CFA课后习题：财报.docx

39PracticeoblnsPRACTICEPROBLEMS1Providinginformationabouttheperformanceandfinancialpositionofcompaniessothatuserscanmakeeconomicdecisionsbestdescribestheroleof:Aauditing.Bfinancialreporting.CAnancialstatementanalysis.WhichOfthefollowingbestdescribestheroleoffinancialstatementanalysis?AToprovideinformationaboutacompany,sperformanceBTbprovideinformationaboutacompany,schangesinfinancialposition(Toformexpectationsaboutacompany'sfutureperformanceandfinancialposition3Theroleoffinancialstatementanalysisisbestdescribedas:Aprovidinginformationusefulformakinginvestmentdecisions.Bevaluatingacompanyforthepurposeofmakingeconomicdecisions.Iusingfinancialreportspreparedbyanalyststomakeeconomicdecisions.1Acompany'sfinancialpositionwouldbestbeevaluatedusingthe:Abalancesheet.Bincomestatement.(statementofcashflows.5Acompany,sprofitabilityforaperiodwouldbestbeevaluatedusingthe:Abalancesheet.Bincomestatement.(statementofcashflows.6Thefinancialstatementthatpresentsashareholdersresidualclaimonassetsisthe:Abalancesheet.Bincomestatement.Icashflowstatement.7Acompany,sprofitabilityoveraperiodoftimeisbestevaluatedusingthe:Abalancesheet.Bincomestatement.(cashflowstatement.8Theincomestatementisbestusedtoevaluateacompany's:Afinancialposition.Bsourcesofcashflow.(financialresultsfrombusinessactivities.9Accountingpolicies,methods,andestimatesusedinpreparingfinancialstatementsaremostIikelytobefoundinthe:Aauditor'sreport.Bmanagementcommentary.(notestothefinancialstatements.©2017CFAInstitute.AUrightsreserved.10Informationaboutmanagementanddirectorcompensationareleastlikelytobefoundinthe：Aauditor'sreport.Bproxystatement.(notestothefinancialstatements.11Informationaboutacompany'sobjectives,strategies,andsignificantrisksaremostlikelytobefoundinthe:Aauditorsreport.Bmanagementcommentary.Cnotestothefinancialstatements.12XVhichofthefollowingbestdescribeswhythenotesthataccompanythefinancialstatementsarerequired?Thenotes：Apermitflexibilityinstatementpreparation.Bstandardizefinancialreportingacrosscompanies,(provideinformationnecessarytounderstandthefinancialstatements.13Whattypeofauditopinionispreferredwhenanalyzingfinancialstatements?AQualified.BAdverse.CUnqualified.14Anauditordeterminesthatacompany,sfinancialstatementsarepreparedinaccordancewithapplicableaccountingstandardsexceptwithrespecttoinventoryreporting.ThiSexceptionismostlikelytoresultinanauditopinionthatis:Aadverse.Bqualified.Cunqualified.15Anindependentauditreportismostlikelytoprovide:Aabsoluteassuranceabouttheaccuracyofthefinancialstatements.Breasonableassurancethatthefinancialstatementsarefairlypresented.Caqualifiedopinionwithrespecttothetransparencyofthefinancialstatements.16Interimfinancialreportsreleasedbyacompanyaremostlikelytobe:Amonthly.Bunaudited.Cunqualified.17Whichofthefollowingsourcesofinformationusedbyanalystsisfoundoutsideacomany,sannualreport?AAuditorsreportBPeercompanyanalysis(Managementsdiscussionandanalysis18Ratiosareaninputintowhichstepinthefinancialstatementanalysisframework?AProcessdata.RCollectinputdata.IAnalyzeZinterprettheprocesseddata.19MzhiChphaseinthefinancialstatementanalysisframeworkismostlikelytoinvolveproducingupdatedreportsandrecommendations?AFollow-upBAnalyzeZinterprettheprocesseddata(DevelopandcommunicateconclusionsandrecommendationsSOLUTIONS1Biscorrect.IhiSistheroleofAnancialreporting.TheroleofAnancialstatementanalysisistoevaluatethefinancialreports.2Ciscorrect.Ingeneral,analystsseektoexaminethepastandcurrentperformanceandfinancialpositionofacompanyinordertoformexpectationsaboutitsfutureperformanceandfinancialposition.3Biscorrect.Theprimaryroleoffinancialstatementanalysisistousefinancialreportspreparedbycompaniestoevaluatetheirpast,current,andpotentialperformanceandfinancialpositionforthepurposeofmakinginvestment,credit,andothereconomicdecisions.Aiscorrect.Thebalancesheetportraysthecompany,sfinancialpositiononaspecifieddate.Theincomestatementandstatementofcashflowspresentdifferentaspectsofperformanceduringtheperiod.5Biscorrect.Profitabilityistheperformanceaspectmeasuredbytheincomestatement.Thebalancesheetportraysthefinancialposition.Thestatementofcashflowspresentsadifferentaspectofperformance.6Aiscorrect.Owners*equityistheowners*residualinterestin(i.e.,residualclaimon)thecompany,sassetsafterdeductingitsliabilities,whichisinformationpresentedonthebalancesheet.7Biscorrect.Acompanysprofitabilityisbestevaluatedusingtheincomestatement.Theincomestatementpresentsinformationonthefinancialresultsofacompany,sbusinessactivitiesoveraperiodoftimebycommunicatinghowmuchrevenuewasgeneratedandtheexpensesincurredtogeneratethatrevenue.8Ciscorrect.Acompany,srevenuesandexpensesarepresentedontheincomestatement,whichisusedtoevaluateacompany'sfinancialresults(orprofitability)frombusinessactivitiesoveraperiodoftime.Acompany,sfinancialpositionisbestevaluatedbyusingthebalancesheet.Acompanysourcesofcashflowarebestevaluatedusingthecashflowstatement.9Ciscorrect.Thenotesdisclosechoicesinaccountingpolicies,methods,andestimates.10Aiscorrect.Informationaboutmanagementanddirectorcompensationisnotfoundintheauditor'sreport.Disclosureofmanagementcompensationisrequiredintheproxystatement,andsomeaspectsofmanagementcompensationaredisclosedinthenotestothefinancialstatements.11Biscorrect.TheSearecomponentsofmanagementcommentary.12Ciscorrect.Thenotesprovideinformationthatisessentialtounderstandingtheinformationprovidedintheprimarystatements.13Ciscorrect.Anunqualifiedopinionisa“clean”opinionandindicatesthatthefinancialstatementspresentthecompany'sperformanceandfinancialpositionfairlyinaccordancewithaspecifiedsetofaccountingstandards.14Biscorrect.Aqualifiedauditopinionisoneinwhichthereissomescopelimitationorexceptiontoaccountingstandards.Exceptionsaredescribedintheauditreportwithadditionalexplanatoryparagraphssothattheanalystcandeterminetheimportanceoftheexception.43Solutions15Biscorrect.Theindependentauditreportprovidesreasonableassurancethatthefinancialstatementsarefairlypresented,meaningthatthereisahighprobabilitythattheauditedfinancialstatementsarefreefrommaterialerror,fraud,orillegalactsthathaveadirecteffectonthefinancialstatements.16Biscorrect.InterimreportsaretypicallyprovidedsemiannuallyorquarterlyandpresentthefourbasicAnancialstatementsandcondensednotes.Theyarenotaudited.Unqualifiedisatypeofauditopinion17Biscorrect.Whenperformingfinancialstatementanalysis,analystsshouldreviewallcompanysourcesofinformationaswellasinformationfromexternalsourcesregardingtheeconomy,theindustry,thecompany,andpeer(comparable)companies.18Ciscorrect.Ratiosareanoutputoftheprocessdatastepbutareaninputintotheanalyze/interpretdatastep.19Aiscorrect.Thefollow-upphaseinvolvesgatheringinformationandrepeatingtheanalysistodeterminewhetheritisnecessarytoupdatereportsandrecommendations.PRACTICEPROBLEMS1WhichofthefollowingismostlikelynotanobjectiveofAnancialstatements?AToprovideinformationabouttheperformanceofanentity.BTprovideinformationaboutthefinancialpositionofanentity.CToprovideinformationabouttheusersofanentity,sHnancialstatements.2Internationalfinancialreportingstandardsarecurrentlydevelopedbywhichentity?AReIFRSFoundation.BTheInternationalAccountingStandardsBoard.CTheInternationalOrganizationofSecuritiesCommissions.3USgenerallyacceptedaccountingprinciplesarecurrentlydevelopedbywhichentity?ATheSecuritiesandExchangeCommission.BIheFinancialAccountingStandardsBoard.CThePublicCompanyAccountingOversightBoard.4AcoreobjectiveoftheInternationalOrganizationofSecuritiesCommissionsisto:Aeliminatesystemicrisk.Bprotectusersoffinancialstatements.Censurethatmarketsarefair,efficient,andtransparent.5AccordingtotheConceptualFramCWOrkforFinancialReporting,whichofthefollowingisnotanenhancingqualitativecharacteristicofinformationinfinancialstatements?AAccuracy.BTimeliness.