注册金融分析师一级-22及答案解析.doc

1、注册金融分析师一级-22 及答案解析(总分：100.00，做题时间：90 分钟)一、单项选择题(总题数：42，分数：100.00)1.Which of the following is least likely to be a motivation of management to overreport earnings?（分数：3.00）A.Meet earnings expectation.B.Negotiation with labor union.C.Remain in compliance with debt covenants.2.The “fraud triangle“ cons

2、ists of:（分数：3.00）A.incentive or pressure, opportunity, and attitudes or rationalization.B.ineffective management, unstable organizational structure, and deficient internal controls.C.inappropriate ethical standards, violation of laws or regulations, and failing to correct known reportable conditions

3、3.Accounting fraud risk factors related to attitudes and rationalizations are least likely to include:（分数：3.00）A.management has a strained relationship with the current or previous auditor.B.the firm does not effectively communicate an appropriate set of ethical standards.C.a high proportion of man

4、agement“s compensation depends on the firm exceeding targets for earning or the stock price.4.Accounting warning signs related to Enron scandal least likely include:（分数：3.00）A.cookie-jar reserves.B.related-party transactions.C.inflated sales to special purpose entities.5.Decreasing accounts payable

5、turnover by delaying payments to suppliers is most likely to cause cash flow from financing activities to:（分数：2.00）A.increase.B.decrease.C.remain unchanged.6.In order to generate cash, Company A securitized its accounts receivable through a special purpose entity. Company B pledge its accounts recei

6、vable to a local bank in order to secure a short-term loan. Assuming Company A and Company B are identical in all other respects, which company has higher operating cash flow and which company has higher financing cash flow? higher operating cash flow higher financing cash flow Company A Company A C

7、ompany A Company B Company B Company B（分数：2.00）A.B.C.7.Which of the following is the most useful to an analyst assessing the credit worthiness of a company?（分数：2.00）A.Information related to operating cash flow.B.Information related to operational efficiency of a company“s operations.C.Information re

8、lated to the scale and diversity of a company“s operations.8.Analysts are likely to consider a company“s credit quality to be improving if the company reduces its:（分数：2.00）A.leverage.B.margin stability.C.scale and diversification.9.An analyst needs to compare the financial statements of Firm A and F

9、irm B. Which of the following differences in the two firms“ financial reporting is least likely to acquire the analyst to make an adjustment? Firm A Firm B straight-line depreciation accelerate depreciation direct method cash flows indirect method cash flows IFRS financial reporting U.S.A. GAAP fina

10、ncial reporting（分数：2.00）A.B.C.10.Are held-for-trading securities and influential securities reported on the balance sheet at fair value? held-for-trading securities influential securities yes no no yes yes yes（分数：2.00）A.B.C.11.Corrisson Company is in the third year of a 4-year contract to build a ne

11、w airdrome. Due to a labor strike, Corrisson is unable to reliably estimate the total cost of the project. Can Corrisson recognize revenue in the first year of the project according to U.S. accounting standards and international accounting standards? U.S. accounting standards international accountin

12、g standards yes no no yes yes yes（分数：2.00）A.B.C.12.According to the International Accounting Standards Board, where should a firm report interest received and dividends received in the cash flow statement?（分数：2.00）A.Operating activities only.B.Operating activities or financing activities.C.Operating

13、 activities or investing activities.13.At the end of the year, a firm reported LIFO inventory of $30000 and cost of goods sold of $80000. If the LIFO reserve was $8000 at the beginning of the year and $20000 at the end of the year, how much was FIFO COGS?（分数：2.00）A.$57000B.$63000C.$6800014.A large c

14、orporation accepts a project which generates no revenue and has a negative net present value. The project is most likely classified in which of the following categories?（分数：2.00）A.replace project.B.new product or service.C.regulatory or environment project.15.Which of the following statements concer

15、ning the principles underlying the capital budgeting process is most accurate?（分数：2.00）A.Cash flows should be based on opportunity costs.B.Financing costs should be reflected in a project“s incremental cash flows.C.The net income for a project is essential for making a correct capital budgeting deci

16、sion.16.A company recently opened a limestone quarry at a location outside its traditional service area. Because limestone is a major ingredient in concrete, if the quarry is successful the company plans to build a ready-mix concrete plant is best described as:（分数：2.00）A.an externality.B.project seq

17、uencing.C.an example of investment synergy.17.An analyst determines the following cash flows for a capital project: year 0 1 2 3 cash ( ) -100 30 40 40 30 20 The required rate of return for the project is 13 percent. The net present value (NPV) of the project is closest to: A. 14.85 B. 60.00 C. （分数：

