CFA財(cái)務(wù)報(bào)表分析練習(xí)題＂Financial Report＂：Intangible assets
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)語在后面還會有詳細(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言，所以學(xué)起來與外語學(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、體系等基本知識。
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，第三部分針對存在利潤操縱空間的重點(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，不太適合一級的出題形式，所以出題比例相對比較少，大概占5%左右。
cfa

Questions 1:

The following excerpt was taken from the notes of a company’s financial statements that were prepared in accordance with International Financial Reporting Standards.All figures are in thousands of Australian dollars.
Note 12 Broadcast Licenses
During 2014,the company successfully disposed of broadcast licenses that were held for sale for A$37,900(net book value of A$23,500).Based on the successful completion of that sale,the impairment losses taken in 2012 on other licenses have been reversed,restoring those intangible assets to their amortized historical cost.Broadcast licenses are amortized over a period of 15–25 years.The note leads an analyst to believe that the rapid reversal of the impairment loss related to the broadcast licenses arose as an attempt by management to manage earnings.If the analyst’s belief is correct,her analysis of the original 2013 financial statements would most likely have shown that,compared with the economic reality in 2013,the company had:
A、understated ROA.
B、understated fixed asset turnover.
C、overstated net profit margin.

【Answer to question 1】C

【analysis】
C is correct.The broadcast licenses were written down in 2012,but the write-down was reversed in 2014.Therefore,during 2013 the intangible assets were understated,which would have understated amortization expense for the year and increased profit.Thus,in 2013 net profit margin was overstated.
A is incorrect.In 2013 the intangible assets were understated,and net profit was overstated(due to the lower amortization expense);therefore,ROA would have been overstated in 2013,not understated.
B is incorrect.In 2013 the intangible assets were understated,which would have increased asset turnover(Sales/Average total assets),so it would have been overstated during the year.

Questions 2:

Which of the following is most likely a reason that a lessor can offer attractive lease terms and lower cost financing to a lessee?
A、The lessor retains the tax benefits of ownership.
B、The lessor avoids reporting the liability on its balance sheet.
C、The lessee is better able to resell the asset at the end of the lease.

【Answer to question 2】A

【analysis】
A is correct.The lessor often retains the tax benefits of ownership of the leased asset,which allows the lessor to pass those savings along to the lessee in the form of lower financing costs or other attractive terms.
B is incorrect.Not reporting the liability on the balance sheet is an advantage to the lessee of leasing,but is not a reason that the lessor can offer lower attractive terms.
C is incorrect:The lessor,not the lessee is often in a better position to resell the asset at the end of its life,and that allows the lessor to pass that benefit along to the lessee in the form of lower cost financing.
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