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Title: STR 581 Capstone Final Examination Part Two New UOP Study Materials

1
STR 581 Capstone Final Examination, Part Two

By http//www.assignmentehelp.com

1. Internal reports that review the actual
impact of decisions are prepared by
the controller
department heads
factory workers
management accountants
2. Horizontal analysis is also known as
trend analysis
vertical analysis
linear analysis
common size analysis

3. Which of the following is an advantage of
corporations relative to partnerships and sole
proprietorships?
most common form of organization
reduced legal liability for investors
lower taxes
harder to transfer ownership
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4. Serox stock was selling for 20 two years ago.
The stock sold for 25 one year ago, and it is
currently selling for 28. Serox pays a 1.10
dividend per year. What was the rate of return
for owning Serox in the most recent year? (Round
to the nearest percent.)
32
16
12
40

5. External financing needed Jockey Company has
total assets worth 4,417,665. At year-end it
will have net income of 2,771,342 and pay out 60
percent as dividends. If the firm wants no
external financing, what is the growth rate it
can support?
30.3
27.3
32.9
25.1
6. An unrealistic budget is more likely to result
when it
has been developed by all levels of
management.
has been developed in a top down
fashion.
has been developed in a bottom up fashion.
is developed with performance appraisal usages in
mind.
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7. Which of the following financial statements
is concerned with the company at a point in time?
balance sheet
retained earnings statement
statement of cash flows
income statement
8. Next year Jenkins Traders will pay a dividend
of 3.00. It expects to increase its dividend by
0.25 in each of the following three years. If
their required rate of return if 14 percent, what
is the present value of their dividends over the
next four years?
12.50
11.63
9.72
13.50

9. An activity that has a direct cause-effect
relationship with the resources consumed is a(n)
product activity
cost driver
cost pool
overhead rate
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581 Capstone Final Examination, Part Two Answer
10. The major element in budgetary control is
the approval of the budget by the
stockholders
the valuation of inventories
the preparation of long-term plans
the comparison of actual results with planned
objectives.

11. Tule Time Comics is considering a new show
that will generate annual cash flows of 100,000
into the infinite future. If the initial outlay
for such a production is 1,500,000 and the
appropriate discount rate is 6 percent for the
cash flows, then what is the profitability index
for the project?
0.11
1.11
0.90
1.90
12. How firms estimate their cost of capital The
WACC for a firm is 13.00 percent. You know that
the firms cost of debt capital is 10 percent and
the cost of equity capital is 20 What proportion
of the firm is financed with debt?
70
50
33
30

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13. The most important information needed to
determine if companies can pay their current
obligations is the
relationship between current assets and current
liabilities
relationship between short-term and long-term
liabilities
projected net income for next year
net income for this year
14. Process costing is used when
dissimilar products are involved
production is aimed at fulfilling a specific
customer order.
the production process is continuous.
costs are to be assigned to specific jobs.

15. A cost which remains constant per unit at
various levels of activity is a
fixed cost
mixed cost
manufacturing cost
variable cost
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Final Exam Questions with Answers
16.The group of users of accounting information
charged with achieving the goals of the business
is its
investors
auditors
creditors
managers

17. Teakap, Inc. has current assets of 1,456,312
and total assets of 4,812,369 for the year
ending September 30, 2006. It also has current
liabilities of 1,041,012, common equity of
1,500,000 and retained earnings of 1,468,347.
How much long-term debt does the firm have?
803,010
2,303,010
1,844,022
2,123,612
18. The cash conversion cycle?
begins when the firm invests cash to purchase the
raw materials that would be used to produce the
goods that the firm manufactures.
estimates how long it takes on average for the
firm to collect its outstanding accounts
receivables balance.
begins when the firm uses its cash to purchase
raw materials and ends when the firm collects
cash payments on its credit sales.
shows how long the firm keeps its inventory
before selling it.
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19. Ajax Corp. is expecting the following cash
flows - 79,000, 112,000, 164,000, 84,000, and
242,000 over the next five years. If the
companys opportunity cost is 15 percent, what is
the present value of these cash flows? (Round to
the nearest dollar.)
480,906
429,560
414,322
477,235
20. Jack Robbins is saving for a new car. He
needs to have 21,000 for the car in three years.
How much will he have to invest today in an
account paying 8 percent annually to achieve his
target? (Round to nearest dollar)
26,454
19,444
22,680
16,670

