注册金融分析师一级-11及答案解析.doc

1、注册金融分析师一级-11 及答案解析(总分：74.00，做题时间：90 分钟)一、B单项选择题/B(总题数：2，分数：74.00)在年初，A 公司按照每股 80美元的价格购进 1000股 B公司的股票。在该年中，B 公司向每股支付了 4美元的股息。在年末，B 公司的股价为每股 75美元。试根据上述条件解答问题。（分数：8.00）(1).What amount should Company A report on its balance sheet at year-end if the investment in Company B is considered a trading securit

2、y, and what amount should be reported if the investment is considered an available-for-sale security?trading securities available-for-sale securities $75000 $75000 $75000 $80000 $80000 $80000 A. B. C. （分数：2.00）A.B.C.(2).What amount of investment should Company A recognize in its income statement if

3、the investment in Company B is considered a trading security, and what amount should be reported if the investment is considered an available-for-sale security?trading securities available-for-sale securities ($1000) ($1000) ($1000) $4000 ($5000) $4000 A. B. C. （分数：2.00）A.B.C.(3).Selected data from

4、Douglas Companys balance sheet at the end of the year follows: Investment in Corrision Company, at fair valueDeferred taxesCommon stock, $1 par valuePreferred stock, $100 par valueRetained earningsAccumulated other comprehensive income$150000$86000$550000$175000$893000$46000The investment in Corrisi

5、on Company had an original cost of $120000. Assuming the investment in Corrision is classified as available-for-sale, Douglas Companys total owners equity at year-end is closest to: A. $1618000 B. $1664000 C. $1714000（分数：2.00）A.B.C.(4).Assume U.S. GAAP applies unless otherwise noted. At the end of t

6、he year, a company sold equipment for $30000 cash. The company paid $110000 for the equipment several years ago and had recorded accumulated depreciation of $70000 at the time of its sale. All else equal, the equipment sale will result in the companys cash flow from: A. investing activities increasi

7、ng by $30000. B. investing activities decreasing by $30000. C. operating activities being $10000 less than net income.（分数：2.00）A.B.C.试根据下表所示的数据解答问题。 净收益折旧税金支付利息支付股息支付出售厂商房屋获得的现金出售优先股普通股回购购买机器债券发行通过发行普通股偿还债务清偿长期银行贷款房屋出售利润48000美元52000美元30 000美元4000美元10000美元33000美元27000美元6000美元3000美元12000美元7000美元6000美元

8、4000美元（分数：66.00）(1).Cash flow from operation is: A. $43000 B. $75000 C. $96000（分数：2.00）A.B.C.(2).Cash flow from investing activities is: A. $1000 B. $5000 C. $7000（分数：2.00）A.B.C.(3).Cash flow from financing activities is: A. $17000 B. $24000 C. $76000（分数：2.00）A.B.C.(4).Which of the following would b

9、e least likely to cause a change in cash flow from operations under U.S. GAAP? A. A decrease in notes payable. B. An increase in interest expense. C. An increase in accounts payable.（分数：2.00）A.B.C.(5).Which of the following would be least likely to cause a change in investing cash flow? A. The purch

10、ase of new machinery. B. An increase in depreciation expense. C. The sale of a division of the company.（分数：2.00）A.B.C.(6).Which of the following would be least likely to cause a change in cash flow from financing activities under U.S. GAAP? A. Payment of interest on debt. B. Payment of cash for divi

11、dends. C. Receipt of cash from the sale of bonds.（分数：2.00）A.B.C.(7).Sales of inventory would be classified as: A. operating cash flow. B. investing cash flow. C. financing cash flow.（分数：2.00）A.B.C.(8).Issuing bonds would be classified as: A. operating cash flow. B. investing cash flow. C. financing

12、cash flow.（分数：2.00）A.B.C.(9).Sale of land would be classified as: A. operating cash flow. B. investing cash flow. C. financing cash flow.（分数：2.00）A.B.C.(10).The write-off of obsolete equipment would be classified as: A. operating cash flow. B. financing cash flow. C. no cash flow impact.（分数：2.00）A.B

