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2013年6月CFA+Level+I+重点习题集答案+FSA

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FSA1.Answer = CManagement must highlight any favorable and unfavorable trends and identify significant eventsand uncertainties that affect the company’s liquidity, capital resources and results of operations inthe management discussion and analysis (MD&A).2.Answer = BProxy statements are prepared and distributed to shareholders on matters that are to be put to avote at shareholder meetings.3.Answer = BFor a publicly traded firm in the United States, the auditor must express an opinion as to whetherthe company’s internal control system is in accordance with the Public Company AccountingOversight Board, under the Sarbanes–Oxley Act. This is done either as a final paragraph in theauditor’s report or as a separate opinion.4.Answer = B5.Answer = CThe company should have made an adjusting entry to reduce the Unearned revenue account (aliability) by $5,000 and increase Revenue, (and hence net income and retained earnings) by$5,000. As the company failed to make the adjusting entry the liabilities are overstated and owners’equity is understated.6.Answer = CTotal assets = liabilities + owner’s equity. Owner’s equity = $5,250– 2,200= 3,050. Ownersequity = contributed capital + ending retained earnings. Ending retained earnings = 3,050–1,400= 1,650. Ending retained earnings = beginning retained earnings + net income – dividends.1,650= 800 + net income – 200; Net income = $1,0507.Answer = APercentCompletedCosts Incurred/Total Costs Anticipated x 100Gross Profit % Complete x Anticipated Profit - Profit Already RecognizedYear 1Year 2Costs Incurred 3,117,500 3,117,500+2,582,500=5,700,000 Percent Complete 3,117,500/7,250,000 = 43.0% 5,700,000/7,600,000 = 75.0%Gross Profit 43.0% x (10,000,000 -7,250,000) = 1,182,500 75.0% x (10,000,000- 7,600,000) – 1,182,500 = 617,5008.Answer = BUnder the installment method, the portion of the total profit that is recognized in each period isdetermined by the percentage of the total sales price for which the seller has received cash. For Company A: 2/10 x 4 = $0.8 million. Note, cost recovery method could be used in this case, but the reported profit would be $0.9.Answer = AWhether securities are classified as held for trading or available for sale, they are measured at their fair value on the balance sheet, but all gains/losses on held for trading securities are reported on the income statements. The unrealized gains/losses on available for sale securities are reported in equity. However, this treatment is the same for both IFRS and U.S. GAAP reporting.10.Answer = CCFO = net income + depreciation + loss on sale of equipment + decrease in accounts receivable – increase in inventories + increase in accounts payable. (The loss on sale of equipment is added back when calculating CFO. It would have been deducted in the calculation of net income but the loss is not the cash impact of the transaction (the proceeds received, if any, would be the cash effect) and cash flows related to equipment transactions are investing activities, not operating activities. CFO = 45.8 + 18.2 +1.6 + 4.2 – 3.4 +2.5 = $68.9 million $68.9 – $7.3 = $61.6 million free cash flow to equity.11.Answer = ACredit analysis is concerned with a company’s debt-paying ability. Returns to creditors are normally paid in cash, so the company’s ability to generate cash internally is the most important factor in credit analysis.12.Answer = BEquipment sale 1 results in a gain of $20,000, sale 2 results in a gain of $30,000, and sale 3 results in a loss of $10,000. The net gain is $40,000. The amount that would be deducted from net income to determine cash flow from operations is equal to the net gain of $40,000.13.Answer = BSlowing down the rate or payments to suppliers is the simplest way to increase reported operating cash flow.14.Answer = AThe current ratio includes inventory but the quick ratio does not. (Current ratio is higher than quick ratio and quick ratio is higher than cash ratio.) The quick ratio includes accounts receivable but the cash ratio does not. The denominator for all three ratios is current liabilities, which are the same proportion for both companies. The difference in ratios is therefore created by inventory and accounts receivable. Company 1 has the higher percentage of inventory because the difference between the current ratio and quick ratio is greater for that company. Company 2 had the higher percentage of accounts receivable because the difference between the quick ratio and the cash ratio is greater for Company 2.15.Answer = CAny time the current ratio is above 1, equal changes in a current asset and a current liability will result in an increase in the current ratio: if current assets = 550 and current liabilities are 275, current ratio = 550/275 = 2.0. After the bank borrowing has been paid, the ratio becomes (550-150)/ (275-150) = 3.2. Had the ratio initially been below 1, current assets = 250 and current liabilities are 275, current ratio = 250/275 = 0.91, the equal change in current assets and liabilities would decrease the current ratio: 100/125=0.80.16.Answer = AThe recording of a warranty expense will create a warranty liability and the resulting increase in current liabilities will decrease the current ratio.17.Answer = ADiluted EPS is calculated using the treasury stock method that considers what would be the effect if the options or warrants had been exercised. Only options or warrants that are in-the-money are included, as out-of-the-money options would not be exercised. Therefore only the warrants are dilutive: their exercise price is below the average market price of the stock.Using the treasury stock method, the number of new shares issued on exercise is reduced by the number of shares that could be purchased with the cash received upon exercise of the warrants: 20,000($30) = $600,000 in proceeds.