CFA财务报表分析练习题＂Financial Report＂：Financial Reporting
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:
For a company reporting under IFRS,which of the following events most likely represents low financial reporting quality?The company:
A、included gains from foreign exchange rate changes in its cost of goods sold.
B、entered a long-term lease for a customized piece of equipment and classified it as a finance lease.
C、reported an increase in EPS as a result of the sale of a subsidiary.
【Answer to question 1】A
【analysis】
A is correct.High financial reporting quality provides useful information to decision makers.Since foreign exchange gains and losses may not recur,they should be disclosed separately and not included in cost of goods sold.
B is incorrect.Long-term leases for customized pieces of equipment should be reported as finance leases and conforms to IFRS,therefore this is not low quality reporting.
C is incorrect.If properly disclosed,an increase in EPS from the sale of a subsidiary does not represent low quality financial reporting,but it may be low quality earnings.
Questions 2:
Which of the following is most likely a sign of inventory manipulation to improve reported financial results?
A、Inventory markdowns for obsolescence.
B、Declining inventory turnover ratio.
C、Selective sales of older layers of inventory.
【Answer to question 2】C
【analysis】
C is correct.A company can intentionally sell older,lower-cost layers of inventory to generate earnings without supporting cash flow in order to produce specific earnings benefits.
A is incorrect because a company simply may have obsolete inventory on hand that should be marked down to its net realizable value;such markdowns alone do not represent attempts to manipulate inventory in order to improve reported financial results.
B is incorrect because declining inventory turnover may be a result of obsolescence problems that should be recognized,not because of deliberate attempts to manipulate inventory in order to improve reported financial results.
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