cpa canada FA3 第3章作业

第二章财务报表分析课后作业一、单项选择题1.编制管理用财务报表时，所得税费用适用的税率是（）。

A.税法规定适用税率B.企业实际负担的平均所得税税率C.企业以前3个年度的加权平均所得税税率D.企业估计的平均所得税税率2.下列不属于反映企业短期偿债能力的财务指标是（）。

A.流动比率B.速动比率C.产权比率D.现金流量比率3.在下列关于资产负债率、权益乘数和产权比率之间关系表达式中，正确的是（）。

A.资产负债率+权益乘数=产权比率B.资产负债率-权益乘数=产权比率C.资产负债率×权益乘数=产权比率D.资产负债率÷权益乘数=产权比率4.下列关于存货周转率的说法正确的是（）。

A.在短期偿债能力分析中，应采用“销售成本”来计算存货周转率B.为了评估存货管理的业绩，应采用“销售收入”来计算存货周转率C.存货周转天数越少越好D.在分解总资产周转率时，存货周转率使用销售收入来计算5.丙公司2013年的销售净利率比上年降低5%，权益乘数上涨10%，总资产周转率上涨2%，那么丙公司2013年的权益净利率较上年将提高（）。

A.4.52%B.3.25%C.6%D.6.59%6.下列项目中属于经营资产的是（）。

A.应收利息B.持有至到期投资C.长期股权投资D.短期权益性投资7.下列关于营运资本的计算中正确的是（）。

A.营运资本=流动资产-非流动负债B.营运资本=长期资产-流动负债C.营运资本=长期资本-长期资产D.营运资本=长期资产-长期负债8.甲公司的销售净利率为8%，总资产周转次数为2次，若权益净利率为30%，则产权比率为（）。

A.1.875B.0.875C.1D.0.129.公司经营利润可观，却无力偿还到期债务。

CPA为查清其原因，不应选择的财务指标是（）。

A.产权比率B.流动比率C.存货周转率D.应收账款周转率10.下列指标中，不属于反映企业营运能力的是（）。

A.应收账款周转率B.利息保障倍数C.流动资产周转率D.总资产周转率11.长江公司的总资产净利率为15%，若资产负债率为60%，则权益净利率为（）。

第三章战略选择第四节国际化经营战略一、企业国际化经营外部环境的特征（★★）企业国际化经营不同于一国国内企业，它处于国内、国外和国际3种变化莫测、错综复杂的环境之中。

与国内企业相比，企业国际化经营所面对的外部环境有3个显著特征：一是外部环境的多样性；二是外部环境的复杂性；三是外部环境对内部环境的渗透。

上述外部环境的根本特征，意味着企业国际化经营对其外部环境条件的不可控程度，往往比一家纯粹的国内公司要高得多。

二、企业国际化经营动因（★★）（一）跨国投资理论1.垄断优势理论海默首次提出垄断优势理论，后得到其导师金德尔伯格的支持并加以完善，成为最早研究对外直接投资独立的理论。

该理论的核心内容是“市场不完全”与“垄断优势”。

传统的国际资本流动理论认为，企业面对的海外市场是完全竞争的，即市场参与者所面对的市场条件均等，且无任何因素阻碍正常的市场运作。

完全竞争市场所具备的条件是：①有众多的卖者与买者，其中任何人都无法影响某种商品市场价格的涨跌；②所有企业供应的同一商品均是同质的，相互间没有差别；③各种生产要素都在市场无障碍地自由流动；④市场信息通畅，消费者、生产者和要素拥有者对市场状况和可能发生的变动有充分的认识。

海默认为，对市场的这种描述是不正确的，“完全竞争”只是一种理论研究上的假定，现实中并不常见，普遍存在的是不完全竞争市场，即受企业实力、垄断产品差异等因素影响所形成的有阻碍和干预的市场。

海默认为，市场不完全体现在以下四个方面：①商品市场不完全，即商品的特异化、商标、特殊的市场技能以及价格联盟等；②要素市场不完全，表现为获得资本的难易程度不同以及技术水平差异等；③规模经济引起的市场不完全，即企业由于大幅度增加产量而获得规模收益递增；④政府干预形成的市场不完全，如关税、税收、利率与汇率等政策。

海默认为，市场不完全是企业对外直接投资的基础，因为在完全竞争市场条件下，企业不具备支配市场的力量，它们生产同样的产品，同样地获得生产要素，因此对外直接投资不会给企业带来任何特别利益，而在市场不完全条件下，企业则有可能在国内获得垄断优势，并通过对外直接投资在国外生产并加以利用。

