試卷：2019年CFA二級M2模考卷 上午卷（含解析）

2019IISampleAM（M2）Themorningthe2019IIFinancial?Sample60theexperience,18per(vignette6multiplechoicea(3thistheQuestions19–2425–15FinancialReportingAnalysisFinancialAnalysisFinance15154531–36accessingthisSamplethetermsuse:ThisisviewtheThearestrictlydisciplinaryand/oraction:orpermittingbythancopying,postingemailing,distributingreprintingthepurpose.?2019Allrights2019IISampleAMFinancialandAnalysisButterfyScenarioJimiHendrix,aninfirm,iswritingaonan1January2018,$11millinsecurities(witha10.0%couponpaidtheendThethesecuritiesis$10million,thethebondsThesecuritiesheldtheend2018,thethemillion.AlsoonDecember2018,spent$300millionacquiringa15%equityinGrandmillCo.HendrixfoundmaterialtransactionsandpolicymakingHendrixGrandmill.HendrixselectedfinancialGrandmill31December2018inExhibit1.Theplant,propertyequipmentabasisandExhibit1.FinancialCo.,Ending31December($millions)Book350SalesNetDividendspaidPlant,and2003,0003,260LiabilitiesEquity2,0301,2403,5302,0301,500Hendrixpossiblegoodwillimpairmentintheindustrytheend2019.theimpairmentonthebalancesheetshownExhibit2.Exhibit2.FinancialInc.,Ending31December2019($millions)CarryingvalueunitamountunitreportingNetidentifiable15,30015,00014,90014,500GoodwillButterfyplanon1JanuaryHendrixthethetheisbillion,the$2billion.19.Thecarryingbalancein31DecemberA.$11,000,000.$10,550,000.$12,000,000.20.influenceonactivitiesbeA.controlling.significant.21.Exhibit1,thegoodwillinGrandmillis:A.$21million.$75million.$99million.22.Exhibit1,thecarryingintheend2018A.$282million.$319million.$321million.23.onExhibit2,impairmentlossunderis:A.$300million.$120million.$400million.24.IfthepartialgoodwillmethodhisnewlyThevaluetheminoritytheacquisition1JanuaryA.$400million.$300million.$500million.HKBankScenarioWingWhite,aequitySequoiaCapital,isfinancialinstitutionsafinancialwithherassociate,LilySmith.DuringtheWingfindsfinancialinstitutionsnon-financialWingdownthe1.Afinancialinstitutions,especiallybanks,isimportance.2.Thebanksmostlyloansandtangibletheliabilitiesbanksdeposits.3.Sincebanksdonotisnoliquiditybanks.WingCAMELSapproachsomeBankshowingExhibit1.ShetheBank.Exhibit1HKBankadequacyCapital20X85.4%20X74.6%Commonequitytier1tier17.7%7.0%10.5%10.0%Details$millions)Commonequitytier1Additionaltier1Tier22161081354501124204,0004,500Bankmainlyinregions,oneisthetheisintheadequacyBank,WingtheliquiditypositionBanktheshownExhibit2.Exhibit2HKliquidityNSFRBank20X811020X79320X813520X7119Bank1891215649WingdiscussestheliquiditypositiontwowithoneherWingwithBankhigherone-monthliquidityinascenarioLilyputsBankBankmorefunding“ButBankmeetIIIthefundingWingbyusingtheCAMELSapproach.Wingbeginsthebeginningreport,necessarythebetweenP&CandL&HWingthe1.P&Cpoliciesusuallyshortterm,policiesusually2.withP&Chighertheglobalseekhigherbyinriskiersecurities.3.withL&HP&Cusuallyahigherliquiditysothebebyportion23WingandLilytheintheTheinExhibit3.Exhibit3insurersInsurerA56%InsurerB75%InsurerC59%LossandlossexpenseCombined39%108%2%112%11%98%Dividendspolicyholders(shareholders)2%Combineddividends106%101%96%theWingtheP&Cthequalityunderwritingactivities,theefficiencypremiumsandtheliquiditytheefficiencyWingtheconclusionfinishesherreport.25.theWingdownherwhichoneisA.TheTheandliabilitiesThetheliquidityrisk.on1,whichistheprimarychange20X8?A.inequitytier1tier1capital.onexhibitwhichfollowingliquidityisA.Wing’sonliquidityneeds.Wing’sonIIIfundingfunding.28.thebetweenP&CL&HbyWingisA.12329.onexhibit3,whichP&Cisinnewpremiums?A.InsurerAInsurerBInsurerC30.on3,WingshouldconcludethewiththeunderwritingA.InsurerAInsurerBInsurerCFinanceGoldenFunScenarioGoldenisawell-knownsellsdirectlyisthemanagerthedepartment.isathemanufacturingSincetheproductsGoldenneedsnewmachinesequipmenttheproject.JoeyhisLisaatheprojectExhibit1LispreliminaryfinancialtheExhibit1Financialthe($thousands)0150,0000123FixedAnnual108,000129,600AnnualDepreciation43,20050,00014,80051,84050,00062,20850,00043,312Earningsand6,0008,8002,6006,2004,6683,23140,08112,0240Earnings(30%)23,092Net16,164Assumeispercent.reviewingworkingJoeythet1.theinExhibit1aconductadditionalanalyses,oneoptimisticandtheotherunder2.Anwithaperiodshouldalsoconsidered.ThenettheprojectbeenthetheoriginalSincethemutuallyadecisionbethemusingtheannualannuitymethod.Exhibit2thetheExhibit2ProjectsProjectProject3NPV($thousands)$16,412project5$24,353Themanufacturingahighlypositiontheindustryacquisition.Theisthebasicthecompanies:HappyTimeisaproductionInsomeGoldenalsosoldtheHappyTime.&HoneyisapublicthesimilarmodelGoldenItbutownchannels.consideringfurtheraboutobservesthatGoldenperbyacquiring&Honeyinanall-stockacquisition(assumingnotheprices).shownExhibit3.Exhibit3ProjectsGolden$90&Honey$50SharepriceEarningsperEarnings$3$220,000,000$60,000,00010,000,000$20,000,00031.Exhibittheeconomic(inthousands)2GoldenmanufacturingprojectisA.$7,432.$1,432.32.ThemadebyJoeyisdescribedA.Carlosimulation.sensitivityanalysis.Scenarioanalysis.33.ontheannualannuitymethodtheoriginalGoldenaccept:A.them.theoriginalproject.the34.IfGoldenultimatelyinacquiringHappyTime,thewouldbea:A.35.IftheGoldenisintheacquisition,isthetheacquisitionwillenhancethevaluetheWhichmighttheyA.Stock36.observation,onExhibitGoldenearningspershareisA.$3.25.$3.13.$4.00.2019IISampleAM（M2）Themorningthe2019IIFinancial?Sample60theexperience,18per(vignette6multiplechoicea(3thistheQuestions19–2425–15FinancialReportingAnalysisFinancialAnalysisFinance15154531–36accessingthisSamplethetermsuse:ThisisviewtheThearestrictlydisciplinaryand/oraction:orpermittingbythancopying,postingemailing,distributingreprintingthepurpose.?2019Allrights2019IISampleAM1FinancialandAnalysisButterfyScenarioJimiHendrix,aninfirm,iswritingaonan1January2018,$11millinsecurities(witha10.0%couponpaidtheendThethesecuritiesis$10million,thethebondsThesecuritiesheldtheend2018,thethemillion.AlsoonDecember2018,spent$300millionacquiringa15%equityinGrandmillCo.HendrixfoundmaterialtransactionsandpolicymakingHendrixGrandmill.HendrixselectedfinancialGrandmill31December2018inExhibit1.Theplant,propertyequipmentabasisandExhibit1.FinancialCo.,Ending31December($millions)Book350SalesNetDividendspaidPlant,and2003,0002,0303,2603,5302,030Liabilities2Equity1,2401,500Hendrixpossiblegoodwillimpairmentintheindustrytheend2019.theimpairmentonthebalancesheetshownExhibit2.Exhibit2.FinancialInc.,Ending31December2019($millions)CarryingvalueunitamountunitreportingNetidentifiable15,30015,00014,90014,500GoodwillButterfyplanon1JanuaryHendrixthethetheisbillion,the$2billion.19.Thecarryingbalancein31DecemberA.