財(cái)務(wù)報(bào)表分析（全英文）知到章節(jié)答案智慧樹2023年北京第二外國語學(xué)院

財(cái)務(wù)報(bào)表分析（全英文）知到章節(jié)測試答案智慧樹2023年最新北京第二外國語學(xué)院第一章測試Thepassiveinvestorassumesthemarketisefficientandthatstocksarecorrectlypricedtoreflecttheriskinvolvedinbuyingthestock.（）

參考答案:

對Thetermfinancialstatementrefersto…（）

參考答案:

AlltheanswersarecorrectWhichofthefollowingisfalseregardingwhyaSWOTAnalysisisused?()

參考答案:

Toreduceopportunitiesavailabletoabusiness__________oftheprofitabilityofthefirmoveraperiodoftimesuchasayear.()

參考答案:

TheincomestatementisasummaryFinancialstatementspresentanumericalpictureofacompany’sfinancialandoperatinghealth.()

參考答案:

對WhichofthefollowingSWOTelementsareexternalfactorsforabusiness?（）

參考答案:

OpportunitiesandThreatsThe________doesnotrepresentcontinuingoperationsinanyway,butissimplyasnapshotofthetotalworthofafirmatagivenpointintime.()

參考答案:

balancesheetCashinflowsarisefrom_____assets,________liabilities,and___________stockholders’equity.()

參考答案:

decreasing;increasing;increasingWhatisacreditor’sobjectiveinperformingananalysisoffinancialstatements?()

參考答案:

Todecidewhetherornottheborrowerhastheabilitytorepayinterestandprincipalonborrowedfunds.Themajordeviceformeasuringtheprofitabilityofafirmoveradefinedperiodoftimeisthe()

參考答案:

incomestatement.第二章測試Thetransactionsbetweenthetwoclaimants(debtorsandshareholders)andthefirmarethefirm’s_activities.()

參考答案:

FinancingFreecashflowdoesnotaffectcommonshareholder’sequity.（）

參考答案:

對Theprocessofcomparingvariousfinancialfactorsofacompanyoveraperiodoftimeisknownas（）

參考答案:

Intra‐firmcomparisonIfananalysthasreformulatebalancesheetsandincomestatements,shedoesnotneedacashflowstatementtocalculatefreecashflow.()

參考答案:

對Afirmgeneratedfreecashflow$2,348millionandpaidnetinterestof$23millionaftertax.Itpaidadividendof$14millionandissuedsharesfor$54million.Therewerenosharerepurchases.Whatdidthetreasurerdowiththeremainingcashflowandforhowmuch?（）

參考答案:

Therewas$2,365ofcashleftoverfromthefreecashflowandthetreasurerusedittobuydebt.Whatdrivesfreecashflow?()

參考答案:

operationsReformulatedbalancesheetsinformanalystsaboutthefirm’sstrategyforrunningthebusiness.()

參考答案:

對WhichofthefollowingactivitiesisNOTaninvestingactivity?（）

參考答案:

borrowingmoneyAnoperatingassetis()

參考答案:

usedtoproducegoodsorservicestoselltocustomersinoperations.Comparisonoffinancialstatementshighlightsthetrendofthe_________ofthebusiness.()

參考答案:

Alltheanswersarecorrect第三章測試Lowprofitmarginsalwaysimplylowreturnonnetoperatingassets.（）

參考答案:

錯(cuò)Whichthefollowingmeasuredrivereturnoncommonequity(ROCE)positively?（）

參考答案:

GrossmarginUnderwhatconditionwouldafirm’sreturnoncommonequity(ROCE)beequaltoitsreturnonnetoperatingassets(RNOA)?

（）

參考答案:

TheSPREADiszero,thatis,returnonnetoperatingassets(RNOAreductionintheadvertisingexpenseratioincreasereturnoncommonequity?()

參考答案:

對Afirmshouldalwayspurchaseinventoryandsuppliesoncreditratherthanpayingcash.（）

參考答案:

錯(cuò)Afirmhasareturnof11.2percentonnetoperatingassetsof$400million,ashorttermborrowingrateof4.0percentaftertaxandareturnonoperatingassetsof8.5percent.Whatisthefirm’soperatingliabilityleverage?（）

參考答案:

0.600Netborrowingcostdrivereturnoncommonequity(ROCE)negatively.()

參考答案:

對Whichofthefollowingwouldexplainanobserveddecreaseinreturnonequity,allelseequal?（）

參考答案:

IncreaseininterestrateondebtThefollowinginformationisfromreformulatedfinancialstatements(inmillion)whatisthefirm’sROCEandRNOA?()

參考答案:

15.0%and13.0%Underwhatconditionwouldafirm’sreturnonnetoperatingassets(RNOA)beequaltoitsreturnonoperatingassets(ROOA)?

