财务报表分析技术应用及国际趋同-真题-无答案

财务报表分析：技术、应用及国际趋同(总分67,考试时间90分钟)单项选择题Giventhefollowinginformationaboutacompany:Receivablesturnover=10timesPayablesturnover=12timesInventoryturnover=8times Whataretheaveragereceivablescollectionperiod,theaveragepayablespaymentperiod,and theaverageinventoryprocessingperiodrespectively?AverageReceivablesAveragePayablesAverageInventoryCollectionPeriodPaymentPeriodProcessingPeriod ①A. 37 3052 ②B.37 45 46 ③C.37 30 46A.①B.②C.③Earningsbeforeinterestandtaxes(EBIT)isalsoknownas:A.A.grossprofit.B.netprofit.C.operatingprofit.Afirm'sfinancialstatementsreflectthefollowing:A.Currentliabilities$4000000Cash$400000Inventory$1200000Accountsreceivable$800000Short-terminvestments$2000000Long-terminvestments$800000Accountspayable

N.$2500000Giventhefollowinginformationaboutafirm:NetSales=$1000CostofGoodsSold=$600OperatingExpenses=$200InterestExpenses=$50TaxRate=34%Whatarethegrossandoperatingprofitmargins?GrossOperatingMarginOperatingProfitMargin①A.2O% 15% ②B.4O% 10% ③C.40% 20%A.①B.②C.③Afinnpresentedthefollowingincomestatement,**plieswiththe1standardsunderwhichitmustreport:Sales 20535Costofgoodssold 14525Operatingexpenses 2530Operatingincome 3480Incometaxes 1220Incomefromcontinuingoperations 2260Extraordinaryitems,netoftax(525)Netincome 1735Inthenextyearthefirmborrows$10milliontofinanceconstructionofacapitalasset.BasedonthedifferencesbetweenU.S.GAAPandInternationalFinancialReportingStandards,thisfirm:A.mustcapitalizetheconstructioninterest.B.mustnotcapitalizetheconstructioninterest.C.maychoosetocapitalizetheconstructioninterest.Themaindifferencebetweenthecurrentratioandthequickratioisthatthequickratioexcludes:A.costofgoodssold.B.inventory.C.sales.Ananalysthasgatheredthefollowinginformationaboutacompany:Costofgoodssoldequals65percentofsalesInventoryof$450000Salesof$1millionWhatisthevalueofthisfirm'saverageinventoryprocessingperiodusinga365-dayyear?A.117days.B.94days.C.252.7days.Acompanybeinganalyzedhasnetincomeof$97,liabilitiesof$600,preferredequityof$30,totalshareholderequityof$700,interestexpenseof$48,andpreferreddividendsof$1.80.Whatisthereturnoncommonequity?A.7.00%.B.14.21%.

C.C.10.18%.Studythefollowingdata,calculatethereturnonequityfor2001and2002.A.B.20012002Pre-interestprofitmargin(EBIT/S)0.30.15Assetturnover(S/A)22LeveragemultiplierfA/E)22Taxretentionrate(1-t)0.80.8Interestexpenseratio(I/A)0.060.0610.Whattypeofratioisrevenuedividedbyaverageworkingcapitalandwhattypeofratioisaveragetotalassetsdividedbyaveragetotalequity?Revenue/AverageworkingcapitalAveragetotalassets/Averagetotalequity①A.Activityratio Liquidityratio②B.Profitabilityratio Liquidityratio ③C. ActivityratioSolvencyratioA.①B.②C.③Atyear-end,**panyreportedcostofgoodssoldof$400million.Endingaccountspayableis$100million,Assumingthereare365daysinayear,Howmanydaysonaverageittakes**panytopayitssuppliers.A.80.75daysB.91.25daysC.102.25daysWhichofthefollowingactionsisleastlikelytoimmediatelyincreaseearnings?A.Sellingmoreinventorythanispurchasedorproduced.B.Loweringthesalvagevalueofdepreciableassets.C.Ahighproportionofmanagement'scompensationdependsonthefirm

