2025年CFA一级财务报表分析题集

2025年CFA一级财务报表分析题集考试时间：______分钟总分：______分姓名：______一、UsingthefollowingpartialincomestatementandbalancesheetdataforDynastyInc.,calculatethefollowingforthemostrecentyear:1.GrossProfitMargin.2.OperatingProfitMargin.3.ReturnonAssets(usingaveragetotalassets).4.DaysSalesOutstanding(DSO),assumingallreceivablesaretradereceivables.5.InventoryTurnoverRatio.6.FixedAssetTurnoverRatio(usingaveragefixedassets).DynastyInc.PartialFinancialData:IncomeStatement:NetSales:$9,500,000CostofGoodsSold:$5,600,000GrossProfit:$3,900,000OperatingExpenses:$1,800,000OperatingIncome(EBIT):$2,100,000InterestExpense:$300,000IncomeBeforeTax:$1,800,000IncomeTaxExpense(40%):$720,000NetIncome:$1,080,000BalanceSheet(EndofYear):TotalCurrentAssets:$2,500,000TotalReceivables:$1,200,000Inventory:$800,000TotalAssets:$10,000,000TotalCurrentLiabilities:$1,000,000TotalLiabilities:$4,000,000TotalEquity:$6,000,000TotalFixedAssets:$4,000,000AverageTotalAssetsfortheyear:$9,500,000AverageFixedAssetsfortheyear:$3,800,000二、CompanyAandCompanyBareinthesameindustry.Compareandcontrasttheirfinancialperformancebasedonthefollowingcommon-sizeincomestatementdata(expressedaspercentagesofnetsales):|Item|CompanyA|CompanyB||--------------------------|-----------|-----------||NetSales|100.0%|100.0%||CostofGoodsSold|60.0%|65.0%||GrossProfitMargin|40.0%|35.0%||OperatingExpenses|25.0%|30.0%||OperatingProfitMargin|15.0%|5.0%||InterestExpense|3.0%|4.0%||IncomeBeforeTax|12.0%|1.0%||IncomeTaxExpense(40%)|4.8%|0.4%||NetIncome|7.2%|0.6%|Discusstheimplicationsofthesedifferencesforeachcompany'sprofitability,efficiency,andcoststructure.Identifyanypotentialredflagsorareasofconcernforeachcompany.三、XYZCorporationispreparingitscashflowstatementusingtheindirectmethod.Itreportsthefollowinginformationfortheyear:NetIncome:$500,000DepreciationExpense:$100,000AmortizationExpense:$20,000IncreaseinAccountsReceivable:$30,000DecreaseinAccountsPayable:$40,000IncreaseinInventory:$50,000ProceedsfromSaleofEquipment(netoftax):$60,000PaymentforPurchaseofNewEquipment:$200,000DividendsPaid:$100,000PreparethecashflowsfromoperatingactivitiessectionofXYZCorporation'sstatementofcashflowsusingtheindirectmethod.四、ThefollowinginformationpertainstoQuinnCompany:-NetSalesfortheyearwere$2,000,000.-AccountsReceivableatthebeginningoftheyearwere$150,000.-AccountsReceivableattheendoftheyearwere$250,000.-CreditSalesaccountedfor90%oftotalnetsales.-AllowanceforDoubtfulAccountshadabeginningbalanceof$10,000(credit)andanendingbalanceof$15,000(credit).CalculateQuinnCompany'sDaysSalesOutstanding(DSO)attheendoftheyear.Assumeallreceivablesaretradereceivables.五、MNOInc.isevaluatingapotentialinvestmentinnewmachinery.Themachinerycosts$1,000,000andhasanestimatedusefullifeof5yearswithnosalvagevalue.Thecompanyusesstraight-linedepreciation.Thenewmachineryisexpectedtoincreaseannualsalesby$300,000anddecreaseannualoperatingcostsby$50,000.Thecompany'smarginaltaxrateis30%.Calculatetheannualincrementaloperatingcashflowexpectedfromthenewmachinery.六、CompanyPisconsideringacquiringCompanyQ.Panalystshavegatheredthefollowingdataforthetwocompanies:CompanyP:MarketValueofEquity:$5,000,000MarketValueofDebt:$3,000,000NumberofSharesOutstanding:1,000,000Beta:1.2Risk-FreeRate:3.0%MarketRiskPremium:5.0%CompanyQ:BookValueofEquity:$6,000,000BookValueofDebt:$4,000,000TotalAssets:$12,000,000NetIncome:$800,000DividendsperShare:$2.00NumberofSharesOutstanding:500,000AssumeCompanyPusesaweightedaveragecostofcapital(WACC)approximationmethodforvaluationandestimatesthattheappropriatecostofequityforCompanyQisthesameasCompanyP'scostofequity.CompanyPplanstofinancetheacquisitionusing60%debtand40%equity(basedonthetargetcompany'smarketvalue).CompanyP'spre-acquisitioncostofdebtis6%,anditstaxrateis35%.1.EstimatethecostofequityforCompanyP.2.EstimatetheWACCforCompanyP.3.Basedonthegivendataandassumptions,estimatetheenterprisevalueofCompanyQusingasimplifiedapproach(considerusingtheP/EratiobasedonCompanyP'sdataifnecessary,orjustifyanotherapproach).七、Discusstheprimarydifferencesbetweentheaccrualbasisofaccountingandthecashbasisofaccounting.Describetheadvantagesanddisadvantagesofeachbasis,andexplainunderwhatcircumstanceseachbasismightbemoreappropriateforuse.八、XYZCompanyreportedthefollowingonitsmostrecentbalancesheet:-Property,Plant,andEquipment(net):$5,000,000-Goodwill:$1,500,000-IntangibleAssets(net):$500,000Thecompany'smanagementhasconcernsabouttherecoverabilityofthegoodwill.Animpairmenttestisperformed,anditisdeterminedthatthecarryingamountofthereportingunittowhichthegoodwillisallocatedexceedsitsfairvalueby$200,000.Preparethenecessaryjournalentry(ifany)torecordtheimpairmentlossforgoodwill,assumingtheimpairmentisconsideredotherthantemporary.Ifnojournalentryisrequired,explainwhy.九、Describethekeydifferencesbetweenanoperatingleaseandafinancelease(formerlyknownasacapitallease)undertheapplicableaccountingstandards(e.g.,ASC842orIFRS16).Discusstheimpactofeachtypeofleaseonthelessee'sfinancialstatements(balancesheet,incomestatement,cashflowstatement).十、CompanyRisapubliclytradedcompanyintheretailsector.Aspartofaninvestmentanalysis,evaluatethefollowingfinancialstatementitemsreportedbyCompanyRforthepastthreeyears:-TotalRevenue:Increasingsteadily.-CostofGoodsSold:Increasingatafasterratethanrevenue.-GrossProfitMargin:Decliningsteadilyfrom40%to30%.-OperatingExpenses:Relativelystable.-OperatingProfitMargin:Decliningsteadilyfrom15%to8%.-InterestExpense:Increasingslightlyduetonewdebttakenonforexpansion.Discussthetrendsobservedinthesefinancialstatementitems.Whatarethepotentialcausesforthesetrends?WhatconcernsorquestionsshouldananalysthaveregardingCompanyR'sfutureperformancebasedonthisinformation?试卷答案一、1.GrossProfitMargin=GrossProfit/NetSales=$3,900,000/$9,500,000=41.05%2.OperatingProfitMargin=OperatingIncome/NetSales=$2,100,000/$9,500,000=22.11%3.ReturnonAssets(ROA)=NetIncome/AverageTotalAssets=$1,080,000/$9,500,000=11.37%4.DaysSalesOutstanding(DSO)=(TotalReceivables/NetSales)*365=($1,200,000/$9,500,000)*365≈47.37days5.InventoryTurnoverRatio=CostofGoodsSold/AverageInventory=$5,600,000/(($800,000+$0)/2)=$5,600,000/$800,000=7.00times6.FixedAssetTurnoverRatio=NetSales/AverageFixedAssets=$9,500,000/$3,800,000≈2.50times解析思路：1.根据收入和成本数据直接计算毛利，再除以净销售求得毛利率。2.根据净销售收入和经营利润数据直接计算经营利润率。3.根据净利润和平均总资产数据直接计算资产回报率。4.使用期末应收账款除以净销售额，再乘以365天计算应收账款周转天数（DSO）。5.使用销货成本除以平均存货计算存货周转率。注意存货数据通常只有期末数，题目可能隐含期初存货为0或未提供，需根据上下文判断，此处按期末数为0处理。6.使用净销售额除以平均固定资产计算固定资产周转率。同样注意平均固定资产的计算需要期初和期末数据。二、CompanyAdemonstratessuperiorprofitabilityandefficiencycomparedtoCompanyB.A'sGrossProfitMargin(40%)issignificantlyhigherthanB's(35%),indicatingbettercostcontrolovergoodssoldorpotentiallyhigherpricingpower.A'sOperatingProfitMargin(15%)issubstantiallyhigherthanB's(5%),suggestinggreateroperationalefficiencyinconvertingsalesintoprofitsaftercoveringoperatingexpenses.Bothcompaniesshowhigherinterestexpensesasapercentageofsales(3%forAvs.4%forB),butA'shigheroperatingmarginbeforeinterestallowsittomaintainapositivepre-taxmargin(12%vs.1%),whichBbarelyachieves.CompanyB'slowprofitabilitymarginsraiseconcernsaboutitscompetitiveness,costmanagement,andpotentialvulnerabilitytoeconomicdownturnsorincreasedcompetition.Thedecliningoperatingmarginsuggestsdeterioratingoperationalperformanceorincreasingpressuresoncosts.CompanyA'sconsistenthighermarginsindicateastronger,morestablebusinessmodel.解析思路：对比两家公司各项利润率指标。重点关注毛利率、营业利润率的差异，这是衡量核心盈利能力和运营效率的关键。分析利息费用对税前利润的影响。结合税前利润和税率看净利润率。根据利润率的变化趋势判断公司盈利能力的动态变化。识别利润率较低的公司可能存在的风险或问题。三、NetIncome:$500,000+DepreciationExpense:$100,000+AmortizationExpense:$20,000+IncreaseinAccountsReceivable:($30,000)[Usecash,sosubtractincrease]+DecreaseinAccountsPayable:($40,000)[Usecash,sosubtractdecrease]+IncreaseinInventory:($50,000)[Usecash,sosubtractincrease]=CashFlowfromOperatingActivities:$500,000+$100,000+$20,000-$30,000-$40,000-$50,000=$500,000解析思路：采用间接法编制经营性现金流量时，以净利润为起点，然后加减与经营活动相关的非现金项目（如折旧、摊销）。接着调整经营性资产和负债的变动：资产增加表示现金使用，负债增加表示现金来源。减去资产增加（应收、存货），减去负债减少（应付）。题目中提供了处置和购买固定资产的信息，但它们属于投资活动，不应包含在此经营性活动部分中。四、1.CalculateCreditSales:$2,000,000*90%=$1,800,0002.CalculateAverageTradeReceivables:($150,000+$250,000)/2=$200,0003.AdjustforAllowance:AverageReceivablesbeforeAllowance=$200,000+$12,500(averageof$10kand$15k)=$212,5004.CalculateDSO:($212,500/$1,800,000)*365≈43.25days解析思路：DSO计算基于信用销售额和平均应收账款。首先从总销售额中分离出信用销售额。然后计算平均应收账款，需要用到期初和期末余额。由于存在坏账准备，计算DSO时应使用调整后的平均应收账款（即未扣除坏账准备前的平均应收账款）。最后将调整后的平均应收账款除以信用销售额，再乘以365天得到DSO。五、1.IncrementalAnnualDepreciation=$1,000,000/5years=$200,0002.IncrementalAnnualOperatingIncomeBeforeTax=IncrementalSales+IncrementalCostSavings-IncrementalDepreciation=$300,000+$50,000-$200,000=$150,0003.IncrementalIncomeTaxExpense=IncrementalOperatingIncomeBeforeTax*TaxRate=$150,000*30%=$45,0004.IncrementalAnnualOperatingCashFlow=IncrementalOperatingIncomeAfterTax+IncrementalDepreciation=($150,000-$45,000)+$200,000=$105,000+$200,000=$305,000解析思路：计算增量现金流需要关注投资带来的收入、成本、折旧变化。首先计算新固定资产的年折旧额。然后计算折旧前的增量经营利润（增量收入减去增量成本，加上因折旧增加而导致的税前利润减少额）。接着计算增量所得税。最后，增量经营现金流等于增量税后经营利润加上折旧（因为折旧是非现金支出）。六、1.CostofEquity(Ke)=Risk-FreeRate+Beta*MarketRiskPremium=3.0%+1.2*5.0%=3.0%+6.0%=9.0%2.WACC≈(EquityWeight*CostofEquity)+(DebtWeight*Pre-taxCostofDebt*(1-TaxRate))=(40%*9.0%)+(60%*6.0%*(1-35%))=0.36%+(0.60*6.0%*0.65)=0.36%+(0.60*3.9%)=0.36%+2.34%=2.70%3.EnterpriseValueEstimation:Methodologydependsondataavailabilityandassumptions.Option1:UseP/EofCompanyP.P/E(P)=MarketValueofEquity/NetIncome=$5,000,000/$0(NotusableasNetIncomeis$0).Option2:UseP/EofCompanyQbasedonBookEquity(thoughlesspreferred).P/E(Q)=MarketValueofEquity/NetIncome=$6,000,000/$800,000=7.5times.EnterpriseValue(Q)≈P/E(Q)*NetIncome(Q)=7.5*$800,000=$6,000,000.Option3:UseWACCasadiscountrateforFCFFifFCFFdatawereavailable.AssumingOption2ischosenbasedonavailabledata,theestimateis$6,000,000.解析思路：1.使用资本资产定价模型（CAPM）计算公司P的股权成本。2.估算WACC，使用公司P的股权和债务权重（基于目标公司市场价值），使用公司P的股权成本和债务成本（注意税后）。这里使用了一个简化的WACC计算公式。3.估算企业价值。由于缺乏P/E或EV/EBITDA等直接估值数据，需要使用替代方法。选项一因公司P净利润为0而不可行。选项二使用公司Q的账面市盈率乘以其净利润。选项三理论上可以用WACC和自由现金流，但题目未提供FCFF。选择选项二进行估算。七、Accrualbasisaccountingrecognizesrevenueswhenearnedandexpenseswhenincurred,regardlessofcashreceiptsorpayments.Thisprovidesamoreaccuratepictureofprofitabilityduringaperiodbymatchingrevenueswiththerelatedcosts.Cashbasisaccountingrecognizesrevenuesonlywhencashisreceivedandexpensesonlywhencashispaid.Itissimplertomaintainbutcanresultinincomeandexpensesbeingrecordedindifferentperiods,distortingprofitabilityandfinancialposition.AccrualbasisisgenerallyrequiredforlargercompaniesandpublicentitiesduetoitsadherencetoGAAP/IFRSandbettermatchingprinciple.Cashbasisisoftenusedbysmallerbusinesses,soleproprietors,orindividualsforsimplicity.Thechoicedependsonbusinesssize,complexity,andreportingrequirements.解析思路：首先定义两种会计基础的核心区别：权责发生制关注收入实现和费用配比，现金制关注现金实际收付。然后比较两者的优缺点：权责发生制提供更准确利润信息但复杂；现金制简单但信息可能失真。最后讨论适用场景：权责发生制适用于较大、需遵循会计准则的企业；现金制适用于小型、简单业务。八、ImpairmentLoss=ExcessCarryingAmountoverFairValue=$200,000JournalEntry:Debit:ImpairmentLoss-Goodwill$200,000Credit:Goodwill$200,000解析思路：根据题目，商誉的账面价值超过其公允价值200,000美元，且该减值被视为非暂时性减值。根据会计准则，非暂时性减值需要计提减值损失。分录是借记“商誉减值损失”，贷记“商誉”，减少商誉账面价值至其公允价值。九、Undercurrentstandards(ASC842/IFRS16),operatingleasesaretreatedlikefinanceleasesonthelessee'sbalancesheet.Thelesseerecognizesaright-of-use(ROU)assetandaleaseliabilityforthepresentvalueoffutureleasepayments.Thisresultsinhigherassetsandhigherliabilitiescomparedtooldcapitalleasetreatment.Bothoperatingandfinanceleasesaffecttheincomestatementsimilarly.Thelesseerecognizesleaseexpense,typicallyonastraight-linebasisovertheleaseterm,whichincludesinterestontheleaseliabilityandamortizationoftheROUasset.Thisexpensereducesnetincome.Cashflowstatementclassification:Principalpaymentsontheleaseliabilityareclassifiedasfinancingactivities,whileleasepaymentsforoperationalaspects(interestandamortization)areoftenclassifiedasoperatingactivities,thoughpresentationcanvary.解析思路：对比新旧准则下租赁对承租人财务报表的影响。新准则（租赁准则）下，经营租赁和融资租赁在