财务报表分析：技术及答案解析.doc

1、财务报表分析：技术及答案解析(总分：67.00，做题时间：90 分钟)一、单项选择题(总题数：66，分数：67.00)1.A company has a cash conversion cycle of 70 days. If the company“ s payables turnover decreases from 11 to 10 and days of sales outstanding increase by 5, the company“s cash conversion cycle will :（分数：1.00）A.decrease by approximately 8 day

2、s.B.decrease by approximately 3 days.C.increase by approximately 2 days.2.The following data pertains to a company“s common-sized financial statements. Current assets 40% Total debt 40% Net income 16% Total assets $ 2000 Sales $1500 Total asset turnover ratio 0.75 The firm has no preferred stock in

3、its capital structure. The company“ s after-tax return on common equity is :（分数：1.00）A.15%.B.16%.C.20%.3.A company has a cash conversion cycle of 80 days. If the company“ s average receivables turn-over increases from 11 to 12, the company“ s cash conversion cycle:（分数：1.00）A.decreases by approximate

4、ly 3 days.B.increases by approximately 3 days.C.decreases by approximately 30 days.4.Which of the following is most likely presented on a common-size balance sheet or common-size income statement?（分数：1.00）A.Total asset turnover.B.Operating profit margin.C.Inventory turnover.5.Study the following dat

5、a, calculate the return on equity for 2001 and 2002. 2001 2002 Pre-interest profit margin(EBIT/S) 0.3 0.15 Asset turnover (S/A) 2 2 Leverage multiplier f A/E) 2 2 Tax retention rate (1-t) 0.8 0.8 Interest expense ratio (I/A) 0.06 0.06 2001 2002 A. 0.864 0.384 B. 0.673 0.271 C. 0.384 0.864（分数：1.00）A.

6、B.C.6.Based on the following information, calculate the basic earnings per share. Income after tax: $180000 50000 common stock of $ 5 par: $ 250000 10000, 8% preference share of $ 5 par: $ 50000（分数：1.00）A.$3.23.B.$3.52.C.$4.97.7.A company being analyzed has net income of $ 97, liabilities of $ 600,

7、preferred equity of $ 30, total shareholder equity of $ 700, interest expense of $ 48, and preferred dividends of $1.80. What is the return on common equity?（分数：1.00）A.7.00%.B.14.21%.C.10.18%.8.A company sold its receivables but retains the risk associated with bad debts. When reviewing this company

8、 a financial analyst would adjust the company“ s debt-to-equity ratio and its accounts receivable turnover ratio: Debt-to-equity Receivables turnover A. Upward Upward B. Downward Upward C. Upward Downward（分数：1.00）A.B.C.Use the following data for Questions. Bentlom Company“s common sized financial s

9、tatements show that: Earnings after taxes 15 % Current liabilities 20% Equity 45 % Sales $ 800 Cash 10% Total assets $ 2000 Accounts receivable 15% Inventory. 20%（分数：2.00）(1).Bentlom“ s long-term debt-to-equity ratio and current ratio are closest to:（分数：1.00）A.77.8% ;2.25.B.98.2% ;2. 50.C.98.2% ;2.

10、25.(2).Bentlom“ s after-tax return on equity (ROE) is:（分数：1.00）A.6.0%.B.12.0%.C.13.3%.9.The main difference between the current ratio and the quick ratio is that the quick ratio excludes :（分数：1.00）A.cost of goods sold.B.inventory.C.sales.10.Assume a firm with a debt to equity ratio of 0.50 and debt

11、equal to $ 35 million makes a commitment to acquire raw materials with a present value of $12 million over the next 3 years. For purposes of analysis the best estimate of the debt to equity ratio should be :（分数：1.00）A.0.343.B.0.500.C.0.671.11.The cash conversion cycle is the:（分数：1.00）A.sum of the ti

12、me it takes to sell inventory and the time it takes to collect accounts receivable.B.length of time it takes the firm to pay the credit extended to it for purchases.C.sum of the time it takes to sell inventory and collect on accounts receivable, less the time it takes to pay for credit purchases.12.

13、An analyst has gathered the following information about a company: Cost of goods sold equals 65 percent of sales Inventory of $ 450000 Sales of $ 1 million What is the value of this firm“ s average inventory processing period using a 365-day year?（分数：1.00）A.117 days.B.94 days.C.252.7 days.13.Using a

14、 365-day year, if a firm has net annual sales of $ 250000 and average receivables of $150000, what is its average collection period?（分数：1.00）A.219.0 days.B.1.7 days.C.96 days.14.Given the following income statement: Net Sales 200 Cost of Goods Sold 55 Gross Profit 145 Operating Expenses 30 Operating

15、 Profit (EBIT) 115 Interest 15 Earnings Before Taxes (EBT) 100 Taxes 40 Earnings After Taxes (EAT) 60 What are the interest coverage ratio and the net profit margin? Interest Coverage Ratio Net Profit Margin A. 7.67 0.30 B. 0.57 0.56 C. 2.63 0.30（分数：1.00）A.B.C.15.A firm“s financial statements reflec

