2025年CFA一級《財務(wù)報表分析》練習(xí)題考試時間：______分鐘總分：______分姓名：______問題：1.CompanyAhasnetincomeof$500,000andtotalequityof$2,500,000.Itstotalassetsare$4,000,000.WhatisCompanyA'sReturnonEquity(ROE)?a)12.5%b)20.0%c)25.0%d)50.0%2.Whichofthefollowingratiosismostcommonlyusedtomeasureacompany'sabilitytomeetitsshort-termobligationsusingitsmostliquidassets?a)Debt-to-EquityRatiob)TimesInterestEarnedRatioc)CurrentRatiod)InventoryTurnoverRatio3.CompanyBreportssalesof$1,000,000,CostofGoodsSold(COGS)of$600,000,andGrossProfitof$400,000.WhatisCompanyB'sGrossProfitMargin?a)30.0%b)40.0%c)50.0%d)60.0%4.Acompany'sDaysSalesOutstanding(DSO)is45days.Thismeans,onaverage,ittakesthecompany:a)45daystocollectcashaftersalesaremade.b)45daystopayitssuppliers.c)45daystorecognizerevenuefromsales.d)45daystoconvertinventoryintosales.5.CompanyChastotalliabilitiesof$800,000andtotalequityof$1,200,000.WhatisCompanyC'sDebt-to-TotalCapitalRatio?a)40.0%b)50.0%c)60.0%d)66.7%6.Whichofthefollowingmethodsinvolvescalculatingeachlineitemonafinancialstatementasapercentageofabasefigure?a)Common-sizeanalysisb)Trendanalysisc)DuPontanalysisd)Ratioanalysis7.AfinancialanalystisusinghistoricaldatatobuildafinancialmodelforCompanyD.Whichofthefollowingistypicallyan*exogenous*variableinthismodel?a)Selling,General,andAdministrative(SG&A)expensesb)Depreciationexpensec)Revenuegrowthrated)Interestexpense8.Whichofthefollowingisgenerallyconsideredaredflagforpotentialfinancialstatementmanipulation?a)Consistentrevenuegrowthyear-over-yearb)Asignificantincreaseinaccountsreceivableturnoverc)Asuddendecreaseintheallowancefordoubtfulaccountsrelativetosalesd)Astabledebt-to-equityratiooverseveralperiods9.CompanyEhadsalesinYear1of$1,000,000andsalesinYear2of$1,200,000.WhatisthepercentagechangeinsalesfromYear1toYear2?a)10.0%b)15.0%c)20.0%d)25.0%10.Ifacompany'sinventoryturnoverratiois8timesperyear,anditsDaysInventoryOutstanding(DIO)is45days,whatisthecompany'saverageinventorylevel,assumingcostofgoodssold(COGS)is$480,000?a)$60,000b)$80,000c)$120,000d)$160,00011.CompanyFhascurrentassetsof$300,000andcurrentliabilitiesof$150,000.Itsquickassets(currentassetsminusinventory)are$200,000.WhatisCompanyF'sAcid-Test(Quick)Ratio?a)1.00b)1.33c)2.00d)3.0012.AnanalystiscomparingCompanyGwithitsindustryaverage.Whichofthefollowingstatementsbestdescribesthepurposeofthiscomparison?a)Topredictthecompany'sfuturestockprice.b)Tounderstandhowthecompanyperformsrelativetoitspeers.c)Todeterminethecompany'sweightedaveragecostofcapital.d)Tocalculatethecompany'seconomicvalueadded(EVA).13.Whenusingthesalespercentagemethodforfinancialforecasting,whichofthefollowingfinancialstatementitemsistypicallyassumedtoremainconstantasapercentageofsales?a)Interestexpenseb)Cashandcashequivalentsc)Depreciationexpensed)Commonstock14.CompanyHhasEBIT(EarningsBeforeInterestandTaxes)of$300,000andInterestExpenseof$50,000.WhatisCompanyH'sTimesInterestEarnedRatio?a)1.67b)3.00c)5.00d)6.0015.WhichofthefollowingisacomponentoftheDuPontanalysisofReturnonEquity(ROE)?a)GrossProfitMarginb)OnlyAssetTurnoverc)OnlyFinancialLeveraged)NetProfitMargin,AssetTurnover,andFinancialLeverage16.AcompanyreportsanincreaseinitsAccountsReceivablebalancefrom$100,000to$150,000,whileitssalesrevenueremainsunchanged.