ANALISIS INFORMASI KEUANGAN

MEMBUAT PERTANYAAN

BAB 7 - 10

Dosen Pengampu : Drs. Subekti Djamaluddin, M.Si., Ak.

Kelompok 7
Didik Tri Wibowo F1316042

Dinar Ristya P F1316043

Dinda Orieama YP F1316044

S1 AKUNTANSI TRANSFER

FAKULTAS EKONOMI DAN BISNIS

UNIVERSITAS SEBELAS MARET

2017
TRUE/FALSE
CH. 7
1. Cashis the residual balance from cash inflowsless cash outflows for all prior periods
of a company.

ANS: T REF: Subramanyam, Ed. 11, hal. 417

2. The analyzing a companys cash inflows and outflows, and their operating, financing,
or investing sources will help in assessing liquidity, solvency, and financial flexibility.

ANS: T REF: Subramanyam, Ed. 11, hal. 418

3. With the direct method, net income is adjusted for noncash income (expense) items
and accruals to yield cash flows from operations.

ANS: F REF: Subramanyam, Ed. 11, hal. 419

4. A useful analytical derivative of the statement of cash flows is the computation of free
cash flow.

ANS: T REF: Subramanyam, Ed. 11, hal. 433

5. The cash flow adequacy ratiois a measure of a companys ability to generate sufficient
cash from operations to cover capital expenditures, investments in inventories, and
cash dividends.

ANS: T REF: Subramanyam, Ed. 11, hal. 434

CH. 8

6. The relation between income and invested capital, referred to as return on invested
capital (ROIC)or return on investment (ROI),is probably the most widely recognized
measure of company performance.

ANS: T REF: Subramanyam, Ed. 11, hal. 462

7. Many analysts segregate the balance sheet and income statements into operating and
nonoperating components and compute a return on net operating assets (RNOA) as
the summary measure of performance.
 ANS: T REF: Subramanyam, Ed. 11, hal. 464

8. Net operating assets (NOA) are reduced by increases in operating liabilities, thus
increasing net operating asset turnover.

ANS: T REF: Subramanyam, Ed. 11, hal. 471

9. The operating profit margin is a function of the per-unit selling price of the product or
service compared with the per-unit costs of bringing that product or service to market
and servicing customer needs after the sale.

ANS: T REF: Subramanyam, Ed. 11, hal. 474

10. The most relevant measure of asset utilization is sales, since sales are essential to
profits.

ANS: T REF: Subramanyam, Ed. 11, hal. 474

CH. 9

1. The projected financial statements are primarily based on expected relations between
income statement and balance sheet accounts..
ANS : T REF: Subramanyam, Ed. 11, hal 514

2. Short-term cash forecasting is of interest to internal users like managers and auditors in
evaluating a companys past operating activities.
ANS : F REF: Subramanyam, Ed. 11, hal 520

3. ROE is considered a value driver since it is the variable that directly affects stock price.
ROA is further disaggregated into profit margin and turnover
ANS : T REF: Subramanyam, Ed. 11, hal 518

4. Our prospective analysis should critically examine the pro forma statements and submit
them to feasibility tests on both their forecasts and their assumptions.
ANS : T REF: Subramanyam, Ed. 11, hal 524

5. The higher the profit margin, the greater the growth of liquid funds.
ANS : T REF: Subramanyam, Ed. 11, hal 521

CH. 10
 1. Liquidity is the ability to convert assets into cash or to obtain cash to meet short-term
obligations.
ANS: T REF: Subramanyam, Ed. 11, hal. 544

2. Current assets are cash and other assets reasonably expected to be (1) realized in cash
or (2) sold or consumed within one year (or the normal operating cycle of the company
if greater than one year).
ANS: T REF: Subramanyam, Ed. 11, hal. 545

3. Current liabilities are obligations expected to be satisfied within a relatively short

period of time, usually one year.
ANS: T REF: Subramanyam, Ed. 11, hal. 545

4. The higher the amount (multiple) of current assets to current liabilities, the greater
assurance we have that current liabilities will be paid.
ANS: T REF: Subramanyam, Ed. 11, hal. 546