$600,000 / $40 = 15,000 shares treasury stock. Incremental shares using the treasury stock method = 20,000 – 15,000 = 5,000.18.Answer = CDuring a period of rising prices, ending inventory under LIFO will be lower than that of FIFO and cost of goods sold higher; therefore, inventory turnover (COGS/average inventory) will be higher.19.Answer = AThe equipment is impaired. NBV = $550,000 which is greater than the sum of the undiscounted cash flows 5 yrs x $80,000 = $400,000. The company’s future ROA will increase. Once the asset is written down, there will be lower depreciation charges, which will increase net income, and a lower carrying value of assets, which decreases total assets. Both factors would increase any future ROA.20.Answer = CIntangible assets with indefinite lives need to be tested for impairment at least annually. PP&E and intangibles with finite lives are tested only if there has been a significant change or other indication of impairment.21.Answer = CLong-lived assets that will be disposed of other than by sale, such as a spin-off, an exchange for other assets, or abandonment, are classified as held for use until disposal and continue to be depreciated until that time.22.Answer = BIFRS recommends the effective interest method for the amortization of bond discounts/premiums.The bond is issued for 0.9228x50 million= 46.140.Interest expense=46.140x5%=2.307million23.Answer = CThe book value of the bonds on 1 January 2011 is equal to the present value of the remaining coupon payments and principal discounted at the market rate at time of issue (3% per period).Coupon = 0.08 × ½ × 5,000,000 = 200,000; there are 4 years remaining or 8 coupon paymentsBook value = 200,000 PVAnnuity (n=8, i=3%) + 5,000,000 PV (n=8, i=3%) = 1,403,938 + 3,947,046 = 5,350,984Using a financial calculator: PMT = 200,000; FV = 5,000,000; I% =3%; N = 8;Compute PV = 5,350,984Because the market interest rate when the bonds are bought back (8%) is equal to the coupon rate, the company can buy back the bonds at par, $5,000,000Cost of repurchase $5,000,000Book value 5,350,984Gain on retirement 350,984On the cash flow statement the gain would be deducted from net income in calculating the cash from operations under the indirect method, and the cash paid to repurchase the bonds would be a cash outflow in the financing section.24.Answer = CThe pension expense would be the sum of the expense for the defined contribution plan and the defined benefit plan (retirement benefit obligation): 1,525 + 728 = 2,253.25.Answer = BNet income $800,000Add back book depreciation 70,000Deduct tax allowed depreciation (90,000)Deduct Dividend income (120,000)Add back Fine 100,000Add back book R&D 50,000Deduct tax allowed R&D (20,000)Taxable income 790,000Current taxes payable 35% x $790,000=276,50026.Answer = AAccounting Purposes TaxPurposes Revaluation surplus (10,000 – 6,800) =3,200 no revaluation allowed Depreciation, straight-line 20 years 5 years remaining2009 start of year balanceafter revaluation 10,000 5,000 Depreciation 2009 500 1,000Net balance end of 2009 9,500 4,000Less revaluation surplus (3,200) _____Carrying value for purposes ofdeferred taxes 6,300 4,000 Deferred tax liability = 0.30 x (6,300 – 4,000) = 690Only the portion of the difference between the tax base and the carrying amount that is not the result of the revaluation is recognized as giving rise to a deferred tax liability. The portion arisingfrom the revaluation surplus is used to reduce the revaluation surplus in equity.27.Answer = AThe present value of the operating leases should be added to both the total debt and the total assets.To estimate the present value it is appropriate to estimate the number of years of lease payments reflected in the 2016 and thereafter figure. Based on the constant expense shown in the first 5 years, there are 9 (1,260/140) more payments for a total of 14 payments.Adjusted debt to total assets=(2,125+1,134)/(4,500+1,134)=57.8%14 N, 140 PMT, 10 I/Y, 0 FV, CPT PV*(1+10%)28.Answer = BIt is a sales type lease: the lease period covers more than 75% of its useful life (5/6=83.3%) and the asset is on its books at less than the present value of the lease payments ($199,635) (PMT = $50,000, N=5, i=8%). The firm must have acquired or manufactured the asset if it is recorded at less than the present value of the lease payments.29.Answer = BThe present value of the lease is $360,477.62. (n = 5, I = 12%, PMT = $100,000) 12% of the originalPV is $43,257.31 and represents the interest component of the payment in the first year. The difference between the annual payment and the interest is the amortization of the lease obligation included in cash flow from financing. $100,000 – 43,257.31 = $56,742.69. Depreciation is $360,477.62 / 5 or $72,095.52 so the total reduction in pretax income would be interest plus depreciation or $115,352.83. Cash flow from operations would be reduced by the amount of the interest only because the depreciation would be added back to determine cash flow from operations.30.Answer = AYear StartingBalanceInterestExpense@12%LeasePaymentPrincipalReductionEndingBalance1 10,000 0 2,000 2,000 8,0002 8,00096031.Answer = CA ratio of operating cash flow to net income below 1.0 (not above 1.0) can be a warning sign of low quality earnings.32.Answer = BThe “fraud triangle” requires incentives (e.g. debt covenants), opportunities, and management’s ability to rationalize (temporary economic conditions). Adding independent members to the Board of Directors should improve corporate governance and hence decrease the opportunity for fraud.33.Answer = AUS GAAP requires that interest paid be classified as an operating cash flow; IFRS allows interest paid to be classified as either an operating or financing activity.34.Answer = BThe company is recognizing revenue for sales on shipment while the risks and rewards of ownership have not yet been transferred to the wholesalers. The motivation behind the activity is most likely the pressure to meet the expectations of investment analysts to meet ever increasing sales growth forecasts.。

