CFA课后习题：财报.docx

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1、39PracticeoblnsPRACTICEPROBLEMS1Providinginformationabouttheperformanceandfinancialpositionofcompaniessothatuserscanmakeeconomicdecisionsbestdescribestheroleof:Aauditing.Bfinancialreporting.CAnancialstatementanalysis.WhichOfthefollowingbestdescribestheroleoffinancialstatementanalysis?AToprovideinfor

2、mationaboutacompany,sperformanceBTbprovideinformationaboutacompany,schangesinfinancialposition(Toformexpectationsaboutacompanysfutureperformanceandfinancialposition3Theroleoffinancialstatementanalysisisbestdescribedas:Aprovidinginformationusefulformakinginvestmentdecisions.Bevaluatingacompanyforthep

3、urposeofmakingeconomicdecisions.Iusingfinancialreportspreparedbyanalyststomakeeconomicdecisions.1Acompanysfinancialpositionwouldbestbeevaluatedusingthe:Abalancesheet.Bincomestatement.(statementofcashflows.5Acompany,sprofitabilityforaperiodwouldbestbeevaluatedusingthe:Abalancesheet.Bincomestatement.(

4、statementofcashflows.6Thefinancialstatementthatpresentsashareholdersresidualclaimonassetsisthe:Abalancesheet.Bincomestatement.Icashflowstatement.7Acompany,sprofitabilityoveraperiodoftimeisbestevaluatedusingthe:Abalancesheet.Bincomestatement.(cashflowstatement.8Theincomestatementisbestusedtoevaluatea

5、companys:Afinancialposition.Bsourcesofcashflow.(financialresultsfrombusinessactivities.9Accountingpolicies,methods,andestimatesusedinpreparingfinancialstatementsaremostIikelytobefoundinthe:Aauditorsreport.Bmanagementcommentary.(notestothefinancialstatements.2017CFAInstitute.AUrightsreserved.10Inform

6、ationaboutmanagementanddirectorcompensationareleastlikelytobefoundinthe：Aauditorsreport.Bproxystatement.(notestothefinancialstatements.11Informationaboutacompanysobjectives,strategies,andsignificantrisksaremostlikelytobefoundinthe:Aauditorsreport.Bmanagementcommentary.Cnotestothefinancialstatements.

7、12XVhichofthefollowingbestdescribeswhythenotesthataccompanythefinancialstatementsarerequired?Thenotes：Apermitflexibilityinstatementpreparation.Bstandardizefinancialreportingacrosscompanies,(provideinformationnecessarytounderstandthefinancialstatements.13Whattypeofauditopinionispreferredwhenanalyzing

8、financialstatements?AQualified.BAdverse.CUnqualified.14Anauditordeterminesthatacompany,sfinancialstatementsarepreparedinaccordancewithapplicableaccountingstandardsexceptwithrespecttoinventoryreporting.ThiSexceptionismostlikelytoresultinanauditopinionthatis:Aadverse.Bqualified.Cunqualified.15Anindepe

9、ndentauditreportismostlikelytoprovide:Aabsoluteassuranceabouttheaccuracyofthefinancialstatements.Breasonableassurancethatthefinancialstatementsarefairlypresented.Caqualifiedopinionwithrespecttothetransparencyofthefinancialstatements.16Interimfinancialreportsreleasedbyacompanyaremostlikelytobe:Amonth

10、ly.Bunaudited.Cunqualified.17Whichofthefollowingsourcesofinformationusedbyanalystsisfoundoutsideacomany,sannualreport?AAuditorsreportBPeercompanyanalysis(Managementsdiscussionandanalysis18Ratiosareaninputintowhichstepinthefinancialstatementanalysisframework?AProcessdata.RCollectinputdata.IAnalyzeZin

11、terprettheprocesseddata.19MzhiChphaseinthefinancialstatementanalysisframeworkismostlikelytoinvolveproducingupdatedreportsandrecommendations?AFollow-upBAnalyzeZinterprettheprocesseddata(DevelopandcommunicateconclusionsandrecommendationsSOLUTIONS1Biscorrect.IhiSistheroleofAnancialreporting.TheroleofAn

12、ancialstatementanalysisistoevaluatethefinancialreports.2Ciscorrect.Ingeneral,analystsseektoexaminethepastandcurrentperformanceandfinancialpositionofacompanyinordertoformexpectationsaboutitsfutureperformanceandfinancialposition.3Biscorrect.Theprimaryroleoffinancialstatementanalysisistousefinancialrep

