财务报表分析：技术、应用及国际趋同及答案解析.doc

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1、财务报表分析：技术、应用及国际趋同及答案解析(总分：67.00，做题时间：90 分钟)一、B单项选择题/B(总题数：66，分数：67.00)1.Given the following information about a company: Receivables turnover = 10 times Payables turnover = 12 times Inventory turnover = 8 times What are the average receivables collection period, the average payables payment period,

2、and the average inventory processing period respectively? Average Receivables Average Payables Average Inventory Collection Period Payment Period Processing Period A. 37 30 52 B. 37 45 46 C. 37 30 46（分数：1.00）A.A. B.B. C.C. 2.Earnings before interest and taxes (EBIT) is also known as:（分数：1.00）A.A. gr

3、oss profit. B.B. net profit. C.C. operating profit.3.A firm s financial statements reflect the following:（分数：1.00）A.Current liabilitiesB.$ 4000000C.CashD.$ 400000E.InventoryF.$ 1200000G.Accounts receivableH.$ 800000I.Short-term investmentsJ.$ 2000000K.Long-term investmentsL.$ 800000M.Accounts payabl

4、eN.$ 25000004.Given the following information about a firm: Net Sales = $1000 Cost of Goods Sold = $ 600 Operating Expenses = $ 200 Interest Expenses = $ 50 Tax Rate = 34% What are the gross and operating profit margins? Gross Operating Margin Operating Profit Margin A. 2O% 15% B. 4O% 10% C. 40% 20%

5、（分数：1.00）A.A. B.B. C.C. 5.A finn presented the following income statement, which complies with the 1 standards under which it must report: Sales 20535 Cost of goods sold 14525 Operating expenses 2530 Operating income 3480 Income taxes 1220 Income from continuing operations 2260 Extraordinary items,

6、net of tax (525) Net income 1735 In the next year the firm borrows $10 million to finance construction of a capital asset. Based on the differences between U.S. GAAP and International Financial Reporting Standards, this firm : A. must capitalize the construction interest. B. must not capitalize the

7、construction interest. C. may choose to capitalize the construction interest.（分数：1.00）A.B.C.6.The main difference between the current ratio and the quick ratio is that the quick ratio excludes :（分数：1.00）A.A. cost of goods sold. B.B. inventory. C.C. sales.7.An analyst has gathered the following infor

8、mation about a company: Cost of goods sold equals 65 percent of sales Inventory of $ 450000 Sales of $ 1 million What is the value of this firm s average inventory processing period using a 365-day year?（分数：1.00）A.A. 117 days. B.B. 94 days. C.C. 252.7 days.8.A company being analyzed has net income o

9、f $ 97, liabilities of $ 600, preferred equity of $ 30, total shareholder equity of $ 700, interest expense of $ 48, and preferred dividends of $1.80. What is the return on common equity?（分数：1.00）A.A. 7.00%. B.B. 14.21%. C.C. 10.18%.9.Study the following data, calculate the return on equity for 2001

10、 and 2002.（分数：1.00）A.B.2001C.2002D.Pre-interest profit margin(EBIT/S)E.0.3F.0.15G.Asset turnover (S/A)H.2I.2J.Leverage multiplier f A/E)K.2L.2M.Tax retention rate (1-t)N.0.8O.0.8P.Interest expense ratio (I/A)Q.0.06R.0.0610.What type of ratio is revenue divided by average working capital and what typ

11、e of ratio is average total assets divided by average total equity? Revenue/Average working capital Average total assets/Average total equity A. Activity ratio Liquidity ratio B. Profitability ratio Liquidity ratio C. Activity ratio Solvency ratio（分数：1.00）A.A. B.B. C.C. 11.At year-end , Sun company

12、reported cost of goods sold of $ 400 million. Ending accounts payable is $100 million, Assuming there are 365 days in a year, How many days on average it takes Sun company to pay its suppliers.（分数：1.00）A.A. 80.75 days B.B. 91.25 days C.C. 102.25 days12.Which of the following actions is least likely

13、to immediately increase earnings? A. Selling more inventory than is purchased or produced. B. Lowering the salvage value of depreciable assets. C. A high proportion of management s compensation depends on the firm exceeding targets for earnings or the stock price.（分数：1.00）A.B.C.13.Paragon Company s

14、operating profits are $100000, interest expense is $ 25000, and earnings before taxes are $ 75000. What is Paragons interest coverage ratio?（分数：1.00）A.A. 1 time. B.B. 4 times. C.C. 3 times.14.Using a 365-day year, if a firm has net annual sales of $ 250000 and average receivables of $150000, what is

15、 its average collection period?（分数：1.00）A.A. 219.0 days. B.B. 1.7 days. C.C. 96 days.15.Jennifer Frye, CFA, is comparing the financial performance of a firm that presents its results under IFRS to that of a firm that complies with U.S. GAAP. The U.S. firm uses the LIFO method for inventory accountin

