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18 Which of the following statements about accounting ratios and their interpretation are correct?
1 A low-geared company is more able to survive a downturn in profit than a highly-geared company.
2 If a company has a high price earnings ratio, this will often indicate that the market expects its profits to rise.
3 All companies should try to achieve a current ratio (current assets/current liabilities) of 2:1.
A 2 and 3 only
B 1 and 3 only
C 1 and 2 only
D All three statements are correct
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更多 “ 18 Which of the following statements about accounting ratios and their interpretation are correct?1 A low-geared company is more able to survive a downturn in profit than a highly-geared company.2 If a company has a high price earnings ratio, this will often indicate that the market expects its profits to rise.3 All companies should try to achieve a current ratio (current assets/current liabilities) of 2:1.A 2 and 3 onlyB 1 and 3 onlyC 1 and 2 onlyD All three statements are correct ” 相关考题
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John, CPA, is auditing the financial statements of Company A for the year ended December 31, 20×8. The un-audited information of selected financial statements items is as follows:（Expressed in RMB thousands）FINANCLAL STATEMENTS ITEMS20×820×7Sales6400048000Cost of sales5400042000Net profit30-20December 31, 20×8December 31, 20×7Inventory1600012000Current assets6000050000Total assets10000090000Current liabilities2000018000Total liabilities3000025000During the audit, John has the following findings:(1)On December 31, 20×8,Company A discounted an undue commercial acceptance bill (with recourse) amounted to RMB 6000000, and was charged discounting interest of RMB 180000 by the bank. Company A made an accounting entry on December 31, 20×8 as follows:Dr. Cash in Bank RMB 5820000Dr. Financial Expenses RMB 180000Cr. Notes Receivable RMB 6000000(2)In June 20×8, Company A provided guarantee for Company B’s borrowings from Bank C. In December 20×8, since Company B failed to repay the borrowings in time, Company A was sued by Bank C to make relevant repayment amounted to RMB 3000000. As at December 31, 20×8, the lawsuit was still pending, and, based on the reasonable estimate of the guarantee losses made by the management, Company A made an accounting entry as follows:Dr. Non-operating Expenses RMB 3000000Cr. Provisions RMB 3000000On January 10, 20×9,Company A received a judgment on repaying RMB 2500000to Bank C to settle the guarantee obligation. Company A made the payment and an accounting entry at the end of January 2009 as follows:Dr. Provisions RMB 3000000Cr. Cash in Bank RMB 2500000Cr. Non-operating Income RMB 500000Required:(1)For Revenue and Net Profit, explain which one is more appropriate to be used to calculate planning materiality for Company A’s 20×8 financial statements as a whole. Explain the reasons of that conclusion.(2)Based on the un-audited in formation of selected financial statements items, for the purpose of using analytical procedures as risk assessment procedures, calculate the following ratios:(a)Inventory Turnover Rate in 20×8;(b)Gross Profit Ratio in 20×8;(c)After Tax Return on Total Assets in 20×8; and(d)Current Ratio as at December 31, 20×8(3)For each audit finding identified during the audit, list the suggested adjusting entries that John should made for Company A’s 20×8 financial statements. Tax effects, if any, are ignored.
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For the year just ended，N company had an earnings of$2 per share and paid a dividend of $1．2 0n its Stock．The growth rate in net income and dividend are both expected to be a constant 7 percent per year,indefinitely．N company has a Beta of 0．8，the risk-free interest rate is 6 percent，and the market risk premium is 8 percent．P Company is very similar to N company in growth rate，risk and dividend payout rati0．It had 20 million shares outstanding and an earnings of$36 million for the year just ended．The earnings will increase to$38．5 million the next year．Requirement：A．Calculate the expected rate of return on N company’S equity．B．Calculate N Company’S current price—eaming ratio and prospective price-earning rati0．C．Using N company’S current price-earning rati0，value P company’S stock price．D．Using N company’S prospective price-earning rati0，value P company’S stock price．
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(c) Calculate the theoretical ex rights price per share and the net funds to be raised by the rights issue, anddetermine and discuss the likely effect of the proposed expansion on:(i) the current share price of Merton plc;(ii) the gearing of the company.Assume that the price–earnings ratio of Merton plc remains unchanged at 12 times. (11 marks)
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19 Which of the following statements about intangible assets in company financial statements are correct accordingto international accounting standards?1 Internally generated goodwill should not be capitalised.2 Purchased goodwill should normally be amortised through the income statement.3 Development expenditure must be capitalised if certain conditions are met.A 1 and 3 onlyB 1 and 2 onlyC 2 and 3 onlyD All three statements are correct
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22 Which of the following statements about limited liability companies’ accounting is/are correct?1 A revaluation reserve arises when a non-current asset is sold at a profit.2 The authorised share capital of a company is the maximum nominal value of shares and loan notes the companymay issue.3 The notes to the financial statements must contain details of all adjusting events as defined in IAS10 Events afterthe balance sheet date.A All three statementsB 1 and 2 onlyC 2 and 3 onlyD None of the statements
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(b) Ratio analysis in general can be useful in comparing the performance of two companies, but it has its limitations.Required:State and briefly explain three factors which can cause accounting ratios to be misleading when used forsuch comparison. (6 marks)
