CFI FMVA Final Exam Flash Cards
1. Where would 'accounts payable' most likely appear on a set of financial
statements?: On the balance sheet under 'current liabilities'
2. Which is not a type of note found in a set of financial statements?:
Significant internal controls
3. What is the correct syntax for the =YEARFRAC function?: =YEAR-
FRAC(start_date,end_date,[basis])
4. Which of the following is NOT a form of subordinated debt?: Revolver 5.
Which of the following is not a function of public accounting firms?: Due
dilligence
6. Which ratio would you use to determine the profitability of the goods
sold by a company?: Gross Profit Margin
7. Horizontal analysis allows us to analyze performance over:: Time
8. If a company wanted to finance the purchase of equipment without
diluting shareholders equity, which of the following operation could it
consider?: Issuing convertible bonds
9. When calculating the quick ratio or "acid test" which current asset or
liability is omitted?: Inventory
10. Using the PEST analysis, which of the following should a company like
Apple Inc. worry about the most?: Technological forecasting and trends
11. Identify which of the following is NOT a good way for managers to use a
budget.: Managers can use budgets alone to estimate how well they perform
over a period of time
12. Which of the following components is not necessary to have in every
master budget?: Direct material purchase budget
13. What does variable cost with economies of scale mean?: The higher the
volume of output, the less it costs to produce one extra unit
14. Before protecting a worksheet to avoid people from editing the formulas,
you must: unlock the input cells
15. The annual accounts receivable is 3,000; the annual sales 40,000, and the
gross profit margin is 40%.
The receivable days estimated from the data above is _____.: 27.4
16. The PP&E gross book value at the start of the month is 60,000, and the
CAPEX of the month is 12,000. The accumulated depreciation at the start
of the month is 25,000; the depreciation expense of the month is 750. The
net book value of PP&E calculated from the data above is _____.: 46,250
1/4
1. Where would 'accounts payable' most likely appear on a set of financial
statements?: On the balance sheet under 'current liabilities'
2. Which is not a type of note found in a set of financial statements?:
Significant internal controls
3. What is the correct syntax for the =YEARFRAC function?: =YEAR-
FRAC(start_date,end_date,[basis])
4. Which of the following is NOT a form of subordinated debt?: Revolver 5.
Which of the following is not a function of public accounting firms?: Due
dilligence
6. Which ratio would you use to determine the profitability of the goods
sold by a company?: Gross Profit Margin
7. Horizontal analysis allows us to analyze performance over:: Time
8. If a company wanted to finance the purchase of equipment without
diluting shareholders equity, which of the following operation could it
consider?: Issuing convertible bonds
9. When calculating the quick ratio or "acid test" which current asset or
liability is omitted?: Inventory
10. Using the PEST analysis, which of the following should a company like
Apple Inc. worry about the most?: Technological forecasting and trends
11. Identify which of the following is NOT a good way for managers to use a
budget.: Managers can use budgets alone to estimate how well they perform
over a period of time
12. Which of the following components is not necessary to have in every
master budget?: Direct material purchase budget
13. What does variable cost with economies of scale mean?: The higher the
volume of output, the less it costs to produce one extra unit
14. Before protecting a worksheet to avoid people from editing the formulas,
you must: unlock the input cells
15. The annual accounts receivable is 3,000; the annual sales 40,000, and the
gross profit margin is 40%.
The receivable days estimated from the data above is _____.: 27.4
16. The PP&E gross book value at the start of the month is 60,000, and the
CAPEX of the month is 12,000. The accumulated depreciation at the start
of the month is 25,000; the depreciation expense of the month is 750. The
net book value of PP&E calculated from the data above is _____.: 46,250
1/4
