智慧树答案财务报表分析(全英文)知到课后答案章节测试2022年
智慧树答案公司金融知到课后答案章节测试2022年
第一章1.The Bluebird Company has a $10,000 liability it must pay three years fromtoday. The company is opening a savings account so that the entire amountwill be available when this debt needs to be paid. The plan is to make aninitial deposit today and then deposit an additional $2,500 a year for the next three years, starting one year from today. The account pays a 3% rate ofreturn. How much does the Bluebird Company need to deposit today? （）答案:$2,079.892.Suzette is going to receive $10,000 today as the result of an insurancesettlement. In addition, she will receive $15,000 one year from today and$25,000 two years from today. She plans on saving all of this money andinvesting it for her retirement. If Suzette can earn an average of 11% on herinvestments, how much will she have in her account if she retires 25 yearsfrom today? （）答案:$595,098.673.You are investing $100 today in a savings account at your local bank. Whichone of the following terms refers to the value of this investment one yearfrom now? （）答案:future value4.Sara invested $500 six years ago at 5 percent interest. She spends herearnings as soon as she earns any interest so she only receives interest onher initial $500 investment. Which type of interest is Sara earning?答案:simple interest5.Shelley won a lottery and will receive $1,000 a year for the next ten years.The value of her winnings today discounted at her discount rate is calledwhich one of the following? （）答案:present value6.Which one of the following will produce the highest present value interestfactor? （）答案:6 percent interest for five years7.Which one of the following terms is defined as a conflict of interest betweenthe corporate shareholders and the corporate managers? （）答案:agencyproblem8.Which one of the following is a capital budgeting decision? （）答案:deciding whether or not to purchase a new machine for the productionline9.Which of the following questions are addressed by financial managers? （）答案:Should the firm borrow more money?;Should the firm acquire newequipment?;Should customers be given 30 or 45 days to pay for their creditpurchases?10.Which of the following should a financial manager consider when analyzing acapital budgeting project? ( )答案:dollar amount of each projected cashflow ;project start up costs ;timing of all projected cash flows;dependabilityof future cash flows第二章1.The formula which breaks down the return on equity into three componentparts is referred to as which one of the following? ( )答案:Du Pont identity 2. A firm uses 2008 as the base year for its financial statements. The common-size, base-year statement for 2009 has an inventory value of 1.08. This isinterpreted to mean that the 2009 inventory is equal to 108 percent of which one of the following? ( )答案:2008 inventory expressed as a percent of 2008 total assets3.If a firm has a debt-equity ratio of 1.0, then its total debt ratio must be whichone of the following? ( )答案:0.54.Which one of the following will decrease if a firm can decrease its operatingcosts, all else constant? ( )答案:price-earnings ratio5.During the year, Kitchen Supply increased its accounts receivable by $130,decreased its inventory by $75, and decreased its accounts payable by $40.How did these three accounts affect the firm’s cash flows for the year? ( )答案:$95 use of cash6. A firm generated net income of $878. The depreciation expense was $47 anddividends were paid in the amount of $25. Accounts payables decreased by$13, accounts receivables increased by $22, inventory decreased by $14, and net fixed assets decreased by $8. There was no interest expense. What wasthe net cash flow from operating activity? ( )答案:$9047.The Bike Shop paid $2,310 in interest and $1,850 in dividends last year. Thetimes interest earned ratio is 2.2 and the depreciation expense is $460. What is the value of the cash coverage ratio? ( )答案:2.408.Canine Supply has sales of $2,200, total assets of $1,400, and a debt-equityratio of 0.3. Its return on equity is 15 percent. What is the net income? ( )答案:$161.549.Which one of the following terms is applied to the financial planning methodwhich uses the projected sales level as the basis for determining changes inbalance sheet and income statement account values? ( )答案:percentage ofsales method10.Financial planning: ( )答案:considers multiple options and scenarios for thenext two to five years.11. A firm is currently operating at full capacity. Net working capital, costs, andall assets vary directly with sales. The firm does not wish to obtain anyadditional equity financing. The dividend payout ratio is constant at 40percent. If the firm has a positive external financing need, that need will bemet by: ( )答案:long-term debt.12.Which one of the following will cause the sustainable growth rate to equal tointernal growth rate? ( )答案:equity multiplier of 1.013. A firm has a retention ratio of 45 percent and a sustainable growth rate of 6.2percent. The capital intensity ratio is 1.2 and the debt-equity ratio is 0.64.What is the profit margin? ( )答案:14.63 percent14.The Soccer Shoppe has a 7 percent return on assets and a 25 percent payoutratio. What is its internal growth rate? ( )答案:5.54 percent15.An increase in which of the following will increase the return on equity, allelse constant?( )答案:sales;net income第三章1.Accepting positive NPV projects benefits the stockholders because: （）。
智慧树答案会计学知到课后答案章节测试2022年
第一章1.会计核算的对象就是企业与行政、事业单位能用货币表现的经济活动的过程和结果。
( )答案:对2.《会计法》、《企业财务会计报告》、企业会计准则体系等属于我国会计规范的文献之一。
( )答案:对3.进行会计核算的基础前提是会计主体。
一个企业只能有一个会计主体。
（）答案:错4.下列各项中，对会计核算基本假设表述正确的是（）。
答案:货币计量为会计核算提供了必要的手段5.企业规定费用报销的期限，规定提供财务报表的期限，是为了保护会计信息的（）。
答案:及时性第二章1.所有经济交易或事项的发生，都会引起会计等式两边同时发生变化，但不破坏会计等式的平衡相等关系。
（）答案:错2.利润总额就是营业利润加上净利润。
（）答案:错3.向所有者分配利润属于企业的费用支出。
（）答案:错4.某企业归还银行借款，所引起的会计等式变动的是（）。
答案:一项资产减少，一项负债减少5.下列账户中，期末一般有借方余额的是（）。
答案:应收账款第三章1.原始凭证仅是天之记账凭证的依据，不能作为登记账簿的依据，只有记账凭证才是登记账簿的依据。
( )答案:对2.任何会计凭证都必须经过有关人员的严格审核并确认无误后，才能作为记账的依据。
( )答案:对3.会计账簿的记录是编制会计报表的前提和依据，也是检查、分析和控制单位经济活动的重要依据。
( )答案:对4.会计的日常核算工作主要是（）。
答案:填制会计凭证5.为保证会计账簿记录的正确性，会计人员编制记账凭证时必须依据（）。
答案:审核无误的原始凭证第四章1.企业如果要支付现金，可以从其现金收入中支出。
（）答案:错2.其他货币资金中的信用证存款不属于企业的流动资产。
（）答案:错3.企业可以根据银行对账单的金额来调整企业银行存款日记账的金额。
（）答案:错4.下列各项中，不在“其他货币资金”科目核算的是（）。
答案:备用金5.财产清查发现现金短缺，如果由个人赔偿，那么应计入（）。
答案:其他应收款第五章1.某企业月初库存材料60件，每件为1000元，月中又购进两批，一次200件，每件950元，另一次100件，每件1046元，则月末该材料的加权平均单价为985元。
智慧树答案财务管理(山东财经大学)知到课后答案章节测试2022年
第一章1.人们在进行财务决策时必须考虑机会成本，其所依据的财务原则是。
答案:自利行为原则2.有关行为原则说法中正确的是。
答案:行为原则是一种次优方案选择的决策标准3.下列有关双方交易原则的表述中不正确的是。
答案:交易时要“以我为中心”进行决策分析4.有关财务交易的“零和博弈”表述不正确的是。
答案:在市场环境下，所有交易从双方来看都表现为“零和博弈”5.企业向员工支付工资属于财务管理中的分配活动。
答案:错6.在评价项目时，不仅要考虑资产本身的价值，而且要考虑期权的价值。
答案:对7.投资越分散，企业面临的投资风险就越小。
答案:错8.净增效益原则的应用领域之一是比较分析法。
答案:错第二章1.股东财富最大化作为财务管理目标的缺点是。
答案:不适合非上市公司2.企业价值是指企业全部资产的市场价值，即。
答案:未来预期现金流量的现值3.债权人为了防止其利益被伤害，通常采取的措施不包括。
答案:激励4.经营者的目标与股东不完全一致，有时为了自身的目标而背离股东的利益，这种背离表现在。
答案:逆向选择;道德风险5.为防止经营者因自身利益而背离股东目标，股东会对经营者采取监督和激励并重的方法。
答案:对6.制定科学、有效的管理层薪酬计划是解决股东与管理者矛盾冲突的有效方法之一。
答案:对7.股东付出的监督成本和激励成本越多，管理者偏离股东目标发生的损失则越少。
答案:错8.股东为了更加有效的管理公司，在公司董事会中增加外部董事的比例，以限制管理者的行为，由此而发生的费用支出属于代理成本。
答案:对第三章1.一般而言，流动性高的金融资产具有的特点。
答案:市场风险小2.以下不影响纯粹利率的因素是。
答案:通货膨胀3.利率依存于利润率，并受平均利润率的制约，利率的最高限不能超过平均利润率，最低限。
答案:大于零4.无法在短期内以合理价格卖掉资产的风险是。
答案:变现力风险5.衡量证券市场内在效率的高低的因素包括。
答案:每笔交易所需要的时间;每笔交易所需要的费用6.我国曾经于1996年发行10年期、年利率为11.83%的可上市流通国库券，决定其票面利率水平的因素有。
财务报告分析知到章节答案智慧树2023年齐鲁师范学院
财务报告分析知到章节测试答案智慧树2023年最新齐鲁师范学院第一章测试1.审计报告一般包括标题、收件人、范围段、意见段、签章、会计师事务所地址和报告日期等基本内容。
（）参考答案:对2.企业财务报表或财务报告是指企业提供的反映企业某一特定日期的财务状况、经营成果和现金流量等会计信息的文件。
（）参考答案:错3.公司年度报告中的财务会计报告必须经会计师事务所审计，审计报告需有该所至少两名注册会计师签字。
（）参考答案:错4.中期财务报告是指公司以半年为基础编制的财务报告。
（）参考答案:错5.上市公司信息披露的内容主要分为两类：一是投资者评估公司状况所需要的信息；二是对股价运行有重要影响的事项。
（）参考答案:对6.年度报告应包括（）。
参考答案:董事会报告;公司治理结构;财务报告;重要提示;监事会报告7.中期财务报告包括（）。
参考答案:半年度财务报告;季度财务报告;年初至本中期末的财务报告;月度财务报告8.制约企业财务报表编制的一般原则有（）。
参考答案:及时性;相关性;可比性;重要性;客观性9.制约企业报表编制的基本会计假设包括（）。
参考答案:持续经营;货币计量;会计主体;会计分期10.基本财务报表包括（）。
参考答案:现金流量表;资产负债表;所有者（股东）权益变动表;利润表11.我国约束上市公司信息披露的法规体系层次中不包括（）。
参考答案:企业制度12.不需要在报表附注中列示的内容是（）。
参考答案:财务报告批准报出日后提议13.若会计报表严重歪曲了被审计单位的财务状况、经营成果和现金流动情况，而且被审计单位拒绝进行调整，注册会计师应对其出具（）的审计报告。
参考答案:否定意见14.是制定其他会计法规的基本依据，也是指导会计工作的最高准则。
参考答案:《会计法》15.尽管企业财务报表充满着数字，但是，企业财务报表分析的基本思维必须跳出繁杂琐碎的数字迷宫，立足于企业经营环境和经营战略，分析企业经营范围和竞争优势，充分识别企业面临的各种机会和风险。
智慧树答案财务报表分析(山东联盟-山东管理学院)知到课后答案章节测试2022年
第一章1.西方财务分析体系的基本构架是（）答案:分析概论、会计分析、财务分析2.财务分析的对象是（）答案:财务活动3.业绩评价属于（）答案:综合分析4.财务分析的主体包括（）答案:企业供应商和客户;企业所有者或潜在投资者;企业债权人;政府管理部门;企业经营者5.财务分析的作用在于（）答案:评价企业过去;评估企业未来;反映企业现状6.财务分析概论包括的内容有（）答案:财务分析理论;财务分析程序与方法;财务分析信息基础7.企业所有者是资本所有者，企业目标应与企业资本所有者目标相一致，即资本的保值与增值。
答案:对8.企业债权人的财务分析目标是仅关注企业偿债能力的大小。
答案:错9.财务分析不仅是一门独立的边缘性学科，而且将成为一个独立于会计学和财务学等的专业方向答案:对10.基于会计学的财务分析，以财务管理目标为基础出发点。
答案:错第二章1.在各项财务分析标准中，可比性较高的是（）答案:历史标准2.在各项财务分析标准中，对于企业自身而言，考虑因素最全面的标准是（）答案:预算标准3.可提供企业变现能力信息的会计报表是（）答案:资产负债表4.资产负债表中的所有者权益项目排列是（）答案:永久程度高的在前，低的在后5.在现金流量表分得股利所收到的现金属于（）答案:投资活动现金流入量6.存货的增加将使（）答案:经营活动现金净流量减少7.为了保证财务分析的质量与效果，财务分析信息必须满足以下哪些要求？（）答案:财务信息的相关性;财务信息的准确性;财务信息的及时性;财务信息的系统性;财务信息的完整性8.以下哪些属于政策法规信息（）答案:金融政策;产业政策与技术政策;税收政策;财政政策9.财务分析信息按信息来源可分为（）答案:外部信息;内部信息10.以下属于企业的财务信息的是（）答案:报表附注信息;所有者权益变动表信息;利润表信息11.以下属于非标准审计报告的有（）答案:无法表示意见;否定意见;带强调事项段的无保留意见;保留意见12.以下属于内部控制内容的有（）答案:信息与沟通;内部环境;内部监督;控制活动;风险评估13.专项储备是一个权益类会计科目和报表项目，适用于执行中国《企业会计准则》的企业。
智慧树知到《财务报表分析》章节测试答案
智慧树知到《财务报表分析》章节测试答案智慧树知到《财务报表分析》章节测试答案第一章1、系统的企业财务报表分析起源于美国银行家对企业进行的所谓决策分析。
A:对B:错正确答案：错2、由以信用分析为重心转变为以投资分析为重心，并非是后者对前者的否定，而是由于资本市场的发展和企业融资来源构成的变化，使得这一时期的财务报表分析是以后者为重心的两者并存状况。
A:对B:错正确答案：对3、企业财务报表分析只是用于外部分析，即企业外部利益相关者根据各自的需求进行分析。
A:对B:错正确答案：错5、财务报表分析就由信用分析阶段进入投资分析阶段，其主要任务也从稳定性分析过渡到收益性分析。
A:对B:错正确答案：对第二章1、可验证性是指企业的会计处理必须以实际发生的业务为基础，以取得的业务凭证为依据。
这样，就能保证企业的会计处理，从填制记账凭证、登记账簿到编制会计报表等过程都有可靠的凭证为依据，也能保证会计上的帐证、帐帐、帐表和帐实之间的相互一致。
A:对B:错正确答案：错2、相关性原则是指企业提供的会计信息应当与财务会计报告信息使用者的经济决策需要相关，有助于财务会计报告使用者对企业过去、现在或者未来的情况做出评价或者预测。
A:对B:错正确答案：对3、同一企业不同时期发生的相同或者相似的交易或者事项，必须采用一致的会计政策，不得变更。
A:对B:错正确答案：错5、由于收付实现制是以企业实际收付现金的时间为确认收入和费用的基本标准，因而报表中所体现的企业当期经营成果与期末的现金余额相互一致，这样可以使得企业的经营成果具有非常高的含金量和可信度。
A:对B:错正确答案：对1、企业的行业特点也制约着货币资金规模。
A:对B:错正确答案：A2、企业过高的货币资金规模，一定意味着企业正在丧失潜在的投资机会。
A:对B:错正确答案：B3、企业持有的货币资金规模越大越好。
A:对B:错正确答案：B4、库存现金是流动性最大的货币资金项目。
B:错正确答案：A5、银行存款是指企业存放在当地开户银行或其他金融机构的存款账户上的货币资金。
智慧树知到《财务报表分析》章节测试答案
会计报表等过程都有可靠的凭证为依据，也能保证会计上的帐证、帐帐、帐表和 帐实之间的相互一致。 A:对 B:错 正确答案：错 2、 相关性原则是指企业提供的会计信息应当与财务会计报告信息使用者的经济 决策需要相关，有助于财务会计报告使用者对企业过去、现在或者未来的情况做 出评价或者预测。 A:对 B:错 正确答案：对 3、 同一企业不同时期发生的相同或者相似的交易或者事项，必须采用一致的会 计政策，不得变更。 A:对 B:错 正确答案：错 5、 由于收付实现制是以企业实际收付现金的时间为确认收入和费用的基本标 准，因而报表中所体现的企业当期经营成果与期末的现金余额相互一致，这样可 以使得企业的经营成果具有非常高的含金量和可信度。 A:对 B:错 正确答案：对 第三章 1、 企业的行业特点也制约着货币资金规模。 A:对
正确答案：A 2、 对于传统存货周转率大于每年 2 次的传统行业的企业，通常认为经营活动产 生的现金净流量是核心利润的 1.2-1.5 倍时较为合适。 A:对 B:错 正确答案：A 3、 出售固定资产的收益属于营业外收入。 A:对 B:错 正确答案：A 4、 可供出售金融资产处置收益属于营业外收入。 A:对 B:错 正确答案：B 5、 利润规模大，利润质量就好。 A:对 B:错 正确答案：B 第七章 1、 各项活动现金流量质量分析的侧重点大致相同。 A:对 B:错
正确答案：B 2、 “债务沉淀”并非不需偿还。 A:对 B:错 正确答案：A 3、 非强制性负债相比于强制性负债给企业的偿债压力较小。 A:对 B:错 正确答案：A 4、 一般来说，企业的短期贷款主要与企业的经营活动相联，通常用于补充企业 的流动资金不足 A:对 B:错 正确答案：A 5、 非强制性负债越多越好。 A:对 B:错 正确答案：B 第五章 1、 在企业回款和付款等各项经营活动相对正常的情况下，利润与现金流量之间 会保持一个大体稳定的比例关系。 A:对 B:错
财务报表分析智慧树知到课后章节答案2023年下山东交通学院
财务报表分析智慧树知到课后章节答案2023年下山东交通学院山东交通学院第一章测试1.债权人在进行企业财务分析时，最为关注的是企业的（）。
答案:偿债能力2.下列报表属于静态报表的是（）。
答案:资产负债表3.下列分析属于基于信贷决策的报表分析的是（）。
答案:企业投资风险分析;未来盈利预测;企业偿债能力分析4.下列哪些信息属于非会计信息（）。
答案:人力资源信息;客户关系信息;数据资产信息5.财务报表分析的主体包括（）。
股东;债权人;政府有关职能部门;经理人员6.股东在进行企业财务分析时，最为关注的是企业的（）。
答案:盈利能力;企业风险的大小;未来持续发展能力7.企业财务报表分析的框架和分析方法因分析者而异，并且可供选择的方法甚多。
不同的人员或经济实体基于各自不同的经济利益，分析的侧重点也会有所不同。
（）答案:对8.资产负债表是反映一段时间企业财务状况的报表。
（）答案:错9.财务报表的内部分析者相对于外部分析者更具有获取信息的优势，可将财务信息与业务信息结合在一起，进行业财一体化分析。
（）答案:对10.秉承价值投资的理念的战略投资家巴菲特认为，好公司才有好股票：那些业务清晰易懂，业绩持续优秀并且由一批能力非凡的、能够为股东利益着想的管理层经营的大公司就是好公司。
