投资学英文第7版TestBank谜底chap024[资料]
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投资学英文第7版TestBank谜底chap024[资料] Multiple Choice Questions
1. Trading activity by mutual funds just prior to quarterly reporting dates is known as
A) insider trading.
B) program trading.
C) passive security selection.
D) window dressing.
E) none of the above.
Answer: D Difficulty: Moderate
Rationale: Mutual funds must disclose portfolio composition quarterly, and trading
ctivity that immediately precedes the reporting date is referred to as "window dressing". a
The speculation is that window dressing involves changes in portfolio composition,
which gives the appearance of successful stock selection.
2. The comparison universe is __________.
A) a concept found only in astronomy
B) the set of all mutual funds in the world
C) the set of all mutual funds in the U. S.
D) a set of mutual funds with similar risk characteristics to your mutual fund
E) none of the above
Answer: D Difficulty: Easy
Rationale: A mutual fund manager is evaluated against the performance of managers of
funds of similar risk characteristics.
3. __________ did not develop a popular method for risk-adjusted performance
evaluation of mutual funds.
A) Eugene Fama
B) Michael Jensen
C) William Sharpe
D) Jack Treynor
E) A and B
Answer: A Difficulty: Easy
Rationale: Michael Jensen, William Sharpe, and Jack Treynor developed popular
models for mutual fund performance evaluation.
4. Henriksson (1984) found that, on average, betas of funds
__________ during market
advances
A) increased very significantly
B) increased slightly
C) decreased slightly
D) decreased very significantly
E) did not change
Answer: C Difficulty: Moderate
Rationale: Portfolio betas should have a large value if the market
is expected to perform
well and a small value if the market is not expected to perform well; thus, these results
reflect the poor timing ability of mutual fund managers.
5. Most professionally managed equity funds generally __________.
A) outperform the S&P 500 index on both raw and risk-adjusted return measures
B) underperform the S&P 500 index on both raw and risk-adjusted
return measures
C) outperform the S&P 500 index on raw return measures and underperform the S&P
500 index on risk-adjusted return measures
D) underperform the S&P 500 index on raw return measures and outperform the S&P
500 index on risk-adjusted return measures
E) match the performance of the S&P 500 index on both raw and risk-adjusted return
measures
Answer: B Difficulty: Moderate
Rationale: Most mutual funds do not consistently, over time, outperform the S&P 500
index on the basis of either raw or risk-adjusted return measures.
6. Suppose two portfolios have the same average return, the same standard deviation of
returns, but portfolio A has a higher beta than portfolio B. According to the Sharpe
measure, the performance of portfolio A __________.
A) is better than the performance of portfolio B
B) is the same as the performance of portfolio B
C) is poorer than the performance of portfolio B
D) cannot be measured as there is no data on the alpha of the portfolio
E) none of the above is true.
Answer: B Difficulty: Moderate
Rationale: The Sharpe index is a measure of average portfolio returns (in excess of the
risk free return) per unit of total risk (as measured by standard deviation).
7. Consider the Sharpe and Treynor performance measures. When a pension fund is large
and has many managers, the __________ measure is better for evaluating individual
managers while the __________ measure is better for evaluating the manager of a small
fund with only one manager responsible for all investments.
A) Sharpe, Sharpe
B) Sharpe, Treynor
C) Treynor, Sharpe
D) Treynor, Treynor
E) Both measures are equally good in both cases.
Answer: C Difficulty: Moderate
Rationale: The Treynor measure is the superior measure if the portfolio is a small
portion of many portfolios combined into a large investment fund. The Sharpe measure
is superior if the portfolio represents the investor's total risky investment position.
8. Suppose you purchase 100 shares of GM stock at the beginning of year 1, and purchase
another 100 shares at the end of year 1. You sell all 200 shares at the end of year 2.
Assume that the price of GM stock is $50 at the beginning of year 1, $55 at the end of
year 1, and $65 at the end of year 2. Assume no dividends were paid on GM stock.
Your dollar-weighted return on the stock will be __________; your time-weighted
return on the stock.
A) higher than
B) the same as
C) less than
D) exactly proportional to
E) more information is necessary to answer this question
Answer: A Difficulty: Moderate
Rationale: In the dollar-weighted return, the stock's performance in the second year,
when 200 shares are held, has a greater influence on the overall dollar-weighted return.
The time-weighted return ignores the number of shares held.
9. Suppose the risk-free return is 4%. The beta of a managed portfolio is 1.2, the alpha is
1%, and the average return is 14%. Based on Jensen's measure of portfolio performance,
you would calculate the return on the market portfolio as
A) 11.5%
B) 14%
C) 15%
D) 16%
E) none of the above
Answer: A Difficulty: Difficult
Rationale: 1% = 14% - [4% + 1.2(x - 4%)]; x = 11.5%.
10. Suppose the risk-free return is 3%. The beta of a managed portfolio is 1.75, the alpha is
0%, and the average return is 16%. Based on Jensen's measure of portfolio performance,
you would calculate the return on the market portfolio as
A) 12.3%
B) 10.4%
C) 15.1%
D) 16.7%
E) none of the above
Answer: B Difficulty: Difficult
Rationale: 0% = 16% - [3% + 1.75(x - 3%)]; x = 10.4%.
11. Suppose the risk-free return is 6%. The beta of a managed portfolio is 1.5, the alpha is
3%, and the average return is 18%. Based on Jensen's measure of portfolio performance,
you would calculate the return on the market portfolio as
A) 12%
B) 14%
C) 15%
D) 16%
E) none of the above
Answer: A Difficulty: Difficult
Rationale: 3% = 18% - [6% + 1.5(x - 6%)]; x = 12%.
