CFA Level 1 - Financial Reporting & Analysis with all Correct
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Graded A+
1. Auditor/
1) Unqualified opinion (good); 2) Qualified opinion (followed GAAP
Audit
except for...); 3) Adverse opinion (bad)
Opinion
2. FASB US
1) Financial Accounting Standards Board; 2) Standards form
GAAP; 3) Aims, useful, relevant, reliable, consistent and
comparable; 4) SEC deems FASB standard authoritative
3. FASB - 1) Increase comparability; 2) Reduce expense of overseas capital; 3)
Harmoniza- tion Reduce the expense of producing consolidated accounts
4. IOSCO EU & US
1) Int'l Org. of Securities Commission; 2) Goal: uniform
regulation; 3) Core objectives: Protecting investor, Fair, transparent,
eflcient markets, Reduction of systematic risk
5. IASB EU
1) Int'l Accounting Standards Board; 2) Unified int'l frameworks
of accounting standards (IFRS); 3) Addopted by EU in 2005
6. IASB - Goals 1) Development of high quality, transparent and enforceable global
standards;
2) Promote application of standards; 3) Take into account special
needs (small & med entities & emerging markets); 4) Convergence
of nat'l and int'l stan- dards
7. Roles of 1) Evaluating equity investments for a portfolio;
financial 2) Evaluating potential M&A;
reporting & 3) Evaluating a subsidiary of a parent company;
analy- sis 4) Deciding on private equity/ venture cap investment
include: 5) Determine creditworthiness - borrowing;
6) Extending credit to customers;
, CFA Level 1 - Financial Reporting & Analysis with all Correct
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7) Examining compliance with Graded A+
covenants/contracts;
8) Assigning a debt rating;
, CFA Level 1 - Financial Reporting & Analysis with all Correct
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9) Graded A+ - Equity research/reports;
Valuing a security
10) Forecasting future earnings/cash flows;
8. Balance Sheet shows the financial position of a firm AT A SINGLE POINT in time A = L
+ E.
9. Income Statement Shows the performance of the company over a reporting period.
10. Sarbanes- 1) Responsibility to establish and maintain adequate internal
Oxley controls
Management 2) Mgmt's framework for evaluating internal controls
Report: 3) Assessment of the ettectiveness of internal controls over the
last operating period
4) Statement of auditor's attestment
5) Certify that f/s are fairly presented
11. MD&A contains: 1) Results of operations and discussions of trend;
2) Capital resources, liquidity, and cash flow trends;
3) General business overview based on known trends;
4) Ettects of trends, events, and uncertainties;
5) Discontinued operations, extraordinary items, unusual items;
6) Disclosure in interim f/s;
7) Segment cash flow
12. Funded status US Gaap: Balance
of the pension Sheet IFRS:Disclosed in
plan (under US Footnotes
GAAP & IFRS) is May be mentioned in MD&A if mgnt considers it significant
reported
where?
13. Steps of F/S 1) Purpose and context
Analy- sis 2) Data Collection
, CFA Level 1 - Financial Reporting & Analysis with all Correct
& 100% Verified Answers |Actual Complete Exam |Already
3) Data Processing Graded A+
4) Analysis/Interpretation of
data
& 100% Verified Answers |Actual Complete Exam |Already
Graded A+
1. Auditor/
1) Unqualified opinion (good); 2) Qualified opinion (followed GAAP
Audit
except for...); 3) Adverse opinion (bad)
Opinion
2. FASB US
1) Financial Accounting Standards Board; 2) Standards form
GAAP; 3) Aims, useful, relevant, reliable, consistent and
comparable; 4) SEC deems FASB standard authoritative
3. FASB - 1) Increase comparability; 2) Reduce expense of overseas capital; 3)
Harmoniza- tion Reduce the expense of producing consolidated accounts
4. IOSCO EU & US
1) Int'l Org. of Securities Commission; 2) Goal: uniform
regulation; 3) Core objectives: Protecting investor, Fair, transparent,
eflcient markets, Reduction of systematic risk
5. IASB EU
1) Int'l Accounting Standards Board; 2) Unified int'l frameworks
of accounting standards (IFRS); 3) Addopted by EU in 2005
6. IASB - Goals 1) Development of high quality, transparent and enforceable global
standards;
2) Promote application of standards; 3) Take into account special
needs (small & med entities & emerging markets); 4) Convergence
of nat'l and int'l stan- dards
7. Roles of 1) Evaluating equity investments for a portfolio;
financial 2) Evaluating potential M&A;
reporting & 3) Evaluating a subsidiary of a parent company;
analy- sis 4) Deciding on private equity/ venture cap investment
include: 5) Determine creditworthiness - borrowing;
6) Extending credit to customers;
, CFA Level 1 - Financial Reporting & Analysis with all Correct
& 100% Verified Answers |Actual Complete Exam |Already
7) Examining compliance with Graded A+
covenants/contracts;
8) Assigning a debt rating;
, CFA Level 1 - Financial Reporting & Analysis with all Correct
& 100% Verified Answers |Actual Complete Exam |Already
9) Graded A+ - Equity research/reports;
Valuing a security
10) Forecasting future earnings/cash flows;
8. Balance Sheet shows the financial position of a firm AT A SINGLE POINT in time A = L
+ E.
9. Income Statement Shows the performance of the company over a reporting period.
10. Sarbanes- 1) Responsibility to establish and maintain adequate internal
Oxley controls
Management 2) Mgmt's framework for evaluating internal controls
Report: 3) Assessment of the ettectiveness of internal controls over the
last operating period
4) Statement of auditor's attestment
5) Certify that f/s are fairly presented
11. MD&A contains: 1) Results of operations and discussions of trend;
2) Capital resources, liquidity, and cash flow trends;
3) General business overview based on known trends;
4) Ettects of trends, events, and uncertainties;
5) Discontinued operations, extraordinary items, unusual items;
6) Disclosure in interim f/s;
7) Segment cash flow
12. Funded status US Gaap: Balance
of the pension Sheet IFRS:Disclosed in
plan (under US Footnotes
GAAP & IFRS) is May be mentioned in MD&A if mgnt considers it significant
reported
where?
13. Steps of F/S 1) Purpose and context
Analy- sis 2) Data Collection
, CFA Level 1 - Financial Reporting & Analysis with all Correct
& 100% Verified Answers |Actual Complete Exam |Already
3) Data Processing Graded A+
4) Analysis/Interpretation of
data
