CFA特许金融分析师《CFA二级》模拟试卷五（含答案）

CFA特许金融分析师《CFA二级》模拟试卷五（含答案）共享题干题SamuelTelline,CFA,isaportf（江南博哥）oliomanageratAiklinInvestmentswithdiscretionaryauthorityoverallofhisaccounts.Oneofhisclients,AlanCaper,ChiefExecutiveOfficer(CEO)ofEllipseManufacturing,invitesTellinetolunch.Attherestaurant,theCEOrevealsthereasonforthelunch.“AsyouknowReinholdPartnershasmadeanunsolicitedcashofferforalloutstandingsharesofEllipseManufacturing.ReinholdhasmadeitclearthatIwillnotbeCEOiftheyaresuccessful.IcanassureyouthatourshareholderswillbebetteroffinthelongtermifI'mincharge.”CaperthenshowsTellinehisprojectionsforanewplandesignedtoboostbothsalesandoperatingmargins.“Iknowthatyourfirmisthetrusteeforourfirm'sEmployeeStockOwnershipPlan(ESOP).Ihopethatthetrusteewillvoteinthebestinterestofourshareholders—andthatwouldbeavoteagainstthetakeoveroffer.”AfterlookingthroughCaper'sbusinessplans,Tellinesays,“Thisplanlooksgood.Iwillrecommendthatthetrusteevoteagainsttheoffer.”Caperresponds,“IremembermyfriendKarenLeightontellingmethattheLeightonFamily'sTrustismanagedbyyourfirm.Perhapsthetrusteecouldvotethosesharesagainsttheacquisitionaswell.KarenLeightonisaclosefriend.Iamsurethatshewouldagree.”Tellineresponds,“TheFamilyTrustisnolongermanagedbyAiklin.”Headds,“IunderstandthattheTrustisveryconservativelymanaged.IdoubtitthatitwouldhaveholdingsinEllipseManufacturing.”TellinedoesnotmentionthatalthoughtheFamilyTrusthaschangedinvestmentmanagers,KarenLeightonremainsanimportantclientatAiklinwithsignificantpersonalholdingsinEllipse.Afterlunch,TellinemeetswithSydneyBrown,CFA,trusteeoftheEllipseESOP.HeshowsherCaper'splanforimprovements.“IthinktheplanisagoodoneandCaperisoneofthefirm'smostprofitableaccounts.Wedon'twanttolosehim.”Brownagreestoanalyzetheplan.Afterthoroughlyanalyzingboththeplanandthetakeoveroffer,BrownconcludesthatthetakeoverofferisbestfortheshareholdersintheESOPandvotestheplan'ssharesinfavorofthetakeoveroffer.AfewmonthslatertheacquisitionofEllipsebyReinholdPartnersiscompleted.CaperagainmeetsTellineforlunch.“IreceivedagenerousseverancepackageandI'mcountingonyoutomanagemymoneywellforme.Whileweareonthesubject,Iwouldliketobemoreaggressivewithmyportfolio.Withmyseverancepackage,Icantakeadditionalrisk.”TellineandCaperdiscusshiscurrentfinancialsituation,risktolerance,andfinancialobjectivesthroughoutlunch.TellineagreestoadjustCaper'sinvestmentpolicystatement(IPS)toreflecthisgreaterappetiteforriskandhisincreasedwealth.Backattheoffice,Tellinerealizesthatwiththeseverancepackage,Caperisnowhiswealthiestclient.HealsorealizesthatCaper'sincreasedappetiteforriskgiveshimariskprofilesimilartothatofanotherclient.Hepullsacopyoftheotherclient'sinvestmentpolicystatement(IPS)andreviewsitquicklybeforerealizingthatthetwoclientshaveverydifferenttaxsituations.TellinequicklyrevisesCaper'sIPStoreflectthechangesinhisfinancialsituation.Heusestheotherclient'sIPSasareferencewhenrevisingthesectionrelatingtoCaper'srisktolerance.HethenfilestherevisedIPSinCaper'sfile.Thefollowingweek,anAiklinanalystissuesabuyrecommendationonasmalltechnologycompanywithapromisingsoftwareproduct.TellinereadsthereportcarefullyandconcludesitwouldbesuitableunderCaper'snewIPS.Tellineplacesanorderfor10,000sharesinCaper'saccountandthencallsCapertodiscussthestockinmoredetail.Tellinedoesnotpurchasethestockforanyotherclients.AlthoughtheoneclienthasthesameriskprofileasCaper,thatclientdoesnothavecashavailableinhisaccountandTellinedeterminesthatsellingexistingholdingsdoesnotmakesense.Inasubsequenttelephoneconversation,Caperexpresseshislingeringangeroverthetakeover.