CFA財務報表分析練習題＂Financial Report＂：Financial Reporting
財務報告與分析中章節(jié)的設置是循序漸進、逐層深入的，前面介紹的術語在后面還會有詳細的解釋與探討。
由于財務報告與分析本身自立體系，它是上市公司和報表使用人之間溝通交流的語言，所以學起來與外語學習有幾分相似。
財務報告與分析一共分為四大部分：
第一部分是掃盲階段，主要介紹財務術語、體系等基本知識。
在此基礎上，第二部分更深入地講解財務報表編制以及財務報表分析的方法。
進一步地，第三部分針對存在利潤操縱空間的重點科目做詳細、深入的討論。
最后，第四部分是前面三部分內容的綜合應用。
四大部分在考試中占比最大的是第二部分和第三部分，大概占財報分析所有題目的80%以上。其次是第一部分，占比10%左右。
由于第四部分是財務分析的綜合應用，不太適合一級的出題形式，所以出題比例相對比較少，大概占5%左右。
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Questions 1:

For a company reporting under IFRS,which of the following events most likely represents low financial reporting quality?The company:
A、included gains from foreign exchange rate changes in its cost of goods sold.
B、entered a long-term lease for a customized piece of equipment and classified it as a finance lease.
C、reported an increase in EPS as a result of the sale of a subsidiary.

【Answer to question 1】A

【analysis】
A is correct.High financial reporting quality provides useful information to decision makers.Since foreign exchange gains and losses may not recur,they should be disclosed separately and not included in cost of goods sold.
B is incorrect.Long-term leases for customized pieces of equipment should be reported as finance leases and conforms to IFRS,therefore this is not low quality reporting.
C is incorrect.If properly disclosed,an increase in EPS from the sale of a subsidiary does not represent low quality financial reporting,but it may be low quality earnings.

Questions 2:

Which of the following is most likely a sign of inventory manipulation to improve reported financial results?
A、Inventory markdowns for obsolescence.
B、Declining inventory turnover ratio.
C、Selective sales of older layers of inventory.

【Answer to question 2】C

【analysis】
C is correct.A company can intentionally sell older,lower-cost layers of inventory to generate earnings without supporting cash flow in order to produce specific earnings benefits.
A is incorrect because a company simply may have obsolete inventory on hand that should be marked down to its net realizable value;such markdowns alone do not represent attempts to manipulate inventory in order to improve reported financial results.
B is incorrect because declining inventory turnover may be a result of obsolescence problems that should be recognized,not because of deliberate attempts to manipulate inventory in order to improve reported financial results.
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