Fn 534 Test 2 Essay

2235 words - 9 pages

Question 1
0 out of 4 points
| |
| Which of the following statements is CORRECT?Answer | | | |
| Selected Answer: |    The four most important financial statements provided in the annual report are the balance sheet, income statement, cash budget, and the statement of stockholders' equity. |
Correct Answer: |    The balance sheet gives us a picture of the firm's financial position at a point in time. |
| | | |
Question 2
4 out of 4 points
| |
| Which of the following statements is CORRECT?Answer | | | |
| Selected Answer: |    The income statement for a given year, say 2012, is designed to give us an idea of how much the firm earned during that year. ...view middle of the document...

|
Correct Answer: |    A firm can show a large amount of retained earnings on its balance sheet yet need to borrow cash to make required payments. |
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Question 6
0 out of 4 points
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| DeYoung Devices Inc., a new high-tech instrumentation firm, is building and equipping a new manufacturing facility. Assume that currently its equipment must be depreciated on a straight-line basis over 10 years, but Congress is considering legislation that would require the firm to depreciate the equipment over 7 years. If the legislation becomes law, which of the following would occur in the year following the change?Answer | | | |
| Selected Answer: |    The firm's reported net income would increase. |
Correct Answer: |    The firm's net cash flow would increase. |
| | | |
Question 7
0 out of 4 points
| |
| Assume that Congress recently passed a provision that will enable Barton's Rare Books (BRB) to double its depreciation expense for the upcoming year but will have no effect on its sales revenue or tax rate. Prior to the new provision, BRB's net income after taxes was forecasted to be $4 million. Which of the following best describes the impact of the new provision on BRB's financial statements versus the statements without the provision? Assume that the company uses the same depreciation method for tax and stockholder reporting purposes.Answer | | | |
| Selected Answer: |    The provision will reduce the company's net cash flow. |
Correct Answer: |    Net fixed assets on the balance sheet will decrease. |
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Question 8
4 out of 4 points
| |
| Which of the following would be most likely to occur in the year after Congress, in an effort to increase tax revenue, passed legislation that forced companies to depreciate equipment over longer lives? Assume that sales, other operating costs, and tax rates are not affected, and assume that the same depreciation method is used for tax and stockholder reporting purposes.Answer | | | |
| Selected Answer: |    Companies' cash positions would decline. |
Correct Answer: |    Companies' cash positions would decline. |
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Question 9
4 out of 4 points
| |
| Which of the following statements is CORRECT?Answer | | | |
| Selected Answer: |    One way to increase EVA is to generate the same level of operating income but with less investor-supplied capital. |
Correct Answer: |    One way to increase EVA is to generate the same level of operating income but with less investor-supplied capital. |
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Question 10
4 out of 4 points
| |
| Which of the following statements is CORRECT?Answer | | | |
| Selected Answer: |    The statement of cash flows shows how much the firm's cashthe total of currency, bank deposits, and short-term liquid securities (or cash equivalents)increased or decreased during a given year. |
Correct Answer: |    The statement of cash flows shows how much the firm's...

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