21. Which of the following presents a summary of
changes in a firms balance sheet from the
beginning of an accounting period to the end of
that accounting period?
the statement of net worth
the statement of cash flows
the statement of working capital
the statement of retained earnings
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22. MM Proposition 1 Dynamo Corp. produces
annual cash flows of 150 and is expected to
exist forever. The company is currently financed
with 75 percent equity and 25 percent debt. Your
analysis tells you that the appropriate discount
rates are 10 percent for the cash flows, and 7
percent for the debt. You currently own 10
percent of the stock.
If Dynamo wishes to change its capital structure
from 75 percent equity to 60 percent equity and
use the debt proceeds to pay a special dividend
to shareholders, how much debt should they
use?
225
600
375
321

23. Horizontal analysis is a technique for
evaluating a series of financial statement data
over a period of time
that has been arranged from the highest number to
the lowest number.
to determine the amount and/or percentage
increase or decrease that has taken place.
to determine which items are in error.
that has been arranged from the lowest number to
the highest number.
24. Jayadev Athreya has started his first job. He
will invest 5,000 at the end of each year for
the next 45 years in a fund that will earn a
return of 10 percent. How much will Jayadev have
at the end of 45 years?
2,667,904
5,233,442
1,745,600
3,594,524

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25. Turnbull Corp. had an EBIT of 247 million in
the last fiscal year. Its depreciation and
amortization expenses amounted to 84 million.
The firm has 135 million shares outstanding and a
share price of 12.80. A competing firm that is
very similar to Turnbull has an enterprise
value/EBITDA multiple of 5.40.
What is the enterprise value of Turnbull Corp.?
Round to the nearest million dollars.
1,344 million
453.6 million
1,315 million
1,787 million
26. Firms that achieve higher growth rates
without seeking external financing
Have a low plowback ratio
are highly leveraged
have less equity and/or are able to generate high
net income leading to a high ROE.
None of these

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Exam
27. In a process cost system, product costs are
summarized
on job cost sheets.
when the products are sold.
after each unit is produced.
on production cost reports.
28. The convention of consistency refers to
consistent use of accounting principles
within industries
among accounting periods
throughout the accounting period
among firms

29. If a companys weighted average cost of
capital is less than the required return on
equity, then the firm
is financed with more than 50 debt
is perceived to be safe
partnership
has debt in its capital structure
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30. Your firm has an equity multiplier of 2.47.
What is the debt-to-equity ratio?
0
1.74
0.60
1.47

31. The accumulation of accounting data on the
basis of the individual manager who has the
authority to make day-to-day decisions about
activities in an area is called
master budgeting
static reporting
responsibility accounting
flexible accounting
32. Regatta, Inc., has six-year bonds outstanding
that pay a 8.25 percent coupon rate. Investors
buying the bond today can expect to earn a yield
to maturity of 6.875 percent. What should the
companys bonds be priced at today? Assume annual
coupon payments. (Round to the nearest dollar.)
1014
972
923
1,066

33. Variance reports are
internal reports for management
SEC financial reports
external financial reports
all of these
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Exam Answer
34. The break-even point is where
contribution margin equals total fixed
costs.
total sales equal total variable costs.
total sales equal total fixed costs.
total variable costs equal total fixed costs.

35. When a company assigns the costs of direct
materials, direct labor, and both variable and
fixed manufacturing overhead to products, that
company is using
operations costing
product costing
absorption costing
variable costing
36. Which of the following is considered a hybrid
organizational form?
sole proprietorship
partnership
limited liability partnership
corporation
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37. Gateway, Corp. has an inventory turnover of
5.6. What is the firms dayss sales in
inventory?
57.9
61.7
65.2
64.3
38. The process of evaluating financial data that
change under alternative courses of action is
called
incremental analysis
contribution margin analysis
cost-benefit analysis
double entry analysis

39. What decision criteria should managers use
in selecting projects when there is not enough
capital to invest in all available positive NPV
projects?
the modified internal rate of return
the profitability index
the discounted payback
the internal rate of return
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