2025年CFA《财报分析》客观题专项训练卷

2025年CFA《财报分析》客观题专项训练卷考试时间：______分钟总分：______分姓名：______一、1.Whichofthefollowingisgenerallyconsideredastrengthoftheaccrualbasisofaccounting?a)Itprovidesaclearpictureofcashflows.b)Itrecognizesrevenuesandexpenseswhentheyareearnedorincurred,regardlessofwhencashisexchanged.c)Itissimplertoimplementthanthecashbasis.d)Itispreferredbymosttaxauthorities.2.Whichaccountingprinciplerequiresthatfinancialstatementsreflecttheeconomicsubstanceoftransactionsratherthanjusttheirlegalform?a)Historicalcostprincipleb)Revenuerecognitionprinciplec)Consistencyprincipled)Substance-over-formprinciple3.Thematchingprincipleinaccountingsuggeststhat:a)Expensesshouldberecognizedbeforerevenuesarerecognized.b)Expensesshouldberecognizedinthesameperiodastherevenuestheyhelpedgenerate.c)Allexpensesshouldbetreatedasperiodcosts.d)Fixedassetsshouldbeexpensedimmediatelyratherthandepreciated.4.WhichofthefollowingistypicallyNOTincludedinthecalculationofearningspershare(EPS)?a)Netincomeavailabletocommonshareholdersb)Preferreddividendsc)Interestexpensed)Weightedaveragenumberofcommonsharesoutstandingduringtheperiod5.Acompanyusesthestraight-linemethodtodepreciateitsequipment.Iftheequipmenthasausefullifeof5yearsandnosalvagevalue,whatistheannualdepreciationexpense?a)20%ofthebookvalueoftheequipment.b)10%ofthebookvalueoftheequipment.c)Thefullcostoftheequipmentdividedby5years.d)Thefullcostoftheequipmentminusanysalvagevalue,dividedby5years.二、6.Acompany'scurrentassetsare$100,000anditscurrentliabilitiesare$60,000.Whatisitsworkingcapital?a)$40,000b)$160,000c)1.67d)$140,0007.Ifacompany'scurrentratiois2.5anditsquickratiois1.5,whatistheproportionofitscurrentassetsthatareintheformofinventory?a)40%b)60%c)50%d)30%8.Acompanyhastotalassetsof$500,000andtotalliabilitiesof$300,000.Whatisitsdebt-to-equityratio?a)0.6b)1.67c)0.33d)1.09.Whichofthefollowingratiosismostcommonlyusedtomeasureacompany'sabilitytomeetitsshort-termobligations?a)Debt-to-equityratiob)Timesinterestearnedratioc)Currentratiod)Returnonequity10.Acompany'snetincomeis$200,000anditstotalassetsare$1,000,000.Whatisitsreturnonassets(ROA)?a)0.2b)0.01c)20%d)10%三、11.Acompany'ssalesrevenueincreasedby10%fromYear1toYear2.Itscostofgoodssoldincreasedby5%.Whatistheapproximatepercentageincreaseinitsgrossprofitmargin?a)5%b)10%c)15%d)20%12.Acompanyhasoperatingincomeof$150,000andinterestexpenseof$50,000.Whatisitstimesinterestearnedratio?a)3.0b)0.33c)1.0d)0.6713.Acompany'snetincomeis$100,000anditpayspreferreddividendsof$20,000.Whatisitsearningsavailabletocommonshareholders?a)$100,000b)$20,000c)$80,000d)$120,00014.Acompany'sreturnonequity(ROE)is15%anditstotalequityis$400,000.Whatisitsnetincome?a)$15,000b)$60,000c)$400,000d)$4,000,00015.Acompanyhassalesrevenueof$500,000,operatingexpensesof$200,000,andinterestexpenseof$50,000.Whatisitsnetincome?a)$250,000b)$150,000c)$100,000d)$50,000四、16.WhichofthefollowingisalimitationoftheDuPontanalysis?a)Itonlyconsidersacompany'sfinancialperformanceoverasingleperiod.b)Itbreaksdownreturnonequityintocomponentsthatarenoteasilyunderstood.c)Itisdifficulttocomparetheresultsofcompaniesindifferentindustries.d)Itdoesnotconsidertheimpactofdebtonacompany'sreturns.17.Acompany'sinventoryturnoverratiois5.Whatdoesthisindicate?a)Thecompanysellsitsinventory5timesperyear.b)Thecompany'sinventoryisvaluedat