财务报表分析：利润表、资产负债表、以及现金流量表(一)及答案解析.doc

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1、财务报表分析：利润表、资产负债表、以及现金流量表(一)及答案解析(总分：57.00，做题时间：90 分钟)一、B单项选择题/B(总题数：57，分数：57.00)1.A software company pays a substantial amount of its compensation expense in the form of stock options. Without these options the company feels it will not be able to keep its key engineers. When adjusting for stock opt

2、ions, the EPS calculation is affected only when the stock price: A. is less than the exercise price. B. is greater than the exercise price. C. is greater than the stock price at the end of the previous year.（分数：1.00）A.B.C.D.2.Firebird Company reported the following financial information at the end o

3、f 2007 (in millions) : Merchandise inventory $240Minority interest 70Cash and equivalents 275Accounts receivable 1150Accounts payable 225Property however, the useful (economic) life of similar recipes has been 10 years. Assuming straight-line amortization, what amount of recipe expense should Bryan

4、report for the year ended 2007 and what amount should Bryan report as a tangible asset on its balance sheet at the end of 2007?Recipe expense Balance sheetA. $ 7500 $ 22500B. $ 3000 $ 27500C. $ 7500 $ 0 A. B. C.（分数：1.00）A.B.C.D.37.Stanley Corp. had 100000 shares of common stock outstanding throughou

5、t 2004. It also had 20000 stock options with an exercise price of $ 20 and another 20000 options with an exercise price of $ 28. The average market price for the company s stock was $ 25 throughout the year. The stock closed at $ 30 on December 31,2004. What are the number of shares used to calculat

6、e diluted earnings per share for the year? A. 105000. B. 110000. C. 104000.（分数：1.00）A.B.C.D.38.All of the following are considered a potentially dilutive securities EXCEPT: A. warrants. B. preferred stock. C. stock options.（分数：1.00）A.B.C.D.39.During 2000, Rory, Inc. , reported net income of $15000 a

7、nd had 2000 shares of common stock outstanding for the entire year. Rory also had 2000 shares of 10% , $50 par value preferred stock outstanding during 2000. During 1998, Rory issued 100, $1000 par, 6% bonds for $100000. Each of these is convertible to 50 shares of common stock. The tax rate is 40%.

8、 Assuming these bonds are dilutive, basic earnings per share(EPS) and diluted EPS for Rory are closest to :Basic EPS Diluted EPSA. $2.50 $0.71B. $2.50 $1.23C. $2.88 $0.71 A. B. C.（分数：1.00）A.B.C.D.40.All of the following are cash flows from operations EXCEPT: A. interest payments. B. dividends paid t

9、o shareholders. C. dividends received.（分数：1.00）A.B.C.D.41.When a reliable estimate of costs exists, ultimate payment is assured, and revenue is earned as costs are incurred. Which of the following revenue recognition methods should be used? A. Installment sales method. B. Cost recovery method. C. Pe

10、rcentage-of-completion method.（分数：1.00）A.B.C.D.42.Assume that the exercise price of an option is $11, and the average market price of the stock is $16. Assuming 1039 options are outstanding during the entire year, what is the number of shares to be added to the denominator of the Diluted EPS? A. 289

11、. B. 1039. C. 325.（分数：1.00）A.B.C.D.43.The correct set of cash flow treatments as they relate to interest paid according to U. S. generally accepted accounting principles (GAAP) and International Accounting Standards (IAS)GAAP is :U.S. GAAP IAS GAAPA. CFO CFO or CFFB. CFF CFFC. CFO CFO A. B. C.（分数：1.

12、00）A.B.C.D.44.Which of the following would NOT be a component of cash flow from investing? A. Sale of land. B. Purchase of securities. C. Dividends paid.（分数：1.00）A.B.C.D.45.Which of the following statements about the indirect method of calculating the statement of cash flows is least accurate? A. De

13、preciation is added back to net income because it is an expense not requiring cash. B. No adjustment is needed to account for changes in accounts receivable because no cash is involved. C. No adjustment is needed for the payment of taxes because the tax payment is already in net income.（分数：1.00）A.B.

14、C.D.46.Given the following information, what is the adjustment to net income when calculating cash flow from operations using the indirect method?Increase in accounts payable of $ 25.Sold one share of stock for $15.Paid dividends of $10 to shareholders.Depreciation expense of $100.Increase in invent

15、ory of $ 20. A. $50. B. $95. C. + $105.（分数：1.00）A.B.C.D.47.An analyst gathered the following data about Bands Forever: In 2007 Bands Forever reported net income of $ 22500 and had 3000 shares of stock outstanding for the entire year.The company also had 1200 shares of 10% , $ 50 par value preferred

16、stock outstanding for the entire year.The company had 50,10% coupon, $1000 par value bonds convertible into 50 shares of stock each, also outstanding for the entire year.The average market price of the stock for 2007 was $ 20. The tax rate is 40%.The convertible bonds are: A. dilutive, with diluted

