May 2021

Content
Global CNPI
Fundamentalist Part

PROPOSEDBY

Rodrigo Diniz Mendes

rodrigo-diniz-537a201b4

PROPOSEDFOR

Professional Investment Analyst

 Presentation
In this small material, the themes will be addressed
recurring in the global content exam for CNPI. The
Global content serves for the fundamentalist version
certification.

For whom it was made

The CNPI is the gateway for many aspirants.
to the financial market, especially professionals from
more analytical profile, but mainly for people who
would like to work with research houses or
investment recommendations, being a certification
very important for the area.

Reason
The aim of this material is to make public all
questions I studied when I prepared to be a
professional investment analyst, since the dissemination of
knowledge about this certification is still very
small, and in this way, I would like to help the next ones
professionals who would like to obtain such certification. Thus,
the document is a compilation of questions from the exam of
Global Content CNPI-APIMEC.

Topics
The exam consists of 9 topics of Analysis and Evaluations
of Corporate Finance, totaling a sum of 30
questions and 9 topics of Financial Accounting
Analysis of financial reports totaling a sum of
30 questions. Thus, the exam consists of 60 questions.

Análise de Avaliação de Ações e Finanças Corporativas (30 Questões)

1. Evaluation Models of Actions ............................................................................................................................................ 7 Questions
2. Analysis of Company Operations ................................................................................................................................. 4 Questions
3. Sector Analysis ......................................................................................................................................................................... 2 Questions
4. Foundation of Corporate Finance .............................................................................................................................. 6 Questions
5. Long-Term Financing Decisions ..................................................................................................................... 2 Questions
6. Short-Term Financing Decisions ...................................................................................................................... 3 Issues
7. Capital Structure and Dividend Policy ................................................................................................................... 2 Questions
[Link]ões e Aquisições ................................................................................................................................................................. 2 Questões
9. International Corporate Finance ...................................................................................................... 2 Questions

Financial Accounting and Financial Statement Analysis (30 Questions)

[Link]ções Contábeis ...................................................................................................................................................... 6 Questões
2. Preparation of Reports ......................................................................................................................................................... 4 Questions
3. Basic Conceptual Structure ........................................................................................................................................ 3 Issues
4. Cash Flow Statement ...................................................................................................................................... 2 Questions
5. Assets, Liabilities, Equity .................................................................................................................................... 5 Questions
6. Conversion of Financial Statements .......................................................................................................................... 2 Questions
7. Accounting Reports and Analysis of Financial Statements ................................................................................... 4 Questions
8. Analytical Instruments to Estimate Return ................................................................................................................... 2 Questions
9. ESG Issues in Fundamental Analysis ......................................................................................................................... 2 Issues

Any questions regarding the material, even the questions, can contact me on LinkedIn, and as soon as possible I will
 ❖ Evaluation Models of Actions. (7 Questions)
A stock pays an annual dividend of R$ 6.00. A growth rate of 5% per year is expected.
dividend value. The market interest rate is 14% per year. What would be the fair price of this stock?
A. R$ 50
B. R$ 60
C. R$ 66
D. R$ 70

2. A company with a return on equity (ROE) of 27%, required return (Ke) of 20%, and
a dividend payout ratio of 40% has an implicit dividend growth rate 'g' of
approximately:
A. 10.80%.
B. 12.00%.
C. 14.80%.
D. 16.20%

3. The price of a share is R$ 55.00. It pays a dividend of R$ 4.80 and it is expected that this dividend
will have an annual growth of 2.5%. According to the Gordon Model, the approximate required return by the
the market for this action is:
A. 10%.
B. 11%.
C. 12%.
D. 13%.

4. It is expected that a company will have an earnings per share of R$ 12.00 in ten years, a dividend payout of
50%, and an expected return of 11% per year. After this period, it is expected that the growth rate of
dividends fall to 4% per year in perpetuity and the P/E ratio is equal to 8. What is the terminal value of this?
action at the end of these 10 years using the Gordon model?
A. 75.15.
B. 89.14.
C. 96.00.
D. 52.45.

5. The Price/Earnings (P/E) ratio:

A. It is the most common measure to evaluate companies from different sectors, as it disregards the
differences in the accounting of depreciation between sectors.
B. It is the most common measure or multiple used to assess the attractiveness of a stock's price.
regarding the price of other stocks, in the short and medium term.
C. It is an index that shows the proportion of net profit that will be distributed to shareholders in the form
of dividends.
D. It is the stock price or quotation divided by the book value of the share.

6. With the results provided below, the VE/EBITDA ratio of this company is:
Revenue R$ 100,000,000.00
Expenses with suppliers R$ 60,000,000.00
Financial expenses R$ 2,000,000.00
Operational expenses R$ 10,000,000.00
Tax R$ 15,000,000.00
Depreciation R$ 5,000,000.00
Amortization R$ 3,000,000.00
Valor de mercado da empresa: R$ 300.000.000,00:
A. 15.00.
B. 13.63.
C. 10.70.
D. 10.00.

7. A company pays a dividend of $1.00 per share. An analyst predicts an annual growth of 10%
in the next 3 years, followed by a growth of 4% per year in perpetuity. The rate of return
required is 12% per year. The value of this share is:
$ 15,21.
$16.44
C. $ 17,30.
D. $ 18,68.
8. A company has a free cash flow for the shareholder of R$ 1000.00. If it forecasts a
10% growth in the first three, 8% in the next three, and then continuous growth in
perpetuity of 4%. Knowing that the required rate of return is 12%. What is the value of your assets?
approximately liquid?
A. R$ 15500,00
B. R$ 16000,00
C. R$ 16500.00
D. R$ 17000,00

9. It is expected that a company will have earnings per share of R$ 12.00 in ten years, and the P/E ratio will be equal
What is the value of the action?
A. R$ 96.00
B. R$ 98.00
C. R$ 94.00
D. R$ 92.00

10. The titles positioned graphically to the right and below the efficient frontier:
A. They are not good investments.
B. They are unattainable.
C. They are priced correctly.
D. They were indifferent.

11. The total risk is composed of:

A. Beta and non-systemic risk.
B. Systemic risk and Beta.
C. Non-systemic risk and Own risk.
D. Systemic Risk and Conjunctural Risk.

12. Diversification helps to mitigate which risk, and the financial market rewards which type of risk?
A. Non-systemic risk and Systemic risk
B. Systemic risk and Non-systemic risk
C. Non-systematic Risk and Specific Risk
D. Systemic risk and Specific risk

13. The CAPM is a model that:

A. Determines the price that an investor will pay for an asset, given its total risk level.
B. Projects diversifiable and non-diversifiable risks.
C. Explain return in terms of risk.
D. Determine the geometric return of a security.

14. Regarding overvalued securities, it can be stated that:

I. Expected return <Required return.
II. Return below the SML.
III. It must be sold short.
What is stated is correct only in:
A. I.
B. II and III.
C. I and III.
D. I, II and III.

15. Which alternative best corresponds to the Security Market Line:

A straight line that shows the equilibrium relationship between the amount of systematic risk and rates.
expected returns.
B. A straight line that shows the equilibrium relationship between the amount of unsystematic risk and
expected rates of return.
C. A curve that shows the equilibrium relationship between the amount of systematic risk and rates of
expected returns.
D. A curve that shows the equilibrium relationship between the amount of unsystematic risk and rates
expected returns.
The company ABC reported a profit of $2 million. The company plans to distribute in the form of dividends.
60% of the profit. The company's historical ROE is 16%. Based on the data presented, indicate what it will be.
the growth rate of profits in the next year:
A. 8.54.
B. 6.40.
C. 12.
D. 6.20.

17. If the company's debt/equity ratio increases due to taking on new debt
debts, your WACC will tend to:
A. Increase if there are taxes.
B. Decrease if there are taxes.
C. Increase if there are no taxes.
D. Decrease if there are no taxes

18. A stock has a required return rate of 15%, a constant growth rate of 10%, and
a dividend distribution rate of 45%. The P/E ratio of the stock should be:
A. 3.0
B. 4.5.
C. 6.0
D. 9.0

19. An analyst gathered the following information about a company:

Assuming a tax rate of 40%, what after-tax return rate should the company earn?
your investments?
A. 14.2%.
B. 13.0%.
C. 12.3%.
D. 10.0%.

20. Calculate the approximate P/E ratio of Company AAA that has a PAR of 5, a payout of 30%,
a dividend growth rate of 5% and a required return rate of 12%.
A. 4
B. 4,5
C. 5
D. 5.5

21. The net profit of company W was 2 million, and the company has 100,000 shares, a payout ratio of
30%, a dividend growth rate of 5%, and a required return of 14% by shareholders.
Given this data, what should be the price of W's stock according to the Gordon model.
A. 72
B. 70
C. 74
D. 71

22. The food sector has a sector Beta of 0.6 and the supermarket Vende Mais has an index of
Indebtedness 0.8. Knowing that the tax rate is 34%, what is the Beta value of the Hypermarket?
A. 0.90
B. 0.92
C. 1.10
D. 1.20
23. What is the best time to apply the use of the Price Sales Ratio in relation to the life cycle of
industry.
A. High growth
B. On restructuring
C. Of maturity
D. Of Decline

24. What is the difference between the Price Sales Ratio and P/E ratio, and which is more suitable for each type of investment?
sector or company.
One is analyzed by net revenue and the other by net profit, the former is suitable for
high growth companies and the second for companies in the same sector.
One is analyzed by gross revenue and the other by gross profit, the first is suitable for
companies with high growth and the second for companies in the same sector.
C. Both are excellent indicators to know if the stock is well valued in the market and should be
analyzed for stable growth companies, that is, mature
D. The first indicator measures how much profit the company needs to make to pay the stock price.
In years, the second indicator measures how much revenue the company needs to have to pay the price.
In terms of action over the years, both are suitable for any type of company.

25. A company has an Operating Profit of 15,500 reais and a WACC of 12%, knowing that the IR is
34% and its equity value is 2000 reais, its loans are 700 reais, 500 from suppliers and 250 from
other non-current liabilities. What is your approximate EVA?
A. 9900
B. 10000
C. 9800
D. 9700

26. Which of the alternatives below best corresponds to the MVA?

A. Net operating assets + Fixed assets
B. Market value - Book value
C. Indicates how much the company gains in value over time from the capital that the
Shareholders invested at its inception, not considering accounting values.
D. None of the above options

27 Regarding systematic risks, we can say that:

A. It can be reduced with asset diversification
B. The study of macroeconomic variables may have more effect in reducing systematic risk than
asset diversification
C. It is known as diversifiable risk
D. It can be completely eliminated by purchasing all market assets.

28. EBITDA (in Portuguese, Earnings Before Interest, Taxes, Depreciation, and Amortization)
show
A. The result generated by the company's operation, also considering Revenues and Expenses
Financial
B. The result generated by the company's operation, without the influence of non-operational factors,
like Financial Income and Expenses
C. The nominal profit of the company, without considering taxes and financial effects
D. The operating profit, considering the depreciation of tangible assets

29. The formula for EVA (Economic Value Added) is given by:
A. Gross Operating Result minus the cost of capital (own and third-party)
B. Net Operating Result minus the cost of capital (equity and third-party)
C. Gross Operating Result minus the cost of third-party capital
D. Net Operating Result minus the cost of equity

30. The P/B ratio (price per share/book value per share) is widely used in analysis.
fundamentalist to help the investor verify, EXCEPT:
A. If the profit generated by the company is consistent with the investment it made.
B. If the price of a stock is expensive or cheap
C. How much the market is willing to pay for the stock - more or less - than its value
patrimonial by action
If it is above 1, the market is paying more for the stock price than its VPA.
31. The Cash Flow to the Shareholder, also known by the acronym FCFE, needs to be
discounted
A. For the payment of taxes
B. By the cost of equity (capital coming from the partners)
C. By the cost of third-party capital (capital coming from banks, for example)
D. Both for the cost of equity and for the cost of debt (WACC)

32. The discounted cash flow for the shareholder is equal to:
A. Valor de mercado da companhia mais o seu valor presente líquido
B. Market value of the company, only
C. Market value of the company + Total debt
D. Company's market value + net debt

33. The Free Cash Flow to the Firm, known by the acronym FCFF, has the following characteristics,
EXCEPT:
A. Consider the company's cash flow to be distributed among shareholders in the form of interest.
the dividends.
B. Part of the operating profit after taxes paid must consider the weight of equity and
of third parties (WACC)
C. it is necessary to consider the weight of equity and third-party capital (WACC)
D. is used to determine the value of the company

34. To calculate the Discounted Dividend Model (DDM), it is necessary to have

A. The cost of equity only
B. Expected future dividends only
C. Current dividends only
D. The cost of equity and expected future dividends

35. The leveraged beta is the company's beta considering its capital structure, which, in practice,
it involves considering your level of financial leverage. To calculate the leveraged Beta, it is necessary to
ter:
A. The unlevered beta and the tax rate on income, only
B. The unlevered beta, the debts (non-operating liabilities) and the company's equity
C. The debts (non-operational liabilities) and the equity of the company, only
D. The unleveraged beta, the debts (non-operational liabilities), the tax rates applicable to
income and net worth

36. The relationship between the tax benefit for a company and its level of leverage can be expressed
for.
A. As a rule, the expenditures for the remuneration of creditors will be offset by benefits.
fiscal after the determination of LAJIR
B. As a rule, the use of third-party capital by a company generates a saving for it in
occurrence of the tax benefit;
C. As a rule, the use of a company's own capital generates a savings for it in
due to the tax benefit;
D. None of the above options expresses the relationship between the tax benefit and the level of
leverage

A company has a financial leverage of 1.5, knowing that its ROA is 15%, and its
The payout is 40%, what is the value of the sustainable growth of the company 'g'?
A. 15%
B. 13.5%
C. 14.5%
D. 14%

The dividend payout ratio of a company is 0.70 and its return on equity is 5.
It can be stated that the dividend growth rate of this company is:
1.5%
B. 3.5%
C. 4.5%
D. 5%
39. Considere os seguintes dados de uma empresa: Lucro por ação= $ 40 Taxa de crescimento = 0,02 Ke
=0.10 ROE= 0.08 The dividend payout (profit distribution rate) of this company, according to the model of
Gordon is:
A. 0.00.
B. 0.75.
C. 1.00.
D. 0.25.

40. The EV/EBITDA is a multiple that: I. Shows in how many years the cash generation recovers the
investment in the company's shares and pays off the company's net debt. II. The smaller, the more
the company is attractive at market prices, relative to its gross cash generation. III. The multiple
P/L is more suitable than EV/EBITDA when comparing companies from different countries because it disregards
differences in accounting criteria. What is stated is correct only in:
A. II.
B. III.
C. I and II.
D. I, II and III

41. The XYZ stock has a current dividend of R$1.75 that has been growing at 8%. If the stock is sold for
R$100 and an investor demands a return rate of 10%, would he buy the stock at the current price?
A. Yes, because the stock is a good buy based on the risk-return relationship.
B. Yes, because the stock is undervalued based on the dividend growth model.
C. No, because the action is not a good investment based on the risk-return relationship.
D. No, because the stock is overvalued based on the dividend growth model.

A dividend of R$ 8 per share is expected one year from now for the shares of company X.
shares are being correctly traded at R$ 200. The market assumes that the dividend will grow at a
annual perpetual rate of 5%. The required return rate by the market for this stock is:
A. 4%
B. 5%
C. 7%
D. 9%

43. The premises of the Constant Dividend Growth Model (Gordon) are: I. Dividends will grow
at a constant rate. II. The company's profits will grow at a constant rate. III. The rate of return
The investor's required return is fixed and determinable. What is stated is correct only in:
A. I.
B. II.
C. II and III.
D. I and III.

44. An investor analyzed the indicators of various stocks and prepared the following summary about one of them.
recommended actions, the action of company X:

YEAR Preço(R$) P/L LPA (R$) g(%)

XO 125,00 12.5 10.00 15.60

Where: P/L = estimated price-earnings ratio for the current year XO LPA= earnings per share for the current year
g = rate of growth of net profit, each year, starting from year XO until year X5. Based on this
information, the P/E ratio of year 5 will be:
A. 10.8
B. 8.1
C. 7.0
D. 6.1

45. An investor wants to add stocks to his portfolio. He requires a return rate of 10% and is
considering the following actions:

ACTION A B C

Annual Dividends R$4.50 R$2.75 R$1.25

g 5% 9% 7%

Market Price R$80.00 R$250,00 R$35.00

Using the dividend discount model, the most suitable stock for this investor is the stock:
 A. A because it has the highest dividend
B. A because the market price is undervalued by the greater amount.
C. B because it has the highest growth rate of the three stocks.
D. C because it is undervalued by the largest percentage.

A company has an expected retention ratio of 40% and its growth rate is
projected at 4% per year in the foreseeable future. If the required rate of return for the stocks of this company
is 12% per year, your P/E ratio will be:
A. 5.0
B. 5.2
C. 7.5
D. 7,8

The market price of a certain stock is R$ 60.00. In 1 year, the expected price for this stock
é de R$ 68,40. Sabendo que ela pagará dividendos de R$ 1,20 em um ano, qual é o seu dividend yield?
A. 1.7%
B. 2%
C. 2.3%
D. 2.7%

48. A company presents:

- Net Operating Profit After Tax - NOPAT = R$ 5.000.000,00
Earnings Before Interest, Taxes, Depreciation and Amortization - EBITDA = R$ 7,000,000.00
- Capital Operacional Líquido = R$ 30.000.000,00
- Custo de capital = 17%
When calculating the Economic Value Added - EVA, it can be stated that this company:
A. It creates additional economic value because the EVA is positive.
B. It creates additional economic value because the EVA is negative.
C. It does not create additional economic value because the EVA is negative.
D. It does not create or destroy additional economic value because the EVA is zero.

49. A company has R$ 100,000 in third-party capital and R$ 300,000 in its own capital. Assuming that
the cost of equity is 20% per year and that of third-party capital is 15% per year, and that the company is
framed in the 40% Income Tax rate, its Weighted Average Cost of Capital (WACC) at
what will be of:
A. 14.5%
B. 16.5%.
C. 17.25%
D. 18.75%

In January 2005, an analyst from Brokerage C developed projections for the results of 2005 for the
Company W starting from the disclosure of the 2004 balance sheet. Use the results of these projections, as well as
some information from the referred balance sheet to calculate the requested market indicators. Disregard the
decimal places and round, if applicable.
Receita Líquida 7.500 Lucro Operacional 2.000 Depreciação 500 Lucro Líquido 1.500
Net Debt 5,000
Patrimônio Líquido 7.500 Nº de ações: 160 milhões Cotação da ação jan/05: R$ 65
The values of VE/EBITDA proj.05; P/L proj. 05; P/VP(%) and EBITDA Margin (%) are respectively:
A. 4; 5; 72 and 20
B. 4; 7; 39 e 33
C. 6; 5; 39 and 33
D. 6; 7; 39 and 33

51. Suppose the risk-free rate is 10%, the expected return of a stock is 25% per year and the
market return 17.5%. The leveraged beta of the company's shares, if it had a structure
of capital with 16.6% of debts, in a universe with a tax rate of 30% would be:
A. 1.50
B. 1.75
C. 2.00
D. 2.25

52. Companies with high growth rates:

A. They have a decreasing dividend rate.
B. They tend to pay lower dividends.
C. They have a high payout.
D. They have a high dividend rate.
53. Use the data below for the next two questions:

Based on the information above, the free cash flow to the firm in year X1 will be:
A. 400.
-750.
C. -950.
D. -980.

54. Based on the information above, the free cash flow for shareholders in year X1 will be:
-250.
-348.
C. -652.
-848

55. Based on the information below, the Economic Value Added (EVA) of the company below is:

A. 400.
B. 500.
C. 600.
D. 800.

56. Given the following information about a company's capital structure and a tax rate of
Tax of Income of 40% o yours Cost Medium Weighted of Capital Weighted Average
é: Cost of Capital (WACC)

A. 7.8%.
B. 8.4%.
C. 9.6%
D. 6.7%

57. A company presents a Dividend Yield (DY) of 3% and a P/E ratio of 15. One can deduce that its
Dividend Payout (PY) is equal to:
A. 3%
B. 5%
C. 15%
D. 45%
58. Regarding the price/book value ratio, it can be stated that:
A. It is very useful in the case of companies in the new economy, such as technology.
B. It is more useful in the tangible asset segment.
C. Captures all the intangible assets of the company.
D. Does not provide information about the company's dividend policy.

59. A company has a dividend payout of 40%, the dividend yield for the next year is 5%, and the rate of
the growth of dividends is 5%. In this case, the value of the P/E ratio will be:
A. 10.
B. 12.
C. 16.
D. 8.

60. Regarding price multiples, it can be stated that:

A disadvantage of the price/book value ratio is that it is not an appropriate measure for
firms that have many liquid assets.
B. The price-to-cash-flow ratio should be used when there is only a clear definition.
for cash flow.
A benefit of the price/sales ratio is that it is useful for companies in difficulties
financial.
One advantage of the P/E ratio is that it has few limitations.

61.A share costs R$55.00 today and will pay a dividend of R$4.00 in one year. The required rate of return
the market for this action is 14%. With this data, one can state that the growth rate of
dividends paid by this stock will be approximately:
A. 5.7%
B. 6.7%.
C. 7.7%.
D. 8.7%

62. A company has just paid a dividend of $10 per share. An analyst estimates a rate of
dividend growth of g1=0.04 for the first year and g2=0.03 for the second and g3=0.05 for the
third year. Assuming that after the third year the company goes bankrupt, the price of a share, if the rate
the discount (constant over time) is k=0.08, it will be:
$24.77
B. $ 27,74.
$31.68.
D. $ 23,10.

63. The following data relates to an ordinary share: • It will not pay dividends for two years. • The
The dividend three years from now is expected to be worth $1. Dividends are expected to grow at a
7% rate starting from the 3rd year. If an investor requires a 17% return on this action, they will be
willing to pay for it today
$7.30
$10.00.
$6.24
$8.50.

64. The factors that directly affect a company's P/E ratio according to the model of
constant growth are: I. The required return rate for the stock. II. Dividend growth rate.
III. The expected interest rate on the company's debt securities. What is stated is only correct in:
A. I and II.
B. II and III.
C. I and III.
D. I, II, and III.

65. Use the following information to determine the value of a company's common stock: • Rate
esperada de payout de dividendos de 45%. • Taxa esperada de crescimento de dividendos de 6,5%. •
Retorno requerido pela ação é 12,4%. • Lucro por ação esperado para o próximo anos é $3,25
$30.12
$24.80
$ 26.30
$27.25.
66. Given the following information, calculate the price/book value ratio. • Book value of
ativos = $ 550.000 • Vendas = $ 200.000 • Lucro Líquido = $ 20.000 • Índice payout = 30% • Fluxo de
Caixa Operacional = $ 40.000 • Preço por ação = $100 • Número de ações emitidas = 1.000 • Valor
patrimonial dos passivos = $500.000
A. 2.0X.
B. 2.5X.
C. 3.5X.
D. 5.5X.

The constant growth dividend discount model is usually more suitable in

evaluation of a company's action:
A. With accelerated growth.
B. New that will retain all profits for several years.
C. Mature with moderate growth.
D. Madura with oscillating growth.

68. It is a disadvantage of the price/sales (P/S) ratio in stock multiple valuations:

A. It is difficult to capture the effects of changes in pricing policies through the P/V index.
B. The P/V multiple is more volatile than the (P/L) multiple.
The use of the P/E multiple may not capture associated issues such as cost control.
D. Assume that the profits are perpetual.

69. From one year to another, only the amount of a company's depreciation expenses increased. In that
In this case, what can we affirm about Free Cash Flow (FCF):
A. Increased.
B. Decreased.
C. It has not changed.
D. We cannot assert.

70. The financial reports of a company show the following information: EBIT $2,000,000
Vendas $16.000.000 Despesa de Juros $900.000 Ativos Totais $12.3000.000 Patrimônio Líquido
$7,000,000 Tax rate 35% Dividend payout 28% Based on this information, the rate of
the sustainable growth of this company is:
A. 8.82%.
B. 10.63%.
C. 7.35%.
D. 9.66%.

71. Based on the information below, the ROE of this company is:
Lucros antes de Impostos = 18% Patrimônio Líquido = 40% Ativos Circulantes = 60% Passivos
Circulantes = 30% Vendas = $300 Ativo Total = $1.400
A. 18.0%
B. 5.0%.
C.9.6%
D. 12.0%

72. A company is estimating its WACC (weighted average cost of capital). The capital structure
The company's equity consists of 10% preferred shares, 30% debt, and 60% equity.
they can sell additional bonds at a rate of 8%. The cost of issuing new preferred shares is
12%. The company can issue new shares of ordinary stock at a cost of 14.5%. The marginal rate of
The company tax is 35%. The WACC of this company is approximately:
A. 13.3%.
B. 12.3%.
C. 11.5%.
D. 10.3%.

73. Which of the following events will reduce a company's weighted average cost of capital (WACC)?
An increase in expected inflation.
B. A downgrade in the company's title rating.
C. A reduction in the market risk premium.
A reduction in the tax rate.

74. The following information is related to the ABC company: • A debt/equity ratio
target of 0.5 • Titles that currently yield 10% • It's a company in constant growth that just ended
to pay $3.00 in dividends • Shares are being sold at $31.50 per share and have a rate of
growth of 5% • The marginal tax rate is 40% What is the cost of capital of ABC after taxes?
 A. 10.5%.
B. 11.0%.
C. 12.0%.
D. 12.5%

75. Using a discounted dividend model, determine the value of a stock that paid its last
dividend of $1.50. Dividends are expected to grow by 6% indefinitely, the expected return of
The market is 12% and the stock's beta is 0.8. The risk-free rate of return is 5%.
$26.50
$32.61.
$33.50
$34.57.

76. The company's management is considering a change in the profit distribution rate.
(payout ratio). If the payout ratio increases, and if we use the Gordon model with a rate of
constant growth, the price of these shares:
A. Increase.
B. Decreases.
C. Remains the same.
More data is needed to respond.