13、ortspreparedbycompaniestoevaluatetheirpast,current,andpotentialperformanceandfinancialpositionforthepurposeofmakinginvestment,credit,andothereconomicdecisions.Aiscorrect.Thebalancesheetportraysthecompany,sfinancialpositiononaspecifieddate.Theincomestatementandstatementofcashflowspresentdifferentaspe

14、ctsofperformanceduringtheperiod.5Biscorrect.Profitabilityistheperformanceaspectmeasuredbytheincomestatement.Thebalancesheetportraysthefinancialposition.Thestatementofcashflowspresentsadifferentaspectofperformance.6Aiscorrect.Owners*equityistheowners*residualinterestin(i.e.,residualclaimon)thecompany

15、,sassetsafterdeductingitsliabilities,whichisinformationpresentedonthebalancesheet.7Biscorrect.Acompanysprofitabilityisbestevaluatedusingtheincomestatement.Theincomestatementpresentsinformationonthefinancialresultsofacompany,sbusinessactivitiesoveraperiodoftimebycommunicatinghowmuchrevenuewasgenerate

16、dandtheexpensesincurredtogeneratethatrevenue.8Ciscorrect.Acompany,srevenuesandexpensesarepresentedontheincomestatement,whichisusedtoevaluateacompanysfinancialresults(orprofitability)frombusinessactivitiesoveraperiodoftime.Acompany,sfinancialpositionisbestevaluatedbyusingthebalancesheet.Acompanysourc

17、esofcashflowarebestevaluatedusingthecashflowstatement.9Ciscorrect.Thenotesdisclosechoicesinaccountingpolicies,methods,andestimates.10Aiscorrect.Informationaboutmanagementanddirectorcompensationisnotfoundintheauditorsreport.Disclosureofmanagementcompensationisrequiredintheproxystatement,andsomeaspect

18、sofmanagementcompensationaredisclosedinthenotestothefinancialstatements.11Biscorrect.TheSearecomponentsofmanagementcommentary.12Ciscorrect.Thenotesprovideinformationthatisessentialtounderstandingtheinformationprovidedintheprimarystatements.13Ciscorrect.Anunqualifiedopinionisa“clean”opinionandindicat

19、esthatthefinancialstatementspresentthecompanysperformanceandfinancialpositionfairlyinaccordancewithaspecifiedsetofaccountingstandards.14Biscorrect.Aqualifiedauditopinionisoneinwhichthereissomescopelimitationorexceptiontoaccountingstandards.Exceptionsaredescribedintheauditreportwithadditionalexplanat

20、oryparagraphssothattheanalystcandeterminetheimportanceoftheexception.43Solutions15Biscorrect.Theindependentauditreportprovidesreasonableassurancethatthefinancialstatementsarefairlypresented,meaningthatthereisahighprobabilitythattheauditedfinancialstatementsarefreefrommaterialerror,fraud,orillegalact

21、sthathaveadirecteffectonthefinancialstatements.16Biscorrect.InterimreportsaretypicallyprovidedsemiannuallyorquarterlyandpresentthefourbasicAnancialstatementsandcondensednotes.Theyarenotaudited.Unqualifiedisatypeofauditopinion17Biscorrect.Whenperformingfinancialstatementanalysis,analystsshouldreviewa

22、llcompanysourcesofinformationaswellasinformationfromexternalsourcesregardingtheeconomy,theindustry,thecompany,andpeer(comparable)companies.18Ciscorrect.Ratiosareanoutputoftheprocessdatastepbutareaninputintotheanalyze/interpretdatastep.19Aiscorrect.Thefollow-upphaseinvolvesgatheringinformationandrepe

23、atingtheanalysistodeterminewhetheritisnecessarytoupdatereportsandrecommendations.PRACTICEPROBLEMS1WhichofthefollowingismostlikelynotanobjectiveofAnancialstatements?AToprovideinformationabouttheperformanceofanentity.BTprovideinformationaboutthefinancialpositionofanentity.CToprovideinformationaboutthe

24、usersofanentity,sHnancialstatements.2Internationalfinancialreportingstandardsarecurrentlydevelopedbywhichentity?AReIFRSFoundation.BTheInternationalAccountingStandardsBoard.CTheInternationalOrganizationofSecuritiesCommissions.3USgenerallyacceptedaccountingprinciplesarecurrentlydevelopedbywhichentity?

