1、注册金融分析师一级-20 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：55，分数：100.00)1.Which of the following is least likely to be a condition necessary for revenue recognition?（分数：1.00）A.Cash has been collected.B.The goods have been delivered.C.The price has been determined.2.A company has a contract to build a house
2、 for $80000 with an estimated time to completion of three years. A reliable cost estimate of the project is $50000. In the first year of the project, the company incurred cost totaling $20000. How much profit should the company report at the end of the first year under the percentage-of-completion m
3、ethod and the completed-contract method? percentage-of-completion method completed-contract method $12000 $0 $12000 $30000 $30000 $0（分数：1.00）A.B.C.3.Which principle requires that cost of goods sold be recognized in the same period in which the sale of the related inventory is recorded?（分数：1.00）A.Cer
4、tainty.B.Matching.C.Going concern.4.When accounting for inventory, are the first-in, first-out (FIFO) and the last-in, first-out (LIFO) permitted under U.S. GAAP? FIFO LIFO yes yes yes no no yes（分数：1.00）A.B.C.5.Which of the following statements best describes the impact of depreciating equipment wit
5、h a useful life of 5 years using the declining balance method as compared to the straight-line method?（分数：1.00）A.Depreciation expense will he higher in the first year.B.Scrapping the equipment after four years will result in a larger loss.C.Total depreciation expense will be higher over the life of
6、the equipment.6.At the beginning of the year, Weller Corporation purchased a new piece of equipment to be used in its manufacturing operation. The cost of the equipment was $12000. The equipment is expected to be used for 5 years and then sold for $3000. Depreciation expense to be reported for the s
7、econd year using the double declining balance method is closest to:（分数：1.00）A.$1800B.$2880C.$36007.Addison Corporation reported the following inventory transactions (in chronological order) for the year: purchase 40 units at $30 20 units at $40 90 units at $50 sales 13 units at $35 35 units at $45 6
8、0 units at $60 Assuming inventory at the beginning of the year was zero, calculate the year-end inventory using FIFO and LIFO. FIFO LIFO $5220 $1040 $2100 $1280 $2100 $1040（分数：1.00）A.B.C.8.For the most recent year a manufacturing company reports the following items on their income statement: interes
9、t expense loss on disposal of fixed assets realized gain on sale of available-for-sale securities $150000 $86000 $550000 Which of the items is classified as an operating item in the company“s income statement?（分数：1.00）A.interest expense.B.loss on disposal of fixed assets.C.realized gain on sale of a
10、vailable-for-sale securities.9.Which of the following statements is least likely considered to be a nonoperating transaction expense from the perspective of a manufacturing firm?（分数：1.00）A.Interests expense on subordinated debentures.B.Accruing bad debt expense for goods sold on credit.C.Dividends r
11、eceived from available-for-sale securities.10.Which of the following statements about nonrecurring item is least accurate?（分数：1.00）A.Unusual or infrequent items are reported before taxes above net income from continuing operations.B.Gains from extraordinary items are reported net of taxes at the bot
12、tom of the income statement before net income.C.A change in accounting principle is reported in the income statement net of taxes after extraordinary items and before net income.11.An analyst gathers the following information about a company: average market price per share of common stock during the
13、 year exercise price per share for options on 50000 common shares exercise price per share for warrants on 50000 common shares $40 $50 $30 Using the treasury stock method, the number of incremental shares used to compute diluted earnings per share is closest to:（分数：1.00）A.5000B.15000C.2000012.The D&
14、G Corporation had 100000 shares of common stock outstanding at the beginning of the year. D&G issued 30000 shares of common stock on May 1. On July 1, the company issued a 10% stock dividend. On September 1, D&G issued 1000, 10% bonds, each convertible into 21 shares of common stock. What is the wei
15、ghted average number of shares to be used in computing basic and diluted EPS, assuming the convertible bonds are dilutive? Average shares, basic Average shares, dilutive 132000 139000 132000 146000 139000 146000（分数：1.00）A.B.C.13.An analyst gathered the following information about a company: 100000 c
16、ommon shares outstanding from the beginning of the year. Earnings of $125000. 1000, 7%, $1000 par bonds convertible into 25 shares, outstanding from the beginning of the year. The tax rate is 40%. The company“s diluted EPS is closest to:（分数：1.00）A.$1.22B.$1.25C.$1.3414.Which of the following is leas
17、t likely to be included when calculating comprehensive income?（分数：1.00）A.Dividends paid to common shareholders.B.Unrealized gain from available-for-sale securities.C.Unrealized loss from cash flow hedging derivatives.15.The following information is available from the accounting records of a company