12. Suppose a particular investment earns an arithmetic return of 10% in year 1, 20% in
year 2 and 30% in year 3. The geometric average return for the year period will be
__________.
A) greater than the arithmetic average return
B) equal to the arithmetic average return
C) less than the arithmetic average return
D) equal to the market return
E) cannot tell from the information given
Answer: C Difficulty: Moderate
Rationale: The geometric mean will always be less than the
arithmetic mean unless the
turns in all periods are equal (in which case the two means will be equal).re
13. Suppose you buy 100 shares of Abolishing Dividend Corporation at the beginning of
year 1 for $80. Abolishing Dividend Corporation pays no dividends. The stock price at
the end of year 1 is $100, the price $120 at the end of year 2, and the price is $150 at the
end of year 3. The stock price declines to $100 at the end of year 4, and you sell your
100 shares. For the four years, your geometric average return is
A) 0.0%
B) 1.0%
C) 5.7%
D) 9.2%
E) 34.5%
Answer: C Difficulty: Difficult 1/4 Rationale:
[(1.25)(1.20)(1.25)(0.6667)] - 1.0 = 5.7%
14. You want to evaluate three mutual funds using the information ratio measure for
performance evaluation. The risk-free return during the sample period is 6%, and the
average return on the market portfolio is 19%. The average returns, residual standard
deviations, and betas for the three funds are given below.
The fund with the highest information ratio measure is __________.
A) Fund A
B) Fund B
C) Fund C
D) Funds A and B are tied for highest
E) Funds A and C are tied for highest
Answer: B Difficulty: Difficult
Rationale: Information ratio = α/σ(e); A: α = 20 - 6 - .8(19 - 6) = 3.6; 3.6/4 = 0.9; B: PPP
α = 21 - 6 - 1(19 - 6) = 2.0; 2/1.25 = 1.6; C: α = 23 - 6 - 1.2(19 - 6) = 1.4; 1.4/1.20 = PP
1.16.
15. You want to evaluate three mutual funds using the Sharpe measure for performance
evaluation. The risk-free return during the sample period is 6%. The average returns,
standard deviations and betas for the three funds are given below, as is the data for the
S&P 500 index.
The fund with the highest Sharpe measure is __________.
A) Fund A
B) Fund B
C) Fund C
D) Funds A and B are tied for highest
E) Funds A and C are tied for highest
Answer: C Difficulty: Moderate
Rationale: A: (24% - 6%)/30% = 0.60; B: (12% - 6%)/10% = 0.60; C: (22% - 6%)/20%
= 0.80; S&P 500: (18% - 6%)/16% = 0.75.
16. You want to evaluate three mutual funds using the Sharpe measure for performance
evaluation. The risk-free return during the sample period is 4%. The average returns,
standard deviations and betas for the three funds are given below, as is the data for the
S&P 500 index.
The fund with the highest Sharpe measure is __________.
A) Fund A
B) Fund B
C) Fund C
D) Funds A and B are tied for highest
E) Funds A and C are tied for highest
Answer: B Difficulty: Moderate
Rationale: A: (18% - 4%)/38% = 0.368; B: (15% - 4%)/27% = 0.407; C: (11% -
4%)/24% = 0.292; S&P 500: (10% - 4%)/22% = 0.273.
17. You want to evaluate three mutual funds using the Sharpe measure for performance
evaluation. The risk-free return during the sample period is 5%. The average returns,
standard deviations and betas for the three funds are given below, as is the data for the
S&P 500 index.
The investment with the highest Sharpe measure is __________.
A) Fund A
B) Fund B
C) Fund C
D) the index
E) Funds A and C are tied for highest
Answer: D Difficulty: Moderate
Rationale: A: (23% - 5%)/30% = 0.60; B: (20% - 5%)/19% = 0.789; C: (19% - 5%)/17%
= 0.824; S&P 500: (18% - 5%)/15% = 0.867.
18. You want to evaluate three mutual funds using the Treynor measure for performance
evaluation. The risk-free return during the sample period is 6%. The average returns,
standard deviations, and betas for the three funds are given below, in addition to
information regarding the S&P 500 index.
The fund with the highest Treynor measure is __________.
A) Fund A
B) Fund B
C) Fund C
D) Funds A and B are tied for highest
E) Funds A and C are tied for highest
Answer: A Difficulty: Difficult
Rationale: A: (13% - 6%)/0.5 = 14; B: (19% - 6%)/1.0 = 13; C: (25% - 6%)/1.5 = 12.7;
S&P 500: (18% - 6%)/1.0 = 12.
19. You want to evaluate three mutual funds using the Jensen measure for performance
evaluation. The risk-free return during the sample period is 6%, and the average return
on the market portfolio is 18%. The average returns, standard deviations, and betas for
the three funds are given below.
The fund with the highest Jensen measure is __________.
A) Fund A
B) Fund B
C) Fund C
D) Funds A and B are tied for highest
E) Funds A and C are tied for highest
Answer: C Difficulty: Difficult
Rationale: A: 17.6% -[6% + 1.2(18% - 6%)] = - 2.8%; B: 17.5% - [6% + 1.0(18% - 6%)]
= - 0.5; C: 17.4% - [6% + 0.8(18% - 6%)] = + 1.8.
20. Suppose you purchase one share of the stock of Volatile Engineering Corporation at the
beginning of year 1 for $36. At the end of year 1, you receive a $2 dividend, and buy
one more share for $30. At the end of year 2, you receive total dividends of $4 (i.e., $2
for each share), and sell the shares for $36.45 each. The time-weighted return on your
investment is ________.
A) -1.75%
B) 4.08%
C) 8.53%
D) 11.46%
E) 12.35%
Answer: C Difficulty: Moderate
Rationale: Year 1: ($30 + $2 - $36)/$36 = - 11.11%; Year 2: ($36.45 + $2 - $30)/$30 =
28.17%; Average: 8.53%.
21. Suppose you purchase one share of the stock of Volatile Engineering Corporation at the
beginning of year 1 for $36. At the end of year 1, you receive a $2 dividend, and buy
one more share for $30. At the end of year 2, you receive total dividends of $4 (i.e., $2
for each share), and sell the shares for $36.45 each. The dollar-weighted return on your
investment is _______.
A) -1.75%
B) 4.08%
C) 8.53%
D) 8.00%
E) 12.35%
Answer: E Difficulty: Moderate 2 Rationale: $36 + $30/(1 + r) =
$2/(1 + r) + $4/(1 + r) + $72.90/(1 + r)2; r = 12.35%.
22. Suppose you purchase one share of the stock of Cereal Correlation Company at the
beginning of year 1 for $50. At the end of year 1, you receive a $1 dividend, and buy
one more share for $72. At the end of year 2, you receive total dividends of $2 (i.e., $1
for each share), and sell the shares for $67.20 each. The time-weighted return on your
investment is __________.
