CFA一级百题预测：财务（打印版）.docx

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1、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.Roleoffinancialrepor

2、tingFinancialstatementanalysisdefinitionUsefinancialreportspreparedbycompanies,combinedwithotherinformation,toevaluatethepast,current,andpotentialperformanceandfinancialpositionofacompanyforthepurposeofmakinginvestment,credit,andothereconomicdecisions.ATheroleoffinancialreportingbycompaniesistoprovi

3、deinformationaboutacompanysperformance,financialposition,andchangesinfinancialpositionthatisusefultoawiderangeofusersinmakingeconomicdecisions.4.1.2.基础题Q-l.Providinginformationabouttheperformanceandfinancialpositionofcompaniessothatuserscanmakeeconomicdecisionsbestdescribestheroleof:A.auditing.B.fin

4、ancialreporting.C.financialstatementanalysis.4.2.OtherInformationSourcesofFinancialStatements4.2.L重要知识点4.2.1.1.FinancialnotesandsupplementaryschedulesANotesandFSsareanintegralDartofthecompletesetoffinancialstatements.SinceitisimportanttounderstanddifferentaccountingChOiCeSbetweencomparable,sometimes

5、needtomakenecessaryadjustmentsSothatthefinancialstatementdatausedaremorecomparable.AThenotesprovideinformationthatisessentialtounderstandingtheinformationprovidedintheprimarystatements,whichclarifytheexplanatoryinformationabouteveryIineitem(oralmosteverylineitem)onthebalancesheetandincomestatementNo

6、tedisclosuresincludeinformationaboutthefollowingAccountingpolicies,methods,andestimates;Financialinstrumentsandrisksarisingfromfinancialinstruments;Commitmentsandcontingencies;Denominatedcurrency;Complianceoflaw&legalproceedings;Related-partytransactions;Subsequentevents(i.e.,eventsthatoccurafterthe

7、balancesheetdate);Businessacquisitionsanddisposals;Roundedfigures&minordiscrepancies;Operatingsegments*performance.4.2.1.2.Managementsdiscussionandanalysis(MD&A)AGeneralcontents(publiclyheldcompanies):natureOfthebusiness,PHStresults,materialUnCertaintVandfuturenutlook.ACharaCteriStic:MD&Aisagoodforu

8、nderstandinginformationinthefinancialstatements.Inparticular,theforward-lookinsdisclosuresinanMD&A,canbeusefulinPrOieCtinRaComRaUvrfutureperformance.AThosecontentelementsincludeThenatureofthebusiness;Managementsobjectivesandstrategies;Thecompanyssignificantresources,risks,andrelationships;Resultsofo

9、perations;Criticalperformancemeasures.4.2.1.3.SECrequireslistedcompaniestoprovideanMD&Aandspecifiesthecontent.AFormS-IRegistrationstatementfiledpriortoinitialpublicofferings.AFormIO-KFinancialstatementsreportedannually.AFormIO-QFinancialstatementsreportedquarterly.AFormDEF-14AProxystatements.AForm8-

10、KMajoreventsasacquisitionsordisposalsofcorporateassets,corporategovernanceandmanagementchanges.AForm144NoticeoftheProPoSedSaleofrestrictedSeCUritieSOrsecuritiesheldbyanaffiliateoftheissuer.Forms3,4,5Reportbeneficialownershipofsecurities.4.2.1.4.OthersourcesofinformationProxystatementsManagementcompe

11、nsation;stockperformance;potentialconflictofinterests;Mattersthataretobeputtoavoteatthecompanysannual(orspecial)meetingofshareholders.InterimreportsProvidedbythecompanyeithersemiannuallyorquarterly,dependingontheapplicablereRilatoryrequirements.Interimreportsgenerallypresentthefourbasicfinancialstat

12、ementsandcondensednotesbutarenotaudited.TheseinterimreportsprovideUPdatedinformationonacompany,sperformanceandfinancialpositionsincetheIastannualperiod.AEarningsannouncementsFollowedbyaCOnferRnCeCallinwhichthecompany,sseniorexecutivesDescribethecompany,sperformanceandanswerquestionsposedbyconference

13、callparticipants.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.

