of goods sold 2,880Interest expense 50Income tax 120Gain on disposalof a segment(net of tax) 210Net income 385December 31 20X2 20X1Cash $ 32 $ 28Marketable securities 169 172Accounts receivable (net) 210 204Merchandise inventory 440 420Tangible fixed assets 480 440Total assets 1,397 1,320Current liabilities 370 368Total liabilities 790 750Common stock outstanding 226 210Retained earnings 381 360

18.10 days.

The Regents Register Company has an equity multiplier of 1.9, total asset turnover of 1.2, fixed asset turnover of 1.1, and a profit margin of 8%. Using the DuPont method, what is Regent's return on equity (ROE)?

18.24%Using the DuPont equation:Net income Net sales Average assetsReturn on equity =---------- x -------------- x ---------------------(ROE) Net sales Average assets Average stockholders'equity= Profit margin × Total asset turnover × Equity multiplier...we see that the correct answer is 18.24%, where ROE = 0.08 × 1.2 × 1.9 = 0.1824 (18.24%).

For the year just ended, Beechwood Corporation had income from operations of $198,000 and net income of $96,000. Additional financial information is given below: January 1 December 317% bonds payable $ 95,000 $ 77,000Common stock ($10 par value) 300,000 300,000Reserve for bond retirement 12,000 28,000Retained earnings 155,000 206,000 Beechwood has no other equity issues outstanding. Beechwood's return on shareholders' equity for the year just ended is:

19.2%.

A company has a 10% cost of borrowing and incurs fixed costs of $500 for obtaining a loan. It has stable, predictable cash flows and the estimated total amount of net new cash needed for transactions for the year is $175,000. The company does not hold safety stocks of cash. If the average cash balance for the company during the year is $20,916.50, then the opportunity cost of holding cash for the year will be

2,091.65. The opportunity cost of holding cash balances for the year is calculated as the average cash balance multiplied by the opportunity cost percentage. In this case, the opportunity cost of holding cash balances is best indicated by the cost of borrowing money since this is the only interest rate given in the problem. Opportunity cost = Average cash balance × Opportunity cost percentage= 20,916.50 × .10 = 2,091.65

Gamma Co., a manufacturer of medical products, had a 10% return on assets and an asset turnover of 4:1. What was Gamma's profit margin on sales?

2.5% To understand profit margin on sales given the information provided, one must first understand that return on total assets (ROA) can be calculated as follows: ROA = Profit margin ratio × Asset turnover ratio 0.10 = Profit margin ratio × 4 Profit margin ratio = 0.025 = 2.5%

Selected financial data for Boyd Corporation are shown below: January 1 December 31Cash $ 48,000 $ 62,000Accounts receivable (net) 68,000 47,000Trading securities 42,000 35,000Inventory 125,000 138,000Plant and equipment (net) 325,000 424,000Accounts payable 32,000 84,000Accrued liabilities 14,000 11,000Deferred taxes 15,000 9,000Long-term bonds payable 95,000 77,000 Boyd's net income for the year was $96,000. Boyd's current ratio at the end of the year is:

2.97.

The Frame Supply Company has just acquired a large account and needs to increase its working capital by $100,000. The controller of the company has identified four alternative sources of funds: Pay a factor to buy the company's receivables, which average $125,000 per month and have an average collection period of 30 days. The factor will advance up to 80% of the face value of receivables at 10% and charge a fee of 2% on all receivables purchased. The controller estimates that the firm would save $24,000 in collection expense over the year. Assume that the fee and interest are not deductible in advance.

20.0%.

The Frame Supply Company has just acquired a large account and needs to increase its working capital by $100,000. The controller of the company has identified four alternative sources of funds: Pay a factor to buy the company's receivables, which average $125,000 per month and have an average collection period of 30 days. The factor will advance up to 80% of the face value of receivables at 10% and charge a fee of 2% on all receivables purchased. The controller estimates that the firm would save $24,000 in collection expense over the year. Assume that the fee and interest are not deductible in advance. The cost of Alternative 3 is:

20.0%.

The Frame Supply Company has just acquired a large account and needs to increase its working capital by $100,000. The controller of the company has identified four alternative sources of funds: Pay a factor to buy the company's receivables, which average $125,000 per month and have an average collection period of 30 days. The factor will advance up to 80% of the face value of receivables at 10% and charge a fee of 2% on all receivables purchased. The controller estimates that the firm would save $24,000 in collection expense over the year. Assume that the fee and interest are not deductible in advance.....

20.0%. Correct The cost for Frame Supply Company to issue $110,000 of 6-month commercial paper to net $100,000 every six months is calculated as follows: To retain $100,000 for a full 12 months requires two issues at $110,000 each. Therefore, interest would be $10,000 + $10,000 = $20,000. The cost would be $20,000 ÷ $100,000 = .20 or 20%.

Financial information about a company is as follows:Receivables $ 4,000,000Inventory 2,600,000Payables 3,700,000Sales 50,000,000Cost of goods sold 45,000,000Assuming a 365-day year, what is the number of days in the company's cash conversion cycle?

20.3 daysAssuming a 365-day year, the number of days in the company's cash conversion cycle is 20.3, computed as follows:Cost Conversion Cycle (CCC) = Days Inventory Outstanding (DIO)+ Days Sales Outstanding (DSO)- Days Payable Outstanding (DPO)Formulas:DIO = Average Inventory Cost of Goods Sold per DayDSO = Average Accounts ReceivableRevenue per DayDPO = Average Accounts Payable*Cost of Goods Sold per Day* Average = (Beginning Balance + Ending Balance) ÷ 2. However, in this problem, since only one amount is provided, you must use that one number.DIO = $2,600,000 ÷ ($45,000,000 ÷ 365) = 21.09DSO = $4,000,000 ÷ ($50,000,000 ÷ 365) = +29.20DPO = $3,700,000 ÷ ($45,000,000 ÷ 365) = -30.01CCC = 20.28, or 20.3 rounded

Wolk Corporation is a highly automated manufacturing firm. The vice president of finance has decided that traditional standards are inappropriate for performance measures in an automated environment. Labor is insignificant in terms of the total cost of production and tends to be fixed, material quality is considered more important than minimizing material cost, and customer satisfaction is the number one priority. As a result, delivery performance measures have been chosen to evaluate performance. The following information is considered typical of the time involved to complete orders. Wait time:From order being placed to start of production 10.0 daysFrom start of production to completion 5.0 days Inspection time 1.5 days Process time 3.0 days Move time 2.5 days What is the delivery cycle time for this order?

22 days

Wilson Sports received an invoice from a supplier that provided terms of 3/10, net 60. If Wilson fails to take the discount on the due date, what is Wilson's effective annual interest rate cost assuming a 365-day year and simple compounding?

22.58%

Clauson, Inc., grants credit terms of 1/15, net 30 and projects gross sales for next year of $2 million. The credit manager estimates that 40% of their customers pay on the discount date, 40% on the net due date, and 20% pay 15 days after the net due date. Assuming uniform sales and a 360-day year, what is the projected days sales outstanding (rounded to the nearest whole day)?