这一投资理念的实施有赖于财务报表分析。
（）对第二章测试1.下列说法中正确的是（）。
答案:流动资产过多会增加企业资金的机会成本2.某公司当年实现销售收入4000万元，净利润480万元，总资产周转率为2，则资产净利率为（）。
答案:24%3.某企业2021年营业收入为36000万元，流动资产平均余额为4000万元，固定资产平均余额为8000万元。
假定没有其他资产，则该企业2021年的总资产周转率为（）。
答案:34.反映出资产负债表各项目间的相互关系及各项目所占比重的分析是（）。
答案:资产负债表垂直分析5.下列项目中，能够衡量企业盈利能力大小的指标是（）。
智慧树答案财务报表编制与分析知到课后答案章节测试2022年
绪论1.权益乘数等于总资产除以( )。
答案:总负债2.总资产周转率等于收入除以( )。
答案:期末所有者权益第一章1.会计科目是账户的( )。
答案:方法2.预付供应单位货款可以被看作是一种( )。
答案:收益3.每项经济业务的发生都会影响( )项目发生增减变化。
答案:两个4.所有的账户都是根据会计科目开设的。
( )答案:对5.一类经济业务不可能使一项负债减少,而使另一项负债增加。
( )答案:对第二章1.下列财务报表中，属于静态报表的是（）答案:利润表2.下列各项中，影响利润表“营业利润”项目的有（）答案:营业外收入3.下列项目中，应根据有关科目余额减去其备抵科目余额后，计算填列到资产负债表的项目有（）答案:存货;交易性金融资产;固定资产4.资产负债表中的“长期借款”项目根据“长期借款”总账账户余额填列。
( )答案:错5.利润表中的“管理费用”项目根据“管理费用”总账本期借方发生额填列。
( )答案:对第三章1.相对于固定预算而言,弹性预算的主要优点是( )。
答案:稳定性强2.在基期成本费用水平的基础上,结合预算期业务量及有关降低成本的措施,通过调整有关原有成本项目而编制的预算,称为( )。
答案:滚动预算3.可以保持预算的连续性和完整性,并能克服传统定期预算缺点的预算方法是( )。
答案:弹性预算4.全面预算的出发点是成本控制。
（）。
答案:错5.在整个预算里起到承上启下的作用的预算是费用预算。
（）答案:对第四章1.在财务分析中,主要决策是决定是否给企业提供信用，最关心企业偿还债务能力的利益主体是( )。
答案:企业债权人2.( )数值越高,说明企业为取得收益而付出的代价越小,企业获利能力越强。
答案:销售净利率3.( )数值越高,说明投入企业资金的回报水平越高,企业获利能力越强。
答案:总资产利润率4.企业财务报表分析的内部作用,在于指明企业生产经营中存在的问题,并进一步追查其原因和做出改进的决策。
（）答案:对5.利润水平的高低直接关系到企业获利能力的大小,预示着企业未来的发展前景,是企业经营者和投资者财务报表分析的一项重要内容。
东北师范大学智慧树知到“会计学”《财务报表分析》网课测试题答案2
东北师范大学智慧树知到“会计学”《财务报表分析》网课测试题答案（图片大小可自由调整）第1卷一.综合考核(共15题)1.资本结构具体是指企业的()的构成和比例关系。
A.长期投资与长期负债B.长期债权投资与流动负债C.长期应付款与固定资产D.递延资产与应付帐款2.关注收益稳定性及经营安全性的信息主体是()。
A.股东及潜在投资者B.债权人C.内部管理者D.政府3.对企业的短期偿债能力进行分析主要是进行流动比率的同业比较、历史比较和预算比较分析。
()A.错误B.正确4.确定现金流量的计价基础是()。
A.权责发生制B.应收应付制C.筹资活动D.以上各项均是5.总资产的构成不会影响总资产周转率的快慢。
()A.错误B.正确6.流动比率指标存在的主要缺陷包括()。
A.该指标是一个静态指标B.未考虑流动资产的结构C.未考虑流动负债的结构D.易受人为控制7.坏账损失的核算属于会计估计。
()A.错误B.正确8.在分析企业财务状况时，可完全采信无保留意见的审计报告，因为它表明企业的会计处理与会计准则的要求完全符合。
()A.错误B.正确9.从理论上讲，计算应收账款周转率时应使用的收入指标()。
A.主营业务收入B.赊销净额C.销售收入入D.营业利润10.市盈率指标可以用于不同公司的比较，充满扩展机会的新兴行业市盈率普遍较高，而成熟行业的市盈率普遍较低，这说明后者的股票没有投资价值。
()A.错误B.正确11.下列各项中，不影响应收账款周转率指标使用价值的因素是()。
A.销售折让与折扣的波动B.季节性经营引起的销售额波动C.大量使用分期收款结算方式D.大量使用现金结算的销售12.每股收益越高，必然每股股利也越高。
()A.错误B.正确13.现金比率可以反映企业的即时付现能力，因此在评价企业变现能力时都要计算现金比率。
()A.错误B.正确14.资产运用效率只影响企业的收益能力，与企业的偿债能力无关。
()A.错误B.正确15.一个企业高比例地派发股票股利，说明企业一定具有较高的盈利能力和良好的财务质量。
智慧树答案会计学原理(双语)知到课后答案章节测试2022年
第一章1.下列选项中属于近代会计史中的两个里程碑的是（）。
Which one of thefollowing items could be considered as the two milestones in the modernaccounting history ?( ).答案:帕乔利复式簿记著作的出版和会计职业的出现The publication of Pacioli’s double-entry bookkeeping and the emergence of the accounting profession2.通过归集一定计算对象上的全部费用，借以确定各该对象的总成本和单位成本的一种专门会计方法是（）。
A special accounting method fordetermining the total cost and unit cost of each object by aggregating thetotal expenses of a certain calculation object is ( )答案:成本计算Costcalculation3.会计具有双重属性，即（）。
Accounting has double attributes, namely ( ).答案:技术性与社会性Technicality and sociality4.关于会计的产生与发展，下列说法中正确的有（）。
The following correctstatements on the origin and development of accounting include ( ).答案:经济越发展，会计越重要The faster economy develops, the more importantaccounting is.;会计是生产活动发展到一定阶段的产物Accounting is theproduct of the development of production activities to a certain stage.;会计是为适应生产活动发展的需要而产生的Accounting is generated to meet theneeds of the development of production activities.;会计从产生到现在经历了一个漫长的发展历程 Accounting has experienced a long journey ofdevelopment since its inception.5.下列关于会计作用的说法正确的有（）。
财务报表分析(英文版)标准答案
Chapter 8Return On Invested Capital And Profitability AnalysisReturn on invested capital is important in our analysis of financial statements. Financial statement analysis involves our assessing both risk and return. The prior three chapters focused primarily on risk, whereas this chapter extends our analysis to return. Return on invested capital refers to a company's earnings relative to both the level and source of financing. It is a measure of a company's success in using financing to generate profits, and is an excellent measure of operating performance. This chapter describes return on invested capital and its relevance to financial statement analysis. We also explain variations in measurement of return on invested capital and their interpretation. We also disaggregate return on invested capital into important components for additional insights into company performance. The role of financial leverage and its importance for returns analysis is examined. This chapter demonstrates each of these analysis techniques using financial statement data.•Importance of Return on Invested CapitalMeasuring Managerial EffectivenessMeasuring ProfitabilityMeasuring for Planning and Control •Components of Return on Invested CapitalDefining Invested CapitalAdjustments to Invested Capital and IncomeComputing Return on Invested Capital•Analyzing Return on Net Operating AssetsDisaggregating Return on Net Operating AssetsRelation between Profit Margin and Asset TurnoverProfit Margin AnalysisAsset Turnover Analysis•Analyzing Return on Common EquityDisaggregating Return on Common EquityFinancial Leverage and Return on Common EquityAssessing Growth in Common Equity•Describe the usefulness of return measures in financial statement analysis. •Explain return on invested capital and variations in its computation.•Analyze return on net operating assets and its relevance in our analysis. •Describe disaggregation of return on net operating assets and the importance of its components.•Describe the relation between profit margin and turnover.•Analyze return on common shareholders' equity and its role in our analysis. •Describe disaggregation of return on common shareholders' equity and the relevance of its components.•Explain financial leverage and how to assess a company's success in trading on the equity across financing sources.1. The return that is achieved in any one period on the invested capital of a companyconsists of the returns (and losses) realized by its various segments and divisions. In turn, these returns are made up of the results achieved by individual product lines and projects. A well-managed company exercises rigorous control over the returns achieved by each of its profit centers, and it rewards the managers on the basis of such results. Specifically, when evaluating new investments in assets or projects, management will compute the estimated returns it expects to achieve and use these estimates as a basis for its decision to invest or not.2. Profit generation is the first and foremost purpose of a company. The effectiveness ofoperating performance determines the ability of the company to survive financially, to attract suppliers of funds, and to reward them adequately. Return on invested capital is the prime measure of company performance. The analyst uses it as an indicator of managerial effectiveness, and/or a measure of the company's ability to earn a satisfactory return on investment.3. If the investment base is defined as comprising net operating assets, then netoperating profit (e.g., before interest) after tax (NOPAT) is the relevant income figure to use. The exclusion of interest from income deductions is due to its being regarded asa payment for the use of money from the suppliers of debt capital (in the same waythat dividends are regarded as a payment to suppliers of equity capital). NOPAT is the appropriate amount to measure against net operating assets as both are considered to be operating.4. First, the motivation for excluding nonproductive assets from invested capital isbased on the idea that management is not responsible for earning a return on non-operating invested capital. Second, the exclusion of intangible assets from the investment base is often due to skepticism regarding their value or their contribution to the earning power of the company. Under GAAP, intangibles are carried at cost.However, if their cost exceeds their future utility, they are written down (or there will be an uncertainty exception regarding their carrying value in the auditor's opinion).The exclusion of intangible assets from the asset base must be based on more substantial evidence than a mere lack of understanding of what these assets represent or an unsupported suspicion regarding their value. This implies that intangible assets should generally not be excluded from invested capital.5. The basic formula for computing the return on investment is net income divided bytotal invested capital. Whenever we modify the definition of the investment base by, say, omitting certain items (liabilities, idle assets, intangibles, etc.) we must also adjust the corresponding income figure to make it consistent with the modified asset base.6. The relation of net income to sales is a measure of operating performance (profitmargin). The relation of sales to total assets is a measure of asset utilization or turnover—a means of determining how effectively (in terms of sales generation) the assets are utilized. Both of these measures, profit margin as well as asset utilization,determine the return realized on a given investment base. Sales are an important factor in both of these performance measures.7. Profit margin, although important, is only one aspect of the return on invested capital.The other is asset turnover. Consequently, while Company B's profit margin is high, its asset turnover may have been sufficiently depressed so as to drag down the overall return on invested capital, leading to the shareholder's complaint.8. The asset turnover of Company X is 3. The profit margin of Company Y is 0.5%. Sinceboth companies are in the same industry, it is clear that Company X must concentrate on improving its asset turnover. On the other hand, Company Y must concentrate on improving its profit margin. More specific strategies depend on the product and industry.9. The sales to total assets (asset turnover) component of the return on invested capitalmeasure reflects the overall rate of asset utilization. It does not reflect the rate of utilization of individual asset categories that enter into the overall asset turnover. To better evaluate the reasons for the level of asset turnover or the reasons for changes in that level, it is helpful to compute the rate of individual asset turnovers that make up the overall turnover rate.10. The evaluation of return on invested capital involves many factors. Theinclusion/exclusion of extraordinary gains and losses, the use/nonuse of trends, the effect of acquisitions accounted for as poolings and their chance of recurrence, the effect of discontinued operations, and the possibility of averaging net income are justa few of many such factors. Moreover, the analyst must take into account the effectsof price-level changes on return calculations. It also is important that the analyst bear in mind that return on invested capital is most commonly based on book values from financial statements rather than on market values. And finally, many assets either do not appear in the financial statements or are significantly understated. Examples of such assets are intangibles such as patents, trademarks, research and development activities, advertising and training, and intellectual capital.11. The equity growth rate is calculated as follows:[Net income – Preferred dividends – Common dividend payout] / Average common equity.This is the growth rate due to the retention of earnings and assumes a constant dividend payout over time. It indicates the possibilities of earnings growth without resort to external financing. The resulting increase in