17、earnings per share(EPS) of $ 2.45 versus basic EPS of $ 0.50. B. dilutive, with diluted EPS of $ 3.55 versus basic EPS of $ 5.50. C. antidilutive, with diluted EPS of $ 8.50 versus basic EPS of $ 7.50.（分数：1.00）A.B.C.D.48.According to U.S. Generally Accepted Accounting Principles (GAAP) and Internati

18、onal Accounting Standards (IAS) GAAP, should dividends paid be treated as a cash flow from financing (CFF) or as a cash flow from operations (CFO)?U.S. GAAP IAS GAAPA. CFO CFFB. CFF CFOC. CFF CFF or CFO A. B. C.（分数：1.00）A.B.C.D.49.A company has the following sequence of events regarding their stock:

19、One million shares outstanding at the beginning of the year.On June 30th, they declared and issued a 10% stock dividend.On September 30th, they sold 400000 shares of common stock at par.Basic earnings per share at year-end will be computed on how many shares? A. 1600000. B. 1000000. C. 1200000.（分数：1

20、.00）A.B.C.D.50.A company reported the following for the year:Net sales $ 500Increase in accounts receivable 20Decrease in accounts payable 40Increase in inventory 30Sale of new common stock 100Repayment of debt 10Depreciation 2Net income 100Interest expense on debt 5The companys cash flow from opera

21、tions(CFO) and cash flow from investing(CFI) are closest to ;CFO CFIA. $12 $100B. $12 $0C. $92 $100 A. B. C.（分数：1.00）A.B.C.D.51.Determine the cash flow from operations given the following table. Item AmountCash payment of dividends $30Sale of equipment $10Net income $25Purchase of land $15Increase i

22、n accounts payable U$20/USale of preferred stock $25Increase in deferred taxes $5Profit on sale of equipment U$15/U A. $35. B. $45. C. $20.（分数：1.00）A.B.C.D.52.Peterson Painting Company is a commercial painting contractor. At the beginning of 207, Peterson s net working capital was $ 350000. The foll

23、owing transactions occurred during 207 : Performed services on credit $150000Purchased office equipment for cash 10000Recognized salaries expense 54000Purchased paint supplies on on credit 25000Consumed paint supplies 20000Paid salaries 50000Collected accounts receivable 157000Recognized straight-li

24、ne depreciation expenses 2000Paid accounts payable 15000Calculate Peterson s working capital at the end of 207.Working capital Change in cashA. $ 416000 $ 80000B. $ 414000 $ 82000C. $ 416000 $ 82000 A. B. C.（分数：1.00）A.B.C.D.53.Depending on certain circumstance, revenue may be recognized: A. when pro

25、duction is complete and as production occurs. B. at the time of sale and when production is complete. C. All of these choices are correct.（分数：1.00）A.B.C.D.54.Where in the financial statements should a firm recognize the unrealized gains and losses on cash flow hedging derivatives and the unrealized

26、gains and losses on available-for-sale securities?Cash flow hedging derivatives Available-for-sale securitiesA. Other comprehensive income Other comprehensive incomeB. Other comprehensive income Net incomeC. Net income Other comprehensive income A. B. C.（分数：1.00）A.B.C.D.55.To convert an indirect sta

27、tement of cash flows to a direct basis, the analyst would: A. subtract any depreciation that was included in the cost of goods sold. B. subtract decreases in accounts receivables from net sales. C. add decreases in inventory to the cost of goods sold.（分数：1.00）A.B.C.D.56.Jodi Lein, small business con

28、sultant, is currently working with RJ Landscaping, a sole proprietorship. She is trying to educate the owner on the importance of monitoring cash flows. Operating information as of the end of the most recent month appears below:Cash from sale of truck of $ 7000.Cash salaries paid of $17000.Cash from

29、 customers of $ 45000.Depreciation expense of $ 5500.Interest on bank line of credit of $1000.Cash paid to suppliers of $ 22000.Other cash expenses, including rent, of $ 6300.No taxes due.Using this information, Lein calculates the cash flow from operations for the month at: A. $ 1300. B. $11200. C.

