CFA特許金融分析師-CFA二級(jí)-基礎(chǔ)鞏固（參考）-FinancialStatementAnalysis

CFA特許金融分析師-CFA二級(jí)-基礎(chǔ)鞏固（參考）-FinancialStatementAnalysis共享題干題PedroRuizisananalystforacreditratinga（江南博哥）gency.Oneofthecompanieshefollows,EureximSA,isbasedinFranceandcomplieswithInternationalFinancialReportingStandards(IFRS).RuizhaslearnedthatEureximusedEUR220millionofitsowncashandborrowedanequalamounttoopenasubsidiaryinUkraine.Thefundswereconvertedintohryvnia(UAH)on31December20X1atanexchangerateofEUR1.00=UAH6.70andusedtopurchaseUAH1,500millioninfixedassetsandUAH300ofinventories.Ruizisconcernedabouttheeffectthatthesubsidiary'sresultsmighthaveonEurexim'sconsolidatedfinancialstatements.HecallsEurexim'sChiefFinancialOfficer,butlearnslittle.Eureximisnotwillingtosharesalesforecastsandhasnotevenmadeadeterminationastothesubsidiary'sfunctionalcurrency.Absentmoreusefulinformation,RuizdecidestoexplorevariousscenariostodeterminethepotentialimpactonEurexim'sconsolidatedfinancialstatements.Ukraineisnotcurrentlyinahyperinflationaryenvironment,butRuizisconcernedthatthissituationcouldchange.Ruizalsobelievestheeurowillappreciateagainstthehryvniafortheforeseeablefuture.[單選題]1.IfUkraine'seconomybecomeshighlyinflationary,Eureximwillmostlikelytranslateinventoryby:A.restatingforinflationandusingthetemporalmethod.B.restatingforinflationandusingthecurrentexchangerate.C.usingthetemporalmethodwithnorestatementforinflation.正確答案：B參考解析：IAS21requiresthatthefinancialstatementsoftheforeignentityfirstberestatedforlocalinflationusingtheproceduresoutlinedinIAS29,“FinancialReportinginHyperinflationaryEconomies.”Then,theinflation-restatedforeigncurrencyfinancialstatementsaretranslatedintotheparent'spresentationcurrencyusingthecurrentexchangerate.UnderUSGAAP,thetemporalmethodwouldbeusedwithnorestatement.[單選題]2.GivenRuiz'sbeliefaboutthedirectionofexchangerates,Eurexim'sgrossprofitmarginwouldbehighestifitaccountsfortheUkrainesubsidiary’sinventoryusing:A.FIFOandthetemporalmethodB.FIFOandthecurrentratemethod.C.weighted-averagecostandthetemporalmethod.正確答案：B參考解析：RuizexpectstheEURtoappreciateagainsttheUAHandexpectssomeinflationintheUkraine.Inaninflationaryenvironment,FIFOwillgenerateahighergrossprofitthanweighted-averagecost.Foreitherinventorychoice,thecurrentratemethodwillgivehighergrossprofittotheparentcompanyifthesubsidiary'scurrencyisdepreciating.Thus,usingFIFOandtranslatingusingthecurrentratemethodwillgenerateahighergrossprofitfortheparentcompany,EureximSA,thananyothercombinationofchoices.[單選題]3.IftheeuroischosenastheUkrainesubsidiary'sfunctionalcurrency,Eureximwilltranslateitsfixedassetsusingthe:A.averagerateforthereportingperiod.B.rateineffectwhentheassetswerepurchased.C.rateineffectattheendofthereportingperiod.正確答案：B參考解析：Iftheparent'scurrencyischosenasthefunctionalcurrency,thetemporalmethodmustbeused.Underthetemporalmethod,fixedassetsaretranslatedusingtherateineffectatthetimetheassetswereacquired.[單選題]4.IftheeuroischosenastheUkrainesubsidiary'sfunctionalcurrency,Eureximwilltranslateitsaccountsreceivableusingthe:A.rateineffectatthetransactiondate.B.averagerateforthereportingperiod.C.rateineffectattheendofthereportingperiod.正確答案：C參考解析：Monetaryassetsandliabilitiessuchasaccountsreceivablearetranslatedatcurrent(end-of-period)ratesregardlessofwhetherthetemporalorcurrentratemethodisused.