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2013年6月CFA+Level+I+重点习题集答案+Corporate+Finance

2013年6月CFA+Level+I+重点习题集答案+Corporate+Finance

Corporate Finance1.Answer = CRegulatory, safety, and environmental projects are often mandated by governmental agencies. They may generate no revenue and might not be undertaken by a company maximizing its own private interests.For example, a corporation may be required to install equipment to meet a regulatory standard, and the cost of satisfying the standard is born by the corporation.In this case, the corporation selects the lowest cost alternative that meets the requirement, i.e., the alternative with the least negative net present value.2.Answer = AThe cash savings related to adopting a new production process is an incremental cash flow, not an opportunity cost.3.Answer = AThe increase in ice cream sales represents a positive externality that will increase the NPV of the project and should be included in the NPV analysis.4.Answer = CThe investment outlay associated with the use of the land should reflect the opportunity cost of the foregone sale ($600,000) plus the incremental cost of preparing the land for use as a distribution center ($200,000). $600,000 plus $200,000 equals $800,000.5.Answer = C6.Correct answer: BYear Cash Flow PV (Cash Flow)@ 8% Amount to Pay Back0 -75,000 -75,000 75,0001 21,600 20,000 55,0002 23,328 20,000 35,0003 37,791 30,000 5,0004 40,814 30,000The first three cash flows recover $70,000 (in present value terms) of the cost, making only $5,000 of the $30,000 in Year 4 necessary to completely recover the cost. Therefore, the discounted payback is 3.2 years.For example: PV of Year 2's cash flow is $23,328/ [1.081]27.Answer = CThe component cost of preferred stock is calculated as:(100 × 0.12) / ﹝95 × (1.05)﹞= 0.133 or 13.3%Note that preferred stock is not tax advantaged.8.Answer = CWACC= w d r d (1 -t)+w p r p+ w e r e =[0.12x(1-0.40)+0.17+0.20]/3=14.73%9.Answer = BFirst, you need to determine the yield-to-maturity, which is the discount rate that sets the bond price to $1,105.94 and is equal to 7%. This can be done with a financial calculator: FV = -1,000, PV = 1,105.94, N = 20, PMT = -80, solve for I, which will equal 7%.The bond-yield-plus-risk-premium approach is calculated by adding a risk premium to the cost of debt (i.e. the yield-to-maturity for the debt) making the cost of equity 12.00% (= 7% +5%).10.Answer = A60% debt financing is equivalent to a D/E ratio of 1.50 = 0.60/(1 – 0.60).βAsset = βEQ × [1 ÷ (1 + [1 – t] D/E) )] = 1.4 ÷ (1 + (1 – 0.35) × 1.5) = 0.7089.11.Answer = BThe break-points for debt and equity are €10 million (€4.0 million / 0.40) and €8.33 million (€5.0 million / 0.60), respectively. The cost of debt and equity if the firm raises €9.5 million in new financing will be 4% and 15%, respectively, because €9.5 million is below the debt breakpoint and above the equity breakpoint. The marginal cost of capital = 0.40 × 4% + 0.60 × 15% = 10.6%.12.Answer = CDTL = (Revenue – Variable Cost) ÷ Net Income = (£ 800,000 - £ 400,000) ÷ £ 140,000 = 2.8613.Answer = CWhen