25、ATheSecuritiesandExchangeCommission.BIheFinancialAccountingStandardsBoard.CThePublicCompanyAccountingOversightBoard.4AcoreobjectiveoftheInternationalOrganizationofSecuritiesCommissionsisto:Aeliminatesystemicrisk.Bprotectusersoffinancialstatements.Censurethatmarketsarefair,efficient,andtransparent.5A

26、ccordingtotheConceptualFramCWOrkforFinancialReporting,whichofthefollowingisnotanenhancingqualitativecharacteristicofinformationinfinancialstatements?AAccuracy.BTimeliness.(Comparability.6WhichofthefollowingisnotaconstraintonthefinancialstatementsaccordingtotheConceptualIramowork?AUnderstandability.B

27、Benefitversuscost.CBalancingofqualitativecharacteristics.7Theassumptionthatanentitywillcontinuetooperatefortheforeseeablefutureiscalled:Aaccrualbasis.Bcomparability.(goingconcern.8Theassumptionthattheeffectsoftransactionsandothereventsarerecognizedwhentheyoccur,notwhenthecashflowsoccur,iscalled:Arel

28、evance,Baccrualbasis.Cgoingconcern.9Neutralityofinformationinthefinancialstatementsmostcloselycontributestowhichqualitativecharacteristic?ARelevance.BUnderstandability*(Faithfulrepresentation.10Valuingassetsattheamountofcashorequivalentspaidorthefairvalueoftheconsiderationgiventoacquirethematthetime

29、ofacquisitionmostcloselydescribeswhichmeasurementoftinancialstatementelements?ACurrentcost.BHistoricalcost.CRealizablevalue.11Thevaluationtechniqueunderwhichassetsarerecordedattheamountthatwouldbereceivedinanorderlydisposalis:Acurrentcost.Bpresentvalue.Crealizablevalue.12MZhiChofthefollowingisnotare

30、quiredfinancialstatementaccordingtoIASNo.1?AStatementoffinancialposition.BStatementofchangesinincome.CStatementofcomprehensiveincome.13Whichofthefollowingelementsoffinancialstatementsismostcloselyrelatedtomeasurementofperformance?AAssets.BExpenses.CLiabilities,14Whichofthefollowingelementsoffinancia

31、lstatementsismostcloselyrelatedtomeasurementoffinancialposition?AEquity.BIncome.IExpenses.15Whichofthefollowingdisclosuresregardingnewaccountingstandardsprovidesthemostmeaningfulinformationtoananalyst?ATheimpactofadoptionisdiscussed.BThestandardwillhavenomaterialimpact.CManagementisstillevaluatingth

32、eimpact.1234567891011121314SOLUTIONSCiscorrect.Financialstatementsprovideinformation,includinginformationabouttheentity,sfinancialposition,performance,andchangesinfinancialposition,tousers.Theydonottypicallyprovideinformationaboutusers.Biscorrect.IheIASBiscurrentlychargedwithdevelopingInternationalF

33、inancialReportingStandards.Biscorrect.TheFASBisresponsiblefortheAccountingStandardsCodification*,thesinglesourceofnongovernmentalauthoritativeUSgenerallyacceptedaccountingprinciples.Ciscorrect.AcoreobjectiveofIOSCOistoensurethatmarketsarefair,efficient,andtransparent.Theothercoreobjectivesaretoreduc

34、e,noteliminate,systemicriskandtoprotectinvestors,notallusersoffinancialstatements.Aiscorrect.Accuracyisnotanenhancingqualitativecharacteristic.Faithfulrepresentation,notaccuracy,isafundamentalqualitativecharacteristicAiscorrect.Understandabilityisanenhancingqualitativecharacteristicoffinancialinform

35、ationnotaconstraint,Ciscorrect.TheConceptualFrameworkidentifiestwoimportantunderlyingassumptionsoffinancialstatements:accrualbasisandgoingconcern.Goingconcernistheassumptionthattheentitywillcontinuetooperatefortheforeseeablefuture.Enterpriseswiththeintenttoliquidateormateriallycurtailoperationswould

36、requiredifferentinformationforafairpresentation.Biscorrect.Accrualbasisreflectstheeffectsoftransactionsandothereventsbeingrecognizedwhentheyoccur,notwhenthecashflows.TheSeeffectsarerecordedandreportedinthefinancialstatementsoftheperiodstowhichtheyrelate.Ciscorrect.Ihefundamentalqualitativecharacteri

