financial statement analysis, 10e by k. r. subramanyam , john j. wild solutions manual and test bank
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Financial Statement Analysis
K. R. Subramanyam (Author), John Wild (Author)
Financial Statement Analysis, 10e, emphasizes effective business analysis and decision making by analysts, investors, managers, and other stakeholders of the company. It continues to set the standard in showing students the keys to effective financial statement analysis. The textbook is set up in a three part framework which makes this textbook one of the best selling books in the market. It begins with an overview (chapters 1-2), followed by accounting analysis (chapters 3-6) and then financial analysis (chapters 7-12). The book presents a balanced view of analysis, including both equity and credit analysis, and both cash-based and earnings-based valuation models. The tenth edition is aimed at accounting and finance classes, and the professional audience – as it shows the relevance of financial statement analysis to all business decision makers. The authors:
Chapter 02
Financial Reporting and Analysis
1. Which would be issued by auditors where there is a
history of significant losses coupled with uncertain prospects?
A. An "except for" qualification
B. An adverse opinion
C. A disclaimer of opinion
D. An audit warning
A. An "except for" qualification
B. An adverse opinion
C. A disclaimer of opinion
D. An audit warning
2. Which of the following would require the filing of
Form 8-K?
I. Major acquisition
II. Audited financial statements
III. Bankruptcy
IV. Change in management control
A. I and III
B. II and IV
C. I, III and IV
D. I, II, III and IV
I. Major acquisition
II. Audited financial statements
III. Bankruptcy
IV. Change in management control
A. I and III
B. II and IV
C. I, III and IV
D. I, II, III and IV
3. Which of the following is not considered
part of GAAP?
A. Statements of Financial Accounting Standards (SFAS)
B. International Accounting Standards (IAS)
C. Accounting Research Bulletins (ARB).
D. Accounting Principles Board Opinions (APB).
A. Statements of Financial Accounting Standards (SFAS)
B. International Accounting Standards (IAS)
C. Accounting Research Bulletins (ARB).
D. Accounting Principles Board Opinions (APB).
4. Which of the following is not considered a
monitoring mechanism?
A. The Securities and Exchange Commission (SEC)
B. Top level management
C. The board of director's audit committee
D. The external auditors
A. The Securities and Exchange Commission (SEC)
B. Top level management
C. The board of director's audit committee
D. The external auditors
5. Which of the following statements about directors
of a company is true?
A. Directors are elected by management of a company.
B. Directors only get paid if the company increases its profitability that year.
C. Directors are shareholders' representatives.
D. All directors of a company are senior managers in that company.
A. Directors are elected by management of a company.
B. Directors only get paid if the company increases its profitability that year.
C. Directors are shareholders' representatives.
D. All directors of a company are senior managers in that company.
6. Which of the following statements about accruals
and cash flows is true?
A. All cash flows are value relevant.
B. Cash flows cannot be manipulated.
C. Cash flows are more reliable than accruals.
D. All accrual accounting adjustments are value irrelevant.
A. All cash flows are value relevant.
B. Cash flows cannot be manipulated.
C. Cash flows are more reliable than accruals.
D. All accrual accounting adjustments are value irrelevant.
7. Which of the following statements about accruals
and cash flows is false?
A. Company value can be determined by using accrual accounting numbers.
B. Accrual accounting numbers are subject to accounting distortions.
C. Cash flows are more reliable than accruals.
D. Cash flows cannot be manipulated.
A. Company value can be determined by using accrual accounting numbers.
B. Accrual accounting numbers are subject to accounting distortions.
C. Cash flows are more reliable than accruals.
D. Cash flows cannot be manipulated.
8. The two primary qualities of accounting information
to make it useful for decision making are:
A. reliability and comparability.
B. relevance and reliability.
C. materiality and comparability.
D. full disclosure and relevance.
A. reliability and comparability.
B. relevance and reliability.
C. materiality and comparability.
D. full disclosure and relevance.
9. Financial accounting data has some inherent
limitations. Which of the following are limitations?
