-
报考条件
-
报名时间
-
考试咨询
-
课程咨询
-
内部资料
精选问答5
题干Pedro Ruiz is an analyst for acredit rating agency. One of the companies he follows, Eurexim SA, is based inFrance and complies with International Financial Reporting Standards (IFRS).
Ruiz has learned that Eurexim used EUR220 million of its own cash and borrowedan equal amount to open a subsidiary in Ukraine. Ukraine is not currently in a hyperinflationary environment, but Ruiz is concerned that this situation couldchange. Ruiz also believes the euro will appreciate against the hryvnia for theforeseeable future.
Given Ruiz’s belief about the direction of exchange rates, Eurexim’sgross profit margin would be highest if it accounts for the Ukraine subsidiary’s inventory using:
A. FIFO and the temporal method.
B. FIFO and the current ratemethod.
C. weighted-average cost and thetemporal method.
答案解析B iscorrect.
Ruiz expects the EUR to appreciate against the UAH and expects someinflation in the Ukraine. In an inflationary environment, FIFO will generate ahigher gross profit than weighted-average cost.
For either inventory choice,the current rate method will give higher gross profit to the parent company ifthe subsidiary’s currency is depreciating.
Thus, using FIFO and translating using the current rate method will generate a higher gross profit for the parent company, Eurexim SA, than any other combination of choices.
解题思路
gross profit margin=（revenue-COGS）/revenue，因为inventory的计量方法不影响revenue，且temporal method和current rate method转换revenue都是用average rate，区别就在于COGS，因此问哪个选项gross profit margin最大，就相当于问哪个选项的COGS最小。
先明确：FIFO先进先出，COGS反映的是以前购买的存货成本，weighted-average方法下的COGS反映的是加权平均的存货成本。Temporal method使用历史汇率转换COGS，current rate method使用average rate转换COGS。根据题目信息，乌克兰国内物价是在上涨的，乌克兰币相对欧元是在贬值。
A和C选项比，A选项COGS对应的是低价格，高汇率，C选项的COGS反映存货的平均价格，temporal method要追溯历史，所以转换用的汇率是加权平均历史汇率，也就是说C选项对应的是平均价格和平均汇率，很难讲A和C最终算出来的用欧元计价的COGS孰高孰低。但是不管是A和B比，还是C和B比，都是B选项的COGS最小。
A选项的temporal method和B选项的current rate method比，B选项的转换汇率更低，欧元计价的COGS更低。C选项和B选项用的汇率都是平均汇率，但是FIFO和weighted average比较，FIFO下的用乌克兰计价的COGS更低。综上，B选项在inventory计量方法上和转换方法上都能得到更低的COGS。
易错点分析
这是原版书reading 16的第二小题。很多同学在遇到存货计量方法和translation方法放在一起比较的时候就会无从下手，最好是先比较其中一个方法，然后再比较另一个方法，这样思维不容易混乱。
temporal method下，COGS用历史汇率转换，是因为B/S上的存货用的是历史汇率，要保持一致性。
有些同学认为，temporal method下用历史汇率转换就等同于用期初的汇率，这也是一个误区，事实上，temporal method下non-monetary
资产的转换是要追溯到资产取得时的历史汇率，资产取得的时点不一定就是期初，有可能早于也有可能晚于期初这个时点，对于存货来说，仓库里的存货通常不是一次性采购的，所以有时候题目为了简便，会给一个取得存货时的平均汇率，可以直接拿来用。相应地，
COGS的转换汇率也要追溯销售掉的存货的取得时点。精选问答6
题干Redline Products, Inc. is a US-based multinational with subsidiaries around the world. One such subsidiary,Acceletron, operates in Singapore. It records inventory using the FIFO method.
If the US dollar were chosen as the functional currency for Acceletron in 2007, Redline could reduce its balance sheet exposure to exchange rates by:
A. selling SGD30 million of fixed assets for cash.
B. issuing SGD30 million of long-term debt to buy fixed assets.
C. issuing SGD30 million in short-term debt to purchase marketable securities.
答案解析
A is correct.
If the US dollaris the functional currency, the temporal method must be used, and the balance sheet exposure will be the net monetary assets of 125 + 230 – 185 – 200 = –30,or a net monetary liability of SGD30 million.
this net monetary liability would be eliminated if fixed assets (non-monetary) were sold to increase cash. Issuing debt, either short-term or long-term, would increase the net monetary liability.