5. A first step in critically evaluating the current ratio as a tool for liquidity and short-term
solvency analysis is for us to examine both its numerator and denominator.
ANS: T REF: Subramanyam, Ed. 11, hal. 547
6. Cash equivalents are usually low-yielding securities
ANS: T REF: Subramanyam, Ed. 11, hal. 547
7. The securities investment gives a yield exceeding the cash equivalent
ANS: T REF: Subramanyam, Ed. 11, hal. 547
8. Prepaid expenses are expenditures for future benefits
ANS: T REF: Subramanyam, Ed. 11, hal. 548
9. one of the ratios that measures the liquidity level of current assets is the ratio of cash to
current assets.
ANS: T REF: Subramanyam, Ed. 11, hal. 552
10. Both quality and liquidity of accounts receivable are affected by their turnover rate.
ANS: T REF: Subramanyam, Ed. 11, hal. 553

CH. 11

1. Earnings management and income smoothing can imply more stability and predictability
than present in the underlying characteristics.

ANS : T REF: Subramanyam, Ed. 11, Hal 618

2. One task in equity analysis is to recast earnings and earnings components so that stable,
normal, and continuing elements that constitute earnings are separated and distinguished
from random, erratic, unusual, and nonrecurring elements.

ANS : T REF: Subramanyam, Ed. 11, Hal 618

3. Recasting aims earnings components to provide a meaningful classification and relevant

format for analysis.

ANS : F REF: Subramanyam, Ed. 11, Hal 619

4. Earnings management uses acceptable accounting reporting principles for purposes of

reporting specific results.

ANS : T REF: Subramanyam, Ed. 11, Hal 623.

5. Compensation plans and other accounting based incentives or constraints provide reduce
motivation for managers to manage earnings.

ANS : F REF: Subramanyam, Ed. 11, Hal 624.

6. Earning power refers to the earnings level for a company that is expected to persist into
the foreseeable future

ANS : T REF: Subramanyam, Ed. 11, Hal 633.

MULTIPLE CHOICE
CH. 7
1. Under equity method accounting, the investor records as income its percentage interest in
the income of the investee company and records dividends received as a reduction of
the ...........balance.
a. investment
b. income
c. retained earning
d. equity
 ANS: A REF: Subramanyam, Ed. 11, hal. 425

2. This ratio measures of the percentage of investment in assets representing operating

cash retained and reinvested in the company for both replacing assets and growth in
operations.
a. The cash reinvestment ratio
b. The free cash flow
c. The cash flow adequacy ratio
d. None of above.

ANS: A REF: Subramanyam, Ed. 11, hal. 435

3. Users sometimes compute net income plus depreciation and amortizationas a crude
proxy for operating cash flow. One variant of this measure is.......
a. EBIT
b. EBT
c. EBITDA
d. None of above.

ANS: C REF: Subramanyam, Ed. 11, hal. 431

4. This ratio measures of a companys ability to generate sufficiene cash from operations
to cover capital expenditures, investments in inventories, and cash dividends.
a. The cash reinvestment ratio
b. The cash flow adequacy ratio
c. The free cash flow
d. None of above.

ANS: B REF: Subramanyam, Ed. 11, hal. 434

5. This activities are means of contributing, withdrawing, and servicing funds to

support business activities.
a. Financing activities
b. Operating activities
c. Investing activities
d. All of activities

ANS: A REF: Subramanyam, Ed. 11, hal. 419

CH. 8

6. The most relevant measure of asset utilization is ................

a. sales
b. account receivables
c. account payables
d. retained earnings
 ANS: A REF: Subramanyam, Ed. 11, hal. 476

7. ............... activities are the core activities of thecompany.

a. Financing
b. Operating
c. Investing
d. Not all above

ANS: B REF: Subramanyam, Ed. 11, hal. 464

8. ........ can alternatively be defined as equal to total assets less debt and preferred stock.
a. Net Operating Assets
b. Income
c. Common Equity
d. Retained Earnings

ANS: C REF: Subramanyam, Ed. 11, hal. 465

9. A lower ........ turnover rate corresponds to a higher average payable days outstanding.
a. inventory
b. long-term operating asset
c. account receivable
d. accounts payable

ANS: D REF: Subramanyam, Ed. 11, hal. 477

10. Net financial return (NFR) is computed as the net financial expense (NFE) divided
by the average ..... outstanding during the year.
a. net financial obligations (NFO)
b. return on net operating assets (RNOA)
c. net income
d. preferred dividends