16、g and the other firm uses the FIFO method. If Frye performs the appropriate adjustments to make the U.S. firm s financial statements comparable to the firm that reports under IFRS, her adjustments are least likely to change the firm s :（分数：1.00）A.A. quick ratio. B.B. net profit margin. C.C. debt-to-

17、equity ratio.16.An analyst has gathered the following data about a company: Average receivables collection period of 95 days Average inventory processing period of 183 days? A payables payment period of 274 days What is their cash conversion cycle?（分数：1.00）A.A. 186 days. B.B. 552 days. C.C. 4 days.1

18、7.Which of the following statements best describes vertical common-size analysis and horizontal common-size analysis? Statement 1 : Each line item is expressed as a percentage of its base-year amount. Statement 2: Each line item of the income statement is expressed as a percentage of revenue and eac

19、h line item of the balance sheet is expressed as a percentage of ending total assets. Statement 3: Each line item is expressed as a percentage of the prior year s amount. Vertical analysis Horizontal analysis A. Statement 1 Statement 2 B. Statement 2 Statement 3 C. Statement 2 Statement 1（分数：1.00）A.

20、A. B.B. C.C. 18.Johnson Corp. had the following financial results for the fiscal 2004 year:（分数：1.00）A.Current ratioB.2.00C.Quick ratioD.1.25E.Current liabilitiesF.$100000G.Inventory turnoverH.12I.Gross profit %J.2519.The following footnote appeared in Crabtree Company s 207 annual report: “On Decemb

21、er 31, 207, Crabtree recognized a restructuring charge of $ 20 million, of which $ 5 million was for severance pay for employees who will be terminated in 208 and $15 million was for land that became permanently impaired in 207. “ Based only on these changes, Crabtree s net profit margin and fixed a

22、sset turnover ratio in 20 8 as compared to 207 will be? Net profit margin Fixed asset turnover A. Higher Higher B. Lower Unchanged C. Higher Unchanged（分数：1.00）A.A. B.B. C.C. 20.Falcon Financial Group is considering the purchase of Company A or Company B based on a low price-to-book investment strate

23、gy that also considers differences in solvency. Selected financial data for both firms, as of December 31, 207, follows:（分数：1.00）A.in millions, except per-share dataB.Company AC.Company BD.Current assetsE.$ 3000F.$ 5500G.Fixed assetsH.$ 5700I.$ 5500J.Total debtK.$ 2700L.$ 3500M.Common equityN.$ 6000

24、O.$ 7500P.Outstanding sharesQ.500R.750S.Market price per shareT.$ 26.00U.$ 22.5021.When assessing credit risk, which of the following ratios would best measure a firm s tolerance for additional debt and a firm s operational efficiency? Ratio 1: Retained cash flow (CFO-dividends) divided by total deb

25、t. Ratio 2: Current assets divided by current liabilities. Ratio 3: Earnings before interest, taxes, depreciation, and amortization divided by revenues. Tolerance for leverage Operational efficiency A. Ratio 3 Ratio 1 B. Ratio 2 Ratio 3 C. Ratio 1 Ratio 3（分数：1.00）A.A. B.B. C.C. 22.Craig Loomis, a cr

26、edit analyst with Shawnee Financial Group, has been asked to assess the operational efficiency of Leuexa Company. Loomis calculates the following ratios from data gathered from Lenexa s annual report: Total debt $14500000 Revenues $ 35200000 Earnings before interest and taxes $ 6125000 Depreciation

27、and amortization $ 1675000 Interest expense $ 2200000 According to the financial footnotes, Lenexa is a lessee in an operating lease arrangement for manufacturing equipment. The discounted present value of the lease payments is $ 6000000 using an interest rate of 10 percent. The annual payment is $1

28、000000. Only considering the above data, determine which ratio best measures operational efficiency and calculate the adjusted measure for the appropriate analytical treatment of the lease. Operational efficiency Adjusted measure A. EBITDA margin 25.0% B. EBITDA margin 17.4% C. EBITDA/Interest expen

29、se 4.0 times（分数：1.00）A.A. B.B. C.C. 23.Baetica Company reported the following selected financial statement data for the year ended December 31, 207 :（分数：1.00）A.in millionsB.C.% of SalesD.For the year ended December 31, 207 :E.$ 500F.100%G.SalesH.I.$ 1200000J.Cost of goods soldK.(300)L.60%M.Selling a

30、nd administration expensesN.(125)O.25%P.DepreciationQ.(50)R.10 %S.Net incomeT.$ 25U.5%V.W.X.Y.As of December 31, 207 :A.AA.AB.Non-cash operating working capitalAC.$100AD.20%AE.Cash balanceAF.$ 35AG.N/A24.The cash conversion cycle is the: A. sum of the time it takes to sell inventory and the time it

31、takes to collect accounts receivable. B. length of time it takes the firm to pay the credit extended to it for purchases. C. sum of the time it takes to sell inventory and collect on accounts receivable, less the time it takes to pay for credit purchases.（分数：1.00）A.B.C.25.Risk factors related to opp

