财务报表分析：存货、长期资产、递延税项和表内及表外负债及答案解析.doc

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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及答案解析(总分：153.00，做题时间：90 分钟)一、B单项选择题/B(总题数：150，分数：153.00)1.Enduring Corp. operates in a country where net income from sales of goods are taxed at 40 percent, net gains from sales of investments are taxed at 20 percent, and net gains from sales of used equipment are exempt f

2、rom tax. Installment sale revenues are taxed upon receipt. For the year ended December 31,2004, Enduring recorded the following before taxes were considered : Net income from the sale of goods was $ 2000000, half was received in 2004 and half will be received in 2005. Net gains from the sale of inve

3、stments were $ 4000000, of which 25 percent was received in 2004 and the balance will be received in the 3 following years. Net gains from the sale of equipment were $1000000, of which 50 percent was received in 2004 and 50 percent in 2005. On its financial statements for the year ended December 31,

4、2004, Enduring should apply an effective tax rate of: A. 22. 86% and increase its deferred tax liability by $1000000. B. 22. 86% and increase its deferred tax asset by $1000000. C. 26.67% and increase its deferred tax liability by $ 1000000.（分数：1.00）A.B.C.2.Compared to firms that expense costs, firm

5、s that capitalize expenses will have:（分数：1.00）A.A. lower income variablity. B.B. lower cash flow from operations. C.C. higher leverage ratios.3.Which of the following statements about capitalizing and expensing costs is least accurate? A. Companies that capitalize costs will have lower debt-to-asset

6、 and debt-to-equity ratios than expensing companies. B. Companies that expense costs will show the same total cash flows as the capitalizing firm but show higher early year profitability. C. Companies that capitalize costs and depreciate them over time will show smoother reported income than expensi

7、ng companies.（分数：1.00）A.B.C.4.Given the following inventory information about the Buckner Company: Year-end LIFO inventory of $ 6500. Year-end LIFO reserve of $ 2500. The current year s LIFO cost of goods sold is $15000. After tax income is $1600. The previous years LIFO reserve was $ 2000. What is

8、the firm s after tax net income on a FIFO basis if the firm s tax rate is 40 percent?（分数：1.00）A.A. $ 2100. B.B. $1300. C.C. $1900.5.Pischke Motors provided you with the following financials: Beginning LIFO Reserve $ 2484 Cost of Goods Sold (COGS) using LIFO $ 3988 COGS using FIFO of $ 2004 What is t

9、he ending LIFO reserve?（分数：1.00）A.A. $ 4468. B.B. $ 500. C.C. $ 2484.6.The year-end financial statements for a firm using last in first out (LIFO) acounting show an inventory level of $5000, cost of goods sold (COGS) of $16000, and inventory purchases of $14500. If the LIFO reserve is $ 4000 at year

10、-end and was $1500 at the beginning of the year, what would the COGS have been using FIFO accounting?（分数：1.00）A.A. $18500. B.B. $11000. C.C. $13500.7.Which accounting methods are preferable for income statements and balance sheets? A. LIFO for the balance sheet and FIFO for the income statement. B.

11、LIFO for both income statements and balance sheets. C. LIFO for income statements and FIFO for the balance sheet.（分数：1.00）A.B.C.8.Use the following data for a company leasing a machine with a capital lease: The lease period is ten years. The lease payments are $ 2980.59 at the end of each year. The

12、firm will own the asset at the end of the lease term but the salvage value will be negligible. 8.5 % is the firm s incremental borrowing rate. 8% is the implicit lease rate. If the company uses straight-line depreciation, the first year s reported lease expense is:（分数：1.00）A.A. $ 2635. B.B. $ 2980.

13、C.C. $ 3600.9.Selected information from the financial statements of Salvo Company for the years ended December 31,2003 and 2004 is as follows ( in $ millions) :（分数：1.00）A.B.2003C.2004D.SalesE.$ 21F.$ 23G.Cost of Goods SoldH.(8)I.(9)J.Gross ProfitK.13L.14M.Cost of FranchiseN.(6)O.0P.Other ExpensesQ.(

14、6)R.(6)S.Net IncomeT.$ 1U.$ 8V.CashW.$ 4X.$ 5Y.Accounts ReceivableA.6AA.5AB.InventoryAC.9AD.7AE.Property, Plant & Equip. (net)AF.12AG.15AH.Total AssetsAI.$ 31AJ.$ 32AK.Accounts PayableAL.$ 7AM.$ 5AN.Long-term DebtAO.10AP.5AQ.Common StockAR.8AS.8AT.Retained EarningsAU.6AV.14AW.Total Liabilities and E

15、quityAX.$ 31AY.$ 3210.During periods of rising prices and stable or growing inventories, the most informative inventory accounting method for income statement purposes is: A. FIFO because it allocates historical prices to cost of good sold (COGS) and provides a better measure of current income. B. L