27 days

Rattan Woodwork is considering a project that has a cost estimated at $3,600,000. The company expects the equity market to earn 3.5%, while U.S. Treasury bonds are yielding 2%. The company plans to finance the project with the following: Issuance of $2,000,000 of 4%, 12-year bonds with the effective rate of 3.7% $3,000,000 of funds in retained earnings The company has an effective income tax rate of 20%. How much is the weighted-average cost of capital (WACC)?

3.284% The WACC is the weighted-average costs of debt, preferred stock, retained earnings, and common stock sales, with the cost of common stock being the cost of external equity and retained earnings being the cost of internal equity. Proportion of debt financing: $2,000,000 ÷ $5,000,000 = 40% Proportion of equity financing: $3,000,000 ÷ $5,000,000 = 60% WACC is equal to weighted debt cost plus weighted equity cost: [40% × (3.7% × (1 - 20%)] + (60% × 3.5%) = 3.284%

Raster Corporation's balance sheet showed long-term debt of $520,000 with an interest rate of 4.3%. Raster's preferred stock is trading at $9.50 per share, while its common stock is selling at $4.60 per share. The estimated cost of equity is 5.3% and the company's effective income tax rate is 20%. How much is the cost of debt to be used in calculating the company's cost of capital?

3.44% The cost of debt is based upon the required rate of return for debt holders and the marginal tax rate for the issuing company. The cost of debt is based on an after-tax amount because interest expense on debt reduces income and taxes as well. It is calculated by multiplying the before-tax cost of debt times (1 - tax rate): Cost of long-term debt = Before-tax cost of debt × (1 - 20%)= 4.3% × (1 - 20%) = 3.44%

Peggy Monahan, controller, has gathered the following information regarding Lampasso Company: Beginning of the Year End of the YearInventory $6,400 $7,600Accounts receivable 2,140 3,060Accounts payable 3,320 3,680 Total sales for the year were $85,900, of which $62,400 were credit sales. The cost of goods sold was $24,500. Lampasso's inventory turnover ratio for the year was:

3.5 times.

Garo Company, a retail store, is considering foregoing sales discounts in order to delay using its cash. Supplier credit terms are 2/10, net 30. Assuming a 360-day year, what is the annual cost of credit if the cash discount is not taken and Garo pays net 30?

36.7%

The following information is provided about the common stock of Evergreen, Inc., at the end of the fiscal year: Number of shares outstanding 1,800,000Par value per share $ 10.00Dividends paid per share (last 12 months) 12.00Market price per share 108.00Primary earnings per share 36.00Fully diluted earnings per share 24.00 The price-earnings ratio for Evergreen's common stock is:

4.5 times.

Rayonier Services paid its current-year dividend of $0.70 per share of common stock, which was selling for $45 a share on the market. The company's current tax rate is 20%. The company projects long-term growth of equity to be 3%. Flotation costs are expected to be 2%. How much is the after-tax cost of equity?

4.63% There is no tax on equity, so no tax effect is calculated. Cost = [(Dividend × (1 + Growth)) ÷ Price per share] + Growth rate= [($0.70 × 1.03) ÷ ($45 × (1 - 2%))] + 0.03= 4.63% (rounded)

Watson Corporation computed the following items from its financial records for 20X1: Price earnings ratio 12Payout ratio 0.6Asset turnover 0.9 The dividend yield on Watson's common stock for 20X1 is:

5.0%.

CPZ Enterprises had the following account information: Accounts receivable $200,000Accounts payable 80,000Bonds payable, due in 10 years 300,000Cash 100,000Interest payable, due in 3 months 10,000Inventory 400,000Land 250,000Notes payable, due in 6 months 50,000Prepaid expenses 40,000 The company has an operating cycle of 5 months. The current ratio for CPZ Enterprises is

5.29

5.29.

Super Mart reported the following information in its most recent financial statements: Sales $2,100,000Gross profit 600,000Cash (beginning) 100,000Cash (ending) 120,000Accounts receivable (beginning) 300,000Accounts receivable (ending) 275,000Inventories (beginning) 240,000Inventories (ending) 300,000 Super Marts' number of days sales in inventory (use 360 days) was ________ days.

The following information is for the Just Made It Company in regard to a ziget used in the production process. Highest number of units expected to be needed in a day 1,600 unitsLowest number of units expected to be needed in a day 1,000 unitsLead time 5 daysSafety stock 2,000 units Calculate the replenishment point (order point).

8,500 units

Cools Delivery Service charges an average of $28 for local deliveries from law offices to clients. Partial output from a regression of delivery costs based on the number of packages delivered appears below: Regression Statistics Multiple R 0.982015R2 0.964353Adjusted R2 0.95247Standard Error 2770.565Observations 24 DfRegression 1Residual 3Total 4 CoefficientsIntercept 426.966X Variable 1 7.41573 What is the measure of goodness of fit of the output?

96.4%

If a defined benefit pension plan is based on average earnings for the highest 10 years:

A decreasing rate of return on plan assets will raise pension cost to the employer.

With the same annual pension benefit to employees, which of the following will result in the lowest pension cost to an employer over several years?

A defined benefit plan with increasing rates of return on plan assets

Which of the following is not an example of price discrimination?

A department store charges $10 for an item while the same good sells for $7.75 at a discount store.

Which of the following does not refer to diminishing marginal returns?

A firm adds more management personnel as the firm expands capacity.

The internal control report prepared by management to comply with Section 404 of the Sarbanes-Oxley Act need not include

A list of the elements of an effective system of internal control.

Which of the following correctly describes a profit center?

A segment of a business where the manager is responsible for both controllable costs and controllable revenues

Which of the following is not a determinant of price elasticity of demand?

A small number of substitutes

Company A and Company B are subsidiaries of Company C, a multinational company. A has a fixed corporate tax rate of 15% and B pays a 25% fixed corporate tax rate. A sells a component to B at a price ranging from $100 to $200 per unit. Which of the following statements is correct regarding the transfer price from A to B?

A transfer price of $200 will maximize after-tax profits of A and C Although intercompany transactions are eliminated when consolidating the financial results of controlled foreign corporations and their domestic parents, for tax purposes such entities are not consolidated and the transactions are therefore not eliminated. Buying and selling between departments, subsidiaries, or divisions of the same company is referred to as transfer pricing. The transfer price is the internal price charged by one entity of a company to another entity of the same company. Transfer prices between Company A and Company B are $100 to $200 (given). A transfer price of $200 will have an after-tax revenue of $170 [$200 × (1 − .15)] for Company A and an after-tax expense of $150 [$200 × (1 − .25)] for Company B, for a net after-tax profit of $20. A transfer price of $100 will have an after-tax revenue of $85 [$100 × (1 − .15)] for Company A and an after-tax expense of $75 [$100 × (1 − .25)] for

A transfer price of $200 will maximize after-tax profits of A and C.

Which of the following is not considered a risk to be considered prior to implementing blockchain technology?

Access to a blockchain requires only a public key, making it possible for a hacker to easily access data within a blockchain.

Which of the following steps is not used in ABC cost allocation?

Account for all physical units

COSO issued an update to the ERM (enterprise risk management) framework in 2017, Enterprise Risk Management—Integrating with Strategy and Performance. The updated framework focuses on the importance of considering risk in both the strategy-setting process and in driving performance. Which of the following is not addressed by the update?

Achieve its financial and performance target

Which of the following statements is true?

Activity-based management is based upon activity-based costing.

