【每日一练】CFA 一级（2015年）

Question：

The least likely reason that a security analyst needs to understand the accounting process is to: 
A. prevent earnings manipulation by management. 
B. make adjustments to reflect items not reported in the financial statements. 
C. aid in the assessment of management's judgment in accruals and valuations. 
 

Answer = A 
Understanding the accounting process may assist an analyst in identifying earnings manipulation, but it will not prevent the manipulation of earnings by management. It is important for an analyst to understand the accounting process so that they can make adjustments for items not reported and aid in the assessment of management's judgment of accruals and valuations. 
 

CFA Level I 
"Financial Reporting Mechanics," Thomas R. Robinson, Jan Hendrik van Greuning, Karen O'Connor Rubsam, Elaine Henry, and Michael A. Broihahn 
Section 7 

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