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FIN 534 Quiz 2

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Question 1

Which of the following statements is CORRECT?


Question 2

Which of the following statements is CORRECT?


Question 3

For managerial purposes, i.e., making decisions regarding the firm s operations, the standard financial statements as prepared by accountants under Generally Accepted Accounting Principles (GAAP) are often modified and used to create alternative data and metrics that provide a somewhat different picture of a firm s operations. Related to these modifications, which of the following statements is CORRECT?


Question 4

On its 2010 balance sheet, Barngrover Books showed $510 million of retained earnings, and exactly that same amount was shown the following year. Assuming that no earnings restatements were issued, which of the following statements is CORRECT?


Question 5

Other things held constant, which of the following actions would increase the amount of cash on a company s balance sheet?


Question 6

The CFO of Shalit Industries plans to have the company issue $300 million of new common stock and use the proceeds to pay off some of its outstanding bonds. Assume that the company, which does not pay any dividends, takes this action, and that total assets, operating income (EBIT), and its tax rate all remain constant. Which of the following would occur?


Question 7

Which of the following factors could explain why Dellva Energy had a negative net cash flow last year, even though the cash on its balance sheet increased?


Question 8

Which of the following statements is CORRECT?


Question 9

Below is the common equity section (in millions) of Teweles Technology s last two year-end balance sheets: 2009 2008 Common stock $2,000 $1,000 Retained earnings 2,000 2,340 Total common equity $4,000 $3,340 Teweles has never paid a dividend to its common stockholders. Which of the following statements is CORRECT?


Question 10

Assume that Congress recently passed a provision that will enable Bev s Beverages Inc. (BBI) to double its depreciation expense for the upcoming year but will have no effect on its sales revenue or tax rate. Prior to the new provision, BBI s net income after taxes was forecasted to be $4 million. Which of the following best describes the impact of the new provision on BBI s financial statements versus the statements without the provision? Assume that the company uses the same depreciation method for tax and stockholder reporting purposes.


Question 11

A start-up firm is making an initial investment in new plant and equipment. Assume that currently its equipment must be depreciated on a straight-line basis over 10 years, but Congress is considering legislation that would require the firm to depreciate the equipment over 7 years. If the legislation becomes law, which of the following would occur in the year following the change?


Question 12

Which of the following statements is CORRECT?


Question 13

Which of the following statements is CORRECT?


Question 14

Which of the following statements is CORRECT?


Question 15

Which of the following items is NOT included in current assets?


Question 16

A firm s new president wants to strengthen the company s financial position. Which of the following actions would make it financially stronger?


Question 17

Which of the following statements is CORRECT?


Question 18

Which of the following statements is CORRECT?


Question 19

Which of the following statements is CORRECT?


Question 20

Taggart Technologies is considering issuing new common stock and using the proceeds to reduce its outstanding debt. The stock issue would have no effect on total assets, the interest rate Taggart pays, EBIT, or the tax rate. Which of the following is likely to occur if the company goes ahead with the stock issue?


Question 21

Casey Communications recently issued new common stock and used the proceeds to pay off some of its short-term notes payable. This action had no effect on the company s total assets or operating income. Which of the following effects would occur as a result of this action?


Question 22

Which of the following statements is CORRECT?


Question 23

Companies HD and LD have the same sales, tax rate, interest rate on their debt, total assets, and basic earning power. Both companies have positive net incomes. Company HD has a higher debt ratio and, therefore, a higher interest expense. Which of the following statements is CORRECT?


Question 24

You observe that a firm s ROE is above the industry average, but its profit margin and debt ratio are both below the industry average. Which of the following statements is CORRECT?


Question 25

Which of the following would indicate an improvement in a company s financial position, holding other things constant?


Question 26

A firm wants to strengthen its financial position. Which of the following actions would increase its quick ratio?


Question 27

If a bank loan officer were considering a company s request for a loan, which of the following statements would you consider to be CORRECT?


Question 28

Companies HD and LD are both profitable, and they have the same total assets (TA), Sales (S), return on assets (ROA), and profit margin (PM). However, Company HD has the higher debt ratio. Which of the following statements is CORRECT?


Question 29

Which of the following statements is CORRECT?


Question 30

Considered alone, which of the following would increase a company s current ratio?



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