I. Not all economic events are easily quantifiable.
II. Many accounting entries rely heavily on estimates.
III. Historical cost can distort statements.
IV. Inflation can distort accounting data.
A. I, II and III
B. I, III and IV
C. II, III and IV
D. I, II, III and IV
I. Not all economic events are easily quantifiable.
II. Many accounting entries rely heavily on estimates.
III. Historical cost can distort statements.
IV. Inflation can distort accounting data.
A. I, II and III
B. I, III and IV
C. II, III and IV
D. I, II, III and IV
10. Audit risk represents a danger to users of audited
financial statements. The following are attributes pointing to potential areas
of vulnerability except
A. company in financial distress requiring financing.
B. management dominated by one or more strong-willed individuals.
C. deterioration in liquidity or solvency.
D. company earning high profits consistently over a number of years.
A. company in financial distress requiring financing.
B. management dominated by one or more strong-willed individuals.
C. deterioration in liquidity or solvency.
D. company earning high profits consistently over a number of years.
11. If a company fails to record a material amount of
depreciation in a previous year, this is considered:
A. a change in accounting principle.
B. an unusual item.
C. an accounting error.
D. a change in estimate.
A. a change in accounting principle.
B. an unusual item.
C. an accounting error.
D. a change in estimate.
12. Which of the following are examples of judgments
made in the accounting reporting process?
I. Useful life of machinery
II. Allowance for doubtful accounts
III. Obsolescence of assets
IV. Interest payment on bonds
A. I, II, III and IV
B. I, II and III
C. II and III
D. I and III
I. Useful life of machinery
II. Allowance for doubtful accounts
III. Obsolescence of assets
IV. Interest payment on bonds
A. I, II, III and IV
B. I, II and III
C. II and III
D. I and III
13. Which of the following would affect the
comparability of accounting information for a given company from one accounting
period to the next?
I. Change in accounting principles
II. Disposition of segment of business
III. Restructuring expenses
IV. Change in auditors
A. I and II
B. I and III
C. I, II and III
D. I, III and IV
I. Change in accounting principles
II. Disposition of segment of business
III. Restructuring expenses
IV. Change in auditors
A. I and II
B. I and III
C. I, II and III
D. I, III and IV
14. Which of the following would affect the comparison
of financial statements across two different firms?
I. Different accounting principles
II. Different sizes of the companies
III. Different reporting periods
IV. Different industries
A. I, III and IV
B. I and IV
C. I and II
D. I, II, III and IV
I. Different accounting principles
II. Different sizes of the companies
III. Different reporting periods
IV. Different industries
A. I, III and IV
B. I and IV
C. I and II
D. I, II, III and IV
Byfort Company reports the following in its financial
statements:
*All sales are on credit.
*All sales are on credit.
15. How much did the company collect in cash from
debtors during 2006?
A. $445,389K
B. $454,611K
C. $484,289K
D. $488,900K
A. $445,389K
B. $454,611K
C. $484,289K
D. $488,900K
16. How much sales would have been reported by the
company in 2006 if Byfort would have been using cash accounting and not accrual
accounting?
A. $445,389K
B. $454,611K
C. $484,289K
D. $488,900K
A. $445,389K
B. $454,611K
C. $484,289K
D. $488,900K
17. 10-K reports are:
A. the quarterly reports to stockholders.
B. quarterly filings made by a company with the SEC.
C. annual filings made by a company with SEC.
D. filings made by a company with SEC when a company changes auditors.
A. the quarterly reports to stockholders.
B. quarterly filings made by a company with the SEC.
C. annual filings made by a company with SEC.
D. filings made by a company with SEC when a company changes auditors.
18. The management of Finner Company believes that
"the statement of cash flows is not a very useful statement" and does
not include it with the company's financial statements. As a result the
auditor's opinion should be:
A. qualified.
B. unqualified.
C. adverse.
D. disclaimed.
A. qualified.
B. unqualified.
C. adverse.
D. disclaimed.
19. Which of the following statements is incorrect?
A. Under GAAP, statements are prepared using accrual accounting.
B. Under GAAP, all assets are marked to market each accounting period.
C. Under GAAP, it is necessary to make certain estimates.
D. Annual statements submitted to the SEC (10-K) must be prepared using GAAP.
A. Under GAAP, statements are prepared using accrual accounting.
B. Under GAAP, all assets are marked to market each accounting period.
C. Under GAAP, it is necessary to make certain estimates.
D. Annual statements submitted to the SEC (10-K) must be prepared using GAAP.
20. When analyzing financial statements it is
important to recognize that accounting distortions can arise. Accounting
distortions are those things that cause deviations in accounting information
from the underlying economics. Which of the following statements is not
correct? Accounting distortions:
A. can arise as management may deliberately manipulate financial statements.
B. arise often through application of (correct) accounting principles.
C. can affect the quality of earnings.
D. arise if the stock market is not efficient.
A. can arise as management may deliberately manipulate financial statements.
B. arise often through application of (correct) accounting principles.
C. can affect the quality of earnings.
D. arise if the stock market is not efficient.
21. Which of the following is a change in an
accounting estimate?
