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1、CFA-级百题预测1.ETHICSANDPROFESSIONALSTANDARDS2.QUANTITATIVEMETHODS3.ECONOMICS4.FINANCIALREPORTINGANDANALYSIS5.CORPORATEFINANCE6.PORTFOLIOMANAGEMENT7.EQUITY8.Fixedincome9.DERIVATIVES10.ALTERNATIVEINVESTMENTS4.FinancialStatementAnalysis4.1.TheRoleofFinancialReporting4.1.1.重要知识点4.1.1.1.Roleoffinancialrepor
2、tingFinancialstatementanalysisdefinitionUsefinancialreportspreparedbycompanies,combinedwithotherinformation,toevaluatethepast,current,andpotentialperformanceandfinancialpositionofacompanyforthepurposeofmakinginvestment,credit,andothereconomicdecisions.ATheroleoffinancialreportingbycompaniesistoprovi
3、deinformationaboutacompanysperformance,financialposition,andchangesinfinancialpositionthatisusefultoawiderangeofusersinmakingeconomicdecisions.4.1.2.基础题Q-l.Providinginformationabouttheperformanceandfinancialpositionofcompaniessothatuserscanmakeeconomicdecisionsbestdescribestheroleof:A.auditing.B.fin
4、ancialreporting.C.financialstatementanalysis.4.2.OtherInformationSourcesofFinancialStatements4.2.L重要知识点4.2.1.1.FinancialnotesandsupplementaryschedulesANotesandFSsareanintegralDartofthecompletesetoffinancialstatements.SinceitisimportanttounderstanddifferentaccountingChOiCeSbetweencomparable,sometimes
5、needtomakenecessaryadjustmentsSothatthefinancialstatementdatausedaremorecomparable.AThenotesprovideinformationthatisessentialtounderstandingtheinformationprovidedintheprimarystatements,whichclarifytheexplanatoryinformationabouteveryIineitem(oralmosteverylineitem)onthebalancesheetandincomestatementNo
6、tedisclosuresincludeinformationaboutthefollowingAccountingpolicies,methods,andestimates;Financialinstrumentsandrisksarisingfromfinancialinstruments;Commitmentsandcontingencies;Denominatedcurrency;Complianceoflaw&legalproceedings;Related-partytransactions;Subsequentevents(i.e.,eventsthatoccurafterthe
7、balancesheetdate);Businessacquisitionsanddisposals;Roundedfigures&minordiscrepancies;Operatingsegments*performance.4.2.1.2.Managementsdiscussionandanalysis(MD&A)AGeneralcontents(publiclyheldcompanies):natureOfthebusiness,PHStresults,materialUnCertaintVandfuturenutlook.ACharaCteriStic:MD&Aisagoodforu
8、nderstandinginformationinthefinancialstatements.Inparticular,theforward-lookinsdisclosuresinanMD&A,canbeusefulinPrOieCtinRaComRaUvrfutureperformance.AThosecontentelementsincludeThenatureofthebusiness;Managementsobjectivesandstrategies;Thecompanyssignificantresources,risks,andrelationships;Resultsofo
9、perations;Criticalperformancemeasures.4.2.1.3.SECrequireslistedcompaniestoprovideanMD&Aandspecifiesthecontent.AFormS-IRegistrationstatementfiledpriortoinitialpublicofferings.AFormIO-KFinancialstatementsreportedannually.AFormIO-QFinancialstatementsreportedquarterly.AFormDEF-14AProxystatements.AForm8-
10、KMajoreventsasacquisitionsordisposalsofcorporateassets,corporategovernanceandmanagementchanges.AForm144NoticeoftheProPoSedSaleofrestrictedSeCUritieSOrsecuritiesheldbyanaffiliateoftheissuer.Forms3,4,5Reportbeneficialownershipofsecurities.4.2.1.4.OthersourcesofinformationProxystatementsManagementcompe
11、nsation;stockperformance;potentialconflictofinterests;Mattersthataretobeputtoavoteatthecompanysannual(orspecial)meetingofshareholders.InterimreportsProvidedbythecompanyeithersemiannuallyorquarterly,dependingontheapplicablereRilatoryrequirements.Interimreportsgenerallypresentthefourbasicfinancialstat
12、ementsandcondensednotesbutarenotaudited.TheseinterimreportsprovideUPdatedinformationonacompany,sperformanceandfinancialpositionsincetheIastannualperiod.AEarningsannouncementsFollowedbyaCOnferRnCeCallinwhichthecompany,sseniorexecutivesDescribethecompany,sperformanceandanswerquestionsposedbyconference
13、callparticipants.ExternalinformationEconomy,theindustry,thecompany,andPeer(ComPaIrable)companies;Helpfulinassessingthecompan/sfuture.4.2.2.基础题Q-2.AssumeU.S.GAAPappliesunlessotherwisenoted.Whenanissueisgoingtobeputtoavote,byshareholders,atanannualgeneralmeetingthecompanypreparesa(n):A.annualreport.B.
