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。
Questions 1:
Which of the following ratios will most likely result in an increase in a company’s sustainable growth rate?
A、Higher dividend payout
B、Higher tax burden
C、Lower interest burden
【Answer to question 1】B
【analysis】
B is correct.Sustainable growth rate=Retention ratio×ROE The higher a company’s return on equity(ROE)and its ability to finance itself from internally generated funds(a higher retention ratio),the greater its sustainable growth rate.In the five-factor ROE,any factor that increases ROE will increase sustainable growth:ROE=Tax burden×Interest burden×Earnings before interest and taxes margin×Asset turnover×Leverage A higher tax burden ratio(Net income/Earnings before tax)implies that the company can keep a higher percentage of pre-tax profits;this result implies a lower tax rate and a higher ROE.
A is incorrect.Higher retention(lower payout)increases sustainable growth.
C is incorrect.Lower interest burden means that the company has high borrowing costs,reducing pre-tax income relative to EBIT and reducing ROE and sustainable growth.
Questions 2:
The following information is given about a company:
What is the most appropriate conclusion an analyst can make about the solvency of the company?Solvency has:
A、improved because the debt-to-equity ratio decreased.
B、improved because the fixed charge coverage ratio increased.
C、deteriorated because the debt-to-equity ratio increased.
【Answer to question 2】A
【analysis】
A is correct.The debt-to-equity ratio decreased,thereby improving solvency;the fixed charge ratio remained the same.
B is incorrect.The fixed charge coverage stays the same
C is incorrect.From table above,it was shown that the solvency improved since D/E decreased.But if the candidate incorrectly uses only LTD in the ratio,the ratio does increase.See table below
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