财务报表分析：技术、应用及国际趋同
(总分67,考试时间90分钟)
单项选择题
1. Given the following information about a company: Receivables turnover = 10 times Payables turnover = 12 times Inventory turnover = 8 times What are the average receivables collection period, the average payables payment period, and the average inventory processing period respectively? Average Receivables Average Payables Average Inventory Collection Period Payment Period Processing Period ①A. 37 30 52 ②B. 37 45 46 ③C. 37 30 46
A. A. ①
B. B. ②
C. C. ③
2. Earnings before interest and taxes (EBIT) is also known as:
A. A. gross profit.
B. B. net profit.
C. C. operating profit.
3. A firm' s financial statements reflect the following:
A. Current liabilities
B. $ 4000000
C. Cash
D. $ 400000
E. Inventory
F. $ 1200000
G. Accounts receivable
H. $ 800000
I. Short-term investments
J. $ 2000000
K. Long-term investments
L. $ 800000
M. Accounts payable
N. $ 2500000
4. Given the following information about a firm: Net Sales = $1000 Cost of Goods Sold = $ 600 Operating Expenses = $ 200 Interest Expenses = $ 50 Tax Rate = 34% What are the gross and operating profit margins? Gross Operating Margin Operating Profit Margin ①A. 2O% 15% ②B. 4O% 10% ③C. 40% 20%
A. A. ①
B. B. ②
C. C. ③
5. A finn presented the following income statement, **plies with the 1 standards under which it must report: Sales 20535 Cost of goods sold 14525 Operating expenses 2530 Operating income 3480 Income taxes 1220 Income from continuing operations 2260 Extraordinary items, net of tax (525) Net income 1735 In the next year the firm borrows $10 million to finance construction of a capital asset. Based on the differences between U.S. GAAP and International Financial Reporting Standards, this firm : A. must capitalize the construction interest. B. must not capitalize the construction interest. C. may choose to capitalize the construction interest.
6. The main difference between the current ratio and the quick ratio is that the quick ratio excludes :
A. A. cost of goods sold.
B. B. inventory.
C. C. sales.
7. An analyst has gathered the following information about a company: Cost of goods sold equals 65 percent of sales Inventory of $ 450000 Sales of $ 1 million What is the value of this firm' s average inventory processing period using a 365-day year?
A. A. 117 days.
B. B. 94 days.
C. C. 252.7 days.
8. A company being analyzed has net income of $ 97, liabilities of $ 600, preferred equity of $ 30, total shareholder equity of $ 700, interest expense of $ 48, and preferred dividends of $1.80. What is the return on common equity?
A. A. 7.00%.
B. B. 14.21%.
C. C. 10.18%.
9. Study the following data, calculate the return on equity for 2001 and 2002.
A.
B. 2001
C. 2002
D. Pre-interest profit margin(EBIT/S)
E. 0.3
F. 0.15
G. Asset turnover (S/A)
H. 2
I. 2
J. Leverage multiplier f A/E)
K. 2
L. 2
M. Tax retention rate (1-t)
N. 0.8
O. 0.8
P. Interest expense ratio (I/A)
Q. 0.06
R. 0.06
10. What type of ratio is revenue divided by average working capital and what type of ratio is average total assets divided by average total equity? Revenue/Average working capital Average total assets/Average total equity ①A. Activity ratio Liquidity ratio ②B. Profitability ratio Liquidity ratio ③C. Activity ratio Solvency ratio
A. A. ①
B. B. ②
C. C. ③
11. At year-end , **pany reported cost of goods sold of $ 400 million. Ending accounts payable is $100 million, Assuming there are 365 days in a year, How many days on average it takes **pany to pay its suppliers.
A. A. 80.75 days
B. B. 91.25 days
C. C. 102.25 days
12. Which of the following actions is least likely to immediately increase earnings? A. Selling more inventory than is purchased or produced. B. Lowering the salvage value of depreciable assets. C. A high proportion of management' s compensation depends on the firm exceeding targets for earnings or the stock price.
13. Paragon Company' s operating profits are $100000, interest expense is $ 25000, and earnings before taxes are $ 75000. What is Paragon's interest coverage ratio?
A. A. 1 time.
B. B. 4 times.
C. C. 3 times.
margin rate14. Using a 365-day year, if a firm has net annual sales of $ 250000 and average receivables of $150000, what is its average collection period?
A. A. 219.0 days.
B. B. 1.7 days.
C. C. 96 days.
15. Jennifer Frye, CFA, is comparing the financial performance of a firm that presents its results under IFRS to that of a firm **plies with U.S. GAAP. The U.S. firm uses the LIFO method for inventory accounting and the other firm uses the FIFO method. If Frye performs the appropriate adjustments to make the U.S. firm' s financial **parable to the firm that reports under IFRS, her adjustments are least likely to change the firm' s :
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