财务报告与分析中章节的设置是循序渐进、逐层深入的，前面介绍的术语在后面还会有详细的解释与探讨。
由于财务报告与分析本身自立体系，它是上市公司和报表使用人之间沟通交流的语言，所以学起来与外语学习有几分相似。
财务报告与分析一共分为四大部分：
第一部分是扫盲阶段，主要介绍财务术语、体系等基本知识。
在此基础上，第二部分更深入地讲解财务报表编制以及财务报表分析的方法。
进一步地，第三部分针对存在利润操纵空间的重点科目做详细、深入的讨论。
最后，第四部分是前面三部分内容的综合应用。
四大部分在考试中占比最大的是第二部分和第三部分，大概占财报分析所有题目的80%以上。其次是第一部分，占比10%左右。
由于第四部分是财务分析的综合应用，不太适合一级的出题形式，所以
出题比例相对比较少，大概占5%左右。
CFA财务报表分析练习题＂Financial Report＂:Treasury Stock
Questions 1:
If a company repurchases its own shares and can reissue them at a later time,these shares are best described as:
A、preferred stock.
B、marketable securities.
C、treasury stock.
【Answer to question 1】C
【analysis】
C is correct.When a company repurchases its own shares and does not cancel them,they are referred to as treasury shares(or treasury stock).A is incorrect.Preferred shares(or preferred stock),a component of equity,are a type of equity interest,that ranks above common shares with respect to payment of dividends and the distribution of net assets upon liquidation.B is incorrect.Marketable securities are financial assets and include investments in debt or equity securities that are traded in a public market.
Questions 2:
Last year,a company’s current ratio was 0.96.Partial information is provided from the company’s balance sheet for the current year:
No other current assets or current liabilities were reported.Comparing the company’s current ratio this year with the prior year most likely indicates that the company’s ability to meet short-term obligations has:
A、increased.
B、decreased.
C、not changed.
【Answer to question 2】A
【analysis】
A is correct.First identify the current assets:cash and equivalents,inventory,and accounts receivable.Then calculate the current ratio(Current assets/Current liabilities)as follows:
An increase in the current ratio(from 0.96 to 1.11)most likely indicates a higher level of liquidity and,therefore,an increased ability to meet short-term obligations.
B is incorrect.It excludes the inventory(confusing current ratio with quick ratio)and appears to have decreased:(1950+2,540)/4920=0.91.
C is incorrect.It incorrectly double counts the current portion of the long-term debt,which is already included in total current liabilities,so it appears to be unchanged:(5,440/(4,920+720)=0.964.
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