A) 10.00%
B) 8.78%
C) 19.71%
D) 20.36%
E) none of the above
Answer: D Difficulty: Moderate
Rationale: Year 1: ($72 + $1 - $50)/$50 = 46%; Year 2: ($67.20 + $1 - $72)/$72 =
-5.28%; Average: 20.36%.
23. Suppose you purchase one share of the stock of Cereal Correlation Company at the
beginning of year 1 for $50. At the end of year 1, you receive a $1 dividend, and buy
one more share for $72. At the end of year 2, you receive total dividends of $2 (i.e., $1
for each share), and sell the shares for $67.20 each. The dollar-weighted return on your
investment is __________.
A) 10.00%
B) 8.78%
C) 19.71
D) 20.36%
E) none of the above
Answer: B Difficulty: Moderate
Rationale: $50 + $72 /(1 + r) = $1/(1 + r) + $2/(1 + r)2 +
$134.40/(1 + r)2; r = 8.78%.
24. Suppose you own two stocks, A and B. In year 1, stock A earns a 2% return and stock B
earns a 9% return. In year 2, stock A earns an 18% return and stock B earns an 11%
return. __________ has the higher arithmetic average return.
A) stock A
B) stock B
C) the two stocks have the same arithmetic average return
D) at least three periods are needed to calculate the arithmetic average return
E) none of the above
Answer: C Difficulty: Moderate
Rationale: A: (2% + 18%)/2 = 10%; B: (9% + 11%)/2 = 10%.
25. Suppose you own two stocks, A and B. In year 1, stock A earns a 2% return and stock B
earns a 9% return. In year 2, stock A earns an 18% return and stock B earns an 11%
return. Which stock has the higher geometric average return?
A) stock A
B) stock B
C) the two stocks have the same geometric average return
D) at least three periods are needed to calculate the geometric average return.
E) none of the above
Answer: B Difficulty: Moderate 1/21/2 Rationale: A: [(1.02)(1.18)] - 1 = 9.71%; B: [(1.09)(1.11)] - 1 = 10.00%.
Use the following to answer questions 26-29:
The following data are available relating to the performance of Sooner Stock Fund and the
market portfolio:
26. What is the Sharpe measure of performance evaluation for Sooner Stock Fund?
A) 1.33%
B) 4.00%
C) 8.67%
D) 38.6%
E) 37.14%
Answer: D Difficulty: Moderate
Rationale: (20% - 3%)/44% = 0.386, or 38.6%.
27. What is the Treynor measure of performance evaluation for Sooner Stock Fund?
A) 1.33%
B) 4.00%
C) 8.67%
D) 9.44%
E) 37.14%
Answer: D Difficulty: Moderate
Rationale: (20% - 3%)/1.8 = 9.44%.
28. Calculate the Jensen measure of performance evaluation for Sooner Stock Fund.
A) 2.6%
B) 4.00%
C) 8.67%
D) 31.43%
E) 37.14%
Answer: A Difficulty: Moderate
Rationale: α = 20% - [3% + 1.8(11% - 3%)] = 2.6%. P
29. Calculate the information ratio for Sooner Stock Fund.
A) 1.53
B) 1.30
C) 8.67
D) 31.43
E) 37.14
Answer: B Difficulty: Moderate
Rationale: α = 20% - [3% + 1.8(11% - 3%)] = 2.6%, 2.6% / 2.00% = 1.3.P
Use the following to answer questions 30-33:
The following data are available relating to the performance of Monarch Stock Fund and the
market portfolio:
30. What is the information ratio measure of performance evaluation for Monarch Stock
Fund?
A) 1.00%
B) 280.00%
C) 44.00%
D) 50.00%
E) none of the above
Answer: B Difficulty: Moderate
Rationale: α = 16% - [4% +1.15(12% - 4%)] = 2.8%; α/σ(e) =
2.8%/1% = 2.8, or PPP
280%.
博迪投资学第九版英文答案
CHAPTER 1: THE INVESTMENT ENVIRONMENT PROBLEM SETS 1.Ultimately, it is true that real assets determine the material well being of an economy. Nevertheless, individuals can benefit when financial engineering creates new products that allow them to manage their portfolios of financial assets more efficiently. Because bundling and unbundling creates financial products with new properties and sensitivities to various sources of risk, it allows investors to hedge particular sources of risk more efficiently. 2.Securitization requires access to a large number of potential investors. To attract these investors, the capital market needs: 1. a safe system of business laws and low probability of confiscatory taxation/regulation; 2. a well-developed investment banking industry; 3. a well-developed system of brokerage and financial transactions, and; 4.well-developed media, particularly financial reporting. These characteristics are found in (indeed make for) a well-developed financial market. 3.Securitization leads to disintermediation; that is, securitization provides a means for market participants to bypass intermediaries. For example, mortgage-backed securities channel funds to the housing market without requiring that banks or thrift institutions make loans from their own portfolios. As securitization progresses, financial intermediaries must increase other activities such as providing short-term liquidity to consumers and small business, and financial services. 4.Financial assets make it easy for large firms to raise the capital needed to finance their investments in real assets. If Ford, for example, could not issue stocks or bonds to the general public, it would have a far more difficult time raising capital. Contraction of the supply of financial assets would make financing more difficult, thereby increasing the cost of capital. A higher cost of capital results in less investment and lower real growth.
