财务报表分析（全英文）智慧树知到期末考试答案章节答案2024年北京第二外国语学院

财务报表分析（全英文）智慧树知到期末考试答案+章节答案2024年北京第二外国语学院Iftherequiredequityreturnis12percent,whatistheper-sharevalueoftheseshares?

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答案:$6.40.Dividendaretheonlywaytopaycashouttoshareholders.（）

答案:错Salesareofgoodqualityiftheyareunbiasedestimatesofthecashthatthesaleswillgenerate.（）

答案:对Theoutsideinvestordecidestotradesecuritiesbycomparingtheirestimatedvaluetotheirprice.（）

答案:对Areductionintheadvertisingexpenseratioincreasesharevalue?（）

答案:错Operatingspreadisthedifferencebetweenoperatingprofitabilityandthenetborrowingcost.（）

答案:对Conservativeaccountingisaccountingthatunderstatesassetsonthebalancesheetoroverstatesliabilities.（）

答案:对Bothoperatingincomeandnetfinancialexpensemustbebeforetaxandcomprehensiveofallcomponents,asinthereformulatedincomestatements（）

答案:错Earningsareusedtoanalyseprofitandarepartofcalculatingafirm’s(share)value.（）

答案:对paymentofinterestaffectfreecashflow.（）

答案:错Iffutureearningsareexpectedtobehigherthancurrentearnings(thatis,growthinearningsisexpected),theP/Ewillbelow.（）

答案:错Featureoffinancialanalysisistopresentthedatacontainedinfinancialstatementsin()

答案:Easyform;Comparableform;Convenientandrationalgroupswhichofthefollowingexamplesrepresentpoormatchingofrevenueandexpenses.（）

答案:Expensingstoreopeningcostsbeforerevenueisreceived.;Usingshortestimatedlivesfordepreciableassets–resultingishighdepreciationcharges.;Underestimatingbaddebts;Expensingresearchanddevelopmentexpenditures.whatfeatureinfinancialstatementwouldyoulookfortoidentifyafirmasagrowthfirm?（）

答案:Increasingassetturnover;AnROCEgreaterthanthecostofcapital;Salesgrowth(withpositiveprofitmargins);IncreasingprofitmarginsChangesinresidualearningsaredrivenby:

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答案:Changesininvestment(CSE);ChangesinROCE;ChangesinrequiredreturnWhichofthefollowingstatementsabouttherelationshipbetweenRNOAandROCEisNotcorrect?（）

答案:ROCEisalwaysgreaterthanRNOA;ROCEisgreaterthanRNOA,ifRNOAisgreaterthanafter-taxcostofdividends;ROCEisgreaterthanRNOA,ifRNOAisgreaterthancostofdebtWhichofthefollowingstatementsisNOTcorrect?（）

答案:Returnonnetoperatingassetscanbedisaggregatedintonetoperatingprofitmarginandleverage;Netoperatingprofitmargindividedbynetoperatingassetturnoverequalsreturnonnetoperatingassets;Returnoncommonequityequalsreturnonnetoperatingassetslessinterest,netoftaxTurnoverratiosarealsoknownas()

答案:Activityratios;Performanceratioswhichofthefollowingitemsareoperatingassets?（）

答案:accountsreceivable;financereceivableforanautomobilefirm;cashinacheckingaccountusedtopaybillswhichofthefollowingcurrentassetsandcurrentliabilitiesarefinancingaccounts?()

答案:Notespayable(tobank);Dividendspayable;Currentportionoflong-termdebtWhichofthefollowingisastepinperformingaccountinganalysis?()

答案:AssessAccountingFlexibility;IdentifyPotentialRedFlags;IdentifyPrincipalAccountingPoliciesWhichofthefollowingstatementsaretrue?()

答案:Trendpercentagesandtrendratiosareusedinstaticanalysis.;Whenratiosofpreviousyearsarecomparedwithcurrentyears,theyarecalledtrendratios.;Reliabilityoffinancialanalysisdependsuponthereliabilityoffinancialdata.Whichofthefollowingitemsisincludedintheadjustmentofnetincometoobtaincashflowfromoperatingactivities?()

