HSC Business Studies 2000-2015 - Finance Questions

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Pregunta 1 de 78

What is a source of new capital for a public company?

Selecciona una de las siguientes respuestas posibles:

Primary market of the Australian Securities Exchange
Secondary market of the Australian Securities Exchange
Primary market of the Australian Securities and Investment Commission
Secondary market of the Australian Securities and Investment Commission

Explicación

Pregunta 2 de 78

What is a characteristic of external equity finance?

Selecciona una de las siguientes respuestas posibles:

Specific maturity date
Low interest payments
Fixed returns to owners
Diluted business ownership

Explicación

Pregunta 3 de 78

What is the net profit ratio (net profit ÷ sales) for 2014?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 4 de 78

Which of the following describes the change in gross profit ratio and expense ratio from 2014 to 2015?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 5 de 78

A business is planning to increase its market share by merging with a competitor.
What financial objective does this best illustrate?

Selecciona una de las siguientes respuestas posibles:

Growth
Liquidity
Profitability
Solvency

Explicación

Pregunta 6 de 78

Which of the following would be found on an income statement?

Selecciona una de las siguientes respuestas posibles:

Accounts payable
Gross profit
Intangibles
Net assets

Explicación

Pregunta 7 de 78

Why would a business choose debentures as a source of funding?

Selecciona una de las siguientes respuestas posibles:

To reduce financial risk
To provide security over assets
To retain ownership and control
To obtain cheap, short-term finance

Explicación

Pregunta 8 de 78

Which of the following statements is true about liquidity for Kerry's Warehouse in 2014?

Selecciona una de las siguientes respuestas posibles:

It is better than industry average and has improved since 2013.
It is better than industry average and has worsened since 2013.
It is worse than industry average and has improved since 2013.
It is worse than industry average and has worsened since 2013.

Explicación

Pregunta 9 de 78

Which of the following statements is true about gearing for Kerry's Warehouse in 2014?

Selecciona una de las siguientes respuestas posibles:

It is better than industry average and has improved since 2013.
It is better than industry average and has worsened since 2013.
It is worse than industry average and has improved since 2013.
It is worse than industry average and has worsened since 2013.

Explicación

Pregunta 10 de 78

What does the expense ratio measure?

Selecciona una de las siguientes respuestas posibles:

Efficiency
Growth
Profitability
Solvency

Explicación

Pregunta 11 de 78

Which of the following would immediately improve the working capital of a business?

Selecciona una de las siguientes respuestas posibles:

Increasing credit sales
Using sale and lease back
Preparing a cash flow statement
Repaying debt to creditors more quickly

Explicación

Pregunta 12 de 78

Which of the following would improve the financial position of a business?

Selecciona una de las siguientes respuestas posibles:

Lower current ratio and lower accounts receivable turnover ratio
Higher current ratio and lower accounts receivable turnover ratio
Lower current ratio and higher accounts receivable turnover ratio
Higher current ratio and higher accounts receivable turnover ratio

Explicación

Pregunta 13 de 78

Auditors have discovered that the value of legal fees paid has been included in the asset value of a new warehouse purchased by a business.
What limitation of financial reports does this show?

Selecciona una de las siguientes respuestas posibles:

Capitalised expenses
Debt repayments
Normalised earnings
Timing issues

Explicación

Pregunta 14 de 78

What would be the best strategy for a business to increase its gross profit?

Selecciona una de las siguientes respuestas posibles:

Use cost centres
Reduce fixed costs
Minimise expenses
Use sale and leaseback

Explicación

Pregunta 15 de 78

Which of the following groups would suffer the worst financial impact as a result of an increase in the value of the Australian dollar?

Selecciona una de las siguientes respuestas posibles:

Japanese shareholders of an Australian bank
Australian producers selling wine to New Zealand
Australian car makers purchasing inputs from Italy
American travel agents organising tours for Australians

Explicación

Pregunta 16 de 78

Compared to the industry averages, this business has

Selecciona una de las siguientes respuestas posibles:

better solvency and better liquidity.
better solvency and poorer liquidity.
poorer solvency and better liquidity.
poorer solvency and poorer liquidity.

Explicación

Pregunta 17 de 78

How is the role of the Reserve Bank of Australia best described?

