SBWL Controlling/ Finance and Accounting elective Wintersemester 2011/2012 Exam Value-based Management
|
|
- Britney Goodman
- 6 years ago
- Views:
Transcription
1 TECHNISCHE UNIVERSITÄT MÜNCHEN Fakultät für Wirtschaftswissenschaften Lehrstuhl für Betriebswirtschaftslehre - Controlling Prof. Dr. Gunther Friedl SBWL Controlling/ Finance and Accounting elective Wintersemester 2011/2012 Exam Value-based Management General remarks concerning the exam: The exam consists of 4 questions (6 pages, including the cover sheet), all of which should be answered. You have a total of 120 minutes to answer the questions. The only aids admitted to the exam are a calculator (non-programmable) and a dictionary (German-English, English-German). Any notes found in the dictionary will be considered an attempt to cheat. If necessary, round off the final results to two digits after the decimal point. Do not round off intermediate results. Leaving the auditorium during the exam requires the permission of the teaching assistants. Mobile phones are not permitted in the auditorium. Anyone caught cheating will fail the exam (grade nicht ausreichend (5.0)). Good luck!
2 page 2 1 Calculating EVA and adjustments for performance measurement (42) The following information about a company is available: Balance Sheet as of December 31, 2010 (in thousands of EUR): ASSETS Current assets Cash and cash equivalents 30,000 60,000 Accounts receivable net 180, ,000 Inventories 150, ,000 Other current assets 100, ,000 Total 460, ,000 Property, plant, and equipment Buildings 500, ,000 Machinery and equipment 800, ,000 Total net 1,300, ,000 TOTAL ASSETS 1,760,000 1,710,000 LIABILITIES Current liabilities Short-term debt 50,000 80,000 Trade accounts payable 250, ,000 Accrued expenses 200, ,000 Other current liabilities 1) 180, ,000 Total 680, ,000 Long-term liabilities Long-term debt 370, ,000 Other long-term liabilities 150, ,000 Total 520, ,000 Shareholders equity Common stock 250, ,000 Retained earnings 310, ,000 Total 560, ,000 TOTAL LIABILITIES 1,760,000 1,710,000 1) The position other current liabilities does not include interest-bearing liabilities. R&D expenses (in thousands of EUR): Year R&D expenses 80, , , ,000
3 page 3 Income Statement 2010 (in thousands of EUR): Sales 4,600,000 Cost of Sales 2,800,000 Selling, general and administrative 900,000 Depreciation 440,000 Research and development 100,000 Operating income 360,000 Interest income 2) 5,000 Interest expense 40,000 Income before taxes 325,000 Provision for income taxes 130,000 Net income 195,000 2) Interest income stems from cash and marketable securities held for operating activities. The following additional information is available: Corporate tax rate: 40%, WACC: 10% 1.1 Calculate the company s EVA in No adjustments are to be made. (10) 1.2 To improve the accuracy of the EVA number for the purpose of performance measurement, R&D expenses have to be capitalized and amortized. Suppose that the company uses an amortization pattern over four years of (40%, 30%, 20%, 10%) in years (1, 2, 3, 4). The first depreciation charge is due in the same year as the R&D expense takes place. Please calculate the company s 2010 EVA after adjusting for R&D expenses. (10) 1.3 What would the effects on the company s 2010 NOPAT be if the company was to use a straight-line depreciation pattern instead of the one in 1.2 for their R&D adjustments? Briefly explain the different effects of such a change in depreciation pattern for this particular example. (4) 1.4 The company is financed partly through operating leases. Describe the effect of capitalizing operating leases on EVA. Would the calculated EVA of the above company be higher, lower or just the same when capitalizing the operating leases? Explain the mechanism behind it. [No calculations necessary.] (6) 1.5 Use the information given about the company to calculate the company s cash cycle in 2010 [Hint: Write down the different parts of the cash cycle first and calculate the necessary ratios after that] (8). 1.6 Briefly explain the link between the ratios calculated in 1.5 and the EVA. (4)
4 page 4 2 Implementing value-based management (28) 2.1 Define and discuss the different paradigms of stakeholder value and shareholder value. What are the strengths and weaknesses of both approaches for value-based decision making? (10) 2.2 Companies often use value-based metrics like Economic Value Added (EVA) to implement the goal of value creation within their companies. What are the advantages of using EVA as performance measure compared to (i) stock price, (ii) return-on-investment (ROI), (iii) net income? (10) 2.3 Suppose a large corporation (e.g., GE or Siemens) consists of many different business units. Furthermore, suppose that one of these business units is operating in a not highly cyclical commodity market and the other unit is a high tech business unit. Assuming that both have the exact same capital structure (i.e. the market value of their equity and debt are the same), what differences in the two business units WACC do you expect? Briefly explain your answer. (4) 2.4 In the same situation as in 2.3, suppose that the two described business units share a building and have an equal amount of the building activated as part of their balance sheet. Furthermore, assume that the managers of the company are in regular contact and have some idea about the other manager s cost structure. For this case, name and explain one possible disadvantage of using EVA as basis for management compensation for the two business units executives. (4)
