CFA財(cái)務(wù)報(bào)表分析練習(xí)題＂Financial Report＂：Rev-aluation model
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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Questions 1:

A company that reports in accordance with IFRS does not use the cost model to value its investment properties and property,plant,and equipment.Information related to an investment property and a plant is as follows:
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The impact on its net income for the year will most likely be a gain(in thousands)of:
A、€100.
B、€300.
C、€200.

【Answer to question 1】A

【analysis】
A is correct.The fair value model would be used for the investment property,and the€100 thousand gain should be recognized on the company’s income statement.The r*uation model would be used for the plant,and the€200 thousand gain should be recognized in the r*uation surplus account on the balance sheet with no impact on net income.Therefore,only the€100 thousand will affect net income.
B is incorrect.The r*uation model would be used for the plant,and the gain should be recognized in the r*uation surplus account on the balance sheet.This is a new purchase and therefore no gains need to be recognized on the income statement to reverse previously recognized losses.Therefore,a maximum of$100,000 would be recognized on the income statement.
C is incorrect.The r*uation model would be used for the plant,and the gain should be recognized in the r*uation surplus account on the balance sheet.This is a new purchase and therefore no gains need to be recognized on the income statement to reverse previously recognized losses.

Questions 2:

The following is selected balance sheet data for a company along with information about its financial and operating lease obligations.
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If the company were to capitalize its long-term leases,its adjusted long-term debt-to-assets ratio as of the end of December 2014 would be closest to:
A、9.9%.
B、10.2%.
C、10.4%.

【Answer to question 2】A

【analysis】
A is correct.If the leases were capitalized,both total assets and liabilities would increase by the present value of the lease payments.The lease commitments after 2019 are assumed to be the same as in 2019,so there are estimated to be 240/80=3 additional payments.The present value of the operating lease payments can be calculated as the sum of the present values of two annuities-in-advance(PVAADV):a four-year annuity starting immediately(beginning of 2015)and another four-year annuity starting in four years(2019)
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Adjusted long-term debt/asset ratio calculation:
Adjusted long-term debt:1,347+710=2,057
Adjusted total assets:20,097+710=20,807
Adjusted long-term debt/asset ratio:2,057/20,807=9.9%
Alternatively,the individual cash flows can be separately discounted.
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B is incorrect.Adding PV(Operating lease)only to debt:2,057/20,097=10.2%.
C is incorrect.The undiscounted total commitments are added to both assets and long-term debt:Adjusted debt ratio=(1,347+840)/(20,097+840)=10.4%
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