2020CFA练习题—财报
cfa一级考试真题及答案详解
cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在评估一个公司的财务状况时，以下哪项指标最能反映其偿债能力？A) 流动比率B) 速动比率C) 资产负债率D) 股东权益比率答案：C) 资产负债率解析：资产负债率是指公司总负债与总资产的比率，它反映了公司资产中有多少比例是通过借债获得的。
这个比率越高，说明公司的财务杠杆越大，偿债能力越弱。
因此，资产负债率是反映公司偿债能力的重要指标。
2. 问题：在进行股票投资分析时，以下哪项因素是影响股票价格的宏观经济因素？A) 公司盈利能力B) 利率水平C) 行业竞争状况D) 公司管理层能力答案：B) 利率水平解析：宏观经济因素包括利率水平、通货膨胀率、经济增长率等，这些因素会影响整个经济环境，进而影响股票市场。
利率水平是宏观经济因素之一，它会影响公司的融资成本和投资者的预期回报，从而对股票价格产生影响。
3. 问题：在固定收益投资中，以下哪项因素会导致债券价格上升？A) 市场利率上升B) 市场利率下降C) 债券信用评级下降D) 债券到期时间延长答案：B) 市场利率下降解析：在固定收益投资中，债券价格与市场利率呈反向关系。
当市场利率下降时，新发行的债券的票息率会低于市场上已有的债券，因此已有债券的相对吸引力增加，导致其价格上升。
4. 问题：在投资组合管理中，以下哪项策略是用于降低非系统性风险的？A) 资产配置B) 多元化投资C) 市场时机选择D) 杠杆投资答案：B) 多元化投资解析：非系统性风险是指特定于某个公司或行业的投资风险，这种风险可以通过多元化投资来降低。
通过投资于多个不同公司或行业的资产，可以减少单一资产或行业波动对整个投资组合的影响。
5. 问题：在金融衍生品中，以下哪项产品允许投资者在未来以特定价格买入或卖出资产？A) 期货合约B) 远期合约C) 期权合约D) 掉期合约答案：C) 期权合约解析：期权合约是一种金融衍生品，它赋予持有者在未来某个时间以特定价格买入或卖出资产的权利，但不是义务。
CFA一级笔记-第四部分 财务报告与分析
CFA一级考试知识点第四部分财务报告与分析CFA考核的内容均为权责发生制长期股权投资investments in affilates，指企业的其他企业发行的股票.主营业务成本cost of goods sold COGS销售及一般管理费用selling ，general ，and administrative expenses SG&A 毛利gross profit主营收入-主营支出经营利润operating profit 毛利- SG&A息税前利润earnings before interest and tax EBIT 经营利润+其他收入-其他成本税前利润earning before tax EBT等于EBIT-利息费用净利润NI等于EBT—所得税费用投资性现金流cash flow from oprations CFO投资性现金流cash flow from investing CFI融资性现金流cash flow from financing CFF现金流量表中的年末现金及现金等价物余额等于资产负债表的现金科目余额。
所有者权益变动表年末权益余额和资产负债表权益期末余额相同.管理层讨论与分析MD＆A不经审计，是对业绩的重大事件回顾和趋势展望。
审计报告意见无保留意见unqualified audit opinion表示完全按照会计准则。
保留意见qualified audit opinion表示部分没有完全按照会计准则。
否定意见adverse audit opinion 大部分偏离会计准则要求。
无法表示意见disclaimer of opinion 不能够充分获取审计证据。
股东委托书proxy statements披露股东投票的决议事项，高管董事的薪酬，董事成员候选人及背景。
中期报告interim report 季度报告或半年度报告，一般不审计新闻稿press release 其中盈利公告预先披露财务数据电话会议conference calls 对经营业绩回答与会者提问股本溢价paid-in capital 指企业收到的投资者出资超出其注册资本的部分.留存收益retained earnings RE预售收入unearned revenue/deferred revenue通常会考报纸杂志订阅费、健身房费、保险费等。
2020年注册会计师考试试题及答案：财务成本管理(第二章)
2020年注册会计师考试试题及答案：财务成本管理（第二章）单项选择题1. 下列关于美式看涨期权的表述中，准确的是（）。
A、美式看涨期权只能在到期日执行B、无风险利率越高，美式看涨期权价值越低C、美式看涨期权的价值通常小于相对应欧式看涨期权的价值D、对于不派发股利的美式看涨期权，能够直接使用布莱克一斯科尔斯模型实行估价2. 甲公司的平均净负债800万元，平均股东权益1200万元，税后经营净利润340万元，税后财务费用50万元。
如果债权人要求的税后报酬率为8％，股东要求的报酬率为10％，甲公司的剩余权益收益为( )万元。
A、142B、156C、170D、2203. 在利用市场增加值实行业绩评价时，下列表述中不准确的是( )。
A、市场增加值是总市值和总资本之间的差额B、市场增加值就是一个公司增加或减少股东财富的累计总量C、市场增加值不但能够用来直接比较不同行业的公司，甚至能够直接比较不同国家公司的业绩D、市场增加值指标能够用于实行企业内部业绩评价4. 下列成本中，是企业为维持一定经营水平所必须负担的最低成本的是( )。
A、经营方针成本B、酌量性固定成本C、约束性固定成本D、技术变动成本5. 6年分期付款购物，每年初付200元，设银行利率为l0％，该项分期付款相当于一次现金支付的购价是( )。
A、958．16B、957．13C、986．71D、964．616. 下面关于股票销售方式的说法中错误的是( )。
A、股票的销售方式分为自行销售和委托销售，其中委托销售包括包销和代销B、采用自行销售方式能够节约发行费用，而且筹资时间较短C、采用自行销售的方式要求发行公司具有较高的知名度、信誉和实力D、采用包销的销售方式可即时筹足资本，且不承担发行风险7. 在市场利率低于票面利璋的情况下，下列表述准确的是( )。
