In accounting for a defined-benefit pension plan the employer's responsibility is simply to make a contribution each year based formula estabished in

In accounting for a defined-benefit pension plan

A the employer's responsibility is simply to make a contribution each year based on the formula established in the plan.

B the expense recognized each period is equal to the cash contribution.

C an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised.

D the liability is determined based upon known variables that reflect future salary levels promised to employees.

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In a defined-contribution plan, a formula is used that ensures that pension expense and the cash funding amount will be different

In a defined-contribution plan, a formula is used that

A ensures that pension expense and the cash funding amount will be different.

B requires an employer to contribute a certain sum each period based on the formula.

C defines the benefits that the employee will receive at the time of retirement.

D ensures that employers are at risk to make sure funds are available at retirement.

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Which of the following differences would result in future taxable amounts

Which of the following differences would result in future taxable amounts?

A Revenues or gains that are taxable before they are recognized in financial income.

B Revenues or gains that are recognized in financial income but are never included in taxable income.

C Expenses or losses that are tax deductible after they are recognized in financial income.

D Expenses or losses that are tax deductible before they are recognized in financial income


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At the December 31, 2007 balance sheet date, Garth Brooks Corporation reports an accrued receivable for financial reporting purposes but NOT for tax

At the December 31, 2007 balance sheet date, Garth Brooks Corporation reports an accrued receivable for financial reporting purposes but NOT for tax purposes. When this asset is recovered in 2008, a future taxable amount will occur and

A Garth will record a decrease in a deferred tax liability in 2008.

B total income tax expense for 2008 will exceed current tax expense for 2008.

C pretax financial income will exceed taxable income in 2008.

D Garth will record an increase in a deferred tax asset in 2008.

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Which of the following is a temporary difference classified as a revenue or gain that is taxable after it is recognized in financial income?

Which of the following is a temporary difference classified as a revenue or gain that is taxable after it is recognized in financial income?

A Prepaid royalty received in advance.

B An installment sale accounted for on the accrual basis for financial reporting purposes and on the installment (cash) basis for tax purposes.

C Subscriptions received in advance.

D Interest received on a municipal obligation.

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Which of the following situations would require interperiod income tax allocation procedures

Which of the following situations would require interperiod income tax allocation procedures?

A Interest received on municipal bonds

B Proceeds from a life insurance policy on an officer

C An excess of percentage depletion over cost depletion

D A temporary difference exists at the balance sheet date because the tax basis of an asset or liability and its reported amount in the financial statements differ

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Taxable income of a corporation differs from pretax financial income because of Permanent Differences Temporary Differences yes no

Taxable income of a corporation differs from pretax financial income because of

Permanent Differences | Temporary Differences

A No | Yes

B Yes | No

C No | No

D Yes | Yes

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The rationale for interperiod income tax allocation is to A recognize a distribution of earnings to the taxing agency

The rationale for interperiod income tax allocation is to

A recognize a distribution of earnings to the taxing agency.

B adjust income tax expense on the income statement to be in agreement with income taxes payable on the balance sheet.

C recognize a tax asset or liability for the tax consequences of temporary differences that exist at the balance sheet date.

D reconcile the tax consequences of permanent and temporary differences appearing on the current year's financial statements.

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All of the following statements regarding accounting for derivatives are correct EXCEPT that

All of the following statements regarding accounting for derivatives are correct EXCEPT that

A they should be reported at fair value.

B gains and losses resulting from hedge transactions are reported in different ways, depending upon the type of hedge.

C they should be recognized in the financial statements as assets and liabilities.

D gains and losses resulting from speculation should be deferred.

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Gains or losses on cash flow hedges are A recorded in equity, as part of other comprehensive income. B reported directly in retained earnings

Gains or losses on cash flow hedges are

A recorded in equity, as part of other comprehensive income.

B reported directly in retained earnings.

C ignored completely.

D reported directly in net income

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The accounting for fair value hedges records the derivative at its A carrying value. B historical cost. C amortized cost. D fair value.

The accounting for fair value hedges records the derivative at its

A carrying value.

B historical cost.

C amortized cost.

D fair value.

