注册金融分析师一级-19及答案解析.doc

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1、注册金融分析师一级-19 及答案解析(总分：100.00，做题时间：90 分钟)一、单项选择题(总题数：45，分数：100.00)1.A firm“s financial position at a specific point in time is reported in:（分数：3.00）A.balance sheet.B.income statement.C.cash flow statement.2.An analyst finds information about significant uncertainties affecting a company“s liquidity,

2、capital resources and results of operations in the:（分数：3.00）A.notes to the financial statements.B.balance sheet and income statement.C.management discussion and analysis.3.Information about accounting estimates, assumptions, and methods chosen for reporting is most likely found in:（分数：3.00）A.the aud

3、itor“s opinion.B.financial statement notes.C.management discussion and analysis.4.Which of the following statements best described the level of accuracy provided by a standard audit report with respect to errors? The audited financial statements are:（分数：3.00）A.fully assured to be free of material er

4、rors.B.reasonable assured to be free of all errors.C.reasonable assured to be free of all material errors.5.If an auditor finds that a company“s financial statements have made a specific exception to applicable accounting principles, he is most likely to issue a:（分数：3.00）A.cautionary note.B.qualifie

5、d opinion.C.dissenting opinion.6.Which of these steps is least likely to be a part of the financial statement analysis framework?（分数：3.00）A.State the purpose and context of the analysis.B.Determine whether the company“s securities are suitable for the client.C.Adjust the financial statement data and

6、 compare the company to its industry peers.7.Making any necessary adjustments to the financial statements to facilitate comparison with respect to accounting choices is done in which step of the financial statement analysis framework?（分数：3.00）A.Collect data.B.Process data.C.Analyze/interpret the pro

7、cessed data.8.Accounts receivable and accounts payable are most likely classified as which financial statement elements? accounts receivable accounts payable assets liabilities revenues liabilities revenues expenses（分数：3.00）A.B.C.9.Annual depreciation and accumulated depreciation are most likely cla

8、ssified as which financial statement elements? annual depreciation accumulated depreciation expenses contra assets expenses contra liabilities liabilities contra assets（分数：2.00）A.B.C.10.A decrease in assets would least likely be consistent with a (n):（分数：2.00）A.increase in expenses.B.decrease in rev

9、enues.C.increase in contributed capital.11.A computer engineer repaired the network system in a supermarket on November 14 and sent the bill to the supermarket on December 2. If both the engineer and the supermarket prepare financial statement under the accrual method on November 30, how will they e

10、ach record the transaction? computer engineer supermarket accrued revenue accrued expense accrued revenue prepaid expense unearned revenue accrued expense（分数：2.00）A.B.C.12.Assume U.S. GAAP applies unless otherwise noted. Which of the following is least likely to be classified as a financial statemen

11、t element?（分数：2.00）A.Asset.B.Revenue.C.Net income.13.If a firm raises $30 million by issuing new common stock, which of its financial statements will reflect the transaction?（分数：2.00）A.Income statement and statement of owners“ equity.B.Balance sheet, income statement, and cash flow statement.C.Balan

12、ce sheet, cash flow statement, and statement of owners“ equity.14.Which of the following organizations is least likely involved with enforcing compliance with financial reporting standards?（分数：2.00）A.Financial Service Authority (FSA).B.Securities and Exchange Commission (SEC).C.International Account

13、ing Standards Board (IASB).15.Which of the following characteristics least likely contributes to the reliability of financial statements?（分数：2.00）A.neutralityB.timelinessC.completeness16.International Accounting Standard (IAS) No.1 least likely requires which of the following?（分数：2.00）A.Neither asse

14、ts and liabilities, nor income and expenses, may be offset unless required or permitted by a financial reporting standard.B.Audited financial statements and disclosures, along with updated information about the firm and its management, must be filed annually.C.Fair presentation of financial statemen

15、ts means faithfully representing the firm“s transaction and events according to the financial reporting standards.17.Which of the following statements is least likely to be one of the conclusions about the impact of a change in financial reporting standards that might appear in management“s discussi