77. The index that indicates how much of a premium the company's shareholders are obtaining in relation to their
investments are called:
A. Return on Assets.
B. Return on equity.
C. Liability on equity.
D. Asset on equity.

78. A company shows EPS = $40, ROE = 0.10 and retains 25% of profits. In this case, the rate of
the growth of your dividends will be:
A. 1%.
B. 2%.
C. 2.5%.
D. 4%.

79. It is expected that a stock priced at $22.50 today will pay dividends in one year of $2.50 per share. The
the long-term dividend growth rate is 8%. The cost of equity is closer to:
A. 15.6%
B. 17.6%
C. 18.0%
D. 19.1%

80. The company Saquarema SA presented the following accounts at the end of the X1 fiscal year: Result of
Lucro (após IR): R$ 100.000 Investimentos: R$ 37.500 Capital de Giro Líquido: R$ 22.740 Depreciação e
Amortização: R$ 31.200 A Partir desses dados, o Fluxo de Caixa Livre dessa empresa é:
A. R$ 39.760.
B. R$ 54,040.
C. R$ 70,960.
D. R$ 83,560.

81. Calculate the value of an ordinary share using the Gordon model, which had its last dividend
If the required rate of return on the stock is 14% and the expected growth rate of dividends is $2.00
The return is 6%. The value of the stock is approximately:
A. $ 27,00
$ 26.50
C. $25.00
$24.00

82. A stock has a beta of 0.6 and an expected price in one year of R$ 29.00. Its current price is R$
26.00 and will pay dividends of R$ 2.00 for the next year. The expected market return is 8% and of the asset
risk-free rate of 5%. I. The expected return of the stock is 8%. II. The stock is currently overvalued. III. The
the fair price of the stock, according to the CAPM, would be R$ 29.02. What is stated is correct only in:
A. I and II.
B. II and III.
C. I and III.
D. III.
What is the dividend yield of a stock that year after year distributes 30% of the earnings in the form of
dividends and has a projected Price/Earnings ratio of 8x?
A. 240%.
B. 2.66%.
C. 3.75%.
D. 8.75%.

84. The approximate value of the expected growth of dividends of a company that has the following
características será: o Retenção do lucro = 40%; o Retorno sobre os ativos = 15%; o Giro dos ativos =
2.5; or Equal proportion between debt and equity;
A. 6%
B. 12%
C. 15%
D. 30%

85. Consider the following data from a company: LPA = 50 Payout Ratio = 0.7 ROE = 0.10 The Rate of
the growth of this company's dividends is:
A. 3%.
B. 4%.
C. 5%.
D. 7%.

A firm has a ROE of 18%, a dividend payout ratio of 70%, required return of 16%.
will pay a dividend in one year of R$ 1.00. The current price of its share is closest to:
A. $5.55.
$6.60
$ 9.43
$9.95

87. In a debt-free company (not leveraged):

A. FCFF = FCFE
B. FCFF > FCFE
C. FCFF < FCFE
D. FCFF = FCL

88. EBITDA represents:

A. an approximation of the company's free cash flow.
B. the company's working capital requirement.
C. the company's operating result.
D. an approximation of the company's operating cash flow.

89. Regarding the leveraged beta, it can be stated that:

A. Consider the effects of the company's capital structure.
B. Consider only the company's equity cost.
C. Disregards the taxes paid on the interest paid to the company's creditors.
D. Disregards the company's financial leverage.

90. To arrive at Free Cash Flow to Equity starting from Free Cash to the Firm, it is necessary:
A. Sum the cost of the net Debt of Taxes and add the variation in the principal of the debt.
period.
B. Subtract the cost of net debt from Taxes and add the variation of the principal debt.
period.
C. Subtract dividends and/or share buybacks.
D. Add dividends and/or share buybacks.

91. The P/E ratio indicates:

A. The discounted future cash flow of the company.
B. The dividend per share rate
C. Time required, if the current conditions are maintained, to recover the investment.
D. The average return of the stock.

92. A stock pays an annual dividend of R$ 3.00. A growth rate of 4% per year is expected.
value of the dividend. Given a market interest rate of 10% per year, the fair price of this stock is:
A. R$ 42.
B. R$ 45.
C. R$ 52.
 D. R$ 55.

93. Consider the discounted dividend model, determine the value of a stock that paid last year
the dividend in the amount of R$ 2.00. The expected dividend is 7%, the expected market return is
13%. The Beta is 0.7 and the Risk-Free Rate is 6%:
A. R$ 54.87.
B. R$ 55.87.
C. R$ 53,87.
D. None of the alternatives.

94. A company has an ROE of 15% and a dividend payout ratio of 80%. If the dividend paid in the year
the past was $0.80 and the required ROE is 10%, the estimated dividend growth rate for the firm and the
the current price of your share is respectively:
A. 12.00% and $11.77.
B. 3.00% and $9.96.
C. 3.00% and $11.77.
D. 12.00% and $9.96.

95. A company will pay dividends of R$ 2.00 in one year. Considering that the rate of return
required for this company is 20% and the annual dividend growth rate is 5%, the fair price of
the action will be:

A. R$ 10.00.
B. R$ 12.00.
C. R$ 13.33.
D. R$ 14.00.

96. The most suitable index for evaluating parts of a large conglomerate is the index:
A. Price/ profit.
B. Price/ Sales
C. Price/book value.
D. VE/ EBITDA

97. A company has $100 in equity and $300 in third-party capital. The company recently
I issued bonds at a rate of 9%. The company's beta is 1.125, the risk-free rate is 6%, and the expected return on
market is 14%. Assume that the company is at its optimal capital structure and the tax rate is
the company is 40%. The WACC of this company is:
A. 5.4%.
B. 6.6%.
C. 7.8%.
D. 8.6%.

98. Company with leverage equal to 2 and Return on Assets (ROA) of 15% paid 40% of its
profits in the form of dividends. What is the potential growth rate for the dividends of this company?
A. 15%
B. 18%
C. 20%
D. 40%

99. Which of the options below defines a multiple evaluation criterion:

A. The value of assets is calculated taking into account the value that the market assigns.
based on assets of other similar companies with the aim of pricing the value of the
company.
B. The value of the assets is based on the past value of the company.
C. The multiples are calculations by quarters carried out for determining results and performance of the
company
D. The value of the assets is calculated taking into account the value that the market assigns.
based on the company's own assets.

100. A company has free cash flow to the shareholder of R$ 1 real. A growth is predicted of
12% in the first three, 8% in the next three, and then continuous growth in perpetuity of 4%.
Knowing that the the required rate of return is 10%. What is the value of your net worth
approximately?
A. 21.5
B. 22.5
C. 23.5
D. 24.5
 Analysis of Company Operations. (4 Questions)
1. With the data from the DRE below, what is the gross profit of the company.
Gross Revenue………………………………...R$500,000.00
Sales Expenses........................R$80,000.00
Cost of goods sold……………….R$200,000.00
Depreciation………………………………….R$50,000.00
Financial expense………………………..R$60,000.00
Income tax 35%

A. R$300,000.00
B. R$250,000.00
C. R$270,000.00
D. R$280,000.00

2. With the DRE data below, what is the company's net operating income.
Receita Bruta………………………………...R$500000,00
Sales Expenses............................R$80,000.00

Cost of goods sold……………….R$200,000.00

Depreciation………………………………….R$50000.00
Despesa financeira………………………..R$60000,00
Income tax 35%

A. R$85,000.00
B. R$75,000.00
C. R$71500,00
D. R$73500,00

3. When performing a Horizontal Analysis (HA) on the elements present in the main financial statements
financial, it is being sought:
A. Check if the elements are described correctly over time
B. Check if the elements have increased or decreased compared to previous periods
C. Compare the same exercises, however, with different elements.
D. None of the above options

4. Vertical Analysis (VA) is used for:

A. Verify the percentage of participation of a certain indicator in the results
B. Unlike Horizontal Analysis, the lines of the statements are analyzed.
C. Measure percentage-wise how two components weigh in relation to the final result
D. None of the above options

5. The items 'Sales Revenue', 'Gross Margin', and 'EBITDA' are in the:
A. Demonstrative of Results of Exercises
B. Cash Flow Statement
C. Balance Sheet
D. Current Liabilities

6. EBITDA (in Portuguese, Earnings Before Interest, Taxes, Depreciation, and Amortization)
show:
A. The result generated by the company's operation, also considering Revenues and Expenses
Financial
B. The result generated by the company's operation, without the influence of non-operational factors,
like Financial Income and Expenses
C. The nominal profit of the company, not considering taxes and financial effects.
D. The operating profit, considering the depreciation of tangible assets

7. To calculate the Contribution Margin, two other variables (or elements of the
financial statement). They are:
A. Gross Margin and Fixed Expenses
B. Net Margin and Variable Expenses
C. Gross Margin and Variable Expenses
D. Net Margin and Fixed Expenses
8. The Contribution Margin indicates:
A. If the company's revenue can cover the total cost and fixed expenses
B. If the company's revenue can cover fixed costs and fixed expenses, even if the profit
be zero
C. If the company's revenue can cover fixed costs and fixed expenses and present
profit
D. If the company's profit is positive

9. In order to calculate a company's net profit, it is necessary to know:

A. Total revenue and fixed costs
B. The gross margin and fixed costs
C. The total revenue and fixed and variable costs
D. The gross margin and variable costs

10. Income statement of ABC company - End of year, December 31 of the current year:
The Price-Earnings (P/E) ratio on December 31 for ABC's ordinary share is:

A. 2.5
B. 5
C. 10
D. 15

11. The company's Net Operating Result below is:

A. R$ 3,800.00
B. R$ 5,300.00
C. R$ 6,800.00
D. R$ 7,800.00
12. The Financial Report of a Brazilian company shows the following data:

Based on this information, the company's EPS is:

$1.15
$2.75
$3.15
D. $ 3,25

13. Consider the information below obtained from the financial statements of the company Flores
S.A. and Rosas S.A. on a certain date:

The non-current liabilities of the company Flores S.A. amount to R $20,000.00.

The total third-party resources of the company Rosas S.A. is equal to R$ 14,400.00.
The net worth of the company Flores S.A. is equal to R $10,000.00.
The net profit reported by the company Flores S.A. was R $1,000.00.

A financial analyst conducts horizontal and vertical analysis of the main accounts of the financial statements.
financials of a fashion retailer. The results of the analyses are below.

Horizontal Analysis X1 X2 X3

Recipe 100 140 200

Gross Profit 100 117 117

EBIT 100 110 120

Stock 100 133 167

Accounts receivable 100 120 150

Suppliers 100 140 200

Vertical Analysis X1 X2 X3

Recipe 100 100 100

Gross Profit 30 25 18

EBIT 10 8 6

Stock 30 29 25

Receivables 10 9 8

Suppliers 20 20 20
I. The company's profitability margins, such as operating and gross margins, are declining. How the
the company's revenue is growing rapidly, the company may be reducing prices to
gain market.
The company is managing to improve working capital management, that is, it is managing to increase
the efficiency of the capital invested in working capital.
III. We cannot state whether the company's total assets increased during the three years, as
we do not have enough information.
It is correct what is set up only in:
A. II and III.
B. I and III.
C. I and II.
D. I, II and III.

15. A commercial company closes its fiscal year on December 31 of each year. On December 31 of
In 20X5, the deductions from the gross sales revenue of this company were R$ 15,000.00 and represented 5% of
gross sales revenue; and the cost of goods sold was 65% of net sales. The value of
the existing stock of goods, after the physical inventory, was R$ 19,000.00. The value of the revenues and
operational expenses, net, showed a debit balance of R$ 15,000.00. It can be stated that the
gross sales revenue, gross profit, and operating net profit are, respectively:
A. R$285.000,00; R$114;750,00; R$65.750,00.
B. R$300.000,00; R$99.750,00; R$84.750,00.
C. R$285.000,00; R$114.750,00; R$75.000,00.
D. R$300.000,00; R$90.000,00; R$75.000,00.

16. Keeping the totals of the sources and applications of resources constant, the higher the index of
the immobilization of equity will be the index of:
A. Return on equity
B. General liquidity
C. Debt structure
D. Inventory turnover

17. Consider that a company has fixed costs of R$ 850,000.00 per month and variable costs.
unit prices of R$ 35.00 each. This company set a sales target of 300,000 units.
represented 80% of maximum sales capacity, at the price of R$ 60.00 per unit. The Margin of
unit contribution is
A. R$ 15.00.
B. R$ 25.00.
C. R$ 27.00.
D. R$ 63.00.

18. In the last three years, company XYZ has achieved an increase in absolute operating profit, while the
The operating profit margin decreased. If the cost of goods sold remained the same, which of the
Which alternatives must be true?
A. Revenues and SG&A (selling, general and administrative expenses) are increasing.
B. The payment of interest and taxes is decreasing
C. The payment of interest and taxes is increasing
D. Revenues are increasing while SG&A (selling, general, and administrative expenses)
are decreasing.

19. The income statement of the company Touché sporting goods presents the highlights below:

A financial analyst conducts a horizontal analysis based on the year X1 and a vertical analysis of the highlights and
write the analysis results in a spreadsheet. What values did he obtain for the
EBIT for the year X3 in horizontal and vertical analysis respectively:
A. 100 and 100
B. 125 and 51
C. 51 and 125
D. 111 and 51
20. Use the information below to answer the next 3 questions:
A company has only loans with maturities longer than one year. In long-term liabilities
there is no deadline other than loans. Other company information is provided below.

Yes X1

Debt Burden/Equity 50%

Total assets 1000

Long-term Payable 300

Current Assets 150

Stock 50

The current liquidity ratio of this company is:

A. 21.4%.
B. 27.3%.
C. 100%.
D. 150%.

21. The company's quick ratio is:

A. 21.4%.
B. 27.3%.
C. 100%.
D. 150%

22. The ratio of current liabilities to total liabilities is equal to:

A. 10%.
B. 12.5%.
C. 25%.
D. 50%.

23. A margem EBITDA da empresa abaixo é: Receitas = R$ 10.000 Lucro líquido = R$ 4.200 Impostos =
R$ 700 Depreciação = R$ 150 Juros = R$ 400 Amortização = R$50
A. 42%.
B. 49%
C. 51%.
D. 55%

24. Uma companhia reporta os seguintes dados em suas Demonstrações Financeiras: EBITDA = 25%
Desp. Financeiras = 5% Alíquota de IR = 35% Receita de Vendas = $ 1000 Lucro na venda de Imobilizado
= $ 30 Custos de Manutenção = $ 10 Lucro Líquido = $ 130. A Despesa de Depreciação e Amortização -
The DDA of the period is approximately:
A. Zero
B. $ 26.12
$30.77
$ 46.15

25. Calculate the EBITDA of the company XPTO given the following information: Net income = R$ 4,200
Impostos = R$ 700 Depreciação = R$ 150 Juros = R$ 400 Amortização = R$50
A. R$ 4,200.
B. R$ 4,900.
C. R$ 5,150.
D. R$ 5,500.

26. To calculate the interest coverage ratio, one must divide which numerator by the expenses of
interest?
A. Operating profit.
B. Net profit.
C. LAIR.
D. Net sales.
27. Consider the following information from a company ’s income statement: Profits before taxes: 18%
Patrimônio Líquido 40% Ativos Circulantes 60% Passivos Circulantes 30% Sales $300 Ativo Total $1.400
The total leverage ratio of this company is:
A. 1.0.
B. 1.5.
C. 2.0.
D. 3.0

28. The main difference between the Current Liquidity index and the Quick Liquidity index is that the liquidity index
excludes seca:
A. cost of goods sold.
B. assets.
C. stock.
D. Box.

29. The operating profit of a company is $100,000, the interest expense is $25,000, and profit before
Taxes are $75,000. The interest coverage ratio of this company is:
A. 4 times.
B. 3 times.
C. 2 times.
D. 1 time.

30. An industrial company will have better liquidity than its competitors if comparatively
I. Highest turnover of accounts receivable II. Lowest average balance of suppliers III. Lowest index of
dry liquidity It is correct what is stated only in:
A. I
B. II
C. I and II
D. III

31. With the results provided below, the EBITDA of this company is: Revenue R$ 100,000.00 Expenses
com fornecedores R$ 70.000,00 Despesas financeiras R$ 4.000,00 Despesas operacionais R$ 12.000,00
Imposto R$ 15.000,00 Depreciação R$ 4.000,00 Amortização R$ 2.000,00
A. R$ 12,000.
B. R$ 18,000.
C. R$ 20,000.
D. R$ 24,000

32. An index used to measure a company's performance is:

A. Asset Turnover.
B. Degree of indebtedness.
C. General liquidity index.
D. Interest Coverage Ratio

33. A company has a net profit of R$ 5,000 and must pay 25% in taxes. It is known that in the period
she paid R$80 in financial expenses and that the expenses with amortization and depreciation were R$230
What is the approximate value of EBIT for this year, given that they are R$130 respectively? Data in thousands of reais.
A. R$ 3.830
B. R$ 6,746
C. R$ 6,666
R$ 7,106

34. A company has a net profit of R$ 4,985 and must pay 25% tax. Knowing that in the period
she paid R$ 78 in interest and that the expenses with amortization and depreciation were R$ 230 and R$ 127
respectively, what is the approximate value of EBITDA for this year? Data in thousands of reais.
A. R$ 4,985
B. R$ 6,647
C. R$ 6.725
D. R$ 7,082

35. About horizontal and vertical analysis: I - In order to analyze the evolution of the gross and net margin of
a company, we can perform a vertical analysis of the income statement. II - In order to analyze
the growth of revenue and net profit compared to a base year, we can perform an analysis
horizontal of the balance sheet. III - In the horizontal analysis, we use as a base 100 the statements
financials of a specific year. In vertical analysis, we use net revenue as 100% or the
total asset of each year.
A. II and III
B. I and III
C. I and II
D. III

36. The company is considered more solvent if it has:

A. Low leverage and low interest coverage ratio.
B. Low leverage and high interest coverage ratio.
C. High leverage and high interest coverage ratio.
D. High leverage and low interest coverage ratio.

37. Os Relatórios Financeiros anuais de uma empresa refletem as seguintes informações (valores em
thousands of reais)

The debt ratio and the interest coverage ratio of this company are respectively:
A. 0.25 and 2 months.
B. 0.75 and 2 months.
C. 0.75 and 24 months.
D. 0.25 and 2 years.

38. Consider the balance below:

Active Passive

Cash: 10,000.00 Fornecedores:63.000,00

[Link]: 90,000.00 Capital Social:37.000,00

The participation of third-party capital in the company is:
A. 0.63.
B. 1.70.
C. 0.70.
D. 0.37.

39. The company Elefante Colorido presented the information below in its Income Statement
Exercício (DRE) do ano de 2019: Receita Bruta R$ 131.000,00; Receita Líquida R$ 114.000,00; Lucro Bruto
R$ 61,600.00; Operating Profit R$ 56,000.00. Considering only these accounting records, the Cost
the Cost of Goods Sold (COGS) for the year 2019 was:
A. R$ 69.400,00.
B. R$ 58.000,00.
C. R$ 52,400.00.
D. R$ 17,000.00

40. A certain company presented the following information: EBITDA margin 80%; Net revenue
$800; Tributos sobre o lucro (IR e CS) 34%; Lucro líquido (após IR e CS) $165; Despesa financeira $300.
Based on the information from the DRE, what is the depreciation amount for the period?
$ 550.
B. $640.
$90.
D. $85.
41. The privately held large company F presented the following information, in thousands.
of reais, when the accounts of the income statement for the fiscal year are closed on December 31
2016. Custo das mercadorias vendidas 2.600; Despesa de depreciação 60; Despesas com vendas 240;
Despesas financeiras 175; Despesas administrativas e gerais 300; Imposto de renda e CSLL (do exercício)
37%; Net sales 4,000. Considering the information received, the corporate law for the preparation of
demonstration of the results of the exercise of 2016 and conceptual technical analysis procedures of
balance, the EBITDA, on 12/31/2016, in thousands of reais, is
A. 860.
B. 800.
C. 740.
D. 685.

42. The company Xarope Ltda. presents the following accounts related to the financial year's results.

Based on the above, consider the following statements:

The Net Sales Result will be R$ 4,700.00.
The Operating Profit Margin will be 23.80%.
3. The Gross Profit will be R $1500.00.
The Gross Profit Margin will be equal to 10.63%.

Select the correct alternative.

A. Only statement 4 is true.

B. Only statements 1 and 2 are true.
C. Only statements 2 and 3 are true.
D. Only statements 1, 2, and 3 are true.
 Sector Analysis. (2 Questions)
1. Given the calculation of Tobin's Q to analyze companies, according to it, which index of companies is worth
contribute new investments.
A. Q=1
B. Q<1
C. Q>1
D. Q=0

2. What does a Price Elasticity of Demand of 0.5 mean:

A. If the price rises by 1, the demand falls by the same amount.
B. It means that the good is elastic
C. If the price goes up 1, the demand goes up 0.5
If the price rises by 1, demand falls by 0.5.

3. For a product that has the supply and demand curves below, determine the approximate price of
equilíbrio. Qo= 20 + 10p Qd= 100 – 5p
A. R$ 5.00.
B. R$ 5.30.
C. R$ 5.50.
D. R$ 5.80.

4. If a good has elastic demand, a small percentage increase in price will cause:
A smaller percentage increase in the quantity demanded.
B. A greater percentage decrease in the quantity demanded.
A greater percentage increase in the quantity demanded.
A smaller percentage decrease in the quantity demanded.

5. Of the goods below, those that have a negative income elasticity are:
A. Substitutes
B. Inferiors
C. Luxury
D. Common

6. If the quantity demanded increases by 20% when the price falls by 2%, this good exhibits:
A. elastic demand, but not perfectly elastic.
B. inelastic demand, but not perfectly inelastic.
C. perfectly inelastic demand.
D. perfectly elastic demand

7. If the quantity demanded of a good increases by 20% when income increases by 2%, this good is a
(a):
A. Necessity.
B. Luxury good.
C. Well below.
D. Well substituted.

8. Considering that the price elasticity of demand is -2 and that the price of the product decreases by 5%, the
the quantity demanded will:
A. Decrease by 2%.
B. Increase by 5%.
C. Increase by 10%.
D. Decrease by 5%.

9. If the number of popsicles demanded increases from 19 to 21 when the price decreases from R$ 1.50 to R$
0.50, the price elasticity of demand is:
-5.
-0.2
C. -0.1.
D. +5.
10. Consider a company in an oligopolistic market that believes its demand curve is
the product is more elastic above a certain price than below that price. This assumption
but is closer to the model of:
A. Dominant company.
B. Broken demand.
C. variable elasticity.
D. Firma subsidiária.

11. The type of market structure that has a large number of competitors and offers products
differentiated is called:
A. Perfect competition.
B. Monopolistic competition.
C. Oligopoly.
D. Monopoly.

12. When a firm operates under conditions of perfect competition, marginal revenue is equal to:
A. Price.
B. Average fixed cost.
C. Fixed variable cost.
D. Unit fixed cost.

13. Monopolistic competition is different from a monopoly in that:

A. Entry barriers in the market are high in monopolies but low in competition
monopolistic.
B. Monopolists maximize profits, monopolistic competition does not.
C. Monopolistic competitors are price takers and monopolists are not.
D. Monopolistic competitors have greater flexibility in choosing the prices of their products.

14. In a monopoly market there is:

A. Few companies influence the product price.
B. Few close substitute products available in the market.
C. A demand curve for the product is negatively sloped.
D. Impossibility of exercising price discrimination.

15. When oligopolists establish a partnership with another firm to set a higher price,
this is called:
A. Prisoner's dilemma.
B. High economic profits.
C. Game theory.
D. Coalition

16. What is the market structure that has a few companies that can affect the price.
A. Monopoly
B. Oligopoly
C. Monopsony
D. Monopolistic Competition.

17. Regarding the life cycle of industries, the following statements are made: I. In the decline phase, the
The growth of the industry is positive due to the entry of substitute products. II. During the
maturity of the industry tends to have price stability. III. In the growth phase, the
prices decline due to the onset of economies of scale. IV. In the embryonic period, it can be said that
the prices are low to compensate for the lack of knowledge about the product. Only the
affirmatives:
A. I, II, and III.
B. II and IV.
C. I and III.
D. II and III.

18. The following statements are made about stocks: I. Growing companies tend to pay more
dividends that the average of the stocks. II. The profits of defensive companies tend to fall less than the average
in the economic downturn cycles. III. Cyclical companies have their profitability strongly tied to the cycles
economic. Only the statements are correct:
A. I, II and III.
B. I and II.
C. I and III.
D. II and III.
19. Characteristics of a perfectly competitive market: I. The company sets the price. II. Products
similarities between competitors. III. The companies are small. What is stated is correct only in:
A. I and II.
B. II and III.
C. I and III.
D. I, II and III.

20. When the quantity supplied of a good decreases, there is:

A shift in the supply curve to the left.
B. a reduction in the equilibrium price.
C. an increase in the quantity demanded.
A shift of the demand curve to the left.

21. An oligopoly market has:

A. Low entry barriers.
B. Reduced scale economy.
C. An atomized market.
D. Great interdependence among firms

22. Income elasticity is defined as the percentage variation in:

A. quantity demanded divided by the percentage change in income.
B. income divided by the percentage change in quantity demanded.
C. quantity demanded divided by the percentage change in the price of the product.
D. income divided by the percentage change in the product price.

23. Consider the following statements regarding the price elasticity of demand: I. The demand is
considered elastic when the elasticity is greater than 1, which means that the quantity varies
proportionally more than the price. II. Demand is considered inelastic when the elasticity is
less than 1, which means that the quantity varies proportionally less than the price. III. How much
the more horizontal the demand curve passing through a certain point, the lower it will be
price elasticity of demand. IV. The more vertical a demand curve that passes through
At a certain point, the price elasticity of demand will be greater. What is stated in is correct:
A. I, II, III and IV.
B. I and II only.
C. III and IV, only.
D. I and III, only.
 Fundamentals of Corporate Finance. (6 Questions)
1. Considering the best practices of corporate governance, the best option among the executives
below to compose the board of directors of a consumer sector company would be:
A member of the board of a technology company.
B. a member of the board of a company supplier.
C. the brother of a company director.
D. the president's wife.