5 page 5 3 Goal congruent performance measures (22) Consider a company that at date t = 0, has to decide about the acceptance of an investment project to launch a certain product. The project needs an initial investment of b at t = 0 and has cash flows θ x t at time t = 1, 2, 3. The vector X = (x 1, x 2, x 3) represents the intertemporal pattern of the future cash flows. The parameter θ fixes the actual magnitude of the cash flows and reflects the market success of the product. The company s cost of capital is r = 1/9. The amount of the initial investment is given by b = 5,000. The vector X of the project is given by X = (1, 2, 1). The magnitude parameter θ can take two different values: θ {1,500; 1,600}. 3.1 Calculate the NPV function dependent on θ. For what values of θ should the project be accepted/ rejected from the company s shareholders perspective? (7) 3.2 Suppose now that the state of the market, θ, is private information to a divisional manager. Company s headquarters only know the vector X. The divisional manager decides about the realization of the project on the basis of his compensation. The manager s compensation is based on residual income in the periods t = 1, 2, 3. For calculating residual income the concept of the relative benefit cost allocation rule is adopted. The weights z t(x) thereby represent the shares of depreciation and interest payments of the initial investment assigned to period t. For each period calculate the weights z t(x), the charges z t(x)*b and the residual income for both possible values of θ. (9) 3.3 Will the manager decide in the interest of the company s shareholders when applying the relative benefit cost allocation rule? Why? Refer to the manager s time preferences. (6)
6 page 6 4 Residual income and the option to wait (28) Suppose a risk-neutral firm has the opportunity to invest a fixed budget of b = 1,180 into an investment project. The project can either be implemented immediately in t = 0 or postponed for one period and undertaken in t = 1. If the firm decides to invest in t = 0, the project will yield a cash flow of c 1 = 1,628 at date t = 1 with certainty. If the firm does not invest in t = 0 and waits one period, the firm has the option to invest the same amount in the project at date t = 1, which will yield a cash flow in t = 2. But waiting to invest in the second period is risky because the environmental conditions will change. At t = 0, the firm only knows the probability distribution of the project s cash returns if implemented in t = 1. The cash flows will equal c 2 = 2,750 with probability p or c 2 = 880 with probability (1 p). The firm learns the true realization of c 2, before investing at t = Depending on the probability p, in which case would the firm invest right away in t = 0 or find it advantageous to wait one period to postpone the investment decision? The firm discounts future cash flows with an interest rate r = 10 %. (10) 4.2 From now on suppose that the owners of the firm delegate the investment decision to a manager. The information about the project s cash flows as described above is only available to the manager. The manager is compensated on the basis of residual income to align his interests with those of the owners. The manager s time preferences are represented by the interest rate r M. Calculate the residual income of each period for the three possible decisions of the manager (invest in P1, wait and invest in P2, wait and don t invest at all). Assume that residual income is calculated by capitalizing and depreciating the investment outlays b as well as the value of the option to wait. Show that goal congruence between manager and owner is achieved, independently of r M. (18)
Finance and Accounting elective / SBWL Controlling Sommersemester 2012 Exam Value-based Management EXAM
TECHNISCHE UNIVERSITÄT MÜNCHEN Fakultät für Wirtschaftswissenschaften Lehrstuhl für Betriebswirtschaftslehre - Controlling Prof. Dr. Gunther Friedl Finance and Accounting elective / SBWL Controlling Sommersemester
More informationFinance and Accounting elective / SBWL Controlling Wintersemester 2012/ 2013 Exam Value-based Management Feb. 21, 2013 EXAM
TECHNISCHE UNIVERSITÄT MÜNCHEN Fakultät für Wirtschaftswissenschaften Lehrstuhl für Betriebswirtschaftslehre - Controlling Prof. Dr. Gunther Friedl Finance and Accounting elective / SBWL Controlling Wintersemester
More informationCase study Siemens Corporate Strategy
Case study Siemens Corporate Strategy Solutions to quantitative questions Bachelor Program Chair of Management Friedrich-Alexander-Universität Erlangen-Nürnberg Summer term 2009 Prof. Dr. Harald Hungenberg
More informationValue-Based Management
Value-Based Management Lecture 1: Value Maximization and Corporate Objectives Prof. Dr. Gunther Friedl Lehrstuhl für Controlling Technische Universität München Email: gunther.friedl@tum.de Overview 1.
