CFI FMVA Final Exam Flash Cards
Correct Questions And Answers
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
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
Correct Questions And Answers
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
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
