APT模型中λi是根据ERi=rf+λi来算出的，ERi是理想世界的，实际不存在的。老师说考试的时候λi都会在题目中告知。我想问的是，如果λi是求不出来的，那学这个APT公式的意义何在？

time horizon不是属于target independence吗？

According to Statement on Auditing Standards No. 99, Considerations of Fraud in a Financial Statement Audit, which of the following most likely indicates a risk factor reflective of managements' attitudes that may allow them to rationalize accounting fraud? A New regulatory requirements. B The dependence of managements' compensation upon meeting aggressive stock price targets. C Managements' repeated attempts to justify inappropriate accounting on the basis of materiality. 上一题 下一题 正确答案C 您的答案C本题平均正确率：54% Financial Reporting Quality 难度：一般 推荐：      答案解析 Recurring attempts by management to justify marginal or inappropriate accounting on the basis of materiality may indicate a risk factor reflective of attitudes by management that allows it to engage in fraudulent financial reporting. A是机会，B是动机，C是合理化？可以这么理解吗？

An analyst is searching for for low P/E stocks because companies with low P/E ratios may be financially weak. What criteria might an analyst include to avoid unwittingly selecting weak companies? A Current-year sales growth lower than prior-year sales growth. B Net income less than zero. C D/A ratio below a certain cutoff. 上一题 下一题 正确答案C 您的答案C本题平均正确率：46% Financial Reporting Quality 难度：一般 推荐：      答案解析 A lower debt-to-total assets ratio indicates greater financial strength. Requiring that a company's debt-to-total assets ratio be below a certain cutoff point would allow the analyst to screen out highly leveraged and, therefore, potentially financially weak companies. Requiring declining sales growth (answer A) or negative income (answer B) would not be appropriate for screening out financially weak companies. 问题： financially weak companies 这个究竟指什么意思？什么叫财务状况弱？跟杠杆有关吗 ？

An audit opinion of a company's financial reports is most likely intended to: A detect fraud. B reveal misstatements. C assure that financial information is presented fairly. 上一题 下一题 正确答案C 您的答案A本题平均正确率：78% Financial Reporting Quality 难度：一般 推荐：      答案解析 请问： 鉴于这两句话： 1.A B选项不是审计师，那是分析师的任务吗？ 2.答案中“An audit is not typically intended to detect fraud. An audit is based on sampling and it is possible that the sample might not reveal misstatements.“ 这两句是在说A,B的描述有瑕疵 所以不选吗?

Which of the following is most likely to be considered a potential benefit of accounting conservatism? A reduction in litigation costs B Less biased financial reporting C An increase in current period reported performance 上一题 下一题 正确答案A 您的答案C本题平均正确率：28% Financial Reporting Quality 难度：一般 推荐：      答案解析 Conservatism reduces the possibility of litigation and by extension， litigation costs. Rarely, if ever, is a company sued because it understated good news or overstated bad news. Accounting conservatism is a type of bias in financial reporting that decreases a company's reported performance in the cur-rent period. Conservatism directly conflicts with the characteristic of neutrality. 请问：A减小诉讼费怎么解释呢

请问99页的3/8是怎么算出来的

老师讲错了吧

这里是不是写反啦

这道例题中，老师的讲解是看联系前客户的程度——一些是可以的，很多就不行了。 但看ppt上的comment解释是：如果用的是public、information去联系前客户是不违规的，但用前雇主confidential information去联系上的前客户是违规的。 所以该题 到底应该是哪种解释？