37、sticoffaithfulrepresentationiscontributedtobycompleteness,neutrality,andfreedomfromerror.Biscorrect.Historicalcostistheconsiderationpaidtoacquireanasset.Ciscorrect.Theamountthatwouldbereceivedinanorderlydisposalisrealizablevalue.Biscorrect.Thereisnostatementofchangesinincome.UnderIASNo.1,acompletese

38、toffinancialstatementsincludesastatementoffinancialposition,astatementofcomprehensiveincome,astatementofchangesinequity,astatementofcashflows,andnotescomprisingasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.Biscorrect.Theelementsoffinancialstatementsrelatedtothemeasureofperfor

39、manceareincomeandexpenses.Aiscorrect.f)eelementsoffinancialstatementsrelatedtothemeasurementoffinancialpositionareassets,liabilities,andequity.15Aiscorrect.Adiscussionoftheimpactwouldbethemostmeaningful,althoughBwouldalsobeuseful.PRACTICEPROBLEMS1Expensesontheincomestatementmaybegroupedby:Anature,bu

40、tnotbyfunction.Bfunction,butnotbynature.(eitherfunctionornature.2Anexampleofanexpenseclassificationbyfunctionis:Ataxexpense.Binterestexpense.(costofgoodssold.3DenaliLimited,amanufacturingcompanyhadthefollowingincomestatementinformation:Revenue$4,000,000Costofgoodssold$3,000,000Otheroperatingexpenses

41、$500,000Interestexpense$100,000Taxexpense$120,000Denalfsgrossprofitisequalto:a$280,000.BS5,000.CSL(XX)1OOO.1UnderIFRS,incomeincludesincreasesineconomicbenefitsfrom：Aincreasesinliabilitiesnotrelatedtoowners*contributions.Benhancementsofassetsnotrelatedtoowners*contributions.(increasesinowners*equityr

42、elatedtoowners,contributions.5Fairplayhadthefollowinginformationrelatedtothesaleofitsproductsduring2009,whichwasitsfirstyearofbusiness：Revenue$1,000,000Returnsofgoodssold$100,000Cashcollected$800,000Costofgoodssold$700,000Undertheaccrualbasisofaccounting,howmuchnetrevenuewouldbereportedonFairplay,s2

43、009incomestatement?AS2,000.B$900,000.CSl,0,000.6ApexConsignmentsellsitemsovertheinternetforindividualsonaconsignmentbasis.Apexreceivestheitemsfromtheowner,liststhemforsaleontheinternet,andreceivesa25percentcommissionforanyitemssold.Apexcollectsthefullamountfromthebuyerandpaysthenetamountaftercommiss

44、iontotheowner.Unsolditemsarereturnedtotheownerafter90days.During2(X)9,Apexhadthefollowinginformation:Totalsalespriceofitemssoldduring2009onconsignmentwas2,0(X),000.TotalcommissionsretainedbyApexduring2(X)9fortheseitemswas500,000.HoWmuchrevenueshouldApexreportonits2009incomestatement?500,000.B2,000,0

45、00.C1,500,000.7Acompanypreviouslyexpensedtheincrementalcostsofobtainingacontract.Allelsebeingequal,adoptingtheMay2014IASBandFASBconvergedaccountingstandardsonrevenuerecognitionmakesthecompany,sprofitabilityinitiallyappear:Alower.Bunchanged.(higher.-During2009,AccentToysPlc.,whichbeganbusinessinOctob

46、erofthatyear,purchased10,000unitsofatoyatacostof10perunitinOctober.ThetoysoldwellinOctober.InanticipationofheavyDecembersales,Accentpurchased5,000additionalunitsinNovemberatacostof11perunit.During2009,Accentsold12,000unitsatapriceof15perunit.Underthefirstin,firstout(FIFO)method,whatisAccent,scostofg

47、oodssoldfor2009?A120,000.B122,000.C124,0.9UsingthesameinformationasinQuestion8,whatwouldAccentscostofgoodssoldbeundertheweightedaveragecostmethod?A120,000.B122,000.C124,000.10WhichinventorymethodisleastlikelytobeusedunderIFRS?AFirstin,firstout(FIFO).BLastin,firstout(LIFO).(Weightedaverage.11Atthebeg

48、inningof2(X)9,GlassManufacturingpurchasedanewmachineforitsassemblylineatacostOf$600,0(X).hemachinehasanestimatedusefullifeof10yearsandestimatedresidualvalueof$50,000.Underthestraight-linemethod,howmuchdepreciationwouldGlasstakein2010forfinancialreportingpurposes?A$55,000.BS60,0.C$65,000.12UsingthesameinformationasinQuestion