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CFA历年考题试题(18)

来源：高顿网校 2013-04-28

alues of debt. Increases (decreases) in the market rate of interest decreases (increases) the market value of debt. These gains (from the decrease in market value of debt) or losses (from the increase in market value of debt) are not reflected in the financial statements. Hence the book value of debt will not equal the market value. However, for purposes of analysis, market values may be more appropriate than book values. For example, firms that issue debt when interest rates are low are relatively better off when interest rates increase and this increase should be reflected in a higher value of equity and a lower value of debt. Adjusting the firm’s debt down to market value will result in the measurement of debt to what would have to be paid to retire the debt and will decrease the debt-equity ratio. If interest rates decrease, the opposite effects will occur from adjusting debt to its market value.

e: Explain why the gain or loss resulting from retirement of debt prior to maturity is treated as an extraordinary item.

A company may choose to retire debt prior to maturity because of declining interest rates, increased cash flows (e.g., from the sale of assets), or a decision to change the company's financial leverage. When a firm retires debt prior to maturity there may be a difference between book value and market value. This difference is treated as an extraordinary gain or loss in the income statement. When a firm replaces a high coupon issue with another issue when interest rates are lower, the firm is no better off as a result of refinancing. In this case, the firm will recognize an immediate extraordinary loss, but will record lower future interest expense. The point is that the amount and timing of the accounting gain and the economic gain may be quite different.

1.C: Leases and Off-Balance Sheet Debt --and-- Financial Reporting by Lessors and for Sale Leasebacks

a: Classify a lease as capital or operating.

A lease is a capital lease if just one of the following criteria hold:

· The title is transferred to the lessee at the end of lease period.

· A bargain purchase option exists.

· The lease period is at least 75% of the asset’s life.

· The present value of the lease payments is at least 90% of the fair value of the asset using the minimum of the lessee's incremental borrowing rate or the rate implicit in the lease.

Note: The

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cfa备考热门问题解答

cfa证书就业岗位有哪些？: cfa考完后可以从事的工作包括公司会计、基金经理助理、投资管理师、股票研究分析师、基金分析师、投资产品分析师、券商助理分析师、交易员等。在全球范围内，cfa会员的雇主包括了摩根大通、汇丰银行等机构。

cfa考试内容有哪些？: cfa考试分为三个等级，cfa一级和二级考试科目包括《职业伦理道德》、《定量分析》、《经济学》、《财务报表分析》、《公司理财》、《投资组合管理》、《权益投资》、《固定收益投资》、《衍生品投资》、《其他类投资》。cfa三级考试科目包括《经济学》、《投资组合管理》、《权益投资》、《职业伦理道德》、《固定收益投资》、《其他类投资》、《衍生工具》。

cfa一年考几次？: cfa每年考试的次数每个级别均有不同，其中CFA一级考试每年设置四次，CFA二级考试每年设置三次，CFA三级考试每年设置两次。需注意，协会规定考生必须要按照CFA考试的三个级别，依次进行报考，且报考两个级别考试的窗口之前需至少间隔6个月。

cfa的含金量如何？: CFA证书全称Chartered Financial Analyst（特许注册金融分析师），是全球投资业里最为严格与高含金量资格认证，为全球投资业在道德操守、专业标准及知识体系等方面设立了规范与标准，具有较高的知名度和影响力。英国的国际学术认证中心，还将持有CFA证书视为拥有硕士学历水平，能让想进修的金融专业人士，充分学习等同于金融硕士的知识课程。此外，人民日报三年内连续四次推荐CFA证书！因此，无论是从国际知名度还是国内知名度来说，CFA资格认证的含金量和认可度都是非常高的。

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