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The coupon payments and the discount amortization will decrease financing cash flow each year. Which of the following choices about accounting for property, plant, and equipment are most likely to reflect a conservative bias? Accelerated depreciation, longer useful lives, and lower salvage values. Straight-line depreciation, longer useful lives, and higher salvage values. Accelerated depreciation, shorter useful lives, and lower salvage values.

Sanders Company recently leased equipment used in its manufacturing operation. For financial reporting purposes, Sanders treated the transaction as an operating lease.

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George Batter, CFA, believes that Sanders should have capitalized the lease, and he adjusts Sanders' financial statement to reflect his view. Batter's adjustments will most likely: A. Page 22 Kaplan, Inc.


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PI4uIlins Company's financial statements include an auditor's report with a qualified opinion. This must likely implies that the: A. A company purchases an asset in the first quarter and decides to capitalize the asset. Compared to expensing ihe asset cost, capitalizing the asset cost will result in higher cash flows in the first quarter from: A.


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Undcr U. GAAP, the completed contract method of revenue recognition for a long-term project: A. Questions 69 through 76 relate to Corporate Finance. ChemCo is evaluating a project based on the principles of capital budgeting. ChemCo should accept the project if it has a: A. Mentemeyer Corporation is a small firm that needs to increase short-term liquidity but has weak credit. The source of short-tein financing that would most likely be available to Mentemeyer is: A.


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Two of the typical steps in the capital budgeting process are: A. The asset beta of a firm equals its equity beta if: A. Over the next year, Thatherton Co. Also, over the next 12 months, Thatherton plans to undertake several expansion projects significantly more risky than previous projects. Thatherton CO.

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Which of the following statements correctly summarizes the effect these changes will have on the company's marginal cost of capital? The increasing tax rate will increase the MCC. The riskier projects will increase the MCC. Both the increasing tax rate and the riskier projects will increase the MCC.

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The interests of shareowners are most likely to be protected by a board member election policy that: A. Nagle forecasts production and sales of , units over the next quarter. Based on these projections, it is most likely that: A. Nagle's breakeven quantity of sales for the quarter is 1,, units. An analyst has discovered that over the last three years, Gathers Company has experienced a decrease in its net operating cycle, while over the same time period the average net operating cycle for the industry excluding Gathers has increased.

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These trends most likely indicate that: A. Gathers has decreased its liquidity position by increasing the amount of time inventory spends in its warehouses. Gathers has increased its liquidity position by increasing the speed of cash collection from its customers. Page 24 14 Kaplan, Inc. A portfolio manager is using capital market theoly and expected equilibrium returns to build a portfolio. The portfolio manager is most likely to be concerned with managing the portfolio's: A. Compared to property and casualty insurance companies, life insurance companies typically have investment horizons that are: ,4.

Bruce Johansen, CFA, is fully invested in the market portfolio. Johansen desires to increase the expected return from his portfolio. According to capital market theory, Johansen can meet his return objective best by: A.

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Beta of an asset is calculated as the covariance of the asset's returns with market returns: A. A risk averse investor is best described as an individual who: A. The standard deviation of a two-stock portfolio least likely: A. The analyst is provided with the following data for Royal and the broad market: Royal Company beta 1. Marcia Kostner, CFA, is an advisor to individual investors. To determine each of her clients' risk tolerance objectively, Kostner uses a mathematical formula with inputs that include the client's age, family size, insurance coverage, liquidity, income, and net worth.

What is the most likely shortcoming of Kostner's approach to assessing risk tolerance? Net worth is unrelated to an investor's risk tolerance. This approach does not consider the investor's attitude toward risk. Treating clients differently based on their ages violates the Code and Standards. Boswell is less risk-averse than Johnson. Using the same capital allocation line for Boswell and Johnson, Boswell will have: A.

Questions 86 through 97 relate to Equity Investments. Malley, Inc. Pruett, Inc. In a typical industry classification system from a commercial index provider, in which sectors are these firms most likely to be classified? Consumer staples Basic materials and processing B.

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Consumer discretionary Basic materials and processing C. Consumer staples Industrial and producer durables Assuming the value effect persists over time, which of the following strategies would be most likely to earn positive abnormal returns? Purchase stocks with: A. Page 26 Kaplan, Inc. Barn 1 Morning Session Roger Gould, CFA, is analyzing the stock of Zero Incorporated and trying to determine which price multiple to use in his valuation. Zero, a start-up, had losses over the last 12 months and is projected to have a loss over the next 12 months. Zero has significant internally generated intangible assets and human capital that Gould would like to capture in his valuation.

The price multiple that Gould should nzost appropriately use is the: A. In the industry life cycle model, the threat of new entrants into an industly is greatest during the: A. Participating preference shares are rnost accurately described as preferred stock that: A. The value of the Agriff Company's common shares is closest to: A. Which of the following types of index is least likely to require frequent reconstitution of constituent securities?

Equity index. Cominodity index. Fixed income index. The derivative pricing rule on an electronic crossing network states that orders will execute at a price determined by: A. Which security has a higher price today?