DFL (= operating income ÷ net income) = 1.00, operating income = net income, meaning the fixed cost of debt is zero. The breakeven point is: (fixed costs + fixed cost of debt) ÷ contribution margin. Because the fixed cost of debt is zero, the company’s breakeven point becomes: fixed costs ÷ contribution margin, which is the same as the operating breakeven point.14.Answer = CThe pre-repurchase EPS is EAT / 20 million. The EPS after the repurchase is (EAT × (1- 20%) / 15 million). To connect the two values algebraically:(EAT / 20 million) × X = (EAT × (1- 20%) / 15 million)X = (1 – 20%) × (20 million / 15 million) = 1.067Because X is greater than one, the EPS has increased after the repurchase.15.Answer = ALong way:ܥݑݎݎ݁݊ݐ݁ܽݎ݊݅݊݃ݏ݌݁ݎݏ݄ܽݎ݁=$6,000,000 ÷4,000,000=$1.50 ܰݑܾ݉݁ݎ݋݂ݏ݄ܽݎ݁ݏݎ݁݌ݑݎ݄ܿܽݏ݁݀=$10,000,000 ÷$20.00=500,000 ݏ݄ܽݎ݁ݏܣ݆݀ݑݏݐ݁݀݊݁ݐ݅݊ܿ݋݉݁=ܥݑݎݎ݁݊ݐ݊݁ݐ݅݊ܿ݋݉݁−[ܾ݀݁ݐ ×"݂ܽݐ݁ݎݐܽݔ" ܿ݋ݏݐ݋݂ܾ݀݁ݐ] =$6,000,000−[$10,000,000 ×10%×(1−40%)]=$5,400,000 ܰ݁ݓ݁ܽݎ݊݅݊݃ݏ݌݁ݎݏ݄ܽݎ݁=$5,400,000 ÷[4,000,000−500,000]=$1.54Short way:ܥݑݎݎ݁݊ݐ݁ܽݎ݊݅݊݃ݏ݌݁ݎݏ݄ܽݎ݁=$6,000,000 ÷4,000,000=$1.50 ܧܽݎ݊݅݊݃ݏݕ݈݅݁݀=$1.50 ÷$20.00=7.5%If the after-tax cost of debt (10% × [1 – 40%] = 6%) is below the earnings yield, the earnings per share will increase.16.Answer = CBecause the proportion relative to sales does not change, the current ratio will remain unchanged.17.Answer = CPayables are not part of the operating cycle calculation. Operating cash cycle includes inventory and accounts receivable.18.Answer = AAn estimate of the earnings per share for the company is a function of the sales forecast and the estimated profit margin. The compounded annual growth of sales (g) between 2001 and 2008 provides an estimate of the expected sales for the year 2009.EPS2009 = [2008 Sales x (1 +g) x NPM]/ # of shares.Compounded Annual Sales Growth ---g% 2009 Sales =2008 Sales x (1+g)2009 EPS =2009 Sales x NPM/ # of SharesFV = 220; PV = -128.4 N=7; Compute 1/Y (= g); g=8% $220 (1.08) =$237.60 million$237.60* 0.07/6 = $2.7719.Answer = BA “pull” on liquidity occurs when disbursements are made too quickly (e.g., current liabilities are paid instead of being held or when credit availability is reduced or limited). A “drag” on liquidity occurs when receipts lag (i.e., non-cash current assets do not convert to cash quickly). Consequently, a reduction in a credit line is a “pull” on liquidity.20.Answer = AIf the chair of the board is a former chief executive of the company, it may hamper efforts to undo the mistakes made by him or her as chief executive. It is not clear if it is better to have all members elected annually (more flexibility to meet changes in the marketplace) or if it is better to have staggered board terms (better continuity of board expertise).All members of the audit committee should be independent members of the board.21.Answer = BThe ability of the board to hire external consultants without management prior approval is a positive point in regards corporate governance.When a director recuses himself from decisions related to his company, the potential for a conflict of interest is substantially reduced.。