Selecciona una de las siguientes respuestas posibles:

It provides loans to small businesses.
It provides insurance services for farmers.
It facilitates the buying and selling of shares.
It oversees the stability of the financial system.

Explicación

Pregunta 18 de 78

What does a cash flow statement show?

Selecciona una de las siguientes respuestas posibles:

Assets
Liquidity
Profitability
Receivables

Explicación

Pregunta 19 de 78

What is a derivative?

Selecciona una de las siguientes respuestas posibles:

An agreement to buy a foreign currency at an agreed price on some day in the
future
An assessment of the reliability of a customer’s capacity to make timely payments
A method of protecting the business against seizure of its assets by a foreign
government
A method of payment that allows a buyer to gain access to goods immediately and
promise to pay later

Explicación

Pregunta 20 de 78

In 2010 an Australian company bought products from the USA.
If the Australian dollar rises in value against the US dollar before the payment is made, which of the following would be true?

Selecciona una de las siguientes respuestas posibles:

The company’s credit risk will increase.
The cost of insuring the product will increase.
The purchase price of the product will be greater
The company will have more funds available for other uses.

Explicación

Pregunta 21 de 78

Which of the following are BOTH external sources of funds for a business?

Selecciona una de las siguientes respuestas posibles:

Bank loan, mortgage
Retained profits, leasing
Owner’s Equity, mortgage
Retained profits, factoring

Explicación

Pregunta 22 de 78

What might happen as a result of a company having highly undervalued plant and
equipment on its balance sheet?

Selecciona una de las siguientes respuestas posibles:

Asset stripping
Growth in equity
Capital expansion
Factoring of liabilities

Explicación

Pregunta 23 de 78

A business uses factoring to pay creditors.
Which financial objective is the business trying to achieve?

Selecciona una de las siguientes respuestas posibles:

Efficiency
Liquidity
Profitability
Solvency

Explicación

Pregunta 24 de 78

An Australian business is negotiating an order with a new overseas customer. Which method of payment would involve the greatest risk for the Australian business?

Selecciona una de las siguientes respuestas posibles:

Open account
Letter of credit
Bill of exchange
Payment in advance

Explicación

Pregunta 25 de 78

How has the financial position of the business changed from 2008 to 2009?

Selecciona una de las siguientes respuestas posibles:

Reduced solvency and increased risk
Reduced solvency and decreased risk
Improved solvency and increased risk
Improved solvency and decreased risk

Explicación

Pregunta 26 de 78

What is the net profit ratio (net profit /sales) in 2008?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 27 de 78

Which statement describes how the financial position of Danok Ltd changed between 2008 and 2009?

Selecciona una de las siguientes respuestas posibles:

Gross profit ratio is unchanged and the expense ratio has improved.
Gross profit ratio has increased and the expense ratio has decreased.
Gross profit ratio has decreased and the expense ratio is unchanged.
Gross profit ratio has improved and the expense ratio has increased.

Explicación

Pregunta 28 de 78

What is ONE use of a cash flow statement for management?

Selecciona una de las siguientes respuestas posibles:

To negotiate finance
To identify new markets
To determine the value of intangibles
To calculate depreciation of non-current assets

Explicación

Pregunta 29 de 78

A business aims to increase its sales from $160 000 to $300 000 over the next 12 months. How might the business achieve this?

Selecciona una de las siguientes respuestas posibles:

By increasing advertising
By decreasing owners’ equity
By increasing mortgage repayments
By decreasing the size of the research team

Explicación

Pregunta 30 de 78

One example of managing the sales mix for revenue control is to

Selecciona una de las siguientes respuestas posibles:

set sales objectives to achieve target profits.
judge a manager’s performance against sales.
determine a pricing policy for each product sold.
decide which range of products to offer customers.

Explicación

Pregunta 31 de 78

Oz Juice signed a contract with an overseas supplier for future purchases of pineapples at a set exchange rate for $US. Which term best describes this financial strategy?

Selecciona una de las siguientes respuestas posibles:

Hedging
Insurance
Bill of exchange
Overseas borrowing

Explicación

Pregunta 32 de 78

Which of the following best matches source of finance to business purpose?

Selecciona una de las siguientes respuestas posibles:

Increasing bank overdraft to buy a delivery van
Applying for a government grant to pay creditors
Using retained earnings to expand into new markets
Selling accounts receivable to replace furniture and fittings

Explicación

Pregunta 33 de 78

Which of the following are external sources of funds for businesses?

