版习题集 Financial_Statement_Analysis_11th_Edition_by_K._R._Subramanyam(Test_Bank)Word文档格式.docx
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D.Footnotes
2.Whichofthefollowingwouldnotbeconsideredasourceoffinancing?
A.Notesreceivable
B.Commonstockholders'
equity
C.Retainedearnings
D.Debentures
1-721
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3.WilcoCompanyreportsthefollowing:
Dividendpayoutratiofor2005was:
A.27%.
B.12%.
C.22.2%.
D.Notdeterminable
4.Ifacompanyreceivesanunqualifiedauditopinionitmeanstheauditors:
A.didnotcompleteafullauditandthereforedonotfeelqualifiedtogiveanopiniononfinancialstatements.
B.areprovidingassurancethatthecompanywillremainfinanciallyviableforatleastthenextyear.
C.areprovidingassurancethatthecompany'
sfinancialstatementsfairlypresentcompany'
sfinancialperformanceandposition.
D.areprovidingassurancethatthecompany'
sfinancialstatementsarefreefrommisstatement,fraudulentaccountingandfairlyindicatefutureperformance.
5.TheManagementDiscussionandAnalysisSectionofanannualreport:
A.isrequiredbytheSEC.
B.isoptionalbutnormallyincludedintheannualreport.
C.isrequiredbytheSEConlyifthecompanyhassufferedfromunfavorabletrendsortherearesignificantuncertaintyconcerningliquidityofthecompany.
D.isrequiredbytheSEConlyiftheyhaveaqualifiedauditopinion.
Youareanalyzingalargestablecompany.Fortheyearending12/31/05thecompanyreportedearningsof$58,900andbookvalueattheendof2005was$371,700.Youexpectearningstogrowat5%ayearinperpetuity,andthedividendpayoutratioof70%tocontinue.Thecompanyborrowsat8%,andhasacostofequityof12%.Thecompanyhas25,000sharesoutstanding.
6.Whatisyourestimateofpricepershareusingthedividenddiscountmodelat12/31/05?
A.$20.62
B.$21.65
C.$23.56
D.$24.74
7.Whatisyourestimateofpriceusingtheresidualincomevaluationmodelat12/31/05?
D.$24.72
8.Whichofthefollowingisnotacommontoolusedinfinancialstatementanalysis?
A.Randomwalkanalysis
B.Ratioanalysis
C.Common-sizestatementanalysis
D.Creditanalysis
9.Acommon-sizeincomestatementwouldtypicallybepreparedbydividing:
A.allitemsonincomestatementinYeartbytheircorrespondingvalueinYeart-1.
B.allitemsonincomestatementinYeartbytheircorrespondingbalancesheetaccountsinYear
t.
C.allitemsonincomestatementinYeartbynetincomeinYeart-1.
D.allitemsonincomestatementinYeartbysalesinYeart.
10.Whenconductingcomparativeanalysisbyreviewingconsecutivebalancesheets:
A.allitemsonthebalancesheetinYeartmustbedividedbytheircorrespondingvalueinYeart-1
andsubtract1tocalculatethepercentagechange.
B.allitemsonthebalancesheetinYeart-1mustbesubtractedfromtheircorrespondingvalueinYearttocalculatethedollarchange.
C.allitemsonthebalancesheetinYeartmustbedividedbynetincomeinYeart-1tocalculatethepercentagechange.
D.BothAandBarecorrect.
YouhavepreparedatrendseriesforCompanyXYZforthreeyears,2004-2006inclusive,using2004asthebaseyear.Belowareselecteddata.
11.Fromtheaboveinformation,youcaninferthat:
A.rateofsalesgrowthhasdecreased.
B.netincometosales(returnonsales)isincreasingovertime.
C.assetturnoverisdecreasingovertime.
D.Noneoftheabove
12.Whichofthefollowingstatementsisincorrect?
A.Netincomein2006increasedby29.29%comparedto2004.
B.XYZ'
snetincometosales(returnonsales)ishigherin2006ascomparedto2004.
C.XYZ'
snetincometosales(returnonsales)islowerin2005ascomparedto2004.
D.Assetshaveincreasedovertime.
13.Whiledeterminingthemostprofitablecompanyfromthegivennumberofcompanies,whichofthefollowingwouldbethebestindicatorofrelativeprofitability?
A.Highestnetincome
B.Highestretainedearnings
C.Highestreturnonequity
D.Highestoperatingmargin
14.Whichofthefollowingstatementsconcerningfinancialratiosisincorrect?
A.Accountingprinciplesandmethodsusedbyacompanywillnotaffectfinancialratios.
B.Theinformationalvalueofaratioinisolationislimited.
C.Aratioisonenumberexpressedasapercentageorfractionofanothernumber.
D.Calculationoffinancialratiosisnotsufficientforacompletefinancialanalysisofacompany.