习题7QUESTION MAP.docx

资源描述

习题7QUESTION MAP.docx

《习题7QUESTION MAP.docx》由会员分享，可在线阅读，更多相关《习题7QUESTION MAP.docx（24页珍藏版）》请在冰豆网上搜索。

习题7QUESTION MAP.docx

习题7QUESTIONMAP

RIGOSCMA-CFMREVIEW

PART1-CHAPTER7

RATIOANALYSIS

QUESTIONMAP

I．INTRODUCTION-23

II．SHORT-TERMLIQUIDITY-7

WorkingCapital-1,2

CurrentRatio-1,2,11,17,27,37,38,41,59,61,62F95，F97

Acid-Test（orQuick）Ratio-11,27,38,39,60,62F98

ReceivablesTurnover-4,16,44,45,47,55F100,F103

AverageCollectionPeriod（orDaysSalesinOutstanding）-6,63

InventoryTurnover-15,19,34,40,56F96,F99

NumberofDaysinInventory（orDaysSalesinInventory）-42,57

OperatingCycle-3,10,12,29,43Fl07

CashRatio（orCashtoCurrentLiabilities）-11

CashFlowRatio-10LiquidityIndex-11

III.CAPITALSTRUCTUREANDSOLVENCY

Leverage-8

FinancialLeverageIndex（orDegreeofFinancialLeverage）–28

AssetCoverage-69

TotalDebttoEquityCapital（Debt/EquityRatio）-13,22,32,53,64Fl02

NetTangibleAssetstoLong-TermDebt-69

TimesInterestEarned-9,13,42,64F101

CashFlowtoFixedCharges–69

IV.RETURNONINVESTEDCAPITAL

DifficultyinDefiningIncome

ReturnonAssets（ROA,orReturnonInvestment）-14,48,49,65F104

ProfitMargin-46,65

AssetTurnover

ReturnonCommonStockholders'Equity（ROE）-50,65F105，F106

DuPontAnalysis-67

V．PROFITABILITYANALYSIS

AnalysisofRevenues-70

AnalyzingChangesinExpensesasaPercentofRevenue-70

OperatingCashFlowtoIncome-68

VI.EARNINGS-BASEDANALYSIS

EarningsQualityandPersistence-6,26,68

Price/BookRatio-66,69

PricetoEarnings（P/E）Ratio-31,51,66

BasicEarningsperShare（EPS）-14,21

DividendYield-18

VII.OTHERANALYTICALISSUES

CommonSizeAnalysis-20,58iFl08,Fl09,Fl10

PART1-CHAPTER7

RATIOANALYSIS

SelectedQuestions

1.RiceInc.usestheallowancemethodtoaccountforuncollectibleaccounts.AnaccountreceivablethatwaspreviouslydetermineduncollectibleandwrittenoffwascollectedduringMay.TheeffectofthecollectiononRice'scurrentratioandtotalworkingcapitalis

CurrentRatioWorkingCapital

a.NoneNone

b.IncreaseIncrease

c.DecreaseDecrease

d.NoneIncrease

2.MeritInc.usesthedirectwrite-offmethodtoaccountforuncollectibleaccountsreceivable.Ifthecompanysubsequentlycollectsanaccountreceivablethatwaswrittenoffinaprioraccountingperiod,theeffectofthecollectionoftheaccountreceivableonMerit'scurrentratioandtotalworkingcapitalwouldbe

CurrentRatioWorkingCapital

a.NoneNone

b.IncreaseIncrease

c.IncreaseNone

3.Todeterminetheoperatingcycleforaretaildepartmentstore,whichoneofthefollowingpairsofitemsisneeded?

a.Averagecollectionperiodandaverage

merchandiseinventory.

b.Cashturnoverandnetsales.

c.Accountsreceivableturnoverand

inventoryturnover.

d.Assetturnoverandreturnonsales.

4.Accountsreceivableturnoverwillnormallydecreaseasaresultof

a.Thewrite-offofanuncollectible

account（assumetheuseofthe

allowancefordoubtfulaccounts

method）.

b.Asignificantsalesvolumedecrease

neartheendoftheaccountingperiod.

c.Anincreaseincashsalesinproportiontocreditsales.

d.Achangeincreditpolicytolengthen

theperiodforcashdiscounts.

5.Theaveragecollectionperiodfor

receivablesismeasureof

a.Assetvalue.

b.Leverage.

c.Salesperformance.

d.Liquidity.

6.Thequalityofaccountsreceivableforacompanyisnotaffectedbythe

a.Sizeoftheallowancefordoubtful

accounts.

b.Lengthofcredittermsforcustomers.

c.Company'sfollow-upprocedureson

delinquentaccounts.

d.Company'screditpolicies.

7.Whichoneofthefollowingitemsisnotameasureofacompany'sliquidity?

a.Accountsreceivableturnover.

b.Debttoequityratio.

c.Acidtestratio.

d.Operatingcycle.

8.Ifacompanyisprofitableandiseffectivelyusing

leverage,whichoneofthefollowingratiosislikelytobethelargest?

a.Returnontotalassets.

b.Returnonoperatingassets.

c.Returnoncommonequity.

d.Returnontotalshareholders'equity.

9.Ameasureoflong-termdebtpayingabilityisacompany's

a.Lengthoftheoperatingcycle.

b.Returnonassets.

c.Timesinterestearned.

d.Inventoryturnover.

10.Thecompanyhasacashflowratioof14.0.Whichofthefollowingwouldcausethecashflowratiotodecrease?

a.Payoffa$10,000short-termnote

payable.

b.Collect$1,000fromacustomeron

account.

c.Pay$1,000inadvancefora12-monthinsurancepolicy.

d.Refinance$10,000inshort-termdebt

aslong-termdebt.