A complete set of financial statements for an annual period should include:

All of the answer choices are correct.

Which of the following is not a limitation of value chain analysis?

All of the answer choices are limitations of value chain analysis.

Cost of quality measures and monitors quality costs in which of the following areas?

All three of the areas listed are correct.

Which of the following is not a primary reason to hold cash under the second option?

All three of the reasons listed are primary reasons.

Which of the following is not an advantage of concentration banking as a method of working capital management?

Amounts received from customers are deposited more quickly.

Which of the following statements about economic demand is false?

As prices rise, consumers will purchase more.

There are several functions normally separated in an effective internal control system. An employee who endorses checks received in payment on account is acting in which of the following functions?

Asset custody

A balance sheet consists of which of the following categories?

Assets, liabilities, and equity

Which of the following IT controls would a company appropriately use to mitigate the risk of unauthorized access to its payroll data?

Biometric devices

What are debentures?

Bonds backed by the full faith and credit of the issuing firm

Which of the following is an example of direct financial compensation?

Bonuses

The following information is available about the Black Company and the White Company: The Black Company The White CompanyProfit margin 1% 10%Asset turnover 20 2Leverage 2 1 Which of the following is the best conclusion about these two companies that can be drawn from this information?

Both companies are able to produce a 20% ROA; however, each has a significant weakness.

Companies in what type of industry may use a standard cost system for cost control?

Both mass production and service industries

An activity-based costing system may use what kind of costs?

Both variable and fixed costs

Which of the following is not a risk associated with outsourcing?

Business risk

CSA is more effective than internal control questionnaires because:

CSA can allow for anonymity.

Which of the following statements is correct regarding authorization and approval of transactions?

Checks should be signed and approved prior to payment.

Which of the following does not describe a company's float?

Checks that have been mailed but have not yet been recorded

Which of the following does not describe a company's float? Float is created when checks are written and not yet processed.

Checks that have been mailed but have not yet been recorded

Which of the following does not describe a company's float?

Checks that have been mailed but have not yet been recorded Float is created when checks are written and not yet processed. This is reflected by the fact that you suppose the check will be cashed, yet the money remains in the account until the transaction takes place.

Which of the following is not a step involved in data analytical procedures for structured data?

Cleaning the data

Which of the following lists comprise all of the components of the data processing cycle?

Collection, refinement, processing, maintenance, output

When preparing a sales forecast, which of the following factors is not taken into consideration?

Competition

Asta, Inc., is a medical laboratory that performs tests for physicians. Asta anticipates performing between 5,000 and 12,000 tests during the month of April. Compared to industry averages, at the low range of activity Asta has a lower sales price per test, higher fixed costs, and the same breakeven point in number of tests performed. At the high range of activity, Asta's sales price per test and fixed costs are the same as industry averages, and Asta's variable costs are lower. At the low range of activity (0 to 4,999 tests performed) fixed costs are $160,000. At the high range of activity (5,000 to 14,999 tests performed) fixed costs are $200,000. Sales price per test $60Variable costs per test 20 Are Asta's contribution margin and breakeven point greater or lower than the industry average at the high activity range?

Contribution margin, greater; Breakeven point, lower

A threat to an information system with a total potential dollar loss impact of $7 million has been discovered. The risk of loss to the identified threat is currently 10%. The following four proposed controls are under consideration to mitigate the risk of loss: Control Name Risk of Loss Implementation CostW 8% $100,000X 6% 250,000Y 4% 350,000Z 2% 500,000 Based on a cost-benefit analysis, which control provides the greatest net benefit?

Control Y

Which of the following best describe the interrelated components of a system of internal control?

Control environment, risk assessment, control activities, information and communication systems, and monitoring activities

What are the three types of responsibility centers?

Cost centers, profit centers, and investment centers

Which of the following internal control functions need not be separated for effective internal control?

Custody of assets received and custody of assets being shipped

Under COSO, which of the following principles falls under control activities?

Deploys through policies and procedures

Which of the following tasks is typically not assigned to a systems analyst?

Determine if changes achieved their stated objectives.

For professional portfolio managers, the investment process requires all of the following except:

Determining an acceptable level of risk.

Which of the following is not an advantage of debt financing over equity financing?

Dilution of ownership interest

Manufacturing costs are generally divided into which three categories?

Direct material, direct labor, and overhead

In order to be in compliance with Section 404 of the Sarbanes-Oxley Act, a company does not need to:

Disclose details of the internal control system to the public.

Which of the following statements does not describe the discounted payback method?

Discounted payback is the length of time required to recover the initial cash investment using a sum of the future revenue streams.

What is the formula for calculating the profitability index of a project?

Divide the present value of the annual after-tax cash flows by the original cash invested in the project

An increase in the market price of a company's common stock will immediately affect its:

Dividend yield.An increase in the market price of a company's common stock will immediately affect its dividend yield (Dividends per common share ÷ Market price per common share).The market price will not affect the debt-to-equity ratio, earnings per share, or dividend payout ratio because all of these ratios use financial statement items obtained from the income statement, balance sheet, or statement of cash flows. The market price does not appear in any of those sources.

The dividend yield ratio is calculated by which one of the following methods?

Dividends per share divided by market price per share

Which of the following is not a step in creating and implementing an effective sales incentive plan?

Do not deviate from the original incentive plan.

Which of the following best defines electronic data interchange (EDI) transactions?

Electronic business information is exchanged between two or more businesses.

Which of the following characteristics is a primary benefit of a just-in-time inventory system for raw materials?

Eliminates nonvalue-added operations

Which of the following is not a disadvantage of mobile workers each storing their data on their individual laptop hard drive?

Employees without a network connection are unable to update their files.

Which of the following would not be a successful business strategy resulting from rebalancing due to the shifting balance of power in the international economy?

Engaging in specialized production for a significant number of local markets by constructing manufacturing facilities in several locations to ensure that products produced would meet local tastes and preferences

COSO issued an update to the 2004 ERM framework in 2017, Enterprise Risk Management—Integrating with Strategy and Performance, which focuses on the importance of considering risk in both the strategy-setting process and in driving performance. Which of the following does the 2017 framework not address?

Ensures compliance with laws, rules, and regulations

Which one of the following is generally not cited as being an advantage of a formal budgetary process?

Ensures improved cost control within the organization and prevents inefficiencies

An exporter enters into a contract to supply goods to a foreign buyer. The contract requires the payment in foreign currency 120 days after delivery. Recently the foreign currency has experienced many fluctuations. The exporter may incur a loss on this contract at the time payment is received due to such fluctuations. Which of the following actions should the exporter take to avoid such loss?

Enter into a forward contract with a bank.

Under COSO, which of the following is considered a principle of the control environment?

Exercise oversight responsibility

Which type of quality costs are those that a company should attempt to mitigate as much as possible?

External failure costs

An advantage of using FIFO instead of LIFO in a period of rising prices is that

FIFO better approximates the actual physical flow of units through inventory.

A company's cloud computing process uses a network of in-house servers to store, manage, and process data and programs that are then distributed on the internet.

False

Activity-based costing systems use cost allocation as a basis for cost drivers.

False

An income statement will always show how much money a business makes on an annual basis.

False

BB Corp.'s sales incentive plan should focus solely on individual achievement. Their group and company-wide goals should be considered separately from the plan.