(

)

參考答案:

Theoperatingliabilityleveragespread(OLSPREAD)iszero,thatis,ROOAequalstheimplicitborrowingrateforoperatingliabilities.第四章測試Whatmeasurestellsyouthatafirmisano-growthfirm?()

參考答案:

AfirmhaszeroornegativeresidualearningsgrowthWhichthefollowingitemispartofunusual(transitory)income?()

參考答案:

GainonthedisposalofpropertyFirmscangrowearnings,butnotcreate(share)value（）

參考答案:

對Thefollowingnumberwerecalculatedfromthefinancialstatementsforafirmfor2012and2011:HowmuchofthechangeinROCEfrom2011to2012isduetofinancingactivities?（）

參考答案:

3.37%Transitoryearningsarecurrentearningsthatarelikelytobemaintainedinthefuture.()

參考答案:

錯(cuò)Whichofthefollowingcouldcausereturnonnetoperatingassetstoincrease,allotherthingsequal?（）

參考答案:

IncreaseininventoryturnoverBelowisselectedinformationfromTricorpReturnonnetoperatingassetsforYear1is:()

參考答案:

15.4%.RErepresentsextraprofitavailabletothecompany/shareholdersthisiswhatdrivesgrowthinacompany’s(share)value.（）

參考答案:

對Returnonoperatingassetsisameasureofwhichofthefollowing?（）

參考答案:

EfficiencyBelowisselectedinformationfromTricorpcompanyWhichofthefollowingiscorrectconcerningchangesatTricropfromYear1toYear2?()

參考答案:

RNOADecreased,ROCEDecreased第五章測試Afirmcancreatefutureincomebytemporarilyincreasingitsbaddebtallowance.（）

參考答案:

對Whichofthefollowingitemaremanagedtoincreasegrossrevenue?（）

參考答案:

IncreasereceivablesIncreasingprofitmarginsbyunderestimatingexpensescreatesnetoperatingassets.()

參考答案:

對Whydoanalystscomparecashflowfromoperationswithearningstoassessthequalityoftheearnings?（）

參考答案:

nullAdecreaseinwarrantyliabilitiesincreasesnetsales.()

參考答案:

錯(cuò)IBMreporteda3percentincreaseinincomeforitsfirstquarterof2000,beatinganalysts’estimates.Butitalsoreportedadeclineinrevenue.Itsstockpricedroppedinresponsetothereport.Whichofthefollowingstatementisincorrectforthedropinstockpriceonanearningsincrease?（）

參考答案:

Theassetturnoverisexpectedtoincrease.Lowdepreciationchargesforecastlossesinfutureincomestatements.()

參考答案:

對Whichofthefollowingisleastlikelytobeassociatedwithlow-qualityearnings?（）

參考答案:

Decreaseinborrowings.Accountingqualityanalysisisnotpartofthewideranalysisofsustainableearnings.（）

參考答案:

錯(cuò)WhichofthefollowingisnotanindicatorofaccountingManipulation?（）

參考答案:

Lossonsaleofdiscontinuedbusinesssegments第六章測試Iftheintrinsicvalueofastockisgreaterthanitsmarketvalue,whichofthefollowingisareasonableconclusion?()

參考答案:

Themarketisundervaluingthestock.The_______isdefinedasthepresentvalueofallcashproceedstotheinvestorinthestock.()

參考答案:

intrinsicvalueFCFandDDMvaluationsshouldbe____________iftheassumptionsusedareconsistent.()

參考答案:

similarforallfirmsBecausetheDDMrequiresmultipleestimates,investorsshould()

參考答案:

carefullyexamineinputstothemodelandperformsensitivityanalysisonpriceestimates.Apreferredstockwillpayadividendof$2.75intheupcomingyear,andeveryyearthereafter,i.e.,dividendsarenotexpectedtogrow.Yourequireareturnof10%onthisstock.UsetheconstantgrowthDDMtocalculatetheintrinsicvalueofthispreferredstock.()

參考答案:

$27.50Attheendof2012,youforecastthatafirm’sfreecashflowfor2013willbe$430million.Ifyouforecastthatfreecashflowwillgrowat5%peryearthereafter,whatistheenterprisevalue?Usearequiredreturnof10percent.()

參考答案:

8,600millionCompanyXhasnegativefreecashflowbutstrongearningsthatyieldareturnonequityof27percent.Whichofthefollowingstatementsismorelikelytobetrue?()

參考答案:

thecompanyisinvestingheavilyAttheendof2012,youforecastthefollowingcashflows(inmillions)forafirmwithnetdebtof$759million:Youforecastthatfreecashflowwillgrowatarateof4%peryearafter2015.Usearequiredreturnof10%tocalculateboththefirms’enterprisevalueandthevalueoftheequityattheendof2012?()

參考答案:

7,900million,7,141millionValueisbasedonexpecteddividends,butforecastingdividendsisnotrelevanttovalueasapracticalmatter.（）

參考答案:

對Afirmthathashigherfreecashflowhaveahighervalue?（）

參考答案:

錯(cuò)第七章測試Thefollowingareearningsanddividendforecastsmadeattheendof2012forafirmwith$20.00bookvaluepercommonshareatthattime.Thefirmhasarequiredequityreturnof10%peryear.Forecastreturnofcommonequityandresidualearningsfortheyearof2015.（）

參考答案:

ROCEis15.71%andREis1.49AfirmcannotmaintainaROCElessthanrequiredreturnandstayinbusinessindefinitely.（）

