The United States has a dual banking system, which means that a bank
A. has two regulators.
B. may hold its reserves either in the form of vault cash or as deposits at a Federal Reserve Bank.
C. may take out a primary credit discount loan or a secondary credit discount loan.
D. may choose whether to be chartered by federal government authorities or by a state government.
Answer: D
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Projected financial statements can be used to assess the sensitivity of all of the following except:
a. a firm's liquidity b. a firm's leverage to changes in assumptions c. conditions under which the firm's debt covenants may become binding d. unusual patterns for projected total assets.
On January 1 . 2014, Jameson Company purchased equipment at a cost of $420,000 . The equipment was estimated to have a useful life of five years and a salvage value of $60,000 . Jameson uses the sum-of-the-years'-digits method of depreciation. What should the accumulated depreciation be at December 31 . 2017?
a. $240,000 b. $288,000 c. $336,000 d. $360,000
Abe has an allowed claim of $5,000 against the estate of Deborah and has a security interest in her art collection in the amount of $3,000 of the $5,000 claim
a. Abe will recover nothing in the bankruptcy proceeding. b. Abe will recover $5,000 in the bankruptcy proceeding. c. Abe has a secured claim in the amount of $3,000 and an unsecured claim in the amount of $2,000. d. It would be a voidable preference to pay Abe the full $5,000.
Strategic cost management is:
A. the process of managing cost relationships to the firm's advantage. B. the process of determining cost drivers. C. the recognition of the importance of cost relationships among the activities in the value chain. D. cost-causing factors. E. two of the answers are correct.