18、2.00）A.B.C.18.Which of the following statements is least accurate?（分数：2.00）A.The IRR can be positive even if the NPV is negative.B.The NPV will be positive if the IRR is less than the cost of capital.C.When the IRR is equal to the cost of capital, the NPV will he zero.19.Which of the following state

19、ments is least accurate?（分数：2.00）A.The discounted payback period frequently ignores terminal values.B.The discounted payback period is generally shorter than the regular payback period.C.The discounted payback period is the time it takes for the present value of the project“s cash inflows to equal t

20、he initial cost of the investment.某银行正在考虑购进一套软件系统，采购成本为 250 万美元。假设必要回报率为 15%，第一年的现金流为200 万美元，第二年的现金流为 150 万美元。 试根据上述条件解答问题。（分数：10.00）(1).What is the project“s NPV?（分数：2.00）A.$-165358B.$285427C.$373346(2).The project“s IRR is closest to:（分数：2.00）A.18%B.24%C.27%(3).What is the project“s payback period

21、分数：2.00）A.1.33 yearsB.1.47 yearsC.1.82 years(4).The project“s discounted payback period is closest to:（分数：2.00）A.1.25 yearsB.1.53 yearsC.1.67 years(5).What is the project“s profitability index(PI)?（分数：2.00）A.1.15B.1.43C.1.74两个投资项目(项目 A 和项目 B)的相关数据如下表所示，且两项目的必要回报率均为 14%。试根据这些条件解答问题。 项目 A 和项目 B 的相关数

22、据 项目 A 项目 B 初始成本 年限 现金流 2800 万美元 2 1800 万美元/年 5500 万美元 3 2500 万美元/年 （分数：6.00）(1).If the projects are independent, the company should: project A project B accept accept accept reject reject accept（分数：2.00）A.B.C.(2).If the projects are mutually exclusive, the company should: project A project B accept

23、 accept accept reject reject accept（分数：2.00）A.B.C.(3).The NPV profiles of two projects will intersect:（分数：2.00）A.at their internal rates of return.B.if they have different discount rates.C.at the discount rate that makes their net present value equal.20.Which of the following statements about NPV an

24、d IRR is least accurate?（分数：2.00）A.The IRR is the discount rate that equates the present value of the cash inflows with the present value of outflows.B.For mutually exclusive projects, if the NPV method and the IRR method give conflicting rankings, the analyst should use the IRR to select the projec

25、t.C.The NPV method assumes that cash flows will be reinvested at the cost of capital, while IRR method assume that cash flows are reinvested at the IRR.21.An analyst gathered the following data about a company: capital structure required rate of return 40% debt 15% 10% preferred stock 13% 50% common

26、 stock 10% Assuming a 30% tax rate, what after-tax rate of return must the company earn on its investments?（分数：2.00）A.7.3%B.10.5%C.13.4%22.A company has $30 million in debt outstanding with coupon rate of 15%. Currently the yield to maturity (YTM) on these bonds is 12%. If the firm“s tax rate is 30%

27、 what is the company“s after-tax cost of debt?（分数：2.00）A.3.6%B.8.4%C.10.5%23.A company“s $100, 7% preferred stock is currently selling for $124. What is the company“s cost of preferred stock?（分数：2.00）A.5.6%B.6.8%C.8.3%24.An analyst gathered the following data about a company: The company stock beta

28、 is 1.8. Risk-free rate is 7%. Market risk premium is 5%. The company“s cost of equity using capital asset pricing model (CAPM) approach is:（分数：2.00）A.8.2%B.14.5%C.16.0%25.The expected dividend is $3 for a share of stock priced at 35. What is the cost of equity if the long-term growth in dividends i

29、s projected to be 10%?（分数：2.00）A.9.8%B.13.5%C.18.6%26.Ellison is an analyst of KM&G, a major U. S. based investment bank. Ellison is considering opening new stores in Brazil and wants to estimate its cost of equity capital for this investment. Ellison has found that: The yield on a Brazilian governm

30、ent 10-year U.S. dollar-denominated bond is 8%. A 10-year U.S. Treasury bond has a yield of 5%. The annualized standard deviation of the Sao Paulo Bovespa stock index in the most recent year is 43%. The annualized standard deviation of Brazil“s 10-year U.S. dollar-denominated bond in the most recent

31、 year is 27%. The appropriate beta to be used for the project is 1.2. The market risk premium is 7%. The risk-free interest is 3%. Which of the following choices is closest to the appropriate country risk premium and the cost of equity that Ellison should use in his analysis? country risk premium co

32、st of equity for project 4. 8% 17.2% 4. 8% 23.3% 7.6% 23.3%（分数：2.00）A.B.C.27.Deconal Corporation has assets on its balance sheet of $200 million that are financed with 60% equity and 40% debt. The executive management team at Deconal is considering a major expansion that would require raising additi