False

Clouds must be owned and operated by a third-party provider.

False

Multiple-step income statements list all revenues and gains at the top of the statement.

False

SWOT analysis refers to a system in which items are delivered where and when needed.

False

Strategic plans are company-wide plans with a short-term planning horizon.

False

Which of the following industries reflects perfect competition?

Farming

Which of the following structures refers to the collection of data for all vendors in a relational database?

File

Which of the following is not associated with defined benefit pension plans?

Financial risks assumed by the employee

Which of the following is considered the responsibility of those who engage in working capital management?

Financing the current assets of a company.Working capital consists of short-term assets such as cash, receivables, and inventory. Net working capital is current assets less current liabilities. The concept of net working capital assumes that all current assets are liquid and may readily be turned into cash that can be used to satisfy all current liabilities. The key responsibility of working capital management is financing and controlling the current assets of a company, using short-term financing to finance current assets.Working capital is not related to capital budgeting decisions (which are long-term in nature) or financing and investing in long-term assets.

1. Which of the following is a characteristic of a flexible budget?

Fixed costs of a flexible budget are the same as those in the static budget.

Which of the following is a characteristic of a flexible budget?

Fixed costs of a flexible budget are the same as those in the static budget.

A flexible budget adjusts (or flexes) for changes in the volume of activity by calculating different levels of spending for variable costs. Which of the following is not one of the factors for adjusting a flexible budget?

Fixed overhead

Which of the following is not an exchange rate determinant?

Flexible exchange rates

Which of the following is not a threat to compliance with Sarbanes-Oxley Section 404?

Formal controls over the financial closing process

The 2017 COSO ERM (enterprise risk management) framework lists five components, one of which is performance. Which of the following is not used by managers for performance?

Formulates business objectives

A company's performance guidelines set a lower limit of 3% unfavorable material usage variance for its production facility. In applying the COSO enterprise risk management (ERM) framework, which of the following principles most closely aligns with the establishment of this performance guideline?

Formulating business objectives

The net present value of a proposed investment is negative; therefore, the discount rate used must be:

Greater than the project's internal rate of return.

Harden Hammers holds a large amount of short-term debt and has relatively low liquidity. What will most likely result?

High risk and high return

Which of the following characteristics represent(s) an advantage of the internal rate of return technique over the accounting rate of return technique in evaluating a project? Recognition of the project's salvage value Emphasis on cash flows Recognition of the time value of money

II and III

Which of the following describes infrastructure as a service (IaaS)?

IaaS provides the basic building blocks for cloud IT and typically provides access to IT assets from a cloud provider who charges on a pay-as-you-go basis.

What is typically the first step when performing a value chain analysis?

Identify each part of the business production process and which can be eliminated or improved upon.

Which of the following is not a risk of storing data on mobile laptops instead of using a secure central database?

Immediate availability of data to the worker

Which of the following items represents a reduction in the balance of payment accounts for the United States?

Imports of assets from foreign countries

What is the basic underlying concept of the theory of constraints?

Improving any process is best accomplished by focusing on a limiting factor.

A company has a capital project with before-tax cash inflows in real dollars that are expected to be $200,000 within 2 years. The inflation rate is expected to be 6% each year during that period. What is the before-tax cash inflow expressed in nominal dollars?

In this problem, we are given the real (inflation-adjusted) cash inflows. We are asked what amount of cash inflows in nominal terms would we have to receive today to have the equivalent of $200,000 in real dollars. That can be found by compounding inflation over 2 years, as follows: $200,000 × 1.06 × 1.06 = $224,720

A program designed to promote and maintain an inspired and productive work environment is part of which of the following?

Incentive compensation

Which of the following is not a determinant of demand?

Increase in income

Which of the following methods may the Federal Reserve use to reduce inflationary pressures?

Increase margin requirements.

Reasons for pursuing BPR include:

Increasing profits and keeping up with competition.

Which of the following actions is the acknowledged preventive measure for a period of deflation?

Increasing the money supply

While ratio analysis can be very helpful, the user must be aware of its limitations. Which of the following is not a cause of distortion within ratio analysis?

Industry averages for narrowly focused firms

Which of the following occurs in an environment of functional silos?

Interdependencies are ignored and segment managers compete against each other in an effort to maximize their individual performance measures.

Under COSO, which of the following information communication principles is relevant?

Internal communication

Employee training programs would be part of which element of the ERM framework?

Internal environment

Which of the following decision-making models equates the initial investment with the present value of the future cash inflows?

Internal rate of return

Controllable revenues would be included in the performance reports of which of the following types of responsibility centers?

Investment centers

Shares of Empire Co. have a price-earnings ratio of 10, whereas shares of Diamond Co. have a price-earnings ratio of 15. What is the most likely explanation for the difference between the price-earnings ratios for the two companies?

Investors expect Diamond's earnings to be higher than Empire's earnings in the future.

What is strategic planning?

It establishes the general direction of the organization.

Which of the following is a false statement related to unstructured data?

It is nonflexible.

Information about returns of eight stocks is as follows: StockE Perfectly correlated with FF Perfectly correlated with EH Positively correlated with II Positively correlated with HJ Not correlated with KK Not correlated with JL Perfectly negatively correlated with MM Perfectly negatively correlated with L Which pair of stocks, if the stocks are purchased in equal amounts, will create the portfolio with the least risk?

L and M

Which inventory method matches the most current costs with revenue?

LIFO

In a period of rising prices, when the inventory decreases during a year:

LIFO may result in recognition of a holding gain that actually occurred in a prior year.

Benchmarking is a measurement of quality. Which of the following is not a characteristic of benchmarking?

Measuring only an organization's industry

There are a number of advantages to using a flexible budgeting system. Which of the following is a disadvantage?

Mixed costs must be allocated between fixed and variable categories.

Which of the following is not a risk of storing data on mobile laptops instead of in a central database?

Mobile laptops may not be within range of data communications.

The systems development life cycle (SDLC) consists of five distinct phases. Which of the following is not a component of the implementation and conversion phase?

Modifications are made as problems are detected.

The political business cycle model explains all except one of the following:

Monetary policy adjustments

A financial transaction control allows a firm to do which of the following?

Monitor and measure its resources

COSO issued an update to the 2004 ERM framework in 2017, Enterprise Risk Management—Integrating with Strategy and Performance. Which of the following is not one of the five interrelated components of the framework?

Monitoring

A disadvantage to an employer of a defined contribution pension plan is:

More valued employees are less motivated to stay with the employer than with a more generous defined benefit plan.

NDP = GDP - Depreciation = $4,000 - 500 = $3,500

The Jones Company is considering using a lockbox system. The company has gathered the following information: The per-check processing cost will be $0.20. The days saved in the collection process will be 1.2 days. The average size of the check will be $1,000. If funds are freed, they could be invested at a 5% annual rate. On average, 150 checks will be processed per day. Should the Jones Company adopt the lockbox system, and why or why not?

No, since the benefit to the company is $0.17 per check processed

In which of the following situations should a U.S.-based company consider hedging its transaction because it is in a short position?

One receiving shipments from Japan and owing 800,000,000 yen in 60 days Short positions are associated with sell positions. In a short situation, the entity with the short attempts to benefit from a decline in prices. The only situation that the U.S.-based company would benefit from a price decline is owing 800,000,000 yen in 60 days. If the U.S. dollar appreciates, the company will owe less than originally contracted. The other three examples are long examples for the U.S. company. They are receiving currencies in each situation.

