CFA一级百题预测：财务（打印版）.docx

CFA-级百题预测1.ETHICSANDPROFESSIONALSTANDARDS2.QUANTITATIVEMETHODS3.ECONOMICS4.FINANCIALREPORTINGANDANALYSIS5.CORPORATEFINANCE6.PORTFOLIOMANAGEMENT7.EQUITY8.Fixedincome9.DERIVATIVES10.ALTERNATIVEINVESTMENTS4.FinancialStatementAnalysis4.1.TheRoleofFinancialReporting4.1.1.重要知识点4.1.1.1.Roleoffinancialreporting>FinancialstatementanalysisdefinitionUsefinancialreportspreparedbycompanies,combinedwithotherinformation,toevaluatethepast,current,andpotentialperformanceandfinancialpositionofacompanyforthepurposeofmakinginvestment,credit,andothereconomicdecisions.ATheroleoffinancialreportingbycompaniesistoprovideinformationaboutacompany'sperformance,financialposition,andchangesinfinancialpositionthatisusefultoawiderangeofusersinmakingeconomicdecisions.4.1.2.基础题Q-l.Providinginformationabouttheperformanceandfinancialpositionofcompaniessothatuserscanmakeeconomicdecisionsbestdescribestheroleof:A.auditing.B.financialreporting.C.financialstatementanalysis.4.2.OtherInformationSourcesofFinancialStatements4.2.L重要知识点4.2.1.1.FinancialnotesandsupplementaryschedulesANotesandFSsareanintegralDartofthecompletesetoffinancialstatements.SinceitisimportanttounderstanddifferentaccountingChOiCeSbetweencomparable,sometimesneedtomakenecessaryadjustmentsSothatthefinancialstatementdatausedaremorecomparable.AThenotesprovideinformationthatisessentialtounderstandingtheinformationprovidedintheprimarystatements,whichclarifytheexplanatoryinformationabouteveryIineitem(oralmosteverylineitem)onthebalancesheetandincomestatement>NotedisclosuresincludeinformationaboutthefollowingAccountingpolicies,methods,andestimates;Financialinstrumentsandrisksarisingfromfinancialinstruments;Commitmentsandcontingencies;Denominatedcurrency;Complianceoflaw&legalproceedings;Related-partytransactions;Subsequentevents(i.e.,eventsthatoccurafterthebalancesheetdate);Businessacquisitionsanddisposals;Roundedfigures&minordiscrepancies;Operatingsegments*performance.4.2.1.2.Management'sdiscussionandanalysis(MD&A)AGeneralcontents(publiclyheldcompanies):natureOfthebusiness,PHStresults,materialUnCertaintVandfuturenutlook.ACharaCteriStic:MD&Aisagoodforunderstandinginformationinthefinancialstatements.Inparticular,theforward-lookinsdisclosuresinanMD&A,canbeusefulinPrOieCtinRaComRaUv'rfutureperformance.AThosecontentelementsincludeThenatureofthebusiness;Managementsobjectivesandstrategies;Thecompany'ssignificantresources,risks,andrelationships;Resultsofoperations;Criticalperformancemeasures.4.2.1.3.SECrequireslistedcompaniestoprovideanMD&Aandspecifiesthecontent.AFormS-IRegistrationstatementfiledpriortoinitialpublicofferings.AFormIO-KFinancialstatementsreportedannually.AFormIO-QFinancialstatementsreportedquarterly.AFormDEF-14AProxystatements.AForm8-KMajoreventsasacquisitionsordisposalsofcorporateassets,corporategovernanceandmanagementchanges.AForm144NoticeoftheProPoSedSaleofrestrictedSeCUritieSOrsecuritiesheldbyanaffiliateoftheissuer.>Forms3,4,5Reportbeneficialownershipofsecurities.4.2.1.4.Othersourcesofinformation>ProxystatementsManagementcompensation;stockperformance;potentialconflictofinterests;Mattersthataretobeputtoavoteatthecompany'sannual(orspecial)meetingofshareholders.>InterimreportsProvidedbythecompanyeithersemiannuallyorquarterly,dependingontheapplicablereRilatoryrequirements.Interimreportsgenerallypresentthefourbasicfinancialstatementsandcondensednotesbutarenotaudited.TheseinterimreportsprovideUPdatedinformationonacompany,sperformanceandfinancialpositionsincetheIastannualperiod.AEarningsannouncementsFollowedbyaCOnferRnCeCallinwhichthecompany,sseniorexecutivesDescribethecompany,sperformanceandanswerquestionsposedbyconferencecallparticipants.