exceedingtargetsforearningsorthestockprice.ParagonCompany'soperatingprofitsare$100000,interestexpenseis$25000,andearningsbeforetaxesare$75000.WhatisParagon'sinterestcoverageratio?A.1time.B.4times.C.3times.Usinga365-dayyear,ifafirmhasnetannualsalesof$250000andaveragereceivablesof$150000,whatisitsaveragecollectionperiod?A.219.0days.B.1.7days.C.96days.JenniferFrye,CFA,iscomparingthefinancialperformanceofafirmthatpresentsitsresultsunderIFRStothatofafirm**plieswithU.S.GAAP.TheU.S.firmusestheLIFOmethodforinventoryaccountingandtheotherfirmusestheFIFOmethod.IfFryeperformstheappropriateadjustmentstomaketheU.S.firm'sfinancial**parabletothefirmthatreportsunderIFRS,heradjustmentsareleastlikelytochangethefirm's:A.quickratio.B.netprofitmargin.C.debt-to-equityratio.Ananalysthasgatheredthefollowingdataaboutacompany:Averagereceivablescollectionperiodof95daysAverageinventoryprocessingperiodof183days?Apayablespaymentperiodof274daysWhatistheircashconversioncycle?A.186days.B.552days.C.4days.Whichofthefollowingstatementsbestdescribes**mon-sizeanalysisand**mon-sizeanalysis?Statement1:Eachlineitemisexpressedasapercentageofitsbase-yearamount.Statement2:Eachlineitemoftheincomestatementisexpressedasapercentageofrevenueandeachlineitemofthebalancesheetisexpressedasapercentageofendingtotalassets.Statement3:Eachlineitemisexpressedasapercentageoftheprioryear'samount.VerticalanalysisHorizontalanalysis①A.Statement1 Statement2②B.Statement2 Statement3 ③C.Statement2 Statement1

A.①B.②C.③JohnsonCorp.hadthefollowingfinancialresultsforthefiscal2004year:Currentratio2.00Quickratio1.25CurrentliabilitiesF.$100000Inventoryturnover12Grossprofit%25ThefollowingfootnoteappearedinCrabtreeCompany's20x7annualreport:"OnDecember31,20x7,Crabtreerecognizedarestructuringchargeof$20million,ofwhich$5millionwasforseverancepayforemployeeswhowillbeterminatedin20x8and$15millionwasforlandthatbecamepermanentlyimpairedin20x7."Basedonlyonthesechanges,Crabtree'snetprofitmarginandfixedassetturnoverratioin20x 8ascomparedto20x7willbe?NetprofitmarginFixedassetturnover①A. Higher Higher②B.Lower Unchanged③C. Higher UnchangedA.①B.②C.③20.FalconFinancialGroupisconsideringthepurchaseofCompanyAorCompanyBbasedonalowprice-to-bookinvestmentstrategythatalsoconsidersdifferencesinsolvency.Selectedfinancialdataforbothfirms,asofDecember31,20x7,follows:inmillions,exceptper-sharedataCompanyACompanyBCurrentassets$3000$5500Fixedassets$5700$5500Totaldebt$2700

$3500Commonequity$6000$7500Outstandingshares500750Marketpricepershare$26.00$22.5021.Whenassessingcreditrisk,whichofthefollowingratioswouldbestmeasureafirm'stoleranceforadditionaldebtandafirm'soperationalefficiency?Ratio1:Retainedcashflow(CFO-dividends)dividedbytotaldebt.Ratio2:Currentassetsdividedbycurrentliabilities.Ratio3:Earningsbeforeinterest,taxes,depreciation,andamortizationdividedbyrevenues.ToleranceforleverageOperationalefficiency①A. Ratio3 Ratio1②B.Ratio2 Ratio3③C.Ratio1 Ratio3A.①B.②C.③22.CraigLoomis,acreditanalystwithShawneeFinancialGroup,hasbeenaskedtoassesstheoperationalefficiencyofLeuexaCompany.LoomiscalculatesthefollowingratiosfromdatagatheredfromLenexa'sannualreport: Totaldebt $14500000Revenues $35200000Earningsbeforeinterestandtaxes$6125000Depreciationandamortization $1675000 Interestexpense$2200000Accordingtothefinancialfootnotes,Lenexaisalesseeinanoperatingleasearrangementformanufacturingequipment.Thediscountedpresentvalueoftheleasepaymentsis$6000000usinganinterestrateof10percent.Theannualpaymentis$1000000.Onlyconsideringtheabovedata,determinewhichratiobestmeasuresoperationalefficiencyandcalculatetheadjustedmeasurefortheappropriateanalyticaltreatmentofthelease.OperationalefficiencyAdjustedmeasure ①A.EBITDAmargin 25.0%②B.EBITDAmargin 17.4% ③C.EBITDA/Interestexpense4.0timesA.①B.②C.③23.BaeticaCompanyreportedthefollowingselectedfinancialstatementdatafortheyearendedDecember31,20x7:inmillions