equity can be expected to earn the rate of return that the company earns on its assets and, thus, further contribute to growth in earnings.12. a. The return on net operating assets and the return on common stockholders' equitydiffer by the capital investment base (and its corresponding effects on net income).RNOA reflects the return on the net operating assets of the company whereas ROCE reflects the perspective of common shareholders.b. ROCE can be disaggregated into the following components to facilitate analysis:ROCE = RNOA + Leverage x Spread. RNOA measures the return on net operating assets, a measure of operating performance. The second component (Leverage x Spread) measures the effects of financial leverage. ROCE is increased by adding financial leverage so long as RNOA>weighted average cost of capital. That is, if the firm can earn a return on operating assets that is greater than the cost of the capital used to finance the purchase of those assets, then shareholders are better off adding debt to increase operating assets.13. a. ROCE can be disaggregated as follows:equitycommon Average Sales Sales dividends Preferred - income Net ⨯ This shows that “equity turnover” (sales to average common equity) is one of the two components of the return on common shareholders' equity. Assuming a stable profit margin, the equity turnover can be used to determine the level and trend of ROCE. Specifically, an increase in equity turnover will produce an increase in ROCE if the profit margin is stable or declines less than the increase in equity turnover. For example, a common objective of discount stores is to lower prices by lowering profit margins, but to offset this by increasing equity turnover by more than the decrease in profit margin.b. Equity turnover can be rewritten as follows:equitycommon Average assets operating Net assets operating Net Sales ⨯ The first factor reflects how well net operating assets are being utilized. If the ratio is increasing, this can signal either a technological advantage or under-capacity and the need for expansion. The second factor reflects the use of leverage. Leverage will be higher for those firms that have financed more of their assets through debt. By considering these factors that comprise equity turnover, it is apparent that EPS cannot grow indefinitely from an increase in these factors. This is because these factors cannot grow indefinitely. Even if there is a technological advantage in production, the sales to net operating assets ratio cannot increase indefinitely. This is because sooner or later the firm must expand its net operating asset base to meet rising sales or else not meet sales and lose a share of the market. Also, financing new assets with debt can increase the net operating assets to common equity ratio. However, this can only be pursued to a point —at which time the equity base must expand (which decreases the ratio).14. When convertible debt sells at a substantial premium above par and is clearly held byinvestors for its conversion feature, there is justification for treating it as the equivalent of equity capital. This is particularly true when the company can choose at any time to force conversion of the debt by calling it in.Exercise 8-1 (35 minutes)a. First alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$1,000,000*12%](1-.40) = $528,000Second alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$2,000,000*12%](1-.40) = $456,000b. First alternative:ROCE = $528,000 / $5,000,000 = 10.56%Second alternative:ROCE = $456,000 / $4,000,000 = 11.40%c. First alternative:Assets-to-Equity = $6,000,000 / $5,000,000 = 1.2Second alternative:Assets-to-Equity = $6,000,000 / $4,000,000 = 1.5d. First, let’s compute return on assets (R NOA):First alternative: $600,000 / $6,000,000 = 10%Second alternative: $600,000 / $6,000,000 = 10%Second, notice that the interest rate is 12% on the debt (bonds). More importantly, the after-tax interest rate is 7.2% (12% x (1-0.40)), which is less than RNOA. Hence, the company earns more on its assets than it pays for debt on an after-tax basis. That is, it can successfully trade on the equity—use bondholders’ funds to earn additional profits.Finally, since the second alternative uses more debt, as reflected in the assets-to-equity ratio in c, the second alternative is probably preferred. The shareholders would take on additional risk with the second alternative, but the expected returns are greater as evidenced from computations in b.Exercise 8-2 (40 minutes)a. NOPAT = Net income = $10,000,000 x 10% = $1,000,000b. First alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($2,000,000 ⨯ 5% x [1-.40]) = $1,540,000Second alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($6,000,000 ⨯ 6% x [1-.40]) = $1,384,000c. First alternative: ROCE = $1,540,000 / ($10,000,000 + $4,000,000) = 11%Second alternative: ROCE = $1,384,000 / ($10,000,000 + $0) = 13.84%d. ROCE is higher under the second alternative due to successful use ofleverage—that is, successfully trading on the equity. [Note: Asset-to-Equity is1.14=$16 mil./$14 mil. (1.60=$16 mil./$10 mil.) under the first (second)alternative.] The company should pursue the second alternative in the interest of shareholders (assuming projected returns are consistent with current performance levels).a. RNOA = 2 x 5% = 10%b. ROCE = 10% + 1.786 x 4.4% = 17.86%c. RNOA 10.00%Leverage advantage 7.86%Return on equity 17.86%Exercise 8-4 (30 minutes)a. Computation and Interpretation of ROCE:Year 5 Year 9Pre-tax profit margin .......................................................... 0.112 0.109 Asset turnover .................................................................... 0.46 0.44 Assets-to-equity ................................................................. 3.25 3.40 After-tax income retention * .............................................. 0.570 0.556 ROCE (product of above) .................................................. 9.54% 9.07% * 1-Tax rate.ROCE declines from Year 5 to Year 9 because: (1) pre-tax margin decreases by approximately 3%, (2) asset turnover declines by roughly 4.3%, and (3) the tax rate increases by about 3.8%. The combination of these factors drives the decline in ROCE—this is despite the slight improvement in the assets-to-equity ratio.b. The main reason EPS increases is that shareholders had a large amount ofassets and equity working for them. Namely, the company grew while return on assets and return on equity remained fairly stable. In addition, the amount of preferred stock declined, as did the amount of preferred dividends. With this decline in the cost of carrying preferred stock, earnings available to common stock increased.(CFA Adapted)a. RNOA = 3 x 7% = 21%b. ROCE = RNOA + LEV x Spread = 21% + (1.667 x 8.4%) = 35%c. Net leverage advantage to common equityReturn on net operating assets .................................. 21%Leverage advantage .................................................... 14%Return on common equity (rounding difference) ..... 35%Exercise 8-6 (30 minutes)a. At the present level of debt, ROCE = $157,500 / $1,125,000 = 14%.In the absence of leverage, the noncurrent liabilities would be substituted with equity. Accordingly, there would be no interest expense with all-equityROCE without leverage = $184,500 / $1,800,000 = 10.25%.14% with leverage but only 10.25% without leverage.b. NOPAT = $157,500 + [$675,000 x 8% x (1-.50)] = $184,500RNOA = $184,500 / ($2,000,000-$200,000) = 10.25%c. The company is utilizing borrowed funds in its capital structure. Since theROCE is greater than RNOA, the use of financial leverage is beneficial to stockholders. Specifically, the after cost of debt is 4% and the financial leverage (NFO/Equity) is $675,000 / $1,125,000 = 60%. Therefore,ROCE = RNOA + LEV x Spread = 10.25% + 0.60 x (10.25% - 4%) = 14%, as before. The favorable effect of financial leverage is given by the term [0.60 x (10.25% - 4%)] = 3.75%.1. c2. a3. cExercise 8-8 (20 minutes)(Assessments of profit margin and asset turnover are relative to industry norms.)a. Higher profit margin and lower asset turnover.b. Higher asset turnover and lower profit margin.c. Higher profit margin and similar/lower asset turnover.d. Higher asset turnover and similar/lower profit margin.e. Higher asset turnover and lower/similar profit margin.f. Higher asset turnover and similar/higher profit margin.g. Higher asset turnover and lower profit margin.Exercise 8-9 (20 minutes)The memorandum to Reliable Auto Sales President would include the following points:•Both Reliable and Legend Auto Sales are perpetually investing $100,000 in automobile inventory.•Legend Auto Sales is able to generate more profit than Reliable because it is turning over its inventory (10 cars) more often. Specifically, Legend is turning its inventory over 10 times per year while Reliable is turning its inventory over only 5 times per year. Hence, given the same investment in automobile inventory, Legend is twice as profitable as Reliable.•Encourage Reliable to sacrifice some return on each sale to increase the inventory turnover. By slightly reducing price, relative to that charged by Legend, Reliable predictably will find that overall profitability increases. This is because while profit per sale declines, the number of units sold and, therefore, inventory turnover will increase. These factors predictably yield increased return on assets.Computation of Asset (PP&E) Turnover [computed as Sales / PP&E (net)]: Northern: $12,000 / $20,000 = 0.60Southern: $6,000 / $20,000 = 0.30This implies that Northern generates $0.60 in sales per year for each $1 investment in PP&E. In contrast, Southern generates $0.30 in sales per year for each $1 investment in PP&E. This shows that Northern is able to generate twice the return for each $1 invested in PP&E. Assuming equal profit margins, Northern will report a higher return on assets because of the volume of sales that the company is able to generate with its investment in PP&E (at least in the short run).Exercise 8-11 (15 minutes)Low volume operations mean that fixed costs, which in the case of automakers are substantial, must be absorbed by a low number of units produced. Since the lower of cost or market rule implies that inventory cannot be priced higher than expected sales price less costs of disposal plus a normal profit margin, much of that excess cost must be charged to the period incurred. In this case, that means the fourth quarter financial statements absorb much of this cost. This is probably the most likely accounting-based reason for the fourth quarter losses described in the news release.Problem 8-1 (30 minutes)a. 1. Quaker Oats does not reveal its computation of this return. Accordingly, wemake some simple computations and assumptions: (i) For simplicity, focus on one share, (ii) The dividend is $1.56 for Year 11, (iii) The average stock price is $55 and the price increase for Year 11 is $14—based on the beginning price of $48 and the ending price of $62. Using this information, we compute return to a share of stock as follows:= [Dividend per share + Price increase per share] / Average price per share = [$1.56 + $14] / $55= 28.3%However, if we use the beginning price of $48 per share, we get closer to the company's 34% return:= [$1.56 + $14] / $48= 32.4%2. The return on common equity is based on the relation between net incomeand the book value of the equity capital. In contrast, Quaker Oats’ “return t o shareholders” uses dividends plus market value change in relation to the market price per share (cost of investment to shareholders.)b. The company must have derived the 3.6% from price, market, and otherfactors that are not disclosed. Conceptually, this 3.6% should reflect the added risk of an investment in Quaker Oats’ stock vis-à-vis a risk-free security such as a U.S. Treasury bond.c. Quaker does not reveal its computations. It may disclose a variety of interestrates on long-term debt that it carries in the notes to financial statements.Based on data available to it, but not to the financial statement reader, it probably computed a weighted-average interest rate from which it deducted the tax benefit in arriving at the 6.4% cost of debt.a. Computation of Return on Invested Capital Measures:As a first step, we construct the company’s income statement.Sales (500,000 units @ $10). ................................................ $5,000,000 Fixed costs ....................................................................... 1,500,000 Variable costs (500,000 units @ $4). ............................. 2,000,000 Labor costs (20 employees x $35,000). ......................... 700,000 Income before taxes .......................................................... 800,000 Taxes (50% rate) ................................................................. 400,000 Net income .......................................................................... $ 400,000(1) RNOA = [$400,000 + ($2,000,000 x 7.5%)(1-0.50)] / ($8,000,000-$2,00,000)= $475,000 / $6,000,000 = 7.92%(2) ROCE = [$400,000 - ($1,000,000 x 6%)] / $3,000,000 = 11.33%Fixed costs ($1,500,000 x 1.06) ......................................................... 1,590,000 Variable costs ($550,000 units @ $4) .............................................. 2,200,000 Income before labor costs and taxes ............................................. $1,710,000 To obtain a 10% return on long-term debt and equity capital, Zear will need a numerator of $600,000 given an invested capital base of $6,000,000. The required operating income to yield this $600,000 amount is computed as: Net income + Interest expense x (1 - 0.50) = $600,000Net income + ($2,000,000 x 7.5%) x (1-0.50) = $600,000Net income = $525,000Assuming taxes at a 50% rate, Zear needs pre-tax income of $1,050,000, computed as:Income before labor and taxes ............ $1,710,000Labor costs ........................................... ?Pre-tax income ...................................... $1,050,000This implies:Labor costs = $660,000 orAverage wage per worker = $660,000 / 22 employees = $30,000 per employee Since the current salary level is $35,000, Zear cannot achieve its target return level and give a salary raise to its employees.(CFA Adapted)a. ROCE = $1,650 / $3,860 = 42.7%b. NOPAT = ($2,550 + $10) x (1-0.35) = $1,664NOA = $7,250-$3,290 = $3,960RNOA (using year-end NOA balance) = $1,664 / $3,960 = 42%The effect of financial leverage, thus, is only 0.7% as NFO/NFE are insignificant. Most of Merck’s ROCE in this year is derived from operating results.Pre-tax income to sales 0.36Net income to sales 0.23Sales/current assets 1.47Sales / fixed assets 2.97Sales / total assets 0.98Total liabilities / equity 0.88L-T liabilities / equity 0.03a. 1. RNOA = NOPATAvg. NOANOPAT = [$186,000 + $2,000 - $120,000 - $37,000 + $1,000] x 50% = $16,000 Note: we include income from equity investments under the assumptions that these are operating rather than financial investments. We also include the cumulative effect as operating in the absence of information to the contrary. Minority interest and discontinued operations are nonoperating (minority interest is therefore, treated as equity in the ROCE computation).NOA Year 6 = $138,000 - $29,000 - $7000 - $3,600 = $98,400 NOA Year 5 = $105,000 - $23,000 - $2,000 - $2,000 = $78,000RNOA = $16,000 / ([$98,400 + $78,000]/2) = 18.14%2. ROCE = Net income - Preferred dividendsAverage common equityROCE = ($10,000 –$0) /[($55,400* + $47,800*)/2] = 19.38% *Note: minority interest is treated as equity. If Minority interest is ignored, the ROCE is 19.8%b. NFO = NOA - EquityYear 6: $43,000; Year 5: $30,200LEV = Avg. NFO / Ave Equity = ([$43,000 + $30,200] / 2) / ([$55,400* + $47,800*] /2)= 0.71NFE = NOPAT – Net incomeYear 6: $6,000NFR = NFE / Avg. NFO = $6,000 / ([$43,000 + $30,200] / 2) = 16.4%Spread = RNOA – NFR = 18.14% - 16.4% = 1.74%ROCE = RNOA + LEV x Spread = 18.14 + 0.71 x 1.74% = 19.38%94% (18.14%/19.38%) of Zeta’s ROCE is derived for m operating activities. The company is effectively using leverage, however, as indicated by the positive spread, but the leverage does not contribute significantly to Zeta’s return on equity and may not be worth the added risk.a. ROCE = [Net income –preferred dividends] / stockholders’ equity**end of year in this problemROCE Year 5: [$14 – $0] / $125 = 11.2%ROCE Year 9: [$34 - $0] / $220 = 15.5%RNOA Year 5 = ($35 x 0.50) / ($52 + $123) = 10.0%RNOA Year 9 = ($68 x 0.50) / ($63 + $157) = 15.5%ROCE = RNOA + Leverage x SpreadYear 5: 10.0% + 1.2% = 11.2%Year 9: 15.5% + 0 = 15.5%b. Texas Talcom’s ROCE has increased form years 5 to 9. The source is thisincrease, however, has been an increase in RNOA as the leverage effect is zero in Year 9 since its long-term debt has been retired. Given the RNOA increase, additional leverage might be explored as a way to increase shareholder returns.Selling price per unit ...................... $6.00 $5.00 $50.00 $50.00 Unit cost ........................................... $5.00 $4.00 $32.50 $30.00Analysis of Variation in Product A SalesIncreased quantity at Yr 6 prices (3,000 x $5) ........................ $ 15,000 Price increase at Yr 6 quantity (7,000 x $1) ........................... 7,000 Quantity increase x price increase (3,000 x $1) .................... 3,000 Analysis of Variation in Product A Cost of SalesIncreased quantity at Yr 6 cost (3,000 x $4) ........................... (12,000) Increased cost at Yr 6 quantity (7,000 x $1) ........................... (7,000) Cost increase x quantity increase (3,000 x $1) ...................... (3,000) Net Variation (Increase) in Gross Margin for Product A ............. $ 3,000Analysis of Variation in Product B SalesDecreased quantity at Yr 6 prices (300 x $50) ....................... $ (15,000) Analysis of Variation in Product B Cost of Sales:Decreased quantity at Yr 6 cost (300 x $30) .......................... 9,000 Increased cost at Yr 6 quantity (900 x $2.50) ......................... (2,250) Cost increase x quantity decrease (300 x $2.50) . (750)Net Variation (Decrease) in Gross Margin for Product B ............ $ (7,500)Summary of Net Variation in Margins for Products A and BNet increase from product A ......................................................... $ 3,000 Net decrease from product B ........................................................ (7,500) Net Decrease in Gross Margin ...................................................... $ (4,500)a.SPYRES MANUFACTURING COMPANYComparative Common-Size Income StatementsYear Ended December 31 IncreaseYear 9 Year 8(Decrease)Net sales ............................. 100.0% 100.0% 20.0% Cost of goods sold ............ 81.7 86.0 14.0 Gross margin on sales ...... 18.3 14.0 57.1 Operating expenses .......... 16.8 10.2 98.0 Income before taxes .......... 1.5 3.8 (52.6) Income taxes ...................... 0.4 1.0 (52.0) Net income ......................... 1.1 2.8 (52.9)b. Performance in Year 9 is poor when compared with Year 8. One bright spot isthe percentage of Cost of Goods Sold to Sales, which decreased in Year 9.However, Operating Expenses climbed sharply. This sharp climb in operating expenses is unexpected since there is usually a larger fixed cost component comprising these costs compared with that for Cost of Goods Sold.Management should further check operating expenses. If operating expenses had remained at the Year 8 level of 10.2%, income would have been up favorably for Year 9. Operating expenses may have included a future-directed component such as advertising or training costs. Also, management would want to follow up on the change in gross margin. The sharp improvement in gross margin may have been due to factors such as the liquidation LIFO inventory layers or, alternatively, to something more fundamental with the activities of the firm.。
财务报表分析(英文版)答案
Chapter 8Return On Invested Capital And Profitability AnalysisReturn on invested capital is important in our analysis of financial statements. Financial statement analysis involves our assessing both risk and return. The prior three chapters focused primarily on risk, whereas this chapter extends our analysis to return. Return on invested capital refers to a company's earnings relative to both the level and source of financing. It is a measure of a company's success in using financing to generate profits, and is an excellent measure of operating performance. This chapter describes return on invested capital and its relevance to financial statement analysis. We also explain variations in measurement of return on invested capital and their interpretation. We also disaggregate return on invested capital into important components for additional insights into company performance. The role of financial leverage and its importance for returns analysis is examined. This chapter demonstrates each of these analysis techniques using financial statement data.•Importance of Return on Invested CapitalMeasuring Managerial EffectivenessMeasuring ProfitabilityMeasuring for Planning and Control •Components of Return on Invested CapitalDefining Invested CapitalAdjustments to Invested Capital and IncomeComputing Return on Invested Capital•Analyzing Return on Net Operating AssetsDisaggregating Return on Net Operating AssetsRelation between Profit Margin and Asset TurnoverProfit Margin AnalysisAsset Turnover Analysis•Analyzing Return on Common EquityDisaggregating Return on Common EquityFinancial Leverage and Return on Common EquityAssessing Growth in Common Equity•Describe the usefulness of return measures in financial statement analysis. •Explain return on invested capital and variations in its computation.•Analyze return on net operating assets and its relevance in our analysis. •Describe disaggregation of return on net operating assets and the importance of its components.•Describe the relation between profit margin and turnover.•Analyze return on common shareholders' equity and its role in our analysis. •Describe disaggregation of return on common shareholders' equity and the relevance of its components.