Full-length drill: 90 questions, the length of one CFA Level I exam session. Section sizes follow this bank's coverage of the Financial Statement Analysis curriculum, since CFA Institute publishes topic-area weights but not module-level ones. On the real exam, Financial Statement Analysis is roughly 11-14% of 180 questions — about 20-25 questions, not 90.
範例題目與解析（20 題）
以下為本題庫的取樣，依科目比例選出。完整題庫請至練習頁面。
1. Revenue is USD 3,600 and average accounts receivable are USD 400. Receivables turnover is:
(A)0.11 times.
(B)40.6 times.
(C)9.0 times.
解析
(A)Incorrect. 0.11 inverts the ratio.
(B)Incorrect. 40.6 is days of sales outstanding, 365 / 9.0.
2. In credit analysis, the ratio of funds from operations to total debt is used to assess:
(A)the borrower's dividend policy and its willingness to retain earnings.
(B)the borrower's capacity to repay debt from recurring internally generated cash.
(C)the borrower's market valuation relative to the debt carried by its peers.
解析
(A)Incorrect. Dividend policy is a competing use of the same cash, not a measure of repayment capacity.
(B)Correct. It is a core rating-agency metric, expressing debt as a multiple of the cash the business reliably produces before working capital swings.
(C)Incorrect. Valuation is a market judgement about the equity, not a measure of the cash available to service debt.
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CFA Level I | FRA | Financial Analysis Techniques
3. An analyst notes that a company classifies interest paid as a financing activity under IFRS while its US GAAP peer classifies interest paid as operating. To compare CFO, the analyst should:
(A)leave the figures as reported, since each classification complies with its own standards.
(B)reclassify interest paid consistently across both companies before comparing.
(C)add interest paid back to the CFO of both companies to neutralise the difference.
解析
(A)Incorrect. Both presentations are permitted, but that is precisely why they are not comparable as reported.
(B)Correct. Comparability requires a single consistent convention; the analyst restates one company to match the other before computing CFO-based ratios.
(C)Incorrect. Interest paid was never deducted from the IFRS company's CFO, so adding it back there double-counts and overstates operating cash flow.
答案為官方標準答案；以上解析由 AI 撰寫，非官方解析，僅供理解參考。
CFA Level I | FRA | Statement of Cash Flows
4. Cash collected from customers is USD 900, cash paid to suppliers and employees is USD 620, interest paid is USD 30, and taxes paid is USD 55. Using the direct method, CFO is:
(A)USD 280.
(B)USD 250.
(C)USD 195.
解析
(A)Incorrect. USD 280 stops at cash from customers less operating payments, omitting interest and tax.
(B)Incorrect. USD 250 omits the taxes paid.
(C)Correct. 900 - 620 - 30 - 55 = USD 195, assuming interest paid is classified as operating.
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CFA Level I | FRA | Statement of Cash Flows
5. A construction company has a USD 10 million contract with total expected costs of USD 8 million and recognises revenue over time using an input (cost-to-cost) method. If USD 2 million of cost has been incurred to date, revenue recognised to date is:
(A)USD 10.0 million.
(B)USD 2.0 million.
(C)USD 2.5 million.
解析
(A)Incorrect. The full contract price is recognised only when the performance obligation is fully satisfied.
(B)Incorrect. USD 2.0 million is the cost incurred, not the revenue; recognising cost as revenue would report zero profit.
(C)Correct. Progress = 2 / 8 = 25%; revenue = 25% x 10 million = USD 2.5 million, giving USD 0.5 million of profit to date.
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CFA Level I | FRA | Income Statement
6. For cumulative preferred shares, the amount deducted in computing basic EPS is:
(A)only the dividends actually declared during the period.
(B)the dividends for the period whether or not they were declared.
(C)nothing, since cumulative dividends are a liability.
解析
(A)Incorrect. That rule applies to non-cumulative preferred shares.
(B)Correct. Cumulative preferred dividends accrue to the preferred holders regardless of declaration, so the full periodic entitlement reduces income available to common shareholders.
(C)Incorrect. Undeclared cumulative dividends are generally not recognised as a liability, but they still reduce the EPS numerator.
答案為官方標準答案；以上解析由 AI 撰寫，非官方解析，僅供理解參考。
CFA Level I | FRA | Income Statement
7. An analyst computing interest coverage for a company that capitalises a significant amount of interest should:
(A)exclude interest entirely and use EBITDA-to-debt instead.
(B)use reported interest expense only, since capitalised interest is not an expense.
(C)add capitalised interest to reported interest expense in the denominator.