16、on and analysis?（分数：2.00）A.Management is currently evaluating the impact of the new standard.B.The new standard will not have a material impact on the company“s financial statement.C.Management has chosen to revise the new standard according to the requirement of the company.18.The M1 measure of the

17、 money supply is least likely to include:（分数：2.00）A.saving account deposits.B.checking account deposits.C.currency held by the public.19.Assume the Federal Reserve purchases $3 billion in securities in the open market. What is the maximum increase in the money supply that can result from this action

18、, if the required reserve ratio is 25% and there is no currency drain?（分数：2.00）A.$9 billionB.$12 billionC.$21 billion20.The policy tool the Federal Reserve uses most often is:（分数：2.00）A.the discount rate.B.reserve requirements.C.open market operations.21.The goals and targets of Federal Reserve poli

19、cy least likely include:（分数：2.00）A.maintaining stable exchange rates.B.promoting economic growth and full employment.C.managing the money supply in such a way as to keep inflation low.22.The money supply schedule is vertical because the:（分数：2.00）A.money supply is independent of interest rates.B.mone

20、y demand schedule is downward sloping.C.money supply is dependent upon interest rates.23.If money supply and demand are in equilibrium and the central bank sells securities in the open market:（分数：2.00）A.bank reserves wilt increase.B.short-term interest rates will decrease.C.firms and households will

21、 sell securities for cash.24.The most likely long-term effect of an increase in the money supply when economy is at full-employment GDP is:（分数：2.00）A.higher output.B.higher prices.C.lower unemployment.25.According to the quantity theory of money:（分数：2.00）A.real output and velocity increase with the

22、money supply.B.real output and velocity are independent of the money supply.C.an increase in the money stock will decrease gross domestic product.26.According to the quantity theory of money, if nominal GDP is $3 trillion and the money supply is $0.5 trillion, the velocity of the money supply is clo

23、sest to:（分数：2.00）A.1.5B.6.0C.15.027.For a demand-pull effect or a cost-push effect to cause inflation:（分数：2.00）A.the AD curve has to shift in response to a shift of the AS curve.B.the cause of the shift in AD or AS must be repeated or sustained.C.economic equilibrium must be re-established at a high

24、er price level.28.An unexpected change in the rate of inflation causes:（分数：2.00）A.the long-run Phillips curve to shift.B.the short-run Phillips curve to shift.C.movement along the short-run Phillips curve.已知某国的失业率为 14%且处于自然失业率的水平，去年的通货膨胀率为 5%。该国的宏观经济政策制定者认为可以通过不断提高总需求水平来使失业率和通货膨胀率保持较低的水平。试根据上述条件回答问题

25、。（分数：4.00）(1).If this country adopts this policy, what are the most likely short-run effects on inflation and unemployment? unemployment rate inflation rate remains at 14% less than 5% less than 14% more than 5% more than 14% remains at 5%（分数：2.00）A.B.C.(2).If this country adopts this policy, what a

26、re the most likely long-run effects on inflation and unemployment? unemployment rate inflation rate remains at 14% more than 5% less than 14% more than 5% more than 14% remains at 5%（分数：2.00）A.B.C.29.A change in the natural rate of unemployment will most likely shift:（分数：2.00）A.the short-run but not

27、 the long-run Phillips curves.B.both the short-run and the long-run Phillips curves.C.neither the short-run nor the long-run Phillips curves.30.The theory that the rate of growth in potential GDP fluctuates because technology change leads to cycles in the rate of productivity growth is known as:（分数：

28、2.00）A.Keynesian cycle theory.B.new classical cycle theory.C.real business cycle theory.31.Based on supply-side effects, an increase in income tax will most likely:（分数：2.00）A.shift the demand curve for labor.B.decrease the full-employment quantity of labor.C.increase potential Gross Domestic Product

29、 (GDP).32.The Laffer curve shows that an increase in the tax rate:（分数：2.00）A.will increase total tax revenue.B.will decrease total tax revenue.C.can either increase or decrease total tax revenue.33.The crowding-out effect suggests that government borrowing to finance higher expenditures will most li

