CFA特许金融分析师-CFA二级-FinancialStatementAnalysis.docxVIP

CFA特许金融分析师-CFA二级-FinancialStatementAnalysis

共享题干题

StereoWarehouseisaUSretailerthatoffersemployees（江南博哥）adefinedbenefitpensionplanandstockoptionsaspartofitscompensationpackage.StereoWarehousepreparesitsfinancialstatementsinaccordancewithUSGAAP.PeterFriedland,CFA,isanequityanalystconcernedwithearningsquality.HeisparticularlyinterestedinwhetherthediscretionaryassumptionsthecompanyismakingregardingcompensationplansarecontributingtotherecentearningsgrowthatStereoWarehouse.HegathersinformationfromthecompanysregulatoryfilingsregardingthepensionplanassumptionsinExhibit4andtheassumptionsrelatedtooptionvaluationinExhibit5.

[单选题]1.Comparedtothe2009reportedfinancialstatements,ifStereoWarehousehadusedthesameexpectedlong-termrateofreturnonplanassetsassumptionin2009asitusedin2007,itsyear-end2009pensionobligationwouldmostlikelyhavebeen:

A.lower.

B.higher.

C.thesame.

正确答案：C

参考解析：Theassumedlong-termrateofreturnonplanassetsisnotacomponentthatisusedincalculatingthepensionobligation,sotherewouldbenochange.

[单选题]2.Comparedtothereported2009financialstatements,ifStereoWarehousehadusedthesamediscountrateasitusedin2007,itwouldhavemostlikelyreportedlower:

A.netincome.

B.totalliabilities.

C.cashflowfromoperatingactivities.

正确答案：B

参考解析：Ahigherdiscountrate(5.38percentinsteadof4.85percent)willreducethepresentvalueofthepensionobligation(liability).Inmostcases,ahigherdiscountratewilldecreasetheinterestcostcomponentofthenetperiodiccostbecausethedecreaseintheobligationwillmorethanoffsettheincreaseinthediscountrate(exceptifthepensionobligationisofshortduration).Therefore,periodicpensioncostwouldhavebeenlowerandreportednetincomehigher.Cashflowfromoperatingactivitiesshouldnotbeaffectedbythechange.

[单选题]3.Comparedtothea