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Debt securities acquired by a corporation which are accounted for by recognizing unrealized holding gains or losses and included other comprehensive

Debt securities acquired by a corporation which are accounted for by recognizing unrealized holding gains or losses and are included as other comprehensive income and as a separate component of stockholders' equity are
A trading debt securities.
B never-sell debt securities.
C held-to-maturity debt securities
D available-for-sale debt securities
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Held tomaturity securities reported at A acquisition cost plus amortization of a discount. B fair value C acquisition cost D acquisition cost plus

Held-to-maturity securities are reported at
A acquisition cost plus amortization of a discount.
B fair value.
C acquisition cost.
D acquisition cost plus amortization of a premium.
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Use of the effective-interest method in amortizing bond premiums and discounts results in

Use of the effective-interest method in amortizing bond premiums and discounts results in
A a varying amount being recorded as interest income from period to period.
B a smaller amount of interest income over the life of the bond issue than would result from use of the straight-line method.
C a greater amount of interest income over the life of the bond issue than would result from use of the straight-line method.
D a variable rate of return on the book value of the investment.
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Byner Corporation accounts for its investment in the common stock of Yount Company under the equity method Byner Corporation should ordinarily record

Byner Corporation accounts for its investment in the common stock of Yount Company under the equity method Byner Corporation should ordinarily record a cash dividend received from Yount as
A additional paid-in capital.
B dividend income.
C a reduction of the carrying value of the investment.
D an addition to the carrying value of the investment
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An investor has a long-term investment in stocks Regular cash dividends received by the investor are recorded as

An investor has a long-term investment in stocks Regular cash dividends received by the investor are recorded as
Fair Value Method | Equity Method
A A reduction of the investment |A reduction of the investment
B A reduction of the investment | Income
C Income | Income
D Income |A reduction of the investment
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When a company holds between 20% and 50% of the outstanding stock of an investee, which of the following statements applies

When a company holds between 20% and 50% of the outstanding stock of an investee, which of the following statements applies?
A The investor should use the equity method to account for its investment unless circum-stances indicate that it is unable to exercise "significant influence" over the investee
B The investor should always use the fair value method to account for its investment.
C The investor should always use the equity method to account for its investment.
D The investor must use the fair value method unless it can clearly demonstrate the ability to exercise "significant influence" over the investee
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Investments in debt securities should be recorded on the date of acquisition at A market value B face value C lower of cost or market D market value

Investments in debt securities should be recorded on the date of acquisition at
A market value.
B face value plus brokerage fees and other costs incident to the purchase.
C lower of cost or market.
D market value plus brokerage fees and other costs incident to the purchase.
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Which of the following is NOT a debt security A loans receivable B convertible bonds C all of these are debt securities D commercial paper

Which of the following is NOT a debt security?

A Loans receivable

B Convertible bonds

C All of these are debt securities.

D Commercial paper

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When an investor's accounting period ends on a date that does NOT coincide with an interest receipt date for bonds held as an investment, the investor

When an investor's accounting period ends on a date that does NOT coincide with an interest receipt date for bonds held as an investment, the investor must
A make an adjusting entry to debit Interest Receivable and to credit Interest Revenue for the total amount of interest to be received at the next interest receipt date.
B make an adjusting entry to debit Interest Receivable and to credit Interest Revenue for the amount of interest accrued since the last interest receipt date.
C do nothing special and ignore the fact that the accounting period does NOT coincide with the bond's interest period.
D notify the issuer and request that a special payment be made for the appropriate portion of the interest period.

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When investments in debt securities are purchased between interest payment dates, preferably the

When investments in debt securities are purchased between interest payment dates, preferably the
A accrued interest is debited to Interest Revenue.
B securities account should include accrued interest.
C accrued interest is debited to Interest Receivable.
D accrued interest is debited to Interest Expense.
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Which of the following is correct about the effective-interest method of amortization?

Which of the following is correct about the effective-interest method of amortization?
AAmortization of a premium decreases from period to period.
B The effective interest method applied to investments in debt securities is different from that applied to bonds payable.
C The effective-interest method produces a constant rate of return on the book value of the investment from period to period.
D Amortization of a discount decreases from period to period.
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A reclassification adjustment is reported in the A statement of comprehensive income as other comprehensive income B income statement as an revenue

A reclassification adjustment is reported in the
A statement of comprehensive income as other comprehensive income.
B income statement as an Other Revenue or Expense.
C statement of stockholders’ equity.
D stockholders’ equity section of the balance sheet.
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How would the declaration and subsequent issuance of a 10% stock dividend by the issuer affect each of the following when the market value the share