“Youdidn'tdoenoughtopersuadeAiklin'sclientstovoteagainstthetakeover.MaybeIshouldlookforaninvestmentmanagerwhoismoreloyal.”TellinetriestocalmCaperbutisunsuccessful.Inanattempttochangethetopicofconversation,Tellinestates,“Thefirmwasjustnotifiedofourallocationofalong-awaitedIPO.Youraccountshouldreceiveasignificantallocation.Iwouldhatetoseeyouloseoutbymovingyouraccount.”Caperseemsmollifiedandconcludesthephonecall,“Ilookforwardtoalong-termrelationshipwithyouandyourfirm.”AiklindistributesacopyofitsfirmpoliciesregardingIPOallocationstoallclientsannually.Accordingtothepolicy,AiklinallocatesIPOsharestoeachinvestmentmanagerandeachmanagerhasresponsibilityforallocatingsharestoaccountsforwhichtheIPOissuitable.ThestatementalsodisclosesthatAiklinoffersdifferentlevelsofservicefordifferentfees.AftercarefullyreviewingtheproposedIPOandhisclientaccounts,TellinedeterminesthattheIPOissuitablefor11clientsincludingCaper.Becausethedealisoversubscribed,hereceivesonlyhalfofthesharesheexpected.Tellinedirects50%ofhisallocationtoCaper'saccountanddividestheremaining50%betweentheothertenaccounts,eachwithavalueequaltohalfofCaper'saccount.[单选题]1.WhendiscussingtheLeightonFamilyTrust,doesTellineviolateanyCFAInstituteStandardsofProfessionalConduct?A.No.B.Yes,relatingtodutiestoclients.C.Yes,relatingtomisrepresentation.参考答案：B参考解析：Tellinehasadutytopreservetheconfidentialityofcurrent,former,andprospectiveclients.TellineviolatesStandardIII(E)–PreservationofConfidentialitywhenherevealsinformationabouttheLeightonFamilyTrust.SamuelTelline,CFA,isaportfoliomanageratAiklinInvestmentswithdiscretionaryauthorityoverallofhisaccounts.Oneofhisclients,AlanCaper,ChiefExecutiveOfficer(CEO)ofEllipseManufacturing,invitesTellinetolunch.Attherestaurant,theCEOrevealsthereasonforthelunch.“AsyouknowReinholdPartnershasmadeanunsolicitedcashofferforalloutstandingsharesofEllipseManufacturing.ReinholdhasmadeitclearthatIwillnotbeCEOiftheyaresuccessful.IcanassureyouthatourshareholderswillbebetteroffinthelongtermifI'mincharge.”CaperthenshowsTellinehisprojectionsforanewplandesignedtoboostbothsalesandoperatingmargins.“Iknowthatyourfirmisthetrusteeforourfirm'sEmployeeStockOwnershipPlan(ESOP).Ihopethatthetrusteewillvoteinthebestinterestofourshareholders—andthatwouldbeavoteagainstthetakeoveroffer.”AfterlookingthroughCaper'sbusinessplans,Tellinesays,“Thisplanlooksgood.Iwillrecommendthatthetrusteevoteagainsttheoffer.”Caperresponds,“IremembermyfriendKarenLeightontellingmethattheLeightonFamily'sTrustismanagedbyyourfirm.Perhapsthetrusteecouldvotethosesharesagainsttheacquisitionaswell.KarenLeightonisaclosefriend.Iamsurethatshewouldagree.”Tellineresponds,“TheFamilyTrustisnolongermanagedbyAiklin.”Headds,“IunderstandthattheTrustisveryconservativelymanaged.IdoubtitthatitwouldhaveholdingsinEllipseManufacturing.”TellinedoesnotmentionthatalthoughtheFamilyTrusthaschangedinvestmentmanagers,KarenLeightonremainsanimportantclientatAiklinwithsignificantpersonalholdingsinEllipse.Afterlunch,TellinemeetswithSydneyBrown,CFA,trusteeoftheEllipseESOP.HeshowsherCaper'splanforimprovements.