14、proxystatement.C.managementstatementofresponsibility.Q3.WhichofthefollowingreportsisleastlikelytobefiledwiththeUSSEC?A.AnnualreportB.Form10-KC.ProxystatementSolution:A.TheannualreportisnotarequirementoftheSEC.Bisincorrect.The10-KisrequiredbytheSECCisincorrect.AproxystatementisrequiredbytheSECQ-4.Int

15、erimreportsmostlikely:A.areissuedsemi-annuallyorquarterly.B.includeafullsetoffinancialstatementsandnotes.C.areaudited.4.3.AuditsofFinancialStatements4.3.1.重要知识点43.11.AuditsoffinancialstatementsA定义：Auditreferstotheprocessthatanindependentaccountingfirmexaminedthecompan/sfinancialstatementstoensurethe

16、iraccordanceWithspecifiedauditingStandards.A理解Auditsprovidereasonableassurancethatthefinancialstatementsarefairvpresented,meaningthatthereisahighdegreeofprobabilitythattheyarefreeOfmaterialerror,fraudOrilIeQrlacts.Also,theauditorsmustalsoexpressanopiniononthecompanyzsinternalcontrolsystems.AAuditrep

17、ort有四种类型分别是:unqualifiedopinion,qualifiedopinion,adverseopinion,disclaimerofopinionUnqualified(clean)opinion:thefinancialstatementsareComDlianCeWithapplicableaccountingstandards;Qualifiedopinion:thestatementscontainsSeVeralexceptionsOrIimitationSfromaccountingPrirCiPleSandtheexplanationsOfthesedeviat

18、ionsWillbePreSentedforuserstodeterminetheirimportance;Adverseopinion:thestatementsareunfairlypresentedandcontainsmaterialdeviationsfromaccountingstandards;Disclaimerofopinion:theIimitationSOffinancialStntementShindertheauditorsabilitytoexpressanopinion.4.3.2.基础题Q-5.Whichofthefollowingstatementsismos

19、taccurateabouttheresponsibilitiesofanauditorforapubliclytradedfirmintheUnitedStates?Theauditormust:A.ensurethatthefinancialstatementsarefreefromerror,fraud,orillegalacts.B.statethatthefinancialstatementsarepreparedaccordingtogenerallyacceptedaccounting5-122principles.C.expressanopinionabouttheeffect

20、ivenessofthecompanysinternalcontrolsystems.Q-6.Intheauditreport,anadditionalparagraphthatexplainsanexceptiontoanaccountingstandardisbestdescribedasa(n):A.adverseopinion.B.qualifiedopinion.C.disclaimerofopinion.4.4.StepsintheFinancialStatementAnalysisFramework441重要知识点4.4.1.1.Stepsinthefinancialstatem

21、entanalysisframework:6个步骤(目标、收集、处理、分析、结论、回顾）PhaseSourcesofinfoOutputArticulatethepurposeandcontextoftheanalysisNatureNeeds&concernGuidelinesStatementofpurposesandobjectivesAlistofspecificquestionsTimetable&budgetedresourcesCollectdataFinancialdataDiscussionVisitsOrganizedF/SFinancialdatatablesComple

22、tequestionnairesProcessdataDatafrompreviousphaseAdjustedF/SCommon-sizestatementsRatios&ForecastsAnalyze/interprettheprocesseddataInputdataProcesseddataAnalyticalresultsConclusions&recommendationsAnalyticalresultsAnalyticalreportsRecommendationFollowupPeriodicallyUpdatedreports&repeatingrecommendatio

23、ns4.4.2.基础题Q-7.Whichofthefollowingactivitieswouldananalystleastlikelycompleteaspartoftheprocessingdataphaseofafinancialanalysis?A.Analyzingtheprospectsoftheindustry.B.Preparingcommon-sizedfinancialstatementdata.C.Makingadjustmentsfordifferentaccountingpolicies.4.5.TheFlowofInformationinanAccountingS