Selecciona una de las siguientes respuestas posibles:

Grants, debentures, leasing, mortgage
Venture capital, loans, drawings, factoring
Accounts payable, owners’ equity, leasing, discounts
Bank overdraft, retained profits, factoring, bank bills

Explicación

Pregunta 34 de 78

A business sells its accounts receivable to improve cash flow.
Which of the following best describes this strategy?

Selecciona una de las siguientes respuestas posibles:

Factoring
Equity financing
Sale and lease back
Accounts receivable turnover

Explicación

Pregunta 35 de 78

Which statement best describes the changed financial position?

Selecciona una de las siguientes respuestas posibles:

Solvency has declined and profitability has increased from 2006 to 2007.
Profitability has decreased and solvency has improved from 2006 to 2007.
The expense ratio has improved and is closer to the industry average in 2007 than in 2006.
Solvency in 2007 is better than industry average and the expense ratio has improved from 2006.

Explicación

Pregunta 36 de 78

What may have contributed to the change in the expense ratio?

Selecciona una de las siguientes respuestas posibles:

Increase in cash
Increase in purchases
Decrease in drawings
Decrease in interest rates

Explicación

Pregunta 37 de 78

The financial manager of a furniture company has determined that improving turnover of accounts receivable will be the goal for the next financial year. Which objective is the financial manager aiming to improve?

Selecciona una de las siguientes respuestas posibles:

Efficiency
Liquidity
Profitability
Solvency

Explicación

Pregunta 38 de 78

What is the main role of the Australian Stock Exchange?

Selecciona una de las siguientes respuestas posibles:

Conducting a public market in shares and debentures
Buying and selling securities in Australian businesses
Providing prudential supervision of financial institutions
Ensuring investors create economic growth and employment prospects

Explicación

Pregunta 39 de 78

What is the current ratio (current assets/current liabilities)?

Selecciona una de las siguientes respuestas posibles:

0.33:1
1.25:1
1.5:1
3:1

Explicación

Pregunta 40 de 78

What is the gearing ratio (total liabilities/owner's equity)?

Selecciona una de las siguientes respuestas posibles:

1.25:1
1.33:1
1.5:1
2:1

Explicación

Pregunta 41 de 78

Which of the following is an advantage of using owner’s equity as a source of funds?

Selecciona una de las siguientes respuestas posibles:

The owner’s unproductive assets are liquidated.
There is no change of ownership as funding is internal.
The business can make tax savings in periods of high inflation.
The business is able to sustain prolonged periods of operating losses.

Explicación

Pregunta 42 de 78

A clothing retailer places an order for goods from an overseas supplier for delivery within one month. The retailer negotiates to pay the account at the exchange rate existing at the time the order is placed.
Which of the following is the retailer doing?

Selecciona una de las siguientes respuestas posibles:

Hedging
Factoring
Cushioning the economic cycle
Engaging in foreign direct investment

Explicación

Pregunta 43 de 78

What is the value of the gross profit ratio (gross profit/sales)?

Selecciona una de las siguientes respuestas posibles:

1:12
1:6
1:4
1:1.33

Explicación

Pregunta 44 de 78

What is the return on owner’s equity (net profit/total equity)?

Selecciona una de las siguientes respuestas posibles:

8.3%
12.5%
37.5%
150%

Explicación

Pregunta 45 de 78

In which two months might Nic’s Cafe experience a liquidity problem?

Selecciona una de las siguientes respuestas posibles:

October and November
November and December
November and January
December and January

Explicación

Pregunta 46 de 78

Which of the following strategies would be most appropriate to solve this liquidity problem at Nic’s Cafe?

Selecciona una de las siguientes respuestas posibles:

Issue debentures
Obtain a mortgage
Seek venture capital
Apply for an overdraft

Explicación

Pregunta 47 de 78

Domestic interest rates in Australia are below those of its trading partners. The Aussie Hat Company has borrowed funds to service the debt of an overseas subsidiary.
Which of the following will be the impact of this financial strategy?