ANS: A REF: Subramanyam, Ed. 11, hal. 480

CH. 9

1. A more detailed analysis would incorporate outside information such as the following,
except .
a. Expected level of macroeconomic activity
b. The competitive landscape
c. Coventional
d. New versus old store mix
ANS : C REF: Subramanyam, Ed. 11, hal 508

2. In this relatively simple form, the valuation model requires estimates parameters, except
..
 a. Sales growth.
b. Net profit margin
c. Net working capital turnover
d. Payable growth
ANS : D REF: Subramanyam, Ed. 11, hal 516

3. Forecasting of sales includes an analysis bellow, except .

a. Directions and trends in sales
b. Industry and economic conditions.
c. Productive and financial capacity.
d. Worker capacity.

ANS : D REF: Subramanyam, Ed. 11, hal 521

CH. 10
1. Quality refers to the likelihood of collection without.....

a. Loss
b. Gain
c. Agio
d. Disagio
ANS: A REF: Subramanyam, Ed. 11, hal. 553

2. Accounts receivable turnover rates and collection periods are usefully compared with
..or with the credit terms given by the company.

a. cost averages
b. Liability averages
c. industry averages
d. asset average
ANS: C REF: Subramanyam, Ed. 11, hal. 554

3. Inventories are investments made for purposes of obtaining a return through.......to

customers.

a. Loan
b. Receivable
c. Debt
 d. Sales
ANS: D REF: Subramanyam, Ed. 11, hal. 555

4. Another useful inventory liquidity measure is its.......

a. Multiple period
b. Semi period
c. Short period
d. conversion period or operating cycle.

ANS: D REF: Subramanyam, Ed. 11, hal. 557

5. A measure of the extent to which companies lean on the trade is the.......

a. Average loan
b. Average receivable
c. Average payable days outstanding
d. Average inventory
ANS: C REF: Subramanyam, Ed. 11, hal. 558

6. is a useful technique to trace through the effects of changes in conditions

or policies on the resources of a company.

a. Rule of humb Analysis
b. What-if analysis
c. Comparative analysis
d. Ratio analysis
ANS: B REF: Subramanyam, Ed. 11, hal. 560

7. Capital structure is the . of a company. It is often measured in terms of

the relative magnitude of the various financing sources.

a. Asset and Equity

b. Short term liability
c. equity and debt financing
d. equity
ANS: C REF: Subramanyam, Ed. 11, hal. 563

8. Characteristics of equity capital include its uncertain or unspecified return and its lack
of any repayment pattern. Equity capital contributes to a companys stability and
solvency.
 a. stability and solvency.
b. Liquidity
c. Profitability
d. Current Ratio
ANS: A REF: Subramanyam, Ed. 11, hal. 564

9. From a shareholders perspective, debt is a preferred external financing source causes

Interest is a .-deductible expense, whereas dividends are not.

a. Gain
b. Rent expense
c. Tax
d. Equity
ANS: C REF: Subramanyam, Ed. 11, hal. 565

10. The fundamental risk with a leveraged capital structure is the risk of inadequate cash
under conditions of adversity. Debt involves a commitment to pay in the
form of interest and principal repayments

Variable cost
a.
fixed charges
b.
dividend
c.
rent
d.
ANS: B REF: Subramanyam, Ed. 11, hal. 565

CH.11

1. Analysis of operating results for the recasting and adjusting of earnings requires reliable
and relevant information. Major sources of this information include bellow, except .

a. Income statement
b. Other financial statements and notes.
c. Management discussion and analysis.
d. Activity methods
ANS : D REF: Subramanyam, Ed. 11, hal 618

2. Several reporting requirements exist for interim reports filed with the SEC. Principal
requirements include, except .

a. Comparative interim and year-to-date income statement datathese can be labeled

unaudited but must be included in annual reports (small companies are exempt)..
 b. Comparative balance sheets.
c. Month-to-date statement of cash flows.
d. Pro forma information on business combinations accounted for as purchases.
ANS : C REF: Subramanyam, Ed. 11, hal 638

3. Actual earnings management takes many forms. Some forms of earnings management
that we should be especially alert to include bellow, except .

a. Changes in accounting methods or assumptions.

b. Evaluating the appropriateness of the timing of the impairment
c. Offsetting extraordinary (and unusual) gains and losses.
d. Timing revenue and expense recognition.

ANS : B REF: Subramanyam, Ed. 11, hal 623.