24、ystem4.5.1.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/adjusted

25、trialbalance:preparedattheendoftheaccountingperiodShoWStheamountineachaccount;recordsadjustmentattheendoftheperiodthatchangestheamountintheaccountslistedininitialtrialbalance;Financialstatements:theaccountbalancespresentedinadjustedtrialbalancearethenpresentedinfinancialstatements.4.5.2.基础题Q-8.Theco

26、llectionofallbusinesstransactionssortedbyaccountinanaccountingsystemisreferredtoas:A.atrialbalance.B.ageneralledger.C.ageneraljournal.4.6.RelatedIssuesinFinancialStatements4.6.1.重要知识点Financialstatementelementsarethemajorclassificationsofassets,liabilities,ownersequity,revenues,andexpenses.Assetsarer

27、esourcescontrolledbyanenterpriseasaresultofpasteventsandfromwhichfutureeconomicbenefitstotheenterpriseareexpectedtoflow.Examples:cash,inventory,receivables,etc.Liabilitiesarepresentobligationsofanenterprisearisingfrompastevents,thesettlementofwhichisexpectedtoresultinanoutflowofresourcesofacompany.E

28、xamples:accountspayable,financialliabilities,etc.Ownersequityistheexcessofassetsoverliabilities;theresidualinterestofshareholdersintheassetofanentityafterdeductingtheentit/sliability.Ownersequityincludes:capital,retainedearnings,othercomprehensiveincome,etc.Incomeistheincreasesineconomicbenefitsinth

29、eformofinflowsorenhancementsofassets,ordecreasesofliabilitiesthatresultinanincreaseinequity(otherthanincreasesresultingfromcontributionsbyowners).Expensesareoutflowsofeconomicresourcesorincreasesinliabilitiesthatresultindecreasesinequity(otherthandecreasesbecauseofdistributionstoowners).Exapmle:cost

30、ofgoodssold(COGS),selling,general,andadministrativeexpenses(SG&A),etc.ElementsDefinitionRelationshipAssetsCurrentassetsNon-currentassets(Long-livedassets)TheBalancesheetAssets=liabilities+ownersequityOwnersequity=Contributedcapital+Beginningretainedearning+Netincome(currentyear)-Dividend(currentyear

31、)+OthercomprehensiveincomeLiabilities令Currentliabilities令Non-currentliabilities(Long-termliabilities)OwnersequityCapital令Additionalpaid-incapitalRetainedearningsOthercomprehensiveincomeRevenueTheincomestatementRevenue-expenses=netincome(currentyear)Expenses令Costofgoodsold令Otherexpense令Losses4.6.1.3.

32、Accountingequation掌握公式Assets=Liabilities+OwnersequityAssets=Liabilities+ContributedCapital+EndingretainedEarnings+accumulatedOCIAssets=Liabilities+ContributedCapital+BeginningRetainedEarnings+Revenue-Expenses-Dividends+accumulatedOCI4.6.2.基础题Q-9.Atthestartofamonth,aretailerpaid$10,000incashforcandie

33、s.Hesold$4,000worthofcandiesfor$6,000duringthemonth.Themostlikelyeffectofthesetransactionsontheretailersaccountingequationforthemonthisthatassetswill:A.beunchanged.B.decreaseby$4,000.C.increaseby$2,000.Q-10.AssumeU.S.GAAPappliesunlessotherwisenoted.Whichofthefollowingisleastlikelytobeclassifiedasafi

34、nancialstatementelement?A.Revenue.B.Liability.C.Netincome.Q-ll.Atthestartoftheyear,acompanyscapitalcontributedbyownersandretainedearningsaccountshadbalancesof$10,000and$6,000,respectively.Duringtheyear,thefollowingeventstookplace：Netincomeearned$4,000Interestpaidondebt$500Repaymentoflong-termdebt$1,