14、proxystatement.C.managementstatementofresponsibility.Q3.WhichofthefollowingreportsisleastlikelytobefiledwiththeUSSEC?A.AnnualreportB.Form10-KC.ProxystatementSolution:A.TheannualreportisnotarequirementoftheSEC.Bisincorrect.The10-KisrequiredbytheSECCisincorrect.AproxystatementisrequiredbytheSECQ-4.Int
15、erimreportsmostlikely:A.areissuedsemi-annuallyorquarterly.B.includeafullsetoffinancialstatementsandnotes.C.areaudited.4.3.AuditsofFinancialStatements4.3.1.重要知识点43.11.AuditsoffinancialstatementsA定义：Auditreferstotheprocessthatanindependentaccountingfirmexaminedthecompan/sfinancialstatementstoensurethe
16、iraccordanceWithspecifiedauditingStandards.A理解Auditsprovidereasonableassurancethatthefinancialstatementsarefairvpresented,meaningthatthereisahighdegreeofprobabilitythattheyarefreeOfmaterialerror,fraudOrilIeQrlacts.Also,theauditorsmustalsoexpressanopiniononthecompanyzsinternalcontrolsystems.AAuditrep
17、ort有四种类型分别是:unqualifiedopinion,qualifiedopinion,adverseopinion,disclaimerofopinionUnqualified(clean)opinion:thefinancialstatementsareComDlianCeWithapplicableaccountingstandards;Qualifiedopinion:thestatementscontainsSeVeralexceptionsOrIimitationSfromaccountingPrirCiPleSandtheexplanationsOfthesedeviat
18、ionsWillbePreSentedforuserstodeterminetheirimportance;Adverseopinion:thestatementsareunfairlypresentedandcontainsmaterialdeviationsfromaccountingstandards;Disclaimerofopinion:theIimitationSOffinancialStntementShindertheauditorsabilitytoexpressanopinion.4.3.2.基础题Q-5.Whichofthefollowingstatementsismos
19、taccurateabouttheresponsibilitiesofanauditorforapubliclytradedfirmintheUnitedStates?Theauditormust:A.ensurethatthefinancialstatementsarefreefromerror,fraud,orillegalacts.B.statethatthefinancialstatementsarepreparedaccordingtogenerallyacceptedaccounting5-122principles.C.expressanopinionabouttheeffect
20、ivenessofthecompanysinternalcontrolsystems.Q-6.Intheauditreport,anadditionalparagraphthatexplainsanexceptiontoanaccountingstandardisbestdescribedasa(n):A.adverseopinion.B.qualifiedopinion.C.disclaimerofopinion.4.4.StepsintheFinancialStatementAnalysisFramework441重要知识点4.4.1.1.Stepsinthefinancialstatem
21、entanalysisframework:6个步骤(目标、收集、处理、分析、结论、回顾）PhaseSourcesofinfoOutputArticulatethepurposeandcontextoftheanalysisNatureNeeds&concernGuidelinesStatementofpurposesandobjectivesAlistofspecificquestionsTimetable&budgetedresourcesCollectdataFinancialdataDiscussionVisitsOrganizedF/SFinancialdatatablesComple
22、tequestionnairesProcessdataDatafrompreviousphaseAdjustedF/SCommon-sizestatementsRatios&ForecastsAnalyze/interprettheprocesseddataInputdataProcesseddataAnalyticalresultsConclusions&recommendationsAnalyticalresultsAnalyticalreportsRecommendationFollowupPeriodicallyUpdatedreports&repeatingrecommendatio
23、ns4.4.2.基础题Q-7.Whichofthefollowingactivitieswouldananalystleastlikelycompleteaspartoftheprocessingdataphaseofafinancialanalysis?A.Analyzingtheprospectsoftheindustry.B.Preparingcommon-sizedfinancialstatementdata.C.Makingadjustmentsfordifferentaccountingpolicies.4.5.TheFlowofInformationinanAccountingS
24、ystem4.5.1.重要知识点4.5.1.1,报表制作几个步骤（从日记账到报表）GeneralJournal:recordallthetransactions,ClaJSifVinRthemintorelatedaccountintheorderoftheirdatesandadjustingthespecificamount（日记账）；Generalledger:listsalljournalentriesbytheirdatesandsortstheentriesinthegeneraljournalbvaccount（分类账）；AInitialtrialbalance/adjusted
