2025年CFA一級(jí)財(cái)務(wù)報(bào)表分析題集考試時(shí)間：______分鐘總分：______分姓名：______一、UsingthefollowingpartialincomestatementandbalancesheetdataforDynastyInc.,calculatethefollowingforthemostrecentyear:1.GrossProfitMargin.2.OperatingProfitMargin.3.ReturnonAssets(usingaveragetotalassets).4.DaysSalesOutstanding(DSO),assumingallreceivablesaretradereceivables.5.InventoryTurnoverRatio.6.FixedAssetTurnoverRatio(usingaveragefixedassets).DynastyInc.PartialFinancialData:IncomeStatement:NetSales:$9,500,000CostofGoodsSold:$5,600,000GrossProfit:$3,900,000OperatingExpenses:$1,800,000OperatingIncome(EBIT):$2,100,000InterestExpense:$300,000IncomeBeforeTax:$1,800,000IncomeTaxExpense(40%):$720,000NetIncome:$1,080,000BalanceSheet(EndofYear):TotalCurrentAssets:$2,500,000TotalReceivables:$1,200,000Inventory:$800,000TotalAssets:$10,000,000TotalCurrentLiabilities:$1,000,000TotalLiabilities:$4,000,000TotalEquity:$6,000,000TotalFixedAssets:$4,000,000AverageTotalAssetsfortheyear:$9,500,000AverageFixedAssetsfortheyear:$3,800,000二、CompanyAandCompanyBareinthesameindustry.Compareandcontrasttheirfinancialperformancebasedonthefollowingcommon-sizeincomestatementdata(expressedaspercentagesofnetsales):|Item|CompanyA|CompanyB||--------------------------|-----------|-----------||NetSales|100.0%|100.0%||CostofGoodsSold|60.0%|65.0%||GrossProfitMargin|40.0%|35.0%||OperatingExpenses|25.0%|30.0%||OperatingProfitMargin|15.0%|5.0%||InterestExpense|3.0%|4.0%||IncomeBeforeTax|12.0%|1.0%||IncomeTaxExpense(40%)|4.8%|0.4%||NetIncome|7.2%|0.6%|Discusstheimplicationsofthesedifferencesforeachcompany'sprofitability,efficiency,andcoststructure.Identifyanypotentialredflagsorareasofconcernforeachcompany.三、XYZCorporationispreparingitscashflowstatementusingtheindirectmethod.Itreportsthefollowinginformationfortheyear:NetIncome:$500,000DepreciationExpense:$100,000AmortizationExpense:$20,000IncreaseinAccountsReceivable:$30,000DecreaseinAccountsPayable:$40,000IncreaseinInventory:$50,000ProceedsfromSaleofEquipment(netoftax):$60,000PaymentforPurchaseofNewEquipment:$200,000DividendsPaid:$100,000PreparethecashflowsfromoperatingactivitiessectionofXYZCorporation'sstatementofcashflowsusingtheindirectmethod.四、ThefollowinginformationpertainstoQuinnCompany:-NetSalesfortheyearwere$2,000,000.-AccountsReceivableatthebeginningoftheyearwere$150,000.-AccountsReceivableattheendoftheyearwere$250,000.-CreditSalesaccountedfor90%oftotalnetsales.-AllowanceforDoubtfulAccountshadabeginningbalanceof$10,000(credit)andanendingbalanceof$15,000(credit).CalculateQuinnCompany'sDaysSalesOutstanding(DSO)attheendoftheyear.Assumeallreceivablesaretradereceivables.