答案和详解如下： 46 Correct answer is C “Financial Analysis Techniques,” Thomas R. Robinson, Hennie van Greuning, Elaine Henry, and MichaelA. Broihahn
2008 Modular Level I, Vol. 3, pp. 604-607
Study Session 10-41-f
demonstrate the application of DuPont analysis (the decomposition of return on equity)
The DuPont system can be used to break down return on equity (ROE) into three components: Profit margin, total asset turnover, and financial leverage multiplier.
The first two components can be multiplied to calculate the return on assets (ROA). If the two companies have the same ROE, the company with the lower ROA must have a higher financial leverage multiplier (lower proportion of common equity in the capital structure).
47 Correct answer is B “Financial Analysis Techniques,” Thomas R. Robinson, Hennie van Greuning, Elaine Henry, and MichaelA. Broihahn
2008 Modular Level I, Vol. 3, pp. 574-576
Study Session 10-41-a
evaluate and compare companies using ratio analysis, common-size financial statements, and charts in financial analysis
Interest expense is an income statement account and the common-size percentage should be computed as a percentage of sales for that company.
48 Correct answer is A “Understanding the Cash Flow Statement,” Thomas R. Robinson, Hennie van Greuning, Elaine Henry, and MichaelA. Broihahn
2008 Modular Level I, Vol. 3, pp. 271-273, 275-276
Study Session 8-34-f
demonstrate the steps in the preparation of direct and indirect cash flow statements, including how cash flows can be computed using income statement and balance sheet data
Equipment sale 1 results in a gain of $20,000, sale 2 results in a gain of $30,000, and sale 3 results in a loss of $10,000. The net gain is $40,000. The amount that would be deducted from net income to determine cash flow from operations is equal to the net gain of $40,000.
49 Correct answer is D “Understanding the Cash Flow Statement,” Thomas R. Robinson, Hennie van Greuning, Elaine Henry, and MichaelA. Broihahn
2008 Modular Level I, Vol. 3, pp. 275-278
Study Session 8-34-f
demonstrate the steps in the preparation of direct and indirect cash flow statements, including how cash flows can be computed using income statement and balance sheet data
The change in retained earnings is $20 and dividends are paid from retained earnings. 2007 net income would equal the change in retained earnings plus any dividends paid during 2007. Depreciation expense would be added to net income and the changes in balance sheet accounts would also be considered to determine cash flow from operations.
$20 + 5 (dividends) + 25 (depreciation) - 5 (increase in receivables) - 3 (increase in inventory) - 7 (decrease in payables) = $35 million.
50 Correct answer is D “Analysis of Inventories,” Gerald I. White, AshwinpaulC. Sondhi, and Dov Fried
2008 Modular Level I, Vol. 3, pp. 312-320
Study Session 9-35-c, d, e
compare and contrast the effect of the different methods on cost of goods sold and inventory balances, and discuss how a company’s choice of inventory accounting method affects other financial items such as income cash flow, and working capital;
compare and contrast the effects of the choice of inventory method on profitability, liquidity, activity, and solvency ratios;
indicate the reasons that a LIFO reserve might decline during a given period and evaluate the implications of such a decline for financial analysis
The negative change in the LIFO reserve would increase the cost of goods sold under FIFO compared to LIFO. FIFO COGS = LIFO COGS - Change in LIFO reserve.
The LIFO reserve has a positive balance so that FIFO inventory would be higher than LIFO inventory. FIFO inventory = LIFO inventory + LIFO reserve.
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发表于 2008-11-10 07:24
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