答案和详解如下： Answer 46 The correct answer was A) All of Valuable's potentially dilutive securities are antidilutive. If all of Valuable’s potentially dilutive securities were antidilutive, then EPS would equal diluted EPS. This question tested from Session 8, Reading 32, LOS i
Answer 47 The correct answer was D) $3.38. Jersey, Inc.’s basic EPS = (net income – preferred dividends) / (weighted average number of common shares outstanding) was ($720,000 - $180,000)/160,000 = $3.38. Note that the unpaid preferred dividends from the previous year would have been charged to that year's earnings so they would not be double-counted. This question tested from Session 8, Reading 32, LOS h, (Part 1)
Answer 48 The correct answer was C) 28.6%. Sustainable growth rate = retention ratio × return on equity. Because this was Galaxy's first year of operations, we can determine its retention ratio directly from retained earnings: RR = 40 / 60 = 0.667. ROE = net income / equity = 60 / (100 + 40) = 0.429. Thus, g = RR × ROE = 0.667 × 0.429 = 0.286 = 28.6%. This question tested from Session 10, Reading 41, LOS g
Answer 49 The correct answer was C) A specific explanatory paragraph that makes reference to (questions) the going concern assumption may be a signal of serious problems and call for close examination by the analyst. Therefore, in the absence of such a paragraph, there is no need for a close examination of the going concern assumption by the analyst. The objective of an audit is to enable the auditor to provide an opinion on the fairness and reliability of the financial statements. This is not the same as numerical accuracy. The auditor is generally only provides reasonable assurance that there are no material errors in the financial statements, not an opinion about their numerical accuracy. It is a qualified opinion which suggests that there are some exceptions to the required reporting principles and explains these exceptions. An independent certified public accounting firm must be appointed by the company’s board of directors and not by its management. Appointment of the auditors by management would reduce the level of perceived independence. This question tested from Session 7, Reading 29, LOS d
Answer 50 The correct answer was A) -$8,000,000 $8,000,000 If the franchise cost were expensed, amortization would be eliminated and franchise expense would be fully taken in 20X0. 20X0 net income would be $5,500,000 + 1,500,000 - $15,000,000= -$8,000,000, and 20X1 net income would be $6,500,000 + $1,500,000= $8,000,000. This question tested from Session 9, Reading 36, LOS a
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发表于 2008-11-12 12:04
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