单选题Craig Loomis, a credit analyst with Shawnee Financial Group, has been asked to assess the operational efficiency of Leuexa Company. Loomis calculates the following ratios from data gathered from Lenexa' s annual report: Total debt $14500000 Revenues $ 35200000 Earnings before interest and taxes $ 6125000 Depreciation and amortization $ 1675000 Interest expense $ 2200000 According to the financial footnotes, Lenexa is a lessee in an operating lease arrangement for manufacturing equipment. The discounted present value of the lease payments is $ 6000000 using an interest rate of 10 percent. The annual payment is $1000000. Only considering the above data, determine which ratio best measures operational efficiency and calculate the adjusted measure for the appropriate analytical treatment of the lease. Operational efficiency Adjusted measure ①A. EBITDA margin 25.0% ②B. EBITDA margin 17.4% ③C. EBITDA/Interest expense 4.0 times

单选题Which one of the following most accurately describes the normal sequence of a business cycle?（ ）

单选题Medium of exchange can be defined as: A. an asset that will allow people to transfer purchasing power form one period to the next. B. an asset that can be easily and quickly converted to purchasing power without loss of value. C. an asset that is used to buy and sell goods or services.

单选题A period when an economy is experiencing substantial inflation and either a declining or slow rate of growth in output is called: A. deflation. B. stagflation. C. depression.

单选题An analyst does research on the reclassification of non-current assets. A company reclassifies a non-current asset from held-for-use to held-for-sale. At that time, the asset's carrying value is greater than its fair value less costs to sell, and the company most likely recognizes: A. a gain. B. a loss. C. neither a loss nor a gain.

单选题A portfolio manager is analyzing a $2000000 venture capital investment. If the project succeeds until the end of the sixth year, the net present value (NPV) of the project is $ 6587000. The project has a 32. 69 percent probability of surviving to the end of the sixth year. The expected NPV of the project is:

单选题An investor purchases a bond for $989.00. After 180 days the investor receives an interest payment of $ 25.10 and sells the bond for $1036.40. The investor's effective annual yield is closest to: A. 14.66% B. 15.20% C. 15.42%

单选题In any given year, the chance of a good year is 40 percent, an average year is 35 percent, and the chance of a bad year is 25 percent. What is the probability of having two good years in a row? A. 16.00%. B. 10.00%. C. 8.75%.

单选题Which of the following statements is TRUE? Income tax expense（ ）

单选题Which of the following statements regarding a fixed-for-fixed currency swap of euros for British pounds is FALSE? A. The notional principal amounts, adjusted for exchange rate changes, are exchanged at the termination of the swap. B. One party makes certain payments in Euros and one party makes certain payments in British pounds. C. The periodic payments are not netted, both payments are always made.

单选题An analyst does research about the difference between International Financial Reporting Standards (IFRS) and U. S. Generally Accepted Accounting Principles (GAAP). In contrast to U. S. GAAP, which of the following is NOT permitted under IFRS? A. Amortization of goodwill. B. Use of the revaluation model. C. Using the last-in, first-out (LIFO) method.

单选题The type of business organization that can survive the death of an owner and subjects its owners to unlimited liability is a:

单选题Advisors, Inc. , is in the process of adopting the Global Investment Performance Standards (GIPS). The managers of the firm are combining the results of fee - paying discretionary portfolios into composites for reporting purposes. For purpose of comparison, each fee - paying discretionary portfolio must be included in at least: A. two composites. B. one composite. C. three composites.

单选题Which of the following statements about nonrecurring item is least accurate?

单选题Which of the following is least likely to be the result of a minimum wage? A. Unemployment will rise. B. There will be an abundance of low-skilled workers willing to work. C. Labor will be substituted for capital.

单选题Which of the following statements is a key characteristic of the Global Investment Performance Standards (GIPS)? The GIPS standards: A. rely on the integrity of input data. B. consist of required provisions for firms to follow to achieve best practice. C. must be applied with the goal of achieving excellence in performance presentation.

单选题Victor Marginn, CFA, is a highly regarded portfolio manager for Atlantic Advisors (AA), a midsized mutual fund firm. He has watched the hedge fund boom and on numerous occasions pushed his firm to create such a fund. Senior management has refused to commit resources to the area. Frustrated by the inaction, and attracted by the higher fees associated with hedge funds, Victor and several other employees organize a hedge fund in the non-work hours. Victor is careful to work on the fund only on her own time. Because AA management thinks that hedge funds are a fad, he does not inform his supervisor about the hedge fund. According to the Standards of Practice Handbook, Victor least likely violated the Standard relating to:

单选题Under the International Accounting Standards Boards (IASBs) Conceptual Framework, one of the qualitative characteristics of useful financial information is that different knowledgeable users would agree that the information is a faithful representation of the economic events that it is intended to represent

单选题Which of the following statements about Treasury Inflation Protected Securities (TIPS) is least accurate?（ ）

单选题Which of the following statements is least likely to be a tool available to central banks for implementing monetary policy?