答案:Thechangeindeferredtaxes.;Depreciationexpensefortheperiod.;Theamountbywhichequityincomerecognizedexceedscashreceived.Whichofthefollowingarelimitationsofratioanalysis?()

答案:RatioAnalysisishistoricalanalysis.;Ratioanalysisignoresqualitativefactors;Ratioanalysismayresultinfalseresultsifvariationsinpricelevelsarenotconsidered._________isequalto(commonshareholders'equity/commonsharesoutstanding).()

答案:BookvaluepershareAfirmreportedafter-taxoperatingincomeof1,298million.Freecashflowof$234millionwascalculatedfromthecashflowstatemenandisafter$687millionincashinvestments.Whatweretheoperatingaccrualsfortheyear?()

答案:$377millionThebalancesheetshows…()

答案:NoneWhichofthefollowingratiosgivesinformationontheamountofprofitsreinvestedinthefirmovertheyears:()

答案:Retainedearnings/totalassetsThestatementofcashflowssegregatescashinflowsandoutflowsby:()

答案:Operating,financing,andinvestingactivities.Whichbasicaccountingconceptdoesthefollowingstatementsummarize?“Transactionsarerecordedusingpricepaid,notcurrentprices.”()

答案:Historicalcost.ErrCompanyhasamajorlawsuitagainstthemforunsafeproducts.Itrecognizesahugeliabilityin2004of$300million.Theeffectofthisliabilityistodecreasestockholders'equityby50%.In2005,theeffectofrecognizingthisliability,allelseequal,is:（）

答案:returnoncommonequitywillincreasedramatically.Ifacompany'scostofcapitalincreasesunexpectedly,whichofthefollowingactionswillhelpitmaintainorincreaseitsstockprice?()

答案:IncreaseitsgrossmarginLiquidassetsisdeterminedby()

答案:Currentassets-stock-PrepaidexpensesThetotalvalueoftheequityofUticaManufacturingCompanyshouldbe

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答案:$2,000,000Calculatethepricetobookratio(P/B)andthereturnoncommonequity(ROCE)thatanalystswereforecastingfor2005.

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答案:P/B=0.57,ROCE=1.41%Shouldsheissueabuyorasellrecommendationtoherclients?(

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答案:Issueabuyrecommendationsincevaluepershareis$61Saletoacustomeroncreditaffectfreecashflow.()

答案:错Transitoryearningsareaspectsofcurrentearningsthathavenobearingonfutureearnings.（）

答案:对Anegativelyleveredfirmhasmorefinancialassetsthanfinancialobligations,thatis,ithasnegativenetdebt.（）

答案:对Manipulationthatinflatescurrentincomeisreferredtoasborrowingincomefromfuture.（）

答案:对Thefundamentalanalystwantstoanchoron“whatweknow”sonottomix“whatweknow”withspeculation.（）

答案:对Fundamentalistsanchoronthefinancialstatementsandtheydosotochallengethemarketprice.（）

答案:对Alowerrateofreturnonfinancialassetsthantheborrowingrateonobligationsincreasesthecompositenetborrowingcostoverthatfortheobligations.（）

答案:对Financialleverageisthedegreetowhichnetoperatingassetsarefinancedbynetfinancialobligations.（）

答案:对Withoutadequatedisclosuresitisdifficulttoforecastfromagoodmeasureofcurrentcoreoperatingincome,solow-qualitydisclosuresleadtolow-qualityvaluations.（）

答案:对Growthisdifficulttosustain,unlessafirmhasaclear,sustainablecompetitiveadvantage,marketforceswilleventuallyerodegrowth.（）

答案:对Discountrateisanothernamefortherequiredreturnonastock?（）

答案:对Veryprofitablefirmshaveinvestmentopportunitiesandmoreinvestmentreducesfreecashflow（）

