[公告]攒人品，帮大家解答CMA、ACCA、CFA、CGA考题 - ChaseDream

意外惊喜，IMA协会竟然通知我是最近一段时间的全球最高分，邀请我去Florida领奖并参加89th Annual Conference。

真是运气好啊！不是谦虚——这些资格考试前15%的成绩应该不会有多大差别，并且差别的原因基本上是蒙A or B的一闪念，根本不代表实际水平的高低。不过能去Florida玩一圈，实在是非常开心(嘻嘻，我是没见过世面的土人，大家不要笑话我哦)。

高兴之余，决定换个马甲继续攒人品，帮大家解答CMA、ACCA、CFA、CGA考题，备考的朋友们跟帖提问吧。

1．本贴主要回答具体考试的题目，因为CD已经有很多关于各种证书的精品考经了，其他考试相关的信息请大家耐心翻阅本版其他帖子。

2．水平有限，不能保证所有问题都能回答出来，更不能保证答案的正确性。毕竟通过考试和满分有很大差距，即使满分，一次考试也不能证明全部掌握了LOS，再加上总有粗心的时候，只能尽微薄之力，和大家分享一下我的解题思路吧，权做抛砖引玉。

3．时间有限，按提问先后回答，目标是每周解决2个问题，但可以保证，只要有人问，至少每周会回答1个问题。

4．争论各种证书的高下，是一场没有规则的比赛，意义不大。至于考试的难度，主要看Current Academic Background and Practical Experience，呵呵，不过这取决于我们无法改变的过去了。万一少壮没努力，也无须伤悲：Certificates不过是职业生涯中的小点缀，和幸福人生的相关性其实不大。即使非要采下这朵路边的野花，也不过现在多花些功夫就是了。

题目问的是closets to，还是closest to？按CMA考试的风格，可能是closest to，那就是要求在A、B、C、D中选和自己算出来的MIRR最接近的一个作为答案。

我算出来的present value interest factors for an amount of $1 for three periods 是0.69，在A、B、C、D中最接近B。

我的经验可能不具有通用性。我的CMA是2007年3-5月份间考的，除了中间因为考证券从业资格和五一放假，基本上是一周一科。由于周末一般要陪朋友出去玩，或者准备6月份的其他考试，所以一般周一下班后看看LOS上哪些部分没把握，利用周二、三下班后的时间找以前的书强化一下，然后约在Thu考。

我的优势可能是在考CICPA以及读硕士期间理论知识抓得很牢，所以一般看完LOS就心理比较有把握了——因为大部分内容自己都很熟悉。只要把几小块比较生疏的知识点再温习一遍就好了。

有什么题目搞晕头了，可以直接跟帖问好了，很多题目其实不是不会，只是一时间头晕脑胀，大家一起来看看可能会好很多。

很高兴你考了如此高分！请问考Part2你有何经验，特别是US GAAP部分。

另外，我是在职考试。感觉比较吃力。值得辞职考吗？谢谢！

ROE：rate of return on investment
ROI：rate of return on investment
ROS：rate of return on sale

ROI=(ROS*Sale-Fixed Expense)/Investment
ROE=(ROI*Investment-Debt*cost of debt)/(Investment-Debt)，

从所有者的角度，在ROE、ROI、ROS以及cost of debt等指标中，最核心的当然是ROE：一切提高ROI、ROS，降低cost of debt的手段都是为了提高ROE。

A．Successful use of leverage意味着ROI>cost of debt，否则如果ROI<cost of debt，短期来看，整个项目就不应该投资；

C．在未提供Sale、Fixed Expense以及Investment的更详细信息前，ROS和ROE之间的关系是不确定的；

有固定资本，就有经营杠杆；有负债，就有财务杠杆。但存在杠杆并不意味着有效利用了杠杆。举个简单的例子来解释吧：

某公司资本总额2500万元，负债总额1000万元，利率为10%，该公司销售额为800万元，固定资本120万元，变本成本率为60%。

经营杠杆系数=边际贡献/息税前利润=320/200=1.6

财务杠杆系数=息税前利润/税前利润=200/100=2

这种情况下，企业选择负债进的原因一般是看好市场的远景，但无力承担全额资本投资或者对市场尚有疑虑，不愿贸然进行过大规模的投资。

但是当销售额增长100%，达到1600万元；息税前利润=(1600-1600*60%)-120=520万元，息税前利润增长率=(520-200)/200=160%；税前利润=520-100=420万元，税前利润增长率=(420-100)/100=320%。这就是杠杆的作用。