16、IFO because it allocates historical prices to cost of good sold (COGS) and provides a better measure of current income. C. LIFO because it allocates current prices to cost of good sold (COGS) and provides a better measure of current income.（分数：1.00）A.B.C.11.Which of the following inventory accountin

17、g methods must be used for financial reporting purposes if a U. S. firm uses last in, first out (LIFO) for tax purposes?（分数：1.00）A.A. FIFO. B.B. Average cost. C.C. LIFO.12.Under last in first out (LIFO) accounting during periods of inflation, when a firm sells a greater quantity of its inventory tha

18、n it produces or acquires, the result is: A. an understatement of the cost of goods sold. B. lower earnings. C. an increase in the leverage multiplier.（分数：1.00）A.B.C.13.Assume the present value discounted by 15% is $ 3500000 and it is used the straight-line depreciated method. Find out the reported

19、lease related expense for the first year. The lease is a 10-year capital lease with annual payments of $ 500000. There is a guaranteed residual value of $ 500000 at the end of the lease.（分数：1.00）A.A. $ 525000. B.B. $ 830000. C.C. $ 970000.14.Which of the following statements best justifies analyst s

20、crutiny of valuation allowances? A. If differences in taxable and pretax incomes are never expected to reverse, a company s equity may be understated. B. Increases in valuation allowances may be a signal that management expects earnings to improve in the future. C. Changes in valuation allowances ca

21、n be used to manage reported net income.（分数：1.00）A.B.C.15.While attending a local college, music major Anjolie Webster accepts a temporary position with a small manufacturing firm. Currently, the firm uses LIFO to account for inventory, but the owner is “just curious“ about how the financial results

22、 would look if the company used FIFO. Before the owner leaves for her voice lesson, she hands Webster a photocopy of the inventory data for the current period (summarized below). Beginning inventory of 1000 units at $ 30 cost. Ending inventory of 800 units. Sales of 1100 units. Three inventory purch

23、ases (listed from earliest purchase to latest purchase): 400 units at $ 27 each, 300 units at $ 25 each, and an unreadable number of units at $ 22 each. (Unfortunately, when the owner copied the original document, she left a yellow sticky note covering some of the inventory information. ) Current as

24、sets (less inventory) of $75000. Current liabilities of $ 65000. Using the information provided, determine which of the following statements is least accurate? All else equal, compared to LIFO, using FIFO would result in: A. cost of goods sold of $ 32700. B. a lower ending inventory balance. C. a cu

25、rrent ratio of approximately 1.60.（分数：1.00）A.B.C.16.Which of the following statements concerning early debt retirement is least accurate? A. When debt is retired prior to maturity at its book value, no gain or loss is reported on the transaction. B. Under U. S. GAAP, an accounting gain or loss will

26、usually be recorded for in substance defeasance. C. If a firm retires non-callable debt because interest rates have changed, there is usually no economic gain on the transaction.（分数：1.00）A.B.C.17.An analyst acquires the following information regarding a company:（分数：1.00）A.B.UnitsC.Unit PriceD.Beginn

27、ing InventoryE.559F.$1.00G.PurchasesH.785I.$5.00J.SalesK.848L.$15.00M.Purchases SalesN.$ 3191 per annumO.+$2018.If a company is investing in new assets, using straight-line depreciation instead of accelerated depreciation in the early years of an asset s life will lead to lower: A. assets and higher

28、 net income. B. turnover ratios and higher assets. C. return on equity and higher cash flow.（分数：1.00）A.B.C.19.Which of the following statements regarding differences in taxable and pretax income is TRUE? Differences in taxable and pretax income that: A. result in deferred taxes are called permanent

29、differences. B. increase or reduce the effective tax rate are called temporary differences. C. result in deferred taxes are called temporary differences.（分数：1.00）A.B.C.20.Which of the following statements about the liability method of accounting for deferred taxes is FALSE? A. The focus of the liabi

30、lity method is the balance sheet. B. The estimates of future tax liability are changed if the tax rate is changed. C. Deferred tax assets and liabilities result from the calculation of deferred tax expense.（分数：1.00）A.B.C.21.Which of the following is NOT a criteria for classifying a capital lease? A.

