CMA+Exam+Part1+Financial+Statement+Analysis+1及答案解析.doc

1、CMA+Exam+Part1+Financial+Statement+Analysis+1及答案解析(总分：40.00，做题时间：120 分钟)一、Financial Statement (总题数：40，分数：40.00)1.Which one of the following characteristics of accounting standards is least likely to be of concern to the business community?（分数：1.00）A.Standards are complex and costly to implement.B.St

2、andards often become effective more than one year after issuance.C.Some standards introduce volatility in reported net income.D.Some standards require disclosures that put companies at a competitive disadvantage in world markets.2.All of the following are pronouncements issued by the Financial Accou

3、nting Standards Board except（分数：1.00）A.Financial Accounting Concepts.B.Standards and Interpretations.C.Practice Bulletins.D.Technical Bulletins.3.The purpose of which one of the following organizations is best described as establishing and improving standards of financial accounting and reporting?（分

4、数：1.00）A.Financial Accounting Standards Advisory Committee.B.Financial Accounting Standards Board.C.Financial Accounting Standards Board Staff and Task Forces.D.Financial Accounting Foundation.4.The purpose of which one of the following organizations is best described as selecting members, funding r

5、egulatory activities, and exercising general oversight?（分数：1.00）A.Financial Accounting Standards Advisory Committee.B.Financial Accounting Standards Board.C.Financial Accounting Standards Board Staff and Task Forces.D.Financial Accounting Foundation.5.A user group that would like to voice its opinio

6、n regarding a proposed financial accounting standard that is currently in the process of development must be certain to make contact with which one of the following to ensure its input will be heard?（分数：1.00）A.The Financial Accounting Standards Board.B.The Financial Accounting Foundation.C.The Ameri

7、can Accounting Association.D.The American Institute of Certified Public Accountants.6.The purpose of which one of the following organizations is best described as assisting the standard setting process by performing research, analysis, and writing functions?（分数：1.00）A.Financial Accounting Standards

8、Advisory Committee.B.Financial Accounting Standards Board.C.Financial Accounting Standards Board Staff and Task Forces.D.Financial Accounting Foundation.7.Which one of the following statements is incorrect with regard to the steps taken to achieve due process in developing Statements of Financial Ac

9、counting Standards?（分数：1.00）A.Emerging Issues Task Force members are polled for their opinions.B.A public comment period is held after the issuance of an exposure draft.C.A committee studies public responses to an exposure draft and reevaluates the Financial Accounting Standards Boards position.D.Re

10、search and analysis are conducted prior to issuing a discussion memorandum.8.Which one of the following is not a basic premise of the Financial Accounting Standards Boards due process procedures?（分数：1.00）A.Be responsive to the needs and viewpoints of the entire economic community.B.Operate in concer

11、t with the major accounting firms.C.Operate in full view of the public.D.Allow sufficient time to give interested persons the opportunity to make their views known.9.The Financial Accounting Standards Board (FASB) has a system of due process for the issuance of standards that requires（分数：1.00）A.all

12、changes to existing pronouncements be processed within 30 days.B.the FASB to vote on the issuance of a standard prior to the issuance of an exposure draft.C.that a discussion memorandum be drafted and released to solicit public comment.D.public hearings to be held after the issuance of each discussi

13、on memorandum.10.Which one of the following best describes the correct sequence of the Financial Accounting Standards Boards due process for establishing financial accounting standards?（分数：1.00）A.Agenda item, discussion memorandum, exposure draft, standards statement.B.Public hearing, exposure draft

14、, discussion memorandum, standards statement.C.Agenda item, exposure draft, standards statement, discussion memorandum.D.Discussion memorandum, agenda item, exposure draft, standards statement.11.With regard to accounting information, which one of the following is least likely to be a characteristic

15、 of reliability?（分数：1.00）A.Verifiable information.B.Information free of error and bias.C.Numbers agreeing with the events that they purport to represent.D.Information that has predictive or feedback value.12.In Statement of Financial Accounting Concepts No. 2, “Qualitative Characteristics of Account

16、ing Information,” comparability is an element of（分数：1.00）A.relevance.B.verifiability.C.both relevance and reliability.D.both verifiability and reliability.13.Which one of the following best describes the Securities and Exchange Commissions (SEC) role in standard setting?（分数：1.00）A.The SEC has little

17、 jurisdiction over generally accepted accounting principles.B.The SEC has legal authority relative to accounting practices, however, it relies on the American Institute of Certified Public Accountants and the Financial Accounting Standards Board to prepare accounting statements.C.The SEC is only con

