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Free CFA-Level-I Exam Braindumps (page: 537)

Page 537 of 991
PDF with 3963 Questions

Which of the following would be considered a liability that arises from operating activities?

  1. Taxes payable
  2. All of these answers
  3. Unearned income
  4. Accounts payable
  5. Accrued salaries

Answer(s): B

Explanation:

All of these answers represent liabilities that originate from the operation of a business; i.e., from the normal course of operating a business. Liabilities that arise from "operations" typically do not require compensation in the form of interest. This can be contrasted with liabilities that arise from financing activities where the lender requires the payment of interest to compensate for the extension of credit.



Which of the following best describes retained earnings?

  1. All of these answers.
  2. None of these answers.
  3. Retained earnings represent the cumulative net profits a firm since inception.
  4. Retained earnings represent the sum total of cash obtained from the sale of common stock to investors.
  5. Retained earnings represent the cumulative net profits of a firm since inception, minus cumulative dividends paid to common stockholders.

Answer(s): E

Explanation:

Retained earnings represent the earned capital of a firm. It consists of the accumulated undistributed earnings (net profits, less cash dividends) of a firm since inception.



Which of the following would be reported as an extraordinary item?

  1. uninsured loss from a flood
  2. gain or loss from passing of a new law
  3. all of these answers are correct
  4. gain or loss from early retirement of debt

Answer(s): C

Explanation:

An item must be both unusual and infrequent (and material in amount) to be classified as extraordinary.



Permanent earnings refers to

  1. the net cash flow plus the change in market value of the firm's net assets.
  2. the amount of earnings that can be paid out as dividends without changing the value of the firm.
  3. the level of earnings that can be maintained in the future given the firm's capital investment.
  4. the amount that can be normally earned and equals the market value of the firm's assets times the firm's required rate of return.
  5. the average earnings the firm generates over a specified period.
  6. none of these answers.

Answer(s): D

Explanation:

Permanent earnings is similar to economic earnings; it is the base to which a multiple is applied to arrive at a "fair price."



Page 537 of 991



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