财务报表分析：存货、长期资产、递延税项和表内及表外负债(二)及答案解析.doc

1、财务报表分析：存货、长期资产、递延税项和表内及表外负债(二)及答案解析(总分：51.00，做题时间：90 分钟)一、B单项选择题/B(总题数：51，分数：51.00)1.A 2-year bond is carried on the books at a premium because it was issued at a coupon rate 1/4 percent higher than the market rate. After one year, market rates have gone up by 112 percent.The bond will now be listed

2、 on the books as having: A. the same premium it had when originally issued. B. a lower premium than when it was originally issued. C. par value.（分数：1.00）A.B.C.2.Camphor Associates uses acerual basis for financial reporting purposes and cash basis for tax purposes. Cash collections from customers is

3、$ 238000, and accrued revenue is only $188000Assume expenses at 50 percent in both eases (i. e. $119000 on cash basis and $ 94000 on accrual basis) , and a tax rate of 34 percent. What is the deferred tax asset/liability in this case? A deferred tax: A. liability of $ 8500. B. asset of $ 48960. C. a

4、sset of $ 8500.（分数：1.00）A.B.C.3.The following information has been gathered about a firm:LIFO inventory = $10000Beginning LIFO reserve = $ 2500Ending LIFO reserve = $ 4000LIFO cost of goods sold=$15000LIFO net income = $1500Tax rate is 40%What is the FIFO COGS? A. $16500. B. $13500. C. $11000.（分数：1.

5、00）A.B.C.4.An analyst compares two companies that are identical except that Company X capitalizes its leases and Company Y writes them off as operating leases. The analyst would expect Company X s debt-to-equity ratio, relative to Company Ys, to be: A. higher. B. the same. C. lower.（分数：1.00）A.B.C.5.

6、A company uses LIFO and had a 2006 LIFO reserve of $ 90000 and a 2005 LIFO reserve of $ 85000. The company s marginal tax rate is 28% and cost of goods sold is $100000 for 2006. The change in 2006 net income if FIFO inventory costing had been used is: A. - $ 3600. B. - $1200. C. $ 3600.（分数：1.00）A.B.

7、C.6.The Mountain Bike Supply Company had 500 units in its beginning inventory. Each of these units cost $ 5. During the period, Mountain Bike Supply first purchased 400 units at $ 6 each and then 200 units at $ 7 each. At the end of the period, Mountain Bike Supply had 600 units. What is the cost of

8、 goods sold and inventory for Mountain Bike Supply if it uses FIFO inventory valuation ?COGS InventoryA. $ 2500 $ 3100B. $ 3200 $ 3800C. $ 2500 $ 3800 A. B. C.（分数：1.00）A.B.C.7.Which of the following is the least appropriate analyst adjustment for off-balance-sheet financing? A. Add the present value

9、 of capital leases to liabilities. B. Treat the sale of receivables with recourse as borrowing and reduce cash flow from operations by the sale amount. C. Increase liabilities for a commitment to buy $ 500 million in inventory over the next five years.（分数：1.00）A.B.C.8.Which of the following statemen

10、ts regarding capitalization and expensing of intangible assets is least accurate? Based on U. S. generally accepted accounting practices (GAAP) : A. computer software development costs to establish the technological or economic feasibility of software are expensed, but subsequent costs can be capita

11、lized. B. purchased patent and copyright costs are expensed. C. research and development costs are expensed when incurred.（分数：1.00）A.B.C.9.An analyst acquires the following information regarding a company: Units Unit PriceBeginning Inventory 559 $1.00Purchases 785 $5.00Sales 848 $15.00Purchases Sale

12、s $ 3191 per annum +$20What are the earnings before taxes using the FIFO Method and the LIFO Method?FIFO LIFOA. $ 7525 $ 5541B. $ 7525 $ 5818C. $ 6700 $ 5818 A. B. C. （分数：1.00）A.B.C.10.Premier Corp. s year-end last in, first out (LIFO) reserve was $ 2500000 in 2000 and $ 2300000 in 2001. Premier s $

13、 200000 decline in the LIFO reserve could be explained by each of the following EXCEPT: A. declining inventory prices. B. a LIFO liquidation occurred. C. the LIFO reserve was being amortized.（分数：1.00）A.B.C.11.Management of LLW Cabinetry, Inc., is considering leasing a new saw that will greatly incre

14、ase the plants throughput. Information on the machine and the terms of the lease are as follows:The machine has a fair market value of $ 2. 8 million, an estimated useful life of ten years, and no salvage value.Company incremental borrowing rate is 11.5%.Lease term of seven years with lease payments

15、 of $ 41567 due at the beginning of each month.Implicit lease rate is 10.0%.The lease does not contain a bargain purchase option, and there is no title transfer at the end of the lease.If management leases the machine (Note : carry calculations to at least three decimal places) : A. the current rati