五、MNOInc.isevaluatingapotentialinvestmentinnewmachinery.Themachinerycosts$1,000,000andhasanestimatedusefullifeof5yearswithnosalvagevalue.Thecompanyusesstraight-linedepreciation.Thenewmachineryisexpectedtoincreaseannualsalesby$300,000anddecreaseannualoperatingcostsby$50,000.Thecompany'smarginaltaxrateis30%.Calculatetheannualincrementaloperatingcashflowexpectedfromthenewmachinery.六、CompanyPisconsideringacquiringCompanyQ.Panalystshavegatheredthefollowingdataforthetwocompanies:CompanyP:MarketValueofEquity:$5,000,000MarketValueofDebt:$3,000,000NumberofSharesOutstanding:1,000,000Beta:1.2Risk-FreeRate:3.0%MarketRiskPremium:5.0%CompanyQ:BookValueofEquity:$6,000,000BookValueofDebt:$4,000,000TotalAssets:$12,000,000NetIncome:$800,000DividendsperShare:$2.00NumberofSharesOutstanding:500,000AssumeCompanyPusesaweightedaveragecostofcapital(WACC)approximationmethodforvaluationandestimatesthattheappropriatecostofequityforCompanyQisthesameasCompanyP'scostofequity.CompanyPplanstofinancetheacquisitionusing60%debtand40%equity(basedonthetargetcompany'smarketvalue).CompanyP'spre-acquisitioncostofdebtis6%,anditstaxrateis35%.1.EstimatethecostofequityforCompanyP.2.EstimatetheWACCforCompanyP.3.Basedonthegivendataandassumptions,estimatetheenterprisevalueofCompanyQusingasimplifiedapproach(considerusingtheP/EratiobasedonCompanyP'sdataifnecessary,orjustifyanotherapproach).七、Discusstheprimarydifferencesbetweentheaccrualbasisofaccountingandthecashbasisofaccounting.Describetheadvantagesanddisadvantagesofeachbasis,andexplainunderwhatcircumstanceseachbasismightbemoreappropriateforuse.八、XYZCompanyreportedthefollowingonitsmostrecentbalancesheet:-Property,Plant,andEquipment(net):$5,000,000-Goodwill:$1,500,000-IntangibleAssets(net):$500,000Thecompany'smanagementhasconcernsabouttherecoverabilityofthegoodwill.Animpairmenttestisperformed,anditisdeterminedthatthecarryingamountofthereportingunittowhichthegoodwillisallocatedexceedsitsfairvalueby$200,000.Preparethenecessaryjournalentry(ifany)torecordtheimpairmentlossforgoodwill,assumingtheimpairmentisconsideredotherthantemporary.Ifnojournalentryisrequired,explainwhy.九、Describethekeydifferencesbetweenanoperatingleaseandafinancelease(formerlyknownasacapitallease)undertheapplicableaccountingstandards(e.g.,ASC842orIFRS16).Discusstheimpactofeachtypeofleaseonthelessee'sfinancialstatements(balancesheet,incomestatement,cashflowstatement).十、CompanyRisapubliclytradedcompanyintheretailsector.Aspartofaninvestmentanalysis,evaluatethefollowingfinancialstatementitemsreportedbyCompanyRforthepastthreeyears:-TotalRevenue:Increasingsteadily.-CostofGoodsSold:Increasingatafasterratethanrevenue.