•Explain financial leverage and how to assess a company's success in trading on the equity across financing sources.1. The return that is achieved in any one period on the invested capital of a companyconsists of the returns (and losses) realized by its various segments and divisions. In turn, these returns are made up of the results achieved by individual product lines and projects. A well-managed company exercises rigorous control over the returns achieved by each of its profit centers, and it rewards the managers on the basis of such results. Specifically, when evaluating new investments in assets or projects, management will compute the estimated returns it expects to achieve and use these estimates as a basis for its decision to invest or not.2. Profit generation is the first and foremost purpose of a company. The effectiveness ofoperating performance determines the ability of the company to survive financially, to attract suppliers of funds, and to reward them adequately. Return on invested capital is the prime measure of company performance. The analyst uses it as an indicator of managerial effectiveness, and/or a measure of the company's ability to earn a satisfactory return on investment.3. If the investment base is defined as comprising net operating assets, then netoperating profit (e.g., before interest) after tax (NOPAT) is the relevant income figure to use. The exclusion of interest from income deductions is due to its being regarded asa payment for the use of money from the suppliers of debt capital (in the same waythat dividends are regarded as a payment to suppliers of equity capital). NOPAT is the appropriate amount to measure against net operating assets as both are considered to be operating.4. First, the motivation for excluding nonproductive assets from invested capital isbased on the idea that management is not responsible for earning a return on non-operating invested capital. Second, the exclusion of intangible assets from the investment base is often due to skepticism regarding their value or their contribution to the earning power of the company. Under GAAP, intangibles are carried at cost.However, if their cost exceeds their future utility, they are written down (or there will be an uncertainty exception regarding their carrying value in the auditor's opinion).The exclusion of intangible assets from the asset base must be based on more substantial evidence than a mere lack of understanding of what these assets represent or an unsupported suspicion regarding their value. This implies that intangible assets should generally not be excluded from invested capital.5. The basic formula for computing the return on investment is net income divided bytotal invested capital. Whenever we modify the definition of the investment base by, say, omitting certain items (liabilities, idle assets, intangibles, etc.) we must also adjust the corresponding income figure to make it consistent with the modified asset base.6. The relation of net income to sales is a measure of operating performance (profitmargin). The relation of sales to total assets is a measure of asset utilization or turnover—a means of determining how effectively (in terms of sales generation) the assets are utilized. Both of these measures, profit margin as well as asset utilization,determine the return realized on a given investment base. Sales are an important factor in both of these performance measures.7. Profit margin, although important, is only one aspect of the return on invested capital.The other is asset turnover. Consequently, while Company B's profit margin is high, its asset turnover may have been sufficiently depressed so as to drag down the overall return on invested capital, leading to the shareholder's complaint.8. The asset turnover of Company X is 3. The profit margin of Company Y is 0.5%. Sinceboth companies are in the same industry, it is clear that Company X must concentrate on improving its asset turnover. On the other hand, Company Y must concentrate on improving its profit margin. More specific strategies depend on the product and industry.9. The sales to total assets (asset turnover) component of the return on invested capitalmeasure reflects the overall rate of asset utilization. It does not reflect the rate of utilization of individual asset categories that enter into the overall asset turnover. To better evaluate the reasons for the level of asset turnover or the reasons for changes in that level, it is helpful to compute the rate of individual asset turnovers that make up the overall turnover rate.10. The evaluation of return on invested capital involves many factors. Theinclusion/exclusion of extraordinary gains and losses, the use/nonuse of trends, the effect of acquisitions accounted for as poolings and their chance of recurrence, the effect of discontinued operations, and the possibility of averaging net income are justa few of many such factors. Moreover, the analyst must take into account the effectsof price-level changes on return calculations. It also is important that the analyst bear in mind that return on invested capital is most commonly based on book values from financial statements rather than on market values. And finally, many assets either do not appear in the financial statements or are significantly understated. Examples of such assets are intangibles such as patents, trademarks, research and development activities, advertising and training, and intellectual capital.11. The equity growth rate is calculated as follows:[Net income – Preferred dividends – Common dividend payout] / Average common equity.This is the growth rate due to the retention of earnings and assumes a constant dividend payout over time. It indicates the possibilities of earnings growth without resort to external financing. The resulting increase in equity can be expected to earn the rate of return that the company earns on its assets and, thus, further contribute to growth in earnings.12. a. The return on net operating assets and the return on common stockholders' equitydiffer by the capital investment base (and its corresponding effects on net income).RNOA reflects the return on the net operating assets of the company whereas ROCE reflects the perspective of common shareholders.b. ROCE can be disaggregated into the following components to facilitate analysis:ROCE = RNOA + Leverage x Spread. RNOA measures the return on net operating assets, a measure of operating performance. The second component (Leverage x Spread) measures the effects of financial leverage. ROCE is increased by adding financial leverage so long as RNOA>weighted average cost of capital. That is, if the firm can earn a return on operating assets that is greater than the cost of the capital used to finance the purchase of those assets, then shareholders are better off adding debt to increase operating assets.13. a. ROCE can be disaggregated as follows:equitycommon Av erage Sales Sales div idends Preferred - income Net ⨯ This shows that “equity turnover” (sales to average common equity) is one of the two components of the return on common shareholders' equity. Assuming a stable profit margin, the equity turnover can be used to determine the level and trend of ROCE. Specifically, an increase in equity turnover will produce an increase in ROCE if the profit margin is stable or declines less than the increase in equity turnover. For example, a common objective of discount stores is to lower prices by lowering profit margins, but to offset this by increasing equity turnover by more than the decrease in profit margin.b. Equity turnover can be rewritten as follows:equitycommon Av erage assets operating Net assets operating Net Sales ⨯ The first factor reflects how well net operating assets are being utilized. If the ratio is increasing, this can signal either a technological advantage or under-capacity and the need for expansion. The second factor reflects the use of leverage. Leverage will be higher for those firms that have financed more of their assets through debt. By considering these factors that comprise equity turnover, it is apparent that EPS cannot grow indefinitely from an increase in these factors. This is because these factors cannot grow indefinitely. Even if there is a technological advantage in production, the sales to net operating assets ratio cannot increase indefinitely. This is because sooner or later the firm must expand its net operating asset base to meet rising sales or else not meet sales and lose a share of the market. Also, financing new assets with debt can increase the net operating assets to common equity ratio. However, this can only be pursued to a point —at which time the equity base must expand (which decreases the ratio).14. When convertible debt sells at a substantial premium above par and is clearly held byinvestors for its conversion feature, there is justification for treating it as the equivalent of equity capital. This is particularly true when the company can choose at any time to force conversion of the debt by calling it in.Exercise 8-1 (35 minutes)a. First alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$1,000,000*12%](1-.40) = $528,000Second alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$2,000,000*12%](1-.40) = $456,000b. First alternative:ROCE = $528,000 / $5,000,000 = 10.56%Second alternative:ROCE = $456,000 / $4,000,000 = 11.40%c. First alternative:Assets-to-Equity = $6,000,000 / $5,000,000 = 1.2Second alternative:Assets-to-Equity = $6,000,000 / $4,000,000 = 1.5d. First, let’s compute return on assets (R NOA):First alternative: $600,000 / $6,000,000 = 10%Second alternative: $600,000 / $6,000,000 = 10%Second, notice that the interest rate is 12% on the debt (bonds). More importantly, the after-tax interest rate is 7.2% (12% x (1-0.40)), which is less than RNOA. Hence, the company earns more on its assets than it pays for debt on an after-tax basis. That is, it can successfully trade on the equity—use bondholders’ funds to earn additional profits.Finally, since the second alternative uses more debt, as reflected in the assets-to-equity ratio in c, the second alternative is probably preferred. The shareholders would take on additional risk with the second alternative, but the expected returns are greater as evidenced from computations in b.Exercise 8-2 (40 minutes)a. NOPAT = Net income = $10,000,000 x 10% = $1,000,000b. First alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($2,000,000 ⨯ 5% x [1-.40]) = $1,540,000Second alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($6,000,000 ⨯ 6% x [1-.40]) = $1,384,000c. First alternative: ROCE = $1,540,000 / ($10,000,000 + $4,000,000) = 11%Second alternative: ROCE = $1,384,000 / ($10,000,000 + $0) = 13.84%d. ROCE is higher under the second alternative due to successful use ofleverage—that is, successfully trading on the equity. [Note: Asset-to-Equity is1.14=$16 mil./$14 mil. (1.60=$16 mil./$10 mil.) under the first (second)alternative.] The company should pursue the second alternative in the interest of shareholders (assuming projected returns are consistent with current performance levels).a. RNOA = 2 x 5% = 10%b. ROCE = 10% + 1.786 x 4.4% = 17.86%c. RNOA 10.00%Leverage advantage 7.86%Return on equity 17.86%Exercise 8-4 (30 minutes)a. Computation and Interpretation of ROCE:Year 5 Year 9Pre-tax profit margin .......................................................... 0.112 0.109 Asset turnover .................................................................... 0.46 0.44 Assets-to-equity ................................................................. 3.25 3.40 After-tax income retention * .............................................. 0.570 0.556 ROCE (product of above) .................................................. 