13、.C.(11).Sale of obsolete equipment would be classified as: A. operating cash flow. B. investing cash flow. C. financing cash flow.（分数：2.00）A.B.C.(12).Where are dividends paid to shareholders reported in the cash flow statement under U.S. GAAP and 1FRS?U.S. GAAP IFRS operating or financing activities

14、 operating or financing activities financing activities operating or financing activities operating activities financing activities A. B. C. （分数：2.00）A.B.C.(13).Net income for Orrican Company for the year ended December 31, 2009 was $83000. Its accounts receivable balance at December 31, 2009 was $1

15、53000, and this balance was $75000 at December 31, 2008. The accounts payable balance at December 31, 2009 was $82000 and was $51000 at December 31, 2008. Depreciation for 2008 was $14000, and there was an unrealized gain of $16000 included in 2009 income from the change in value of trading securiti

16、es. Which of the following amounts represents Orricans cash flow from operations for 2009? A. $36000 B. $42000 C. $57000（分数：2.00）A.B.C.(14).Using the following information, what is the firms cash flow form operations? Net incomeDecrease in accounts receivableDepreciationIncrease in inventoryIncrease

17、 in accounts payableDecrease in wages payableIncrease in deferred tax liabilitiesProfit from the sale of land$330000$86000$45000$50000$75000$23000$46000$6000 A. $872000 B. $503000 C. $492000（分数：2.00）A.B.C.(15).Morris Inc. had the following transactions during 2009:Purchased new fixed assets for $105

18、000.Converted $83000 worth of preferred shares to common shares.Received cash dividends of $24000. Paid cash dividends of $32000.Repaid mortgage principal of $18000.Assuming Morris, Inc. follows U.S. GAAP, which of the following amounts represents Morriss cash flow from investing and cash flow from

19、financing in 2009, respectively?cash flow from investing cash flow from financing ($105000) ($50000) ($83000) ($18000) ($105000) ($18000) A. B. C. （分数：2.00）A.B.C.(16).In preparing a common-size cash flow statement, each cash flow is expressed as a percentage of: A. total assets. B. total revenues. C

20、. the change in cash.（分数：2.00）A.B.C.(17).An analyst gathers the following annual information ($millions) about a company that pays no dividends and has no debt: net incomedepreciationloss on sale of equipmentdecrease in accounts receivableincrease in inventoriesincrease in accounts payablecapital ex

21、penditures45.818.21.64.23.42.57.3proceeds from sale of stock 8.5The companys annual free cash flow to equity ($millions) is closest to: A. 53.1. B. 58.4. C. 61.6.（分数：2.00）A.B.C.(18).Which of the following is least likely a limitation of financial ratios? A. Data on comparable firms are difficult to

22、acquire. B. Determining the target or comparison value for a ratio requires judgment. C. Different accounting treatments require the analyst to adjust the data before comparing ratios.（分数：2.00）A.B.C.(19).An analyst who is interested in a companys long-term solvency would most likely examined the: A.

23、 return on total capital. B. defensive interval ratio. C. fixed charge coverage ratio.（分数：2.00）A.B.C.(20).A&G Inc.s purchases during the year were $300000. The balance sheet shows an average accounts payable balance of $42000. A&Gs payables payment period is closest to: A. 32 days. B. 43 days. C. 51

24、 days.（分数：2.00）A.B.C.(21).A&G Inc.s has a gross profit of $52000 on sales of $176000. The balance sheet shows average total assets of $82000 with the average inventory balance of $16000. A&Gs total asset turnover and inventory turnover are closest to:total asset turnover inventory turnover 2.15 time

25、s 7.75 times 1.63 times 7.75 times 2.15 times 5.24 times A. B. C. （分数：2.00）A.B.C.(22).If A&G Inc.s has annual sale of $300000, average accounts payable of $80000, and average accounts receivable of $70000, A&Gs receivables turnover and average collection period are closest to:receivables turnover av

26、erage collection period 4.29 times 33.51 days 3.12 times 33.51 days 4.29 times 47.10 days A. B. C. （分数：2.00）A.B.C.(23).A companys current ratio is 1.5. If some of the accounts payable are paid off from the cash account, the: A. numerator and denominator would decrease proportionally, leaving the cur