-GrossProfitMargin:Decliningsteadilyfrom40%to30%.-OperatingExpenses:Relativelystable.-OperatingProfitMargin:Decliningsteadilyfrom15%to8%.-InterestExpense:Increasingslightlyduetonewdebttakenonforexpansion.Discussthetrendsobservedinthesefinancialstatementitems.Whatarethepotentialcausesforthesetrends?WhatconcernsorquestionsshouldananalysthaveregardingCompanyR'sfutureperformancebasedonthisinformation?試卷答案一、1.GrossProfitMargin=GrossProfit/NetSales=$3,900,000/$9,500,000=41.05%2.OperatingProfitMargin=OperatingIncome/NetSales=$2,100,000/$9,500,000=22.11%3.ReturnonAssets(ROA)=NetIncome/AverageTotalAssets=$1,080,000/$9,500,000=11.37%4.DaysSalesOutstanding(DSO)=(TotalReceivables/NetSales)*365=($1,200,000/$9,500,000)*365≈47.37days5.InventoryTurnoverRatio=CostofGoodsSold/AverageInventory=$5,600,000/(($800,000+$0)/2)=$5,600,000/$800,000=7.00times6.FixedAssetTurnoverRatio=NetSales/AverageFixedAssets=$9,500,000/$3,800,000≈2.50times解析思路：1.根據(jù)收入和成本數(shù)據(jù)直接計(jì)算毛利，再除以凈銷售求得毛利率。2.根據(jù)凈銷售收入和經(jīng)營(yíng)利潤(rùn)數(shù)據(jù)直接計(jì)算經(jīng)營(yíng)利潤(rùn)率。3.根據(jù)凈利潤(rùn)和平均總資產(chǎn)數(shù)據(jù)直接計(jì)算資產(chǎn)回報(bào)率。4.使用期末應(yīng)收賬款除以凈銷售額，再乘以365天計(jì)算應(yīng)收賬款周轉(zhuǎn)天數(shù)（DSO）。5.使用銷貨成本除以平均存貨計(jì)算存貨周轉(zhuǎn)率。注意存貨數(shù)據(jù)通常只有期末數(shù)，題目可能隱含期初存貨為0或未提供，需根據(jù)上下文判斷，此處按期末數(shù)為0處理。6.使用凈銷售額除以平均固定資產(chǎn)計(jì)算固定資產(chǎn)周轉(zhuǎn)率。同樣注意平均固定資產(chǎn)的計(jì)算需要期初和期末數(shù)據(jù)。二、CompanyAdemonstratessuperiorprofitabilityandefficiencycomparedtoCompanyB.A'sGrossProfitMargin(40%)issignificantlyhigherthanB's(35%),indicatingbettercostcontrolovergoodssoldorpotentiallyhigherpricingpower.A'sOperatingProfitMargin(15%)issubstantiallyhigherthanB's(5%),suggestinggreateroperationalefficiencyinconvertingsalesintoprofitsaftercoveringoperatingexpenses.Bothcompaniesshowhigherinterestexpensesasapercentageofsales(3%forAvs.4%forB),butA'shigheroperatingmarginbeforeinterestallowsittomaintainapositivepre-taxmargin(12%vs.1%),whichBbarelyachieves.CompanyB'slowprofitabilitymarginsraiseconcernsaboutitscompetitiveness,costmanagement,andpotentialvulnerabilitytoeconomicdownturnsorincreasedcompetition.Thedecliningoperatingmarginsuggestsdeterioratingoperationalperformanceorincreasingpressuresoncosts.CompanyA'sconsistenthighermarginsindicateastronger,morestablebusinessmodel.解析思路：對(duì)比兩家公司各項(xiàng)利潤(rùn)率指標(biāo)。重點(diǎn)關(guān)注毛利率、營(yíng)業(yè)利潤(rùn)率的差異，這是衡量核心盈利能力和運(yùn)營(yíng)效率的關(guān)鍵。分析利息費(fèi)用對(duì)稅前利潤(rùn)的影響。結(jié)合稅前利潤(rùn)和稅率看凈利潤(rùn)率。根據(jù)利潤(rùn)率的變化趨勢(shì)判斷公司盈利能力的動(dòng)態(tài)變化。識(shí)別利潤(rùn)率較低的公司可能存在的風(fēng)險(xiǎn)或問(wèn)題。