第十一章财务报表试题及答案
财务报表分析与运用 杰拉尔德 课后答案英文版第十一章
Chapter 11 SolutionsOverview:Problem Length Problem #s{S} 1 - 4, 9, 11, 12, 15, 16, 21, 22{M} 5, 7, 8, 10, 13, 14, 17, 18, 20, 23, 24 {L} 6, 19, 251.{S}(i) Interest expense = 12% x $10,000 (beginning balance oflease obligation) = $1,200.(ii)The lease obligation will be reduced by $100 ($1,300 - $1,200) leaving an obligation of $9,900.(iii)Cash from Operations will be reduced by the interest payment of $1,200. Cash from investing activities willnot be affected. (However, the firm will report thecapi tal lease as a “noncash investment and financingactivity.” Cash from financing will be reduced by theamount of the principal payment of $100.(iv)Under an operating lease there is no lease obligation on the balance sheet. The only effect on income isRent Expense of $1,300. Similarly, CFO is reduced by$1,300. (CFI and CFF are not affected).2.{S}(i) In a take-or-pay arrangement, a company contracts tobuy or pay for a certain amount of a supplier’scommodity at a predetermined price over a stated timeperiod. The company, by entering the contract, incursan economic liability. However, since it is only acontract, no accounting liability is recorded on thebalance sheet – it is off balance sheet.(ii) In a sale of receivable, a company “sells” its receivables to a third-party, usually a financialinstitution. Typically, the sale is made at adiscounted price from the face value and the sellermay retain some or all of the default risk. The sale,in substance, is a financing arrangement with thereceivables being used as collateral. However, underGAAP, the transaction is treated as a sale and thedebt does not appear on the balance sheet.(iii)A joint venture represents an investment of 50% or less by one company (the “investor”) in anothercompany. Under GAAP, since ownership is not over 50%,the assets and liabilities of the joint venture neednot be consolidated with the parent’s assets andliabilities. Hence, any debt taken on by the jointventure remains off balance sheet even when theinvestor is liable for the debt.11-13.{S} Effect of choice of interest rate on lessee:4.{S}a. Pallavi must capitalize the lease because the leaseagreement contains a bargain purchase option. Notethat the lease also meets one other capitalizationcriterion: The present value of minimum lease paymentsexceeds 90% of the fair market value of the equipment(see part b for computations).b. The fair market value of the asset is $125,000. Thepresent value of the MLPs is $127,785 (at 8%, thelower of the lessee and lessor rates); the asset mustbe capitalized at the (lower) fair market value. (Notethat the lease obligation is the sum of the presentvalues of the MLPs and the bargain purchase option –the latter is not provided.)11-2c.Leases must be capitalized at the lesser of thepresent value of lease payments or the fair value ofthe lease; in this case, the lease must be capitalizedat the fair value of $125,000.d. The existence of the bargain purchase option requiresdepreciation over the estimated economic life of theasset rather than the (shorter) lease term.e. The option creates the presumption that the asset willbe held past the expiration date of the lease.Otherwise it must be assumed that use of the assetwill revert to the lessor at expiration, requiring thelessee to depreciate the leased asset over the(shorter) lease term.5.{M}a. The following states the effects of Tolrem using thecapital lease method as compared with the operatinglease method.(i) Cash from operations is higher as only theinterest portion of lease expense is deductedfrom operating cash flows; total lease expense isdeducted for operating leases.(ii) Financing cash flow is lower for capital lease, as part of lease rental is treated asamortization of liability and classified asfinancing cash outflow.(iii)Investing cash flow is not affected by the lease treatment. However, the firm will report capitalleases in the statement of cash flows (or afootnote) as noncash investment activities.(iv) Net cash flow reflects the actual rental payment and is unaffected by the financial reportingtreatment of the lease.(v) Debt/equity ratio is higher for capital lease, as it records the present value of minimum leasepayments as debt and reduces net income (andtherefore equity) in first year.