注册金融分析师一级-12及答案解析.doc

1、注册金融分析师一级-12 及答案解析(总分：84.00，做题时间：90 分钟)一、B单项选择题/B(总题数：3，分数：84.00)根据以下信息解答问题。机器设备总额 3500000 美元折旧费用 500000 美元累积折旧 2300000 美元厂商使用直线折旧法。（分数：12.00）(1).The average age of the plant and equipment is: A. 2.7 years B. 4.6 years C. 5.3 years（分数：1.20）A.B.C.(2).The average depreciable life of the plant and equi

2、pment is: A. 4.3 years B. 6.5 years C. 7.0 years（分数：1.20）A.B.C.(3).The remaining useful life of the plant and equipment is: A. 2.4 years B. 3.7 years C. 11.6 years（分数：1.20）A.B.C.(4).Which of the following statements about intangible assets is least accurate? A. Intangible assets with unlimited lives

3、 are tested for impairment at least annually. B. The income statement allocation of the cost of a finite-lived intangible asset is known as accretion expense. C. The allocation of an intangible assets cost to the income statement should match the benefits used up during the period.（分数：1.20）A.B.C.(5)

4、.Which of the following statements about an asset retirement obligation (ARO) is least accurate? A. An ARC increases depreciation expense. B. Operating cash flow is lower as a result of ARC expense allocations in the income statement. C. The periodic accretion expense should be treated as interest e

5、xpense for analytical purposes.（分数：1.20）A.B.C.(6).A firm recently recognized a $4300 loss on the sale of machinery. The original cost of the machinery was $28000 and the accumulated depreciation at the date of sale was $15000. What amount did the firm receive from the sale? A. $4500 B. $6300 C. $870

6、0（分数：1.20）A.B.C.(7).An asset is impaired when: A. accumulated depreciation plus salvage value exceeds acquisition cost. B. the present value of future cash flows from an asset exceeds its carrying amount. C. the firm cannot fully recover the carrying amount of the asset through operations.（分数：1.20）A

7、.B.C.(8).Assume U.S. GAAP applies unless otherwise noted. A company has equipment with an original cost of $850000, accumulated amortization of $300000 and 5 years of estimated remaining useful life. Due to a change in market conditions the company now estimates that the equipment will only generate

8、 cash flows of $80000 per year over its remaining useful life. The companys incremental borrowing rate is 8 percent. Which of the following statements concerning impairment and future return on assets (ROA) is most accurate? A. The asset is impaired and future ROA increases. B. The asset is impaired

9、 and future ROA decreases. C. The asset is not impaired and future ROA increases.（分数：1.20）A.B.C.(9).The fair value of equipment used by a firm exceeds its canting value. Which of the following statements is least accurate? A. Under IFRS, the firm can choose to report the equipment at fair value. B.

10、Under IFRS, the firm can choose to report the asset at its canting value. C. Under U.S. GAAP, the firm can choose to report the equipment at fair value.（分数：1.20）A.B.C.(10).Which of the following tax definitions is least accurate? A. Taxes payable are the amount due to the government. B. Taxable inco

11、me is income based on the rules of the tax authorities. C. Pretax income is income tax expense divided by one minus the statutory tax rate.（分数：1.20）A.B.C.根据以下信息解答问题。(1)厂商以 300000 美元的价格购进了一项资产，该资产的使用寿命为 5 年，且不存在折余值；(2)在未来 5 年的使用寿命期限内，该项资产将产生 140000 美元的现金流；(3)各年的税率为 40%；(4)基于避税的目的，厂商将在未来 4 年使用直线折旧法对该项

12、资产进行折旧，并基于编制财务报表的需要，在未来 5 年使用直线折旧法对该项资产进行折旧。（分数：34.00）(1).Taxable income in year 1 is: A. $60000 B. $65000 C. $70000（分数：2.00）A.B.C.(2).Taxes payable in year 1 are: A. $22500 B. $26000 C. $46000（分数：2.00）A.B.C.(3).Pretax income in year 5 is: A. $37000 B. $64000 C. $80000（分数：2.00）A.B.C.(4).Income tax e

13、xpense in year 5 is: A. $12500 B. $24000 C. $32000（分数：2.00）A.B.C.(5).Taxes payable in year 5 are: A. $56000 B. $63000 C. $72000（分数：2.00）A.B.C.(6).At the end of year 2, the firms balance sheet will report a deferred tax: A. asset of $15000. B. liability of $8000. C. liability of $12000.（分数：2.00）A.B.C

14、.(7).In the first year of operation, a firm produces taxable income of - $30000. The prevailing tax rate is 30%. The firms balance sheet will report a deferred tax: A. asset of $9000. B. liability of $100000. C. liability of $100000.（分数：2.00）A.B.C.(8).An analyst gathered the following information ab

15、out a company:Taxable income is $63000.Pretax income is $72000.Current tax rate is 40%.Tax rate when the reversal occurs will be 30%.What is the companys deferred tax liability at the end of year 1? A. $1400 B. $2700 C. $3600（分数：2.00）A.B.C.(9).An analyst is comparing a firm to its competitors. The f