三、NetIncome:$500,000+DepreciationExpense:$100,000+AmortizationExpense:$20,000+IncreaseinAccountsReceivable:($30,000)[Usecash,sosubtractincrease]+DecreaseinAccountsPayable:($40,000)[Usecash,sosubtractdecrease]+IncreaseinInventory:($50,000)[Usecash,sosubtractincrease]=CashFlowfromOperatingActivities:$500,000+$100,000+$20,000-$30,000-$40,000-$50,000=$500,000解析思路：采用間接法編制經(jīng)營(yíng)性現(xiàn)金流量時(shí)，以凈利潤(rùn)為起點(diǎn)，然后加減與經(jīng)營(yíng)活動(dòng)相關(guān)的非現(xiàn)金項(xiàng)目（如折舊、攤銷）。接著調(diào)整經(jīng)營(yíng)性資產(chǎn)和負(fù)債的變動(dòng)：資產(chǎn)增加表示現(xiàn)金使用，負(fù)債增加表示現(xiàn)金來(lái)源。減去資產(chǎn)增加（應(yīng)收、存貨），減去負(fù)債減少（應(yīng)付）。題目中提供了處置和購(gòu)買固定資產(chǎn)的信息，但它們屬于投資活動(dòng)，不應(yīng)包含在此經(jīng)營(yíng)性活動(dòng)部分中。四、1.CalculateCreditSales:$2,000,000*90%=$1,800,0002.CalculateAverageTradeReceivables:($150,000+$250,000)/2=$200,0003.AdjustforAllowance:AverageReceivablesbeforeAllowance=$200,000+$12,500(averageof$10kand$15k)=$212,5004.CalculateDSO:($212,500/$1,800,000)*365≈43.25days解析思路：DSO計(jì)算基于信用銷售額和平均應(yīng)收賬款。首先從總銷售額中分離出信用銷售額。然后計(jì)算平均應(yīng)收賬款，需要用到期初和期末余額。由于存在壞賬準(zhǔn)備，計(jì)算DSO時(shí)應(yīng)使用調(diào)整后的平均應(yīng)收賬款（即未扣除壞賬準(zhǔn)備前的平均應(yīng)收賬款）。最后將調(diào)整后的平均應(yīng)收賬款除以信用銷售額，再乘以365天得到DSO。五、1.IncrementalAnnualDepreciation=$1,000,000/5years=$200,0002.IncrementalAnnualOperatingIncomeBeforeTax=IncrementalSales+IncrementalCostSavings-IncrementalDepreciation=$300,000+$50,000-$200,000=$150,0003.IncrementalIncomeTaxExpense=IncrementalOperatingIncomeBeforeTax*TaxRate=$150,000*30%=$45,0004.IncrementalAnnualOperatingCashFlow=IncrementalOperatingIncomeAfterTax+IncrementalDepreciation=($150,000-$45,000)+$200,000=$105,000+$200,000=$305,000解析思路：計(jì)算增量現(xiàn)金流需要關(guān)注投資帶來(lái)的收入、成本、折舊變化。首先計(jì)算新固定資產(chǎn)的年折舊額。然后計(jì)算折舊前的增量經(jīng)營(yíng)利潤(rùn)（增量收入減去增量成本，加上因折舊增加而導(dǎo)致的稅前利潤(rùn)減少額）。接著計(jì)算增量所得稅。最后，增量經(jīng)營(yíng)現(xiàn)金流等于增量稅后經(jīng)營(yíng)利潤(rùn)加上折舊（因?yàn)檎叟f是非現(xiàn)金支出）。六、1.CostofEquity(Ke)=Risk-FreeRate+Beta*MarketRiskPremium=3.0%+1.2*5.0%=3.0%+6.0%=9.0%2.WACC≈(EquityWeight*CostofEquity)+(DebtWeight*Pre-taxCostofDebt*(1-TaxRate))=(40%*9.0%)+(60%*6.0%*(1-35%))=0.36%+(0.60*6.0%*0.65)=0.36%+(0.60*3.9%)=0.36%+2.34%=2.70%3.EnterpriseValueEstimation:Methodologydependsondataavailabilityandassumptions.Option1:UseP/EofCompanyP.P/E(P)=MarketValueofEquity/NetIncome=$5,000,000/$0(NotusableasNetIncomeis$0).Option2:UseP/EofCompanyQbasedonBookEquity(thoughlesspreferred).P/E(Q)=MarketValueofEquity/NetIncome=$6,000,000/$800,000=7.5times.EnterpriseValue(Q)≈P/E(Q)*NetIncome(Q)=7.5*$800,000=$6,000,000.Option3:UseWACCasadiscountrateforFCFFifFCFFdatawereavailable.AssumingOption2ischosenbasedonavailabledata,theestimateis$6,000,000.