解析
(A)Incorrect. Substituting a different ratio does not resolve the misstatement of coverage.
(B)Incorrect. Capitalised interest is still a cash obligation to lenders; excluding it flatters the coverage ratio.
(C)Correct. Total interest incurred, whether expensed or capitalised, is the economically relevant charge; analysts adjust both the denominator and, if appropriate, EBIT for the depreciation of capitalised interest.
答案為官方標準答案；以上解析由 AI 撰寫，非官方解析，僅供理解參考。
CFA Level I | FRA | Long-Lived Assets
8. A company that consistently reports gains on the disposal of its fixed assets is most likely:
(A)depreciating those assets too rapidly relative to their economic consumption.
(B)depreciating those assets more slowly than they are economically consumed.
(C)applying the revaluation model to those assets.
解析
(A)Correct. A systematic pattern of disposal gains means carrying amounts are consistently below realisable value, which points to overly short useful lives or understated residual values.
(B)Incorrect. Too little depreciation would leave carrying amounts above realisable value and produce disposal losses, not gains.
9. A company that has been steadily reducing its allowance for doubtful accounts as a percentage of receivables, while days sales outstanding lengthens, is most likely:
(A)using reserve releases to support reported earnings.
(A)Correct. A shrinking reserve against a slower-paying book releases prior charges into income and is a well-known earnings-management pattern.
(B)Incorrect. Reducing reserves in the face of deteriorating collection metrics is aggressive, not conservative.
(C)Incorrect. Genuinely improving credit quality would normally shorten, not lengthen, the collection period.
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CFA Level I | FRA | Balance Sheet
10. A rising balance of deferred revenue at a software company is most often interpreted by analysts as:
(A)evidence that the company has overstated its revenue.
(B)a warning sign of deteriorating demand.
(C)a positive indicator of contracted future revenue.
解析
(A)Incorrect. Deferred revenue is precisely the amount not yet recognised as revenue.
(B)Incorrect. Falling deferred revenue is the warning sign, since it signals a shrinking contracted backlog.
(C)Correct. Deferred revenue is cash already collected against obligations still to be performed, so it represents revenue with high visibility.
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CFA Level I | FRA | Balance Sheet
11. A pension plan has an opening obligation of USD 5,000, service cost of USD 300, interest cost of USD 250, benefits paid of USD 200, and an actuarial loss of USD 100. The closing obligation is:
(A)USD 5,450.
(B)USD 5,850.
(C)USD 5,250.
解析
(A)Correct. 5,000 + 300 + 250 - 200 + 100 = USD 5,450. Benefits paid reduce the obligation; an actuarial loss increases it.
(B)Incorrect. USD 5,850 adds the benefits paid instead of deducting them.
(C)Incorrect. USD 5,250 omits the actuarial loss and mishandles a component.
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CFA Level I | FRA | Non-Current Liabilities
12. Which of the following costs is included in the cost of inventory?
(A)Freight and commissions paid on delivering goods to customers.
(B)Transport costs of bringing raw materials to the factory.
(C)Head-office administrative salaries and overhead.
解析
(A)Incorrect. Outward freight and selling commissions are incurred after the inventory is ready for sale and are period expenses.
(B)Correct. Inward freight is a cost of purchase, along with the purchase price, import duties, and non-recoverable taxes, net of trade discounts and rebates.
(C)Incorrect. Administrative overhead not related to bringing inventories to their present location and condition is expensed.
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CFA Level I | FRA | Inventories
13. Deferred tax arising on the revaluation of property under IAS 16 is recognised in:
(A)retained earnings directly, bypassing both profit or loss and comprehensive income.
(B)profit or loss, since every movement in a deferred tax balance runs through tax expense.
(C)other comprehensive income, matching the treatment of the revaluation itself.
解析
(A)Incorrect. A direct charge to retained earnings is not the route for revaluation tax, which IAS 12 sends to OCI alongside the gain itself.
(B)Incorrect. Not every deferred tax movement reaches tax expense; routing this one through profit or loss while the gain sits in OCI would break the matching of an item with its tax effect.
(C)Correct. IAS 12 requires the tax effect to follow the item: tax on OCI items goes to OCI, tax on items in equity goes to equity.
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CFA Level I | FRA | Income Taxes
14. Which of the following most directly reduces the quality of a company's balance sheet?
(A)Presentation of assets in order of liquidity rather than a current/non-current split.
(B)Complete recognition of all obligations, including pension deficits and finance lease liabilities.
(C)Significant use of off-balance-sheet structures that hold obligations the company effectively bears.
