2018-2019cfa备考包cfal1典型例题-fra

1、l Reporting When the l ements materially depart from accounting standards and are not presented,theauditopinionwouldbeadversequalifiedC. erof Answer:An adverse l Reporting When the l ements materially depart from accounting standards and are not presented,theauditopinionwouldbeadversequalifiedC. ero

2、f Answer:An adverse opinion occurs when the l ements materially depart from standardsandarenotfairlypresented.AqualifiedopinionisoneinwhichthereissomeorexceptiontoaccountingmeU.S. GAAP (generally accepted accounting principles) sunless otherwise yst gathers the following information from a companys

3、accounting records (all figures in Assets,31DecemberLiabilities,31DecemberContributedcapital,31DecemberRetainedearnings,1January2008 Dividends declared during 2008ystsestimateofA. B.C. e($thousands)for2008isclosestAnswer:Totalassets=liabilities+ownersequity.Ownersequity=$5,2502,200=3,050.Ownersequit

4、y= contributed capital + ending retained earnings. Ending retained earnings = 3,050 1,400= Ending retained earnings = beginning retained earnings + e dividends. 1,650= 800 e200;e = AccordingtoernationalAccountingStandardsBoardsConceptualFrameworklReporting,thetwofundamentalive tmakelusefularebestdes

5、cribedTimelinessandaccrual C.RelevanceandfaithfulAnswer: 4. A company, tax rate of 40%, sold a capital asset net book value of $500,000 $570,000duringtheyear.Whichofthefollowing 4. A company, tax rate of 40%, sold a capital asset net book value of $500,000 $570,000duringtheyear.Whichofthefollowingam

6、ounts(in$)willmostlikelybereportede ementfortheyearrelatedtotheassetA. B.C. Answer:Thedis on theitionof acapitalassetisreportedasanetgainor loss($570,000$500,000=e ementbefore tax 5.Acompanysufferedasubstantiallosswhenitsproductionfacilitywasdestroyedinanearthquake againstwhichitwas notinsured.Geolo

7、gicalscientistsweresurprisedbytheearthquake there was no t one had ever occurred t area in the past. Which of following ements is most accurate? The company should report the loss on esAs anunusualitemifitreportsunderUSNetoftaxesifitreportsunderUSAsanextraordinaryitemnetoftaxesifitreportsunder Answe

8、r=Sufferedasubstantiallossinanaturedisasterisacaseofextraordinary itemwhichisnetoftaxes if reports under U.S. GAAP.6. me U.S. GAAP (generally accepted accounting principles) s unless otherwise the most recent year a manufacturing company reports the following items on erestexpenseeLossonalof fixedas

9、setsRealizedgainonsaleofavailable-for-salesecuritiesWhichoftheitemsisclassifiedasanoperatingheeerestB.Lossonalof fixedC.Realizedgainonsaleofavailable-for-sale Answer:The loss on the al of fixed assets is an unusual or infrequent item but it is still part normal operating activities. erest expense is

10、the result of financing activities and would classifiedasanon-operating expenseby l servicecompanies.The realizedgainon of available for sale securities is an investing activity and would also be classified as -non-operatinggainbyamanufacturing7. me U.S. GAAP (generally accepted accounting principle

11、s) s unless otherwise ystgathersthefollowinginformationaboutaSharesofcommonstockeforthe 4percentcouponnon-operatinggainbyamanufacturing7. me U.S. GAAP (generally accepted accounting principles) s unless otherwise ystgathersthefollowinginformationaboutaSharesofcommonstockeforthe 4percentcouponParvalu

12、eofondsParvalueofcumulativepreferredstockTax7percentdividendThe bonds were ed at par and can be o 300,000 common shares. All wereoutstandingfortheentireyear.DilutedearningspershareisclosestA.B.C. Answer:Dividends of $140,000 (0.07 x 2,000,000) should be deducted from eamount available to common shar

13、eholders: $1,360,000 = (1,500,000 140,000). Basic EPS be$1,360,000/1,000,000or$1.36pershare.DilutedEPSwouldconsiderthe onds they were erest on the bonds is $400,000 and the after-tax amount add back to e is $400,000 (1-.30) = $280,000. Diluted EPS, ming , is ($1,360,000 280,000)/(1,000,000+300,000)=

14、1,640,000/1,300,000=$1.26pershare.Thebondsare8. me U.S. GAAP (generally accepted accounting principles) s unless otherwise oftheyear,a company soldequipment for$30,000 cash. The company paid $110,000the equipment several years ago and had recorded accumulated tion of $70,000 at timeof itssale.Allels

15、eequal,theequipmentsalewillinvestingactivitiesincreasingbyinvestingactivitiesdecreasingbyhecompanyscashflowC.operatingactivitiesbeing$10,000neAnswer:The book value of the equipment at the time sale is $110,000 - $70,000 = $40,000. proceeds are $30,000; therefore a loss of $10,000 is reported on e en

16、ement. The hecalculation e,note, but it isa non-cash amount, sois added back to ofthecashfromoperations.Therefore,cashfromoperationsisThetotalamountoftheproceeds,$30,000,isthecashinflowfromtheacashinflowfrominvestingionandisshown9.ThefollowinginformationCostofgoods illions)onacompanyis$otalotalrsisc

17、losestChange inTheamountofcashA. B.C. tthecompanypaidtoAnswer=CostofgoodsLess:otalotalrsisclosestChange inTheamountofcashA. B.C. tthecompanypaidtoAnswer=CostofgoodsLess:Decreaseininventory EqualspurchasesfromCashpaid10. The following information (U.S. $ millions) for two companies duringthesametimeperiodisCompanyACompanyhe same Net Total assets If both achieve a return on equity of 15% for the period, of sementsismostlikelycorrect?Compared