Selecciona una de las siguientes respuestas posibles:

Increased gearing & Improved solvency
Increased gearing & Reduced solvency
Reduced accounts payable & Improved owner's equity
Reduced accounts payable & Reduced owner's equity

Explicación

Pregunta 48 de 78

JJ’s Wool Company is considering purchasing 48% of shares in Hunter Cotton Ltd. Audited accounts show that the plant and equipment of Hunter Cotton Ltd are under-valued. JJ’s Wool Company hopes to profit if Hunter Cotton Ltd buys back the shares to maintain control of its company. Which of the following lists two ethical aspects that JJ’s Wool Company should consider?

Selecciona una de las siguientes respuestas posibles:

Asset stripping and lease back
Asset stripping and corporate raiding
Inappropriate cut-off periods and misuse of funds
Inappropriate cut-off periods and corporate raiding

Explicación

Pregunta 49 de 78

Which of the following statements is correct?

Selecciona una de las siguientes respuestas posibles:

Net profit ratios compare favourably with the industry average.
There has been an improvement in the expense ratio from 2003 to 2004.
The expense ratio in 2004 compares favourably with the industry average.
Each of the profitability ratios indicates performance below industry averages.

Explicación

Pregunta 50 de 78

Which of the following global changes could explain the increase in the 2004 expense ratio for Zahra’s Coffee Imports Pty Ltd?

Selecciona una de las siguientes respuestas posibles:

A depreciation of the Australian dollar
An appreciation of the Australian dollar
Widespread dumping of coffee due to excess supply
A new free trade agreement with one of the countries supplying this company

Explicación

Pregunta 51 de 78

Which of the following ratios would Mitchell use to determine if his firm was using its resources to ensure it can meet its financial commitments in the longer term?

Selecciona una de las siguientes respuestas posibles:

Gross profit
Debt to equity
Return on owners’ equity
Accounts receivable turnover

Explicación

Pregunta 52 de 78

An online supermarket business has decided to lease delivery vehicles rather than purchase them. What is the purpose of this strategy?

Selecciona una de las siguientes respuestas posibles:

To limit the capital costs of the business
To ensure that only new vehicles are used
To minimise the long-term costs of vehicles to the business
To avoid the registration and insurance costs of vehicle ownership

Explicación

Pregunta 53 de 78

Calculate the value of Retained Profits.

Selecciona una de las siguientes respuestas posibles:

0
15 000
25 000
50 000

Explicación

Pregunta 54 de 78

Correct Printing has decided to use an overdraft facility to purchase an additional printing machine.
How would this affect the Balance Sheet?

Selecciona una de las siguientes respuestas posibles:

Increase Owners’ Equity and decrease Cash at Bank
Increase Current Liabilities and increase Non-current Assets
Decrease Cash at Bank and increase Non-current Assets
Decrease Retained Profits and increase Non-current Assets

Explicación

Pregunta 55 de 78

In 1989, an Australian company purchased a building in the USA for $US200 000 to store the products it distributes in the USA. The purchase was financed by a Federal Government export grant.
Which ratio from the 2004 financial reports is affected by the historical cost method of accounting for this purchase?

Selecciona una de las siguientes respuestas posibles:

Expense
Working capital
Return on owners’ equity
Accounts receivable turnover

Explicación

Pregunta 56 de 78

Which of the following would best describe the role of a merchant bank?

Selecciona una de las siguientes respuestas posibles:

To monitor the activities of publicly-listed companies
To act as banker and financial agent to the federal government
To provide borrowing and lending services, primarily to the business sector
To provide loans to the corporate sector through receipts of insurance premiums

Explicación

Pregunta 57 de 78

Which of the following statements describes the performance of Acrid Waste Services?

Selecciona una de las siguientes respuestas posibles:

Debt to Equity Ratio is below the industry average
Debt to Equity Ratio exceeds the industry average
Working Capital Ratio exceeds the industry average
Working Capital Ratio is equal to the industry average

Explicación

Pregunta 58 de 78

Which statement best describes the situation represented in the graph?

Selecciona una de las siguientes respuestas posibles:

Year 1 was a period of decreasing expenses and Year 2 was a period of increasing expenses
Year 1 was a period of increasing expenses and Year 2 was a period of decreasing expenses
Year 1 was a period of improved sales performance and Year 2 was a period of increasing expenses.
Year 1 was a period of improved sales performance and Year 2 was a period of decreasing expenses.

