Bài tập CMA Part 2 Section A (2A): Financial Statement Analysis

Bài tập CMA Part 2 Section A (2A): Financial Statement Analysis (Phân tích báo cáo tài chính) là phần bài tập quan trọng trong Part 2 của chứng chỉ CMA. Phần bài tập này kiểm tra khả năng đọc hiểu, diễn giải và đánh giá báo cáo tài chính – kỹ năng cốt lõi của mọi nhà quản trị tài chính chiến lược. Đây cũng là trong những phần thi chiếm tỷ trọng điểm cao trong Part 2 của chứng chỉ CMA. Dưới đây TACA tổng hợp cho bạn đọc các bài tập của môn học này, tìm hiểu ngay nhé!

Nội dung chính của Part 2 Section A

Section A chiếm tỷ trọng 20% trong tổng bài thi của CMA Part 2. Các nội dung chính của môn học như sau:

1. Comparative financial statement analysis

1. Common size financial statements
2. Common base year financial statements
3. Financial trend analysis

2. Financial ratios

1. Liquidity
2. Leverage
3. Activity
4. Profitability
5. Market

3. Profitability analysis

1. Income measurement analysis
2. Revenue analysis
3. Cost of sales analysis
4. Expense analysis
5. Variation analysis

4. Special issues

1. Impact of foreign exchange rate changes on financial statements
2. Effects of changing prices and inflation
3. Impact of changes in accounting treatment
4. Accounting and economic concepts of value and income
5. Earnings quality

Xem thêm: CMA Part 2 Section A (2A): Financial Statement Analysis (Phân tích báo cáo tài chính)

Bài tập CMA Part 2 Section A trắc nghiệm

1. The acid test ratio shows the ability of a company to pay its current liabilities without having to

1. reduce its cash balance.
2. borrow additional funds.
3. collect its receivables.
4. liquidate its inventory.

2. All of the following are included when calculating the acid test ratio except

1. six-month treasury bills.
2. prepaid insurance.
3. accounts receivable.
4. 60-day certificates of deposit.

3. Dedham Corporation has decided to include certain financial ratios in its year-end annual report to shareholders. Selected information relating to its most recent fiscal year is provided below.

Dedham’s quick (acid-test) ratio at year end is

1. 2.00 to 1.
2. 1.925 to 1.
3. 1.80 to 1.
4. 1.05 to 1.

4. If a company has a current ratio of 2.1 and pays off a portion of its accounts payable with cash, the current ratio will

1. decrease.
2. increase.
3. remain unchanged.
4. move closer to the quick ratio.

5. An accountant has determined that last year a company had earnings before interest and tax of $750,000, interest expense of $125,000, and an income tax rate of 40%. What was the company’s degree of financial leverage last year?

1. 0.80.
2. 1.20.
3. 1.67.
4. 2.00.

6. A degree of operating leverage of 3 at 5,000 units means that a

1. 3% change in earnings before interest and taxes will cause a 3% change in sales.
2. 3% change in sales will cause a 3% change in earnings before interest and taxes.
3. 1% change in sales will cause a 3% change in earnings before interest and taxes.
4. 1% change in earnings before interest and taxes will cause a 3% change in sales.

7. Firms with high degrees of financial leverage would be best characterized as having

1. high debt-to-equity ratios.
2. zero coupon bonds in their capital structures.
3. low current ratios.
4. high fixed-charge coverage.

8. The use of debt in the capital structure of a firm

1. increases its financial leverage.
2. increases its operating leverage.
3. decreases its financial leverage.
4. decreases its operating leverage.

9. A financial analyst with Mineral Inc. calculated the company’s degree of financial leverage as 1.5. If net income before interest increases by 5%, earnings to shareholders will increase by

1. 1.50%.
2. 3.33%.
3. 5.00%.
4. 7.50%.

10. Which one of the following statements concerning the effects of leverage on earnings before interest and taxes (EBIT) and earnings per share (EPS) is correct?

1. For a firm using debt financing, a decrease in EBIT will result in a proportionally larger decrease in EPS.
2. A decrease in the financial leverage of a firm will increase the beta value of the firm.
3. If Firm A has a higher degree of operating leverage than Firm B, and Firm A offsets this by using less financial leverage, then both firms will have the same variability in EBIT.
4. Financial leverage affects both EPS and EBIT, while operating leverage only effects EBIT.

Bài tập CMA Part 2 Section A tự luận

Sentech Scientific Inc., a manufacturer of test instruments, is in contract negotiations with the labor union that represents its hourly manufacturing employees. Negotiations have reached an impasse, and it appears that a strike is imminent. The controller has called the general accounting manager into his office to discuss liquidity issues if and when a strike does occur.

The controller asks the accounting manager to recommend measures to assess liquidity if a strike were to occur. Although some of the nonunion employees could probably produce test instruments during a strike, the controller would rather be conservative and assume no shipments during this time frame. Since the customers may go to other sources to obtain the products they need during a strike, cash receipts for current outstanding amounts owed by customers may not be paid on a timely basis.

Questions:

1. Define liquidity and explain its importance to Sentech.
2. Identify three measures that could be used to assess liquidity and explain how to calculate these measures.
3. Determine which liquidity measure identified above would best fit the controller’s requirements, and explain why. Include in your discussion the reasons why the other measures would not be as appropriate.

Xem thêm: Bài tập CMA Part 2 Section A – Financial Statement Analysis có đáp án (PDF Free download)

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