31、 The term of the lease is 75 percent or more of the estimated economic life. B. It contains a bargain purchase option. C. The present value of the minimum lease payments equals or exceeds 80 percent of the fair value of the leased property.（分数：1.00）A.B.C.22.Which of the following statements about in

32、tangible 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 assets are reflected at their purchase prices when acquired from an outside entity.（

33、分数：1.00）A.B.C.23.Assuming all else equal, if the coupon rate offered on a bond is less than the corresponding market rate of interest, the bond will be issued at:（分数：1.00）A.A. par. B.B. a premium. C.C. a discount.24.During an accounting period a company has the following sequence of transactions wit

34、h a beginning inventory of zero:（分数：1.00）A.Purchases SalesB.100units at $ 210 80units at $ 240C.90units at $ 225 90units at $ 25025.Xanos Corporation faced a 50% marginal tax rate last year and showed the following financial and tax reporting information: Deferred tax asset of $1000. Deferred tax li

35、ability of $ 5000. Based only on this information and the news that the tax rate will decline to 40%, Xanos Corporation s : A. deferred tax asset will be reduced by $ 400 and deferred tax liability will be reduced by $ 2000. B. deferred tax liability will be reduced by $1000 and income tax expense w

36、ill be reduced by $ 800. C. deferred tax asset will be reduced by $ 200 and the income tax expense will be reduced by $1000.（分数：1.00）A.B.C.26.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 i

37、s $100000 for 2006. The change in 2006 net income if FIFO inventory costing had been used is:（分数：1.00）A.A. - $ 3600. B.B. - $1200. C.C. $ 3600.27.When analyzing a firms reconciliation between its effective tax rate and the statutory tax rate, which of the following is NOT a potential cause for the d

38、ifference between the effective rate and the statutory rate? A. Deferred taxes provided on the reinvested earnings of unconsolidated domestic affiliates. B. Tax credits. C. Use of accelerated depreciation for tax purposes and straight-line depreciation for reporting purposes.（分数：1.00）A.B.C.28.Which

39、of the following statement about temporary and permanent differences is FALSE? A. Permanent differences are differences in taxable and pretax income that never reverse. B. Temporary differences are differences in taxable and pretax income that reverse in future years. C. Both temporary and permanent

40、 differences result in deferred tax consequences.（分数：1.00）A.B.C.29.Which of the following definitions used in accounting for income taxes is least accurate? A. An income tax expense is an expense resulting from current period pretax income and change in deferred taxes. B. A valuation allowance is a

41、reserve against deferred tax assets based on the likelihood that those assets will not be realized. C. A deferred tax liability is a balance sheet amount related to the difference between tax expense and taxes payable that is expected to be recovered from future operations.（分数：1.00）A.B.C.30.Which of

42、 the following statements about accounting for long-term debt is least accurate? A. For a bond issued at par, interest expense = coupon rate x face value. B. For a discount coupon bond, cash flow from operations will decrease by the amount of the periodic coupon payment. C. A bond issued at a discou

43、nt results in lower cash flow from operations and higher cash flow from financing than a bond issued at a premium.（分数：1.00）A.B.C.31.Which of the following statements about the LIFO and FIFO inventory accounting methods is least accurate? A. For purposes of inventory analysis, FIFO is preferred over

44、LIFO. B. FIFO cost of goods sold-LIFO cost of goods sold-change in LIFO reserve. C. In periods of declining prices, LIFO debt-to-equity ratios are higher than FIFO debt-to-equity ratios.（分数：1.00）A.B.C.32.During deflation and decreasing inventory quantities, a company using last-in first-out (LIFO) r

45、ather than first-in first-out (FIFO). What is the effect on inventory turnover and net profit mar-gin? Inventory Turnover Net Profit Margin A. higher lower B. higher higher C. lower higher（分数：1.00）A.A. B.B. C.C.33.During a period of rising prices a company may change from LIFO to FIFO to: A. takes a

46、dvantage of tax deferrals and reduce overall taxes paid. B. increase COGS and, hence, increase the overall cash flow position of the firm. C. increase reported inventory and, hence, improve various accounting constructs such as working capital.（分数：1.00）A.B.C.34.A firm is purchasing a new file server

47、 for $ 680000, with a 4-year expected life and a salvage value of $ 50000. It is expected that the new server will generate an additional $ 200000 in revenue each year. The firm will use the straight line method to depreciate the server for financial reporting, but the sum-of-year s digits (SYD) met

48、hod for tax purposes. The tax rate is 35 percent. What will be the accumulated deferred tax liability at the end of the second year?（分数：1.00）A.A. $11025. B.B. $ 3850. C.C. $ 44100.35.During an accounting period a company had the following sequence of transactions: Beginning inventory is zero. The co

49、mpany purchased 500 units at $15. The company purchased 600 units at $16. The company sold 400 units at $18. The company sold 550 units at $ 20. Cost of goods sold (COGS) using last-in first-out (LIFO) inventory accounting and ending inventory using first-in first-out (FIFO) are closest to: LIFO COGS FIFO ending inventory A. $14700 $ 2400 B. $14 700 $ 3350 C. $14850 $ 2400（分数：1.00）A.A. B.B. C.C. 36.During periods 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