35、000Proceedsfromsharesissued$2,000Dividendspaid$600Theend-of-yearownersequityisclosestto:A.$19,900.B.$19,400.C.$20,400.Q-12.Thefollowinginformationisavailableforacompany($):December31,2018:Totalassets120,000Netincomefortheyear5,000Dividendspaid0Financialleverageratioforthecompanyis2.50%oftheequitycom

36、esfromcontributedcapitalDecember31,2019Totalassets112,000Netincome(loss)fortheyear(4,000)NonewdebtorequityissuedorrepurchasedIn2019,thecompanymostlikely:A.paidadividendof$4,000.B.Paidadividiendof$8,000C.paidadividendof$12,000.Q-13.Whatisthemostlikelyeffectontheaccountingequationwhenacompanypurchases

37、officeequipmentwithcash?A,AssetsincreaseandliabilitiesincreaseB.AssetsdecreaseandownersequitydecreasesC.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

38、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):ThefirmreceivescashbeforeitprovidesagoodorservicetocustomersAU

39、nbiHedrevenue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):Thefirmpayscashaheadof

40、timeforunanticipatedexpense.ACCrlledexpenses(liability):Anexpensethatisincurred,butnotyetpaidfor,duringagivenaccountingperiod.4.7.2.基础题Q-14.Inaccrualaccounting,ifanadjustingentryresultsinthereductionofanassetandtherecordingofanexpense,theoriginatingentryrecordedwasmostlikelya(n):A.accruedexpense.B.d

41、eferredrevenue.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.ObjectivesATh

42、eobjectivetoprovidefinancialinformationtheprovisionoffinancialinformationthatisusefultocurrentandpotentialprovidersofresourcesinmakingdecisions.4.8.1.2,QualitativecharacteristicsoffinancialstatementunderIASBAFundamentalqualitativecharacteristicsRelevance:Informationisrelevantifitwouldpotentiallyaffe

43、ctormakeadifferenceinUSeySdecisions.Predictivevalue.Usefulinmakingforecast;Confirmatoryvalue.Usefultoevaluatepastdecisionsorforecasts;Materiality.Omissionormisstatementofinformationcouldinfluenceusers*decisions.Materialityisafunctionofthenatureand/ormagnitudeoftheinformation.Faithfulrepresentation:I

44、nformationisrelevantifitwouldpotentiallyaffectormakeadifferenceinuser,sdecisions.Complete:allinformationnecessaryisdepicted.Neutral:nobias.Freefromerror:noerrorsofcommissionsoromissioninthedescriptionoftheeconomicphenomenon.FourenchancingqualitativecharacteristicsComparabilityrequiresthemeasurementa

45、ndreportoffinancialinformationaresimilarindifferentfirms.Comparabilityhelpsanalystsidentifyandanalyzetherealeconomicdifferencesacrosscompaniesandtimeperiods.Verifiabilitymeansthatdifferentknowledgeableandindependentobserverswouldagreethattheinformationpresentedfaithfullyrepresentstheeconomicphenomen

46、aitpurportstorepresent.Timelinessmeanstimelyinformationisavailabletodecisionmakerspriortotheirdecisions.Understandabilitymeansusersshouldbeabletoreadilyunderstandtheinformation.Clearandconcisepresentationofinformationenhancesunderstandability.4.8.13.ConstraintsonfinancialstatementARelevantvs.timely:

47、Thereisatradeoffbetweenrelevantandtimely.ACostvs.benefits:Thebenefitusersgainfromtheinformationshouldbegreaterthanthecostofpresentingit.ANon-quantifiable:Non-quantifiableinformation(reputation,brandloyalty,capacityforinnovation,etc.)cannotbecaptureddirectlyinfinancialstatements.4.8.1.4.GeneralfeaturesforpreparingfinancialstatementsAFairpresentation;AGoingconcern;AAccrualbasis;AMaterialityandaggregation;ANooffsetting;