CFA財務報表分析練習題＂Financial Report＂：scale and diversification
財務報告與分析中章節(jié)的設置是循序漸進、逐層深入的，前面介紹的術(shù)語在后面還會有詳細的解釋與探討。
由于財務報告與分析本身自立體系，它是上市公司和報表使用人之間溝通交流的語言，所以學起來與外語學習有幾分相似。
財務報告與分析一共分為四大部分：
第一部分是掃盲階段，主要介紹財務術(shù)語、體系等基本知識。
在此基礎上，第二部分更深入地講解財務報表編制以及財務報表分析的方法。
進一步地，第三部分針對存在利潤操縱空間的重點科目做詳細、深入的討論。
最后，第四部分是前面三部分內(nèi)容的綜合應用。
四大部分在考試中占比最大的是第二部分和第三部分，大概占財報分析所有題目的80%以上。其次是第一部分，占比10%左右。
由于第四部分是財務分析的綜合應用，不太適合一級的出題形式，所以出題比例相對比較少，大概占5%左右。
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Questions 1:

A credit rating agency uses“scale and diversification”as one of its metrics to assess credit risk.Which of the following would most likely be included in that category?
A、Purchasing power with suppliers
B、Cost structure
C、Operating cash flow less dividends

【Answer to question 1】A

【analysis】
A is correct.Borrowers can better withstand adverse events when they have more purchasing power with suppliers.Purchasing power reflects the organization’s scale.
B is incorrect.This measure would be of interest to credit analysts,but as an indication of operational efficiency rather than scale and diversification.
C is incorrect.This measure would be of interest to credit analysts,but as an indication of tolerance for leverage rather than scale and diversification.

Questions 2:

A company purchased equipment in 2013 for£25,000.The year-end values of the equipment for accounting purposes and tax purposes are as follows:
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Which of the following statements best describes the effect of the change in the tax rate on the company’s 2014 financial statements?The deferred tax liability:
A、decreases by£800.
B、increases by£250.
C、decreases by£200.

【Answer to question 2】C

【analysis】
C is correct.Deferred tax liability=Taxable temporary difference×Tax rate In 2014,if the rates had not changed,the deferred tax liability would be:0.30×£4,000=£1,200 But with the lower tax rate,the deferred tax liability will be:0.25×£4,000=£1,000 Effect of the change in rate thus is a decrease in the liability:–£200 Alternative calculation=Change in rate×Taxable difference–0.05×£4,000=–£200
A is incorrect.It is the change in rate(5%)×the taxable amount:0.05×16,000=800.
B is incorrect.The deferred tax liability increased by 250:4,000×0.25–2,500×0.30.
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