18、cerned with accounting principles related to SEC filing requirements.D.The SEC consults and advises the Financial Accounting Standards Board but has little interaction with the American Institute of Certified Public Accountants.14.All of the following are correct concerning the Security and Exchange

19、 Commissions (SEC) involvement with the process of developing accounting standards except that the SEC has（分数：1.00）A.at times refused to accept a standard proposed in the private sector.B.prodded the private sector into taking quicker action on reporting problems.C.broad powers to prescribe accounti

20、ng practices and standards.D.the right to select members of the Financial Accounting Standards Board.15.The mandate of the Securities and Exchange Commission in the financial accounting standard setting process is to（分数：1.00）A.accept and enforce standards established by the profession.B.establish ac

21、counting principles.C.review and approve the work of the Accounting Principles Board.D.select the members of the Financial Accounting Standards Board.16.The most authoritative generally accepted accounting principles are established by（分数：1.00）A.Practice Bulletins issued by the American Institute of

22、 Certified Public Accountants.B.Issues Papers released by the American Institute of Certified Public Accountants.C.Statements of Financial Accounting Concepts issued by the Financial Accounting Standards Board.D.Statements of Financial Accounting Standards issued by the Financial Accounting Standard

23、s Board.17.Which one of the following is the least authoritative?（分数：1.00）A.Financial Accounting Standards Board Statements on Financial Accounting Standards.B.Financial Accounting Standards Board Statements on Financial Accounting Concepts.C.Financial Accounting Standards Board Interpretations.D.Ac

24、counting Principles Board Opinions.18.The major objective of the International Accounting Standards Committee is（分数：1.00）A.the creation of superior international standards that would supplant national standards.B.to establish global regulations for governmental accounting.C.to establish requirements

25、 for the registration of businesses operating globally.D.the improvement and harmonization of accounting standards relating to financial statements.19.All of the following are goals of the International Accounting Standards Committee except（分数：1.00）A.improvement in the comparability of cross-border

26、financial statements.B.requiring national accounting standard setters to adopt international accounting standards.C.harmonization of accounting regulations across free-market economies.D.improvement in the quality of financial statements issued throughout the world.20.The accuracy and completeness o

27、f the financial statements and related footnotes contained in a companys annual report to shareholders are the responsibility of the companys（分数：1.00）A.management.B.internal auditors.C.independent auditors.D.outside legal counsel.21.All of the following are affected when merchandise is purchased on

28、credit except（分数：1.00）A.total current assets.B.net working capital.C.total current liabilities.D.current ratio.22.Stanford Company leased some special-purpose equipment from Vincent Inc. under a long-term lease that was treated as an operating lease by Stanford. After the financial statements for th

29、e year had been issued, it was discovered that the lease should have been treated as a capital lease by Stanford. All of the following measures relating to Stanford would be affected by this discovery except the（分数：1.00）A.debt/equity ratio.B.accounts receivable turnover.C.fixed asset turnover.D.net

30、income percentage.23. （分数：1.00）A.$40,000.B.$37,000.C.$28,000.D.$10,000.24. （分数：1.00）A.3.2 times.B.3.5 times.C.8.2 times.D.8.9 times.25. （分数：1.00）A.current ratio will decrease if a payment of $100,000 cash is used to pay $100,000 of accounts payable.B.current ratio will not change if a payment of $10

31、0,000 cash is used to pay $100,000 of accounts payable.C.quick ratio will decrease if a payment of $100,000 cash is used to purchase inventory.D.quick ratio will not change if a payment of $100,000 cash is used to purchase inventory.26. （分数：1.00）A.0.83.B.1.02C.1.15.D.1.52.27.Davis Retail Inc. has to

32、tal assets of $7,500,000 and a current ratio of 2.3 times before purchasing $750,000 of merchandise on credit for resale. After this purchase, the current ratio will（分数：1.00）A.remain at 2.3 times.B.be higher than 2.3 times.C.be lower than 2.3 times.D.be exactly 2.53 times.28.Markowitz Company increa

33、sed its allowance for uncollectable accounts. This adjustment will（分数：1.00）A.increase the acid test ratio.B.increase working capital.C.reduce debt-to-asset ratio.D.reduce the current ratio.29.Garstka Auto Parts must increase its acid test ratio above the current 0.9 level in order to comply with the

34、 terms of a loan agreement. Which one of the following actions is most likely to produce the desired results?（分数：1.00）A.Expediting collection of accounts receivable.B.Selling auto parts on account.C.Making a payment to trade accounts payable.D.Purchasing marketable securities for cash.30.The owner o