More informationFakultät III Wirtschaftswissenschaften Univ.-Prof. Dr. Jan Franke-Viebach
1 Universität Siegen Fakultät III Wirtschaftswissenschaften Univ.-Prof. Dr. Jan Franke-Viebach Exam International Financial Markets Summer Semester 2012 (1 st Exam Period) Available time: 60 minutes Solution
More informationFakultät III Wirtschaftswissenschaften Univ.-Prof. Dr. Jan Franke-Viebach
1 Universität Siegen Fakultät III Wirtschaftswissenschaften Univ.-Prof. Dr. Jan Franke-Viebach Exam International Financial Markets Summer Semester 2016 (1 st Exam Period) Available time: 45 minutes Solution
More informationManagement Accounting and Control Spring 2007
MIT OpenCourseWare http://ocw.mit.edu 15.963 Management Accounting and Control Spring 2007 For information about citing these materials or our Terms of Use, visit: http://ocw.mit.edu/terms. 15.963 Managerial
More informationValue Based Management
Value Based Management Intro (1)... Requirement for value creation: ROI>k. Measuring business profitability: Economic profit = NI Cost of invested capital. VBM financial perspective: EP is key measure
More informationBusiness Taxation and Financial Decisions Master Module (V 2-5) in Business Management
Business Taxation and Financial Decisions Master Module (V 2-5) in Business Management Course outline Last update: January 28th, 201 Lehrstuhl für Betriebswirtschaftslehre II Betriebswirtschaftliche Steuerlehre
More informationMODULE 5 PERFORMANCE EVALUATION
MODULE 5 PERFORMANCE EVALUATION OUTLINES Divisional profitability: Return on investment and residual income The distinction between economic and managerial performance evaluation. Economic Value added.
More informationPERFORMANCE MEASUREMENT
PERFORMANCE MEASUREMENT by Steve Jay 21 Apr 2004 Decentralisation and the need for performance measurement Decentralisation is the delegation of decision-making responsibility. All organisations decentralise
More informationTaxes. Financial Statements: Things to Keep in Mind. Cash Flow and Taxes. BUSI 7110/7116 Yost
Cash Flow and Taxes Financial Statements: Things to Keep in Mind Backward vs. Forward Looking Book Values vs. Market Values Accounting Numbers vs. Cash Flows Tax Deductible vs. Taxable Notes to Financial
More informationExamination. Corporate Finance. Mock Exam. Date of birth: / / Semesters: Student number:
School of Business Major Finance and Insurance Chair of Corporate Finance and Ship Finance Prof. Dr. Wolfgang Drobetz Examination Corporate Finance Mock Exam Personal information: Name: First name: Date
More informationBCS Professional Certificate in Business Finance Syllabus Version 1.2 December 2016
BCS Professional Certificate in Business Finance Syllabus Version 1.2 December 2016 This professional certification is not regulated by the following United Kingdom Regulators - Ofqual, Qualification in
More information2. AREA: BANKING, FINANCE & INSURANCE. 2.1 Chair of Business Administration, Risk Theory, Portfolio Management and Insurance
2. AREA: BANKING, FINANCE & INSURANCE 2.1 Chair of Business Administration, Risk Theory, Portfolio Management and Insurance Prof. Dr. Peter Albrecht Address: Universität Mannheim Lehrstuhl für Allgemeine
More informationMini MBA: Accounting & Finance
Introduction Mini MBA: Accounting & Finance This course is designed to cover and includes a comprehensive illustration of how accounting information is collected, recorded, analyzed and presented both
More informationDepartment of Economics ECO 204 Microeconomic Theory for Commerce Test 2
Department of Economics ECO 204 Microeconomic Theory for Commerce 2013-2014 Test 2 IMPORTANT NOTES: Proceed with this exam only after getting the go-ahead from the Instructor or the proctor Do not leave
More informationChapter 6 Making Capital Investment Decisions
Making Capital Investment Decisions Solutions to Even-Numbered Problems and Cases 6.2 Manitoba Railroad Limited (MRL) (a) Discount Rate 7% Cash Cash Net Cash Cumulative Year Outflows Inflows Flows Cash
More informationFakultät III Univ.-Prof. Dr. Jan Franke-Viebach
Univ.-Prof. Dr. J. Franke-Viebach WS 206-7: International Macroeconomics (2 nd exam period) Universität Siegen Fakultät III Univ.-Prof. Dr. Jan Franke-Viebach Exam International Macroeconomics Winter Semester
More informationTHE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) NOVEMBER 2011 EXAMINATIONS (PROFESSIONAL) PART 3 FINANCIAL MANAGEMENT (Paper 3.4) Attempt ALL Questions TIME ALLOWED: Reading & Planning - 15 Minutes Workings
More informationWEB APPENDIX 12F REAL OPTIONS: INVESTMENT TIMING, GROWTH, AND FLEXIBILITY
WEB APPENDIX 12F REAL OPTIONS: INVESTMENT TIMING, GROWTH, AND FLEXIBILITY In Chapter 12, Section 12-7, we presented an overview of real options and discussed how to analyze abandonment options. However,
More informationYour Name: Student Number: Signature:
Financiering P 6011P0088/ Finance PE 6011P0109 Midterm exam 23 April 2012 Your Name: Student Number: Signature: This is a closed-book exam. You are allowed to use a non-programmable calculator and a dictionary.