2. Which of the alternatives below is one of the objectives of Corporate Governance?

A. Make the company able to maximize its profits
B. Protect the entrepreneur with their best interests, so that they have the possibility to
for greater gains.
C. Clearly defined procedures and responsibilities, and accountability to overcome the
inherent conflicts of interest in the corporate form.
D. Ensure that your investors, through governance, can eliminate risks.

3. Who is the most suitable figure to chair a company's board? Consider the best.
corporate governance practices.
Independent executive.
B. chairman of the competitor's board.
C. president of the company.
D. company director.

4. Which of the difficulties below are not part of determining the NPV of incremental cash flow?
A. Sunk cost
B. Opportunity Cost
C. Erosion
D. All alternatives are correct.

5. How The sunk cost or irrecoverable cost must be analyzed in the decision-making of a
investment/project?
A. It should be considered if its cost is important
B. It should not be considered or should be ignored
It should be considered if its opportunity cost is close to that of the project.
D. It must be considered as it is part of the incremental cash flow of the project.

6. An investment project, with an annual IRR of 7%, will have a simple payback of:

A. 3.5
B. 3.7
C. 2.5
D. 2.7

7. Calculate the Net Present Value (NPV) of the cash flow below considering the interest rate of
3% a.m.:

A. R$ 9,211.17.
B. R$ 10,910.00.
C. R$ 11,211.17.
D. R$ 12.844,63.
8. An analyst gathered the following data on two projects, both with a required rate of return
from 12% per year. If the projects are independent, the company should:

A. Accept Project A and reject Project B.

B. Reject Project A and accept Project B.
C. Accept both projects.
D. Reject both projects.

9. O lançamento de um produto representou um custo na data de hoje no valor de R$ 2.500,00 e fluxos de

cash after taxes from year 1 to year 4 in the amount of R$ 650.00 each, and R$ 300.00 in year 5
up until year 7, inclusive. The residual value of the equipment in year 7 is R$ 200.00. Using the method of
NPV assessment, and a minimum attractiveness rate of 10% per year, this project is:
A. Feasible, because its NPV is R$ 189.23.
B. Viable, because its NPV is R$ 172.61.
C. Unfeasible, because its NPV is -R$ 172.61.
D. Unfeasible, because its NPV is -R$ 189.23

10. The company is considering the purchase of a copier that costs $5,000. Suppose that the rate of
{"required_return":"10%","cash_flow_schedule":{"year_1":"$3,000","year_2":"$2,000","year_3":""}}
Years: $2,000. The simple payback period of the project is:
A. 1.5 years.
B. 2 , 0 a n o s .
C. 2.5 years.
D. 3.0 years

11. The company is considering the purchase of a copier that costs $5,000. Suppose it has the rate
de retorno exigida é 10% e o seguinte cronograma de fluxos de caixa: · 1 ano: $ 3.000. · 2 anos: $ 2.000. ·
3 years: $2,000. The discounted payback period of the project is:
A. 1.4 years.
B. 2.0 years.
C. 2.4 years.
D. 2.6 years

12. A company intends to invest R$ 120,000.00 in a project that forecasts returns of R$ 30,000 in the 1st
yes, R$ 45,000 in the 2nd year, R$ 40,000 in the 3rd year and R$ 70,000 in the 5th year. Also anticipates an outlay of R$
15,000 in the 4th year. Considering a minimum attractiveness rate of 5% per year, then:
A. The company should make the investment.
B. The company should not make the investment, as it is only viable if the opportunity cost
for equal or
C. above 18.1% per year.
The company should only make the investment if the opportunity cost is 10.2% per year.
The company should make the investment only if the opportunity cost is 15.5% per year.

13. Which of the major areas of financial decisions made by the company will be concerned with identifying
What is the best long-term investment decision?
A. Capital Structure
B. Working Capital Management
C. Management of working capital
D. Capital Budget

14. A company is considering the purchase of a copier that costs $5,000. Suppose it has the
taxa de retorno exigida é 10% e o seguinte cronograma de fluxos de caixa: · 1 ano: $ 3.000. · 2 anos: $
2,000. · 3 years: $ 2,000. The project's profitability index is:
A. 0.72.
B. 1.18.
C. 1.72.
D. 1.86.
15. A company has its business with unused production capacity, what it has to take into account
account when doing your NPV.
A. Opportunity cost of non-productive capacity
B. Do not consider this capacity
C. You will have to analyze your incremental costs
D. You will have to assess the unused productive capacity.

16. A piece of equipment has an initial investment of R$ 500. After the first year, it generates R$ 100; in
second, R$ 150; in the third, an additional cost of R$ 100; in the fourth it generates R$ 200. At the end of 5 years,
he can sell this equipment for R$ 300. The company's opportunity cost is 10%. In
regarding the project, the manager:
A. You must accept it, as its NPV is R$ 112.88
B. It must be accepted, as its NPV is R$ 37.37.
C. It should not be accepted, as its NPV is (R$ 37.37).
D. You should not accept it, as its NPV is (R$ 112.88).

17. When evaluating whether to continue a project or not, a company should consider sunk costs in
what situations?
A. Whenever these sunk costs are high.
B. When these sunk costs were capitalized on the balance sheet.
C. When these costs have been incurred but not yet paid.
D. None of the above.

18. A project can have multiple internal rates of return or IRRs when:
A. its net present value or NPV is negative.
B. There is a constant change in the sign of the expected cash flow over time.
C. or its cash flow is not reinvested at the same rate as the project ’s IRR.
D. None of the above.

19. The discounted payback of a project with the cash flows below, considering a rate of
a discount of 15% per year is:

Yes 0 1 2 3 4 5

Flow -30 10 10 10 10 10

A. 3.0 years.
B. 4.3 years.
C. 4.6 years.
D. 5.0 years.

20. A financial analyst estimated a negative IRR and a positive net present value NPV for a
project. Given that both the IRR and the NPV were estimated correctly, should the analyst or should not
recommend the project?
A. No, when in doubt it's better not to recommend.
B. No, TIR needs to be not only positive but also above the cost of capital.
Yes, in case of conflicting results between IRR and NPV, we should always use the NPV.
It depends, it's better to calculate the payback to break the tie.

21. It is not considered a practice of good corporate governance:

A. Good communication with investors.
B. Long-term compensation for executives.
C. Independent council.
D. Council formed by the company's employees.

22. The alternative below that best reflects a result of good corporate governance practices is a
increase
A. of the company's value.
B. in the president's salary.
C. on the compensation of the council.
D. long-term debts at the expense of short-term debts.

23. Which of the following statements about the payback period is incorrect?
A. provides an estimated measure of the liquidity and risk of a project.
B. Consider all cash flows throughout the entire life of a project.
C. is the number of years it takes to recover the original investment cost.
D. does not take into account the value of money over time.
24. If the Net Present Value (NPV) calculated is negative, which of the following alternatives
is it necessarily correct? The rate of return is:
A. Greater than the IRR.
B. Less than the TIR.
C. Lower than the market rate.
D. Greater than the market rate

25. We can define corporate governance as a set of:

A. Practices adopted in state-owned companies, specifically in mixed-economy companies and autonomous government agencies.
B. Results aimed at optimizing the performance of a company and protecting the
investors, facilitating access to capital.
C. Practices aimed at optimizing a company's performance by protecting all
stakeholders, such as investors, employees, and creditors, facilitating access to
capital.
D. Results obtained by companies in the social areas aimed at optimizing performance of a
company and protect investors, facilitating access to capital.

26. The good practices of corporate governance aim to:

A. Increase the value of the company, increase its financial cost, and contribute to its sustainability.
B. Increase the value of the shares, facilitate access to capital, and contribute to their sustainability.
C. Increase the value of the company, facilitate access to capital at lower costs and contribute to
your permanence.
D. Increase the value of the company's shares, facilitate its access to capital, and contribute to
increase your market share.

27. An investor acquired a portfolio of assets today and expects to receive the following dividends
(sempre ao final de cada ano): •Dividendo ano 1 R$1.250,00. •Dividendo ano 2 R$1.410,00. •Dividendo
Year 3 R$1,580.00. If, at the end of year 3, the portfolio has a market value of R$58,000 and the IRR of
if the investment was 8.5% per year, it can be stated that the investor paid out to acquire the
wallet, the approximate value of:
A. R$ 45.000,00.
B. R$ 47,000.00
C. R$ 49,000.00.
D. R$ 54.000,00.

28. The measure that is at the intercept of the vertical axis of the CML (Capital Market Line):
A. O retorno esperado da carteira.
B. The expected return of the market.
C. The risk-free rate.
D. O beta of the wallet

29. An analyst obtains the following information about a company's investment budget: • The
expected net profit is $800,000 over the next year. • The current and target capital structure is
40% debt and 60% equity. • An optimal capital budget for the next year is $1.2
million. If the company uses the residual dividend model to determine dividend payments in
next year, the dividends are closer to:
A. $ 0.
$60,000.
$80,000.
$720,000

30. Consider a project with an initial outlay of R$ 100,000.00 and annual positive cash flows.
consecutivos da seguinte forma: Ano 1 : R$ 30.000,00; Ano 2 : R$ 40.000,00; Ano 3 : R$ 30.000,00; Ano 4
R$ 40,000. Considering a Minimum Acceptable Rate of 10% per year, it can be stated that the period of
the project's payback period is:
A. 3 years.
B. 3.3 years.
C. 3.6 years.
D. 3.9 years.
31. A company had marketing costs in the past. These costs must be taken into account in
evaluation of one of your projects?
Yes, if these costs were related to the project.
B. not because it is a sunk cost.
C. not because the company as a whole benefits from investment in marketing and not just from
project.
Yes, because marketing costs are like any other costs.

32. If a stock is graphically represented below the Security Market Line (SML), the investor
shall
A. Buy the stock because it is currently undervalued.
B. Sell the stock short because it is currently undervalued.
C. Buy the stock, since the expected return is, in this case, higher than the required.
D. Sell the stock short because it is currently overvalued.

33. A company has an investment opportunity that will yield cash flows of $30,000 for
Year 1 to 4, $35,000 per year from years 5 to 9, and $40,000 in year 10. This investment will cost the
The company invested $150,000 today and the company's cost of capital is 10%. The payback period for this investment.
is approximately:
A. 6,12 anos
B. 5.96 years
C. 5.23 years
D. 4.86 years

34. From a financial point of view of a shareholder and according to financial theory, the managers
companies must act to maximize:
A. The market value of the stock.
B. I return to the equity (ROE).
C. The net profits.
D. Earnings per share.

35. A company is evaluating the introduction of a new product in the market. The costs of a study of
marketing for the new product recently made and the possible increase in sales of a product
related to this same company are, respectively, better described as:
A. Sunk cost; externality.
B. Opportunity cost; externality.
C. Externality; cannibalization.
D. Opportunity cost; cannibalization.

36. Regarding the net present value (NPV) method, one of the main instruments for the
investment assessment, mark the correct option.
A project is considered economically poor when it has a positive NPV.
B. If there are mutually exclusive projects, and the IRR and NPV indicate differing results,
The project indicated by the TIR is approved.
C. In circumstances where negative flows occur before positive flows, the increase in
the discount rate makes the project less attractive.
D. The discount rate used in the NPV should not be related to the uncertainties of the cash flow, since
the more uncertain the cash flow is, the higher the discount rate will be, and vice versa.

37. Using the payback method, analyze the projects of company A and B:

Based on the evaluation of the above projects, mark the correct alternative:
The project of company B does not pay for itself.
The payback period of company B is shorter than that of company A.
The payback period of company A is shorter than that of company B.
The project of company A is unfeasible.
38. Analyze the following projects:

Considering a discount rate of 10%, select the correct alternative based on the method of
discounted payback
The payback of Project A < Project B.
The payback of Project A is 2.3 years.
The payback of Project B is greater than Project A.

The payback of Project B is 2.59 years.

 Long-Term Financing Decisions. (2 Questions)
Which of the major areas of financial decisions made by the company will focus on identifying
What is the best long-term financing decision?
A. Capital Structure
B. Management of Working Capital
C. Management of working capital
D. Capital budget

2. The process of evaluating and selecting profitable long-term investments consistent with the objective
the firm's goal of maximizing shareholder wealth is called:
A. Financial restructuring.
B. Monitoring.
C. Capital budget.
D. Risk budget.

3. About the capital budget consider the following statements: I. A leveraged company, even
In periods of low sales, it has a better result than a company without leverage. II. The
costs arising from the differences in interests between managers and shareholders are referred to
Agency Costs. III. If the shareholders are very close to the managers, the required costs
The first ones will decrease. Only the following statements are correct:
A. I and III.
B. II and III.
C. I, II and III.
D. II.

The cost of ___________ is lower than the cost of ___________ until the point that _________ increases the
probability of default and it will become more expensive.
A. Indebtedness, Own capital, excessive indebtedness.
B. Equity, Indebtedness, excessive indebtedness.
C. Indebtedness, Equity, the issuance of shares.
D. Equity, Debt, the issuance of shares.

5. Regarding the bankruptcy cost model, it is true that, EXCEPT:

A. The cost of bankruptcy is composed of direct and indirect costs.
B. Franco and Modigliani stated that if a company is unable to repay its loans,
it can go bankrupt without the existence of bankruptcy costs
C. The indirect costs associated with bankruptcy costs relate to legal costs and
administrators during this process.
D. Payment of attorney fees and even the time spent negotiating with
creditors are considered direct costs

One of the basic principles of capital budgeting is that:

A. Cash flows should be analyzed before taxes.
B. The decisions are based on cash flows, not representing revenue.
C. Opportunity cost should be excluded from the analysis of a project.
The timing of cash flows is not important.
 Short-Term Financing Decisions. (3 Questions)
A check takes two days to clear, and knowing that the cost of money is 0.04% in banks,
Furthermore, it is known that the TED costs R$18. From what amount is it interesting to pay the TED?
A. R$450,00
B. R$12,000.00
C. R$22,500.00
D. R$17,250.00

2. Company A has 30 thousand reais in the bank account and has the following transactions: receives 2 thousand reais from
transfer and issue a check for 2 thousand reais to a third party. What is the account balance on that day?
A. 30 thousand
B. 28 thousand
C. 32 thousand
D. 34 thousand

3. In which situation in the intricacies of accounting do we have a discrepancy between the bank balance and the balance?
accounting
A. Execution of TED
B. Cash withdrawal
C. Flo a t d e p a g a m e n t o o u d e Re c e b im e n t o
D. When to make a provision

4. What does it mean when you generate a payment float?

A. Check compensation
B. Issuance of cheque
C. To pay an invoice
D. When the company takes out a loan.

5. What is the impact on a company that has working capital greater than average, except?
A higher loading cost
A higher cost of absence
C. A higher negotiation cost
A lower transaction cost

6. Costs of loading resulting from the credit policy adopted by a company are considered.
commercial: I. Expenses with credit analysis and collection; II. Lost sales due to denial of
credit. Regarding the statements above:
A. Both are correct.
B. Only statement I is correct.
C. Only statement II is correct.
D. Both are incorrect

7. Cash management relates to the decision of the optimal cash balance and the acceleration of
receipts and delays in payments. About the cash goal balancing model,
It can be stated: I. Each cash balance magnitude can incur transaction costs and
opportunity; II. The larger the magnitude of the cash balance, the higher the transaction costs will be; III.
Opportunity costs consist of the income in the form of interest that the company forewent.
receive when allocating your resources in the cash. What is stated is correct only in:
A. I and II.
B. I and III.
C. II and III.
D. I, II and III.

8. The following information was verified in a company's financial statements: Cash = R$

2.500,00 Contas a receber = R$ 10.000,00 Contas a pagar = R$ 4.000,00 Estoques = R$ 4.500,00
Considering the above values, the net working capital of this company would be, in reais, :
A. 10 thousand
B. 11 thousand
C. 12 thousand
D. 13 thousand
9. A company, considered the largest manufacturer of electronic components for the industry.
The country's electronics industry published, in its latest report, the following information: Annual Sales = R$
840.000,00 CMV = 65% das vendas Prazo Médio de Contas a Receber = 27 dias Prazo Médio dos Estoques
= 30 dias Prazo Médio de Pagamento = 45 dias Patrimônio Líquido = R$ 200.000,00 Ativo Não Circulante
= R$ 720,000.00 Non-current Liabilities = R$ 940,000.00 Based on the information provided and knowing
If the initial inventory is equal to the final inventory, what are the operational and cash cycles of the company?
A. 60 and 15
B. 57 and 12
C. 63 and 9
D. 60 and 9

10. Suppose you send a $500 check to another state every month. It takes six
days in the mail for the check to reach its destination (the postal deadline) and one day for the
recipient go to the bank (the processing time). Suppose that the recipient's bank takes two days to
make available the checks from another state (availability deadline). The total term is 6 + 1 + 2 = 9
days. In light of this, we can assert that the average of its daily disbursement float is:
Averages disbursement float of $150.
B. average float of receipt of $150.
C. average disbursement float of $150.
D. average receipt float of $150.

11. Consider the following information about a company: • Accounts receivable turnover (invoices to
receivables/sales) = 10 times • Accounts payable turnover (suppliers/purchases) = 12 times • Turnover of
Inventory = 8 times. The average collection periods, the average payment period of the bills to
to pay, and the average processing period of the inventory are respectively:
A. 36, 30 and 45.
B. 36, 30 and 52.
C. 36, 45 and 45.
D. 31, 30 and 28.

12. A painting company had, at the beginning of 2012, a net working capital of R$ 350,000. The
The following operations occurred during 2012: Services provided on credit $150,000 Purchase of
equipamentos de escritório 10.000 Despesa reconhecida de salário 54.000 Compra de material de pintura
a crédito 25.000 Uso de Material de pintura 20.000 Salários pagos 50.000 Diminuição em Contas a receber
157.000 Despesa linear de depreciação 2.000 Diminuição nas contas a pagar 15.000 O capital de giro
of this company at the end of 2012 and the change in cash for the year 20X7 were, respectively:
A. $414,000 e $82,000.
$416,000 and $80,000.
C. $416,000 e $82,000.
$414,000 and $80,000.

13. The best definition of float for a company is:

A. Gains from the company's treasury that are more pronounced during periods of inflation.
B. When a company is above the break even.
C. When a company is adrift and lacks a marketing strategy.
D. Gains or losses from rare and unpredictable events.

14. What is the variation in the operating cash flow of a company due to a credit sale of R$5,000?
and the issuance of a check due in one month in the amount of R$3,000? Consider that the sale at
the deadline did not affect the net profit and the check was issued to purchase supplies for the company.
A. R$ -8,000.
B. R$ -2,000.
C. R$ 0.
R$ 2,000.

15. The measure of cash flow generation is very relevant because it indicates, to some extent, the health
company's finances. In order to increase cash generation, the financial manager can
to make use of various techniques, among them:
A. Extension of the compensation period for the charge.
B. Reduction of payment time.
C. Reduction of administrative processing times.
D. The slowdown in the collection of receivables.
16. An analyst gathered the following information about a company: • Cost of goods sold =
65% of sales. • Inventory of $450,000. • Sales of $1 million. What is the value of the average period?
inventory processing of this company using a year of 365 days?
A. 0.7 days.
B. 1.4 days.
C. 21.5 days
D. 252.7 days.

17. Considere os dados a seguir e calcule o capital de giro da empresa. Passivo de longo prazo=200
PL=150 Ativo total= 400 Ativo de curto prazo=80
A. 200
B. 130
C. 30
D. 20

18. Calculate the average inventory holding period of the company, considering the 365-day period in the year.
CPV=20% Vendas=600.000,00 Estoque=200.000,00
A. 600 days
B. 608 days
C. 250 days
D. 350 days

19. A clothing manufacturing company has an Average Inventory Turnover Period

50 days of Average Collection Period (PMRE), an Average Receipt Period for Sales (PMRV) of 40 days and an Average...
30-day Purchase Payment (PMPC). Based on this information, it is correct to say that:
A. The Operational Cycle of this company is between 75 and 85 days;
B. Economic Cycle is shorter than 45 days;
C. Financial Cycle is greater than or equal to 50 days;
D. Operating Cycle is longer than 93 days;
 ❖ Capital Structure and Dividend Policy. (2 Questions)
1. The financial leverage of a company refers to:
A. Use of own resources more efficiently to leverage the company's business
B. More efficient use of external resources, such as loans, financing, rentals or
derivatives.
C. Value of the debt in the capital structure of the business.
D. Indebtedness incurred to increase the company's return potential, without the risk of loss
the heritage.

2. Regarding the issuance of debentures by a company and its indebtedness, we can say that:
A. This issuance does not imply an increase in the company's debt.
B. This issuance is considered an investment and, therefore, will yield profits in the future.
C. Your financial leverage increases
In the short term, the company will be worse off financially.

3. Uma empresa reportou os seguintes dados: Dividend Yield 4%; Preço da ação R$ 35,00; Lucro por ação
2.9. What portion of the profit is passed on to shareholders in the form of dividends?
A. 45%.
B. 48%.
C. 50%.
D. 52%.

4. The Modigliani-Miller theorem concerns a company's capital structure. Regarding it, it is true
to affirm that:
A. With the prices set in the market, not considering the costs of insolvency and agency, the value
a company's value is not affected by the way it is financed.
B. Considering an efficient market, without taxes, without agency costs and without costs for
insolvency - as well as being the prices set in the market, the value of a company is not
affected by the way it is funded.
C. Considering a market with asymmetric information, with taxes, without agency costs and
without costs due to insolvency - as well as the prices set in the market, the value of a
The company is not affected by the way it is financed.
D. Considering an efficient market, without taxes, without agency costs, and without costs for
insolvency - as well as being the prices set in the market, a company's profit is not
affected by the way it is funded.

5. An investor must decide whether to acquire a leveraged company and another unleveraged one. He will remain
indifferent between the two as long as the rate of return on the equity of the unleveraged company
(Re) for equal to Debt = 200,000.00 / Own capital (of the leveraged company) = 1,000,000.00 / Rate of
debt yield or cost of debt (Rd) = 5% per year / Rate of return on equity
unlevered company (Re) = 8% per year.
A. 8.0%
B. 4.6%
C. 8.6%
D. 6.4%

6. The value of an unleveraged company is R$ 1,000,000.00. If it had a debt of R$

300,000.00 and a tax rate of 15%, the value of this company, now leveraged, would be:
1,045,000.00
B. 1.450.000,00
C. 1,000,450.00
D. 145.000,00

7. Regarding the value of the leveraged company, it is true that:

A. There is no advantage for a company to be leveraged.
B. There is an advantage for a company to be leveraged, such as, for example, deducting from the tax the
interest that she pays as a result of debts
C. The amount of tax to be paid does not change, whether it is leveraged or not.
The Franco-Modigliani Theorem always works, even in a 'world with taxes'

8. The Modigliani-Miller theorem on the irrelevance of capital structure states that:

A. The value of the company is not affected by the way a company obtains capital (whether by issuing
actions or going into debt), as well as what dividend policy it adopts.
B. The composition of the company's capital structure does not affect its profits.
C. Since the capital structure is irrelevant, it is always better to leverage.
The composition of the company's capital structure does not affect the distribution of dividends.
The phrase 'the size of the pizza will always be the same, even if you cut it into 4, 6 or 8 pieces'
means, in terms of capital structure and debt policy, that:
A. The capital structure does not affect cash flow, as long as there are no transaction costs.
B. The debt policy of a company does not matter, as long as the assumptions of the Theorem
the Franco-Modigliani should be respected
C. The capital structure does not affect cash flow, as long as there is no information asymmetry in
market
D. The debt policy of a company does not matter, as long as companies and people
natural entities may issue identical securities in the market (with the same bases)

10. Regarding a company's dividend policy, it is true that, EXCEPT:

A. It can be done through cash, new shares, or even property.
B. It consists of the manager's decision between paying dividends and retaining earnings.
C. Gordon's Theory argues that the value of a stock depends on future expectations of
dividend payment.
D. The Modigliani & Miller Theory states that dividend payments positively influence the
the value of the company and, therefore, in the total wealth of its shareholders.

11. The Modigliani-Miller theory, Gordon and Residual state that the investor will buy stocks with
more appreciation and low dividends when:
A. The taxation on capital gains is less than that on dividends
B. The taxation on capital gains is higher than the taxation on dividends
C. The taxation on capital gains is equal to the taxation on dividends.
D. The taxation on dividends is lower than the taxation on capital gains.

12. Regarding the purposes of share repurchase, mark the correct alternative:
["I. It can be carried out with the aim of making acquisitions.","II. Distributing cash to the company's owners."]
["III. To meet the preferred shareholders","IV. To make the price of their shares fall"]
A. Only I and III are true
B. Only II and IV are true
C. Only III and IV are true
D. Only I and II are true

13. The signaling model - with regard to share buybacks - states that:
A. The company would signal to its shareholders that it will distribute fewer dividends if it decides to
reduce your excess cash flow by repurchasing shares from your shareholders.
The share buyback would signal to the market that the company is not doing well financially.
The company would be signaling that it wishes to cancel these actions.
The company is doing well financially.

14. Regarding the clientele effect, we can state that, except for:
A. Investors can be divided into categories of preference, namely, those who want
dividends, those who want more shares and those who are more interested in profits.
B. Investors in the lower income tax rate brackets prefer
receive fewer dividends.
C. Investors can be divided by preference categories, namely, those who want
dividends and what they are more interested in is profits.
D. Investors who are in the highest income tax brackets will prefer
receive fewer dividends or even not receive any.

15. Regarding the irrelevance theory applied to dividend policy, it is true that:
A. If the market is perfectly competitive, with rational expectations and absence of uncertainty, the
dividend policy does not alter the value of the company.
B. It is the ability of assets to generate income and the frequency of dividend distribution is
that influence the value of the company.
C. The value of the company's shares is determined by the dividend policy, being irrelevant both
the absence of taxes as well as the absence of transaction costs.
D. She says that the dividend policy does not affect the stock price, except in the long run.