16、irm has a deferred tax liability“ that results from accelerated depreciation for tax purposes. The firm is expected to continue to grow in the foreseeable future. How should the liability be treated for analysis purpose? A. It should be treated as equity at its full value. B. It should be treated as

17、 liability at its full value. C. The present value should be treated as liability with the remainder being treated as equity.（分数：2.00）A.B.C.(10).Which one of the following statement is most accurate?Under the liability method of accounting for deferred taxes, a decrease in the tax rate at the beginn

18、ing of the period will: A. increase a deferred tax asset. B. reduce a deferred tax liability. C. increase taxable income in the current period.（分数：2.00）A.B.C.(11).If the tax base of an asset exceeds the assets carrying value and a reversal is expected in the future: A. a deferred tax asset is create

19、d. B. a deferred tax liability is created. C. neither a deferred tax asset nor a deferred tax liability is created.（分数：2.00）A.B.C.(12).The developer of a new software received $30000 advance from the software firm. $8000 of income taxes were paid on the advance when received. The software will not b

20、e finished until next year. Determine the tax basis of the advance at the end of this year. A. $0 B. $2000 C. $30000（分数：2.00）A.B.C.(13).The following information relates to a profitable company that offers a warranty on a new product introduced in 2009: accrued warranty expenses for the warranty in

21、2009 $300000actual expenditures for repairs under the warranty in 2009$200000If the companys tax rate is 35 percent, which of the following most accurately describes the deferred tax recorded in 2009 with respect to the new product warranty? A. Deferred tax asset of $35000. B. Deferred tax asset of

22、$65000. C. Deferred tax liability of $35000.（分数：2.00）A.B.C.(14).A company reports net income of $80000 for the year. The table below indicates selected items which were included in net income and their associated tax status. including in determi-ning net incometax statusdepreciation expensedividend

23、incomefine related to environmental damageR&D expenditures$70000$120000$100000$50000$90000 allowed for tax purposesdividends not taxablenot deductible for tax purposes$20000 allowed for tax purposesThe companys tax rate is 35%. The companys current income taxes payable is closest to: A. $206500 B. $

24、276500 C. $360500（分数：2.00）A.B.C.(15).While reviewing a company, an analyst identifies a permanent difference between taxable income and pretax income. Which of the following statements most accurately identifies the appropriate financial adjustment? A. The effective tax rate for calculating tax expe

25、nses should be adjusted. B. The amount of the tax implications of the difference should be added to the deferred tax liabilities. C. The present value of the amount of the tax implications of the difference should be added to the deferred tax liabilities.（分数：2.00）A.B.C.(16).A firm reported the follo

26、wing:Gross DTA at the beginning of the year $23000Gross DTA at the end of the year $24500Valuation allowance at the beginning of the year $4600Valuation allowance at the end of the year $6700Which of the following statements best describes the expected earnings of the firm? Earnings are expected to:

27、 A. Earnings are expected to increase. B. Earnings are expected to decrease. C. Earnings are expected to remain relatively stable.（分数：2.00）A.B.C.(17).At the beginning of the year, a company issues a $1000 face value, semiannual coupon, bond with an 8 percent coupon rate maturing in 10 years. The ann

28、ual market rate of interest at issuance was 12 percent. The initial liability recorded for this bond is closest to: A. $771 B. $774 C. $1000（分数：2.00）A.B.C.已知某厂商发行了 300 万美元的债券，息票率为 7%，期限为 3 年，利息每年支付一次，市场利率为 8%。试根据上述信息解答问题。（分数：38.00）(1).The bond can be classified as a: A. par bond. B. discount bond. C

29、. premium bond.（分数：2.00）A.B.C.(2).The annual coupon payments will be. A. $210000 B. $240000 C. $320000（分数：2.00）A.B.C.(3).Total of all cash payments to the bondholders is: A. $630000 B. $3000000 C. $3630000（分数：2.00）A.B.C.(4).The initial book value of the bonds is: A. $2833425 B. $2922711 C. $3000000（

30、分数：2.00）A.B.C.(5).For the first period the interest expense is: A. $204590 B. $233817 C. $210000（分数：2.00）A.B.C.(6).If the market rate changes to 10% and the bonds are carried at amortized cost, the book value of the bonds at the end of the first year will be: A. $2946588 B. $3128684 C. $3496625（分数：2

31、.00）A.B.C.(7).The total interest expense reported by the issuer over the life of the bond will be: A. $487526 B. $523468 C. $552711（分数：2.00）A.B.C.(8).For analytical purposes, what is the impact on the debt-to-equity if the market rate of interest increases after the bond is issued? A. No change. B.

