財(cái)務(wù)報(bào)告與分析中章節(jié)的設(shè)置是循序漸進(jìn)、逐層深入的，前面介紹的術(shù)語在后面還會有詳細(xì)的解釋與探討。
由于財(cái)務(wù)報(bào)告與分析本身自立體系，它是上市公司和報(bào)表使用人之間溝通交流的語言，所以學(xué)起來與外語學(xué)習(xí)有幾分相似。
財(cái)務(wù)報(bào)告與分析一共分為四大部分：
第一部分是掃盲階段，主要介紹財(cái)務(wù)術(shù)語、體系等基本知識。
在此基礎(chǔ)上，第二部分更深入地講解財(cái)務(wù)報(bào)表編制以及財(cái)務(wù)報(bào)表分析的方法。
進(jìn)一步地，第三部分針對存在利潤操縱空間的重點(diǎn)科目做詳細(xì)、深入的討論。
最后，第四部分是前面三部分內(nèi)容的綜合應(yīng)用。
四大部分在考試中占比最大的是第二部分和第三部分，大概占財(cái)報(bào)分析所有題目的80%以上。其次是第一部分，占比10%左右。
由于第四部分是財(cái)務(wù)分析的綜合應(yīng)用，不太適合一級的出題形式，所以出題比例相對比較少，大概占5%左右。
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Questions 1:

Which of the following ratios will most likely result in an increase in a company’s sustainable growth rate?
A、Higher dividend payout
B、Higher tax burden
C、Lower interest burden

【Answer to question 1】B

【analysis】
B is correct.Sustainable growth rate=Retention ratio×ROE The higher a company’s return on equity(ROE)and its ability to finance itself from internally generated funds(a higher retention ratio),the greater its sustainable growth rate.In the five-factor ROE,any factor that increases ROE will increase sustainable growth:ROE=Tax burden×Interest burden×Earnings before interest and taxes margin×Asset turnover×Leverage A higher tax burden ratio(Net income/Earnings before tax)implies that the company can keep a higher percentage of pre-tax profits;this result implies a lower tax rate and a higher ROE.
A is incorrect.Higher retention(lower payout)increases sustainable growth.
C is incorrect.Lower interest burden means that the company has high borrowing costs,reducing pre-tax income relative to EBIT and reducing ROE and sustainable growth.

Questions 2:

The following information is given about a company:
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What is the most appropriate conclusion an analyst can make about the solvency of the company?Solvency has:
A、improved because the debt-to-equity ratio decreased.
B、improved because the fixed charge coverage ratio increased.
C、deteriorated because the debt-to-equity ratio increased.

【Answer to question 2】A

【analysis】
A is correct.The debt-to-equity ratio decreased,thereby improving solvency;the fixed charge ratio remained the same.
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B is incorrect.The fixed charge coverage stays the same
C is incorrect.From table above,it was shown that the solvency improved since D/E decreased.But if the candidate incorrectly uses only LTD in the ratio,the ratio does increase.See table below
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