1、本资料来源于互联网和各方人士分享，由CMA管理会计学习交流群689392886整理收集，本群最全资料永久免费分享，进群务必详阅本群须知、严禁广告和有偿买卖、请优先讨论学习。本群一直以来优良的学习环境和超高赞誉需要你的共同参与和维护。Question1of100(2D2-AT15)Willis Inc. has a cost of capital of 15 percent and is considering the acquisition of a new machine which costs $400,000 and has a useful life of five years. Wi
2、llis projects that earnings and cash flow will increase as follows:The net present value of this investment is$600,000.$18,600.$200,000.$(64,000).Question2of100(2D1-AT10)Which one of the following is thebestcharacteristic concerning the capital budget? The capital budget is a(n)exercise that sets th
3、e long-range goals of the company including the consideration of external influences caused by others in the market.plan to ensure that there are sufficient funds available for the operating needs of the company.plan that results in the cash requirements during the operating cycle.plan that assesses
4、 the long-term needs of the company for plant and equipment purchases.Question3of100(2D2-AT05)The net present value (NPV) of a project has been calculated to be $215,000. Which one of the following changes in assumptions would decrease the NPV?Decrease the estimated effective income tax rate.Increas
5、e the discount rate.Extend the project life and associated cash inflows.Increase the estimated salvage value.Question4of100(2A2-AT43)The Dawson Corporation projects the following for the year.The expected common stock dividend per share for Dawson Corporation for the year is$2.70.$3.90.$2.10.$1.80.Q
6、uestion5of100(2B6-AT04)The contents of the section of the annual report entitled Managements Discussion and Analysis (MD&A) arenot reviewed by independent auditors.mandated by pronouncements of the Financial Accounting Standards Board.not mandated.mandated by regulations of the Securities and Exchan
7、ge Commission.Question6of100(2B7-AT02)Which of the following stakeholders has the highest priority of claim under U.S. bankruptcy law?Common shareholders.Unsecured lenders.Employees.Trade creditors filed prior to bankruptcy.Question7of100(2A2-AT03)Which one of the following transactions would increa
8、se the current ratio and decrease net profit?Uncollectible accounts receivable are written off against the allowance account.A long-term bond is retired before maturity at a discount.A federal income tax payment due from the previous year is paid.Vacant land is sold for less than the net book value.
9、Question8of100(2C2-AT23)Which of the following isnotpart of the decision-making process?Estimate future revenues and costs.Evaluate all available options.Incorporate historical revenues and costsIdentify all available options.Question9of100(2A2-AT14)Birch Corporation had net income for the year of $
10、101,504 and a simple capital structure consisting of the following common shares outstanding.Birch Corporations earnings per share (rounded to the nearest cent) were$3.20.$3.44.$4.23.$3.26.Question10of100(2D1-AT01)In order to increase production capacity, Gunning Industries is considering replacing
11、an existing production machine with a new technologically improved machine effective January 1. The following information is being considered by Gunning Industries. The new machine would be purchased for $160,000 in cash. Shipping, installation, and testing would cost an additional $30,000. The new
12、machine is expected to increase annual sales by 20,000 units at a sales price of $40 per unit. Incremental operating costs are comprised of $30 per unit in variable costs and total fixed costs of $40,000 per year. The investment in the new machine will require an immediate increase in working capita
13、l of $35,000. Gunning uses straight-line depreciation for financial reporting and tax reporting purposes. The new machine has an estimated useful life of five years and zero salvage value. Gunning is subject to a 40 percent corporate income tax rate.Gunning uses the net present value method to analy
14、ze investments and will employ the following factors and rates.The overall discounted cash flow impact of Gunning Industries working capital investment for the new production machine would be$21,735.$(13,265).$(35,000).$13,265.Question11of100(2A2-AT05)The Statement of Financial Position for King Pro
15、ducts Corporation for the fiscal years ended June 30, Year 2, and June 30, Year 1, is presented below. Net sales and cost of goods sold for the year ended June 30, Year 2, were $600,000 and $440,000, respectively.King Products Corporations accounts receivable turnover for this period was8.0.6.7.10.0
