CFA備考之CFA一級(jí)習(xí)題精選及解析0506-6

1、CFA備考之CFA一級(jí)習(xí)題精選及解析 0506-6Q1:Earlier this year, Barracuda Company issued 5,000 employeestock options. Recently, 2,000 options were exercised at a priceof $10 per share. To avoid dilution, Barracuda purchased 2,000shares at an average price of $12 per share. Barracuda reportedboth transactions as fina

2、ncing activities inits cash flowstatement. For analytical purposes, whatadjustment isnecessary to better reflect the substanceof the stockrepurchase?Operating cash flow ； Financing cash flowA. Decrease $4,00； No adjustmentB. No adjustment ； Increase $4,0009C. Decrease $4,000； Increase $4,000Q2:If a

3、lessee enters into a finance lease rather than an operating lease, it can expect to have a:A. higher return on assets.B. higher debt -to -equity ratio.C. lower debt -to -equity ratio.Q3:Which of the following statements regarding a direct financing lease is least accurate?A. The principal portion of

4、 the lease payment is a cashinflow from investing on the lessor;s cash flow statement.B. Interest revenue on the lessors income statementequals the implicit interest rate times the lease payment.C. The lessor recognizes no gross profit at the inception ofthe lease.Q4:Which of the following statement

5、s about the impact of leases on the financial statements of the lessee is least accurate?A. Net income is lower in the early years of a finance leasethan an operating lease.B. A finance lease results in higher liabilities compared toan operating lease.C. Cash flow from investing is higher for a fina

6、nce leasethan an operating lease.Answer第一題： Canswer ：Barracuda reported a $4,000 net outflow fromfinancingactivities 2,000 options* ($12 average marketprice-$10exercise price). However, since the options are aform ofcompensation, the $4,000 outflow should bereclassified as an operating activity for

7、analytical purposes. Thisis accomplished by increasing financing cash flow $4,000 anddecreasing operating cash flow $4,000.第二題： Banswer： Leasing the asset with an operating lease avoidsrecognition of the debt on the lessee s balance sheet. Having fewer assets and liabilities on the balance sheet tha

8、n would exist if the assets were purchased increases profitability ratios (e.g., return on assets) and decreases leverage ratios (e.g., debt -to -equity ratio). In the case of a finance lease, the assets are reported on the balance sheet and are depreciated.第三題： Banswer ：Interest revenues are calcul

9、ated by multiplying theimplicit interest rate by net receivables at the beginning of the period.第四題： Canswer ：Cash flow from investing is not affected by a leasebeing either a finance or an operating lease. Finance leases reduce cash flow from operations by only the portion of the lease payment attributed