16. The Dividend Preference Theory is based on the idea that:

A. Rs = g + D1/P0 is constant for any dividend policy.
A reduction in current dividends signals that future profits will decline.
C. Due to different risk perceptions, investors value a real in dividends more.
that a real expected capital gain.
D. investors do not have a preference regarding the payment of dividends and gains
capital.
17. The existence of very specific assets (R&D, brand, reputation) in a company can affect its
capital structure through:
A. Increase in fixed costs
B. Costs of bankruptcy that reflect the loss of the firm's value
C. Costs with the professional management model
Of bankruptcy costs, but because they are specific, they contribute to the reduction of costs.
transaction

18. We can affirm that the Modigliani-Miller Dividend Irrelevance Theory:

A. and the Dividend Discount Model are not compatible
B. is only valid if the shares are issued and repurchased at the market price
C. states that the investment decisions of companies depend on their policies of
dividends
D. states that dividend policies depend on the tax structure

19. According to Modigliani and Miller's theory, in a world without taxes, the capital structure that
maximizes the value of the company is one that:
A. Maximize the issuance of shares.
B. Maximize the issuance of debt securities.
C. Minimize your opportunity cost.
D. Independent of its capital structure.

20. On Modigliani and Miller's theory for a world without taxes and considering all constraints
of this model, an increase in indebtedness:
A. it increases the value of the firm and the WACC decreases with the increase in leverage.
B. it decreases the value of the firm and the WACC increases with the increase in leverage.
C. does not change the firm's value and the WACC is not affected by the increase in leverage.
D. it increases the value of the firm and the WACC is not modified with the increase in leverage.

A company increases the proportion of dividend distribution and the value of its stock rises afterwards
this distribution. In this situation, the proven dividend policy theory is:
A. Irrelevance of dividends
B. Dividend preference
C. Aversion to fees
D. Initiation of dividends

22. The effect that states that different groups of investors have different preferences for levels
the paid dividends are called:
A. Signaling Effect.
B. Clientele Effect.
C. Theory of Dividend Irrelevance.
D. Theory of tax preference.

23. Regarding dividends or stock buybacks, it can be stated that:

A. According to Modigliani & Miller, receiving dividends increases the value of a company more than
share buyback.
B. Com the rates practiced in Brazil (income tax of 27.5% on capital gains and exemption on the
dividends) there is a balance and the investor is indifferent between the two.
Investors prefer to receive dividends rather than wait for the stock value to rise, as the
the first is much safer than the second.
The residual dividend theory is very good for mature companies that are not facing major challenges.
capital investments ahead.

24. An analyst gathers the following information about a company's investment plan:
Capital budget of $5,000. Target capital structure is 70% debt and 30% equity.
net income is $4,500. If the company follows a residual dividend policy, the portion of its profit
the liquid that will pay dividends this year is closest to:
A. 50%.
B. 60%.
C. 67%.
D. 70%.
25. Consider two companies, A and B, that operate in the same sector and have operational characteristics.
very similar. However, company A has a bank loan to pay in its structure of
capital, while company B has, as its only source of resources, its own capital. Based on this,
it can be said that:
Company A offers less risk than Company B.
Company A is financially leveraged, but Company B is not.
Company B is financially leveraged, but company A is not.
D. are financially leveraged.

26. According to Proposition I of Modigliani and Miller, which considers perfect financial markets and
In the absence of information asymmetry, what effect does an increase in debt have on the value of the firm?
Consider that the increase in debts was a decision aimed at adjusting the capital structure of
the company did not aim for the financing of new investment projects.
A. Increase.
B. None.
C. Decrease.
D. It depends if the company is below or above the optimal capital structure.

27. An entity has $320,000 in total assets at the end of a financial year, in which it earned a profit of $25,000.
If this entity has 55% of third-party capital participation, its net worth at the end of
exercise is
A. 140 thousand
B. 142 thousand
C. 144 thousand
D. 146 thousand
 Mergers and Acquisitions. (2 Questions)
1. Which of these strategies are not defensive to protect against a Takeover?
A. Poison Pill
B. Golden Parachute
C. Goodwill
D. Crown Jewel.

2. Financial market analysts classify acquisitions in various terms, what is the term
appropriate when it involves the acquisition of a part of the production chain.
A. Horizontal Acquisition
B. Vertical Acquisition
C. Conglomerate
D. Joint Venture

3. What are the possible types of acquisition, except?

A. Merger or Consolidation
B. Acquisition of Shares
C. Acquisition of Assets
D. Dispute by power of attorney.

4. Which of the statements below are correct:

I. Leveraged Buyout - Acquisition leveraged, takeover of a company using
loans, usually by a group that includes some member of the existing management.
II. Proxy Contest (Proxy Fight) - A proxy contest, proxy competition, or battle
A proxy fight is a hostile dispute for control of an organization.
III. TakeOver - Takeover General term that refers to the transfer of control
from one company of a group of shareholders to another.
A. Only III
B. Only II
C. I and III
D. All of the alternatives.

5. According to the table below, if company A acquires company B in a 100% transaction via
share exchange, and if company A wants to maintain an earnings per share (EPS) of at least 2.5, it will have to pay at what ratio

actions for B?

Company A Company B A+B

Net Profit 30000 16000 46000

Number of Shares 10000 10000

A. 0.57
B.0,84 the test is 0.64

C. 1
D. 2.5

6. Company A has 4,800 shares outstanding, priced at R$ 36.00. Company B has 1,200 shares in
circulation, quoted at R$ 24.00. Company A estimated that the value of the synergistic benefits from the acquisition of
Company B is priced at R$ 9,500.00. If Company B is willing to be acquired for R$ 30 per share
money, what is the NPV of the merger?
A. R$ 2,300.
B. R$ 7,200.
C. R$ 1,300.
D. R$ 3,648.

7. There are two independent companies A and B. If A buys company B, it will have produced a synergy of
9000. The board of directors of company B will only sell if paid 24 reais per share. Knowing that the
The company has 1000 shares at 18 reais. Therefore, what is the NPV of the merger?
A. 15000
B. 9000
C. 3000
D. 6000
8. Regarding the merger of companies, consider the following statements: I. The merger is the operation of transfer
global assets of two companies to a new one, which succeeds them in rights and obligations and in which
the shareholders of the merged companies begin to participate. II. The merger is the operation of transfer
global of the assets of a society to one or more other societies, which succeed it in rights and
obligations and in which their shareholders start to participate. III. In the merger, there is the extinction of two or more
societies and the creation of a new one. IV. The merger is the operation of transferring a part of the assets of
a company for one or more companies that succeeds it in relation to the absorbed portion. Is this correct?
what is stated only in:
A. I and III.
B. II and III.
C. I, II and IV.
D. III.

9. Spin-off occurs when:

A company buys another foreign company and then sells part of its shares.
A company sells one of its business units to another competing company.
C. A company creates a new company through the spin-off of one of its business units.
D. Two companies start a new company together.

10. About incorporations, consider the following alternatives: I. In an incorporation operation

the so-called corporate succession occurs (the acquirer is the successor and the acquired is the succeeded one). II.
When the incorporation occurs, the incorporated entity continues its activities normally, maintaining its CNPJ.
III. With the incorporation, the partners or shareholders of the incorporated company receive in substitution for the
shares/actions of the merged entity, which is extinguished, shares or actions of the merging entity, of equal value. This
only what is stated in:
A. III.
B. I.
C. I and III.
D. I

11. It is an essential characteristic of a joint venture:

A union of two economic groups.
B. Fixed term.
C. Creation of a new society.
D. Typical corporate form

12. About a company that already holds a certain stake in the target company but wishes to
increase its shareholding until it takes control, an analyst from an investment bank does
the following comments when suggesting the adoption of the Creeping Take Over: I. This would be a strategy
suitable, as the acquisition through block trades would avoid the involvement of the Shareholders' Assembly;
II. Meanwhile, there is the risk of acquiring many more shares than would be necessary, as many
Shareholders of the target company can join the offer. Regarding the statements above:
Both are correct.
B. Only statement I is correct.
C. Only statement II is correct.
D. Both are incorrect.

13. Company A has identifiable net assets that have a fair value of R$4MM. Company B
paid R$3.5MM for 80% of A. This payment was made in the following way, R$3MM now and
R$0.5MM. What goodwill should be recognized on company B's balance sheet?
A. Zero, there is no premium in this transaction.
B. R$300,000.
C. R$500,000.
R$1,000,000.

14. Company X purchased all the common shares of company Y for R$ 4 million. At the moment of
purchase, company Y reported Total Assets of R$ 3 million and Total Liabilities of R$ 1 million. The values
The total assets market of Company Y at the time of purchase was R$ 3.5 million and the total liabilities
R$ 1.3 million. What is the amount of goodwill that company X must report as a result of the acquisition and the
Is amortization of this goodwill necessary?
A. R$ 1.8 million No
B. R$ 1.8 million Yes
C. R$ 2.2 million No
D. R$ 2.2 million Yes
15. What is the name of the operation in which the merger of two companies occurs, transforming them into one?
new company?
A. fusion
B. incorporation
C. joint venture
D. division.

16. A company acquires another company. Can this company revalue the purchased assets?
A. Yes, both up and down.
B. No, because re-evaluation has been prohibited since 2008.
Yes, as long as the assets and inventories are valued below market value.
Yes, but only down.

Article 227 of Law 6.404/76 defines: "It is the operation by which one or more companies are absorbed.
"on the other hand, who succeed him in all rights and obligations". This is the concept of:
A. Fusion.
B. Incorporation.
C. Transaction between Related Parties.
D. Equity equivalence.
 ❖ International Corporate Finance. (2 Questions)
What is the characteristic of financial leasing after the new law?
A. The lessee needs to acquire the asset at the end of the leasing.
B. There is a purchase option for residual value at the end of the leasing
C. All risks and costs are the responsibility of the landlord
D. All alternatives are correct.

2. Once a company enters a new market, they should discount their cash flows at a rate
greater, to assess your projects, reflecting this risk of government intervention in the exchange rate, create new ones
taxes in addition to other matters. What is the type of the risk mentioned above for companies
international.
A. Legal Risk
B. Exchange Risk
C. Market Risk
D. Political Risk

3. A security issued in the USA that represents a share issued by a company from another country,
allowing the action to be traded in the United States. This has the terminology of a:
A. Eurocurrency
B. Eurobond
C. ADR
D. Libor

4. It is money deposited in a financial center that is not in the country whose currency is not.
involved. This has the terminology of a:
A. Euromoney
B. Glits
C. Foreign Obligations
D. Eurobond.

5. They are traded in the currency market, and are made through exchanges of currencies or interest rates, or both.
types in the same transaction. This has the terminology of one:
A. London Interbank Offered Rate
B. Glits
C. Swaps
D. Cross rate.

6. A company needs to finance a project in another country. Which of the alternatives is incorrect:
A. The company should consider financing options in the home country.
B. The company should consider financing options in a country that is neither the headquarters nor the
of the project.
The company should consider raising funds simultaneously in multiple countries.
The company should only consider raising money in the project's country if there are subsidies.

7. In general, FASB Statement 52 requires that all assets and liabilities be translated from the currency
subsidiary for the parent company's currency, using the current exchange rate. What is the impact of this?
conversion?
A. It has an impact on net profit
B. It has an impact on equity but not on net income.
C. It has an impact on equity and net profit.
D. It has no impact on the equity but it does on the net profit.

8. The alternative below that least justifies the study of international finance is:
A. The use of the sovereign risk premium in the CAPM model.
B. The payout decision.
C. The exchange rate is a complex subject.
D. Globalization.

9. About the opportunities and risks of recovering capital in a foreign country, it is possible to state: I. The remittance
capital can occur not only through dividends but also through interest, royalties, or
transfer prices. II. Frequent capital remittances to headquarters do not entail risks of
control of capital flows when they originate from profits; III. In addition to taxes and control of the flows
from capital, multinationals must take into account when making remittances to the parent company,
issues concerning the profitability of projects. What is claimed is correct only in:
A. I and II.
B. I and III.
 C. II and III.
D. I, II and III.

10. Among the alternatives below, the one least related to political risk is:
A. Risk arising from the entry of competitors.
B. The sovereign risk of a country.
C. Risk arising from social manifestations.
D. Volatility in the stock market due to trade wars between countries.
 ❖ Financial Statements. (6 Questions)
A company sold one of its products in installments in March and received payment in three installments.
In April, May, and June. When should the sale be recognized in the income statement?

A. March
B. April
C. May
D. June

2. According to CPC 26 "Presentation of Financial Statements", the entity must prepare the
your financial statements using the accrual basis, EXCEPT for the:
A. Statement of Added Value.
B. Statement of Comprehensive Income.
C. Cash Flow Statement.
D. Statement of Income for the Period.

3. According to CPC 26, an asset must be classified as current when it meets any of the
the following criteria, EXCEPT:
A. It is expected to be carried out, or it is intended to be sold or consumed in the normal course.
of the entity's operational cycle.
B. It is essentially maintained for the purpose of being traded.
C. Having a negotiable or realizable amount of provision for situations that exceed the
normal course of the entity's operational cycle.
It is expected to be carried out within twelve months after the balance sheet date.

4. The accounting demonstration addressed in NBC T 19.27 and CPC 26 that is not covered by legislation
corporate is the:
A. Cash Flow Statement - CFS.
B. Demonstration of Added Value - DVA
C. Comprehensive Income Statement - CIS.
D. Demonstration of Changes in Equity - DMPL.

5. In the balance sheet, we classify the company's assets and rights as assets. We classify as
passive duties and obligations of the company. The equity represents the company's own capital.
Below are the statements regarding the balance sheet. I. Inventory, Suppliers, and Clients are accounts.
of the asset. II. Bank loans, taxes payable, and customer advances are passive accounts.
III. Share capital, profit reserves, and capital reserves are accounts of equity. Is it correct that
what is stated in:
A. II and III only.
B. I and III only.
C. I and II only.
D. III only

6. Identify the correct alternative regarding the balance sheet:

A. The sum of all items in the assets is necessarily equal to the sum of all items in the liabilities.
B. The accounts of assets and liabilities can be divided into: short term; medium term; and long term.
C. Equity tends to increase during profit periods.
D. Both the assets and the liabilities of a company represent uses of resources by a
company.

The alternatives below include accounts from the income statement, but not all accounts are present.
presents. In which of the alternatives below are the accounts of the income statement ordered
correctly in accordance with accounting standards?
A. Receita Líquida, Custo da Mercadoria Vendida, Despesas de Vendas e Administrativas, Outras
despesas operacionais, Lucro Bruto
B. Gross Revenue, Deductions from Gross Revenue, Selling and Administrative Expenses, Cost of
Mercadoria Vendida, Outras despesas operacionais, LAIR
C. Receita Líquida, Custo do Produto Vendido, Despesas Operacionais, Despesas Financeiras, LAIR
D. Lucro Bruto, Despesas Operacionais, Participações Estatutárias, LAIR, Imposto de Renda, Lucro
Exercise Liquid
8. Mark the correct alternative regarding the income statement:
A. According to the accrual principle, revenues must be recorded at the time of
realization in currency.
B. Expenses with raw materials, labor costs, and packaging are part of the expenses.
operational.
C. Non-operating expenses must be separated from operating expenses in the statement.
of results.
D. According to the principle of competence, operational costs and expenses must be
recognized at the time the corresponding revenue is recognized.

9. Indicate the correct alternative regarding the balance sheet:

A. Contractual rights or intangible assets of a company must be classified under the account
fixed assets.
B. Permanent corporate investments in shares and quotas must be recorded in the asset account.
intangible.
A debt maturing in 5 years will be recorded in the non-current liabilities and will remain there.
until the due date.
D. Cash, accounts receivable, and suppliers are considered monetary items.

10. CPC 26, amended by CPC 26 (R1), which deals with the presentation of financial statements,
was formalized by the Federal Accounting Council in Resolution CFC No. 1,185/2009 which approves
NBC TG 26, amended and consolidated on December 11, 2013, as NBC TG 26 (R1). In strict terms of the
NBC TG 26 (R1), the balance sheet must present, at a minimum, the accounts of
reserves, other accounts attributable to the owners and the capital:
To be carried out
B. to subscribe
C. authorized
D. integrated

11. Of according to Technical Pronouncement CPC 26 (R1) - Presentation of Financial Statements

Accounting, when an entity presents its current assets and liabilities separately and
non-current, deferred tax assets and liabilities should be classified:
A. as circulating.
B. as non-current.
C. as accounts receivable or payable.
D. in the deferred asset group.

12. Regarding what is determined by NBC TG 26 Presentation of Financial Statements, in

touching à information a to be presented in the Statement of Changes in Equity
(DMPL) or in the Explanatory Notes, judge the items below and then select the CORRECT option. I.
For each component of equity, the entity must present, either in the statement of
mutations of equity or in the explanatory notes, an analysis of other results
comprehensive by item. II. The equity must present the share capital, the reserves of
capital, the adjustments of asset valuation, profit reserves, shares or quotas in
Treasury, the accumulated losses, if legally allowed the accumulated profits and the others
accounts required by the standards issued by the Federal Accounting Council. III. The entity must
present in the demonstration of mutations of equity, or in the explanatory notes, o
amount of dividends recognized as distribution to the owners during the period and the
respective amount per share. The item(s) is(are) CORRECT.
A. I and II
B. II and II
C. I, II and III
D. III

13. Under the terms of the current accounting standards, established in Technical Pronouncement CPC 26
(R1), information about cash flows provides users of financial statements with a
basis for assessing the entity's ability to generate cash and cash equivalents and also the:
The need for the entity to utilize these cash flows.
B. operational capacity of the entity in generating cash flows.
C. movement of cash inflows and outflows and cash equivalents.
D. control of operational and non-operational financial resources.

14. Regarding the content of the Explanatory Notes, according to NBC T G 26 Presentation
In the Financial Statements, judge the items below and then mark the CORRECT option. I.
Explanatory notes contain additional information compared to that presented in the statements.
accounting. II. The Explanatory Notes provide narrative descriptions or segregations and openings of
items disclosed in the financial statements e information about items that do not
they fit the recognition criteria in the financial statements. III. The complete set of
financial statements do not include the explanatory notes. The item(s) is/are CORRECT.
A. I, II and III.
B. Only I and II.
C. II, only.
D. II and III only.

15. In the exclusive terms of Technical Pronouncement CPC 26 (R1) from the Committee of Pronouncements
Accountants, the entity must present the Statement of Changes in Equity.
context and considering only the presentation of information in the Statement of Changes
do Equity, in order to eliminate any possibility of using notes
explanatory, the Statement of Changes in Equity must include, among others, the
comprehensive income information for the period.
A. Attributable solely and exclusively to the controlling owners of the entity
B. As a whole, attributable to the holders of the share capital, collectively.
C. Also highlighting gross profit and net profit before taxes, for the period.
D. Segregated into the part attributable to controllers and the part attributable to non-controllers.

16. The corporation K presented the following information, in alphabetical order, of

results obtained in the year ended December 2013:

Considering only the information received and the guidelines of CPC 26 (R1), the result,
before taxes on the profits of the K corporation, it shows a profit, in reais, of:
A. 10,000.00
B. 16.000,00
C. 22,000.00
D. 28,000.00

17. The Technical Pronouncement CPC 26 (R1), approved by CVM Deliberation No. 676/2011, which
it deals with the presentation of Financial Statements, presenting the technical conceptual understanding
that the result of the period is the total revenues minus the:
A. cost of sales and the cost of services rendered and other expenses.
B. cost of sales, selling expenses, and net financial expenses.
C. deductions of sales, cost of goods sold, products sold or services sold.
D. expenses, except for items recognized as other comprehensive income in equity
liquid.

18. In the complete set of Financial Statements, according to the Technical Pronouncement
CPC 26 Presentation the Financial Statements, is a Income Statement
Comprehensive. Mark the option that indicates the item that should be highlighted as Other results.
comprehensive.
A. The exchange rate effect on foreign debts.
B. The gains and losses in the measurement of non-current assets held for sale.
C. The gains and losses arising from hedge instruments in hedge operations
fair value.
D. The gains and actuarial losses in defined benefit pension plans recognized
19. According to CPC 26 (R1), adjustments arising from transactions with financial instruments
result in changes to equity during an accounting period, and arise from transactions and others
events not derived from transactions with the partners. In the financial statements, the changes in this
nature is classified as:
A. discontinued operations
B. related parties
C. comprehensive result
D. capital reserve

20. According to CPC 26, Presentation of Financial Statements, the Statement of

Comprehensive Result é part of the complete set of financial statements. Indicate a
an alternative that presents examples of comprehensive results.
A. Exchange rate effect on investments abroad e earnings e losses resulting from
investments in equity instruments designated at fair value through other
comprehensive results.
B. Recognition of the market value of financial instruments held for trading
and available for sale.
C. Exchange rate effect on foreign investments and earnings from equity pick-up
about the result.
D. Gains arising from the change in fair value of an asset classified as
property for investment recognition of the emarket value of the instruments
financials held for trading.

21. A alternative that contains only reports that integrate o complete set of
financial statements required by Technical Pronouncement CPC 26 (R1) - Presentation of
Financial Statements are:
A. balance sheet, income statement, and auditors' report
independents
B. statement of added value, sustainability report and balance sheet;
C. explanatory notes to the comprehensive income statements e demonstration of the
mutations of equity;
D. demonstration of the comprehensive result, management report and demonstration of the
retained earnings;

22. O Technical Pronouncement CPC 26 (R1), which deals with the presentation of the Financial Statements
Accounting establishes general requirements for the presentation of financial statements, guidelines
for its structure and minimum requirements for its content. Regarding this statement, analyze
The following statements: I. The terminology of CPC 26 is suitable for profit-oriented entities.
including business entities in the public sector. II. Entities that do not have net equity
no They must adopt the presentation guidelines for the financial statements of CPC 26. III. A
the use of other titles in the financial statements, different from those provided for in CPC 26, is
allowed, as long as it does not contradict current legislation. IV. In the sectors where the factors
environmental reports must be integrated into the complete set
the financial statements. Only what is stated in:
A. I and II;
B. I and III;
C. II and III;
D. I, II and IV;

23. According to the Technical Pronouncement CPC 26 Presentation of Financial Statements,

the amount of dividends recognized as distribution to the owners during the period and the
the amount of dividends per share must be presented in the explanatory notes or:
A. on the Statement of Added Value.
B. in the Balance Sheet.
C. in the Statement of Profit and Loss for the Year.
D. in the Statement of Changes in Equity

24. According to Technical Pronouncement CPC 26 - Presentation of Financial Statements,

an entity must disclose, for each class of capital stock, a number of shares
authorized, quantity
a of subscribed and fully paid shares and those subscribed but not paid
integrated.
A. In the balance sheet or in the statement of changes in equity.
B. In the income statement or in the statement of changes do
equity.
C. In the balance sheet or in the statement of added value.
In the statement of profit or loss or in the statement of value added.
25. According to o CPC 26 (R1), item 9, which of the alternatives below has the objective
provide information about the asset and financial position, performance, and cash flows
of the entity's box that is useful to a large number of users in their evaluations and decision-making
of economic decisions?
A. Financial reports.
B. Economic indices.
C. Method of controlling the entry and exit of resources.
D. Financial statements.

26. A business company presented the following information on 31.12.2012:

Based on this information, select the option that presents the Total Comprehensive Result of the
Period.
A. R$2,320.00.
B. R$2,720.00.
C. R$3,520.00.
D. R$4.320,00.

27. Regarding the content of the Explanatory Notes, according to NBC TG 26 Presentation
In the Financial Statements, it is INCORRECT to state that the set of Explanatory Notes presents:
A. the disclosure of the analysis of the results and the financial position of the company and the opinion
from the board.
B. a disclosure of information required by regulations, interpretations e announcements
technicians that have not been evidenced in the financial statements.
C. additional information that has not been evidenced in the financial statements,
but that are relevant for your understanding.
D. The information about the basis for preparing the financial statements and the policies
specific ones used.

28. According to o CPC 26 (R1), the financial statements of an Entity are a

structured representation of the asset and financial position and its performance. The objective
the demonstrations accountants to é o provide information about the assete position
financial, of the performance and cash flows of the Entity that is useful to a large number
of users in their evaluations and economic decision making. The complete set of these
financial statements include, in addition to the balance sheet and the income statement
period:
A. the demonstration of the origins and applications of resources.
B. o balanço social e o balanço ambiental.
C. the result of sustainability.
D. the statement of changes in equity for the period and the cash flow statement
of the period box.

29. Judge the following items related to the preparation and presentation of various accounting reports.
The complete set of financial statements of commercial entities must be prepared.
according to the accrual basis. II The financial statements of the entities must be
presented at least annually e comparatively. III Long-term realizable,
Investments and intangible assets make up the non-current assets. Indicate the correct option.
A. Only item II is correct.
B. Only items I and III are correct.
C. Only items II and III are correct.
D. All items are correct.
30. According to NBC TG 26 (R4) – PRESENTATION OF FINANCIAL STATEMENTS, the
the presentation of expenses in the Income Statement for the period may use a classification
based on its nature, if legally permitted, or on its function within the entity. Mark the
option that contains only examples of expenses classified by Nature:
A. Administrative Expenses, Depreciation Expenses, and Sales Expenses.
B. Employee Benefits Expenses, Advertising Expenses and Depreciation Expenses.
C. Expenses with Benefits a Employees, Cost of Goods Sold e Expenses
Administrative.
D. Selling Expenses, Depreciation Expenses, and Cost of Goods Sold.

31. Mark the option that indicates, in the preparation of the Balance Sheet of a business entity, the
what should be accounted as Cash and Cash Equivalents.
A. The cash in transit resulting from shipments to subsidiaries.
B. The balances of accounts held in banks in liquidation.
C. The account balances held in banks under intervention.
D. The deposits linked to loan settlement.

32. According to the new Brazilian Accounting Standards, converged with IFRS, they must be
classified in the Statement of Results as other comprehensive income:
A. the financial income and expenses.
B. the results (positive or negative) of the investment evaluation by the equity method
patrimonial.
C. the non-operating revenues and expenses.
D. the adjustments of asset valuation.