Explicación

Pregunta 59 de 78

A cash-flow statement for a retail business would include which of the following?

Selecciona una de las siguientes respuestas posibles:

Cash sales
Credit purchases
Credit sales
Receivables

Explicación

Pregunta 60 de 78

The General Manager of Yeo Enterprises meets with directors once a month to compare actual and planned financial performance.
Which of the following best describes this management process?

Selecciona una de las siguientes respuestas posibles:

Controlling
Organising
Planning
Staffing

Explicación

Pregunta 61 de 78

Staple Stationery Supplies decides to use factoring to improve cash flow.
This strategy would involve which of the following?

Selecciona una de las siguientes respuestas posibles:

Selling accounts receivable to a collection agency
Selling goods on credit but with a specified date for payment
Selling the factors of production for cost, plus a small mark-up
Selling unused factory equipment to make up for the short-fall in cash flow

Explicación

Pregunta 62 de 78

A balance sheet includes which of the following?

Selecciona una de las siguientes respuestas posibles:

Expenses
Intangibles
Return on owners’ equity
Sales

Explicación

Pregunta 63 de 78

How would the Australian tourism industry be affected by a fall in the value of the Australian dollar compared to other currencies?

Selecciona una de las siguientes respuestas posibles:

Increased numbers of Australians travelling overseas and decreased numbers of overseas visitors to Australia
Increased numbers of Australians travelling overseas and increased numbers of overseas visitors to Australia
Decreased numbers of Australians travelling overseas and increased numbers of overseas visitors to Australia
Decreased numbers of Australians travelling overseas and decreased numbers of overseas visitors to Australia

Explicación

Pregunta 64 de 78

What is the function of management that involves comparing sales figures for a financial period to the forecast of sales for the same period?

Selecciona una de las siguientes respuestas posibles:

Collecting market research data
Comparing cash and credit sales
Implementing financial plans
Monitoring the achievement of marketing plans

Explicación

Pregunta 65 de 78

What is the variable cost of producing 3000 units?

Selecciona una de las siguientes respuestas posibles:

$0
$500
$1000
$3000

Explicación

Pregunta 66 de 78

What is the net profit from selling 6000 units?

Selecciona una de las siguientes respuestas posibles:

$500
$1000
$1500
$2000

Explicación

Pregunta 67 de 78

Which of the following statements about the efficiency of Abix International Ltd is correct?

Selecciona una de las siguientes respuestas posibles:

The expense ratio has improved while the accounts receivable turnover ratio has deteriorated.
The expense ratio has improved and the accounts receivable turnover ratio has also improved
The expense ratio has deteriorated while the accounts receivable turnover ratio has improved.
The expense ratio has deteriorated and the accounts receivable turnover ratio has also deteriorated.

Explicación

Pregunta 68 de 78

What is the value of the Cost of Goods Sold for Jack’s Computer Services Pty Ltd?

Selecciona una de las siguientes respuestas posibles:

$250
$500
$2500
$3000

Explicación

Pregunta 69 de 78

The Gross Profit Ratio has increased from 40% in 2001 to 60% in 2002, while revenue and expenses remained the same. What was the net profit or loss in 2001?

Selecciona una de las siguientes respuestas posibles:

$750 net loss
$500 net loss
$750 net profit
$2000 net profit

Explicación

Pregunta 70 de 78

Which of the following is an example of long-term borrowing?

Selecciona una de las siguientes respuestas posibles:

Bank bills
Grants
Mortgage
Overdraft

Explicación

Pregunta 71 de 78

Which of the following best indicates the solvency of a business?

Selecciona una de las siguientes respuestas posibles:

Current ratio
Expense ratio
Net profit ratio
Debt to equity ratio

Explicación

Pregunta 72 de 78

Which strategy could a business use to effectively manage receivables?

Selecciona una de las siguientes respuestas posibles:

Offering discounts for early payment
Increasing the price of the product
Taking out a short-term loan
Increasing its overdraft

Explicación

Pregunta 73 de 78

Which of the following best describes hedging?

Selecciona una de las siguientes respuestas posibles:

Using transfer pricing between subsidiaries
Minimising the effects of the global business cycle
Protecting against fluctuating exchange rates
Reducing credit risks on international transactions

Explicación

Pregunta 74 de 78

Which of the following would be an effective management strategy to improve the long-term profitability of a business?