27、rent ratio unchanged. B. numerator would decrease by a greater percentage than the denominator, resulting in a lower current ratio. C. denominator would decrease by a greater percentage than the numerator, resulting in a higher current ratio.（分数：2.00）A.B.C.(24).An analyst prepares common-size balanc

28、e sheets for two countries operating in the same industry. The analyst notes that both companies had the same proportion of current liabilities, long-term liabilities, and shareholders equity and the following ratios:Company A Company Bcurrent ratio 2.0 2.0cash ratio 0.3 0.3quick ratio 0.5 0.8The mo

29、st reasonable conclusion is that, compared with Company B, Company A had a: A. higher percentage of assets associated with inventory. B. higher percentage of assets associated with accounts receivable. C. lower percentage of assets associated with marketable securities.（分数：2.00）A.B.C.(25).A companys

30、 quick ratio is 1.2. If inventory were purchased for cash, the: A. numerator and denominator would decrease proportionally, leaving the current ratio unchanged. B. numerator would decrease by a greater percentage than the denominator, resulting in a lower current ratio. C. denominator would decrease

31、 by a greater percentage than the numerator, resulting in a higher current ratio.（分数：2.00）A.B.C.(26).If a company has a current ratio of 2, the effect of repaying $150000 in short-term borrowing will most likely decrease: A. the current ratio, but not the cash flow from operations. B. the cash flow

32、from operations, hut not the current ratio. C. neither the current ratio nor the cash flow from operations.（分数：2.00）A.B.C.(27).A&G Inc.s receivable turnover is six times, the inventory turnover is two times, and the payables turnover is fifteen times. A&Gs cash conversion cycle is closest to: A. 219

33、 days. B. 277 days. C. 426 days.（分数：2.00）A.B.C.(28).A&G Inc.s income statement shows sales of $3000, cost of goods sold of 1200, pre-interest operating expense of $400, and interest expense of $50. A&Gs interest coverage ratio is closest to: A. 28 times. B. 33 times. C. 51 times.（分数：2.00）A.B.C.(29).

34、A&G Inc. has a net profit margin of 20%, an asset turnover of 3 times, and a financial leverage multiplier of 1.4 times. A&Gs return on equity is closest to: A. 9.3% B. 43% C. 84%（分数：2.00）A.B.C.(30).Using the following information for A&G Inc. :EBIT/revenue = 15%tax retention rate = 70%revenue/asset

35、s = 2.3 timescurrent ratio = 3 timesEBT/EBIT = 0.6 timesassets/equity = 1.7 timesA&G Inc.s return on equity is closest to: A. 18.9% B. 24.6% C. 33.5%（分数：2.00）A.B.C.(31).A firm has a dividend payout ratio of 30%, a net profit margin of 15%, an asset turnover of 1.4 times, and a financial leverage mul

36、tiplier of 1.8 times. The firms sustainable growth rate is closest to: A. 8.2% B. 18.7% C. 26.5%（分数：2.00）A.B.C.(32).In the statement of cash flows, a company is allowed to classify interest paid: A. in either the operating or financing section under IFRS. B. in either the operating or financing sect

37、ion under U.S. GAAP. C. only in the financing section under both IFRS and U.S. GAAP.（分数：2.00）A.B.C.(33).An analyst gathers the following information about a companys common stock:1 January 2009 180000 shares outstanding1 June 2009 60000 shares issued1 August 2009 2-for-1 stock split31 December 2009

38、480000 shares outstandingTo calculate earnings per share for 2009, the companys weighted average number of shares outstanding is closest: A. 215000. B. 420000. C. 430000.（分数：2.00）A.B.C.注册金融分析师一级-11 答案解析(总分：74.00，做题时间：90 分钟)一、B单项选择题/B(总题数：2，分数：74.00)在年初，A 公司按照每股 80美元的价格购进 1000股 B公司的股票。在该年中，B 公司向每股支付了

