CMA考試essay 題P2（一）

　　某制衣廠CFO發(fā)現(xiàn)零售商不能及時(shí)回款，擔(dān)心由于經(jīng)濟(jì)形勢(shì)不好，零售商不能銷售貨物，進(jìn)一步影響付款，就要求財(cái)務(wù)部員工對(duì)報(bào)表進(jìn)行分析。然后有如下小問。

　　1. Identify and explain the common-size financial report.

　　It restates financial statement line items in terms of a percentage of a given amount.items on common-size financial statements are expressed as percentage of net sales or total assets.the base amount is assigned the value of 100%

　　It makes it easier to analyze differences among companies of various sizes

　　2. There are 2 ways for the common-size financial report. Please list and explain.

　　1)vertical analysis:the percentages are based on numbers above or below in the same column

　　2）Horizontal analysis:amounts for several periods are stated in percentage of a base-year amount

　　3. List 3 ways to change the credit items which will help AR and sales.(放寬信用政策如何影響Account Receivables & Sales，列舉三種并說明之。)

　　1)increasing discounts   2)offering longer payment period   3)accepting less risky customers

　　4. List 3 ways for accelerate AR collection.(Three ways to speed up cash collection)

　　lockbox   wire transfer  depository transfer check

　　5. List 3 fiannacial ratios to current liabilities.(列舉3個(gè)liquidity ratios并解釋)

　　Current ratio=current assets/current liabilities

　　Quick ratio=cash+marketable securities+current receivable/current assets

　　Cash ratio=cash+marketable securities/current assets

　　6. List 3 limitations for Financial ratios.(limitation of the financial statement)

　　1)balance sheet

　　a.Only reflect the position of a single point in time,significant changes may occur around the point time

　　b.It uses the historical cost

　　c.No record of some contingent liabilities

　　2)income statement

　　No coverage on other comprehensive income

　　3)statement of retain earnings

　　Investor ignorance

　　4)cash flow

　　a.Hard time in classifying three activities

　　b.Less usage of direct method

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