GAAP is the accounting profession's rule-setting body.
Publicly-owned corporations are those which are financed by the proceeds from the treasury securities.
individual state securities commissions to provide their stockholders with an annual stockholders' report.
from management to the firm's employees.
stockholders divided by the number of shares of common stock outstanding.
8) The income statement is a financial summary of the firm's operating results during a specified period while the balance sheet is a summary statement of the firm's financial position at a given point in time. Answer: FALSE Topic: Balance Sheet Question Status: Previous Edition 4 . Answer: TRUE Topic: Balance Sheet Question Status: Previous Edition 10) Paid-in capital in excess of par represents the firm's book value received from the original sale of common stock. Answer: TRUE Topic: Income Statement Question Status: Previous Edition 9) The par value of common stock is an arbitrarily assigned per share value used primarily for accounting purposes.
Answer: TRUE Topic: Earnings Question Status: Previous Edition 12) Net fixed assets represent the difference between gross fixed assets and the total expense recorded for the depreciation over then entire lives of the firm's fixed assets.11) Earnings per share represents amount earned during the period on each outstanding share of common stock. Answer: FALSE Topic: Earnings Question Status: Previous Edition 5 . Answer: TRUE Topic: Balance Sheet Question Status: Previous Edition 13) Earnings per share results from dividing earnings available for common stockholders by the number of shares of common stock authorized.
Answer: TRUE Topic: Balance Sheet Question Status: Previous Edition 15) The balance sheet is a statement which balances the firm's assets (what it owns) against its debt (what it has borrowed). Answer: FALSE Topic: Balance Sheet Question Status: Previous Edition 6 .14) Retained earnings represent the cumulative total of all earnings retained and reinvested in the firm since its inception.
Answer: TRUE Topic: Balance Sheet Question Status: Previous Edition 17) The original price per share received by the firm on a single issue of common stock is equal to the sum of the common stock and paid-in capital in excess of par accounts divided by the number of shares outstanding. Answer: FALSE Topic: Statement of Cash Flows Question Status: Previous Edition 7 . and any cash dividends paid.16) The amount paid in by the original purchasers of common stock is shown by two entries in the firm's balance sheetcommon stock and paid-in capital in excess of par on common stock. with the change in retained earnings between the start and end of that year. Answer: TRUE Topic: Balance Sheet Question Status: Previous Edition 18) The statement of cash flows reconciles the net income earned during a given year.
S. parent company's foreign equity accounts are translated into dollars using the exchange rate that prevailed when the parent's equity investment was made (the historical rate).19) The cumulative translation adjustment is an equity reserve account on the parent company's books in which translation gains and losses are accumulated. Answer: FALSE Topic: Statement of Cash Flows Question Status: Previous Edition 21) A U. Answer: TRUE Topic: International Accounting Question Status: Previous Edition 20) The statement of cash flows provides insight into the firm's assets and liabilities and reconciles them with changes in its cash and marketable securities during the period of concern. Answer: TRUE Topic: International Accounting Question Status: Previous Edition 8 .
parent company's foreign retained earnings are adjusted to reflect gains and losses resulting from currency movements as well as each year's operating profits or losses. Answer: FALSE Topic: International Accounting Question Status: Previous Edition 9 .22) A U.S.
-based companies translate their foreign-currency-denominated assets and liabilities into dollars using the current rate (translation) method. 52 mandates that U.23) The Financial Accounting Standards Board (FASB) Standard No. Answer: FALSE Topic: Accounting Standards and Regulation Question Status: Previous Edition 25) The Sarbanes-Oxley Act of 2002 was passed to eliminate many of the disclosure and conflict of interest problems of corporations. Answer: TRUE Topic: International Accounting Question Status: Previous Edition 24) The McCain-Feingold Act of 2002 was passed to eliminate many of the disclosure and conflict of interest problems of corporations. Answer: TRUE Topic: Accounting Standards and Regulation Question Status: Previous Edition 10 .S.
26) The Sarbanes-Oxley Act of 2002 established the Public Company Accounting Oversight Board (PCAOB) which is a not-for-profit corporation that oversees auditors of public corporations. B) annual report. C) cash flow statement. Answer: FALSE Topic: Accounting Standards and Regulation Question Status: Previous Edition 28) One of the most influential documents issued by a publicly-held corporation is the A) letter to stockholders. Answer: TRUE Topic: Accounting Standards and Regulation Question Status: Previous Edition 27) The Sarbanes-Oxley Act of 2002 established the Private Company Accounting Oversight Board (PCAOB) which is a for-profit corporation that oversees CEOs of public corporations. D) 11 .
Answer: B Topic: Stockholders' Report Question Status: Previous Edition 29) The rule-setting body. Answer: B Topic: Accounting Standards and Regulation Question Status: Previous Edition 12 . FASB. which authorizes generally accepted accounting principles is A) GAAP.income statement. B) C) D) Federal Reserve System. SEC.
GAAP. GAAP.30) Accounting practices and procedures used to prepare financial statements are called A) SEC. C) D) Answer: C Topic: Accounting Standards and Regulation Question Status: Previous Edition 31) The federal regulatory body governing the sale and listing of securities is called the A) IRS. B) FASB. 13 . B) C) D) SEC. FASB. IRB.
D) a statement of retained earnings. Answer: E Topic: Stockholders' Report Question Status: Previous Edition 33) The stockholder's report may include all of the following EXCEPT A) 14 . C) a balance sheet. B) an income statement. E) all of the above.D Topic: Accounting Standards and Regulation Question Status: Previous Edition 32) The stockholder's annual report must include A) a statement of cash flows.
D) liabilities and equity. C) depreciation. C) a statement of cash flows. Answer: A Topic: Stockholders' Report Question Status: Previous Edition 34) Total assets less net fixed assets equals A) gross assets. D) a statement of retained earnings. B) an income statement. Answer: B Topic: 15 . B) current assets.a cash budget.
Balance Sheet Question Status: Previous Edition 16 .
C) sales revenue minus operating expenses. A) income statement B) balance sheet C) statement of cash flows D) statement of retained earnings Answer: A Topic: Income Statement Question Status: Previous Edition 36) Gross profits are defined as A) operating profits minus depreciation.35) The ________ provides a financial summary of the firm's operating results during a specified period. B) operating profits minus cost of goods sold. D) sales revenue minus cost of goods sold. 17 .
D) sales revenue minus depreciation expense. B) 18 . B) sales revenue minus cost of goods sold.D Topic: Income Statement Question Status: Previous Edition 37) Operating profits are defined as A) gross profits minus operating expenses. C) earnings before depreciation and taxes. Answer: A Topic: Income Statement Question Status: Previous Edition 38) Net profits after taxes are defined as A) gross profits minus operating expenses.
D) EBIT minus interest and taxes.sales revenue minus cost of goods sold. D) earnings after tax. B) earnings before interest and taxes. C) earnings before depreciation and taxes. Answer: D Topic: Income Statement Question Status: Previous Edition 39) Operating profits are defined as A) sales revenue minus cost of goods sold. C) EBIT minus interest. Answer: B Topic: Income Statement Question Status: 19 .
after taxes minus preferred dividends.
after taxes minus common dividends.
45) The ________ represents a summary statement of the firm's financial position at a given point in time. A) income statement B) balance sheet C) statement of cash flows D) statement of retained earnings Answer: B Topic: Balance Sheet Question Status: Previous Edition 46) The ________ summarizes the firm's funds flow over a given period of time A) income statement B) balance sheet C) statement of cash flows D) statement of retained earnings 25 .
B) statement of retained earnings. 52 mandates that U. Answer: A Topic: Statement of Cash Flows Question Status: Previous Edition 48) FASB Standard No. based companies must translate their foreign-currencydenominated assets and liabilities into dollars using the A) historical rate. C) bank statement.S. D) funds statement.C Topic: Statement of Cash Flows Question Status: Previous Edition 47) The statement of cash flows may also be called the A) sources and uses statement. B) 26 .
C) average rate.current rate. D) the cumulative total of earnings reinvested in the firm. Answer: D Topic: Balance Sheet Question Status: 27 . D) none of the above. B) cash. Answer: B Topic: International Accounting Question Status: Previous Edition 49) Retained earnings on the balance sheet represents A) net profits after taxes. C) net profits after taxes minus preferred dividends.
D) 29 . B) Assets and liabilities. retained earnings adjustments are required so that which of the following are separated on the statement? A) Revenue and cost. Answer: B Topic: Statement of Retained Earnings Question Status: Previous Edition 51) When preparing a statement of cash flows.50) The statement of retained earnings reports all of the following EXCEPT A) net profits after taxes. C) common stock dividends. B) interest. D) preferred stock dividends. C) Depreciation and purchases.
25 B) $195.40 $516. Answer: D Topic: Statement of Cash Flows Question Status: Previous Edition 52) A firm had the following accounts and financial data for 2005.60 C) D) Answer: C Topic: Income Statement Question Status: 30 . A) -$224.40 $302.Net profits and dividends. The firm's earnings available to common shareholders for 2005 were ________.
5125 $0. 32 .5335 $0. The firm's net profit after taxes for 2005 was ______. for 2005 was ________. rounded to the nearest cent.3204 $0.53) A firm had the following accounts and financial data for 2005: The firm's earnings per share.3024 B) C) D) Answer: D Topic: Income Statement Question Status: Previous Edition 54) A firm had the following accounts and financial data for 2005. A) $0.
80 $320.40 B) $213.25 C) D) Answer: C Topic: Income Statement Question Status: Previous Edition 55) On the balance sheet net fixed assets represent A) gross fixed assets at cost minus depreciation expense.40 $206. C) gross fixed assets at cost minus accumulated depreciation.A) -$206. B) gross fixed assets at market value minus depreciation expense. Answer: 33 . D) gross fixed assets at market value minus accumulated deprecation.
What was the firm's net profit after taxes? A) $66. B) in excess of the par value from the original sale of common stock. Answer: B Topic: Balance Sheet Question Status: Previous Edition 57) Firm ABC had operating profits of $100.000. taxes of $17.000. D) at the current book value of common stock.000 and preferred dividends of $5. interest expense of $34.C Topic: Balance Sheet Question Status: Previous Edition 56) Paid-in-capital in excess of par represents the amount of proceeds A) from the original sale of stock. C) at the current market value of common stock.000.000 B) 34 .