How would the declaration and subsequent issuance of a 10% stock dividend by the issuer affect each of the following when the market value of the shares exceeds the par value of the stock?
Additional Common Stock | Paid-in Capital
A Increase | No effect
B No effect | No effect
C Increase | Increase
D No effect | Increase
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corporation declared a dividend, a portion of which was liquidatingHow would this distribution affect each of the following Additional Paid-inCapital

corporation declared a dividend, a portion of which was liquidatingHow would this distribution affect each of the following?
Additional Paid-inCapital | Retained Earnings
A No effect |Decrease
B Decrease | No effect
C No effect | No effect
D Decrease |Decrease


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At its date of incorporation, Wilson, Inc issued 100,000 shares of its $10 par common stock at $11 per share During the current year, Wilson acquired

At its date of incorporation, Wilson, Inc issued 100,000 shares of its $10 par common stock at $11 per share During the current year, Wilson acquired 20,000 shares of its common stock at a price of $16 per share and accounted for them by the cost method Subsequently, these shares were reissued at a price of $12 per share There have been no other issuances or acquisitions of its own common stock What effect does the reissuance of the stock have on the following accounts?
Retained Earnings |Additional Paid-in Capital
A Decrease | No effect
B Decrease |Decrease
C No effect | No effect
D No effect |Decrease
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Antidilutive securities A include stock options and warrants whose exercise price is less than the average market price of common stock.

Antidilutive securities
A include stock options and warrants whose exercise price is less than the average market price of common stock.
B should be included in the computation of diluted earnings per share but NOT basic earnings per share.
C should be ignored in all earnings per share calculations.
D are those whose inclusion in earnings per share computations would cause basic earnings per share to exceed diluted earnings per share.
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In computing earnings per share, the equivalent number of shares of convertible preferred stock are added as an adjustment to the denominator

In computing earnings per share, the equivalent number of shares of convertible preferred stock are added as an adjustment to the denominator (number of shares outstanding)If the preferred stock is cumulative, which amount should then be added as an adjustment to the numerator (net earnings)?
AAnnual preferred dividend times the income tax rate
BAnnual preferred dividend
CAnnual preferred dividend divided by the income tax rate
DAnnual preferred dividend times (one minus the income tax rate)
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When computing diluted earnings per share, convertible bonds are assumed converted only if they are antidilutive ignored assumed converted dilutive

When computing diluted earnings per share, convertible bonds are

A assumed converted only if they are antidilutive.

B ignored.

C assumed converted only if they are dilutive.

D assumed converted whether they are dilutive or antidilutive

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When treasury stock is purchased for more than the par value of the stock and the cost method is used to account for treasury stock

When treasury stock is purchased for more than the par value of the stock and the cost method is used to account for treasury stock, what account(s) should be debited?
A Treasury stock for the purchase price.
B Treasury stock for the par value and paid-in capital in excess of par for the excess of the purchase price over the par value.
C Treasury stock for the par value and retained earnings for the excess of the purchase price over the par value.
D Paid-in capital in excess of par for the purchase price
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Treasury shares are A issued and outstanding shares. B shares held as an investment by the treasurer of the corporation. C issued but NOT outsta

Treasury shares are
A issued and outstanding shares.
B shares held as an investment by the treasurer of the corporation.
C issued but NOT outstanding shares.
D shares held as an investment of the corporation

Acc/423 Acc423 Intermediate financial accounting iii final exam


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How should a "gain" from the sale of treasury stock be reflected when using the cost method of recording treasury stock transactions

How should a "gain" from the sale of treasury stock be reflected when using the cost method of recording treasury stock transactions?
A As an increase in the amount shown for common stock.
B As paid-in capital from treasury stock transactions.
C As an extraordinary item shown on the income statement.
D As ordinary earnings shown on the income statement.
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Which of the following represents the total number of shares that a corporation may issue under the terms of its charter

Which of the following represents the total number of shares that a corporation may issue under the terms of its charter?

A unissued shares

B issued shares

C outstanding shares

D authorized shares

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The accounting problem in a lump sum issuance is the allocation of proceeds between the classes of securities An acceptable method of allocation is

The accounting problem in a lump sum issuance is the allocation of proceeds between the classes of securities An acceptable method of allocation is the
A incremental method.
B proportional method.
C either the proportional method or the incremental method.
D pro forma method.


