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Tài liệu CFA LEVEL 1 2017 Schweser Notebook 3 - chính gốc - file PDF rõ, đẹp
Table of Contents Getting Started Flyer Contents Reading Assignments and Learning Outcome Statements Financial Statement Analysis: An Introduction Exam Focus LOS 21.a LOS 21.b LOS 21.c LOS 21.d LOS 21.e LOS 21.f Key Concepts LOS 21.a LOS 21.b LOS 21.c LOS 21.d LOS 21.e LOS 21.f Concept Checkers 10 Answers – Concept Checkers Financial Reporting Mechanics Exam Focus LOS 22.a LOS 22.b LOS 22.c LOS 22.d LOS 22.e LOS 22.f LOS 22.g LOS 22.h 10 Key Concepts LOS 22.a LOS 22.b LOS 22.c LOS 22.d LOS 22.e LOS 22.f LOS 22.g LOS 22.h 11 Concept Checkers 12 Answers – Concept Checkers 13 Challenge Problems 14 Answers – Challenge Problems Financial Reporting Standards Exam Focus LOS 23.a LOS 23.b 10 11 LOS 23.c LOS 23.d LOS 23.e LOS 23.f LOS 23.g LOS 23.h LOS 23.i Key Concepts LOS 23.a LOS 23.b LOS 23.c LOS 23.d LOS 23.e LOS 23.f LOS 23.g LOS 23.h LOS 23.i 12 Concept Checkers 13 Answers – Concept Checkers Understanding Income Statements Exam Focus LOS 24.a LOS 24.b LOS 24.c LOS 24.d LOS 24.e LOS 24.f LOS 24.g LOS 24.h 10 LOS 24.i 11 LOS 24.j 12 LOS 24.k 13 LOS 24.l 14 LOS 24.m 15 Key Concepts LOS 24.a LOS 24.b LOS 24.c LOS 24.d LOS 24.e LOS 24.f LOS 24.g LOS 24.h LOS 24.i 10 LOS 24.j 11 LOS 24.k 12 LOS 24.l 13 LOS 24.m 16 Concept Checkers 17 Answers – Concept Checkers Understanding Balance Sheets Exam Focus 10 LOS 25.a LOS 25.b LOS 25.c LOS 25.d LOS 25.e LOS 25.f LOS 25.g LOS 25.h Key Concepts LOS 25.a LOS 25.b LOS 25.c LOS 25.d LOS 25.e LOS 25.f LOS 25.g LOS 25.h 11 Concept Checkers 12 Answers – Concept Checkers Understanding Cash Flow Statements Exam Focus LOS 26.a LOS 26.b LOS 26.c LOS 26.d LOS 26.e LOS 26.f LOS 26.g LOS 26.h 10 LOS 26.i 11 Key Concepts LOS 26.a LOS 26.b LOS 26.c LOS 26.d LOS 26.e LOS 26.f LOS 26.g LOS 26.h LOS 26.i 12 Concept Checkers 13 Answers – Concept Checkers 14 Challenge Problems 15 Answers – Challenge Problems 10 Financial Analysis Techniques Exam Focus LOS 27.a LOS 27.b LOS 27.c LOS 27.d LOS 27.e LOS 27.f LOS 27.g Key Concepts LOS 27.a LOS 27.b LOS 27.c LOS 27.d LOS 27.e LOS 27.f LOS 27.g 10 Concept Checkers 11 Answers – Concept Checkers 12 Challenge Problems 13 Answers – Challenge Problems 11 Inventories Exam Focus LOS 28.a LOS 28.b LOS 28.c LOS 28.d LOS 28.e LOS 28.f LOS 28.g LOS 28.h 10 LOS 28.i 11 LOS 28.j 12 LOS 28.k 13 LOS 28.l 14 Key Concepts LOS 28.a LOS 28.b LOS 28.c LOS 28.d LOS 28.e LOS 28.f LOS 28.g LOS 28.h LOS 28.i 10 LOS 28.j 11 LOS 28.k 12 LOS 28.l 15 Concept Checkers 16 Answers – Concept Checkers 12 Long-lived Assets Exam Focus LOS 29.a LOS 29.b LOS 29.c LOS 29.d LOS 29.e LOS 29.f LOS 29.g LOS 29.h 10 11 12 13 14 15 16 17 18 LOS 29.i LOS 29.j LOS 29.k LOS 29.l LOS 29.m LOS 29.n LOS 29.o LOS 29.p Key Concepts LOS 29.a LOS 29.b LOS 29.c LOS 29.d LOS 29.e LOS 29.f LOS 29.g LOS 29.h LOS 29.i 10 LOS 29.j 11 LOS 29.k 12 LOS 29.l 13 LOS 29.m 14 LOS 29.n 15 LOS 29.o 16 LOS 29.p 19 Concept Checkers 20 Answers – Concept Checkers 13 Income Taxes Exam Focus LOS 30.a LOS 30.b LOS 30.c LOS 30.d LOS 30.e LOS 30.f LOS 30.g LOS 30.h 10 LOS 30.i 11 LOS 30.j 12 Key Concepts LOS 30.a LOS 30.b LOS 30.c LOS 30.d LOS 30.e LOS 30.f LOS 30.g LOS 30.h LOS 30.i 10 LOS 30.j 13 Concept Checkers 14 Answers – Concept Checkers 14 Non-current (Long-term) Liabilities Exam Focus LOS 31.a LOS 31.b LOS 31.c LOS 31.d LOS 31.e LOS 31.f LOS 31.g