000 $83. There were 100. What were Candy Corporation's earnings per share? A) $3.52 $7.000 shares outstanding and no interest expense.59 B) C) D) Answer: C Topic: Income Statement 35 . and it paid preferred stock dividends of $50.2 million.000 $44.000.$49.42 $7.000 C) D) Answer: B Topic: Income Statement Question Status: Previous Edition 58) Candy Corporation had pretax profits of $1.91 $4. an average tax rate of 34 percent.
000 in dividends in 2005.000 C) $100.000 B) -$110. The firm's net profit after taxes in 2002 was ________.000 in 2005. The firm paid dividends in 2005 of ________.Question Status: Previous Edition 59) A firm had year end 2004 and 2005 retained earnings balances of $670. A) -$100.000 and $400. respectively. The firm paid $10. The firm reported net profits after taxes of $100.000.000 $110.000 D) Answer: A Topic: Income Statement Question Status: Previous Edition 60) A corporation had year end 2004 and 2005 retained earnings balances of $320.000.000 B) C) 36 . respectively.000 and $560. A) $0 $20.
at year end 2005 was ________.
firm reported net profits after taxes of $100,000 in 2005. The firm paid dividends in 2005 of ________.
C) provide uniform international accounting standards.limit the compensation that could be paid to corporate CEOs. D) two of the above. B) is a not-for-profit corporation that oversees managers of public corporations. B) eliminate the many disclosure and conflict of interest problems of corporations. D) is a for-profit corporation that oversees managers of public corporations. Answer: B Topic: Accounting Standards and Regulation Question Status: Previous Edition 65) The Public Company Accounting Oversight Board (PCAOB) A) is a not-for-profit corporation that oversees auditors of public corporations. Answer: A Topic: 40 . C) is a for-profit corporation that oversees auditors of public corporations.
Accounting Standards and Regulation Question Status: Previous Edition 41 .
(a) How much is the earnings available for common stockholders? (b) Compute the increased retained earnings for 2005 if the company were to declare a $4. Inc.000 shares of common stock outstanding. Interest expenses for the year were $10.000. The company has 15.000 of earnings before interest and taxes at the year end.25 common stock dividend. The company is subject to a 30% tax rate and has declared $57. The company has also established that over the course of this year it has incurred $345. the Long Life Light Bulb Company announced it had produced a gross profit of $1 million. The firm expects to distribute $100.000 in operating expenses and $125.66) Ag Silver Mining. Answer: Topic: 42 .000 total preferred stock dividends. Calculate the earnings after taxes for the firm assuming a 40 percent tax on ordinary income.000 in interest expenses. has $500. Answer: Topic: Income Statement Question Status: Previous Edition 67) At the end of 2005.000 in dividends.
Income Statement Question Status: Previous Edition 43 .
68) Reliable Auto Parts has 5. (f) earnings available to common stockholders. (c) net profits before taxes. The company also has the following amounts in revenue and expense accounts.000 shares of common stock outstanding. (g) earnings per share. (b) operating profits. (e) cash flow from operations. Calculate (a) gross profits. Answer: Topic: 44 . (d) net profits after taxes (assume a 40 percent tax rate).
Income Statement Question Status: Previous Edition 45 .
000.50/share dividend to its stockholders. the Bradshaw Corporation had $485. 2004. The Bradshaw Corporation has 35.69) Colonial Furniture's net profits before taxes for 2002 totaled $354. the corporation had a final retained earnings balance of $565. During 2005. What was the net profit earned by Bradshaw Corporation during 2005? Answer: Topic: Statement of Retained Earnings 46 . the corporation declared a $3. How large was the cash dividend declared by Colonial Furniture in 2005? Answer: Topic: Statement of Retained Earnings Question Status: Previous Edition 70) On December 31. The company's total retained earnings were $338.000. When the books were closed for 2005 year end.000 for 2005 year end.000 as an ending balance for its retained earnings account. Colonial is subject to a 26 percent tax rate.000 shares of common stock outstanding.000 for 2004 year end and $389.
Question Status: Previous Edition 47 .
000 at the beginning of 2005. the company earned $245.000. Answer: FALSE Topic: Ratio Analysis Basics Question Status: 48 . The company was then able to pay its preferred stockholders $45. Compute the common stock dividend per share in 2005 assuming 10. Answer: Topic: Statement of Retained Earnings Question Status: Previous Edition Learning Goal 2: Understand who uses financial ratios. During 2005.000 as net profits after paying its taxes. By the end of 2005. the company's retained earnings balance was $950.71) The Sunshine Company had a retained earnings balance of $850. and how.000.000 shares of common stock outstanding. 1) Time-series analysis is the evaluation of the firm's financial performance in comparison to other firm(s) at the same point in time.
Previous Edition 2) As a rule. Answer: FALSE Topic: Ratio Analysis Basics Question Status: Previous Edition 4) Benchmarking is a type of cross-sectional analysis in which the firm's ratio values are compared to those of firms in other industries. Answer: FALSE Topic: Ratio Analysis Basics Question Status: 49 . Answer: FALSE Topic: Ratio Analysis Basics Question Status: Previous Edition 3) Cross-sectional ratio analysis involves comparing the firm's ratios to those of firms in other industries at the same point in time. the income statement and the statement of cash flow. primarily to identify areas for improvement. at minimum. the necessary inputs to an effective financial analysis include.
Answer: FALSE Topic: Ratio Analysis Basics Question Status: Previous Edition 50 .Previous Edition 5) Time-series analysis evaluates performance of firms at the same point in time using financial ratios.
primarily to isolate areas of opportunity for improvement. Answer: TRUE Topic: Ratio Analysis Basics Question Status: Previous Edition 51 . Answer: TRUE Topic: Liquidity Analysis Question Status: Previous Edition 7) Benchmarking is a type of time-series analysis in which the firm's ratio values are compared to those of a key competitor or group of competitors.6) The firm's creditors are primarily interested in the short-term liquidity of the company and its ability to make interest and principal payments. Answer: FALSE Topic: Ratio Analysis Basics Question Status: Previous Edition 8) Ratio analysis merely directs the analyst to potential areas of concern. it does not provide conclusive evidence as to the existence of a problem.
thereby distorting profits. the financial statements being used for comparison should be dated at the same point in time during the year. Answer: FALSE Topic: Ratio Analysis Basics Question Status: Previous Edition 10) Due to inflationary effects. If not. the industry average ratios of any of the firm's product lines may be used to analyze the multiproduct firm's financial performance.9) In a cross-sectional comparison of firms operating in several lines of business. inventory costs and depreciation write-offs can differ from their true values. Answer: TRUE Topic: Ratio Analysis Basics Question Status: Previous Edition 11) In ratio analysis. Answer: TRUE Topic: Ratio Analysis Basics Question Status: Previous Edition 52 . the effect of seasonality may produce erroneous conclusions and decisions.
These two dimensions directly affect share price. Answer: TRUE Topic: Ratio Analysis Basics Question Status: Previous Edition 14) The comparison of a particular ratio to the standard (industry average) is made in order to isolate any deviations from the norm. In the case of ratios for which higher values are preferred. as long as the firm that is being analyzed has a value in excess of the industry average it can be viewed favorably. Answer: FALSE Topic: Ratio Analysis Basics Question Status: Previous Edition 13) Both present and prospective shareholders are interested in the firm's current and future level of risk and return.12) The use of the audited financial statements for ratio analysis may not be preferable because there may be no reason to believe that the data contained in them reflect the firm's true financial condition. Answer: FALSE Topic: Ratio Analysis Basics Question Status: Previous Edition 53 .
Answer: TRUE Topic: Leverage Analysis Question Status: 54 . Shareholders are concerned since the claims of creditors must be satisfied prior to the distribution of earnings to them. Answer: TRUE Topic: Ratio Analysis Basics Question Status: Previous Edition 16) Inflationary effects typically have a greater impact the larger the differences in the age of the assets of the firms being compared. Answer: TRUE Topic: Ratio Analysis Basics Question Status: Previous Edition 17) Present and prospective shareholders and lenders pay close attention to the firm's degree of indebtedness and ability to repay debt. Without adjustment. the higher the probability that the firm will be unable to satisfy the claims of all its creditors.15) The use of differing accounting treatmentsespecially relative to inventory and depreciationcan distort the results of ratio analysis. inflation tends to cause older firms (with older fixed assets) to appear more efficient and profitable than newer firms (with newer fixed assets). Lenders are concerned since the more indebted the firm. regardless of whether cross-sectional or time-series analysis is used.
A) definitive B) gross C) relative D) qualitative Answer: C Topic: Ratio Analysis Basics Question Status: Previous Edition 19) ________ analysis involves the comparison of different firms' financial ratios at the same point in time. A) Time-series B) Cross-sectional C) Marginal D) 55 .Previous Edition 18) Ratios provide a ________ measure of a company's performance and condition.
Quantitative Answer: B Topic: Ratio Analysis Basics Question Status: Previous Edition 20) ________ analysis involves comparison of current to past performance and the evaluation of developing trends. A) Time-series B) Cross-sectional C) Marginal D) Quantitative Answer: A Topic: Ratio Analysis Basics Question Status: Previous Edition 21) The primary concern of creditors when assessing the strength of a firm is the firm's A) 56 .
C) short-term liquidity. liquidity. D) share price. leverage. B) leverage. Answer: C Topic: Liquidity Analysis Question Status: Previous Edition 22) Present and prospective shareholders are mainly concerned with a firm's A) risk and return. B) profitability. C) D) Answer: A Topic: 57 .profitability.
Ratio Analysis Basics Question Status: Previous Edition 23) To analyze the firm's financial performance. the following types of ratio analyses EXCEPT ________ may be used. A) time-series analysis B) cross-section analysis C) combined analysis D) marginal analysis Answer: D Topic: Ratio Analysis Basics Question Status: Previous Edition 24) Time-series analysis is often used to A) assess developing trends. C) 58 . B) correct errors of judgment.
Answer: A Topic: Ratio Analysis Basics Question Status: Previous Edition 59 . D) standardize results.reflect performance relative to some norm.
a comparison to a standard industry ratio is made to isolate ________ deviations from the norm. A) positive B) negative C) any D) standard Answer: C Topic: Ratio Analysis Basics Question Status: Previous Edition 26) ________ evidence of the existence of a problem or outstanding management performance is provided by ratio analysis. A) Conclusive B) Inconclusive Complete C) D) 60 .25) In ratio analysis.
