财务报表分析 第十一版习题集-英文版.docx

财务报表分析 第十一版习题集-英文版.docx

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Chapter01OverviewofFinancialStatementAnalysis

MultipleChoiceQuestions

1.Whichofthefollowingislikelytobethemostinformativesourceifyouwereinterestedinacompany'sbusinessplanorstrategy?

A.Auditor'sletter

B.Managementdiscussionandanalysis

C.Proxystatement

D.Footnotes

2.Whichofthefollowingwouldnotbeconsideredasourceoffinancing?

A.Notesreceivable

B.Commonstockholders'equity

C.Retainedearnings

D.Debentures

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3.WilcoCompanyreportsthefollowing:

Dividendpayoutratiofor2005was:

A.27%.

B.12%.

C.22.2%.

D.Notdeterminable

4.Ifacompanyreceivesanunqualifiedauditopinionitmeanstheauditors:

A.didnotcompleteafullauditandthereforedonotfeelqualifiedtogiveanopiniononfinancialstatements.

B.areprovidingassurancethatthecompanywillremainfinanciallyviableforatleastthenextyear.

C.areprovidingassurancethatthecompany'sfinancialstatementsfairlypresentcompany'sfinancialperformanceandposition.

D.areprovidingassurancethatthecompany'sfinancialstatementsarefreefrommisstatement,fraudulentaccountingandfairlyindicatefutureperformance.

5.TheManagementDiscussionandAnalysisSectionofanannualreport:

A.isrequiredbytheSEC.

B.isoptionalbutnormallyincludedintheannualreport.

C.isrequiredbytheSEConlyifthecompanyhassufferedfromunfavorabletrendsortherearesignificantuncertaintyconcerningliquidityofthecompany.

D.isrequiredbytheSEConlyiftheyhaveaqualifiedauditopinion.

Youareanalyzingalargestablecompany.Fortheyearending12/31/05thecompanyreportedearningsof$58,900andbookvalueattheendof2005was$371,700.Youexpectearningstogrowat5%ayearinperpetuity,andthedividendpayoutratioof70%tocontinue.Thecompanyborrowsat8%,andhasacostofequityof12%.Thecompanyhas25,000sharesoutstanding.

6.Whatisyourestimateofpricepershareusingthedividenddiscountmodelat12/31/05?

A.$20.62

B.$21.65

C.$23.56

D.$24.74

7.Whatisyourestimateofpriceusingtheresidualincomevaluationmodelat12/31/05?

A.$20.62

B.$21.65

C.$23.56

D.$24.72

8.Whichofthefollowingisnotacommontoolusedinfinancialstatementanalysis?

A.Randomwalkanalysis

B.Ratioanalysis

C.Common-sizestatementanalysis

D.Creditanalysis

9.Acommon-sizeincomestatementwouldtypicallybepreparedbydividing:

A.allitemsonincomestatementinYeartbytheircorrespondingvalueinYeart-1.

B.allitemsonincomestatementinYeartbytheircorrespondingbalancesheetaccountsinYear

t.

C.allitemsonincomestatementinYeartbynetincomeinYeart-1.

D.allitemsonincomestatementinYeartbysalesinYeart.

10.Whenconductingcomparativeanalysisbyreviewingconsecutivebalancesheets:

A.allitemsonthebalancesheetinYeartmustbedividedbytheircorrespondingvalueinYeart-1

andsubtract1tocalculatethepercentagechange.

B.allitemsonthebalancesheetinYeart-1mustbesubtractedfromtheircorrespondingvalueinYearttocalculatethedollarchange.

C.allitemsonthebalancesheetinYeartmustbedividedbynetincomeinYeart-1tocalculatethepercentagechange.

D.BothAandBarecorrect.

YouhavepreparedatrendseriesforCompanyXYZforthreeyears,2004-2006inclusive,using2004asthebaseyear.Belowareselecteddata.

11.Fromtheaboveinformation,youcaninferthat:

A.rateofsalesgrowthhasdecreased.

B.netincometosales（returnonsales）isincreasingovertime.

C.assetturnoverisdecreasingovertime.

D.Noneoftheabove

12.Whichofthefollowingstatementsisincorrect?

A.Netincomein2006increasedby29.29%comparedto2004.

B.XYZ'snetincometosales（returnonsales）ishigherin2006ascomparedto2004.

C.XYZ'snetincometosales（returnonsales）islowerin2005ascomparedto2004.

D.Assetshaveincreasedovertime.

13.Whiledeterminingthemostprofitablecompanyfromthegivennumberofcompanies,whichofthefollowingwouldbethebestindicatorofrelativeprofitability?

A.Highestnetincome

B.Highestretainedearnings

C.Highestreturnonequity

D.Highestoperatingmargin

14.Whichofthefollowingstatementsconcerningfinancialratiosisincorrect?

A.Accountingprinciplesandmethodsusedbyacompanywillnotaffectfinancialratios.

B.Theinformationalvalueofaratioinisolationislimited.

C.Aratioisonenumberexpressedasapercentageorfractionofanothernumber.

D.Calculationoffinancialratiosisnotsufficientforacompletefinancialanalysisofacompany.