33. According to CPC 26, the complete set of financial statements includes:
["A. balance sheet; income statement; statement of comprehensive income;"]
statement of changes in equity; statement of cash flows and
demonstration of added value
B. Balance sheet; income statement; statement of comprehensive income;
statement of changes in equity; cash flow statement; notes
explanatory and demonstration of added value
C. Balance sheet; income statement; statement of comprehensive income;
statement of changes in equity and statement of cash flows.
D. balance sheet; income statement; statement of changes in equity
liquid; cash flow statement; explanatory notes and statement of value
added.

34. Analyze the following balances.

Regarding these companies, based on the presented financial statements, consider the
the following statements:
The Current Liquidity Ratio of company A is equal to that of B.
The company's A Current Ratio is higher than that of B.
III. The Debt Ratio of company A is lower than that of B.
IV. The Third-Party Capital to Own Capital Ratio of company A is higher than that of B.
What is stated is correct only in:
A. I and IV.
B. I, II, and III.
C. II and IV.
D. I, III and IV.

35. The following tables present the simplified balance sheet and the simplified income statement of three
companies.

Based on this information, it is verified that the:

A. The debt ratio of company I is higher than that of company II.
Company I has the highest asset turnover, as it turns over 2.5 times a year.
C. Company I has the highest current liquidity ratio (3.85), and Company II has the highest ratio of
dry liquidity (2.90).
Company III has a higher interest coverage ratio.

36. Financial and economic analysts, in order to facilitate and interpret the
Financial statements use ratios that relate various accounts to each other, mainly of
Balance Sheet and the Income Statement. Thus, regarding financial analysis and
economic of the financial statements, indicate the CORRECT proposition.
A current ratio greater than 1 demonstrates that the company is not dependent on sales.
from your stocks to meet your short-term commitments.
B. Um índice de liquidez corrente maior do que 1 demonstra que a empresa terá condições de pagar
your long-term commitments.
C. The net working capital demonstrates the same type of information as the current liquidity ratio.
D. It is preferable, in the organizational scenario, that the turnover of accounts receivable is always less than the
accounts payable turnover.
37. A Business Company presents the following information, referring to the period from January to
December 2016, extracted from your trial balance as of 12.31.2016, from the income accounts
regarding ongoing operations

Considering only the information presented and according to NBC TG 26 (R4) –

PRESENTATION OF FINANCIAL STATEMENTS, the value of the Result before Revenues and Expenses
Financials to be highlighted in the Income Statement for the period are
A. R$19,000.00.
B. R$22,000.00.
C. R$59,000.00.
D. R$62,000.00.
 ➖ Preparation of Reports. (4 Questions)
1. General purpose accounting-financial reports contain information of possible interest to a
broad range of users. Considering that the Conceptual Framework for Preparation and Disclosure
The Accounting - Financial Report is based on the definition of the objective of its preparation and dissemination.
of these reports, interested in information about the approach adopted in the formulation of the
technical pronouncements, of the interpretations e the guidelines issued by the Committee of
Accounting Pronouncements can conclude that the committee seeks to meet the desires and needs.
of information:
A. of all possible users of general-purpose accounting and financial reports;
B. of existing and potential investors, loan creditors, and other creditors of
entity that reports the information;
C. of regulatory bodies of the entity that reports the information;
D. of all users who cannot request that the reporting entities a
provide them directly with the information they need.

2. According to the technical pronouncement CPC 00 (R1) – Conceptual Framework for Preparation and
Disclosure of Financial Accounting Report, it is not possible for accounting-financial reports to
general purpose provide any and all information that any user deems relevant. Mark the
option that indicates the restriction present in the process of preparing and disclosing financial reports
an entity according to the conceptual framework.
A. The cost of generating information
B. The subjectivity of accounting
C. The complexity of accounting transactions
D. The administration's intention not to present strategic information.

3. The Basic Conceptual Pronouncement (R1), which defines the Conceptual Framework for Preparation and
Disclosure of Accounting-Financial Report has only one underlying premise, from which
all accounting standards applied in Brazil are issued. This premise is that of
A. continuity.
B. competence.
C. opportunity.
D. materiality.

4. Consider: I - All assets acquired by the company must be recorded on the balance sheet.
heritage, in asset groups. II – As despesas devem ser reconhecidas no resultado da
company, considering its direct association with the revenue generated. III - The physical concept of
capital maintenance implies maintenance of the afinancial amounts of liquid assets
existing at the beginning of the period and at the end of the period of the Balance Sheet. What is stated is correct.
ONLY in
A. I.
B. I and II.
C. I and III.
D. II.

5. According to a NBC TG CONCEPTUAL STRUCTURE – CONCEPTUAL STRUCTURE FOR A

ELABORAÇÃO E DIVULGAÇÃO DO RELATÓRIO CONTÁBIL-FINANCEIRO, no que se refere ao
recognition of the elements of the Financial Statements, it is CORRECT to affirm that:
A. An asset must be recognized in the Balance Sheet when the incurred expenses no
We will provide the likely expectation of generating future economic benefits.
B. A liability must be recognized in the Balance Sheet when the possibility is remote.
to release resources for your settlement e its value cannot be estimated with
reliability.
C. An expense corresponds to a decrease in economic benefits during the period.
accounting, in the form of resource outflow or reduction of assets or assumption of liabilities
which result in a decrease in equity, and which are not related to
distributions to the holders of equity instruments.
D. Uma recipe must be recognized when it results in a reduction in benefits
economic during accounting operiod, under a form of resource entry or of
increase in liabilities that result in a decrease in equity, and that are not
related to the contribution of holders of equity instruments.

6. Select the option that does not represent the settlement of a liability of an entity.
A. Provision of services for amounts already received.
B. Conversion of the obligation into an item of equity.
C. Transfer of other assets.
D. Receipt of goods that had been ordered
7. The three attributes for a financial statement to be considered reliable are:
A. Complete, neutral and free of errors.
B. Sufficient, prudent, and free from fraud.
Limited, sufficient, and free from errors.
D. Integral, prudent, and free from fraud.

8. Investors, loan creditors, and other existing and potential creditors represent
the primary users of general purpose financial accounting reports. In this sense, mark the
correct statement.
A. These individual users have the same information needs.
B. These users may request that the entities reporting the information provide the
information they need, directly.
C. The general purpose financial accounting reports must meet all the information
that these users need.
D. These users need to consider relevant information from other sources, such as conditions.
general economic conditions and expectations, political events and political climate, e perspectives e
panorama for the industry and for the entity.

9. According to the Technical Accounting Pronouncement - CPC 00 R1, the measurement of the elements of
financial statements is the process that consists of:
A. evaluate the amounts paid in cash or cash equivalents or at fair value of
resources delivered to acquire them on the date of acquisition.
B. determine the monetary amounts through which the elements of the financial statements
accounting items must be recognized e presented in the balance sheet e na
demonstration of the result.
C. evaluate the amounts of resources received in exchange for the obligation or, in some
circumstances (such as income tax), by the amounts in cash or
Cash equivalents, which are expected, will be necessary to settle the liabilities in the normal course.
the operations.
D. determine the settlement amounts, that is, the amounts in cash or equivalents of
cash, not discounted, which is expected, will be paid to settle the corresponding obligations
in the normal course of operations.

10. The Original Value Registration Principle determines that the components of the assets must
to be initially recorded at the original values of the transactions, expressed in national currency.
Over time, different measurement bases may be used, among them Current Cost.
Regarding the Current Cost, mark the correct statement.
A. Recognizes assets at cash or cash equivalent values, which would have to
to be paid if these assets or equivalent assets were acquired at the date or in the period
the financial statements.
B. Recognizes the assets at their cash or cash equivalent values, which could
to be obtained by selling in a structured way.
C. Recognizes assets at present value, discounted from the future net cash inflow
box that is expected to be generated by the item in the normal course of the entity's operations.
D. Recognizes the asset at the value at which it can be exchanged between knowledgeable parties,
willing to do so, in a transaction without favoritism.

11. According to the NBC TG Conceptual Framework approved by CFC Resolution No. 1,374/2011, the value
realizable is the measurement basis that implies evaluating the asset according to the:
A. the amount of cash or cash equivalents that could be obtained from their sale in
ordered form.
B. amount of cash or cash equivalents to be paid if that same asset or a
equivalent asset acquired on the balance sheet date.
C. higher amount between its fair net selling price and its value in use.
D. fair value of the resources delivered to acquire it at the acquisition date.

12. The identification of an expense incurred that does NOT generate future economic benefits é
recognized in the financial statements of an entity as:
A. gain.
B. expense.
C. cost.
D. recipe.
13. Mark the option that identifies the measurement basis for assets according to
the concept: "it is the importance given to acquire or develop an asset, which corresponds
to cash or cash equivalents or the value of another amount provided at the time of its acquisition
or development.
A. Fair value.
B. Current cost.
C. Net acquisition cost.
D. Historical cost.

14. The Conceptual Framework for the Preparation and Presentation of Financial Statements establishes
the concepts that underpin preparation e a presentation of financial statements
destined fora external users. Based on this observation, judge the a items
follow like
True (T) or False (F) and then mark the CORRECT option. ( ) Are out of reach
from the Conceptual Framework financial information prepared for exclusively tax purposes. ( ) A
essential quality of the The information presented in the financial statements is that they are
quickly understood by users. For this reason, information about complex subjects
should be excluded for being difficult to understand for users who are not familiar with the
particularities of the business. ( ) The Accrual Basis and Continuity are presented in the Structure
Conceptual for Elaboration e Presentation of the Financial Statements as assumptions
basics. ( ) Understandability, relevance, reliability, and comparability are presented in
Conceptual Structure for Elaboration Presentation ofe Financial Statements as
basic assumptions. The CORRECT sequence is:
A. F, F, F, F.
B. F, F, V, F.
C.V, F, V, F.
D. V, V, V, F.

15. A certain industrial company received the customer's order on 01/31/2012. It processed the products and
I issued the sales invoice on 28/02/2012. The merchandise was shipped on 01/03/2012, with the freight paid.
by the seller. As the roads were bad and the stretch was very long and it rained a lot in the month of
March, the products arrived at the buyer's establishment on 04/01/2012. The invoice was paid on
on 05/05/2012, due to the contract, the accountant of the selling company recorded the revenue of
sales in the month of:
A. January
B. February
C. April
D. Maio

16. What is the most likely immediate variation in the gross profit of a company that made a sale of R$5,000?
for payment in 90 days, with the cost of this sold merchandise of R$ 3,000 to be paid within
of 60 days?
A. R$ -3000
B. R$ 0
C. R$ 2000
D. R$ 5000

17. According to the accrual basis, when will a sale be recognized that has its cash flows
known and with a high likelihood of receiving?
A. Immediately
B. As cash flows are received
C. When all cash flows are received
D. None of the above

18. A company presents the following values related in its financial statements: Capital
autorizado = $ 280 mil Capital subscrito = $ 230 mil Capital a realizar = $ 50 mil Lucros Acumulados = $
170 thousand Profit Reserves = $ 70 thousand Current Liabilities = $ 300 thousand Total Assets = $ 1000 thousand Your
equity is:
$700 million
$470 million
$420 million
$350 million

19. The following data is included in the financial report of a company: Profits after tax 18%
Patrimônio Líquido 40% Ativo Circulante 60% Passivo Circulante 30% Vendas $300 Total de Ativos
$1.400 The Third Party Capital Participation Index of this company is
A. 1.5.
 B. 1,0.
C. 2.0.
D. 2.5.

20. According to the book Theory of Accounting, although in the long run the Income Statement and
the Cash Flow Statement should be related to the same information, the concept of profit, defined
as surplus after the preservation of well-being, corresponds specifically:
A. À diferença entre receitas e despesas do exercício em regime de competência
B. To the results of operational, investment, and financing activities
C. To the net cash flows plus the variation in the value of the company
D. To the liquid cash flows distributed to shareholders in the form of dividends.

21. According to Hendriksen & Breda in Theory of Accounting, there are reasons favorable to regulation of
accounting, except:
A. Market failures
B. Public goods
C. The lack of comparability
Crisis orientation

22. The financial position statements consist of summaries of the resources and obligations of
Companies. The elements of a financial statement are assets, liabilities, and owners' equity.
To be recognized, essential characteristics of each element are necessary, except:
A. Measurability
B. The materiality
C. Fungibility
D. Accuracy

23. Regarding the definition contained in the book Theory of Accounting, they should be classified as assets.
non-monetary circulating
A. The receivables expected to be realized during the operating cycle of the
company or within one year, whichever is shorter.
B. The accounts receivable expected to be collected during the operating cycle of the
company or within one year, whichever is greater.
C. The expenses paid in advance, which are expected to be consumed during the cycle
the company's operation or within a year, whichever is greater.
D. The negotiable titles, with known maturity dates and values, in which it is expected that
whether they are carried out during the company's operating cycle or within one year, whichever is shorter.

24. According to the accounting criteria adopted by the FASB, the disclosure of financial reports must
be understandable for those who necessarily hold:
A degree in accounting and are willing to study the information with reasonable diligence.
B. training in accounting and have a reasonable knowledge of business.
C. Training in accounting and interpret financial reports appropriately.
D. reasonable business knowledge and are willing to study the information diligently
reasonable.

25. The comprehensive result can be defined as:

A. the difference between revenue and expense from operations without including revenues or expenses
financial
B. a change in the assets of a company during a period, resulting from transactions and
other events and circumstances not originating from the partners
C. a change in the net worth of a company during a period, resulting from
transactions and other events and circumstances not involving the partners.
D. the difference between income and expenses that is not directly related to the objective of
business.

26. Regarding the results of the demonstrations, where profits and/or losses should be
accounted for in the Balance Sheet?
A. Equity.
B. Current Assets
C. Permanent Assets
D. Current Liabilities
27. A company Alfa presents the following balance: Investment in company Beta R$ 150,000 Taxes
diferidos R$ 86.000 Ações ordinárias (R$ 1 cada) R$ 550.000 Ações Preferenciais (R$100 cada) R$
175,000 Accumulated profits R$ 893,000 Other accumulated comprehensive income R$ 46,000 O
investment in company Beta had a cost of R$ 120,000, it is temporary and is classified as
available for sale. The equity of company Alfa at the end of this year will be approximately:
A. R$ 1,618,000
B. R$ 1.664.000
C. R$ 1,714,000
R$ 1,748,000

28. The operating revenue of a company for a certain period will likely be included in the
report titled:
A. Cash Flow.
B. Statement of Results.
C. Balance.
D. ONLY.

29. When analyzing a company's financial leverage, deferred taxes are better classified
like:
A. A liability.
B. A liability or equity, according to the particular situation of the company.
Neither as a liability nor as equity.
A future expense.

30. The Beta company became a minority shareholder of the Gama company in 2016, with participation in
board of directors of the company. What is the correct way this operation should be recorded in
Balance Sheet?
A. Asset Equivalence
B. Acquisition Method
C. Consolidation in the Balance Sheet

D. Historical Cost.
 ❖ Basic Conceptual Structure. (3 Questions)
1. According to the Basic Conceptual Framework of Accounting, addressed by CPC 00 R1, the effects
of transactions and other events and circumstances regarding economic resources and claims of the
entity that reports the information in the periods in which such effects are produced, even though the
receipts and payments in cash occurring in different periods are depicted, with
property.
A. by the principle of essence over form.
B. by the characteristics of the Hedge.
C. by the concepts of financial instruments.
D. by the accrual basis.

2. Of agreement with a NBC TG CONCEPTUAL STRUCTURE – CONCEPTUAL STRUCTURE FOR

ELABORATION AND DISCLOSURE OF ACCOUNTING-FINANCIAL REPORT, the Qualitative Characteristics of
Useful Accounting-Financial information is divided into Fundamental Qualitative and Qualitative of
Improvement. Considering the above, it is CORRECT to state that:
A. Comparability, Understandability, Timeliness, and Verifiability represent
Fundamental Qualitative Characteristics of Useful Accounting-Financial Information.
B. Comparability, Understandability, Materiality, Relevance, Representation
Reliability, Timeliness, and Verifiability represent Qualitative Characteristics of
Improvement of accounting information.
C. The Materiality, a Relevance and a Faithful representation represents characteristics
Qualitative Improvements of Accounting Information.
D. The Relevance of e Accurate
a Representation Qualitative Characteristics
Fundamentals of Useful Accounting-Financial Information.

3. A _______________ referee refers to information that can make a difference in decisions that may
to be taken by users. The information can make a difference in a decision in the case
some users decide not to take it into account, or have already become aware of it
existence through other sources.
A. Faithful representation
B. Materiality
C. Relevance
D. Comprehensibility

4. According to the Accounting Pronouncement CPC 00 - Conceptual Framework for Preparation and Disclosure
from the Accounting-Financial Report, indicate the CORRECT definition of Asset:
A controlled resource by the entity as a result of past events and from which it is expected that
I will flow future economic benefits for the entity.
B. All assets and rights in the name of an entity.
C. Residual interest of liabilities after deducting all equity.
D. Residual interest in Equity after deducting all Liabilities.

5. What are the basic principles of Accounting according to Van Breda and Hendriksen.
["A. Comparability, Materiality, Representativeness, Understandability"]
B. Understandability, Reliability, Relevance, and Comparability.
C. Comparabilidade, Materialidade, Tempestividade,Compreensibilidade
D. Comprehensibility, Reliability, Relevance, and Verifiability.

6. According to the provisions of the NBC TG CONCEPTUAL FRAMEWORK - CONCEPTUAL FRAMEWORK

FOR THE PREPARATION AND DISSEMINATION OF ACCOUNTING-FINANCIAL REPORT, the confirmatory value is
one of the brands of the qualitative characteristic of:
A. Materiality.
B. Relevance.
C. Faithful Representation.
D. Timeliness.

7. Regarding the fundamental qualitative characteristics of financial accounting information, consider: I.

Relevant accounting-financial information is one that can make a difference in decisions that may
to be taken by the users. II. Comparability, verifiability, timeliness and materiality
they are qualitative characteristics that improve the usefulness of information that is relevant and that is
represented accurately. III. Comparability refers to the use of the same methods for
the same items, both from one period to another considering the same reporting entity
information, how much for a single period between entities. IV. Verifiability means that
different observers, conscious and independent, can reach a consensus, although not
we necessarily reach a complete agreement regarding the portrait of an economic reality in
particular is a faithful representation. What is stated is correct ONLY in:
 A. I and II.
B. II and III.
C. I and IV.
D. III and IV

On December 31, 2015, a business entity hired a company that provides gardening services.
to carry out the maintenance of your gardens. The signed contract stipulates a total payment of R$60,000.00
for the provision of gardening services during the period from January 1, 2016 to June 30, 2016. The Society
The businesswoman paid, at the time of contracting, the total amount of R$60,000.00. Both entities appropriate
Monthly expenses and revenues. According to the NBC TG CONCEPTUAL FRAMEWORK - STRUCTURE
CONCEPTUAL FOR A DRAFTING E DISCLOSURE OF ACCOUNTING-FINANCIAL REPORT e
Considering all the information presented, mark the CORRECT alternative.
On December 31, 2015, the contracting party registers a net increase of R$60,000.00 in Current Assets.
B. On December 31, 2015, the contractor records in the results, Gardening Expenses in the amount of
R$60.000,00.
C. On 12/31/2015, the contractor records a net increase of R$60,000.00 in Current Liabilities.
D. On December 31, 2015, the contractor recorded, in the results, Service Revenue in the amount of
from R$60,000.00.

9. A pre-sale to be delivered in 90 days. By receiving the amount in advance, the amount must
to be released as:
A. Reducing Stock
B. Revenue recognition
C. Expenditure launch
D. Entry in current liabilities

10. Regarding the assets of an entity, mark the correct statement.

A. They are represented by all the assets and rights of the entity.
The entity must have possession to recognize them.
C. Os ativos representam a origem de recursos próprios da entidade.
The entity must expect that they will bring future benefits to it.

11. The Conceptual Framework for Accounting, approved by Technical Pronouncement 00 of the CPC,
define it as a resource controlled by the entity, arising from the result of past events,
e from which future economic benefits for the entity are expected to flow. The Structure is being
referring to:
[Link].
B. Passive.
C. Comprehensive Result.
D. Equity.

12. Liability is:

A present obligation of the entity, arising from past events, the settlement of which is expected
which results in the outflow of resources from the entity capable of generating economic benefits.
B. It is a possible obligation that results from past events. e whose existence will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events, but
that is completely under the control of the entity.
C. A future event that creates a legal or informal co-obligation that causes the
the entity has no realistic alternative but to settle or postpone this obligation.
D. It is a present or past obligation of the entity, derived from events that occurred or
to incur, whose settlement may occur through payment or exchange with assets.

13. "The elements directly related to the measurement of the patrimonial and financial position"
they are the assets, the liabilities e "net worth" (Central Bank of Brazil). Regarding the
Given statement, mark the correct alternative.
A. An asset is a resource controlled by the Entity as a result of past events and of
which is expected to generate future economic benefits for the entity.
B. Net Worth is a present obligation of the Entity, arising from past events,
whose liquidation is expected to result in the outflow of resources from the entity.
C. Equity is the residual interest in the entity's assets after deducting all its liabilities.
D. Asset is the input or increase of resources, which result in increases in equity.
14. An essential characteristic for the existence of a liability is:
A. that the entity has a present obligation.
B. the administrative decision to acquire assets in the future, through meetings with suppliers.
C. the receipt of assets.
D. the dissemination of information.

15. According to the accounting practices adopted in Brazil, an asset can only be recognized on the balance sheet.
patrimonial when:
A. Acquired from another legal or natural person with business in the country where the company is based
acquirer;
B. to have a transfer of possession e its value should be calculable with o maximum of
possible reliability;
C. there is a tax document related to the collection of state taxes;
It is likely to generate cash and its cost is measurable;

16. About the Structure Conceptual for Development and Dissemination of Accounting-Financial Report
consider: I. The tax authorities may impose specific requirements to meet
their own interests and, consequently, change the conceptual structure for elaboration and
disclosure of general purpose accounting-financial report. II. The evaluation of management of
entity regarding the responsibility that has been granted to it and regarding the quality of its
performance e of your accountability é one of the common needs of most
users of general purpose accounting and financial reports. III. The accrual basis reflects
with ownership the effects of transactions and other events and circumstances on the resources
economic and claims of the entity that reports the information in the periods when such effects
are produced. IV. Comparability is the qualitative characteristic that defines the use of the same ones.
methods for the same items, both from one period to another, considering the same entity
What reports the information, as for a single period between entities. Is what is stated correct?
ONLY in:
A. I and II.
[Link] and III.
C. III and IV.
D. I, II and III.

17. About a conceptual framework for the preparation and presentation of financial statements,
Consider: I. The conceptual structure applies to the form and content of additional information.
provided to meet the needs of the company's management. II. objective the O
Financial statements provide information that is useful to a large number of users.
in their evaluations and economic decision-making. III. The financial statements are prepared
based on the assumption that the entity has neither the intention nor the need to engage in
liquidation, nor materially reduce a scale of your operations. IV. The information about
complex issues that complicate a comprehensibility for some accounting users
should be excluded from the financial statements. It is correct to state ONLY in:
A. I and II.
B. II and III.
C. I, II, and III.
D. II, III and IV

18. According to the NBC TG Conceptual Framework, regarding the inclusion in the definition of
Active, analyze the conditions presented in the items below and then mark the CORRECT option.
["I. Resource with tangible characteristics.","II. Resource controlled by the entity.","III. Resource of property."]
of the entity. IV. Resource from which future economic benefits are expected to flow to the entity. V.
Resource resulting from past events. According to a NBC TG Conceptual Structure, are
necessary conditions for the recognition of the Asset the requirements presented only in the items:
A. I and III.
B. I, III and IV.
C. II, IV and V.
D. III and V.

19. Based on the NBC TG CONCEPTUAL STRUCTURE Resolution - Conceptual Structure for Preparation and
Disclosure of Accounting - Financial Report, judge the items on Capital Maintenance as
True (T) or False (F) and then indicate the CORRECT option. I. According to the
concept of financial capital, such as the money invested or its purchasing power invested, the
capital is synonymous with liquid assets or the entity's net worth. II. According to the concept
of maintaining physical capital, profit is considered earned only if the physical capacity
productivity of the entity at the end of the period exceeds a productive physical capacity at the beginning of
period, after any distributions to owners and their capital contributions have been excluded
during the period. III. All price changes affecting the entity's assets and liabilities are
views, in the concept of physical capital maintenance, as changes in the measurement of capacity
the entity's financials, should be treated as profit. The CORRECT sequence is:
A. F, F, V.
B. F, V, F.
C. V, F, V.
D. V, V, F.

20. A NBC TG - CONCEPTUAL FRAMEWORK - Conceptual Framework for Preparation and Presentation
the Accounting Statements establish the concepts that underpin a preparation e a
presentation of financial statements intended for external users. Therefore, it is NOT the purpose
from NBC TG:
A. support users of financial statements in interpreting information contained therein
contained, prepared in accordance with the standards.
B. to assist independent auditors a form your opinion about a compliance of
financial statements with the standards.
C. provide support to those responsible for the preparation of the financial statements in the application
the norms and the treatment of matters that have not yet been the subject of norms.
D. define standards or procedures for any specific issue regarding aspects of
measurement, disclosure or publicity.

21. Allow each main user group to assess the economic and financial situation.
entity, in a static sense, as well as making inferences about its future trends. According to the
Basic Conceptual Structure of Accounting, the text above refers to
A. essence over form
B. accounting theory
C. entity postulate
D. main objective of accounting

22. The Basic Conceptual Statement of the CPC, which provides for the Conceptual Framework for the
Preparation and Presentation of Financial Statements, approved by CVM Resolution No. 539, of
14 m ar. 2008, states that the financial statements prepared under a guidance of this
The pronouncement aims to provide useful information. Such financial statements are
useful because:
They allow the assessment of the patrimonial, economic, and financial variations that occurred in the fiscal year.
social.
B. provide information for decision-making and evaluation by users in general.
C. facilitate the determination of public policies.
D. help deregulate the activities of the entities.