16、o is unaffected (all else equal). B. the lease period is greater than 75% of the asset s useful life. C. in the first month, cash flow from operations will decrease by approximately $ 21039.（分数：1.00）A.B.C.12.Assume the following capital lease:Present value (PV) of lease payments at 10 percent is $ 2

17、5000.The leased asset is depreciated straight line over 5 years.The lease payment is $ 6000.The first payment of $ 6000 is to be paid at the end of the year.On a before tax basis, the income reported under capital lease compared with that reported under an operating lease for the first year will be:

18、 A. $1500. B. - $ 2500. C. - $1500.（分数：1.00）A.B.C.13.Determine the Cost of Goods Sold using the Weighted Average Method and also using the First in First Out (FIFO) Method.Weighted Average FIFOA. $ 4986.02 $ 4133.45B. $ 5248.44 $ 4351. 00C. $ 4351.00 $ 5248.44 A. B. C.（分数：1.00）A.B.C.14.During period

19、s of rising prices : A. LIFO Gross Profit Margin FIFO Gross Profit Margin. B. LIFO Current ratio FIFO Current Ratio. C. LIFO Debt to Equity Ratio FIFO Debt to Equity Ratio.（分数：1.00）A.B.C.15.Which of the following inventory accounting methods must be used for financial reporting purposes if a U. S. f

20、irm uses last in, first out (LIFO) for tax purposes? A. FIFO. B. Average cost. C. LIFO.（分数：1.00）A.B.C.16.Using the lower of cost or market principle under U. S. GAAP, if the market value of inventory falls below its historical cost, the minimum value at which the inventory can be reported in the fin

21、ancial statements is the: A. net realizable value. B. market price minus selling costs minus normal profit margin. C. net realizable value minus selling costs.（分数：1.00）A.B.C.17.A lessee has a 15-year capital lease requiring equal annual payments. The reduction of the total lease liability in year 6

22、is equal to: A. 1/15 of the original lease liability. B. the reduction of the long-term lease liability in year 6. C. the current liability shown for the lease at the end of year 5.（分数：1.00）A.B.C.18.Larry Purcell, an entry-level fixed income analyst at Knowhon temporary differences always result in

23、deferred tax assets or liabilities.26.A financial analyst could correct the current ratio in which a company uses the LIFO inventory valuation method to the FIFO method by: A. adding the LIFO reserve to the current liabilities. B. adding the LIFO reserve to the current assets. C. deducting the LIFO

24、reserve from the current asset.（分数：1.00）A.B. C.解析：The LIFO reserve increases the inventory value under FIFO and inventory is included in the numerator in the current ratio.27.Indata Company sold a specially manufactured item for $ 5000000 on December 31,2006. The item was sold on an installment sale

25、 basis, with $1000000 paid on the date of the sale and $ 4000000 to be paid in four annual installments of $1000000 plus interest at the market rate of 6 percent. Indata s tax rate is 40 percent and its costs to construct the item were $ 2500000. Indata recognizes the entire amount of the sale as in

26、come on the date the sale is made for accounting purposes, but not until cash is received for tax purposes.On its balance sheet dated December 31,2006, Indata will, as a result of the transaction described above, increase its deferred tax: A. liability by $ 200000. B. asset by $ 800000. C. liability

27、 by $ 800000.（分数：1.00）A.B.C. 解析：Accounting profit from the installment sale was ($5000000-$2500000=)$2500000. Income tax expense is calculated based on 40 percent of accounting profit, so tax expense from the transaction is ( $ 25000000.40 = ) $1000000. Income taxes payable, as of December 312006, w

28、ere ( $1000000 - ( $2500000 $1000000/$5000000) 0.40 =) $ 200000. The excess of income tax expense over income taxes payable is a credit to deferred tax liability of ( $1000000 - $ 200000 = ) $ 800000.28.Selected information from Ingot Company s financial statements for the year ended December 31,200

29、4, was as follows prior to the consideration of its impaired asset write-down ( in $ ) : Cash 120000 Accounts Payable 290000Accounts Receivable 200000 Deferred Tax Liability 740000Inventory 300000 Long-term Debt 800000Property, Plant deferred tax expense used to determine reported income is a conseq

30、uence of the balance sheet calculations.36.Which of the following statements about intangible assets is least likely correct? A. Generally, internally produced intangible assets are not reported on the balance sheet. B. In most countries, research and development costs are capitalized. C. Intangible

31、 assets are reflected at their purchase prices when acquired from an outside entity.（分数：1.00）A.B. C.解析：U.S. GAAP requires R N = 10 ; I = 3.5 ; PMT = 1500000 ; CPTPV = $ 47920848.67. Round to $ 47920849. The interest expense in the first 6-month period is the initial proceeds multiplied by the semiannual market interest rate of 3.5%. We get: $ 479208493.5% = $1677230. Since the total coupon payment is $ 500000003.0% = $ 1500000 the closing liability for the first period is change in liability= $1677230 - $1500000 = 177230 plus the initial proceeds, or: $ 47920849 + $177230 = $48098079. The