4. Below example of nonrecurring operating gains and losses .

a. a regular event generating a gain or loss is classified as recurring

b. substantial uninsured casualty losses not within the usual risks of the company.
c. expropriation by a foreign government of assets owned by the company.
d. seizure or destruction of property from war, insurrection, or civil disorders when not
expected

ANS : A REF: Subramanyam, Ed. 11, hal 626.

MATCHING
CH. 7

Match each item with the correct statement below.

a. Solvency
b. Financial flexibility
c. Cash inflows and outflows
d. Direct method
e. Liquidity
f. Indirect method
g. Operating

Accordingly, analyzing a companys (1)............, and their operating, financing, or investing

sources, is one of the most important investigative exercises. This analysis helps in assessing
liquidity, solvency, and financial flexibility. (2)............ is the ability to react and adjust to
opportunities and adversities. (3)............. is the nearness to cash of assets and liabilities.
(4)........ is the ability to pay liabilities when they mature.

The (5)............method reports gross cash receipts and cash disbursements related to
operationsessentially adjusting each income statement item from accrual to cash basis.
With the (6) ............. method,net income is adjusted for noncash income (expense) items and
accruals to yield cash flows from operations. An advantage of this method is the disclosure of
a reconciliation of differences between net income and (7).............cash flows.

1. ANS: c REF: Subramanyam, Ed. 11, hal. 418

2. ANS: b REF: Subramanyam, Ed. 11, hal. 418
3. ANS: e REF: Subramanyam, Ed. 11, hal. 418
4. ANS: a REF: Subramanyam, Ed. 11, hal. 418
5. ANS: d REF: Subramanyam, Ed. 11, hal. 426
6. ANS: f REF: Subramanyam, Ed. 11, hal. 419
7. ANS: g REF: Subramanyam, Ed. 11, hal. 419

CH. 8

a. net operating assets (RNOA)

b. net financial expense (NFE)
c. financial leverage (LEV)
d. average net financial obligations (NFO)
e. sustainable equity
f. stockholders equity
g. interest-bearing debt
h. financial assets

The first component of the financial leverage effect is the degree of (8) ......,
measured by the relative amounts of net financial obligations and (9) ...... used by the
company to finance its net operating assets.
The second component is the spread, the return on (10) ........less the net financial
return (NFR), where NFR is the average net return on financial (nonoperating)
liabilities and assets. NFR is computed as the (11) ......... divided by the (12) ........
outstanding during the year.
The (13) ...... growth rate, recognizes that internal growth for a company depends on
bothearnings retention and the return earned on the earnings retained.
Operating assets consist of total assets less (14) .......... such as investments in
marketable securities. Operating liabilities consist of total liabilities less (15) ...........

8. ANS: c REF: Subramanyam, Ed. 11, hal. 479

9. ANS: f REF: Subramanyam, Ed. 11, hal. 479
 10. ANS: a REF: Subramanyam, Ed. 11, hal. 480
11. ANS: b REF: Subramanyam, Ed. 11, hal. 480
12. ANS: d REF: Subramanyam, Ed. 11, hal. 480
13. ANS: e REF: Subramanyam, Ed. 11, hal. 485
14. ANS: h REF: Subramanyam, Ed. 11, hal. 464
15. ANS: g REF: Subramanyam, Ed. 11, hal. 464

CH. 9

a. pro forma balance sheet

b. pro forma financial statements residual interests
c. historical relations
d. cash forecast period
e. managers and auditors
f. short-term cash forecasting

1. The reasonableness and feasibility of short-term cash forecasts are usefully checked by
means of...
2. We accomplish this by using assumptions underlying cash forecasts to construct a pro
forma income statement for the forecast period and a . for the end of the forecast
period.
3. Financial ratios and other relations are derived from these pro forma financial statements
and checked for feasibility against..
4. Financial ratios and other relations comparisons must recognize adjustments for factors
expected to affect them during the.
5. For analysis of short-term liquidity, one of the most useful tools is.
6. Short-term cash forecasting is of interest to internal users like . in evaluating a
companys current and future operating activities.