18、at 31 December 2009 (all figures in $thousands): accounts payable accounts receivable bank loan, due on demand cash income taxes payable inventory investments accounted for by the equity method loan payable, due 30 June 2012 deposits from customers for delivers in 2010 20 82 44 12 5 47 112 50 8 The
19、working capital for the company (in $thousands) is closest to:（分数：1.00）A.64.B.72.C.176.16.At the beginning of the year, Florission Corporation paid its annual operating lease obligation in advance. What is the immediate impact of this transaction on Florission“s total assets and total liabilities? t
20、otal assets total liabilities no effect no effect no effect decrease increase decrease（分数：1.00）A.B.C.17.How should the proceeds received from the advance sale of tickets to a sporting event be treated by the seller, assuming the tickets are nonrefundable?（分数：2.00）A.Revenue is deferred until the spor
21、ting event is held.B.Revenue is recognized to the extent that costs have been incurred.C.Unearned revenue is recognized to the extent that costs have been incurred.18.Which of the following would most likely result in a current liability?（分数：2.00）A.Possible warranty claims.B.Future operating lease p
22、ayments.C.Estimated income taxes for the current year.19.SF&P Corporation has created employee goodwill by retirement benefit package. An independent management consultant estimated the value of the goodwill at $3 million. In addition, SF&P recently purchased a patent that was developed by a competi
23、tor. The patent has an estimated useful life of five years. Should SF&P report the goodwill and patient on its balance sheet? goodwill patent yes no no yes no no（分数：2.00）A.B.C.20.During December 2009 Company A acquires a small competitor, Company B. During the evaluation of the acquisition it is det
24、ermined that the customer lists of Company B have a fair value of $50000. Company A has spent $15000 during the year updating and maintaining its own customer lists. What will be the value of the customer list intangible asset on Company A“s 31 December 2009 consolidated financial statements?（分数：2.0
25、0）A.$15000B.$50000C.$6500021.At the beginning of the year, Allison Company purchased all 500000 shares of Baker Company for $15 per share. Just before the acquisition date, Baker“s balance sheet reported net assets of $6 million. Allison determined the fair value of Baker“s property and equipment wa
26、s $1 million higher than reported by Baker. What amount of goodwill should Allison report as a result of its acquisition of Baker?（分数：2.00）A.$0B.$500000C.$1500000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：4.00）(1).What amount should Company A
27、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 securities available-for-sale securities $75000 $75000 $75000 $80000 $80000 $80000（分数：2.
28、00）A.B.C.(2).What amount of investment should Company A recognize in its income statement 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 securities available-for-sale securiti
29、es ($1000) ($1000) ($1000) $4000 ($5000) $4000（分数：2.00）A.B.C.22.Selected data from Douglas Company“s balance sheet at the end of the year follows: Investment in Corrision Company, at fair value Deferred taxes Common stock, $1 par value Preferred stock, $100 par value Retained earnings Accumulated ot
30、her comprehensive income $150000 $86000 $550000 $175000 $893000 $46000 The investment in Corrision Company had an original cost of $120000. Assuming the investment in Corrision is classified as available-for-sale, Douglas Company“s total owners“ equity at year-end is closest to:（分数：2.00）A.$1618000B.
31、$1664000C.$171400023.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 recorded accumulated depreciation of $70000 at the time of its sale. All else equal, the equipm
32、ent sale will result in the company“s cash flow from:（分数：2.00）A.investing activities increasing by $30000.B.investing activities decreasing by $30000.C.operating activities being $10000 less than net income.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 48000 美元
33、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：6.00）(1).Cash flow from operation is:（分数：2.00）A.$43000B.$75000C.$96000(2).Cash flow from investing activities is:（分数：2.00）A.$1000B.$5000C.$7000(3).Cash flow from financing activ
34、ities is:（分数：2.00）A.$17000B.$24000C.$7600024.Which of the following would be least likely to cause a change in cash flow from operations under U.S. GAAP?（分数：2.00）A.A decrease in notes payable.B.An increase in interest expense.C.An increase in accounts payable.25.Which of the following would be least
35、 likely to cause a change in investing cash flow?（分数：2.00）A.The purchase of new machinery.B.An increase in depreciation expense.C.The sale of a division of the company.26.Which of the following would be least likely to cause a change in cash flow from financing activities under U.S. GAAP?（分数：2.00）A.