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When a corporation issues its capital stock in payment for services, the least appropriate basis for recording the transaction is the

When a corporation issues its capital stock in payment for services, the least appropriate basis for recording the transaction is the
A market value of the shares issued.
B par value of the shares issued.
C Any of these provides an appropriate basis for recording the transaction.
D market value of the services received.
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When convertible debt is retired by the issuer, any material difference between the cash acquisition price and the carrying amount of the debt should

When convertible debt is retired by the issuer, any material difference between the cash acquisition price and the carrying amount of the debt should be
A treated as a prior period adjustment.
B reflected currently in income as an extraordinary item.
C treated as an adjustment of additional paid-in capital.
D reflected currently in income, but NOT as an extraordinary item.
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The conversion of preferred stock into common stock requires that any excess of the par value of the common shares issued over the carrying amount of the preferred being converted should

The conversion of preferred stock into common stock requires that any excess of the par value of the common shares issued over the carrying amount of the preferred being converted should be
A treated as a prior period adjustment.
B reflected currently in income as an extraordinary item.
C treated as a direct reduction of retained earnings.
D reflected currently in income, but NOT as an extraordinary item.
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When the cash proceeds from a bond issued with detachable stock warrants exceed the sum of the par value of the bonds and the fair market value

When the cash proceeds from a bond issued with detachable stock warrants exceed the sum of the par value of the bonds and the fair market value of the warrants, the excess should be credited to
A a liability account.
B retained earnings.
C premium on bonds payable.
D additional paid-in capital from stock warrants.
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All of the following costs should be charged against revenue in the period in which costs are incurred EXCEPT for

All of the following costs should be charged against revenue in the period in which costs are incurred EXCEPT for
A.manufacturing overhead costs for a product manufactured and sold in the same accounting period
B.costs of normal shrinkage and scrap incurred for the manufacture of a product in ending inventory
C.costs from idle manufacturing capacity resulting from an unexpected plant shutdown
D.costs which will NOT benefit any future period

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Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of goods sold computed when inventory is valued using

Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of goods sold computed when inventory is valued using the FIFO method exceeds cost of goods sold when inventory is valued using the LIFO method?
A.Prices decreased
B.Price trend cannot be determined from information given
C.Prices increased
D.Prices remained unchanged

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Which method of inventory pricing best approximates specific identification of the actual flow of costs and units in most manufacturing situations

Which method of inventory pricing best approximates specific identification of the actual flow of costs and units in most manufacturing situations?
A.Average cost
B.Base stock
C.Last-in, first-out
D.First-in, first-out

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If the beginning inventory for 2006 is overstated, the effects of this error on cost of goods sold for 2006, net income for 2006, and assets December

If the beginning inventory for 2006 is overstated, the effects of this error on cost of goods sold for 2006, net income for 2006, and assets at December 31, 2007, respectively, are
A.overstatement, understatement, overstatement
B.understatement, overstatement, no effect
C.understatement, overstatement, overstatement
D.overstatement, understatement, no effect

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Valuation of inventories requires the deter¬mination of all of the following EXCEPT

Valuation of inventories requires the deter¬mination of all of the following EXCEPT
A.the costs to be included in inventory
B.the cost flow assumption to be adopted
C.the cost of goods held on consign¬ment from other companies
D.the physical goods to be included in inventory

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The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inven¬tory results in

The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inven¬tory results in
A.an overstatement of assets and net income
B.an understatement of liabilities and an overstatement of owners' equity
C.an understatement of cost of goods sold and liabilities and an overstatement of assets
D.an understatement of assets and net income

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Which of the following methods of determining annual bad debt expense best achieves the matching concept

Which of the following methods of determining annual bad debt expense best achieves the matching concept?
A.Percentage of average accounts receivable
B.Direct write-off
C.Percentage of sales
D.Percentage of ending accounts receivable

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If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as

If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as
A.a deduction from accounts receivable in determining the net realizable value of accounts receivable
B.sales discounts forfeited in the cost of goods sold section of the income statement
C.a deduction from sales in the income statement
D.an item of "other expense" in the income statement

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Which of the following is a generally accepted method of determining the amount of the adjustment to bad debt expense

Which of the following is a generally accepted method of determining the amount of the adjustment to bad debt expense?
A.A percentage of accounts receivable NOT adjusted for the balance in the allowance
B.An amount derived from aging accounts receivable and NOT adjusted for the balance in the allowance
C.A percentage of sales adjusted for the balance in the allowance
D.A percentage of sales NOT adjusted for the balance in the allowance

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Which of the following items should NOT be included in the Cash caption on the balance sheet

3) Which of the following items should NOT be included in the Cash caption on the balance sheet?
A.Amounts on deposit in checking account at the bank
B.Postage stamps on hand
C.Coins and currency in the cash register
D.Checks from other parties presently in the cash register

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Which of the following is considered cash

2) Which of the following is considered cash?
A.Money market savings certificates
B.Postdated checks
C.Certificates of deposit (CDs)
D.Money market checking accounts

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Which of the following is NOT considered cash for financial reporting purposes

1) Which of the following is NOT considered cash for financial reporting purposes?
A.Coin, currency, and available funds
B.Postdated checks and I.O.U.'s
C.Petty cash funds and change funds
D.Money orders, certified checks, and personal checks

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ACC422 Acc/422 Acc 422 intermediate financial accounting Final quiz.