25、trialbalance:preparedattheendoftheaccountingperiodShoWStheamountineachaccount;recordsadjustmentattheendoftheperiodthatchangestheamountintheaccountslistedininitialtrialbalance;Financialstatements:theaccountbalancespresentedinadjustedtrialbalancearethenpresentedinfinancialstatements.4.5.2.基础题Q-8.Theco
26、llectionofallbusinesstransactionssortedbyaccountinanaccountingsystemisreferredtoas:A.atrialbalance.B.ageneralledger.C.ageneraljournal.4.6.RelatedIssuesinFinancialStatements4.6.1.重要知识点Financialstatementelementsarethemajorclassificationsofassets,liabilities,ownersequity,revenues,andexpenses.Assetsarer
27、esourcescontrolledbyanenterpriseasaresultofpasteventsandfromwhichfutureeconomicbenefitstotheenterpriseareexpectedtoflow.Examples:cash,inventory,receivables,etc.Liabilitiesarepresentobligationsofanenterprisearisingfrompastevents,thesettlementofwhichisexpectedtoresultinanoutflowofresourcesofacompany.E
28、xamples:accountspayable,financialliabilities,etc.Ownersequityistheexcessofassetsoverliabilities;theresidualinterestofshareholdersintheassetofanentityafterdeductingtheentit/sliability.Ownersequityincludes:capital,retainedearnings,othercomprehensiveincome,etc.Incomeistheincreasesineconomicbenefitsinth
29、eformofinflowsorenhancementsofassets,ordecreasesofliabilitiesthatresultinanincreaseinequity(otherthanincreasesresultingfromcontributionsbyowners).Expensesareoutflowsofeconomicresourcesorincreasesinliabilitiesthatresultindecreasesinequity(otherthandecreasesbecauseofdistributionstoowners).Exapmle:cost
30、ofgoodssold(COGS),selling,general,andadministrativeexpenses(SG&A),etc.ElementsDefinitionRelationshipAssetsCurrentassetsNon-currentassets(Long-livedassets)TheBalancesheetAssets=liabilities+ownersequityOwnersequity=Contributedcapital+Beginningretainedearning+Netincome(currentyear)-Dividend(currentyear
31、)+OthercomprehensiveincomeLiabilities令Currentliabilities令Non-currentliabilities(Long-termliabilities)OwnersequityCapital令Additionalpaid-incapitalRetainedearningsOthercomprehensiveincomeRevenueTheincomestatementRevenue-expenses=netincome(currentyear)Expenses令Costofgoodsold令Otherexpense令Losses4.6.1.3.
32、Accountingequation掌握公式Assets=Liabilities+OwnersequityAssets=Liabilities+ContributedCapital+EndingretainedEarnings+accumulatedOCIAssets=Liabilities+ContributedCapital+BeginningRetainedEarnings+Revenue-Expenses-Dividends+accumulatedOCI4.6.2.基础题Q-9.Atthestartofamonth,aretailerpaid$10,000incashforcandie
33、s.Hesold$4,000worthofcandiesfor$6,000duringthemonth.Themostlikelyeffectofthesetransactionsontheretailersaccountingequationforthemonthisthatassetswill:A.beunchanged.B.decreaseby$4,000.C.increaseby$2,000.Q-10.AssumeU.S.GAAPappliesunlessotherwisenoted.Whichofthefollowingisleastlikelytobeclassifiedasafi
34、nancialstatementelement?A.Revenue.B.Liability.C.Netincome.Q-ll.Atthestartoftheyear,acompanyscapitalcontributedbyownersandretainedearningsaccountshadbalancesof$10,000and$6,000,respectively.Duringtheyear,thefollowingeventstookplace：Netincomeearned$4,000Interestpaidondebt$500Repaymentoflong-termdebt$1,
35、000Proceedsfromsharesissued$2,000Dividendspaid$600Theend-of-yearownersequityisclosestto:A.$19,900.B.$19,400.C.$20,400.Q-12.Thefollowinginformationisavailableforacompany($):December31,2018:Totalassets120,000Netincomefortheyear5,000Dividendspaid0Financialleverageratioforthecompanyis2.50%oftheequitycom
36、esfromcontributedcapitalDecember31,2019Totalassets112,000Netincome(loss)fortheyear(4,000)NonewdebtorequityissuedorrepurchasedIn2019,thecompanymostlikely:A.paidadividendof$4,000.B.Paidadividiendof$8,000C.paidadividendof$12,000.Q-13.Whatisthemostlikelyeffectontheaccountingequationwhenacompanypurchases
