1、注册金融分析师一级-21 及答案解析(总分：100.00，做题时间：90 分钟)一、单项选择题(总题数：49，分数：100.00)1.Which of the following statements best describes the treatment of inventory on the balance sheet?（分数：1.00）A.Inventory is carried at the lower of cost or net realizable value under IFRS and the lower of cost or market under U. S. GAAP
2、B.Once an inventory writedown occurs, a subsequent recovery in value is recognized under U.S. GAAP but is not recognized under IFRS.C.The carrying value of inventory can never exceed original cost under IFRS or U.S. GAAP.2.Restrone Inc. sells computer mainboard. At year-end, due to a sudden increas
3、e in manufacturing costs, the replacement cost per set of mainboard is $73. The history cost is $56, and the current selling price is $68. The normal profit margin is 15% of the selling price, and the selling costs are $4 per set. According to U.S. GAAP, which of the following amounts should each se
4、t of mainboard on Restrone“s year-end balance sheet?（分数：1.00）A.$56B.$64C.$733.During periods of rising prices, which of the following statements is correct?（分数：1.00）A.LIFO COGS weighted average COGS FIFO COGSB.LIFO COGS = weighted average COGS = FIFO COGSC.LIFO COGS weighted average COGS FIFO COGS4.
5、In periods of rising prices, LIFO (as compared to FIFO) results in:（分数：1.00）A.lower COGS, higher taxes, lower inventory, and lower cash flows.B.higher COGS, higher taxes, lower inventory, and higher cash flows.C.higher COGS, lower taxes, lower inventory, and higher cash flows.5.If prices are rising
6、and two firms are identical except for inventory methods, the firm using FIFO will have:（分数：1.00）A.lower inventory.B.higher net income.C.higher total cash flow.6.As all equal, in periods of rising prices and inventory levels, which of the following statements is correct?（分数：1.00）A.FIFO firms have hi
7、gher debt-to-equity ratios than other LIFO firms.B.LIFO firms have higher gross profit margins than other FIFO firms.C.FIFO firms have greater stockholders“ equity than other LIFO firms.7.An analyst gathers the following information about a company ($millions): 2009 2008 sales year-end inventory (LI
8、FO inventory method) LIFO reserve COGS (LIFO inventory method) 283.5 81.4 36.4 203.9 234.9 53.7 21.8 167.3 If the company uses the FIFO inventory method instead of LIFO, the company“s 2009 gross profit margin is closest to:（分数：1.00）A.22.9%B.29.8%C.33.2%8.A firm uses LIFO for inventory accounting and
9、 reports the following: COGS LIFO $342000 beginning inventor $75000 ending inventory $78000 Footnotes to the financial statements reveal a beginning LIFO reserve of $35000 and an ending LIFO reserve of $39000. COGS on a LIFO basis is:（分数：1.00）A.$338000B.$343000C.$4860009.Assuming no LIFO liquidation
10、 a LIFO firm reports higher net income than an otherwise identical FIFO firm. Prices must be:（分数：1.00）A.rising.B.steady.C.falling.10.A company uses the LIFO inventory method, but most of the other companies in the same industry use FIFO. Which of the following best describes one of the adjustments
11、that would be made to the company“s financial statements to compare it with other companies in the industry? The amount reported for the company“s ending inventory should be:（分数：1.00）A.increased by the ending balance in its LIFO reserve.B.decreased by the ending balance in its LIFO reserve.C.increas
12、ed by the change in its LIFO reserve for that period.11.A LIFO liquidation will most likely result an increase in:（分数：1.00）A.inventory.B.accounts payable.C.gross profit margin.12.For analysis of firms, the amount of capitalized interest should be:（分数：1.00）A.added to fixed assets.B.subtracted from in
13、terest expense.C.added to cash flow from investing activities.13.Firm A expenses costs while Firm B capitalizes them. All the other things being equal, which of the following best describes the debt ratios of Firm A and Firm B?（分数：1.00）A.They will be equal.B.Firm A“s debt ratio will be higher.C.Firm
14、 B“s debt ratio will be higher.14.U.S. GAAP requires that costs incurred in establishing the technological feasibility of software be:（分数：1.00）A.expensed in the period incurred.B.capitalized if the firm intends to use the software internally.C.capitalized and allocated over the estimated life of the