What is a cost that should be added to the cost to manufacture when deciding whether or not to outsource?

Opportunity costs

Able Company has two mutually exclusive projects, A and B, which have the same initial investment requirements and lives. Project B has a decrease in estimated cash inflows each year, and Project A has an increase in estimated net cash inflows each year. Project A has a greater total net cash inflow. Diagram I below depicts the original estimate of net cash inflows of each project by year. Diagram II depicts the original estimate of net present value (NPV) of each project assuming various discount rates.

Original estimates, B; New estimates, B

Which of the following statements is true?

Over an extended period of time, interest on long-term debt costs more than interest on short-term debt for the same amount of money borrowed.

Which of the following is not considered a premise of value?

Ownership is based on the perceived benefits at the particular point in time and for a particular use.

A measure of project risk is provided by the capital budgeting technique of:

Payback The payback capital budgeting technique indicates how soon a project will recover its cost. The sooner the cost is recovered, the less risky the project—returns are less knowable the further in the future they are.

Which of the following is not a soft control?

Performance of bank reconciliations

When the economic order quantity (EOQ) model is used for a firm which manufactures its inventory, ordering costs consist primarily of:

Production setup.

What are the two essential components of ROI?

Profit margin and investment turnover

A company is considering two projects, which have the following details: Project A Project BExpected sales $1,000 $1,500Cash operating expense 400 700Depreciation 150 250Tax rate 30% 30% Which project would provide the largest after-tax cash inflow?

Project B because after-tax cash inflow equals $635 Project A produces taxable income of $450 ($1,000 less $400 less $150). Multiplying taxable income of $450 by a 30% tax rate gives income tax of $135. After-tax cash inflow for Project A is $1,000 sales less cash expenses of $400 and income tax of $135, or $465. Project B produces taxable income of $550 ($1,500 less $700 less $250). Multiplying taxable income of $550 by a 30% tax rate gives income tax of $165. After-tax cash inflow for Project B is $1,500 sales less cash expenses of $700 and income tax of $165, or $635.

Which of the following strategies would the Federal Reserve most likely pursue under an expansionary policy?

Purchase federal securities and lower the discount rate

The Market Supply Company is considering whether to sell preferred stock to replace a portion of long-term debt. If preferred stock is sold and the proceeds are used to retire long-term debt with everything else remaining equal, the return on assets (ROA) and return on common stockholders' equity (ROE) will do which of the following?

ROA: Increase; ROE: Decrease

Which of the following variables is not one of the variables traditionally found in national income calculations?

Real per capita gross domestic product Real per capita gross domestic product is gross domestic product for a particular year adjusted for inflation compared to a base year using a price index. This adjusted number is then divided by population to derive real per capita GDP (gross domestic product). This measure is often used as an estimate of changes in well-being in a society over time, but it is not one of the variables one would traditionally see in national income calculations.

Which of the following is one method of speeding up the collection of cash from receivables?

Receivables are factored.

Which of the following characteristics is not exhibited by the real business cycle model?

Recessionary gap The real business cycle model is based on the premise that fluctuations in output and employment result from real supply shocks that periodically hit the economy, and that markets adjust rapidly to the shock and always remain in equilibrium. Although recessionary gaps are part of the measure of economic growth, they are not part of the real business cycle model.

Which of the following functions need not be separated for effective internal control?

Reconciliation of bank accounts and reconciliation of subledgers to the general ledger

Which of the following internal control functions need not be separated for effective internal control?

Reconciliation of the accounts receivable subledger to the general ledger and reconciliation of the accounts payable subledger to the general ledger

An economy is at the peak of the business cycle. Which of the following policy packages is the most effective way to dampen the economy and prevent inflation?

Reduce government spending, increase taxes, reduce money supply, and increase interest rates

Which of the following costs would not be considered when determining the cost to manufacture the metal plate?

Relevant cost

Which of the following is a monetary tool available to the Federal Reserve?

Requiring banks to hold a percentage of their deposits on reserve

Residual income = Operating income - Target return on average invested capital Residual income = $949,050 - [5.6% × (($8,250,000 + $8,850,000) ÷ 2)] = $470,250

According to the COSO enterprise risk management framework, which component includes the principle entitled "Pursues improvement in enterprise risk management"?

Review and revision

Management has several options as to how they may choose to respond to risk. Which of the following is not an option?

Risk rejection

A company performs high-volume computer-based tasks and processes. It wants to improve its operational efficiency as well as reduce costs. Which technology should it use to achieve its objectives?

Robotic process automation

Which of the following statements about sales incentives is true?

Sales incentives must establish a clear link between "what you do and what you get."

RayTech has three lines of calculators: graphing, financial, and basic. The allocated fixed costs are unavoidable. July results are as follows: Graphing Basic Financial Total Units to be sold 400 1,800 1,200 3,400Sales revenue $23,800 $30,400 $36,600 $90,800Variable costs 13,600 13,200 16,800 43,600Direct fixed costs 5,000 7,000 6,500 18,500Allocated fixed costs 8,000 9,000 7,000 24,000Operating income (loss) ($2,800) $ 1,200 $ 6,300 $ 4,700======== ======= ======= ======= The company is currently considering if it should drop graphing calculators to improve the company's profitability. Which amounts are considered relevant?

Sales revenue, variable costs, and direct fixed costs

Garstka Auto Parts must increase its acid-test ratio above the current 0.9 level in order to comply with the terms of a loan agreement. Which one of the following actions is most likely to produce the desired results?

Selling auto parts on account

Farrow Co. is applying for a loan in which the bank requires a quick ratio of at least 1. Farrow's quick ratio is 0.8. Which of the following actions would increase Farrow's quick ratio?

Selling obsolete inventory at a loss

Due to 50% store growth year after year, monitoring internal controls at a national retail chain has come under tremendous pressure. According to the 2004 COSO enterprise risk management (ERM) framework, which of the following responses would be appropriate under the circumstances to help restore effective monitoring?

Shifting most of the monitoring responsibility to store managers and district managers

Which of the following statements about a short-run cost of production is false?

Short run must be less than two years. Short run is a time period so short that at least one input is fixed. "Short run" is not an explicit term—it may indicate different periods of time for different businesses and industries. Short run for a railroad might be a five-year planning period, whereas the short run for a restaurant might be a few weeks. It is usually assumed that plant and equipment is the fixed factor, and that inputs such as the amount of labor, material, and other factors are variable and therefore might change

What does the acronym "SWOT" represent in SWOT analysis?

Strengths, weaknesses, opportunities, and threats

A company increased the price of its products and noted subsequent decreases in demand as shown below: Price Increase Demand DecreaseProduct A 20% 40%Product B 30% 20% The data above best support which of the following conclusions regarding the price elasticity of demand for the two products?

Substitutes are more readily available for Product A than for Product B.

Which of the following statements is correct regarding the requirements of the Sarbanes-Oxley Act of 2002 for an issuer's board of directors?

The board of directors must have an audit committee entirely composed of members who are independent from management influence.