A、债券的发行价格大予其面值B、债券的发行价格小于其面值C、债券的发行价格等于其面值D、无法确定8. 一个投资人持有A公司的股票，投资必要报酬率为15％。
2020年注册会计师考试《财务成本管理》真题及答案解析
2020年注册会计师考试《财务成本管理》真题及答案解析第1题单项选择题（每题1.5分，共14题，共21分）下列每小题的四个选项中，只有一项是最符合题意的正确答案，多选、错选或不选均不得分。
1．供应商向甲公司提供的信用条件是“2/30，N/90”。
一年按360天计算，不考虑复利，甲公司放弃的现金折扣成本是（）。
A．12.24％B．12％C．12.88％D．12.62％【答案】A【解析】放弃现金折扣成本＝2％/（1－2％）x[360/（90－30）]＝12.24％。
2．一项投资组合由两项资产构成。
下列关于两项资产的期望收益率相关系数与投资组合风险分散效应的说法中，正确的是（）。
A．相关系数等于0时，风险分散效应最强B．相关系数等于1时，不能分散风险C．相关系数大小不影响风险分散效应D．相关系数等于－1时，才有风险分散效应【答案】B【解析】相关系数＝1时，不能分散风险。
－1≤相关系数<1时，具有风险分散效应。
相关系＝－1时，风险分散效应最强。
3．甲公司生产X产品，产处于100000～120000件范围内时，固定成本总额220000元，单位变动成本不变。
目前，X产品产量110000件，总成本440000元。
预计下年总量115000件，总成本是（）元。
A．450000B．440000C．不能确定D．460000【答案】A【解析】单位变动成本＝（440000－220000）/110000＝2（元）总成本＝2x115000＋220000＝450000（元）4．甲公司生产产品，需要经过三个步骤，第一步骤半成品直接转入第二步骤，第二步骤半成品直接转入第三步骤，第三步骤生产出产成品。
各步骤加工费用随加工进度陆续发生，该公司采用平行结转分步法计算产品成本。
月末盘点：第一步骤月末在产品100件，完工程度60％；第二步骤月末在产品150件，完工程度40％；第三步骤完工产品540件，在产品200件，完工程度20％。
按照约当产量法（加权平均法），第二步骤加工费用应计入完工产品成本的份额占比是（）。
2020年CFA考试练习题精选5(含解析)
2020年CFA考试练习题精选5(含解析)1、Assuming its trading partner does not retaliate, which of the following conditions must hold in order for a large country to increase its national welfare by imposing a tariff?【单选题】A.It must have a comparative advantage in the production of the imported good.B.The deadweight loss must be smaller than the benefit of its improving terms of trade.C.It must auction the import licenses for a fee to offset the decline in the consumer surplus.正确答案:B答案解析:“International Trade and Capital Flows,”Usha Nair-Reichert and Daniel Robert WitschiB is correct. The large country is able to cause the foreign exporter to reduce price in order to retain market share. In the large country, domestic producers gain from higher volume and the government gains from collecting the tariff. The sum of these two gains must exceed the deadweight loss to domestic consumers to achieve a national welfare gain. The change in terms of trade causes income redistribution from the foreign exporter to the domestic producer.2、A power generation company is a monopoly that has very high barriers to entry. The quantity demand for its product is = 800 –0.25 ×P (where P is price). The slope of the marginal revenue curve is closest to:【单选题】A.–8.00.B.–0.25.C.–4.00.正确答案:A答案解析:Solve for P from the quantity demanded:Section 6.33、If the prices of substitute resources decrease, the demand for a given resource will most likely:【单选题】A.increase.B.decrease.C.remain unchanged.