第七章会计学复习进程
判断题： 1、一般企业是以盈利为其主要经营目标的经济组织。 正确答案：对 2、进行产品销售是产品生产企业的主要经营活动。 正确答案：对 3、企业的应付账款和应付票据等也可增加企业的资金来源，因而也属于筹资活动中的交易和事项。 正确答案：错 4、企业发生的所有借款利息都应记入“财务费用”账户。 正确答案：错 5、在采用信用结算方式结算贷款时，企业会产生应付账款和预付账款等，形成供应过程的储备资金。 正确答案：错 6、企业发行债券会增加企业资产，也会形成企业负债。 正确答案：对 7、材料采购的实际成本由买价和采购费用两个部分组成。 正确答案：对 8、生产成本是对象化了的生产费用。 正确答案：对 9、直接材料、直接人工和制造费用通常称为产品的成本项目。 正确答案：对 10、“制造费用”账户在月末一般没有余额。（结转至生产成本） 正确答案：对 11、应交税费中的销项税额，可以确认为企业当期的收入。 正确答案：错 12、产品生产企业的商品销售成本是指销售商品本身的生产成本。 正确答案：对 13、销售费用是企业筹集生产经营所需资金所发生的各种费用。 正确答案：错 14、财务成果仅仅是指企业在一定会计期间实现的营业利润。 正确答案：错
15、企业的投资仅仅是指其对外投资。 正确答案：错 16、对内投资是指企业固定资产的构建。 正确答案：错 17、长期待摊费用属于企业的其他资产，也是企业的非实物资产投资。 正确答案：对 18、固定资产的后续计量是指企业在固定资产的存续期间考虑其使用状况以及与固定资产成本相关的市场价格变化等因素对固定资产价值的重新确认。 正确答案：对 19、“工程物资”账户核算企业为在建工程准备的各种物资的成本，包括工程用材料、尚未安装的设备以及为生产准备的工器具等。 正确答案：对 20、“累计折旧”账户属于资产类账户，其账户结构与一般的资产类账户完全相同。 正确答案：错 21、对使用寿命不确定的无形资产需要在其使用寿命内采用系统合理的方法进行摊销。 正确答案：错 22、交易性金融资产是企业为近期出售而持有的、以公允价值计量且其变动计入当期损益的金融资产。 正确答案：对 23、投资收益是指企业由于对内投资而取得的收益（或发生损失）。 正确答案：错 24、长期股权投资是企业准备短期持有的权益性投资。 正确答案：错 25、长期股权投资是指通过企业合并形成的权益性投资。 正确答案：错 26、同一控制下企业合并是指参与合并的企业在合并前后均受同一方或相同的多方最终控制，且该控制并非暂时性的。 正确答案：对 27、成本法是指长期股权投资最初以投资成本计量，在长期股权投资持有期间则要根据投资企业应享有被投资企业所有者权益份额的变动，对长期股权投资的账面价值进行相应调整的一种会计处理方法。 正确答案：错
投资学精要英语(essenfial of investment )计算分析题
1. Consider the three stocks in the following table. P represents prices at time t ,and Q represents shares outstanding at time t. STOCK C splits two-for-one in the last period. P0 Q0 P1 Q1 P2 Q2 A 90 100 95 100 95 100 B 50 200 45 200 45 200 C 100 200 110 200 55 400 a.calculate the rate of return on a price-weighted index of the three stocks for the first period(t=0 to t=1). 答案：At t = 0, the value of the index is: (90 + 50 + 100)/3 = 80 At t = 1, the value of the index is: (95 + 45 + 110)/3 = 83.3333 The rate of return is: (83.3333/80) – 1 = 4.167% b.What must happen to the divisor for the price-weight index in year 2? 答案：In the absence of a split, stock C would sell for 110, and the value of the index would be: (95 + 45 + 110)/3 = 83.3333 After the split, stock C sells at 55. Therefore, we need to set the divisor (d) such that: 83.3333 = (95 + 45 + 55)/d…..d = 2.340 c.Calculate the rate of return of the price-weighted index for the second period (t=1 to t=2). 答案：The rate of return is zero. The index remains unchanged, as it should, since the return on each stock separately equals zero. 2. using the data in the precious problem, calculate the first period rates of return on the following indexes of the three stocks: a. a market value-weight index. 答案：Total market value at t = 0 is: (9,000 + 10,000 + 20,000) = 39,000 Total market value at t = 1 is: (9,500 + 9,000 + 22,000) = 40,500 Rate of return = (40,500/39,000) – 1 = 3.85% b. an equally weighted index. 答案：The return on each stock is as follows:R a = (95/90) – 1 = 0.0556 R b = (45/50) – 1 = –0.10 R c = (110/100) – 1 = 0.10 The equally-weighted average is: [0.0556 + (-0.10) + 0.10]/3 = 0.0185 = 1.85% 3. suppose you short sell 100 shares of IBM, now selling at $120 per share. a. what is your maximum possible loss? 答案：In principle, potential losses are unbounded, growing directly with increases in the price of IBM. b. what happens to the maximum loss if you simultaneously place a stop-buy order at $128. 答案：If the stop-buy order can be filled at $128, the maximum possible loss per share is $8. If the price of IBM shares go above $128, then the stop-buy order would be executed, limiting the losses from the short sale.
