CFA财务报表分析练习题"Financial Report":Financial Analysis Techniques
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:

All else being equal,a decrease in which of the following financial metrics would most likely result in a lower return on equity(ROE)?
A、The tax rate
B、Leverage
C、Days of sales outstanding

【Answer to question 1】B

【analysis】
B is correct.Leverage is a component of the return on equity equation under the DuPont Analysis.If leverage decreases,so will return on equity.ROE=Tax burden×Interest burden×Earnings before interest and taxes margin×Total asset turnover×Leverage A is incorrect.The tax burden is one of the components of ROE in the 5-factor model:Tax burden=Net income/EBT=(EBT–Tax)/EBT=1–Tax/EBT=1–Effective tax rate A lower tax rate means the company keeps more of its pre-tax profits(and has a higher tax burden).
A lower tax rate increases net income and increases ROE:an increase in any of the 5 components increases ROE.
C is incorrect.Days of sales outstanding is a component of the asset turnover measure.All else equal,if days of sales outstanding decreased,total asset turnover would increase.If asset turnover increases,so will return on equity.

Questions 2:

The following selected financial information is available:
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The company’s cash conversion cycle(in days)is closest to:
A 76.4.
B 45.2.
C 38.2

【Answer to question 2】C

【analysis】
C is correct.Cash conversion cycle=DOH+DSO–Days of payables.
A is incorrect.This is the operating cycle;it forgot to subtract payables:41.7+34.7=76.4.
B is incorrect.It subtracted days in receivable,added days payable outstanding:41.7–34.7+38.2=45.2
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