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柏小颖 · 2020年10月01日

问一道题：NO.PZ2016012101000126 [ CFA I ]

  1. CFA I
  2. FRA

问题如下：

The data in Exhibit 1 appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.

Which of the following choices best describes reasonable conclusions an analyst might make about the company’s liquidity?

选项：

A.

Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its debt-to-assets ratio from 0.14 to 0.27.

B.

Comparing FY14 with FY10, the company’s liquidity deteriorated, as indicated by a decrease in interest coverage from 10.6 to 8.4.

C.

Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its current ratio from 0.71 to 0.75.

解释：

C  is correct.

Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its current ratio from 0.71 [= (316 + 558)/1,223] in FY10 to 0.75 [= (682 + 1,634)/3,108] in FY14. Note, however, comparing only current investments with the level of current liabilities shows a decline in liquidity from 0.26 (= 316/1,223) in FY10 to 0.22 (= 682/3,108) in FY14. Debt-to-assets ratio and interest coverage are measures of solvency not liquidity.

解析：从FY10到FY14，current ratio从0.71变为0.75，显示公司的流动性增强，A和B都是长期偿债能力指标，所以都不对。

考试的时候会考这么多数字的题目吗？看到这样的表格，心理上就崩溃了。遇到这种题目，解题思路是什么呢？先看答案，再用表格里的信息去验证答案吗？
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2 个答案

Kiko_品职助教 · 2022年03月29日

嗨，爱思考的PZer你好：


Other creditors and provisions就是坏账准备，他是为已知负债预留出来的准备金，属于负债的备抵类科目，这道题后面括号里面写的current，说明是流动负债里面的坏账准备，所以属于current liability。

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努力的时光都是限量版，加油！

Olive_品职助教 · 2020年10月03日

嗨，从没放弃的小努力你好：


考试的时候会考这么多数字的题目吗？

  • 有这个可能性，这是一道课后题，虽然表格大数字多，但是并不是所有的数字都会用到，考的就是我们从里面选择我们需要的信息来解题。

看到这样的表格，心理上就崩溃了。遇到这种题目，解题思路是什么呢？先看答案，再用表格里的信息去验证答案吗？

  • 不用崩溃啊，如果考试看到头痛的题目，可以先跳过，做完其他题目时间还富裕的话再回头看让我们头痛的题目就行啦，我们的目的是通过考试，不是非得拿100分
  • 可以先看选项，再根据选项来找题目所需的信息点，这就是选择题的优势，选项会提供给我们一些有用信息，尤其是这种题目信息太多的情况，针对选项来解题更有效率。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！


naomi_jin · 2022年03月29日

你好， Current Ratio=CA/CL, CA会算，CL为什么用“Other creditors and provisions ” 这个为什么等于Current liability?

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