CFA一级百题进阶：财报分析.docx

4.FinancialStatementAnalysisQ-l.Duringtheproccessofsecuritizationofaccountsreceivables,anonfinancialcompanyreceivesproceedslessthanthebookvalue.Thetransactionismostlikelytoincrease:A.netincome.B.cashfromfinancingactivities.C.cashfromoperations.Solution:C.ProceedsreceivedfromsellingA/RincreaseCFO.SincetheproceedsarelessthanthebookvalueofA/Rs,alossshouldbereportedontheincomestatement.Q-2.WhichofthefollowingstatementsismostaccurateregardingcashflowstatementspreparedunderIFRSandU.S.GAAP?A.UnderU.S.GAAP,bankoverdraftsshouldbeclassifiedasafinancingcashflow.B.UnderIFRSzinterestpaidcanbereportedeitherasanoperatingoraninvestingcashflow.C.BoththedirectandindirectformatsofcashflowstatementsareallowedunderIFRSandU.S.GAAP,butindirectisencouragedunderIFRSonly.Solution:A.UnderU.S.GAAP,bankoverdraftsarenotconsideredpartofcashandcashequivalentsandareclassifiedasfinancingcashflows.Q-3.Whichofthefollowingtransactionsisleastlikelytoincreasereportedoperatingcashflowfortheperiod?A.Financingofpayables.B.Securitizationofreceivables.C.Exerciseofemployeestockoptions.Solution:A.Financingpayablesactuallyreducesoperatingcashflowaspayablesarereclassifiedasshort-termdebt.Companiesmaydecreaseoperatingcashflowsreportedundertheindirectmethodbyusingthisstrategy.Securitizationofreceivablesincreasesoperatingcashflowsasthefundsreceivedaretreatedasanoperatingcashinflow.Exerciseofemployeestockoptionsincreasesoperatingcashflowsduetotaxbenefitsassociatedwithexercise.Q-4.WallyLtdpurchasedapatentandthecompanyhascapitalisedthisexpense.Iftaxisignored,comparedtoexpensingthecost,Wallywillmostlikelytoreport:A.LowerEPSinthatperiod.B.LowerCFIinthatperiod.C.LowerCFOinthatperiod.Solution:B.Iftheexpenseiscapitalized,Wallywillrecognizethepatentasanasset,thecompanywillrecognizedepreciationcosteachyear,andthecashflowrelatedtothepurchasingwillclassifiedasanoutflowofCFI.Soduringthatperiod,theCFIforWallyislowerandCFOishigher.Also,thenetincomeforWallywillhigherinthatperiodiftheexpenseiscapitalised,sothattheEPSforWallywillbehigherinthatperiod.Q-5.Usingthefollowinginformation,aMexicancorporationiscomputingthedepreciationexpenseforapieceofmanufacturingequipmentthatitpurchasedatthestartofthecurrentyear.Thecompanytakesafullyear'sdepreciationintheyearofacquisition.CostofequipmentMXN4,000,000EstimatedresidualvalueMXN400,000Expectedusefullife10yearsTotalproductivecapacity5,000,000unitsProductionduringyear800,000unitsThedepreciationexpense(inMXN)willmostlikelybehigherby:A.224,000,usingthedouble-decliningmethodcomparedwiththeunits-of-productionmethod.B.280,000,usingtheunits-of-productionmethodcomparedwiththestraight-linemethod.C.360,000,usingthedouble-decliningbalancemethodcomparedwiththestraight-linemethod.Solution:A.Thedifferencebetweenthedouble-decliningbalancemethodandtheunits-of-productionmethod(inMXN)is800z000-576,000=224,000.StraightLineUnitsofProductionDecliningBalanceRate1/105,000,000units1/102=20%Annualexpense(4,000,000-400,000)/10(4,000,000-400,000)×(800,000/5,000,000)0.20×4,000,000=360,0=576l000=800,000Q-6.InearlyJanuary2015,ananalystseesanewsreleasethatacompanyhefollows(whichreportsunderUSGAAP)willbeforcedtoreduceoutputfromoneofitsmajorproductlinesatitshighlyspecializedceramicsplantinresponsetoanewtechnologyintroducedbyitsmajorcompetitor.Thetablesummarizesinformationandestimatesthattheanalysthasgatheredfromvarioussourcesabouttheplantanditsfutureprospects.SelectedInformationRelatedtotheCeramicsProductionPlantEndof2014($thousands)Carryingamountofplant3z208Undiscountedexpectedfuturenetcashflows2z700PresentvalueOfexpectedfuturenetcashflows2,100Fairvalueofplant2,450Revisedestimateofusefullife4yearsDepreciationmethodStraightlineRevisedestimateofresidualvalue$400Iftheaboveinformationandestimatesproveaccurate,thedepreciationexpensethatshouldbereportedfor2015relatedtotheplantwillbeclosestto:A.$426thousand.B.$612thousand.C.$512.5thousand.Solution:C.Attheendof2014,atestofimpairmentisrequiredbecause*zeventsorchangesincircumstancesindicatethatitscarryingamountmaynotberecoverable/*(Allamounts$thousands)USGAAPImpairmentTest:Step1:Assessrecoverability:Comparecarryingamountwithundiscountedfuturenetcashflows.Carryingamount=3,208>2,700(expectedfuturenetcashflows):Therecoverabilitytestisnotsatisfied,soanimpairmentlossisrequired.Step2:Determineimpairmentloss:Carryingamount-Fairvalue=3,208-2z450=758Newcarryingvalue:2,450Estimateddepreciationin2015碧翟善J<¾巷倒图菩狙-芸骰菩嘤把敢噌茨黑衽嘤唱吞置唱巷置唱吾戮装戮费禺甫愚乳衿毁爰僚追理要3=$512.54Q-7.AcompanypreparesitsfinancialstatementsaccordingtoU.S.GAAPandleasedapieceofequipmenton1January2012.Informationrelevanttothetransactionisasfollows:1.Fiveannualleasepaymentsof$25,000,withthefirstpaymentdue1January2012.2.Interestrateonsimilarcompanydebtiscurrently8%.3.Thefairvalueoftheequipmentis$115,000.4.Usefullifeoftheequipmentissevenyears.5.Thecompanydepreciatesoth