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高顿教育:CFA财务报表分析之规模化与多元化

时间:2021-07-16 14:47:52 来源:高顿教育

高顿教育:CFA财务报表分析之规模化与多元化

CFA财务报表分析练习题"Financial Report":scale and diversification

财务报告与分析中章节的设置是循序渐进、逐层深入的,前面介绍的术语在后面还会有详细的解释与探讨。

由于财务报告与分析本身自立体系,它是上市公司和报表使用人之间沟通交流的语言,所以学起来与外语学习有几分相似。

财务报告与分析一共分为四大部分:

第一部分是扫盲阶段,主要介绍财务术语、体系等基本知识。

在此基础上,第二部分更深入地讲解财务报表编制以及财务报表分析的方法。

进一步地,第三部分针对存在利润操纵空间的重点科目做详细、深入的讨论。

最后,第四部分是前面三部分内容的综合应用。

四大部分在考试中占比最大的是第二部分和第三部分,大概占财报分析所有题目的80%以上。其次是第一部分,占比10%左右。

由于第四部分是财务分析的综合应用,不太适合一级的出题形式,所以出题比例相对比较少,大概占5%左右。

高顿教育:CFA财务报表分析之规模化与多元化

Questions 1:

A credit rating agency uses“scale and diversification”as one of its metrics to assess credit risk.Which of the following would most likely be included in that category?

A、Purchasing power with suppliers

B、Cost structure

C、Operating cash flow less dividends

[Answer to question 1]A

[analysis]

A is correct.Borrowers can better withstand adverse events when they have more purchasing power with suppliers.Purchasing power reflects the organization’s scale。

B is incorrect.This measure would be of interest to credit analysts,but as an indication of operational efficiency rather than scale and diversification。

C is incorrect.This measure would be of interest to credit analysts,but as an indication of tolerance for leverage rather than scale and diversification。

Questions 2:

A company purchased equipment in 2013 for£25,000.The year-end values of the equipment for accounting purposes and tax purposes are as follows:

高顿教育:CFA财务报表分析之规模化与多元化

Which of the following statements best describes the effect of the change in the tax rate on the company’s 2014 financial statements?The deferred tax liability:

A、decreases by£800。

B、increases by£250。

C、decreases by£200。

[Answer to question 2]C

[analysis]

C is correct.Deferred tax liability=Taxable temporary difference×Tax rate In 2014,if the rates had not changed,the deferred tax liability would be:0.30×£4,000=£1,200 But with the lower tax rate,the deferred tax liability will be:0.25×£4,000=£1,000 Effect of the change in rate thus is a decrease in the liability:–£200 Alternative calculation=Change in rate×Taxable difference–0.05×£4,000=–£200

A is incorrect.It is the change in rate(5%)×the taxable amount:0.05×16,000=800。

B is incorrect.The deferred tax liability increased by 250:4,000×0.25–2,500×0.30。

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