(vi) Interest coverage ratio is usually (not always) lower for capital lease method, which reportsinterest expense but also higher EBIT, see (vii).For coverage ratios well above 1.0, the ratiowill decline. If the increase in interest expenseexceeds the increase in EBIT, the ratio willdecline even for firms with very low coverageratios.11-3(vii)Operating income is lower for operating lease because the total lease payment is an operatingexpense; for capital lease, interest portion oflease expense is nonoperating.(viii)Net income is higher for operating lease; total lease expense (interest plus depreciation) ishigher for capital lease.(ix) Deferred tax assets are higher for capital lease;as lease treatment for tax purposes is unaffectedby accounting choice, capital lease will generatea deferred tax asset as taxable income (operatinglease) exceeds pretax income (capital lease).(x) Taxes paid are unaffected by choice of method.(xi) Pretax return on assets is higher for operating leases as pretax income is higher and no assetsare reported as the result of the lease; acapital lease reduces income and reports leaseassets. Post-tax return on assets is higher forthe same reasons.(xii)Pretax return on equity: both pretax income and equity are higher for operating than for capitalleases. The higher pretax income should increasethe ratio in all but exceptional cases. Post-taxreturn on equity should be higher for same reason.However as increase in post-tax income equals(for first year) increase in equity, there may bemore exceptional cases.b. Net income (viii) will be lower for the operatinglease after the "crossover" point. As total net income over the life of the lease is unaffected by the accounting choice, higher net income (operating lease) in the early years must be offset by lower net income in later years.c. Consistent use of the operating lease method in placeof capitalization will not change the direction of the effects shown in part A, but will increase their magnitude. In aggregate, new leases will keep Tolrem from reaching the crossover point for net income, keeping net income and return ratios higher than if the leases were capitalized.11-46.{L}a. and b.4 payment annuity of $10,000 per year at 8%). Assuming zero residualvalue, depreciation = $43,121/5 = $8,624.2Interest expense = 8% x ($43,121 - $10,000) = $2,650Caramino's EBIT is $1,376 higher; Aglianico reportsrental expense but no depreciation expense since itdoes not record an asset. Because total lease expense(depreciation plus interest) is higher than the leaserental, Caramino's EBT is lower by $1,274. After adeferred income tax offset of $510, Caramino's netincome is $764 lower.Caramino's deferred tax debit (asset) results from thedifference between financial reporting (capital lease)and tax reporting (operating lease). The $1,274 timingdifference results in a deferred tax debit of $1,274x .40 = $510c. andd. Comparison of Cash Flow Statementshave been collected by the end of the year.11-5Caramino reports higher cash from operations by $10,000. Since the tax rate is 40%, Aglianico (operating lease firm) reports aftertax operating cash outflow of $6,000. Caramino (capital lease firm) pays no interest but, since it uses the operating lease method for taxes, receives a tax deduction of $4,000 for the annual payment of $10,000. Caramino's aftertax operating cash inflow is $4,000.The difference ($6,000 + $4,000 = $10,000) is recorded by Caramino as a financing cash outflow; this is the amount of the lease payment considered a reduction of the capitalized lease liability for 2002. [Note that the lease payment made on January 1, 2002 has no interest component; there is no accrued interest as the lease has just begun. Interest accrued during the year will be paid January 1, 2003.]e. There is no impact on investing cash flow for eitherfirm. Caramino would report the present value of the capital lease as a noncash investment activity.f. The net cash outflow for each firm is the leasepayment of $10,000 less the tax deduction of $4,000 (40% tax rate). Only the classification of cash flow components is affected by the lease method used.g. By using the capital lease method, Caramino reportshigher debt and lower income. However the firm also reports higher cash from operations. The choice of method may reflect different debt covenants or simplya preference among financial characteristics.11-67.