CMA+Exam+Part1+Financial+Statement+Analysis+2及答案解析.doc

1、CMA+Exam+Part1+Financial+Statement+Analysis+2 及答案解析(总分：43.00，做题时间：120 分钟)一、Financial Statement (总题数：43，分数：43.00)1. （分数：1.00）A.0.10.B.9.00.C.10.00.D.11.25.2. （分数：1.00）A.B.C.D.3. （分数：1.00）A.3.2 times.B.3.5 times.C.8.2 times.D.8.9 times.4. （分数：1.00）A.6.84.B.6.52.C.4.01.D.3.82.5. （分数：1.00）A.4.7 times.B.

2、5.0 times.C.5.4 times.D.7.9 times.6.Globetrade is a retailer that buys virtually all of its merchandise from manufacturers in a country experiencing significant inflation. Globetrade is considering changing its method of inventory costing from first-in, first-out (FIFO) to last-in, first-out (LIFO).

3、 What effect would the change from FIFO to LIFO have on Globetrades current ratio and inventory turnover ratio?（分数：1.00）A.Both the current ratio and the inventory turnover ratio would increase.B.The current ratio would increase but the inventory turnover ratio would decrease.C.The current ratio woul

4、d decrease but the inventory turnover ratio would increase.D.Both the current ratio and the inventory turnover ratio would decrease.7.Lancaster Inc. had net accounts receivable of $168,000 and $147,000 at the beginning and end of the year, respectively. The companys net income for the year was $204,

5、000 on $1,700,000 in total sales. Cash sales were 6% of total sales. Lancasters average accounts receivable turnover ratio for the year is（分数：1.00）A.9.51.B.10.15.C.10.79.D.10.87.8. （分数：1.00）A.8 days.B.13 days.C.19 days.D.23 days.9. （分数：1.00）A.B.C.D.10. （分数：1.00）A.6.7 times.B.7.0 times.C.16.9 times.D

6、.17.8 times.11. （分数：1.00）A.0.96.B.1.36.C.1.61.D.2.27.12.A degree of operating leverage of 3 at 5,000 units means that a（分数：1.00）A.3% change in earnings before interest and taxes will cause a 3% change in sales.B.3% change in sales will cause a 3% change in earnings before interest and taxes.C.1% cha

7、nge in sales will cause a 3% change in earnings before interest and taxes.D.1% change in earnings before interest and taxes will cause a 3% change in sales.13.Firms with high degrees of financial leverage would be best characterized as having（分数：1.00）A.high debt-to-equity ratios.B.zero coupon bonds

8、in their capital structures.C.low current ratios.D.high fixed-charge coverage.14.The use of debt in the capital structure of a firm（分数：1.00）A.increases its financial leverage.B.increases its operating leverage.C.decreases its financial leverage.D.decreases its operating leverage.15.A financial analy

9、st with Mineral Inc. calculated the companys degree of financial leverage as 1.5. If net income before interest increases by 5%, earnings to shareholders will increase by（分数：1.00）A.1.50%.B.3.33%.C.5.00%.D.7.50%.16.Which one of the following statements concerning the effects of leverage on earnings b

10、efore interest and taxes (EBIT) and earnings per share (EPS) is correct?（分数：1.00）A.For a firm using debt financing, a decrease in EBIT will result in a proportionally larger decrease in EPS.B.A decrease in the financial leverage of a firm will increase the beta value of the firm.C.If Firm A has a hi

11、gher degree of operating leverage than Firm B, and Firm A offsets this by using less financial leverage, then both firms will have the same variability in EBIT.D.Financial leverage affects both EPS and EBIT, while operating leverage only effects EBIT.17. （分数：1.00）A.25.1%.B.25.6%.C.32.2%.D.33.9%.18.

