CFA特許金融分析師-CFA二級(jí)-FinancialStatementAnalysis

CFA特許金融分析師-CFA二級(jí)-FinancialStatementAnalysis共享題干題StereoWarehouseisaUSretailerthatoffersemployees（江南博哥）adefinedbenefitpensionplanandstockoptionsaspartofitscompensationpackage.StereoWarehousepreparesitsfinancialstatementsinaccordancewithUSGAAP.PeterFriedland,CFA,isanequityanalystconcernedwithearningsquality.HeisparticularlyinterestedinwhetherthediscretionaryassumptionsthecompanyismakingregardingcompensationplansarecontributingtotherecentearningsgrowthatStereoWarehouse.Hegathersinformationfromthecompany'sregulatoryfilingsregardingthepensionplanassumptionsinExhibit4andtheassumptionsrelatedtooptionvaluationinExhibit5.[單選題]1.Comparedtothe2009reportedfinancialstatements,ifStereoWarehousehadusedthesameexpectedlong-termrateofreturnonplanassetsassumptionin2009asitusedin2007,itsyear-end2009pensionobligationwouldmostlikelyhavebeen:A.lower.B.higher.C.thesame.正確答案：C參考解析：Theassumedlong-termrateofreturnonplanassetsisnotacomponentthatisusedincalculatingthepensionobligation,sotherewouldbenochange.[單選題]2.Comparedtothereported2009financialstatements,ifStereoWarehousehadusedthesamediscountrateasitusedin2007,itwouldhavemostlikelyreportedlower:A.netincome.B.totalliabilities.C.cashflowfromoperatingactivities.正確答案：B參考解析：Ahigherdiscountrate(5.38percentinsteadof4.85percent)willreducethepresentvalueofthepensionobligation(liability).Inmostcases,ahigherdiscountratewilldecreasetheinterestcostcomponentofthenetperiodiccostbecausethedecreaseintheobligationwillmorethanoffsettheincreaseinthediscountrate(exceptifthepensionobligationisofshortduration).Therefore,periodicpensioncostwouldhavebeenlowerandreportednetincomehigher.Cashflowfromoperatingactivitiesshouldnotbeaffectedbythechange.[單選題]3.ComparedtotheassumptionsStereoWarehouseusedtocomputeitsperiodicpensioncostin2008,earningsin2009weremostfavorablyaffectedbythechangeinthe:A.discountrate.B.estimatedfuturesalaryincreases.C.expectedlong-termrateofreturnonplanassets.正確答案：B參考解析：In2009,thethreerelevantassumptionswerelowerthanin2008.Lowerexpectedsalaryincreasesreducetheservicecostcomponentoftheperiodicpensioncost.Alowerdiscountratewillincreasethedefinedbenefitobligationandincreasetheinterestcostcomponentoftheperiodicpensioncost(theincreaseintheobligationwill,inmostcases,morethanoffsetthedecreaseinthediscountrate).Reducingtheexpectedreturnonplanassetstypicallyincreasestheperiodicpensioncost.[單選題]4.ComparedtothepensionassumptionsStereoWarehouseusedin2008,whichofthefollowingpairsofassumptionsusedin2009ismostlikelyinternallyinconsistent?A.Estimatedfuturesalaryincreases,inflationB.Discountrate,estimatedfuturesalaryincreasesC.Expectedlong-termrateofreturnonplanassets,discountrate正確答案：A參考解析：Thecompany'sinflationestimaterosefrom2008to2009.However,itlowereditsestimateoffuturesalaryincreases.Normally,salaryincreaseswillbepositivelyrelatedtoinflation.[單選題]5.Comparedtothereported2009financialstatements,ifStereoWarehousehadusedthe2007expectedvolatilityassumptiontovalueitsemployeestockoptions,itwouldhavemostlikelyreportedhigher:A.netincome.B.compensationexpense.C.deferredcompensationliability.正確答案：B參考解析：Ahighervolatilityassumptionincreasesthevalueofthestockoptionandthusthecompensationexpense,which,inturn,reducesnetincome.Thereisnoassociatedliabilityforstockoptions.