LOS 31.h 10 LOS 31.i 11 LOS 31.j 12 LOS 31.k 13 Key Concepts LOS 31.a LOS 31.b LOS 31.c LOS 31.d LOS 31.e LOS 31.f LOS 31.g LOS 31.h LOS 31.i 10 LOS 31.j 11 LOS 31.k 14 Concept Checkers 15 Answers – Concept Checkers 15 Financial Reporting Quality Exam Focus LOS 32.a LOS 32.b LOS 32.c LOS 32.d LOS 32.e LOS 32.f LOS 32.g LOS 32.h 10 LOS 32.i 11 Key Concepts LOS 32.a LOS 32.b LOS 32.c LOS 32.d LOS 32.e LOS 32.f LOS 32.g LOS 32.h LOS 32.i 12 Concept Checkers 13 Answers – Concept Checkers 16 Financial Statement Analysis: Applications Exam Focus 17 18 19 20 LOS 33.a LOS 33.b LOS 33.c LOS 33.d LOS 33.e Key Concepts LOS 33.a LOS 33.b LOS 33.c LOS 33.d LOS 33.e Concept Checkers Answers – Concept Checkers Self-Test: Financial Reporting and Analysis Formulas Copyright Pages List Book Version BOOK – FINANCIAL REPORTING AND ANALYSIS Reading Assignments and Learning Outcome Statements Study Session – Financial Reporting and Analysis: An Introduction Study Session – Financial Reporting and Analysis: Income Statements, Balance Sheets, and Cash Flow Statements Study Session – Financial Reporting and Analysis: Inventories, Long-Lived Assets, Income Taxes, and Non-Current Liabilities Study Session – Financial Reporting and Analysis: Financial Reporting Quality and Financial Statement Analysis Formulas Average age of assets = accumulated depreciation / depreciation expense Average useful life = gross PP&E / depreciation expense How should an analyst most appropriately adjust the financial statements of a firm that uses operating leases to finance its plant and equipment? A Increase liabilities B Decrease long-lived assets C Decrease shareholders’ equity The appropriate adjustment for operating leases is to treat them as if they were capital leases by estimating the present value of the future lease obligations and adding that value to the firm’s liabilities and long-lived assets SELF-TEST: FINANCIAL REPORTING AND ANALYSIS You have now finished the Financial Reporting and Analysis topic section To get immediate feedback on how effective your study has been for this material, log in to your Schweser online account and take the self-test for this topic area The number of questions on this test is equal to the number of questions for the topic on one-half of the actual Level I CFA exam Questions are more exam-like than typical Concept Checkers or QBank questions; a score of less than 70% indicates that your study likely needs improvement These tests are timed and allow 1.5 minutes per question FORMULAS Activity Ratios: Liquidity Ratios: Solvency Ratios: Profitability Ratios: Free Cash Flow to the Firm: FCFF = net income + noncash charges + [interest expense × (1 – tax rate)] – fixed capital investment – working capital investment FCFF = cash flow from operations + [interest expense × (1 – tax rate)] – fixed capital investment Free Cash Flow to Equity: FCFE = cash flow from operations – fixed capital investment + net borrowing common-size income statement ratios = common-size balance sheet ratios = common-size cash flow ratios = original DuPont equation: extended DuPont equation: Coefficients of Variation: Inventories: ending inventory = beginning inventory + purchases – COGS FIFO COGS = LIFO COGS – (ending LIFO reserve – beginning LIFO reserve) Long-Lived Assets: average age = total useful life = remaining useful life = Deferred Taxes: income tax expense = taxes payable + ΔDTL – ΔDTA