36、Payment of interest on debt.B.Payment of cash for dividends.C.Receipt of cash from the sale of bonds.27.Sales of inventory would be classified as:（分数：2.00）A.operating cash flow.B.investing cash flow.C.financing cash flow.28.Issuing bonds would be classified as:（分数：2.00）A.operating cash flow.B.invest
37、ing cash flow.C.financing cash flow.29.Sale of land would be classified as:（分数：2.00）A.operating cash flow.B.investing cash flow.C.financing cash flow.30.The write-off of obsolete equipment would be classified as:（分数：2.00）A.operating cash flow.B.financing cash flow.C.no cash flow impact.31.Sale of ob
38、solete equipment would be classified as:（分数：2.00）A.operating cash flow.B.investing cash flow.C.financing cash flow.32.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 operating or financing activit
39、ies financing activities operating or financing activities operating activities financing activities（分数：2.00）A.B.C.33.Net income for Orrican Company for the year ended December 31, 2009 was $83000. Its accounts receivable balance at December 31, 2009 was $153000, and this balance was $75000 at Decem
40、ber 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 securities. Which of the following amounts represen
41、ts Orrican“s cash flow from operations for 2009?（分数：2.00）A.$36000B.$42000C.$5700034.Using the following information, what is the firm“s cash flow form operations? Net income Decrease in accounts receivable Depreciation Increase in inventory Increase in accounts payable Decrease in wages payable Incr
42、ease in deferred tax liabilities Profit from the sale of land $330000 $86000 $45000 $50000 $75000 $23000 $46000 $6000 （分数：2.00）A.$872000B.$503000C.$49200035.Morris Inc. had the following transactions during 2009: Purchased new fixed assets for $105000. Converted $83000 worth of preferred shares to c
43、ommon 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 Morris“s cash flow from investing and cash flow from financing in 2009, respectively? cash flow from
44、 investing cash flow from financing ($105000) ($50000) ($83000) ($18000) ($105000) ($18000)（分数：2.00）A.B.C.36.In preparing a common-size cash flow statement, each cash flow is expressed as a percentage of:（分数：2.00）A.total assets.B.total revenues.C.the change in cash.37.An analyst gathers the followin
45、g annual information ($millions) about a company that pays no dividends and has no debt: net income depreciation loss on sale of equipment decrease in accounts receivable increase in inventories increase in accounts payable capital expenditures proceeds from sale of stock 45.8 18.2 1.6 4.2 3.4 2.5 7
46、.3 8.5 The company“s annual free cash flow to equity ($millions) is closest to:（分数：2.00）A.53.1.B.58.4.C.61.6.38.Which of the following is least likely a limitation of financial ratios?（分数：2.00）A.Data on comparable firms are difficult to acquire.B.Determining the target or comparison value for a rati
47、o requires judgment.C.Different accounting treatments require the analyst to adjust the data before comparing ratios.39.An analyst who is interested in a company“s long-term solvency would most likely examined the:（分数：2.00）A.return on total capital.B.defensive interval ratio.C.fixed charge coverage
48、ratio.40.A&G Inc.“s purchases during the year were $300000. The balance sheet shows an average accounts payable balance of $42000. A&G“s payables payment period is closest to:（分数：2.00）A.32 days.B.43 days.C.51 days.41.A&G Inc.“s has a gross profit of $52000 on sales of $176000. The balance sheet show
49、s average total assets of $82000 with the average inventory balance of $16000. A&G“s total asset turnover and inventory turnover are closest to: total asset turnover inventory turnover 2.15 times 7.75 times 1.63 times 7.75 times 2.15 times 5.24 times（分数：2.00）A.B.C.42.If A&G Inc.“s has annual sale of $300000, average accounts payable of $80000, and average accounts receivable of $70000, A&G“s receivables turnover and average collection period are closest to: receivables turnover average co