16、.5.9.Question12of100(2C1-AT23)Mason Enterprises has prepared the following budget for the month of July.Assuming that total fixed costs will be $150,000 and the mix remains constant, the breakeven point (rounded to the next whole unit) would be21,819 units.10,465 units.21,429 units.20,445 units.Ques
17、tion13of100(2A2-AT25)Last year, Johnson Companys days sales outstanding was 73 days. This year, days sales outstanding is 91.25 days. Over the same time period, sales have declined by 20%. In this period of time, what has happened to the level of Johnson Companys accounts receivable?There has been n
18、o change in accounts receivable.There is not enough information provided to make a determination.Accounts receivables have increased.Accounts receivable have decreased.Question14of100(2B8-AT12)Suppose a company has three foreign subsidiaries: Subsidiary A is located in a country with a 40 percent co
19、rporate tax rate, Subsidiary B is located in a country with a 30 percent corporate tax rate, and Subsidiary C is located in a country with a 35 percent corporate tax rate. If allowed by relevant laws, how would the company improve its combined after-tax earnings using transfer pricing?Reduce the pri
20、ce that Subsidiary A charges to Subsidiary B.Changes in transfer pricing policy have no impact on combined after-tax earnings.Increase the price that Subsidiary A charges to Subsidiary B.Reduce the price that Subsidiary B charges to Subsidiary C.Question15of100(2B2-AT05)Linda Barnes, treasurer of Ca
21、mbor Ltd., is a risk-averse investor who subscribes to modern portfolio theory. She wants to restructure her $10 million portfolio by using the following securities to take advantage of a prediction that says the overall market will do very well next year.If Barnes wants to outperform the market nex
22、t year, while minimizing the risk, which one of the following portfolios will be themostappropriate portfolio in this situation?$5 million in Security II, and $5 million in Security I.$4.5 million in Security I, $2.5 million in Security II, and $1.5 million each in Securities III and IV.$10 million
23、in Security II.$7 million in Security I, and $1 million each in Securities II, III, and IV.Question16of100(2B5-AT06)The chief financial officer of Smith Glass Inc. follows the policy of matching the maturity of assets with the maturity of financing. The implications of this policy include all of the
24、 followingexceptthatthe seasonal expansion of cash, receivables, and inventory should be financed by short-term debt such as vendor payables and bank debt.long-term assets, like plant and equipment, should be financed with long-term debt or equity.cash, receivables, and inventory should be financed
25、with long-term debt or equity.the minimum level of cash, receivables, and inventory required to stay in business can be considered permanent and financed with long-term debt or equity.Question17of100(2A2-AT44)The Dawson Corporation projects the following for the year.If Dawson Corporations common st
26、ock is expected to trade at a price/earnings ratio of eight, the market price per share (to the nearest dollar) would be$72.$125.$56.$68.Question18of100(2A2-AT15)At the beginning of the fiscal year, June 1, Year 1, Boyd Corporation had 80,000 shares of common stock outstanding. Also outstanding was
27、$200,000 of 8 percent convertible bonds that had been issued at $1,000 par. The bonds were convertible into 20,000 shares of common stock; however, no bonds were converted during the year. The companys tax rate is 34 percent, and the Aa bond interest rate has been 10 percent. Boyds net income for th
28、e year was $107,000. The fully diluted earnings per share (rounded to the nearest cent) of Boyd common stock for the fiscal year ended May 31, Year 2, was$1.23.$1.12.$1.18.$1.07.Question19of100(2A1-AT04)Gordon has had the following financial results for the last four years.Which one of the following
29、 is themostlikely conclusion you can draw from this information?Gordon should seek additional outlets for its goods to increase profitable sales.Customers continue to see Gordons products as a good value for the price.The sales growth may have been caused by inflation, not more effective marketing.G
30、ordon should consider raising prices because the cost of goods sold has gone up faster than sales.Question20of100(2B4-AT03)Williams Inc. is interested in measuring its overall cost of capital and has gathered the following data. Under the terms described below, the company can sell unlimited amounts
31、 of all instruments. Williams can raise cash by selling $1,000, 8 percent, 20-year bonds with annual interest payments. In selling the issue, an average premium of $30 per bond would be received, and the firm must pay floatation costs of $30 per bond. The after-tax cost of funds is estimated to be 4
