CFA财务报表分析练习题"Financial Report":Understanding Balance Sheets
财务报告与分析中章节的设置是循序渐进、逐层深入的,前面介绍的术语在后面还会有详细的解释与探讨。
由于财务报告与分析本身自立体系,它是上市公司和报表使用人之间沟通交流的语言,所以学起来与外语学习有几分相似。
财务报告与分析一共分为四大部分
第一部分是扫盲阶段,主要介绍财务术语、体系等基本知识。
在此基础上,第二部分更深入地讲解财务报表编制以及财务报表分析的方法
进一步地,第三部分针对存在利润操纵空间的重点科目做详细、深入的讨论
最后,第四部分是前面三部分内容的综合应用
四大部分在考试中占比最大的是第二部分和第三部分,大概占财报分析所有题目的80%以上。其次是第一部分,占比10%左右。
由于第四部分是财务分析的综合应用,不太适合一级的出题形式,所以出题比例相对比较少,大概占5%左右
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Questions 1:

The analytical tool that would be most appropriate for an analyst to use to identify the percentage of a company’s assets that are liquid is the:
A、cash ratio.
B、common-size balance sheet.
C、current ratio.
【Answer to question 1】B
【analysis】
B is correct.A common-size balance sheet expresses all balance sheet accounts as a percentage of total assets and would provide insight into what portion of a company’s assets is liquid.On the other hand,cash and current ratios measure liquidity relative to current liabilities,not relative to total assets.
A is incorrect.The cash ratio is a measure of liquidity relative to current liabilities(but not assets),and it wouldn’t tell you the portion of the company’s assets that are liquid.
C in incorrect.The current ratio is a measure of liquidity relative to current liabilities(but not assets),and it wouldn’t tell you the portion of the company’s assets that are liquid.A common-size balance sheet expresses all balance sheet accounts as a percentage of total assets and would provide insight into what portion of a company’s assets is liq

Questions 2:

Data for a firm are presented in the following table:
The current ratio for the firm’s industry is 3.2.Based on the current ratio,the firm’s liquidity compared with the industry is best described as being:
A、higher.
B、equivalent.
C、lower.

【Answer to question 2】C

【analysis】
C is correct.The higher the current ratio,the more liquid the company.Thus,with a current ratio of 2.6(1,800/700),the company is less liquid than the industry,which has a current ratio of 3.2.Current ratio=Current assets/Current liabilities.
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A is incorrect.Failing to include the taxes payable or the loan(or the A/P)gives 1,800/400=4.5,which is above the industry average.
B is incorrect.The firm’s current ratio is 2.6,which is below the industry average.
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