Investment managers develop portfolios of different investments to combine, offset, and thereby reduce overall risk. Not all risks can be eliminated by development of a portfolio. Risks that cannot be eliminated through a portfolio are called:
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1 .Pann, a nongovernmental not-for-profit organization, provides food and shelter to the homeless. Pann received a USD15,000 gift with the stipulation that the funds be used to buy beds. In which net asset class should Pann report the contribution?
A Endowment. B Permanently restricted C Temporarily restricted. D Unrestricted.
2 .Which of the following costs are inversely related to each other?
A Preventative maintenance costs and rework costs. B Warranty costs and liability claims. C Employee training costs and inspection expenses. D Inspection expenses and redesign of product expenses.
3 .A statement of financial position for a nongovernmental not-for-profit organization reports amounts for which of the following classes of net assets?
A Long-term. B Temporarily unrestricted. C Current. D Permanently restricted.
4 .Which of the following techniques effectively measures improvements in product quality as a result of internal failure costs?
A Inspection of in-process goods. B Tracking warranty expenses over time. C Tracking the number of products reworked. D Recording the number of products returned over time.
5 .Which of the following is the minimum reporting requirement for a company that is preparing its first IFRS financial statements?
A Two statements of financial position. B One statement of cash flows. C Three statements of financial position. D One statement of comprehensive income.
7 .In a sale-leaseback transaction accounted for under IFRS, a gain resulting from the sale should be deferred at the time of the sale-leaseback and subsequently amortized when:I. The seller-lessee accounts for the lease as a finance lease.II. The seller-lessee accounts for the lease as an operating lease and the sales price equals fair value.III. The seller-lessee accounts for the lease as an operating lease and the sales price is above fair value.IV. The seller-lessee accounts for the lease as an operating lease and the sales price is below fair value.
A I, III, and IV. B II, III, and IV. C I only. D I and III.
8 .What is the effect when a foreign competitor's currency becomes weaker compared to the U.S. dollar?
A It is better for the U.S. company when the value of the U.S. dollar strengthens. B The foreign company will have an advantage in the U.S. market. C The fluctuation in the foreign currency's exchange rate has no effect on the U.S. company's sales or cost of goods sold. D The foreign company will be...
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A Is the exchange nontaxable? B Does the book value of the asset given up exceed the fair value of the asset received? C Are the future cash flows expected to change significantly as a result of the exchange? D Is the gain on the exchange less than the increase in future cash flows?
10 .A company currently has 1,000 shares of common stock outstanding with zero debt. It has the choice of raising an additional USD100,000 by issuing 9% long-term debt, or issuing 500 shares of common stock. The company has a 40% tax rate. What level of earnings before interest and taxes (EBIT) would result in the same earnings per share (EPS) for the two financing options?
A An EBIT of USD18,000 would result in EPS of USD7.20 for both. B An EBIT of USD10,800 would result in EPS of USD7.92 for both. C An EBIT of USD27,000 would result in EPS of USD10.80 for both. D An EBIT of USD27,000 would result in EPS of USD7.20 for both.