9.54% 9.07% * 1-Tax rate.ROCE declines from Year 5 to Year 9 because: (1) pre-tax margin decreases by approximately 3%, (2) asset turnover declines by roughly 4.3%, and (3) the tax rate increases by about 3.8%. The combination of these factors drives the decline in ROCE—this is despite the slight improvement in the assets-to-equity ratio.b. The main reason EPS increases is that shareholders had a large amount ofassets and equity working for them. Namely, the company grew while return on assets and return on equity remained fairly stable. In addition, the amount of preferred stock declined, as did the amount of preferred dividends. With this decline in the cost of carrying preferred stock, earnings available to common stock increased.(CFA Adapted)a. RNOA = 3 x 7% = 21%b. ROCE = RNOA + LEV x Spread = 21% + (1.667 x 8.4%) = 35%c. Net leverage advantage to common equityReturn on net operating assets .................................. 21%Leverage advantage .................................................... 14%Return on common equity (rounding difference) ..... 35%Exercise 8-6 (30 minutes)a. At the present level of debt, ROCE = $157,500 / $1,125,000 = 14%.In the absence of leverage, the noncurrent liabilities would be substituted with equity. Accordingly, there would be no interest expense with all-equityROCE without leverage = $184,500 / $1,800,000 = 10.25%.14% with leverage but only 10.25% without leverage.b. NOPAT = $157,500 + [$675,000 x 8% x (1-.50)] = $184,500RNOA = $184,500 / ($2,000,000-$200,000) = 10.25%c. The company is utilizing borrowed funds in its capital structure. Since theROCE is greater than RNOA, the use of financial leverage is beneficial to stockholders. Specifically, the after cost of debt is 4% and the financial leverage (NFO/Equity) is $675,000 / $1,125,000 = 60%. Therefore,ROCE = RNOA + LEV x Spread = 10.25% + 0.60 x (10.25% - 4%) = 14%, as before. The favorable effect of financial leverage is given by the term [0.60 x (10.25% - 4%)] = 3.75%.1. c2. a3. cExercise 8-8 (20 minutes)(Assessments of profit margin and asset turnover are relative to industry norms.)a. Higher profit margin and lower asset turnover.b. Higher asset turnover and lower profit margin.c. Higher profit margin and similar/lower asset turnover.d. Higher asset turnover and similar/lower profit margin.e. Higher asset turnover and lower/similar profit margin.f. Higher asset turnover and similar/higher profit margin.g. Higher asset turnover and lower profit margin.Exercise 8-9 (20 minutes)The memorandum to Reliable Auto Sales President would include the following points:•Both Reliable and Legend Auto Sales are perpetually investing $100,000 in automobile inventory.•Legend Auto Sales is able to generate more profit than Reliable because it is turning over its inventory (10 cars) more often. Specifically, Legend is turning its inventory over 10 times per year while Reliable is turning its inventory over only 5 times per year. Hence, given the same investment in automobile inventory, Legend is twice as profitable as Reliable.•Encourage Reliable to sacrifice some return on each sale to increase the inventory turnover. By slightly reducing price, relative to that charged by Legend, Reliable predictably will find that overall profitability increases. This is because while profit per sale declines, the number of units sold and, therefore, inventory turnover will increase. These factors predictably yield increased return on assets.Computation of Asset (PP&E) Turnover [computed as Sales / PP&E (net)]: Northern: $12,000 / $20,000 = 0.60Southern: $6,000 / $20,000 = 0.30This implies that Northern generates $0.60 in sales per year for each $1 investment in PP&E. In contrast, Southern generates $0.30 in sales per year for each $1 investment in PP&E. This shows that Northern is able to generate twice the return for each $1 invested in PP&E. Assuming equal profit margins, Northern will report a higher return on assets because of the volume of sales that the company is able to generate with its investment in PP&E (at least in the short run).Exercise 8-11 (15 minutes)Low volume operations mean that fixed costs, which in the case of automakers are substantial, must be absorbed by a low number of units produced. Since the lower of cost or market rule implies that inventory cannot be priced higher than expected sales price less costs of disposal plus a normal profit margin, much of that excess cost must be charged to the period incurred. In this case, that means the fourth quarter financial statements absorb much of this cost. This is probably the most likely accounting-based reason for the fourth quarter losses described in the news release.Problem 8-1 (30 minutes)a. 1. Quaker Oats does not reveal its computation of this return. Accordingly, wemake some simple computations and assumptions: (i) For simplicity, focus on one share, (ii) The dividend is $1.56 for Year 11, (iii) The average stock price is $55 and the price increase for Year 11 is $14—based on the beginning price of $48 and the ending price of $62. Using this information, we compute return to a share of stock as follows:= [Dividend per share + Price increase per share] / Average price per share = [$1.56 + $14] / $55= 28.3%However, if we use the beginning price of $48 per share, we get closer to the company's 34% return:= [$1.56 + $14] / $48= 32.4%2. The return on common equity is based on the relation between net incomeand the book value of the equity capital. In contrast, Quaker Oats’ “return t o shareholders” uses dividends plus market value change in relation to the market price per share (cost of investment to shareholders.)b. The company must have derived the 3.6% from price, market, and otherfactors that are not disclosed. Conceptually, this 3.6% should reflect the added risk of an investment in Quaker Oats’ stock vis-à-vis a risk-free security such as a U.S. Treasury bond.c. Quaker does not reveal its computations. It may disclose a variety of interestrates on long-term debt that it carries in the notes to financial statements.Based on data available to it, but not to the financial statement reader, it probably computed a weighted-average interest rate from which it deducted the tax benefit in arriving at the 6.4% cost of debt.a. Computation of Return on Invested Capital Measures:As a first step, we construct the company’s income statement.Sales (500,000 units @ $10). ................................................ $5,000,000 Fixed costs ....................................................................... 1,500,000 Variable costs (500,000 units @ $4). ............................. 2,000,000 Labor costs (20 employees x $35,000). ......................... 700,000 Income before taxes .......................................................... 800,000 Taxes (50% rate) ................................................................. 400,000 Net income .......................................................................... $ 400,000(1) RNOA = [$400,000 + ($2,000,000 x 7.5%)(1-0.50)] / ($8,000,000-$2,00,000)= $475,000 / $6,000,000 = 7.92%(2) ROCE = [$400,000 - ($1,000,000 x 6%)] / $3,000,000 = 11.33%Fixed costs ($1,500,000 x 1.06) ......................................................... 1,590,000 Variable costs ($550,000 units @ $4) .............................................. 2,200,000 Income before labor costs and taxes ............................................. $1,710,000 To obtain a 10% return on long-term debt and equity capital, Zear will need a numerator of $600,000 given an invested capital base of $6,000,000. The required operating income to yield this $600,000 amount is computed as: Net income + Interest expense x (1 - 0.50) = $600,000Net income + ($2,000,000 x 7.5%) x (1-0.50) = $600,000Net income = $525,000Assuming taxes at a 50% rate, Zear needs pre-tax income of $1,050,000, computed as:Income before labor and taxes ............ $1,710,000Labor costs ........................................... ?Pre-tax income ...................................... $1,050,000This implies:Labor costs = $660,000 orAverage wage per worker = $660,000 / 22 employees = $30,000 per employee Since the current salary level is $35,000, Zear cannot achieve its target return level and give a salary raise to its employees.(CFA Adapted)a. ROCE = $1,650 / $3,860 = 42.7%b. NOPAT = ($2,550 + $10) x (1-0.35) = $1,664NOA = $7,250-$3,290 = $3,960RNOA (using year-end NOA balance) = $1,664 / $3,960 = 42%The effect of financial leverage, thus, is only 0.7% as NFO/NFE are insignificant. Most of Merck’s ROCE in this year is derived from operating results.Pre-tax income to sales 0.36Net income to sales 0.23Sales/current assets 1.47Sales / fixed assets 2.97Sales / total assets 0.98Total liabilities / equity 0.88L-T liabilities / equity 0.03a. 1. RNOA = NOPATAvg. NOANOPAT = [$186,000 + $2,000 - $120,000 - $37,000 + $1,000] x 50% = $16,000 Note: we include income from equity investments under the assumptions that these are operating rather than financial investments. We also include the cumulative effect as operating in the absence of information to the contrary. Minority interest and discontinued operations are nonoperating (minority interest is therefore, treated as equity in the ROCE computation).NOA Year 6 = $138,000 - $29,000 - $7000 - $3,600 = $98,400 NOA Year 5 = $105,000 - $23,000 - $2,000 - $2,000 = $78,000RNOA = $16,000 / ([$98,400 + $78,000]/2) = 18.14%2. ROCE = Net income - Preferred dividendsAverage common equityROCE = ($10,000 –$0) /[($55,400* + $47,800*)/2] = 19.38% *Note: minority interest is treated as equity. If Minority interest is ignored, the ROCE is 19.8%b. NFO = NOA - EquityYear 6: $43,000; Year 5: $30,200LEV = Avg. NFO / Ave Equity = ([$43,000 + $30,200] / 2) / ([$55,400* + $47,800*] /2)= 0.71NFE = NOPAT – Net incomeYear 6: $6,000NFR = NFE / Avg. NFO = $6,000 / ([$43,000 + $30,200] / 2) = 16.4%Spread = RNOA – NFR = 18.14% - 16.4% = 1.74%ROCE = RNOA + LEV x Spread = 18.14 + 0.71 x 1.74% = 19.38%94% (18.14%/19.38%) of Zeta’s ROCE is derived for m operating activities. The company is effectively using leverage, however, as indicated by the positive spread, but the leverage does not contribute significantly to Zeta’s return on equity and may not be worth the added risk.a. ROCE = [Net income –preferred dividends] / stockholders’ equity**end of year in this problemROCE Year 5: [$14 – $0] / $125 = 11.2%ROCE Year 9: [$34 - $0] / $220 = 15.5%RNOA Year 5 = ($35 x 0.50) / ($52 + $123) = 10.0%RNOA Year 9 = ($68 x 0.50) / ($63 + $157) = 15.5%ROCE = RNOA + Leverage x SpreadYear 5: 10.0% + 1.2% = 11.2%Year 9: 15.5% + 0 = 15.5%b. Texas Talcom’s ROCE has increased form years 5 to 9. The source is thisincrease, however, has been an increase in RNOA as the leverage effect is zero in Year 9 since its long-term debt has been retired. Given the RNOA increase, additional leverage might be explored as a way to increase shareholder returns.Selling price per unit ...................... $6.00 $5.00 $50.00 $50.00 Unit cost ........................................... $5.00 $4.00 $32.50 $30.00Analysis of Variation in Product A SalesIncreased quantity at Yr 6 prices (3,000 x $5) ........................ $ 15,000 Price increase at Yr 6 quantity (7,000 x $1) ........................... 7,000 Quantity increase x price increase (3,000 x $1) .................... 