CFI FMVA Final Exam Q & As (Verified Answers) 2026
Where would 'accounts payable' most likely appear on a set of
financial statements? - Correct Answers ✅On the balance sheet
under 'current liabilities'
Which is not a type of note found in a set of financial statements? -
Correct Answers ✅Significant internal controls
What is the correct syntax for the =YEARFRAC function? - Correct
Answers ✅=YEARFRAC(start_date,end_date,[basis])
Which of the following is NOT a form of subordinated debt? - Correct
Answers ✅Revolver
Which of the following is not a function of public accounting firms? -
Correct Answers ✅Due dilligence
Which ratio would you use to determine the profitability of the goods
sold by a company? - Correct Answers ✅Gross Profit Margin
Horizontal analysis allows us to analyze performance over: - Correct
Answers ✅Time
If a company wanted to finance the purchase of equipment without
diluting shareholders equity, which of the following operation could
it consider? - Correct Answers ✅Issuing convertible bonds
, CFI FMVA Final Exam Q & As (Verified Answers) 2026
When calculating the quick ratio or "acid test" which current asset or
liability is omitted? - Correct Answers ✅Inventory
Using the PEST analysis, which of the following should a company
like Apple Inc. worry about the most? - Correct Answers
✅Technological forecasting and trends
Identify which of the following is NOT a good way for managers to use
a budget. - Correct Answers ✅Managers can use budgets alone to
estimate how well they perform over a period of time
Which of the following components is not necessary to have in every
master budget? - Correct Answers ✅Direct material purchase
budget
What does variable cost with economies of scale mean? - Correct
Answers ✅The higher the volume of output, the less it costs to
produce one extra unit
Before protecting a worksheet to avoid people from editing the
formulas, you must - Correct Answers ✅unlock the input cells
The annual accounts receivable is 3,000; the annual sales 40,000,
and the gross profit margin is 40%.
Where would 'accounts payable' most likely appear on a set of
financial statements? - Correct Answers ✅On the balance sheet
under 'current liabilities'
Which is not a type of note found in a set of financial statements? -
Correct Answers ✅Significant internal controls
What is the correct syntax for the =YEARFRAC function? - Correct
Answers ✅=YEARFRAC(start_date,end_date,[basis])
Which of the following is NOT a form of subordinated debt? - Correct
Answers ✅Revolver
Which of the following is not a function of public accounting firms? -
Correct Answers ✅Due dilligence
Which ratio would you use to determine the profitability of the goods
sold by a company? - Correct Answers ✅Gross Profit Margin
Horizontal analysis allows us to analyze performance over: - Correct
Answers ✅Time
If a company wanted to finance the purchase of equipment without
diluting shareholders equity, which of the following operation could
it consider? - Correct Answers ✅Issuing convertible bonds
, CFI FMVA Final Exam Q & As (Verified Answers) 2026
When calculating the quick ratio or "acid test" which current asset or
liability is omitted? - Correct Answers ✅Inventory
Using the PEST analysis, which of the following should a company
like Apple Inc. worry about the most? - Correct Answers
✅Technological forecasting and trends
Identify which of the following is NOT a good way for managers to use
a budget. - Correct Answers ✅Managers can use budgets alone to
estimate how well they perform over a period of time
Which of the following components is not necessary to have in every
master budget? - Correct Answers ✅Direct material purchase
budget
What does variable cost with economies of scale mean? - Correct
Answers ✅The higher the volume of output, the less it costs to
produce one extra unit
Before protecting a worksheet to avoid people from editing the
formulas, you must - Correct Answers ✅unlock the input cells
The annual accounts receivable is 3,000; the annual sales 40,000,
and the gross profit margin is 40%.
