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財(cái)務(wù)報(bào)表分析:技術(shù)(總分67,考試時(shí)間90分鐘)單項(xiàng)選擇題Acompanyhasacashconversioncycleof70days.If**pany"spayablesturnoverdecreasesfrom11to10anddaysofsalesoutstandingincreaseby5,**pany"scashconversioncyclewill:A.decreasebyapproximately8days.decreasebyapproximately3days.increasebyapproximately2days.Thefollowingdatapertainstoacompany"scommon-sizedfinancialstatements.Currentassets40%Totaldebt40%Netincome16%Totalassets$2000Sales$1500Totalassetturnoverratio0.75Thefirmhasnopreferredstockinitscapitalstructure.**pany"safter-taxreturnoncommonequityis:15%.16%.20%.Acompanyhasacashconversioncycleof80days.If**pany"saveragereceivablesturn-overincreasesfrom11to12,**pany"scashconversioncycle:decreasesbyapproximately3days.increasesbyapproximately3days.decreasesbyapproximately30days.Whichofthefollowingismostlikelypresentedonacommon-sizebalancesheetorcommon-sizeincomestatement?Totalassetturnover.Operatingprofitmargin.Inventoryturnover.Studythefollowingdata,calculatethereturnonequityfor2001and2002.2001 2002Pre-interestprofitmargin(EBIT/S) 0.3 0.15Assetturnover(S/A)LeveragemultiplierfA/E)