答案:对Netfinancialassetsisthedifferencebetweenfinancialassetsandfinancialobligations.（）

答案:对Netoperatingassetsisthedifferencebetweenfinancialassetsandoperatingliabilities.（）

答案:错operatingliabilityindicateshowmuchoperatingcreditsuppliersprovidetofinancethoseassets.（）

答案:对whichofthefollowingitemsarefinancialliability?（）

答案:Preferredstock;Interest-bearingnotepayableDebtorsTurnoverratioisalsoknownas()

答案:Debtorsvelocity;ReceivablesturnoverratioWhyhascashflowfromoperationsbecomeincreasinglyimportantasananalyticaltool?()

答案:Highinterestratescanputthecostofborrowingtocovershort-termcashneedsoutofreachformanyfirms.;Firmsmayhaveuncollectedaccountsreceivableandunsalableinventoryonthebooks.;Inflationhasdistortedthemeaningfulnessofnetincome.Whichofthefollowingstatementsiscorrect?()

答案:Lowcoverageratiossuggestthatafirmhascapacitytoassumemoredebt.;Contingentliabilitiesincludeliabilitiesunderproduct,labor,andenvironmentallitigation.Whichofthefollowingarecashflowfromoperatingactivities?()

答案:CashPaidtoSupplierandEmployees;CashReceiptsfromcustomersTheanalysisandinterpretationsofthefinancialstatementwillreveal()

答案:thefinancialposition;theprofitability;performance;liquidityofacompanyWhichofthefollowingisalimitationofanalysisoffinancialstatements?()

答案:Basedonaccountingconcepts;Affectedbypersonalbias;LackofQualitativeAnalysisIndicatethefollowingasfinancingactivities.()

答案:Repaymentofdebtprincipal;Increaseinshort-termdebt;Purchaseoftreasurystock;Reductionoflong-termdebtOtherthingsheldconstant,whichofthefollowingactionswouldincreasetheneedforacompanytoborrowmoneyintheshort-term?（）

答案:Extendingmorecredittocustomers;ContributingmoretopensionplanWhichofthefollowingisnotanothernamefortherequiredreturnonastock?()

答案:Value.;Retentionratio.;Dividendpayoutratio.Whichofthefollowingisexpensesratio?()

答案:Factoryexpensesratio;Administrativeexpensesratio;SellingandDistributionexpensesratio;FinanceExpensesratioInthedividenddiscountmodel,whichofthefollowingareincorporatedintothediscountrate?（）

答案:Realrisk-freerate;Expectedinflationrate;RiskpremiumforstocksHighertheratio,themorefavorableitis,standstruefor()

答案:Netprofitratio;Liquidityratio;StockturnoverratioAfirmpaidadividendtoshareholdersof$162millionandrepurchasedstockfor$53million.Therewerenoshareissues.Thefirmreceivednetcashof$86millionfromdebtfinancingtransactions.Whatwasitsfreecashflow?()

答案:$129Whichofthefollowingstatementistrue?StatementA:Financialstatementsarepreparedonthebasisofaccountingprinciples.StatementB:Anychangesintheaccountingprinciplesormethodwillaffecttheutilityofthefinancialstatements.()

答案:BotharetrueThegoaloffundamentalanalystsistofindsecurities()

答案:whoseintrinsicvalueexceedsmarketprice.Whatisaninvestor’sobjectiveinfinancialstatementanalysis?（）

答案:Todeterminewhetherornotaninvestmentiswarrantedbyestimatingacompany’sfutureearningsstream.Acompanyhas,bytheendofitsfinancialperiod,paidoutmoreTaxthanithastopay.Howwouldthisbeshowninthebalancesheet?()

答案:AsaPrepaidwithincurrentassets__________isthevariabilityofreturnonstocksorportfoliosnotexplainedbygeneralmarketmovements.Itisavoidablethroughdiversification.()

答案:UnsystematicriskLowerfinancialleverageisrelatedtotheuseofadditional__________.()

答案:commonequityfinancingWhichofthefollowingaresourcesoffunds?()