[單選題]6.ComparedtotheassumptionsStereoWarehouseusedtovaluestockoptionsin2008,earningsin2009weremostfavorablyaffectedbythechangeinthe:A.expectedlife.B.risk-freerate.C.dividendyield.正確答案：C參考解析：Ahigherdividendyieldreducesthevalueoftheoptionandthusoptionexpense.Thelowerexpenseresultsinhigherearnings.Higherrisk-freeratesandexpectedlivesresultinhighercalloptionvalues.PercyByron,CFA,isanequityanalystwithaUK-basedinvestmentfirm.OnefirmByronfollowsisNinMountPLC,aUK-basedcompany.On31December2018,NinMountpaid￡320milliontopurchasea50percentstakeinBoswellCompany.TheexcessofthepurchasepriceoverthefairvalueofBoswell'snetassetswasattributabletopreviouslyunrecordedlicenses.Theselicenseswereestimatedtohaveaneconomiclifeofsixyears.ThefairvalueofBoswell'sassetsandliabilitiesotherthanlicenseswasequaltotheirrecordedbookvalues.NinMountandBoswellbothusethepoundsterlingastheirreportingcurrencyandpreparetheirfinancialstatementsinaccordancewithIFRS.Byronisconcernedwhethertheinvestmentshouldaffecthis“buy”ratingonNinMountcommonstock.HeknowsNinMountcouldchooseoneofseveralaccountingmethodstoreporttheresultsofitsinvestment,butNinMounthasnotannouncedwhichmethoditwilluse.Byronforecaststhatbothcompanies'2019financialresults(excludinganymergeraccountingadjustments)willbeidenticaltothoseof2018.NinMount'sandBoswell'scondensedincomestatementsfortheyearended31December2018,andcondensedbalancesheetsat31December2018,arepresentedinExhibits1and2,respectively.[單選題]7.NinMount'scurrentratioon31December2018mostlikelywillbehighestiftheresultsoftheacquisitionarereportedusing:A.theequitymethod.B.consolidationwithfullgoodwill.C.consolidationwithpartialgoodwill.正確答案：A參考解析：ThecurrentratiousingtheequitymethodofaccountingisCurrentassets/Currentliabilities=￡250/￡110=2.27.Usingconsolidation(eitherfullorpartialgoodwill),thecurrentratio=￡390/￡200=1.95.Therefore,thecurrentratioishighestusingtheequitymethod.[單選題]8.NinMount'slong-termdebttoequityratioon31December2018mostlikelywillbelowestiftheresultsoftheacquisitionarereportedusing:A.theequitymethod.B.consolidationwithfullgoodwill.C.consolidationwithpartialgoodwill.正確答案：A參考解析：Usingtheequitymethod,long-termdebttoequity=￡600/￡1,430=0.42.Usingtheconsolidationmethod,long-termdebttoequity=long-termdebt/equity=￡1,000/￡1,750=0.57.Equityincludesthe￡320noncontrollinginterestundereitherconsolidation.Itdoesnotmatterifthefullorpartialgoodwillmethodisusedsincethereisnogoodwill.[單選題]9.BasedonByron'sforecast,ifNinMountdeemsithasacquiredcontrolofBoswell,NinMount'sconsolidated2019depreciationandamortizationexpense(in￡Millions)willbeclosestto:A.102.B.148.C.204.正確答案：C參考解析：TheprojecteddepreciationandamortizationexpensewillincludeNinMount'sreporteddepreciationandamortization(￡102),Boswell'sreporteddepreciationandamortization(￡92),andamortizationofBoswell'slicenses(￡10million).Thelicenseshaveafairvalueof￡60million.￡320purchasepriceindicatesafairvalueof￡640forthenetassetsofBoswell.Thenetbook(fair)valueoftherecordedassetsis￡580.Thepreviouslyunrecordedlicenseshaveafairvalueof￡60million.Thelicenseshavearemaininglifeofsixyears;theamortizationadjustmentfor2008willbe￡10million.Therefore,Projecteddepreciationandamortization=￡102+￡92+￡10=￡204million.[單選題]10.BasedonByron'sforecast,NinMount'snetprofitmarginfor2019mostlikelywillbehighestiftheresultsoftheacquisitionarereportedusing:A.theequitymethod.B.consolidationwithfullgoodwill.C.consolidationwithpartialgoodwill.