而此时，有负债时的ROE=税前利润/(资本总额-负债)=420/(2500-1000)=28%

看到有人在找CFA LEVEL II Schweser Notes 6的答案详解，正好手边有2007年的，共享一下，仅供私人学习使用哦

1. 运用杜邦分析三因素法计算对比分析两年的ROE及说明杜邦分析法的优缺点及改进措施,还有就是最佳资本结构的选择几加权资金成本计算

2. 关于市场战略的,有一公司有两个方案,一个是开发新产品,自己营销,另一方案是收购一个公司,但这个公司要独立运营两年后才纳入该公司全面财务\营运\行政管理,从经济及市场战略方面考虑其优缺点及实施方案

3. 关于线性归划的问题,说一个公司受制于交货时间和运输能力,写出公式并分析优缺点,及如何实现利润最大化问题

杜邦财务分析体系是从财务角度评价评价公司赢利能力和股东权益回报水平、企业绩效的一种经典方法。它从权益净利率出发，将权益净利率进行分解销售净利率、资产周转率和权益成数，进而层层分解至企业最基本生产要素的使用，成本与费用的构成和企业风险，衡量权益净利率发生升降变化的具体原因，其基本思想就是将企业净资产收益率逐级分解为多项财务比率乘积。

权益净利率＝资产净利率×权益乘数
资产净利率＝销售净利率×总资产周转率

具体的优缺点及改进措施都要结合具体的公司背景资料来谈的。下面只是一些泛泛而谈，仅供参考。

杜邦模型最显著的特点是将若干个用以评价企业经营效率和财务状况的比率按其内在联系有机地结合起来，形成一个完整的指标体系，并最终通过权益收益率来综合反映。采用这一方法，可使财务比率分析的层次更清晰、条理更突出，为报表分析者全面仔细地了解企业的经营和盈利状况提供方便。

杜邦分析法有助于企业管理层更加清晰地看到权益资本收益率的决定因素，以及销售净利润率与总资产周转率、债务比率之间的相互关联关系，给管理层提供了一张明晰的考察公司资产管理效率和是否最大化股东投资回报的路线图。

I．权益净利率是一个综合性最强的财务分析指标，是杜邦分析系统的核心。

II．资产净利率是影响权益净利率的最重要的指标，具有很强的综合性，而资产净利率又取决于销售净利率和总资产周转率的高低。总资产周转率是反映总资产的周转速度。对资产周转率的分析，需要对影响资产周转的各因素进行分析，以判明影响公司资产周转的主要问题在哪里。销售净利率反映销售收入的收益水平。扩大销售收入，降低成本费用是提高企业销售利润率的根本途径，而扩大销售，同时也是提高资产周转率的必要条件和途径。

III．权益乘数表示企业的负债程度，反映了公司利用财务杠杆进行经营活动的程度。资产负债率高，权益乘数就大，这说明公司负债程度高，公司会有较多的杠杆利益，但风险也高；反之，资产负债率低，权益乘数就小，这说明公司负债程度低，公司会有较少的杠杆利益，但相应所承担的风险也低。

从企业绩效评价的角度来看，杜邦分析法只包括财务方面的信息，不能全面反映企业的实力，有很大的局限性，在实际运用中需要加以注意，必须结合企业的其他信息加以分析。主要表现在：

I．对短期财务结果过分重视，有可能助长公司管理层的短期行为，忽略企业长期的价值创造。

II．财务指标反映的是企业过去的经营业绩，衡量工业时代的企业能够满足要求。但在目前的信息时代，顾客、供应商、雇员、技术创新等因素对企业经营业绩的影响越来越大，而杜邦分析法在这些方面是无能为力的。