ACC422 Acc/422 Acc 422 intermediate financial accounting Final quiz.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007). Intermediate Accounting (12th ed.). Hoboken, NJ: John Wiley & Sons

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Which of the following statements best represents what finance is about?

Which of the following statements best represents what finance is about?
a. How political, social, and economic forces affect corporations
b. Maximizing profits
c. Creation and maintenance of economic wealth
d. Reducing Risk

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Capital markets in foreign countries in general are becoming more integrated due to the widespread availability of interest rate and currency swaps

Capital markets in foreign countries in general are becoming more integrated due to the widespread availability of interest rate and currency swaps

True or False

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Foreign currency forward rates aid traders by reducing uncertainty regarding future market fluctuations

Foreign currency forward rates aid traders by reducing uncertainty regarding future market fluctuations

True or False

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The efficiency of foreign currency markets is ensured, in large measure, by the process of arbitrageurs

The efficiency of foreign currency markets is ensured, in large measure, by the process of arbitrageurs

True or False

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The foreign exchange market is similar in form to the New York Stock Exchange

The foreign exchange market is similar in form to the New York Stock Exchange

True or False

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Compared with other developed countries, the U.S. is particularly reliant on foreign trade for self-subsistence

Compared with other developed countries, the U.S. is particularly reliant on foreign trade for self-subsistence

True or False

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The nature of a firm's assets has a major influence on the types of financial capital a firm uses

The nature of a firm's assets has a major influence on the types of financial capital a firm uses

True or False

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Real assets should be financed with temporary capital due to the short-term nature of depreciation expense

Real assets should be financed with temporary capital due to the short-term nature of depreciation expense

True or False

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Financial structure includes long-term and short-term sources of funds.

Financial structure includes long-term and short-term sources of funds.

True or False

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The firm financed completely with equity capital has a cost of capital equal to the required return on common stock

The firm financed completely with equity capital has a cost of capital equal to the required return on common stock

True or False

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The weighted average cost of capital is the minimum required return that must be earned on additional investment if firm value is to remain unchanged

The weighted average cost of capital is the minimum required return that must be earned on additional investment if firm value is to remain unchanged

True or False

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Sales captured from the firm's competitors can be relevant to the capital-budgeting decision.

Sales captured from the firm's competitors can be relevant to the capital-budgeting decision.

True or False

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Working capital for a project includes investment in fixed assets.

Working capital for a project includes investment in fixed assets.

True or False

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Accounts receivable are an asset that reflects sales made on credit

Accounts receivable are an asset that reflects sales made on credit

True or False

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Because they operate within a highly uncertain environment, utilities hold a large percentage of their total assets in cash

Because they operate within a highly uncertain environment, utilities hold a large percentage of their total assets in cash

True or False

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The hedging principle involves matching the cash flow from an asset with the cash flow requirements of the financing used

The hedging principle involves matching the cash flow from an asset with the cash flow requirements of the financing used

True or False

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Whenever the IRR on a project equals that project's required rate of return, the NPV equals zero

Whenever the IRR on a project equals that project's required rate of return, the NPV equals zero

True or False

Download answers to FIN 370 - Final Exam

As the volume of production increases, the fixed cost per unit of the product decreases

As the volume of production increases, the fixed cost per unit of the product decreases

True or False

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The present value of an annuity increases as the discount rate increases

The present value of an annuity increases as the discount rate increases

True or False

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The key ingredient in a firm's financial planning is the sales forecast.

The key ingredient in a firm's financial planning is the sales forecast.

True or False

Download answers to FIN 370 - Final Exam

Sales occurring in the secondary markets increase the total stock of financial assets that exist in the economy.

Sales occurring in the secondary markets increase the total stock of financial assets that exist in the economy.

True or False

Download answers to FIN 370 - Final Exam

The current ratio and the acid test ratio are both measures of financial leverage.

2. The current ratio and the acid test ratio are both measures of financial leverage.

True or False

Download answers to FIN 370 - Final Exam

Financial management is concerned with the maintenance and creation of wealth

Financial management is concerned with the maintenance and creation of wealth

True or False

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Which of the following statements about listing on a stock exchange is most CORRECT?