正確答案：A參考解析：Netincomeisthesameusinganyofthemethodsbutundertheequitymethod,netsalesareonly￡950;Boswell'ssalesarenotincludedinthenetsalesfigure.Therefore,netprofitmarginishighestusingtheequitymethod.[單選題]11.BasedonByron'sforecast,NinMount's2019returnonbeginningequitymostlikelywillbethesameunder:A.eitheroftheconsolidations,butdifferentundertheequitymethod.B.theequitymethod,consolidationwithfullgoodwill,andconsolidationwithpartialgoodwill.C.noneoftheequitymethod,consolidationwithfullgoodwill,orconsolidationwithpartialgoodwill.正確答案：A參考解析：Netincomeisthesameusinganyofthechoices.Beginningequityundertheequitymethodis￡1,430.Undereitheroftheconsolidations,beginningequityis￡1,750sinceitincludesthe￡320noncontrollinginterest.Returnonbeginningequityishighestundertheequitymethod.[單選題]12.BasedonByron'sforecast,NinMount's2019totalassetturnoverratioonbeginningassetsundertheequitymethodismostlikely:A.lowerthaniftheresultsarereportedusingconsolidation.B.thesameasiftheresultsarereportedusingconsolidation.C.higherthaniftheresultsarereportedusingconsolidation.正確答案：A參考解析：Usingtheequitymethod,Totalassetturnover=Netsales/Beginningtotalassets=￡950/￡2,140=0.444.Totalassetturnoveronbeginningassetsusingconsolidation=￡1,460/￡2,950=0.495.Underconsolidation,Assets=￡2,140-320+1,070+60=￡2,950.Therefore,totalassetturnoverislowestusingtheequitymethod.Zimt,AGisaconsumerproductsmanufacturerheadquarteredinAustria.ItcomplieswithIFRS.In2017,Zimthelda10percentpassivestakeinOxbowLimitedthatwasclassifiedasheldfortradingsecurities.Duringtheyear,thevalueofthisstakedeclinedby€3million.InDecember2017,Zimtannouncedthatitwouldbeincreasingitsownershipto50percenteffective1January2018.FranzGelblum,ananalystfollowingbothZimtandOxbow,iscurioushowtheincreasedstakewillaffectZimt'sconsolidatedfinancialstatements.BecauseGelblumisuncertainhowthecompanywillaccountfortheincreasedstake,heuseshisexistingforecastsforbothcompanies'financialstatementstocomparevariousalternativeoutcomes.GelblumgathersabbreviatedfinancialstatementdataforZimt(Exhibit1)andOxbow(Exhibit2)forthispurpose.[單選題]13.t31December2018,Zimt'stotalassetsbalancewouldmostlikelybe:A.highestifZimtisdeemedtohavecontrolofOxbow.B.highestifZimtisdeemedtohavesignificantinfluenceoverOxbow.C.unaffectedbytheaccountingmethodusedfortheinvestmentinOxbow.正確答案：A參考解析：Whenacompanyisdeemedtohavecontrolofanotherentity,itrecordsalloftheotherentity’sassetsonitsownconsolidatedbalancesheet.FranzGelblum,ananalystfollowingbothZimtandOxbow,iscurioushowtheincreasedstakewillaffectZimt'sconsolidatedfinancialstatements.BecauseGelblumisuncertainhowthecompanywillaccountfortheincreasedstake,heuseshisexistingforecastsforbothcompanies'financialstatementstocomparevariousalternativeoutcomes.GelblumgathersabbreviatedfinancialstatementdataforZimt(Exhibit1)andOxbow(Exhibit2)forthispurpose.[單選題]14.BasedonGelblum'sestimates,ifZimtisdeemedtohavesignificantinfluenceoverOxbow,its2018netincome(in€Millions)wouldbeclosestto:A.€75.B.€109.C.€143.正確答案：B參考解析：IfZimtisdeemedtohavesignificantinfluence,itwouldusetheequitymethodtorecorditsownership.Undertheequitymethod,Zimt’sshareofOxbow’snetincomewouldberecordedasasinglelineitem.NetincomeofZimt=75+0.5(68)=109.FranzGelblum,ananalystfollowingbothZimtandOxbow,iscurioushowtheincreasedstakewillaffectZimt'sconsolidatedfinancialstatements.BecauseGelblumisuncertainhowthecompanywillaccountfortheincreasedstake,heuseshisexistingforecastsforbothcompanies'financialstatementstocomparevariousalternativeoutcomes.GelblumgathersabbreviatedfinancialstatementdataforZimt(Exhibit1)andOxbow(Exhibit2)forthispurpose.