CFA Level 1 － 模考试题(3)（PM）－Q46-50 style, 考试题

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Question 46 

Valuable Corp.’s basic earnings per share (EPS) and diluted EPS for the year are different. Given this information, which of the following statements is least accurate? 

A) All of Valuable's potentially dilutive securities are antidilutive.

B) Diluted EPS is less than basic EPS.

C) Valuable Corp.'s financial structure includes at least one potentially dilutive security.

D) Valuable Corp.'s capital structure may include both options and warrants.

Question 47 

Jersey, Inc.’s financial information included the following for its year ended December 31:

  ♣ 160,000 shares of common stock were outstanding for the entire year. 

  ♣ 18,000 shares of 10%, $100 par value cumulative preferred stock were outstanding for the entire year. 

  ♣ Common stock dividends paid during the current year were $240,000. 

  ♣ All preferred stock dividends were paid for the current year. Arrears of half of the preferred stock dividends that remained unpaid from the prior year were also paid in the current year. 

  ♣ Net income was $720,000. 

Basic earnings per share for Jersey, Inc. for the year ended December 31 are closest to:

A) $2.81.

B) $1.31.

C) $4.50.

D) $3.38.

Question 48   

Galaxy Corp. reported the following information for its first year of operations ending December 31 (in $ millions):

Income Statement
Sales	270
Cost of Goods Sold	(130)
Gross Profit	140
Other Expenses	(30)
Operating Profit	110
Interest Expense	(15)
Earnings before Taxes	95
Taxes	(35)
Earnings after Taxes	60

Balance Sheet
Cash	50		Accounts Payable	60
Accounts Receivable	50		Long – Term Debt	200
Inventory	100		Common Stock	100
Property, Plant & Equip. (net)	200		Retained Earnings	40
Total Assets	400		Total Liabilities & Equity	400

Based on its first year of operations, Galaxy’s sustainable growth rate is closest to:

A) 42.7%.

B) 14.2%.

C) 28.6%.

D) 18.4%.

Question 49 

Which of the following statements regarding an audit and a standard auditor’s opinion is most accurate? 

A) The objective of an audit is to enable the auditor to provide an opinion on the numerical accuracy of the financial statements.

B) An unqualified opinion suggests that there are some exceptions to the accounting principles and explains these exceptions in the audit report.

C) The absence of an explanatory paragraph in the audit report relating to the going concern assumption suggests that there are no serious problems that require a close examination of that assumption by the analyst.

D) In order to provide an independent review of a company’s financial statements, an independent certified public accounting firm must be appointed by the company’s management.

Question 50 

Income statement information for Quick Corp. for the years ended December 31, 20X0 and 20X1 was as follows (in $ millions):

20X0	20X1
Sales	30,000,000	32,000,000
Cost of Goods Sold	(16,000,000)	(17,000,000)
Gross Profit	14,000,000	15,000,000
Amortization of Franchise	(1,500,000)	(1,500,000)
Other Expenses	(7,000,000)	(7,000,000)
Net Income	5,500,000	6,500,000

20X0        20X1

A) -$8,000,000    $8,000,000

B) -$9,500,000    $8,000,000

C) -$8,000,000    $6,500,000

D) -$9,500,000    $6,500,000

[此贴子已经被作者于2008-11-6 18:05:10编辑过]

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答案和详解如下：

Answer 46   

The correct answer was A) All of Valuable's potentially dilutive securities are antidilutive. 

If all of Valuable’s potentially dilutive securities were antidilutive, then EPS would equal diluted EPS. 

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

 

Answer 47 

The correct answer was D) $3.38. 

Jersey, Inc.’s basic EPS = (net income – preferred dividends) / (weighted average number of common shares outstanding) was ($720,000 - $180,000)/160,000 = $3.38. Note that the unpaid preferred dividends from the previous year would have been charged to that year's earnings so they would not be double-counted. 

This question tested from Session 8, Reading 32, LOS h, (Part 1)

 

Answer 48   

The correct answer was C) 28.6%. 

Sustainable growth rate = retention ratio × return on equity. Because this was Galaxy's first year of operations, we can determine its retention ratio directly from retained earnings: RR = 40 / 60 = 0.667. ROE = net income / equity = 60 / (100 + 40) = 0.429. Thus, g = RR × ROE = 0.667 × 0.429 = 0.286 = 28.6%. 

This question tested from Session 10, Reading 41, LOS g

 

Answer 49 

The correct answer was C)

A specific explanatory paragraph that makes reference to (questions) the going concern assumption may be a signal of serious problems and call for close examination by the analyst. Therefore, in the absence of such a paragraph, there is no need for a close examination of the going concern assumption by the analyst.

The objective of an audit is to enable the auditor to provide an opinion on the fairness and reliability of the financial statements. This is not the same as numerical accuracy. The auditor is generally only provides reasonable assurance that there are no material errors in the financial statements, not an opinion about their numerical accuracy.

It is a qualified opinion which suggests that there are some exceptions to the required reporting principles and explains these exceptions.

An independent certified public accounting firm must be appointed by the company’s board of directors and not by its management. Appointment of the auditors by management would reduce the level of perceived independence.

This question tested from Session 7, Reading 29, LOS d

 

Answer 50 

The correct answer was A) 

-$8,000,000    $8,000,000

If the franchise cost were expensed, amortization would be eliminated and franchise expense would be fully taken in 20X0. 20X0 net income would be $5,500,000 + 1,500,000 - $15,000,000= -$8,000,000, and 20X1 net income would be $6,500,000 + $1,500,000= $8,000,000. 

This question tested from Session 9, Reading 36, LOS a

qingyunzhi

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第5题问的是什么呀?