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Title: str 581 capstone final exam part 2


1
STR 581 Capstone Final Examination Part 2
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  • Q1. Internal reports that review the actual
    impact of decisions are prepared by          
  • the controller
  • department heads   
  • factory workers        
  • management accountants
  • Q2. Horizontal analysis is also known
    as         
  • trend analysis          
  • vertical analysis      
  • linear analysis         
  • common size analysis
  •  Q3. 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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  •  Q4. 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
  • Q5. 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

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  • Q6. 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.
  •  
  •  
  • Q7. 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
  •  

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  • Q8. 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
  •  
  •  Q9. 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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  • Q10. 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.
  •  
  •  Q11. 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

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  •  Q12. 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
  • Q13. 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

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  • Q14. 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.
  •  Q15. A cost which remains constant per unit at
    various levels of activity is a   
  • fixed cost      
  • mixed cost    
  • manufacturing cost
  • variable cost
  •  Q16.The group of users of accounting information
    charged with achieving the goals of the business
    is its       
  • investors       
  • auditors         
  • creditors        
  • managers

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11
  • Q17. 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
  •  Q18. 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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12
  • Q19. 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
  •  Q20. 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
  •  

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  •  Q21. 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
  •  Q22. 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

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15
  • Q23. 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.
  •  Q24. 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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16
  • Q25. 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
  •  Q26. 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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  •  Q27. 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.
  •  
  •  Q28. The convention of consistency refers to
    consistent use of accounting principles        
  • within industries     
  • among accounting periods           
  • throughout the accounting period           
  • among firms

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18
  • Q29. 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
  •  
  •  Q30. Your firm has an equity multiplier of
    2.47.  What is the debt-to-equity ratio?         
  • 0         
  • 1.74   
  • 0.60   
  • 1.47

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  •  Q31. 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
  •  
  • Q32. 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

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21
  • Q33. Variance reports are 
  • internal reports for management  
  • SEC financial reports         
  • external financial reports
  • all of these
  •  
  •  Q34. 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.

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22
  • Q35. 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
  •  
  •  Q36. Which of the following is considered a
    hybrid organizational form?           
  • sole proprietorship  
  • partnership   
  • limited liability partnership
  • corporation

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23
  • Q38. 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
  •  
  • Q39. 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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1 STR 581 Capstone Final Examination Part 3  
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