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5 The directors of Quapaw, a limited liability company, are reviewing the company’s draft financial statements for theyear ended 31 December 2004.The following material matters are under discussion:(a) During the year the company has begun selling a product with a one-year warranty under which manufacturingdefects are remedied without charge. Some claims have already arisen under the warranty. (2 marks)Required:Advise the directors on the correct treatment of these matters, stating the relevant accounting standard whichjustifies your answer in each case.NOTE: The mark allocation is shown against each of the three matters
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11 Which of the following statements are correct?1 A company might make a rights issue if it wished to raise more equity capital.2 A rights issue might increase the share premium account whereas a bonus issue is likely to reduce it.3 A bonus issue will reduce the gearing (leverage) ratio of a company.4 A rights issue will always increase the number of shareholders in a company whereas a bonus issue will not.A 1 and 2B 1 and 3C 2 and 3D 2 and 4
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Which of the following measures a company’s ability to pay its current liabilities ().
A.number of times interest charges earnedB.inventory turnoverC.earnings per shareD.current ratio
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Which of the following statements about an LCD screen is not true?()
A. An LCD screen consumes more power than a CRT screen.B. An LCD screen display may present high-quality images but only to viewers sitting directly in fron of the screen.C. Currently, all laptops use LCD screens.D. An LCD screen is considerably more expensive than a CRT screen.
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KFP Co, a company listed on a major stock market, is looking at its cost of capital as it prepares to make a bid to buy a rival unlisted company, NGN. Both companies are in the same business sector. Financial information on KFP Co and NGN is as follows:NGN has a cost of equity of 12% per year and has maintained a dividend payout ratio of 45% for several years. The current earnings per share of the company is 80c per share and its earnings have grown at an average rate of 4·5% per year in recent years.The ex div share price of KFP Co is $4·20 per share and it has an equity beta of 1·2. The 7% bonds of the company are trading on an ex interest basis at $94·74 per $100 bond. The price/earnings ratio of KFP Co is eight times.The directors of KFP Co believe a cash offer for the shares of NGN would have the best chance of success. It has been suggested that a cash offer could be financed by debt.Required:(a) Calculate the weighted average cost of capital of KFP Co on a market value weighted basis. (10 marks)(b) Calculate the total value of the target company, NGN, using the following valuation methods:(i) Price/earnings ratio method, using the price/earnings ratio of KFP Co; and(ii) Dividend growth model. (6 marks)(c) Discuss the relationship between capital structure and weighted average cost of capital, and comment onthe suggestion that debt could be used to finance a cash offer for NGN. (9 marks)
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(a) The following figures have been calculated from the financial statements (including comparatives) of Barstead forthe year ended 30 September 2009:increase in profit after taxation 80%increase in (basic) earnings per share 5%increase in diluted earnings per share 2%Required:Explain why the three measures of earnings (profit) growth for the same company over the same period cangive apparently differing impressions. (4 marks)(b) The profit after tax for Barstead for the year ended 30 September 2009 was $15 million. At 1 October 2008 the company had in issue 36 million equity shares and a $10 million 8% convertible loan note. The loan note will mature in 2010 and will be redeemed at par or converted to equity shares on the basis of 25 shares for each $100 of loan note at the loan-note holders’ option. On 1 January 2009 Barstead made a fully subscribed rights issue of one new share for every four shares held at a price of $2·80 each. The market price of the equity shares of Barstead immediately before the issue was $3·80. The earnings per share (EPS) reported for the year ended 30 September 2008 was 35 cents.Barstead’s income tax rate is 25%.Required:Calculate the (basic) EPS figure for Barstead (including comparatives) and the diluted EPS (comparatives not required) that would be disclosed for the year ended 30 September 2009. (6 marks)
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C Co uses material B, which has a current market price of $0·80 per kg. In a linear program, where the objective is to maximise profit, the shadow price of material B is $2 per kg. The following statements have been made:(i) Contribution will be increased by $2 for each additional kg of material B purchased at the current market price(ii) The maximum price which should be paid for an additional kg of material B is $2(iii) Contribution will be increased by $1·20 for each additional kg of material B purchased at the current market price(iv) The maximum price which should be paid for an additional kg of material B is $2·80Which of the above statements is/are correct?A.(ii) onlyB.(ii) and (iii)C.(i) onlyD.(i) and (iv)
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Which three statements are correct about the differences in IS － IS and OSPF?()
A. IS - IS is more CPU - intensive than is OSPFB. For greater fine tuning there are more IS - IS timersC. IS - IS LSP con tains TLV fields and OSPF LSU contains the LSAsD. New additions to the protocol are easily implemented in OSPF but not with IS - ISE. OSPF has more area types than does IS - IS
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For the year just ended, N company had an earnings of$ 2 per share and paid a dividend of $ 1. 2 on its stock. The growth rate in net income and dividend are both expected to be a constant 7 percent per year, indefinitely. N company has a Beta of 0. 8, the risk - free interest rate is 6 percent, and the market risk premium is 8 percent.
