If Firm A and Firm B are in the same industry and use the same production method, and Firm A’s asset turnover is higher than that of Firm B, then all else equal we can conclude（）
A. Firm A is more efficient than Firm B
B. Firm A has a lower dollar amount of assets than Firm B
C. Firm A has higher sales than Firm B
D. Firm A has a lower ROE than Firm B
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Which of the following statements regarding the NPV decision rule is FALSE（）
A. Reject projects with a NPV of zero, as accepting them is equivalent to reducing firm value
B. When faced with a set of alternatives, choose the one with the highest NPV
C. Accept those projects with a positive NPV, as accepting them is equivalent to receiving their NPV in cash today
D. Reject those projects with a negative NPV
Which of the following is NOT a reason why cash flow may not equal net income（）
Amortization is added in when calculating net income
B. Changes in inventory will change cash flows but not income
Capital expenditures are not recorded on the income statement
Depreciation is deducted when calculating net income
Which of the following adjustments to net income is NOT correct if you are trying to calculate cash flow from operating activities（）
Add increases in accounts payable
B. Add back depreciation
C. Add increases in accounts receivable
Deduct increases in inventory
Which of the following adjustments is NOT correct if you are trying to calculate cash flow from financing activities（）
Add dividends paid
B. Add any increase in long term borrowing
C. Add any increase in short-term borrowing
D. Add proceeds from the sale of stock
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