23. According to Brazilian Accounting Standards, negative equity is referred to as

overdrawn liabilities. In the balance sheet, overdrawn liabilities must be shown:
A. After the asset.
B. After the passive.
C. In the Net Equity.
D. In the exercise result.

24. According to the CPC, which of the following options best defines what a company's revenue is?
A. The amount of sales of goods or services rendered in the fiscal year.
B. The total amount of invoices issued for the sale of goods or services rendered in the fiscal year.
C. The gross income of economic benefits that results in an increase in net worth.
D. The net income of economic benefits arising from the sale of goods or services.
services.

25. Which of the alternatives is incorrect regarding the net profit for the period?
A. Reflects the outcome of past events.
B. Reflects the comprehensive results.
C. Generally reflects revenues and expenses recognized in the period.
D. Reflects the overall increase in net worth during the fiscal year.

26. Which of the alternatives below best reflects what a person needs to understand and interpret?
financial statements?
A. To have knowledge of accounting and finance.
B. To have a certificate.
C. Be trained in business administration.
D. Having worked in a bank.
27. According to the book Accounting Theory by Van Breda and Hendriksen, which of the following definitions is
the best for the recipe or in other words superior.
A. It is a monetary expression of the products or services aggregated transferred by a company to
your customers during the period.
B. Inflows or other increases in an entity's assets, or settlement of its liabilities (or
both), resulting from the delivery or production of goods, provision of services, or other activities
corresponding to the normal or main operations of the entity
C. It is the gross entry of economic benefits during the period, in the normal course of
end activities of an entity, when such inputs result in an increase in assets
liquid, excluding those arising from contributions by shareholders/partners.
D. Gross increases of assets or gross reductions of liabilities, recognized and measured in
compliance with generally accepted accounting principles, which result from those types of
activities for profit... of a company, which can alter the assets of
owners

28. The main qualitative characteristics of accounting are:

A. Prudence, Accounting, Materiality and Integrity.
B. Materiality, reliability, comparability, and relevance.
C. Integrity, Relevance, Prudence, and Integrity.
D. Understandability, reliability, comparability, and relevance.

29. Of the items below, would be classified in current assets:

A. Project implementation costs.
B. Expenses paid in advance within 180 days.
C. Property intended for long-term sale.
D. Property in use by the company

30. In terms of CPC 00, the qualitative characteristics of improvement are:

A. conservatism, relevance, reliability, and comparability.
B. faithful representation, materiality, comparability, and understandability.
C. comparability, timeliness, reliability, and relevance.
D. comparability, verifiability, timeliness, and understandability.

31. According to the Accounting Pronouncement CPC 00 - Conceptual Framework for the Preparation and Disclosure of
Accounting-Financial Report, mark the CORRECT definition of revenue.
A. Increases in economic benefits during the accounting period, in the form of the entry of
resources or the increase of Assets or decrease of Liabilities, which result in increases of
Net Equity, and that are not related to the contribution of the holders of
heritage instruments.
B. Credits in profit and loss accounts that generate an increase in Equity with the corresponding
increase of Asset or Liability.
C. Credits in income accounts that generate an increase in Equity with corresponding
increase in Assets or decrease in Liabilities.
D. Cash inflows or promises of cash inflows during the accounting period, in the form of
increase in Assets or decrease in Liabilities, resulting in increases in Equity.

32. According to the Accounting Pronouncement CPC 00 (R1) - Conceptual Framework for Preparation and Disclosure
From the Accounting-Financial Report, indicate the correct definition of Equity.
A. It is the residual interest in the entity's assets after deducting all its liabilities.
B. It is the entity's equity less treasury shares.
C. Sources of resources coming from the owners.
D. Sum of Profit Reserves and Share Capital.

33. According to the Basic Conceptual Statement (R1) – Conceptual Structure for Preparation and
Disclosure of Accounting-Financial Report, the Accrual Basis represents:
A. an accounting postulate.
B. an underlying premise of accounting.
C. an element for defining the company's financial performance.
D. a fundamental qualitative characteristic of useful financial accounting information.

34. Based on the fundamental principles of accounting, in the accounting statements of the CPC, in
Law No. 6,404/1976, its subsequent amendments and complementary legislation, mark the correct option.
A. The provision of services resulting from advanced revenue will positively impact the
availabilities.
B. The cash flow statement (CFS) is not mandatory for corporations with
annual gross revenue of less than two million reais.
 C. If a company operating in an inflationary context manages its inventory using the LIFO method,
instead of using FIFO, it will present higher profits, lower costs, and final inventory
overvalued.
D. Corporations are required by law to adopt the equity method in
evaluation of investments in affiliates, subsidiaries, and other companies that are part of
a same group or are under common control.

35. According to what is defined by CPC 00 CONCEPTUAL FRAMEWORK – CONCEPTUAL FRAMEWORK FOR
ELABORATION AND DISSEMINATION OF ACCOUNTING-FINANCIAL REPORT, regarding the characteristics
In terms of qualitative improvements of accounting information, indicate the INCORRECT alternative.
A. Comparability allows different users of accounting information to identify and
understand the similarities of the items and the differences between them.
B. Verifiability indicates that the entity must provide exclusive information to different
users of accounting information, according to their interests.
C. Comprehensibility consists of classifying, characterizing, and presenting information clearly.
conciseness making it understandable.
D. Timeliness means having information available for decision-makers in time to be able to
influence them in their decisions.

36. According to what is defined by CPC 00 CONCEPTUAL FRAMEWORK - CONCEPTUAL FRAMEWORK FOR
ELABORATION AND DISCLOSURE OF ACCOUNTING-FINANCIAL REPORT, regarding the elements of
Which of the following does not represent an element of financial position in financial statements?
A. Active
B. Passive
C. Receipt
D. net worth

37. According to what is defined in CPC 00 CONCEPTUAL FRAMEWORK - CONCEPTUAL FRAMEWORK FOR
PREPARATION AND DISCLOSURE OF ACCOUNTING-FINANCIAL REPORT, regarding the elements of
accounting statements which of the following does not represent an element of this group:
A. cost
B. expense
C. revenue
D. Equity

38. According to what is defined in CPC 00 CONCEPTUAL FRAMEWORK – CONCEPTUAL FRAMEWORK FOR
PREPARATION AND DISSEMINATION OF ACCOUNTING-FINANCIAL REPORT, in relation to the elements of
financial statements which of the below represents elements of this group:
A. Assets, Liabilities, and Equity
B. Assets, Liabilities, Equity, and Revenue
C. Asset, Liability, Equity and Expense
D. Assets, Liabilities, Equity, Revenue and Expense
 Cash Flow Demonstration. (2 Questions)
1. According to Brazilian standards, the dividends and interest on equity paid are
classified in the cash flow statement as:
A. Atividades Operacionais
B. Financing activities, or alternatively operational
C. Financing Activities
D. Investment activities, or alternatively operational

2. Which of the following alternatives is not a component of the cash flow from investing?
A. Purchase of equipment.
B. Dividends paid.
C. Sale of land.
D. Purchase of vehicles.

3. In the cash flow statement, a breakdown of actions:

A. It would be reported as a source of money in the financing cash flow.
It would be reported as a cash use in the financing cash flow.
C. Would be reported as a source of money in the operating cash flow.
D. It would not be reported in the cash flow statement, as it is a non-cash event.

4. Which of the following events is least likely to be considered a cash flow?

financing?
A. Payment of interest on equity
B. Share buyback
C. Gains on the disposal of subsidiary
D. Repayment of bank loan

5. What are the main components of the cash flow from operations?
A. Capitalization activities, asset sales, and bond purchases.
B. Changes in accounts receivable, inventory, accounts payable, and events that are accounted for
in the income statement.
C. Debt recovery, stock offering, and stock split.
D. Acquisition of real estate, automobiles, and other fixed assets aimed at maintaining the business in
operation.

6. The following items were extracted from the income statement of company ABC, in R$:

Based on the information presented, the increase in operating cash flow for the period
é:
A. R$ 1,460
B. R$ 1.957
C. R$ 866
D. R$ 963

7. In the Cash Flow Statement of a financial institution, prepared in accordance with the
Technical Pronouncement CPC 03 - Cash Flow Statement, the cash outflows resulting from
acquisition of a fixed asset, the cash inflows resulting from the issuance of instruments of
the cash inflows resulting from the receipt of the principal of credit operations are
classified, respectively, as activities:
A. financing, investment, operational;
B. investment, financing, operational;
C. of investment, operational, operational;
operational, financing, investment;
8. In the preparation and dissemination of the Cash Flow Statement (CFS), in accordance with
current regulations, the increase of capital in cash, the amortization of a loan and the
the acquisition of shares issued by the company itself must be classified, respectively, in the flow of
activity box.
A. operational, financing, and investment.
B. financing, financing and financing.
Funding, financing, and investment.
Investment, operational and investment.

9. The Cash Flow Statement (CFS) shows a variation of the available group from
partnership between two consecutive social exercises. The available group comprises the sum of the
balances of accounts Cash, Banks, and Immediate Liquidity Financial Investments. It is correct to state that
os juros pagos e recebidos e os dividendos e juros sobre o capital próprio das entidades recebidos são
commonly classified as:
A. Cash equivalent.
B. Investment cash flows.
C. Financing cash flows.
D. Operating cash flows in financial institutions. However, there is no consensus on the
classification of these cash flows for other entities.

10. A company received, in December 2011, the amount of R $5,000.00 as a refund of

income tax. How is this transaction classified in the Statement of dividends in the Cash Flows
Company cash?
A. Cash flow generated by operating activities
B. Cash flow generated by financing activities
C. Cash flow consumed by financing activities
D. Cash flow consumed by investment activity.

11. The Cash Flow Statement (CFS) shows the sources and uses of funds, serving as a basis for
the analysis of the company's ability to pay its obligations. According to current legislation,
What are the methods of reporting the DFC?
A. Direct and Indirect
B. Legal and Operational
C. Surplus and Deficit
D. Positive and Negative

12. In a Cash Flow Statement, the financial movement resulting from the transactions of
sale of a vehicle that was used by the management, from the recovery of a long-term financial investment
deadline (not equivalent to the box), for the payment of dividends, for the purchase of goods for sale (in
a commercial company) are presented respectively in:
A. Financing activity, Investment activity, Financing activity, Activity
Operational
B. Financing activity, Operating activity, Operating activity, Operating activity
C. Financing activity, Operating activity, Financing activity, Activity
Operational
D. Investment Activity, Investment Activity, Financing Activity, Activity
Operational

13. The preparation of the cash flow financial statement can be done using the direct method or
indirect. The preparation by the direct method must:
A. detail the flows of operations, at least, in the following classes: customer receipts, of
interest and dividends; payments to employees and suppliers; interest and taxes paid.
B. remove from net profit the deferrals of transactions that were cash in the past, such as expenses
prepaid and tax credit, in addition to all allocations in the result of events that may
to be a cashier in the future.

C. detail the value of wealth and assets acquired during the period, informing the source of the resources and
the destination of the application.

D. to reconcile net profit and the cash generated from operations.

14. A closed company will not be required to prepare and publish the cash flow statement.
as long as your net worth is:
A. Below 2.5 million in the last quarter
B. Less than 2 million, on the date of the balance sheet
C. Above 2.5 million in the last quarter
Above 2 million, on the date of the balance sheet
15. Cia. Energia e Movimento S.A., on 01/10/2009, had total net equity,
consisting of R$ 15,000.00 in cash. In October 2009, the company acquired inventory of
goods for resale in the amount of R$ 7,500.00, with payment made on 11/15/2009. Also
during the month, 40% of the stock was sold for R$ 8,200.00. The Company also incurred in
operating expenses amounting to 100% of the Cost of Goods Sold - COGS, and that will be paid in
05/11/2019. Based on the data presented, the cash flow balance, in reais, on 01/10/2009,
corresponds to:
A. 3,500.00
B. 6,500.00
C. 8,200.00
15,000.00

16. Given the statements regarding the Cash Flow Statement and the Statement of Value
Added,
I. According to Law No. 11,638 of 2007, the cash flow statement segregates its information.
at least 3 (three) flows: a) of operations; b) of financing; c) of investments.
II. The demonstration of added value details the value of the wealth generated by the company, its
distribution among the elements that contributed to the generation of this wealth, such as employees,
financers, shareholders, government and others, as well as the portion of undivided wealth.
III. The cash flows from operating activities are generally presented in three ways, through
by the direct method, using the indirect method or applying a mixed method that is initially direct and
At the end, the net profit is added.
IV. When preparing the cash flow statement using the direct method, the net income is verified.
coming from the Income Statement and reconciles to the net cash from operations.
V. Companies may choose to present accumulated profits or losses.
in isolation or do it together with the other equity accounts. Choosing the second
option, you must prepare the statement of changes in equity, which includes the statement
of accumulated profits or losses.
mark the option that indicates the correct items.
A. I, II, and IV.
B. II, III and V.
C. I, II and V.
D. I, III and IV.

17. One of the objectives of the DFC is:

A. evaluate the variation of the CCL.
B. measure the company's financial situation.
C. analyze the financial and economic situation of the company.
D. evaluate the company's current and future cash situation.

18. The analysis of the Cash Flow Statement that reconciles Net Income and the Cash generated by the
operations, and that is why it is also called 'reconciliation method', uses the method:
A. Direct
B. Equity Equivalence
C. Indirect
D. Net working capital

19. The entity must present its cash flows resulting from its activities in the manner that is most
appropriate to your business. The classification by activity provides information that allows for
users assess the impact of such activities on the financial position of the entity and the amount of its
cash and cash equivalents. Regarding the Cash Flow Statement, analyze the following
affirmatives: I - In the direct method of the Cash Flow Statement, the net profit or loss is
adjusted for the effects of non-cash transactions, for the effects of any deferrals or
accruals for operational cash receipts or cash payments
past or future, and by the effects of revenue or expense items associated with cash flows from
investment or financing activities. II - Financing activities are those that
result in changes in the size and composition of equity and third-party capital of
entity. III - Cash advances and loans made to third parties, except for those advances and
Loans made by financial institutions are examples of investment activities. They are correct.
the statements:
A. I and II
B. I and III
C. II and III
D. I, II and III
20. The cash flow paid to suppliers, calculated using the direct method and considering the following
information for the period corresponds to: · Cost of goods sold = $120,000 · Initial position of
estoque = $ 21 mil · Posição final do estoque = $ 15 mil · Posição inicial da conta fornecedores = $ 15 mil ·
Final position of accounts payable = $27 thousand
A. (-) $ 126 thousand
B. (-) $120 million
- $ 114 thousand
D. (-) $102 thousand

21. The consolidation of a company's cash flow in a given period revealed the
seguinte movimentação: Pago a fornecedores de mercadorias $ 100 mil Recebido de clientes $ 280 mil
Pagamento da compra de equipamento $ 440 mil Pago aos acionistas a título de dividendos $ 40 mil
Received from the preferred stock offer $200 thousand Interest received on short-term investments $
20 mil Pagamento de salários $ 80 mil Amortização de empréstimo bancário $ 100 mil Recebimento pela
sale of a land $ 240 thousand The financing cash flow and the investment cash flow of
the company's period is, respectively, of:
$200 thousand and $240 thousand.
$240 million and $200 million.
$60 million and (-) $240 million
D. $60 million and (-) $200 million

22. Na elaboração do seu relatório de fluxo de caixa para o ano de 2018, uma empresa recolhe os
following data: • Profit from the sale of equipment of $6,000 • Revenue from the sale of equipment of
10,000 • Purchase of Zip Co. bonds for 180,000 (maturity value $ 200,000) • Amortization of
títulos de desconto 2000 • Dividendos pagos (75.000) • Receita com venda de ações em tesouraria
38,000 In your cash flow report for the year 2018, the amount of cash used in activities
of investment and in financing activities, must be, respectively:
$170,000 and $38,000.
$178,000 and $37,000.
$170,000 and $37,000.
D. $ 178.000 e $ 38.000.

23. Use the following financial data from the company to calculate the operating cash flow (OCF)
using the indirect method. • Net Income: R$ 225 • Increase in receivables: R$ 55 • Decrease in
inventário: R$ 33 • Depreciação: R$ 65 • Redução na conta a pagar: R$ 25 • Aumento nos salários a
pagar: R$ 15 • Redução nos impostos diferidos: R$ 10 • Compra de novo equipamento: R$ 65 •
Dividends paid: R$ 75
A. Increase in cash of R$ 183.
B. Increase in cash of R$ 173.
C. Cash reduction of R$ 108.
D. Increase in cash of R$ 248.

24. A company redeems R$ 10,000,000 in a bond it issued at 101% of the face value or R$ 10,100,000.
In the cash flow report, this company will report an outflow transaction in the amount of:
$10,000,000 in Financial Cash Flow and $100,000 in Operational Cash Flow.
$10,100,000 in Operating Cash Flow.
$10,100,000 in Financial Cash Flow.
$10,000,000 in Financial Cash Flow and $100,000 in Investment Cash Flow.

25. It is not an item that would appear in the investment cash flow:
A. Profits from acquisitions.
B. Sale of the company's shares.
C. Purchase or sale of buildings.
D. Purchase or sale of equipment.

26. When a company pays dividends to its shareholders, this activity is part of the cash flow:
A. Operational.
B. Financing.
C. Investment.
General D.
27. According to CPC 03, the interest paid and received and the dividends and interest on equity
received by financial institutions are commonly recorded.
A. Operating cash flow
B. Flu x o d e c a ix a d e fin a n c ia m e n t o
C. Operating and financing cash flow
D. Cash flow from financing and investing

28. Which of the activities below represents a Cash Flow consumed by the Investment activity?
A. Payment of interest related to a bank loan.
B. Granting a loan to another company.
C. Payment of bank loan.
D. Payment of dividends.
 Assets, Liabilities, and Equity. (5 Questions).
1. Biological assets can be:
A. Depreciated.
B. Exhausted
C. Amortized
D. Reduced

2. In periods of rising prices and stable or increasing stock quantities, the impact of
LIFO (last in, first out) and FIFO (first in, first out) in the statements
financial are, respectively:
A. COGS (cost of goods sold), LIFO Higher, FIFO Lower
B. Net Income, FIFO Higher, LIFO Lower
C. Stock Balance, LIFO Higher, FIFO Lower
D. Working Capital, LIFO Lower, FIFO Higher

3. In an inflation scenario, which inventory valuation method shows the highest net profit:
A. PEPS or FIFO
B. UEPS or LIFO
C. Weighted moving average
D. Everyone is equal.

4. In a scenario of rising prices, inventory valuation methods yield different results.

And the cost of goods sold is different; given the statements below, which one is correct.
A. UEPS presents a better result than PEPS
B. UEPS has a lower cost of goods sold than the weighted average method.
C. PEPS presents a lower result than that of Weighted Moving Average
D. Moving weighted average has a higher COGS than FIFO

5. A company presented the following transactions in the merchandise inventory account, in

determined month:
Day 5: purchase of 10 units for R$ 25.00 each;
Day 10: sale of 4 units at the price of R$ 35.00 each;
Day 15: sale of 5 more units at R$ 40.00 each;
Day 20: purchase of 5 units at R$30.00 each;
Day 25: sale of 10 units at R$ 40.00 each.
Knowing that your initial balance is 10 units for R$ 20.00 each.
Calculate the COGS using the MPM method and indicate the correct option.
A. 425
B. 480
C. 450.5
D. None of the options

6. Company X purchased machinery for R$30,000.00 on May 16, 2019, on the same day
machinery has been put into use. Considering the information below, calculate the residual value of the part in
date on which it was sold
Depreciation rate = 20% per year
Residual value after the useful life = R$5,000.00
Selling price 1 and a half years later = R$ 25,000.00
A. R$ 22,500.00
B. R$ 5,000.00
C. R$ 15,000.00
D. R$ 21,500.00

7. A company's asset was valued at R$50,000.00 at one time, and the company then decided to invest
a test of impairment showed that an adjustment of R$15,000.00 should be made, reducing the previous value.
what the company should do:
A. Declare the asset at the highest value
B. Declare the asset for the value of R$ 35,000.00 and nothing more.
C. Fazer um ajuste de R$ 15.000,00 usando caixa
D. Declare the asset at the recoverable value of R$35,000.00 and make an adjustment of R$15,000.00
debating from the reserve account in equity.
8. Regarding CPC 27, it can be stated that:
A fixed asset item that is classified for recognition as an asset must be
measured by its cost.
B. An item of fixed assets that is classified for recognition as an asset must be
measured by its current market value.
C. The sale of fixed assets must be recognized as part of sales revenue.
entity.
D. Depreciation is not recognized even when the fair value of the asset is temporarily
exceeding its book value.

9. A financial institution acquires a list of 10 million credit card holding customers

with the retail clothing store banner. Under the agreement, customers will receive at their homes
new cards with the store's brand, but issued by the acquiring Institution, with the same conditions
contractual of the cards previously issued by another institution. It is estimated that the action may
resulting in the replacement of all 10 million cards, which will lead to a significant increase in
card base of the Institution. In this case, the financial institution must debit the amount paid by the
acquisition of the item in the balance sheet account called:
A. Commercial expense.
B. Intangible Asset.
C. Current Assets.
D. Cost of Goods Sold.

10. Aiming to determine the recoverable amount for impairment purposes of a certain asset, entity
informs to adopt the following procedures:
I - In the absence of a formalized sales contract, the net selling price was obtained through observation.
of the prices currently practiced in the market, deducting the necessary expenses for the sale.
II - The value in use was estimated through future cash flows, using a discount rate.
before taxes that represents the return required by investors.
III - The recoverable amount was defined as the lower value between the net selling price of the asset and its
value in use.
A. I and II.
B. I and III.
C. III.
D. I, II and III.

11. Indicate the correct alternative regarding the recoverable amount of assets:
A. Entities must perform impairment testing semi-annually on all their assets.
B. If the carrying amount exceeds the value in use, there will be a need for impairment.
C. The recoverable amount of an asset is the greater of the discounted cash flow of the asset and the
sale value of the asset in a forced sale
D. Impairment of assets is essential for financial statements to reflect reality
economic and used for decision-making.

12. Mark the correct alternative regarding the accounting of intangible assets:
A. Intangible assets should not appear on the balance sheet
B. An example of an intangible asset is the economic right of a soccer player, as it is a
contract law and because it generates a high probability of future economic benefits
C. Research and development expenses must be capitalized as intangible assets when
they will generate probable future economic benefits.
D. Both for the purposes of corporate accounting and tax purposes, the revaluation of assets is prohibited.
tangible or intangible.

13. Indicate the correct alternative regarding investments in affiliates and subsidiaries:
A. An entity acquires shares of Petrobrás. Petrobrás will only be considered a company
affiliated does not exert significant influence over Petrobrás.
B. Investment in associated companies requires the entity to prepare consolidated financial statements.
C. Investment in affiliated companies is accounted for using the acquisition method.
D. Goodwill is not amortized periodically but is subject to impairment testing.
corporate accounting
14. Mark the correct alternative regarding the accounting of segments, provisions, and instruments.
financial
Entities must disclose information about segments whenever they operate in markets.
different.
B. An entity has suffered a labor lawsuit for moral damages. Given that there is a high chance of
to lose, she must necessarily make a provision for this labor action, but without a
reliable estimate.
C. Financial assets can be classified as held for trading, held to maturity
due and available for sale.
The objective of hedge accounting is to standardize the accounting of derivatives by entities.

15. According to the Accounting Pronouncement CPC 46 – Measurement of Fair Value, indicate the correct definition
Fair Value
A. The price that would be received for the sale of an asset or that would be paid for the transfer of a
liability in an unforced transaction between market participants at the measurement date.
B. It is the value at which an asset can be liquidated, or a liability traded, between parties.
interested parties, knowledgeable about the business and independent from each other, with the absence of factors that
pressures for the settlement of the transaction or that characterize a mandatory transaction.
C. These are the amounts paid in cash or cash equivalents of the resources provided to acquire
the assets and liabilities at the acquisition date.
D. It is the present value, discounted from the future cash inflow stream expected by
use of assets or liabilities.

16. Verdão Company had, as of 12/31/2016, in fixed assets, machinery for production of
t-shirts. The balances of the accounts related to this machinery at the end of 2016 are:

When preparing the Financial Statements for the year 2016, Cia. Verdão
A. Did not recognize loss due to impairment.
B. Recognized an impairment loss of R$ 130,000.00
C. Recognized a loss due to devaluation in the amount of R$ 30,000.00
D. Recognized a loss due to devaluation in the amount of R$ 120,000.00

17. The company ARGOS approved, at the end of 2013, a sales policy that guarantees repairs to customers.
We will claim, within nine months from the date of purchase, for goods acquired with defects.
In closing the financial and accounting reports for the fiscal year 2013, the company estimated
that if all sold goods had small defects, it would have to bear, in 2014, with
a warranty expense of R$4,000,000.00. If these defects were significant, the expenses
would reach R$16,000,000, an amount equal to the current cost of goods on the balance sheet date of 2013.
Based on previous experiences, the company estimates that only 10% of the goods
present small defects and only 2% of the goods have major defects.
Tendo como referência essa situação hipotética, para que a companhia ARGOS elabore os relatórios
accounting-financial statements of 2013 in accordance with the technical pronouncements of the Committee of Pronouncements
Accountants, she must:
A. to highlight in the explanatory notes a provision in the amount of R$ 4,000,000, whose recognition
it will occur at the moment when customers request the warranty of the products and the services of
repairs were made
B. recognize a provision in the amount of R$ 720,000, with the necessary disclosures in the notes
explanatory.
C. to evidence in the explanatory notes a contingent liability in the amount of R$1,200,000, without
recognition in the balance sheet.
D. to disclose in the explanatory notes a contingent liability in the amount of R$ 1,200,000, whose
recognition will occur when the defect is repaired by the company
18. According to the Accounting Pronouncements Committee (CPC), Equity
A. represents the portion of interest-bearing liabilities that finances all the assets of an entity.
B. Represents the sum of Capital and Business Debt.
C. represents the total wealth of the entity, comprising its own capital and that of third parties.
D. represents the residual value of the entity's assets after deducting all its liabilities.