[單選題]15.BasedonGelblum'sestimates,ifZimtisdeemedtohavejointcontrolofOxbow,andZimtusestheproportionateconsolidationmethod,its31December2018totalliabilities(in€Millions)willmostlikelybeclosestto:A.€686.B.€975.C.€1,263.正確答案：B參考解析：Undertheproportionateconsolidationmethod,Zimt'sbalancesheetwouldshowitsowntotalliabilitiesof€1,421-735=€686plushalfofOxbow'sliabilitiesof€1,283-706=€577.€686+(0.5×577)=€974.5.FranzGelblum,ananalystfollowingbothZimtandOxbow,iscurioushowtheincreasedstakewillaffectZimt'sconsolidatedfinancialstatements.BecauseGelblumisuncertainhowthecompanywillaccountfortheincreasedstake,heuseshisexistingforecastsforbothcompanies'financialstatementstocomparevariousalternativeoutcomes.GelblumgathersabbreviatedfinancialstatementdataforZimt(Exhibit1)andOxbow(Exhibit2)forthispurpose.[單選題]16.BasedonGelblum'sestimates,ifZimtisdeemedtohavecontroloverOxbow,its2018consolidatedsales(in€Millions)willbeclosestto:A.€1,700.B.€2,375.C.€3,050.正確答案：C參考解析：Undertheassumptionofcontrol,Zimtwouldrecorditsownsalesplus100percentofOxbow's.€1,700+1,350=€3,050.FranzGelblum,ananalystfollowingbothZimtandOxbow,iscurioushowtheincreasedstakewillaffectZimt'sconsolidatedfinancialstatements.BecauseGelblumisuncertainhowthecompanywillaccountfortheincreasedstake,heuseshisexistingforecastsforbothcompanies'financialstatementstocomparevariousalternativeoutcomes.GelblumgathersabbreviatedfinancialstatementdataforZimt(Exhibit1)andOxbow(Exhibit2)forthispurpose.[單選題]17.BasedonGelblum'sestimates,Zimt'snetincomein2018willmostlikelybe:A.highestifZimtisdeemedtohavecontrolofOxbow.B.highestifZimtisdeemedtohavesignificantinfluenceoverOxbow.C.independentoftheaccountingmethodusedfortheinvestmentinOxbow.正確答案：C參考解析：Netincomeisnotaffectedbytheaccountingmethodusedtoaccountforactiveinvestmentsinothercompanies.“One-lineconsolidation”andconsolidationresultinthesameimpactonnetincome;itisthedisclosurethatdiffers.Triofind,Inc.(Triofind),basedinthecountryofNorvolt,provideswirelessservicestovariouscountries,includingNorvolt,Borliand,Abuelio,andCertait.Thecompany'spresentationcurrencyistheNorvolteuro(NER),andTriofindcomplieswithIFRS.Triofindhastwowhollyownedsubsidiaries,locatedinBorliandandAbuelio.TheBorliandsubsidiary(Triofind-B)wasestablishedon30June2016,byTriofindbothinvestingNER1,000,000,whichwasconvertedintoBorlianddollars(BRD),andborrowinganadditionalBRD500,000.MarieJanssen,afinancialanalystinTriofind'sNorvoltheadquartersoffice,translatesTriofind-B'sfinancialstatementsusingthetemporalmethod.Non-monetaryassetsaremeasuredatcostunderthelowerofcostormarketrule.SpotBRD/NERexchangeratesarepresentedinExhibit1,andthebalancesheetforTriofind-BispresentedinExhibit2.JanssennextanalyzesTriofind'sAbueliosubsidiary(Triofind-A),whichusesthecurrentratemethodtotranslateitsresultsintoNorvolteuros.Triofind-A,whichpricesitsgoodsinAbueliopesos(ABP),sellsmobilephonestoacustomerinCertaiton31May2017andreceivespaymentof1millionCertaitrand(CRD)on31July2017.On31May2017,Triofind-AalsoreceivedNER50,000fromTriofindandusedthefundstopurchaseanewwarehouseinAbuelio.JanssentranslatesthefinancialstatementsofTriofind-Aasof31July2017andmustdeterminetheappropriatevalueforthewarehouseinTriofind'spresentationcurrency.SheobservesthatthecumulativeAbuelioinflationrateexceeded100%from2015to2017.SpotexchangeratesandinflationdataarepresentedinExhibit3.JanssengatherscorporatetaxratedataandcompanydisclosureinformationtoincludeinTriofind'sannualreport.ShedeterminesthatthecorporatetaxratesforAbuelio,Norvolt,andBorliandare35%,34%,and0%,respectively,andthatNorvoltexemptsthenon-domesticincomeofmultinationalsfromtaxation.Triofind-Bconstitutes25%ofTriofind'snetincome,andTriofind-Aconstitutes15%.Janssenalsogathersdataoncomponentsofnetsalesgrowthindifferentcountries,presentedinExhibit4.[單選題]18.BasedonExhibits1and2andJanssen'stranslationmethod,totalassetsforTriofind-BtranslatedintoTriofind'spresentationcurrencyasof31December2016areclosestto:A.NER1,375,000.B.NER1,380,252.C.NER1,434,783.正確答案：B參考解析：Usingthetemporalmethod,monetaryassets(i.e.,cash)aretranslatedusingthecurrentexchangerate(asof31December2016)ofBRD1.20/NER(orNER0.8333/BRD),andnon-monetaryassetsaretranslatedusingthehistoricalexchangeratewhenacquired.Inventoryistranslatedatits2016weighted-averagerateofBRD1.19/NER(orNER0.8403/BRD).Therefore,thetotalassetsforTriofind-BtranslatedintoNorvolteuros(Triofind'spresentationcurrency)asof31December2016arecalculatedasfollows:[單選題]19.BasedonExhibits1and2,thetranslationadjustmentforTriofind-B'sliabilitiesintoTriofind'spresentationcurrencyforthesixmonthsended31December2016is:A.negative.B.zero.C.positive.正確答案：A參考解析：Temporalmethod下，Notespayable用期末匯率，2016年6月30借500000，當(dāng)時(shí)的匯率是1.15，500000/1.15=434783；2016年12月31日，500000/1.2=416667。負(fù)債下降，負(fù)調(diào)整。[單選題]20.BasedonExhibits1and2andJanssen'stranslationmethod,retainedearningsforTriofind-BtranslatedintoTriofind'spresentationcurrencyasof30June2017areclosestto:A.NER150,225.B.NER170,940.C.NER172,414.正確答案：A參考解析：用Temporarmethod，資產(chǎn)=負(fù)債＋所有者權(quán)益，資產(chǎn)=負(fù)債＋資本＋留存收益Cash應(yīng)用2017年6月31號(hào)匯率，1.17，1350000/1.17Inventory用1.18，500000/1.18負(fù)債用1.17，500000/1.17普通股用歷史匯率，1.15，1150000/1.15留存收益=1350000/1.17＋500000/1.18-500000/1.17-1150000/1.15=150225。[單選題]21.ThefunctionalcurrencyforTriofind-A'ssaleofmobilephonestoacustomerinCertaitisthe:A.Certaitreal.B.Norvolteuro.C.Abueliopeso.正確答案：C參考解析：Thefunctionalcurrencyisthecurrencyoftheprimaryeconomicenvironmentinwhichanentityoperates.AbuelioisTriofind-A'sprimaryeconomicenvironment,anditscurrencyistheAbueliopeso(ABP).Anotherimportantfactorusedtodeterminethefunctionalcurrencyisthecurrencythatmainlyinfluencessalespricesforgoodsandservices.ThefactthatTriofind-ApricesitsgoodsinAbueliopesossupportsthecasefortheABPtobethefunctionalcurrency.[單選題]22.BasedonExhibit3,thevalueofthenewwarehouseinAbuelioonTriofind'sbalancesheetasof31July2017isclosestto:A.NER31,452.B.NER47,964.C.NER50,000.正確答案：B參考解析：TriofindcomplieswithIFRS,andAbueliocanbeconsideredahighlyinflationaryeconomybecauseitscumulativeinflationrateexceeded100%from2015to2017.Thus,Triofind-A'sfinancialsmustberestatedtoincludelocalinflationratesandthentranslatedusingthecurrentexchangerateintoNorvolteuros,whichisTriofind'spresentationcurrency.Thisapproachreflectsboththelikelychangeinthelocalcurrencyvalueofthewarehouseaswellastheactualchangeintheexchangerate.TheoriginalpurchasepriceisABP1,008,065(NER50,000/ABP0.0496).ThevalueofthenewwarehouseinAbuelioasof31July2017isNER47,964,calculatedasfollows:[單選題]23.Relativetoitsdomestictaxrate,Triofind'seffectivetaxrateismostlikely:A.lower.B.thesame.C.higher.