(Comparability.6WhichofthefollowingisnotaconstraintonthefinancialstatementsaccordingtotheConceptualIramowork?AUnderstandability.BBenefitversuscost.CBalancingofqualitativecharacteristics.7Theassumptionthatanentitywillcontinuetooperatefortheforeseeablefutureiscalled:Aaccrualbasis.Bcomparability.(goingconcern.8Theassumptionthattheeffectsoftransactionsandothereventsarerecognizedwhentheyoccur,notwhenthecashflowsoccur,iscalled:Arelevance,Baccrualbasis.Cgoingconcern.9Neutralityofinformationinthefinancialstatementsmostcloselycontributestowhichqualitativecharacteristic?ARelevance.BUnderstandability*(Faithfulrepresentation.10Valuingassetsattheamountofcashorequivalentspaidorthefairvalueoftheconsiderationgiventoacquirethematthetimeofacquisitionmostcloselydescribeswhichmeasurementoftinancialstatementelements?ACurrentcost.BHistoricalcost.CRealizablevalue.11Thevaluationtechniqueunderwhichassetsarerecordedattheamountthatwouldbereceivedinanorderlydisposalis:Acurrentcost.Bpresentvalue.Crealizablevalue.12MZhiChofthefollowingisnotarequiredfinancialstatementaccordingtoIASNo.1?AStatementoffinancialposition.BStatementofchangesinincome.CStatementofcomprehensiveincome.13Whichofthefollowingelementsoffinancialstatementsismostcloselyrelatedtomeasurementofperformance?AAssets.BExpenses.CLiabilities,14Whichofthefollowingelementsoffinancialstatementsismostcloselyrelatedtomeasurementoffinancialposition?AEquity.BIncome.IExpenses.15Whichofthefollowingdisclosuresregardingnewaccountingstandardsprovidesthemostmeaningfulinformationtoananalyst?ATheimpactofadoptionisdiscussed.BThestandardwillhavenomaterialimpact.CManagementisstillevaluatingtheimpact.1234567891011121314SOLUTIONSCiscorrect.Financialstatementsprovideinformation,includinginformationabouttheentity,sfinancialposition,performance,andchangesinfinancialposition,tousers.Theydonottypicallyprovideinformationaboutusers.Biscorrect.IheIASBiscurrentlychargedwithdevelopingInternationalFinancialReportingStandards.Biscorrect.TheFASBisresponsiblefortheAccountingStandardsCodification'*,thesinglesourceofnongovernmentalauthoritativeUSgenerallyacceptedaccountingprinciples.Ciscorrect.AcoreobjectiveofIOSCOistoensurethatmarketsarefair,efficient,andtransparent.Theothercoreobjectivesaretoreduce,noteliminate,systemicriskandtoprotectinvestors,notallusersoffinancialstatements.Aiscorrect.Accuracyisnotanenhancingqualitativecharacteristic.Faithfulrepresentation,notaccuracy,isafundamentalqualitativecharacteristicAiscorrect.Understandabilityisanenhancingqualitativecharacteristicoffinancialinformationnotaconstraint,Ciscorrect.TheConceptualFrameworkidentifiestwoimportantunderlyingassumptionsoffinancialstatements:accrualbasisandgoingconcern.Goingconcernistheassumptionthattheentitywillcontinuetooperatefortheforeseeablefuture.Enterpriseswiththeintenttoliquidateormateriallycurtailoperationswouldrequiredifferentinformationforafairpresentation.Biscorrect.Accrualbasisreflectstheeffectsoftransactionsandothereventsbeingrecognizedwhentheyoccur,notwhenthecashflows.TheSeeffectsarerecordedandreportedinthefinancialstatementsoftheperiodstowhichtheyrelate.Ciscorrect.Ihefundamentalqualitativecharacteristicoffaithfulrepresentationiscontributedtobycompleteness,neutrality,andfreedomfromerror.Biscorrect.Historicalcostistheconsiderationpaidtoacquireanasset.Ciscorrect.Theamountthatwouldbereceivedinanorderlydisposalisrealizablevalue.Biscorrect.Thereisnostatementofchangesinincome.UnderIASNo.1,acompletesetoffinancialstatementsincludesastatementoffinancialposition,astatementofcomprehensiveincome,astatementofchangesinequity,astatementofcashflows,andnotescomprisingasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.Biscorrect.Theelementsoffinancialstatementsrelatedtothemeasureofperformanceareincomeandexpenses.Aiscorrect."f)eelementsoffinancialstatementsrelatedtothemeasurementoffinancialpositionareassets,liabilities,andequity.15Aiscorrect.Adiscussionoftheimpactwouldbethemostmeaningful,althoughBwouldalsobeuseful.PRACTICEPROBLEMS1Expensesontheincomestatementmaybegroupedby:Anature,butnotbyfunction.Bfunction,butnotbynature.(eitherfunctionornature.2Anexampleofanexpenseclassificationbyfunctionis:Ataxexpense.Binterestexpense.(costofgoodssold.3DenaliLimited,amanufacturingcompany>hadthefollowingincomestatementinformation:Revenue$4,000,000Costofgoodssold$3,000,000Otheroperatingexpenses$500,000Interestexpense$100,000Taxexpense$120,000Denalfsgrossprofitisequalto:a$280,000.BS5,000.CSL(XX)1OOO.1UnderIFRS,incomeincludesincreasesineconomicbenefitsfrom：Aincreasesinliabilitiesnotrelatedtoowners*contributions.Benhancementsofassetsnotrelatedtoowners*contributions.(increasesinowners*equityrelatedtoowners,contributions.5Fairplayhadthefollowinginformationrelatedtothesaleofitsproductsduring2009,whichwasitsfirstyearofbusiness：Revenue$1,000,000Returnsofgoodssold$100,000Cashcollected$800,000Costofgoodssold$700,000Undertheaccrualbasisofaccounting,howmuchnetrevenuewouldbereportedonFairplay,s2009incomestatement?AS2,000.B$900,000.CSl,0,000.6ApexConsignmentsellsitemsovertheinternetforindividualsonaconsignmentbasis.Apexreceivestheitemsfromtheowner,liststhemforsaleontheinternet,andreceivesa25percentcommissionforanyitemssold.Apexcollectsthefullamountfromthebuyerandpaysthenetamountaftercommissiontotheowner.Unsolditemsarereturnedtotheownerafter90days.During2(X)9,Apexhadthefollowinginformation:Totalsalespriceofitemssoldduring2009onconsignmentwas2,0(X),000.TotalcommissionsretainedbyApexduring2(X)9fortheseitemswas£500,000.HoWmuchrevenueshouldApexreportonits2009incomestatement?500,000.B2,000,000.C1,500,000.7Acompanypreviouslyexpensedtheincrementalcostsofobtainingacontract.Allelsebeingequal,adoptingtheMay2014IASBandFASBconvergedaccountingstandardsonrevenuerecognitionmakesthecompany,sprofitabilityinitiallyappear:Alower.Bunchanged.(higher.-During2009,AccentToysPlc.,whichbeganbusinessinOctoberofthatyear,purchased10,000unitsofatoyatacostof£10perunitinOctober.ThetoysoldwellinOctober.InanticipationofheavyDecembersales,Accentpurchased5,000additionalunitsinNovemberatacostof£11perunit.During2009,Accentsold12,000unitsatapriceof£15perunit.Underthefirstin,firstout(FIFO)method,whatisAccent,scostofgoodssoldfor2009?A£120,000.B£122,000.C£124,0.9UsingthesameinformationasinQuestion8,whatwouldAccentscostofgoodssoldbeundertheweightedaveragecostmethod?A£120,000.B£122,000.C£124,000.10WhichinventorymethodisleastlikelytobeusedunderIFRS?AFirstin,firstout(FIFO).BLastin,firstout(LIFO).(Weightedaverage.11Atthebeginningof2(X)9,GlassManufacturingpurchasedanewmachineforitsassemblylineatacostOf$600,0(X).hemachinehasanestimatedusefullifeof10yearsandestimatedresidualvalueof$50,000.Underthestraight-linemethod,howmuchdepreciationwouldGlasstakein2010forfinancialreportingpurposes?A$55,000.BS60,0.C$65,000.12UsingthesameinformationasinQuestion