会计基础第七章试题及答案
第七章财产清查 单项选择 1、一般来说，在企业撤销、合并和改变隶属关系时，应对财产进行（A ）。 A、全面清查 B、局部清查 C、实地盘点 D、定期清查 2、对于大量堆积的煤炭清查，一般采用（C ）方法进行清查 A、实地盘点 B、抽查检验 C、技术推算盘点 D、查询核对 3、下列记录可以作为调整账面数字的原始凭证的是（B ） A、盘存单 B、实存账存对比表 C、银行存款余额调节表 D、往来款项对账单 4、月末企业银行存款日记账余额为180000元，银行对账单余额为170000元，经过未达账项调节后的余额为160000元，则对账单日企业可以运用的银行存款实有数额为（ B ）元。 A、180000 B、160000 C、170000 D、不能确定 5、财产清查中发现账外机器1台，其市场价格为80000元，估计六成新，则该固定资产的入账价值为(B )元 A、80000 B、48000 C、32000 D、128000 6、在财产清查中发现盘亏1台设备，其账面原值为80000元，已提折旧20000元，则该企业记入“待处理财产损溢”账户的金额为( C )元 A、80000 B、20000 C、60000 D、100000 7、银行存款余额调节表中调节后的余额是（C ） A、银行存款账面余额 B、对账单余额与日记账余额的平均数 C、对账日企业可以运用的银行存款实有数额 D、银行方面的账面余额 8、“待处理财产损溢”账户未转销的借方余额表示（D ）。 A、等待处理的财产盘盈 B、等待处理的财产盘亏 C、尚待批准处理的财产盘盈数大于尚待批准处理的财产盘亏和毁损数的差额 D、尚待批准处理的财产盘盈数小于尚待批准处理的财产盘亏和毁损数的差额 9、盘盈的固定资产，一般应记入（B ）账户。 A、本年利润 B、以前年度损益调整 C、营业外收入 D、其他业务收入 10、对盘亏的固定资产净损失经批准后可记入（C ）账户的借方。 A、制造费用 B、生产成本 C、营业外支出 D、管理费用 11、对银行存款进行清查时，应将（B ）与银行对账单逐笔核对。 A、银行存款总账 B、银行存款日记账 C、银行支票备查簿 D、库存现金日记账 12、在实际工作中，企业一般以（C ）作为财产物资的盘存制度 A、收付实现制 B、权责发生制 C、永续盘存制 D、实地盘存制 13、库存现金清查的方法是（B ）。 A、核对账目法 B、实地盘点法 C、技术推算法 D、发函询证法 14、银行存款清查中发现的未达账项应编制（D ）来检查调整后的余额是否相等 A、对账单 B、实存账存对比表 C、盘存单 D、银行存款余额调节表 15、企业通过实地盘点法先确定期末存货的数量，然后倒挤出本期发出存货的数量，这种处理制度称为（D ） A、权责发生制 B、收付实现制 C、账面盘存制 D、实地盘存制 16、现金出纳每天工作结束前都要将库存现金日记账结算并与库存现金实存数核对，这属于（C ）
投资学英语词汇
1.Derivative securities 2.formula 3.credit risk 4.prospects 5.Consumption Timing 6.Allocation of Risk 7.Separation of Ownership and Management 8.Finding mispriced securities 9.undervalued securities 10.diversified portfolio 11.Credit unions 12.the Crisis 13.Credit Default Swaps (CDS) 14.rating agencies 15.sub-prime loans 16.transparent 17.Money market instruments 18.denominations 19.Treasury bills 20.Certificates of Deposit 21.Bankers’ Acceptances 22.Eurodollars 23.dollar-denominated 24.Repos and Reverses 25.credit crisis 26.Municipal Bonds 27.is exempt from 28.General obligation bonds 29.Revenue bonds 30.tax-exempt 31.Callable 32.Convertible 33.pass-throughs 34.subprime 35.Residual claim 36.Limited liability 37.Preferred stock 38.Perpetuity 39.Fixed dividends 40.Priority over common 41.Tax treatment 42.Tax treatment 43.index 44.exchange traded funds (ETFs)
管理会计基础
第七章管理会计基础 【必考点清单】占15-20分 必考点1：计算复利终值与现值 必考点2：系数互为倒数构成 必考点3：计算实际利率 必考点4：辅助生产费用的分配方法 必考点5：直接分配法、交互分配法、顺序分配法特点 必考点6：计划成本分配法、代数分配法特点 必考点7：直接分配法、交互分配法、顺序分配法分配辅助生产费用（不定项） 必考点8：制造费用的分配方法 必考点9：废品损失概念、计算净损失和会计处理 必考点10：正常停工与非正常停工损失概念和会计处理 必考点11：生产费用在完工产品和在产品之间的分配方法构成和适用情形 必考点12：约当产量方和定额比例法计算完工产品成本（不定项） 必考点13：联产品定义及分配方法 必考点14：副产品定义及分配 必考点15：品种法、分批法和分步法特点 必考点16：逐步结转分步法与平行结转分步法优缺点 【必考点试题】 【管理会计】 1.某人将10 000元存入银行，年利率2%，则10年后的终值是（）。 {已知：(F/P，2%．10)=1.2190 已知：(F/P，3%．10)=1.4160 已知：(F/P，2%．8)=1.0150 } A.12 190 B. 14160 C. 10150 D. 10000 【答案】A 【解析】F=P（1+i）n =10 000/（1+2%)10=12 190(元） 2. 下列关于普通年金现值与年资本回收额说法正确的有（） A. 年资本回收额与普通年金现值互为逆运算 B. 普通年金终值与普通年金现值互为逆运算 C. 资金回收系数与普通年金终值系数互为倒数 D. 普通年金终值系数与普通年金现值系数互为倒数 【答案】A 【解析】(l)年资本回收额与普通年金现值互为逆运算；(2)资金回收系数与普通年金现值系数互为倒数。 3. 下列关于普通年金终值与偿债基金说法正确的有（） A. 偿债基金和普通年金终值互为逆运算 B. 普通年金终值与普通年金现值互为逆运算 C. 偿债基金系数和普通年金终值系数互为倒数 D. 普通年金终值系数与普通年金现值系数互为倒数 【答案】AC 【解析】(1)偿债基金和普通年金终值互为逆运算；(2)偿债基金系数和普通年金终值系数互为倒数。 4. 复利终值和复利现值互为逆运算，复利终值系数和复利现值系数互为倒数。 【答案】√
会计基础第七章习题和答案
第七章 一、单项选择题 1、下列账簿中，不是依据记账凭证登记的是（）。 A、明细账 B、总账 C、日记账 D、备查账 答案D 解析：备查账簿是对在序时和分类等主要账簿中都不予登记或登记不够详细的经济业务事项补充登记，它并不根据会计凭证登记，也没有固定格式，而是用文字依据表外科目登记。 2、“原材料”“库存商品”等存货类明细账，一般采用（）账簿。 A、三栏式 B、多栏式 C、数量金额式 D、横线登记式 答案C 3、下列账簿中，通常采用三栏式帐页格式的是（）。 A、管理费用明细账 B、收入类明细账 C、总分类账 D、包装物明细账
答案C 解析：选项A用借方多栏式；选项B用贷方多栏式；选项D用数量金额式。 4、下列各项中，需要在帐页上书写的是（）。 A、单位名称Ｂ账簿名称 C、账户名称 D、启用日期 答案C 5、关于明细分类账的登记方法下列表述错误的是（）。 A、不同类型的经济业务的明细账可依据管理需要，依据记账凭证、原始凭证或汇总原始凭证逐日逐笔或定期汇总登记 B、固定资产、债权、债务等明细账可以定期汇总登记 C、库存商品、原材料、产成品收发明细账可以逐笔登记 D、收入、费用等明细账可以定期汇总登记 答案B 解析：固定资产、债权、债务等明细账应逐日逐笔登记。 6、下列不属于帐实核对的是（）。
A、会计部门各种财产物资明细分类账的期末余额与财产物资保管和使用部门的有关明细分类账期末余额应核对相符 B、现金日记账账面余额应与现金实际库存数逐日相核对 C、各项财产物资明细账账面余额与财产物资的实有数额是否相符 D、有关债权、债务明细账账面余额与对方单位的账面记录是否相符 答案A 解析：选项A属于账账核对的内容。 7、银行存款日记账与银行对账单之间的核对属于（）。 A、账证核对 B、账账核对 C、账实核对 D、余额核对 答案C 8、会计审核记账凭证时发现误将1000元写成100，尚未入账，一般应采用（）进行改正。 A、重新编制记账凭证 B、红字更正法 C、补充登记法 D、画线更正法 答案A 解析：因为这一凭证的金额错误尚未登记入账，所以重新填制凭证即可，如果应经登记入账，则用补充登记