%ofSalesFortheyearendedDecember31,20x7:$500100%SalesH.$1200000Costofgoodssold(300)60%Sellingandadministrationexpenses(125)25%Depreciation(50)10%Netincome$255%<>>W.X.X.AsofDecember31,20x7:X.X.X.Non-cashoperatingworkingcapitalX.$100X.20%X.CashbalanceX.$35X.N/AThecashconversioncycleisthe:A.sumofthetimeittakestosellinventoryandthetimeittakestocollectaccountsreceivable.B.lengthoftimeittakesthefirmtopaythecreditextendedtoitforpurchases.C.sumofthetimeittakestosellinventoryandcollectonaccountsreceivable,lessthetimeittakestopayforcreditpurchases.Riskfactorsrelatedtoopportunitiesforfraudinvlude:A.Thenatureoftheindustryoroperations.B.Threatstothefirms'financialstabilityorprofitability.C.Complexorunstableorganizationalstructure.Whatwouldbetheimpactonafirm'sreturnonassetsratio(ROA)ofthefollowingindependenttransactions,assumingROAislessthanone?Transaction1:Afirmownedinvestmentsecuritiesthatwereclassifiedasavailable-for-saleandtherewasarecentdecreaseinthefairvalueofthesesecurities.Transaction2:Afirmownedinvestmentsecuritiesthatwereclassifiedasavailable-for-tradingandtherewasrecentincreaseinthefairvalueofthesecurities.Transaction1Transaction2①HigherLower②HigherHigher③Lower

HigherA.①B.②C.③Assumeafirmwithadebttoequityratioof0.50anddebtequalto$35millionmakesacommitmenttoacquirerawmaterialswithapresentvalueof$12millionoverthenext3years.Forpurposesofanalysisthebestestimateofthedebttoequityratioshouldbe:A.0.343.B.0.500.C.0.671.Threeyearsago,RancheroCorporationpurchasedapatentforaprocessusedinproduction,for3million.Attheendoflastyear,Rancherodeterminedthefairvalueofthepatentwasgreaterthanitsbookvalue.Noimpairmentlosseshavebeenrecognizedonthepatent.AssumingRancherofollowsInternationalFinancialReportingStandards,whatistheimpactonitstotalassetturnoverratioandreturnonequityofreportingthevalueofthepatentonthebalancesheetatfairvalue?TotalassetturnoverReturnonequity①LowerHigher②HigherLower③Lower LowerA.①B②C.③29.UnitedCorporationandIntrepidCompanyaresimilarfirmsoperatinginthesameindustry.UnitedfollowsU.S.GenerallyAcceptedAccountingPrinciplesandIntrepidfollowsInternationalFinancialReportingStandards.Attheendoflastyear,IntrepidhadahigherinventoryturnoverratiothanIntrepid.Arethefollowingplausibleexplanationsforthedifference?Explanation1:Unitedaccountsforitsinventoryusingthefirst-in,first-outmethodandIntrepidusesthelast-in,first-outmethod.Explanation2:Unitedrecognizedanupwardvaluationofinventorythathadbeenpreviouslywrittendown.Intrepiddoesnotrevalueitsinventoryupward.Explanation1Explanation2①No Yes②YesNo③No NoA.①B.②C.③30.Wouldprojectingfuturefinancialperformancebasedonpasttrendsprovideareliablebasisfor

