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1. STR 581 Capstone Final Examination, Part Two
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STR 581 Capstone Final Examination, Part Two (Latest)
1. Internal reportsthat review the actual impact of decisions are prepared by:
• the controller
• departmentheads
• factory workers
• managementaccountants
2. Horizontalanalysis is also known as:
• trend analysis
• vertical analysis
• linear analysis
• common size analysis
3. Which of the followingis an advantageof corporationsrelative to
partnershipsand sole proprietorships?
• most common form of organization

2. • reduced legal liability for investors
• lower taxes
• harder to transfer ownership
4. Serox stock was selling for $20 two years ago. The stock sold for $25 one
year ago, and it is currently sellingfor $28. Seroxpaysa $1.10 dividendper
year. What was the rate of return for owningSerox in the most recent year?
(Round to the nearest percent.)
• 32%
• 16%
• 12%
• 40%
5. External financingneeded: Jockey Company hastotal assets worth
$4,417,665. Atyear-end it will have net incomeof $2,771,342and pay out60
percentas dividends. If the firm wantsno external financing, what is the
growth rate it can support?
• 30.3%
• 27.3%
• 32.9%
• 25.1%
6. An unrealistic budget is more likely to resultwhen it:
• has been developed by all levels of management.
• has been developed in atop down fashion.
• has been developed in abottom up fashion.

3. • is developed with performanceappraisalusagesin mind.
7. Which of the followingfinancial statements is concerned with the company
at a pointin time?
• balance sheet
• retained earnings statement
• statement of cash flows
• income statement
8. Next year JenkinsTraderswill pay a dividend of $3.00. Itexpects to
increase its dividend by $0.25in each of the following three years. If their
required rate of return if 14 percent, what is the presentvalueof their
dividendsover the next four years?
• $12.50
• $11.63
• $9.72
• $13.50
9. An activity that has a direct cause-effect relationship with the resources
consumed isa(n):
• productactivity
• cost driver
• cost pool
• overhead rate

4. 10. The major elementin budgetary control is:
• the approvalof the budgetby the stockholders
• the valuation of inventories
• the preparation of long-term plans
• the comparison of actual results with planned objectives.
11. TuleTime Comics is consideringa new show that will generate annual
cash flowsof $100,000into the infinite future. If the initial outlay for such a
production is$1,500,000 and theappropriatediscountrateis 6 percent for
the cash flows, then what is the profitability index for the project?
• 0.11
• 1.11
• 0.90
• 1.90
12. How firmsestimate their cost of capital: The WACC for a firm is 13.00
percent. You know that the firm’scost of debt capital is 10 percentand the
cost of equity capital is 20% Whatproportion of the firm is financed with
debt?
• 70%
• 50%
• 33%
• 30%
13. The most importantinformation needed to determineif companiescan
pay their currentobligations is the:

5. • relationship between currentassets and currentliabilities
• relationship between short-term and long-term liabilities
• projected net income for next year
• net incomefor this year
14. Processcosting is used when:
• dissimilar productsareinvolved
• production isaimed at fulfillinga specific customer order.
• the production processis continuous.
• costs are to be assigned to specific jobs.
15. A cost which remainsconstant per unitat variouslevels of activity is a:
• fixed cost
• mixed cost
• manufacturingcost
• variable cost
16.Thegroup of users of accounting information charged with achieving the
goals of the businessis its:
• investors
• auditors
• creditors
• managers

6. 17. Teakap, Inc. has currentassets of $1,456,312and totalassets of
$4,812,369 for theyear endingSeptember 30, 2006. Italso has current
liabilities of $1,041,012, common equity of $1,500,000 and retained earnings
of $1,468,347. How muchlong-term debt doesthe firm have?
• $803,010
• $2,303,010
• $1,844,022
• $2,123,612
18. The cash conversion cycle?
• begins when the firm investscash to purchasethe raw materials that
would be used to producethe goodsthat the firm manufactures.
• estimates how longit takes on average for the firm to collect its
outstandingaccountsreceivables balance.
• begins when the firm usesits cash to purchaseraw materials and ends
when the firm collects cash paymentson its credit sales.
• shows how longthe firm keeps its inventory beforeselling it.
19. AjaxCorp. is expecting the followingcash flows - $79,000, $112,000,
$164,000, $84,000, and $242,000 – over thenext five years. If the company’s
opportunity costis 15 percent, what is the presentvalueof these cash flows?
(Round to the nearest dollar.)
• $480,906
• $429,560
• $414,322
• $477,235

