Question 1:
For which of the following assets is it most appropriate to test for impairment at least annually?

Land
A patent with a legal life of 20 years
A trademark with an indefinite expected life

Question 2:
Which of the following conditions is most likely associated with decreased earn¬ings quality? Compared with the prior year, the reporting entity’s earnings:

Decreased slightly in response to the introduction of conservative account¬ing policies.
Were similar in magnitude but included a large gain on the sale of a manu¬facturing plant.
Increased slightly because of a reduction in bad debt expense based on more-current experiences.

Question 3:
An investor has gathered the following data for a common sock:

Earnings per share, 2013	$20.50
Dividend payout ratio, 2013	60%
Dividend growth rate expected during 2014 and 2015	25%
Dividend growth rate expected after 2015	5%
Investor's required rate of return	12%

Using the two stage dividend discount model, the value per share of this common stock this is closed to:

$38.70
$31.57
$28.57

Question 4:
An inventory system that reduces average inventory without affecting sales will most likely reduce the:

Quick ratio
Inventory turnover
Cash conversion cycle

Question 5:
An analyst gathers the following information from a company's current financials statements:

If the company uses the direct method to prepare its cash flow statement, the cash received from customers (in $ millions) will be closest to:

26,368
25,296
26,492