Both the current ratio and the quick ratio for Spartan Corporation have been slowly decreasing. For the past two years, the current ratio has been 2.3 to 1 and 2.0 to 1. During the same time period, the quick ratio has decreased from 1.2 to 1 to 1.0 to 1. The disparity between the current and quick ratios can be explained by which one of the following?

The inventory balance is unusually high.

Max, Inc. created its original budget for production cost with the assumption that 1,000 product units would be produced. At the month's end, it was determined that the actual unit production was only 900. If the manager is evaluated based on the static level of activity, which of the following will occur?

The manager will appear to have performed better than the actual performance level.

Maxgo Company is considering replacing its current computer system. The new system would cost Maxgo $60,000 to have it installed and operational. It would have an expected useful life of four years and an estimated salvage value of $12,000. The system would be depreciated on a straight-line basis for financial statement reporting purposes and use the modified accelerated cost recovery system (MACRS) depreciation method for income tax reporting purposes. Assume that the percentages of depreciation for MACRS are 25%, 40%, 20%, and 15% for the 4-year life of the new computer. Maxgo's current computer system has been fully depreciated for both financial statement and income tax reporting purposes. It could be used for four more years, but not as effectively as the new computer system. The old system currently has an estimated salvage value of $8,000 and will have an estimated salvage value o

The net present value of the new system would be lower, and the investment would be judged less desirable.

Missel Products increased its dividend payout ratio. What effect will this have on Missel's capital structure components?

The overall growth rate will decrease and the weighted proportion of debt capital will increase.

When the demand for a product is inelastic, a decrease in price has what effect on the number of units sold and total revenue?

The percentage change in price will be greater than the percentage change in quantity, and total revenue will fall.

The price elasticity of demand for a good is 2.0, and the quantity demanded is 5,000 units. The price increases by 10%. What is the new quantity demanded? 4,000

The price elasticity of demand is a measure of the responsiveness of consumers to a change in a product's price; price elasticity is equal to the percentage change in quantity demanded divided by the percentage change in price. The law of demand states that there is an inverse relationship between the price and quantity demanded of a product. Therefore, given a 10% increase in price, there would be a 20% decrease in quantity demanded (2.0 = 20% ÷ 10%). The new quantity demanded would be 4,000 units [5,000 - (5,000 × 0.20)].

Which of the following statements about strategic planning is incorrect?

The process of strategic planning begins with developing strategic goals that are used to define the company's mission statement.

Larson Corp. issued $20 million of long-term debt in the current year. What is a major advantage to Larson with the debt issuance?

The relatively low after-tax cost due to the interest deduction

ChemKing uses a standard costing system in the manufacture of its single product. The 35,000 units of raw material in inventory were purchased for $105,000, and two units of raw material are required to produce one unit of final product. In November, the company produced 12,000 units of product. The standard allowed for material was $60,000, and there was an unfavorable quantity variance of $2,500. The units of material used to produce November output totaled:

The units of material used totaled 25,000, calculated as follows: Standard price for Standard cost Units of one unit of material = Dollars allowed / material allowed (1) = $60,000 / (12,000 x 2) = $60,000 / 24,000 = $2.50 1 Total units allowed = Units raw material allowed per finished unit × Finished units produced Material variance Quantity Standard price in units = variance / for material = $2,500 / $2.50 = 1,000 units of material Actual units Units of Unfavorable of material used = material allowed + material variance(in units) = (12,000 x 2) + 1,000 = 24,000 + 1,000 = 25,000 units

According to the Black-Scholes option pricing model, what effect does increased volatility of a stock have on the value of a call option of the stock?

The value of the call option will increase because increased volatility improves the likelihood that the call option will be in-the-money.

Which of the following responses is not an advantage to a corporation that uses the commercial paper market for short-term financing?

There are no restrictions as to the type of corporation that can enter into this market.

Last year, Johnson Company's days sales in receivables was 73 days. This year, days sales in receivables is 91.25 days. Over the same time period, credit sales have declined by 20%. Johnson uses a 360-day year in its ratios. In this period of time, what has happened to the level of Johnson Company's accounts receivable?

There has been no change in accounts receivable.

Which of the following is not one of the effects of rapid technological change on nations in the global economy?

There is a high degree of global labor arbitrage as unskilled workers move to the nations with the highest degree of technological change to take advantage of the job opportunities made possible by the new technology.

Which of the following is not a characteristic of redeemable preferred shares?

They function as part debt and part equity.

Employees of an entity feel peer pressure to do the right thing; management appropriately deals with signs that problems exist and resolves the issues; and dealings with customers, suppliers, employees, and other parties are based on honesty and fairness. According to COSO, the above scenario is indicative of which of the following?

Tone at the top

The following information is available about the Boss Company: Boss Company Industry Average ROE 20% 15%Profit margin 5% 10% Debt to total assets 50% 60% What conclusion can be drawn from this information?

Total asset turnover is above the industry average. The equation for ROE (return on equity) = Profit margin × Asset turnover × Leverage. If ROE is above average, profit margin is below average, and leverage is below average, asset turnover must be higher than average for the relationships to hold.

Within an integrated financial system, which of the following is not a major risk consideration associated with the accounts receivable component of the system?

Transactions may occur with unauthorized vendors.

Responsibility accounting is based on the assumption that every cost can be attributed to one individual in the company.

True

Value chain analysis consists of a continuous loop of gathering, evaluating, and communicating information for business decision-making.

True

Which of the following is a disadvantage of cloud computing?

Vendor lock-in

A zero balance account is held at zero until a claim is made against the account. Which of the following is not a characteristic of a zero balance account?

When a claim is made, the funds come from a non-interest-bearing account.

Short-term credit can generally be obtained quicker than long-term credit; however, short-term credit holds more risk due to the need to renew more often.

Which of the following is correct?

XYZ Manufacturing is not engaging in BPR because:

XYZ's improvement goals are not ambitious enough, and it is constrained in its improvement by the existing software.

Each of the following is an effect from opening markets to foreign investment, except:

a decrease in investment growth rates.

Each of the following is an effect from opening markets to foreign investment, except:

a decrease in investment growth rates. "A decrease in investment growth rates" is not an effect of opening markets to foreign investment. The additional investment from foreign investors will increase investment in the market, thus increasing, not decreasing, the investment growth rate. The other answer choices are effects of opening markets to foreign investment: Opening a market to foreign investment will result in that market being subject to the same market forces that affect other markets, increasing the correlation of the market with other markets. Opening a market for foreign investment will change prices in the emerging stock market, resulting in a change to its volatility. The additional investment from foreign investors will increase investment in the market, decreasing the cost of capital for local firms.

All of the following statements are true except:

a dividend payout ratio greater than 100% would attract investors interested in immediate cash flow from their investments.

According to COSO, the position or internal entity that is best suited, as part of the enterprise risk management process, to devise and execute risk procedures for a particular department is:

a manager within the department.

If consumer income increases and as a result the demand for housing increases, we can conclude that housing is:

a normal good.

Bank reserves would be decreased by:

a sale of government securities by the Federal Reserve.

Aggregate demand is defined as:

a schedule or curve that shows the amount of real GDP or output that buyers collectively desire to buy at every price level.

Economists and economic policy makers are interested in the multiplier effect because the multiplier explains why:

a small change in investment can have a much larger impact on gross domestic product.

Companies undergoing BPR desire:

ambitious improvement.