12、（分数：1.00）A.Marble Savings Bank should not grant any loans as none of these companies represents a good credit risk.B.Grant the loan to Bailey as all the companys data approximate the industry average.C.Grant the loan to Nutron as both the debt/equity ratio and degree of financial leverage are below

13、the industry average.D.Grant the loan to Sonex as the company has the highest net profit margin and degree of financial leverage.19. （分数：1.00）A.Grand should not grant any loans as none of these companies represents a good credit risk.B.Grant the loan to Springfield as all the companys data approxima

14、te the industry average.C.Grant the loan to Reston as both the debt/equity ratio and degree of financial leverage are below the industry average.D.Grant the loan to Valley as the company has the highest net profit margin and degree of financial leverage.20. （分数：1.00）A.Borglum should not acquire any

15、of these firms as none of them represents a good risk.B.Acquire Bond as both the debt/equity ratio and degree of financial leverage exceed the industry average.C.Acquire Rockland as both the debt/equity ratio and degree of financial leverage are below the industry average.D.Acquire Western as the co

16、mpany has the highest net profit margin and degree of financial leverage.21.Which one of the following is the best indicator of long-term debt paying ability?（分数：1.00）A.Working capital turnover.B.Asset turnover.C.Current ratio.D.Debt-to-total assets ratio.22. （分数：1.00）A.Easton should not grant any l

17、oans as none of these companies represents a good credit risk.B.Grant the loan to CompGo as all the companys data approximate the industry average.C.Grant the loan to Astor as both the debt/equity ratio and degree of financial leverage are below the industry average.D.Grant the loan to SysGen as the

18、 company has the highest net profit margin and degree of financial leverage.23. （分数：1.00）A.0.50 to 1.B.0.37 to 1.C.0.33 to 1.D.0.13 to 1.24.Douglas Company purchased 10,000 shares of its common stock at the beginning of the year for cash. This transaction will affect all of the following except the（

19、分数：1.00）A.debt-to-equity ratio.B.earnings per share.C.net profit margin.D.current ratio.25.The interest expense for a company is equal to its earnings before interest and taxes (EBIT). The companys tax rate is 40%. The companys times-interest earned ratio is equal to（分数：1.00）A.2.0.B.1.0.C.0.6.D.1.2.

20、26.On its year-end financial statements, Caper Corporation showed sales of $3,000,000, net fixed assets of $1,300,000, and total assets of $2,000,000. The companys fixed asset turnover is（分数：1.00）A.1.5 times.B.43.3%.C.2.3 times.D.65%.27. （分数：1.00）A.19.2%.B.19.9%.C.32.0%.D.39.5%.28. （分数：1.00）A.1.27.B

21、.1.37.C.1.48.D.1.50.29. （分数：1.00）A.B.C.D.30. （分数：1.00）A.B.C.D.31.At the end of its fiscal year on December 31, 2000, Merit Watches had total shareholders equity of $24,209,306. Of this total, $3,554,405 was preferred equity. During the 2001 fiscal year, Merits net income after tax was $2,861,003. Du

22、ring 2001, Merit paid preferred share dividends of $223,551 and common share dividends of $412,917. At December 31, 2001, Merit had 12,195,799 common shares outstanding and the company did not sell any common shares during the year. What was Merit Watchs book value per share on December 31, 2001?（分数

23、：1.00）A.$1.88.B.$2.17.C.$1.91.D.$2.20.32.Donovan Corporation recently declared and issued a 50% stock dividend. This transaction will reduce the companys（分数：1.00）A.current ratio.B.book value per common share.C.debt-to-equity ratio.D.return on operating assets.33. （分数：1.00）A.be overvalued at the end

24、of Year 2.B.indicate inferior investment decisions by management in Year 2.C.show a positive trend in growth opportunities in Year 2 compared to Year 1.D.show a decline in growth opportunities in Year 2 compared to Year 1.34.Devlin Inc. has 250,000 shares of $10 par value common stock outstanding. F