More informationFinal Exam Finance for Premasters
Final Exam Finance for Premasters Course: Finance for Premasters SubjectCode: 323061 Date: 15 december 2008 Length: 2 hours Lecturer: Paul Sengmüller (154281) Telephone: 3041 (secretariaat Finance) Students
More informationFM303 CHAPTERS COVERED : CHAPTERS 1, 5, DUE DATE : 3:00 p.m. 18 March 2014
Page 1 of 9 ASSIGNMENT 1 ST SEMESTER : FINANCIAL MANAGEMENT 3 () CHAPTERS COVERED : CHAPTERS 1, 5, 8-10 STUDY UNITS : STUDY UNITS 1-3 DUE DATE : 3:00 p.m. 18 March 2014 TOTAL MARKS : 100 INSTRUCTIONS TO
More informationContents. Preface... xiii. CHAPTER 1 Introduction to Management Accounting and Control CHAPTER 2 Management Reporting... 29
v Preface... xiii CHAPTER 1 Introduction to Management Accounting and Control... 1 The Concepts of Management, Accounting, and Control... 2 A Definition of Management... 2 A Definition of Accounting...
More informationMIDTERM EXAM. Finance Equity Valuation. Mendoza College of Business Professor Shane A. Corwin Fall Semester 2005 Module 2
MIDTERM EXAM Finance 70610 Equity Valuation Mendoza College of Business Professor Shane A. Corwin Fall Semester 2005 Module 2 Monday, November 14, 2005 NAME INSTRUCTIONS: 1. You have 75 minutes to complete
More informationManagement Accounting Level 3
LCCI International Qualifications Management Accounting Level 3 Model Answers Series 2 2011 (3024) For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk
More informationUniversity of Split Department of Professional Studies CORPORATE FINANCE II COURSE SYLLABUS
University of Split Department of Professional Studies CORPORATE FINANCE II COURSE SYLLABUS Type of study programme Study programme COURSE DETAILS Professional study - 180 ECTS FINANCE AND ACCOUNTING Course
More informationBFC2140: Corporate Finance 1
BFC2140: Corporate Finance 1 Table of Contents Topic 1: Introduction to Financial Mathematics... 2 Topic 2: Financial Mathematics II... 5 Topic 3: Valuation of Bonds & Equities... 9 Topic 4: Project Evaluation
More informationFinancial Accounting
Financial Accounting Course Number: ACC 201 Term: Summer 2018 Instructor * : Karen Kukla Dates: July 9 th August 10 th Institution: Syracuse University Meeting Times: M, T, W, TH, F Email: kakukla@syr.edu
More informationMath Winter 2014 Exam 1 January 30, PAGE 1 13 PAGE 2 11 PAGE 3 12 PAGE 4 14 Total 50
Name: Math 112 - Winter 2014 Exam 1 January 30, 2014 Section: Student ID Number: PAGE 1 13 PAGE 2 11 PAGE 3 12 PAGE 4 14 Total 50 After this cover page, there are 5 problems spanning 4 pages. Please make
More informationECONOMIC PROFIT By Dr Steve Bishop, Director, EMCS
ECONOMIC PROFIT By Dr Steve Bishop, Director, EMCS Synopsis Most firms report accounting profit as both an internal and external performance measure. However is suffers from the serious defect that it
More informationSuggested Answer_Syl2012_Jun2014_Paper_20 FINAL EXAMINATION
FINAL EXAMINATION GROUP IV (SYLLABUS 2012) SUGGESTED ANSWERS TO QUESTIONS JUNE 2014 Paper- 20 : FINANCIAL ANALYSIS & BUSINESS VALUATION Time Allowed : 3 Hours Full Marks : 100 The figures in the margin
More informationEconomic Value Added (EVA)
Economic Value Added (EVA), 2018 Definition Features and problems Computation Economic Value Added (EVA) EVA is promoted by a consulting firm Stern Steward & Co., which was established in 1982 and pioneered
More informationPaper F9. Financial Management. Specimen Exam applicable from September Fundamentals Level Skills Module
Fundamentals Level Skills Module Financial Management Specimen Exam applicable from September 2016 Time allowed: 3 hours 15 minutes This question paper is divided into three sections: Section A ALL 15
More informationSCHOOL OF ECONOMICS AND FINANCE NOVEMBER EXAMINATION: 2007 SUBJECT, COURSE AND CODE: THE CORPORATE INVESTMENT DECISION (FINA321)
1 SCHOOL OF ECONOMICS AND FINANCE NOVEMBER EXAMINATION: 2007 SUBJECT, COURSE AND CODE: THE CORPORATE INVESTMENT DECISION (FINA321) EXAMINERS (INTERNAL): EXAMINER (EXTERNAL): MRS S DONNELLY MR J MASEKO,
More informationSession 2, Monday, April 3 rd (11:30-12:30)
Session 2, Monday, April 3 rd (11:30-12:30) Capital Budgeting Continued and the Cost of Capital v2.0 2014 Association for Financial Professionals. All rights reserved. Session 3-1 Chapters Covered Internal
More informationPAPER No. 4: Accounting Theory and Practice. 34: Shareholder Value Added and Market Value Added
Subject Paper No and Title Module No and Title Module Tag 4: Accounting Theory and Practice 34: Shareholder and Market COM_P4_M34 MODULE No. 34: Shareholder and Market TABLE OF CONTENTS 1. Learning Outcomes
More informationAircraft Finance: Leasing & Financial Evaluation
Aircraft Finance: Leasing & Financial Evaluation This in-house course can also be presented in-house either on your premises or via live webinar for a group of 4 or more participants. Trusted By: The Banking
More informationManagerial Finance FINC 474. Welcome to week 2 of FINC 474. This is a great time to ask questions about last week.