The federal budget deficit is the:

amount by which the federal government's expenditures exceed its revenues in a given year.

Mitigating financial risk at the firm level includes all of the following except:

an ability to track risk in the regulated financial sector.

A history of user activity along with all other transaction events that happen throughout a business process is provided by:

an automated audit trail.

A company employing an online computer system has CRT terminals located in all operating departments for inquiry and updating purposes. Many of the company's employees have access to and are required to use the CRT terminals. A control the company would incorporate to prevent an employee from making an unauthorized change to computer records unrelated to that employee's job would be to

apply a compatibility test to transactions or inquiries entered by the user.

According to COSO, each of the following is an example of an appropriate ongoing monitoring activity, except:

approval of high-dollar transactions by supervisors.

SWOT weaknesses

are internal factors.

The number of days' sales in receivables is a measure of:

asset utilization.

Loss of data in a database due to destruction or corruption is minimized by:

backup and recovery processes.

Comparing an entity's policies, products, programs, or strategies with internal or external standards describes:

benchmarking.

Cyber resilience focuses on protecting:

business delivery.

Financial risk management is a component of enterprise risk management (ERM). ERM encompasses the methods and procedures used by an organization to control risks and grasp opportunities to help a firm achieve their identified objectives. Included under the heading of financial risks would be such items as:

business risk.

A best-cost producer can gain a competitive advantage:

by delivering a superior product at a lower price than the competition.

Merger and acquisition strategies:

can provide vertical integration that is expected to result in lower costs along the value chain of activities.

Each of the following periods is included when computing a firm's target cash conversion cycle, except the:

cash discount period.

An automobile and personal property insurer has decentralized its information processing to the extent that headquarters had less processing capacity than any of its regional processing centers. These centers are responsible for initiating policies, communicating with policyholders, and adjusting claims. The company uses leased lines from a national telecommunications company. Initially, the company thought there would be little need for inter-region communication, but that has not been the case. The company underestimated the number of customers that would move between regions and the number of customers with claims arising from accidents outside their regions. The company has a regional center in an earthquake-prone area and is planning how to continue processing if that center, or any other single center, were unable to perform its processing. Unfortunately, the company has not revised its contingency plan since t

changes in equipment, data, and software.

The audit committee facilitates ___________ with respect to management, internal audit, and the external auditor

communication

Convertible bonds typically offer:

control (through voting privileges) is not important.

The valuation approach that is similar to the economic substitution principle is the _______ approach

cost

The level of safety stock in inventory management depends on all of the following except the:

cost to reorder stock.

A rise in price levels may result when costs of raw materials or labor increase. This type of price increase is called ________ inflation.

cost-push

If a company is performing BPR, the effort is focused on:

critical business processes.

The following information is available on Tackler Co.'s two product lines: Chairs Tables Sales $180,000 $48,000Variable costs (96,000) (30,000)Contribution margin 84,000 18,000Fixed costs:Avoidable (36,000) (12,000)Unavoidable (18,000) (10,800)Operating income (loss) $30,000 $(4,800) Assuming Tackler discontinues the tables line and does not replace it, the company's operating income will:

decrease by $6,000.

Carlisle Company presently sells 400,000 bottles of perfume each year. Each bottle costs $.84 to produce and sells for $1.00. Fixed costs are $28,000 per year. The firm has annual interest expense of $6,000, preferred stock dividends of $2,000 per year, and a 40% tax rate. Carlisle uses the following formulas to determine the company's leverage: Operating leverage = Q (S-VC) Q (S-VC) - FCFinancial leverage = EBIT EBIT - I - (P/(1 - t))Total leverage = Q (S-VC) Q (S-VC) - FC - I - (P/(1 - t)) Where: Q = Quantity FC = Fixed cost VC = Variable costS = Selling price I = Interest expense P = Preferred dividendst = Tax rate EBIT = Earnings before interest and taxes If Carlisle Company did not have preferred stock, the degree of total leverage would:

decrease in proportion to a decrease in financial leverage.

Change management controls are used to make sure a system can be adequately maintained. One of the suggested change management controls is to create a quality assurance (QA) function to:

determine if changes achieved their stated objectives.

Enterprise risk management includes all of the following except:

diversification risk.

An increase in the market price of a company's common stock will immediately affect its:

dividend yield. An increase in the market price of a company's common stock will immediately affect its dividend yield (Dividends per common share ÷ Market price per common share). The market price will not affect the debt-to-equity ratio, earnings per share, or dividend payout ratio because all of these ratios use financial statement items obtained from the income statement, balance sheet, or statement of cash flows. The market price does not appear in any of those sources.

Mutual interdependence means that:

each firm in an oligopolistic industry must consider the reactions of its rivals when it makes decision concerning how to price its product.

EAR stands for:

effective annual rate.

Overhead costs are typically allocated to each unit produced based on

either cost per direct labor hour or per machine hour.

Overhead costs are typically allocated to each unit produced based on:

either cost per direct labor hour or per machine hour.

When implementing automated bank reconciliations, all of the following are additional internal benefits except:

ensuring bank transactions are accurately recorded.

Identifying both the positive and negative is important regarding:

event identification.

Factory overhead is also called:

factory burden.

At least one member of an issuer's audit committee must be

financial expert

The audit committee is tasked with overseeing the __________ process

financial reporting

In terms of the effect on net income, the additional surcharge required under Option 2 would be considered a:

financing cost.

All of the following statements in regard to working capital are correct, except:

financing permanent inventory buildup with long-term debt is an example of an aggressive working capital policy.Working capital consists of the current assets and current liabilities of a firm. An aggressive working capital policy would focus on high profitability potential, despite the cost of high risk and low liquidity. Although financing permanent current asset increases with long-term debt rather than short-term debt is wise, this is not an example of an aggressive working capital policy. An aggressive policy would work to reduce current assets, in relation to current liabilities.

A company's management is aware that it cannot foresee every contingency even with the best planning. Management believes, however, that a more thorough recovery plan increases the ability to resume operations quickly after an interruption and thus to:

fulfill its obligations to customers.

In a period of rising prices, LIFO will:

give a lower ending inventory value than FIFO.

Inflation may be measured using each of the following measures, except:

gross domestic product inflator.

The following information concerning Arnold Company's common stock was included in the company's financial reports for the last two years: Year 2 Year 1Market price per share on December 31 $60 $50Par value per share 10 10Earnings per share 3 3Dividends per share 1 1Book value per share on December 31 36 34 Arnold's dividend yield in Year 2:

has declined compared to Year 1.

COSO issued an update to the ERM (enterprise risk management) framework in 2017, Enterprise Risk Management—Integrating with Strategy and Performance. The revised ERM framework is designed to assist boards of directors (BOD) in fulfilling their risk oversight role, which includes all of the following except:

improving resource deployment.

The valuation method that takes into consideration the asset's ability to create earnings or cash inflows is the

income approach

If a company has a current ratio of 2.1 and pays off a portion of its accounts payable with cash, the current ratio will:

increase.

The audit committee reviews assessment reports from internal audit. It also keeps an eye on management integrity and receives complaints about the work environment. With these tasks (and others), the committee monitors

internal control

A company that is conservative with respect to its working capital policy would tend to have a:

low ratio of current liabilities to long-term financing.