Debt Liabilities: Performance Ratios: Coverage Ratios: All rights reserved under International and Pan-American Copyright Conventions By payment of the required fees, you have been granted the non-exclusive, non-transferable right to access and read the text of this eBook on screen No part of this text may be reproduced, transmitted, downloaded, decompiled, reverse engineered, or stored in or introduced into any information storage and retrieval system, in any forms or by any means, whether electronic or mechanical, now known or hereinafter invented, without the express written permission of the publisher SCHWESERNOTES™ 2017 LEVEL I CFA® BOOK 3: FINANCIAL REPORTING AND ANALYSIS (EBOOK) ©2016 Kaplan, Inc All rights reserved Published in 2016 by Kaplan, Inc Printed in the United States of America ISBN: 978-1-4754-4103-1 If this book does not have the hologram with the Kaplan Schweser logo on the back cover, it was distributed without permission of Kaplan Schweser, a Division of Kaplan, Inc., and is in direct violation of global copyright laws Your assistance in pursuing potential violators of this law is greatly appreciated Required CFA Institute disclaimer: “CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by Kaplan Schweser CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.” Certain materials contained within this text are the copyrighted property of CFA Institute The following is the copyright disclosure for these materials: “Copyright, 2016, CFA Institute Reproduced and republished from 2017 Learning Outcome Statements, Level I, II, and III questions from CFA® Program Materials, CFA Institute Standards of Professional Conduct, and CFA Institute’s Global Investment Performance Standards with permission from CFA Institute All Rights Reserved.” These materials may not be copied without written permission from the author The unauthorized duplication of these notes is a violation of global copyright laws and the CFA Institute Code of Ethics Your assistance in pursuing potential violators of this law is greatly appreciated Disclaimer: The Schweser Notes should be used in conjunction with the original readings as set forth by CFA Institute in their 2017 Level I CFA Study Guide The information contained in these Notes covers topics contained in the readings referenced by CFA Institute and is believed to be accurate However, their accuracy cannot be guaranteed nor is any warranty conveyed as to your ultimate exam success The authors of the referenced readings have not endorsed or sponsored these Notes PAGES LIST BOOK VERSION 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 i iii iv v vi vii viii ix x xi xii 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 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Checkers 14 Answers – Concept Checkers 14 Non-current (Long-term) Liabilities Exam Focus LOS 31 . a LOS 31 . b LOS 31 . c LOS 31 . d LOS 31 . e LOS 31 . f LOS 31 . g LOS 31 . h 10 LOS 31 . i 11 LOS 31 . j 12 LOS 31 . k 13 ... 13 Key Concepts LOS 31 . a LOS 31 . b LOS 31 . c LOS 31 . d LOS 31 . e LOS 31 . f LOS 31 . g LOS 31 . h LOS 31 . i 10 LOS 31 . j 11 LOS 31 . k 14 Concept Checkers 15 Answers – Concept Checkers 15 Financial Reporting... 30 .c LOS 30 .d LOS 30 .e LOS 30 .f LOS 30 .g LOS 30 .h 10 LOS 30 .i 11 LOS 30 .j 12 Key Concepts LOS 30 .a LOS 30 .b LOS 30 .c LOS 30 .d LOS 30 .e LOS 30 .f LOS 30 .g LOS 30 .h LOS 30 .i 10 LOS 30 .j 13 Concept