2022年CFA考試《CFA一級》試題共240道，均為單選題。幫考網為大家整理了Fixed Income Investments5道練習題，附答案解析，供各位小伙伴備考練習。

1、A company which prepares its financial statements in accordance with IFRS incurred ａｎｄ capitalized €2 million of development costs during the year. These costs were fully deductible immediately fｏｒtax purposes, but the company is depreciating them over two years fｏｒfinancial reporting purposes. The company has a long history of profitability which is expected to continue. Which is the most appropriate way fｏｒan analyst to incorporate the differential tax treatment in his analysis? He should include it in:【單選題】

A.liabilities when calculating the company’s current ratio.

B.equity when calculating the company’s return on equity ratio.

C.liabilities when calculating the company’s debt-to-equity ratio.

正確答案:C

答案解析:“Income Taxes,” Elbie Antonites, CFA, ａｎｄ Michael A. Broihahn, CFA

2011 Modular Level I, Vol. 3, pp. 460, 485-486, 490

Study Session 9-38-i

Analyze disclosures relating to deferred tax items ａｎｄ the effective tax rate reconciliation, ａｎｄ discuss how information included in these disclosures affects a company’s financial statements ａｎｄ financial ratios.

The different treatment fｏｒtax purposes ａｎｄ financial reporting purposes is a temporary difference ａｎｄ would create a deferred tax liability. Deferred tax liabilities should be classified as debt if they are expected to reverse with subsequent tax payments. The long history of profitability implies the company will likely be paying taxes in the following years ａｎｄ hence an analyst could reasonably expect the temporary difference to reverse. Under IFRS all deferred tax liabilities are non-current ａｎｄ therefore do not affect the current ratio.

2、According to the International Accounting Standards Board’s Conceptual Framework fｏｒFinancial Reporting, the two fundamental qualitative characteristics that make financial information useful are best described as:【單選題】

A.timeliness ａｎｄ accrual accounting.

B.understandability ａｎｄ verifiability.

C.relevance ａｎｄ faithful representation.

正確答案:C

答案解析:“Financial Reporting Standards,” Elaine Henry, CFA, Jan Hendrik van Greuning, CFA, ａｎｄ Thomas R. Robinson, CFA

2013 Modular Level I, Vol. 3, Reading 24, Section 5.2

Study Session 7-24-d

Describe the International Accounting Standards Board’s conceptual framework, including the objective ａｎｄ qualitative characteristics of financial statements, required reporting elements, ａｎｄ constraints ａｎｄ assumptions in preparing financial statements.

C is correct. Relevance ａｎｄ faithful representation are the two fundamental qualitative characteristics that make financial information useful according to the IASB Conceptual Framework.

3、An analyst does research about cash flow ａｎｄ gathers the following information(in thousands) about a company.

Based on the information above, cash paid to suppliers ( in thousands) in 2011is closest to:【單選題】

A.$ 11 443

B.$ 13 221

C.$ 15 651

正確答案:A

答案解析:$ 14 436 - ( $ 5 980 - $ 3 876) - ( $ 7 321 - $ 6 432 ) = $ 144 36 - $ 2 104 - $ 889 =$ 11 443。

4、An analyst does research about financial statements.A company////\\'s employee benefitplans are most likely disclosed in:【單選題】

A.management////\\'s discussion ａｎｄ analysis.

B.the notes to the financial statements.

C.management////\\'s report on internal control.

正確答案:B

答案解析:財務報表附注及補充事項說明(financial statements footnotes &； supplementary schedules)包括以下內容：

● 會計方法、假設、估計；

● 說明哪些事項審計了，哪些事項沒有審計；

● 其他信息：

(1) Business acquisition ｏｒdisposals(企業兼并或出售)

(2) Legal proceedings(法律程序)

(3) Employee benefit plan ａｎｄ stock option(員工福利計劃和股票期權)

(4) Contingencies ａｎｄ commitments(或有負債與承付款項)

(5) Significant customers(重要客戶)

(6) Subsequent events(期后事項)

(7) Business ａｎｄ geographic segments(業務與地區分部)

(8) Quarterly financial data(季度財務數據)

5、An analyst does research about audit opinions.A disclaimer audit opinion is mostlikely issued when:【單選題】

A.financial statements are prepared with some limitation ｏｒexceptions accordingto the accounting standards.

B.auditors are unable to issue an opinion about financial statements.

C.financial statements are materially depart from accounting standards ａｎｄ notfairly presented.

正確答案:B

答案解析:拒絕發表意見(disclaimer opinion)意味著審計人員無法就財務報表發表意見。選項A是保留意見(qualified opinion)，選項C是否定意見(adverse opinion)。

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