Definitive Answer: B Topic: Ratio Analysis Basics Question Status: Previous Edition 27) The analyst should be careful when conducting ratio analysis to ensure that A) the overall performance of the firm is not judged on a single ratio. E) all of the above. D) the same accounting procedures were used. C) audited statements are used. Answer: E Topic: Ratio Analysis Basics Question Status: Previous Edition 28) The analyst should be careful when evaluating a ratio analysis that 61 . B) the dates of the financial statements being compared are the same.
D) both A and B.A) pre-audited statements are used. A) Time-series analysis B) Benchmarking C) Combined analysis D) None of the above Answer: 62 . B) the dates of the financial statements being compared are the same time. Answer: B Topic: Ratio Analysis Basics Question Status: Previous Edition 29) ________ is where the firm's ratio values are compared to those of a key competitor or group of competitors. C) neither A nor B. primarily to identify areas for improvement.
B Topic: Ratio Analysis Basics Question Status: Previous Edition 63 .
D) reflect the symptoms of a possible problem. B) cost of goods sold. B) isolate the causes of problems. C) interest write-offs. C) provide conclusive evidence of the existence of a problem. Answer: D Topic: Ratio Analysis Basics Question Status: Previous Edition 31) Inflation can distort A) inventory costs. 64 .30) Cross-sectional ratio analysis is used to A) correct expected problems in operations. D) salaries and wages.
activity. larger D) newer. A) liquidity. older Answer: B Topic: Ratio Analysis Basics Question Status: Previous Edition 33) The following groups of ratios primarily measure risk. smaller B) older. newer C) smaller.A Topic: Ratio Analysis Basics Question Status: Previous Edition 32) Without adjustment. A) large. and profitability B) 65 . all else being the same. inflation may tend to cause ________ firms to appear more efficient and profitable than ________ firms.
liquidity. A) liquidity activity debt B) C) D) profitability Answer: D Topic: Profitability Analysis Question Status: 66 . activity. and profitability Answer: C Topic: Ratio Analysis Basics Question Status: Previous Edition 34) The ________ ratios are primarily measures of return. and common stock C) liquidity. and debt D) activity. activity. debt.
limitations of ratio analysis must be recognized. But.35) Discuss the limitations of ratio analysis and the cautions which must be taken when reviewing a crosssectional and time-series analysis. 3) audited statements should be used. all aspects of the firm's activities can be assessed. and 5) inflation and differing asset ages can distort ratio comparisons. 1) The liquidity of a business firm refers to the solvency of the firm's overall financial position. Answer: TRUE Topic: Liquidity Analysis Question Status: Previous Edition 2) The liquidity of a business firm is measured by its ability to satisfy its long-term obligations as they come due. A comparison of current and past ratios may reveal mismanagement. Answer: In summarizing a large number of ratios. Topic: Ratio Analysis Basics Question Status: Previous Edition Learning Goal 3: Use ratios to analyze a firm's liquidity and activity. Additional investigation is necessary to confirm the possible problem. The analyst must be cautious of the following points: 1) a single ratio does not provide sufficient information to judge the overall performance of the firm. However. Answer: 68 . 2) the dates of the financial statements should be the same. 4) similar accounting treatment of comparative data is essential. the ratio does not give definitive cause to the problem.
it is important to look beyond measures of overall liquidity to assess the activity (liquidity) of specific current accounts. Answer: 69 .FALSE Topic: Liquidity Analysis Question Status: Previous Edition 3) The current ratio provides a better measure of overall liquidity only when a firm's inventory cannot easily be converted into cash. Answer: FALSE Topic: Liquidity Analysis Question Status: Previous Edition 4) Since the differences in the composition of a firm's current assets and liabilities can significantly affect the firm's "true" liquidity. the quick ratio is a preferred measure of overall liquidity. Answer: TRUE Topic: Liquidity Analysis Question Status: Previous Edition 5) The average age of inventory is viewed as the average length of time inventory is held by the firm or as the average number of days' sales in inventory. If inventory is liquid.
Answer: FALSE Topic: Activity Analysis Question Status: Previous Edition 8) The average age of inventory can be calculated as inventory turnover divided by 365. Answer: FALSE Topic: 70 .TRUE Topic: Activity Analysis Question Status: Previous Edition 6) Total asset turnover commonly measures the liquidity of a firm's total assets. Answer: FALSE Topic: Activity Analysis Question Status: Previous Edition 7) The average age of inventory can be calculated as inventory divided by 365.
Answer: TRUE Topic: Activity Analysis Question Status: Previous Edition 10) The average payment period can be calculated as accounts payable divided by average sales per day. Answer: FALSE Topic: Activity Analysis Question Status: Previous Edition 11) The average payment period can be calculated as accounts payable divided by average purchases per day. Answer: TRUE Topic: Activity Analysis Question Status: 71 .Activity Analysis Question Status: Previous Edition 9) The average age of inventory can be calculated as 365 divided by inventory turnover.
Previous Edition 12) The ________ of a business firm is measured by its ability to satisfy its short-term obligations as they come due. A) activity liquidity debt B) C) D) profitability Answer: B Topic: Liquidity Analysis Question Status: Previous Edition 13) ________ ratios are a measure of the speed with which various accounts are converted into sales or cash. A) Activity Liquidity Debt B) C) D) 72 .
Profitability Answer: A Topic: Activity Analysis Question Status: Previous Edition 73 .
of a firm's inventory. A) average collection period B) inventory turnover C) quick ratio D) current ratio 74 .14) The ________ is useful in evaluating credit and collection policies. or liquidity. A) average payment period B) current ratio C) average collection period D) current asset turnover Answer: C Topic: Activity Analysis Question Status: Previous Edition 15) The ________ measures the activity.
D) current ratio and total asset turnover.B Topic: Activity Analysis Question Status: Previous Edition 16) The two basic measures of liquidity are A) inventory turnover and current ratio. Answer: B Topic: Liquidity Analysis Question Status: Previous Edition 17) The ________ is a measure of liquidity which excludes ________. A) current ratio. generally the least liquid asset. B) current ratio and quick ratio. accounts receivable B) 75 . C) gross profit margin and ROE.
A) average payment period B) inventory turnover C) average collection period D) quick Answer: B Topic: Activity Analysis Question Status: 76 . inventory D) quick ratio. accounts receivable C) current ratio.quick ratio. inventory Answer: D Topic: Liquidity Analysis Question Status: Previous Edition 18) The ________ ratio may indicate the firm is experiencing stockouts and lost sales.
36 days.19) The ________ ratio may indicate poor collections procedures or a lax credit policy. extends credit terms of 45 days to its customers. Its credit collection would likely be considered poor if its average collection period was A) 30 days. B) C) D) 78 . 47 days. A) average payment period B) inventory turnover C) average collection period D) quick Answer: C Topic: Activity Analysis Question Status: Previous Edition 20) ABC Corp.
D) Average age of inventory.57 days. since it provides them with a sense of the bill-paying patterns of the firm. 79 . B) Average payment period. C) Quick ratio. Answer: A Topic: Leverage Analysis Question Status: Previous Edition 22) ________ are especially interested in the average payment period. Answer: D Topic: Activity Analysis Question Status: Previous Edition 21) Which of the following ratios is difficult for creditors of a firm to analyze because the data are usually not available in published financial statements? A) Operating leverage.
this firm might A) improve its collection practices. thereby increasing current assets and the current and quick ratios. thereby decreasing current liabilities and increasing the current and quick ratios. D) increase inventory. thereby increasing the current and quick ratios. B) improve its collection practices and pay accounts payable.A) Customers B) Stockholders C) Lenders and suppliers D) Borrowers and buyers Answer: C Topic: Activity Analysis Question Status: Previous Edition 23) A firm has a current ratio of 1. thereby increasing cash and increasing its current and quick ratios. in order to improve its liquidity ratios. Answer: 80 . C) decrease current liabilities by utilizing more long-term debt.
B) the return on equity should increase. A) the current ratio should expand.C Topic: Liquidity Analysis Question Status: Previous Edition 24) As a firm's cash flows become more predictable. C) current liabilities should decrease. B) 81 . D) current assets should decrease. it becomes a measure of A) sales efficiency. Answer: D Topic: Liquidity Analysis Question Status: Previous Edition 25) If the inventory turnover is divided into 365.
the average age of the inventory.
The ________ is useful in evaluating credit and collection policies.
5. 10 B) C) D) 85 .29) A firm with a total asset turnover lower than industry standard may have A) excessive debt. C) insufficient sales. A) 36. D) insufficient fixed assets.000 and inventory of $30.0. 36. 10 10. B) excessive cost of goods sold. Answer: C Topic: Activity Analysis Question Status: Previous Edition 30) If Nico Corporation has cost of goods sold of $300.5 36. then the inventory turnover is ________ and the average age of inventory is ________.000.
9. 833. 36.0 Answer: C Topic: Activity Analysis Question Status: Previous Edition Learning Goal 4: 86 . A) 36. 36.0 Answer: B Topic: Activity Analysis Question Status: Previous Edition 31) If Nico Corporation has annual purchases of $300.5.3 B) 821. 36. 821.9 36.000. then average purchases per day are ________ and the average payment period is ________.3.5 C) D) 833.0.10.000 and accounts payable of $30.
the higher the proportion of the firm's interest income compared to its contractual interest payments. Answer: FALSE Topic: Leverage Analysis Question Status: 87 . the greater will be its risk and return. Answer: FALSE Topic: Leverage Analysis Question Status: Previous Edition 3) The higher the value of the times interest earned ratio. Answer: TRUE Topic: Leverage Analysis Question Status: Previous Edition 2) The less fixed-cost debt (financial leverage) a firm uses. 1) The magnification of risk and return introduced through the use of fixed-cost financing such as debt and preferred stock is called financial leverage.Discuss the relationship between debt and financial leverage and the ratios used to analyze a firm's debt.
the greater will be its risk and return. the lower is the firm's financial leverage.4) In general. the smaller its financial leverage. Answer: FALSE Topic: Leverage Analysis Question Status: Previous Edition 5) The lower the fixed-payment coverage ratio. Answer: FALSE Topic: Leverage Analysis Question Status: Previous Edition 6) The higher the debt ratio. thus. Answer: TRUE Topic: Leverage Analysis Question Status: Previous Edition 7) 89 . the more debt (other people's money) a firm uses in relation to its assets. the more financial leverage a firm has and.