16、t the following: EBIT $ 2000000 Sales $16000000 Interest expense $ 900000 Total assets $12300000 Equity $ 7000000 Effective tax rate 35% Dividend payout rate 28% Based on this information, what is the firm“s sustainable growth rate?（分数：1.00）A.7.35%.B.8.82%.C.9.10%.16.An analysis of the industry reve

17、als that firms have been paying out 45 percent of their earnings in dividends, asset turnover = 1.2 ; asset-to-equity (A/E) = 1.1 and profit margins are 8 percent. What is the industry“ s projected growth rate?（分数：1.00）A.4.55%.B.4.95%.C.5.81%.17.Are the statements about the following valuation metri

18、cs true or false? Statement 1: As compared to the price-to-earnings ratio, the price-to-cash flow ratio is easier to manipulate because management can easily control the timing of the cash flows. Statement 2: One of the benefits of earnings per share as a valuation metric is that it facilitates the

19、comparison of firms of different sizes. Statement 1 Statement 2 A. False True B. True False C. False False（分数：1.00）A.B.C.18.In preparing a forecast of future financial performance, which of the following best describes sensitivity analysis and which of the following best describes scenario analysis?

20、 Description 1: A computer generated analysis based on developing probability distributions of key variables that are used to drive the potential outcomes. Description 2: The process of analyzing the impact of future events by considering multiple key variables. Description 3: A technique whereby ke

21、y financial variables are changed one at a time and a range of possible outcomes are observed. Also known as “what-if“ analysis. Sensitivity analysis Scenario analysis A. Description 3 Description 2 B. Description 2 Description 3 C. Description 1 Description 2（分数：1.00）A.B.C.19.An analyst has gathere

22、d the following information about a company. The total asset turnover is 1.2. The after-tax profit margin is 10 percent. The financial leverage multiplier is 1.5. Given this information, the company“ s return on equity is:（分数：1.00）A.9%.B.18%.C.10%.20.Selected financial information gathered from the

23、Matador Corporation follows: 2007 2006 2005 Average debt $ 792000 $ 800000 $ 820000 Average equity $ 215000 $ 294000 $ 364000 Return on assets 5.9% 6.6% 7.2% Quick ratio 0.3 0.5 0.6 Sales $1650000 $1452000 $1304000 Cost of goods sold $ 1345000 $1176000 $1043000 Using only the data presented, which o

24、f the following statements is most correct?（分数：1.00）A.Return on equity has improved.B.Leverage has declined.C.Liquidity has improved.21.Johnson Corp. had the following financial results for the fiscal 2004 year: Current ratio 2.00 Quick ratio 1.25 Current liabilities $100000 Inventory turnover 12 Gr

25、oss profit % 25 The only current assets are cash, accounts receivable, and inventory. The balance in these accounts has remained constant throughout the year. Johnson“s net sales for 2004 were:（分数：1.00）A.$ 300000.B.$ 9O0O00.C.$1200000.22.Paragon Company“ s operating profits are $100000, interest exp

26、ense is $ 25000, and earnings before taxes are $ 75000. What is Paragon“s interest coverage ratio?（分数：1.00）A.1 time.B.4 times.C.3 times.23.An analyst has gathered the following information about a firm: Quick ratio of 0.25 Cash ratio of 0.20 $ 2 million in marketable securities $10 million in cash W

27、hat is their receivables balance?（分数：1.00）A.3 million.B.5 million.C.2 million.24.An analyst has gathered the following data about a company: Average receivables collection period of 95 days Average inventory processing period of 183 days? A payables payment period of 274 days What is their cash conv

28、ersion cycle?（分数：1.00）A.186 days.B.552 days.C.4 days.25.The following data applies to the XTC Company: Sales = $1000000 Receivable = $ 260000 Net Income = $ 50000 COGS = $ 800000 Total Assets = $ 800000 Payables = $ 600000 Debt/Equity = 200% Inventory = $ 400000 What is the average collection period

29、 the average inventory processing period, and the payables payment period respectively for XTC Company? Average Average Inventory Payables Collection Period Processing Period Payments Period A. 55 days 195 clays 231 days B. 95 days 183 clays 274 days C. 45 days 45 days 132 clays（分数：1.00）A.B.C.26.Wh

30、at type of ratio is revenue divided by average working capital and what type of ratio is average total assets divided by average total equity? Revenue/Average working capital Average total assets/Average total equity A. Activity ratio Liquidity ratio B. Profitability ratio Liquidity ratio C. Activit

31、y ratio Solvency ratio（分数：1.00）A.B.C.27.Would the following ratios be useful in measuring the profitability of a firm? Ratio 1: Cash plus short-term marketable investments plus receivables divided by average daily cash expenditures. Ratio 2: Earnings before interest and taxes divided by average tota

32、l assets. Ratio 1 Ratio 2 A. No No B. Yes Yes C. No Yes（分数：1.00）A.B.C.28.Given the following information about a firm: Net Sales = $1000 Cost of Goods Sold = $ 600 Operating Expenses = $ 200 Interest Expenses = $ 50 Tax Rate = 34% What are the gross and operating profit margins? Gross Operating Marg