P Company is very similar to N company in growth rate, risk and dividend. payout ratio. It had 20 million shares outstanding and an earnings of $ 36 million for the year just ended. The earnings will increase to $ 38. 5 million the next year.
Requirement :
A. Calculate the expected rate of return on N company 's equity.
B. Calculate N Company 's current price-earning ratio and prospective price - earning ratio.
C. Using N company 's current price-earning ratio, value P company 's stock price.
D. Using N company 's prospective price - earning ratio, value P company 's stock price.
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Which of the following statements about California is NOT TRUE？( ) A.California is a sexually liberated state
B.California has a high abortion rate
C.About 40% of the pregnant teenagers chose to have an abortion
D.A recent poll showed that less than half of the respondents supported the amendment
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Which of the following statements about California is NOT TRUE？( ) A.California is a sexually liberated state.
B.California has a high abortion rate.
C.About 40% of the pregnant teenagers chose to have an abortion.
D.A recent poll showed that less than half of the respondents supported the amendment.
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Which of the following statements is true about the 80/20 rule （Select all that apply）？（）A、20 percent of the traffic on a network segment should be local.B、no more than 20 percent of the network traffic should be able to move across a backbone.C、no more than 80 percent of the network traffic should be able to move across a backbone.D、80 percent of the traffic on a network segment should be local.
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Which of the following statements about an LCD screen is not true?（）A、An LCD screen consumes more power than a CRT screen.B、An LCD screen display may present high-quality images but only to viewers sitting directly in fron of the screen.C、Currently, all laptops use LCD screens.D、An LCD screen is considerably more expensive than a CRT screen.
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Which three statements are correct about the differences in IS - IS and OSPF?（）A、IS - IS is more CPU - intensive than is OSPFB、For greater fine tuning there are more IS - IS timersC、IS - IS LSP con tains TLV fields and OSPF LSU contains the LSAsD、New additions to the protocol are easily implemented in OSPF but not with IS - ISE、OSPF has more area types than does IS - IS
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A global container shipping company has a new application that they are going to deploy on a p5-570 at their corporate data center. The Chief Information Officer indicates that， if the application is down for more than 36 hours， the cost of downtime is very high. For the initial 36 hours of downtime， the company has a manual process they can execute without significant additional cost. Which of the following products best mitigates the major business risk to the company？（）A、IBM Business Continuity ServicesB、HACMP and a second p5-570 for the data centerC、ServiceSuite Supportline with Account AdvocateD、ServiceSuite 9x5 next day Hardware Maintenance
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单选题Which of the following statements about an LCD screen is not true?（）A
An LCD screen consumes more power than a CRT screen.B
An LCD screen display may present high-quality images but only to viewers sitting directly in fron of the screen.C
Currently, all laptops use LCD screens.D
An LCD screen is considerably more expensive than a CRT screen.
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多选题Which of the following statements is true about the 80/20 rule （Select all that apply）？（）A20 percent of the traffic on a network segment should be local.Bno more than 20 percent of the network traffic should be able to move across a backbone.Cno more than 80 percent of the network traffic should be able to move across a backbone.D80 percent of the traffic on a network segment should be local.
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单选题_____ our great surprise, our company has made much more profit than we expected last year.A
ForB
InC
WithD
To
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单选题______ our great surprise, our company has made much more profit than we expected lastyear.A
ForB
InC
WithD
To
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多选题Which three statements are correct about the differences in IS - IS and OSPF?（）AIS - IS is more CPU - intensive than is OSPFBFor greater fine tuning there are more IS - IS timersCIS - IS LSP con tains TLV fields and OSPF LSU contains the LSAsDNew additions to the protocol are easily implemented in OSPF but not with IS - ISEOSPF has more area types than does IS - IS
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单选题Which of the following statements is TRUE?A
The less education he or she has, the more regrets she or he would have.B
The more education he or she has, the less regrets she or he would have.C
More women than men had regrets about love and family.D
The regret of action seems to last longer than that of inaction.
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