Managerial Finance FINC 474 Session 2 Present and future value Dr. Michael Kinsman Welcome to week 2 of FINC 474 Last week we Discussed what you learned in accounting Talked about and used ratio analysis
More informationMath Fall 2016 Final Exam December 10, Total 100
Name: Math 111 - Fall 2016 Final Exam December 10, 2016 Section: Student ID Number: 1 15 2 13 3 14 4 15 5 13 6 15 7 15 Total 100 You are allowed to use a Ti-30x IIS Calculator (only this model!), a ruler,
More information1.1 Chair of Business Administration and International Taxation
1. AREA: ACCOUNTING & TAXATION 1.1 Chair of Business Administration and International Taxation Prof. Dr. Dr. h.c. mult. Otto H. Jacobs Address: Universität Mannheim Lehrstuhl für Allgemeine Betriebswirtschaftslehre,
More informationIFRS Financial Ratios
100 IFRS Financial Ratios Authors Ulrich Wiehle Michael Diegelmann Henryk Deter Dr. Peter Noel Schömig Michael Rolf 100 IFRS Financial Ratios cometis publishing GmbH & Co. KG, Unter den Eichen 7, 65195
More informationACCA Paper F5 Performance Management
ACCA Paper F5 Performance Management Mock Exam Question Paper Time allowed 3 hours 15 minutes This paper is divided into three sections Section A Section B Section C ALL FIFTEEN questions are compulsory
More informationEcon 20B Spr 2008 Sample Final Exam
Econ 20B Spr 2008 Sample Final Exam Prof. Min Ouyang Please Do this sample final exam before looking at the answer key!!! Time limit: 120 minutes Instructions: 1) The exam is closed book. 2) Final exam
More informationFinal Exam Economics 136 Human Resources Fall 2003 Prof. Julian Betts
Final Exam Economics 136 Human Resources Fall 2003 Prof. Julian Betts December 8, 2003 Name: Student ID There are 7 written problems in this exam, worth a total of 80 points. Please write neatly. If you
More informationReliability of Public Private Partnership Projects under Assumptions of Cash Flow Volatility
Reliability of Public Private Partnership Projects under Assumptions of Cash Flow Volatility 1 Henning Schöbener / Christoph Schetter 06.10.2007 Technische Universität Darmstadt Fachgebiet Immobilienwirtschaft
More informationUniversity of Toronto
University of Toronto Faculty of Applied Science and Engineering and Rotman School of Management JRE 300H IS - Foundations of Accounting and Finance Final Examination, April 2017 Duration: 2.5 hours Aids
More informationQuarterly statement Q3 2017
The Next Smart Device: The Car! Quarterly statement Q3 2017 July 1 to September 30, 2017 Further growth and improved profitability Sales +9.3% to 61.6 million Euro Demand for Elmos products remains positive.