Which of the following statements about listing on a stock exchange is most CORRECT?
A) Listing is a decision of more significance to a firm than going public.
B) Any firm can be listed on the NYSE as long as it pays the listing fee.
C) Listing provides a company with some "free" advertising, and it may enhance the firm's prestige and help it do more business.
D) Listing reduces the reporting requirements for firms, because listed firms file reports with the exchange rather than with the SEC.
E) The OTC is the second largest market for listed stock, and it is exceeded only by the NYSE.

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Which of the following is generally NOT true and an advantage of going public?

Which of the following is generally NOT true and an advantage of going public?
A) Facilitates stockholder diversification.
B) Increases the liquidity of the firm's stock.
C) Makes it easier to obtain new equity capital.
D) Establishes a market value for the firm.
E) Makes it easier for owner-managers to engage in profitable self-dealings.

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Suppose a company issued 30-year bonds 4 years ago, when the yield curve was inverted. Since then long-term rates (10 years or longer) have remainedSu

Suppose a company issued 30-year bonds 4 years ago, when the yield curve was inverted. Since then long-term rates (10 years or longer) have remained constant, but the yield curve has resumed its normal upward slope. Under such conditions, a bond refunding would almost certainly be profitable.
A) True
B) False

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The term “equity carve-out” refers to the situation where a firm’s managers give themselves the right to purchase new stock at a price far below

The term “equity carve-out” refers to the situation where a firm’s managers give themselves the right to purchase new stock at a price far below the going market price. Since this dilutes the value of the public stockholders, it “carves out” some of their value.
A) True
B) False

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The term “leaving money on the table” refers to the situation where an investment banking house makes a very low bid for the right to underwrite

The term “leaving money on the table” refers to the situation where an investment banking house makes a very low bid for the right to underwrite a firm’s new stock offering. The banker is, in effect, “buying the job” with the low bid and thus not getting all the money his firm would normally earn on the job.
A) True
B) False

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The cost of meeting SEC and possibly additional state reporting requirements regarding disclosure of financial information, the danger losing control

The cost of meeting SEC and possibly additional state reporting requirements regarding disclosure of financial information, the danger of losing control, and the possibility of an inactive market and an attendant low stock price are potential disadvantages of going public.
A) True
B) False

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One implication of the bird-in-the-hand theory of dividends is that a given reduction in dividend yield must be offset by a more than proportionate

One implication of the bird-in-the-hand theory of dividends is that a given reduction in dividend yield must be offset by a more than proportionate increase in growth in order to keep a firm's required return constant, other things held constant.
A) True
B) False

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Underlying the dividend irrelevance theory proposed by Miller and Modigliani is their argument that the value of the firm is determined

Underlying the dividend irrelevance theory proposed by Miller and Modigliani is their argument that the value of the firm is determined only by its basic earning power and its business risk.
A) True
B) False

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DP Co. has a capital budget of $2,000,000. The company wants to maintain a target capital structure that is 35% debt and 65% equity

D&P Co. has a capital budget of $2,000,000. The company wants to maintain a target capital structure that is 35% debt and 65% equity. The company forecasts that its net income this year will be $1,800,000. If the company follows a residual dividend policy, what will be its total dividend payment?
A) $100,000
B) $200,000
C) $300,000
D) $400,000
E) $500,000

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P D Co. has a capital budget of $1,000,000. The company wants to maintain a target capital structure which is 30% debt and 70% equity

P&D Co. has a capital budget of $1,000,000. The company wants to maintain a target capital structure which is 30% debt and 70% equity. The company forecasts that its net income this year will be $800,000. If the company follows a residual dividend policy, what will be its total dividend payment?
A) $100,000
B) $200,000
C) $300,000
D) $400,000
E) $500,000
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Blease Inc. has a capital budget of $625,000, and it wants to maintain a target capital structure of 60% debt and 40% equity

Blease Inc. has a capital budget of $625,000, and it wants to maintain a target capital structure of 60% debt and 40% equity. The company forecasts a net income of $475,000. If it follows the residual dividend policy, what is its forecasted dividend payout ratio?
A) 40.61%
B) 42.75%
C) 45.00%
D) 47.37%
E) 49.74%

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Brammer Corp.'s projected capital budget is $1,000,000, its target capital structure is 60% debt and 40% equity and its forecasted net income $550,000

Brammer Corp.'s projected capital budget is $1,000,000, its target capital structure is 60% debt and 40% equity, and its forecasted net income is $550,000. If the company follows a residual dividend policy, what total dividends, if any, will it pay out?
A) $122,176
B) $128,606
C) $135,375
D) $142,500
E) $150,000

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Which of the following statements concerning capital structure theory is NOT CORRECT?

