答案和详解如下： 6.When analyzing a firm’s reconciliation between its effective tax rate and the statutory tax rate, which of the following is NOT a potential cause for the difference between the effective rate and the statutory rate? A) Deferred taxes provided on the reinvested earnings of unconsolidated domestic affiliates. B) Tax credits. C) Use of accelerated depreciation for tax purposes and straight-line depreciation for reporting purposes. D) Differential tax treatment between capital gains and operating income. The correct answer was C) Potential reasons for a difference between a firm’s statutory and effective tax rates include tax credits, differential tax treatment between capital gains and operating income, and deferred tax provisions on reinvested earnings of unconsolidated domestic affiliates. The difference in depreciation schedules for tax and reporting purposes affects the level of deferred taxes but not the tax rate at which they are calculated.
7.All of the following factors complicate the comparability of effective tax rates across firms EXCEPT: A) comparisons over relatively short time horizons. B) changes in the statutory tax rate. C) volatility in the effective tax rate over the comparison period. D) operations in different tax jurisdictions. The correct answer was B) Comparability decreases when the comparison period is relatively short (e.g. quarters vs. years), with the presence of volatility in the effective tax rate over the comparison period, and operations in different tax jurisdictions.
8.Differences between the effective tax rate and the statutory rate arise due to all of the following EXCEPT: A) tax credits. B) deductible expenses. C) tax-exempt income. D) non-deductible expenses. The correct answer was B) Permanent tax differences such as tax credits, tax-exempt income, non-deductible expenses, and tax differences between capital gains and operating income give rise to differences in the effective and statutory tax rates.
9.Luigi Medici, a level II candidate for the CFA charter, was asked to assist in the analysis of the effective tax rate for Monster Software Inc. The following comments were left with Medici by his superior, Greg Becker. 1) The analyst should estimate expected changes in the effective tax rate based solely on the provided reconciliation, without regard to any additional input from the management of the company.
2) The analysis of trends and forecasting should include all continuous items.
3) The analysis of trends and forecasting should include all sporadic items.
4) The forecast should include expected changes in legislation related to corporate taxation. Becker is: A) correct in regards to statements 3 and 4. B) correct in regards to statements 2 and 4. C) incorrect in regards to statements 2 and 3. D) incorrect in regards to statements 1 and 2. The correct answer was B) The correct statements are 2 and 4. Statement 1 is incorrect because the analysis of the effective tax rate typically requires that the analyst, at a minimum, use the information in the management analysis and discussion (MD&A). Furthermore, it is recommended that the analyst seek additional information from the management if needed. Statement 3 is incorrect because, by definition, sporadic items are not repeated and are difficult to predict. Therefore they will complicate trend analysis and forecasting. | 
发表于 2008-4-18 16:49
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