“IthinktheplanisagoodoneandCaperisoneofthefirm'smostprofitableaccounts.Wedon'twanttolosehim.”Brownagreestoanalyzetheplan.Afterthoroughlyanalyzingboththeplanandthetakeoveroffer,BrownconcludesthatthetakeoverofferisbestfortheshareholdersintheESOPandvotestheplan'ssharesinfavorofthetakeoveroffer.AfewmonthslatertheacquisitionofEllipsebyReinholdPartnersiscompleted.CaperagainmeetsTellineforlunch.“IreceivedagenerousseverancepackageandI'mcountingonyoutomanagemymoneywellforme.Whileweareonthesubject,Iwouldliketobemoreaggressivewithmyportfolio.Withmyseverancepackage,Icantakeadditionalrisk.”TellineandCaperdiscusshiscurrentfinancialsituation,risktolerance,andfinancialobjectivesthroughoutlunch.TellineagreestoadjustCaper'sinvestmentpolicystatement(IPS)toreflecthisgreaterappetiteforriskandhisincreasedwealth.Backattheoffice,Tellinerealizesthatwiththeseverancepackage,Caperisnowhiswealthiestclient.HealsorealizesthatCaper'sincreasedappetiteforriskgiveshimariskprofilesimilartothatofanotherclient.Hepullsacopyoftheotherclient'sinvestmentpolicystatement(IPS)andreviewsitquicklybeforerealizingthatthetwoclientshaveverydifferenttaxsituations.TellinequicklyrevisesCaper'sIPStoreflectthechangesinhisfinancialsituation.Heusestheotherclient'sIPSasareferencewhenrevisingthesectionrelatingtoCaper'srisktolerance.HethenfilestherevisedIPSinCaper'sfile.Thefollowingweek,anAiklinanalystissuesabuyrecommendationonasmalltechnologycompanywithapromisingsoftwareproduct.TellinereadsthereportcarefullyandconcludesitwouldbesuitableunderCaper'snewIPS.Tellineplacesanorderfor10,000sharesinCaper'saccountandthencallsCapertodiscussthestockinmoredetail.Tellinedoesnotpurchasethestockforanyotherclients.AlthoughtheoneclienthasthesameriskprofileasCaper,thatclientdoesnothavecashavailableinhisaccountandTellinedeterminesthatsellingexistingholdingsdoesnotmakesense.Inasubsequenttelephoneconversation,Caperexpresseshislingeringangeroverthetakeover.“Youdidn'tdoenoughtopersuadeAiklin'sclientstovoteagainstthetakeover.MaybeIshouldlookforaninvestmentmanagerwhoismoreloyal.”TellinetriestocalmCaperbutisunsuccessful.Inanattempttochangethetopicofconversation,Tellinestates,“Thefirmwasjustnotifiedofourallocationofalong-awaitedIPO.Youraccountshouldreceiveasignificantallocation.Iwouldhatetoseeyouloseoutbymovingyouraccount.”Caperseemsmollifiedandconcludesthephonecall,“Ilookforwardtoalong-termrelationshipwithyouandyourfirm.”AiklindistributesacopyofitsfirmpoliciesregardingIPOallocationstoallclientsannually.Accordingtothepolicy,AiklinallocatesIPOsharestoeachinvestmentmanagerandeachmanagerhasresponsibilityforallocatingsharestoaccountsforwhichtheIPOissuitable.ThestatementalsodisclosesthatAiklinoffersdifferentlevelsofservicefordifferentfees.AftercarefullyreviewingtheproposedIPOandhisclientaccounts,TellinedeterminesthattheIPOissuitablefor11clientsincludingCaper.Becausethedealisoversubscribed,hereceivesonlyhalfofthesharesheexpected.Tellinedirects50%ofhisallocationtoCaper'saccountanddividestheremaining50%betweentheothertenaccounts,eachwithavalueequaltohalfofCaper'saccount.[单选题]2.WhendecidinghowtovotetheESOPshares,doesBrownviolateanyCFAInstituteStandards?A.No.B.Yes,relatingtoloyalty,prudence,andcare.C.Yes,relatingtodiligenceandreasonablebasis.参考答案：A参考解析：Brownconductsanindependentandcarefulanalysisoftheplans'benefitsforshareholdersaswellasthetakeoveroffer.Indoingsosheputstheclient'sinterestsaheadofthefirm's.Brown'sactionsareconsistentwithStandardIII(A)–Loyalty,Prudence,andCare;StandardV(A)–DiligenceandReasonableBasis;andStandardIII(B)–FairDealing.[单选题]3.TheStandardleastlikelytoprovideguidanceforTellinewhenworkingwiththeclients'investmentpolicystatementswouldbetheStandardrelatingto:A.suitability.B.fairdealing.C.loyalty,prudence,andcare.参考答案：B参考解析：TellineisnotlikelytoreceiveappropriateguidanceondevelopingorrevisinginvestmentpolicystatementsfromtheStandardrelatingtoFairDealing.StandardIII(B)providesmemberswithguidanceontreatingclientsfairlywhenmakinginvestmentrecommendations,providinginvestmentanalysis,ortakinginvestmentaction.TellinecouldobtainguidancefromtheStandardsrelatingtoLoyalty,Prudence,andCareandSuitability.BothStandardIII(A)and(C)provideguidanceformembersindeterminingclientobjectivesandthesuitabilityofinvestments.[单选题]4.DoesTellineviolateanyCFAInstituteStandardswhenheplacesthebuyorderforsharesinthetechnologycompanyforCaper'saccount?A.No.B.Yes,relatingtofairdealing.C.Yes,relatingtodiligenceandreasonablebasis.参考答案：A参考解析：Tellineiscarefultoconsidertheinvestment'ssuitabilityforCaper'saccount.Telline'sactionsareconsistentwithCFAInstituteStandardsIII(A)–Loyalty,Prudence,andCareandIII(B)–FairDealing.Tellinedeterminesthattheotherclientdoesnothavethecashavailableinhisaccountandsellingexistingholdingsdoesnotmakesense.[单选题]5.IsAiklin'spolicywithrespecttoIPOallocationsconsistentwithrequiredandrecommendedCFAInstituteStandards?A.Yes.B.No,becausetheIPOpolicydisadvantagescertainclients.C.No,becausethedifferentlevelsofservicedisadvantagecertainclients.参考答案：B参考解析：ThefirmviolatesStandardIII(B)–FairDealing.UnderAiklin'spolicy,someclientsforwhomanIPOissuitablemaynotreceivetheirpro-ratashareoftheissue.CFAStandardsrecommendthatfirmsallocateIPOsonapro-ratabasistoclients,nottoportfoliomanagers.[单选题]6.DoesTellineviolateanyCFAInstituteStandardsinhisallocationofIPOsharestoCaper'saccount?A.No.B.Yes,becausetheIPOisnotsuitableforCaper.C.Yes,becausehedoesnottreatallhisclientsfairly.参考答案：C参考解析：TellineviolatesStandardIII(B)–FairDealingbyover-allocatingsharestoCaper.TellinecarefullyreviewsboththeproposedIPOandhisclientaccountstodeterminesuitability.HefailstoallocatetheIPOsharesonapro-ratabasistoallclientsforwhomtheinvestmentissuitable.Ananalystisexaminingtheannualgrowthofthemoneysupplyforacountryoverthepast30years.Thiscountryexperiencedacentralbankpolicyshift15yearsago,whichalteredtheapproachtothemanagementofthemoneysupply.Theanalystestimatedamodelusingtheannualgrowthrateinthemoneysupplyregressedonthevariable(SHIFT)thattakesonavalueof0beforethepolicyshiftand1after.Sheestimatedthefollowing:Criticalt-values,levelofsignificanceof0.05:One-sided,leftside:-1.701One-sided,rightside:+1.701Two-sided:±2.048[单选题]7.ThevariableSHIFTisbestdescribedas:A.anindicatorvariable.B.adependentvariable.C.acontinuousvariable.参考答案：A参考解析：SHIFTisanindicatorordummyvariablebecauseittakesononlythevalues0and1.[单选题]8.Theinterpretationoftheinterceptisthemeanoftheannualgrowthrateofthemoneysupply:A.overtheenterentireperiod.B.aftertheshiftinpolicy.C.beforetheshiftinpolicy.参考答案：C参考解析：Inasimpleregressionwithasingleindicatorvariable,theinterceptisthemeanofthedependentvariablewhentheindicatorvariabletakesonavalueofzero,whichisbeforetheshiftinpolicyinthiscase.[单选题]9.Theinterpretationoftheslopeisthe:A.changeintheannualgrowthrateofthemoneysupplyperyear.B.averageannualgrowthrateofthemoneysupplyaftertheshiftinpolicy.C.differenceintheaverageannualgrowthrateofthemoneysupplyfrombeforetoaftertheshiftinpolicy.参考答案：C参考解析：Whereastheinterceptistheaverageofthedependentvariablewhentheindicatorvariableiszero(thatis,beforetheshiftinpolicy),theslopeisthedifferenceinthemeanofthedependentvariablefrombeforetoafterthechangeinpolicy.[单选题]10.Testingwhetherthereisachangeinthemoneysupplygrowthaftertheshiftinpolicy,usinga0.05levelofsignificance,weconcludethatthereis:A.sufficientevidencethatthemoneysupplygrowthchanged.B.notenoughevidencethatthemoneysupplygrowthisdifferentfromzero.C.notenoughevidencetoindicatethatthemoneysupplygrowthchanged参考答案：A参考解析：Thenullhypothesisofnodifferenceintheannualgrowthrateisrejectedatthe0.05level:Thecalculatedteststatisticof-8.16188isoutsidetheboundsof±2.048.MikeMartinezisanequityanalystwhohasbeenaskedtoanalyzeStellar,Inc.byhissupervisor,DominicAnderson.Stellarexhibitedstrongearningsgrowthlastyear;however,Andersonisskepticalaboutthesustainabilityofthecompany'searnings.HewantsMartineztofocusonStellar'sfinancialreportingqualityandearningsquality.Afterconductingathoroughreviewofthecompany'sfinancialstatements,Martinezconcludesthefollowing:●Conclusion1AlthoughStellar'sfinancialstatementsadheretogenerallyacceptedaccountingprinciples(GAAP),Stellarunderstatesearningsinperiodswhenthecompanyisperformingwellandoverstatesearningsinperiodswhenthecompanyisstruggling.●Conclusion2StellarmostlikelyunderstatedthevalueofamortizableintangibleswhenrecordingtheacquisitionofSolar,Inc.lastyear.Nogoodwillimpairmentchargeshavebeentakensincetheacquisition.●Conclusion3Overtime,theaccrualscomponentofStellar'searningsislargerelativetothecashcomponent.●Conclusion4Stellarreportedanunusuallysharpdeclineinaccountsreceivableinthecurrentyear,andanincreaseinlong-termtradereceivables.[单选题]11.BasedonMartinez'sconclusions,Stellar'sfinancialstatementsarebestcategorizedas:A.non-GAAPcompliant.B.GAAPcompliant,butwithearningsmanagement.C.GAAPcompliantanddecisionuseful,withsustainableandadequatereturns.参考答案：B参考解析：Stellar'sfinancialstatementsareGAAPcompliant(Conclusion1)butcannotbereliedupontoassessearningsquality.Thereisevidenceofearningsmanagement:understatingandoverstatingearningsdependingupontheresultsoftheperiod(Conclusion1),understatedamortizableintangibles(Conclusion2),andahighaccrualscomponentinthecompany'searnings(Conclusion3).[单选题]12.BasedonConclusion2,aftertheacquisitionofSolar,Stellar'searningsaremostlikely:A.understated.B.fairlystated.C.overstated.参考答案：C参考解析：MartinezbelievesthatStellarmostlikelyunderstatedthevalueofamortizableintangibleswhenrecordingtheacquisitionofarivalcompanylastyear.Impairmentchargeshavenotbeentakensincetheacquisition(Conclusion2).Consequently,thecompany'searningsarelikelytobeoverstatedbecauseamortizationexpenseisunderstated.Thisunderstatementhasnotbeenoffsetbyanimpairmentcharge.[单选题]13.Inhisfollow-upanalysisrelatingtoConclusion3,MartinezshouldfocusonStellar's:A.totalaccruals.B.discretionaryaccruals.C.non-discretionaryaccruals.参考答案：B参考解析：MartinezconcludedthattheaccrualscomponentofStellar'searningswaslargerelativetothecashcomponent(Conclusion3).Earningswithalargercomponentofaccrualsaretypicallylesspersistentandoflowerquality.Animportantdistinctionisbetweenaccrualsthatarisefromnormaltransactionsintheperiod(callednon-discretionary)andaccrualsthatresultfromtransactionsoraccountingchoicesoutsidethenormal(calleddiscretionaryaccruals).Thediscretionaryaccrualsarepossiblymadewiththeintenttodistortreportedearnings.Outlierdiscretionaryaccrualsareanindicatorofpossiblymanipulated—andthuslowqualityearnings.Thus,Martinezisprimarilyfocusedondiscretionaryaccruals,particularlyoutlierdiscretionaryaccruals(referredtoasabnormalaccruals).[单选题]14.WhatwillbetheimpactonStellarinthecurrentyearifMartinez'sbeliefinConclusion4iscorrect?Comparedwiththepreviousyear,Stellar's:A.currentratiowillincrease.B.dayssalesoutstanding(DSO)willdecrease.C.accountsreceivableturnoverwilldecrease.参考答案：B参考解析：Becauseaccountsreceivablewillbelowerthanreportedinthepast,Stellar'sDSO[Accountsreceivable/(Revenues/365)]willdecrease.Stellar'saccountsreceivableturnover(365/days'salesoutstanding)willincreasewiththelowerDSO,givingthefalseimpressionofafasterturnover.Thecompany'scurrentratiowilldecrease(currentassetswilldecreasewithnochangeincurrentliabilities).RedlineProducts,Inc.isaUS-basedmultinationalwithsubsidiariesaroundtheworld.Onesuchsubsidiary,Acceletron,operatesinSingapore,whichhasseenmildbutnotexcessiveratesofinflation.Acceletronwasacquiredin2000andhasneverpaidadividend.ItrecordsinventoryusingtheFIFOmethod.ChiefFinancialOfficerMargotVillierswasaskedbyRedline'sboardofdirectorstoexplainhowthefunctionalcurrencyselectionandotheraccountingchoicesaffectRedline'sconsolidatedfinancialstatements.VilliersgathersAcceletron'sfinancialstatementsdenominatedinSingaporedollars(SGD)inExhibit1andtheUSdollar/SingaporedollarexchangeratesinExhibit2.ShedoesnotintendtoidentifythefunctionalcurrencyactuallyinusebutrathertouseAcceletronasanexampleofhowthechoiceoffunctionalcurrencyaffectstheconsolidatedstatements.[单选题]15.ComparedwithusingtheSingaporedollarasAcceletron'sfunctionalcurrencyfor2007,iftheUSdollarwerethefunctionalcurrency,itismostlikelythatRedline'sconsolidated:A.inventorieswillbehigher.B.receivableturnoverwillbelower.C.fixedassetturnoverwillbehigher.参考答案：C参考解析：IftheUSdollaristhefunctionalcurrency,thetemporalmethodmustbeused.Revenuesandreceivables(monetaryasset)wouldbethesameundereitheraccountingmethod.InventoryandfixedassetswerepurchasedwhentheUSdollarwasstronger,soathistoricalrates(temporalmethod),translatedtheywouldbelower.Identicalrevenues/lowerfixedassetswouldresultinhigherfixed-assetturnover.[单选题]16.IftheUSdollarwerechosenasthefunctionalcurrencyforAcceletronin2007,Redlinecouldreduceitsbalancesheetexposuretoexchangeratesby:A.sellingSGD30millionoffixedassetsforcash.B.issuingSGD30millionoflong-termdebttobuyfixedassets.C.issuingSGD30millioninshort-termdebttopurchasemarketablesecurities.参考答案：A参考解析：IftheUSdollaristhefunctionalcurrency,thetemporalmethodmustbeused,andthebalancesheetexposurewillbethenetmonetaryassetsof125+230–185–200=–30,oranetmonetaryliabilityofSGD30million.Thisnetmonetaryliabilitywouldbeeliminatediffixedassets(non-monetary)weresoldtoincreasecash.Issuingdebt,eithershort-termorlong-term,wouldincreasethenetmonetaryliability.[单选题]17.Redline'sconsolidatedgrossprofitmarginfor2007wouldbehighestifAcceletronaccountedforinventoryusing:A.FIFO,anditsfunctionalcurrencyweretheUSdollar.B.LIFO,anditsfunctionalcurrencyweretheUSdollar.C.FIFO,anditsfunctionalcurrencyweretheSingaporedollar.参考答案：A参考解析：BecausetheUSdollarhasbeenconsistentlyweakeningagainsttheSingaporedollar,costofsaleswillbelowerandgrossprofithigherwhenanearlierexchangerateisusedtotranslateinventory,comparedwithusingcurrentexchangerates.IftheSingaporedollaristhefunctionalcurrency,currentrateswouldbeused.Therefore,thecombinationoftheUSdollar(temporalmethod)andFIFOwillresultinthehighestgrossprofitmargin.[单选题]18.IfthecurrentratemethodisusedtotranslateAcceletron'sfinancialstatementsintoUSdollars,Redline'sconsolidatedfinancialstatementswillmostlikelyincludeAcceletron's:A.USD3,178millioninrevenues.B.USD118millioninlong-termdebt.C.negativetranslationadjustmenttoshareholderequity.参考答案：A参考解析：Underthecurrentratemethod,revenueistranslatedattheaverageratefortheyear,SGD4,800×0.662=USD3,178million.Debtshouldbetranslatedatthecurrentrate,SGD200×0.671=USD134million.Underthecurrentratemethod,Acceletronwouldhaveanetassetbalancesheetexposure.BecausetheSingaporedollarhasbeenstrengtheningagainsttheUSdollar,thetranslationadjustmentwouldbepositiveratherthannegative.[单选题]19.IfAcceletron'sfinancialstatementsaretranslatedintoUSdollarsusingthetemporalmethod,Redline'sconsolidatedfinancialstatementswillmostlikelyincludeAcceletron's:A.USD336millionininventory.B.USD956millioninfixedassets.C.USD152millioninaccountsreceivable.参考答案：B参考解析：Underthetemporalmethod,inventoryandfixedassetswouldbetranslatedusinghistoricalrates.Accountsreceivableisamonetaryassetandwouldbetranslatedatyear-end(current)rates.Fixedassetsarefoundas(1,000×0.568)+(640×0.606)=USD956million.[单选题]20.WhentranslatingAcceletron'sfinancialstatementsintoUSdollars,RedlineisleastlikelytouseanexchangerateofUSDperSGD:A.0.671.B.0.588.C.0.654.参考答案：B参考解析：USD0.671/SGDisthecurrentexchangerate.ThatratewouldbeusedregardlessofwhetherAcceletronusesthecurrentrateortemporalmethod.USD0.654wastheweighted-averageratewheninventorywasacquired.Thatratewouldbeusedifthecompanytranslateditsstatementsunderthetemporalmethodbutnotthecurrentratemethod.USD0.588/SGDwastheexchangerateineffectwhenlong-termdebtwasissued.Asamonetaryliability,long-termdebtisalwaystranslatedusingcurrentexchangerates.Consequently,thatrateisnotapplicableregardlessofhowAcceletrontranslatesitsfinancialstatements.MarkZinandStellaLeeareCEOandCFO,respectively,ofMoonbaseCorporation.TheyareconcernedthatMoonbaseisundervaluedandsubjecttoahostiletakeoverbid.Toassessthevalueoftheirownfirm,theyarereviewingcurrentfinancialdataforJupiterPLC,SaturnCorporation,andVoyagerCorporation,threefirmstheybelievearecomparabletoMoonbase.ZinbelievesMoonbaseshouldtradeatsimilarmultiplestothesefirmsandthateachvaluationratiomeasureisequallyvalid.Moonbasehasacurrentstockpriceof$34.00pershare,earningsof$1.75pershare,bookvalueof$8.50pershare,andcashflowof$3.20pershare.Usingtheaverageofeachofthethreemultiplesforthethreecomparablefirms,ZinfindsthatMoonbaseisundervalued.LeestatesthatthelowvaluationreflectscurrentpoorperformanceofasubsidiaryofMoonbase.SherecommendsthattheboardofdirectorsconsiderdivestingthesubsidiaryinamannerthatwouldprovidecashinflowtoMoonbase.Zinproposesthatsomeactionshouldbetakenbeforeahostiletakeoverbidismade.HeasksLeeif