25、or the current year, Devlin paid a cash dividend of $3.50 per share and had earnings per share of $4.80. The market price of Devlins stock is $34 per share. Devlins price/earnings ratio is（分数：1.00）A.2.08.B.2.85.C.7.08.D.9.71.35.At year-end, Appleseed Company reported net income of $588,000. The comp

26、any has 10,000 shares of $100 par value, 6% preferred stock and 120,000 shares of $10 par value common stock outstanding and 5,000 shares of common stock in treasury. There are no dividend payments in arrears, and the market price per common share at the end of the year was $40. Appleseeds price-ear

27、nings ratio is（分数：1.00）A.9.47.B.9.09.C.8.50.D.8.16.36.Archer Inc. has 500,000 shares of $10 par value common stock outstanding. For the current year, Archer paid a cash dividend of $4.00 per share and had earnings per share of $3.20. The market price of Archers stock is $36 per share. The average pr

28、ice/earnings ratio for Archers industry is 14.00. When compared to the industry average, Archers stock appears to be（分数：1.00）A.overvalued by approximately 25%.B.overvalued by approximately 10%.C.undervalued by approximately 10%.D.undervalued by approximately 25%.37.A steady drop in a firms price/ear

29、nings ratio could indicate that（分数：1.00）A.earnings per share has been increasing while the market price of the stock has held steady.B.earnings per share has been steadily decreasing.C.the market price of the stock has been steadily rising.D.both earnings per share and the market price of the stock

30、are rising.38. （分数：1.00）A.11.11%.B.16.66%.C.16.88%.D.20.00%.39.For the most recent fiscal period, Oakland Inc. paid a regular quarterly dividend of $0.20 per share and had earnings of $3.20 per share. The market price of Oakland stock at the end of the period was $40.00 per share. Oaklands dividend

31、yield was（分数：1.00）A.0.50%.B.1.00%.C.2.00%.D.6.25%.40.The dividend yield ratio is calculated by which one of the following methods?（分数：1.00）A.Market price per share divided by dividends per share.B.Earnings per share divided by dividends per share.C.Dividends per share divided by market price per sha

32、re.D.Dividends per share divided by earnings per share.41.Mayson Company reported net income of $350,000 for last year. The company had 100,000 shares of $10 par value common stock outstanding and 5,000 shares of common stock in treasury during the year. Mayson declared and paid $1 per share dividen

33、ds on common stock. The market price per common share at the end of last year was $30. The companys dividend yield for the year was（分数：1.00）A.30.03%.B.28.57%.C.11.11%.D.3.33%.42. （分数：1.00）A.has increased compared to Year 1.B.is indicative of the companys failure to provide a positive return to the i

34、nvestors.C.is the same as Year 1.D.has declined compared to Year 1.43. （分数：1.00）A.The common-size gross profit percentage has decreased as a result of an increasing commonsize trend in cost of goods sold.B.The common-size trend in sales is increasing and is resulting in an increasing trend in the co

35、mmon-size gross profit margin.C.The common-size trend in cost of goods sold is decreasing which is resulting in an increasing trend in the common-size gross profit margin.D.The increased trend in the common-size gross profit percentage is the result of both the increasing trend in sales and the decr

36、easing trend in cost of goods sold.CMA+Exam+Part1+Financial+Statement+Analysis+2 答案解析(总分：43.00，做题时间：120 分钟)一、Financial Statement (总题数：43，分数：43.00)1. （分数：1.00）A.0.10.B.9.00.C.10.00. D.11.25.解析：2. （分数：1.00）A.B.C.D. 解析：3. （分数：1.00）A.3.2 times.B.3.5 times. C.8.2 times.D.8.9 times.解析：4. （分数：1.00）A.6.84.B

37、.6.52.C.4.01. D.3.82.解析：5. （分数：1.00）A.4.7 times.B.5.0 times. C.5.4 times.D.7.9 times.解析：6.Globetrade is a retailer that buys virtually all of its merchandise from manufacturers in a country experiencing significant inflation. Globetrade is considering changing its method of inventory costing from fi

