答案和详解如下： Q1. An asset is impaired when: A) accumulated depreciation plus salvage value exceeds acquisition costs. B) the firm can no longer fully recover the carrying amount of the asset. C) the present value of future cash flows exceeds the carrying amount of the asset. Correct answer is B) An asset is impaired if its future cash flows (undiscounted) are less than its carrying value. Q2. Lakeside Co. recently determined that one of its processing machines has become obsolete three years early and, unexpectedly, has no salvage value. Which of the following statements is most consistent with this discovery? A) Historically, economic depreciation was overstated. B) Lakeside Co. will owe back taxes. C) Historically, economic depreciation was understated. Correct answer is C) Historically, economic depreciation was understated. If an asset becomes obsolete and its useful life is less than expected, accounting methods for depreciation will understate the economic depreciation. In addition, if there is no salvage value when positive salvage value was expected, the understatement problem is compounded. Q3. As part of a major restructuring of business units, General Security (an industrial conglomerate operating solely in the U.S. and subject to U.S. GAAP) recognizes significant impairment losses. The Investor Relations group is preparing an informational packet for shareholders, employees, and the media. Which of the following statements is least accurate? A) The write-downs are reported as a component of income from continuing operations. B) During the year of the write-downs, retained earnings and deferred taxes will decrease. C) Write-downs taken on asset values can be reversed in later years if market conditions improve. Correct answer is C) Impairments cannot be restored under U.S. GAAP. Both remaining statements are correct. Q4. An impairment write-down is least likely to decrease a company's: A) assets. B) debt-to-equity ratio. C) future depreciation expense. Correct answer is B) An impairment write-down reduces equity and has no effect on debt. The debt-to- equity ratio would therefore increase. Q5. Taking an impairment of long-lived assets will result in: A) increased future ROA. B) increased deferred tax liabilities. C) decreased debt/equity ratio. Correct answer is A) In future years, less depreciation expense is recognized on the written-down asset resulting in higher net income and return on assets since ROA = NI/Total Assets. Deferred tax liabilities related to the asset decrease because the impairment cannot be deducted from taxable income until the asset is sold or disposed of. The debt/equity ratio increases because equity decreases while debt is unchanged. | 
发表于 2009-1-19 10:18
| 