3,000 Analysis of Variation in Product A Cost of SalesIncreased quantity at Yr 6 cost (3,000 x $4) ........................... (12,000) Increased cost at Yr 6 quantity (7,000 x $1) ........................... (7,000) Cost increase x quantity increase (3,000 x $1) ...................... (3,000) Net Variation (Increase) in Gross Margin for Product A ............. $ 3,000Analysis of Variation in Product B SalesDecreased quantity at Yr 6 prices (300 x $50) ....................... $ (15,000) Analysis of Variation in Product B Cost of Sales:Decreased quantity at Yr 6 cost (300 x $30) .......................... 9,000 Increased cost at Yr 6 quantity (900 x $2.50) ......................... (2,250) Cost increase x quantity decrease (300 x $2.50) . (750)Net Variation (Decrease) in Gross Margin for Product B ............ $ (7,500)Summary of Net Variation in Margins for Products A and BNet increase from product A ......................................................... $ 3,000 Net decrease from product B ........................................................ (7,500) Net Decrease in Gross Margin ...................................................... $ (4,500)a.SPYRES MANUFACTURING COMPANYComparative Common-Size Income StatementsYear Ended December 31 IncreaseYear 9 Year 8(Decrease)Net sales ............................. 100.0% 100.0% 20.0% Cost of goods sold ............ 81.7 86.0 14.0 Gross margin on sales ...... 18.3 14.0 57.1 Operating expenses .......... 16.8 10.2 98.0 Income before taxes .......... 1.5 3.8 (52.6) Income taxes ...................... 0.4 1.0 (52.0) Net income ......................... 1.1 2.8 (52.9)b. Performance in Year 9 is poor when compared with Year 8. One bright spot isthe percentage of Cost of Goods Sold to Sales, which decreased in Year 9.However, Operating Expenses climbed sharply. This sharp climb in operating expenses is unexpected since there is usually a larger fixed cost component comprising these costs compared with that for Cost of Goods Sold.Management should further check operating expenses. If operating expenses had remained at the Year 8 level of 10.2%, income would have been up favorably for Year 9. Operating expenses may have included a future-directed component such as advertising or training costs. Also, management would want to follow up on the change in gross margin. The sharp improvement in gross margin may have been due to factors such as the liquidation LIFO inventory layers or, alternatively, to something more fundamental with the activities of the firm.。
智慧树答案财务报表分析(上海对外经贸大学)知到课后答案章节测试2022年
绪论1.通过财务报表分析可以了解（）。
答案:企业财务状况;企业偿债能力;企业盈利能力;企业的发展能力第一章1.年度报告包括以下哪些内容（）。
答案: 股份变动及股东情况; 公司治理; 经营情况讨论与分析; 财务报告2.财务报表包括以下哪些内容（）。
答案:资产负债表;利润表;报表附注;现金流量表3.上市公司的信息披露文件主要包括（）。
答案:临时报告;招股说明书;定期报告;上市公告书4.审计机构的非正常更换可能是公司财务质量不佳甚至是信用资质恶化的重要信号。
答案:对5.公司治理不是上市公司财务信息披露强制与监督机制的组成部分。
答案:错6.公司的财务报表本质上不是其各种经济活动结果的分类反映。
答案:错第二章1.在企业编制的会计报表中，反映财务状况变动的报表是资产负债表。
答案:对2.决定企业货币资金持有量的因素有哪些？答案:企业融资能力;所在行业特性;企业规模;企业负债结构3.影响应收账款坏账风险加大的因素是什么？答案:信用期限较长4.按照我国现行会计准则的规定，确定发出存货成本时不可以采用的方法是什么？答案:后进先出法5.下列项目中，属于短期债权项目的是（）。
答案:商业信用6.通过资产负债表分析可以达到的目的有（）。
答案: 判断所有者的资本保值增值情况; 分析资产的结构; 分析债务的期限结构和数量第三章1.利润表的三大要素包括哪些？答案:费用;收入;利润2.下列公式计算正确的是（）。
答案:净利润=利润总额-所得税费用;利润总额=营业利润+营业外收入-营业外支出;综合收益总额=净利润+其他综合收益;营业利润=营业收入-营业成本-税金及附加-销售费用-管理费用-财务费用-资产减值损失+公允价值变动损益+投资收益3.利润表的作用包括（）。
答案:有助于评价企业经营战略的实施效果;有助于解释、评价和预测企业的偿债能力;有助于评价和考核经营者的经营业绩;有助于解释、评价和和预测企业的经营成果和盈利能力4.期间费用包括销售费用、管理费用和财务费用三种。
智慧树答案公司财务—告别财务小白,开启财智人生知到课后答案章节测试2022年
第一章1.公司制企业没有缺点。
答案:错2.利润最大化是公司财务目标的最优解。
答案:错3.价值目标的基础是公司未来现金流量的获取能力。
答案:对4.财务管理区别于公司其他管理的基本特征，在于它是一种（）。
答案:价值管理5.解决股东与经理层代理问题的制度性措施包括（）。
答案:激励;监督6.公司通过现金流量的流入与流出与金融市场建立起联系。
答案:对7.下列各项中，能够用于协调公司股东与债权人矛盾的方法是（）。
答案:停止借款8.筹资决策的关键问题是确定资本结构，至于融资总规模则主要取决于投资的需要。
答案:对9.股价中只要包括了历史信息的市场都是弱势有效市场。
答案:错10.下列金融市场要素中，与公司财务联系最为密切的是（）。
答案:货币市场;资本市场第二章1.在对所有者权益项目的比重变化分析时，一般而言下列各项中越多越好的项目是（）。
答案:盈余公积和未分配利润2.利润表所能提供的财务信息主要有（）。
答案:损益状况;收入状况;成本费用状况3.从提供财务信息的角度看，财务报表分析是在财务报表所披露信息的基础上，进一步提供和利用财务信息，是财务报表编制工作的延续和发展。
（）答案:错4.下列选项中，不属于无形资产的项目是（）。
答案:商誉5.企业原来长期资本和长期资产占比大致相当，这两年开始增加长期资本的数量和占比，长期资产占比不变，这属于哪一种资本结构和资产结构的管理策略（）。
答案:稳健策略6.根据杜邦分析体系，对净资产收益率没有影响的指标是答案:速动比率7.在企业高速成长阶段，投资活动的现金流量往往是（）答案:流出量大于流入量8.财务信息的需求主体主要包括（）。
答案:企业内部管理者;企业供应商;政府及相关监管机关;股东及潜在投资者;债权人9.资产负债表、利润表和现金流量表三张报表之间是相互独立的，报表直接没有关联。
答案:错10.下列选项中，对企业未来具有较强持续性影响的有（）。
答案:购买商品、接受劳务支付的现金;销售商品、提供劳务收到的现金第三章1.某公司拟于5年后一次还清所欠债务100000元，假定银行利息率为10%，5年10%的年金终值系数为6.1051，5年10%的年金现值系数为3.7908，则应从现在起每年末等额存入银行的偿债基金为（）。
智慧树答案财务管理(山东联盟)知到课后答案章节测试2022年
第一章1.下列各项中属于公司制企业优点的是（）。
答案:容易转让所有权2.下列有关企业及其组织形式的说法中，不正确的是（）答案:合伙企业的缺点为双重课税3.下列各项中，不属于企业相关者利益最大化财务管理目标特点的是（）。
答案:这一目标没有兼顾各利益主体的利益4.下列各项中，属于各种财务管理目标的基础的是（）。
答案:股东财富最大化5.下列各项中，不属于企业价值最大化目标的优点的是（）。
答案:股票价格客观、真实地反映了企业价值6.下列各项中，符合企业相关者利益最大化财务管理目标要求的是（）。
答案:强调股东的首要地位7.下列各项中，属于协调所有者和经营者矛盾的方法的是（）。
答案:解聘8.下列属于通过采取激励方式协调所有者与经营者利益冲突的方法的是（）。
答案:股票期权9.根据企业财务活动的历史资料，考虑现实的要求和条件，对企业未来的财务活动做出较为具体的预计和测算的过程指的是（）。
答案:财务预测10.通货膨胀对企业财务活动的影响是多方面的，主要表现在答案:引起资金供应紧张，增加企业的筹资困难;引起利润增加，加大企业的权益资本成本;引起资金占用的大量增加，从而增加企业的资金需求;引起企业利润虚增，造成企业资金由于利润分配而流失11.从财务管理的角度看，企业价值是账面资产的总价值，企业价值可以理解为企业所有者权益和债权人权益的账面价值，或者是企业所能创造的预计未来现金流量的现值。
（）答案:错12.在利益冲突协调中，所有者与经营者的利益冲突协调方法主要有解聘、接收和激励。
（）答案:对13.监督是协调所有者和经营者利益冲突中解聘方式的一种形式。
（）答案:对14.确保产品的质量、保障消费安全是企业对消费者的社会责任。
（）答案:对15.财务计划是财务战略的具体化，是财务预算的分解和落实。
（）答案:错16.财务预算是财务管理的核心，预算的准确与否直接关系到企业的兴衰成败。
（）答案:错17.实施纵向一体化战略的企业，宜采用相对集中的财务管理体制。
南开大学智慧树知到“财务管理”《财务报表分析》网课测试题答案3
南开大学智慧树知到“财务管理”《财务报表分析》网课测试题答案（图片大小可自由调整）第1卷一.综合考核(共15题)1.财务报表分析主要为投资人服务。
()A.正确B.错误2.商誉是指企业在购买另一个企业时，购买成本大于被购买企业可辨认净资产公允价值的差额，会计报表上列示的商誉是按一定期限进行平均摊销处理的。
()A.正确B.错误3.每股经营现金流量反映了每股流通在外的普通股所产生的现金流量。
该指标越高越为股东们所接受。
()A.正确B.错误4.某公司流动资产比率为30%，固定资产比率为50%，则流动资产与固定资产的比率为：()。
A.167%B.120%C.80%D.60%5.杜邦分析系统中，提高总资产收益率的途径是()A.加强销售管理，提高销售净利率B.加强资产管理，降低总资产周转率C.加强负债管理，降低资产负债率D.树立风险意识，控制财务风险6.下列各项中，不影响资产管理效果的财务比率是()。
A.营业周期B.存货周转率C.应收账款周转率D.资产负债率7.某企业年度主营业务收入为268000元，流动资产平均占用额为67000元，则该企业流动资产周转天数为()。
A.4天B.15天C.60天D.90天8.下列影响现金净流量的经济业务为()。
A.出售无形资产B.提取盈余公积C.计提折旧D.以固定资产对外投资9.企业某年销售收入净额为250万元，销售毛利率为20%，年末流动资产90万元，年初流动资产110万元，则该企业流动资产周转率为()。
A.2次B.2.22次C.2.5次D.2.78次10.债权人是企业财务信息的使用者之一，其最关心的是()。
A.投资收益率B.资产保值率C.债权的安全D.总资产收益率11.现金流量表中的现金是指()A.库存现金B.银行存款C.短期股票投资D.现金等价物E.长期股票投资12.不属于弹性融资的项目有()。
A.流动负债B.融资租赁的固定资产C.可提前收兑的企业债券D.未分配利润13.同形资产负债表的基数通常为()。
智慧树答案初级财务会计知到课后答案章节测试2022年
第一章1.现代会计以（）为主要计量单位。
答案:货币2.会计最基础的工作是（）。
答案:核算3.会计的产生和发展可以分为以下（）。
答案:近代会计阶段;现代科技阶段;古代会计阶段4.会计的基本职能包括（）。
答案:核算职能;监督职能5.近代会计是从运用复式记账法开始。
（）答案:对6.会计核算和会计监督关系十分密切，两者相辅相成；会计核算是会计监督基础，而会计监督是会计核算的保证。
（）答案:对第二章1.下列各项中属于企业资产的是（）。
答案:原材料2.会计要素中的资产、负债和所有者权益是企业财务状况的( )。
答案:静态反映3.会计要素中的收入、费用和利润是企业经营成果的( )。
答案:动态反映4.反映企业最终经营成果的会计要素是( )。
答案:利润5.会计的对象是企事业单位的（）。
答案:资金运动6.下列各项中属于会计要素的是（）。
答案:资产 ;费用 ;负债7.反映企业财务状况的会计要素包括（）。
答案:所有者权益 ;资产8.反映企业经营成果的会计要素包括（）。
答案:费用 ;利润9.“收入－费用＝利润”等式反映了企业一定期间的经营成果，它是编制资产负债表的基础( )答案:错10.企业过去交易或事项形成的预期会导致经济利益流出企业的义务就是负债。
（）答案:错第三章1.确定会计核算时间范围的基本前提是（）。
答案:持续经营2.下列各项中，不属于反映会计信息质量要求的是（）。
答案:会计核算应当以权责发生制为基础3.企业对于已经发生的交易或者事项，应当及时进行会计确认、计量和报告，不得提前或者延后，这体现的是（）。
答案:及时性4.强调某一企业各期提供的会计信息应当采用一致的会计政策，不得随意变更的会计核算质量要求的是（）。
答案:可比性5.下列属于中期财务报告的是（）。
答案:半年度财务会计报告;季度财务会计报告;月度财务会计报告6.下列组织可以作为一个会计主体进行核算的有（）。
答案:独资企业;分公司;母公司及其子公司组成的企业集团;销售部门7.根据收付实现制原则，应计入本期的收入和费用有 ( ) 。
智慧树答案财务管理学知到课后答案章节测试2022年
第一章1.常见的企业组织形式有（）答案:合伙企业;股份有限公司;有限责任公司;个人独资企业2.财务管理的内容包括（）答案:筹资活动;资金营运活动;投资活动;分配活动3.企业实现管理目标时，需要有效协调（）答案:股东与管理层利益冲突;股东与债权人利益冲突;社会责任与利益冲突;大股东与中小股东利益冲突4.以利润最大化为财务管理目标的缺点是（）答案:忽视了风险;忽视了利润赚取与投入资本的关系;没有考虑货币时间价值;不利于协调公司股东与管理层之间的利益5.下列能够缓解股东和债权人委托代理冲突的行为是（）答案:借款合同中的限制性条款第二章1.下列属于反映企业营运能力的比率是（）。
答案:应收账款周转率2.某公司现有流动资产100万元，流动比率为2：1。
试问下列独立交易对公司的流动比率影响如何?（1）用10万元现金购置一台设备；（2）借入10万元短期借款支持同等数额的应收账款增加；答案:下降；下降3.某公司现有流动资产100万元，流动比率为2：1。
试问下列独立交易对公司的流动比率影响如何?（1）增发20万元普通股，所得资金用于扩建生产线；（2）通过提高应付账款来支付8万元的现金股利。
答案:不变；不变4.杜邦分析法是以什么指标为基础进行分解分析（）答案:净资产收益率5.下列能够衡量企业短期偿债能力的指标有（）答案:流动比率;现金比率;速动比率第三章1.下列关于时间价值的说法，错误的是（）答案:货币的时间价值只能用绝对数表示2.将100元存入银行，利率为10%，计算5年后的终值应用（）答案:复利终值系数3.事件研究法用于验证哪种有效资本市场（）答案:半强型有效市场4.某企业于年初存入银行10000元，假定年利息率为12%，每年复利两次，则第五年年末的本利和为（）元。
（已知FVIF6%,5=1.3382,FVIF6%,10=1.7908, FVIF12%,5=1.7623, FVIF12%,10=3.1058）答案:17908 5.财务管理学研究的对象是财务部门答案:错第四章1.常用的非折现现金流量法包括（）答案:平均会计收益率;投资回收期;平均收益率2.某方案的静态回收期是指（）答案:累计净现金流量为零的年限3.关于项目投资决策表述中，正确的是（）答案:投资回收期主要测定投资方案的流动性4.下列属于项目建设期现金流量的是（）答案:固定资产的安装成本5.下列属于项目终结点现金流量的是（）答案:垫支营运资本的收回第五章1.下列不属于现金流量分析应考虑的成本是（）。
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第一章1.The passive investor assumes the market is efficient and that stocks arecorrectly priced to reflect the risk involved in buying the stock. （）答案:对2.The term financial statement refers to… （）答案:All the answers arecorrect3.Which of the following is false regarding why a SWOT Analysis is used? ( )答案:To reduce opportunities available to a business4.__________ of the profitability of the firm over a period of time such as a year. ( )答案:The income statement is a summary5.Financial statements present a numerical picture of a company’s financialand operating health. ( )答案:对6.Which of the following SWOT elements are external factors for a business?（）答案:Opportunities and Threats7.The ________ does not represent continuing operations in any way, but issimply a snapshot of the total worth of a firm at a given point in time. ( )答案:balance sheet8.Cash inflows arise from _____ assets, ________ liabilities, and ___________stockholders’ equity. ( )答案:decreasing; increasing; increasing9.What is a creditor’s objective in performing an analysis of financialstatements? ( )答案:To decide whether or not the borrower has the ability to repay interest and principal on borrowed funds.10.The major device for measuring the profitability of a firm over a definedperiod of time is the ( )答案:income statement.第二章1.The transactions between the two claimants (debtors and shareholders) andthe firm are the firm’s _ activities. ( )答案:Financing2.Free cash flow does not affect common shareholder’s equity. （）答案:对3.The process of comparing various financial factors of a company over aperiod of time is known as （）答案:Intra‐firm comparison4.If an analyst has reformulate balance sheets and income statements, she doesnot need a cash flow statement to calculate free cash flow. ( )答案:对5. A firm generated free cash flow $2,348 million and paid net interest of $23million after tax. It paid a dividend of $14 million and issued shares for $54million. There were no share repurchases. What did the treasurer do with the remaining cash flow and for how much? （）答案:There was $2,365 of cashleft over from the free cash flow and the treasurer used it to buy debt.6.What drives free cash flow? ( )答案:operations7.Reformulated balance sheets inform analysts about the firm’s strategy forrunning the business. ( )答案:对8.Which of the following activities is NOT an investing activity? （）答案:borrowing money9.An operating asset is ( )答案:used to produce goods or services to sell tocustomers in operations.parison of financial statements highlights the trend of the _________ of thebusiness. ( )答案:All the answers are correct第三章1.Low profit margins always imply low return on net operating assets. （）答案:错2.Which the following measure drive return on common equity (ROCE)positively? （）答案:Gross margin3.Under what condition would a firm’s return on common equity (ROCE) beequal to its return on net operating assets (RNOA)? （）答案:The SPREAD is zero, that is, return on net operating assets (RNO4. A reduction in the advertising expense ratio increase return on commonequity? ( )答案:对5. A firm should always purchase inventory and supplies on credit rather thanpaying cash. （）答案:错6. A firm has a return of 11.2 percent on net operating assets of $400 million, ashort term borrowing rate of 4.0 percent after tax and a return on operating assets of 8.5 percent. What is the firm’s operating liability leverage? （）答案:0.600 borrowing cost drive return on common equity (ROCE) negatively. ( )答案:对8.Which of the following would explain an observed decrease in return onequity, all else equal? （）答案:Increase in interest rate on debt9.The following information is from reformulated financial statements (inmillion) what is the firm’s ROCE and RNOA? ( )答案:15.0% and 13.0%10.Under what condition would a firm’s return on net operating assets (RNOA)be equal to its return on operating assets (ROOA)? ( )答案:The operatingliability leverage spread (OLSPREAD) is zero, that is, ROOA equals theimplicit borrowing rate for operating liabilities.