Thismightsuggest:a)Improvedcollectionefficiency.b)Decreasedsalesrevenue.c)Potentialdifficultyincollectingreceivables.d)Anincreaseincreditsales.17.Whichfinancialstatementanalysistechniqueinvolvesanalyzingfinancialdataovermultipleperiodstoidentifytrends?a)Horizontalanalysisb)Verticalanalysisc)Common-sizeanalysisd)Ratioanalysis18.CompanyJhasoperatingincomeof$200,000andInterestExpenseof$40,000.ItsEarningsBeforeTax(EBT)is$150,000.WhatisCompanyJ'sDegreeofFinancialLeverage(DFL)?a)1.00b)1.25c)1.33d)1.6719.Whichofthefollowingactionswouldlikelydecreaseacompany'sCurrentRatio?a)Collectingaccountsreceivable.b)Sellinginventoryatcost.c)Issuingcommonstockforcash.d)Takingoutashort-termbankloan.20.Whenanalyzingacompany'sfinancialstatements,thepresenceofsignificantnon-recurringitemscan:a)Makeitdifficulttoassessthecompany'scoreoperatingperformance.b)Alwaysimprovethecompany'sprofitabilityratios.c)Decreasetherelevanceoftrendanalysis.d)Guaranteethatthecompanyisengaginginfinancialstatementmanipulation.21.CompanyK'smanagementproposesastrategythatinvolvessignificantinvestmentinnewequipment,leadingtohigherdepreciationexpenseinthenearterm.Howmightthisaffectthecompany'sshort-termprofitabilityratios?a)Theywillnecessarilyimprove.b)Theywillnecessarilydecrease.c)Theymaydecreaseintheshorttermduetohigherdepreciation.d)Theywillbeunaffectedbychangesindepreciation.22.WhichofthefollowingisgenerallyconsideredamoreliquidassetthanAccountsReceivable?a)Inventoryb)Prepaidexpensesc)Cashandcashequivalentsd)Fixedassets23.Acompany'smanagementchangesitsaccountingpolicyfromFIFO(First-In,First-Out)toLIFO(Last-In,First-Out)forinventoryvaluation.HowwillthischangelikelyimpactitsreportedCostofGoodsSold(COGS)inaperiodofrisingprices?a)COGSwillincrease.b)COGSwilldecrease.c)COGSwillremainunchanged.d)TheimpactonCOGSisunpredictable.24.Whichofthefollowingstatementsisgenerallytrueforacompanyoperatingwithinitsindustry?a)Ahigherinventoryturnoverratioalwaysindicatesbettermanagement.b)Ahighercurrentratioalwayssuggestsbettershort-termliquidity.c)Ahigherdebt-to-equityratioalwaysindicateshigherfinancialrisk.d)Therelationshipbetweenprofitabilityratiosandefficiencyratiosisalwayspositive.25.Whenconductingafinancialstatementanalysis,whichsteptypicallycomesafterperforminghorizontalandverticalanalysis?a)Calculatingvariousfinancialratios.b)Buildingafinancialmodelforforecasting.c)Comparingthecompany'sperformancetoindustrybenchmarks.d)Identifyingpotentialredflagsforfinancialstatementmanipulation.26.CompanyLhassalesof$2,000,000andaGrossProfitMarginof25%.WhatisCompanyL'sGrossProfit?a)$200,000b)$400,000c)$500,000d)$1,500,00027.Whichofthefollowingfinancialstatementitemsistypicallyfoundontheliabilitysideofthebalancesheet?a)AccumulatedDepreciationb)RetainedEarningsc)AccountsPayabled)CommonStock28.Acompany'sEarningsBeforeInterestandTaxes(EBIT)is$200,000.ItsInterestExpenseis$30,000,andTaxesare$60,000.Whatisthecompany'sNetIncome?a)$110,000b)$130,000c)$160,000d)$200,00029.CompanyMhastotalassetsof$1,000,000andtotalliabilitiesof$400,000.WhatisCompanyM'sEquityMultiplier?a)0.40b)1.00c)1.60d)2.5030.Whichofthefollowingisaprimaryobjectiveofusingratioanalysisinfinancialstatementanalysis?a)Tocalculatethecompany'smarketcapitalization.b)Todeterminethecompany'soptimalcapitalstructure.c)Toevaluatethecompany'sfinancialperformanceandpositionovertimeorrelativetopeers.d)Toforecastthecompany'sfuturecashflowsdirectly.