which of the following is least likely a step in t
a companys operating income is most useful in the
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CFA - Chartered Financial Analyst
CFA - Chartered Financial Analyst
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CFA Financial Statement Analysis
Details relating to a company’s revenue recognition policies are most likely found in:
Financial statement footnotes.
Which of the following is least likely a step in the financial statement analysis framework?
Processing data
Forecasting data
Interpreting data
Forecasting data
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A company’s operating income is most useful in the analysis of:
Its underlying performance independent of the use of financial leverage.
Which of the following decisions least likely requires the analysis of financial statements?
Estimating the useful life of a noncurrent asset
Assigning a debt rating to a company or bond issue
,Extending credit to a customer
Estimating the useful life of a noncurrent asset
An audit can most likely be described as:
An independent review of the company's financial statements.
Ratio analysis is most likely to be performed after which of the following steps in the financial
statement analysis framework?
Processing data
Collecting data
Interpreting data
Collecting data
Information regarding material events and uncertainties is most likely found in:
Management Discussion & Analysis.
Which of the following statements regarding a company’s internal controls is most accurate?
-Under U.S. GAAP, an independent auditor is responsible for the effectiveness of a company’s
internal controls system.
-The internal controls system seeks to ensure the reliability of the company’s process for
analyzing financial statements.
-Under U.S. GAAP, an auditor is also required to express an opinion on the company’s internal
controls system.
Under U.S. GAAP, an auditor is also required to express an opinion on the company's internal
controls system.
,If an auditor feels that a company’s financial statements are not presented fairly or significantly
deviate from accounting standards, she will most likely issue a(n):
Adverse opinion.
A company’s solvency most likely refers to its ability to:
Meet its long-term obligations.
If a user wants to know about the current position of a company’s assets, she is most likely to
refer to the:
Balance sheet.
Liquidity most likely refers to a company’s ability to:
Meet its short-term obligations.
If an auditor believes that the financial statements materially depart from accounting standards
and are not presented fairly, she is most likely to issue a(n):
Adverse opinion.
Owners' equity is best described as:
Owners' residual interest in the assets of an entity after deducting its liabilities.
Financial data tables are an output of which of the following steps in the financial statement
analysis framework?
Collecting data
Accounting standard boards should least likely:
Let the decision-setting process be compromised due to pressure from external forces.
Which of the following is least likely a desirable qualitative characteristic of financial statements?
, -Faithful representation
-Relevance
-Conciseness
Conciseness
Which of the following statements regarding elements of the financial statements is least likely?
The IFRS framework describes:
-Equity as being equal to capital contributed by the owner.
-Assets as the resources the entity controls from which it expects to derive future economic
benefits.
-Liabilities as obligations that will result in an outflow of economic benefits in the future.
Equity as being equal to capital contributed by the owner.
Which of the following is least likely a characteristic of an effective financial reporting
framework?
-Completeness
-Transparency
-Consistency
Completeness
Which of the following is most likely a qualitative characteristic that enhances the value of
relevant and faithfully represented financial information?
-Neutrality
-Completeness
-Timeliness
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