More informationFakultät III Univ.-Prof. Dr. Jan Franke-Viebach
Univ.-Prof. Dr. J. Franke-Viebach1 Universität Siegen Fakultät III Univ.-Prof. Dr. Jan Franke-Viebach Exam International Economics Winter Semester 2017-18 (1 st Exam Period) Available time: 60 minutes
More informationSession 2, Sunday, April 2nd (1:30-5:00) v Association for Financial Professionals. All rights reserved. Session 3-1
Session 2, Sunday, April 2nd (1:30-5:00) v2.0 2014 Association for Financial Professionals. All rights reserved. Session 3-1 Chapters Covered Financial Accounting and Reporting: Part I, Domain B Chapter
More informationSUGGESTED SOLUTION CA FINAL MAY 2017 EXAM
SUGGESTED SOLUTION CA FINAL MAY 2017 EXAM FINANCIAL REPORTING Test Code - F M J 4 0 1 5 BRANCH - (MULTIPLE) (Date : ) Head Office : Shraddha, 3 rd Floor, Near Chinai College, Andheri (E), Mumbai 69. Tel
More informationEconomic Value Added Based Performance Measurement
International Journal of Business and Management Invention (IJBMI) ISSN (Online): 2319 8028, ISSN (Print): 2319 801X Volume 8 Issue 01 Ver. IV January 2019 PP 72-77 Gurleen Kaur 1 Amanat Kaur Sidana 2
More informationMBA 8230 APPLICATIONS IN CORPORATE FINANCE TAKE HOME PROBLEM SET-HODGES Spring 2006
MBA 8230 APPLICATIONS IN CORPORATE FINANCE TAKE HOME PROBLEM SET-HODGES Spring 2006 Directions: This take-home problem set (THPS) is due on, or before, 10 pm, Thursday April 27, 2006. You may turn in the
More informationFinancial Accounting (FA)/FFA September 2018 to August 2019
Financial Accounting (FA)/FFA September 2018 to August 2019 Guide to structure of the syllabus and Study guide This syllabus and study guide are designed to help with teaching and learning and is intended
More informationEssential Learning for CTP Candidates TEXPO Conference 2017 Session #03
TEXPO Conference 2017: Essential Learning for CTP Candidates Session #3 (Mon.1:45 3:00 pm) Overview of Basic CTP Math from ETM5 Chap 07: Earnings Credits Chap 11: Working Capital Chap 08: Fin. Statements
More informationChapter 12 Cost of Capital
Chapter 12 Cost of Capital 1. The return that shareholders require on their investment in the firm is called the: A) Dividend yield. B) Cost of equity. C) Capital gains yield. D) Cost of capital. E) Income
More informationCorporate Finance. Mid-Term Exam Spring 2011/2012. Version A. 1 hour and 30 minutes
Corporate Finance Mid-Term Exam Spring 2011/2012 Version A 1 hour and 30 minutes This exam consists of 20 questions. Each question is worth 1 point. Work out the problems on scratch paper without any rounding
More informationACCT 356. Spring, 2011 Albrecht. Exam Content:
ACCT 356 First Exam Spring, 2011 Albrecht Name Exam Content: Q1 Payroll accounting 9 min 12 pts Q2 Loan computations 12 min 20 pts Q3 Installment loan 18 min 25 pts Q4 Non-interest bearing loan 12 min
More informationP1 Performance Operations March 2014 examination
Operational Level Paper P1 Performance Operations March 2014 examination Examiner s Answers Note: Some of the answers that follow are fuller and more comprehensive than would be expected from a well-prepared
More informationNAME. Financial Accounting Exam 3.1 Professors G. Peter and Carolyn R. Wilson
NAME 1 Financial Accounting Exam 3.1 Professors G. Peter and Carolyn R. Wilson The exam packet is comprised of: 1. This 20-page document, which contains the questions you are to answer. Write all of your
More informationFinancial Metrics I: Measures of Profitability
Financial Metrics I: Measures of Profitability This module covers the definitions of common financial measures used in business and marketing including Net Income, Gross Profit, Operating Profit, Pre-tax
More informationMid- term report 2015
Mid- term report 2015 FINANCIAL RATIOS OVERVIEW Sales and Earnings Mid- term 2015 (30.06) not audited Sales (EUR m) (12%) Sales 2014 net of Power (EUR m) +70% EBITDA (EUR m) Equity ratio (%) Net Result
More informationQuestions for Respondents
Questions for Respondents The International Valuation Professional Board invites responses to the following questions. Not all questions need to be answered but to assist analysis of responses received
More informationIndex. Business unit, 311, 350 Business-unit level strategies, 309, 311 Business-unit strategies, 311, 350
387 Index A Absenteeism rate, 239 Accounting, 26, 93 Definition, 3 Accounting system, 14 Accrual accounting, 176, 182, 194 Activity-based budgeting, 141 142, 150 Activity-based costing, 67 69, 71, 93,
More informationModule 4: Free Cash Flow (FCF) Which cash flows do we discount?
