A company has a long-term "take or pay" commitment with its major supplier. When calculating the company’s financial ratios, a financial analyst should:（）
A. ignore the arrangement.
B. add the present value of the minimum future commitment to the company’s debt only.
C. add the present value of the minimum future commitment to both the company’s debt and assets.
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All of the following are required by fiduciaries under Standard Ⅲ (A) , Loyalty, Prudence, and Care, EXCEPT:（）
A. support the sponsor’s management during proxy fights.
B. act solely in the interest of the ultimate beneficiaries.
C. place the client’s interest before the employer’s interest.
Which of the following statements regarding capitalizing versus expensing costs is least accurate（）
A. Total cash flow is higher with capitalization than expensing.
B. Capitalization results in higher profitability initially.
C. Expensing results in higher income variability than capitalization.
Which of the following is least likely to be an incentive for structuring a lease as an operating lease instead of a capital lease（）
A. The period of use is short relative to the overall life of the asset.
B. The lessee is in a high tax bracket and the lessor is in a low tax bracket.
Corporate bond covenants contain specific covenants relating to financial policies that the company must follow.
Assume that there are no transaction costs and that securities are infinitely divisible, ff an 8 percent coupon paying bond (with semi-annual coupon payments) that has six months left to maturity trades at 97.54, and there is a zero-coupon bond with six months remaining to maturity that is correctly priced using a discount rate of 9 percent, is there an arbitrage opportunity（）
A. Yes, the coupon bond price is too low.
B. Yes, the coupon bond price is too high.
C. The coupon bond is not correctly priced but no arbitrage trade can be set up using the zero-coupon bond.
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