正確答案：A參考解析：Norvoltexemptsthenon-domesticincomeofmultinationalsfromtaxation.BecauseNorvolthasacorporatetaxrateof34%,the0%taxrateinBorliandandthefactthat25%ofTriofind'snetincomecomesfromBorliandshouldresultinalowereffectivetaxrateonTriofind'sconsolidatedfinancialstatementscomparedwithTriofind'sdomestictaxrate.Abuelio'staxrateof35%isveryclosetothatofNorvolt,anditconstitutesonly15%ofTriofind'snetincome,soitseffectisunlikelytobesignificant.[單選題]24.BasedonExhibit4,thecountrywiththehighestsustainablesalesgrowthis:A.Norvolt.B.Abuelio.C.Borliand.正確答案：B參考解析：AlthoughBorliandshowsthehighestgrowthinNorvolteuroterms,thisresultispartiallybecauseofcurrencyfluctuations,whichcannotbecontrolled.Abueliohadthehighestchangeinsalesresultingfrompriceandvolumeat13%(excludingforeigncurrencyexchange).Thisgrowthismoresustainablethannetsalesgrowth,whichincludescurrencyfluctuations,becauseTriofind'smanagementhasmorecontrolovergrowthinsalesresultingfromgreatervolumeorhigherprices.MikeMartinezisanequityanalystwhohasbeenaskedtoanalyzeStellar,Inc.byhissupervisor,DominicAnderson.Stellarexhibitedstrongearningsgrowthlastyear;however,Andersonisskepticalaboutthesustainabilityofthecompany'searnings.HewantsMartineztofocusonStellar'sfinancialreportingqualityandearningsquality.Afterconductingathoroughreviewofthecompany'sfinancialstatements,Martinezconcludesthefollowing:●Conclusion1AlthoughStellar'sfinancialstatementsadheretogenerallyacceptedaccountingprinciples(GAAP),Stellarunderstatesearningsinperiodswhenthecompanyisperformingwellandoverstatesearningsinperiodswhenthecompanyisstruggling.●Conclusion2StellarmostlikelyunderstatedthevalueofamortizableintangibleswhenrecordingtheacquisitionofSolar,Inc.lastyear.Nogoodwillimpairmentchargeshavebeentakensincetheacquisition.●Conclusion3Overtime,theaccrualscomponentofStellar'searningsislargerelativetothecashcomponent.●Conclusion4Stellarreportedanunusuallysharpdeclineinaccountsreceivableinthecurrentyear,andanincreaseinlong-termtradereceivables.[單選題]25.BasedonMartinez'sconclusions,Stellar'sfinancialstatementsarebestcategorizedas:A.non-GAAPcompliant.B.GAAPcompliant,butwithearningsmanagement.C.GAAPcompliantanddecisionuseful,withsustainableandadequatereturns.正確答案：B參考解析：Stellar'sfinancialstatementsareGAAPcompliant(Conclusion1)butcannotbereliedupontoassessearningsquality.Thereisevidenceofearningsmanagement:understatingandoverstatingearningsdependingupontheresultsoftheperiod(Conclusion1),understatedamortizableintangibles(Conclusion2),andahighaccrualscomponentinthecompany'searnings(Conclusion3).[單選題]26.BasedonConclusion2,aftertheacquisitionofSolar,Stellar'searningsaremostlikely:A.understated.B.fairlystated.C.overstated.正確答案：C參考解析：MartinezbelievesthatStellarmostlikelyunderstatedthevalueofamortizableintangibleswhenrecordingtheacquisitionofarivalcompanylastyear.Impairmentchargeshavenotbeentakensincetheacquisition(Conclusion2).Consequently,thecompany'searningsarelikelytobeoverstatedbecauseamortizationexpenseisunderstated.Thisunderstatementhasnotbeenoffsetbyanimpairmentcharge.[單選題]27.Inhisfollow-upanalysisrelatingtoConclusion3,MartinezshouldfocusonStellar's:A.totalaccruals.B.discretionaryaccruals.C.non-discretionaryaccruals.