7. 20. Jack Robbinsis savingfor a new car. He needsto have $21,000 for thecar
in three years. How much willhe have to invest today in an accountpaying8
percentannually to achieve his target? (Round to nearest dollar)
• $26,454
• $19,444
• $22,680
• $16,670
21. Which of the followingpresentsa summary of changes in a firm’sbalance
sheet from the beginningof an accountingperiod to the end of that accounting
period?
• the statement of net worth
• the statement of cash flows
• the statement of workingcapital
• the statement of retained earnings
22. M&M Proposition 1: Dynamo Corp.producesannualcashflowsof $150
and is expected to exist forever. The company is currently financed with75
percentequity and 25 percentdebt. Your analysistells you that the
appropriatediscountrates are 10 percentfor the cash flows, and 7 percentfor
the debt. You currently own 10 percentof the stock.
If Dynamo wishesto change its capital structurefrom 75 percentequity to 60
percentequity and use the debt proceedsto pay a special dividend to
shareholders, how muchdebt should they use?
• $225
• $600
• $375

8. • $321
23. Horizontalanalysisis a technique for evaluatinga series of financial
statement data over a period of time:
• that has been arranged from the highest number to the lowest number.
• to determinethe amountand/or percentage increase or decrease that
has taken place.
• to determinewhich items are in error.
• that has been arranged from the lowest number to the highest number.
24. Jayadev Athreya has started his first job. He will invest $5,000atthe end of
each year for the next 45 yearsin a fund that will earn a return of 10 percent.
How much will Jayadev haveat the end of 45 years?
• $2,667,904
• $5,233,442
• $1,745,600
• $3,594,524
25. TurnbullCorp. had an EBITof $247 million in the last fiscal year. Its
depreciation and amortization expensesamounted to $84 million. The firm
has 135 million shares outstandingand a share price of $12.80. A competing
firm that is very similar to Turnbullhas an enterprise value/EBITDA multiple
of 5.40.
What is the enterprisevalue of TurnbullCorp.? Round to the nearest million
dollars.
• $1,344 million
• $453.6 million

9. • $1,315 million
• $1,787 million
26. Firmsthat achieve higher growth rates without seeking external financing:
• Have a low plowback ratio
• are highly leveraged
• have less equity and/or are able to generate high net income leadingto
a high ROE.
• Noneof these
27. In a process cost system, productcosts are summarized:
• on job cost sheets.
• when the productsare sold.
• after each unitis produced.
• on production cost reports.
28. The convention of consistency refersto consistent useof accounting
principles:
• within industries
• amongaccounting periods
• throughout the accountingperiod
• amongfirms
29. If a company’sweighted average cost of capital is less than the required
return on equity, then the firm:

10. • is financed with more than 50% debt
• is perceived to be safe
• partnership
• has debt in its capital structure
30. Your firm has an equity multiplier of 2.47. Whatis the debt-to-equity
ratio?
• 0
• 1.74
• 0.60
• 1.47
31. The accumulation of accountingdata on the basis of the individual
manager who has the authority to makeday-to-day decisionsabout activities
in an area is called:
• master budgeting
• static reporting
• responsibility accounting
• flexible accounting
32. Regatta, Inc., has six-year bondsoutstandingthat pay a 8.25 percent
coupon rate. Investorsbuyingthe bond today can expect to earn a yield to
maturity of 6.875 percent. Whatshould the company’sbondsbe priced at
today? Assumeannualcoupon payments. (Round to the nearest dollar.)
• $1014
• $972

11. • $923
• $1,066
33. Variance reportsare:
• internalreports for management
• SEC financialreports
• external financial reports
• all of these
34. The break-even pointis where:
• contribution margin equals total fixed costs.
• total sales equal total variable costs.
• total sales equal total fixed costs.
• total variable costs equaltotal fixed costs.
35. When a company assignsthe costs of direct materials, direct labor, and
both variable and fixed manufacturingoverhead to products, that company is
using:
• operationscosting
• productcosting
• absorption costing
• variable costing
36. Which of the followingis considered a hybrid organizationalform?

12. • sole proprietorship
• partnership
• limited liability partnership
• corporation
37. Gateway, Corp. has an inventory turnover of 5.6. Whatis the firm’sdays’s
sales in inventory?
• 57.9
• 61.7
• 65.2
• 64.3
38. The process of evaluating financialdata that change under alternative
coursesof action is called:
• incrementalanalysis
• contribution margin analysis
• cost-benefit analysis
• doubleentry analysis
39. What decision criteria should managersuse in selecting projectswhen
there is not enoughcapital to invest in all available positive NPV projects?
• the modified internalrate of return
• the profitability index
• the discounted payback
• the internalrate of return

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