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permanent accounts are also referred to as temporary accounts

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Analysts who follow Sierra Nevada Inc. recently noted that, relative to the previous year, the company’s operating net cash flow increased, yet cash as reported on the balance sheet declined. Which of the following factors could explain this situation?a. The company sold a division and received cash in return.b. The company cut its dividend.c. The company made a large investment in a new plant.d. The company issued new long-term debt.e. The company issued new common stock.

Which of the following statements is CORRECT?a. The NYSE does not exist as a physical location; rather it represents a loose collection of dealers who trade stock electronically.b. An example of a primary market transaction would be your uncle transferring 100 shares of Wal-Mart stock to you as a birthday gift.c. Capital market instruments include both long-term debt and common stocks.d. If your uncle in New York sold 100 shares of Microsoft through his broker to an investor in Los Angeles, this would be a primary market transaction.e. While the two frequently perform similar functions, investment banks generally specialize in lending money, whereas commercial banks generally help companies raise large blocks of capital from investors.

Most studies of stock market efficiency suggest that the stock market is highly efficient in the weak-form and reasonably efficient in the semistrong-form. Assuming these findings are correct, which of the following statements is CORRECT?a. Information you read in The Wall Street Journal cannot be used to select stocks that are likely to produce above-average rates of return.b. You have been tracking a stock's price over the past 6 months, and you note that this particular stock has tended to rise sharply immediately after it has fallen for three days. You can use this information to devise a trading strategy that will help you beat the market.c. If you apply financial analysis properly, you can use information provided in companies' annual reports to earn above-average returns.d. Even if you possess insider information, you cannot use this information to earn above-average returns because such information will already be reflected in stock prices.e. You notice that a company's stock price always seems to swing back and forth--whenever it by 10% or more, it seems to recover and to eventually exceed its former high. Since its price has fallen during the past 2 months, now is a great

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