CFA考试一级章节练习题精选0330-8(附详解)

CFA考试一级章节练习题精选0330-8(附详解)

CFA考试一级章节练习题精选0330-8（附详解）1、An analyst does research about common probability.A return distribution has amean of 1.8% and a variance of 2.25.If returns are normally distributed, theprobability of observing a return value less than -1.2% is closest to:【单选题】A.1.0%B.2.5%C.5%正确答案:B答案解析:( -1.2% -1.8% )% = -2，正态分布如果落在均值附近1.96个标准差以内的概率大约是95%，则落在两边的概率各是2.5%。

2、A two-tailed test of the null hypothesis that the mean of a distribution is equal to 4.00 has a p-value of 0.0567. Using a 5% level of significance (i.e., α =0.05), the best conclusion is to:【单选题】A.reject the null hypothesis.B.fail to reject the null hypothesis.C.increase the level of significance to 5.67%.正确答案:B答案解析:“Hypothesis Testing,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 11, Section 2Study Session 3-11-eExplain and interpret the p-value as it relates to hypothesis testing.B is correct. Because the p-value (0.0567) exceeds the stated level of significance (0.05), we cannot reject the null hypothesis.3、An analyst does research about holding period return and gathers the followinginformation about two securities:The holding period of return of Security 1 is:【单选题】A.less than the holding period of return of Security 2.B.the same as the holding period of return of Security 2.C.great than the holding period of return of Security 2.正确答案:C答案解析:(117 - 123 + 1.95)/123 = -3.30% > (53 - 56 + 1.02)/56 = -3.54%。

CFA考试一级章节练习题精选0329-35(附详解)

CFA考试一级章节练习题精选0329-35(附详解)

