答案和详解如下： Q1. 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) incorrect in regards to statements 2 and 3. B) correct in regards to statements 3 and 4. C) correct in regards to statements 2 and 4. Correct answer is C) 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. Q2. Differences between the effective tax rate and the statutory rate arise due to all of the following EXCEPT: A) deductible expenses. B) non-deductible expenses. C) tax credits. Correct answer is A) Permanent tax differences such as tax credits, non-deductible expenses, and tax differences between capital gains and operating income give rise to differences in the effective and statutory tax rates. Q3. All of the following factors complicate the comparability of effective tax rates across firms EXCEPT: A) comparisons over relatively short time horizons. B) volatility in the effective tax rate over the comparison period. C) changes in the statutory tax rate. Correct answer is C) 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. | 
发表于 2009-1-19 11:01
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