单选题Which of the following bonds is most likely to trade at a lower price relative to an otherwise identical option-free bond?
单选题Use the following data for Questions.
Bentlom Company"s common sized financial statements show that:
Earnings after taxes 15 %
Current liabilities 20%
Equity 45 %
Sales $ 800
Cash 10%
Total assets $ 2000
Accounts receivable 15%
Inventory. 20%
单选题When a commodity market is in contango, the roll yield is most likely:
单选题Rajiv Moulin, an economist at the Central Bank of New Delhi , was asked to calculate a consumer price index (CPI). He was provided the data below for a basket of goods for a recent one-year period:
单选题Which of the following is a violation of Standard Ⅱ (B) , Market Manipulation? A. Implementing a trading strategy to exploit differences in market power and information. B. Selling a security and immediately purchasing a similar security in order to minimize income tax liability. C. Overstating an earnings projection in order to increase the price of a stock.
单选题When calculating earnings per share (EPS) for firms with complex capital structures, convertible bonds are ordinarily considered to be:
单选题An appropriate cash management strategy for a company that has a seasonally high need for cash prior to the holiday shopping season would least likely include: A. borrowing funds though a bank line of credit. B. investing in U.S. Treasury notes at other times of the year because they are highly liquid. C. allowing short-term securities to mature without reinvestment.
单选题All of the following are advantages of using price/sales (P/S) multiple EXCEPT: A. Sales figures are not as easy to manipulate as earnings and book value, which are significantly affected by accounting conventions. B. P/S multiples are more reliable because sales data cannot be distorted by management. C. P/S multiples provide a meaningful framework for evaluating distressed firms.
单选题The following information is available for a manufacturing company:
$ Millions
Cost of ending inventory computed using FIFO
4
单选题United Corporation and Intrepid Company are similar firms operating in the same industry. United follows U.S. Generally Accepted Accounting Principles and Intrepid follows International Financial Reporting Standards. At the end of last year, Intrepid had a higher inventory turnover ratio than Intrepid. Are the following plausible explanations for the difference? Explanation 1: United accounts for its inventory using the first-in, first-out method and Intrepid uses the last-in, first-out method. Explanation 2: United recognized an upward valuation of inventory that had been previously written down. Intrepid does not revalue its inventory upward. Explanation 1 Explanation 2 ① No Yes ② Yes No ③ No No
单选题Which of the following about a company using the percentage of completion accounting method for long-term contracts, compared to company that uses the completed contract method is FALSE?（ ）
单选题Given the following estimated financial results, value the stock of Fish Chips, Inc. , using the infinite period dividend discount model (DDM).
Sales of $1000000
Earnings of $150000
Total assets of $800000
Equity of $400000
Dividend payout ratio of 60.0%
Average shares outstanding of 75000
Real risk free interest rate of 4.0%
Expected inflation rate of 3.0%
Expected market return of 13.0%
Stock Beta at 2.1
The per share value of Fish Chips stock is approximately: (Note: Carry calculations out to at least 3 decimal places. )
单选题Assume that the supply of ethanol is relatively more elastic than the demand for ethanol. Compared to an initial competitive equilibrium in the market for ethanol, the imposition of a per-gallon tax on producers of ethanol will most likely（ ）
单选题A company entered into a three-year construction project with a total contract price of $10
单选题Which of the following statements is moat accurate in an efficient market?
单选题Tenence recently passed the CFA examination. When he seek for potential employers, he writes in the cover letter: "I have passed all three levels of the CFA Program and may be eligible for the CFA charter after I get the required work experience." According to AIMR Standards of Professional Conduct, Terence: A. violated Standard Ⅳ (B) Fair Dealing. B. violated Standard Ⅱ (B) Professional Misconduct. C. acted in a proper manner.
单选题Which of the following most accurately describes the shapes of the average variable cost (AVC) curve and the average cost (AC) curve?
单选题With respect to the CFA Institute Code of Ethics and Standards of Professional Conduct, which of the following is least likely to prompt an inquiry by the CFA Institute Professional Conduct Program? A. Written complaints received by Professional Conduct staffs. B. A violation report submitted by CFA examination proctors. C. Internal investigations of members conducted by local CFA societies.
单选题A company purchased equipment for $50
单选题A company issued bonds in 2006 that mature in 2016. The measurement basis used for the bonds on the 2010 balance sheet will be: