CFA考试《CFA一级》历年真题精选及详细解析1007-1

1、CFA考试CFA级历年真题精选及详细解析1007-11、A com pany which prep ares its fin ancial statements inaccordance with IFRS incurredand capitalized 2 million ofdevelopment costs during theyear. These costs were fullydeductible immediately for taxpurposes, but the company isdepreciating them over twoyears for financial

2、reportingpur poses. The com pany has a long history of p rofitability which is expected to continue. Which is the most approphate way for an analyst to in cor porate the differs ntial tax treatment in his analysis? He should include it in:【单选题】A. liabilities when calculating the company's curren

3、t ratio.B. equity when calculating the company's return on equity ratio.C. liabilities when calculating the company's debt-to-equity ratio.正确答案:c 答案解析/Income Taxes/ Elbie Antonites, CFA, and Michael A.Broihahn, CFA 2011 Modular Level h Vol. 3, pp 460, 485-486, 4901study Session 9-38-iAnalyze

4、 disclosures relating to deferred tax items and theeffective tax rate reconciliation, and discuss how in format! onin eluded in these disclosures affects a com panyl financialstatements and financial ratios.The differs nt treatme nt for tax purpo ses and fin ancial reportingpurp OSes is a temporary

5、differs nee and would create a deferredtax liability. Deferred tax liabilities should be classified as debt ifthey are expected to reverse with subsequent tax payments.The long history of p rofitability imp lies the com pany will likelybe paying taxes in the following years and hence an analystcould

6、 reas on ably exp ect the tern porary difference to reverse*Under IFRS all deferred tax liabilities are non-current andtherefore do not affect the current ratio.2、According to the Inter national Acco unting Standards Board'sConceptual Framework for FinancialReporting, the twofundamental qualitat

7、ive characteristicsthat make financialinformation useful are best described as:【单选题】A.timeliness and accrual accounting.B.un d erst a ndability and verifiability.C. releva nee and faithful representati on.正确答案:c答案解析:"Financial Reporting Standards/ Elaine Henry, CFA,Jan Hendrik van Greuning, CFA

8、, and Thomas R. Robinson, CFA 2013 Modular Level I, Vol. 3, Reading 24, Section 5.2Study Session 7-24-dDescribe the In ter natio nal Accounting Stan dards Board's concep tual framework, in eluding the objective and qualitative characteristics of financial statements, required reporting elements,

9、 and constraints and assumptions in preparing financial statements.C is correct. Releva nee and faithful rep resentati on are the two fundamental qualitative characteristics that make financial informatio n useful according to the lASB Concep tualFramework.3、An analyst does research about cash flow

10、and gathers the following information(in thousands) about a company.Cost of goods soldInventory (year end)Accounts payable (year end)Based on the information above, cash paid to suppliers ( in thousands) in 2011is closest to:【单选题】A. $ 11 443B. $ 13 221C. $ 15 651正确答案:A 答案解析:$ 14 436 - ( $ 5 980 - $

11、3 876) - ( $ 7 321 - $ 6 432 )= $ 144 36 - $ 2 104 - $ 889 =$ 11 443。4、An analyst does research about financial statements.A com pany 's empio yee benefit plans are most likely disclosed in:【单选题】A. managementWWWW's discussion and analysis.B. the notes to the financial statementsC. ma nageme

12、nt's report on in ter nal control.正确答案:B答案解析:财务报表附注及补充事项说明(financial statements footnotes & supplementary schedules)包括以下内容：会计方法、假设、估计；说明哪些事项审计了 ,哪些事项没有审计；其他信息：（1） Business acquisition or disposals!企业兼并或出售） Legal proceedings（法律程序） Employee benefit plan and stock option（员工福利计划和股 票期权）Contingenc

13、ies and commitments（或有负债与承付款项） Significant customers!重要客户） Subsequent events（期后事项）（7） Business and geographic segments（业务与地区分部） Quarterly financial data（季度财务数据） 5、An analyst does research about audit opinions.A disclaimer audit opinion is mostlikely issued when:【单选题】A.financial statements are prep a red with some limitation or exceptions accordingto the accounting standards.B.auditors are unable to issue an opinion about financial statement