19. In terms of the Accounting Pronouncements Committee, CPC 01 (R1), which deals with the reduction to value
recoverable of assets, approved by the Securities and Exchange Commission by Deliberation CVM No. 639/2010,
the recoverable amount of an asset is the:
A. greater amount for which the asset is recognized on the balance sheet after deducting depreciation.
B. higher amount between its net fair value of selling costs and its value in use.
C. lower cost of an asset or other basis that replaces the cost in the financial statements,
less the residual value.
D. the amount to be obtained from the sale of an asset in transactions on commutative bases, between
knowledgeable and interested parties, less the estimated selling expenses.

20. According to CPC 06, the difference between financial leasing and operational leasing is that, while
the financial leasing substantially transfers the risks and benefits inherent to
property, operational leasing.
A. transfer only the benefits.
B. only transfer the risks.
C. does not make this transfer.
D. is equivalent to an installment sale.

21. According to item 59 of the Technical Pronouncement CPC 25, provisions must be reassessed at
each balance date is adjusted to reflect the best current estimate. Meanwhile, item 60 of the same
Technical Pronouncement determines that when a discount to present value is used, the accounting value
a provision increases in each period to reflect the passage of time. The increase referred to
Item 60 of the Technical Pronouncement CPC 25 is recognized as a.
A. Variable Operating Cost
B. Non-Operational Expense
C. Financial Expense
D. Prepaid Expense (Current Asset)

In accordance with CPC-08, dividends

A. declared, after the accounting period and before the approval by the assembly of these statements,
they must be recognized in the liabilities as dividends payable.
B. that are declared by the general assembly, or declared and paid, in accordance with the
formalities stipulated in the social statute, when not paid, should not appear in the liabilities of the
entity as an obligation
Mandatory minimums must be recorded as a liability on the closing date.
social exercise referred to in the financial statements.
D. Additions to the mandatory minimum must all be accounted for in the liabilities.

23. As a consequence of the uncertainties inherent in business activities, many items in

financial statements cannot be measured accurately, they can only be estimated.
Estimation involves judgments based on the most recent available and reliable information.
For example, estimates may be required of:
A. doubtful liquidation credits; fair value less cost value of financial assets or
financial liabilities; useful life of depreciable assets or the expected consumption pattern of
future economic benefits embedded in these assets; acquired or constructed goodwill.
B. doubtful liquidation credits; inventory obsolescence; obligations arising from guarantees;
declared subsidiary credits; acquired goodwill.
C. doubtful liquidation credits; useful life of depreciable and depletable assets or the standard
expected consumption of future economic benefits embodied in these assets; obligations
resulting from guarantees; undeclared subsidiary credits.
D. doubtful liquidation credits; inventory obsolescence; fair value of financial assets or
financial liabilities; useful life of depreciable assets or the expected pattern of consumption of
future economic benefits embedded in these assets; and obligations arising from guarantees.
24. Cia. Três Corações went public in 2008 through the issuance of equity securities.
authorized by the Securities and Exchange Commission. The company incurred $2,000,000 in costs of
transactions directly attributable to the issuance made.
According to CPC 08, approved by CFC, this amount should be recognized as:
A. Financial Expense.
B. Intangible Asset.
C. Deferred Asset.
D. Reduction of Equity.

25. A company has as its corporate purpose the production and commercialization of sugarcane. To that end,
It appears on its balance sheet some sugarcane plantations recorded under the Assets group.
Biological. In its last financial year, the company announced that it consistently applied the
following accounting policies:
I. The harvested cane was measured at fair value less the selling expenses at the point of harvest and
recognized in Agricultural Product Inventories (Current Assets).
II. The stocks of fertilizers, fertilizers, and agricultural pesticides were assessed by the acquisition cost,
given that the cost value is less than the net realizable value.
III. The sugarcane crops were measured at fair value, using the market approach.
from the market of this commodity, deducted from selling expenses and costs to be incurred, starting from the
pre-harvest. Considering only the information presented, it is correct to state that this company
complied with the provisions of the standards NBC TG 29 (R2) – BIOLOGICAL ASSET AND AGRICULTURAL PRODUCT and NBC TG
16 (R2) - STOCKS in what it consists of:
A. I, II and III
B. I and II
C. II
D. I

26. An asset becomes impaired when the carrying amount exceeds the recoverable amount. In this case, the
Technical Pronouncement No. 01 (CPC-01) establishes that the premium paid for expected profitability
Goodwill in business combinations must be tested each time.
A. semester.
B. yes.
C. two years.
D. three years.

27. De acordo com a CPC 27 qual a definição de Ativo imobilizado:

A fixed asset is a tangible asset, that is, something that can be touched, which is used for production of
goods and/or services, rental from third parties or for the administrative purposes of the entity itself and that
it will be used for more than one period.
B. A fixed asset is nothing more than an asset that the company owns, but that exists
physically.
C. An item of fixed assets that is classified for recognition as an asset must be
measured by its fair value
D. None of the above alternatives.

28. The Constitution of the Revaluation Reserve is made through the debit of the account:
A. That recorded the goodwill and credit in the Income Statement account.
B. From the Revaluation Reserve and credit on the revalued asset.
C. Of the good that is being reassessed and credit in the Revaluation Revenue.
D. Of the good that is being reassessed and credited to the respective Revaluation Reserve account.

29. The ABC company presents, in the inventory control system, the item of material for resale, in
units:

The initial stock was purchased at R$ 2.00 per kilo. The other
purchases were R$ 2.20, R$ 2.50, and R$ 3.00 each, respectively. By the FIFO method, the inventory
final is:
A. R$ 340.00
B. R$ 374.50
C. R$ 425.00
R$ 510.00
30. According to international accounting standards, a provision for contingencies must be
accounted for when there is an obligation and the probability of loss is:
A. Likely.
B. Possible.
C. Remote.
D. Material.

31. For a company that pays tax and all other things being equal, the use of a method of
accelerated depreciation instead of a linear method, during the first years of operations, will lead to:
A. An increase in net profits.
B. An increase in net operating cash flows.
C. Identical operating cash flows.
D. Identical net profits.

A company must recognize an impairment of its assets:

A. Whenever the recoverable amount of an asset is greater than its carrying amount.
B. Only after the completion of the annual impairment tests.
C. Only when the company has intangible assets with an indefinite useful life.
D. Whenever indications of devaluation of an asset are proven.

33. Indicate the option that best reflects how accelerated depreciation affects a company's profitability.
company.
A. Does not affect profitability.
B. It decreases profitability in the short term, but increases it in the long term.
C. It decreases profitability in the long term, but increases it in the short term.
D. Increases profitability.

34. Given an increasing value of materials, which of the following accounting practices leads to a higher value
in stock?
A. FIFO or PEPS.
B. Moving weighted average cost.
C. LIFO or HIFO.
It will depend on the growth rate of the value of the materials.

35. As an Estimated Loss in Doubtful Liquidation Credits PECLD, which replaced the Provision for
Doubtful Debtors affect a company's financial statements.
A. It decreases net profit and reduces assets.
B. Reduces comprehensive results and increases liabilities.
C. It reduces net profit and increases liabilities.
D. Does not affect the financial statements.

36. A company uses FIFO or PEPS to account for its inventory. Given the entries below, what is the
what is the value of the company's inventory at the end of the period? Consider that the company did not have inventory before
01/01.

A. 90.
B. 100.
C. 105.
D. 135
37. For an asset, the current value of expenses using the linear depreciation method compared to
accelerated depreciation methods in the first year of use are:
A. Louder.
B. Lower.
C. The same.
D. It is not possible to calculate without knowing the depreciation rate.

38. Which of the following events would most likely result in a current liability?
A. Payment of possible guarantees for clients.
B. Future payments of operating leases.
C. Tax estimates for the current year.
D. Deferred tax liabilities.

39. A company bought assets on January 1, 2004, for $60,000 in cash. On this date, the company
estimated that the asset would last for 10 years and would have no residual value. During 2006, the company estimated that the
the asset would last for just another 3 years with a residual value of $3,000. If this company uses depreciation
linear, the depreciation expense in the year 2006 will be:
A. $ 6,000.
$10,000.
$15,000.
$ 16.000.

40. A provision is a liability of uncertain timing or amount. It should be recognized when, and only
when an entity has an obligation: I - Present, legal or not formalized, as a result of a
past event. II - That results from past events and whose existence will be confirmed only by
occurrence, or not, of one or more uncertain future events. III - probable and that can be made a
reliable estimation of its value. What is stated is correct only in:
A. I and II.
B. I and III.
C. II and III
D. I, II and III.

41. Company ABC built a machine to be used in its production process. This machine
was recorded as fixed assets on 12/31/2014 at its market value of R$180,000.00. The
the cost incurred in its construction was R$150,000.00 and the difference to the market value was
accounted for in the 'gains from machinery construction' account. Considering that the depreciation rate
the annual return of this machine is 10% per year, it can be stated that the company's net worth, in
31/12/2015 was:
A. Super-rated at R$3,000
B. Under-evaluated at R$3,000
C. Super-rated at R$27,000
D. Undervalued at R$ 27,000

42. Among the following alternatives, which depreciation method would best reflect the effects
economic factors in the fixed assets of a company, to the detriment of its immediate profit objectives or
financial position?
A. Straight-line depreciation based on time
B. Accelerated depreciation
C. Fixed Depreciation
D. Variable Depreciation

43. A company has R$200,000 in receivables and a Provision for Doubtful Credit.
(PCLD) of R$ 6,000. A defaulting client, already included in the provisioned PCLD, informs that they will not pay.
your debts in the amount of R$ 5,000. In this case, this company should:
A. Reduce the PCLD account.
B. Acknowledge the loss.
C. Should not do anything at the moment and record the amount as Provision for Doubtful Debtors
(PDD) at the time of the DRE announcement.
D. Should not do anything at the moment and subtract the amount from accounts receivable at the time of disclosure.
from DRE

44. In the CLT regime, the accounting of vacation at the end of an employee's fiscal year who does not
has completed 1 year with the company, should:
A. Do not make any provision as it has not completed a year
B. Pre-fund the total twelve months as deferred (or contingent, I don't remember)
 C. To provide monthly from the first month of the contract the amount corresponding to the period
worked.
D. Provision only after the employee has completed 12 months of service.

In 200X a company purchased an intangible asset for R$ 50,000. After 2 years, it reassessed that the asset
which is actually worth R$ 15,000. In this case, what should be done accounting-wise?
A. Nothing at the moment and depreciating the original value over 10 years.
B. An impairment in the amount of 35,000.
C. Goodwill in the amount of 35,000.
D. A depreciation in the amount of 35,000.

46. A company spent R$ 50 million on research for a new product. These expenses must be
recorded in the financial statements as:
A. Deferred Asset.
B. Intangible Asset.
C. Expense.
D. Fixed Assets

47. A company bought 400 units of inventory at a cost of R$ 4.00 each. Then it bought 500
additional units that cost R$5.00. The Company sold 700 units of the inventory for R$7.00
each. If this company uses the first in, first out (FIFO) cost flow method, the
the amount of gross profit that appears in the income statement will be:
A. R$ 2,400.00.
B. R$ 3,100.00.
C. R$ 4,900.00.
R$ 1,800.00

48. Delta Company acquired a machine for R$ 22,000.00 on January 1, 2010,

putting it into operation on the same date. Knowing that: - The depreciation rate was 20% to
The residual value considered after the useful life was R$ 2,000.00 - The machine was sold for R$
20,000.00 on June 30, 2011. The residual value of the machine at the time of sale was:
A. R$ 4,600.00.
B. R$ 15,400.00.
C. R$ 15,600.00.
R$ 16,000.00.

49. Which of the following items is least likely to be an example of an intangible asset with a lifespan
undefined useful?
A. Acquired patents.
B. Goodwill.
C. Brands that can be renewed at a low cost.
D. Costs of Research and Product Development.

50. An industry adopts the linear method regarding the depreciation of its only machine, purchased for R$
100,000.00, with an estimated useful life of 10 years and a residual value of 10%. The machine was sold for R$
20,000.00 after the period of use. The amount of accumulated depreciation and the residual value of this machine on
the third year after the acquisition are, respectively:
A. R$ 30,000.00 and R$ 70,000.00.
B. R$ 27.000,00 e R$ 73.000,00.
C. R$ 30,000.00 and R$ 100,000.00.
D. R$ 27,000.00 and R$ 80,000.00.

51. The industrial holding ABC and its subsidiaries have disclosed their financial statements.
individuals, with the list of properties they own: Property 1 - a land from the controlling company ABC
held for indefinite future use. Property 2 - a commercial room of the parent company ABC rented
for third parties. Property 3 – a commercial room of a real estate company controlled by
controller ABC, available for sale in the ordinary course of its activities. Property 4 - warehouse that
harbors the industrial activities of the parent company ABC. According to CPC 28 - Property for
Investment, select the option that presents the assets that do NOT qualify as properties for
investment.
A. Property 1 and Property 2.
B. Property 1 and Property 4.
C. Property 2 and Property 3.
D. Property 3 and Property 4.
52. According to CPC 18 - Investment in Associates and Joint Ventures, the investment is accounted for by
equity method from the date the investee becomes an associate or controlled entity.
Upon acquiring the investment, any differences between the cost of the investment and the investor's share
The fair value of the identifiable assets and liabilities of the investee must be accounted for.
Regarding this subject, mark the CORRECT option.
A. The premium based on future profitability (goodwill) related to an affiliate or subsidiary
(in this case, in the individual balance sheet of the parent company) must be included in the accounting value of
investment and its amortization is not allowed.
B. The premium based on future profitability (goodwill) related to an affiliate or subsidiary
(in this case, in the individual balance sheet of the parent company) should not be included in the accounting value of
investment and its amortization are not allowed.
C. The premium based on future profitability (goodwill) related to an affiliated or controlled company
it must be recorded in intangible assets and, if the entity is unable to make an estimate
reliable for its useful life for amortization, it is assumed that the useful life is ten years.
D. None of the above.

53. How should the investment, or portion of investment in a subsidiary, be measured in advance?
classified as "held for sale", which no longer fits the required conditions to be
classificado como tal e for reclassificado na rubrica de investimentos. De acordo com o CPC 18, assinale a
CORRECT option.
A. The equity method should be applied retrospectively from the date of
its classification as 'held for sale'.
B. The equity method should be applied from the date of its reversal.
C. The market quotation values should be applied.
D. Market values of similar companies should be researched.

54. With regard to NBC TG 29 (R2) - Biological assets and agricultural products, item 43, 'the entity is
encouraged to provide a description of the quantity of each group of biological assets, distinguishing between
"consumables and production or between ripe and unripe, as appropriate." Based on this
information and considering NBC TG 29 (R2) - Biological assets and agricultural products, are examples of assets
consumable biologicals, EXCEPT:
A. Corn and wheat plantations.
B. Trees for wood production.
C. Herds of animals kept for meat production
D. Carrier plants kept to produce fruit for more than one period.
 ❖ Conversion of Financial Statements into Foreign Currency. (2 Questions)
1.A North American multinational has a subsidiary in Switzerland. It exports more than 90% of its
products for the countries of the Eurozone and have their selling prices and almost all of their costs,
including financing, fixed in Euros. Furthermore, all its internal measurements of
performance is based on the Euro. On the other hand, the matrix located in the United States mainly produces for the
internal market. About the process of conversion of the Financial Statements of this Multinational,
we can state: I. The functional currency of the subsidiary is the Euro and its local currency is the Swiss Franc. II.
As the functional currency of the subsidiary is the Euro, only a conversion work should be carried out, from
Euro to the US Dollar. III. The financial statements of the investor must also be
converted to Euros. What is stated is only correct in:
A. I.
B. I and II.
C. II and III.
D. I, II and III

2. On the effects of exchange rate changes on the financial statements of a multinational company
investor, object of conversion by the Current Rate Method: I. Assets and equity are
impacted; II. Revenues and expenses are not affected. About the statements above:
A. Both are correct.
B. Only statement I is correct.
C. Only statement II is correct.
D. Both are incorrect.

3. The definitions described are in accordance with CPC 02 or Res. 1.120/08 of the CFC, except:
A. Functional currency is the currency of the primary economic environment in which the entity operates.
B. The closing rate is the exchange rate in effect at the moment the transaction is made, or
either at the time the revenue is earned or at the time the expense is incurred.
C. Monetary items are those represented by cash or by rights to be received and
obligations to be settled in cash.
D. Non-monetary items are those represented by assets and liabilities that will not be received.
or settled in cash.

4. The Technical Pronouncement CPC 02 (R2) of the Accounting Pronouncements Committee addresses the changes
on exchange rates and conversion of financial statements. According to the aforementioned CPC, the
The exchange rate between two currencies indicates the definition of:
A. Exchange rate
B. Functional currency
C. Exchange rate variation
D. Foreign currency

5. The definition of currency is detailed in the Technical Pronouncement CPC (02). The entity must consider
the following factors in determining your functional currency, EXCEPT:
A. The main economic environment in which the entity operates.
B. If it is the one that most influences the costs for of products or services. the supply
C. This determination may be freely altered by the Society's Administration.
D. It is the one through which resources are generated from financing activities of
Society.

6. According to Technical Pronouncement CPC 02 (R2) - Effects of Changes in Exchange Rates and
Conversion of Financial Statements, the management of an entity must rely on judgment.
to determine the functional currency that most faithfully represents the economic effects of
transactions, events, and underlying conditions. The following options list the factors that may serve as
evidence to determine the functional currency of an entity, except for one. Indicate it.
A. The currency that most influences the selling prices of goods and services.
B. The currency of the country whose competitive forces and regulations most influence the determination of
sales prices for your goods and services.
C. The currency that most influences factors such as labor, raw materials, and other costs, for the
supply of goods or services.
D. The currency of the country of residence of the entity's partners.
On 10/31/2012, the Indebted Company, with operations only in Brazil, obtained a loan in currency
foreign currency in the amount of US$ 100,000.00. This loan must be presented in the Balance Sheet,
on 12/31/2012, at the exchange rate.
A. On the day of obtaining the loan
B. Date of the Balance Sheet
C. From the day of obtaining the loan plus monetary correction
D. Average of the month the loan was obtained

8. At the time of preparing the balance sheet, the balances of liabilities, taken in foreign currency, whose
contracts shall be made with a currency parity clause should be:
A. Converted into reais at the functional exchange rate on the transaction date
B. Converted into reais by the average variation of the presentation rate
C. Transformed into reais at the exchange rate on the closing date of the transaction
D. Converted into reais at the exchange rate in effect on the balance sheet date.

On the date of the preparation of the closing financial statements for the fiscal year, a
the entity has, in its accounting records, monetary items in a currency different from the functional one. According to
with the Technical Pronouncement CPC 02 (R2), approved by CVM Resolution No. 640/2010, regarding the
effects of changes in exchange rates and the conversion of financial statements, this entity shall proceed
to the conversion of these items to the functional currency using the exchange rate:
Opening
B. of closure
C. on the day of acquisition of the items
D. average of the acquisition date and balance sheet date

10. In the process of presenting transactions in foreign currency in the functional currency, according to
CPC 02 (R2) – Effects of changes in exchange rates and conversion of financial statements, the
monetary items in foreign currency and non-monetary items that are measured at cost
foreign currency historical amounts, at the end of each reporting period, must be converted using
respectively:
A. the closing exchange rate and the closing rate.
B. the exchange rate in effect on the transaction date and the one in effect on the transaction date.
C. the closing exchange rate and the one in effect on the transaction date.
D. the exchange rate in effect on the transaction date and the closing rate.

11. As a result of the process of convergence of Brazilian accounting standards to

international
A. the creation of Intangible Assets occurred, whose accounts cannot be amortized.
B. there was a substitution of the obligation to prepare the Cash Flow Statement by
Demonstration of Origins and Applications of Resources for corporations.
C. All asset elements resulting from short-term operations are now adjusted to
present value, with the others being adjusted when there is a relevant effect.
D. The countermeasures for receiving donations and government grants for investment
they stopped being counted as capital reserves.

On 10/01/2017, an entity sold goods abroad for an amount equivalent to US$

100,000 on credit. At the time, the exchange rate for the dollar was R$ 3.50. It was established in the sales contract that the
the purchasing entity was responsible for any damage to the goods during transport.
The goods were shipped on 10/10/2017, when the exchange rate for the dollar was R$ 3.60 and received in
10/11/2017, when the dollar was quoted at R$ 3.70.
The payment was made on 12/15/2017. On that date, the exchange rate of the dollar was R$ 3.80.
On 12/31/2017, the exchange rate for the dollar was R$ 3.65.
Select the option that indicates the amount recorded as revenue from this sale in the Statement of
Result of the entity's exercise, as of 12/31/2017
A. R$ 350,000.
B. R$ 360,000
C. R$ 365,000.
D. R$ 370,000.

On December 15, 2014, a company, whose functional currency is the Real, purchased goods for
imported resale, on credit, with payment due on 15.1.2015, based on the exchange rate of a currency
foreign – in this case, hypothetical and referred to as Foreign (ES$)* –, in the amount of ES$10,000.00.
It is known that the merchandise had not been resold nor payment made by 31.12.2014. The rates
Foreign exchange rates (ES$) in relation to the Real (R$) are presented in the table below:
On 12/31/2014, the estimated selling price for the mentioned goods was R$26,000.00, and the
The expense to sell was R$2,000.00.
Considering that there were no previous stock balances, based only on the information now
presented and disregarding the tax aspects, the value of this merchandise to be presented
In the Balance Sheet, closed on 31.12.2014, it is:
A. R$18.000,00.
B. R$20.000,00.
C. R$21.000,00.
D. R$24.000,00.

14. Exchange rate variation on investments in foreign companies is recorded in the account:
A. Equity
B. Recipes
C. Permanent assets
D. Current assets

15. A business company acquired, on 11.16.2012, goods from a foreign supplier for
US$100,000.00 payable within 90 days. The functional currency of the entity is the Real. The exchange rate
The dollar was R$2.25 on November 16, 2012, and R$2.42 on December 31, 2012 (closing date). Until the
closing of the balance, the goods remained in stock, and the balance of suppliers
remained open. Considering what is determined by NBC TG 02 - Effects of Changes in Rates
Exchange and Conversion of Financial Statements, on 12.31.2012, the balances of Merchandise Inventory and
Suppliers in the Balance Sheet were, respectively:
A. R$225,000.00 and R$225,000.00.
B. R$225,000.00 and R$242,000.00.
C. R$242,000.00 and R$225,000.00.
D. R$242,000.00 and R$242,000.00.

16. According to CPC 02 - Effects of Changes in Exchange Rates and Conversion of Financial Statements
In accounting, on the date of each balance sheet, indicate the CORRECT option.
A. Monetary items in foreign currency must be converted using the transaction rate;
and the non-monetary items that are measured at historical cost in a foreign currency
must be converted using the exchange rate of the closing date.
B. Monetary items in foreign currency must be converted using the rate of
closing; and the non-monetary items that are measured at historical cost in a currency
Foreign currencies must be converted using the exchange rate on the date of the transaction.
C. Monetary items in foreign currency must be converted using the exchange rate of
closure; and the non-monetary items that are measured at historical cost in a currency
Foreign currency must be converted using the exchange rate on the closing date.
D. None of the above.
 ❖ Accounting reports and analysis of financial statements. (4 Questions)
This is an accounting procedure that does not require retrospective application:
A. Change of Accounting Policy
B. Change in Accounting Estimate
C. Accounting Error
D. None of the above

2. According to the accounting theory of HENDRIKSEN and VAN BREDA, "a change in equity
liquid of a society during a period, resulting from transactions and other events and circumstances
not originating from the partners. This includes all changes in equity during the period, except for those
resulting from investments of the partners and distributions to the partners" is the definition of:
A. Lucro operacional
B. Gross Profit
C. Comprehensive Profit
D. Net profit.

3. It is not considered a change in accounting estimates, according to CPC 23 - Accounting Policies,

Changes in Estimate and Correction of Error those arising from alteration:
A. On the residual value and/or depreciation method of fixed assets.
B. In the percentage of doubtful liquidation credits.
C. Fair value of financial assets or financial liabilities.
D. On the interest rate of loans and financing.

4. Certain entity reviewed the calculations of losses with doubtful credit liquidation at the end of a
determined exercise based on new available and reliable information. According to the
definitions of CPC 23, this review constitutes a:
A. change of estimate and should be applied prospectively;
B. change in estimate and must be applied retrospectively;
C. change in accounting practice and should be applied prospectively;
D. change in accounting policy and should be applied retrospectively;

5. According to NBC TG 23 - Accounting Policies, Change in Estimates and Correction of Errors,

classify the following situations as: error of prior period, change in accounting policy, or change in
accounting estimate, as applicable.
I. On March 28, 2009, a company acquired equipment and, based on a study, established that the life
the useful life of this asset would be 8 years. When reviewing the financial statements for the year 2010, to
publication, it was found that the person responsible for the control of the system immobilized the asset and
attributed a lifespan of 10 years.
According to NBC TG 16, inventories must be measured at cost or at value
net realizable, the lesser of the two. Suppose this regulation is amended to specify that the
stocks must be measured at the corrected acquisition cost.
III. A certain company adopted, up to the date of preparation of the financial statements,
December 31, 2010, the method of depreciation based on the estimated useful life of the assets. In 2011, the company
elaborated a study altering its production process and defined that certain machines should
be replaced after the production of a certain volume of production, thus changing
standard for the depreciation of these machines, which began to be depreciated according to the volume of
production.
The CORRECT sequence is:
A. Error from the previous period, change in estimate, and change in accounting policy.
B. Change in accounting policy, prior period error, and change in accounting estimate.
C. Error of previous period, change in accounting policy, and change in accounting estimate.
D. Change in accounting policy, change in estimate and prior period error.

