Which of the following statements about Net Present Value （NPV） and Internal Rate of Return （IRR） is least accurate？
A. The NPV method assumes that all cash flows are reinvested at the cost of capital.
B. For independent projects if the IRR is the cost of capital accept the project.
C. For mutually exclusive projects you should use the IRR to rank and select projects.
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Scott Marsh is a research analyst for a brokerage firm following the computer industry. Joe Perry is Marshs former college roommate and is the head of technology for Mercury, a large software company.
A. Wait until the public announcement is made,then release a report explaining that he believes the company will make the release date;disclosing that one of the reasons for his opinion is Perry is a friend of his.
B. Produce his research report in two days based solely on the official announcement,not taking into consideration the information from Perry.
C. Wait until the public announcement is made,then releasing a report stating that he is sure that the company will make his release date,but not disclose the relationship with Perry.
Which of the following ratios would least likely measure liquidity？
A. Quick ratio.
B. Return on assets（ROA）.
Cash ratio.
According to the Standards of Practice Handbook, which of the following statements about fair dealing is least accurate？ The Standard relating to fair dealing:
A. States that members should treat all clients equally.
B. Pertains to both investment recommendations and investment actions.
C. Imposes a duty with respect to both clients and prospective clients.
Which one of the following items would most likely result in a permanent difference between pretax financial income and taxable income？
A. Tax Credit.
B. Warranty expense.
C. Depreciation expense.
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