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Using only the information found in Exhibit 1 and Exhibit 2, which of the following is most indicative of lower earnings quality?
High Plains' average net operating assets at the end of 2008 and 2007 was $977.89 million and $642.83 million, respectively. Using only the information found in Exhibit 1 and Exhibit 2, which of the following is most indicative of lower earnings quality?A . High Plains' discretionary expenses.B . The change...
High Plains' average net operating assets at the end of 2008 and 2007 was $977.89 million and $642.83 million, respectively.
High Plains' average net operating assets at the end of 2008 and 2007 was $977.89 million and $642.83 million, respectively. As compared to the year ended 2007, High Plains' cash flow accrual ratio for the year ended 2008 is:A . higher.B . lower.C . the same.View AnswerAnswer: A Explanation: The...
Does High Plains' accounting treatment of its capital leases and receivable sale lower its earnings quality?
High Plains' average net operating assets at the end of 2008 and 2007 was $977.89 million and $642.83 million, respectively. Does High Plains' accounting treatment of its capital leases and receivable sale lower its earnings quality?A . Both treatments lower earnings quality.B . The treatment of capital leases lowers earnings...
Using only the information found in Exhibit 1 and Exhibit 2, which of the following is most indicative of lower earnings quality?
High Plains' average net operating assets at the end of 2008 and 2007 was $977.89 million and $642.83 million, respectively. Using only the information found in Exhibit 1 and Exhibit 2, which of the following is most indicative of lower earnings quality?A . High Plains' discretionary expenses.B . The change...
Mason used two allocation plans for the Tasty IPO: the first decision was based on the orientation of the account (income vs. capital gains), and the second decision was based on the relative size of each account. Did Mason violate CFA Institute Standards of Professional Conduct with respect to either allocation decision?
Susan Foley, CFA, is Chief Investment Officer of Federated Investment Management Co. (FIMCO), a large investment management firm that includes a family of mutual funds as well as individually managed accounts. The individually managed accounts include individuals, personal trusts, and employee benefit plans. In the past few months, Foley has...
Charles Connor, CFA, is a portfolio manager at Apple Investments, LLC. Apple is a U.S.-based firm offering a wide spectrum of investment products and services. Connor manages the Biogene Fund, a domestic equity fund specializing in small capitalization growth stocks. The Biogene Fund generally takes significant positions in stocks, commonly owning 4.5-5% of the outstanding shares. The fund's prospectus limits positions to a maximum of 5% of the shares outstanding. The performance of the Biogene Fund has been superior over the last few years, but for the last two quarters the fund has underperformed its benchmark by a wide margin. Connor is determined to improve his performance numbers going forward.
Charles Connor, CFA, is a portfolio manager at Apple Investments, LLC. Apple is a U.S.-based firm offering a wide spectrum of investment products and services. Connor manages the Biogene Fund, a domestic equity fund specializing in small capitalization growth stocks. The Biogene Fund generally takes significant positions in stocks, commonly...
According to Standard IV Duties to Employers, which of the following is most likely required of Swamy?
Maria Harris is a CFA® Level 3 candidate and portfolio manager for Islandwide Hedge Fund. Harris is commonly involved in complex trading strategies on behalf of Islandwide and maintains a significant relationship with Quadrangle Brokers, which provides portfolio analysis tools to Harris. Recent market volatility has led Islandwide to incur...
Which of the following is least likely to prevent earnings manipulation?
High Plains' average net operating assets at the end of 2008 and 2007 was $977.89 million and $642.83 million, respectively. Which of the following is least likely to prevent earnings manipulation?A . The independent audit.B . SEC certification filed by High Plains' CEO and CFD . High Plains' bond covenants.View...
Andrew Carson is an equity analyst employed at Lee, Vincent, and Associates, an investment research firm. In a conversation with his supervisor, Daniel Lau, Carson makes the following two statements about defined contribution plans.
Andrew Carson is an equity analyst employed at Lee, Vincent, and Associates, an investment research firm. In a conversation with his supervisor, Daniel Lau, Carson makes the following two statements about defined contribution plans. Statement 1: Employers often face onerous disclosure requirements. Statement 2: Employers often bear all the investment...
Did Holly violate any CFA Institute Standards of Professional Conduct with respect to his report on BlueNote or BigTime, as it relates to potential use of material nonpublic information?
Pat Wilson, CFA, is the chief compliance officer for Excess Investments, a global asset management and investment banking services company. Wilson is reviewing two investment reports written by Peter Holly, CFA, an analyst and portfolio manager who has worked for Excess for four years. Holly's first report under compliance review...
