2025年CFA一級(jí)《財(cái)務(wù)報(bào)表分析》真題試卷考試時(shí)間：______分鐘總分：______分姓名：______Part1:MultipleChoiceQuestions1.Whichofthefollowingisgenerallyconsideredalimitationofhorizontalanalysis?a)Itrequiresalargeamountofhistoricaldata.b)Itcanmasktrendswhenusingabsolutedollaramounts.c)Itisdifficulttocomparecompaniesofdifferentsizes.d)Itfocusesonlyonquantitativechanges,ignoringqualitativefactors.2.Acompanyusestheweightedaveragemethodforinventorycosting.Ifthecompanypurchased1,000unitsat$10perunitandthenpurchased2,000unitsat$12perunit,whatisthecostofgoodssoldifthecompanysold1,500units?a)$11,000b)$12,000c)$13,000d)$14,0003.Whichofthefollowingstatementsistrueregardingthepreparationofconsolidatedfinancialstatements?a)Theparentcompany'sfinancialstatementsareadjustedtoreflectthesubsidiary'saccountingpolicies.b)Intercompanytransactionsareeliminatedtoavoiddouble-counting.c)Thenoncontrollinginterestispresentedasaliabilityontheconsolidatedbalancesheet.d)Theconsolidatedincomestatementincludesonlytherevenuesandexpensesoftheparentcompany.4.Whichofthefollowingisacomponentofcashflowfromoperatingactivitiesundertheindirectmethod?a)Proceedsfromthesaleofequipmentb)Interestexpensec)Dividendsreceivedfrominvestmentsd)Paymentofdividends5.Whichofthefollowingratiosismostcommonlyusedtoassessacompany'sabilitytomeetitsshort-termobligations?a)Debt-to-equityratiob)Currentratioc)Returnonequityd)Price-to-earningsratio6.Acompanyexpectsitsearningstogrowatarateof10%peryearforthenextthreeyearsandthenatarateof5%peryearindefinitely.Whatistheterminalvalueofitsstockiftherequiredrateofreturnis12%andthelastreportedearningswere$2pershare?a)$40.00b)$42.50c)$45.00d)$47.507.Whichofthefollowingisalimitationofusingthedividenddiscountmodel(DDM)tovalueastock?a)Itassumesthatdividendswillgrowataconstantrateindefinitely.b)Itisdifficulttoestimatetherequiredrateofreturn.c)Itisnotsuitableforcompaniesthatdonotpaydividends.d)Alloftheabove.8.Whichofthefollowingisadifferencebetweenthestatementofcashflowsandtheincomestatement?a)Thestatementofcashflowsreportscashflowsfromoperating,investing,andfinancingactivities,whiletheincomestatementreportsrevenuesandexpenses.b)Thestatementofcashflowsispreparedonaaccrualbasis,whiletheincomestatementispreparedonacashbasis.c)Thestatementofcashflowsincludesnoncashtransactions,whiletheincomestatementdoesnot.d)Thestatementofcashflowsispreparedbymanagement,whiletheincomestatementispreparedbyexternalauditors.9.Acompanyhascurrentassetsof$100,000,currentliabilitiesof$50,000,long-termassetsof$200,000,andlong-termliabilitiesof$150,000.Whatisthecompany'sdebt-to-equityratio?a)0.33b)0.50c)1.00d)1.5010.Whichofthefollowingisalimitationofusingfinancialratiosforanalysis?a)Ratioscanbemanipulatedthroughaccountingchoices.b)Ratiosmaynotbecomparableacrosscompaniesindifferentindustries.c)Ratiosdonotprovideanyinformationaboutacompany'sfutureprospects.d)Alloftheabove.Part2:CalculationQuestions11.AcompanyhasthefollowingdatafortheyearsendedDecember31,2023,and2024:2023:Sales=$500,000;Costofgoodssold=$300,000;Operatingexpenses=$150,000;Interestexpense=$20,000;Taxes=$30,0002024:Sales=$600,000;Costofgoodssold=$360,000;Operatingexpenses=$180,000;Interestexpense=$24,000;Taxes=$36,000Usinghorizontalanalysis,calculatethepercentagechangeineachitemfrom2023to2024.12.CompanyAowns80%ofCompanyB.ThebalancesheetsofthetwocompaniesforDecember31,2024,areasfollows:CompanyA:Assets=$400,000;Liabilities=$200,000;Equity=$200,000CompanyB:Assets=$200,000;Liabilities=$100,000;Equity=$100,000PrepareaconsolidatedbalancesheetforCompanyAandCompanyBasofDecember31,2024.13.AcompanyhasthefollowinginformationfortheyearendedDecember31,2024:Netincome=$100,000;Depreciationexpense=$20,000;Increaseinaccountsreceivable=$10,000;Increaseinaccountspayable=$5,000;Increaseininventory=$15,000Calculatethenetcashprovidedbyoperatingactivitiesusingtheindirectmethod.14.AcompanyhasthefollowingdatafortheyearendedDecember31,2024:Commonsharesoutstanding=100,000;Marketpricepershare=$20;Earningspershare=$2;Dividendspershare=$1Calculatetheprice-to-earningsratioandthedividendpayoutratio.15.Acompanyisexpectedtogeneratefreecashflowsof$50,000in2025,$60,000in2026,and$70,000in2027.After2027,freecashflowsareexpectedtogrowatarateof5%peryearindefinitely.Iftheweightedaveragecostofcapital(WACC)is10%,whatisthevalueofthecompany'soperationsasofDecember31,2024?Part3:ShortAnswerQuestions16.Explainthedifferencebetweentheaccrualbasisandthecashbasisofaccounting.Provideoneexampleofeach.17.Describethestepsinvolvedinpreparingastatementofcashflowsusingtheindirectmethod.18.ExplaintheconceptofduPontanalysis.Howcanitbeusedtoanalyzeacompany'sprofitability?19.Describethefactorsthatcanaffectacompany'sabilitytogeneratepositivecashflowsfromitsoperations.20.Compareandcontrastthedividenddiscountmodel(DDM)andthediscountedcashflow(DCF)model.Whichmodeldoyoubelieveismorereliable,andwhy?試卷答案Part1:MultipleChoiceQuestions1.b)Itcanmasktrendswhenusingabsolutedollaramounts.解析：橫向分析通過比較不同時(shí)期的絕對(duì)金額來識(shí)別趨勢(shì)，但這可能掩蓋了百分比變化的重要性，特別是當(dāng)金額差異很大時(shí)。2.a)$11,000解析：使用加權(quán)平均成本法，總成本為(1,000*$10)+(2,000*$12)=$34,000。已售出1,500單位的平均成本為$34,000/3,000=$11.33。成本ofgoodssold=1,500*$11.33=$11,000。3.b)Intercompanytransactionsareeliminatedtoavoiddouble-counting.解析：合并財(cái)務(wù)報(bào)表的目的是消除母公司和子公司之間的交易，以避免重復(fù)計(jì)算。4.b)Interestexpense解析：利息費(fèi)用是企業(yè)經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流出，因此在間接法下被加回到凈利潤(rùn)中以計(jì)算經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流量。5.b)Currentratio解析：流動(dòng)比率是衡量企業(yè)短期償債能力最常用的指標(biāo)，它表示企業(yè)流動(dòng)資產(chǎn)能夠覆蓋流動(dòng)負(fù)債的程度。6.b)$42.50解析：首先計(jì)算前三年的股權(quán)價(jià)值：V(2026)=$2*(1+0.10)^3/(0.12-0.10)=$24.20。然后計(jì)算終端價(jià)值：TV(2026)=$24.20*(1+0.05)/(0.12-0.05)=$40.50。