What is a company's payables payment period if COGS are $200,000 and the average balance of accounts payable (AP) is $10,000?

• A.18.25 days.
• B.10.75 days.
• C.11.33 days.

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A Treasury bill with 50-days till maturity is quoted with a bank discount rate of 3.50%. The holding period yield for this T-bill if purchased and held to maturity would be closest to

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David Smith is a CFA member with supervisory responsibilities. However, due to his workload he has delegated a part of his supervisory responsibilities. What are Smith's responsibilities in terms of Standard
IV (C) - Responsibilities of supervisors?

• A.Smith no longer has any supervisory responsibility since he has delegated his responsibility.
• B.Smith may not delegate his supervisory responsibilities at all.
• C.Smith still retains responsibility for all his subordinates.

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The ______ investment strategy means the investor's objectives are to minimize the risk of loss, usually in inflation-adjusted terms.

• A.capital preservation
• B.capital appreciation
• C.total return

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What statement(s) is/are true?
I). A valuation allowance lowers current period reported net income.
II). Deferred tax assets and liabilities are always self-reversing over time.

• A.None of them is true.
• B.II only.
• C.I only.

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