32、.8 percent. Williams can sell 8 percent preferred stock at par value, $105 per share. The cost of issuing and selling the preferred stock is expected to be $5 per share. Williams common stock is currently selling for $100 per share. The firm expects to pay cash dividends of $7 per share next year, a
33、nd the dividends are expected to remain constant. The stock will have to be underpriced by $3 per share, and floatation costs are expected to amount to $5 per share. Williams expects to have available $100,000 of retained earnings in the coming year; once these retained earnings are exhausted, the f
34、irm will use new common stock as the form of common stock equity financing. Williams preferred capital structure isIf Williams Inc. needs a total of $1,000,000, the firms weighted average cost of capital would be6.9 percent6.5 percent9.1 percent4.8 percentQuestion21of100(2B5-AT12)A firm has daily ca
35、sh receipts of $100,000. A bank has offered to reduce the collection time on the firms deposits by two days for a monthly fee of $500. If money market rates are expected to average 6 percent during the year, the net annual benefit (loss) from having this service is$6,000.$(6,000).$0.$12,000.Question
36、22of100(2D6-AT03)The Mammoth Mutual Fund uses the Constant Dividend Growth Valuation model to help it decide which stocks to buy. Company A and Company B both pay dividends of $10 a share. Company As dividend is expected to grow by 5% while Company Bs dividend is expected to grow by 8%. Which of the
37、 following conditions is necessary for Mammoth to buy Company A rather than Company B?Company Bs beta is lower, so its required rate of return is 3% lower than Company As.Company As beta is lower, so its required rate of return is 4% lower than Company Bs.Company Bs stock is always a better buy, bec
38、ause of it higher growth rate.Company As stock price is currently higher than the price suggested by the model.Question23of100(2D3-AT04)The Keego Company is planning a $200,000 equipment investment which has an estimated five-year life with no estimated salvage value. The company has projected the f
39、ollowing annual cash flows for the investment.Assuming that the estimated cash inflows occur evenly during each year, the payback period for the investment is1.96 years.2.50 years.1.67 years.1.75 years.Question24of100(2B6-AT02)A large public company that is well-known can reduce the time required to
40、 register and issue securities by using a(n)secondary market registration.Subchapter S filing.shelf registration.red herring registration.Question25of100(2B4-AT07)Williams Inc. is interested in measuring its overall cost of capital and has gathered the following data. Under the terms described below
41、, the company can sell unlimited amounts of all instruments. Williams can raise cash by selling $1,000, 8 percent, 20-year bonds with annual interest payments. In selling the issue, an average premium of $30 per bond would be received, and the firm must pay floatation costs of $30 per bond. The afte
42、r-tax cost of funds is estimated to be 4.8 percent. Williams can sell 8 percent preferred stock at par value, $105 per share. The cost of issuing and selling the preferred stock is expected to be $5 per share. Williams common stock is currently selling for $100 per share. The firm expects to pay cas
43、h dividends of $7 per share next year, and the dividends are expected to remain constant. The stock will have to be underpriced by $3 per share, and floatation costs are expected to amount to $5 per share. Williams expects to have available $100,000 of retained earnings in the coming year; once thes
44、e retained earnings are exhausted, the firm will use new common stock as the form of common stock equity financing. Williams preferred capital structure isThe cost of funds from retained earnings for Williams Inc. is7.4 percent.8.1 percent.7.6 percent.7.0 percent.Question26of100(2C2-AT12)The term th
45、atbestrefers to past costs that have been incurred and are not relevant to any future decisions isfull absorption costs.sunk costs.discretionary costs.underallocated indirect costs.Question27of100(2C2-AT24)What information should a company take into consideration when making a decision on whether to add or drop a product line?Revenue, variable expenses, and avoidable fixed expensesRevenue and variable expenses onlyRevenue, variable expenses, and unavoidable fixed expensesRevenue and all expensesQuestion28of100(2C2-AT01)Breegle Company produces three products (B-40, J-60, and H-10
