2008 CFA Level 1 － Sample 样题(2)－Q23 black

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23、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.

An analyst suspects that a particular company's financial statements may require adjustment because the company uses throughput agreements. The most likely effect of the appropriate adjustments on the company's return on assets (ROA) and debt-to-equity ratio, respectively, would be:

	ROA	Debt-to-equity ratio
A.	Increase	Increase
B.	Increase	Decrease
C.	Decrease	Increase
D.	Decrease	Decrease

A. Answer A

B. Answer B

C. Answer C

D. Answer D

[此贴子已经被作者于2008-11-7 13:29:57编辑过]

bingning

23、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.

An analyst suspects that a particular company's financial statements may require adjustment because the company uses throughput agreements. The most likely effect of the appropriate adjustments on the company's return on assets (ROA) and debt-to-equity ratio, respectively, would be:

	ROA	Debt-to-equity ratio
A.	Increase	Increase
B.	Increase	Decrease
C.	Decrease	Increase
D.	Decrease	Decrease

A. Answer A

B. Answer B

C. Answer C

D. Answer D

  
Correct answer = C

"Leases and Off-Balance Sheet Debt," Gerald I. White, Ashwinpaul C. Sondhi, and Dov Fried
2008 Modular Level I, Vol. 3, pp. 532-533
Study Session 9-40-c
describe the types of off-balance-sheet financing and analyze their effects on selected financial ratios
The adjustment would increase both assets and debt. The increase in assets would decrease the ROA and the increase in debt would increase the debt-to-equity ratio, because equity would not change. 

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