CFA考試一級(jí)章節(jié)練習(xí)題精選0330-53(附詳解)

1、CFA考試一級(jí)章節(jié)練習(xí)題精選 0330-53 （附詳解）1、The following financial information is available at the end of the year.Share InformationSecuiltyAuthorizedIssued & outstandingOther featuresCommon stock500,000250,000Currently pays a dividend of $1 per share.Preferred stock, series A50,00012,000Nonconvertible, cumu

2、lative; pays a dividend of $4 per share.Preferred stock, series B50,00030,000Convertible; pays a dividend of $7.50 per share. Each share is convertible into 2.5 common shares.Ad ditional Jjifbrmation:Retained earnings at start of year $6,000,000 Reported income for the year = $1,000,000The diluted E

3、PS is closest to:【單選題】2A.$2.91.B.$2.93.C.$3.08.正確答案 :A答案解析 : “ Understanding the Income Statement,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broi2011 Modular Level 1, Vol.3, pp.170 -175Study Session:8-32-g, h and complex capital structure.Describe the

4、 components of earnings per share and calculate a company's earnings per share (both basic and diluted earnings per share) for both a simpDifferentiate between dilutive and antidilutive securities, and discuss the implications of each for the earnings per share calculation.The convertible prefer

5、red shares are anti-dilutive, as shown in the table below; therefore the diluted EPS is the same as the basic EPS, $2.91.Basic EPSDUuted EPSNet Income1,000,0001,000,000Pref Div, Series A(48,000)(48,000)12,000 sh X 4/shPref Div, Series B(225,000)030,000 sh X 7.50/shUsing If-Converted MethodEarnings a

6、vailable to common shareholders727,000952,000Weighted Average Number of Common Shares (WACS)Shares o/s250,000250,000If converted75,0002.5 com/pf X 30,000 pfWACS250,000325,000EPS = (Earnings available to Common Shareholders)/ (WACS)2.912.93* Exceeds Basic EPS; Series B is antidilutive and is therefor

7、e not included32、 Selected information from a company's comparative income statements and balance sheets is presented below.13Sales 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$ tho

8、usands) 2011Selected Income Statement Data for the year 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 liabiliti

9、esTotal current liabilitiesS 15,0007,000$ 22,000$ 15,0009eoo$ 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. Broih

10、ahn2012 Modular Level I, Vol. 3, pp. 291Study Session 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 indirectcash flow statements, including how cash flows can be computed using income statemen

11、t and balance sheet data.A is correct. Cash collected from customers = RevenuesIncrease in accounts receivable = $100-(25- 13.5) = 88.5.3、The following data is available on a company:Metric($ millions)Total assets145Total revenues282Total expenses241Research & development expenses12Under a commo

12、n -size analysis, the value used for research & development expenses is closest to:【單選題】A. 8.3%.B. 4.2%.C. 5.0%.正確答案:B答案解析：The appropriate base for a common -size income statement is revenue. As such, the value used forresearch & development expenses is $12million+$282 millionX 100=4.25%.CFA

13、 Level I "Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSection 7.14、An analyst does research about cash flow statement and gathers the following informationabout an IT comp any (in millions). !Cash at the beginning of 2011 $490t.i1Cash at the ending of 2011 - 1$ 505

14、ft1Cash flows from op erating activities in 2()11 1$ 32Cash flows from investing activities in 2011i$ 301【單選題】Which of the following transactions, on its own, best expl ains the change in cashflows from the beginning of the year? The comp any:A. issued $ 47 millions in bonds in 2011.B. re purchased

15、$ 47 millions of its stock in 2011.C. increased long-term assets by $ 47 millions in 2011.正確答案:B 答案解析:2011 年融資性現(xiàn)金流(cash flows from financing activities ) = $ 505 - $ 490 - $ 32 -$ 30 = - $ 47(million),說(shuō)明 2011 年有 $ 47million 的融資性現(xiàn)金流流出。題干中已經(jīng)給出了經(jīng)營(yíng)性現(xiàn)金流(cash flows from op erating activities )和投資性現(xiàn)金流(cash

16、flows from investing activities )，如果融資性現(xiàn)金流為0的話，則年末現(xiàn)金應(yīng)該是$ 490+ $32 + $30 = $552( million )。但是當(dāng)年年末的現(xiàn)金余額是$505million，說(shuō)明融資性現(xiàn)金流有 $47million的流出。A選項(xiàng)發(fā)行債券是融資性現(xiàn)金流入(financing inflow )，而不是融資性現(xiàn)金流出(financing outflow )，所以A錯(cuò)。B選項(xiàng)回購(gòu)股票屬于融資性現(xiàn)金流出， 所以B及正確答案。C選項(xiàng)購(gòu)買(mǎi)長(zhǎng)期資產(chǎn)屬于投資性現(xiàn)金流出(investingoutflow)，所以C錯(cuò)。【單選5、On a cash flow st

17、atement prepared using the indirect method, which of the following would most likely increase the cash from investing activities?題】A.Sale of a long -term receivableB.Sale of held -for -trading securitiesC.Securitization of accounts receivable正確答案 :A答案解析 : “ Understanding Cash Flow Statements,” Elain

18、e Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A. Broi2013 Modular Level I, Vol. 3, Reading 27, Section 2.1” Marc A. SiegelAccounting Shenanigans on the Cash Flow Statement, 2013 Modular Level 1, Vol. 3, Reading 34, Section 5Study Session 8-27-a, 10-34-aCompare cash flows from operating, investing, and financing activities and classify cash flow items as relating to one of those three categories given a description of the items.Analyze and describe the following ways to manipulate the cash flow statem