valuationofthefollowingfirms?Firm1:Arapidly**panythathasmadenumerousacquisitionsanddivestitures.Firm2:Alarge,well-diversified,companyoperatinginanumberofmatureindustries.Firm1 Firm2①A. No No②B. NoYes③C. Yes YesA.①B.②C.③31.NationalScooterCompanyandContinentalChopperCompanyaremotorcycle**panies.National'stargetmarketincludesconsumersthatareswitchingtomotorcyclesbecauseofthehighcostofoperatingautomobilesand**peteonpricewithothermanufacturers.TheaverageageofNational'scustomersis24years.Continentalmanufacturespremiummotorcyclesandaftermarketaccessories**petesonthebasisofqualityandinnovativedesign.Continentalisinthethirdyearofafive-yearprojecttodevelopacustomizedhybridmotorcycle.Whichofthetwofirmswouldmostlikelyreporthighergrossprofitmargin,andwhichfirmwouldmostlikelyreporthigheroperatingexpensestatedasapercentageoftotalcost?HighergrossprofitmarginHigherpercentageoperatingexpense①A.Continental National②B. National Continental③C.Continental ContinentalA.①B.②C.③Basedonthefollowinginformation,calculatethebasicearningspershare.Incomeaftertax:ommonstockof$5par: $25000010000,8%preferenceshareof$5par: $50000A.$3.23.B.$3.52.C.$4.97.Par-MacCorporationisajointventureequallycontrolledbyParkerCompanyandMacintoshCompany.WhichmethodshouldMacintoshusetoaccountforitsownershipinterestinPar-MacaccordingtoU.S.GenerallyAcceptedAccountingPrinciples(U.S.GAAP),andwhichmethodrecommendedforParkerunderInternationalFinancialReportingStandards(IFRS)?U.S.GAAP IFRS①A.Equitymethod Proportionateconsolidationmethod②B. Equitymethod Consolidationmethod ③C. ConsolidationmethodProportionateconsolidationmethodA.A.①

B.B.②C.C.③Ananalystgatheredthefollowingdataaboutacompany:Currentliabilitiesare$300.Totaldebtis$900.Workingcapitalis$200.Capitalexpendituresare$250.Totalassetsare$2000.Cashflowfromoperationsis$400.If**panywouldlikeacurrentratioof2,theycould:A.decreasecurrentassetsby100orincreasecurrentliabilitiesby50.B.decreasecurrentassetsby100ordecreasecurrentliabilitiesby50.C.increasecurrentassetsby100ordecreasecurrentliabilitiesby50.Inpreparingaforecastoffuturefinancialperformance,whichofthefollowingbestdescribessensitivityanalysisandwhichofthefollowingbestdescribesscenarioanalysis?Description1:Acomputergeneratedanalysisbasedondevelopingprobabilitydistributionsofkeyvariablesthatareusedtodrivethepotentialoutcomes.Description2:Theprocessofanalyzingtheimpactoffutureeventsbyconsideringmultiplekeyvariables.Description3:Atechniquewherebykeyfinancialvariablesarechangedoneatatimeandarangeofpossibleoutcomesareobserved.Alsoknownas"what-if"analysis. SensitivityanalysisScenarioanalysis①A.Description3Description2 ②B. Description2Description3 ③C.Description1Description2A.①B.②C.③Atthebeginningof2007,ThunderbirdCompanystarteda3-yearconstructionproject.Thefollowingdatarelatestotheproject:Contractprice$100millionCostsincurredin2007$50millionProgressbillings$40miIlionCollectionofprogressbillings$37millionAcompanyhasacashconversioncycleof80days.If**pany'saveragereceivablesturn-overincreasesfrom11to12,**pany'scashconversioncycle:A.decreasesbyapproximately3days.B.increasesbyapproximately3days.C.decreasesbyapproximately30days.LowearningsqualityNOTresultfromA.selectingaccountingprinciplesthatmisrepresent