解析思路：1.使用資本資產(chǎn)定價(jià)模型（CAPM）計(jì)算公司P的股權(quán)成本。2.估算WACC，使用公司P的股權(quán)和債務(wù)權(quán)重（基于目標(biāo)公司市場(chǎng)價(jià)值），使用公司P的股權(quán)成本和債務(wù)成本（注意稅后）。這里使用了一個(gè)簡(jiǎn)化的WACC計(jì)算公式。3.估算企業(yè)價(jià)值。由于缺乏P/E或EV/EBITDA等直接估值數(shù)據(jù)，需要使用替代方法。選項(xiàng)一因公司P凈利潤(rùn)為0而不可行。選項(xiàng)二使用公司Q的賬面市盈率乘以其凈利潤(rùn)。選項(xiàng)三理論上可以用WACC和自由現(xiàn)金流，但題目未提供FCFF。選擇選項(xiàng)二進(jìn)行估算。七、Accrualbasisaccountingrecognizesrevenueswhenearnedandexpenseswhenincurred,regardlessofcashreceiptsorpayments.Thisprovidesamoreaccuratepictureofprofitabilityduringaperiodbymatchingrevenueswiththerelatedcosts.Cashbasisaccountingrecognizesrevenuesonlywhencashisreceivedandexpensesonlywhencashispaid.Itissimplertomaintainbutcanresultinincomeandexpensesbeingrecordedindifferentperiods,distortingprofitabilityandfinancialposition.AccrualbasisisgenerallyrequiredforlargercompaniesandpublicentitiesduetoitsadherencetoGAAP/IFRSandbettermatchingprinciple.Cashbasisisoftenusedbysmallerbusinesses,soleproprietors,orindividualsforsimplicity.Thechoicedependsonbusinesssize,complexity,andreportingrequirements.解析思路：首先定義兩種會(huì)計(jì)基礎(chǔ)的核心區(qū)別：權(quán)責(zé)發(fā)生制關(guān)注收入實(shí)現(xiàn)和費(fèi)用配比，現(xiàn)金制關(guān)注現(xiàn)金實(shí)際收付。然后比較兩者的優(yōu)缺點(diǎn)：權(quán)責(zé)發(fā)生制提供更準(zhǔn)確利潤(rùn)信息但復(fù)雜；現(xiàn)金制簡(jiǎn)單但信息可能失真。最后討論適用場(chǎng)景：權(quán)責(zé)發(fā)生制適用于較大、需遵循會(huì)計(jì)準(zhǔn)則的企業(yè)；現(xiàn)金制適用于小型、簡(jiǎn)單業(yè)務(wù)。八、ImpairmentLoss=ExcessCarryingAmountoverFairValue=$200,000JournalEntry:Debit:ImpairmentLoss-Goodwill$200,000Credit:Goodwill$200,000解析思路：根據(jù)題目，商譽(yù)的賬面價(jià)值超過(guò)其公允價(jià)值200,000美元，且該減值被視為非暫時(shí)性減值。根據(jù)會(huì)計(jì)準(zhǔn)則，非暫時(shí)性減值需要計(jì)提減值損失。分錄是借記“商譽(yù)減值損失”，貸記“商譽(yù)”，減少商譽(yù)賬面價(jià)值至其公允價(jià)值。九、Undercurrentstandards(ASC842/IFRS16),operatingleasesaretreatedlikefinanceleasesonthelessee'sbalancesheet.Thelesseerecognizesaright-of-use(ROU)assetandaleaseliabilityforthepresentvalueoffutureleasepayments.Thisresultsinhigherassetsandhigherliabilitiescomparedtooldcapitalleasetreatment.Bothoperatingandfinanceleasesaffecttheincomestatementsimilarly.Thelesseerecognizesleaseexpense,typicallyonastraight-linebasisovertheleaseterm,whichincludesinterestontheleaseliabilityandamortizationoftheROUasset.Thisexpensereducesnetincome.Cashflowstatementclassification:Principalpaymentsontheleaseliabilityareclassifiedasfinancingactivities,whileleasepaymentsforoperationalaspects(interestandamortization)areoftenclassifiedasoperatingactivities,thoughpresentationcanvary.解析思路：對(duì)比新舊準(zhǔn)則下租賃對(duì)承租人財(cái)務(wù)報(bào)表的影響。新準(zhǔn)則（租賃準(zhǔn)則）下，經(jīng)營(yíng)租賃和融資租賃在