| 2008 CFA Level 2 － Mock Exam 2 （PM）模考试题 Q8 (part 1 - Part 6)
Question 8 Michelle
Jambekar, CFA, has just assumed the responsibility for covering the
consumer nondurables sector for Vancouver Investment Trust Funds. Vancouver manages a variety of investment funds that are marketed directly to the general public throughout Canada. In addition, the company manages pension assets for plan sponsors in Canada and the U.S. Jambekar
had previously been a member of the analytical team responsible for
covering consumer durables. While she is familiar with the companies in
the nondurables area in a general sense, her new duties will require
her to gain a much more thorough understanding of the sector. This is
particularly true for the seven consumer nondurable firms that are held
in various Vancouver Trust portfolios. During
her review, Jambekar learns that one of the firms of interest, Tamco
Enterprises, acquired Fairwool Products several years ago. Both of
these firms are based in the U.S.,
so U.S. GAAP rules apply. This acquisition was accounted for using the
pooling method. She wonders how this might be affecting currently
reported results for Tamco. The
acquisition of Fairwool by Tamco was effective on January 1, 2000. At
that time, both companies were profitable, and they have continued to
be since then. The fair market value of Fairwool’s assets was $55
million greater than their book value when the acquisition was
completed. The write up of the assets would have resulted in an
incremental increase in depreciation over a 10 year period under the
purchase method. She has also determined that Tamco’s total assets,
which are reported at $250 million in the most recent financial
statements, would be $266.5 million if the acquisition had been
accounted for as a purchase transaction. Tamco’s net income during the
previous year was $20.25 million. Three
of the seven firms in which Jambekar is most interested are domiciled
in Europe, one in Japan, one in Australia, and two (including Tamco) in
the United States. Jambekar is wondering how differences between IAS
rules and U.S. GAAP rules may be affecting the financial data reported
by these firms, and the comparisons between them. Part 1) Which of the following statements concerning the accounting for mergers and acquisitions is most accurate? A) IAS rules typically use the pooling method, but U.S. GAAP requires the use of the purchase method. B) IAS rules require the use of the purchase method, but U.S. GAAP rules permit the use of pooling or purchase method. C) IAS rules and U.S. GAAP rules both require the use of the pooling method. D) IAS rules and U.S. GAAP rules typically require the use of the purchase method. Part 2) Concerning
Tamco’s reported financial results, had the acquisition of Fairwool
been accounted for using the purchase method, the values for assets and
net income would have been: Assets Net Income A) Higher Higher B) Higher Lower C) Lower Higher D) Lower Lower Part 3) Concerning
Tamco’s reported financial results, had the acquisition of Fairwool
been accounted for using the purchase method, the values for equity and
net profit margin would have been: Equity Net Profit Margin A) Higher Lower B) Higher Higher C) Lower Higher D) Lower Lower Part 4) Concerning
Tamco’s reported financial results, had the acquisition of Fairwool
been accounted for using the purchase method, the values for return on
assets and return on equity would have been: Return on Assets (ROA) Return on Equity (ROE) A) Higher Lower B) Higher Higher C) Lower Lower D) Lower Higher Part 5) Ignoring
incremental changes in taxes, if the acquisition had been accounted for
as a purchase, Tamco’s net income last year would have been: A) $20.25 million. B) $25.75 million. C) $16.40 million. D) $14.75 million. Part 6) Using
the relevant year-end data and ignoring any incremental change in
taxes, what is Tamco’s ROA under pooling, and what would it have been
under the purchase method? Pooling Purchase A) 8.1% 9.7% B) 7.6% 5.9% C) 8.1% 5.5% D) 7.6% 10.3% | 
发表于 2008-6-6 19:38
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