解析
(A)Incorrect. Liquidity ordering is a permitted presentation choice for entities where it is more relevant.
(B)Incorrect. Completeness is a defining characteristic of a high-quality balance sheet.
(C)Correct. Balance sheet quality requires completeness, unbiased measurement, and clear presentation; structures that keep real obligations off the statement fail the first of these.
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CFA Level I | FRA | Financial Reporting Quality
15. The Financial Accounting Standards Board (FASB) sets standards for:
(A)international auditing practice.
(B)IFRS reporters worldwide.
(C)US GAAP reporters.
解析
(A)Incorrect. International auditing standards are issued by the IAASB.
(B)Incorrect. IFRS is issued by the IASB.
(C)Correct. FASB issues US GAAP through the Accounting Standards Codification, with authority delegated by the SEC for public issuers.
答案為官方標準答案；以上解析由 AI 撰寫，非官方解析，僅供理解參考。
CFA Level I | FRA | Financial Reporting Standards
16. When an analyst forecasts a company's future gross margin, the most defensible starting point is:
(A)the historical margin range, adjusted for identified structural changes in cost and pricing.
(B)the industry's highest reported margin, on the assumption of convergence to best practice.
(C)the most recent quarter's margin, extrapolated indefinitely across the forecast horizon.
解析
(A)Correct. Anchoring on the observed range and then adjusting explicitly for input cost trends, mix shift, and pricing power keeps the forecast disciplined and auditable.
(B)Incorrect. Assuming convergence to best-in-class performance without an identified reason is unsupported optimism.
(C)Incorrect. A single quarter embeds seasonality and one-off effects, and extrapolating it carries both into every forecast year.
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CFA Level I | FRA | Financial Statement Analysis Applications
17. An analyst adjusting for a company's use of the equity method for a strategically important 45%-owned associate would most appropriately:
(A)examine the associate's own leverage and earnings quality, since they are invisible in the investor's consolidated ratios.
(B)remove the equity-method income entirely from the investor's earnings, on the basis that only dividends received are cash.
(C)consolidate the associate in full, grossing up its assets and liabilities line by line.
解析
(A)Correct. The single-line presentation hides both the associate's debt and the composition of its earnings; where the stake is strategically material, understanding it is necessary even without a formal restatement.
(B)Incorrect. Equity-method income is genuine earnings of the investor; the cash timing question belongs in the cash flow statement, not in deleting the income.
(C)Incorrect. Full consolidation would overstate the investor's control and its claim on the associate's assets and cash flows.
答案為官方標準答案；以上解析由 AI 撰寫，非官方解析，僅供理解參考。
CFA Level I | FRA | Financial Statement Analysis Applications
18. Management commentary (MD&A) is most likely:
(A)unaudited, though the auditor reads it and considers whether it is materially inconsistent with the statements.
(B)prohibited from inclusion in an IFRS annual report because it presents unaudited forward-looking data.
(C)audited to the same standard as the primary financial statements, with the audit opinion extending to it.
解析
(A)Correct. It is unaudited; the auditor's responsibility is limited to reading it and considering material inconsistency with the audited statements.
(B)Incorrect. IFRS Practice Statement 1 encourages management commentary, forward-looking discussion included; it is not prohibited.
(C)Incorrect. The audit opinion covers the primary financial statements; MD&A is generally outside its scope.
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CFA Level I | FRA | Introduction to Financial Statement Analysis
19. XBRL is best described as:
(A)a machine-readable tagging language that makes reported line items directly consumable by analytical software.
(B)an audit methodology for testing the design and operating effectiveness of internal controls.
(C)a set of recognition and measurement standards issued by the IASB and adopted by listed reporters worldwide.
解析
(A)Correct. eXtensible Business Reporting Language tags each reported figure to a taxonomy element, which is what allows bulk extraction and cross-company screening.
(B)Incorrect. It has no role in audit methodology.
(C)Incorrect. XBRL is a data format, not a recognition or measurement standard.
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CFA Level I | FRA | Introduction to Financial Statement Analysis
20. An acquirer pays USD 800 for 80% of a target whose identifiable net assets have a fair value of USD 900. The fair value of the non-controlling interest is USD 190. Under the full goodwill method, goodwill is:
(A)USD 100.
(B)USD 90.
(C)USD 80.
解析
(A)Incorrect. USD 100 has no basis in either method.
(B)Correct. Full goodwill = consideration + fair value of NCI - fair value of identifiable net assets = 800 + 190 - 900 = USD 90.
(C)Incorrect. USD 80 is partial goodwill, 800 - (80% x 900), which is the alternative IFRS measurement.