theeconomicsoftransactions.B.structuringtransactionsprimarilytoachieveadesiredeffectonreportedearnings.C.excessivepressureonmanagementandemployeestomeetinternaltargets.39.ThefollowingdataappliestotheXTCCompany: Sales=$1000000Receivable=$260000NetIncome=$50000COGS=$800000 TotalAssets=$800000Payables=$600000Debt/Equity=200%Inventory=$400000Whatistheaveragecollectionperiod,theaverageinventoryprocessingperiod,andthepayablespaymentperiodrespectivelyforXTCCompany? AverageAverageInventory PayablesCollectionPeriodProcessingPeriodPaymentsPeriod①A.55days 195clays231days ②B.95days 183clays 274days ③C.45days45days 132claysA.①B.②C.③WhichofthefollowingactionswasleastlikelyawarningsignofpotentialearningsmanipulationdisclosedinSunbeam'sfinancialstatementfootnotes?A.Arecordlevelofearnings,yetoperatingcashflowwasnegative.B.Significantuseofbartertransactions.C.Receivableswereincreasing,butbaddebtexpensewasdecreasing.Ananalysthasgatheredthefollowinginformationaboutacompany.Thetotalassetturnoveris1.2.Theafter-taxprofitmarginis10percent.Thefinancialleveragemultiplieris1.5.Giventhisinformation,**pany'sreturnonequityis:A.9%.B.18%.C.10%.Whichofthefollowingismostlikelypresentedonacommon-sizebalancesheetorcommon-sizeincomestatement?A.Totalassetturnover.B.Operatingprofitmargin.C.Inventoryturnover.Acompanyhasacashconversioncycleof70days.If**pany'spayablesturnoverdecreasesfrom11to10anddaysofsalesoutstandingincreaseby5,**pany'scashconversioncyclewill:A.decreasebyapproximately8days.B.decreasebyapproximately3days.

C.increasebyapproximately2days.Ananalysisoftheindustryrevealsthatfirmshavebeenpayingout45percentoftheirearningsindividends,assetturnover=1.2;asset-to-equity(A/E)=1.1andprofitmarginsare8percent.Whatistheindustry'sprojectedgrowthrate?A.4.55%.B.4.95%.C.5.81%.Ananalysthasgatheredthefollowinginformationaboutafirm:Quickratioof0.25Cashratioof0.20$2millioninmarketablesecurities$10millionincashWhatistheirreceivablesbalance?A.3million.B.5million.C.2million.AccordingtotheManagementDiscussionandAnalysissectionofFrankfurtSupplyCompany'sannualreport,Frankfurtrecentlydecreasedthesalespricesofitsproductsinordertoincreasemarketshare.Inaddition,Frankfurtrecentlylowereditsrequirementsforcreditcustomersandincreasedthecreditlimitsofsomecustomers.WhatisthemostlikelyimpactonFrankfurt'saccountsreceivableturnoverandinventoryturnoverasaresultofthesechanges?Accountsreceivableturnover Inventoryturnover ①A. DecreaseDecrease ②B. Increase Increase③C.DecreaseIncreaseA.①B.②C.③Arethefollowingstatementsaboutassessingcreditrisktrueorfalse?Statement1:Fromalender'sperspective,highermarginvolatilityisforfloating-ratedebtbutnotforfixed-ratedebt.Statement2:Productandgeographicdiversificationshouldlowercreditrisk.Statement1Statement2①A. FalseTrue②B. FalseFalse③C.TrueTrueA.A.①B.B.②C.C.③