III．在目前的市场环境中，企业的无形知识资产对提高企业长期竞争力至关重要，杜邦分析法却不能解决无形资产的估值问题。

在考试中其实基本上是同一个问题。
不考虑其他因素，最佳资本结构就是使加权资金成本最小的资本结构

网上随便搜搜咨询公司的面经吧，很多关于这类题目的，Open-end，全看具体的背景资料以及个人的理解，没什么标准答案的。

简单的题目，手工计算时一般只要计算几个顶点的利润，则其最大即可；

一般难度的，推荐用Excel的规划求解工具，很好用的。具体在菜单栏“工具”→“加载宏”，选中“规划求解”确定后，在看菜单栏的“工具”→“规划求解”；

. Orchard Corporation issued 100,000 shares of its $10 par value common stock (current
fair value $50 per share) on December 31 to the holders of all 10,000 common shares ($1
par value) of Morgan Company’s common stock in exchange for Morgan’s common
stock. Morgan will continue as a wholly-owned subsidiary of Orchard. Orchard’s out-
of-pocket costs related to the combination are $150,000, comprised of $100,000 of legal
fees directly related to the combination and $50,000 in costs related to the registration
statement filed with the Securities and Exchange Commission to issue the 100,000
shares. At December 31, the fair value of Morgan’s identified net assets exceeded the
carrying amount by $250,000. The balance in the Investment in Morgan Company
Common Stock account on Orchard’s Statement of Financial Position as of December 31
should be
a. $1,100,000.
b. $1,150,000.
c. $5,000,000.
d. $5,100,000.

答案

367. On January 1, Jennie Corporation purchased 30% of the common stock of Katlee
Company for $500,000. The following information relates to Katlee at the date of
acquisition.
Cash $ 50,000
Accounts receivable (net) 250,000
Building (net) 700,000
Land 100,000
Liabilities 100,000

Additional information relating to the purchase is shown below.
1. Jennie has the ability to exercise significant influence over Katlee.
2. Both the book value and the fair value are the same for the receivables, land,
and liabilities.
3. The fair market value of the building is $900,000.
4. Jennie depreciates its assets on a straight-line basis. Both tangible and
intangible assets are amortized over 10 years.
5. For the current year, Katlee had net income of $400,000 and declared and paid
dividends of $100,000.
What amount should Jennie report for its investment in Katlee at the end of the current
year?
a. $500,000.
b. $570,000.
c. $600,000.
d. $620,000.

答案:B

. The Board of Directors of Ingold Industries Inc. authorized Don Burger, president of
Ingold, to pay as much as $90,000 to purchase a tract of land adjacent to the main factory.
Burger negotiated a price of $75,800 for the land, and legal fees for closing costs
amounted to $820. A contractor cleared, filled, and graded the land for $6,800, and dug
the foundation for a new building for $4,300. A prefabricated building was erected at a
cost of $181,000. The building has an estimated useful life of 20 years with no residual
value. The contractor’s bill indicated that the cost of the parking lot and driveways was
$7,060. The parking lot and the driveways will need to be replaced in 15 years. The
proper amount to be recorded in Ingold’s land account is
a. $76,620.
b. $83,420.
c. $87,720.
d. $90,480.

答案B

. Patricia Company purchased all of the outstanding common stock of Echo Company
three years ago by issuing 200,000 shares of $1.00 par value stock which at the time had
a market value of $9.00. Because of uncertainties as to the value of Echo, it was agreed
that 10,000 additional shares would be issued if Echo’s earnings averaged more than
$180,000 during the next three years. Echo has met the $180,000 earnings contingency
at the end of three years, and the 10,000 additional shares were issued when the market
value was $10.00 per share. As a result of this transaction, Patricia’s consolidated
Statement of Financial Position should include
a. a $100,000 increase in goodwill.
b. a $100,000 decrease in retained earnings.
c. $100,000 additional paid-in-capital in excess of par.
d. the same total assets, total liabilities, and total shareholders’ equity as before the
transaction.

答案a

On July 1, Broadstreet Corporation acquired a patent on its new manufacturing process
which streamlines its production operation. The cost of the patent was $17,000, and
Broadstreet expects that the useful life of the new process will be 10 years, although the
legal life of the patent is 17 years. Broadstreet is a calendar year corporation and is
preparing its December 31 Statement of Financial Position. At which amount should the
patent be reported at December 31 of the year of acquisition?
a. $15,300.
b. $16,000.
c. $16,150.
d. $16,500.

答案c

楼楼帮忙啊~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~`

Answer 2:
Associate, equity method
500,000+400,000*30%-100,000*30%-(900,000-700,000)/10=570,000

1.协会的官方版教材和Notes相比
优点：
(1).权威；
(2).有中文翻译
(3).价格相对便宜
缺点
(1).几乎没练习题
(2).内容编排太像教材了，比较适合系统掌握知识而非快速通过考试
(3).中文翻译的错误虽然比第一版少些，比英文版仍有差距

2.Gleim、Hock、Rigos
三家都是赫赫有名CMA Notes的出版商，总体来讲的优缺点正好和上述相反，毕竟都是几十年的老牌子了，能在激烈的市场竞争中存活下来，足以证明其品质；而诸雄并存的现状也意味着三家各有千秋，没有哪一家有绝对的垄断性优势。

协会提供的题库共有不足1000题，其中Part1两百多题，Part2四百多题，Part3两百多题，Generally speaking，这个题量是不够的。当然，具体的习题量，是因人而异的。

compensate balance should be included in which part of balance sheet?how about overdraw?

