| 答案和详解如下： 61 Correct answer is B “Analysis of Long-Lived Assets: Part II - Analysis of Depreciation and Impairment,” Gerald I. White, Ashwinpaul C. Sondhi, and Dov Fried
2008 Modular Level I, Vol. 3, pp. 394-397
Study Session 9-37-b
demonstrate how modifying the depreciation method, the estimated useful life and/or the salvage value used in accounting for long-lived assets affect financial statements and ratios
A high salvage value estimate reduces the depreciable base and thus depreciation expense; long average lives reduce the annual depreciation expense for any given depreciable base. The combination of the two would result in the lowest depreciation expense, which leads to the highest net income and profit margins. 62 Correct answer is D “Analysis of Inventories,” Gerald I. White, Ashwinpaul C. Sondhi, and Dov Fried
2008 Modular Level I, Vol. 3, pp. 312-314
Study Session 9-35-c, d
compare and contrast the effect of the different methods on cost of goods sold and inventory balances, and discuss how a company’s choice of inventory accounting method affects other financial items such as income cash flow, and working capital;
compare and contrast the effects of the choice of inventory method on profitability, liquidity, activity, and solvency ratios
COGS on a FIFO basis will equal COGS LIFO - Change in the LIFO reserve. The change in the LIFO reserve is 36.4 - 21.8 = 14.6; FIFO COGS will be 203.9 - 14.6 = 189.3. Gross profit will be 283.5 - 189.3 = 94.2. The gross margin will be 94.2 / 283.5 = 33.23%. (The gross margin for LIFO is 28.1%.) 63 Correct answer is D “Analysis of Inventories,” Gerald I. White, Ashwinpaul C. Sondhi, and Dov Fried
2008 Modular Level I, Vol. 3, pp. 315-320
Study Session 9-35-c, e
compare and contrast the effect of the different methods on cost of goods sold and inventory balances, and discuss how a company’s choice of inventory accounting method affects other financial items such as income cash flow, and working capital;
indicate the reasons that a LIFO reserve might decline during a given period and evaluate the implications of such a decline for financial analysis
The LIFO reserve increased by $30,000. If an increase in the LIFO reserve occurs, LIFO cost of goods sold will be higher than FIFO by the amount of the increase and net income would be lower than FIFO by $30,000(1 - 0.30) = $21,000. After-tax FIFO net income would be $21,000 higher. 64 Correct answer is A “Analysis of Inventories,” Gerald I. White, Ashwinpaul C. Sondhi, and Dov Fried
2008 Modular Level I, Vol. 3, p. 312
Study Session 9-35-c, d
compare and contrast the effect of the different methods on cost of goods sold and inventory balances, and discuss how a company’s choice of inventory accounting method affects other financial items such as income cash flow, and working capital;
compare and contrast the effects of the choice of inventory method on profitability, liquidity, activity, and solvency ratios
Adding the ending balance in the LIFO reserve to the LIFO inventory would equal the ending balance for inventory on a FIFO basis. 65 Correct answer is A “Understanding the Income Statement,” Thomas R. Robinson, Hennie van Greuning, Elaine Henry, and Michael A. Broihahn
2008 Modular Level I, Vol. 3, pp. 177-178
Study Session 8-32-h
describe the components of earnings per share and calculate a company’s earnings per share (both basic and diluted earnings per share) for both a simple and complex capital structure
Diluted EPS is calculated using the treasury stock method that considers what would be the effect if the options or warrants had been exercised. Only options or warrants that are in-the-money are included, as out-of-the-money options would not be exercised. Therefore, only the warrants are dilutive; the exercise price is below the average market price of the stock. Using the treasury stock method:
20,000($30) = $600,000 in proceeds. $600,000 / $40 = 15,000 shares treasury stock. Incremental shares using the treasury stock method = 20,000 - 15,000 = 5,000. | 
发表于 2008-11-6 17:58
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