>ExternalinformationEconomy,theindustry,thecompany,andPeer(ComPaIrable)companies;Helpfulinassessingthecompan/sfuture.4.2.2.基础题Q-2.AssumeU.S.GAAPappliesunlessotherwisenoted.Whenanissueisgoingtobeputtoavote,byshareholders,atanannualgeneralmeetingthecompanypreparesa(n):A.annualreport.B.proxystatement.C.managementstatementofresponsibility.Q3.WhichofthefollowingreportsisleastlikelytobefiledwiththeUSSEC?A.AnnualreportB.Form10-KC.ProxystatementSolution:A.TheannualreportisnotarequirementoftheSEC.Bisincorrect.The10-KisrequiredbytheSECCisincorrect.AproxystatementisrequiredbytheSECQ-4.Interimreportsmostlikely:A.areissuedsemi-annuallyorquarterly.B.includeafullsetoffinancialstatementsandnotes.C.areaudited.4.3.AuditsofFinancialStatements4.3.1.重要知识点43.11.AuditsoffinancialstatementsA定义：Auditreferstotheprocessthatanindependentaccountingfirmexaminedthecompan/sfinancialstatementstoensuretheiraccordanceWithspecifiedauditingStandards.A理解Auditsprovidereasonableassurancethatthefinancialstatementsarefairvpresented,meaningthatthereisahighdegreeofprobabilitythattheyarefreeOfmaterialerror,fraudOrilIeQrlacts.Also,theauditorsmustalsoexpressanopiniononthecompanyzsinternalcontrolsystems.AAuditreport有四种类型分别是:unqualifiedopinion,qualifiedopinion,adverseopinion,disclaimerofopinionUnqualified(clean)opinion:thefinancialstatementsareComDlianCeWithapplicableaccountingstandards;Qualifiedopinion:thestatementscontainsSeVeralexceptionsOrIimitationSfromaccountingPrirCiPleSandtheexplanationsOfthesedeviationsWillbePreSentedforuserstodeterminetheirimportance;Adverseopinion:thestatementsareunfairlypresentedandcontainsmaterialdeviationsfromaccountingstandards;Disclaimerofopinion:theIimitationSOffinancialStntementShindertheauditor'sabilitytoexpressanopinion.4.3.2.基础题Q-5.WhichofthefollowingstatementsismostaccurateabouttheresponsibilitiesofanauditorforapubliclytradedfirmintheUnitedStates?Theauditormust:A.ensurethatthefinancialstatementsarefreefromerror,fraud,orillegalacts.B.statethatthefinancialstatementsarepreparedaccordingtogenerallyacceptedaccounting5-122principles.C.expressanopinionabouttheeffectivenessofthecompany'sinternalcontrolsystems.Q-6.Intheauditreport,anadditionalparagraphthatexplainsanexceptiontoanaccountingstandardisbestdescribedasa(n):A.adverseopinion.B.qualifiedopinion.C.disclaimerofopinion.4.4.StepsintheFinancialStatementAnalysisFramework441重要知识点4.4.1.1.Stepsinthefinancialstatementanalysisframework:6个步骤(目标、收集、处理、分析、结论、回顾）PhaseSourcesofinfoOutputArticulatethepurposeandcontextoftheanalysisNatureNeeds&concernGuidelinesStatementofpurposesandobjectivesAlistofspecificquestionsTimetable&budgetedresourcesCollectdataFinancialdataDiscussionVisitsOrganizedF/SFinancialdatatablesCompletequestionnairesProcessdataDatafrompreviousphaseAdjustedF/SCommon-sizestatementsRatios&ForecastsAnalyze/interprettheprocesseddataInputdataProcesseddataAnalyticalresultsConclusions&recommendationsAnalyticalresultsAnalyticalreportsRecommendationFollowupPeriodicallyUpdatedreports&repeatingrecommendations4.4.2.基础题Q-7.Whichofthefollowingactivitieswouldananalystleastlikelycompleteaspartoftheprocessingdataphaseofafinancialanalysis?A.Analyzingtheprospectsoftheindustry.B.Preparingcommon-sizedfinancialstatementdata.C.Makingadjustmentsfordifferentaccountingpolicies.4.5.TheFlowofInformationinanAccountingSystem4.5.1.