正确答案:B答案解析:A decrease in the price of a substitute resource would encourage producers to use the substitute resource thus reducing demand for the resource in question.Section 4.14、The European one-year risk-free rate is 1.98%, and the U.S.one-year risk-freerate is 1.08%.If the U.S.dollar per euro (USD/euro) spot rate is 1.2511, theone-year forward points for the USD/ euro forward rate are closest to:【单选题】A.-94.0B.-110.4C.+111.4正确答案:B答案解析:forward rate = 1.2511USD/euro ×(1 + 1.08% )/(1 + 1.98% )= 1.24006USD/euro,1.24006USD/euro -1.2511USD/euro = -0.01104，即远期汇率下降110.4 个基点。
cfa2024年二级原版书课后题
CFA 2024年二级原版书课后题一、公司金融和财务报告分析1.1 企业金融报告的意义企业金融报告是企业向外界公开披露的财务信息，包括企业的资产负债状况、经营成果、现金流量以及股东权益等信息。
通过对企业金融报告的分析，可以帮助投资者了解企业的财务状况，评估企业的经营风险和盈利能力，为投资决策提供重要的参考依据。
1.2 企业金融报告分析的方法企业金融报告分析主要采用财务比率分析、财务趋势分析、现金流量分析、股票市场指标分析等方法。
其中，财务比率分析是最常用的方法之一，通过计算企业的财务比率，包括盈利能力、偿债能力、运营能力、收益能力等指标，来评估企业的财务状况。
1.3 财务报表分析的注意事项在进行财务报表分析时，需要注意一些问题，包括财务信息的准确性和真实性、企业的会计政策和会计估计的合理性、行业和竞争对手的情况、宏观经济环境等因素对企业财务状况的影响。
二、固定收益投资2.1 固定收益投资的特点固定收益投资是指投资者通过购物债券、债务工具等金融资产获得固定的利息收入。
与股票投资相比，固定收益投资具有收益稳定、风险较低的特点，适合风险偏好较低的投资者。
2.2 债券投资的评价指标在进行固定收益投资时，债券的评价指标是十分重要的。
包括债券的到期收益率、债券的久期和凸性、信用评级等指标，可以帮助投资者评估债券的风险和回报。
2.3 固定收益投资组合的管理固定收益投资组合的管理包括资产配置、收益再投资、久期匹配等内容，通过对固定收益投资组合的管理，可以实现风险的分散和收益的最大化。
三、权益投资3.1 权益投资的特点权益投资是指投资者通过购物股票等金融资产获得股息收入和资本收益。
权益投资具有较高的收益潜力，但也伴随着较高的风险。
3.2 股票投资的评价指标在进行权益投资时，股票的评价指标包括市盈率、市净率、股息率、股票的盈利增长率等指标，可以帮助投资者评估股票的估值和风险。
3.3 权益投资组合的管理权益投资组合的管理包括资产配置、股票选择、风险控制等内容，通过对权益投资组合的管理，可以实现风险的分散和收益的最大化。
CFA一级财报模拟试题及解析
CFA一级财报模拟试题及解析QuestionQ1:Earlier this year, Barracuda Company issued 5,000 employee stock options. Recently, 2,000 options were exercised at a price of $10 per share. To avoid dilution, Barracuda purchased 2,000 shares at an average price of $12 per share. Barracuda reported both transactions as financing activities in its cash flow statement. For analytical purposes, what adjustment is necessary to better reflect the substance of the stock repurchase?Operating cash flow；Financing cash flowA. Decrease $4,00；No adjustmentB. No adjustment；Increase $4,000C. Decrease $4,000；Increase $4,000Q2:If a lessee enters into a finance lease rather than an operating lease, it can expect to have a:A. higher return on assets.B. higher debt-to-equity ratio.C. lower debt-to-equity ratio.Q3:Which of the following statements regarding a direct financing lease is least accurate?A. The principal portion of the lease payment is a cash inflow from investing on the lessor';s cash flow statement.B. Interest revenue on the lessor's income statement equals the implicit interest rate times the lease payment.C. The lessor recognizes no gross profit at the inception of the lease.Q4:Which of the following statements about the impact of leases on the financial statements of the lessee is least accurate?A. Net income is lower in the early