cfa一级financialstatementanalysis∶financialratios(编辑修改稿)

cfa一级financialstatementanalysis∶financialratios(编辑修改稿)内容摘要：

sets. Question ID: 22408 Common size balance sheets express all balance sheet items as a percentage of: A. assets. B. industry averages. 16 C. equity. D. sales. A Common size balance sheets express all balance sheet items as a percentage of assets. Note that mon size ine statements express all ine statement items as a percentage of sales. Question ID: 22406 Under which of the following circumstances would it be most appropriate to pare performance between two firms using mon size financial statements? When: A. there is a difference in the accounting procedures followed by the different firms. B. there is a large difference in the level of debt between the different firms. C. the firms are in different industries. D. there is a large difference in the level of sales between the different firms. D Common size financial statements express all ine statement items as a percentage of sales and all balance sheet accounts as a percentage of total assets. Commonsize statements normalize balance sheet and ine statements and make easier parisons of performance of different sized firms. Note that individual line items such as debt can be pared by using mon size ratios which divide individual ine statement line items by sales and individual balance sheet items by assets. Question ID: 22412 Consider two similar firms, A and B, within the same industry. Both firms have high inventory turnover ratios and follow the same accounting practices. Firm A, however, has low liquidity ratios relative to firm B. What limitation to the usefulness of financial ratio analysis may explain why this is not necessarily a negative indicator for Firm A? A. Liquidity ratios are typically volatile, often leading to temporary 17 discrepancies. B. Firm A may be significantly older than Firm B. C. It is often misleading to base broad conclusions on a single ratio. D. Firm A may be significantly larger than Firm B. C It is often necessary to consider more than one ratio simultaneously to get a true assessment of financial condition. In this case, the low liquidity ratio may be acpanied by high profitability ratios, which indicates that the liquidity position will improve. Question ID: 22411 For which of the following applications is the usefulness of financial ratio analysis most likely to be limited? Analysis of: A. different divisions within a conglomerated firm. B. firms with different fiscal years. C. different size firms within the same industry. D. firms with different base years for asset valuation. A Ratios of different divisions within the same firm are often not patible due to differences in the basic nature of the divisions’ businesses. Ratios are best used to pare the same firm over different periods of time, or different firms with similar lines of business. Question ID: 14691 Assume that the exercise price of an option is $5, and the average market price of the stock is $8. Assuming 816 options are outstanding during the entire year, what is the number of shares to be added to the denominator of the diluted EPS? A. 306. 18 B. 510. C. 272. D. 816. A (816)(5) = $4,080. $4,080 / $8 = 510 shares. 816 510 = 306 new shares. Question ID: 20200 Common size ine statements express all ine statement accounts as a percentage of: A. sales. B. ine. C. EBIT. D. gross profit. A Question ID: 20207 Common size balance sheets express all balance sheet accounts as a percentage of: A. total liabilities. B. total assets. C. stockholders equity. D. inventory. B Question ID: 22409 19 A difference in which of the following is most likely to be a limitation to the usefulness of financial ratios when paring firms in different countries? A. Industry average putations. B. Inflation rates. C. Accounting practices. D. Exchange rates. C Accounting procedures differ within a country and between different countries. It is difficult to adjust for these differences since they are generally not known. Given the same accounting practices, one could make adjustments to the ratios to pensate for differences in exchange rates, inflation rates and industry averages. Question ID: 22410 When measuring performance against a target financial ratio or ratios, firms often find it necessary to use: A. a precise value for the target financial ratio. B. a range of values for the target financial ratios. C. the firm39。 s historic average financial ratios. D. the industry average financial ratios. B One of the limitations of financial ratios is that it is difficult to determine a target or parison value for the ratio. Due to this difficulty, it is best to use a range of acceptable values for the target. Question ID: 18962 Which ratio is used to measure a pany39。 s internal liquidity? 20 A. Current ratio. B. Total asset turnover. C. Interest coverage. D. Gross profit margin. A Total asset turnover measures operating efficiency, gross profit margin measures operating profitability and interest coverage measures a pany’s financial risk. Question ID: 18809 An analyst has gathered the following information about a pany:  Net profit margin of 15%  Asset turnover ratio of  Equity multiplier of  Dividend payout ratio of 30%  What is the pany’s growth rate? A. % B. % C. % D. % A g = (retention rate)(ROE) ROE = ( profit margin)(asset turnover)(equity multiplier) = (.15)()() = 21 g = ()() = (.7)() = or % Question ID: 14688 Which of the following best explains a ratio of sales to average fixed assets that exceeds the industry average? The firm: A. uses straight line depreciation. B. expanded its plant and equipment in the past few years. C. makes less than efficient use o。