33、onal capital. David, the CFO of Deconal, has put together the following schedule for the costs of equity and debt: amount of new equity (in millions) cost of equity amount of new debt (in millions) after-tax cost of debt 099 100179 180299 7.2% 7.5% 8.0% 049 5099 100199 3.4% 4.0% 4. 6% In a presentat

34、ion to Deconal“s Board of Directors, David makes the following statements: Statement A: If we maintain our target capital structure of 60% equity and 40% debt, the break point at which our cost of equity will increase to 7.5% is $280 million in new capital. Statement B: If we want to finance total a

35、ssets of $600 million, our marginal cost of capital will increase to 6.64%. Are David“s statements correct or incorrect? Statement A Statement B correct incorrect incorrect correct incorrect incorrect（分数：2.00）A.B.C.28.Oriency Company is considering a project that requires $56 million cash outlay and

36、 is expected to produce cash flow of $15 million per year for the next three years. Oriency“s tax rate is 35%, and the before-tax cost of debt is 6%. The current share price of Oriency“s stock is $27 and the expected dividend next year is $1.8 per share. Oriency“s expected growth rate is 2%. Assume

37、that Oriency finances the project with 70% equity and 30% debt, and the flotation cost for equity is 3%. The appropriate discount rate is the weighted average cost of capital (WACC). Which of the following choices is closest to the dollar amount of the flotation costs and the NPV for project? dollar

38、 amount of the flotation costs NPV for project $1176000 $2003910 $1176000 $3435268 $1680000 $3435268（分数：2.00）A.B.C.29.An increase in a company“s cash conversion cycle and a decrease in the company“s operating cycle could result from: cash conversion cycle(increase) operating cycle (decrease) decreas

39、ed receivables turnover decreased in days of inventory decreased receivables turnover increased payables turnover increased receivables turnover increased payables turnover（分数：2.00）A.B.C.30.A company has just purchased a banker“s acceptance for $37500. The acceptance will mature in 90 days for $4000

40、0. The bank discount yield (BDY) and the bond equivalent yield for this security are closest to: bank discount yield BDY) bond equivalent yield 25.0% 22. 6% 25.0% 26.7% 25.3% 26.7%（分数：2.00）A.B.C.31.A company is investigating the purchase of a banker“s acceptance (BA). The $1000000 face value BA has

41、150 days to maturity and is quoted at 4.05 percent on a discount-basis yield. If the company“s marginal tax rate is 25 percent, then the money market yield on the BA is closest to:（分数：2.00）A.3.13%.B.4.12%.C.4.18%.32.Victory Corp is a large domestic services firm with a good credit rating. The source

42、 of short-term financing it would most likely use is:（分数：2.00）A.factoring of receivables.B.issuing commercial paper.C.issuing banker“s acceptances.33.Typically, the first step in developing pro forma financial statements for a firm is to:（分数：2.00）A.forecast revenue growth.B.establish the firm“s tax

43、and interest burdens.C.forecast next period“s net income and dividend payout.34.A financial surplus in the first iteration of a firm“s pro forma financial statements is most likely the result of:（分数：2.00）A.changes in the dividend payout ratio.B.assumptions about financial leverage.C.an increase in r

44、etained earnings greater than the increase in assets.35.Regarding corporate governance, which of the following is most likely a criteria for concern when evaluating the compensation committee?（分数：2.00）A.The compensation committee includes members of executive management.B.The compensation committee

45、purchases shares on the open market to fund stock option commitments.C.The compensation committee disclose information about compensation paid to executives and board members.36.Which of the following board members would most likely be considered to be well chosen based on the principles of good cor

46、porate governance? A. A board member of Company A who is also the CEO of Company（分数：2.00）A.B.A board member of Company A who is a partner in an accounting firm that competes with the firm“s auditor.C.A board member of Company A who is president of Company B, when the CFO of company A sits on Company

47、 B“s board.37.Which of the following statements would most likely be considered a negative factor in assessing the suitability of a board member?（分数：2.00）A.The board member has served on other boards.B.The board member is a former CEO of another firm.C.The board member has served for more than ten y

48、ears.38.Which of the following statements would most likely be considered a poor corporate practice in terms of promoting shareholder interests?（分数：2.00）A.The firm can use “share blocking“.B.The firm uses a third party to tabulate shareholder votes.C.Voting for board members does not allow cumulativ

49、e voting by shareholders of all votes allotted to their shares.39.Which of the following statements is least likely to be classified as a takeover defense?（分数：2.00）A.greenmailB.cumulative votingC.golden parachutes40.A company is considering building a distribution center on developed land it acquired more than ten years ago at a cost of $400000. The company estimates that the cost of putting in utilities, sewers, roads, and other such costs of preparing the land for the distributi