I. A change from straight line depreciation to an accelerated depreciation method.
II. A change in estimated salvage value of depreciable asset.
III. A change in estimated useful life of an asset.
IV. Recording depreciation for the first time on machinery purchased five years ago.
A. I, II, III and IV
B. II, III and IV
C. I, III and IV
D. II and III
I. A change from straight line depreciation to an accelerated depreciation method.
II. A change in estimated salvage value of depreciable asset.
III. A change in estimated useful life of an asset.
IV. Recording depreciation for the first time on machinery purchased five years ago.
A. I, II, III and IV
B. II, III and IV
C. I, III and IV
D. II and III
22. Which of the following are changes in accounting
principle?
I. A change from LIFO to FIFO.
II. A change in estimated salvage value of depreciable asset.
III. A change from an accelerated depreciation method to straight line depreciation.
IV. Recording depreciation for the first time on machinery purchased five years ago.
A. I, II, III and IV
B. I, II and III
C. I, III and IV
D. I and III
I. A change from LIFO to FIFO.
II. A change in estimated salvage value of depreciable asset.
III. A change from an accelerated depreciation method to straight line depreciation.
IV. Recording depreciation for the first time on machinery purchased five years ago.
A. I, II, III and IV
B. I, II and III
C. I, III and IV
D. I and III
23. Which of the following is not a source of
industry information?
A. SEC manuals
B. Standard and Poor's
C. Trade journals
D. Robert Morris Associates
A. SEC manuals
B. Standard and Poor's
C. Trade journals
D. Robert Morris Associates
24. Which of the following information would not
be filed with the SEC by a publicly traded company?
A. 10-K report
B. Prospectus
C. Proxy statement
D. Tax return
A. 10-K report
B. Prospectus
C. Proxy statement
D. Tax return
25. Accounting Standards are best described as:
A. the result of a political process among groups with diverse interests.
B. presentation standards mandated by the Securities and Exchange Commission.
C. the state-of-the-art presentation of the science of accounting.
D. measuring the quality of safeguarding assets.
A. the result of a political process among groups with diverse interests.
B. presentation standards mandated by the Securities and Exchange Commission.
C. the state-of-the-art presentation of the science of accounting.
D. measuring the quality of safeguarding assets.
26. The matching principle requires that:
A. revenues earned and expenses incurred in generating those revenues should be reported in the same income statement.
B. non-operating gains and losses should be netted against each other.
C. a proportion of each dollar collected will be assumed to be a recovery of cost.
D. assets will be matched to the liabilities incurred to purchase them.
A. revenues earned and expenses incurred in generating those revenues should be reported in the same income statement.
B. non-operating gains and losses should be netted against each other.
C. a proportion of each dollar collected will be assumed to be a recovery of cost.
D. assets will be matched to the liabilities incurred to purchase them.
27. If a company changes auditors, it is required to
file the following with the SEC:
A. 10-K
B. 10-Q
C. 8-K
D. S-1
A. 10-K
B. 10-Q
C. 8-K
D. S-1
28. The primary responsibility for fair and accurate
financial reporting rests with the:
A. board of directors.
B. SEC.
C. management.
D. auditors.
A. board of directors.
B. SEC.
C. management.
D. auditors.
29. Which of the following is incorrect? When
using the 10-Q, the analyst should be aware that the usefulness of the
quarterly financial statements might be affected by:
A. seasonality.
B. adjustments made in the final quarter of the year.
C. the use of cash accounting.
D. the increased use of estimates.
A. seasonality.
B. adjustments made in the final quarter of the year.
C. the use of cash accounting.
D. the increased use of estimates.
30. Voluntary disclosure by managers is becoming an
increasingly important source of information. Which of the following is least
likely to be a reason for this increased disclosure?
