问题如下：
The data in Exhibit 1 appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.
The company’s total assets at year-end FY9 were GBP 3,500 million. Which of the following choices best describes reasonable conclusions an analyst might make about the company’s efficiency?
选项：
A. Comparing FY14 with FY10, the company’s efficiency improved, as indicated by a total asset turnover ratio of 0.86 compared with 0.64.
B. Comparing FY14 with FY10, the company’s efficiency deteriorated, as indicated by its current ratio.
C. Comparing FY14 with FY10, the company’s efficiency deteriorated due to asset growth faster than turnover revenue growth.
解释：
C is correct.
The company’s efficiency deteriorated, as indicated by the decline in its total asset turnover ratio from 1.11 {= 4,390/[(4,384 + 3,500)/2]} for FY10 to 0.87 {= 11,366/[(12,250 + 13,799)/2]} for FY14.
The decline in the total asset turnover ratio resulted from an increase in average total assets from GBP3,942 [= (4,384 + 3,500)/2] for FY10 to GBP13,024.5 for FY14, an increase of 230 percent, compared with an increase in revenue from GBP4,390 in FY10 to GBP11,366 in FY14, an increase of only 159 percent. The current ratio is not an indicator of efficiency.
解析：A选项错误，total asset turnover=revenue/average total asset，FY10是1.11，FY14是0.87，这个ratio变小说明每单位的资产可以产生的收入变少，说明efficiency变差了。B选项，计算出current ratio，FY10是（316+558）/1223=0.71，FY14=（682+1634）/3108=0.75，指标变大了，说明流动性变好，efficiency变高，B选项说变差所以错误。C选项，是看每单位资产能创造多少的效益。如果资产在增加，但资产所带来的效益增长的速度小于资产本身增长的幅度，那么efficiency就在降低。从FY10到FY14，average total asset从3942增加到13,024.5，增长率=（13,024.5-3942）/3942=230%，revenue从4390增加到11,366，增长率=（11366-4390）/4390=159%，可以看出资产增长速度大于营业收入增长速度，公司的efficiency在变差，C正确。
老师，我想说这题都不用计算，直接看选项就能判断AB错误的呢…