6. In accordance with CPC 23 of the Committee of Accounting Pronouncements, which deals with accounting policies,
change of estimate and correction of errors, the entity must select its accounting policies and
apply them uniformly in similar transactions. However, the CPC itself provides the entity with the
probability of making changes in accounting practices. In this aspect of changing accounting practices,
CPC informs that the entity must change an accounting policy only if the change:
A. meet internal managerial needs.
B. contribute in a more relevant way to the evidencing and security of assets.
C. imposed by the General Assembly of Shareholders, both controlling and non-controlling.
D. result in reliable and more relevant information in the financial statements about the effects
of transactions, financial and patrimonial position, performance or cash flows.
7. In the identification and determination of accounting errors from previous periods, the following must be considered:
omissions and inaccuracies in the entity's financial statements for one or more prior periods that:
A. They were not available at the time of authorization for the disclosure of the financial statements.
of these periods and not to retroact for a period exceeding two accounting years.
B. Only when administrative frauds are effectively verified in the calculations and information that
I support the information on which the retrospective statements were based.
C. The evaluation of its effects included the effects resulting from mathematical calculations or
incorrect application of accounting policies that do not apply retroactively to five reporting periods.
D. They contained information that could have been reasonably obtained and taken into consideration
in the preparation and presentation of these financial statements.

8. Consider the statements below. I. Retrospective application is the application of a new accounting policy to
transactions, to other events and to conditions, as if this policy had been applied partially. II.
Retrospective re-presentation é a correction of the recognition, measurement, and disclosure of
values of elements of the financial statements, as if an error from prior periods
it never occurred. III Unfeasible application of requirement occurs when the entity cannot
apply it after making all reasonable efforts in that regard. Is what is stated correct in:
A. I and II only.
B. II, only.
C. I and III only.
D. II and III, only

9. Em June 2017, when analyzing in detail its fixed assets, the Company of Doubts
identified two items: I. O value of the depreciation expense of buildings for the year of
2016 was calculated considering the incorrect residual value. The difference between the calculated values and the
what should have been calculated is material. II. When analyzing the estimated economic useful life of the vehicles,
The company identified that the remaining useful life has increased. Thus, the remaining useful life that was
from 2 years, became 4 years. In this case, the Company of Doubts
A. no adjustments need to be made to the financial statements retrospectively.
B. retrospectively corrects its financial statements concerning item I and discloses
the error in 2017.
C. corrects its accounting statements prospectively regarding item I and discloses
the error in 2017.
D. corrects its financial statements retrospectively concerning items I and II and
discloses the mistakes in 2017

10. Earnings per Share is one of the most important measures of corporate profitability performance and
most used for what type of company?
A. Public companies in general
B. Publicly traded corporations
C. Closed capital corporations
D. Limited companies.

11. Earnings per share is an important piece of information that is shown in the financial statements of
a publicly traded company. Where is this information reported.
A. In the balance sheet
B. In the financing part of the dfc
C. At the end of the DRE
D. In the Statement of Changes in Equity

12. A company produced a net income after taxes of 20,000 reais and has a number of
11500 ações. Sabendo que a empresa possui 1500 ações em tesouraria, qual é o LPA desta empresa.
A. 1.53 reais
B. 1.73 reais
C. 2.00 reais
1.93 reais

13. A company has treasury shares; how is it recorded in the financial statements?
A. They will be recorded in a specific account reducing net equity
B. They will be registered in a specific positive account of Equity.
C. They will be recorded in a specific reducing account in the DRE
D. They will be recorded in a specific reducing account in the DFC.
14. One of the criteria for the recognition of an item is that it has a cost or value that can be
determined on reliable bases. In many cases, the cost or value needs to be estimated. Regarding the
According to the current accounting standards, the only CORRECT statement is
A. The use of estimates can be harmful in the preparation of financial statements and is detrimental
its reliability.
B. The use of reasonable estimates is an essential part of preparing the financial statements.
countable and does not undermine its reliability.
C. The use of estimates is prohibited in the new accounting standards issued by the CPC and approved by
CFC, as they jeopardize the reliability of the financial statements.
D. The use of estimates is an alternative in the preparation of financial statements, but
harms your reliability.

15. The CPC-23 deals with:

A. jointly controlled businesses.
B. Changes in accounting estimates and corrections of errors.
C. provisions, contingent assets and liabilities.
D. fixed assets.

16. Regarding the correction of errors from previous years, identify the incorrect statement according to the CPC:
A. Errors include omissions and inaccuracies in the application of accounting policies and frauds.
B. Material errors must be corrected in the first set of statements after their
discovery
C. There must be a republication of the statements for all previous periods that have been affected.
modification due to the error
D. A republication is only necessary when there are material errors.

17. Regarding the change in accounting estimate, indicate the incorrect statement according to the CPC.
A. It is not possible to change the economic useful life expectation of a fixed asset, as there is
a table of useful life by type of fixed asset.
B. There is no need for republication of previous statements
The expected loss of a probable liability is considered an estimate.
accounting.
D. Changes in accounting estimates can affect not only the results of the period of change, but
also results from future periods.

18. Adjustments from previous exercises in the financial statements are allowed when:
A. the administration becomes aware of accounting fraud in previous years.
B. to benefit the dividend calculation base of the shareholders
C. decorrentes de mudanças de critério contábil ou de retificação de erro imputável a determinado
previous exercise.
D. A administração deixa de reconhecer determinadas contingências passivas.

19. When can a company change its accounting standard?

A. para atender os interesses dos investidores
B. to meet the objectives of the company's operational strategy
C. to comply with determinations of norms and rules
D. whenever he/she wants

20. The shares repurchased by the company have what effect due to its control:
A. Will increase the net worth
B. Has the right to vote but without dividends
C. Entitled to dividends but without voting rights
D. Does not have the right to vote or to dividends.

21. According to the understanding of the authors Van Breda and Hendriksen in the book The Theory of Accounting,
what connotation does profit have:
A. Efficiency and wealth
B. Preservation of profits
C. Preservation of wealth and efficiency
D. Only efficiency.
22. According to the understanding of Authors Van Breda and Hendriksen in the book 'theory of accounting,'
Who will keep the net profit?
A. Shareholders
B. Holders of long-term obligations
C. Government
D. All of the alternatives.

23. According to the understanding of HENDRIKSEN and VAN BREDA (1999), ________ it refers to the creation of goods.
The services provided by a company over a period are activities that produce wealth for the company.
Choose the option that completes the gap. Such understanding refers to the concept of:
A. Net Profit.
B. Current Profit.
C. Comprehensive Profit.
D. Revenue.

24. Indicate the option that reflects a change in estimate, based on Technical Pronouncement CPC 23
Accounting Policies, Change of Estimate and Correction of Error.
A. An entity evaluated its inventory using the average cost method and began to use the FIFO method.
first in, first out
B. An entity depreciated its fixed assets according to the straight-line method and
began to depreciate them according to the method of generated benefits.
C. An entity used cost to evaluate its properties intended for rent and started to
evaluate them at fair value.
D. An entity considered the risk of losing a lawsuit as possible and began to
consider as likely.

25. After determining the net profit, what is the next step to be taken in order to distribute dividends:
A. % of profit reserve
B. % of legal reserve
C. % Treasury shares
D. % of fixed assets

26. What effect does the company's treasury stock purchase have on the company's equity?
The heritage has fallen.
B. It doesn't change. Treasury stock affects the company's investment account.
C. It doesn't change. Treasury actions can affect the company's cash.
D. Increase the wealth.

27. A company started the year with 1,000 diluted shares outstanding. Just at the beginning of the fiscal year the
the company's treasury repurchased 100 shares. Considering that this same company had a profit
liquid of 10,000 and distributed 2,000 as dividends during the period, at the end of the period what will be the
diluted earnings per share reported?
A. 8
B. 8.89
C. 10
D. 11.11

28. Company XYZ reported a net profit of R$ 5,000,000. It has 1,000,000 common shares.
circulation, with a current value of R$ 100 per share. The Company is planning to buy back 20% of its shares.
in the market, using internal resources. The company has no debts. If the P/E ratio and net income
If the company's fundamentals remain unchanged by the share buyback, what is the expected value of the shares afterwards?
of this repurchase?
A. R$ 100.
B. R$ 125.
C. R$ 150.
D. R$ 175

29. Analyze the following information from company ABC from last year: • Net profit of $25 million. • 1
million shares of nominal value of $10 of preferred stock that paid dividends of 10%. • 50
millions of ordinary share quotas at the beginning of the year. • Issued another 5 million share quotas
ordinary on July 1st. The EPS of this company is:
$0.476.
$0.384.
$0.376.
$0.457
30. The financial information of foreign company ABC for the last year, ending on the 31st.
From December, they include: 160,000 common stock shares outstanding in the year 18,000 shares.
preferred shares with dividends of 10%, with a cumulative par value of $100 and in circulation in the year
All. Dividends from common stocks paid during the year of $240,000. Net income of $720,000. The
Earnings Per Share (EPS) of the company for the year ended December 31 is:
$4.50
$4.20
$4.04.
$3.38

31. Considere uma empresa com os seguintes dados: · Capital Social = R$ 300.000,00 · Valor da ação = R$
2.00 · Equity = R$ 400,000.00 · Net Profit = R$ 60,000.00 Your EPS will be:
A. R$ 0.15.
B. R$ 0.30.
C. R$ 0.20.
R$ 0.40.

32. According to the data below, calculate the EPS of the company
Capital social=R$ 10.000,00 Valor da ação=R$2,50, PL=R$250.000,00 Lucro líquido=R$15.000,00
A. 0.27
B. 0.36
C. 0.38
D. 0.88
 ❖ Analytical instruments to estimate returns and risks. (2 Questions)
1. The Return on Equity more commonly known as ROE (Return on Equity),
indicate:
A. How much the company generates in return for each unit of account (Real, Dollar, Euro, etc)
applied by the shareholder in the company;
B. In percentage, how much a company is generating in return on third-party capital
C. If the stock price is in line with the company's equity
D. How much the company earns for each Real invested by the shareholder in the company

2. Regarding ROA (Return on Assets), all the statements below are true, EXCEPT:
A. Used to verify how much a company is able to generate profit from its assets;
B. O ROA, in a way, shows the efficiency of a company's managers.
C. O ROA is a profitability indicator, meaning it shows the revenue that the company has when
invest in assets.
The ROA is given by the division of Net Operating Profit and Average Total Assets.

3. Given company X which has total assets of 50,000, total liabilities of 30,000, and equity of 20,000.
Knowing that your ROA is 15%, what is your ROE?
A. 35%
B. 37.5%
C. 40%
D. 42.5%

4. The DuPont identity is very important for calculating one of the main profitability ratios.
used by financial markets. Which of the components below is not part of its composition:
A. profit margin
B. Asset turnover
C. return on sale
D. multiplier of equity (leverage)

5. A company had a decrease in its net sales, so it can maintain its ROA.
should it be constant?
A. Increase your leverage
B. Increase your assets
C. Increase asset turnover
D. Decrease your leverage

6. Given the following variations in a company's indices over the last year, one can state about the ROE:
13% drop in net margin. 15% increase in asset turnover. 10% increase in leverage.
financial.
Increased by 1%.
B. Decreased by 1%.
C. Increased by 10%.
D. Decreased by 10%.

7. Using the DuPont return on equity equation, the three indices that compose it.
are
A. Net profit margin, asset turnover, and leverage.
B. Net profit margin, asset turnover, asset multiplier.
C. Gross profit margin, return on assets, and debt ratio.
D. Gross profit margin, return on assets, equity immobilization index

8. The current liquidity index aims to:

A. Demonstrate the company's liquidity situation in the short term.
B. Verify the degree of the company's insolvency.
C. Demonstrate the company's liquidity situation in the short and long term.
D. Check the company's liquidity level in the short term, excluding inventory balances.

9. A company's revenue with a net profit margin of 10% and return on assets (ROA) of
15% of R$ 1,000,000 is:
A. R$ 666,667.
B. R$ 1,500,000.
C. R$ 6,666,667.
R$ 10,000,000
On December 31, 2018, a company had a Current Ratio of 2.0, assets
circulating R $15 million, accounts payable of R $2.5 million, receivables of R $3 million, and inventory
of R$ 6 million. The current liabilities of this company are:
A. R$ 7.5 million.
B. R$ 10.5 million.
C. R$ 4.5 million.
D. R$ 12.0 million.

11. A company provided the following information about its last reported period:

Initial Values Final Values Average Values

Sales 5000

EBIT 800

Interest expenses 160

Taxes 256

Assets 3500 4000 3750

Net Worth 1700 2000 1850

The total asset turnover and the ROE of this company are respectively:
A. 1.33 and 20.8%
B. 1.25 and 20.8%.
C. 1.33 and 15.8%.
1.25 and 15.8%.

12. Considering a hypothetical company XPTO, what happens to the Current Liquidity and the Degree of
Is there indebtedness if we use part of the cash to pay short-term debts?

Current Assets R$ 1000 (200 is cash)

Current Liabilities R$ 800 (500 is debt)

Total Liabilities R$ 1050

A. Current liquidity decreases and the level of indebtedness decreases;
B. Current liquidity rises and the level of indebtedness falls;
C. Current liquidity decreases and the level of indebtedness rises;
The current liquidity rises and the degree of indebtedness rises;

13. A company with a net profit margin of 11%, operating margin of 19%, sales R$
3,150,000, and equity of R$ 8,200,000, has a Return on Equity of:
A. 3.07%.
B. 4.23%.
C. 6.23%.
D. 7.30%

14. The least likely index to be used to measure operational profitability is:
A. Sales/Total Assets.
B. Net profit/Net sales.
C. Lucro bruto/Vendas líquidas.
D. EBITDA/sales

15. Consider the Balance Sheet and the Income Statement of company XYZ as of December 31.
from the previous year (in thousands of R$):

Sales 75

CPV (50)

Gross Profit 25

Other expenses (13)

 Net profit 12

Dividends Paid 4

Cash and equivalents 10

Clients 50

Stocks 140

Long-term judicial deposits 100

Installations and equipment 200

Suppliers 100

Long-term financing 150

Social capital 150

Adjustment of asset valuation 50

Profit Reserve 50
The Return On Equity (ROE) observed in the previous year corresponds to:
A. 3.2%
B. 4.8%
C. 6.0%
D. 8.0%

16. A company increases its credit sales and simultaneously borrows resources to
finance. To ensure that its ROA does not decrease, this company must:
A. Increase financial revenue with credit sales above the interest paid on loans.
B. Increase sales and profits above the interest paid on loans.
C. Analyze the credit of your customers before selling on credit.
D. Increase profit at a rate higher than the increase of assets.

17. When a company is in equilibrium, what is the typical relationship between its ROA and ROE?
A. When the ROE is greater than the ROA, the company should increase financial leverage.
B. The ROA will be equal to the ROE sometimes the equity multiplier.
C. The ROE must be greater than the cost of equity and the ROA must be higher than the WACC.
D. No relationship is expected between ROE and ROA.

18. Based on the data below, we can say that the Financial Leverage Ratio (FLR) is:
LAJIR = R$ 150.000,00 ; JUROS das despesas financeiras = de R$ 30.000,00
A. 1.50
B. 1.25
C. 0.75
D. 1.75

19. Regarding the Degree of Operating Leverage (DOL), the following statements are true, except:
A. It is obtained by the percentage change in operating profit (EBITDA) divided by the percentage change
from the recipe.
One of the two main objectives is to verify how far a company is from its Point of
Break even point
C. The higher the degree of operational leverage, the lower the risks the company may face.
wait.
D. To calculate it, you need to have the contribution margin and the profit before income tax.

20. Given the following variations in the indices of a company in the last year, one can affirm about its
ROE: Aumento de 17%na margem líquida. Queda de 9%no giro de ativos. Queda de 7%na alavancagem
financial.
Increased by 1%.
B. Decreased by 1%.
Increased by 13%.
D. Decreased by 13%.
❖

–
29. The Bahia Company sells bikinis, which have a unit selling price of R$ 30.00, variable cost
unit price of R$ 10.50 and total fixed cost of R$ 50,000.00. The company's depreciation expenses amount to
R$ 15,000.00. The Degree of Operating Leverage of this company, at an activity volume of 7,000.
units will be:
A. 1.75.
B. 1.87.
C. 1.91.
D. 2.12.

30. Consider the Balance Sheet as of 12/31/T1 and 12/31/T0 and the Income Statement of
Exercise T1 of Alpha Company:

Considering that the Income Tax rate is 30%, select the option in which it is presented the
Financial Leverage Ratio (FLR) of Alpha Company for the period T1.
A. 1.60.
B. 1.46.
C. 1.24.
D. 1.21

31. In the study of financial leverage, the formula to calculate ROA (Return on Total Assets)
divide the profit before financial charges by the total assets. This occurs because, in the concept of
financial management, the profit before financial charges represents the
A. gross cash generation obtained by the difference between the revenues generated by operations and the
operational and non-operational expenses.
B. generation of resources from operations that do not affect results
C. value generated by the company during the period, whether operational or from another source.
D. effective value that the assets can generate, regardless of how they are financed

32. The company, at the end of a fiscal year, presented the following financial statements:
It is known that fixed costs and expenses: R$ 315,000.00, variable unit costs and expenses: R$
50.00, Unit sale price of the product: R$ 110.00. The degree of operational leverage is
corresponding to the production of 6,000 units. Considering exclusively the information received, the
Degree of Financial Leverage (DFL) and Degree of Operating Leverage (DOL), respectively, of
company is:
A. 1.20 and 8.5.
B. 1.40 and 8.0.
C. 1.50 and 7.5.
D. 2.10 and 7.0.

33. The Company Planaltina S/A presented the following financial statements on 12/31/2009:

Knowing that the company uses financial leverage as a tool for evaluation of
operational performance and disregarding any inflationary effect on the assessment, the Degree of
The company's Financial Leverage (GAF) for the year was
A. 1.55
B. 1.49
C. 1.38
D. 1.13
 ❖ ESG Issues in Fundamental Analysis. (2 Questions)
1. The International Integrated Reporting Council, IIRC, is an organization that brings together various stakeholders.
as investors, regulators, industry associations, companies, and members of civil society. The Report
Integrated, developed by the IIRC, assumes reporting from a capital perspective. Regarding
In the structure of Integrated Reporting, capitals are considered, except:
A. Financial Capital.
B. Structuring Capital.
C. Intellectual Capital.
D. Human Capital.

2. About the Principles for Responsible Investment - PRI, it can be stated: I. It is the main
defender of responsible investment in the world. As an organization, it is linked to the United Nations II.
Works to understand the implications of investing in environmental, social, and governance factors
(ASG); III. Encourages investors to use responsible investment to improve returns and
better manage the risks, but does not operate for its own profit. What is stated is correct only in:
A. I.
B. II and III.
C. III.
D. I, II and III.

3. The standard for reporting ESG information that uses a capital perspective and does not provide for a set
the indicators to be reported is known as:
A. Guidelines of the Global Reporting Initiative - GRI
B. Guide of the European Federation of Financial Analysts Societies - EFFAS
C. Pronouncement of the Sustainable Accounting Standards Board - SASB
D. Integrated Report of the International Integrated Reporting Council - IIRC

4. On the assessment of the impact of ESG issues on the Financial Statements:

I. In the analysis of the Balance Sheet, the impacts on assets and liabilities arise exclusively from
perceived variations in the Income Statement, as they result from the reflection of generation of
revenue and operational costs on equity;
II. The impacts on the Income Statement or on the Balance Sheet must also
reflect on the Cash Flow of companies.
Regarding the above statements:
A. Both are correct.
B. Only statement I is correct.
C. Only statement II is correct.
D. Both are incorrect.

5. The advancement of the integration of environmental, social, and governance criteria - ESG into analysis
fundamentalist results in an assessment of the reflections on revenue and operational costs, in addition to impacts
about intangible assets, provisions, and liabilities. In the context of a paper and pulp company, one can
assert that the certification of your production process will result in the following effects on the estimates of
analysts: Increase in revenue Reduction of provisions Rise in operating costs Is it correct the
that is affirmed only in:
A. I and II.
B. I and III.
C. II and III
D. I, II and III.

6. On the sensitization of the Weighted Average Cost of Capital - WACC through the integration of criteria
environmental, social, and governance - ESG, it can be stated that: I. Companies that adopt better
ESG practices tend to have a higher WACC. II The adjustment in the cost of equity can be
weighted in Beta or in the market risk premium. III The double counting of environmental risks is more
relevant in more liquid assets. What is stated is correct only in:
A. I and II.
B. I and III.
C. II and III
D. I, II and III.
7. Which alternative below does not follow standards for preparing reports or specific tools for
report on ESG information.
A. CDP
B. IRRC
C. GRI
D. ISE

8. A study by the CFA Institute states that 'for investment professionals, a key idea in
the discussion of ESG issues is that the systematic consideration of these issues may lead to
"a more comprehensive analysis and a better informed investment decision." Some publications
we raise challenges to the consideration of ESG issues in the investment process, especially: I. Not
there is difficulty in quantifying and monetizing ESG issues for integration into models of
Valuation II. ESG information disclosed by companies is not standardized among peers of the same
industry or over time, and many do not have independent external assurance; III. The
ESG issues are unlikely to impact asset performance in the long term, while many
investors present a short-term horizon for the return on investments. Is what stated correct?
state only in:
A. I.
B. II and III.
C. II.
D. All alternatives are correct.
 Answers

ANALYSIS AND EVALUATION OF CORPORATE ACTIONS AND FINANCES.

Action Assessment Models

1-D2-D3-B4-B5-B6-D7-A8-C9-A10-A11-A12-A13-C14-D15-A16-B17-B
18-D19-B20-B21-B22-B23-A24-A25-A26-B27-B28-B29-B30-A31-B32-B
33-A34-D35-D36-B37-B38-A39-B40-C41-B42-D43-D44-D45-D46-C47-B
48-C49-C50-D51-B52-B53-B54-B55-B56-B57-D58-B59-D60-C61-B62-B
63-A 64-A 65-B 66-A 67-C 68-C 69-A 70-C 71-C 72-C 73-C 74-C 75-D 76-A 77-B
78-C79-D80-C81-B82-D83-C84-B85-A86-C87-A88-D89-A90-B91-C92-C
93-A94-C95-C96-B97-C98-B99-A100-C

Analysis of Company Operations

1-A2-C3-B4-A5-A6-B7-C8-C9-C10-C11-C12-D13-D14-C15-B16-B17-B18-A
19-B20-D21-C22-C23-D24-A25-D26-A27-B28-C29-A30-A31-B32-A33-B
34-D35-B36-B37-C38-B39-C40-C41-A42-D

Sector Analysis
1-C2-D3-B4-B5-B6-A7-B8-C9-C10-B11-B12-A13-A14-C15-D16-B17-D18-D
19-B20-A21-D22-A23-B

Fundamentals of Corporate Finance

1-A2-C3-A4-D5-B6-B7-C8-C9-B10-B11-C12-A13-D14-B15-C16-C17-D18-B
19-B20-C21-D22-A23-B24-A25-C26-C27-C28-C29-C30-A31-B32-D33-D
34-A35-A36-C37-C38-D

Long-Term Financing Decisions

1-A2-C3-B4-A5-C6-B

Short-Term Financing Decisions

1-C2-C3-C4-B5-B6-B7-B8-D9-B10-A11-A12-C13-A14-B15-C16-D17-C18-B
19-C

Capital Structure and Dividend Policy

1-C2-C3-B4-B5-C6-A7-B8-A9-B10-D11-A12-D13-A14-D15-A16-C17-B18-A
19-D20-C21-B22-B23-B24-C25-B26-B27-C

Mergers and Acquisitions

1-C2-B3-D4-D5-B6-A7-C8-A9-C10-C11-A12-B13-B14-A15-A16-A17-B

International Corporate Finance

1-B2-D3-C4-A5-C6-D7-B8-B9-B10-A
FINANCIAL ACCOUNTING AND FINANCIAL REPORT ANALYSIS

Accounting Statements
1-A2-C3-C4-B5-A6-C7-C8-D9-D10-D11-B12-C13-A14-B15-D16-D17-D
18-D19-C20-A21-C22-B23-D24-A25-D26-B27-A28-D29-C30-B31-A32-D
33-B34-C35-C36-A37-C

Report Preparation
1-B2-A3-A4-D5-C6-D7-A8-D9-B10-A11-A12-B13-D14-C15-C16-C17-A18-C
19-A20-C21-D22-C23-C24-D25-C26-A27-B28-B29-B30-A

➔ Estrutura Conceitual Básica

1-D2-D3-C4-C5-B6-C7-C8-C9-D10-D11-A12-A13-A14-A15-D16-B17-B18-C
19-D20-D21-D22-B23-C25-B26-A27-A28-D29-B30-D31-A32-A33-C34-D
35-B36-C37-A38-D

Cash Flow Statement

1-B2-B3-D4-C5-B6-A7-B8-B9-D10-A11-A12-D13-A14-B15-D16-C17-C18-C
19-C20-D21-D22-C23-D24-C25-B26-B27-A28-B

Assets, Liabilities and Equity

1-A2-A3-A4-D5-C6-A7-D8-A9-B10-A11-D12-B13-D14-C15-A16-C17-B
18-D19-B20-C21-C22-C23-D24-D25-A26-B27-A28-D29-C30-A31-B32-D
33-B34-A35-A36-D37-B38-C39-C40-B41-C42-B43-A44-C45-B46-C47-D
48-D49-A50-B51-D52-A53-A54-D

Conversion of Financial Statements into Foreign Currency

1-A2-A3-B4-A5-C6-D7-B8-D9-B10-C11-D12-A13-A14-C15-B16-B

➔ Accounting reports and analysis of financial statements

1-B2-C3-D4-A5-C6-D7-D8-D9-B10-C11-C12-C13-A14-B15-B16-C17-A
18-C19-C20-D21-C22-D23-D24-D25-A26-A27-D28-B29-D30-D31-D
32-C

Analytical instruments to estimate returns and risks

1-A2-C3-B4-C5-C6-C7-A8-A9-B10-A11-A12-B13-B14-A15-B16-D17-B
18-B19-C20-B21-B22-B23-B24-B25-B26-B27-D28-D29-C30-A31-D32-B
33-D

ESG Issues in Fundamental Analysis

1-B2-B3-D4-C5-A6-C7-D8-C