$11,000,000.$10,550,000.$12,000,000.解析：B正確。因?yàn)樵撟C券被定義為持有至到期金融資產(chǎn)，需要在資產(chǎn)負(fù)債表上攤銷。$11million+$11million*5%-$10million*10%=10.55million，即為第一年年末的攤銷后賬面價(jià)值。320.influenceonactivitiesbeA.controlling.significant.解析：C正確。因?yàn)锽utterfy與Grandmill之間有重大交易，同時(shí)在參與GrandmillButterfy與Grandmill之間的關(guān)系是Significantinfluence.21.Exhibit1,thegoodwillinGrandmillis:A.$21million.$75million.$99million.解析：B正確。Equitymethod下Goodwill的計(jì)算是Purchaseprice–Fairvalueofnetidentifiableassets*所持有的百分比。300–1,500*15%=75million。22.Exhibit1,thecarryingintheend2018A.$282million.$319million.$321million.解析：因?yàn)橥顿Y方與被投資方之間關(guān)系是Significantinfluence，因此采用Equitymethod。Equitymethod下一年后的carryingvalue為：期初Associate的賬面價(jià)值+associate凈利潤*投資占比-追加折舊部分4*投資占比-associate分紅*投資占比300+350*15%-[(3,260-3,000)/10]*15%-200*15%=318.6。因此年末的carryingvalue約為$319million。23.onExhibit2,lossunderis:A.$300million.$120million.$400million.解析；A正確。在IFRS下goodwillimpairmentloss是比較cashgeneratingunit和recoverableamount的差值。因此impairmentloss為15,300–15,000=300million。24.IfthepartialgoodwillmethodhisnewlyThevaluetheminoritytheacquisition1January2020A.$400million.$300million.$500million.解析：B正確。根據(jù)IFRS，在partialgoodwill的方法下，少數(shù)股東權(quán)益等于母公司非持有部分百分比*子公司的可識別凈資產(chǎn)。因此2billion*15%=300million。5HKBankScenarioWingWhite,aequitySequoiaCapital,isfinancialinstitutionsafinancialwithherassociate,LilySmith.DuringtheWingfindsfinancialinstitutionsnon-financialWingdownthe1.Afinancialinstitutions,especiallybanks,isimportance.2.Thebanksmostlyloansandtangibletheliabilitiesbanksdeposits.3.Sincebanksdonotisnoliquiditybanks.WingCAMELSsomeBankshowingExhibit1.ShetheBank.Exhibit1HKBankadequacyCapital20X85.4%20X74.6%Commonequitytier1tier17.7%7.0%10.5%10.0%Details$millions)Commonequitytier1Additionaltier1Tier221610813545011242064,0004,500Bankmainlyinregions,oneisthetheisintheadequacyBank,WingtheliquiditypositionBanktheshownExhibit2.Exhibit2HKliquidityNSFRBank20X811020X79320X813520X7119Bank1891215649WingdiscussestheliquiditypositiontwowithoneherWingwithBankhigherone-monthliquidityinascenarioLilyputsBankBankmorefunding“ButBankmeetIIIthefundingWingbyusingtheCAMELSapproach.Wingbeginsthebeginningreport,necessarythebetweenP&CandL&Hcompanies.Wingthe1.P&Cpoliciesusuallyshortterm,policiesusually72.withP&Chighertheglobalseekhigherbyinriskiersecurities.3.withL&HP&Cusuallyahigherliquiditysothebebyportion23WingandLilytheintheTheinExhibit3.Exhibit3insurersInsurerA56%InsurerB75%InsurerC59%LossandlossexpenseCombined39%108%2%112%11%98%Dividendspolicyholders(shareholders)2%Combineddividends106%101%96%theWingtheP&Cthequalityunderwritingactivities,theefficiencypremiumsandtheliquiditytheefficiencyWingtheconclusionfinishesherreport.25.theWingdownherwhichoneisA.TheTheandliabilitiesThetheliquidityrisk.8Answer:AAismorebethannon-financialbecause,theyfinancialalltypesincludinghouseholds,Bisincorrect.Becausedotangiblethanindustrials,banksloansfinancialCisBecauseliquidityriskisamajorconcernabank,notcarryingFinancialavarietyincludingliquidityandon1,whichistheprimarychange20X8?A.inequitytier1tier1capital.Answer:CCiscorrect.Theintheadequacybelow:Theinthe$millions)20X821620X71083151354504.4%Commonequitytier1Additionaltier1tier1Tier2-14.8%-2.2%308112420-17.0%-6.7%4,0004,500-11.1%Capitaladequacy=amounttier/theduring20X8.Theprimarythe9duethesignificantinby11.1%duringthe20X8.Aisincorrect.thoughequitytier1in20X8,only4.4%isthantheBisBecausetier1by2.2%20X8.onexhibitwhichliquidityisA.Wing’sonliquidityneeds.Wing’sonIIIfundingfunding.Answer:CCiscorrect.on2,Bankthefundingfunding.20X8135%ishigherBankAisonexhibit2,Banktheliquidityascenario.20X8189%ishigherthanBankBisonexhibit2,BankistheachievingtheIIINSFRthan100%.NSFRonlyand49%in20X820X7,28.thebetweenP&CL&HbyWingiscorrect?A.123Answer:AAis.P&Cpoliciesusuallyshortandthewill10usuallybewithinatheanwhileL&HpoliciesusuallylongerBisincorrect.P&Cclaimsvariable“l(fā)umpier”becauseariseotherwhileL&Hclaimsmorebecausetheywithstable,actuariallymortalitypopulations.ThepredictabilityL&HclaimsallowandseekhigherthanP&CthebankingthereisnoglobalButdoinvariousjurisdictions,theEUthe“SolvencyIIin2014,whichminimumsuchaninsurerbelowthethesupervisoryentitythewillintervene.CisL&HP&Cusuallyahigherliquidityportion1onthe1readilypricessecuritiesliquidthustheliquidsecurities.2lessconditions:PricessuchsecuritiesnotaliquidbesimilarsecuritiesanactiveThus,securitiesbethan1securities.3modelsandbecauseisnothesecurities,implying29.onexhibit3,whichP&Cisinnewpremiums?A.InsurerAInsurerBInsurerCAnswer:B11BisTheunderwritingisthespentonnewpremiums.ThethethehigherInsurerBtheunderwritingexpenseAisincorrect.Thelossandisthequalityaunderwritingactivities,successunderwritertheAlthoughinsurerAtheandunderwritingCisincorrect.Becausetheisatheunderwritingprofitabilityunderwritingoperation.30.on3,WingshouldconcludethewiththeunderwritingA.InsurerAInsurerBInsurerCAnswer:CCisThewhichisthetheunderwritingandthelossisatheunderwritingCombineddividendsisaefficiencythantheordinaryitthepolicyholdersorthetotalunderwritingAdividends100%isadividendsthan100%anunderwritingCistheonlyadividendsthan100%.Aisincorrect.Becauseinsurerdividendsisthan100%whichmeansunderwritingactivities.Bisincorrect.Becauseinsureriodividendsisthan100%whichmeansunderwritingactivities.12FinanceGoldenFunScenarioGoldenisawell-knownsellsdirectlyisthemanagerthedepartment.isathemanufacturingSincetheproductsGoldenneedsnewmachinesequipmenttheproject.JoeyhisLisaatheprojectExhibit1LispreliminaryfinancialtheExhibit1Financialthe($thousands)FixedAnnual0150,0000123108,000129,600AnnualDepreciation43,20050,00014,80051,84050,00062,20850,00043,312Earningsand6,0008,8002,6006,2004,6683,23140,08112,0240Earnings(30%)23,092Net16,164Assumeispercent.reviewingworkingJoeythet1.theinExhibit1aconductadditionalanalyses,oneoptimisticandtheotherunder132.Anwithaperiodshouldalsoconsidered.ThenettheprojectbeenthetheoriginalSincethemutuallyadecisionbethemusingtheannualannuitymethod.Exhibit2thetheExhibit2ProjectsProjectProject3NPV($thousands)$16,412project5$24,353Themanufacturingahighlypositiontheindustryacquisition.Theisthebasicthecompanies:HappyTimeisaproductionInsomeGoldenalsosoldtheHappyTime.&HoneyisapublicthesimilarmodelGoldenItbutownchannels.consideringfurtheraboutobservesthatGoldenperbyacquiring&Honeyinanall-stockacquisition(ass