CFA财务报表分析练习题＂Financial Report＂：Intangible assets
财务报告与分析中章节的设置是循序渐进、逐层深入的，前面介绍的术语在后面还会有详细的解释与探讨。
由于财务报告与分析本身自立体系，它是上市公司和报表使用人之间沟通交流的语言，所以学起来与外语学习有几分相似。
财务报告与分析一共分为四大部分：
第一部分是扫盲阶段，主要介绍财务术语、体系等基本知识。
在此基础上，第二部分更深入地讲解财务报表编制以及财务报表分析的方法。
进一步地，第三部分针对存在利润操纵空间的重点科目做详细、深入的讨论。
最后，第四部分是前面三部分内容的综合应用。
四大部分在考试中占比最大的是第二部分和第三部分，大概占财报分析所有题目的80%以上。其次是第一部分，占比10%左右。
由于第四部分是财务分析的综合应用，不太适合一级的出题形式，所以
出题比例相对比较少，大概占5%左右。
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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