財(cái)務(wù)報(bào)告與分析中章節(jié)的設(shè)置是循序漸進(jìn)、逐層深入的，前面介紹的術(shù)語(yǔ)在后面還會(huì)有詳細(xì)的解釋與探討。
由于財(cái)務(wù)報(bào)告與分析本身自立體系，它是上市公司和報(bào)表使用人之間溝通交流的語(yǔ)言，所以學(xué)起來(lái)與外語(yǔ)學(xué)習(xí)有幾分相似。
財(cái)務(wù)報(bào)告與分析一共分為四大部分：
第一部分是掃盲階段，主要介紹財(cái)務(wù)術(shù)語(yǔ)、體系等基本知識(shí)。
在此基礎(chǔ)上，第二部分更深入地講解財(cái)務(wù)報(bào)表編制以及財(cái)務(wù)報(bào)表分析的方法。
進(jìn)一步地，第三部分針對(duì)存在利潤(rùn)操縱空間的重點(diǎn)科目做詳細(xì)、深入的討論。
最后，第四部分是前面三部分內(nèi)容的綜合應(yīng)用。
四大部分在考試中占比最大的是第二部分和第三部分，大概占財(cái)報(bào)分析所有題目的80%以上。其次是第一部分，占比10%左右。
由于第四部分是財(cái)務(wù)分析的綜合應(yīng)用，不太適合一級(jí)的出題形式，所以出題比例相對(duì)比較少，大概占5%左右。
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CFA財(cái)務(wù)報(bào)表分析練習(xí)題"Financial Report":Lease agreement

Questions 1:

The following table represents selected financial statement data for a company given three different scenarios:
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Using the data provided in the table to calculate ROE in Year 3,in which scenario is the company most likely a lessee in a finance lease?
A、Scenario I
B、Scenario II
C、Scenario III
【Answer to question 1】B
【analysis】
B is correct.A company that enters into a finance lease as the lessee reports an asset(leased asset)and related debt(lease payable)on the balance sheet.On the income statement,the company reports interest expense on the debt,and if the asset acquired is depreciable the company reports depreciation expense.Return measures are typically lower in early years for a lessee in a finance lease and rise over the course of the lease,all else equal.In this case ROE is calculated as net income divided by average shareholders’equity.Scenario II is the only scenario in which the company’s ROE is rising over time.In Scenario II,the company had year 3 ROE of 6.1 percent:(27,975–17,359)/[(177,975+167,359)/2].
A is incorrect because the ROE pattern is not representative of a lessee in a finance lease.In Scenario I,the company’s year 3 ROE is 5.7 percent:(27,975–18,100)/[(177,975+168,100)/2].
C is incorrect because in Scenario III the company’s ROE is declining over time,which is not indicative of a lessee in a finance lease.In this case,year 3 ROE is 5.4 percent:(27,975–18,650)/[(177,975+168,650)/2].

Questions 2:

An advantage to the lessee in a leasing agreement is most likely:
A、economies of scale in servicing assets.
B、tax benefits associated with interest expense.
C、lower financing costs than purchasing the asset.
【Answer to question 2】C
【analysis】
C is correct.Leases can provide less costly financing for the lessee because they usually require little,if any,down payment and often are at lower fixed interest rates than those incurred if the assets were purchased.
A is incorrect because economies of scale in servicing assets is an advantage for the lessor,not the lessee.
B is incorrect because tax benefits associated with the interest expense is an advantage to the lessor,not the lessee.
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