重要知识点4.5.1.1,报表制作几个步骤（从日记账到报表）>GeneralJournal:recordallthetransactions,ClaJSifVinRthemintorelatedaccountintheorderoftheirdatesandadjustingthespecificamount（日记账）；Generalledger:listsalljournalentriesbytheirdatesandsortstheentriesinthegeneraljournalbvaccount（分类账）；AInitialtrialbalance/adjustedtrialbalance:preparedattheendoftheaccountingperiodShoWStheamountineachaccount;recordsadjustmentattheendoftheperiodthatchangestheamountintheaccountslistedininitialtrialbalance;>Financialstatements:theaccountbalancespresentedinadjustedtrialbalancearethenpresentedinfinancialstatements.4.5.2.基础题Q-8.Thecollectionofallbusinesstransactionssortedbyaccountinanaccountingsystemisreferredtoas:A.atrialbalance.B.ageneralledger.C.ageneraljournal.4.6.RelatedIssuesinFinancialStatements4.6.1.重要知识点>Financialstatementelementsarethemajorclassificationsofassets,liabilities,owners'equity,revenues,andexpenses.Assetsareresourcescontrolledbyanenterpriseasaresultofpasteventsandfromwhichfutureeconomicbenefitstotheenterpriseareexpectedtoflow.Examples:cash,inventory,receivables,etc.Liabilitiesarepresentobligationsofanenterprisearisingfrompastevents,thesettlementofwhichisexpectedtoresultinanoutflowofresourcesofacompany.Examples:accountspayable,financialliabilities,etc.Owners'equityistheexcessofassetsoverliabilities;theresidualinterestofshareholdersintheassetofanentityafterdeductingtheentit/sliability.Owners'equityincludes:capital,retainedearnings,othercomprehensiveincome,etc.Incomeistheincreasesineconomicbenefitsintheformofinflowsorenhancementsofassets,ordecreasesofliabilitiesthatresultinanincreaseinequity(otherthanincreasesresultingfromcontributionsbyowners).Expensesareoutflowsofeconomicresourcesorincreasesinliabilitiesthatresultindecreasesinequity(otherthandecreasesbecauseofdistributionstoowners).Exapmle:costofgoodssold(COGS),selling,general,andadministrativeexpenses(SG&A),etc.ElementsDefinitionRelationshipAssets÷CurrentassetsNon-currentassets(Long-livedassets)TheBalancesheetAssets=liabilities+ownersequityOwnersequity=Contributedcapital+Beginningretainedearning+Netincome(currentyear)-Dividend(currentyear)+OthercomprehensiveincomeLiabilities令Currentliabilities令Non-currentliabilities(Long-termliabilities)OwnersequityCapital令Additionalpaid-incapital÷RetainedearningsOthercomprehensiveincomeRevenueTheincomestatementRevenue-expenses=netincome(currentyear)Expenses令Costofgoodsold令Otherexpense令Losses4.6.1.3.Accountingequation掌握公式>Assets=Liabilities+Owners'equity>Assets=Liabilities+ContributedCapital+EndingretainedEarnings+accumulatedOCIAssets=Liabilities+ContributedCapital+BeginningRetainedEarnings+Revenue-Expenses-Dividends+accumulatedOCI4.6.2.基础题Q-9.Atthestartofamonth,aretailerpaid$10,000incashforcandies.Hesold$4,000worthofcandiesfor$6,000duringthemonth.Themostlikelyeffectofthesetransactionsontheretailer'saccountingequationforthemonthisthatassetswill:A.beunchanged.B.decreaseby$4,000.C.increaseby$2,000.Q-10.AssumeU.S.GAAPappliesunlessotherwisenoted.Whichofthefollowingisleastlikelytobeclassifiedasafinancialstatementelement?A.Revenue.B.Liability.C.Netincome.Q-ll.Atthestartoftheyear,acompany'scapitalcontributedbyownersandretainedearningsaccountshadbalancesof$10,000and$6,000,respectively.Duringtheyear,thefollowingeventstookplace：Netincomeearned$4,000Interestpaidondebt$500Repaymentoflong-termdebt$1,000Proceedsfromsharesissued$2,000Dividendspaid$600Theend-of-yearowners'equityisclosestto:A.$19,900.B.$19,400.C.