參考答案:

錯(cuò)Informationindicatesthatafirmwillearnareturnoncommonequityaboveitscostofequitycapitalinallyearsinallyearsinthefuture,butitssharetradebelowbookvalue.Thosesharemustbemispriced.（）

參考答案:

對ThefollowingareROCEforecastsmadeforafirmattheendof2010.ROCEisexpectedtocontinueatthesamelevelafter2013.Thefirmreportedbookvalueofcommonequityof$3.2billionattheendof2010,with500millionsharedoutstanding.Iftherequiredequityreturnis12%,whatisthepersharevalueoftheseshares?（）

參考答案:

$6.40ResidualearningsvaluationdoesnotworkwellforcompanieslikeCoca-cola,CiscoSystem,orNike,whichhavesubstantialassets,likebrands,R&Dassets,andentrepreneurialknow-howoffthebooks.Alowbookvaluemustgiveyoualowvaluation.()

參考答案:

錯(cuò)Afirmwithbookvalueof$15.60pershareand100percentdividendpayoutisexpectedtohaveareturnoncommonequityof15%peryearindefinitelyinthefuture.Itscostofequitycapitalis10%.Calculatetheintrinsicpricetobookratio.（）

參考答案:

1.5WhichofthefollowingitemsarethedriversofResidualearnings?()

參考答案:

ReturnoncommonequityandgrowthinbookvalueInSeptember2008thesharesofDell,Inc,thecomputermaker,tradedat$20.50each.Initslastannualreport,Dellhadreportedbookvalueof$3,735millionwith2,060millionsharesoutstanding.Analystswereforecastingearningspershareof$1.47forfiscalyear2009and$1.77for2010Dellpaysnodividends.Calculatetheper-sharevalueofDellin2008basedontheanalysts’forecasts,withanadditionalforecastthatresidualearningswillgrowattheanticipatedGDPgrowthrateof4percentperyearafter2010.Usearequiredreturnof10percent.theBPSattheendoffiscal-year2008willbe()

參考答案:

$1.813Calculatetheper-sharevalueofDellin2008basedontheanalysts’forecasts,withanadditionalforecastthatresidualearningswillgrowattheanticipatedGDPgrowthrateof4percentperyearafter2010.Usearequiredreturnof10percent.()

參考答案:

24.84第八章測試Abnormalearningsgrowthisalwaysequaltogrowthof(changein)residualearnings.（）

參考答案:

對Afirm’searningsareexpectedtogrowatarateequaltotherequiredrateofreturnforitsequity,12%.whatisthetrailingP/Eratio?（）

參考答案:

9.33whatistheforwardP/Eratio?()

參考答案:

8.33AP/Eratioforabondisalwayslessthanthatforastock.（）

參考答案:

錯(cuò)whichofthefollowingstatementiscorrect?（）

參考答案:

thenormalforwardP/EandthenormaltrailingP/Ealwaysdifferby1.0Thefollowingareearningsanddividendforecastsmadeattheendof2010.Thefirmhasarequiredequityreturnof10%peryear.Forecastabnormalearningsgrowthfor2012.()

參考答案:

0.325Forecastabnormalearningsgrowthfor2013.()

參考答案:

0.165CalculatethenormalforwardP/Eforthisfirm.()

參考答案:

10Firmcanincreaseitsearningsgrowthbutnotaffectthevalueofitsequity（）

參考答案:

對Inearlyfiscalyear2009,analystswereforecasting$3.90forNike’searningspershareforthefiscalyearendingMay2009and$4.45for2010,withadividendpershareof92cents(0.92)expectedfor2009.Forecastthecum-dividendearningsgrowthratefor2010.（）

參考答案:

16.46%第九章測試Whichofthefollowingsituationdiversificationdosenotreducerisk？()

參考答案:

returnsonsecuritiesintheportfolioareperfectlycorrelatedAstatisticalmeasureofthevariabilityofadistributionarounditsmeanisreferredtoas__________.()

參考答案:

thestandarddeviationNormaldistributionofreturnscancharacterizetheriskofinvestinginabusiness?（）

參考答案:

錯(cuò)Asetofpossiblevaluesthatarandomvariablecanassumeandtheirassociatedprobabilitiesofoccurrencearereferredtoas__________.（）

參考答案:

probabilitydistributionBelowarethereformulatebalancesheetfortwofirmswithsimilarrevenues.Amountsareinmillionsofdollars.Whichfirmlookmoreriskyforshareholders?Notethatcashhasbeentreatedasoperatingcash.()

參考答案:

FirmBUsingtheCAPM,?isameasureof:()

參考答案:

sharepricevolatilityWhichofthefollowingisnotameasureofrisk?()

參考答案:

correlationcoefficientBelowarethereformulateincomestatementfortwofirmsinthesamelineofbusiness.Amountsareinmillionsofdollars.Whichfirmlookmoreriskyforshareholders?Reformulatetheincomestatements:()

參考答案:

FirmAwhichofthefollowingstatementisnotcorrect?()

參考答案:

variationinreturnonnetoperatingassetsisonlydrivenby