CFI FMVA FINAL EXAM FLASH CARDS WITH SOLUTIONS #2
Where would 'accounts payable' most likely appear on a set of financial statements? -
correct answer On the balance sheet under 'current liabilities'
Which is not a type of note found in a set of financial statements? - correct answer
Significant internal controls
What is the correct syntax for the =YEARFRAC function? - correct answer
=YEARFRAC(start_date,end_date,[basis])
Which of the following is NOT a form of subordinated debt? - correct answer Revolver
Which of the following is not a function of public accounting firms? - correct answer Due
dilligence
Which ratio would you use to determine the profitability of the goods sold by a
company? - correct answer Gross Profit Margin
Horizontal analysis allows us to analyze performance over: - correct answer Time
If a company wanted to finance the purchase of equipment without diluting shareholders
equity, which of the following operation could it consider? - correct answer Issuing
convertible bonds
When calculating the quick ratio or "acid test" which current asset or liability is omitted?
- correct answer Inventory
Using the PEST analysis, which of the following should a company like Apple Inc. Worry
about the most? - correct answer Technological forecasting and trends
Identify which of the following is NOT a good way for managers to use a budget. -
correct answer 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 answer Direct material purchase budget
What does variable cost with economies of scale mean? - correct answer 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 answer 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 answer On the balance sheet under 'current liabilities'
Which is not a type of note found in a set of financial statements? - correct answer
Significant internal controls
What is the correct syntax for the =YEARFRAC function? - correct answer
=YEARFRAC(start_date,end_date,[basis])
Which of the following is NOT a form of subordinated debt? - correct answer Revolver
Which of the following is not a function of public accounting firms? - correct answer Due
dilligence
Which ratio would you use to determine the profitability of the goods sold by a
company? - correct answer Gross Profit Margin
Horizontal analysis allows us to analyze performance over: - correct answer Time
If a company wanted to finance the purchase of equipment without diluting shareholders
equity, which of the following operation could it consider? - correct answer Issuing
convertible bonds
When calculating the quick ratio or "acid test" which current asset or liability is omitted?
- correct answer Inventory
Using the PEST analysis, which of the following should a company like Apple Inc. Worry
about the most? - correct answer Technological forecasting and trends
Identify which of the following is NOT a good way for managers to use a budget. -
correct answer 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 answer Direct material purchase budget
What does variable cost with economies of scale mean? - correct answer 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 answer unlock the input cells
The annual accounts receivable is 3,000; the annual sales 40,000, and the gross profit
margin is 40%.