$20,400.Q-12.Thefollowinginformationisavailableforacompany($):December31,2018:Totalassets120,000Netincomefortheyear5,000Dividendspaid0Financialleverageratioforthecompanyis2.50%oftheequitycomesfromcontributedcapitalDecember31,2019Totalassets112,000Netincome(loss)fortheyear(4,000)NonewdebtorequityissuedorrepurchasedIn2019,thecompanymostlikely:A.paidadividendof$4,000.B.Paidadividiendof$8,000C.paidadividendof$12,000.Q-13.Whatisthemostlikelyeffectontheaccountingequationwhenacompanypurchasesofficeequipmentwithcash?A,AssetsincreaseandliabilitiesincreaseB.Assetsdecreaseandowners'equitydecreasesC.Noeffectontheaccountingequation4.7.AccrualsandOtherAdjustmentsinPreparingFinancialStatements4.7.1.重要知识点4.7.1.1.掌握以下几种权责发生制(accrualbasis):权责发生制是以权利和责任的发生来决定收入和费用归属期的一项原则。4.7.1.2.收入应与为取得该收入所发生的费用、成本相匹配，以正确计算在该会计期间所获得的净损益。4.7.1.3.除了基本概念以外还需要掌握几个名词Cash received inadvanceUnearned revenueCash received inarrearsAccrued revenueCash paid inadvancePrepaid expenseCash paid in arrearsAccrued expenseAUnearnedrevenue或deferredrevenue(IiabiIitv):ThefirmreceivescashbeforeitprovidesagoodorservicetocustomersAUnbiHedrevenue或accruedrevenue(asset):Iftherevenueisearned,anditisjustthatthebillingdebthasnotraisedthebill,thenyoushouldtakeuptherevenueunderaccruedreceivablesandformostpurposes,theyshouldbethesameasaccountsreceivables.(未开票前，称为UnbilIed；开票后，从Unbilled转为A/R)。>PrePaidexpenses(asset):Thefirmpayscashaheadoftimeforunanticipatedexpense.>ACCrlledexpenses(liability):Anexpensethatisincurred,butnotyetpaidfor,duringagivenaccountingperiod.4.7.2.基础题Q-14.Inaccrualaccounting,ifanadjustingentryresultsinthereductionofanassetandtherecordingofanexpense,theoriginatingentryrecordedwasmostlikelya(n):A.accruedexpense.B.deferredrevenue.C.prepaidexpense.Q-15.When,attheendofanaccountingperiod,cashhasnotbeenpaidwithrespecttoanexpensethathasbeenincurred,thebusinessshouldthenrecord:A.anaccruedexpense,anasset.B.aprepaidexpense,anassetC.anaccruedexpense,aliability.4.8.IASBConceptualFramework4.8.1.重要知识点4.8.1.1.ObjectivesATheobjectivetoprovidefinancialinformationtheprovisionoffinancialinformationthatisusefultocurrentandpotentialprovidersofresourcesinmakingdecisions.4.8.1.2,QualitativecharacteristicsoffinancialstatementunderIASBAFundamentalqualitativecharacteristicsRelevance:InformationisrelevantifitwouldpotentiallyaffectormakeadifferenceinUSeySdecisions.Predictivevalue.Usefulinmakingforecast;Confirmatoryvalue.Usefultoevaluatepastdecisionsorforecasts;Materiality.Omissionormisstatementofinformationcouldinfluenceusers*decisions.Materialityisafunctionofthenatureand/ormagnitudeoftheinformation.Faithfulrepresentation:Informationisrelevantifitwouldpotentiallyaffectormakeadifferenceinuser,sdecisions.Complete:allinformationnecessaryisdepicted.Neutral:nobias.Freefromerror:noerrorsofcommissionsoromissioninthedescriptionoftheeconomicphenomenon.>FourenchancingqualitativecharacteristicsComparabilityrequiresthemeasurementandreportoffinancialinformationaresimilarindifferentfirms.Comparabilityhelpsanalystsidentifyandanalyzetherealeconomicdifferencesacrosscompaniesandtimeperiods.Verifiabilitymeansthatdifferentknowledgeableandindependentobserverswouldagreethattheinformationpresentedfaithfullyrepresentstheeconomicphenomenaitpurportstorepresent.Timelinessmeanstimelyinformationisavailabletodecisionmakerspriortotheirdecisions.Understandabilitymeansusersshouldbeabletoreadilyunderstandtheinformation.Clearandconcisepresentationofinformationenhancesunderstandability.4.8.13.ConstraintsonfinancialstatementARelevantvs.timely:Thereisatradeoffbetweenrelevantandtimely.ACostvs.benefits:Thebenefitusersgainfromtheinformationshouldbegreaterthanthecostofpresentingit.ANon-quantifiable:Non-quantifiableinformation(reputation,brandloyalty,capacityforinnovation,etc.)cannotbecaptureddirectlyinfinancialstatements.4.8.1.4.GeneralfeaturesforpreparingfinancialstatementsAFairpresentation;AGoingconcern;AAccrualbasis;AMaterialityandaggregation;ANooffsetting;