30、 $300.（分数：1.00）A.B.C.D.57.Which, if any, of the following statements about the installment sales method and cost recovery method is correct? A. The cost recovery method recognizes revenue and associated costs of goods sold only when cash is received, based on gross profit margin. B. The installment

31、sales method recognizes sales when cash is received, but no gross profit is recognized until all of the cost of goods sold is collected. C. Neither statement is correct.（分数：1.00）A.B.C.D.财务报表分析：利润表、资产负债表、以及现金流量表(一)答案解析(总分：57.00，做题时间：90 分钟)一、B单项选择题/B(总题数：57，分数：57.00)1.A software company pays a substan

32、tial amount of its compensation expense in the form of stock options. Without these options the company feels it will not be able to keep its key engineers. When adjusting for stock options, the EPS calculation is affected only when the stock price: A. is less than the exercise price. B. is greater

33、than the exercise price. C. is greater than the stock price at the end of the previous year.（分数：1.00）A.B. C.D.解析：When the exercise price is below the market price of the stock, the options will be dilutive. The exercise of the options will not generate enough cash to buy the stock, so additional sha

34、res would have to be issued, thus reducing earnings per share.2.Firebird Company reported the following financial information at the end of 2007 (in millions) : Merchandise inventory $240Minority interest 70Cash and equivalents 275Accounts receivable 1150Accounts payable 225Property thus, the balanc

35、e of the prepaid insurance account will equal $15000 ( $ 45000 beginning balance $15000 insurance expense for 207 $15000 insurance expense for 208).7.When a firm recognizes revenue in excess of expenses on a product not covered by a warranty before cash is collected, what is the impact on the firms

36、assets and liabilities, ignoring taxes?Assets LiabilitiesA. Increase IncreaseB. Increase No effectC. No effect No effect A. B. C.（分数：1.00）A.B. C.D.解析：When a firm recognizes revenue before cash is collected, equity increases (retained earnings ) and assets increase(accounts receivable). Liabilities w

37、ould not be affected.8.Which of the following statements about dilutive securities is least likely correct? A. A simple capital structure is one that contains only common stock and antidilutive securities. B. A complex capital structure is one that contains potentially dilutive securities. C. A dilu

38、tive security is one that will cause earnings per share (EPS) to decrease if it is converted into common stock.（分数：1.00）A. B.C.D.解析：A simple capital structure has only common stock or only common stock and noneonvertible stock. It contains no securities that could ever become or create common stock,

39、 even antidilutive ones.9.Bug-Be-Gone is a residential pest control company that offers a 12 month home-service contract to eliminate insect infestation. Customers are required to prepay for the service at the beginning of each year. If Bug-Be-Gone erroneously records these payments as revenue and i

40、nclude the estimated cost of performing the service, what is the most likely effect on the firm s liabilities andequity compared to the correct treatment?Liabilities EquityA. Understated OverstatedB. Overstated OverstatedC. Understated Understated A. B. C.（分数：1.00）A. B.C.D.解析：When payment is receive

41、d, the firm has an obligation to provide the service. This obligation is reported as a liability unearned revenue as a liability, offsetting the increase in cash. If they book the revenue and estimated expenses of providing the service this will overstate equity (assuming revenue greater than expect

42、ed expense) and liabilities will be understated.10.What is the impact on accounts receivable if sales exceed cash collections and what is the impact on accounts payable if cash paid to suppliers exceeds purchases?Accounts receivable Accounts payableA. Increase DecreaseB. Increase IncreaseC. Decrease

43、 Decrease A. B. C.（分数：1.00）A. B.C.D.解析：If a firm sells more than it collects, accounts receivable will increase. If a firm pays suppliers more than it purchases, accounts payable will decrease.11.For the year ended December 31,2007, Milan Company reported the following financial information :Gross p

44、rofit from sales 600000Operating expenses 100000Unrealized loss from foreign currency translation 30000Dividends received from available-for-sale securities 15000Increase in minimum pension liability 45000Interest expense 25000Acquired treasury stock for $ 25000 more than original book value 75000Un

45、realized gain from available-sale-securities 20000Ignoring taxes, calculate Milan s net income and comprehensive income for 2007.Net income Comprehensive incomeA. $ 490000 $ 435000B. $ 490000 $ 2000C. $ 40000 $ 44000 A. B. C.（分数：1.00）A. B.C.D.解析：Net income is equal to $ 490000 ( $ 600000 gross profi

46、t $100000 operating expenses + $15000 dividends received $ 25000 interest expense). Comprehensive income includes all transactions that affect stockholders equity except transactions with shareholders. Thus, comprehensive income is equal to $ 435000 ($ 490000 net income $ 30000 unrealized loss from

47、foreign currency translation $ 45000 increase in minimum pension liability + $ 20000 unrealized gain on available-for-sale securities ). The treasury stock purchase is a transaction with shareholders and is not included in either comprehensive income or net income.12.The RR Corporation had cash flow

48、 from operations of $ 20 million. RR purchased $ 5 million in equipment and sold $ 3 million of equipment during the period. Cash flows from financing were $ 2 million. What is RR s free cash flow for the period? A. $18. B. $22. C. $20.（分数：1.00）A. B.C.D.解析：Free cash flow (FCF) is generally defined as cash flow from operations (CFO) less net capital expenditures = 20-5 + 3 = $18.13.Which of the following items is NOT found in the financing cash flow part of the statement of cash flows? A. Dividends paid. B. Change in paid-in capital. C. Change in retained earnings.（分数