CFA Level 1 － 模考试题(1)(PM) Q61-65

catherine

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* o" T" R0 j' J, w* DQuestion 61
7 M" r, Y0 g  YSelected information from Mendota, Inc.’s financial statements for the year ended December 31 includes the following (in $):
Sales                                           7,000,000
9 j6 _1 n9 `! X) U7 s, \Cost of Goods Sold                     5,000,000
2 q) i7 [! n( q2 R: A% nLIFO Reserve on Jan. 1              600,000
7 R! @! o! Q" V' fLIFO Reserve on Dec. 31           850,000

Mendota uses the last in, first out (LIFO) inventory cost flow assumption.  The tax rate is 40%.  If Mendota changed from LIFO to first in, first out (FIFO), its gross profit margin would:
A)    increase to 32.1%.
# }* v" M/ ?. z. p% _B)   increase to 30.0%.
2 O% d, E: N# p) pC)   increase to 40.1%.
D)   remain unchanged at 28.6%.

Question 62
; Z1 M  s; F3 i+ t& q8 L0 W5 W1 hCan the stage in the life cycle of a firm’s industry and earnings manipulation by management cause differences between the growth rate of a firm’s net income and the growth rate of its operating cash flow over annual reporting periods?
6 {8 \- P5 f8 eLife cycle   Earnings manipulation
1 Y' T' b3 b. u) h2 {A)    Yes          Yes
4 g3 O; ]: h9 v8 q4 N& QB)   Yes          No
* ]) B! q1 S5 N7 p- jC)   No        Yes
+ ~& I! o/ ?( O9 n( D0 hD)   No        No

Question 63
) D1 m  y: z' pWhich of the following statements is correct regarding the financial statement adjustments that an analyst must make regarding firms that choose different accounting methods but are subject to the same standards, and firms with different accounting methods due to differences in applicable accounting standards, respectively?
Same accounting standards   Different accounting standards
7 C* [! R$ }# x! \) j9 NA)    Adjustments required       No adjustments required
B)   Adjustments required       Adjustments required
* P- @- ]+ Z) b# O3 b* }C)   No adjustments required Adjustments required
D)   No adjustments required No adjustments required
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# N$ _  U3 n8 l( H. {2 zQuestion 64
: W- c9 `! W1 {* aJason Corp. has a permanently impaired asset that must be written down from its carrying value of $5,000,000 to its present value of future cash flows of $3,500,000. The asset’s salvage value is $1,000,000. Before considering the asset write-down, Jason Corp.’s financial data are as follows (in $):
$ }# A. D( D* b2 t7 y; WSales                                              27,000,000  
Cost of Goods Sold                        (15,000,000)
Gross Profit                                    12,000,000
Depreciation Expense                    (5,000,000)
2 n! ~$ z3 P# iOther Expenses                             (1,000,000)
Operating Income (EBIT)               6,000,000
/ `+ {. H/ Q3 [/ r, T" D% W7 l+ xInterest Expense                            (1,000,000)
9 P- S# O/ N( r+ ^; v' X  ]Income Taxes Expense                  (2,000,000)
3 \: I6 h; @6 l4 u! T4 gNet Income                                     3,000,000

When Jason Corp. takes the write-down, its operating profit margin will be closest to:
A)    18.5%.
; \/ P; r' U. T2 b" `: a& K4 LB)   22.2%.
! E/ |* Q" _( e, t8 T, C: FC)   16.7%.
D)   14.2%.
  
& |8 h: \2 O! j* |6 W0 L7 PQuestion 65
' E) z7 F$ u) ZDalrymple, Inc. has operations in a country that taxes ordinary net income at a rate of 40%, has gains on the sale of long-term assets at 20%, and exempts interest income from any taxation. Dalrymple’s net income before taxes is derived from the following sources:
Net Income from Ordinary Activities                                         $2,000,000
Net Income from Sale of Long-term Asset                               1,000,000
Net Interest Income                                                                 1,000,000
1 \, H9 Q( c& n4 W3 d  i( R/ cNet Income before Taxes                                                        4,000,000
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On its income statement, Dalrymple should:
A)    apply an effective tax rate of 25%.
  V2 d& k2 p9 b% W* ]3 T5 WB)   show its income in different categories and apply the appropriate tax rate to each.
- G% l" r% v. F0 Z. b' FC)   apply an effective tax rate of 40% and add $600,000 to its deferred tax liability account.
D)   apply an effective tax rate of 40% and add $600,000 to its deferred tax asset account.

catherine

答案和详解如下！
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