Taxretentionrate(1-t)0.80.8Interestexpenseratio(I/A)0.060.0620012002①A.0.8640.384②B.0.6730.271③C.0.3840.864A.①B.②C.③Basedonthefollowinginformation,calculatethebasicearningspershare.Incomeaftertax:ommonstockof$5par:$25000010000,8%preferenceshareof$5par:$50000$3.23.$3.52.$4.97.Acompanybeinganalyzedhasnetincomeof$97,liabilitiesof$600,preferredequityof$30,totalshareholderequityof$700,interestexpenseof$48,andpreferreddividendsof$1.80.Whatisthereturnoncommonequity?7.00%.14.21%.10.18%.Acompanysolditsreceivablesbutretainstheriskassociatedwithbaddebts.Whenreviewing**pany,afinancialanalystwouldadjust**pany"sdebt-to-equityratioanditsaccountsreceivableturnoverratio:Debt-to-equityReceivablesturnover①A.UpwardUpward②B.DownwardUpward③C.UpwardDownwardA.①B.②C.③UsethefollowingdataforQuestions.BentlomCompany"scommonsizedfinancialstatementsshowthat:Earningsaftertaxes15%Currentliabilities20%Equity45%Sales$800Cash10%Totalassets$2000Accountsreceivable15%Inventory.20%Bentlom"slong-termdebt-to-equityratioandcurrentratioareclosestto:77.8%;%;%;2.25.Bentlom"safter-taxreturnonequity(ROE)is:6.0%.12.0%.13.3%.Themaindifferencebetweenthecurrentratioandthequickratioisthatthequickratioexcludes:costofgoodssold.inventory.sales.Assumeafirmwithadebttoequityratioof0.50anddebtequalto$35millionmakesacommitmenttoacquirerawmaterialswithapresentvalueof$12millionoverthenext3years.Forpurposesofanalysisthebestestimateofthedebttoequityratioshouldbe:0.343.0.500.0.671.Thecashconversioncycleisthe:sumofthetimeittakestosellinventoryandthetimeittakestocollectaccountsreceivable.lengthoftimeittakesthefirmtopaythecreditextendedtoitforpurchases.sumofthetimeittakestosellinventoryandcollectonaccountsreceivable,lessthetimeittakestopayforcreditpurchases.Ananalysthasgatheredthefollowinginformationaboutacompany:Costofgoodssoldequals65percentofsalesInventoryof$450000Salesof$1millionWhatisthevalueofthisfirm"saverageinventoryprocessingperiodusinga365-dayyear?117days.94days.252.7days.Usinga365-dayyear,ifafirmhasnetannualsalesof$250000andaveragereceivablesof$150000,whatisitsaveragecollectionperiod?219.0days.1.7days.96days.TOC\o"1-5"\h\zGiventhefollowingincomestatement: NetSales 20055305530115GrossProfit 145OperatingExpensesOperatingProfit(EBIT)Interest 15EarningsBeforeTaxes(EBT)Taxes 40EarningsAfterTaxes(EAT) 60Whataretheinterestcoverageratioandthenetprofitmargin?InterestCoverageRatioNetProfitMargin①A.7.670.30②B.0.570.56③C.2.630.30A.①B.②C.③Afirm"sfinancialstatementsreflectthefollowing: EBIT$2000000Sales $16000000Interestexpense $900000Totalassets $12300000Equity $7000000Effectivetaxrate 35%Dividendpayoutrate 28%Basedonthisinformation,whatisthefirm"ssustainablegrowthrate?7.35%.8.82%.9.10%.18.Ananalysisoftheindustryrevealsthatfirmshavebeenpayingout45percentoftheirearningsindividends,assetturnover=1.2;asset-to-equity(A/E)=1.1andprofitmarginsare8percent.Whatistheindustry"sprojectedgrowthrate?4.55%.4.95%.5.81%.Arethestatementsaboutthefollowingvaluationmetricstrueorfalse?Statement1:Ascomparedtotheprice-to-earningsratio,theprice-to-cashflowratioiseasiertomanipulatebecausemanagementcaneasilycontrolthetimingofthecashflows.Statement2:Oneofthebenefitsofearningspershareasavaluationmetricisthatitfacilitates**parisonoffirmsofdifferentsizes.Statement1Statement2①A.FalseTrue②B.TrueFalse③C.FalseFalseA.①B.②C.③Inpreparingaforecastoffuturefinancialperformance,whichofthefollowingbestdescribessensitivityanalysisandwhichofthefollowingbestdescribesscenarioanalysis?Description1:Acomputergeneratedanalysisbasedondevelopingprobabilitydistributionsofkeyvariablesthatareusedtodrivethepotentialoutcomes.Description2:Theprocessofanalyzingtheimpactoffutureeventsbyconsideringmultiplekeyvariables.Description3:Atechniquewherebykeyfinancialvariablesarechangedoneatatimeandarangeofpossibleoutcomesareobserved.Alsoknownas"what-if"analysis.SensitivityanalysisScenarioanalysis①A.Description3Description2②B.Description2Description3③C.Description1Description2A.①B.②C.③Ananalysthasgatheredthefollowinginformationaboutacompany.Thetotalassetturnoveris1.2.Theafter-taxprofitmarginis10percent.Thefinancialleveragemultiplieris1.5.Giventhisinformation,**pany"sreturnonequityis:9%.18%.10%.22.SelectedfinancialinformationgatheredfromtheMatadorCorporationfollows:2007Averagedebt2006$7920002005$800000$820000$364000Averageequity$215000$2940007.2%Returnonassets5.9%6.6%0.6Quickratio0.30.5$1304000Sales$1650000$1452000Costofgoodssold$1043000$1345000$1176000Usingonlythedatapresented,whichofthefollowingstatementsismostcorrect?Returnonequityhasimproved.Leveragehasdeclined.Liquidityhasimproved.23.JohnsonCorp.hadthefollowingfinancialresultsforthefiscal2004year: CurrentTOC\o"1-5"\h\zratio 2.00Quickratio 1.25Currentliabilities $100000Inventoryturnover 12Grossprofit%Theonlycurrentassetsarecash,accountsreceivable,andinventory.Thebalanceintheseaccountshasremainedconstantthroughouttheyear.Johnson"snetsalesfor2004were:A.$300000.B.$9O0O00.C.$1200000.ParagonCompany"soperatingprofitsare$100000,interestexpenseis$25000,andearningsbeforetaxesare$75000.WhatisParagon"sinterestcoverageratio?1time.4times.3times.Ananalysthasgatheredthefollowinginformationaboutafirm:Quickratioof0.25Cashratioof0.20$2millioninmarketablesecurities$10millionincashWhatistheirreceivablesbalance?3million.5million.2million.Ananalysthasgatheredthefollowingdataaboutacompany:Averagereceivablescollectionperiodof95daysAverageinventoryprocessingperiodof183days?Apayablespaymentperiodof274daysWhatistheircashconversioncycle?186days.552days.4days.ThefollowingdataappliestotheXTCCompany:Sales=$1000000Receivable=$260000NetIncome=$50000COGS=$800000TotalAssets=$800000Payables=$600000Debt/Equity=200%Inventory=$400000Whatistheaveragecollectionperiod,theaverageinventoryprocessingperiod,andthepayablespaymentperiodrespectivelyforXTCCompany?AverageAverageInventoryPayablesCollectionPeriodProcessingPeriodPaymentsPeriod①A.55days195clays231days②B.95days183clays274days③C.45days45days132claysA.①