[單選題]5.IfthehryvniaischosenastheUkrainesubsidiary'sfunctionalcurrency,Eureximwilltranslateitsinventoryusingthe:A.averagerateforthereportingperiod.B.rateineffectattheendofthereportingperiod.C.rateineffectatthetimetheinventorywaspurchased.正確答案：B參考解析：Whentheforeigncurrencyischosenasthefunctionalcurrency,thecurrentratemethodisused.Allassetsandliabilitiesaretranslatedatthecurrent(end-of-period)rate.[單選題]6.BasedontheinformationavailableandRuiz'sexpectationsregardingexchangerates,ifthehryvniaischosenastheUkrainesubsidiary'sfunctionalcurrency,Eureximwillmostlikelyreport:A.anadditiontothecumulativetranslationadjustment.B.atranslationgainorlossasacomponentofnetincome.C.asubtractionfromthecumulativetranslationadjustment.正確答案：C參考解析：Whentheforeigncurrencyischosenasthefunctionalcurrency,thecurrentratemethodmustbeusedandallgainsorlossesfromtranslationarereportedasacumulativetranslationadjustmenttoshareholderequity.Whentheforeigncurrencydecreasesinvalue(weakens),thecurrentratemethodresultsinanegativetranslationadjustmentinstockholders'equity.RedlineProducts,Inc.isaUS-basedmultinationalwithsubsidiariesaroundtheworld.Onesuchsubsidiary,Acceletron,operatesinSingapore,whichhasseenmildbutnotexcessiveratesofinflation.Acceletronwasacquiredin2000andhasneverpaidadividend.ItrecordsinventoryusingtheFIFOmethod.ChiefFinancialOfficerMargotVillierswasaskedbyRedline'sboardofdirectorstoexplainhowthefunctionalcurrencyselectionandotheraccountingchoicesaffectRedline'sconsolidatedfinancialstatements.VilliersgathersAcceletron'sfinancialstatementsdenominatedinSingaporedollars(SGD)inExhibit1andtheUSdollar/SingaporedollarexchangeratesinExhibit2.ShedoesnotintendtoidentifythefunctionalcurrencyactuallyinusebutrathertouseAcceletronasanexampleofhowthechoiceoffunctionalcurrencyaffectstheconsolidatedstatements.[單選題]7.ComparedwithusingtheSingaporedollarasAcceletron'sfunctionalcurrencyfor2007,iftheUSdollarwerethefunctionalcurrency,itismostlikelythatRedline'sconsolidated:A.inventorieswillbehigher.B.receivableturnoverwillbelower.C.fixedassetturnoverwillbehigher.正確答案：C參考解析：IftheUSdollaristhefunctionalcurrency,thetemporalmethodmustbeused.Revenuesandreceivables(monetaryasset)wouldbethesameundereitheraccountingmethod.InventoryandfixedassetswerepurchasedwhentheUSdollarwasstronger,soathistoricalrates(temporalmethod),translatedtheywouldbelower.Identicalrevenues/lowerfixedassetswouldresultinhigherfixed-assetturnover.[單選題]8.IftheUSdollarwerechosenasthefunctionalcurrencyforAcceletronin2007,Redlinecouldreduceitsbalancesheetexposuretoexchangeratesby:A.sellingSGD30millionoffixedassetsforcash.B.issuingSGD30millionoflong-termdebttobuyfixedassets.C.issuingSGD30millioninshort-termdebttopurchasemarketablesecurities.正確答案：A參考解析：IftheUSdollaristhefunctionalcurrency,thetemporalmethodmustbeused,andthebalancesheetexposurewillbethenetmonetaryassetsof125+230–185–200=–30,oranetmonetaryliabilityofSGD30million.Thisnetmonetaryliabilitywouldbeeliminatediffixedassets(non-monetary)weresoldtoincreasecash.Issuingdebt,eithershort-termorlong-term,wouldincreasethenetmonetaryliability.[單選題]9.Redline'sconsolidatedgrossprofitmarginfor2007wouldbehighestifAcceletronaccountedforinventoryusing:A.FIFO,anditsfunctionalcurrencyweretheUSdollar.B.LIFO,anditsfunctionalcurrencyweretheUSdollar.C.FIFO,anditsfunctionalcurrencyweretheSingaporedollar.