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1)My company's Days Payables Outstanding (DPO) is rising. An explanation for this could be that my company is taking advantage of extended credit terms offered to us by our suppliers. True or false

2)My company uses LIFO to account for its inventory cost flow and it operates in an industry susceptible to typical inflationary pressures. At the end of the year, my inventory is valued on the balance sheet at $1,500,000 and my company's LIFO Reserve is $200,000. If my company used FIFO instead of LIFO, the value of its inventory at the end of the year would have been approximately $1,700,000. True or false

3)"Goodwill" is an asset account that develops in the course of acquisitions and mergers. It is an intangible asset that represents the amount over fair market value that an acquiring company pays for the net assets of another company. It almost always is a negative figure (or a contra asset) and therefore it serve to increase Return on Assets (ROA). True or false

4)The Fixed Charge Coverage Ratio (FCC) can never be greater than Times Interest Earned (TIE).True or false

5)Retained Earnings is cash flow from a company's primary business activities that a company has invested back into its operations. True or false

6)A company makes a mortgage payment that has both a principal payment component and an interest expense component. This mortgage payment will impact both the operating activities section of the cash flow statement and the financing activities section of the cash flow statement.True or false

7)Which of the following statements is/are true? a.Accelerated depreciation methods such as sum-of-years-digits lead to lower expenses/higher incomes earlier in an equipment's life and higher expenses/lower incomes later in the equipment's life.

b. If a company uses straight-line depreciation for its tax records, it must also use straight-line depreciation for its financial records presented to investors. C. Differences between depreciation methods in financial records to investors and depreciation methods for tax purposes leads to deferred taxes. D. If I use FIFO for tax purposes, I must also use FIFO for the financial records I present to my investors. E. All of the above are false.