"Financial Report"：Financial Analysis Techniques

下載正保會(huì)計(jì)網(wǎng)校APP 訂閱最新報(bào)考消息

來源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2020/09/30 09:52:02　字體：大小

學(xué)習(xí)是一個(gè)不斷積累的過程，每天學(xué)習(xí)一點(diǎn)，每天進(jìn)步一點(diǎn)！為了幫助大家更高效地備考2021年CFA考試，正保會(huì)計(jì)網(wǎng)校每日為大家上新CFA習(xí)題供大家練習(xí)。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢(mèng)想成真！

Questions 1:

All else being equal, a decrease in which of the following financial metrics would most likely result in a lower return on equity (ROE)?

A、 The tax rate

B、 Leverage

C 、Days of sales outstanding

Questions 2:

The following selected financial information is available:

Financial Report：Financial Analysis Techniques

The company’s cash conversion cycle (in days) is closest to:

A 76.4.

B 45.2.

C 38.2

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Leverage is a component of the return on equity equation under the DuPont Analysis. If leverage decreases, so will return on equity. ROE = Tax burden × Interest burden × Earnings before interest and taxes margin × Total asset turnover × Leverage A is incorrect. The tax burden is one of the components of ROE in the 5-factor model: Tax burden = Net income/EBT = (EBT – Tax)/EBT = 1 – Tax/EBT = 1 – Effective tax rate A lower tax rate means the company keeps more of its pre-tax profits (and has a higher tax burden).

A lower tax rate increases net income and increases ROE: an increase in any of the 5 components increases ROE.

C is incorrect. Days of sales outstanding is a component of the asset turnover measure. All else equal, if days of sales outstanding decreased, total asset turnover would increase. If asset turnover increases, so will return on equity.

【Answer to question 2】C

【analysis】

C is correct. Cash conversion cycle = DOH + DSO – Days of payables .

A is incorrect. This is the operating cycle; it forgot to subtract payables: 41.7 + 34.7 = 76.4.

B is incorrect. It subtracted days in receivable, added days payable outstanding: 41.7 – 34.7 + 38.2 = 45.2

成功=時(shí)間+方法，自制力是這個(gè)等式的保障。世上無天才，高手都是來自刻苦的練習(xí)。而人們經(jīng)常只看到“牛人”閃耀的成績(jī)，其成績(jī)背后無比寂寞的勤奮。小編相信，每天都在勤奮練習(xí)，即使是一點(diǎn)點(diǎn)的進(jìn)步，大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊，點(diǎn)擊了解>

上一篇："Financial Report"：Financial Reporting ...

下一篇："Financial Report"：financial reporting ...