which may result in unnecessarily low risk and return. A) total asset turnover B) fixed asset turnover C) current debt D) Answer: D Topic: Leverage Analysis Question Status: Previous Edition 9) The ________ ratio measures the firm's ability to pay contractual interest payments. A) 90 . higher coverage ratios are preferred. Answer: TRUE Topic: Leverage Analysis Question Status: Previous Edition 8) The ________ ratio measures the proportion of total assets financed by the firm's creditors.Typically. but too high a ratio may indicate under-utilization of fixedpayment obligations.
A) debt B) net profit margin C) return on total assets D) times interest earned Answer: D 91 .times interest earned B) fixed-payment coverage C) debt D) average payment period Answer: A Topic: Leverage Analysis Question Status: Previous Edition 10) The ________ ratio may indicate that the firm will not be able to meet interest obligations due on outstanding debt.
A) debt B) average collection period C) times interest earned D) average payment period Answer: C Topic: Leverage Analysis Question Status: Previous Edition Table 2.Topic: Leverage Analysis Question Status: Previous Edition 11) The higher the value of ________ ratio. the better able the firm is to fulfill its interest obligations.1 92 .
000 2. (See Table 2.40. The current ratio was 2.0.8 percent. Inventory turnover was 3. 4. The average collection period was 65 days. There are 360 days in the year.13. 6. 8. 7.667 $32.1) A) $36. 12) Inventory for CEE in 2005 was ________. The total asset turnover was 1.167 B) C) D) Answer: C Topic: Balance Sheet and Activity Analysis Question Status: 93 . 5. 3. The debt ratio was 53.500 $ 9. The gross profit margin was 25 percent.448 $27. Sales totaled $110.Information (2005 values) 1.
056 $19.1) A) $14.372 $ 10.1) A) $113.895 B) C) D) 94 . (See Table 2.861 $14.609 D B) C) D) Answer: Topic: Balance Sheet and Activity Analysis Question Status: Revised 14) Accounts receivable for CEE in 2005 was ________. (See Table 2.Previous Edition 13) Notes payable for CEE in 2005 was ________.466 $ 52.372 $ 41.
333 Answer: B Topic: Balance Sheet and Activity Analysis Question Status: Previous Edition 15) Net fixed assets for CEE in 2005 were ________.975 $54.1) A) 95 .$18. (See Table 2.511 $69. (See Table 2.1) A) $45.341 B) C) D) Answer: A Topic: Balance Sheet and Activity Analysis Question Status: Previous Edition 16) Total assets for CEE in 2005 were ________.484 $48.
345 B) C) D) Answer: D Topic: Balance Sheet and Activity Analysis Question Status: Previous Edition 17) Long-term debt for CEE in 2005 was ________.300 $ 58.895 $124.763 $52.$ 45.1) A) $30. (See Table 2.603 $ 97.372 $10.372 B) C) D) Answer: A Topic: 96 .608 $41.
Balance Sheet and Activity Analysis Question Status: Revised 18) ________ is a term used to describe the magnification of risk and return introduced through the use of fixed cost financing such as preferred stock and long-term debt. A) Financial leverage B) Operating leverage C) Fixed-payment coverage D) The acid-test Answer: A Topic: Leverage Analysis Question Status: Previous Edition 97 .
C) preferred stock dividend payments can be disregarded. the higher is the firm's liquidity. the lower is the firm's financial leverage.19) When assessing the fixed-payment coverage ratio. D) the higher its value. A) the lower its value the more risky is the firm. 1) Earnings per share represent the dollar amount earned and distributed to shareholders. Answer: FALSE Topic: Profitability Analysis Question Status: 98 . B) the lower its value. Answer: A Topic: Leverage Analysis Question Status: Previous Edition Learning Goal 5: Use ratios to analyze a firm's profitability and its market value.
Answer: FALSE Topic: Profitability Analysis Question Status: Previous Edition 3) Net profit margin measures the percentage of each sales dollar remaining after all costs and expenses. and common stock dividends. taxes. have been deducted.Previous Edition 2) Gross profit margin measures the percentage of each sales dollar left after the firm has paid for its goods and operating expenses. including interest. Answer: FALSE Topic: Profitability Analysis Question Status: 99 . Answer: FALSE Topic: Profitability Analysis Question Status: Previous Edition 4) Return on total assets (ROA) measures the overall effectiveness of management in generating profits with the owners' investment in the firm.
Previous Edition 5) The price/earnings (P/E) ratio represents the degree of confidence that investors have in the firm's future performance. A) retained earnings statement B) source and use statement C) common-size income statement D) profit and loss statement Answer: C Topic: Common Size Analysis Question Status: Previous Edition 100 . Answer: TRUE Topic: Market Value Analysis Question Status: Previous Edition 6) The ________ is a popular approach for evaluating profitability in relation to sales by expressing each item on the income statement as a percent of sales.
A) net profit margin B) operating profit margin C) gross profit margin D) earnings available to common shareholders 102 .7) The ________ indicates the percentage of each sales dollar remaining after the firm has paid for its goods. A) net profit margin B) operating profit margin C) gross profit margin D) earnings available to common shareholders Answer: C Topic: Profitability Analysis Question Status: Previous Edition 8) The ________ measures the percentage of profit earned on each sales dollar before interest and taxes.
including taxes.B Topic: Profitability Analysis Question Status: Previous Edition 9) The ________ measures the percentage of each sales dollar remaining after ALL expenses. A) net profit margin 103 . have been deducted. A) net profit margin B) operating profit margin C) gross profit margin D) earnings available to common shareholders Answer: A Topic: Profitability Analysis Question Status: Previous Edition 10) The ________ measures the overall effectiveness of management in generating profits with its available assets.
B) price/earnings ratio C) return on equity D) return on total assets Answer: D Topic: Profitability Analysis Question Status: Previous Edition 11) The ________ measures the return on owners' (both preferred and common stockholders) investment in the firm. A) net profit margin B) price/earnings ratio C) return on equity D) return on total assets Answer: C Topic: 104 .
Profitability Analysis Question Status: Previous Edition 105 .
C) the gross profit margin and the return on total assets. D) 106 . B) the gross profit margin and the earnings per share.12) The ________ ratio is commonly used to assess the owner's appraisal of the share value. A) debt B) price/earnings C) return on equity D) return on total assets Answer: B Topic: Market Value Analysis Question Status: Previous Edition 13) Two frequently cited ratios of profitability that can be read directly from the common-size income statement are A) the earnings per share and the return on total assets.
and total liabilities of $750. Answer: A Topic: Profitability Analysis Question Status: Previous Edition 15) A firm with sales of $1. Answer: D Topic: Profitability Analysis Question Status: Previous Edition 14) A firm with a gross profit margin which meets industry standard and a net profit margin which is below industry standard must have excessive A) general and administrative expenses.000.000.000.the gross profit margin and the net profit margin. B) cost of goods sold. C) dividend payments.000 has a return on equity of 107 .500.000. net profits after taxes of $30. total assets of $1. D) principal payments.
Answer: TRUE Topic: Leverage Analysis Question Status: Previous Edition 108 . 15 percent.A) 20 percent. B) C) D) Answer: D Topic: Dupont System Analysis Question Status: Previous Edition Learning Goal 6: Use a summary of financial ratios and the DuPont system of analysis to perform a complete ratio analysis. 3 percent. 1) The financial leverage multiplier is the ratio of the firm's total assets to stockholders' equity. 4 percent.
which indicates how efficiently the firm has used its assets to generate sales. Answer: TRUE Topic: Dupont System Analysis Question Status: Previous Edition 3) The DuPont system allows the firm to break its return on equity into a profit-on-sales component. 110 .2) The DuPont formula allows the firm to break down its return into the net profit margin. C) return on total assets and return on equity. an efficiency-of-asset-use component. which measures the firm's profitability on sales. and a use-of-leverage component. B) net profit margin and return on equity. and its total asset turnover. Answer: TRUE Topic: Dupont System Analysis Question Status: Previous Edition 4) The DuPont system merges the income statement and balance sheet into two summary measures of profitability: A) net profit margin and return on total assets.
A) Statement of cash flows B) The DuPont system of analysis C) A common-size income statement D) Cross-sectional analysis Answer: B Topic: Dupont System Analysis Question Status: Previous Edition 6) 111 . Answer: C Topic: Dupont System Analysis Question Status: Previous Edition 5) ________ is used by financial managers as a structure for dissecting the firm's financial statements to assess its financial condition.D) net profit margin and price/earning ratio.
Answer: 112 . B) financial leverage multiplier. Answer: D Topic: Dupont System Analysis Question Status: Previous Edition 7) The modified DuPont formula relates the firm's return on total assets (ROA) to the A) return on equity (ROE). C) net profit margin. D) (net profit margin) × (total asset turnover). C) (net profit margin) × (fixed asset turnover). D) total asset turnover.In the DuPont system. B) (return on equity) × (total asset turnover). the return on total assets (asset) is equal to A) (return on equity) × (financial leverage multiplier).
C) (return on total assets) × (financial leverage multiplier). B) 113 . B) (stockholders' equity) × (financial leverage multiplier).A Topic: Dupont System Analysis Question Status: Previous Edition 8) In the DuPont system. D) (return on total assets) × (total asset turnover). the return on equity is equal to A) (net profit margin) × (total asset turnover). Answer: C Topic: Dupont System Analysis Question Status: Previous Edition 9) A firm with a substandard net profit margin can improve its return on total assets by A) increasing its debt ratio.
C) decreasing its fixed asset turnover. D) decreasing its total asset turnover. A) an increase a decrease no change B) C) D) an undetermined change Answer: B Topic: Dupont System Analysis Question Status: 114 . Answer: B Topic: Dupont System Analysis Question Status: Previous Edition 10) A decrease in total asset turnover will result in ________ in the return on equity.increasing its total asset turnover.
and return on equity. by A) increasing its debt ratio. C) net profit margin. D) 115 .Previous Edition 11) A firm with a substandard return on total assets can improve its return on equity. total asset turnover. B) net profit margin. D) decreasing its total asset turnover. B) increasing its total asset turnover. total asset turnover. and equity multiplier. total asset turnover. Answer: A Topic: Dupont System Analysis Question Status: Previous Edition 12) The three summary ratios basic to the DuPont system of analysis are A) net profit margin. and return on investment. all else remaining the same. C) decreasing its debt ratio.
financial leverage multiplier. and return on equity.net profit margin. Answer: C Topic: Dupont System Analysis Question Status: Previous Edition 116 .
