CFA財務報表分析練習題＂Financial Report＂：Income Taxes
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:

An analyst uses a stock screener and selects the following metrics from his equity universe:
●price-to-equity ratio lower than the median P/E
●price-to-book value ratio lower than the median P/BV
The stocks selected would be most appropriate for portfolios for which type of investors?
A、Value investors
B、Growth investors
C、Market-oriented investors

【Answer to question 1】A

【analysis】
A is correct.Metrics such as low P/E and low P/BV are aimed at selecting value companies;therefore,the portfolio is most appropriate for value investors.
B is incorrect.Growth investors would include metrics focused on earnings growth or momentum,such as sales increases for the past three years.
C is incorrect.Screens for market-oriented investors would not emphasize the value metrics included in this screen.

Questions 2:

Which of the following events will most likely result in a decrease in a valuation allowance for a deferred tax asset under US GAAP?A(n):
A、decrease in interest rates
B、reduction in tax rates
C、extension in the tax loss carry-forward period

【Answer to question 2】C

【analysis】
C is correct.Under US GAAP,deferred tax assets must be assessed at each balance sheet date.If there is any doubt whether the deferral will be recovered,the carrying amount should be reduced to the expected recoverable amount.The asset is reduced by increasing the valuation allowance.Should circumstances change so that it is more probable that the deferred tax benefits will be recovered,the deferred asset account will be increased(and the valuation allowance decreased).An increase in the carry-forward period for tax losses extends the possibility that benefits will be realized from the deferred tax asset and would likely result in a decrease in the valuation allowance and an increase in the deferred tax asset.
A is incorrect.Interest rate changes are not related;there is no discounting of the future benefits from the deferred tax asset.
B is incorrect.A reduction in tax rates will permanently decrease the carrying value of the deferred tax asset;deferred tax assets and liabilities arise only from temporary differences
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