32、ortunities for fraud invlude: A. The nature of the industry or operations. B. Threats to the firms financial stability or profitability. C. Complex or unstable organizational structure.（分数：1.00）A.B.C.26.What would be the impact on a firm s return on assets ratio (ROA) of the following independent tr

33、ansactions, assuming ROA is less than one? Transaction 1: A firm owned investment securities that were classified as available-for-sale and there was a recent decrease in the fair value of these securities. Transaction 2: A firm owned investment securities that were classified as available-for-tradi

34、ng and there was recent increase in the fair value of the securities. Transaction 1 Transaction 2 Higher Lower Higher Higher Lower Higher（分数：1.00）A.A. B.B. C.C. 27.Assume a firm with a debt to equity ratio of 0.50 and debt equal to $ 35 million makes a commitment to acquire raw materials with a pres

35、ent value of $12 million over the next 3 years. For purposes of analysis the best estimate of the debt to equity ratio should be :（分数：1.00）A.A. 0.343. B.B. 0.500. C.C. 0.671.28.Three years ago, Ranchero Corporation purchased a patent for a process used in production, for 3 million. At the end of las

36、t year, Ranchero determined the fair value of the patent was greater than its book value. No impairment losses have been recognized on the patent. Assuming Ranchero follows International Financial Reporting Standards, what is the impact on its total asset turnover ratio and return on equity of repor

37、ting the value of the patent on the balance sheet at fair value? Total asset turnover Return on equity Lower Higher Higher Lower Lower Lower（分数：1.00）A.A. B.B. C.C.29.United Corporation and Intrepid Company are similar firms operating in the same industry. United follows U.S. Generally Accepted Accou

38、nting Principles and Intrepid follows International Financial Reporting Standards. At the end of last year, Intrepid had a higher inventory turnover ratio than Intrepid. Are the following plausible explanations for the difference? Explanation 1: United accounts for its inventory using the first-in,

39、first-out method and Intrepid uses the last-in, first-out method. Explanation 2: United recognized an upward valuation of inventory that had been previously written down. Intrepid does not revalue its inventory upward. Explanation 1 Explanation 2 No Yes Yes No No No（分数：1.00）A.A. B.B. C.C. 30.Would p

40、rojecting future financial performance based on past trends provide a reliable basis for valuation of the following firms? Firm 1: A rapidly growing company that has made numerous acquisitions and divestitures. Firm 2: A large, well-diversified, company operating in a number of mature industries. Fi

41、rm 1 Firm 2 A. No No B. No Yes C. Yes Yes（分数：1.00）A.A. B.B. C.C. 31.National Scooter Company and Continental Chopper Company are motorcycle manufacturing companies. National s target market includes consumers that are switching to motorcycles because of the high cost of operating automobiles and the

42、y compete on price with other manufacturers. The average age of National s customers is 24 years. Continental manufactures premium motorcycles and aftermarket accessories and competes on the basis of quality and innovative design. Continental is in the third year of a five-year project to develop a

43、customized hybrid motorcycle. Which of the two firms would most likely report higher gross profit margin, and which firm would most likely report higher operating expense stated as a percentage of total cost? Higher gross profit margin Higher percentage operating expense A. Continental National B. N

44、ational Continental C. Continental Continental（分数：1.00）A.A. B.B. C.C. 32.Based on the following information, calculate the basic earnings per share. Income after tax: $180000 50000 common stock of $ 5 par: $ 250000 10000, 8% preference share of $ 5 par: $ 50000（分数：1.00）A.A. $3.23. B.B. $3.52. C.C. $

45、4.97.33.Par-Mac Corporation is a joint venture equally controlled by Parker Company and Macintosh Company. Which method should Macintosh use to account for its ownership interest in Par-Mac according to U. S. Generally Accepted Accounting Principles ( U. S. GAAP), and which method recommended for Pa

46、rker under International Financial Reporting Standards (IFRS) ? U.S. GAAP IFRS A. Equity method Proportionate consolidation method B. Equity method Consolidation method C. Consolidation method Proportionate consolidation method（分数：1.00）A.A. B.B. C.C. 34.An analyst gathered the following data about a

47、 company: Current liabilities are $ 300. Total debt is $ 900. Working capital is $ 200. Capital expenditures are $ 250. Total assets are $ 2000. Cash flow from operations is $ 400. If the company would like a current ratio of 2, they could : A. decrease current assets by 100 or increase current liab

48、ilities by 50. B. decrease current assets by 100 or decrease current liabilities by 50. C. increase current assets by 100 or decrease current liabilities by 50.（分数：1.00）A.B.C.35.In preparing a forecast of future financial performance, which of the following best describes sensitivity analysis and wh

49、ich of the following best describes scenario analysis? Description 1: A computer generated analysis based on developing probability distributions of key variables that are used to drive the potential outcomes. Description 2: The process of analyzing the impact of future events by considering multiple key variables. Description 3: A technique whereby key financial variables are changed one at a time and a range of possible outcomes are observed.