B.②C.③Whattypeofratioisrevenuedividedbyaverageworkingcapitalandwhattypeofratioisaveragetotalassetsdividedbyaveragetotalequity?Revenue/AverageworkingcapitalAveragetotalassets/Averagetotalequity①A.ActivityratioLiquidityratio②B.ProfitabilityratioLiquidityratio③C.ActivityratioSolvencyratioA.①B.②C.③Wouldthefollowingratiosbeusefulinmeasuringtheprofitabilityofafirm?Ratio1:Cashplusshort-termmarketableinvestmentsplusreceivablesdividedbyaveragedailycashexpenditures.Ratio2:Earningsbeforeinterestandtaxesdividedbyaveragetotalassets.Ratio1Ratio2①A.NoNo②B.YesYes③C.NoYesA.①B.②C.③Giventhefollowinginformationaboutafirm:NetSales=$1000CostofGoodsSold=$600OperatingExpenses=$200InterestExpenses=$50TaxRate=34%Whatarethegrossandoperatingprofitmargins?GrossOperatingMarginOperatingProfitMarginA.20%15%B.40%10%C.40%20%A.①B.②C.③Earningsbeforeinterestandtaxes(EBIT)isalsoknownas:A.grossprofit.B.netprofit.C.operatingprofit.Afirm"sfinancialstatementsreflectthefollowing: Currentliabilities$4000000Cash $400000Inventory $1200000

$800000$2000000$800000$800000$2000000$800000$2500000Short-terminvestmentsLong-terminvestmentsAccountspayableWhatarethefirm"scurrentratio,quickratio,andcashratio?CurrentRatioQuickRatioCashRatio①A.②B.③C.A.①B.②C.③Giventhefollowinginformationaboutacompany:Receivablesturnover=10timesPayablesturnover=12timesInventoryturnover=8timesWhataretheaveragereceivablescollectionperiod,theaveragepayablespaymentperiod,andtheaverageinventoryprocessingperiodrespectively?AverageReceivablesAveragePayablesAverageInventoryCollectionPeriodPaymentPeriodProcessingPeriod①A.373052②B.374546③C.373046A.①B.②C.③Ananalystgatheredthefollowingdataaboutacompany:Currentliabilitiesare$300.Totaldebtis$900.Workingcapitalis$200.Capitalexpendituresare$250.Totalassetsare$2000.Cashflowfromoperationsis$400.If**panywouldlikeacurrentratioof2,theycould:decreasecurrentassetsby100orincreasecurrentliabilitiesby50.decreasecurrentassetsby100ordecreasecurrentliabilitiesby50.increasecurrentassetsby100ordecreasecurrentliabilitiesby50.Whichofthefollowingstatementsbestdescribes**mon-sizeanalysisand**mon-sizeanalysis?Statement1:Eachlineitemisexpressedasapercentageofitsbase-yearamount.Statement2:Eachlineitemoftheincomestatementisexpressedasapercentageofrevenueandeachlineitemofthebalancesheetisexpressedasapercentageofendingtotalassets.Statement3:Eachlineitemisexpressedasapercentageoftheprioryear"samount.

VerticalanalysisHorizontalanalysis①A.Statement1Statement2②B.Statement2Statement3③C.Statement2Statement1A.①B.②C.③Whatisthenetincomeofafirmthathasareturnonequityof12percent,anequitymuhiplierof1.5,anassetturnoverof2,andrevenueof$1million?A.$40000.B.$36000.C.$360000.The"fraudtriangle"consistof:A.incentiveorpressure,opportunity,andattitudesorrationalization.B.ineffectivemanagement,unstableorganizationalstructure,anddeficientinternalcontrols.C.inappropriateethicalstandards,violationsoflawsorregulations,andfailingtocorrectknownreportableconditions.AccountingwarningsignsrelatedtotheEnronscandalnotincluded:A.Highseniormanagementturnover.Pressuretosupportthestockpriceanddebtrating.Negativeoperatingcashflow.Whichofthefollowingactionsisleastlikelytoimmediatelyincreaseearnings?Sellingmoreinventorythanispurchasedorproduced.Loweringthesalvagevalueofdepreciableassets.Ahighproportionofmanagement"scompensationdependsonthefirmexceedingtargetsforearningsorthestockprice.Riskfactorsrelatedtoopportunitiesforfraudinvlude:Thenatureoftheindustryoroperations.Threatstothefirms"financialstabilityorprofitability.Complexorunstableorganizationalstructure.WhichofthefollowingactionswasleastlikelyawarningsignofpotentialearningsmanipulationdisclosedinSunbeam"sfinancialstatementfootnotes?Arecordlevelofearnings,yetoperatingcashflowwasnegative.Significantuseofbartertransactions.Receivableswereincreasing,butbaddebtexpensewasdecreasing.LowearningsqualityNOTresultfromselectingaccountingprinciplesthatmisrepresenttheeconomicsoftransactions.structuringtransactionsprimarilytoachieveadesiredeffectonreportedearnings.excessivepressureonmanagementandemployeestomeetinternaltargets.Overthepasttwoyears,afirmreportedhigheroperatingcashflowasaresultofsecuritizingitsaccountsreceivableandfromincreasingincometaxbenefitsfromemployeestockoptions.Thetaxbenefitsaresolelytheresultofhighertaxrates.Shouldananalystconcludethatthesetwosourcesofoperatingcashflowaresustainable?A.Neithersourceissustainable.