正確答案：A參考解析：BecausetheUSdollarhasbeenconsistentlyweakeningagainsttheSingaporedollar,costofsaleswillbelowerandgrossprofithigherwhenanearlierexchangerateisusedtotranslateinventory,comparedwithusingcurrentexchangerates.IftheSingaporedollaristhefunctionalcurrency,currentrateswouldbeused.Therefore,thecombinationoftheUSdollar(temporalmethod)andFIFOwillresultinthehighestgrossprofitmargin.[單選題]10.IfthecurrentratemethodisusedtotranslateAcceletron'sfinancialstatementsintoUSdollars,Redline'sconsolidatedfinancialstatementswillmostlikelyincludeAcceletron's:A.USD3,178millioninrevenues.B.USD3,178millioninrevenues.C.negativetranslationadjustmenttoshareholderequity.正確答案：A參考解析：Underthecurrentratemethod,revenueistranslatedattheaverageratefortheyear,SGD4,800×0.662=USD3,178million.Debtshouldbetranslatedatthecurrentrate,SGD200×0.671=USD134million.Underthecurrentratemethod,Acceletronwouldhaveanetassetbalancesheetexposure.BecausetheSingaporedollarhasbeenstrengtheningagainsttheUSdollar,thetranslationadjustmentwouldbepositiveratherthannegative.[單選題]11.IfAcceletron'sfinancialstatementsaretranslatedintoUSdollarsusingthetemporalmethod,Redline'sconsolidatedfinancialstatementswillmostlikelyincludeAcceletron's:A.USD336millionininventory.B.USD956millioninfixedassets.C.USD152millioninaccountsreceivable.正確答案：B參考解析：Underthetemporalmethod,inventoryandfixedassetswouldbetranslatedusinghistoricalrates.Accountsreceivableisamonetaryassetandwouldbetranslatedatyear-end(current)rates.Fixedassetsarefoundas(1,000×0.568)+(640×0.606)=USD956million.[單選題]12.WhentranslatingAcceletron'sfinancialstatementsintoUSdollars,RedlineisleastlikelytouseanexchangerateofUSDperSGD:A.0.671.B.0.588.C.0.654.正確答案：B參考解析：USD0.671/SGDisthecurrentexchangerate.ThatratewouldbeusedregardlessofwhetherAcceletronusesthecurrentrateortemporalmethod.USD0.654wastheweighted-averageratewheninventorywasacquired.Thatratewouldbeusedifthecompanytranslateditsstatementsunderthetemporalmethodbutnotthecurrentratemethod.USD0.588/SGDwastheexchangerateineffectwhenlong-termdebtwasissued.Asamonetaryliability,long-termdebtisalwaystranslatedusingcurrentexchangerates.Consequently,thatrateisnotapplicableregardlessofhowAcceletrontranslatesitsfinancialstatements.XYZSA,ahypotheticalcompany,offersitsemployeesadefinedbenefitpensionplan.InformationonXYZ'sretirementplansispresentedinExhibit2.Italsograntsstockoptionstoexecutives.Exhibit3containsinformationonthevolatilityassumptionsusedtovaluestockoptions.[單選題]13.Thetotalperiodicpensioncostisclosestto:A.320.B.1,020.C.1,320.正確答案：B參考解析：Thetotalperiodicpensioncostisthechangeinthenetpensionliabilityadjustedfortheemployer'scontributionintotheplan.Thenetpensionliabilityincreasedfrom3,000to3,020,andtheemployer'scontributionwas1,000.Thetotalperiodicpensioncostis1,020.ThiswillbeallocatedbetweenP&LandOCI.[單選題]14.TheamountofperiodicpensioncostthatwouldbereportedinP&LunderIFRSisclosestto:A.20.B.530.C.1,020.正確答案：B參考解析：UnderIFRS,thecomponentsofperiodicpensioncostthatwouldbereportedinP&Laretheservicecost(composedofcurrentserviceandpastservicecosts)andthenetinterestexpenseorincome,calculatedbymultiplyingthenetpensionliabilityornetpensionassetbythediscountrateusedtomeasurethepensionliability.Here,theservicecostsare320(=200

