答案和详解如下：
1.Which of the following is least likely to be considered an off balance sheet debt? A) Take-or-pay contract. B) Capital lease. C) Sale of receivables. D) Debt through finance subsidiaries. The correct answer was B) At the inception of a capital lease, the leased asset and liability is recognized on the balance sheet. Take-or-pay contracts, sales of receivables, and assets and liabilities of minority owned subsidiaries are example of off balance sheet financing.
2.Which of the following statements about the sale of receivables is FALSE? A) Sales of receivables may be recorded as sales under U.S. GAAP. B) After the sale, the buyer receives the payments directly from the customer. C) The seller is allowed to use the proceeds to reduce debt. D) Accounts receivable reported on the balance sheet are reduced after the sale. The correct answer was B) The firm that sells receivables continues to service the original receivables; it receives payments from its customers but transfers those funds to the new owner of the receivables. Under U.S. GAAP the sale of receivables decreases accounts receivable and increases cash from operations.
3.According to U.S. GAAP, the assets and liabilities of a financial subsidiary do NOT have to be consolidated when the parent company owns: A) 50% or less of the subsidiary. B) less than 50% of the subsidiary. C) less than 55% of the subsidiary. D) less than 60% of the subsidiary. The correct answer was B) The parent company is not required to consolidate the statements of the financial subsidiary if it owns less than 50% of the subsidiary.
4.Which of the following best describes a take-or-pay contract? In a take-or-pay contract: A) the purchasing firm commits to buying up to a maximum quantity of an input over a specified time period. B) the purchasing firm commits to buying a minimum quantity of an input over a specified time period. C) input prices are fixed over the life of the contract. D) input prices are based on market prices over the life of the contract. The correct answer was B) In a take-or-pay contract, the purchasing firm commits to buying a minimum quantity of an input over a specified period of time. The prices may be fixed by contract or related to market prices.
5.An analyst gathered the following information for a company for the year ending 31 December 2000: Debt | $1,000,000 | Equity | $500,000 | Debt-to-equity ratio | 2.0 | EBIT | $200,000 | Interest expense | $50,000 | Coverage ratio | 4.0 |
The amount of receivables sold during this period was $150,000 and was not used to retire debt. Also, the sale has not transferred the risk of the receivables. The analyst is trying to make adjustments to the financial statements to reflect off balance sheet activities. To adjust the effects of off balance sheet financing on cash flows, the analyst should: A) increase the cash flows from financing. B) increase the cash flows from operations. C) increase the cash flows from investing. D) decrease the cash flows from investing The correct answer was A) The cash flow statement needs to be adjusted by reducing the cash flow from operations and increasing the cash flows from financing by the amount of receivables sold. The total cash flows over the life of the receivables and cash flows from investing are not affected. | 
发表于 2008-4-22 10:35
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