CMACertified Management Accountant
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Last Updated May 13, 2024 Ace your exams with our consistently updated CMA exam dumps.
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CMA Online Practice Questions and Answers
Suppose exchange rates, prior to the introduction of the euro, between U.S. dollars and Swiss francs is SF
1.62 = $ 1.00 and the exchange rate between the U.S. dollar and the German mark is $1.00 = 1.50 DM. What is the cross-rate of Swiss francs to German marks?
A. 2.62
B. 1.08
C. 1.62
D. 0.93
When a company offers credit terms of 2/101 net 301 the annual interest cost1 based on a 360-dayyear, is
A. 24.0%.
B. 35.3%.
C. 35.3%.
D. 36.7%.
The Frame Supply Company has just acquired a large account and needs to increase its working capital by $100,000. The controller of the company has identified the four sources of funds given below.
1.
Pay a factor to buy the company's receivables, which average $125,000 per month and have an average collection period of 30 days. The factor will advance up to 80% of the face value of receivables at 10% and charge a fee of 2% on all receivables purchased. The controller estimates that the firm would save $24,000 in collection expenses over the year. Assume the fee and interest are not deductible in advance.
2.
Borrow $110,000 from a bank at 12% interest. A 9% compensating balance would be required.
3.
Issue $110,000 of 6-month commercial paper to net $100,000. (New paper would be issued every 6 months.)
4.
Borrow $125,000 from a bank on a discount basis at 20%. No compensating balance would be required. Assume a 360-day year in all of your calculations. Should CyberAge use trade credit and continue paying at the end of the credit period?
A. Yes, if the cost of alternative short-term financing is less.
B. Yes, if the firm's weighted-average cost of capital is equal to its weighted-average cost of trade credit.
C. No, if the cost of alternative long-term financing is greater
D. Yes, if the cost of alternative short-term financing is greater
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