CFA Level 1 － 模考试题(3)（PM）－Q66-70 least, 考试题, likely, following

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Question 66 

Which of the following is least likely to be classified as cash flows from financing by Gordon, Inc. under U.S. GAAP? 

A) Preferred stock dividends paid to Gordon, Inc. on account of Gordon's ownership of nine percent par value preferred stock in Venture, Inc.

B) The portion of long-term debt principal payable within the current year operating cycle of the business.

C) Preferred stock dividends paid by Gordon, Inc. to its preferred shareholders at eight percent of par value. 

D) Proceeds from the issuance of eight percent preferred stock of Gordon, Inc.

 

Question 67 

Matrix, Inc.’s common size income statement for the years ended December 31, 20X1 and 20X2 included the following information (percent of net sales):

	20X1	20X2
Sales	100	100
Cost of Goods Sold	(55)	(60)
Gross Profit	45	40
Selling General & Administrative	(5)	(5)
Depreciation	(7)	(8)
Operating Profit (EBIT)	33	37
Interest Expense	(15)	(7)
Earnings before Taxes	18	30
Income Tax Expense	(6)	(10)
Earnings after Taxes	12	20

Analysis of this data indicates that from 20X1 to 20X2:

A) cost of goods sold increased.

B) sales volume was unchanged.

C) interest expense per dollar of sales declined.

D) the effective tax rate increased.

 

Question 68 

Which of the following pairs most accurately identifies the account that provides an analyst with information about a firm’s investing activities and describes the level of working capital associated with an inefficient use of assets? 

 Investing activities       Inefficient use of assets 

A) Noncurrent assets        Insufficient working capital 

B) Current assets           Too much working capital 

C) Noncurrent assets        Too much working capital 

D) Current assets           Insufficient working capital 

 

Question 69 

Jennings Inc. has an opening balance in owners’ equity of $75,000. During the period, there are three major transactions that occurred: an issuance of stock for $22,000, a dividend distribution of $10,000, and a reported net loss of $6,000. Which of the following amounts represents Jennings’ ending balance in owners’ equity based on these transactions? 

A) $87,000.

B) $37,000.

C) $91,000.

D) $81,000.

 

Question 70 

Which of the following statements about independent projects is least accurate? 

A) If the internal rate of return is less than the cost of capital, reject the project.

B) The internal rate of return and net present value methods can yield different accept/reject decisions for independent projects.

C) If the net present value is positive, accept the project.

D) The net present value indicates how much the value of the firm will change if the project is accepted.

 

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答案和详解如下：

Answer 66 

The correct answer was A) Preferred stock dividends paid to Gordon, Inc. on account of Gordon's ownership of nine percent par value preferred stock in Venture, Inc. 

Dividend revenue is considered cash from operations under U.S. GAAP. Debt proceeds and payments, other than interest paid or received, are considered to be cash flows from financing. 

This question tested from Session 8, Reading 34, LOS a, (Part 1)

 

Answer 67 

The correct answer was C)

On a common size income statement, all amounts are stated as a percentage of net sales. Dollars of interest expense per dollar of sales has declined from 0.15 to 0.07. The other interpretations listed are not necessarily correct. The volume of sales is not shown on this common-size income statement. COGS increased as a percentage of sales, but if sales volume decreased, COGS may have decreased as well. The company's effective tax rate (income tax expense / pretax income) can be calculated from a common-size income statement. Here the effective tax rate was 33% in both years. 

This question tested from Session 8, Reading 32, LOS j

 

Answer 68 

The correct answer was C)

Noncurrent assets provide information about a firm’s investing activities, which form the foundation upon which the firm operates. In contrast, current assets reveal information about the operating activities of the firm. 

Working capital is calculated as current assets minus current liabilities. The inefficient use of assets is generally associated with having too much working capital (i.e. excess assets should be invested in long-term assets to generate a larger return than being held as current assets). In contrast, an insufficient level of working capital suggests liquidity problems. 

This question tested from Session 8, Reading 33, LOS d

 

Answer 69 

The correct answer was D) $81,000. 

The owners’ equity balance is made up of two components, contributed capital and retained earnings. The issuance of stock of $22,000 would increase the contributed capital balance, and increase owners’ equity. The dividend distribution reflects a return of funds to the owners and decreases owners’ equity. The net loss also decreases owners’ equity. Therefore, the ending balance in owners’ equity should be $75,000 + $22,000 − $10,000 − $6,000 = $81,000. 

This question tested from Session 7, Reading 30, LOS f

 

Answer 70 

The correct answer was B) The internal rate of return and net present value methods can yield different accept/reject decisions for independent projects. 

For independent projects the IRR and NPV give the same accept/reject decision. For mutually exclusive projects the IRR and NPV techniques can yield different accept/reject decisions. 

This question tested from Session 11, Reading 44, LOS e, (Part 2)

 

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