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CFA历年考题试题(21)

来源：高顿网校 2013-04-28

· The implication for analysis is clear: the pattern of cash flow from operations has been distorted because cash is received earlier than if the receivables had been collected when due.

· Adjustment of the financial statements includes reducing CFO, recognizing the receivables and the current liability resulting from the collateralized borrowing on the balance sheet. Hence, the adjustment for the sale of receivables, decrease in CFO and increase in CFF, increase current assets and liabilities. The effect of the financial ratios would be a decrease in the accounts receivable turnover ratio, an increase the debt-to-equity ratio, and a reduction in the return on assets ratio.

e: Describe types of off-balance-sheet financing.

Take-or-pay and throughput arrangements: Under these contracts, the purchasing firm commits to buy a minimum quantity of an input (usually a raw material) over a specified period of time. Prices may be fixed or related to market prices. Neither the asset nor the debt related to these contracts are recognized in the balance sheet. However, the purchaser must disclose the nature and minimum required payments in footnotes. The analyst can use this information to increase the debt and decrease the debt-to-equity ratio of the firm that has such off-balance sheet debt.

Sale of receivables: A firm may sell the receivables to unrelated parties but the firm continues to service the original receivables and transfers any collections to the new owner of those receivables. Although such transactions are recorded as a sale thereby decreasing accounts receivable and increasing CFO, the buyer usually has limited exposure. Therefore, the transaction is nothing more than a collateralized borrowing. The implication for analysis is clear: the pattern of cash flow from operations has been distorted because cash is received earlier than if the receivables had been collected when due. Adjustment of the financial statements include reducing CFO, recognizing the receivables and the current liability resulting from the collateralized borrowing on the balance sheet.

f: Compute how take-or-pay contracts, throughput arrangements, and the sales of receivables affect selected financial ratios.

Sales-type lease: If the lease is a capital lease and the lessor is a dealer or seller of the leased equipment, then the lease is a sales-type on the books of the lessor. This means that the implicit interest rate is such that th

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cfa备考热门问题解答

cfa证书就业岗位有哪些？: cfa考完后可以从事的工作包括公司会计、基金经理助理、投资管理师、股票研究分析师、基金分析师、投资产品分析师、券商助理分析师、交易员等。在全球范围内，cfa会员的雇主包括了摩根大通、汇丰银行等机构。

cfa考试内容有哪些？: cfa考试分为三个等级，cfa一级和二级考试科目包括《职业伦理道德》、《定量分析》、《经济学》、《财务报表分析》、《公司理财》、《投资组合管理》、《权益投资》、《固定收益投资》、《衍生品投资》、《其他类投资》。cfa三级考试科目包括《经济学》、《投资组合管理》、《权益投资》、《职业伦理道德》、《固定收益投资》、《其他类投资》、《衍生工具》。

cfa一年考几次？: cfa每年考试的次数每个级别均有不同，其中CFA一级考试每年设置四次，CFA二级考试每年设置三次，CFA三级考试每年设置两次。需注意，协会规定考生必须要按照CFA考试的三个级别，依次进行报考，且报考两个级别考试的窗口之前需至少间隔6个月。

cfa的含金量如何？: CFA证书全称Chartered Financial Analyst（特许注册金融分析师），是全球投资业里最为严格与高含金量资格认证，为全球投资业在道德操守、专业标准及知识体系等方面设立了规范与标准，具有较高的知名度和影响力。英国的国际学术认证中心，还将持有CFA证书视为拥有硕士学历水平，能让想进修的金融专业人士，充分学习等同于金融硕士的知识课程。此外，人民日报三年内连续四次推荐CFA证书！因此，无论是从国际知名度还是国内知名度来说，CFA资格认证的含金量和认可度都是非常高的。

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