R27 练习: 财务报表分析导论
考纲范围
- describe the steps in the financial statement analysis framework
- describe the roles of financial statement analysis
- describe the importance of regulatory filings, financial statement notes and supplementary information, management’s commentary, and audit reports
- describe implications for financial analysis of alternative financial reporting systems and the importance of monitoring developments in financial reporting standards
- describe information sources that analysts use in financial statement analysis besides annual and interim financial reports
Q1.
Which phase in the financial statement analysis framework is most likely to involve communicating with clients or supervisors on needs and concerns?
A. Develop and Communicate Conclusions/Recommendations
B. Articulate the purpose and context of the analysis
C. Follow-up
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答案：B
解析：财务报表分析框架的第一步是”确定分析的目的和背景”（Articulate the purpose and context of the analysis），该步骤涉及与客户或上级沟通以了解需求和关注点。
Financial statement analysis framework 六步骤：
- Purpose and context of analysis
- Collect data
- Process data
- Analyze / interpret data
- Conclusions and recommendations
- Update analysis periodically
选项 判断 解析 A ✗ 这是第5步，涉及形成结论和建议，而非与客户沟通需求 B ✓ 第1步确定目的和背景，需要与客户/上级沟通了解需求 C ✗ Follow-up 对应第6步定期更新分析，不是沟通需求阶段
Q2.
Which of the following least likely describes the role of financial statement analysis?
A. Forecast the operating performance of listed companies in the next fiscal year
B. Evaluate whether the business performance meets the expectation of shareholders
C. Prepare financial statements to help investors make economic decisions
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答案：C
解析：财务报表分析（Financial Statement Analysis）的作用是分析已有的财务报表，而不是编制财务报表。编制财务报表是会计（accounting）的工作，不是财务分析师的职能。
选项 判断 解析 A ✗ 预测经营表现是财务报表分析的作用之一 B ✗ 评估业绩是否达到预期是财务报表分析的作用之一 C ✓ 编制财务报表是会计工作，不是财务报表分析的角色
Q3.
An analyst who is evaluating Amazon Inc.’s financial performance and its strategic decisions throughout the fiscal year of 2019 should most likely refer to:
A. Form 10-K.
B. Form 8-K.
C. Form 10-Q.
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答案：A
解析：Form 10-K 是公司向 SEC 提交的年度报告（annual report），包含全年的财务表现和战略决策信息。Form 8-K 是重大事项报告，Form 10-Q 是季度报告。评估全年（fiscal year）的表现应参考年报 10-K。
选项 判断 解析 A ✓ 10-K 是年度报告，适合评估全年财务表现和战略决策 B ✗ 8-K 是临时报告，仅报告重大事件，不涵盖全年表现 C ✗ 10-Q 是季度报告，仅涵盖一个季度而非全年
Q4.
A listed company’s significant accounting choices (policies, methods, and estimates) are most likely to be discussed in the:
A. footnotes to the financial statements.
B. management discussion and analysis.
C. auditor’s report.
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答案：A
解析：公司重要的会计政策选择（包括政策、方法和估计）通常在财务报表附注（footnotes/notes）中披露。MD&A 侧重于管理层对经营情况的讨论，审计报告则是审计师对报表公允性的意见。
选项 判断 解析 A ✓ 财务报表附注详细披露会计政策、方法和估计 B ✗ MD&A 主要讨论经营业绩和前景，非会计政策细节 C ✗ 审计报告是审计师出具的意见，不详细讨论会计选择
Q5.
Which of the following is least likely to be found in an auditor’s report under U.S. GAAP?
A. Reasonable assurance that there are no material errors in the financial statements
B. An opinion on the company’s internal controls
C. Assurance that the management is capable of running the business
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答案：C
解析：在 U.S. GAAP 下，审计报告提供合理保证（reasonable assurance）财务报表无重大错误，也对公司内部控制出具意见。但审计师不对管理层是否有能力经营公司提供保证，这不属于审计报告的范围。
选项 判断 解析 A ✗ 审计报告确实提供报表无重大错报的合理保证 B ✗ 在 U.S. GAAP 下审计师需要对内部控制出具意见 C ✓ 审计师不对管理层经营能力作出保证，这超出审计范围
Q6.
Which of the following is least likely the difference between IFRS and US GAAP?
A. Inventory valuation method
B. Treatment of development cost
C. Classification of accounts in the statement of changes in equity
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答案：C
解析：IFRS 和 US GAAP 在存货计价方法（IFRS 不允许 LIFO，US GAAP 允许）和研发费用处理（IFRS 下开发成本满足条件可资本化，US GAAP 一般费用化）上存在显著差异。但权益变动表中的科目分类在两者之间并无重大差异。
选项 判断 解析 A ✗ 存货方法确实不同：IFRS 禁止 LIFO，US GAAP 允许 B ✗ 开发成本处理不同：IFRS 可资本化，US GAAP 费用化 C ✓ 权益变动表的科目分类在 IFRS 和 US GAAP 间无重大差异
Q7.
Which of the following descriptions is the least related to the importance of monitoring developments in financial reporting standard?
A. To understand how the developments will affect financial reports
B. To assess the implications for further security analysis and valuation
C. To show the accounting skill
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答案：C
解析：监控财务报告标准发展的重要性在于：理解标准变化如何影响财务报告（A），以及评估对证券分析和估值的影响（B）。“展示会计技能”不是监控标准发展的目的。
选项 判断 解析 A ✗ 理解标准变化对报表的影响是监控的重要目的 B ✗ 评估对证券分析和估值的影响也是重要目的 C ✓ 展示会计技能不是监控财务报告标准发展的目的
Q8.
What information, except annual and interim financial reports, is least likely to be used to analyze businesses?
A. Public third-party sources
B. Press release and earnings calls
C. Material Non-Public Information from management
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答案：C
解析：除年报和中期报告外，分析师可使用公开的第三方信息源（A）和新闻发布/业绩会（B）等公开信息。但重大非公开信息（Material Non-Public Information, MNPI）不应被用于分析，使用 MNPI 违反了 CFA 道德准则和内幕交易法规。
选项 判断 解析 A ✗ 公开的第三方信息是合法的补充分析来源 B ✗ 新闻发布和业绩电话会议是公开信息来源 C ✓ 重大非公开信息不应被用于分析，违反法规和道德准则