CFA考试一级章节练习题精选0329-35（附详解）1、An investor examines the following rate quotes for the Brazilian real and the Australian dollar:If the investor shorts BRL500,000 he will achieve a risk-free arbitrage profit (in BRL) closest to:【单选题】A.–6,327.B.1,344.C.6,405.正确答案:B答案解析:“Currency Exchange Rates,” William A. Barker, CFA, Paul D. McNelis, and Jerry Nickelsburg2013 Modular Level I, Vol. 2, Reading 21, Section 3.3Study Session 6–21–f, gExplain the arbitrage relationship between spot rates, forward rates and interest rates.Calculate and interpret a forward rate consistent with a spot rate and the interest rate in each currency.B is correct. If the right side of the following equation is greater than the left, an arbitrage opportunity exists.= Spot rate: number of units of foreign currency (price currency) per one unit of domestic currency=Forward rate: number of units of foreign currency (price currency) per one unit of domestic currency= Domestic interest rate= Foreign interest rateThe arbitrage profit is the right side of the equation minus the left side.Left side of equation: BRL500,000 × (1 + 0.041) = BRL520,500.Right Side:Arbitrage profit = BRL521,844 (right side above) – BRL520,500 (left side above) = 1,344.2、The Nash equilibrium for a duopoly faced with a “Prisoners’ Dilemma” set of choices is most likely to result in:【单选题】A.both firms earn economic profits.B.neither firm earns an economic profit.C.one of the firms earns an economic profit but the other firm does not.正确答案:B答案解析:“Monopolistic Competition and Oligopoly,” Michael Parkin2010 Modular Level I, Vol. 2, pp. 245-247Study Session 5-20-eDescribe the oligopoly games including the Prisoners’ Dilemma.The Nash equilibrium for the duopoly is that both firms cheat on their collusive agreement. Prices and quantities produced are the same as those in perfect competition; neither firm earns an economic profit.3、Assume that at current production and consumption levels, a product exhibits price elasticity of demand equal to 1.20 and elasticity of supply equal to 1.45. The true economic consequences of taxes imposed on the seller of such a product are most likely borne:【单选题】A.by the seller.B.by the buyer.C.partly by the buyer and partly by the seller.正确答案:C答案解析:“Elasticity,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 27-28“Markets in Action,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 80-84Study Session 4-13-a; 4-15-cCalculate and interpret the elasticities of demand (price elasticity, cross elasticity, and income elasticity) and the elasticity of supply and discuss the factorsthat influence each measure.Explain the impact of taxes on supply, demand, and market equilibrium, and describe tax incidence and its relation to demand and supply elasticity.As the good exhibits neither perfectly elastic nor perfectly inelastic demand or supply (see pp. 27-28), the incidence of taxation will be shared by buyers and sellers regardless of whether the tax is placed on buyers or on sellers.4、Which of the following statements about a central bank's actions would mostlikely cause an immediate increase of the banking system's excess reserves?【单选题】A.Decreasing the policy rate.B.Selling securities in the open market.C.Decreasing the required reserve ratio.正确答案:C答案解析:降低法定存款准备金率会导致商业银行吸收存款后有更多的资金可以用于放贷，从而增加了银行系统的可贷资金余额，这种影响也最为直接。

2013年6月CFA+Level+I+重点习题集+Equity

2013年6月CFA+Level+I+重点习题集+Equity


A. B. C.
Equal. Fundamental. Float‐adjusted market‐capitalization.
9. The data for four stocks in an index are as follows: Stock Shares % Shares in A B C D Outstand Market Float 5,000 90 2,000 100 6,000 70 4,000 40 Beginning of Period Price ($) 40 68 60 20 End of Period Price ($) 45 60 70 24 Dividends Per Share ($) 1.00 0.50 1.50 0.80
1. A call market is least likely characterized as a market: A. B. C. 2. Which of the following attributes is least likely to be associated with the characteristics of a well‐functioning securities market? A. B. C. 3. A market has the following limit orders standing on its book for a particular stock: Buyer Bid Size Limit Price($) Seller Offer Size Limit Price($) (# of shares) (# of shares) 1 500 18.50 1 200 20.20 2 300 18.90 2 300 20.35 3 400 19.20 3 400 20.50 4 200 20.10 4 100 20.65 5 100 20.15 5 200 20.70 If a trader submits an immediate‐or‐cancel limit buy order for 700 shares at a price of $20.50, the most likely average price the trader would pay is: A. B. C. 4. Which of the following statements about the short sale of a stock is least accurate? A. B. C. 5. An investor buys a stock on margin. Assume that the interest on the loan and the dividend are both paid at the end of the holding period. The data related to the transaction are as follows: Number of shares 500 Purchase price per share $28 Leverage ratio 3.33 Commission $0.05 / share Position holding period 6 months Sale price per share $30 Call money rate 5% per year Dividend $0.40 / share The investor’s total return on this investment over the margin holding period is closest to: A. B. C. 15.6% 16.7% 21.4% The short seller must pay any dividends due to the lender of shares. A stop buy order would enable a short seller to minimize potential losses. Short sales involve time limits for returning the shares borrowed to the lender. $20.35. $20.50. $20.58. Market depth. Wide bid‐ask spreads. Rapid adjustment of prices to new information. with bid‐ask prices posted by dealers. where buy‐sell orders are cleared at a single equilibrium price. with participation by a small number of active investors‐traders.