CFA考試一級(jí)章節(jié)練習(xí)題精選0330-33(附詳解)

1、CFA考試一級(jí)章節(jié)練習(xí)題精選 0330-33 （附詳解）1、 Compared to classifying a lease as a financing lease, if a lessee reports the lease as an operating lease it will most likely result in a:【單選題】A. lower return on assets.B. higher debt - to -equity ratio.C. lower cash from operations.正確答案 :C9答案解析 : “ N-oCnurrent (Long -

2、term) Liabilities,” Elizabeth A. Gordon and Elaine Henry, CFA2011 Modular Level 1, Vol.3, p. 521 -522, 537Study Session: 9-39-g, h, lDistinguish between a finance lease and an operating lease from the perspectives of the lessor and the lessee.Determine the initial recognition and measurement and sub

3、sequent measurement of finance leases.Calculate and interpret leverage and coverage ratios.The cash from operations is lower if the lease is classified as an operating lease, because the full lease payment is shown as an operating cash outflow. If it's cash from operations tends to be lower unde

4、rwere classified as a financing lease, only the portion of the lease payment relating to interest expense reduces the operating cash flow and the portion of thelease payment that reduces the lease liability is classified as a financing cash flow. Therefore, the lesseeoperating leases.1、 The followin

5、g information (U.S. $ millions) for two companies operating in the same industry during the same time period is available:Comp any AComp any BNet sales120300Total assets70140Total liabilities2540If both comp anies achieve a return on equity of 15% for the p eriod, which of the following statements i

6、s most likely correct? Comp ared to Comp any B,Company A has a:【單選題】A. higher net p rofit margin.B. higher total asset turnover.C. lower financial leverage mult ip lier.正確答案:A答案解析：“ Financial Analysis Techniques” ,Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Mich

7、ael A. Broihahn,Modular 2010 Level I, Vol. 3 pp.342 -344“ Financial Statement Analysis” ,Pamela P. Peterson, CFA2010 Modular Level I, Vol. 4, pp.142 -146Study Session 8-35-d, f, 11-47Calculate, classify, and interpret activity, liquidity, solvency, p rofitability, and valuation ratiosThe DuPont syst

8、em can be used to break down the ROE into three components:ROE = P rofit mar 釀 x total asset turnover x financial lever a ge multip lienCom po nentCompany AConip any BTotal asset turnover (sales/total assets)120/1701.71300/1401 2.14Company A has a lower total asset turnover, not higherEquity (total

9、assets total liabilities)70-25S45140-40$100Financial leverage multiplier (assets/equity)70/451.56140/1001.40Company A has a higher financial leverage multiplienot lowerCompMiy A，s Net Profit Margin from ROE: = 15% = (net proffh margin) x 1/71 x 1.56 Company Al net profit margin = 5.6%Company As Net

10、Profit Margin from ROE: = 15% = (net pFoffh margin) x 2.14 x 1.40Company At net pixrRt margm = 5.0%The net profit inargiii could also be computed by computing net income for each company from the basic ROE definition: ROE = Net Income/Coiiunon EquityFor Company A: ROE = 15% = net income/ (70-25); ne

11、t income is 6.75, and net pTofit inargtn = net income/Sales = 6.75/ 120 = 5.6%.)For Company B: ROE = 15% = net income/ (140-40); net income is 15, and net profit margin = net iiicome/Sales = 15/ 300 = 5.0%.)Company A has a higher net profit margin than Company B1、 If a comp any that leases assets fo

12、r its own use classifies its leases as finance leases instead of as op erating leases, its financial statements in the first year would most likely report:【單選題】A. higher equity.B. higher debt.C. lower cash from operations.正確答案 :B答案解析 :Classifying leases as finance leases rather than operating leases

13、 for a lessee would increase the amount of total debt reported because the presentvalue of the total lease payments is recognized as a liability.2014 CFA Level 1"Non -Current (Long -Term) Liabilities," by Elizabeth A. Gordon and Elaine HenrySection 3.2.11、 Selected information from a compa

14、ny's comparative income statements and balance sheets is presented below.Sales revenue$100,000$ 95,000Cost of goods sold47,00047,500Depreciation expense4,0003,500Net income$11422$ 4,5562010Selected Balance Sheet Data as of August 31 乳 (US$ thousands) 2011Selected Income Statement Data for the ye

15、ar ended August 31 (US$ thousands) 20112010Current AssetsCash & investments Accounts receivable nventoriesTotal current assets$21,12225,00013,000$ 59,122$ 25,00013,500 &500 $ 47,000Current LiabilitiesAccounts payableOther current liabilitiesTotal current liabilitiesS 15,0007,000$ 22,000$ 15,

16、0009eoo$ 24,000The cash collected from customers in 2011 is closest to: 【單選題】A. $88,500.B. $96,100.C. $111,500.正確答案 :A答案解析 : “ Understanding Cash Flow Statements,292” Elaine Henry, Thomas R. Robinson, Jan Hendrik van Greuning, and Michael A. Broihahn2012 Modular Level I, Vol. 3, pp. 291Study Session

17、 8-27-e, fDescribe how the cash flow statement is linked to the income statement and the balance sheet.Describe the steps in the preparation of direct and indirect cash flow statements, including how cash flows can be computed using income statement and balance sheet data.A is correct. Cash collected from customers = RevenuesIncrease in accounts receivable = $100-(25- 13.5) = 88.5.1、An analyst does research about net profit margin.A company has only fixedrate debt outstanding and reports its debt using the fair value option.Whichof the following statements is mo