120)andthenetinterestexpenseis210[=(42,000-39,000)×7%].Thus,thetotalperiodicpensioncostisequalto530.[單選題]15.Assumingthecompanychoosesnottoimmediatelyrecognisetheactuariallossandassumingthereisnoamortisationofpastservicecostsoractuarialgainsandlosses,theamountofperiodicpensioncostthatwouldbereportedinP&LunderUSGAAPisclosestto:A.20.B.59.C.530.正確答案：A參考解析：UnderUSGAAP—assumingthecompanychoosesnottoimmediatelyrecognisetheactuariallossandassumingthereisnoamortisationofpastservicecostsoractuarialgainsandlosses—thecomponentsofperiodicpensioncostthatwouldbereportedinP&Lincludethecurrentservicecostof200,theinterestexpenseonthepensionobligationatthebeginningoftheperiodof2,940(=7.0%×42,000),andtheexpectedreturnonplanassets,whichisareductionofthecostof3,120(=8.0%×39,000).Summingthesethreecomponentsgives20.[單選題]16.UnderIFRS,theamountofperiodicpensioncostthatwouldbereportedinOCIisclosestto:A.20.B.490.C.1,020.正確答案：B參考解析：ThecomponentofperiodicpensioncostthatwouldbereportedinOCIistheremeasurementscomponent.Itconsistsofactuarialgainsandlossesonthepensionobligationandnetreturnonplanassets.Here,theactuariallosswas460.Inaddition,theactualreturnonplanassetswas2,700,whichwas30lowerthanthereturnof2,730(=39,000×0.07)incorporatedinthenetinterestincome/expense.Therefore,thetotalremeasurementsare490.[單選題]17.Comparedto2009netincomeasreported,ifXYZhadusedthesameexpectedvolatilityassumptionforits2009optiongrantsthatithadusedin2008,its2009netincomewouldhavebeen:A.lower.B.higher.C.thesame.正確答案：A參考解析：In2009,XYZusedalowervolatilityassumptionthanitdidin2008.Lowerexpectedvolatilityreducesthefairvalueofanoptionandthusthereportedexpense.Usingthe2008volatilityestimatewouldhaveresultedinhigherexpenseandthuslowernetincome.ConsolidatedMotorsisaUS-basedcorporationthatsellsmechanicalenginesandcomponentsusedbyelectricutilities.ItsCanadiansubsidiary,Consol-Can,operatessolelyinCanada.Itwascreatedon31December20X1,andConsolidatedMotorsdeterminedatthattimethatitshouldusetheUSdollarasitsfunctionalcurrency.ChiefFinancialOfficerMonicaTempletonwasaskedtoexplaintotheboardofdirectorshowexchangeratesaffectthefinancialstatementsofbothConsol-CanandtheconsolidatedfinancialstatementsofConsolidatedMotors.Forthepresentation,TempletoncollectsConsol-Can'sbalancesheetsfortheyearsended20X1and20X2(Exhibit1),aswellasrelevantexchangerateinformation(Exhibit2).TempletonexplainsthatConsol-CanusestheFIFOinventoryaccountingmethodandthatpurchasesofC$300millionandthesell-throughofthatinventoryoccurredevenlythroughout20X2.HerpresentationincludesreportingthetranslatedamountsinUSdollarsforeachitem,aswellasassociatedtranslation-relatedgainsandlosses.Theboardrespondswithseveralquestions.●WouldtherebeareasontochangethefunctionalcurrencytotheCanadiandollar?●WouldtherebeanytranslationeffectsforConsolidatedMotorsifthefunctionalcurrencyforConsol-CanwerechangedtotheCanadiandollar?●Wouldachangeinthefunctionalcurrencyhaveanyimpactonfinancialstatementratiosfortheparentcompany?●Whatwouldbethebalancesheetexposuretotranslationeffectsifthefunctionalcurrencywerechanged?[單選題]18.AftertranslatingConsol-Can'sinventoryandlong-termdebtintotheparentcompany'scurrency(US$),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-monetaryassetsandliabilitiesmeasuredatcurrentvaluearetranslatedattheexchangerateatthedatewhenthecurrentvaluewasdetermined.Becausebeginninginventorywassoldfirstandsalesandpurchaseswereevenlyacquired,theaveragerateismostappropriatefortranslatinginventoryandC$77million×0.92=$71million.Long-termdebtistranslatedattheyear-endrateof0.95.C$175million×0.95=$166million.