15、 software.15.In the early years of an asset“s life, compared to a firm using straight-line depreciation, a firm using the double-declining balance depreciation method will report:（分数：1.00）A.higher asset turnover.B.higher retained earnings.C.lower depreciation expense.16.A company acquires some new d
16、epreciable assets. Which of the following combinations of estimated salvage value and useful life will mostly likely produce the highest net profit margin?（分数：1.00）A.low salvage value estimates and long average lives.B.high salvage value estimates and long average lives.C.high salvage value estimate
17、s and short average lives.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：3.00）(1).The average age of the plant and equipment is:（分数：1.00）A.2.7 yearsB.4.6 yearsC.5.3 years(2).The average depreciable life of the plant and equipment is:（分数：1.00）A.4.3 yearsB.6.5 yearsC.7.0 ye
18、ars(3).The remaining useful life of the plant and equipment is:（分数：1.00）A.2.4 yearsB.3.7 yearsC.11.6 years17.Which of the following statements about intangible assets is least accurate?（分数：1.00）A.Intangible assets with unlimited lives are tested for impairment at least annually.B.The income statemen
19、t allocation of the cost of a finite-lived intangible asset is known as accretion expense.C.The allocation of an intangible asset“s cost to the income statement should match the benefits used up during the period.18.Which of the following statements about an asset retirement obligation (ARO) is leas
20、t accurate?（分数：1.00）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 expense for analytical purposes.19.A firm recently recognized a $4300 loss on the s
21、ale 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?（分数：1.00）A.$4500B.$6300C.$870020.An asset is impaired when:（分数：1.00）A.accumulated depreciation plus salvage value exceeds ac
22、quisition 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.21.Assume U.S. GAAP applies unless otherwise noted. A company has equipment with an original cost of $850000, accumula
23、ted 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 cash flows of $80000 per year over its remaining useful life. The company“s incremental borrowing rate is 8 percent. Which
24、of the following statements concerning impairment and future return on assets (ROA) is most accurate?（分数：1.00）A.The asset is impaired and future ROA increases.B.The asset is impaired and future ROA decreases.C.The asset is not impaired and future ROA increases.22.The fair value of equipment used by
25、a firm exceeds its canting value. Which of the following statements is least accurate?（分数：2.00）A.Under IFRS, the firm can choose to report the equipment at fair value.B.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 equip
26、ment at fair value.23.Which of the following tax definitions is least accurate?（分数：2.00）A.Taxes payable are the amount due to the government.B.Taxable income 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.根据以下信息解答
27、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：12.00）(1).Taxable income in year 1 is:（分数：2.00）A.$60000B.$65000C.$70000(2).Taxes payable in year 1 are:（分数：2.0
28、0）A.$22500B.$26000C.$46000(3).Pretax income in year 5 is:（分数：2.00）A.$37000B.$64000C.$80000(4).Income tax expense in year 5 is:（分数：2.00）A.$12500B.$24000C.$32000(5).Taxes payable in year 5 are:（分数：2.00）A.$56000B.$63000C.$72000(6).At the end of year 2, the firm“s balance sheet will report a deferred ta
29、x:（分数：2.00）A.asset of $15000.B.liability of $8000.C.liability of $12000.24.In the first year of operation, a firm produces taxable income of - $30000. The prevailing tax rate is 30%. The firm“s balance sheet will report a deferred tax:（分数：2.00）A.asset of $9000.B.liability of $100000.C.liability of $
30、100000.25.An analyst gathered the following information about 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 company“s deferred tax liability at the end of year 1?（分数：2.00）A.$1400B.$2700C.$360026.An an
31、alyst is comparing a firm to its competitors. The firm 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?（分数：2.00）A.It should be treat
32、ed as equity at its full value.B.It should be treated as liability at its full value.C.The present value should be treated as liability with the remainder being treated as equity.27.Which one of the following statement is most accurate? Under the liability method of accounting for deferred taxes, a