33、in Operating Profit Margin A. 2O% 15% B. 4O% 10% C. 40% 20%（分数：1.00）A.B.C.29.Earnings before interest and taxes (EBIT) is also known as:（分数：1.00）A.gross profit.B.net profit.C.operating profit.30.A firm“ s financial statements reflect the following: Current liabilities $ 4000000 Cash $ 400000 Invento

34、ry $ 1200000 Accounts receivable $ 800000 Short-term investments $ 2000000 Long-term investments $ 800000 Accounts payable $ 2500000 What are the firm“s current ratio, quick ratio, and cash ratio? Current Ratio Quick Ratio Cash Ratio A. 0.8 0.6 1.1 B. 0.8 1.1 0.6 C. 1.1 0.8 0.6（分数：1.00）A.B.C.31.Give

35、n the following information about a company: Receivables turnover = 10 times Payables turnover = 12 times Inventory turnover = 8 times What are the average receivables collection period, the average payables payment period, and the average inventory processing period respectively? Average Receivable

36、s Average Payables Average Inventory Collection Period Payment Period Processing Period A. 37 30 52 B. 37 45 46 C. 37 30 46（分数：1.00）A.B.C.32.An analyst gathered the following data about a company: Current liabilities are $ 300. Total debt is $ 900. Working capital is $ 200. Capital expenditures are

37、 250. Total assets are $ 2000. Cash flow from operations is $ 400. If the company would like a current ratio of 2, they could :（分数：1.00）A.decrease current assets by 100 or increase current liabilities by 50.B.decrease current assets by 100 or decrease current liabilities by 50.C.increase current as

38、sets by 100 or decrease current liabilities by 50.33.Which of the following statements best describes vertical common-size analysis and horizontal common-size analysis? Statement 1 : Each line item is expressed as a percentage of its base-year amount. Statement 2: Each line item of the income statem

39、ent is expressed as a percentage of revenue and each line item of the balance sheet is expressed as a percentage of ending total assets. Statement 3: Each line item is expressed as a percentage of the prior year“ s amount. Vertical analysis Horizontal analysis A. Statement 1 Statement 2 B. Statement

40、 2 Statement 3 C. Statement 2 Statement 1（分数：1.00）A.B.C.34.What is the net income of a firm that has a return on equity of 12 percent, an equity muhiplier of 1.5, an asset turnover of 2, and revenue of $1 million?（分数：1.00）A.$ 40000.B.$ 36000.C.$ 360000.35.The “fraud triangle“ consist of:（分数：1.00）A.i

41、ncentive or pressure, opportunity, and attitudes or rationalization.B.ineffective management, unstable organizational structure, and deficient internal controls.C.inappropriate ethical standards, violations of laws or regulations, and failing to correct known reportable conditions.36.Accounting warn

42、ing signs related to the Enron scandal not included:（分数：1.00）A.High senior management turnover.B.Pressure to support the stock price and debt rating.C.Negative operating cash flow.37.Which of the following actions is least likely to immediately increase earnings?（分数：1.00）A.Selling more inventory tha

43、n is purchased or produced.B.Lowering the salvage value of depreciable assets.C.A high proportion of management“ s compensation depends on the firm exceeding targets for earnings or the stock price.38.Risk factors related to opportunities for fraud invlude:（分数：1.00）A.The nature of the industry or op

44、erations.B.Threats to the firms“ financial stability or profitability.C.Complex or unstable organizational structure.39.Which of the following actions was least likely a warning sign of potential earnings manipulation disclosed in Sunbeam“ s financial statement footnotes?（分数：1.00）A.A record level of

45、 earnings, yet operating cash flow was negative.B.Significant use of barter transactions.C.Receivables were increasing, but bad debt expense was decreasing.40.Low earnings quality NOT result from（分数：1.00）A.selecting accounting principles that misrepresent the economics of transactions.B.structuring

46、transactions primarily to achieve a desired effect on reported earnings.C.excessive pressure on management and employees to meet internal targets.41.Over the past two years, a firm reported higher operating cash flow as a result of securitizing its accounts receivable and from increasing income tax

47、benefits from employee stock options. The tax benefits are solely the result of higher tax rates. Should an analyst conclude that these two sources of operating cash flow are sustainable?（分数：1.00）A.Neither source is sustainable.B.Both sources are sustainable.C.Only one of these sources is sustainabl

48、e.42.At year-end , Sun company reported cost of goods sold of $ 400 million. Ending accounts payable is $100 million, Assuming there are 365 days in a year, How many days on average it takes Sun company to pay its suppliers.（分数：1.00）A.80.75 daysB.91.25 daysC.102.25 days43.Which following is least co

49、rrect?（分数：1.00）A.Accelerating operating cash flow by securitizing receivables is sustainable.B.Securitizing accounts receivable may affect earning.C.GAAP is silent on where the gains from securitizations should be reported in the income statement.44.In constructing cash flow forecasts for the medium term, an analyst should most appropriately:（分数：1.00）A.base the forecast on recent cash flow (daily, weekly, monthly) only.B.base the forecast on recent average cash flows with adjustment for trends and seasonality.C.pay special