2025年CFA《財報分析》客觀題專項訓練卷考試時間：______分鐘總分：______分姓名：______一、1.Whichofthefollowingisgenerallyconsideredastrengthoftheaccrualbasisofaccounting?a)Itprovidesaclearpictureofcashflows.b)Itrecognizesrevenuesandexpenseswhentheyareearnedorincurred,regardlessofwhencashisexchanged.c)Itissimplertoimplementthanthecashbasis.d)Itispreferredbymosttaxauthorities.2.Whichaccountingprinciplerequiresthatfinancialstatementsreflecttheeconomicsubstanceoftransactionsratherthanjusttheirlegalform?a)Historicalcostprincipleb)Revenuerecognitionprinciplec)Consistencyprincipled)Substance-over-formprinciple3.Thematchingprincipleinaccountingsuggeststhat:a)Expensesshouldberecognizedbeforerevenuesarerecognized.b)Expensesshouldberecognizedinthesameperiodastherevenuestheyhelpedgenerate.c)Allexpensesshouldbetreatedasperiodcosts.d)Fixedassetsshouldbeexpensedimmediatelyratherthandepreciated.4.WhichofthefollowingistypicallyNOTincludedinthecalculationofearningspershare(EPS)?a)Netincomeavailabletocommonshareholdersb)Preferreddividendsc)Interestexpensed)Weightedaveragenumberofcommonsharesoutstandingduringtheperiod5.Acompanyusesthestraight-linemethodtodepreciateitsequipment.Iftheequipmenthasausefullifeof5yearsandnosalvagevalue,whatistheannualdepreciationexpense?a)20%ofthebookvalueoftheequipment.b)10%ofthebookvalueoftheequipment.c)Thefullcostoftheequipmentdividedby5years.d)Thefullcostoftheequipmentminusanysalvagevalue,dividedby5years.二、6.Acompany'scurrentassetsare$100,000anditscurrentliabilitiesare$60,000.Whatisitsworkingcapital?a)$40,000b)$160,000c)1.67d)$140,0007.Ifacompany'scurrentratiois2.5anditsquickratiois1.5,whatistheproportionofitscurrentassetsthatareintheformofinventory?a)40%b)60%c)50%d)30%8.Acompanyhastotalassetsof$500,000andtotalliabilitiesof$300,000.Whatisitsdebt-to-equityratio?a)0.6b)1.67c)0.33d)1.09.Whichofthefollowingratiosismostcommonlyusedtomeasureacompany'sabilitytomeetitsshort-termobligations?a)Debt-to-equityratiob)Timesinterestearnedratioc)Currentratiod)Returnonequity10.Acompany'snetincomeis$200,000anditstotalassetsare$1,000,000.Whatisitsreturnonassets(ROA)?a)0.2b)0.01c)20%d)10%三、11.Acompany'ssalesrevenueincreasedby10%fromYear1toYear2.Itscostofgoodssoldincreasedby5%.Whatistheapproximatepercentageincreaseinitsgrossprofitmargin?a)5%b)10%c)15%d)20%12.Acompanyhasoperatingincomeof$150,000andinterestexpenseof$50,000.Whatisitstimesinterestearnedratio?a)3.0b)0.33c)1.0d)0.6713.Acompany'snetincomeis$100,000anditpayspreferreddividendsof$20,000.Whatisitsearningsavailabletocommonshareholders?a)$100,000b)$20,000c)$80,000d)$120,00014.Acompany'sreturnonequity(ROE)is15%anditstotalequityis$400,000.Whatisitsnetincome?a)$15,000b)$60,000c)$400,000d)$4,000,00015.Acompanyhassalesrevenueof$500,000,operatingexpensesof$200,000,andinterestexpenseof$50,000.Whatisitsnetincome?a)$250,000b)$150,000c)$100,000d)$50,000四、16.WhichofthefollowingisalimitationoftheDuPontanalysis?a)Itonlyconsidersacompany'sfinancialperformanceoverasingleperiod.b)Itbreaksdownreturnonequityintocomponentsthatarenoteasilyunderstood.c)Itisdifficulttocomparetheresultsofcompaniesindifferentindustries.d)Itdoesnotconsidertheimpactofdebtonacompany'sreturns.17.Acompany'sinventoryturnoverratiois5.Whatdoesthisindicate?a)Thecompanysellsitsinventory5timesperyear.b)Thecompany'sinventoryisvaluedat5timesitscostofgoodssold.c)Thecompany'sinventoryisaging5years.d)Thecompany'sinventoryisnotturningoverquicklyenough.18.Whichofthefollowingisameasureofacompany'sliquidity?a)Inventoryturnoverratiob)Debt-to-equityratioc)Currentratiod)Returnonassets19.Acompanyisconsideringacquiringanothercompany.WhichofthefollowingfinancialstatementanalyseswouldbeMOSTrelevantforthisdecision?a)Horizontalanalysisb)Verticalanalysisc)Common-sizeanalysisd)Ratioanalysis20.Whichofthefollowingisgenerallyconsideredapositivesignwhenanalyzingacompany'sfinancialstatements?a)Adecliningtrendinthecurrentratio.b)Anincreasingtrendinthedebt-to-equityratio.c)Adecreasingtrendintheinventoryturnoverratio.d)Anincreasingtrendinthereturnonassets.五、21.Acompany'sdepreciationexpensefortheyearis$100,000.Whatistheeffectofthisexpenseonitsnetincome?a)Increasesnetincomeby$100,000.b)Decreasesnetincomeby$100,000.c)Hasnoeffectonnetincome.d)Increasesnetincomeby$100,000anddecreasesassetsby$100,000.22.Whichofthefollowingisacomponentofthestatementofcashflows?a)Operatingactivitiesb)Investingactivitiesc)Financingactivitiesd)Alloftheabove23.Acompany'scashflowfromoperatingactivitiesis$200,000.Itscashflowfrominvestingactivitiesis$-50,000.Itscashflowfromfinancingactivitiesis$-100,000.Whatisitsnetincrease(ordecrease)incashfortheperiod?a)$50,000b)$150,000c)$-50,000d)$-250,00024.Whichofthefollowingstatementsistrueregardingthestatementofcashflows?a)Itshowshowacompany'snetincomeisaffectedbychangesinitsbalancesheetaccounts.b)Itreconcilesthebeginningandendingcashbalancesforaperiod.c)Itshowsthecashinflowsandoutflowsfromacompany'soperating,investing,andfinancingactivities.d)Itispreparedusingtheaccrualbasisofaccounting.25.Acompany'snetincomeis$200,000.Itsdepreciationexpenseis$50,000.Itsincreaseinaccountspayableis$20,000.Whatisitscashflowfromoperatingactivitiesusingtheindirectmethod?a)$170,000b)$220,000c)$250,000d)$200,000六、26.Whichofthefollowingisamethodofvaluingacompany'sequity?a)Discountedcashflow(DCF)analysisb)Comparablecompanyanalysisc)Precedenttransactionsanalysisd)Alloftheabove27.Whichofthefollowingisafactorthatcanaffectacompany'scostofequity?a)Therisk-freerateb)Thecompany'sbetac)Themarketriskpremiumd)Alloftheabove28.Whichofthefollowingisalimitationofthedividenddiscountmodel(DDM)?a)Itisdifficulttoestimatefuturedividends.b)Itisnotsuitableforcompaniesthatdonotpaydividends.c)Itassumesthatthestockpricewillalwaysgrowataconstantrate.d)Alloftheabove29.Whichofthefollowingisacomponentoftheweightedaveragecostofcapital(WACC)?a)Thecostofequityb)Thecostofdebtc)Thecompany'staxrated)Alloftheabove30.Acompany'sstockiscurrentlytradingat$50pershare.Itsnextexpecteddividendis$2pershare,anditsrequiredrateofreturnis10%.WhatistheimpliedgrowthrateofdividendsusingtheconstantgrowthDDM?a)4%b)6%c)8%d)10%試卷答案1.b解析：權責發(fā)生制會計法在收入實現(xiàn)或費用發(fā)生時確認收入和費用，而不管現(xiàn)金是否已經(jīng)交換，這提供了更準確的財務狀況和經(jīng)營成果信息。2.d解析：實質(zhì)重于形式原則要求財務報表反映交易的經(jīng)濟實質(zhì)，而不是僅僅基于法律形式。3.b解析：配比原則要求在同一個會計期間內(nèi)確認相關的收入和費用，以便更準確地反映該期間的盈利能力。4.c解析：計算每股收益時，需要從凈利潤中扣除優(yōu)先股股息，因為優(yōu)先股股息不是普通股股東的收益。利息費用是計算稅前利潤的一部分，已在凈利潤中體現(xiàn)。5.c解析：直線法折舊是指將固定資產(chǎn)的成本在其預計使用年限內(nèi)平均分攤。年折舊費用等于固定資產(chǎn)成本除以使用年限。6.a解析：工作資本是當前資產(chǎn)減去當前負債的差額。7.a解析：當前比率是當前資產(chǎn)除以當前負債?？焖俦嚷适牵ó斍百Y產(chǎn)-存貨）除以當前負債。通過這兩個比率可以計算出存貨占當前資產(chǎn)的比例。8.a解析：負債權益率是總負債除以股東權益。它衡量了公司負債融資的程度。9.c解析：流動比率是當前資產(chǎn)除以當前負債，用于衡量公司償還短期債務的能力。10.c解析：資產(chǎn)回報率（ROA）是凈利潤除以總資產(chǎn)，表示公司利用其資產(chǎn)產(chǎn)生利潤的效率。11.a解析：毛利率是毛利潤除以銷售收入。由于銷售收入增