最后，計(jì)算當(dāng)前價(jià)值：V(2024)=$24.20/(1+0.12)^2+$40.50/(1+0.12)^3=$42.50。7.d)Alloftheabove.解析：DDM的主要局限性包括假設(shè)股利將無限期以恒定比率增長(zhǎng)，難以估計(jì)要求回報(bào)率，以及不適用于不支付股利的公司。8.a)Thestatementofcashflowsreportscashflowsfromoperating,investing,andfinancingactivities,whiletheincomestatementreportsrevenuesandexpenses.解析：現(xiàn)金流量表報(bào)告來自經(jīng)營(yíng)活動(dòng)、投資活動(dòng)和融資活動(dòng)的現(xiàn)金流量，而損益表報(bào)告收入和費(fèi)用。9.b)0.50解析：總負(fù)債=$50,000+$150,000=$200,000。股東權(quán)益=$100,000+($200,000-$150,000)=$150,000。債務(wù)權(quán)益比=$200,000/$150,000=1.33。(更正：選項(xiàng)a)0.33對(duì)應(yīng)0.33=$200,000/($200,000+$150,000)。正確答案應(yīng)為c)1.00)10.d)Alloftheabove.解析：使用財(cái)務(wù)比率分析的局限性包括比率可能因會(huì)計(jì)選擇而被操縱，不同行業(yè)的公司之間可能無法進(jìn)行比較，以及比率本身可能無法提供有關(guān)公司未來前景的信息。Part2:CalculationQuestions11.錯(cuò)誤，缺少答案。請(qǐng)?zhí)峁┐鸢敢员阄疫M(jìn)行解析。12.錯(cuò)誤，缺少答案。請(qǐng)?zhí)峁┐鸢敢员阄疫M(jìn)行解析。13.錯(cuò)誤，缺少答案。請(qǐng)?zhí)峁┐鸢敢员阄疫M(jìn)行解析。14.價(jià)格-盈余比率=$20/$2=10。股利支付率=$1/$2=0.50或50%。解析：價(jià)格-盈余比率是股票市場(chǎng)價(jià)格與每股收益的比率，用于衡量市場(chǎng)對(duì)公司盈利能力的預(yù)期。股利支付率是每股股利與每股收益的比率，表示公司將其盈利以股利形式返還給股東的百分比。15.錯(cuò)誤，缺少答案。請(qǐng)?zhí)峁┐鸢敢员阄疫M(jìn)行解析。Part3:ShortAnswerQuestions16.Accrualbasisaccountingrecognizesrevenueswhentheyareearnedandexpenseswhentheyareincurred,regardlessofwhencashisexchanged.Example:Recordingrevenuewhenaserviceisperformed,evenifpaymentisreceivedlater.Cashbasisaccountingrecognizesrevenuesandexpensesonlywhencashisreceivedorpaid.Example:Recordingexpenseonlywhencashispaidforautilitybill.解析：權(quán)責(zé)發(fā)生制會(huì)計(jì)在收入實(shí)現(xiàn)和費(fèi)用發(fā)生時(shí)確認(rèn)收入和費(fèi)用，而不管現(xiàn)金何時(shí)交換。例如：在服務(wù)完成后確認(rèn)收入，即使后來收到付款?，F(xiàn)金制會(huì)計(jì)僅在收到或支付現(xiàn)金時(shí)確認(rèn)收入和費(fèi)用。例如：僅在支付水電費(fèi)時(shí)確認(rèn)費(fèi)用。17.Toprepareastatementofcashflowsusingtheindirectmethod,startwithnetincome.Addbacknoncashexpenses(likedepreciation)andincreasesincurrentliabilities(likeaccountspayable).Subtractincreasesincurrentassets(likeaccountsreceivable)anddecreasesincurrentliabilities.Cashflowsfromoperatingactivitiesarecalculated,thencashflowsfrominvestingandfinancingactivitiesareadded.解析：使用間接法編制現(xiàn)金流量表，從凈利潤(rùn)開始。加回非現(xiàn)金費(fèi)用（如折舊）和流動(dòng)負(fù)債的增加（如應(yīng)付賬款）。減去流動(dòng)資產(chǎn)的增加（如應(yīng)收賬款）和流動(dòng)負(fù)債的減少。計(jì)算經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流量，然后加上來自投資和融資活動(dòng)的現(xiàn)金流量。18.DuPontanalysisbreaksdownreturnonequity(ROE)intothreecomponents:profitmargin,assetturnover,andfinancialleverage.Profitmarginmeasuresprofitability,assetturnovermeasuresefficiency,andfinancialleveragemeasurestheuseofdebt.Byanalyzingthesecomponents,youcanunderstandhowchangesineachaffectoverallROE.解析：杜邦分析將凈資產(chǎn)收益率(ROE)分解為三個(gè)組成部分：利潤(rùn)率、資產(chǎn)周轉(zhuǎn)率和財(cái)務(wù)杠桿。利潤(rùn)率衡量盈利能力，資產(chǎn)周轉(zhuǎn)率衡量效率，財(cái)務(wù)杠桿衡量債務(wù)的使用程度。通過分析這些組成部分，你可以了解每個(gè)組成部分的變化如何影響整體ROE。19.Acompany'sabilitytogeneratepositivecashflowsfromoperationscanbeaf