B.Bothsourcesaresustainable.C.Onlyoneofthesesourcesissustainable.Atyear-end,**panyreportedcostofgoodssoldof$400million.Endingaccountspayableis$100million,Assumingthereare365daysinayear,Howmanydaysonaverageittakes**panytopayitssuppliers.80.75days91.25days102.25daysWhichfollowingisleastcorrect?Acceleratingoperatingcashflowbysecuritizingreceivablesissustainable.Securitizingaccountsreceivablemayaffectearning.GAAPissilentonwherethegainsfromsecuritizationsshouldbereportedintheincomestatement.Inconstructingcashflowforecastsforthemediumterm,ananalystshouldmostappropriately:A.basetheforecastonrecentcashflow(daily,weekly,monthly)only.basetheforecastonrecentaveragecashflowswithadjustmentfortrendsandseasonality.payspecialattentiontoexpectedfinaneingsandcapitalexpenditures.AccordingtotheManagementDiscussionandAnalysissectionofFrankfurtSupplyCompany"sannualreport,Frankfurtrecentlydecreasedthesalespricesofitsproductsinordertoincreasemarketshare.Inaddition,Frankfurtrecentlylowereditsrequirementsforcreditcustomersandincreasedthecreditlimitsofsomecustomers.WhatisthemostlikelyimpactonFrankfurt"saccountsreceivableturnoverandinventoryturnoverasaresultofthesechanges?AccountsreceivableturnoverInventoryturnover①A.DecreaseDecrease②B.IncreaseIncrease③C.DecreaseIncreaseA.①B.②C.③NationalScooterCompanyandContinentalChopperCompanyaremotorcycle**panies.National"stargetmarketincludesconsumersthatareswitchingtomotorcyclesbecauseofthehighcostofoperatingautomobilesand**peteonpricewithothermanufacturers.TheaverageageofNational"scustomersis24years.Continentalmanufacturespremiummotorcyclesandaftermarketaccessories**petesonthebasisofqualityandinnovativedesign.Continentalisinthethirdyearofafive-yearprojecttodevelopacustomizedhybridmotorcycle.Whichofthetwofirmswouldmostlikelyreporthighergrossprofitmargin,andwhichfirmwouldmostlikelyreporthigheroperatingexpensestatedasapercentageoftotalcost?HighergrossprofitmarginHigherpercentageoperatingexpense①A.ContinentalNational②B.NationalContinental③C.ContinentalContinentalA.①B.②

C.③ThefollowingfootnoteappearedinCrabtreeCompany"s20x7annualreport:"OnDecember31,20x7,Crabtreerecognizedarestructuringchargeof$20million,ofwhich$5millionwasforseverancepayforemployeeswhowillbeterminatedin20x8and$15millionwasforlandthatbecamepermanentlyimpairedin20x7."Basedonlyonthesechanges,Crabtree"snetprofitmarginandfixedassetturnoverratioin20x8ascomparedto20x7willbe?NetprofitmarginFixedassetturnover①A.HigherHigher②B.LowerUnchanged③C.HigherUnchangedA.①B.②C.③BaeticaCompanyreportedthefollowingselectedfinancialstatementdatafortheyearendedDecember31,20x7: inmillions %ofSalesFortheyearendedDecember31,20x7: $500100%Sales $1200000Costofgoodssold (300) 60%25%Sellingandadministrationexpenses (125)25%Depreciation10 %DepreciationNetincome $25 5%<>>AsofDecember31,20x7:20%Non-cashoperatingworkingcapital $10020%Cashbalance $35 N/ANon-cashoperatingworkingcapital=Receivables+InventoryPayablesBaeticaexpectsthatsaleswillincrease20percentin20x8.Inaddition,Baeticaexpectstomakefixedcapitalexpendituresof$75millionin20x8.Ignoringtaxes,calculateBaetica"sexpectedcashbalance,asofDecember31,20x8,assumingallof**mon-sizepercentagesremainconstant.A.$80million.$30million.$40million.Wouldprojectingfuturefinancialperformancebasedonpasttrendsprovideareliablebasisforvaluationofthefollowingfirms?Firm1:Arapidly**panythathasmadenumerousacquisitionsanddivestitures.Firm2:Alarge,well-diversified,companyoperatinginanumberofmatureindustries.Firm1Firm2