32、A decrease. C. An increase.（分数：2.00）A.B.C.(9).A company has convertible bonds with conversion price of $30 per share. The stock price is currently $35 per share. For analytical purposes, the bonds should be treated as: A. debt. B. equity. C. a combination of debt and equity.（分数：2.00）A.B.C.(10).Dacon

33、 Inc. has a capital structure consisting of $40 million of liabilities and $50 million of equity. Dacon issues $3 million of preferred shares and $5 million of bonds with warrants attached (debt component comprises 70% of the value) for total cash proceeds of $8 million. Which of the following amoun

34、ts is the revised debt-total capital ratio upon the issuance of the two new financial instruments? A. 0.28 B. 0.35 C. 0.44（分数：2.00）A.B.C.(11).A finance lease results in the following net income effects to a lessee as compared to an operating lease:early years later years lower lower lower higher hig

35、her lower A. B. C. （分数：2.00）A.B.C.(12).On 1 January 2010 a company enters into a lease agreement to lease a piece of machinery as the lessor with the following terms: annual lease payment due 31 December $50000lease term 5 yearsestimated useful life of the machine 6 yearsestimated salvage value of t

36、he machine $0carrying value (cost) of leased asset $160000implied interest rate on lease 8%The firm is reasonably assured of the collection of the lease payments.Which of the following best describes the classification of the lease on the companys financial statements for 2010? A. Operating lease. B

37、. Sales type lease. C. Direct financing lease.（分数：2.00）A.B.C.(13).Which of the following statements is least likely an off-balance-sheet financing method? A. Sale of receivables. B. Convertible bonds. C. Throughput arrangements.（分数：2.00）A.B.C.(14).At the beginning of the year, a lessee company enter

38、s into a new lease agreement that is correctly classified as a finance lease, with the following terms: annual lease payment due 31 December$100000lease term 5 yearsappropriate discount rate 12%depreciation method straight-line basisestimated salvage value $0With respect to effect of the lease on th

39、e companys financial statements in the first year of the lease, which of the following is most accurate? A. The reduction in the companys pretax income is $72096. B. The reduction in the companys cash flow from financing is $56743. C. The reduction in the companys cash flow from operations is $72096

40、.（分数：2.00）A.B.C.(15).For a lessor, a sales-type lease results in: A. gross profit. B. rental income. C. depreciation expense.（分数：2.00）A.B.C.(16).Which of the following statements about direct financing leases and operating leases is least accurate for a lessor? A. Total cash flows are not affected b

41、y the accounting treatment of lease. B. As compared to an operating lease, a direct financing lease will result in higher operating cash flows. C. An operating lease will result in lower earnings in the earlier years of the lease, while the direct lease will result in lower earnings in the later yea

42、rs.（分数：2.00）A.B.C.(17).For a company that has sold receivable but retained the credit risk, which of the following statements is least likely to require adjustment by an analyst? A. Current ratio. B. Debt-to-equity. C. Inventory turnover.（分数：2.00）A.B.C.(18).At the beginning of the year, two companie

43、s issued debt with the same market rate, maturity date, and total face value. One company issued coupon-bearing bonds at par and the other company issued zero-coupon bonds. All other factors being equal for that year, compared with the company that issued par bonds, the company that issued zero-coup

44、on debt will most likely report: A. higher cash flow from operations but not higher interest expense. B. both higher cash flow operations and higher interest expense. C. neither higher cash flow from operations nor higher interest expense.（分数：2.00）A.B.C.(19).On 1 January 2010 a company enters into a

45、 lease agreement to lease a piece of machinery as the lessor with the following terms: annual lease payment due 31 Decemberlease termestimated useful life of the machineestimated salvage value of the machinecarrying value (cost) of leased assetimplied interest rate on lease$750006 years7 years$0$300

46、0007%The firm is reasonably assured of the collection of the lease payments.The total effect on 2010 pre-tax income for the lessor from this lease is closest to: A. $32413. B. $75000. C. $82514.（分数：2.00）A.B.C.注册金融分析师一级-12 答案解析(总分：84.00，做题时间：90 分钟)一、B单项选择题/B(总题数：3，分数：84.00)根据以下信息解答问题。机器设备总额 3500000 美

47、元折旧费用 500000 美元累积折旧 2300000 美元厂商使用直线折旧法。（分数：12.00）(1).The average age of the plant and equipment is: A. 2.7 years B. 4.6 years C. 5.3 years（分数：1.20）A.B. C.解析：解析 *(2).The average depreciable life of the plant and equipment is: A. 4.3 years B. 6.5 years C. 7.0 years（分数：1.20）A.B.C. 解析：解析 *(3).The remai

48、ning useful life of the plant and equipment is: A. 2.4 years B. 3.7 years C. 11.6 years（分数：1.20）A. B.C.解析：解析 剩余使用期限=平均折旧期限-平均期限=7-4.6=2.4(年)(4).Which of the following statements about intangible assets is least accurate? A. Intangible assets with unlimited lives are tested for impairment at least annually. B. The income statement allocation of the cost of a finite-lived intangible asset is known as accretion expense. C. The allocation of an intangible assets cost to the income statement should match the benefits used up during the per