The objective of cloud computing is to:

make available high-performance computing power to the general public without having to maintain a high-powered computer infrastructure.

Using data from the sale of a reasonable and justifiably similar item to determine the valuation of an asset is indicative of the _______ approach

market

An audit committee is composed of

members of the board

If the company sets a goal to be compliant with all drinking water regulations, this act would fall under the ERM framework in the category of:

objective setting.

Small companies have additional risk with which larger organizations generally do not have to be concerned. These additional risks would include all of the following except that small firms:

often have difficulty dealing with increasing interest rates.

Return on equity is affected by ________ when applying DuPont analysis.

operating efficiency, asset use efficiency, and financial leverage

CSA involves obtaining the opinions and perceptions of:

operational employees.

Supply chain sustainability includes all of the following except:

political impact.

During the recessionary phase of a business cycle:

potential national income will exceed actual national income.

EAR does not take into account:

prepayment fees.

A flexible budgeting system's primary advantage is:

providing for both improved planning and performance analysis.

One of the measures economists and economic policy makers use to gauge a nation's economic growth is to calculate the change in the

real per capita output. A nation's economic growth is measured by gauging changes in the production of physical output per capita. Output indices such as the Federal Reserve Board's Index of Industrial Production are used in quantifying the amount of the change. Money supply, total wages, and general price levels are not good growth indicators because of their sensitivity to inflation and other factors.

An investor has the opportunity to either invest in a money market fund that pays a compound daily rate of interest or a 10-year Treasury bond. Everything else being equal, the choice of the money market fund would expose the investor to ________ risk while investing in the T-bond would expose the investor to ________ risk.

reinvestment; price

An audit committee is

required for issuers (publicly traded companies)

The ability of an automated bank reconciliation to handle larger transaction quantities, and thus complete a timelier reconciliation, reduces the:

risk of monetary loss.

The company's act of weighing the cost and benefits of handling a risk are addressed in the component called:

risk response.

According to COSO, a primary purpose of monitoring internal control is to verify that the internal control system remains adequate to address changes in

risks

Financial automation is best used when transactions are:

rule-based and repetitive.

Another characteristic of BPR is that:

senior management is committed to change.

CSA works best to evaluate and monitor:

soft controls.

CSA is facilitated through surveys or:

team meetings.

Carol and Jane were sitting in the local coffee shop discussing Jane's possible strategies for constructing her investment portfolio. Carol suggested that Jane spend time reviewing the financial information for stocks she might consider purchasing and do some ratio analysis once she had obtained the information, but at the same time, it probably wouldn't be a good idea for Jane to attempt to predict the future movements of the markets. Jane said that she would think about these suggestions, but that she had come to believe the best approach would be for her to do her analysis using charts based on the historic market data using price and trading volume to predict the future movement of stock prices. Someone overhearing this conversation would believe that Jane wanted to use ________ and did not believe in the ________.

technical analysis; weak form of the efficient market hypothesis

In determining which valuation method to use, a limiting factor might be

the availability of data

If a company strives to be the low-cost provider within the industry, this means that:

the company may underprice the competition and attract the buyers in a large enough volume in order to obtain satisfactory profits.

Norton, Inc., has a 2-to-1 current ratio. This ratio would increase to more than 2 to 1 if:

the company sold merchandise on open account that earned a normal gross margin.

The following transactions were noted for an economy whose currency is denominated in pesetas (Pta). Amount in PesetasImports of goods 20,300Exports of goods 15,760Domestic purchases of assets in foreigncountries 6,300Foreign purchases of assets in the country 1,400Net investment income (3,700)Gifts received from abroad (net transfers) 1,240 When calculating the current account balance for this economy:

the current account has a deficit of Pta 7,000. 15760-20300-3700+1240=-7,000 Ptas The balance of trade is calculated by subtracting merchandise imports from merchandise exports (15,760 Ptas. - 20,300 Ptas.) which shows a balance of trade deficit of 4,540 Ptas. The negative net investment income (3,700 Ptas.) is added to this balance, and it would be reduced by the positive inflow of transfers (1,240 Ptas.) leaving a current account deficit balance of 7,000 Ptas. The two accounts dealing with the purchase of assets are part of the capital account and therefore are not relevant for this calculation. If there were any exports or imports or services, they would have been included in the calculation.

The audit committee oversees the hiring and performance of

the external auditor

A top-down risk assessment (TDRA) is done in order for a company to be in compliance with Sarbanes-Oxley Act (SOX) Section 404. A TDRA is a set of steps used to identify and assess financial reporting elements, related risks, and internal control procedures meant to limit those risks. TDRA steps include all of the following except:

the identification of financial-statement level controls that would mitigate the risks in the absence of precise entity-level controls.

According to COSO, the reality that human decision-making can be faulty and subject to bias is an example of:

the limitations of internal control.

Nominal annual percentage rate (APR) equals:

the periodic interest rate times the number of periods per year

All other things being equal, movement along a supply curve occurs if:

the price for the product increases or decreases.

Management accounting is:

the process of measuring and using information for planning, decision making, and control purposes.

When evaluating a cloud service provider's data security measures, a company would appropriately consider each of the following risk factors, except:

the provider's vertical scalability.

When economists are concerned about the liquidity preference function they are interested in:

the relationship of the demand for money and the rate of interest.

Globalization is a process by which nations of the world become integrated through global networks of communication. Its current success is tied to a number of socioeconomic effects, with one of the key effects being:

the relatively large labor force in emerging markets and declining birth rates that have historically been associated with dynamic positive economic change.

Business process re-engineering (BPR) is:

the search for, and implementation of, radical change in business processes to achieve breakthrough results

The quick ratio would initially be greater under:

the second option.

A flexible budget is a budget that adjusts or flexes for changes in:

the volume of activity.

SWOT analysis helps to clarify the organization's mission by highlighting the factors that are favorable and unfavorable:

to achieving the company's goals.

Email content is an example of:

unstructured data.

An example of a preventive control activity would be:

use of passwords.

When reviewing a credit application, the credit manager should be most concerned with the applicant's:

working capital and current ratio.

A ratio that measures how efficiently a company is utilizing its current assets is:

working capital turnover.

Sago Co. uses regression analysis to develop a model for predicting overhead costs. Two different cost drivers (machine hours and direct materials weight) are under consideration as the independent variable. Relevant data were run on a computer using one of the standard regression programs, with the following results: Machine Direct Materials Hours Weight Y intercept coefficient 2,500 4,600B coefficient 5.0 2.6R2 0.70 0.50 Which regression equation should be used?

y = 2,500 + 5.0x Coefficient of determination is a measure of the extent to which the independent variable accounts for the variation of the dependent variable (i.e., the amount of variation in y that is explained by x). It is the measure of how well the regression line fits the actual data points. The symbol for the correlation coefficient is R and the coefficient of determination is r squared (R2). Values of R range between -1 and 1. The closer the value is to 1, the greater the association (correlation) between the two variables. Since the coefficient of determination (R2) is greater for machine hours than for direct materials weight (0.7 instead of 0.5), there is a stronger relationship between machine hours (the independent variable) and the resulting cost than there is between the resulting cost and direct materials weight. Thus, the resulting cost can be best estimated by substituting machine hours for x in the equation y = 2,500 + 5.0x.

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