35、f a chain of grocery stores has bought a large supply of mangoes and paid for the fruit with cash. This purchase will adversely impact which one of the following?（分数：1.00）A.Working capital.B.Current ratio.C.Quick or acid test ratio.D.Price earnings ratio.31. （分数：1.00）A.1.55.B.1.71.C.2.71.D.2.97.32.W

36、hen reviewing a credit application, the credit manager should be most concerned with the applicants（分数：1.00）A.profit margin and return on assets.B.price-earnings ratio and current ratio.C.working capital and return on equity.D.working capital and current ratio.33.Both the current ratio and the quick

37、 ratio for Spartan Corporation have been slowly decreasing. For the past two years, the current ratio has been 2.3 to 1 and 2.0 to 1. During the same time period, the quick ratio has decreased from 1.2 to 1 to 1.0 to 1. The disparity between the current and quick ratios can be explained by which one

38、 of the following?（分数：1.00）A.The current portion of long-term debt has been steadily increasing.B.The cash balance is unusually low.C.The accounts receivable balance has decreased.D.The inventory balance is unusually high.34.The acid test ratio shows the ability of a company to pay its current liabi

39、lities without having to（分数：1.00）A.reduce its cash balance.B.borrow additional funds.C.collect its receivables.D.liquidate its inventory.35. （分数：1.00）A.Seek cost cutting measures that would increase Stricklands profitability.B.Investigate ways to improve asset efficiency and turnover times to improv

40、e liquidity.C.Seek additional sources of outside financing for new product introductions.D.Increase Stricklands investment in short-term securities to increase the current ratio.36.When a fixed asset is sold for less than book value, which one of the following will decrease?（分数：1.00）A.Total current

41、assets.B.Current ratio.C.Net profit.D.Net working capital.37.All of the following are included when calculating the acid test ratio except（分数：1.00）A.six-month treasury bills.B.prepaid insurance.C.accounts receivable.D.60-day certificates of deposit.38. （分数：1.00）A.2.00 to 1.B.1.925 to 1C.1.80 to 1D.1

42、.05 to 1.39.If a company has a current ratio of 2.1 and pays off a portion of its accounts payable with cash, the current ratio will（分数：1.00）A.decrease.B.increase.C.remain unchanged.D.move closer to the quick ratio.40. （分数：1.00）A.26.1 days.B.33.2 days.C.36.5 days.D.39.8 days.CMA+Exam+Part1+Financial

43、+Statement+Analysis+1答案解析(总分：40.00，做题时间：120 分钟)一、Financial Statement (总题数：40，分数：40.00)1.Which one of the following characteristics of accounting standards is least likely to be of concern to the business community?（分数：1.00）A.Standards are complex and costly to implement.B.Standards often become effe

44、ctive more than one year after issuance. C.Some standards introduce volatility in reported net income.D.Some standards require disclosures that put companies at a competitive disadvantage in world markets.解析：2.All of the following are pronouncements issued by the Financial Accounting Standards Board

45、 except（分数：1.00）A.Financial Accounting Concepts.B.Standards and Interpretations.C.Practice Bulletins. D.Technical Bulletins.解析：3.The purpose of which one of the following organizations is best described as establishing and improving standards of financial accounting and reporting?（分数：1.00）A.Financia

46、l Accounting Standards Advisory Committee.B.Financial Accounting Standards Board. C.Financial Accounting Standards Board Staff and Task Forces.D.Financial Accounting Foundation.解析：4.The purpose of which one of the following organizations is best described as selecting members, funding regulatory act

47、ivities, and exercising general oversight?（分数：1.00）A.Financial Accounting Standards Advisory Committee.B.Financial Accounting Standards Board.C.Financial Accounting Standards Board Staff and Task Forces.D.Financial Accounting Foundation. 解析：5.A user group that would like to voice its opinion regardi

48、ng a proposed financial accounting standard that is currently in the process of development must be certain to make contact with which one of the following to ensure its input will be heard?（分数：1.00）A.The Financial Accounting Standards Board. B.The Financial Accounting Foundation.C.The American Acco

49、unting Association.D.The American Institute of Certified Public Accountants.解析：6.The purpose of which one of the following organizations is best described as assisting the standard setting process by performing research, analysis, and writing functions?（分数：1.00）A.Financial Accounting Standards Advisory Committee.B.Financial Accounting Standards Board.C.Financial Accounting Standards Board Staff and Task Forces. D.Financial Accounting Foundation.解析：7.Which one of the following statements is incorrect with regard to the steps taken to achieve due process in developing Statements