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1. Which of the following is false with regards to audit responsibility?
A) Reasonable assurance is a high, but not absolute, level of assurance.
B) The auditor's responsibility for illegal acts is the same as for errors and fraud.
C) The auditor of a public company is required to certify the annual financial statements.
D) Auditing standards make no distinction between error or fraud; in either case, the auditor must obtain reasonable assurance about whether the financial statements are free of material misstatement.
2. Fern has preferred stock selling for 93.4 percent of par that pays an 9.6 percent annual coupon. What would be Fern's component cost of preferred stock?
You are thinking about buying a car, and a local bank is willing to lend you $20,000 to buy the car. Under the terms of the loan, it will be fully amortized over 5 years (60 months), and the nominal rate of interest will be 12 percent, with interest ..
If a firm’s CFFA or “free cash flow” is negative, this means that the firm will be unable to pay any cash dividends.
Suppose you sell a fixed asset for $123,000 when its book value is $143,000. If your company’s marginal tax rate is 40 percent, what will be the effect on cash flows of this sale (i.e., what will be the after-tax cash flow of this sale)?
The annual annuity stream of payments that has the same present value as a project's costs is referred to as which one of the following? Which one of the following is an example of a sunk cost?
Compute the forward discount or premium for the Mexican peso whose 90-day forward rate is $105 and spot rate is $10.
Enterprise Risk Management book by James LAM. (From Module 2) Assume you are Chairperson of your firm’s risk committee. Discuss the top risks that you believe the Board should deal with. Since most Boards focus on risks in (a) the next two years, (b)..
Green Foods just paid its annual dividend of $1.62 a share. The firm recently announced that all future dividends will be increased by 3.1 percent annually.
What is the expected interest rate on a 1-year bond in two years?
BrandCo currently has 50 million shares outstanding. what is the company’s market capitalization (value of equity)?
Use a demand and supply graph for the federal funds market to analyze the effect of an open market sale of Treasury securities on the equilibrium federal funds rate.
Assume the rate on the issuance of $100m of 100-year bonds is 7.5%; the annual debt service payment would be $7.505m. How high would the interest rate have to be on 30-year bonds for the annual debt service payment to be the same for both financings?
Assume a zero-coupon bond that sells for $634 will mature in 15 years at $1,750. What is the effective yield to maturity?
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