Which of the following bodies has the authority to suspend or revoke a CPA's license for acts discreditable to the profession?
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1 .A company has a required rate of return of15% for five potential projects. The company has a maximum of USD500,000available for investment and cannot raise any capital. Details about the fiveprojects are as follows: Project Initial outlay Net present value at 15% Internal rate of return 1 USD500,000 USD125,000 23% 2 250,000 75,000 17% 3 150,000 25,000 35% 4 100,000 50,000 25% 5 150,000 50,000 25% The company should choose which of the following projects?
A Projects 3, 4, and 5 only. B Project 1 only. C Projects 2, 4, and 5 only. D Projects 2, 3, and 4 only.
2 .A civil fraud penalty can be imposed on a corporation that underpays tax by:
A Filing an incomplete return with an appended statement, making clear that the return is incomplete. B Omitting income as a result of inadequate recordkeeping. C Maintaining false records and reporting fictitious transactions to minimize corporate tax liability. D Failing to report income it errone...
3 .A firm that designs its cost structure to include a higher degree of operating fixed costs than variable costs by electing to pay salaries instead of commissions, is magnifying the impact of each additional sales dollar using the concept of:
A Operating leverage. B Fixed leverage. C Financial leverage. D Combined leverage.
4 .Which of the following statements is correct for disciplinary action by the AICPA and state CPA societies?
A The AICPA and state CPA societies can sanction their members and, in addition, can suspend or permanently revoke a CPA's license. B The Joint Trial Board of the AICPA can expel a member by majority vote. C The AICPA cannot suspend or terminate membership for failure to pay dues but can suspend or ...
5 .The target capital structure of Traggle Co. is 50% debt, 10% preferred equity, and 40% common equity. The interest rate on debt is 6%, the yield on the preferred is 7%, the cost of common equity is 11.5%, and the tax rate is 40%. Traggle does not anticipate issuing any new stock. What is Traggle's weighted-average cost of capital?
A 7.10% B 6.77% C 6.50% D 8.30%
7 .Larson Corp. issued USD20 million of long-term debt in the current year. What is a major advantage to Larson with the debt issuance?
A The increased financial risk resulting from the use of the debt. B The reduced earnings per share possible through financial leverage. C The relatively low after-tax cost due to the interest deduction. D The reduction of Larson's control over the company.
8 .Under the Sarbanes-Oxley Act of 2002, which of the following statements is correct regarding an issuer's audit committee financial expert?
A If an issuer does not have an audit committee financial expert, the issuer must disclose the reason why the role is not filled. B The issuer must fill the role with an individual who has experience in the issuer's industry. C The issuer's current outside CPA firm's audit partner must be the audit ...
9 .Youngsten Electric is contemplating new projects for the next year that will require USD30,000,000 of new financing. In keeping with its capital structure, Youngsten plans to use debt & equity financing as follows:? Issue USD10,000,000 of 20-year bonds at a price of 101.5, with a coupon of 10%, and flotation costs of 2.5% of par value.? Use internal funds generated from earnings of USD20,000,000.The equity market is expected to earn 15%. U.S. treasury bonds currently are yielding 9%. The beta coefficient for Youngsten's common stock is estimated to be 0.8. Youngsten is subject to a 40% corporate income tax rate. Youngsten has a price/earnings ratio of 10, a constant dividend payout ratio of 40%, and an expected growth rate of 12%.Assume Youngsten has an after-tax cost of debt of 9% and an after-tax cost of equity of 15%. Youngsten's weighted average cost of capital is:
A 13.0% B 11.0% C 11.8% D 12.0%
10 .The Sarbanes-Oxley Act of 2002 requires that the officers of a corporation be held accountable to a code of ethics. According to the Act, codifications of ethical standards should include provisions for all of the following, except:
A Honest and ethical conduct. B Full, fair, accurate, and timely disclosure in periodic financial statements. C Prompt internal reporting of code provisions and accountability for adherence to the code. D Compliance with laws, rules, and regulations.