(M) a. Since it is the first year:Capital lease obligations $2,596,031Repayment of capital lease obligations 3,969Capital lease at inception $2,600,000b. Amortization expense =$2,600,000 - $2,479,570 = $120,430Assuming the asset is being amortized on a straightline basis over the lease term, the lease term =$2,600,000/$120,430 = 21.6 or 22 yearsTotal expense = interest + amortization =$120,430 + $223,733 = $344,163c. CFO was reduced by the interest expense of $223,733and CFF was reduced by the “repayment of capital leaseobligations” of $ 3,969d. Free cash flows should be reduced by $2,600,000 – the“cost” of the leased asset.e. (i) Lease expense would be lease payment =$223,733 + $3,969 = $227,702(ii) CFO would be reduced by lease payment of $227,702f. Using 1999 payment only: $223,733/$2,600,000 = 8.6%Using all the payments, we have exact MLP’s for thesix years 1999 –2004. The “thereafter” MLP’s totaling$4,596 thousand are spread over 16 years; i.e. $287.25thousand/year. Equating this stream to the presentvalue of $2,600,000 yields a rate (IRR) of 9.3%.The two methods yield rates within “range” of eachother especially when we consider that the ratederived from the first method is typically downwardbiased.11-78.{M}a. The adjustment involves the addition of the interestcomponent of minimum lease payments to stated interestexpense. The adjustment reflects a partial, de factocapitalization of operating leases.(i)Unadjusted Ratio of Earnings to Fixed Charges:Pretax earnings $ 2,363,646Interest on indebtedness 68,528Earnings before interest and taxes (EBIT) $ 2,432,174Fixed Charges:Interest on indebtedness $ 68,528Unadjusted Ratio of Earnings to Fixed Charges 35.5X(ii) The unadjusted ratio is almost four times the adjusted ratio. Note: the SEC rule that governsthis calculation assumes that the interestcomponent is one-third of the MLP. The trueinterest component may be higher or lower,changing the coverage ratio.b. Reported debt-to-equity = $550,000/$2,233,303 = 0.25c. Calculation of amounts adjusted for leasecapitalization:The Limited, Inc.1999 Working Capital Position and Capitalization Table1 Working capital is reduced by the principal component of the 2000MLPs calculated as$436,670 = [($643,828 - (.06 x $3,452,628)],where $3,452,628 is the present value calculated in note 2 below.2 Present value of MLPs using an interest rate of 6%. The “thereafter”MLPs are spread using the constant rate assumption; ($502,880 in 2005and 2006 and $422,102 in 2007).11-89.{S} Note: all amounts in $millionsa. Debt to equity = ($2,416 + $235)/$4,448 = 0.60b. (i) Interest portion of 2001 payment = $63-$39 = $24Therefore interest rate = $24/$235 = 10.2%(ii)Using the constant rate assumption yields theThe IRR that equates the above to $235 is 7.9%c. Under the constant rate assumption, the payment streamto be discounted at 10.2% isThe present value is $7,435d. Adjusted debt-to-equity is($2,416 + $235 + $7,435)/$4,448 = 2.27The adjustment increases the ratio almost four-fold.The real effect is greater as equity would be lower ifDelta had capitalized its operating leases at theirinception.e. After adjustment, both AMR’s and Delta’s ratios are atsimilar levels of 2.3x.Had the lower rate been used, the present value ofDelta’s operating lease would be significantly higheras would its debt-to-equity ratio.f. The adjustments are appropriate for two reasons(1)To obtain the appropriate levels of the ratio foreach firm. For both companies, the reported ratiosunderstate their financial leverage.(2)For comparison purposes. Before adjustment,Delta’s ratio at 0.6x is 50% lower than AMR’s 0.9x.After adjustment, that superiority is removed asboth firms have similar ratios.11-910.{M}a. The following MLP stream is assumed (€ million):At a rate of 7%, the present value is €505.3 millio nb. (i) €1,294/€14,145 = 0.09(ii)(€1,294 + €505)/€14,145 = 0.13c.Another assumption would be to find a decline ratefrom the initial payment of €166.5 such that the sumof the years 2 to 5 payments using that decline rateequals €275.2; i.e. solve for d i n the followingequation(d + d2 + d3 + d4 ) x €166.5 = €275.2The above can be solved by trial and error and thesolution is d = 67.66% with a MLP stream of €112.6,€76.2, €51.5 and €34.9.Using this MLP stream would increase the present valueof the operating lease obligation.11.