Arethestatementsaboutthefollowingvaluationmetricstrueorfalse?Statement1:Ascomparedtotheprice-to-earningsratio,theprice-to-cashflowratioiseasiertomanipulatebecausemanagementcaneasilycontrolthetimingofthecashflows.Statement2:Oneofthebenefitsofearningspershareasavaluationmetricisthatitfacilitates**parisonoffirmsofdifferentsizes. Statement1 Statement2 ①A.FalseTrue ②B. True False③C.False FalseA.①B.②C.③Thefollowingdatapertainstoacompany'scommon-sizedfinancialstatements.Currentassets 40%Totaldebt 40%Netincome16%Totalassets $2000Sales $1500Totalassetturnoverratio 0.75Thefirmhasnopreferredstockinitscapitalstructure.**pany'safter-taxreturnoncommonequityis:A.15%.B.16%.C.20%.During2007,Big4Company'swarehousewastotallydestroyedbyatornado.TornadosareveryrareintheregionwhereBig4islocated.Thebookvalueofthewarehouseatthetimeofthetornadowas10millionandBig4isself-insured.Inaddition,onJune30,2007,Big4acquiredoneofitsmajorsuppliers.ThefairvalueofthenetassetsacquiredbyBig4wasgreaterthanthepurchaseprice.AccordingtoInternationalFinancialReportingStandards,shouldBig4recognizeanextraordinaryitemfortornadodamageandshouldBig4recognizenegativegoodwillonitsbalancesheetduetotheacquisition? ExtraordinarylossNegativegoodwill①A.No Yes②B. Yes No③C. No NoA.①B.②C.③ThecorrectsetofcashflowtreatmentsastheyrelatetointerestanddividendsreceivedaccordingtoU.S.generallyacceptedaccountingprinciples(GAAP)andInternationalAccountingStandards(IAS)GAAPis:U.S.GAAPIASGAAP①A.CFI CFO②B.CFO CFI③C.CFO CFIorCFOA.①

B.②C.③Giventhefollowingincomestatement:NetSales200CostofGoodsSold55GrossProfit145OperatingExpenses30OperatingProfit(EBIT)115Interest15EarningsBeforeTaxes(EBT)100Taxes40EarningsAfterTaxes(EAT)60UsethefollowingdataforQuestions.BentlomCompany'scommonsizedfinancialstatementsshowthat:Earningsaftertaxes 15 %Currentliabilities 20%Equity 45%Sales $800Cash 10%Totalassets $2000Accountsreceivable 15%Inventory. 20%Bentlom'slong-termdebt-to-equityratioandcurrentratioareclosestto:A.A.77.8%;2.25.B.98.2%;2.50.C.98.2%;2.25.Bentlom'safter-taxreturnonequity(ROE)is:A.A.6.0%.

B.B.12.0%.C.C.13.3%.Inconstructingcashflowforecastsforthemediumterm,ananalystshouldmostappropriately:A.basetheforecastonrecentcashflow(daily,weekly,monthly)only.B.basetheforecastonrecentaveragecashflowswithadjustmentfortrendsandseasonality.C.payspecialattentiontoexpectedfinaneingsandcapitalexpenditures.Whichfollowingisleastcorrect?A.Acceleratingoperatingcashflowbysecuritizingreceivablesissustainable.B.Securitizingaccountsreceivablemayaffectearning.C.GAAPissilentonwherethegainsfromsecuritizationsshouldbereportedintheincomestatement.LincolnCorporationandContinentalIncorporatedare**paniesexceptthat**plieswithU.S.GenerallyAcceptedAccountingPrinciplesand**plieswithInternationalFinancialReportingStandards.Assuminganinflationaryenvironmentandstableinventoryquantities,whichpermissiblecostflowassumptionwillminimizeeachfirm'spre-taxfinancialincome?LincolnCorporationContinentalIncorporated①A. Last-in,first-out Last-in,first-out②B.First-in,first-out Averagecost③C.Last-in,first-outAveragecostA.A.①B.B.②C.C.③Wouldthefollowingratiosbeusefulinmeasuringtheprofitabilityofafirm?Ratio1:Cashplusshort-termmarketableinvestmentsplusreceivablesdividedbyaveragedailycashexpenditures.Ratio2:Earningsbeforeinterestandtaxesdividedbyaveragetotalassets.Ratio1Ratio2①A.NoNo②B.YesYes③C.NoYesA.A.①B.B.②C.C.③Overthepasttwoyears,afirmreportedhigheroperatingcashflowasaresultofsecuritizingitsaccountsreceivableandfromincreasingincometaxbenefitsfromemployeestockoptions.Thetaxbenefitsaresolelytheresult