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Explain the difference between performing the capital budgeting analysis from the parent firm’s perspective as opposed to the project perspective.
The aim of the financial manager of the parent firm is to maximize its wealth of shareholders. A capital project of a subsidiary of the parent may comprise a positive NPV (or APV) from the subsidiary’s perspective yet comprise a negative NPV (or APV) from the parent’s perspective if fixed cash flows cannot be repatriated to the parent due to remittance restrictions by the host country, or if the home currency is supposed to appreciate substantially over the life of the project, yielding unattractive cash flows while converted into the home currency of the parent. In addition, a higher tax rate in the home country may cause the project to be unbeneficial from the parent’s perspective. Any of these causes could result in the project being unattractive to the parent and the parent’s stockholders.
What is Control risk That material misstatement could take place and not be detected, or prevented on a timely basis, by accounting and internal control systems. All audits
Secondary Market The major participants in secondary market are banks, brokerage firms and bond houses. They buy and sell T-bills on behalf of customers and themselves. The cus
What is Planning Internal auditors must plan the audit work so as to perform the audit in an effective manner.There must be sufficient audit programmes in existence which set o
What is working capital? Working capital comprise of the current assets of the firm.
Q. Evaluate Certainty Equivalent Coefficient? Illustration: - Presume the risky cash flow is Rs. 200000 and the riskless cash flow is Rs. 140000. The Certainty Equivalent Co
Compare and contrast the potential liability of owners of proprietorships, partnerships (general partners), and corporations. The sole proprietor has infinite liability for mat
What is the nature of a concessionary loan and how is it handled in the APV model? A concessionary loan is a loan that is provided by a governmental body at below the normal ma
You own three stocks: 1000 shares of Apple Computer, 10,000 shares of Cisco Systems, and 5000 shares of Goldman Sachs Group. The current share prices and expected returns of Apple,
Australian Securities and Investment Commission: The Australian Securities and Investment Commission (ASIC) is an independent government body established by the ASIC Act 1989.
Components of a Callable Bond A callable bond can be thought of as the sale of a call option by the investor to the issuer as it allows the issuer to repurchase the bond from t
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