30、kely:（分数：2.00）A.increase inflation but reduce private saving.B.increase the real interest rate and private saving.C.increase the real interest rate and private investment.34.Which of the following factors is least likely to reduce the level of investment?（分数：2.00）A.Lower saving rates.B.Federal budge

31、t surplus.C.Increased taxes on capital income.35.An expansionary fiscal policy is most likely to include a(n):（分数：2.00）A.decrease in both interest and tax rates.B.increase in government expenditures and a decrease in tax rates.C.increase in both government expenditures and central bank“s open market

32、 purchases.36.Congress enacts a program to subsidize farmers in the Midwest with an expansive spending program of $30 billion. At the same time, Congress enacts a $30 billion tax increase. Which of the following best describes the impact on the economy?（分数：2.00）A.Lower growth due to the negative tax

33、 multiplier.B.Higher growth due to the net positive balanced budget multiplier.C.No effect on growth because the tax and spending multiplier effects offset.37.Congress is concerned about delay in the effects of fiscal policy, and is considering requiring the reporting of economic statistics weekly,

34、rather than quarterly. The new reporting period is intended to decrease the.（分数：2.00）A.impact delay.B.recognition delay.C.law-making delay.38.Which of the following goals of monetary policy is best described to be the key goal?（分数：2.00）A.Price stability.B.Full employment.C.Moderating long-term inter

35、est rates.39.The Fed operationalizes its goals by focusing on:（分数：2.00）A.core inflation and the output gap.B.expected inflation and U.S. dollar exchange rates.C.food and energy prices and the growth rate of real GDP.40.The Fed conducts monetary policy primarily by targeting the:（分数：2.00）A.inflation

36、rate.B.federal funds rate.C.10-year Treasury note yield.41.If the rate of inflation in a country were to fall below the range targeted by its government, the central bank would most likely:（分数：2.00）A.sell government securities.B.decrease the overnight rate.C.increase the reserve requirement.42.Imple

37、menting monetary policy in such a way as to keep the forecast rate of inflation at a certain level is best described as a (n):（分数：2.00）A.Taylor rule.B.targeting rule.C.instrument rule.43.An increase in the target federal funds rate will most likely lead to an increase in:（分数：2.00）A.business investme

38、nt in fixed assets.B.consumer spending on durable goods.C.the foreign exchange value of the U.S. dollar.44.A strategy designed to match the growth rate of the monetary base to the long-term growth rate of real GDP plus the target inflation rate is:（分数：2.00）A.inflation targeting.B.the McCallum rule.C

39、.exchange rate targeting.注册金融分析师一级-19 答案解析(总分：100.00，做题时间：90 分钟)一、单项选择题(总题数：45，分数：100.00)1.A firm“s financial position at a specific point in time is reported in:（分数：3.00）A.balance sheet. B.income statement.C.cash flow statement.解析：解析 资产负债表记录厂商在特定时点上的财务状况，而损益表和现金流表则记录厂商在特定期间的业绩情况。闪此，本题的正确选项为 A。2.An

40、analyst finds information about significant uncertainties affecting a company“s liquidity, capital resources and results of operations in the:（分数：3.00）A.notes to the financial statements.B.balance sheet and income statement.C.management discussion and analysis. 解析：解析 财务披露中的管理讨论与分析(MD&A)部分从公司的角度提供了对公

41、司财务业绩和状况的评估信息。根据美国证券交易委员会(SEC)的要求，财务报表中应包括 MD&A。具体来讲，MD&A 的讨论应包含以下内容：(1)经营活动的成果，即对于销售和成本方面的变动趋势的讨论；(2)资本来源和流动性，即对与现金流变动趋势的讨论；(3)就已知经营活动的变动趋势的一般性回顾。MD&A 所涉及的附加领域包括：(1)就目前已知的趋势、事件和不确定性会产生的显著影响的讨论(可能包括自愿披露的前瞻性数据)；(2)流动性、资本来源和与流动性有关的交易或事件；(3)中止的业务、特别项目和其他偶然事件；(4)对临时性财务报表的广泛披露；(5)对公司部门或子公司的现金流要求或对公司收入和利润