70391 - Finance Module 4: Free Cash Flow (FCF) Which cash flows do we discount? 70391 Finance Fall 2016 Tepper School of Business Carnegie Mellon University c 2016 Chris Telmer. Some content from slides
More informationSHEFFIELD HALLAM UNIVERSITY. Mr L Hunter, Deloitte Mr P Severs, Director of Finance Ms S Suchoparek, KPMG Ms A Temple (Minute Secretary)
SHEFFIELD HALLAM UNIVERSITY confirmed A/2/14/M AUDIT COMMITTEE Minutes of Meeting held on Thursday 19 June 2014 Present: In Attendance: Prof. J Simons (Chairman) Ms J Brown Ms R Downs Mr C Kinsella Dr
More informationFM303 CHAPTERS COVERED : CHAPTERS 1, 5, DUE DATE : 3:00 p.m. 19 AUGUST 2014
Page 1 of 8 ASSIGNMENT 2 nd SEMESTER : FINANCIAL MANAGEMENT 3 () CHAPTERS COVERED : CHAPTERS 1, 5, 8-10 STUDY UNITS COVERED : STUDY UNITS 1-3 DUE DATE : 3:00 p.m. 19 AUGUST 2014 TOTAL MARKS : 100 INSTRUCTIONS
More informationDepartment of Economics ECO 204 Microeconomic Theory for Commerce Ajaz Hussain Test 2 Solutions
Department of Economics ECO 204 Microeconomic Theory for Commerce 2012 2013 Ajaz Hussain Test 2 Solutions IMPORTANT NOTES: Proceed with this exam only after the go-ahead from the Instructor or the proctor
More informationAFP Financial Planning & Analysis Learning System Session 2, Sunday, April 2nd (1:30-5:00)
AFP Financial Planning & Analysis Learning System Session 2, Sunday, April 2nd (1:30-5:00) Chapters Covered Financial Accounting and Reporting: Part I, Domain B Chapter 7 Ratio Analysis: Part I, Domain
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination CORPORATE FINANCIAL MANAGEMENT JUNE 2010 Time allowed
More informationPROPOSAL FOR COST ESTIMATION REVIEW PROCESS FOR SPP TRANSMISSION
PROPOSAL FOR COST ESTIMATION REVIEW PROCESS FOR SPP REGIONALLY FUNDED TRANSMISSION Presented on behalf of SPP s Transmission Owners SPP Strategic Planning Committee Meeting December 3, 2010 REGIONALLY
More informationACCT 356 First Exam Spring, 2011 Albrecht. Name. Exam Content:
ACCT 356 First Exam Spring, 2011 Albrecht Name Exam Content: Q1 Payroll accounting 9 min 12 pts Q2 Loan computations 12 min 20 pts Q3 Installment loan 18 min 25 pts Q4 Non-interest bearing loan 12 min
More informationManagement I: An Introduction to Financial Accounting
Management I: An Introduction to Financial Accounting Compulsory Module Bachelor Level Winter Term 2018/19 Prof. Dr. Barbara Schöndube-Pirchegger Lehrstuhl für Unternehmensrechnung und Controlling 1 Administrative
More informationAsset Valuation Models Capital Budgeting Criteria Problem Set Boise State EMBA Byers
Asset Valuation Models Capital Budgeting Criteria Problem Set Boise State EMBA Byers Remember this is an individual assignment. You should start with a blank spreadsheet. Deliverable: submit your spreadsheet
More informationACCT 101 GROUP PROJECT INSTRUCTIONS
ACCT 101 GROUP PROJECT INSTRUCTIONS This project is to be completed as a group. All group members should actively participate in the project and it is up to the group to decide who will be responsible
More information11244/12 RD/NC/kp DG G1A
COUNCIL OF THE EUROPEAN UNION Brussels, 6 July 2012 (OR. en) 11244/12 UEM 202 ECOFIN 576 SOC 553 COMPET 421 V 517 EDUC 194 RECH 257 ER 286 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: COUNCIL RECOMMDATION
More informationNon-Consolidated Balance Sheets (As of December 31, 2015)
Non-Consolidated Balance Sheets (As of December 31, 2015) December 31, 2015 March 31, 2015 (Reference) ASSETS Current Assets: 158,305 171,869 Cash and Time Deposits 32,612 22,465 Notes Receivable 109 88
More informationBalance sheet as at 31 December 2011
the accuracy and completeness of the translation, please note that the German original is binding. Schloss Hohenkammer GmbH Schlossstr. 20, 85411 Hohenkammer Balance sheet as at 31 December 2011 Assets
More informationMeasuring and Controlling Assets Employed
Measuring and Controlling Assets Employed Introduction In some business units, the focus is on profit as measured by the difference between revenues and expenses. In other business units, profit is compared
More informationAFP Financial Planning & Analysis Learning System Session 1, Monday, April 3 rd (9:45-10:45) Time Value of Money and Capital Budgeting
AFP Financial Planning & Analysis Learning System Session 1, Monday, April 3 rd (9:45-10:45) Time Value of Money and Capital Budgeting Chapters Covered Time Value of Money: Part I, Domain B Chapter 6 Net
More information1. What are the five major processes associated with every project? These are the same as the five Process Groups according to the PMBOK.
CTC/ITC 310 Program Management California State University Dominguez Hills Instructor: Howard Rosenthal Final Exam May 15, 2018 All questions are 4 points unless indicated otherwise Answer Key 1. What
More informationFORMAL EXAMINATION PERIOD: SESSION 1, JUNE 2016
SEAT NUMBER:. ROOM:... This question paper must be returned. Candidates are not permitted to remove any part of it from the examination room. FAMILY NAME:.... OTHER NAMES:....... STUDENT NUMBER:.......