C) long-term debt. A) operating leverage B) long-term debt C) total debt D) total assets Answer: C Topic: Leverage Analysis Question Status: Previous Edition 14) The financial leverage multiplier is an indicator of A) operating leverage. 117 . B) financial leverage.13) The financial leverage multiplier is an indicator of how much ________ a corporation is utilizing. D) current liabilities.
118 . an increase in financial leverage will result in ________ in the return on equity.B Topic: Leverage Analysis Question Status: Previous Edition 15) Using the DuPont system of analysis and holding other factors constant. A) an increase a decrease no change B) C) D) an undetermined change Answer: A Topic: Dupont System Analysis Question Status: Previous Edition 16) A firm with a total asset turnover lower than the industry standard and a current ratio which meets the industry standard may have A) excessive fixed assets.
D) insufficient fixed assets. C) insufficient sales. B) excessive cost of goods sold. Answer: A Topic: Activity Analysis Question Status: Previous Edition 17) A firm with a total asset turnover lower than the industry standard may have A) excessive debt. C) excessive accounts receivable. Answer: C Topic: Activity Analysis 119 . D) excessive debt.B) excessive inventory.
Question Status: Previous Edition 120 .
2005 Balance Sheet Dana Dairy Products December 31. 2005 121 .2 Dana Dairy Products Key Ratios Income Statement Dana Dairy Products For the Year Ended December 31.Table 2.
2) A) 1.63 1.91 D B) C) D) Answer: Topic: Liquidity Analysis Question Status: Previous Edition 122 .18) The current ratio for Dana Dairy Products in 2005 was ________.58 0. (See Table 2.10 0.
19) Since 2004.425 -$ 1.325 $ 1.2) A) $10. (See Table 2. (See Table 2.250 123 .425 B) C) D) $14. the liquidity of Dana Dairy Products ________.2) A) has deteriorated B) remained the same C) has improved D) cannot be determined Answer: A Topic: Liquidity Analysis Question Status: Previous Edition 20) The net working capital for Dana Dairy Products in 2005 was ________.
(See Table 2.C Topic: Liquidity Analysis Question Status: Previous Edition 21) The inventory turnover for Dana Dairy Products in 2005 was ________.2) A) has deteriorated B) 124 . (See Table 2.2) A) 43 B) 5 C) 20 D) 25 Answer: C Topic: Activity Analysis Question Status: Previous Edition 22) The inventory management at Dana Dairy Products ________ since 2004.
remained the same C) has improved slightly D) cannot be determined Answer: C Topic: Activity Analysis Question Status: Previous Edition 125 .
3 days.5 days. (See Table 2. 11.2) A) has deteriorated B) remained the same C) has improved D) 126 .9 days. B) C) D) Answer: A Topic: Activity Analysis Question Status: Previous Edition 24) If Dana Dairy Products has credit terms which specify that accounts receivable should be paid in 25 days.8 days.23) The average collection period for Dana Dairy Products in 2005 was (See Table 2.2) A) 32. 25. 35. the average collection period ________ since 2004.
(See Table 2. higher return on equity D) higher. resulting in ________. lower return on equity C) higher. higher return on total assets Answer: B Topic: Leverage Analysis Question Status: Previous Edition 26) The debt ratio for Dana Dairy Products in 2005 was (See Table 2.2) A) 127 .cannot be determined Answer: A Topic: Activity Analysis Question Status: Previous Edition 25) Dana Dairy Products had a ________ degree of financial leverage than the industry standard.2) A) lower. lower return on total assets B) lower.
55 percent. B) the high cost of goods sold. D) excessive interest expense. 11 percent. C) excessive selling and administrative expenses.2) A) a high sales price. This may have resulted from (See Table 2. B) C) D) 44 percent.50 percent. Answer: C Topic: Leverage Analysis Question Status: Previous Edition 27) Dana Dairy Products' gross profit margin was inferior to the industry standard. Answer: B 128 .
Topic: Profitability Analysis Question Status: Previous Edition 129 .
respectively. B) C) D) 2. respectively. B) 13 percent and 1.2) A) 0. C) 2 percent and 0.9 percent. 130 .5 percent. respectively. D) 2 percent and 1. respectively. 5.28) The gross profit margin and net profit margin for Dana Dairy Products in 2005 were (See Table 2.5 percent.5 percent.9 percent.9 percent.2) A) 13 percent and 0. 25 percent.5 percent. Answer: A Topic: Profitability Analysis Question Status: Previous Edition 29) The return on total assets for Dana Dairy Products for 2005 was (See Table 2.
the total asset turnover.D Topic: Profitability Analysis Question Status: Previous Edition 30) The return on equity for Dana Dairy Products for 2005 was (See Table 2. Which of the following mathematical expressions represents the modified DuPont formula relative to Dana Dairy Products' 2005 performance? (See Table 2. 5.6 percent.6 percent. and a measure of leverage (the financial leverage multiplier). 0. Answer: B Topic: Profitability Analysis Question Status: Previous Edition 31) Using the modified DuPont formula allows the analyst to break Dana Dairy Products return on equity into 3 components: the net profit margin.2) A) 0. B) C) D) 50 percent.2) A) 131 .9 percent.
5(ROE) = 5.00(Financial leverage multiplier) D) 2.6(ROE) = 2.5.5(ROA) × 2.0(ROE) = 2.3(ROA) × 1.24(Financial leverage multiplier) B) 5.6(ROE) = 3.0(ROA) × 2.44(Financial leverage multiplier) Answer: A Topic: Dupont System Analysis Question Status: Previous Edition 132 .6(ROA) × 0.70(Financial leverage multiplier) C) 4.
32) As the financial leverage multiplier increases this may result in A) an increase in the net profit margin and return on investment. due to the increase in interest expense as debt increases. due to the increase in interest expense as debt increases. D) a decrease in the net profit margin and return on investment. Answer: C Topic: Dupont System Analysis Question Status: Previous Edition 33) Key Financial Data 133 . C) a decrease in the net profit margin and return on investment. due to the decrease in interest expense as debt decreases. due to the decrease in interest expense as debt decreases. B) an increase in the net profit margin and return on investment.
Evaluate the company's performance against industry average ratios and against last year's results. Inc.Income Statement. For the Year Ended December 31. Inc. 2005 Prepare a common-size income statement for Dreamscape. 134 . for the year ended December 31. 2005. Dreamscape.
Answer: Common-Size Income Statement Dreamscape. 2005 Dreamscape. Inc. performs significantly below industry average. cost of goods sold as a percent of sales increased and is a full 5 percent above the industry average. Inc. further reducing the gross profit margin. However. All profitability ratios (gross profit margin. improved the management of operating expenses in 2005 meeting industry averages. Interest expense is two times the average indicating high cost of debt or a high debt level. operating profit margin. Topic: Common Size Statement Analysis Question Status: Previous Edition 135 . Dreamscape. and net profit margin) trail the industry norms. In 2004 expenses as a percent of sales were high. Inc. The firm must concentrate on reducing the cost of goods sold and interest expense to improve performance. For the Year Ended December 31.
34) In an effort to analyze Clockwork Company finances.000/(1 .02) × (300.5 Cost of Goods Sold = $105.000 Topic: Ratio and Financial Statement Analysis Question Status: Previous Edition 136 .50 = $300. Find the company's net profits after taxes using the following information. Return on total assets = 2% Total Asset Turnover = 0.000 Total Assets = Sales/(Total Asset Turnover) = 150.000 Gross Profit Margin = 0.0.GPM) = 105.000) = $6.30 Answer: Sales = CGS/(1 .000 Net Profits After Taxes = (ROA) × (Total Assets) = (0.000/0. Jim realized that he was missing the company's net profits after taxes for the current year.30) = $150.
However. the firm makes up for the low profit margin through excessive use of leverage (a 50 percent debt ratio versus 33 percent for the industry). Financial risk could be reduced resulting in the same return on equity by increasing the net profit margin and reducing debt.5% DuPont System of Analysis: Key Wahl Industries performs equally to industry averages according to the return on equity. Topic: 137 . efficiency-of-asset use. and a use-of-leverage component).35) Construct the DuPont system of analysis using the following financial data for Key Wahl Industries and determine which areas of the firm need further analysis. some areas of improvement may be highlighted. Key Financial Data Answer: Ratios for Key Wahl Industries Total asset turnover = Debt ratio = = 0.67 = 50% Financial leverage multiplier = =2 ROA = = 5% ROE = ROA × Financial leverage multiplier = 10% Net profit margin = = 7. Key Wahl Industries has a lower net profit margin and return on total assets than industry averages. Nevertheless. when dissecting the financial data further into the three key components of the DuPont system (a profit-on-sale.
For the Year Ended December 31. Paper. debt. Inc. activity. 2005 Balance Sheet Pulp. Analyze its overall financial situation for the most recent year. calculate the Pulp. Income Statement Pulp. financial ratios for the most recent year. 2005 138 . Analyze its overall financial situation from both a cross-sectional and time-series viewpoint. December 31. historical ratios and industry averages. and Paperboard. Paper and Paperboard. Break your analysis into an evaluation of the firm's liquidity. income statement. Paper and Paperboard.Dupont System Analysis Question Status: Previous Edition 36) Given the following balance sheet. Inc. and profitability. Inc.
Inc. Paper and Paperboard. 139 .Historical and Industry Average Ratios Pulp.
The high average collection period may have resulted from poor collections procedures. Paper and Paperboard. DEBT: 3P has less debt than the industry average. LIQUIDITY: The liquidity of 3P is on target with the industry standard in 2005 and shows no trend since 2000. The cause of the poor gross profit margin should be investigated. Topic: 141 . The low inventory turnover may be caused by overstocking and/or obsolete inventories. Inc. The firm. Overall. PROFITABILITY: Although the gross profit margin is inferior to the industry average. ACTIVITY: Inventory and accounts receivable management has deteriorated since 2004 and is inferior when compared to the industry standard. Further investigation is necessary to determine the cause of the variances. the operating and net profit margin far exceed the standards.Answer: Historical and Industry Average Ratios Pulp. is subject to less financial risk than the average firm in the industry. boosting return on total assets and return on equity. In general. The trend in the gross profit margin is unfavorable and may either be caused by a slide in product prices or an escalation in cost of sales. therefore. The trend since 2003 has been toward reducing the debt ratio. the firm is in good financial condition. the firm needs to focus attention on inventory and accounts receivable management and the cause of the poor gross profit margin.
7 percent. Total current assets equal $159. Sales totaled $720.35. The average collection period was 31 days.4 percent. 4. The debt ratio was 49. December 31. 7. 142 . 8. The total asset turnover was 2.81. 5. 3. Inventory turned 6 times. 6. There are 360 days in a year. Inc. based on the following financial data. The gross profit margin was 38.000. 2. 2005 Key Financial Data (2005) 1.Complete Ratio Analysis Question Status: Revised 37) Complete the balance sheet for General Aviation.565. Balance Sheet General Aviation. 9. Inc. The current ratio was 2.
Answer: Balance Sheet General Aviation. 2005 Topic: Ratio and Financial Statement Analysis Question Status: Previous Edition 143 . December 31. Inc.