{S}a. We use the constant rate assumption, yielding thefollowing payment stream (€ millions)At a discount rate of 7%, the present value is €12,543.b. (i) Reported debt-to-equity = €1,294/€14,145 = 0.09Adjusted for part a:(€1,294 + €12,543)/€14,145 = 0.98(ii) Adjusting for operating leases as well(€1,294 + €12,543 + €505)/€14,145 = 1.0111-1012.{S}a. The cash outflow of $25.6 million represents thedecrease in the balance of sold but uncollectedreceivables ($192.8 - $167.2). It represents netcollections (by Arkla as the firm continues to servicethe receivables) of receivables sold; amountscollected from previously sold receivables were paidto the purchasers of those receivables.b. Receivables sold but uncollected as of 12/31/93 can bededuced to be:Outstanding 3/31/94 $118.7 millionDecrease during quarter 107.7Outstanding 12/31/93 $226.4 millionc. The required adjustments to Arkla's CFO for quartersended:March 31, 1994 March 31, 1995 Cash outflow $107.7 $25.6These amounts are the decrease in receivables soldduring the respective quarters. The adjustment isrequired because the cash flow was recognized when thereceivables were sold rather than when customers paid.This adjustment produces a measure of CFO based onwhen the receivables were collected.13.{S} All amounts in $millionsa. (i) Current ratio was increased by 15% from 1.61 to1.86 as a result of receivable sale.Reported = $686/$369 = 1.86Adjusted = ($686 + $153.1)/($369 + $153.1) = 1.61 (ii) & (iii)Average receivables as reported =.5($546 + $312) = $429Adjusting for sale of receivables would increaseaverage receivables by.5($153.1 + $115) = $134 to $563Reported turnover = $2,951/$429 = 6.88# of days = 365/6.88 = 53 daysAdjusted turnover = $2,951/$563 = 5.24# of days = 365/5.24 = 70 daysAs a result of the receivable sale the cash cyclelooked better than it really was by (70 –53) =17 days and the receivables turnover “improved”from 5.24 to 6.8811-11b. Reported debt/equity = $1,096/$950 = 1.15Debt should be adjusted upwards by the receivablessold to ($1,096 + $153.1 =) $1,249.1 with a resultantdebt to equity ratio of $1,249.1/$950 = 1.31.c. Reported cash flow from operations increased by $154million from ($96) million to $58 million. Theseamounts were inflated by the increase in receivablessold and should be adjusted by that increase:Adjusted CFO 1998 = ($96) – ($115 – $103.3) = ($107.7)Adjusted CFO 1999 = $58 - ($153.1 – $115) = $19.9After removing the effects of the receivable sales,CFO increased by $127.6 million from ($107.7) millionto $19.9 million. The actual level and trend in CFO isconsiderably lower than the amounts reported.14.{M}a.11-12The sale of receivables allowed the company to show an improved receivable turnover and cash cycle; the improvement was more significant for 1999 as the amount of receivables sold increased and sales declined.b. The effect on the current ratio is minimal as the sameamount is added to both numerator and denominator of the ratio and that ratio is close to 1. The debt-to-equity ratio adjustment is more significant in 1999 due to the increase in receivables sold and the lower equity amount.c. As the calculation below indicates, both the level andtrend in CFO are overstated as a result of the sale of receivables.11-1315.{S}a. The cash from investment amounts are equivalent to thechange in the “Receivables sold by Funding topurchaser”. (Reca ll that 1997 was the first year ofreceivable sales.)b.receivable balances 17% to 21% less than their actuallevels.c. The sale of receivables should be reported as cashfrom financing as they are, in effect, borrowings(using receivables as collateral).16.{S} Aluminum producers that have take-or-pay contracts forenergy and/or bauxite have converted significantvariable costs into fixed costs. Therefore, theirmarginal costs are much lower than if these contractshad not been entered into. Under these conditions,aluminum producers will continue production as long asrevenue exceeds marginal costs, even though they losemoney based on total costs.17.