●WouldtherebeareasontochangethefunctionalcurrencytotheCanadiandollar?●WouldtherebeanytranslationeffectsforConsolidatedMotorsifthefunctionalcurrencyforConsol-CanwerechangedtotheCanadiandollar?●Wouldachangeinthefunctionalcurrencyhaveanyimpactonfinancialstatementratiosfortheparentcompany?●Whatwouldbethebalancesheetexposuretotranslationeffectsifthefunctionalcurrencywerechanged?[單選題]19.AftertranslatingConsol-Can's31December20X2balancesheetintotheparentcompany'scurrency(US$),thetranslatedvalueofretainedearningswillbeclosestto:A.$41million.B.$44million.C.$46million.正確答案：B參考解析：●WouldtherebeareasontochangethefunctionalcurrencytotheCanadiandollar?●WouldtherebeanytranslationeffectsforConsolidatedMotorsifthefunctionalcurrencyforConsol-CanwerechangedtotheCanadiandollar?●Wouldachangeinthefunctionalcurrencyhaveanyimpactonfinancialstatementratiosfortheparentcompany?●Whatwouldbethebalancesheetexposuretotranslationeffectsifthefunctionalcurrencywerechanged?[單選題]20.Inresponsetotheboard'sfirstquestion,Templetonwouldmostlikelyreplythatsuchachangewouldbejustifiedif:A.theinflationrateintheUnitedStatesbecamehyperinflationary.B.managementwantedtoflowmoreofthegainsthroughnetincome.C.onsol-Canweremakingautonomousdecisionsaboutoperations,investing,andfinancing.正確答案：C參考解析：TheCanadiandollarwouldbetheappropriatereportingcurrencywhensubstantiallyalloperating,financing,andinvestingdecisionsarebasedonthelocalcurrency.Theparentcountry'sinflationrateisneverrelevant.Earningsmanipulationisnotjustified,andatanyratechangingthefunctionalcurrencywouldtakethegainsoffoftheincomestatement.●WouldtherebeareasontochangethefunctionalcurrencytotheCanadiandollar?●WouldtherebeanytranslationeffectsforConsolidatedMotorsifthefunctionalcurrencyforConsol-CanwerechangedtotheCanadiandollar?●Wouldachangeinthefunctionalcurrencyhaveanyimpactonfinancialstatementratiosfortheparentcompany?●Whatwouldbethebalancesheetexposuretotranslationeffectsifthefunctionalcurrencywerechanged?[單選題]21.Inresponsetotheboard'ssecondquestion,Templetonshouldreplythatifthechangeismade,theconsolidatedfinancialstatementsforConsolidatedMotorswouldbegintorecognize:A.realizedgainsandlossesonmonetaryassetsandliabilities.B.realizedgainsandlossesonnon-monetaryassetsandliabilities.C.unrealizedgainsandlossesonnon-monetaryassetsandliabilities.正確答案：C參考解析：Ifthefunctionalcurrencywerechangedfromtheparentcurrency(USdollar)tothelocalcurrency(Canadiandollar),thecurrentratemethodwouldreplacethetemporalmethod.Thetemporalmethodignoresunrealizedgainsandlossesonnon-monetaryassetsandliabilities,butthecurrentratemethoddoesnot.●WouldtherebeareasontochangethefunctionalcurrencytotheCanadiandollar?●WouldtherebeanytranslationeffectsforConsolidatedMotorsifthefunctionalcurrencyforConsol-CanwerechangedtotheCanadiandollar?●Wouldachangeinthefunctionalcurrencyhaveanyimpactonfinancialstatementratiosfortheparentcompany?●Whatwouldbethebalancesheetexposuretotranslationeffectsifthefunctionalcurrencywerechanged?[單選題]22.Inresponsetotheboard'sthirdquestion,Templetonshouldnotethatthechangewillmostlikelyaffect:A.thecashratio.B.fixedassetturnover.C.receivablesturnover.