证券投资学英文版答案
CHAPTER 2: ASSET CLASSES AND FINANCIAL INSTRUMENTS 1. (d) 2. The equivalent taxable yield is: 6.75%/(1 ? 0.34) = 10.23% 3. (a) Writing a call entails unlimited potential losses as the stock price rises. 4. a. You would have to pay the asked price of: 94:30 = 94.9375% of par = $949.375 b. The coupon rate is 3.625% implying coupon payments of $36.25 annually or, more precisely, $18.125 semiannually. c. Current yield = (Annual coupon income/price) = $36.25/$949.375 = 0.0382 = 3.82% 5. Preferred stock is like long-term debt in that it typically promises a fixed payment each year. In this way, it is a perpetuity. Preferred stock is also like long-term debt in that it does not give the holder voting rights in the firm. Preferred stock is like equity in that the firm is under no contractual obligation to make the preferred stock dividend payments. Failure to make payments does not set off corporate bankruptcy. With respect to the priority of claims to the assets of the firm in the event of corporate bankruptcy, preferred stock has a higher priority than common equity but a lower priority than bonds. 6. Money market securities are called ?°cash equivalents?± because of their great liquidity. The prices of money market securities are very stable, and they can be converted to cash (i.e., sold) on very short notice and with very low transaction costs. 7. P = $10,000/1.02 = $9,803.92 8. The total before-tax income is $4. After the 70% exclusion for preferred stock dividends, the taxable income is: 0.30 ?á $4 = $1.20 Therefore, taxes are: 0.30 ?á $1.20 = $0.36 After-tax income is: $4.00 ¨C $0.36 = $3.64 Rate of return is: $3.64/$40.00 = 9.10% 9. a. General Dynamics closed today at $112.65, which was $1.56 higher than yesterday?ˉs price. Yesterday?ˉs closing price was: $111.09 b. You could buy: $5,000/$112.65 = 44.4 shares c. Your annual dividend income would be: 44.4 ? $1.60 = $71.04 d. The price-to-earnings ratio is 16 and the price is $112.65. Therefore: $112.65/Earnings per share = 16 ? Earnings per share = $7.04 10. a. At t = 0, the value of the index is: (90 + 50 + 100)/3
会计基础 第七章
第七章财产清查 第一节财产清查概述 一、财产清查的概念和种类 财产清查是指通过对货币资金、实物资产和往来款项的盘点或核对，确定其实存数，查明账存数与实存数是否相符的一种专门方法。 种类： （一）按财产清查的范围不同，分为全面清查和局部清查 1.全面清查。 清查对象： （1）货币资金，包括库存现金、银行存款、其他货币资金等。 （2）财产物资 （3）债权债务，包括各项应收款项、应付款项、预收账款、预付账款及其他应收、应付款项。 适用范围：（多选） （1）年终决算前，为确保年终决算会计资料真实、正确，需进行全面清查。 （2）单位撤销、合并或改变隶属关系前，中外合资、国内合资前以及企业实行股份制改制前。 （3）单位主要领导调离工作前。 （4）开展全面清产核资、资产评估等活动。 2.局部清查。 清查对象： （1）库存现金，出纳人员应于每日业务终了时清点核对。 （2）银行存款，出纳人员每月至少应同银行核对一次。 （3）库存商品、原材料、包装物等，除年度清查外，年内应轮流盘点或重点抽查； （4）对各种贵重物资，每月应盘点一次。 （5）债权债务，每年至少应同对方核对一至两次。 【例题·多选题】下列需要进行全面财产清查的情况是（）。 A.年终决算之前 B.企业股份制改制前 C.进行全面资产评估时 D.单位主要领导调离时 『正确答案』ABCD 【例题·多选题】局部清查的范围是（）。 A.银行存款 B.固定资产 C.现金 D.贵重物品 『正确答案』ABCD 【例题·多选题】进行局部财产清查时，正确的做法是（）。 A.现金每月清点一次 B.银行存款每月至少同银行核对一次 C.贵重物品每月盘点一次 D.债权债务每年至少核对一、二次 『正确答案』BCD
投资学选择题及答案英文版
投资学选择题及答案英 文版 公司内部档案编码：[OPPTR-OPPT28-OPPTL98-OPPNN08]
INVESTMENT TUTORIAL 1 SUMISSION DEADLINE: OCT 22 1. Primary market refers to the market ____________. A. that attempts to identify mispriced securities and arbitrage opportunities. B. in which investors trade already issued securities. C. where new issues of securities are offered. D. in which securities with custom-tailored characteristics are designed. 2. Asset allocation refers to the _________. A. allocation of the investment portfolio across broad asset classes B. analysis of the value of securities C. choice of specific assets within each asset class D. none of the answers define asset allocation 3. An example of a derivative security is _________. A. a common share of General Motors B. a call option on Intel stock C. a Ford bond D. a . Treasury bond 4. Money Market securities are characterized by ________. I. maturity less than one year II. safety of the principal investment