{M}a. By transferring receivables to a (unconsolidated)subsidiary, Lucent removed the receivables from itsreceivable balance and reported them as “Investments,”a somewhat different asset category. Analyticaladjustment is required to eliminate the artificialreported “improvements” in receivables turnover, thecurrent ratio and the cash cycle.b. The adjustment requires adding $700 million (inaddition to the balance of uncollected receivables) tothe 1999 accounts receivable and current assets. Theeffect is to increase the growth in receivables,reduce the receivable turnover and increase the numberof days receivables outstanding. This adjustmentreinforces the conclusion (see text page 381) thatLucent’s receivables growth outpaced the growth insales. On the other hand, the adjustment improves the1999 current ratio.11-14Note: The bold values indicate which amounts were altered from Exhibit 11-4. The Exhibit 11-4 amounts for those items affected by the adjustment are shown in parentheses.11-1518.{M}a. Debt should be increased by:$ 20 million (present value of operating lease)5 (guarantee)7 (present value of take-or-pay agreement)$ 32 millionThere is no effect on equity as each obligation isoffset by a corresponding asset:Leased assets for operating leaseReceivable for Crockett's obligation to repay debtSupply agreementThe recomputed debt-to-equity ratio is:($12 + $32)/$20 = 2.2X as compared to .6X beforeadjustmentb. Additional interest expense is:Lease (effective interest rate is about 18%).18 x $20 = $3.6 millionBond guarantee .10 x 5 = 0.5Total $ 4.1 millionBefore adjustment, the interest expense is $1.0 millionand the times interest earned ratio is 5.0, implyingEBIT of $5.0 million.After adjustment, the ratio is:($5.0 + $4.1)/($1.0 + $4.1) = 1.78XNo adjustment has been made for the take-or-paycontract, as it does not affect 1993 interest expense.Adjustments in future years will be based on theimplicit interest rate of 21%.c. Reasons for entering into off-balance-sheet obligations:1. Avoidance of or mitigation of the risk of violatingdebt covenant restrictions.2. Leased assets revert to lessor after eight years,limiting risk of obsolescence.3. Guarantee of Crockett's debt may lower interestcosts, increasing profitability of investment.4. Contract with PEPE secures source of supply andpossibly advantageous pricing.11-16d. Additional information needed for full evaluation:1. (Lease) Useful life of leased assets; conditionsunder which lease can be canceled; nature ofleased assets.2. (Guarantee) Financial condition of Crockett; bondcovenants.3. (Take-or-pay) Alternate sources of supply;quantity to be purchased relative to total needs;price provisions of contract.19.{L}a. As the table below indicates, the declining paymentassumption using a 92% declining rate (the averagerate over the first five years (2000 - 2004)) is agood approximation for JC Penney. The present value is$3,320; a deviation of one-half of one percent fromthe stated present value of $3,302. If the constantpayment assumption is made, the error is about fourpercent.11-17b. Using only the first year payment: Payment = $66 andcurrent portion = $16; therefore interest portion = $50 and interest rate = $50/$417 =12%.Using all payments:Constant payment assumption implies MLP’s of $54 from 2004 through 2017 and $12 in 2018. Equating this payment stream to $417 yields an IRR of 11.8%For the declining payment assumption, we would use a declining rate of 95%, the average of (2000 - 2004).Using this rate yields an IRR of 10.44%The rate seems to be between 10.4%-12%. Given that two of the methods yield estimates closer to the high end of the range, using a rate of approximately 11.5% would be an appropriate estimate.c. The rate used by Sears is somewhat higher than that ofJ.C. Penney. That may be a function of (1)higher credit rating for Penney, (2)differing risk characteristics of the leased properties, or (3) Sears leases were entered into in periods of higher interest rates.d. Given the rapid decline over the first four years, wechoose to use the declining payment assumption. Usinga decline rate of .86 (the average over the first fiveyears) and a discount rate of 11.5% (from part b), the present value of the operating leases is $1,375 million.11-1820.{M} Adjusting for the operating lease results in adeterioration of the ratios in each case.* Year 2000 MLP = $352. Interest portion is equal to 11.5% x $1,325 = $158; Therefore, current portion of debt = $352 -$158 = $194** Present Value of operating leases as calculated in Problem 19 part d.† Assumes interest this year (1999) is approximately equal to next year’s (2000) interest levels.Note: No adjustment is made for pretax income, which maybe higher or lower depending on the age” of the lease.The earlier (later) in the lease term, expense is higher(lower) for the capital lease. On average the expense isidentical.As we do not know the relative age of theleases we assume no change.11-1921.