CFA财务报表分析练习题＂Financial Report＂：Financial Analysis
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:
A company operating in a highly fragmented and competitive industry reported an increase in return on equity(ROE)over the prior year.Which of the following reasons for the increase in ROE is least likely to be sustainable?The company:
A、increased the prices of its product significantly.
B、decided to make greater use of long-term borrowing capacity.
C、implemented a new IT system,allowing it to reduce working capital levels as a percentage of assets.
【Answer to question 1】A
【analysis】
A is correct.
An increase in price is not sustainable in a fragmented and competitive industry.Fragmented industries tend to be highly price competitive because of the need to increase market share and undercut prices in an attempt to steal share.
B is incorrect.Increasing the use of long-term borrowing capacity will increase leverage and increase ROE and is sustainable as long as the company maintains that level of leverage.
C is incorrect.By lowering the amount of working capital in the business,the company lowered its average total assets and average shareholders’equity and increased its turnover ratio.Holding all else equal,a lower average total asset will increase the ROE through the higher turnover ratio.This strategy is sustainable because it relies on an improvement in productivity generated by new technology(new IT system).
Questions 2:
The following data are available on a company:
The least likely explanation for the improvement in the cash conversion cycle is that the firm improved on its:
A、ability to collect from customers.
B、payments to suppliers.
C、inventory management.
【Answer to question 2】C
【analysis】
C is correct.The cash conversion cycle=DSO+DOH–Days in payables
The company’s cash conversion cycle improved.The reduction in days of sales outstanding indicates that the company improved its collections from customers and shortened the cash conversion cycle.The increase in number of days of payables indicates that the company took longer to pay suppliers,which also shortened the cash conversion cycle and indicates greater liquidity.The only metric that deteriorated is days of inventory on hand,which indicates that the company tied up more capital in inventory.Therefore,inventory management did not improve the cash conversion cycle.
A is incorrect.The reduction in days of sales outstanding indicates that the company improved its collections from customers.This also served to shorten the cash conversion cycle and indicates greater liquidity.Therefore,the response is valid as it did represent an improvement.
B is incorrect because the increase in number of days of payables indicates that the company took longer to pay suppliers,which served to shorten the cash conversion cycle and indicates greater liquidity.Therefore,the response is valid as it did represent an improvement.
写评论