答案:NoneoftheseiscorrectWhichofthefollowingislikelytobeusedtomeasureacompany'ssolvency?()

答案:FinancialleverageHighP/Eratiostendtoindicatethatacompanywill______,ceterisparibus.()

答案:growquicklyWhichofthefollowingsituationsismostlikelytoexplainanaccountsreceivableturnoverthatislowerthantheindustrynorm?()

答案:Thecompanyhasbeensellinginferiorproductstocompetitors.Whichoneofthefollowingtangiblefixedassetswouldnotnormallybedepreciated?()

答案:LandWhichofthefollowingstatementisincorrect?()

答案:Adecreaseinwarrantyliabilitiesincreasesnetsales.Thecashflowfromoperationsandcashflowfrominvestingarebothpositive.WhichofthefollowingbestdescribesthesituationofGeorge?()

答案:Georgeappearstobeliquidatingassetsofthecompanythatmayaffectfutureprofitability.Ameasureofassetutilizationis________.()

答案:returnontotalassetsWhichofthefollowingstatementisnottheobjectiveinreformulatingfinancialstatementforcreditanalysis？()

答案:groupsassetsandliabilitiesinsuchawayastoevaluatethefirm'sunderlyingprofitability.whichofthefollowingstatementisnotcorrect?()

答案:Proformaanalysisforecastsisnotusefulforcreditanalysis.whichofthefollowingistheOff-balancesheetfinancing?()

答案:Alltheanswersarecorrect______istheerrorofforecastingthatafirmwillnotdefaultwheninfactitdoes.()

答案:ATypeIerrorCalculateZ-scorefor2011()

答案:1.09Afteranalyzingthedefaultriskforafive-yearbondwithamaturityvalueof$1,000andan8percentannualcoupon,ananalystestimatestherequiredreturnforthebondat7percentperyear.Thebondhasjustbeenissuedatapriceof$1,000.Whatisthevalueofthebondata7percentrequiredreturn?()

答案:1040.98Whatistheexpectedreturnofbuyingthebondatapriceof$1,000?()

答案:8%

答案:2.68Whatistheyield-to-maturitywithamarketpriceof$1,000?()

答案:8%___________istheextrarequiredreturnthatalenderdemandstocompensatefortheriskthattheborrowerwilldefault.()

答案:DefaultpremiumNormaldistributionofreturnscancharacterizetheriskofinvestinginabusiness?（）

答案:错Financingriskisdrivenby_____()

答案:Alltheanswersarecorrect.UsingtheCAPM,ßisameasureof:()

答案:sharepricevolatilityAstatisticalmeasureofthevariabilityofadistributionarounditsmeanisreferredtoas__________.()

答案:thestandarddeviationAsetofpossiblevaluesthatarandomvariablecanassumeandtheirassociatedprobabilitiesofoccurrencearereferredtoas__________.（）

答案:probabilitydistributionWhichofthefollowingsituationdiversificationdosenotreducerisk？()

答案:returnsonsecuritiesintheportfolioareperfectlycorrelated

答案:FirmB

答案:FirmAWhichofthefollowingisnotameasureofrisk?()

答案:correlationcoefficientInearlyfiscalyear2009,analystswereforecasting$3.90forNike’searningspershareforthefiscalyearendingMay2009and$4.45for2010,withadividendpershareof92cents(0.92)expectedfor2009.Forecastthecum-dividendearningsgrowthratefor2010.（）

答案:16.46%CalculatethenormalforwardP/Eforthisfirm.()

答案:10Afirm’searningsareexpectedtogrowatarateequaltotherequiredrateofreturnforitsequity,12%.whatisthetrailingP/Eratio?（）

答案:9.33Abnormalearningsgrowthisalwaysequaltogrowthof(changein)residualearnings.（）

答案:对

答案:0.325Firmcanincreaseitsearningsgrowthbutnotaffectthevalueofitsequity（）

答案:对whichofthefollowingstatementiscorrect?（）

答案:thenormalforwardP/EandthenormaltrailingP/Ealwaysdifferby1.0whatistheforwardP/Eratio?()

答案:8.33AP/Eratioforabondisalwayslessthanthatforastock.（）

答案:错Forecastabnormalearningsgrowthfor2013.()

答案:0.165Informationindicatesthatafirmwillearnareturnoncommonequityaboveitscostofequitycapitalinallyearsinallyearsinthefuture,butitssharetradebelowbookvalue.Thosesharemustbemispriced.（）

答案:对

答案:$6.40AfirmcannotmaintainaROCElessthanrequiredreturnandstayinbusinessindefinitely.（）

答案:错

答案:ROCEis15.71%andREis1.49InSeptember2008thesharesofDell,Inc,thecomputermaker,tradedat$20.50each.Initslastannualreport,Dellhadreportedbookvalueof$3,735millionwith2,060millionsharesoutstanding.Analystswereforecastingearningspershareof$1.47forfiscalyear2009and$1.77for2010Dellpaysnodividends.Calculatetheper-sharevalueofDellin2008basedontheanalysts'forecasts,withanadditionalforecastthatresidualearningswillgrowattheanticipatedGDPgrowthrateof4percentperyearafter2010.Usearequiredreturnof10percent.theBPSattheendoffiscal-year2008willbe()

答案:$1.813ResidualearningsvaluationdoesnotworkwellforcompanieslikeCoca-cola,CiscoSystem,orNike,whichhavesubstantialassets,likebrands,R&Dassets,andentrepreneurialknow-howoffthebooks.Alowbookvaluemustgiveyoualowvaluation.()

答案:错Afirmwithbookvalueof$15.60pershareand100percentdividendpayoutisexpectedtohaveareturnoncommonequityof15%peryearindefinitelyinthefuture.Itscostofequitycapitalis10%.Calculatetheintrinsicpricetobookratio.（）

答案:1.5Calculatetheper-sharevalueofDellin2008basedontheanalysts'forecasts,withanadditionalforecastthatresidualearningswillgrowattheanticipatedGDPgrowthrateof4percentperyearafter2010.Usearequiredreturnof10percent.()

答案:24.84WhichofthefollowingitemsarethedriversofResidualearnings?()

答案:ReturnoncommonequityandgrowthinbookvalueFCFandDDMvaluationsshouldbe____________iftheassumptionsusedareconsistent.()

答案:similarforallfirmsApreferredstockwillpayadividendof$2.75intheupcomingyear,andeveryyearthereafter,i.e.,dividendsarenotexpectedtogrow.Yourequireareturnof10%onthisstock.UsetheconstantgrowthDDMtocalculatetheintrinsicvalueofthispreferredstock.()

答案:$27.50Afirmthathashigherfreecashflowhaveahighervalue?（）

答案:错Iftheintrinsicvalueofastockisgreaterthanitsmarketvalue,whichofthefollowingisareasonableconclusion?()

答案:Themarketisundervaluingthestock.Valueisbasedonexpecteddividends,butforecastingdividendsisnotrelevanttovalueasapracticalmatter.（）

答案:对BecausetheDDMrequiresmultipleestimates,investorsshould()

答案:carefullyexamineinputstothemodelandperformsensitivityanalysisonpriceestimates.The_______isdefinedasthepresentvalueofallcashproceedstotheinvestorinthestock.()

答案:intrinsicvalueCompanyXhasnegativefreecashflowbutstrongearningsthatyieldareturnonequityof27percent.Whichofthefollowingstatementsismorelikelytobetrue?()

答案:thecompanyisinvestingheavily

答案:7,900million,7,141millionAttheendof2012,youforecastthatafirm’sfreecashflowfor2013willbe$430million.Ifyouforecastthatfreecashflowwillgrowat5%peryearthereafter,whatistheenterprisevalue?Usearequiredreturnof10percent.()