{S} Sears’ MDA reports securitized (credit card) balancessold of $6,579 and $6,626 million in 1999 and 1998respectively. Adjusting for these balances (in 1999)requires adding $6,579 to accounts receivable andcurrent liabilities (assuming the debt is short-term)and increasing CFO by ($6,626 – $6,579) $47 million. Asthe table below indicates, the impact on these threeratios is considerable.22.{S} The adjusted ratios are poorer than those based on Sears’reported data. The adjustment for securitization ofreceivables accounts for far more of the impact than theoperating leases.Note: See problems 11-19, 11-20, and 11-21 for explanation of these adjustments11-2023.{M}a. Using th e constant rate assumption (MLP’s of $59million from 2004 - 2017 and $8 million in 2018), theimplicit interest rate is 4.19%.Note that Texaco has not guaranteed all of this lease.The total present value of the guaranteed portion ofthe lease is approximately ($336/44%) $764 million.b. The rate is somewhat lower than the 5% - 5.5% ratecalculated for Texaco in the chapter (page 385).c. Equilon may have less debt (in relation to theirassets) than Texaco, or the nature of its business (orof the leased assets) may be operationally less risky.The leases may have been entered into when interestrates were especially low.Assets are higher because inventory is replaced with (higher) receivables because of the recognition of manufacturing profit. Assets remain higher throughout the lease term.Revenues are higher in Year 1 as the sales-type lease recognizes a sale whereas the operating lease method does not. In later years, interest revenue from the sales-type lease should be lower than lease revenue for the operating lease. This effect is more pronounced over time; in year 9, interest income is low given the small remaining receivable.The revenue effect increases the asset turnover ratio in the first year. But the revenue effect reduces turnover in the ninth year.11-21Expenses are higher in year 1 due to the recognition of cost of goods sold. In later years, there is no expense for the sales-type lease; the operating lease method reports depreciation expense in every year, however.Initial period income and income-related ratios are higher for the sales-type lease because the sale (and income) is recognized at the inception of the lease. In later years, however, income is higher for the operating lease.Income taxes paid are the same since the lease cannot be considered a completed sale for tax purposes.Cash from operations is higher for the first year due to recognition of the sale (the investment in the lease is classified as an investing cash outflow). In later years the operating lease method shows higher cash from operations as rental income exceeds the interest income recorded for the sales-type lease (income taxes paid are the same).[See Exhibit 11-8 and the accompanying text for further explanation of these effects.]25.{L}a. The present value of the minimum lease paymentsreceivable of $170,271 (at 10%, the lower of lesseeand lessor rates) is more than 90% of the fair marketvalue of $185,250. Therefore, the lessee, Baldes,should capitalize the lease. It would be useful toknow whether the lessee has guaranteed the residualvalue of the leased asset.b. Leased assets $ 170,271Long-term lease obligation 167,298Current portion of lease obligation 2,973Total lease obligation $ 170,271Note that there are no income or cash flow statementeffects at the inception of the lease.11-2211-23c. (i) Balance sheet effects of capital lease:No impact on balance sheet if operating lease method applied. [Deferred tax assets reflecting the difference between total expense under the two methods would also be reported.](ii) Income statement effects of capital lease:1Interest expense for: 2001 = .10 x $170,271 2002 = .10 x $167,298 2Deprecation expense = $170,271/20 for each yearThe income statement would show lease expense of $20,000 each year under the operating lease method.(iii) Statement of cash flow effects of capital lease:The operating lease method reports $20,000 cash outflow from operations for each year.。
财务报表自考试题及答案