33、decrease in the tax rate at the beginning of the period will:（分数：2.00）A.increase a deferred tax asset.B.reduce a deferred tax liability.C.increase taxable income in the current period.28.If the tax base of an asset exceeds the asset“s carrying value and a reversal is expected in the future:（分数：2.00）
34、A.a deferred tax asset is created.B.a deferred tax liability is created.C.neither a deferred tax asset nor a deferred tax liability is created.29.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
35、 will not be finished until next year. Determine the tax basis of the advance at the end of this year.（分数：2.00）A.$0B.$2000C.$3000030.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 200
36、9 $300000 actual expenditures for repairs under the warranty in 2009 $200000 If the company“s 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?（分数：2.00）A.Deferred tax asset of $35000.B.Deferred tax ass
37、et of $65000.C.Deferred tax liability of $35000.31.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 tax status determi- ning net income depreciation expense dividend income fi
38、ne related to environmental damage R&D expenditures $70000 $120000 $100000 $50000 $90000 allowed for tax purposes dividends not taxable not deductible for tax purposes $20000 allowed for tax purposes The company“s tax rate is 35%. The company“s current income taxes payable is closest to:（分数：2.00）A.$
39、206500B.$276500C.$36050032.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?（分数：2.00）A.The effective tax rate for calculating tax expense
40、s 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.33.A firm reported the following: Gross DTA at the b
41、eginning of the year $23000 Gross DTA at the end of the year $24500 Valuation allowance at the beginning of the year $4600 Valuation allowance at the end of the year $6700 Which of the following statements best describes the expected earnings of the firm? Earnings are expected to:（分数：2.00）A.Earnings
42、 are expected to increase.B.Earnings are expected to decrease.C.Earnings are expected to remain relatively stable.34.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 annual market rate of interest at is
43、suance was 12 percent. The initial liability recorded for this bond is closest to:（分数：2.00）A.$771B.$774C.$1000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：14.00）(1).The bond can be classified as a:（分数：2.00）A.par bond.B.discount bond.C.premium bond.(2).The annual coupon payme
44、nts will be.（分数：2.00）A.$210000B.$240000C.$320000(3).Total of all cash payments to the bondholders is:（分数：2.00）A.$630000B.$3000000C.$3630000(4).The initial book value of the bonds is:（分数：2.00）A.$2833425B.$2922711C.$3000000(5).For the first period the interest expense is:（分数：2.00）A.$204590B.$233817C.$
45、210000(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:（分数：2.00）A.$2946588B.$3128684C.$3496625(7).The total interest expense reported by the issuer over the life of the bond will be:（分数：2.00）A.$487526B
46、523468C.$55271135.For analytical purposes, what is the impact on the debt-to-equity if the market rate of interest increases after the bond is issued?（分数：2.00）A.No change.B.A decrease.C.An increase.36.A company has convertible bonds with conversion price of $30 per share. The stock price is curren
47、tly $35 per share. For analytical purposes, the bonds should be treated as:（分数：2.00）A.debt.B.equity.C.a combination of debt and equity.37.Dacon 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
48、of bonds with warrants attached (debt component comprises 70% of the value) for total cash proceeds of $8 million. Which of the following amounts is the revised debt-total capital ratio upon the issuance of the two new financial instruments?（分数：2.00）A.0.28B.0.35C.0.4438.A finance lease results in th
49、e following net income effects to a lessee as compared to an operating lease: early years later years lower lower lower higher higher lower（分数：2.00）A.B.C.39.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 $50000 lease term 5 years estimated useful life of the machine 6 years estimated salvage value of the machine $0 carrying value (cost) of leased asset $160000 implied interest rate on lease 8% The firm is reasonably assured of the collection of the l