正確答案：B參考解析：MartinezconcludedthattheaccrualscomponentofStellar'searningswaslargerelativetothecashcomponent(Conclusion3).Earningswithalargercomponentofaccrualsaretypicallylesspersistentandoflowerquality.Animportantdistinctionisbetweenaccrualsthatarisefromnormaltransactionsintheperiod(callednon-discretionary)andaccrualsthatresultfromtransactionsoraccountingchoicesoutsidethenormal(calleddiscretionaryaccruals).Thediscretionaryaccrualsarepossiblymadewiththeintenttodistortreportedearnings.Outlierdiscretionaryaccrualsareanindicatorofpossiblymanipulated—andthuslowqualityearnings.Thus,Martinezisprimarilyfocusedondiscretionaryaccruals,particularlyoutlierdiscretionaryaccruals(referredtoasabnormalaccruals).[單選題]28.WhatwillbetheimpactonStellarinthecurrentyearifMartinez'sbeliefinConclusion4iscorrect?Comparedwiththepreviousyear,Stellar's:A.currentratiowillincrease.B.dayssalesoutstanding(DSO)willdecrease.C.accountsreceivableturnoverwilldecrease.正確答案：B參考解析：Becauseaccountsreceivablewillbelowerthanreportedinthepast,Stellar'sDSO[Accountsreceivable/(Revenues/365)]willdecrease.Stellar'saccountsreceivableturnover(365/days'salesoutstanding)willincreasewiththelowerDSO,givingthefalseimpressionofafasterturnover.Thecompany'scurrentratiowilldecrease(currentassetswilldecreasewithnochangeincurrentliabilities).ConsolidatedMotorsisaUS-basedcorporationthatsellsmechanicalenginesandcomponentsusedbyelectricutilities.ItsCanadiansubsidiary,Consol-Can,operatessolelyinCanada.Itwascreatedon31December20X1,andConsolidatedMotorsdeterminedatthattimethatitshouldusetheUSdollarasitsfunctionalcurrency.ChiefFinancialOfficerMonicaTempletonwasaskedtoexplaintotheboardofdirectorshowexchangeratesaffectthefinancialstatementsofbothConsol-CanandtheconsolidatedfinancialstatementsofConsolidatedMotors.Forthepresentation,TempletoncollectsConsol-Can'sbalancesheetsfortheyearsended20X1and20X2(Exhibit1),aswellasrelevantexchangerateinformation(Exhibit2).TempletonexplainsthatConsol-CanusestheFIFOinventoryaccountingmethodandthatpurchasesofC$300millionandthesell-throughofthatinventoryoccurredevenlythroughout20X2.HerpresentationincludesreportingthetranslatedamountsinUSdollarsforeachitem,aswellasassociatedtranslation-relatedgainsandlosses.Theboardrespondswithseveralquestions.●WouldtherebeareasontochangethefunctionalcurrencytotheCanadiandollar?●WouldtherebeanytranslationeffectsforConsolidatedMotorsifthefunctionalcurrencyforConsol-CanwerechangedtotheCanadiandollar?●Wouldachangeinthefunctionalcurrencyhaveanyimpactonfinancialstatementratiosfortheparentcompany?●Whatwouldbethebalancesheetexposuretotranslationeffectsifthefunctionalcurrencywerechanged?[單選題]29.AftertranslatingConsol-Can'sinventoryandlong-termdebtintotheparentcompany'scurrency(US$),theamountsreportedonConsolidatedMotor'sfinancialstatementson31December20X2wouldbeclosestto(inmillions):A.$71forinventoryand$161forlong-termdebt.B.$71forinventoryand$166forlong-termdebt.C.$73forinventoryand$166forlong-termdebt.正確答案：B參考解析：Whentheparentcompany'scurrencyisusedasthefunctionalcurrency,thetemporalmethodmustbeusedtotranslatethesubsidiary'saccounts.Underthetemporalmethod,monetaryassetsandliabilities(e.g.,debt)aretranslatedatthecurrent(year-end)rate,non-monetaryassetsandliabilitiesmeasuredathistoricalcost(e.g.,inventory)aretranslatedathistoricalexchangerates,andnon-monetaryassetsandliabilitiesmeasuredatcurrentvaluearetranslatedattheexchangerateatthedatewhen