财务报表自考试题及答案一、单项选择题（每题1分，共10分）1. 资产负债表中，资产的排列顺序通常是：A. 按照流动性排列B. 按照购买时间排列C. 按照重要性排列D. 按照金额大小排列答案：A2. 下列哪项不属于流动资产？A. 现金B. 应收账款C. 存货D. 固定资产答案：D3. 利润表中的营业收入不包括以下哪项？A. 销售商品收入B. 提供劳务收入C. 营业外收入D. 利息收入答案：C4. 所有者权益变动表反映的是：A. 企业财务状况的变化B. 企业经营成果的变动C. 企业所有者权益的增减变动情况D. 企业现金流量的变化答案：C5. 财务报表分析中，流动比率的计算公式是：A. 流动资产 / 流动负债B. 流动负债 / 流动资产C. 总资产 / 总负债D. 长期负债 / 长期资产答案：A6. 以下哪项不是现金流量表中的内容？A. 经营活动产生的现金流量B. 投资活动产生的现金流量C. 筹资活动产生的现金流量D. 非经常性收益答案：D7. 在财务报表中，负债按照其偿还期限的长短可以分为：A. 流动负债和长期负债B. 有息负债和无息负债C. 银行负债和非银行负债D. 内部负债和外部负债答案：A8. 下列哪项不是财务报表分析的主要目的？A. 评价企业的盈利能力B. 评估企业的偿债能力C. 预测企业的未来发展D. 确定企业的市场价值答案：D9. 资产负债表中的负债项目不包括：A. 应付账款B. 预收账款C. 长期借款D. 所有者权益答案：D10. 利润表中，营业利润的计算不包括以下哪项？A. 营业收入B. 营业成本C. 营业税金及附加D. 投资收益答案：D二、多项选择题（每题2分，共10分）11. 下列哪些属于企业的非流动资产？A. 现金B. 长期股权投资C. 无形资产D. 存货E. 固定资产答案：BCE12. 利润表中，以下哪些项目可以用来计算企业的营业利润？A. 营业收入B. 营业成本C. 营业税金及附加D. 财务费用E. 营业外支出答案：ABCD13. 以下哪些因素会影响企业的流动比率？A. 存货的周转速度B. 应收账款的回收速度C. 应付账款的支付速度D. 固定资产的增减E. 长期借款的增减答案：ABC14. 在进行财务报表分析时，可以通过哪些指标来评估企业的偿债能力？A. 流动比率B. 速动比率C. 资产负债率D. 存货周转率E. 营业收入增长率答案：ABC15. 下列哪些属于现金流量表中的内容？A. 经营活动产生的现金流量B. 投资活动产生的现金流量C. 筹资活动产生的现金流量D. 非经常性收益E. 汇率变动对现金的影响答案：ABCE三、判断题（每题1分，共5分）16. 资产负债表是反映企业在一定时期内财务状况的报表。
财务报表分析测试题及答案
财务报表分析测试题一、单项选择1．企业收益的主要来源应当是(A )。
A．经营活动B．投资活动C．筹资活动D．投资收益2．下列项目中，属于短期债权项目的是( C )。
A．融资租赁B．银行长期贷款C．商业信用D．长期债券3．下列项目中属于长期债权的是(B )。
A．短期贷款B．融资租赁C．商业信用D．短期债券4．应归属于资产负债表附表的是(D )。
A．利润分配表B．分部报表C．财务报表附注D．应交增值税明细表5．利润表能够反映企业的(B )。
A．财务状况B．经营成果C．财务状况变动D．现金流动6．在我国会计规范体系中，属于最高层次是(C )。
A．企业会计制度B．企业会计准则C．会计法D．会计基础工作规范7．注册会计师应当对财务报表的(A)负责。
A．公允性B．真实性C．正确性D．完整性8．应当做为无形资产计量标准的是(D)。
A．实际成本 B ．摊余价值C ．账面价值 D ．账面价值与可收回金额孰低9．当累计提取的法定赢余公积达到注册资本的(D ) 时，可以再也不计提。
A ．5%B ．10%C ．25%D ．50%10．下列各项中，不是影响固定资产净值升降的直接因素的是(A )。
A ．固定资产净残值B ．固定资产折旧方法C ．折旧年限的变动D ．固定资产减值准备的计提11 ．股分有限公司经登记注册，形成的核定股本或者法定股本，又可以称为( D)。
A．实收资本B ．股本C．资本公积D．注册资本12．在进行短期偿债能力分析时，可用于偿还流动负债的流动资产具体是指 (C )。
A ．存出投资款B ．回收期在一年以上的应收款项C．现金D ．存出银行汇票存款13 ．酸性测试比率，又可以被称为(D )。
A．流动比率B．现金比率C ．保守速动比率D ．速动比率14．现金类资产具体是指货币资金和 (B )。
A ．存货B．短期投资净额C．应收票据D．一年内到期的长期债权投资15．当企业发生下列经济事项时，可以增加流动资产的实际变现能力的是(D )。
财务报表分析考试题及答案
财务报表分析考试题及答案财务报表的分析是企业财务管理中非常重要的一环，它能够为管理者提供了解企业财务状况和经营情况的有效工具。
为了帮助大家更好地掌握财务报表分析的知识，以下是一些财务报表分析的考试题及答案。
一、选择题1. 财务报表分析的目的是什么？A. 了解企业经营状况B. 评估企业盈利能力C. 评估企业偿债能力D. 以上皆是答案：D. 以上皆是2. 资产负债表是用来反映企业某一时点的：A. 资产与负债B. 资产与权益C. 负债与权益D. 收入与支出答案：B. 资产与权益3. 下列哪个比率反映了企业偿债能力？A. 资产负债率B. 流动比率C. 存货周转率D. 销售净利率答案：A. 资产负债率4. 以下哪个比率反映了企业盈利能力？A. 资产负债率B. 流动比率C. 存货周转率D. 销售净利率答案：D. 销售净利率5. 现金流量表主要反映的是企业的：A. 经营活动现金流量B. 投资活动现金流量C. 筹资活动现金流量D. 以上皆是答案：D. 以上皆是二、简答题1. 请解释资产负债表中的净资产是什么。
答案：资产负债表中的净资产，也称为所有者权益，指企业净资产的总额。
它是企业剩余资产减去企业全部负债后的差额。
净资产是企业所有者的权益，它表示了企业所有者在企业剩余资产中所拥有的权益。
2. 解释一下利润表中的营业利润是如何计算的。
答案：营业利润是利润表中的一个重要指标，它是通过从营业收入中减去营业成本、税金及其他费用，得出的净利润。
营业利润反映了企业在正常经营过程中所创造的利润，它是用来评估企业盈利能力的重要指标。
3. 什么是现金流量表中的自由现金流量？答案：自由现金流量是指公司在经营活动中所产生的现金流入与流出的净额。
它反映了企业经营活动中所创造的自由现金流量，可以用来评估企业的经营能力和现金状况。
自由现金流量计算公式为：经营活动现金流量净额-现金资本支出。
三、计算题1. 已知某企业的利润表和资产负债表如下，请计算该企业的资产负债率和销售净利率。
会计学11章习题及答案
第十一章财务报表一、单项选择题1.会计报表中项目的数字直接来源于（）。
A.原始凭证B.记账凭证C.日记账D.账簿记录2.财务报表是指企事业单位对外提供的反映企事业单位某一特定日期财务状况以及某一会计期间经营成果、现金流量等会计信息的文件，主要是由（）组成的。
A.资产负债表和利润表B.资产负债表、利润表和现金流量表C.会计报表和财务情况说明书D.会计报表和附注3.将报表分为静态报表和动态表示按报表的（）划分的。
A.服务对象B.编报主体C.编报时间D.经济内容4.资产负债表中的报表项目（）。
A.都是根据账户余额直接填列B.都是对账户发生额进行分析计算后填列C.大多数项目可以直接根据账户余额填列，少数报表项目需要根据有关账户发生额分析计算后才能填列D.大多数项目可以直接根据账户余额填列，少数报表项目需要根据有关账户余额分析计算后才能填列5.资产负债表中，“应收账款”项目应根据（）填列。
A.“应收账款”总分类账户期末余额B.“应收账款”总分类账户所属明细账的期末余额C.“应收账款”和“应付账款”中所属各明细分类账户的期末借方余额合计D.“应收账款”和“预收账款”总分类账所属各明细分类账户的期末借方余额合计6.多步式利润表是通过多步计算来确定当期损益的，通常把利润的计算分解为（）。
A.营业利润、利润总额、净利润和每股收益B.营业收入、营业利润、应税利润和净利润C.营业收入、营业利润、利润总额和净利润D.营业利润、利润总额和净利润二、多项选择题1.会计报表主要包括（）。
A.资产负债表B. 利润表C.现金流量表D.所有者权益变动表E.报表附注2. 财务报告的使用者有（）。
A.投资者B.债权人C.捐赠者D.上级主管部门和财税部门E.其内部管理人员和广大职工群众3.下列报表中，属于内部报表的是（）。
A.单位报表B.商品产品成本表C.制造费用明细表D.期间费用明细表E.产品成本明细表4. 资产负债表中的“存货”项目应根据（）等账户的期末借方余额之和填列。
财务报表分析试题及答案
财务报表分析试题及答案财务报表分析练习题⼀、单项选择题(在每⼩题列出的四个选项中，只有⼀个选项是符合题⽬要求的，请将正确选项前的字母填在题后的括号内。
)1、下列可⽤于短期偿债能⼒的⽐率分析的是( C )。
A.资产负债⽐率B.所有者权益⽐率C.流动⽐率D.权益乘数2、应收账款周转率中的应收账款应为( C )。
A.未扣除坏账准备的B.“应收账款”账户的期末余额C.扣除坏账准备后的全部赊销账款净额D.仅在本年度发⽣的应收账款3、评价净收益质量的⽐率是( C )。
A.⽀付现⾦股利⽐率B.现⾦充分性⽐率C.净利润现⾦保证⽐率D.现⾦⽐率4.“以各种⽅式把⼀个或多个信息关联在⼀起的信息结构，是客观世界规律的总结”，上⾯这句话是以下哪个名词的解释：( D )A.信息B.数据C.资料D.知识5、某企业采⽤备抵法核算坏账，按照规定程序核销坏账10000元，假设该企业原来的流动⽐率为2.5，速动⽐率为1.5，核销坏账后(C)A流动⽐率和速动⽐率都增加B流动⽐率和速动⽐率都降低C流动⽐率和速动⽐率都不变D流动⽐率降低、速动⽐率增加6、某公司流动资产⽐率为30%，固定资产⽐率为50%，则流动资产与固定资产的⽐率为：( D )。
A.167%B.120%C.80%D.60%7、某公司本年末资产总额为1000万元，如果知道公司的产权⽐率为1.5，有形净值债务⽐率为2，则公司的⽆形资产和递延资产之和为：( D )。
A.250万元B.200万元C.150万元D.100万元8、如果企业速动⽐率很⼩，下列结论成⽴的是( C )。
A.企业流动资产占⽤过多B.企业短期偿债能⼒很强C.企业短期偿债风险很⼤D.企业资产流动性很强9、在财务分析中，最关⼼企业资本保值增值状况和盈利能⼒的利益主体是( A )A.企业所有者B.企业经营决策者C.企业债权⼈D.政府经济管理机构10、在资⾦需求量⼀定的情况下，提⾼( B)意味着企业对短期借⼊资⾦依赖性的降低，从⽽减轻企业的当期偿债压⼒。
