[CFA一级]这道题目有点看不懂解释（FSA） accounting, principles, statements, companies, software

draz

60. Two software companies that report their financial statements under U.S. GAAP (generally accepted accounting principles) are identical except as to how soon they judge a project to be technologically feasible. One firm does so very early in the development cycle while the other usually waits until just before the project is released to manufacturing. Compared to the company that judges technological feasibility early, the one that waits until closer to manufacturing will most likely report lower:
A. financial leverage.
B. total asset turnover.
C. cash flow from operations.

我是这么想的，我用的是排除法，A里面我觉得因为不管怎么开发都是在ASSET项目里面结转，和D E没关系，所以A/E是不变的
B也是用类似的方式判断，A不变，SALES没有提到默认一样，那么B也一样，所以选了C
官方答案是U.S. GAAP requires that a company expense costs related to software development until product feasibility is established and capitalize any costs thereafter. The company that capitalizes these software development costs reports the expenditures in the investing activities section of the statement of cash flows; the company that expenses software development costs reports the expenditures in the cash flow from operations.，可能我英语还不过关总归觉得有点不是特别理解，希望老师用中文解释下，，，顺便看看我之前的排除法做的有没有问题谢谢

apf薛老师

官方解释是说，如果软件达到了经济可行性，就要资本化。
并且，资本化了以后，所有的现金流出都要视为CFI（因为资本化算是一种投资）。费用化所有的现金流出视为CFO。
这样来说，晚资本化的那个公司，现金流出算CFO，早点资本化的公司呢，现金流出算CFI。那么晚资本化的那个公司现金流出算CFO了，所以作为了CFO的抵减项目，所以CFO低了。所以选C

你排除法有点问题哦，
先看B，B里面晚资本化的那个公司，他还没有作为资产的时候，早资本化的那个公司已经作为资产了。所以total asset turnover=sales/A，对晚资本化的那个公司来讲，A是小的，所以total asset turnover是大的。所以B错

再来看A，这个题目跟负债无关，所以我们现在看leverage ratio=A/E=1+D/E，其实只要看E怎么变就可以了。晚资本化的那个公司一次性进入费用高。早资本化的那个公司，资本化后的折旧按年限摊并不高。所以玩资本化的公司net income小，导致E小，导致leverage ratio高。所以A错 。

这样说了明白不？