CFA Level 1 － 模考试题(1)(PM) Q61-65

catherine

( H- J7 }6 \' w
) l5 c) Y( G; n, nQuestion 61
* `5 [6 L, l" ?( Y9 ?1 [+ kSelected information from Mendota, Inc.’s financial statements for the year ended December 31 includes the following (in $):
, Z$ Z( Y& Y5 `2 \% f7 i3 L/ q! wSales                                           7,000,000
0 K: ]/ G) \5 Y4 z' o4 ICost of Goods Sold                     5,000,000
LIFO Reserve on Jan. 1              600,000
LIFO Reserve on Dec. 31           850,000
& u9 F. [( J! _; Z+ u' M. o
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:
- }# ~! Y% u: m3 C. IA)    increase to 32.1%.
B)   increase to 30.0%.
C)   increase to 40.1%.
. h9 ^) L2 s$ G; AD)   remain unchanged at 28.6%.
$ A7 G- ?" x  c& a" w
Question 62
Can 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?
, O& C+ b* j  C0 _  O& SLife cycle   Earnings manipulation
A)    Yes          Yes
# c' T/ H* j2 E  Q5 c9 V8 jB)   Yes          No
C)   No        Yes
D)   No        No
3 {+ \/ U- O! l. D2 _8 D$ b
Question 63
Which 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?
+ k# N4 N! T$ D1 `6 ^Same accounting standards   Different accounting standards
3 A* r  M8 F8 S- m7 i5 i: mA)    Adjustments required       No adjustments required
B)   Adjustments required       Adjustments required
! ^- ]- j5 p* e2 Q* }8 C7 }C)   No adjustments required Adjustments required
: E% X: u7 e5 ]  \D)   No adjustments required No adjustments required
  
1 H( M- m( _* W8 ]Question 64
, S! O( V) H; r. w# u9 RJason 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 $):
6 t1 f9 s0 {2 X0 H2 j- H$ uSales                                              27,000,000  
Cost of Goods Sold                        (15,000,000)
Gross Profit                                    12,000,000
3 w+ i4 v9 E% j: YDepreciation Expense                    (5,000,000)
% u* X6 R! d" F! M/ W" |  g  N% NOther Expenses                             (1,000,000)
2 f" n3 t& s0 f: C( r* ^Operating Income (EBIT)               6,000,000
Interest Expense                            (1,000,000)
Income Taxes Expense                  (2,000,000)
Net Income                                     3,000,000
7 G' R. j' R' ~
( s$ ^9 N) z4 M& s; G' PWhen Jason Corp. takes the write-down, its operating profit margin will be closest to:
4 b( X  @6 J$ \* `5 `8 NA)    18.5%.
B)   22.2%.
, N( ]" |4 ?" W6 ?6 iC)   16.7%.
4 n+ r7 ^. K5 y" d8 `, ZD)   14.2%.
, V6 E2 O3 i8 Y. C) ~+ D  
Question 65
Dalrymple, 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:
3 m# C* o& m% Z8 vNet Income from Ordinary Activities                                         $2,000,000
; k* Q1 w/ m. I; o+ d* oNet Income from Sale of Long-term Asset                               1,000,000
+ z2 L2 W7 J' V# R1 R7 vNet Interest Income                                                                 1,000,000
; t9 M$ u+ H3 tNet Income before Taxes                                                        4,000,000

, q% g: @, B3 @4 \4 kOn its income statement, Dalrymple should:
A)    apply an effective tax rate of 25%.
6 ^. y4 A; G2 @+ ZB)   show its income in different categories and apply the appropriate tax rate to each.
% I. Y$ F4 a9 l, Q' {( Z7 kC)   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！
" i, {5 @$ n0 p! R( E1 f) H

游客，如果您要查看本帖隐藏内容请回复

fanfan

lxyz061524

。。。。。。

hlbt930

666666666666666666666666666666666666666666666