最新なAICPA BEC問題集（530題）、真実試験の問題を全部にカバー！

質問 1：
In situations when management must decide on accepting or rejecting one-time-only special orders,
where there is sufficient idle capacity, which one of the following is not relevant to the decision?
A. Absorption costs.
B. Direct costs.
C. Incremental costs.
D. Variable costs.
正解：A
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質問 2：
Gartshore Inc. is a mail-order book company. The Company recently changed its credit policy in an
attempt to increase sales. Gartshore's variable cost ratio is 70 percent and its required rate of return is 12
percent. The company projects that annual sales will increase from the current level of $360,000 to
$ 432,000, but the average collection period on receivables will go from 30 days to 40 days. Ignoring any
tax implications, what is the cost of carrying the additional investment in accounts receivable, using a
3 60-day year?
A. $1,512
B. $12,600
C. $2,000
D. $2,160
正解：A
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質問 3：
The Keego Company is planning a $200,000 equipment investment, which has an estimated five-year life
with no estimated salvage value. The company has projected the following annual cash flows for the
investment.

The net present value for the investment is:
A. $91,743
B. $(3,800)
C. $18,800
D. $196,200
正解：C
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質問 4：
Williams, Inc. is interested in measuring its overall cost of capital and has gathered the following data.
Under the terms described below, the company can sell unlimited amounts of all instruments.
. Williams can raise cash by selling $1,000, 8 percent, 20-year bonds with annual interest payments.
In selling the issue, an average premium of $30 per bond would be received, and the firm must pay
floatation costs of $30 per bond. The after-tax cost of funds is estimated to be 4.8 percent.
. Williams can sell 8 percent preferred stock at par value, $105 per share. The cost of issuing and selling
the preferred stock is expected to be $5 per share.
. Williams' common stock is currently selling for $100 per share. The firm expects to pay cash dividends of
$ 7 per share next year, and the dividends are expected to remain constant. The stock will have to be
underpriced by $3 per share, and floatation costs are expected to amount to $5 per share.
. Williams expects to have available $100,000 of retained earnings in the coming year; once these
retained earnings are exhausted, the firm will use new common stock as the form of common stock equity
financing.
. Williams' preferred capital structure is:
Long-term debt 30%
Preferred stock 20
Common stock 50
The cost of funds from the sale of common stock for Williams, Inc. is:
A. 7.4 percent.
B. 7.6 percent.
C. 7.0 percent.
D. 7.8 percent.
正解：B
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質問 5：
A company obtained a short-term bank loan of $250,000 at an annual interest rate of 6 percent. As a
condition of the loan, the company is required to maintain a compensating balance of $50,000 in its
checking account. The company's checking account earns interest at an annual rate of 2 percent.
Ordinarily, the company maintains a balance of $25,000 in its checking account for transaction purposes.
What is the effective interest rate of the loan?
A. 7.11 percent.
B. 6.66 percent.
C. 6.44 percent.
D. 5.80 percent.
正解：C
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質問 6：
In the long run in a competitive market, a maximum or ceiling price set below the equilibrium price will:
A. Have no effect on the market.
B. Cause a shortage to be created.
C. Cause a surplus to be produced.
D. Result in a decrease in price.
正解：B
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質問 7：
With respect to price elasticity of demand:
A. Product demand is more elastic when fewer substitutes are available.
B. The shorter the time period, the more product demand becomes elastic because less choices are
available.
C. Product demand is more inelastic when more substitutes are available.
D. Product demand is more elastic when more substitutes are available.
正解：D
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質問 8：
The continual process of re-evaluating the strategic plans includes all of the following significant
questions a firm should be concerned with, except:
A. Has the firm been able to attain or maintain competitive advantage?
B. Does the current strategy continue to be aligned with the established goals of the firm?
C. Has the firm been able to adapt to the preferences of its employees?
D. Is the firm able to be profitable under the current strategy?
正解：C
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質問 9：
A working capital technique that increases the payable float and, therefore, delays the outflow of cash is:
A. Concentration banking.
B. A lock-box system.
C. A draft.
D. The use of a local post office box.
正解：C
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