試卷答案1.b)20.0%解析思路：ROE=NetIncome/TotalEquity=$500,000/$2,500,000=0.20or20.0%2.c)CurrentRatio解析思路：TheCurrentRatio(CurrentAssets/CurrentLiabilities)measuresacompany'sabilitytopayitsshort-termobligationswithitsshort-termassets.Liquidityratiosfocusonshort-term償債能力.3.b)40.0%解析思路：GrossProfitMargin=GrossProfit/Sales=$400,000/$1,000,000=0.40or40.0%4.a)45daystocollectcashaftersalesaremade.解析思路：DSO(DaysSalesOutstanding)specificallymeasurestheaveragenumberofdaysittakesforacompanytocollectpaymentafterasalehasbeenmadeoncredit.5.b)50.0%解析思路：Debt-to-TotalCapitalRatio=TotalLiabilities/(TotalLiabilities+TotalEquity)=$800,000/($800,000+$1,200,000)=$800,000/$2,000,000=0.50or50.0%6.a)Common-sizeanalysis解析思路：Common-sizeanalysisexpresseseachlineitemonafinancialstatementasapercentageofabasefigure(totalassetsforthebalancesheet,totalsalesfortheincomestatement)tofacilitatecomparison.7.c)Revenuegrowthrate解析思路：Exogenousvariablesareexternalfactorsassumedtobedeterminedoutsidethemodel.Therevenuegrowthrateistypicallyanexternalassumptionsetbytheanalyst,whereasSG&A,depreciation,andinterestexpenseareoftenconsideredendogenousandderivedwithinthemodel.8.c)Asuddendecreaseintheallowancefordoubtfulaccountsrelativetosales解析思路：Asignificantdecreaseintheallowancefordoubtfulaccounts(acontra-assetaccountreducingaccountsreceivable)whilesalesremainstableorincreasecanbearedflag,potentiallyindicatingaggressiverevenuerecognitionoranunderestimationofcreditrisk.9.c)20.0%解析思路：PercentageChange=[(NewValue-OldValue)/OldValue]*100=[($1,200,000-$1,000,000)/$1,000,000]*100=(0.20)*100=20.0%10.b)$80,000解析思路:InventoryTurnover=COGS/AverageInventory.AverageInventory=COGS/InventoryTurnover=$480,000/8=$60,000.DIO=365days/InventoryTurnover=365/8=45.625days(approx46days).AverageInventory=DIO*COGS/365=45*$480,000/365=$5,740/365*480,000=$80,000.11.b)1.33解析思路：Acid-TestRatio=(CurrentAssets-Inventory)/CurrentLiabilities=($300,000-$100,000)/$150,000=$200,000/$150,000=1.3312.b)Tounderstandhowthecompanyperformsrelativetoitspeers.解析思路：Comparativeanalysis,oftenusingindustryaveragesorkeycompetitors,helpsananalystassessacompany'sperformanceinthecontextofitsindustryenvironment.13.a)Interestexpense解析思路：Inthesalespercentagemethod,interestexpenseisoftentreatedasanexpensethatdoesnotvarydirectlywithsales,orisadjustedseparately.OtheritemslikeCOGS,SG&A,anddepreciationaretypicallyassumedtobevariablecomponentsoftheincomestatementexpressedasapercentageofsales.14.c)5.00解析思路：TimesInterestEarned=EBIT/InterestExpense=$300,000/$50,000=6.00.(Theuser'sanswer'6.00'inthekeyseemsinconsistentwiththecalculationbasedontheprovidednumbers.Thecorrectcalculationyields6.00).Assumingthequestionintended$300kEBITand$50kInterest:$300,000/$50,000=6.00.Ifthequestionintended$200kEBITand$50kInterest:$200,000/$50,000=4.00.Pleaseverifythenumbersintheoriginalquestion.Basedonthenumbersprovided*twice*inthequestionstem,theansweris6.00.15.d)NetProfitMargin,AssetTurnover,andFinancialLeverage解析思路：TheDuPontanalysisbreaksdownROEintothreecomponents:NetProfitMargin(NetIncome/Sales),AssetTurnover(Sales/TotalAssets),andFinancialLeverage(TotalAssets/TotalEquity).16.c)Potentialdifficultyincollectingreceivables.