Which of the following statements concerning capital structure theory is NOT CORRECT?
A) The major contribution of Miller's theory is that it demonstrates that personal taxes decrease the value of using corporate debt.
B) Under MM with zero taxes, financial leverage has no effect on a firm’s value.
C) Under MM with corporate taxes, the value of a levered firm exceeds the value of the unlevered firm by the product of the tax rate times the market value dollar amount of debt.
D) Under MM with corporate taxes, rs increases with leverage, and this increase exactly offsets the tax benefits of debt financing.
E) Under MM with corporate taxes, the effect of business risk is automatically incorporated because rsL is a function of rsU.

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The major contribution of the Miller model is that it demonstrates that

The major contribution of the Miller model is that it demonstrates that

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MM showed that in a world without taxes, a firm’s value is not affected by its capital structure

MM showed that in a world without taxes, a firm’s value is not affected by its capital structure

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MM showed that in a world with taxes, a firm’s optimal capital structure would be almost 100% debt

MM showed that in a world with taxes, a firm’s optimal capital structure would be almost 100% debt.
A) True
B) False

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According to MM, in a world without taxes the optimal capital structure for a firm is approximately 100% debt financing.

According to MM, in a world without taxes the optimal capital structure for a firm is approximately 100% debt financing.

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In a world with no taxes, MM show that a firm’s capital structure does not affect the firm’s value.

In a world with no taxes, MM show that a firm’s capital structure does not affect the firm’s value. However, when taxes are considered, MM show a positive relationship between debt and value, i.e., its value rises as its debt is increased


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Which of the following statements is CORRECT, holding other things constant

Which of the following statements is CORRECT, holding other things constant

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The percentage change in net operating income will be

If debt financing is used, which of the following is CORRECT?
A) The percentage change in net operating income will be greater than a given percentage change in net income.
B) The percentage change in net operating income will be equal to a given percentage change in net income.
C) The percentage change in net income relative to the percentage change in net operating income will depend on the interest rate charged on debt.

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As the text indicates, a firm's financial risk has identifiable market risk and diversifiable risk components

As the text indicates, a firm's financial risk has identifiable market risk and diversifiable risk components

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Financial risk refers to the extra risk stockholders bear as a result of using debt as compared with the risk they would bear if no debt were used

Financial risk refers to the extra risk stockholders bear as a result of using debt as compared with the risk they would bear if no debt were used

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A firm's business risk is largely determined by the financial characteristics of its industry, especially by the amount of debt the average firm

A firm's business risk is largely determined by the financial characteristics of its industry, especially by the amount of debt the average firm in the industry uses.
A) True
B) False

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Different borrowers have different risks of bankruptcy, and bankruptcy is costly to lenders.

Different borrowers have different risks of bankruptcy, and bankruptcy is costly to lenders. Therefore, lenders charge higher rates to borrowers judged to be more at risk of going bankrupt

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Acc225 acc/255 Acc 255 Final Project: Comprehensive Problem-Perpetual

Complete the Comprehensive Problem-Perpetual. In this project, follow the steps of the accounting cycle to process given transactions in a business environment. Then, synthesize special journals, a trial balance, financial statements, and a post-closing trial balance.

Use the spreadsheet in Appendix C available on the student web page to complete the problems. Be sure to use the tabs labeled P07C and Given P07C.

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gambler plays roulette and makes a $1 bet on four numbers, 1000 times

1.A gambler plays roulette, and makes a $1 bet on four numbers, 1000 times. The bet pays 8 to 1. We are interested in finding the chance that the casino will make less than $300 from these plays. The expected value for the gambler's net gain is: $-18.75 $-22.66 $-16 $-25 $-52.63

2. A gambler plays roulette, and makes a $1 bet on four numbers, 1000 times. The bet pays 8 to 1. We are interested in finding the chance that the casino will make less than $300 from these plays. The SE for the gambler's net gain is: $2.76 $8.39 $87.34 $9.69 $67.93

3. A gambler plays roulette, and makes a $1 bet on four numbers, 1000 times. The bet pays 8 to 1. We are interested in finding the chance that the casino will make less than $300 from these plays. The chance that the gambler will win between $0 and $5 is about: 3.28% 48.43% 46.79% 1.64% 0.44%

