CFA財務報表分析練習題"Financial Report"：Financial Analysis Techniques
財務報告與分析中章節(jié)的設置是循序漸進、逐層深入的，前面介紹的術語在后面還會有詳細的解釋與探討。
由于財務報告與分析本身自立體系，它是上市公司和報表使用人之間溝通交流的語言，所以學起來與外語學習有幾分相似。
財務報告與分析一共分為四大部分：
第一部分是掃盲階段，主要介紹財務術語、體系等基本知識。
在此基礎上，第二部分更深入地講解財務報表編制以及財務報表分析的方法。
進一步地，第三部分針對存在利潤操縱空間的重點科目做詳細、深入的討論。
最后，第四部分是前面三部分內(nèi)容的綜合應用。
四大部分在考試中占比最大的是第二部分和第三部分，大概占財報分析所有題目的80%以上。其次是第一部分，占比10%左右。
由于第四部分是財務分析的綜合應用，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:

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:
CFA
 
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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