答案:8,600millionWhichofthefollowingisnotanindicatorofaccountingManipulation?（）

答案:LossonsaleofdiscontinuedbusinesssegmentsWhichofthefollowingisleastlikelytobeassociatedwithlow-qualityearnings?（）

答案:Decreaseinborrowings.IBMreporteda3percentincreaseinincomeforitsfirstquarterof2000,beatinganalysts’estimates.Butitalsoreportedadeclineinrevenue.Itsstockpricedroppedinresponsetothereport.Whichofthefollowingstatementisincorrectforthedropinstockpriceonanearningsincrease?（）

答案:Theassetturnoverisexpectedtoincrease.Increasingprofitmarginsbyunderestimatingexpensescreatesnetoperatingassets.()

答案:对Whydoanalystscomparecashflowfromoperationswithearningstoassessthequalityoftheearnings?（）

答案:Thedifferencebetweenearningsandcashflowfromoperationsisexplainedbytheaccruals,andtheaccrualsarethe“soft”partofearningsthatcanbemanipulated.Whichofthefollowingitemaremanagedtoincreasegrossrevenue?（）

答案:IncreasereceivablesAccountingqualityanalysisisnotpartofthewideranalysisofsustainableearnings.（）

答案:错Adecreaseinwarrantyliabilitiesincreasesnetsales.()

答案:错Afirmcancreatefutureincomebytemporarilyincreasingitsbaddebtallowance.（）

答案:对Lowdepreciationchargesforecastlossesinfutureincomestatements.()

答案:对

答案:RNOADecreased,ROCEDecreasedRErepresentsextraprofitavailabletothecompany/shareholdersthisiswhatdrivesgrowthinacompany’s(share)value.（）

答案:对Transitoryearningsarecurrentearningsthatarelikelytobemaintainedinthefuture.()

答案:错Whatmeasurestellsyouthatafirmisano-growthfirm?()

答案:AfirmhaszeroornegativeresidualearningsgrowthReturnonoperatingassetsisameasureofwhichofthefollowing?（）

答案:Efficiency

答案:3.37%Whichofthefollowingcouldcausereturnonnetoperatingassetstoincrease,allotherthingsequal?（）

答案:IncreaseininventoryturnoverFirmscangrowearnings,butnotcreate(share)value（）

答案:对Whichthefollowingitemispartofunusual(transitory)income?()

答案:Gainonthedisposalofproperty

答案:15.4%.Netborrowingcostdrivereturnoncommonequity(ROCE)negatively.()

答案:对Whichthefollowingmeasuredrivereturnoncommonequity(ROCE)positively?（）

答案:GrossmarginUnderwhatconditionwouldafirm’sreturnonnetoperatingassets(RNOA)beequaltoitsreturnonoperatingassets(ROOA)?

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答案:Theoperatingliabilityleveragespread(OLSPREAD)iszero,thatis,ROOAequalstheimplicitborrowingrateforoperatingliabilities.Areductionintheadvertisingexpenseratioincreasereturnoncommonequity?()

答案:对

答案:15.0%and13.0%Afirmshouldalwayspurchaseinventoryandsuppliesoncreditratherthanpayingcash.（）

答案:错Afirmhasareturnof11.2percentonnetoperatingassetsof$400million,ashorttermborrowingrateof4.0percentaftertaxandareturnonoperatingassetsof8.5percent.Whatisthefirm’soperatingliabilityleverage?（）

答案:0.600Underwhatconditionwouldafirm’sreturnoncommonequity(ROCE)beequaltoitsreturnonnetoperatingassets(RNOA)?

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答案:TheSPREADiszero,thatis,returnonnetoperatingassets(RNOWhichofthefollowingwouldexplainanobserveddecreaseinreturnonequity,allelseequal?（）

答案:IncreaseininterestrateondebtLowprofitmarginsalwaysimplylowreturnonnetoperatingassets.（）

答案:错Whatdrivesfreecashflow?()

答案:operationsIfananalysthasreformulatebalancesheetsandincomestatements,shedoesnotneedacashflowstatementtocalculatefreecashfl