11.Whichofthefollowingisthemostconservativemeasureofliquidity?

a.Currentratio.

b.Quick（oracid-test）ratio.

c.Liquidityindex.

d.Cashratio.

TheFollowingDataApplytoItems12-14.

AssumethefollowinginformationforRamerCompany,MatsonCompany,andfortheircommonindustryforarecentyear

Industry

RamerMatsonAverage

Currentratio3.502.803.00

Accountsreceivableturnover5.008.10

6.00

Inventoryturnover6.208.006.10

Timesinterestearned9.0012.3010.40

Debt/equityratio0.700.400.55

Returnoninvestment0.150.120.15

Dividendpayoutratio0.800.600.55

Earningspershare$3.00$2.00-

12.Whichoneofthefollowingiscorrectifbothcompanieshavethesametotalassetsandthesamesales?

a.Ramerhasfewercurrentliabilitiesthan

Matson.

b.Matsonismoreeffectivelyusing

financialleverage.

c.Matsonhaslessshareholders'equity

thanRamer.

d.Matsonhasashorteroperatingcycle

thanRamer.

13.TheattitudesofbothRamerandMatsonconcerningriskarebestexplainedbythe

a.Currentratio,accountsreceivable

turnover,andinventoryturnover.

b.Dividendpayoutratioandearningsper

share.

c.Currentratioandearningspershare.

d.Debt/equityratioandtimesinterest

earned.

14.SomeoftheratiosanddataforRamerandMatsonareaffectedbyincometaxes.Assumingnointerperiodincometaxallocation,whichoneofthefollowingitemswouldbedirectlyaffectedbyincometaxesfortheperiod?

a.Currentratioanddebt/equityratio.

b.Accountsreceivableturnoverand

inventoryturnover.

c.Returnonassetsandearningsper

share.

d.Debt/equityratioanddividendpayoutratio.

TheFollowingDataApplytoitems15and16.SelecteddatafromWhiteCorporation's

financialstatementsfortheyearended

November30,20x8areasfollows.

Currentratio1.4

Quickratio0.86

Currentliabilities$450,000

Accountsreceivableturnover3.65

Merchandiseinventoryturnover3.30

Rateofreturnonassets6.5%

SelectedaccountbalancesatNovember30,

20x7:

Accountsreceivable$355,000

Merchandiseinventory237,000

20x8Operations:

Sales$1,241,000

Costofgoodssold792,000

15.Assumingthatprepaidexpensesare

immaterial,endingmerchandiseinventoryis

a.$180,000.

b.$243,000.

c.$387,000.

d.$630,000.

16.Thebalanceinaccountsreceivableat

November30,20x8is

a.$325,000.

b.$340,000.

c.$216,986.

d.$78,973.

17.PetersCompanyhasa2to1currentratio.Thisratiowouldincreasetomorethan2to1if

a.Apreviouslydeclaredstockdividend

weredistributed.

b.Thecompanywroteoffan

uncollectiblereceivable.

c.Thecompanysoldmerchandiseonopenaccountthatearnedanormalgrossmargin.

d.Thecompanypurchasedinventoryon

openaccount.

18.Anincreaseinthemarketpriceofacompany'scommonstockwillimmediatelyaffectits

a.Dividendyield.

b.Debttoequityratio.

c.Earningspershare.

d.Dividendpayoutratio.

19.Whichoneofthefollowinginventorycostflowassumptionswillresultinahigherinventoryturnoverratioinaninflationaryeconomy?

a.FIFO.

b.LIFO.

c.Weightedaverage.

d.Specificidentification.

20.Infinancialstatementanalysis,theexpressingofallfinancialstatementfiguresasapercentageofbase-yearfiguresiscalled

a.Horizontalcommonsizeanalysis.

b.verticalcommonsizeanalysis.

c.Trendanalysis.

d.Crosssectionalanalysis.

21.Whichoneofthefollowingitemswould

likelyincreaseearningspershareofa

corporation?

a.Purchaseoftreasurystock.

b.Declarationofastocksplit.

c.Declarationofastockdividend.

d.Areductionintheamountofcash

dividendspaid.

22.Therelationshipofthetotaldebttothe

totalequityofacorporationisameasureof

a.Liquidity.

b.Profitability.

c.Creditorrisk.

d.Solvency.

23.Whenabalancesheetamountisrelatedtoanincomestatementamountincomputingaratio,

a.Thebalancesheetamountshouldbeconvertedtoanaveragefortheyear.

b.Theincomestatementamountshouldbeconvertedtoanaveragefortheyear.

c.Bothamountsshouldbeconvertedtomarketvalue.

d.Comparisonswithindustryratiosarenotmeaningful.

24.Ratiosareusedformanypurposesinfinancialstatementanalysis.Todeterminethereturnonassetsforacompany,thenumeratorofthefractionusedmaybe

a.Incomebeforenonrecurringitems.

b.Incomebeforenonrecurringitemsand

beforeincometaxes.

c.Incomebeforenonrecurringitemsandafterdeductingpreferreddividends.

d.Incomebeforenonrecurringitemsplus

interestexpensenetofincometax.

25.Aratiothatmeasurestheconversionofcurrentassetsintocashis

a.Accountsreceivableturnover.

b.Workingcapitaltototalassets.

c.Returnonowners'equity.

d.Thecurrentratio.

26.Whichofthefollowingwouldleastlikelybeanadjustmentwhencalculatingpersistentearnings?

a.Gainonsal

展开阅读全文