CFA考试《CFA一级》历年真题精选及详细
解析1007-1
1、A company which prepares its financial statements in accordance with IFRS incurred and capitalized �2 million of development costs during the year. These costs were fully deductible immediately for tax purposes, but the company is depreciating them over two years for financial reporting purposes. The company has a long history of profitability which is expected to continue. Which is the most appropriate way for an analyst to incorporate the differential tax treatment in his analysis? He should include it in:【单选题】
A.liabilities when calculating the company’s current ratio. B.equity when calculating the company’s return on equity ratio. C.liabilities when calculating the company’s debt-to-equity ratio. 正确答案:C
答案解析:“Income Taxes,” Elbie Antonites, CFA, and Michael A. Broihahn, CFA
2011 Modular Level I, Vol. 3, pp. 460, 485-486, 490
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Study Session 9-38-i
Analyze disclosures relating to deferred tax items and the effective tax rate reconciliation, and discuss how information included in these disclosures affects a company’s financial statements and financial ratios.
The different treatment for tax purposes and financial reporting purposes is a temporary difference and would create a deferred tax liability. Deferred tax liabilities should be classified as debt if they are expected to reverse with subsequent tax payments. The long history of profitability implies the company will likely be paying taxes in the following years and hence an analyst could reasonably expect the temporary difference to reverse. Under IFRS all deferred tax liabilities are non-current and therefore do not affect the current ratio.
2、According to the International Accounting Standards Board’s Conceptual Framework for Financial Reporting, the two fundamental qualitative characteristics that make financial information useful are best described as:【单选题】 A.timeliness and accrual accounting. B.understandability and verifiability. C.relevance and faithful representation. 正确答案:C
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答案解析:“Financial Reporting Standards,” Elaine Henry, CFA, Jan Hendrik van Greuning, CFA, and Thomas R. Robinson, CFA 2013 Modular Level I, Vol. 3, Reading 24, Section 5.2 Study Session 7-24-d
Describe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of financial statements, required reporting elements, and constraints and assumptions in preparing financial statements.
C is correct. Relevance and faithful representation are the two fundamental qualitative characteristics that make financial information useful according to the IASB Conceptual Framework.
3、An analyst does research about cash flow and gathers the following information(in thousands) about a company.
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Based on the information above, cash paid to suppliers ( in thousands) in 2011is closest to:【单选题】 A.$ 11 443 B.$ 13 221 C.$ 15 651 正确答案:A
答案解析:$ 14 436 - ( $ 5 980 - $ 3 876) - ( $ 7 321 - $ 6 432 ) = $ 144 36 - $ 2 104 - $ 889 =$ 11 443。
4、An analyst does research about financial statements.A company\\\\\\\\\\\\\\\\'s employee benefitplans are most likely disclosed in:【单选题】
A.management\\\\\\\\\\\\\\\\'s discussion and analysis. B.the notes to the financial statements.
C.management\\\\\\\\\\\\\\\\'s report on internal control.
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正确答案:B
答案解析:财务报表附注及补充事项说明(financial statements footnotes & supplementary schedules)包括以下内容： ● 会计方法、假设、估计;
● 说明哪些事项审计了，哪些事项没有审计; ● 其他信息：
(1) Business acquisition or disposals(企业兼并或出售) (2) Legal proceedings(法律程序)
(3) Employee benefit plan and stock option(员工福利计划和股票期权)
(4) Contingencies and commitments(或有负债与承付款项) (5) Significant customers(重要客户) (6) Subsequent events(期后事项)
(7) Business and geographic segments(业务与地区分部) (8) Quarterly financial data(季度财务数据)
5、An analyst does research about audit opinions.A disclaimer audit opinion is mostlikely issued when:【单选题】
A.financial statements are prepared with some limitation or exceptions accordingto the accounting standards.
B.auditors are unable to issue an opinion about financial statements.
C.financial statements are materially depart from accounting
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standards and notfairly presented. 正确答案:B
答案解析:拒绝发表意见(disclaimer opinion)意味着审计人员无法就财务报表发表意见。选项A是保留意见(qualified opinion)，选项C是否定意见(adverse opinion)。
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CFA考试《CFA一级》历年真题精选及详细解析1007-1
