CFA财务报表分析练习题"Financial Report":Inventories
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
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Questions 1:

Selected information from a company that uses the FIFO inventory method is
provided:
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If the company used a perpetual system versus a periodic inventory system,the gross margin would most likely be:
A、higher.
B、lower.
C、the same.

【Answer to question 1】C

【analysis】
C is correct.When using the FIFO inventory method,the ending inventory,the cost of goods sold,and the gross margin are the same under either the perpetual or periodic methods.The use of a perpetual or periodic system makes a difference under the weighted average and LIFO methods.
A is incorrect.When using the FIFO inventory method,the cost of goods sold,and hence the gross margin,are the same under either the perpetual or periodic methods.
B is incorrect.When using the FIFO inventory method,the cost of goods sold,and hence the gross margin,are the same under either the perpetual or periodic methods.Under either method the oldest items are sold first.The first sale is 550 at$7.50.The next sale is 450 at$7.50+150 at$7.60.The perpetual and periodic methods make a difference under weighted average and LIFO.

Questions 2:

The following information is available for a manufacturing company:
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If the company is using International Financial Reporting Standards(IFRS)instead of US GAAP,its cost of goods sold(in millions)is most likely:
A、$0.3 higher.
B、$0.3 lower.
C、the same.

【Answer to question 2】B

【analysis】
B is correct.Under IFRS,the inventory would be written down to its net realizable value($4.1 million);under US GAAP,market value is defined as current replacement cost and thus would be written down to its current replacement cost($3.8 million).The smaller write-down under IFRS will reduce the amount charged to the cost of goods sold compared with US GAAP and result in a lower cost of goods sold of$0.3 million.
A is incorrect.The write-down is larger under US GAAP,so IFRS gross profit would be higher,not lower.
C is incorrect.IFRS and US GAAP define market differently.As current replacement cost(US GAAP definition is lower than NRV)the effect is not the same.
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