解题思路
Temporal method下exposure=monetary asset-monetary liability。现在的exposure可以计算一下，是-30。消除exposure，就是要让MA-ML=0，现在是ML比MA多30。
如果要消除exposure，就看看哪个选项的操作能够让MA增加30或者让ML减少30。A选项里fixed asset是non-monetary asset，cash是monetary asset，所以A选项的结果是是MA增加30，ML没变，能够消除exposure。
B选项long-term debt是ML，发债会导致ML增加，MA没变，没法消除exposure。C选项short-term debt也是ML，marketable securities是MA，MA和ML都增加，exposure不变，还是没有消除。所以选A。
易错点分析
有的同学会混淆exposure和translation gain/loss。Exposure是指的面临着汇率变动风险的资产和负债的敞口，不确定性会来来风险，所以才存在exposure。
计算exposure的时候是不考虑汇率变化的，而translation gain/loss是由于exposure带来的，正是因为有资产和负债面临着汇率变动的不确定性，才会在汇率变动的情况下产生gain/loss，non-monetary的资产和负债之所以不会带来exposure，就是因为他们的转换汇率是历史汇率，这个汇率是已经锁定好的，不存在任何的不确定性了。
不管exposure是正还是负，都是有exposure，都有可能带来loss，所以要消除这个敞口，也就是消除公司面临的汇率变动的不确定性，就要让exposure=0。
精选问答7
题干To evaluate P&C insurancecompanies, Johansson tells Smith that she places emphasis on the efficiency of spending on obtaining new premiums.
The best indicatorof the operations of a P&C insurance company emphasized by Johansson whenevaluating P&C insurance companies is the:
A. combined ratio.
B. underwriting loss ratio.
C. underwriting expense ratio.
答案解析C is correct.
The underwriting expense ratio is an indicator of the efficiency of money spent on obtaining newpremiums.
The underwriting loss ratio is an indicator of the quality of acompany’s underwriting activities—the degree of success an underwriter has achieved in estimating the risks insured. The combined ratio, a measure of the overall underwriting profitability and efficiency of an underwriting operation,is the sum of these two ratios.
解题思路
Underwriting expense ratio=为了获得新保单而发生的费用/赚到的保费，用来衡量保险公司获得新保单的效率。
underwriting lossratio=理赔及理赔相关支出/赚到的保费，衡量的是保险公司估计理赔事件发生的能力，或者说是承保业务的质量。
combined ratio是二者之和，衡量的是保险公司运营的总体效率。根据分析师的描述，我们可以确定分析师所指的
ratio就是underwriting expense ratio。
易错点分析
这道题是原版书reading 17课后题第四小题，原版书之前给的答案是combined ratio，今年三月份的时候协会发勘误将答案更正为Underwriting expense ratio。答案后面的英文解析是正确的。
这道题很多人会想当然的选combined ratio，但是combined ratio衡量的是保险公司运营的整体效率，题目很明确的说这个ratio是衡量spending on obtaining new premiums的效率，考的非常直接，就是书上的原文。Reading17这章没有什么计算，理解上也没有难度，有些细节很容易忽略，考试之前一定要再看一看。
精选问答8
题干Abay is alsoconcerned with earnings quality, so he intends to calculate Bickchip’scash-flow-based accruals ratio and the ratio of operating cash flow beforeinterest and taxes to operating income. To do so, he prepares the informationin Exhibit 3.
The ratio of operating cash flow beforeinterest and taxes to operating income for Bickchip for 2009 is closest to:
A. 1.6.
B. 1.9.
C. 2.1.
答案解析
B is correct.
Net cash flow provided by (used in) operating activity has to beadjusted for interest and taxes, as necessary, in order to be comparable tooperating income (EBIT).
Bickchip, reporting under IFRS, chose to classifyinterest expense as a financing cash flow so the only necessary adjustment isfor taxes. The operating cash flow before interest and taxes = 9,822 + 1,930 =11,752. Dividing this by EBIT of 6,270 yields 1.9.
解题思路
要求计算的ratio=operating cash flow before interest and taxes/operating income，分子要把CFO中扣除的利息和税加回，但是从Exhibit3最后两行可以知道，Bickchi公司把interest expense归为CFF，把tax归为CFO，因此计算2009年的这个ratio的时候只需要在分子上加回tax，也就是等于(9822+1930)/6270=1.9。
易错点分析
有的同学不理解为什么分子要加回tax和interest，这是为了让分子分母具有可比性而进行的调整，operating income是息税前的利润，还没有扣除interest和tax，但是CFO里面可能是扣掉了这两项的，所以为了分子分母统一，就要把扣掉的这两项加回。
这道题中的CFO只是扣掉了税，那么就只需要把税加回。还有些同学问：CFO里已经“includes”了tax，为什么要再加回，岂不是加了两遍。其实这里的include的意思是“考虑到”，而且题目表格给的CFO是一个net值，必然是扣掉了tax的，从这个角度也应该能理解对。