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Brexit & Beyond
"Best guy to follow on Brexit for intelligent analysis" Annette Dittert, ARD German TV. "Consistently outstanding analysis of Brexit" Jonathan Dimbleby. "The best writer on Brexit" Chris Lockwood, Europe Editor, The Economist. "A must-read for anyone following Brexit" David Allen Green, FT. "The doyen of Brexit commentators" Chris Johns, Irish Times. @ChrisGrey@mastodon.online & Twitter @chrisgreybrexit
Britain is on the brink of an historic strategic decision
What happens in the next three months, perhaps even the next couple of weeks, is going to shape the fate of the country for decades. If Brexit goes ahead, in any form, it will enact a profound misreading of the nature of the contemporary political and economic world and represent an unprecedented failure of British statecraft. Before the next round of political theatre begins, it's worth standing back to consider just why that is so.
It has become commonplace to see Brexit as a backlash against globalization and/or to bemoan it for failing to accept globalization. In fact, it would be better to see it as a failure to understand the regionalization of economics and the multi-polar nature of international relations.
Brexit as a failure of economic strategy
Economic regionalization is most obvious in relation to trade, although trade is only one of its manifestations. On the one hand, and there is nothing new about this, countries tend to trade more with their closest neighbours than with those that are more distant (the so-called 'gravity model' of trade). Dominic Raab recently tweeted a strange comment to the effect that the difference between remainers and leavers is that the former believe UK prosperity to be dependent on its location, whereas the latter believe that it is dependent on our character. It's an absurd notion. There are obvious cost and logistic reasons for location to matter in terms of goods trade, but it also applies to trade in services. National 'character', whatever that may mean, doesn't enter into it.
On the other hand, and which is newer, that basic reality has been institutionalised via the creation of regional trade blocs of various sorts – MERCOSUR, AEC, CPTTP, NAFTA and so on. The European single market is not only one example of this, but is an example of a particular sort. Being a single market rather than simply a free trade bloc or area entails a far more extensive deepening of economic integration.
Amongst other things, this accounts for the fact that there is far greater services trade liberalisation in the single market than in any of the other regional blocs. It also accounts for the highly integrated supply chains running across national borders, and for the fairly integrated labour market by virtue of freedom of movement.
These facts, taken together, mean that alongside the general propensity of trade to be geographically skewed to close neighbours, UK services and also its most advanced manufacturing industries are very deeply embedded in the European market. It is not necessary to make or accept economic forecasts, only to understand basic institutional realities, to see that detaching a country from its regional bloc and then seeking to re-attach it on unknown, but by definition worse, terms to that same bloc, in an unknown time frame, is going to have adverse consequences for businesses and trade, and hence for employment and tax revenues.
The limitations of globalization and the naivety of Brexiters
However, the deeper issue about regionalization is that although it is not the reason for the foundation of the EU it has emerged as one of its key functions because of the failures and limitations of globalization. This is most obvious in the way that the WTO has made relatively little progress in providing a comprehensive architecture for global trade in, especially, services and agriculture. The stasis that has been evident since the 'Doha round' can only be exacerbated by Trump's anti-WTO positions. In this way, regionalization makes a mockery of both the globalist and the nationalist cases for Brexit.
The naivety of globalist Brexiters
The naivety of the globalists is evident in their repeated call for Britain to trade on WTO terms as if these provided anything other than the most basic and limited participation in global trade. By exiting not only the regional single market but also the EU as a gateway to preferential trade deals around the world, the Global Britain agenda is, as a Foreign Affairs Select Committee report put it, a meaningless one. Indeed, its irony is very obvious in Liam Fox's recent delighted announcement of the value to Britain of the new EU-Japan trade deal – a deal which Britain is due to fall out of once Brexit is completed.
The naivety of nationalist Brexiters
No less naïve are nationalist Brexiters of various hues, both right and left wing. For they fail to recognize that whilst the WTO doesn't provide a comprehensive and deeply-developed trade system of the sort found in the single market, nor does it allow the pure 'sovereignty' of national self-determination. Thus it makes no sense at all for right-wing nationalist proponents of such sovereignty to be so enthusiastic about being bound by WTO rules over which Britain will have far less say than, as a member, it has over EU rules.
Equally, 'Lexiters' who imagine that Brexit will bring, or is required to allow, freedom from state aid rules are entirely wrong, as competition law expert George Peretz QC explained in a recent article. More generally, the Lexiter vision of 'socialism in one country', which seems to inform Corbyn's approach to Brexit, is rooted in pre-regionalization economic thinking: national economies are no longer discrete, bounded entities and could only be made so by mass immiseration.
In short, different kinds of Brexiter share a fundamental misunderstanding of the nature of the contemporary economic world. The globalists don't understand that globalization has taken the form of a series of regionalizations. There's no realistic way of being global without also being regional. The nationalists don't understand that nationalism has been embedded within regionalism. There's no realistic way of being national without also being regional.
It's no good Brexiters saying 'but Britain managed perfectly well before': even if that were true, which is highly questionable, Brexit isn't a time machine. The world that existed in 1973 has disappeared. In this sense, Brexit represents a profound strategic error for the British economy: if the most basic feature of a national (like an organizational) strategy is its fit with the realities of its environment then Brexit is certain to have a poor outcome because it is incompatible with the realities of regionalization.
Brexit as a failure of geo-political strategy
But the strategic error goes well beyond trade and economics. It is also based on a complete misunderstanding of contemporary geo-politics and international relations. In the aftermath of the collapse of the Soviet Union there was a brief period when the idea of the 'end of history' gained ground. Western capitalism and liberal democracy had 'won' and were now the only game in town. That analysis was bound up with the idea of economic globalization, but it also implied a uni-polar geo-politics and a trend to ideological homogeneity. In Britain, that analysis was most obvious in the politics of New Labour.
Thirty years on from the fall of the Berlin Wall, and we can see how, again, naïve that analysis looks in almost every respect. The world is not uni-polar, nor is it any longer bi-polar in the way it arguably was during the Cold War, but multi-polar. One aspect of that, in part because of the impact of end of history type-thinking on reshaping the post-Soviet space, is that Russian nationalism is resurgent, of which more shortly. The rise of Chinese global capitalism – China joined the WTO in 2001 - has not been accompanied by liberal democracy and in many respects, most obviously state involvement in private enterprises, is completely different to the neo-liberal model of capitalism that had supposedly triumphed.
At all events, there are now three military superpowers (the US, China and Russia) and three economic superpowers (the US, China and the EU). And of course there is also a string of regional power brokers – India and Iran being examples, albeit of very different sorts.
This would always have been a complex and unstable world within which Britain had to operate, made far more so by a US administration so radically different to those we have been used to. Adding to that by fundamentally shifting geo-political positioning – not for strategic reasons or with any planned or desired end-state in mind, but simply by the series of political accidents and miscalculations that led to the Brexit vote – is folly of the highest order.
Russia and Brexit
That is true both in a general sense but in at least two more specific ways. First because it entails repositioning Britain within an international order which almost universally sees Brexit as incomprehensible, if not downright crazy. And second because about the only international player who gains from Brexit is Russia, a country currently routinely hostile to the rules-based international order in general, and to Britain in particular.
Indeed, it is extraordinary that Brexiters should see ECJ rulings as a threat to British sovereignty when there are regular aggressive Russian incursions into British airspace and waters and when the Russian state "almost certainly" made a chemicals weapon attack on British soil in Salisbury.
It is not necessary to believe that Russia directly or decisively interfered in the 2016 referendum – although there is evidence for this - to see how destabilising both Britain and the EU is firmly in the interests of Putin's Russia. And the flip side of that is the way that – as the Salisbury attack showed – Britain relies on the EU as one part of its diplomatic defences in relation to Russia in that case, but also more generally.
At all events, Putin's recent statements about Brexit are abundantly clear. The 2016 Referendum, he opined, expressed the will of the people and a further vote would be a betrayal. That is, ironically, precisely the line that Theresa May is taking. It is obviously also a gloating taunt, mocking Britain, and more especially Brexiters could they but see it.
Brexit is a huge victory for Putin. It damages Britain, it damages the EU, and it presents possibilities for Russia in the Baltic and Balkan states. If Brexit is a strategic disaster for Britain, it's a triumph for Russia.
The abandonment of strategy
As with economic regionalization, the lesson of multi-polar geo-politics is that few countries, and certainly not Britain, can operate outside of power blocs. It doesn't matter if a country is the fifth (or sixth, or seventh) biggest economy in the world, or one with, relative to many countries, considerable military, security, and soft power assets. Outside of the big three or four economic and/or political blocs is a chilly place to put yourself by choice rather than necessity.
Current attempts to retro-fit a geo-political strategy to Brexit, notably Jeremy Hunt's notion of an Asian pivot, underscore this. Not only is it incoherent in its own terms, not least for being predicated in part on Britain having a close relationship with the EU, it also contains nothing that could not be done, and done more effectively, whilst remaining an EU member. The exception to that might be the idea of adopting the 'Singapore model', but not only has this been debunked by the PM of Singapore as a non-starter it is also completely incompatible with maintaining a close relationship with the EU (for whom it would be an evident act of economic hostility) and, needless to say, is nothing remotely like what leave voters were promised.
The reality is that Brexit was never conceived of as a strategic project, still less a strategically desirable one. It was always a protest campaign not a plan. Now, it has really come down to just two justifications: to end freedom of movement and to honour the result of the referendum. Without even discussing, yet again, whether or not these are good political justifications for Brexit, the point to make is that whatever else they are, they are not a strategic basis for Brexit.
So if Brexit goes ahead it will mark not just a failure of economic and geo-political strategy – and, after all, such failures are common enough – but something much more unusual: the abandonment of any serious attempt to have such strategy. The difference between May's deal and no deal in this respect is only one of how quickly and how dramatically the effects of that are felt. If MPs vote against May's deal, then that will be the first step away from the brink – not enough in itself, but a necessary pre-condition for avoiding disaster, as well, of course, as risking the even greater one of no deal.
However, if it were then to come about that - by virtue of a referendum or some other route – Brexit is abandoned it will be vital to understand and make a case for that not on the basis of returning to 2016 but as a long-term strategic decision about Britain's future, mediated by its regional position and recognizing the fraught complexities of a multi-polar world.
Posted by Chris Grey at 11:09
Labels: Dominic Raab, Geo-politics, globalization, History, Jeremy Hunt, Russia, Single market, Sovereignty, Strategy, Trade, WTO
NEW! November 2021: My top sources for Brexit information and analysis
UPDATED November 2022: Media writings, quotes, appearances, public policy etc
UPDATED June 2022: Brexiter excuses, myths and lies about the NIP
May 2022: A very brief history of the Transition Period
November 2021: My book on Brexit, plus podcasts and reviews
Chris Grey
I am Emeritus Professor of Organization Studies at Royal Holloway, University of London, and was previously a Professor at Cambridge University and Warwick University. I am a Fellow of the Academy of Social Sciences (FAcSS). I originally studied Economics and Politics at Manchester University, where I also gained a PhD on the regulation of financial services. I blog in a personal capacity and all views expressed are mine, not those of any institution or organization. My Brexit Blog is accompanied by a twitter feed @chrisgreybrexit
Brexit: bewilderment, dismay and shame
The poisonous politics of betrayal
A dangerous political void
The backstop is a symptom, not a cause, of the Bre...
Britain is on the brink of an historic strategic d...
Coronavirus and Brexit: the connections and their consequences
Brexiters are running away from the consequences of what they have inflicted on Britain
Six years of failure
Post-Brexit Britain is going rotten
The Brexit three-card Monte
Sometimes, 'we told you so' is all that can be said
Brexiters now worry about the judgment of history
Fisking Frost
£350M claim 1972 European Communities Act 1975 Referendum 2017 election 2019 Election AC Grayling Accountability Agriculture Air travel Airbus Amendment 7 Anand Menon Andrew Duff Andrew Pierce Angela Merkel Anna Soubry ARM Arron Banks Article 127 Article 218 Article 24 Article 50 Article 50 extension Australia Backstop Bank of England BBC Ben Chu Bernard Jenkin Betrayal BMW Borders Boris Johnson Bregret Brexit logic Brexit news sources Brexit Party Brexit Scenarios British constitution Business Canada CANZUK Car industry Care sector CBI CETA Change Britain Channel 4 News Channel Islands Charles Grant Chequers proposal China Citizens' rights Civil service Clean Brexit Cliff edge Common Travel Area Commonwealth Conservative Party Control Cooper Bill Cornwall Coronavirus Costs of Brexit Culture wars Customs Union Daily Express Damian Green Daniel Hannan Daniel Korski Data protection David Allen Green David Bannerman David Cameron David Davis David Frost David Henig Digby Jones Dominic Cummings Dominic Raab Donald Trump Donald Tusk DUP Dyson EBA ECJ Economic forecasts EEA Employment EP Elections ERG EU Council EU Referendum (blog) EU Withdrawal Bill Euratom European City of Culture European Common Aviation Area European Medicines Agency Experts Faisal Islam Financial Services Financial settlement Fintan O'Toole Fishing Flexcit Florence speech Foreign direct investment Foreign policy Free Trade Area Freedom of Movement Geo-politics George Soros Georgina Wright German car industry Gibraltar Gisela Stuart globalization Grimsby Guy Verhofstadt Hard Brexit Heidi Allen High Court History Honda Humiliation Iain Duncan Smith Ian Birrell Ian Dunt Immigration Independent Group Indicative Votes Institute for Government Institute of Government International reactions Investment Ireland Irish border Ivan Rogers Jacob Rees-Mogg Jacobin Janet Daley Japan JCB Jeremy Corbyn Jeremy Hunt Jersey model Jo Swinson John Bercow John Lanchester John Longworth John Major John Redwood John Springford Jolyon Maugham Jon Worth Jonathan Lis Jonathan Portes Julia Hartley-Brewer Kamikaze Brexit Kate Hoey Katy Hayward Keir Starmer Ken Clarke Kenneth Armstrong Kirsty Hughes Kyle-Wilson amendment Labour Labour Party Lancaster House speech Laura Kuenssberg Leadership Leave campaign Leave HQ Leave means Leave Letwin Amendment Liam Fox Liberal democrats Liz Truss Local Elections Lorand Bartels LSE/Oxford study Managed No Deal Margaret Thatcher Mark Carney Marmite Martin Fletcher Martin Vogel Matthew Parris McCarthyism Meaningful votes Media Mergers and Acquisitions Mervyn King Michael Gove Michael Heseltine Michel Barnier MIT study Molly Scott Cato Monique Hawkins Munich speech Mutual Recognition Agreements Nadine Dorries NAFTA National Government NATO NHS Nick Clegg Nick Cohen Nicky Morgan NIESR Nigel Farage Nigel Lawson NIPB Nissan No deal Brexit Non-tariff barriers Northern Ireland Norway OECD Opinion polls Otto English Owen Paterson Parliament Passports Patrick Minford Patriotism Paul Waugh Peter Bone Peter Foster Peter Hargreaves Peter Holmes Peter Lilley Peter North Peter Ungphakhorn Phase 1 agreement Phase 2 Phil Hogan Philip Davies Philip Hammond Political Declaration Populism Position papers Post-truth Pound Pragmatic Brexit Project Fear Public opinion Punishment Queen's Speech Quotas Rafael Behr Re-join Regulation Rejoin Reputation of UK Residency rights Retained law Revocation Rishi Sunak Robert Saunders Russia Sabine Weyand Salzburg Sam Lowe Scotland Second referendum Sectoral Brexit. ERG Security Self-pity Simon Jenkins Simon Wren-Lewis Single market Sophia Besch Sovereignty Spain State Aid Stephen Baker Sterling Steve Baker Steve Peers Strategy Sunderland Supply Chains Supreme Court Switzerland Tariffs The New European Theresa May Theresa Villiers Tim Farron Tim Shipman Tony Blair Tony Connelly Totalitarianism Toyota TPP Trade Trade and Cooperation Agreement Transition Period Transitional deal Treasury Trust Turkey UK Trade Policy Observatory UKIP Ukraine Ukraine DCFTA Ultra Brexit Uncertainty Unemployment United States Ursula von der Leyen Victimhood Vince Cable Visas Wales War Wetherspoon White paper Withdrawal Agreement WTO