39、 4美元的股息。在年末，B 公司的股价为每股 75美元。试根据上述条件解答问题。（分数：8.00）(1).What amount should Company A report on its balance sheet at year-end if the investment in Company B is considered a trading security, and what amount should be reported if the investment is considered an available-for-sale security?trading securit

40、ies available-for-sale securities $75000 $75000 $75000 $80000 $80000 $80000 A. B. C. （分数：2.00）A. B.C.解析：解析 交易性证券和待销证券均应按照其公允价值记录在资产负债表中。对于本题而言，在年末，对 B公司的投资的公允价值为 751000=75000美元，从而本题的正确选项为 A。(2).What amount of investment should Company A recognize in its income statement if the investment in Company

41、B is considered a trading security, and what amount should be reported if the investment is considered an available-for-sale security?trading securities available-for-sale securities ($1000) ($1000) ($1000) $4000 ($5000) $4000 A. B. C. （分数：2.00）A.B. C.解析：解析 如果将对 B公司的投资视为交易性证券，则应当确认的亏损金额为： (未实现亏损-每股股

42、息)股份数=(80-75)-41000=1000(美元) 如果将对 B公司的投资视为待销证券，则 A公司的收益为：每股股息股份数=41000=4000(美元)(3).Selected data from Douglas Companys balance sheet at the end of the year follows: Investment in Corrision Company, at fair valueDeferred taxesCommon stock, $1 par value$150000$86000$550000Preferred stock, $100 par val

43、ueRetained earningsAccumulated other comprehensive income$175000$893000$46000The investment in Corrision Company had an original cost of $120000. Assuming the investment in Corrision is classified as available-for-sale, Douglas Companys total owners equity at year-end is closest to: A. $1618000 B. $

44、1664000 C. $1714000（分数：2.00）A.B. C.解析：解析 所有者权益总额=普通股+优先股+未分配盈余+累积其他综合收益=550000+175000+893000+46000=1664000(美元)(4).Assume U.S. GAAP applies unless otherwise noted. At the end of the year, a company sold equipment for $30000 cash. The company paid $110000 for the equipment several years ago and had re

45、corded accumulated depreciation of $70000 at the time of its sale. All else equal, the equipment sale will result in the companys cash flow from: A. investing activities increasing by $30000. B. investing activities decreasing by $30000. C. operating activities being $10000 less than net income.（分数：

46、2.00）A. B.C.解析：解析 在出售设备时，其账面价值为 110000-70000=40000(美元)，该公司的销售所得为 30000美元。因此，应当在损益表中记录的亏损金额为 40000-30000=10000(美元)。上述亏损使净收益相应下降，但它为非现金金额，从而被加回到营业现金流的净收益的计算中。相应地，营业现金流将高于净收益，而不是低于后者。销售设备的总金额(30000 美元)属于基于交易互动产生的现金流，从而应当体现在投资现金流中。综上所述，本题的正确选项应为 A。试根据下表所示的数据解答问题。 净收益折旧税金支付利息支付股息支付出售厂商房屋获得的现金出售优先股普通股回购购买

47、机器债券发行通过发行普通股偿还债务48000美元52000美元30 000美元4000美元10000美元33000美元27000美元6000美元3000美元12000美元7000美元清偿长期银行贷款房屋出售利润6000美元4000美元（分数：66.00）(1).Cash flow from operation is: A. $43000 B. $75000 C. $96000（分数：2.00）A.B.C. 解析：解析 营业现金流=净收益-房屋出售利润+折旧=48000-4000+52000=96000(美元)(2).Cash flow from investing activities is:

48、 A. $1000 B. $5000 C. $7000（分数：2.00）A. B.C.解析：解析 投资现金流=房屋出售利润-购买机器=4000-3000=1000(美元)(3).Cash flow from financing activities is: A. $17000 B. $24000 C. $76000（分数：2.00）A. B.C.解析：解析 融资现金流=出售优先股+债券发行-清偿长期银行贷款-普通股回购-股息支付=27000+12000-6000-6000-10000=17000(美元)(4).Which of the following would be least likely to cause a change in cash flow from operations under U.S. GAAP? A. A decrease in notes payable. B. An increase in interest expense. C. An increase in accounts payable.（分数：2.00