years of a finance lease than an operating lease.B. A finance lease results in higher liabilities compared to an operating lease.C. Cash flow from investing is higher for a finance lease than an operating lease.Answer第一题：Canswer：Barracuda reported a $4,000 net outflow from financing activities [2,000 options* ($12 average market price-$10 exercise price)]. However, since the options are a form of compensation, the $4,000 outflow should be reclassified as an operating activity for analytical purposes. This is accomplished by increasing financing cash flow $4,000 and decreasing operating cash flow $4,000.第二题：Banswer：Leasing the asset with an operating lease avoids recognition of the debt on the lessee’s balance sheet. Having fewer assets and liabilities on the balance sheet than would exist if the assets were purchased increases profitability ratios (e.g., return on assets) and decreases leverage ratios (e.g., debt-to-equity ratio). In the case of a finance lease, the assets are reported on the balance sheet and are depreciated.第三题：Banswer：Interest revenues are calculated by multiplying the implicit interest rate by net receivables at the beginning of the period.第四题：Canswer：Cash flow from investing is not affected by a lease being either a finance or an operating lease. Finance leases reduce cash flow from operations by only the portion of the lease payment attributed to interest expense. Cash flow from financing is reduced by the rest of the finance lease payment which is the principal part of the payment.。
2021~2022 CFA二级错题笔记1-财报(intercorporate investment)
CFA二级错题笔记1-财报（intercorporateinvestment）看完书就得做题啦，做完题就有错题啦，准备和大家分享我的错题，同时也加深自己的记忆。
财报相关知识点：CFA二级学习笔记3-财报知识框架图，这是去年10月份粗略看完了财报做的笔记，但现在才来做题，然后做题的时候真的是十脸蒙蔽，事实证明，不以做题为前提的看书就是耍流氓吖，谨记！【R14 intercorporate investment】错题1考点：associates答案解析：Doris叨叨：题目问的是Cinanamon净利润率在什么情况会变大，也就是净利润变大。
A项：Cinanamon对Cambridge控制的情况下，也就是收购Cambiridge，合并报表，这时，利润变大，收入也变大了，所以净利润率并不会变大；B项：Cinanamon没有增加在Cambridge的股份，这当然不会让净利润率变大；C项：Cinanamon对Cambridge有重大影响，也就是associates的关系，采用equity method处理报表，只会按持股比例增加Cinanamon的净利润，其他不变，那么最终净利润率变大，C对。
错题2考点：goodwill答案解析：Doris叨叨：题目问的是C公司对于投资Cambridge使用什么方法处理报表会让其的debt to equity 变大。
A项：equity method，是不会影响equity的，排除A；B项和C项：full goodwill method，partial goodwill method也就是consolidation/acquisition method 其中两种，什么是full goodwill？即出资金额按照持股比例计算实际出资金额，与被投资公司的账面价值作差，得出的数值为full goodwill，什么是partial goodwill？即出资金额与被投资公司按持股比例计算的账面价值作差，得出的数值为partial goodwill。
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10 Information about management and director compensation are least likely to be found in the: A auditor’s report. B proxy statement. C notes to the financial statements.