38、rst-in, first-out (FIFO) to last-in, first-out (LIFO). What effect would the change from FIFO to LIFO have on Globetrades current ratio and inventory turnover ratio?（分数：1.00）A.Both the current ratio and the inventory turnover ratio would increase.B.The current ratio would increase but the inventory

39、turnover ratio would decrease.C.The current ratio would decrease but the inventory turnover ratio would increase. D.Both the current ratio and the inventory turnover ratio would decrease.解析：7.Lancaster Inc. had net accounts receivable of $168,000 and $147,000 at the beginning and end of the year, re

40、spectively. The companys net income for the year was $204,000 on $1,700,000 in total sales. Cash sales were 6% of total sales. Lancasters average accounts receivable turnover ratio for the year is（分数：1.00）A.9.51.B.10.15. C.10.79.D.10.87.解析：8. （分数：1.00）A.8 days.B.13 days.C.19 days.D.23 days. 解析：9. （分

41、数：1.00）A. B.C.D.解析：10. （分数：1.00）A.6.7 times.B.7.0 times. C.16.9 times.D.17.8 times.解析：11. （分数：1.00）A.0.96.B.1.36. C.1.61.D.2.27.解析：12.A degree of operating leverage of 3 at 5,000 units means that a（分数：1.00）A.3% change in earnings before interest and taxes will cause a 3% change in sales.B.3% change

42、in sales will cause a 3% change in earnings before interest and taxes.C.1% change in sales will cause a 3% change in earnings before interest and taxes. D.1% change in earnings before interest and taxes will cause a 3% change in sales.解析：13.Firms with high degrees of financial leverage would be best

43、 characterized as having（分数：1.00）A.high debt-to-equity ratios. B.zero coupon bonds in their capital structures.C.low current ratios.D.high fixed-charge coverage.解析：14.The use of debt in the capital structure of a firm（分数：1.00）A.increases its financial leverage. B.increases its operating leverage.C.d

44、ecreases its financial leverage.D.decreases its operating leverage.解析：15.A financial analyst with Mineral Inc. calculated the companys degree of financial leverage as 1.5. If net income before interest increases by 5%, earnings to shareholders will increase by（分数：1.00）A.1.50%.B.3.33%.C.5.00%.D.7.50%

45、. 解析：16.Which one of the following statements concerning the effects of leverage on earnings before interest and taxes (EBIT) and earnings per share (EPS) is correct?（分数：1.00）A.For a firm using debt financing, a decrease in EBIT will result in a proportionally larger decrease in EPS. B.A decrease in

46、 the financial leverage of a firm will increase the beta value of the firm.C.If Firm A has a higher degree of operating leverage than Firm B, and Firm A offsets this by using less financial leverage, then both firms will have the same variability in EBIT.D.Financial leverage affects both EPS and EBI

47、T, while operating leverage only effects EBIT.解析：17. （分数：1.00）A.25.1%.B.25.6%.C.32.2%. D.33.9%.解析：18. （分数：1.00）A.Marble Savings Bank should not grant any loans as none of these companies represents a good credit risk.B.Grant the loan to Bailey as all the companys data approximate the industry averag

48、e.C.Grant the loan to Nutron as both the debt/equity ratio and degree of financial leverage are below the industry average. D.Grant the loan to Sonex as the company has the highest net profit margin and degree of financial leverage.解析：19. （分数：1.00）A.Grand should not grant any loans as none of these

49、companies represents a good credit risk.B.Grant the loan to Springfield as all the companys data approximate the industry average.C.Grant the loan to Reston as both the debt/equity ratio and degree of financial leverage are below the industry average. D.Grant the loan to Valley as the company has the highest net profit margin and degree of financial leverage.解析：20. （分数：1.00）A.Borglum should not acquire any of these firms as none of them represents a good risk.B.Acquire Bond as both the debt/equity ratio and degree of financial leverage exceed th