42、贡献情况的披露。因此，本题的正确选项为 C。3.Information about accounting estimates, assumptions, and methods chosen for reporting is most likely found in:（分数：3.00）A.the auditor“s opinion.B.financial statement notes. C.management discussion and analysis.解析：解析 财务报表脚注包括对财务报表中所总结的信息给予更充分解释的披露内容。根据通行会计准则(GAAP)和美国证券交易委员会(SEC

43、)的要求，在编制财务报表时，应附上必要的脚注，以便报表使用者能够对报表中所作估计的数量、时间和不确定性给予更准确的评估。 关于财务脚注的具体内容和特征，有以下几个方面需要加以说明：(1)财务报表脚注提供了有关会计事件和管理者所作的假设和估计的有关信息。(2)财务报表脚注是经过审计的，而诸如附表等其他披露内容则未经过审计。(3)财务报表脚注对以下事项提供了补充信息：固定资产、存货、所得税、养老金、债务、临时事件和承诺、有价证券、重要客户、对相关方面的销售和出口销售。(4)财务报表脚注经常包含与或有损失(contingent loss)有关的披露内容。 因此，有关会计估计、假设和方法的选择的相关信

44、息最有可能记录在财务报表脚注中。4.Which of the following statements best described the level of accuracy provided by a standard audit report with respect to errors? The audited financial statements are:（分数：3.00）A.fully assured to be free of material errors.B.reasonable assured to be free of all errors.C.reasonable

45、assured to be free of all material errors. 解析：解析 在合理范围内，审计师保证财务报表进行了公平的表述，从而表明其审计的财务报表很可能不存在重大错误、欺诈或违法行为。因此，本题的正确选项为 C。5.If an auditor finds that a company“s financial statements have made a specific exception to applicable accounting principles, he is most likely to issue a:（分数：3.00）A.cautionary no

46、te.B.qualified opinion. C.dissenting opinion.解析：解析 如果审计师发现某厂商的财务报表存在不遵守相关会计准则的问题，则他最有可能发表合格意见，并在审计报告中解释上述问题的影响。6.Which of these steps is least likely to be a part of the financial statement analysis framework?（分数：3.00）A.State the purpose and context of the analysis.B.Determine whether the company“s

47、securities are suitable for the client. C.Adjust the financial statement data and compare the company to its industry peers.解析：解析 财务报表分析一般要经过以下几个步骤： 第一步，确定目标和相关分析内容。具体而言，分析师应当确定以下内容：(1)需要解决的问题；(2)信息表达的方式；(3)进行相关分析所需的资源和时间。 第二步，收集信息。在该阶段，分析师获取公司的财务报表和其他有关行业及经济状况的数据。此外，还可以通过向公司管理者、供应商和客户询问获得所需信息。 第三步，

48、处理数据。分析师对财务报表进行相应调整，计算出各项财务比率，并编制演示图表和标准格式资产负债表。 第四步，对数据进行分析和解释。分析师通过对其所收集的数据进行分析，得出相关问题的答案，并根据相关信息得出结论和建议。 第五步，提交结论和建议。分析师应注意确保其所提交的结论和建议符合相关的会计准则和标准。 第六步，对分析结论进行更新。分析师应定期重复上述步骤，以确保其提交的结论和建议能够及时反映最新情况。 显然，选项 B 的内容最不可能属于财务报表分析基本步骤。7.Making any necessary adjustments to the financial statements to fac

49、ilitate comparison with respect to accounting choices is done in which step of the financial statement analysis framework?（分数：3.00）A.Collect data.B.Process data. C.Analyze/interpret the processed data.解析：解析 在财务报表分析框架中，一般在处理数据的过程中对财务报表进行必要的调整。在收集数据的过程中，通常不涉及财务报表的相关调整。在对数据进行分析和解释的过程中，只涉及数据分析和得出结论的相关工作。因此，本题的正确选项为 B。8.Accounts receivable and accounts payable are most likely classified as which financial statement elements? accounts receivable accounts payable assets liabilities revenues liabilities revenues expenses（分数：3.00）A