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CFA Level 1 - Mock Exam 2 模拟真题-Q51-55

51Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
The year-end balances in a company's LIFO reserve were $56.8 million in the company's financial statements for both 2006 and 2007. For 2007, the measure that will most likely be the same regardless of whether the company used the LIFO or FIFO inventory method is the:

Select exactly 1 answer(s) from the following:

A. current ratio.

B. inventory turnover.

C. gross profit margin.

D. amount of working capital.

 

52Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
An analyst gathered the following information about a company:

Shares of common stock

1,000,000

Net income for the year

$1,500,00

Par value of convertible bonds with a 4% coupon rate 

$10,000,000

Par value of cumulative preferred stock with a 7% dividend rate

$2,000,000

Tax rate

30%

 The bonds were issued at par and can be converted into 300,000 common shares. All securities were outstanding for the entire year.
Diluted earnings per share for the company are closest to:

Select exactly 1 answer(s) from the following:

A. $1.05.

B. $1.26.

C. $1.36.

D. $1.43.

 

53Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
At the beginning of the year, two companies issued debt with the same market rate, maturity date, and total face value. One company issued coupon-bearing bonds at par and the other company issued zero-coupon bonds. All other factors being equal for that year, compared with the company that issued par bonds, the company that issued zero-coupon debt will most likely overstate:

Select exactly 1 answer(s) from the following:

A. cash flow from operations but not interest expense.

B. interest expense but not cash flow from operations.

C. both cash flow from operations and interest expense.

D. neither cash flow from operations nor interest expense.

 

54Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
An analyst would find information about significant uncertainties affecting a company's liquidity, capital resources and results of operations in the:

Select exactly 1 answer(s) from the following:

A. auditor's report.

B. notes to the financial statements.

C. balance sheet and income statement.

D. management discussion and analysis.

 

55Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
When the financial statements materially depart from accounting standards and are not fairly presented, the audit opinion would be a(n):

Select exactly 1 answer(s) from the following:

A. limited opinion.

B. adverse opinion.

C. qualified opinion.

D. disclaimer of opinion.

 

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