The balance sheets of Wilcox Corporation at the beginning and end of the year contained the following data:
Beginning of Year
End of Year
Property, Plant, and Equipment (at cost)
$400,000
$550,000
Accumulated Depreciation
180,000
160,000
Property, Plant, and Equipment (net)
$220,000
$390,000
During the year, Wilcox Corporation sold machinery and equipment at a gain of $4,000. It purchased new machinery and equipment at a cost of $230,000. Depreciation charges on machinery and equipment for the year amounted to $50,000. Calculate the proceeds Wilcox Corporation received from the sale of the machinery and equipment.

Lee Manufacturing uses a standard cost system with overhead applied based on direct
labor hours. The manufacturing budget for the production of 5,000 units for the month of
May included the following information.
Direct labor (10,000 hours at $15 per hour) $150,000
Variable overhead 30,000
Fixed overhead 80,000

During May, 6,000 units were produced and the direct labor efficiency variance was
$1,500 unfavorable. Based on this information, the actual number of direct labor hours
used in May was

238.
At the beginning of the year, Douglas Company prepared the following monthly budget
for direct materials.
Units produced and sold 10,000
15,000

At the end of the month, the company's records showed that 12,000 units were produced
and sold and $20,000 was spent for direct materials. The variance for direct materials is

a.
$2,000 favorable.
b.
$2,000 unfavorable.
c.
$5,000 favorable.
d.
$5,000 unfavorable.

243.
Lee manufacturing uses a standard cost system with overhead applied based on direct
labor hours. The manufacturing budget for the production of 5,000 units for the month of
June included 10,000 hours of direct labor at $15 per hour, $150,000. During June, 4,500
units were produced, using 9,600 direct labor hours, incurring $39,360 of variable
overhead, and showing a variable overhead efficiency variance of $2,400 unfavorable.
The standard variable overhead rate per direct labor hour was
a.
$3.85.
b.
$4.00.
c.
$4.10.
d.
$6.00.

247.
The JoyT Company manufactures Maxi Dolls for sale in toy stores. In planning for this
year, JoyT estimated variable factory overhead of $600,000 and fixed factory overhead of
$400,000. JoyT uses a standard costing system, and factory overhead is allocated to units
produced on the basis of standard direct labor hours. The denominator level of activity
budgeted for this year was 10,000 direct labor hours, and JoyT used 10,300 actual direct
labor hours.

Based on the output accomplished during this year, 9,900 standard direct labor hours
should have been used. Actual variable factory overhead was $596,000, and actual fixed
factory overhead was $410,000 for the year. Based on this information, the variable
overhead spending variance for JoyT for this year was

a.
$24,000 unfavorable.
b.
$2,000 unfavorable.
c.
$4,000 favorable.
d.
$22,000 favorable.

69.
Tip-Top Cleaning Supply carries a large number of different items in its inventory, giving
the firm a competitive advantage in its industry. Below is part of Tip-Top’s budget for
the first quarter of next year.
Sales $855,000
Cost of goods sold 425,000
Rent and salary expenses 375,000

Historically, all of the sales are on account and are made evenly over the quarter. 5% of
all sales are determined to be uncollectible and written off. The balance of the
receivables is collected in 50 days. This sales and collection experience is expected to
continue in the first quarter. The projected balance sheet for the first day of the quarter
includes the following account balances.

Cash $ 10,000
Accounts receivable (net) 450,000
Inventory 900,000
Accounts payable 800,000

How much cash can Tip-Top anticipate collecting in the first quarter (based on a 360-day
year)?

70.
Monroe Products is preparing a cash forecast based on the following information.
.
Monthly sales: December $200,000; January $200,000; February $350,000;
March $400,000.
.
All sales are on credit and collected the month following the sale.
.
Purchases are 60% of next month’s sales and are paid for in the month of
purchase.
.
Other monthly expenses are $25,000, including $5,000 of depreciation.
If the January beginning cash balance is $30,000, and Monroe is required to maintain a
minimum cash balance of $10,000, how much short-term borrowing will be required at
the end of February?