财务报表分析练习题及答案精选全文
可编辑修改精选全文完整版财务报表分析练习题及答案财务报表分析的目的在于，判断企业的财务状况和诊察企业经营管理的得失。
通过分析，可以判断企业财务状况是否良好，企业的经营管理是否健全，企业业务前景是否光明，同时，还可以通过分析，找出企业经营管理的症结，提出解决问题的办法。
以下是小编为大家整理的.财务报表分析练习题及答案，仅供参考，欢迎大家阅读。
1、【单选题】某公司20×6年年初产权比率为70%。
若该公司年度末所有者权益为40000万元，并使债权人投入的资金受到所有者权益保障的程度降低5个百分点，则该公司20×6年年末的资产负债率为( )。
A、45.95%B、48.72%C、50%D、42.86%【答案】D【解析】债权人投入的资金受到所有者权益保障的程度是由产权比率衡量的。
产权比率越高，债权人投入的资金受到所有者权益保障的程度越低，所以根据使债权人投入的资金受到所有者权益保障的程度降低5个百分点可知产权比率提高5个百分点，即产权比率变为70%+5%=75%，则年末的负债总额为40000×75%=30000(万元)，年末资产总额=负债总额+所有者权益=30000+40000=70000(万元)，资产负债率=负债总额/资产总额=30000/70000×100%=42.86%。
2、【单选题】某公司资产净利率为10%，若产权比率为1.5，则权益净利率为( )。
A、15%B、6.67%C、10%D、25%【答案】D【解析】权益乘数=1+产权比率=1+1.5=2.5权益净利率=权益乘数×资产利润率=2.5×10%=25%3、【单选题】某企业去年的销售净利率为5.73%，资产周转率为2.17;今年的销售净利率为4.88%，资产周转率为2.88。
若两年的资产负债率相同，今年的权益净利率比去年的变化趋势为( )。
A、下降B、不变C、上升D、难以确定【答案】C【解析】权益净利率=销售净利率×资产周转率×权益乘数去年的权益净利率= 5.73%×2.17×A=12.43%×A今年的权益净利率= 4.88%×2.88×A=14.05%×A因此，权益净利率今年比去年呈上升趋势。
财务报表分析试题及答案
财务报表分析试题及答案一、单项选择题（每题2分，共20分）1. 财务报表分析的主要目的不包括以下哪项？A. 评价企业财务状况B. 评估企业经营业绩C. 预测企业未来发展趋势D. 制定企业发展战略答案：D2. 资产负债表中，下列哪项不属于流动资产？A. 现金及现金等价物B. 应收账款C. 存货D. 长期投资答案：D3. 利润表中，下列哪项不是营业成本的组成部分？A. 销售成本B. 管理费用C. 财务费用D. 销售费用答案：B4. 现金流量表中，下列哪项活动不会导致现金流量的变化？A. 购买固定资产B. 支付股息C. 偿还债务D. 存货增加答案：D5. 财务比率分析中，下列哪项比率用于衡量企业的偿债能力？A. 流动比率B. 资产周转率C. 毛利率D. 净资产收益率答案：A6. 财务报表分析中，下列哪项指标用于衡量企业的盈利能力？A. 资产负债率B. 权益乘数C. 净利率D. 存货周转率答案：C7. 财务报表分析中，下列哪项指标用于衡量企业的营运能力？A. 存货周转率B. 资产负债率C. 流动比率D. 速动比率答案：A8. 财务报表分析中，下列哪项指标用于衡量企业的财务杠杆效应？A. 权益乘数B. 流动比率C. 速动比率D. 资产周转率答案：A9. 财务报表分析中，下列哪项指标用于衡量企业的市场价值？A. 市盈率B. 市净率C. 存货周转率D. 资产负债率答案：A10. 财务报表分析中，下列哪项指标用于衡量企业的经营效率？A. 存货周转率B. 流动比率C. 资产负债率D. 速动比率答案：A二、多项选择题（每题3分，共15分）1. 财务报表分析中，下列哪些因素会影响企业的财务状况？A. 企业盈利能力B. 企业资产结构C. 企业负债水平D. 企业现金流量答案：ABCD2. 财务报表分析中，下列哪些指标用于衡量企业的流动性？A. 流动比率B. 速动比率C. 资产负债率D. 存货周转率答案：AB3. 财务报表分析中，下列哪些指标用于衡量企业的盈利能力？A. 净利率B. 毛利率C. 资产周转率D. 权益乘数答案：AB4. 财务报表分析中，下列哪些指标用于衡量企业的财务稳定性？A. 资产负债率B. 流动比率C. 速动比率D. 权益乘数答案：ABC5. 财务报表分析中，下列哪些因素会影响企业的现金流量？A. 经营活动产生的现金流量B. 投资活动产生的现金流量C. 筹资活动产生的现金流量D. 非经常性损益答案：ABC三、判断题（每题2分，共20分）1. 资产负债率越高，企业的财务风险越大。
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第十一章财务报表试题及答案
一、单项选择题
1、资产负债表中资产的排列顺序是（）。
A、收益率高的资产排在前
B、重要的资产排在前
C、流动性强的资产排在前
D、非货币性资产排在前
2、下列只需要在年度报送的财务报表是（）。
A、利润表
B、现金流量表
C、利润分配表
D、资产负债表
3、编制资产负债表依据的会计等式是（）。
A、收入–费用=利润
B、现金流入–现金流出=现金净流量
C、资产+费用=负债+所有者权益+收入
D、资产=负债+所有者权益
4、下列选项中，反映资产负债表内有关资产项目排列顺序的是（）。
A、流动资产、长期股权投资、固定资产、递延所得税资产、无形资产
B、流动资产、固定资产、长期投资、无形资产、递延所得税资产
C、流动资产、长期股权投资、递延所得税资产、固定资产、无形资产
D、流动资产、长期股权投资、固定资产、无形资产、递延所得税资产
5、资产负债表的左方反映（）。
A、资产
B、负债
C、所有者权益
D、权益
6、下列选项中，反映资产负债表内有关所有者权益项目排列顺序的是（）。
A、实收资本、盈余公积、资本公积、未分配利润
B、实收资本、资本公积、盈余公积、未分配利润
C、实收资本、资本公积、未分配利润、盈余公积
D、实收资本、未分配利润、资本公积、盈余公积
7、资产负债表中，根据总分类账户的期末余额直接填列的项目有（）
A、固定资产原价
B、货币资金
C、存货
D、未分配利润
8、资产负债表是反映企业特定（）财务状况的会计报表。
A、期间
B、时期
C、时间
D、日期
9、下列资产负债表项目中，应根据多个账户期末余额相加填制的是（）。
A、存货
B、应收账款净额
C、固定资产净额
D、累计折旧
10、资产负债表是反映企业（）的会计报表。
A、财务状况
B、财务成本
C、现金流量
D、经营成果
11、资产负债表编制的基础是（）。
A、发生额试算平衡公式
B、余额试算平衡公式
C、基本的会计等式
D、扩展的会计等式
12、资产负债表中的“应付账款“项目，应根据（）填列。
A、“应付账款”总分类账户的期末余额
B、“应付账款”总分类账户所属各明细分类账户的期末余额
C、“应付账款”和“预付账款”总分类账户所属各明细分类账户的期末贷方余额的合计数
D、“应付账款”和“预付账款”总分类账户所属各明细分类账户的期末借方余额的合计数
13、资产负债表中的“应收账款”项目，应根据（）填列。
A、“应收账款”总分类账户的期末余额
B、“应收账款”总分类账户所属各明细分类账户的期末余额
C、“应收账款”和“应付账款”总分类账户的本期借方余额的差额
D、“应收账款”和“预收账款”总分类账户所属各明细分类账户的期末借方余额的合计数
14、资产负债表的“所有者权益”项目中，不包括（）。
A、实收资本
B、应付股利
C、盈余公积
D、未分配利润
15、某企业“应收账款”总账的借方余额为2400元，包括“应收账款—A公司”明细账的借方余额1500元，“应收账款—B公司”明细账的借方余额1200，“应收账款—C公司”明细账的贷方余额300元。
如果不考虑其他因素的影响，资产负债表中的“应收账款“项目的金额为（）元。
A、2400
B、2700
C、300
D、5100
16、某企业“库存现金“总账的借方余额为3500元，“银行存款—工行”明细账的余额为360000元，“银行存款—建行”明细账的余额为
210000元。
如果不考虑其他因素，资产负债表中“货币资金”项目的金额为（）元。
A、3500
B、363500
C、570000
D、573500
17根据我国统一会计制度的规定，企业资产负债表的格式是（）。
A、报告式
B、账户式
C、多步式
D、单步式
18、利润表的项目共分为四个层次，其排列顺序是（）。
A、主营业务利润、营业利润、利润总额、净利润
B、营业利润、主营业务利润、利润总额、净利润
C、主营业务利润、营业利润、净利润、利润总额
D、净利润、利润总额、净利润、利润总额
19、在利润表中，从利润总额中减去（），为企业的净利润。
A、提取公益金
B、股利分配数
C、提取盈余公积数
D、所得税费用
20、财务报表编制的依据是（）
A、原始凭证
B、记账凭证
C、账簿记录
D、汇总记账凭证
二、判断题
1、财务报表应当根据经过审核的会计账簿记录和有关资料编制。
（）
2、资产负债表中的“流动资产”各项目是按照资产的流动性由弱到强排列的。
（）
3、资产负债表的“期末数”栏各项目主要是根据总账或有关明细账
期末贷方余额直接填列的。
（）
4、利润扣减管理费用、销售费用、财务费用和所得税后得到净利润。
（）
5、根据利润表，可以分析、评估企业的盈利状况，了解预测企业未来的损益变化趋势及获利能力。
（）
6、资产负债表属于静态报表，利润表属于动态报表。
（）
7、企业对外的会计报表都是按月、按季、按年定期编制的。
（）
8、会计报表附注和财务情况说明书都是企业财务会计报告的有机组成部分。
（）
9、利润表中的“本期数”即本期实际发生数，它不包括上期。
（）
10、会计等式“收入–费用=利润”是编制利润表的基础。
（）
第八章答案
一、单项选择题答案
1、Ｃ
2、Ｃ
3、Ｄ
4、D
5、Ａ
6、Ｂ
7、A
8、Ｄ
9、Ａ10、Ａ11、Ｃ12、Ｃ13、Ｄ14、B 15、Ｂ16、Ｄ17、Ｂ18、Ａ19、Ｄ20、Ｃ
二、判断题答案
1、√
2、×
3、×
4、×
5、√
6、√
7、×
8、√
9、×10、√。