37、officeequipmentwithcash?A,AssetsincreaseandliabilitiesincreaseB.AssetsdecreaseandownersequitydecreasesC.Noeffectontheaccountingequation4.7.AccrualsandOtherAdjustmentsinPreparingFinancialStatements4.7.1.重要知识点4.7.1.1.掌握以下几种权责发生制(accrualbasis):权责发生制是以权利和责任的发生来决定收入和费用归属期的一项原则。4.7.1.2.收入应与为取得该收入所发生的费用、成本
38、相匹配，以正确计算在该会计期间所获得的净损益。4.7.1.3.除了基本概念以外还需要掌握几个名词Cash received inadvanceUnearned revenueCash received inarrearsAccrued revenueCash paid inadvancePrepaid expenseCash paid in arrearsAccrued expenseAUnearnedrevenue或deferredrevenue(IiabiIitv):ThefirmreceivescashbeforeitprovidesagoodorservicetocustomersAU
39、nbiHedrevenue或accruedrevenue(asset):Iftherevenueisearned,anditisjustthatthebillingdebthasnotraisedthebill,thenyoushouldtakeuptherevenueunderaccruedreceivablesandformostpurposes,theyshouldbethesameasaccountsreceivables.(未开票前，称为UnbilIed；开票后，从Unbilled转为A/R)。PrePaidexpenses(asset):Thefirmpayscashaheadof
40、timeforunanticipatedexpense.ACCrlledexpenses(liability):Anexpensethatisincurred,butnotyetpaidfor,duringagivenaccountingperiod.4.7.2.基础题Q-14.Inaccrualaccounting,ifanadjustingentryresultsinthereductionofanassetandtherecordingofanexpense,theoriginatingentryrecordedwasmostlikelya(n):A.accruedexpense.B.d
41、eferredrevenue.C.prepaidexpense.Q-15.When,attheendofanaccountingperiod,cashhasnotbeenpaidwithrespecttoanexpensethathasbeenincurred,thebusinessshouldthenrecord:A.anaccruedexpense,anasset.B.aprepaidexpense,anassetC.anaccruedexpense,aliability.4.8.IASBConceptualFramework4.8.1.重要知识点4.8.1.1.ObjectivesATh
42、eobjectivetoprovidefinancialinformationtheprovisionoffinancialinformationthatisusefultocurrentandpotentialprovidersofresourcesinmakingdecisions.4.8.1.2,QualitativecharacteristicsoffinancialstatementunderIASBAFundamentalqualitativecharacteristicsRelevance:Informationisrelevantifitwouldpotentiallyaffe
43、ctormakeadifferenceinUSeySdecisions.Predictivevalue.Usefulinmakingforecast;Confirmatoryvalue.Usefultoevaluatepastdecisionsorforecasts;Materiality.Omissionormisstatementofinformationcouldinfluenceusers*decisions.Materialityisafunctionofthenatureand/ormagnitudeoftheinformation.Faithfulrepresentation:I
44、nformationisrelevantifitwouldpotentiallyaffectormakeadifferenceinuser,sdecisions.Complete:allinformationnecessaryisdepicted.Neutral:nobias.Freefromerror:noerrorsofcommissionsoromissioninthedescriptionoftheeconomicphenomenon.FourenchancingqualitativecharacteristicsComparabilityrequiresthemeasurementa
45、ndreportoffinancialinformationaresimilarindifferentfirms.Comparabilityhelpsanalystsidentifyandanalyzetherealeconomicdifferencesacrosscompaniesandtimeperiods.Verifiabilitymeansthatdifferentknowledgeableandindependentobserverswouldagreethattheinformationpresentedfaithfullyrepresentstheeconomicphenomen
46、aitpurportstorepresent.Timelinessmeanstimelyinformationisavailabletodecisionmakerspriortotheirdecisions.Understandabilitymeansusersshouldbeabletoreadilyunderstandtheinformation.Clearandconcisepresentationofinformationenhancesunderstandability.4.8.13.ConstraintsonfinancialstatementARelevantvs.timely:
47、Thereisatradeoffbetweenrelevantandtimely.ACostvs.benefits:Thebenefitusersgainfromtheinformationshouldbegreaterthanthecostofpresentingit.ANon-quantifiable:Non-quantifiableinformation(reputation,brandloyalty,capacityforinnovation,etc.)cannotbecaptureddirectlyinfinancialstatements.4.8.1.4.GeneralfeaturesforpreparingfinancialstatementsAFairpresentation;AGoingconcern;AAccrualbasis;AMaterialityandaggregation;ANooffsetting;