以下是引用jiniandehulv在2008-10-26 17:39:00的发言：

紧急求助,非常感谢

During May, 6,000 units were produced and the direct labor efficiency variance was
$1,500 unfavorable. Based on this information, the actual number of direct labor hours
used in May was

a.
9,900 hours.
b.
10,100 hours.
c.
11,900 hours.
d.
12,100 hours.

答案

238.
At the beginning of the year, Douglas Company prepared the following monthly budget
for direct materials.
Units produced and sold 10,000
15,000

Direct material
$15,000 $22,500

At the end of the month, the company's records showed that 12,000 units were produced
and sold and $20,000 was spent for direct materials. The variance for direct materials is

a.
$2,000 favorable.
b.
$2,000 unfavorable.
c.
$5,000 favorable.
d.
$5,000 unfavorable.

答案:b

a.
$24,000 unfavorable.
b.
$2,000 unfavorable.
c.
$4,000 favorable.
d.
$22,000 favorable.

答案

以下是引用jiniandehulv在2008-10-26 19:33:00的发言：

2more:

Cash $ 10,000
Accounts receivable (net) 450,000
Inventory 900,000
Accounts payable 800,000

How much cash can Tip-Top anticipate collecting in the first quarter (based on a 360-day
year)?

a.
$811,000.
b.
$830,000.
c.
$901,250.
d.
$902,500.

answenA

a.
$60,000.
b.
$70,000.
c.
$75,000.
d.
$80,000.

answer:B

Answer2:
$30,000+$200,000-$350,000*60%-($25,000-$5,000)+$200,000-$400,000*60%-($25,000-$5,000)-$10,000

Kern Manufacturing has several divisions and evaluates performance using segment
income. Since sales include transfers to other divisions, Kern has established a price for
internal sales as cost plus 10%. Red Division has requested 10,000 units of Green
Division’s product. Green Division is selling its product externally at a 60% markup
over cost. The corporate policy will encourage the Green Division to
a.
transfer the product to the Red Division because all costs are being covered and
the division will earn a 10% profit.
b.
reject the sale to the Red Division because it does not provide the same markup as
external sales.
c.
accept the sale to the Red Division if it is operating at full capacity and the sale
will contribute to fixed costs.
d.
transfer the product to the Red Division if it does not require the Green Division
to give up any external sales.

For several years, Northern Division of Marino Company has maintained a positive
residual income. Northern is currently considering investing in a new project that will
lower the division’s overall return on investment (ROI) but increase its residual income.
What is the relationship between the expected rate of return on the new project, the firm’s
cost of capital, and the division’s current ROI?

a.
The expected rate of return on the new project is higher than the division’s current
return on investment, but lower than the firm’s cost of capital.
b.
The firm’s cost of capital is higher than the expected rate of return on the new
project, but lower than the division’s current return on investment.
c.
The division’s current return on investment is higher than the expected rate of
return on the new project, but lower than the firm’s cost of capital.
d.
The expected rate of return on the new project is higher than the firm’s cost of
capital, but lower than the division’s current return on investment.

KHD Industries is a multidivisional firm that evaluates its managers based on the return
on investment (ROI) earned by their divisions. The evaluation and compensation plans
use a targeted ROI of 15% (equal to the cost of capital) and managers receive a bonus of
5% of basic compensation for every one-percentage point that the division's ROI
exceeds 15%. David Evans, manager of the Consumer Products Division, has made a
forecast of the division's operations and finances for next year that indicates the ROI
would be 24%. In addition, new short-term programs were identified by the Consumer
Products Division and evaluated by the finance staff as follows.
Program Projected ROI
A 13%
B 19%
C 22%
D 31%

以下是引用jiniandehulv在2008-11-1 0:54:00的发言：

Answer 1: D
Definition of TP (Transfer pricing). You can get further explanation from whichever textbook.

Answer 2: D
Definition of ROI & RI. Also, you can get further explanation from whichever textbook.

Answer 3: Er, is this Q want us to select which program should be excluded? If so, the answer is A.

Frankly speaking, all the nine Qs you have asked is about the basic definition. I suggest you should

spend more efforts on whichever textbook before doing exercises. In my opinion, even you may pass

the Part 3 by submerging masses of Qs, you can hardly pass Part 4 in the same way, since at

Sigh, it's time for chinese financial year-end, busy season! I have to spend less time on our forum.