redpajama_set_name: RedPajamaCommonCrawl


text:
Correcting misperceptions about Millennials
by Massey University
Massey University PhD graduate Kristin Murray was working for a call centre business with a predominantly youthful workforce when she first came up with an idea for a Master's thesis.
She wanted to better understand the workplace issues her employer was experiencing with its 'Generation Y' staff, and whether this group of young employees should be managed differently from other generational cohorts.
"When I took the idea to my supervisor, he said: 'This is much bigger than a research project; this is a PhD thesis.'
"That was the first time I'd thought about doing a PhD, but I was really interested in the topic," she says. "I didn't really know what I was getting myself into."
Now, several years and employers down the track, Dr Murray has graduated with her doctoral degree. And as the Executive Manager People and Capability for Wellington Free Ambulance, she puts her research to good use on a day-to-day basis.
"I started out with many of the usual preconceptions, especially about Generation Y, because of what I was seeing in the workplace – there were often issues around inappropriate dress and punctuality, and many needed constant feedback and praise," Dr Murray says.
"I expected to find some clear differences in the attitudes of Veterans, Baby Boomers, Generation X and Generation Y, but that changed during the course of my research. I was surprised to learn that there are actually more similarities than differences between the generational cohorts."
For her study, Dr Murray constructed a questionnaire based on a series of in-depth interviews where participants were asked to describe what factors made a job more ideal than other less ideal jobs.
"That was really important because it meant the questionnaire was developed independently of the existing literature," she says.
"The questions, which asked people to think about their ideal job and then rate the importance of a range of statements, reflected the values of people within each cohort, not existing stereotypes."
She found there were some remarkable similarities in what all the groups sought in an ideal job. Job satisfaction and job fulfilment were among the top-rated values for all groups, as were people-focused statements like 'Good rapport with colleagues', 'Enjoy the people I work with' and 'Supportive team'.
"From the literature you would expect Baby Boomers to rate having a good rapport with their colleagues highly as they are depicted as being relationship-focused," Dr Murray says. "But Gen X-ers are usually described as independent and autonomous so, for them, that finding challenges the stereotype."
Dr Murray says the key take-out from her research is that managers should ignore the stereotypes associated with each of the generational cohorts and approach each employee as an individual.
"Baby Boomers are demographically significant so I can see that it's a useful planning tool to identify this large group of people coming through, but in many ways terms like Gen Y or Gen X are just labels.
"People don't necessarily think of themselves as 'Gen X', so the terms are really a set of stereotypes that aren't based on rigorous research, they are labels used by the media because they are catchy and make good anecdotal stories."
A much better approach, Dr Murray says, is to understand each individual's particular values.
"While a younger person may behave quite differently to an older person at work, what they value might not be as different as you think. Companies will get the best results from staff if they look at needs on an individual basis.
"And when considering programmes, it's best to implement policies for everyone instead of trying to target the needs of a particular generational cohort."
Some employers see perks of hiring older workers
Provided by Massey University
Citation: Correcting misperceptions about Millennials (2013, December 3) retrieved 18 July 2019 from https://phys.org/news/2013-12-misperceptions-millennials.html
Generation gaps at work not just about age, study says
Gen X overtaking baby boomers on obesity
Study examines workplace risk of losing baby boomers' expertise
Fun at work promotes employee retention but may hurt productivity
Customer satisfaction lies somewhere between pleasure and pain


text:
; Generated at 14-6-2016 12:37:38

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			%ifndef Exclude_Memory_Based_Console
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		DebugStub_Cls:
			mov dword ESI, DebugStub_Const_VidBase

		DebugStub_Cls_Block1_Begin:
			cmp dword ESI, 0xB8FA0
			JNB near DebugStub_Cls_Block1_End
			mov dword [ESI], 0x0
			inc dword ESI
			mov dword [ESI], 0xA
			inc dword ESI
			Jmp DebugStub_Cls_Block1_Begin

		DebugStub_Cls_Block1_End:

		DebugStub_Cls_Exit:
			mov dword [static_field__Cosmos_Core_INTs_mLastKnownAddress], DebugStub_Cls_Exit
			Ret

		DebugStub_DisplayWaitMsg:
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			mov dword EDI, DebugStub_Const_VidBase
			add dword EDI, 0x668

		DebugStub_DisplayWaitMsg_Block1_Begin:
			cmp byte [ESI], 0x0
			JE near DebugStub_DisplayWaitMsg_Block1_End
			mov byte AL, [ESI]
			mov byte [EDI], AL
			inc dword ESI
			add dword EDI, 0x2
			Jmp DebugStub_DisplayWaitMsg_Block1_Begin

		DebugStub_DisplayWaitMsg_Block1_End:

		DebugStub_DisplayWaitMsg_Exit:
			mov dword [static_field__Cosmos_Core_INTs_mLastKnownAddress], DebugStub_DisplayWaitMsg_Exit
			Ret

			%endif

redpajama_set_name: RedPajamaGithub


text:
This New Peanut Sensor Could Be a Literal Life-Saver for Kids with Allergies
According to the Centers for Disease Control and Prevention (CDC), between 4 percent and 6 percent of kids in America have food allergies. The Peanut Sensor by Nima is a new device that aims to help people with peanut allergies to know what they're eating before they actually eat it.
In a perfect world every cookie, cupcake, muffin or slice of bread would come with an ingredients list. But it doesn't always work out that way. So if you have a peanut allergy and there's no easy access to an ingredients list, what can you do? Well now you can test the food to check for the presence of peanuts.
We're super excited to announce that our Peanut Sensor is now available for purchase! . . . Find it on amazon.com, nimasensor.com/peanut, or click our #linkinbio
A post shared by Nima (@nimasensor) on Sep 6, 2018 at 6:56am PDT
Nima, the company that also makes a Gluten Sensor for people who are allergic to the ingredient, has created an easy-to-use device that lets you take a pea-sized sample of any food and test it. The device comes with one-time-use capsules in which to place your samples. After that, simply place the capsule in the device and wait.
If the sensor detects the presence of peanuts you'll get a peanut symbol and the words "Peanut Found." If it doesn't detect peanuts, you'll get a happy face. Not only can the sensor help you, but it can also help others. Log your results in Nima's app for others with food allergies to see, helping to build a database of potentially allergy-triggering foods.
Even though the sensor is fairly accurate, it's not always 100 percent, which is why Nima recommends that anyone with peanut allergies keep their EpiPen handy when using the Peanut Sensor. Contamination from nearby food can also cause false positives. Even so, it's a revolutionary product that could help thousands of families with kids who have food allergies.
The Nima Peanut Sensor is available online for $289.
Featured Photo: shattha pilabut via Pexels
Parents Rejoice As An EpiPen Competitor Becomes Available at Much Lower Cost
The FDA Has Approved Generic EpiPen & This Is Huge for Kids with Allergies
This Is the Best Time to Get Your Flu Shot, According to the CDC
News > Healthy Families > This New Peanut Sensor Could Be a Literal Life-Saver for Kids with Allergies