6 The financial statement that presents a shareholder’s residual claim on assets is the: A balance sheet. B income statement. C cash flow statement.
7 A company’s profitability over a period of time is best evaluated using the: A balance sheet. B income statement. C cash flow statement.
16 Interim financial reports released by a company are most likely to be: A monthly. B unaudited. C unqualified.
17 Which of the following sources of information used by analysts is found outside a company’s annual report? A Auditor’s report B Peer company analysis C Management’s discussion and analysis
3 B is correct. The primary role of financial statement analysis is to use financial reports prepared by companies to evaluate their past, current, and potential performance and financial position for the purpose of making investment, credit, and other economic decisions.
8 The income statement is best used to evaluate a company’s: A financial position. B sources of cash flow. C financial results from business activities.
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Reading 19 ■ Introduction to Financial Statement Analysis
SOLUTIONS
1 B is correct. This is the role of financial reporting. The role of financial statement analysis is to evaluate the financial reports.
12 Which of the following best describes why the notes that accompany the financial statements are required? The notes: A permit flexibility in statement preparation. B standardize financial reporting across companies. C provide information necessary to understand the financial statements.
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Practice Problems
41
19 Which phase in the financial statement analysis framework is most likely to involve producing updated reports and recommendations? A Follow-up B Analyze/interpret the processed data C Develop and communicate conclusions and recommendations
15 An independent audit report is most likely to provide: A absolute assurance about the accuracy of the financial statements. B reasonable assurance that the financial statements are fairly presented. C a qualified opinion with respect to the transparency of the financial statements.
3 The role of financial statement analysis is best described as: A providing information useful for making investment decisions. B evaluating a company for the purpose of making economic decisions. C using financial reports prepared by analysts to make economic decisions.
2 C is correct. In general, analysts seek to examine the past and current performance and financial position of a company in order to form expectations about its future performance and financial position.
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Practice Problems
39
PRACTICE PROBLEMS
1 Providing information about the performance and financial position of companies so that users can make economic decisions best describes the role of: A auditing. B financial reporting. C financial statement analysis.
11 Information about a company’s objectives, strategies, and significant risks are most likely to be found in the: A auditor’s report. B management commentary. C notes to the financial statements.
13 What type of audit opinion is preferred when analyzing financial statements? A Qualified. B Adverse. C Unqualified.
14 An auditor determines that a company’s financial statements are prepared in accordance with applicable accounting standards except with respect to inventory reporting. This exception is most likely to result in an audit opinion that is: A adverse. B qualified. C unqualified.
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© CFA Institute. For candidate use only. Not for distributntroduction to Financial Statement Analysis
4 A is correct. The balance sheet portrays the company’s financial position on a specified date. The income statement and statement of cash flows present different aspects of performance during the period.
2 Which of the following best describes the role of financial statement analysis? A To provide information about a company’s performance B To provide information about a company’s changes in financial position C To form expectations about a company’s future performance and financial position