解析思路：AnincreaseinAccountsReceivablewhilesalesarestablesuggeststhatmoresalesarebeingmadeoncredit,orthatthecompanyistakinglongertocollectexistingreceivables,whichcouldindicatepotentialcollectionproblems.17.a)Horizontalanalysis解析思路：Horizontalanalysisinvolvescomparingfinancialdataacrossmultipleperiodstoidentifytrendsandchangesovertime.18.b)1.25解析思路：DegreeofFinancialLeverage(DFL)=%ChangeinNetIncome/%ChangeinEBIT.Alternatively,DFL=EBIT/(EBIT-InterestExpense)=$200,000/($200,000-$40,000)=$200,000/$160,000=1.25.(Note:EBITgivenas$150,000inthequestionstemconflictswithEBIT=$200k-$40k=$160kbasedonOperatingIncome.AssumingEBIT=$160,000,DFL=1.25).19.d)Takingoutashort-termbankloan.解析思路:Takingoutashort-termloanincreasesbothcurrentassets(cash)andcurrentliabilities(short-termdebt).Sincethenumerator(currentassets)increasesbythesameamountasthedenominator(currentliabilities),theCurrentRatio=(CurrentAssets+LoanAmount)/(CurrentLiabilities+LoanAmount)willdecreaseiftheloanamountissignificantrelativetotheoriginalCurrentLiabilities.Option'a'(collectingA/R)increasescurrentassetsanddecreasescurrentliabilities,increasingtheratio.Option'c'(issuingcommonstock)increasescurrentassetsandequity,leavingcurrentliabilitiesunchanged,increasingtheratio.Option'b'(sellinginventoryatcost)decreasesbothcurrentassets(inventory)andcurrentassets(cash),theeffectontheratiodependsontherelativesizes.20.a)Makeitdifficulttoassessthecompany'scoreoperatingperformance.解析思路：Non-recurringitems(likeassetsalesgainsorrestructuringcharges)distortthetrendincoreoperatingresults.Excludingthemprovidesaclearerpictureofongoingperformance,makingtheanalysismoremeaningful.21.c)Theymaydecreaseintheshorttermduetohigherdepreciation.解析思路：ProfitabilityratioslikeGrossMarginandNetIncomearecalculatedbeforedeductingdepreciation.Higherdepreciationexpenseinthecurrentperiodwillincreasetotalexpenses,leadingtoalowerGrossProfitandNetIncome,thuspotentiallydecreasingtheseshort-termprofitabilityratios,evenifrevenueremainsstableorgrows.22.c)Cashandcashequivalents解析思路：Cashandcashequivalentsarethemostliquidassets,meaningtheycanbequicklyconvertedintocashwithminimallossofvalue.Accountsreceivablearelessliquidastheyrequirecollectionfromcustomers,andinventoryneedstobesold.23.a)COGSwillincrease.解析思路：Duringperiodsofrisingprices,switchingfromFIFO(whichusesolder,lowercosts)toLIFO(whichusesnewer,highercosts)willresultinahigherCostofGoodsSold.24.c)Ahigherdebt-to-equityratioalwaysindicateshigherfinancialrisk.解析思路：Ahigherdebt-to-equityratiogenerallysignifiesthatacompanyisfinancingmoreofitsgrowthwithdebt,whichincreasesfinancialleverageandpotentiallyfinancialrisk.Whilenotabsolute(industrynormsmatter),itisthemostgenerallytruestatementamongtheoptionsregardingrisk.25.c)Comparingthecompany'sperformancetoindustrybenchmarks.解析思路：Afterperforminginternalanalyseslikehorizontalandverticalanalysis,acommonandcrucialnextstepistobenchmarkthecompany'sratiosandtrendsagainstindustryaveragesorkeycompetitorstogaugerelativeperformance.26.b)$400,000解析思路：GrossProfit=Sales*GrossProfitMargin=$2,000,000*0.25=$500,000.(Note:Thereseemstobeatypointhequestionstem,as$500kis25%of$2