A. Protection under Safe Harbor Rules.
B. To manage investors' expectations.
C. To signal information to investors.
D. To respond to increased demands by labor unions.
A. Protection under Safe Harbor Rules.
B. To manage investors' expectations.
C. To signal information to investors.
D. To respond to increased demands by labor unions.
31. The two secondary qualities of accounting
information to make it useful for decision making are:
A. consistency and comparability.
B. relevance and reliability.
C. materiality and comparability.
D. full disclosure and relevance.
A. consistency and comparability.
B. relevance and reliability.
C. materiality and comparability.
D. full disclosure and relevance.
32. Economic income measures change in:
A. asset value.
B. liability value.
C. shareholder value.
D. net cash flows.
A. asset value.
B. liability value.
C. shareholder value.
D. net cash flows.
33. Which one of the following is not an
example of a red flag, used to evaluate earnings quality?
A. Qualified audit report
B. Net income this year is higher then net income last year
C. Poor financial performance
D. Frequent or unexplained changes in accounting policies
A. Qualified audit report
B. Net income this year is higher then net income last year
C. Poor financial performance
D. Frequent or unexplained changes in accounting policies
34. Economic income includes:
A. recurring components only.
B. nonrecurring components only.
C. both recurring and nonrecurring components.
D. neither recurring nor nonrecurring components.
A. recurring components only.
B. nonrecurring components only.
C. both recurring and nonrecurring components.
D. neither recurring nor nonrecurring components.
35. For a going concern, company value can be
expressed by:
A. dividing permanent income by the cost of capital.
B. multiplying permanent income by the cost of capital.
C. dividing permanent income by the market value per share.
D. multiplying permanent income by the market value per share.
A. dividing permanent income by the cost of capital.
B. multiplying permanent income by the cost of capital.
C. dividing permanent income by the market value per share.
D. multiplying permanent income by the market value per share.
36. Accounting income consists of all the following
components except:
A. permanent component.
B. transitory component.
C. value irrelevant component.
D. temporary component.
A. permanent component.
B. transitory component.
C. value irrelevant component.
D. temporary component.
37. To determine a company's sustainable earning
power, an analyst needs to first determine the recurring component of the
current period's accounting income by excluding nonrecurring components of
accounting income. Such adjusted earnings are often referred to as:
A. core earnings.
B. permanent earnings.
C. basic earnings.
D. operating earnings.
A. core earnings.
B. permanent earnings.
C. basic earnings.
D. operating earnings.
38. SFAS 157 defines fair value as the:
A. market price.
B. exchange price.
C. net asset value.
D. real value.
A. market price.
B. exchange price.
C. net asset value.
D. real value.
39. SFAS prescribes that information about the level
of inputs used for determining fair values must be reported in the:
A. balance sheet.
B. director's letter.
C. footnotes.
D. MD&A.
A. balance sheet.
B. director's letter.
C. footnotes.
D. MD&A.
40. All of the following are basic approaches to
valuation except:
A. market approach.
B. asset approach.
C. income approach.
D. cost approach.
A. market approach.
B. asset approach.
C. income approach.
D. cost approach.
41. GAAP stands for General American Accounting
Principles, and must be adhered to by publicly traded companies when preparing
their financial statements.
FALSE
FALSE
42. FASB stands for Financial Accounting Service
Bureau, and is a sub-division of the Securities and Exchange Commission
(SEC).
FALSE
FALSE
43. Under GAAP accounting, a company has the choice of
using cash or accrual accounting in preparing its financial statements.
FALSE
FALSE
44. Under cash accounting, a company must recognize
revenues in financial statements when the revenues are earned or
realized.
FALSE
FALSE
45. Under accrual accounting, a company will recognize
expenses as they are paid.
FALSE
FALSE
46. Accrual income is a better predictor of future
cash flows than current cash flows.
TRUE
TRUE
47. The auditor provides "reasonable", as
opposed to "absolute" assurance that the financial statements provide
no material misstatement.
TRUE
TRUE
48. Net income is usually higher than free cash
flows.
TRUE
TRUE
49. By using earnings management, managers always try
to increase income.
FALSE
FALSE
50. Income smoothing is a form of earnings
management.
TRUE
TRUE
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