4. A large group of people get together. Each one rolls a die 200 times, and counts the number of 4s. About what percentage of these people should get counts in the range 20 to 40? 45% 55% 88.90% 93% 78.87%


5. Find the probability that three cards are drawn from a deck, and you get two sixes, followed by a queen. 2/204 1/11050 8/16575 25/1352 None of these



6. A die is tossed, and you win $1 if you get more than 30% 6s. How many tosses should you make? 10 100


7. If drawing two cards from a deck, find the probability that the second card is the 4 of hearts, given that the first card is black. 1/52 1/51 4/51 1/2652 None of these



8. The law of averages says that after many tosses of a regular die, the difference between the expected number of threes, and the observed number of threes, will be close to 0. True False



9. A coin is tossed 80 times. Find the chance you get 35 heads.

12% 34.73% 45.15% 5.30% None of these



10. Empirical histograms converge toward the probability histogram as the number of repetitions increase. True False


11. Empirical histograms are based on observational values. True False


12. When the sample is large, the bias can be eliminated. True False

13. Quota sampling is a probability method. True False

14. A statistic can be computed from the sample and used to estimate a parameter. True False

15. In a probability method, the interviews have no discretion at all as to whom they interview. True False

16. Use the following information for #s 16 – 18. A “wheel of fortune” is spun. The wheel is shaped like a circle sectioned into 6 pie pieces. 2 of the spaces are red, 1 space is yellow, 2 are blue, and 1 is black. The pointer is as likely to stop on one segment as any other segment when the wheel is spun. If the pointer lands on red, you win $3, if it lands on any other color, you lose $2. Find your expected net gain after 200 plays. $-66.67 $-40 $50 $200 none of these

17. A “wheel of fortune” is spun. The wheel is shaped like a circle sectioned into 6 pie pieces. 2 of the spaces are red, 1 space is yellow, 2 are blue, and 1 is black. The pointer is as likely to stop on one segment as any other segment when the wheel is spun. If the pointer lands on red, you win $3, if it lands on any other color, you lose $2. Find the SE for the sum of the 200 draws. $48 $40 $200 $33.33 none of these


18. A “wheel of fortune” is spun. The wheel is shaped like a circle sectioned into 6 pie pieces. 2 of the spaces are red, 1 space is yellow, 2 are blue, and 1 is black. The pointer is as likely to stop on one segment as any other segment when the wheel is spun. If the pointer lands on red, you win $3, if it lands on any other color, you lose $2. What was the SD of the box model? 5 6.91 2 2.36 none of these



19. For #s 19- 21, use the following information: A gambler plays roulette, and makes a $1 bet on a pair of numbers, 4000 times. The bet pays 17 to 1, and it covers two numbers. We are interested in finding the chance that the casino will make less than $300 from these plays. Find the amount of money the casino is expected to make. $33.33 $66.67 $210.53 $157.63 None of these



20. A gambler plays roulette, and makes a $1 bet on a pair of numbers, 4000 times. The bet pays 17 to 1, and it covers two numbers. We are interested in finding the chance that the casino will make less than $300 from these plays. Find the standard error for the sum. $254.21 $56.76 $35.90 $4.71 none of these




21. A gambler plays roulette, and makes a $1 bet on a pair of numbers, 4000 times. The bet pays 17 to 1, and it covers two numbers. We are interested in finding the chance that the casino will make less than $300 from these plays. Find the chance the casino will make less than $300 from these plays. 83.85% 27.37% 36.32% 63.69% none of these



22. Find the chance that if you toss a pair of dice, you get 4 for the sum.
1/6 1/3 1/12 1/2 None of these



23. Use the following to answer #s 23-25. Consider a box containing 7 blue, 18 red, and 16 orange marbles. When drawing two marbles without replacement, the chance of drawing a blue, and then an orange is: 14/205 15/38 15/247 112/1681 1/15


24. Consider a box containing 7 blue, 18 red, and 16 orange marbles. Find the chance that both draws are orange. 256/1681 225/1681 6/41 35/247 None of these

25. Consider a box containing 7 blue, 18 red, and 16 orange marbles. Find the chance that neither draws are orange. 92/247 64/169 225/1681 15/41 None of these


26. A die is rolled three times. Find the chance that not all the rolls show 3 or more spots. 1/27 19/27 1/8 665/729 none of these


27. Find the probability that two cards are drawn from a deck, and you get a heart, followed by the ace of spades. 1/663 1/78 1/51 1/204 none of these

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