正確答案：B參考解析：IftheCanadiandollarischosenasthefunctionalcurrency,thecurrentratemethodwillbeusedandthecurrentexchangeratewillbetherateusedtotranslateallassetsandliabilities.Currently,onlymonetaryassetsandliabilitiesaretranslatedatthecurrentrate.Salesaretranslatedattheaveragerateduringtheyearundereithermethod.Fixedassetsaretranslatedusingthehistoricalrateunderthetemporalmethodbutwouldswitchtocurrentratesunderthecurrentratemethod.Therefore,therewillmostlikelybeaneffectonsales/fixedassets.Becausethecashratioinvolvesonlymonetaryassetsandliabilities,itisunaffectedbythetranslationmethod.Receivablesturnoverpairsamonetaryassetwithsalesandisthusalsounaffected.●WouldtherebeareasontochangethefunctionalcurrencytotheCanadiandollar?●WouldtherebeanytranslationeffectsforConsolidatedMotorsifthefunctionalcurrencyforConsol-CanwerechangedtotheCanadiandollar?●Wouldachangeinthefunctionalcurrencyhaveanyimpactonfinancialstatementratiosfortheparentcompany?●Whatwouldbethebalancesheetexposuretotranslationeffectsifthefunctionalcurrencywerechanged?[單選題]23.Inresponsetotheboard'sfourthquestion,thebalancesheetexposure(inC$millions)wouldbeclosestto:A.–19.B.148.C.400.正確答案：B參考解析：Ifthefunctionalcurrencywerechanged,thenConsol-Canwouldusethecurrentratemethodandthebalancesheetexposurewouldbeequaltonetassets(totalassets–totalliabilities).Inthiscase,400–77–175=148.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]24.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).●Conclusion1AlthoughStellar'sfinancialstatementsadheretogenerallyacceptedaccountingprinciples(GAAP),Stellarunderstatesearningsinperiodswhenthecompanyisperformingwellandoverstatesearningsinperiodswhenthecompanyisstruggling.●Conclusion2StellarmostlikelyunderstatedthevalueofamortizableintangibleswhenrecordingtheacquisitionofSolar,Inc.lastyear.Nogoodwillimpairmentchargeshavebeentakensincetheacquisition.●Conclusion3Overtime,theaccrualscomponentofStellar'searningsislargerelativetothecashcomponent.●Conclusion4Stellarreportedanunusuallysharpdeclineinaccountsreceivableinthecurrentyear,andanincreaseinlong-termtradereceivables.[單選題]25.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.●Conclusion1AlthoughStellar'sfinancialstatementsadheretogenerallyacceptedaccountingprinciples(GAAP),Stellarunderstatesearningsinperiodswhenthecompanyisperformingwellandoverstatesearningsinperiodswhenthecompanyisstruggling.●Conclusion2StellarmostlikelyunderstatedthevalueofamortizableintangibleswhenrecordingtheacquisitionofSolar,Inc.lastyear.Nogoodwillimpairmentchargeshavebeentakensincetheacquisition.●Conclusion3Overtime,theaccrualscomponentofStellar'searningsislargerelativetothecashcomponent.●Conclusion4Stellarreportedanunusuallysharpdeclineinaccountsreceivableinthecurrentyear,andanincreaseinlong-termtradereceivables.[單選題]26.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).●Conclusion1AlthoughStellar'sfinancialstatementsadheretogenerallyacceptedaccountingprinciples(GAAP),Stellarunderstatesearningsinperiodswhenthecompanyisperformingwellandoverstatesearningsinperiodswhenthecompanyisstruggling.●Conclusion2StellarmostlikelyunderstatedthevalueofamortizableintangibleswhenrecordingtheacquisitionofSolar,Inc.lastyear.Nogoodwillimpairmentchargeshavebeentakensincetheacquisition.●Conclusion3Overtime,theaccrualscomponentofStellar'searningsislargerelativetothecashcomponent.●Conclusion4Stellarreportedanunusuallysharpdeclineinaccountsreceivableinthecurrentyear,andanincreaseinlong-termtradereceivables.[單選題]27.WhatwillbetheimpactonStellarinthecurrentyearifMartinez'sbeliefinConclusion4i