5timesitscostofgoodssold.c)Thecompany'sinventoryisaging5years.d)Thecompany'sinventoryisnotturningoverquicklyenough.18.Whichofthefollowingisameasureofacompany'sliquidity?a)Inventoryturnoverratiob)Debt-to-equityratioc)Currentratiod)Returnonassets19.Acompanyisconsideringacquiringanothercompany.WhichofthefollowingfinancialstatementanalyseswouldbeMOSTrelevantforthisdecision?a)Horizontalanalysisb)Verticalanalysisc)Common-sizeanalysisd)Ratioanalysis20.Whichofthefollowingisgenerallyconsideredapositivesignwhenanalyzingacompany'sfinancialstatements?a)Adecliningtrendinthecurrentratio.b)Anincreasingtrendinthedebt-to-equityratio.c)Adecreasingtrendintheinventoryturnoverratio.d)Anincreasingtrendinthereturnonassets.五、21.Acompany'sdepreciationexpensefortheyearis$100,000.Whatistheeffectofthisexpenseonitsnetincome?a)Increasesnetincomeby$100,000.b)Decreasesnetincomeby$100,000.c)Hasnoeffectonnetincome.d)Increasesnetincomeby$100,000anddecreasesassetsby$100,000.22.Whichofthefollowingisacomponentofthestatementofcashflows?a)Operatingactivitiesb)Investingactivitiesc)Financingactivitiesd)Alloftheabove23.Acompany'scashflowfromoperatingactivitiesis$200,000.Itscashflowfrominvestingactivitiesis$-50,000.Itscashflowfromfinancingactivitiesis$-100,000.Whatisitsnetincrease(ordecrease)incashfortheperiod?a)$50,000b)$150,000c)$-50,000d)$-250,00024.Whichofthefollowingstatementsistrueregardingthestatementofcashflows?a)Itshowshowacompany'snetincomeisaffectedbychangesinitsbalancesheetaccounts.b)Itreconcilesthebeginningandendingcashbalancesforaperiod.c)Itshowsthecashinflowsandoutflowsfromacompany'soperating,investing,andfinancingactivities.d)Itispreparedusingtheaccrualbasisofaccounting.25.Acompany'snetincomeis$200,000.Itsdepreciationexpenseis$50,000.Itsincreaseinaccountspayableis$20,000.Whatisitscashflowfromoperatingactivitiesusingtheindirectmethod?a)$170,000b)$220,000c)$250,000d)$200,000六、26.Whichofthefollowingisamethodofvaluingacompany'sequity?a)Discountedcashflow(DCF)analysisb)Comparablecompanyanalysisc)Precedenttransactionsanalysisd)Alloftheabove27.Whichofthefollowingisafactorthatcanaffectacompany'scostofequity?a)Therisk-freerateb)Thecompany'sbetac)Themarketriskpremiumd)Alloftheabove28.Whichofthefollowingisalimitationofthedividenddiscountmodel(DDM)?a)Itisdifficulttoestimatefuturedividends.b)Itisnotsuitableforcompaniesthatdonotpaydividends.c)Itassumesthatthestockpricewillalwaysgrowataconstantrate.d)Alloftheabove29.Whichofthefollowingisacomponentoftheweightedaveragecostofcapital(WACC)?a)Thecostofequityb)Thecostofdebtc)Thecompany'staxrated)Alloftheabove30.Acompany'sstockiscurrentlytradingat$50pershare.Itsnextexpecteddividendis$2pershare,anditsrequiredrateofreturnis10%.WhatistheimpliedgrowthrateofdividendsusingtheconstantgrowthDDM?a)4%b)6%c)8%d)10%试卷答案1.b解析：权责发生制会计法在收入实现或费用发生时确认收入和费用，而不管现金是否已经交换，这提供了更准确的财务状况和经营成果信息。2.d解析：实质重于形式原则要求财务报表反映交易的经济实质，而不是仅仅基于法律形式。3.b解析：配比原则要求在同一个会计期间内确认相关的收入和费用，以便更准确地反映该期间的盈利能力。4.c解析：计算每股收益时，需要从净利润中扣除优先股股息，因为优先股股息不是普通股股东的收益。利息费用是计算税前利润的一部分，已在净利润中体现。5.c解析：直线法折旧是指将固定资产的成本在其预计使用年限内平均分摊。年折旧费用等于固定资产成本除以使用年限。6.a解析：工作资本是当前资产减去当前负债的差额。7.a解析：当前比率是当前资产除以当前负债。快速比率是（当前资产-存货）除以当前负债。通过这两个比率可以计算出存货占当前资产的比例。8.a解析：负债权益率是总负债除以股东权益。它衡量了公司负债融资的程度。9.c解析：流动比率是当前资产除以当前负债，用于衡量公司偿还短期债务的能力。10.c解析：资产回报率（ROA）是净利润除以总资产，表示公司利用其资产产生利润的效率。11.a解析：毛利率是毛利润除以销售收入。由于销售收入增