More informationDiscussion Questions
Understanding the Financial Environment of Public Utility Firms Sanford V. Berg Joel F. Houston 1 Overview Our plan is to help facilitate a series of discussions related to utility finance. We will pose
More informationQ Sales again up sequentially; EBIT positive
Q4 2009 Sales again up sequentially; EBIT positive Q4 2009 Sales: EUR 323 million; up 16% sequentially, down 15% year on year EBIT: plus EUR 6 million (Q3 2009: minus EUR 24 million; Q4 2008: plus EUR
More informationFakultät III Univ.-Prof. Dr. Jan Franke-Viebach
Univ.-Prof. Dr. J. Franke-Viebach 1 Universität Siegen Fakultät III Univ.-Prof. Dr. Jan Franke-Viebach Exam International Macroeconomics Winter Semester 2014-15 (1 st Exam Period) Available time: 60 minutes
More informationExhibit 1. Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Six Months Ended September 30, 2017
Exhibit 1. Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Six Months Ended September 30, 2017 The consolidated financial information is prepared in accordance with generally
More informationFinance. Mid-Term Exam Fall 2012/2013. Version A. 1 hour and 30 minutes
Finance Mid-Term Exam Fall 2012/2013 Version A 1 hour and 30 minutes This exam consists of 20 questions. Each question is worth 1 point. Work out the problems on scratch paper without any rounding up of
More informationInternational Finance Prof. A. K. Misra Department of Management Indian Institute of Technology, Kharagpur
International Finance Prof. A. K. Misra Department of Management Indian Institute of Technology, Kharagpur Lecture - 25 Evaluation of Foreign Direct Investment Let us discuss section 25 that is on foreign
More informationExecutive Board Hundred and ninety-fifth session
Executive Board Hundred and ninety-fifth session 195 EX/23.INF.3 PARIS, 3 September 2014 English & French only Item 23 of the provisional agenda NEW AUDITS BY THE EXTERNAL AUDITOR DETAILED COMMENTS BY
More informationControlling and Berlin Balanced Scorecard Approach
Controlling and Berlin Balanced Scorecard Approach by Prof. Dr. Wi I helm Schmeisser Dipl.-KfFr. (FH) Lydia Clausen Dipl.-Kffr. (Univ.) Rebecca Popp Dipl.-Kfm.(Univ.) Carsten Ennemann and Olaf Drewicke
More informationMBA 8230 Spring 2005
Georgia State University Department of Finance MBA 8230 Spring 2005 MBA 8230 Applications in Corporate Finance Take-Home Assignment Instructors: Richard Fendler, Charles Hodges, Alfred Mettler, Lalitha
More informationContinuing Divergence How to trade it and how to manage it Vladimir Ribakov s Divergence University
Continuing Divergence How to trade it and how to manage it What we will learn Confirm the divergence Prepare next entries Set the target Stop Loss Yes or No? Examples + Test Confirmations It s VERY important
More informationConsolidated financial statements. December 31, 2018
Consolidated financial statements December 31, 2018 Table of contents 1.Consolidated statement of income... 2 2. Consolidated statement of cash flows... 4 3. Consolidated balance sheet... 5 4. Consolidated
More informationEstimated Cost per Watt Methodology
Estimated Cost per Watt Methodology August 7, 2018 Cost per watt (CPW) is an important metric in understanding Vivint Solar s residential business. The CPW calculation includes costs associated with systems
More informationEstimated Cost per Watt Methodology
Estimated Cost per Watt Methodology November 6, 2018 Cost per watt (CPW) is an important metric in understanding Vivint Solar s residential business. The CPW calculation includes costs associated with
More informationPage Points Score Total: 100
Math 1130 Spring 2019 Sample Midterm 3a 4/11/19 Name (Print): Username.#: Lecturer: Rec. Instructor: Rec. Time: This exam contains 9 pages (including this cover page) and 9 problems. Check to see if any
More informationFinal Examination (Optional) MASTERING DEPRECIATION
Final Examination (Optional) MASTERING DEPRECIATION Instructions: Detach the Final Examination Answer Sheet on page 247 before beginning your final examination. Select the correct letter for the answer
More informationWoodward Reports Fiscal Year 2016 Results and Fiscal Year 2017 Outlook. Fiscal 2016 Highlights
FOR IMMEDIATE RELEASE CONTACT: Don Guzzardo Director, Investor Relations & Treasury 970-498-3580 Don.Guzzardo@woodward.com Woodward Reports Fiscal Year 2016 Results and Fiscal Year 2017 Outlook Fort Collins,
More informationJANUARY 1 MARCH 31 Q INTERIM STATEMENT
JANUARY 1 MARCH 31 Q1 2017 1 QUARTERLY DEVELOPMENT OF KEY FIGURES (UNAUDITED) in EUR thousand (except where indicated) Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Statement of Profit or Loss Revenue 295 1,260
More information