①A.NoNo②B.NoYes③C.YesYesA.①B.②C.③growthoverthepasttwoyears.**mon-sizefinancialinformationfollows:2007Actual%ofSalesgrowthoverthepasttwoyears.**mon-sizefinancialinformationfollows:2007Actual%ofSales2008Forecast%ofSalesSales100% 100%Costofgoodssold60% 55%Sellingandadministrationexpenses 25%52.SterlingCompanyisastart-uptechnologyfirmthathasbeenexperiencingsuper-normalDepreciationexpense10%20%10%Netincome5%15%Non-cashoperatingworkingcapital20%25%Non-cashoperatingworkingcapital=Receivables+Inventory-PayablesFortheyearended2007,Sterlingreportedsalesof$20million.Sterlingexpectsthatsaleswillincrease50percentin2008.Ignoringincometaxes,whatisSterling"sforecastoperatingcashflowfortheyearended2008,andisthisforecastlikelytobeasreliableasaforecastforalarge,welldiversified,firmoperatinginmatureindustries?OperatingcashflowReliableforecast①A.$4,0millionYes②B.$4,0millionNo③C.$4.5millionNoA.①B.②C.③Whenassessingcreditrisk,whichofthefollowingratioswouldbestmeasureafirm"stoleranceforadditionaldebtandafirm"soperationalefficiency?Ratio1:Retainedcashflow(CFO-dividends)dividedbytotaldebt.Ratio2:Currentassetsdividedbycurrentliabilities.Ratio3:Earningsbeforeinterest,taxes,depreciation,andamortizationdividedbyrevenues.ToleranceforleverageOperationalefficiency①A.Ratio3Ratio1②B.Ratio2Ratio3③C.Ratio1Ratio3A.①B.②C.③

Arethefollowingstatementsaboutassessingcreditrisktrueorfalse?Statement1:Fromalender"sperspective,highermarginvolatilityisforfloating-ratedebtbutnotforfixed-ratedebt.Statement2:Productandgeographicdiversificationshouldlowercreditrisk.Statement1Statement2①A.FalseTrue②B.FalseFalse③C.TrueTrueA.①B.②C.③CraigLoomis,acreditanalystwithShawneeFinancialGroup,hasbeenaskedtoassesstheoperationalefficiencyofLeuexaCompany.LoomiscalculatesthefollowingratiosfromdatagatheredfromLenexa"sannualreport:Totaldebt$14500000Revenues$35200000Earningsbeforeinterestandtaxes$6125000Depreciationandamortization$1675000Interestexpense$2200000Accordingtothefinancialfootnotes,Lenexaisalesseeinanoperatingleasearrangementformanufacturingequipment.Thediscountedpresentvalueoftheleasepaymentsis$6000000usinganinterestrateof10percent.Theannualpaymentis$1000000.Onlyconsideringtheabovedata,determinewhichratiobestmeasuresoperationalefficiencyandcalculatetheadjustedmeasurefortheappropriateanalyticaltreatmentofthelease.OperationalefficiencyAdjustedmeasureA.EBITDAmargin25.0%B.EBITDAmargin17.4%C.EBITDA/Interestexpense4.0timesA.①B.②C.③FalconFinancialGroupisconsideringthepurchaseofCompanyAorCompanyBbasedonalowprice-to-bookinvestmentstrategythatalsoconsidersdifferencesinsolvency.Selectedfinancialdataforbothfirms,asofDecember31,20x7,follows: inmillions,exceptper-sharedataCompanyACompanyBCurrentassets$3000$5500Fixedassets$5700$5500Totaldebt$2700$3500Commonequity$6000$7500Outstandingshares500750Marketpricepershare$26.00$22.50Thefinns"financialstatementfootnotescontainthefollowing:

CompanyAvaluesitsinventoryusingthefirst-in,first-out(FIFO)method.CompanyB"sinventoryisbasedonthelast-in,first-out(LIFO)method.HadCompanyBusedFIFO,itsinventorywouldhavebeen$700millionhigher.CompanyAleasesitsmanufacturingplant.Theremainingoperatingleasepaymentstotal$1600million.Discountedat10percent,thepresentvalueoftheremainingpaymentsis$1000million.CompanyBownsitsmanufacturingplant.Tomakethefirmsfinancials**parable,calculatetheadjustedprice-to-bookratiosforCompanyAandCompanyB.CompanyACompanyB①A.$2.17$2.81②B.$1.63$2.06③C.$2.17$2.06A.①B.②C.③Par-MacCorporationisajointventureequallycontrolledbyParkerCompanyandMacintoshCompany.WhichmethodshouldMacintoshusetoaccountforitsownershipinterestinPar-MacaccordingtoU.S.GenerallyAcceptedAccountingPrinciples(U.S.GAAP),andwhichmethodrecommendedforParkerunderInternationalFinancialReportingStandards(IFRS)?U.S.GAAPIFRS①A.EquitymethodProportionateconsolidationmethod②B.EquitymethodConsolidationmethod③C.ConsolidationmethodProportionateconsolidationmethodA.①B.②C.③During2007,Big4Company"swarehousewastotallydestroyedbyatornado.TornadosareveryrareintheregionwhereBig4islocated.Thebookvalueofthewarehouseatthetimeofthetornadowas10millionandBig4isself-insured.Inaddition,onJune30,2007,Big4acquiredoneofitsmajorsuppliers.ThefairvalueofthenetassetsacquiredbyBig4wasgreaterthanthepurchaseprice.AccordingtoInternationalFinancialReportingStandards,shouldBig4recognizeanextraordinaryitemfortornadodamageandshouldBig4recognizenegativegoodwillonitsbalancesheetduetotheacquisition?ExtraordinarylossNegativegoodwill①A.NoYes②B.YesNo③C.NoNoA.①B.②C.③LincolnCorporationandContinentalIncorporatedare**paniesexceptthat**plieswithU.S.GenerallyAcceptedAccountingPrinciplesand**plieswithInternationalFinancialReportingStandards.Assuminganinflationaryenvironmentandstableinventoryquantities,whichpermissiblecostflowassumptionwillminimizeeachfirm"spre-taxfinancialincome?

LincolnCorporationContinentalIncorporated①A.Last-in,first-outLast-in,first-out②B.First-in,first-outAveragecost③C.Last-in,first-outAveragecostA.①B.②C.③Atthebeginningof2007,ThunderbirdCompanystarteda3-yearconstructionproject.Thefollowingdatarelatestotheproject:Contractprice$100followingdatarelatestotheproject:Contractprice$100million$50million$40miIlion$50million$40miIlion$37millionProgressbillingsCollectionofprogressbillingsBecauseofcostoverruns,Thunderbirdcannotreliablyestimatethetotalcostoftheproject.However,Thunderbirdexpectsthatitscostsincurredsofararerecoverable.WhatamountofrevenueshouldThunderbirdrecognizefortheyearended2007underU.S.GenerallyAcceptedAccountingPrinciples(U.S.GAAP)andInternationalFinancialReportingStandards(IFRS)?U.S.GAAPIFRS①A.$0$50million②B.$0$0③C.$37million$40millionA.①B.②C.③ArechangesinaccountingprinciplesandextraordinaryitemstreatedsimilarlyinaccordancewithU.S.GenerallyAcceptedAccountingPrinciplesandInternationalFinancialReportingStandards?AccountingprinciplesExtraordinaryitems①A.YesYes②B.NoNo③C.YesNoA.①B.②C.③ThecorrectsetofcashflowtreatmentsastheyrelatetointerestanddividendsreceivedaccordingtoU.S.generallyacceptedaccountingprinciples(GAAP)andInternationalAccountingStandards(IAS)GAAPis:U.S.GAAPIASGAAP①A.CFICFO②B.CFOCFI③C.CFOCFIorCFOA.①B.②C.③

Threeyearsago,RancheroCorporationpurchasedapatentforaprocessusedinproduction,for3million.Attheendoflastyear,Rancherodeterminedthefairvalueofthepatentwasgreaterthanitsbookvalue.Noimpairmentlosseshavebeenreco

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