1. ANS : B REF: Subramanyam, Ed. 11, hal 522

2. ANS : A REF: Subramanyam, Ed. 11, hal 522
3. ANS : C REF: Subramanyam, Ed. 11, hal 522
4. ANS : D REF: Subramanyam, Ed. 11, hal 522
5. ANS : F REF: Subramanyam, Ed. 11, hal 520
6. ANS : E REF: Subramanyam, Ed. 11, hal 520

CH. 10
a. commercial paper
b. fixed charges
c. solvency
 d. current assets
e. Total debt
f. the use of suppliers capital
g. interest
h. insolvency
i. the behavior of earnings
j. operations
k. the risk inherent

Current liabilities are important in computing both working capital and the current
Ratio one of them for Current liabilities are deducted from (1) in arriving at working
capital. The average payable days outstanding provides an indication of the average time the
company takes in paying its obligations to suppliers. The longer the payment period, the
greater(2).. Additional factors bearing on an assessment of a companys financial
flexibility are (1) ratings of its (3), bonds, and preferred stock, (2) any
restrictions on its sale of assets, (3) the extent expenses are discretionary, and (4) ability to
respond quickly to changing conditions (such as strikes, demand shifts, and breaks in supply
sources.
Capital structure ratios are another means of (4).. analysis. Ratio measures
of capital structure relate components of capital structure to each other or their total. In this
section we describe the most common of these ratios. The total debt to equity capital ratio is
defined by compare (5) with Shareholders equity. Common-size and ratio analyses of
capital structure are primarily measures of the risk of a companys capital structure. The
higher the proportion of debt, the larger the fixed charges of interest and debt repayment, and
the greater the likelihood of (6) during periods of earnings decline or hardship. The
relation of earnings to fixed charges is part of earnings coverage analysis. Earnings
coverage measures focus on the relation between debt-related (7).. and a companys
earnings available to meet these charges. times interest earned ratio considers (8)
as the only fixed charge needing earnings coverage.
The cash flow to fixed charges ratio is computed using cash from(9) rather
than earnings in the numerator of the earnings to fixed charges ratio. An important factor in
evaluating earnings coverage measures is(10) and cash flows across time. The more
stable the earnings pattern of a company or industry, the lower is the acceptable earnings
coverage measure. Capital Structure Risk and Return is useful for us to consider recent
developments in financial innovations for assessing (11) .in a companys capital
structure.
1. ANS: d REF: Subramanyam, Ed. 11, hal.558
2. ANS: f REF: Subramanyam, Ed. 11, hal. 560
3. ANS: a REF: Subramanyam, Ed. 11, hal. 560
4. ANS: c REF: Subramanyam, Ed. 11, hal. 569
5. ANS: e REF: Subramanyam, Ed. 11, hal. 570
6. ANS: h REF: Subramanyam, Ed. 11, hal. 571
7. ANS: b REF: Subramanyam, Ed. 11, hal. 572
8. ANS: g REF: Subramanyam, Ed. 11, hal. 576
9. ANS: j REF: Subramanyam, Ed. 11, hal. 578
10. ANS: i REF: Subramanyam, Ed. 11, hal.580
11. ANS: k REF: Subramanyam, Ed. 11, hal. 581

CH. 11

a. net income of each period

b. discretionary expenses
c. recasting
d. continuing operations
e. earning power
f. accounting-based valuation models
g. a primary factor

1. . aims at rearranging earnings components to provide a meaningful classification and

relevant format for analysis.

2. Components can be rearranged, subdivided, or tax effected, but the total must reconcile
to.

3. .. should be segregated. The same applies to components like equity in income (loss)
of unconsolidated subsidiaries or affiliates, often reported net of tax.

4. Components reported pretax must be removed along with their tax effects if reclassified
apart from income from .

5. . refers to the earnings level for a company that is expected to persist into the
foreseeable future.

6. With few exceptions, earning power is recognized as . in company valuation.

7. . include the capitalization of earning power, where capitalization involves using a

factor or multiplier reflecting the cost of capital and its future expected risks and returns.
1. ANS : C REF: Subramanyam, Ed. 11, hal 619
2. ANS : A REF: Subramanyam, Ed. 11, hal 619
3. ANS : B REF: Subramanyam, Ed. 11, hal 619
4. ANS : D REF: Subramanyam, Ed. 11, hal 619
5. ANS : E REF: Subramanyam, Ed. 11, hal 633
6. ANS : G REF: Subramanyam, Ed. 11, hal 633
7. ANS : F REF: Subramanyam, Ed. 11, hal 633