第四章1.What measures tells you that a firm is a no-growth firm? ( )答案:A firm haszero or negative residual earnings growth2.Which the following item is part of unusual (transitory) income? ( )答案:Gainon the disposal of property3.Firms can grow earnings, but not create (share) value （）答案:对4.The following number were calculated from the financial statements for afirm for 2012 and 2011:How much of the change in ROCE from 2011 to 2012 is due to financing activities? （）答案:3.37%5.Transitory earnings are current earnings that are likely to be maintained inthe future. ( )答案:错6.Which of the following could cause return on net operating assets to increase,all other things equal? （）答案:Increase in inventory turnover7.Below is selected information from TricorpReturn on net operating assets forYear 1 is: ( )答案:15.4%.8.RE represents extra profit available to the company/shareholders this iswhat drives growth in a company’s (share) value. （）答案:对9.Return on operating assets is a measure of which of the following? （）答案:Efficiency10.Below is selected information from Tricorp company Which of the followingis correct concerning changes at Tricrop from Year 1 to Year 2? ( )答案:RNOA Decreased, ROCE Decreased第五章1. A firm can create future income by temporarily increasing its bad debtallowance. （）答案:对2.Which of the following item are managed to increase gross revenue? （）答案:Increase receivables3.Increasing profit margins by underestimating expenses creates net operatingassets. ( )答案:对4.Why do analysts compare cash flow from operations with earnings to assessthe quality of the earnings? （）答案:The difference between earnings andcash flow from operations is explained by the accruals, and the accruals aret he “soft” part of earnings that can be manipulated.5. A decrease in warranty liabilities increases net sales. ( )答案:错6.IBM reported a 3 percent increase in income for its first quarter of 2000,beating analysts’ estimates. But it also reported a decline in revenue. Its stock price dropped in response to the report. Which of the following statement isincorrect for the drop in stock price on an earnings increase? （）答案:Theasset turnover is expected to increase.7.Low depreciation charges forecast losses in future income statements. ( )答案:对8.Which of the following is least likely to be associated with low-qualityearnings? （）答案:Decrease in borrowings.9.Accounting quality analysis is not part of the wider analysis of sustainableearnings. （）答案:错10.Which of the following is not an indicator of accounting Manipulation? （）答案:Loss on sale of discontinued business segments第六章1.If the intrinsic value of a stock is greater than its market value, which of thefollowing is a reasonable conclusion? ( )答案:The market is undervaluing thestock.2.The _______ is defined as the present value of all cash proceeds to the investorin the stock. ( )答案:intrinsic value3.FCF and DDM valuations should be ____________ if the assumptions used areconsistent. ( )答案:similar for all firms4.Because the DDM requires multiple estimates, investors should ( )答案:carefully examine inputs to the model and perform sensitivity analysis onprice estimates.5. A preferred stock will pay a dividend of $2.75 in the upcoming year, andevery year thereafter, i.e., dividends are not expected to grow. You require areturn of 10% on this stock. Use the constant growth DDM to calculate theintrinsic value of this preferred stock. ( )答案:$27.506.At the end of 2012, you forecast that a firm’s free cash flow for 2013 will be$430 million. If you forecast that free cash flow will grow at 5% per yearthereafter, what is the enterprise value? Use a required return of 10 percent.( )答案:8,600millionpany X has negative free cash flow but strong earnings that yield areturn on equity of 27 percent. Which of the following statements is morelikely to be true? ( )答案:the company is investing heavily8.At the end of 2012, you forecast the following cash flows (in millions) for afirm with net debt of $759 million: You forecast that free cash flow will growat a rate of 4% per year after 2015. Use a required return of 10% to calculateboth the fir ms’ enterprise value and the value of the equity at the end of 2012?( )答案:7,900million, 7,141 million9.Value is based on expected dividends, but forecasting dividends is notrelevant to value as a practical matter. （）答案:对10. A firm that has higher free cash flow have a higher value? （）答案:错第七章1.The following are earnings and dividend forecasts made at the end of 2012for a firm with $20.00 book value per common share at that time. The firmhas a required equity return of 10% per year. Forecast return of commonequity and residual earnings for the year of 2015. （）答案:ROCE is 15.71%and RE is 1.492. A firm cannot maintain a ROCE less than required return and stay in businessindefinitely. （）答案:错rmation indicates that a firm will earn a return on common equity aboveits cost of equity capital in all years in all years in the future, but its sharetrade below book value. Those share must be mispriced. （）答案:对4.The following are ROCE forecasts made for a firm at the end of 2010. ROCE isexpected to continue at the same level after 2013. The firm reported bookvalue of common equity of $3.2 billion at the end of 2010, with 500 millionshared outstanding. If the required equity return is 12%, what is the pershare value of these shares? （）答案:$6.405.Residual earnings valuation does not work well for companies like Coca-cola,Cisco System, or Nike, which have substantial assets, like brands, R&D assets, and entrepreneurial know-how off the books. A low book value must giveyou a low valuation. ( )答案:错6. A firm with book value of $15.60 per share and 100 percent dividend payoutis expected to have a return on common equity of 15% per year indefinitelyin the future. Its cost of equity capital is 10%. Calculate the intrinsic price tobook ratio. （）答案:1.57.Which of the following items are the drivers of Residual earnings? ( )答案:Return on common equity and growth in book value8.In September 2008 the shares of Dell, Inc, the computer maker, traded at $20.50 each. In its last annual report, Dell had reported book value of $3, 735million with 2, 060 million shares outstanding. Analysts were forecastingearnings per share of $1.47 for fiscal year 2009 and $1.77 for 2010 Dell paysno dividends. Calculate the per-share value of Dell in 2008 based on theanalysts’ forecasts, with an additional forecast that residual earnings willgrow at the anticipated GDP growth rate of 4 percent per year after 2010.Use a required return of 10 percent. the BPS at the end of fiscal-year 2008will be ( )答案:$1.8139.Calculate the per-share value of Dell in 2008 based on the analysts’ forecasts,with an additional forecast that residual earnings will grow at the anticipated GDP growth rate of 4 percent per year after 2010. Use a required return of 10 percent. ( )答案:24.84第八章1.Abnormal earnings growth is always equal to growth of (change in) residualearnings. （）答案:对2. A firm’s earnings are expected to grow at a rate equal to the required rate ofreturn for its equity,12%.what is the trailing P/E ratio? （）答案:9.333.what is the forward P/E ratio?( )答案:8.334. A P/E ratio for a bond is always less than that for a stock. （）答案:错5.which of the following statement is correct? （）答案:the normal forwardP/E and the normal trailing P/E always differ by 1.06.The following are earnings and dividend forecasts made at the end of 2010.The firm has a required equity return of 10% per year. Forecast abnormalearnings growth for 2012. ( )答案:0.3257.Forecast abnormal earnings growth for 2013. ( )答案:0.1658.Calculate the normal forward P/E for this firm. ( )答案:109.Firm can increase its earnings growth but not affect the value of its equity （）答案:对10.In early fiscal year 2009, analysts were forecasting $3.90 for Nike’s earningsper share for the fiscal year ending May 2009 and $4.45 for 2010, with adividend per share of 92 cents (0.92) expected for 2009. Forecast the cum-dividend earnings growth rate for 2010. （）答案:16.46%第九章1.Which of the following situation diversification dose not reduce risk？( )答案:returns on securities in the portfolio are perfectly correlated2. A statistical measure of the variability of a distribution around its mean isreferred to as __________. ( )答案:the standard deviation3.Normal distribution of returns can characterize the risk of investing in abusiness? （）答案:错4. A set of possible values that a random variable can assume and theirassociated probabilities of occurrence are referred to as __________. （）答案:probability distribution5.Below are the reformulate balance sheet for two firms with similar revenues.Amounts are in millions of dollars. Which firm look more risky forshareholders? Note that cash has been treated as operating cash. ( )答案:Firm Bing the CAPM, ß is a measure of: ( )答案:share price volatility7.Which of the following is not a measure of risk? ( )答案:correlationcoefficient8.Below are the reformulate income statement for two firms in the same line ofbusiness. Amounts are in millions of dollars. Which firm look more risky forshareholders? Reformulate the income statements: ( )答案:Firm A9.which of the following statement is not correct? ( )答案:variation in return onnet operating assets is only driven by profit margins10.Financing risk is driven by_____ ( )答案:All the answers are correct.第十章1.___________ is the extra required return that a lender demands to compensatefor the risk that the borrower will default. ( )答案:Default premium2.Which of the following statement is not the objective in reformulatingfinancial statement for credit analysis？( )答案:groups assets and liabilitiesin such a way as to evaluate the firm’s underlying profitability.3.______ is the error of forecasting that a firm will not default when in fact itdoes. ( )答案:A Type I error4.which of the following is the Off-balance sheet financing? ( )答案:All theanswers are correct5.which of the following statement is not correct? ( )答案:Pro forma analysisforecasts is not useful for credit analysis.6.The following numbers are extracted from the financial statements for a firmfor 2011 and 2012. Amounts are in millions of dollars. At the end of 2011, the firm’s 80 million shares traded at $25 each, but by the end of 2012 theytraded at $15.Calculate Z-score for 2011 ( )答案:2.687.Calculate Z-score for 2011 ( )答案:1.098.After analyzing the default risk for a five-year bond with a maturity value of$1,000 and an 8percent annual coupon, an analyst estimates the requiredreturn for the bond at 7percent per year. The bond has just been issued at aprice of $1,000. What is the value of the bond at a 7 percent required return?( )答案:1040.989.What is the yield-to-maturity with a market price of $1,000? ( )答案:8%10.What is the expected return of buying the bond at a price of $1,000? ( )答案:8%。