2013会计学课件第七章
第七章收入、费用和利润 第一节收入 一、收入的核算 1■收入的概念 收入，是指企业在日常活动中形成、会导致所有者权益增加、与所有者投入资本无关的经济利益总流入。会计准则所涉及的收入，包括销售商品收入、劳务收入、利息收入、使用费收入、租金收入、股利收入等，但不包括为第三方或客户代收的款项。 收入具有如下基本特征： (1)收入是从企业日常活动中产生的，而不是从偶发交易或事项中产生的。 (2)收入可能表现为企业资产的增加，如增加银行存款、应收账款等，也可能表现为企业负债的减少，或者二者兼而有之。 (3)收入能导致企业所有者权益增加，收入能增加资产或减少负债或二者兼而有之。因此，根据资产-负债=所有者权益”的公式，企业取得收入一定能增加所有者权益。 (4)收入只包括本企业经济利益的流入，不包括为第三方或客户代收的款项， 如旅行社代客户购买门票而收取票款等。。 2.收入的分类、确认和计量 (1)收入的分类 收入按企业从事日常活动的性质不同，分为销售商品收入、提供劳务收入和让渡资产使用权收入。 收入按企业经营业务的主次不同，分为主营业务收入和其他业务收入。主营业务收入是指企业为完成经营目标从事经常性活动实现的收入，其他业务收入是指企业为完成其经营目标从事与经常性活动相关活动实现的收入。 ⑵ 销售商品收入的确认和计量 销售商品收入，应当在同时符合以下五项条件时才能予以确认，具体为：①企业已将商品所有权上的主要风险和报酬转移给购货方。②企业既没有保留通常与所有权相联系的继续管理权，也没有对已售出的商品实施有效控制。③收入的金额能够可靠地计量。④相关的经济利益很可能流入企业。⑤相关的已发生或将发生的成本能够可靠地计量。 销售商品收入通常应当按照从购货方已收或应收的合同或协议价款计量。 3■收入的核算 (1)主营业务收入 企业应设置主营业务收入”科目，并按主营业务的种类进行明细核算。企业实现的主营业务收入应按实际价款记账。本月实现的营业收入，借记银行存款”应收账款”等科目，贷记主营业务收入”科目，期末应将其余额转入本年利
会计岗位综合实训-基础会计学：电子教案7第七章 财产清查
会计岗位综合实训-基础会计学：电子教案7第七章财产清查
第七章财产清查 【教学课题】财产清查的作用和范围 【教学时间】 【教学地点】：25#106 【教学班级】： 【教学目的和要求】 通过本章学习，要求了解财产清查的范围，理解财产清查的概念、作用、种类 【教学重点和难点】财产清查的作用和种类 【教学方式手段】启发式和多媒体教学 【教学用具】：多媒体设备 【参考资料】：教材：高等教育出版社出版葛军主编《会计学原理》参考资料：高等教育出版社出版樊行健主编《基础会计》 新会计准则网https://www.360docs.net/doc/597637242.html,/ 中国会计网https://www.360docs.net/doc/597637242.html,/ 无忧会计网https://www.360docs.net/doc/597637242.html,/ 【教学过程】 【导入新课】 在我们今天将要学习的第七章财产清查中，大家将会详细地了解财产清查的作用和种类、财产清查的具体方法和财产清查结果的账务处理。 财产清查这一会计核算方法在整个会计核算方法体系中起着重要的作用，它直接关系到下一个环节—编制财务会计报告的质量。同时，大家在今后的实际工作中也会经常用到财产清查的相关知识。所以大家要认真听讲，做好笔记，以便为下一步的学习和今后的工作打好基础。 回顾：对账的内容是什么？会计核算的真实性原则的要求是什么？ 提问学生：对账的内容是什么？会计核算的真实性原则的要求是什么？并分别请学生回答。 教师总结：对账的内容是我们在第六章中学习的。它包括三方面的内容：即账证核对、账账核对和账实核对。会计核算的真实性原则是我们在第一章总
论中给大家介绍的。它要求我们提供的会计信息做到内容真实、数字准确、项目完整、资料可靠。我们知道一切企业和行政、事业单位的各项财产物资都必须通过账簿记录来反映其增减变动和结存情况。通过对账中的账证核对和账账核对工作，我们能够保证账簿记录的正确和完整，但会计核算的真实性原则要求我们提供的会计信息不但要正确完整而且要真实可靠。账簿记录的正确完整并不等于账簿记录的真实可靠。因为现实工作中有各种原因可能使各项财产的账面数额与实际结存数额发生差异，即账实不符。所以在结帐前我们除了要进行账证核对和账账核对外，还要进行账实核对。怎样进行账实核对呢？账实核对一般通过财产清查的方法进行。 引出：财产清查的概念：财产清查就是通过对会计核算单位的货币资金、存货、固定资产、债权、债务、有价证券等的盘点或核对，查明其实有数与账存数是否相符，并查明账实不符的原因的一种会计核算方法。 下面我们来看看财产清查具有哪些作用，有哪些种类以及财产清查的范围。 [讲授正文]： 一、财产清查的作用 在介绍财产清查的作用之前，先让学生 思考实际工作中有哪些原因可能导致 财产物资的账面数与实际结存数不一 致。可采用引导式提问启发学生从人为 和自然两方面因素考虑，然后由教师总 结。造成账实不相符的主要原因有：
2018初级会计实务第七章管理会计基础
2018初级会计实务 高频考点串讲班 靳焕一老师 第七章管理会计基础 一、单项选择题 1. 某企业生产A、B两种产品的外购动力消耗定额分别为4工时和6. 5工时。6月份生产A产品500件，B产品400件，共支付动力费11 040元。该企业按定额消耗量比例分配动力费，当月A产品应分配的动力费为（）元。 A. 3 840 B. 4 800 C. 11 040 D. 6 240 【正确答案】B 2. 某企业生产甲、乙两种产品，2009年12月共发生生产工人工资70 000元，福利费10 000元。上述人工费按生产工时比例在甲、乙产品间分配，其中甲产品的生产工时为1 200小时，乙产品的生产工时为800小时。该企业生产甲产品应分配的人工费为（）元。 A. 28 000 B. 32 000 C. 42 000 D. 48 000 【正确答案】D 3. 下列各项中，不属于辅助生产费用分配方法的是（）。 A. 售价法 B. 交互分配法 C. 直接分配法 D. 计划成本分配法 【正确答案】A 4. 甲公司有供电和供水两个辅助生产车间，2014年1月供电车间供电80 000度，费用120 000元，供水车间供水5 000吨，费用36 000元，供电车间耗用水200吨，供水车间耗电600度，甲公司采用直接分配法进行核算，则2014年1月供水车间的分配率是（）。 A. 7. 375 B. 7. 625 C. 7. 2 D. 7. 5 【正确答案】D 5. 辅助生产成本在交互分配法下的交互分配，是指将辅助生产成本首先在企业内部（）。 A. 辅助生产车间之间分配 B. 辅助生产车间与销售部门之间分配 C. 辅助生产车间与基本生产车间之间分配 D. 辅助生产车间与行政管理部门之间分配 【正确答案】A 6. 某工业企业下设供水、供电两个辅助生产车间，采用交互分配法进行辅助生产费用的分配。2014年1月，供水车间交互分配前实际发生的生产费用为54 000元，应负担供电车间的电费为16 200元，供水总量为300 000吨（供电车间耗用30 000吨，基本生产车间耗用210 000吨，行政管理部门耗用60 000吨）。供水
投资银行学重点word版
第一讲导论 一.金融市场的功能及参与者 金融市场——资源在时间上进行配置的场所按照金融工具的期限划分——资本市场与货币市场资本市场的参与者 筹资者包括政府及政府机构、公司与企业投资者包括机构投资者（institutional investor）和个人投资者（retail investor）中介机构投资银行；其他中介机构（会计师事务所、律师事务所、信用评级机构等）监管机构 二.投资银行的定义 投资银行是为筹资者和投资者提供金融服务的金融市场中介机构。 投资银行的声誉 百年老店关系(人脉) ——政府——公司 投资银行业务的利益冲突 客户利益之间的冲突投资银行自身利益与客户利益之间的冲突中国墙（China Wall） 国际著名的投资银行 高盛（Goldman Sachs）美林（Merill Lynch）摩根士丹利（Morgan Stanley）贝尔斯登（Bear Stern）瑞士联合银行（UBS）瑞士信贷第一波士顿（CS First Boston）野村证券（Nomura ）中国的证券公司 银河证券、国泰君安、申银万国、中信证券中金、高盛高华、瑞银证券 三.投资银行的业务 融资业务为政府及政府机构提供融资服务 ——国债发行 ——市政债券发行为公司和企业提供融资服务 ——股票发行和承销 ——公司债券发行和承销 经纪业务为个人和机构投资者提供证券交易经纪服务托管、清算、结算业务融资、融券业务 财务顾问业务 政府机构的财务顾问公司的财务并购业务顾问 资产管理业务委托资产管理集合资产管理计划、代客理财、年金管理 研究业务为机构投资者提供卖方（Sell-side）研究业务支撑 金融衍生工具业务衍生工具的设计、发行、交易、套利 自营业务利用自有资金进行股票、债券的投资 四.投资银行的发展趋势 全球化趋势 全球化=美国化?金融创新 金融创新=金融工程?业务多元化与业务专业化 金融超市——Citi Group 精品店——Blackrock, Fortress
