单选题All of the following are drawbacks to using price-to-book value (P/BV) as a valuation technique EXCEPT: A. P/BV valuation may give a misleading comparison of different types of business models. B. P/BV is an unstable measure of valuation. C. P/BV valuation does not adequately account for the positive impact of R&D expenditures.
单选题Under U.S. GAAP, land owned by the firm is most likely to be reported on the balance sheet at : A. fair market value. B. fair market value minus selling costs. C. historical cost.
单选题After the public announcement of the merger of two firms, an investor makes abnormal returns by going long on the target firm and short on the acquiring firm
单选题Compared with classifying a lease as a financing lease, if a lessee reports the lease as an operating lease, it will most likely result in:
单选题An analyst gathers the following information about a company:
单选题Peter Lynch, CFA, uses technical analyses for TNT Industry in his holdings. Lynch found that TNT Industry has experienced a series of white candles on a candlestick chart accompanied by sharply declining trading volume. It most likely indicates that: A. TNT Industry's price increase is near an end. B. The up trend of TNT Industry will last a relatively long time. C. An increasing number of investors are selling TNT Industry at higher prices.
单选题Which of the following statements regarding GIPS is least accurate?
A. A GIPS objective is to promote global "self- regulation".
B. GIPS allows clients to have more confidence in reported
performance.
C. To stay GIPS compliant, a firm must abide by GIPS guidelines even when
conflicting with local or country -specific regulations.
单选题Edo Ronde, CFA, an analyst for a hedge fund, One World Investments, is attending a key industry conference for the microelectronics industry
单选题The least likely reason that a security analyst needs to understand the accounting process is to:
单选题A company has two $1000 face value bonds outstanding both selling for
$701.22. The first issue has an annual coupon of 8% and 20 years to maturity.
The second bond has the same yield as the first bond but has only five years
remaining until maturity. The second issue pays interest annually as well. What
is the annual interest payment on the second issue?
A. $13.59.
B. $18.56.
C. $37.12.
单选题Which of the following statements about the efficient market
hypothesis is FALSE ?
A. Exchange specialists derive above-average returns from private
information.
B. Runs tests are used to test the weak form of the efficient markets
hypothesis.
C. Efficient markets tests have found that professional money managers, as a
group, have consistently outperformed the market.
单选题An analyst is investigating a stock index and gathered the following information:
单选题The existence of a delivery option with respect to Treasury bond futures means that the:
单选题Frank, CFA, heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subject to the Code and Standards. If Frank delegates some supervisory duties, which statement best describes her responsibilities under the Code and Standards?
单选题Par-Mac Corporation is a joint venture equally controlled by Parker Company and Macintosh Company. Which method should Macintosh use to account for its ownership interest in Par-Mac according to U. S. Generally Accepted Accounting Principles ( U. S. GAAP), and which method recommended for Parker under International Financial Reporting Standards (IFRS) ? U.S. GAAP IFRS ①A. Equity method Proportionate consolidation method ②B. Equity method Consolidation method ③C. Consolidation method Proportionate consolidation method
单选题An analyst does research about accounting standards. Which of the following is NOT a goal of the International Accounting Standards Board? A. Promoting the use of global accounting standards. B. Accounting for the needs of developed markets and big firms when implementing global accounting standards. C. Develop global accounting standards requiring transparency, comparability, and high quality in financial statements.
单选题When an economy dips into a recession, automatic stabilizers will tend to alter government spending and taxation so as to:
单选题Successful product development, advertising, and the creation of brand names are most likely to have a positive impact on the economic profits of the producer under:
单选题An investor wants to invest an one-year, single-payment corporate bond and concludes that the probability of default for this one-year, single payment corporate bond is 10.0 percent, and the investor will recover nothing if the corporate defaults due to its bankruptcy. The current risk-free rate of return is 3.0 percent. The minimum yield-to-maturity and minimum default risk premium, respectively , that the investor should demand on the corporate bond are closest to（ ）
单选题An analyst is forecasting EPS for a company. She prepares the following common sized data from its recent annual report and estimates sales for 2010.