A stakeholder is [removed] all of these. [removed] any governmental agancy. [removed] anyone geographically close to the firm’s headquarters. [removed] anyone with a claim on the cash flows of the firm. Current liabilities are liabilities that [removed] will be converted to equity within a year. [removed] will be converted to cash within a year. [removed] must be paid within a year. [removed] none of these. Which of the following reports directly to the owners of the firm (assume the firm is a public corporation) [removed] CEO [removed] board of directors [removed] audit committee [removed] CFO The generally accepted accounting principles (GAAP) are [removed] rules for how a company can issue stock to raise money. [removed] rules that outline how a firm can operate ethically. [removed] rules on how the firm will be valued in the event of a merger. [removed] rules and procedures that define how companies are to maintain financial records and prepare financial reports. Your uncle, who has a second home in Bethany Beach, Delaware, is planning to sell it in the next few weeks. You are interested in buying this beachside property, so your agent negotiates a price for the house with your uncle’s agent. This transaction is an example of [removed] the assumption of arm’s-length transactions. [removed] the realization principle. [removed] the matching principle. [removed] the going-concern assumption. [removed] the cost principle. Dell Computer Corporation has receivables of $2.5 million and inventory worth $1.8 million. The firm plans to borrow $2 million for working capital purposes from Austin First National Bank. In evaluating the loan request, the bank should place the most emphasis on [removed] the realization principle. [removed] the matching principle. [removed] the going-concern assumption. [removed] the assumption of arm’s-length transactions. Tyson Corporation bought raw materials on April 23, 2008 and also on July 2, 2008. Products produced in the months of May were sold in July. The firm uses FIFO to value its inventory. According to the matching principle, the firm’s accountant should associate [removed] Neither of these dates is valid because the products were sold in July. [removed] none of these. [removed] the inventory acquired on April 23 with the products sold. [removed] the inventory acquired on July 2 with the products sold. The time value of money refers to the issue of [removed] what the value of the stream of future cash flows is today. [removed] none of these. [removed] why a dollar received tomorrow is worth the same as a dollar received today. [removed] why a dollar received tomorrow is worth more than a dollar received today. Using higher discount rates will [removed] not affect the present value of the future cash flow. [removed] increase the present value of any future cash flow. [removed] decrease the present value of any future cash flow. [removed] none of these. Your aunt is looking to invest a certain amount today. Which of the following choices should she opt for? [removed] three-year CD at 7% annual rate [removed] three-year CD at 6.5% annual rate [removed] three-year CD at 6.75% annual rate [removed] three-year CD at 6.25% annual rate Which ONE of the following statements is true about amortization? [removed] A loan amortization schedule is just a table that shows the loan balance at the beginning and end of each period, the payment made during that period, and how much of that payment represents interest and how much represents repayment of principal. [removed] With an amortized loan, each loan payment contains some payment of principal and an interest payment. [removed] Amortization refers to the way the borrowed amount (principal) is paid down over the life of the loan. [removed] All of these are true. Which ONE of the following statements is true about amortization? [removed] A loan amortization schedule is just a table that shows the loan balance at the beginning and end of each p…
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