Selecciona una de las siguientes respuestas posibles:

Altering the credit terms to ensure early payment of receivables
Improving the efficiency of cost centres
Selling of non-productive assets
Factoring of accounts receivable

Explicación

Pregunta 75 de 78

Which of the following methods of payment represents the least level of risk for exporters?

Selecciona una de las siguientes respuestas posibles:

Bill of exchange
Letter of credit
Open account
Pre-payment

Explicación

Pregunta 76 de 78

Which of the following has been a consequence of deregulation of financial markets?

Selecciona una de las siguientes respuestas posibles:

An increase in the use of fixed exchange rates
An increase in foreign direct investment
Greater influence of trading blocs
Increased mobility within international labour markets

Explicación

Pregunta 77 de 78

Which of the following is a good measure of return on owners’ equity?

Selecciona una de las siguientes respuestas posibles:

Gearing
Liquidity
Profitability
Solvency

Explicación

Pregunta 78 de 78

Which of the following would describe the financial position of this business in 2001 compared with 2000?

Selecciona una de las siguientes respuestas posibles:

Increased liquidity and increased solvency
Increased liquidity and reduced solvency
Reduced liquidity and increased solvency
Reduced liquidity and reduced solvency

Explicación

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	Creado por Daniel Miller hace alrededor de 8 años

Test sobre HSC Business Studies 2000-2015 - Finance Questions , creado por Daniel Miller el 17/05/2016.

HSC Business Studies 2000-2015 - Finance Questions

Pregunta 1 de 78

What is a source of new capital for a public company?

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Explicación

Pregunta 2 de 78

What is a characteristic of external equity finance?

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Explicación

Pregunta 3 de 78

What is the net profit ratio (net profit ÷ sales) for 2014?

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Explicación

Pregunta 4 de 78

Which of the following describes the change in gross profit ratio and expense ratio from 2014 to 2015?

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Explicación

Pregunta 5 de 78

A business is planning to increase its market share by merging with a competitor. What financial objective does this best illustrate?

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Explicación

Pregunta 6 de 78

Which of the following would be found on an income statement?

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Explicación

Pregunta 7 de 78

Why would a business choose debentures as a source of funding?

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Explicación

Pregunta 8 de 78

Which of the following statements is true about liquidity for Kerry's Warehouse in 2014?

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Explicación

Pregunta 9 de 78

Which of the following statements is true about gearing for Kerry's Warehouse in 2014?

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Explicación

Pregunta 10 de 78

What does the expense ratio measure?

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Explicación

Pregunta 11 de 78

Which of the following would immediately improve the working capital of a business?

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Explicación

Pregunta 12 de 78

Which of the following would improve the financial position of a business?

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Explicación

Pregunta 13 de 78

Auditors have discovered that the value of legal fees paid has been included in the asset value of a new warehouse purchased by a business. What limitation of financial reports does this show?

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Explicación

Pregunta 14 de 78

What would be the best strategy for a business to increase its gross profit?

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Explicación

Pregunta 15 de 78

Which of the following groups would suffer the worst financial impact as a result of an increase in the value of the Australian dollar?

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Explicación

Pregunta 16 de 78

Compared to the industry averages, this business has

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Explicación

Pregunta 17 de 78

How is the role of the Reserve Bank of Australia best described?

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Explicación

Pregunta 18 de 78

What does a cash flow statement show?

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Explicación

Pregunta 19 de 78

What is a derivative?

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Explicación

Pregunta 20 de 78

In 2010 an Australian company bought products from the USA. If the Australian dollar rises in value against the US dollar before the payment is made, which of the following would be true?

A business is planning to increase its market share by merging with a competitor.
What financial objective does this best illustrate?

Auditors have discovered that the value of legal fees paid has been included in the asset value of a new warehouse purchased by a business.
What limitation of financial reports does this show?

In 2010 an Australian company bought products from the USA.
If the Australian dollar rises in value against the US dollar before the payment is made, which of the following would be true?

What might happen as a result of a company having highly undervalued plant and
equipment on its balance sheet?

A business uses factoring to pay creditors.
Which financial objective is the business trying to achieve?

A business sells its accounts receivable to improve cash flow.
Which of the following best describes this strategy?