Summer vacation is a "high-risk period" for child safety accidents. Parents should pay attention to the safety of their children and also need to give their children "insurance". In particular, some students who plan to travel during the summer vacation, participate in summer camps, or work in summer vacations, parents should also prepare appropriate insurance for their children. Insurance experts pointed out that in fact, there are flaws in purchasing insurance for children. As long as they are traveling, whether they are traveling or participating in summer camps or summer jobs, they only need to insure comprehensive accident insurance, while outbound travel can choose overseas travel insurance.
Comprehensive accident insurance and accidental injury Feng is a public elementary school teacher in Huangpu. When the summer vacation arrives, she and the old fair plan to take the children to go outside for a while, but due to the hot weather, Feng teacher is worried about the child's heatstroke, or the soil is not convinced. Will bring trouble to the journey. Therefore, Teacher Feng thought of buying insurance for the child. "Whether you are traveling, attending a summer camp, or a student studying at home, or working on a summer vacation, you only need to buy a comprehensive accident insurance." Mr. Liu, a senior marketing consultant for a foreign-invested insurance company, said that comprehensive accident insurance generally includes accidental injury protection. The accidental injury medical insurance and other parts have already covered the accident protection that children need. Due to the regulations, the maximum insured amount for underage children is only 100,000, and it is not necessary to purchase accident or travel accident insurance.
outbound students who can buy travel accident insurance along the , may plan to travel out of the country this summer. Last year's Korean aviation accident left many parents with a shadow. If the children are happy to go out, it is the most worrying thing for parents to come back safely. And if it is a "bear child" who likes to be naughty, parents have added a layer of worry about their children making trouble outside the country. "Children outbound travel is usually accompanied by parents, at least with the group." Mr. Liu said that the advantage of traveling with the group is the protection of travel agency liability insurance, but travel agency liability insurance is the responsibility of travel agencies, not including children. Protection. Therefore, when parents choose insurance for their children, especially "bear children", they must choose travel accident insurance that includes personal responsibility. In addition, an important element in the selection of overseas travel insurance is emergency assistance. Whether it is a lost wallet, a lost passport, or a child's care after an adult's insurance, you can call the rescue hotline. Therefore, the insured must carefully understand the content of the emergency rescue service and the level of service of the overseas rescue company that provides the service.


Search our online cruise control module catalog and find the lowest priced discount auto parts on the web. We sell wholesale to the public. We offer high quality new, OEM, aftermarket and remanufactured Mercedes 240D Cruise Control Module parts. We specialize in a wide-variety of high-quality car parts and accessories for your car, truck or SUV. Call toll free to order or place your order online via our secure checkout system. Our online parts catalog uses real-time inventory, so you can be assured the parts you buy are in stock at the time of ordering. Most orders are shipped the same day. They are available for the following Mercedes 240D years: 1983, 1982, 1981, 1980, 1979, 1978, 1977, 83, 82, 81, 80, 79, 78, 77. This part is also sometimes called Mercedes 240D Cruise Control. We stock cruise control module parts for most Mercedes models including 560SL, 380SL, 300TD, 300D, 300E, 300SD and 450SL.
We stock these Cruise Control Module brands for the Mercedes 240D: Programa.
SWEET! Parts came so quickly, I freaked! Cheers and thanks and no doubt I'll be back.
My order showed up on schedule, correctly filled. I could not ask for anything more.


Instrument of the intermediate series!
The YAMAHA YEB-321S Eb-Tuba is an excellent choice for musicians who want a high quality Eb tuba sound for a low budget.
The YEB-321S is made out of finest brass what cares for a warm and powerful sound. It is playable comfortable and has an accurate and precise intonation. The easy running valves help for fast fingerings and a precise technic.


text:
How The Audemars Piguet Royal Oak Became a Dream Watch For Collectors
These highly-coveted timepieces are favored by the likes of Jay-Z and LeBron James.
Jared Paul Stern
A white gold Royal Oak Grande Complication
In 1972 legendary watch designer Gérald Genta created the now-iconic Royal Oak for Audemars Piguet. Even before the Patek Philippe Nautilus—which he also designed—became a horological sleeper hit, the Royal Oak, originally produced in stainless steel and reportedly costing 10 times as much as many steel Rolexes, had a hardcore following among the watch world cognoscenti.
In 1993 Audemars launched the Royal Oak Offshore chronograph, officially updating Genta's design for a new era, and these days its fans include the likes of Jay-Z and LeBron James. And the latest awe-inspiring Grande Complication models now go for up to $1 million.
A 1972 Royal Oak
"The Royal Oak brings together several different elements that all contribute towards its history, legacy and future," Michael Friedman, Audemars Piguet's Head of Complications, tells Maxim. And while Genta of course deserves due credit, Friedman points out that another of the era's design luminaries Jacqueline Dimier "demonstrated the true versatility of the Royal Oak design and how far it could go."
Dimier oversaw the first gold models that were introduced in 1977 and designed the first complicated models that launched in 1984 with the Royal Oak perpetual calendar, "all highly recognized today as major milestones within the Royal Oak's evolution and all central to the current place the Royal Oak holds in the minds and hearts of many collectors and enthusiasts." That "many" is an important qualifier; the still somewhat esoteric appeal of the watch has helped it maintain its air of exclusivity.
A Royal Oak Selfwinding Perpetual Calendar Ultra-Thin
"In any medium, design language and form, language can create meaningful connections for some, and not for others," Friedman notes. "For those that find connections to the Royal Oak, they see a highly-finished watch comprised of great technique and watchmaking expression that has been the canvas for so many beautifully crafted movements, case materials and dial designs."
While continually incorporating new ideas, materials and complications, Audemars Piguet has always been careful to also offer Royal Oak models that would look right at home in 1972. In 2019, Friedman points out, "we introduced a 39mm Royal Oak in white gold that echoes the origins of the model; we released a highly contemporary and fresh interpretation of the self-winding perpetual calendar in full white ceramic with a blue dial; we unveiled a titanium and platinum self-winding perpetual calendar Ultra-Thin; [and] we released the first extrathin tourbillon Royal Oak in full black ceramic."
The back of a Royal Oak Offshore Grande Complication
The challenge, Friedman tells us, "is to always keep moving forward, creating for the future, while honoring and respecting the great work of the past. The Royal Oak has such a strong foundation due to its design, which itself was deeply rooted in Audemars Piguet's long history of unconventional case designs."
"As long as the form remains a canvas for beautiful and complex finishings that demonstrate human ingenuity and great craft, we feel we are on the right path. The link of the Royal Oaks of the past, present and those yet to be created are the watchmakers, artisans and technicians themselves. They simultaneously guard the traditional techniques of the past, problem-solve for the present and conceptualize for the future."
The front of a Royal Oak Offshore Grande Complication
"I hear a lot of adjectives thrown around about the Royal Oak, but on the wrist, all those words and all that history kind of melt away," Blake Buettner, Director of Watches at StockX, the live bid/ask luxury marketplace backed by the likes of Mark Wahlberg where collectors can build portfolios of iconic timepieces, tells Maxim. "It's such an easy watch to wear and to own, on the wrist it just takes its place without fuss, without pretension."
Buettner points out that "the often discussed bracelet is a visual triumph, but more than that it has a comfortable presence on the wrist, assuming you've sized it correctly (otherwise this is a very unforgiving watch). Of course, all that history doesn't hurt either, and that weight is present each time you glance at your wrist to check the time. As easy as it is to live with, it always feels special."
From Gérald Genta to Jay-Z and the next generation of watch guys and superstars who will wear their Royal Oaks, this is one icon that, much like the Porsche 911, may alter slightly over the years but will never get old.
magazine articleAudemars PiguetluxuryretrogearaccessoriesWatchesAudemars Piguet Royal OakfashionStyle


You're invited to celebrate our rain by sharing ideas for designs you'd like to see appear on the ground in public spaces during Vancouver's rainy months.
A new "Park Until" feature on the PayByPhone app allows users to leave their car overnight at the meter and pay in advance for parking the next morning.
With Environment Canada issuing a special weather statement for hot weather, we are reminding you to stay safe, drink water, and check on others.
A putrid spectacle is now underway at Bloedel Conservatory where the Park Board's rare titan arum or corpse flower is now in full bloom.
Running for office? Fill out your nomination package and get started on becoming a candidate in the October city election.
The Vancouver Park Board and Vancouver Symphony Orchestra will present the first free, open-air concert at Sunset Beach Park on Saturday, July 14.
City Council approved a new funding mechanism to ensure that sewer, water, and drainage systems keep up with the needs of our growing city.
The design vision mixes vibrant public spaces, urban agriculture, a future streetcar route, and green transportation for people to walk, cycle, and relax.
The Park Board has approved a concept plan for a 9-acre park will be the first of its kind in Vancouver, located on the roof of a redeveloped Oakridge mall.


text:
Suryakumar Yadav smashes 21 runs off Arjun Tendulkar's bowling
First Published Dec 23, 2020, 7:31 PM IST
Sachin Tendulkar's son Arjun is gearing up to play competitive cricket soon. He plays as an all-rounder, unlike Tendulkar, who played as a specialist batsman. Meanwhile, Suryakumar Yadav is a top player in the Indian Premier League, playing for current champions, Mumbai Indians.
Master Blaster Sachin Tendulkar might be gone from cricket. However, in the form of his son, Arjun, his off-sping is gearing up to get into the circuit and play professional cricket soon.
Arjun was recently involved in a practice game for Mumbai, ahead of the Syed Mushtaq Ali Trophy, slated to get underway from January 10. However, things did not go well for him, as he was at the receiving end of a prime batsman, Suryakumar Yadav.
Arjun, who plays as an all-rounder, is a left-arm fast bowler. During the game, Suryakumar smashed him for 21 runs in an over, while the former also went on to score a 47-ball 120.
Suryakumar was leading his side, as he plundered ten fours and nine sixes, at an astonishing strike-rate of 255.32, while his team scored 213/5 after 20 overs. Meanwhile, Arjun's team was led by Yashasvi Jaiswal.
Arjun has been working hard to get into the circuit, as he continues to train under Rahul Drabd and WV Raman. He has also represented Marylebone Cricket Club (MCC) against Namibia U-19, against who he impressed with the ball.
Suryakumar has been on a run-scoring spree since the 2020 Indian Premier League (IPL), playing for current champions, Mumbai Indians (MI). He finished as its third-highest run-scorer, with 480 runs in 15 innings, at an average of 40.00, including four half-centuries, while he is yet to make his debut for Team India.