投资学词汇中英文
投资学词汇中英文 Accrued interest应得利息 All-Ordinaries Index所有普通股指数 Arbitrage套戥 Ask Price买价 Asset-Backed Securities具资产保证的证券 At-the-money刚到价 Automatic Order Matching And Execution System自动对盘及成交系统Basis Point基点 Bear Markets熊市 Bid Price卖价 Bid-ask Spread买卖差价 Blue Chips蓝筹股 Bond债券 Book Value账面值 Broker经纪 Brokerage Fee经纪佣金 Bull Markets牛市 Call Option好仓期权/买入（认购）期权
Callable Bonds可赎回债券 Capital Gain资本增值 Capital Markets资本市场 Central Clearing and Settlement System中央结算系统Central Money Market Units债务工具中央结算系统Certificate of Deposits存款证 China Concepts Stock中国概念股 Closed-end闭端基金 Collateral抵押品 Commercial Paper商业票据 Common Stock普通股 Compound Interest复息 Contract Note成交单 Controlling Shareholder控制股东 Convertible Bond可换股债券 Corporate Bond公司债券 Coupon票息 Coupon Frequency派息次数 Coupon Rate票面息率 Covered warrants备兑认股权证 Credit Rating信用评级 Currency Board货币发行局
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证券投资学英文名词解释重点整理
1 Active management Attempts to achieve portfolio returns more than commensurate with risk, either by forecasting broad market trends or by identifying particular mispriced sectors of a market or securities in a market. Agency problem Conflicts of interest among stockholders, bondholders, and managers. Asset allocation decision Choosing among broad asset classes such as stocks versus bonds. Derivative security See primitive security. Equity Ownership in a firm. Also, the net worth of a margin account. Financial assets Financial assets such as stocks and bonds are claims to the income generated by real assets or claims on income from the government. Financial intermediary An institution such as a bank, mutual fund, investment company, or insurance company that serves to connect the household and business sectors so households can invest and businesses can finance production. Fixed-income security A security such as a bond that pays a specified cash flow over a specific period. Passive management Buying a well-diversified portfolio to represent a broad-based market index without attempting to search out mispriced securities. Real assets, financial assets Real assets are land, buildings, and equipment that are used to produce goods and services. Financial assets are claims such as securities to the income generated by real assets. Securitization Pooling loans for various purposes into standardized securities backed by those loans, which can then be traded like any other security. Security analysis Determining correct value of a security in the marketplace. Security selection decision Choosing the particular securities to include in a portfolio. 2 Asked price The price at which a dealer will sell a security.. Bid price The price at which a dealer is willing to purchase a security. Bid-asked spread The difference between a dealer's bid and asked price. Call option The right to buy an asset at a specified exercise price on or before a specified expiration date. Capital markets Includes longer-term, relatively riskier securities. Eurodollars Dollar-denominated deposits at foreign banks or foreign branches of American banks. Futures contract Obliges traders to purchase or sell an asset at an agreed-upon price on a specified future date. The long position is held by the trader who commits to purchase. The short position is held by the trader who commits to sell. Futures differ from forward contracts in their standardization, exchange trading, margin requirements, and daily settling (marking to market). London Interbank Offered Rate (LIBOR) Rate that most creditworthy banks charge one another for large loans of Eurodollars in the London market.