LESSON 1AssignmentQuestion 1 (25 marks)Computer questionThe following is observed in the United States:Spot rate for British pounds sterling £0.7009/US$Yield on 90-day treasury bill 1.00%90-day forward rate for pounds sterling £0.6999/US$In the U.K., 90-day government securities yield 1.20%.RequiredUsing the partially completed worksheet in the file I-FN1L1Q1, assume that the amount of investment is US$1,000, and that 90 days represent 3 months of the year. Also, assume that the T-bill yields given in the question are effective annual yields.a. (10 marks)Enter appropriate formulas in the following cells:D8 to calculate the effective 90-day interest rate in the U.S.D10 to calculate the effective 90-day interest rate in the U.K.E20 to calculate the amount of the investment with interest at maturity in British currency F20 to calculate the effective yield if invested in the U.K.b. (5 marks)Based on the above, should a U.S. investor invest in U.S. T-bills or in British T-bills?c. (5 marks)Enter an appropriate formula in the following cell:C22 to calculate the 90-day forward rate (US$/£) such that the effective yield is the same for both the U.K. and the U.S.A.d. (5 marks)What is the 90-day forward rate for British funds calculated in part (c)?You should review Computer illustration 1-1 before attempting this question. Note that in contrast to illustration 1-1, this question uses reciprocal spot and forward exchange rates.Procedure1. Open the file I-FN1L1Q1. The file contains one worksheet, L1Q1.2. Enter appropriate values in cells D7, D9, B20, C20, and B22 as given in the problem.3. Note that the U.K. effective yield for part (c) in cell F22 is set to the effective 90-day interestrate in the U.S. (cell D8), thus making the effective yield the same whether the funds are invested in the U.K. or in the United States.4. Enter an appropriate formula in cell D8 to calculate the effective 90-day interest rate in theU.S., using the annualized rate for 90-day U.S. T-bills in cell D7. To compute the effective 90-day interest rate, you should add 1 to the annual interest rate, then raise the sum to the power (1/4 or 3/12 ), and lastly subtract 1 from the result.5. Enter an appropriate formula in cell D10 to calculate the effective 90-day interest rate in theU.K, using the annualized rate for 90-day U.K. government securities in cell D9.6. Enter an appropriate formula in cell E20 to calculate the amount of investment with interestat maturity (after 90 days) in U.K. currency.7. Enter an appropriate formula in cell F20 to calculate the U.K. effective interest yield, usingthe value calculated in cell E20.8. Enter an appropriate formula in cell C22 to calculate the 90-day forward rate (expressed in£/US$), based on the U.K. effective yield specified in cell F22, which is the same as the effective rate for 90-day U.S. T-bills.9. Save a copy of your completed worksheet.10. Copy and paste cells A1 to F23 into your Word document.11. Prepare your answers to parts (a) to (d).12. Display the formulas in your completed worksheet. Copy and paste the formulas in cells B5to F23 into your Word document.Question 2 (20 marks)Multiple choice (2 marks each)a. Which of the following does not usually constitute a possible conflict of interest?1) Shareholder vs. government2) Shareholder vs. creditors3) Shareholder vs. managers4) Shareholder vs. auditorsb. Which of the following statements about conflicts of interest is false?1) Creditors insert covenants in loan agreements to protect their interests.2) One of the most important types of conflicts is the one between management andshareholders.3) The government can identify all potential conflicts of interests affectingshareholders.4) Tax avoidance and industrial pollution are common types of conflicts of interestsbetween government and shareholders.c. Which of the following is the main concern from the point of view of a company’sshareholders?1) The internal rate of return of the best division when an investment is analyzed2) Preservation of the firm when risk is concerned3) Accounting return on investment when performance is appraised4) Market prices when performance is appraisedd. Which of the following is an example of an agency cost?1) A company always buys the latest computer equipment for its employees2) Senior management receives stock options enabling them to buy company stockat an exercise price well above the current stock price3) Managers use the company float plane to fly to their cottages on weekends4) Sales reps are provided with company cars to use when visiting clientse. What is the framework for analyzing investment or asset decisions known as?1) income management analysis2) capital budgeting analysis3) capital aligning analysis4) asset allocation analysisf. What is the main difference between exchanges and dealer/OTC (over the counter) markets?1) Exchanges are a part of the primary market, while dealer and OTC markets arepart of the secondary market.2) Transactions in dealer markets are conducted entirely by humans, notelectronically.3) Exchanges have a physical location, while dealer and OTC markets do not.4) All of these are differences between exchanges and dealer markets.g. Which of the following is the primary objective of the financial manager?1) Maximize profit2) Maximize dividend payments3) Maximize shareholder wealth4) Maximize revenueh. Which of the following is an example of a capital structure decision?1) Buying a new factory2) Reducing inventory levels3) Issuing new preferred shares4) Increasing purchases on crediti. Which of the following statements regarding bonds and preference shares is true?1) Only preference shares trade in the secondary market.2) The periodic payments that issuing firms are contractually obligated to make toinvestors are set at a fixed rate for both bonds and preference shares.3) Neither payments on bonds nor on preference shares are allowable tax expensesfor the issuing firm.4) Only bonds have a stated face or par value that must be repaid at maturity.j. Which of the following actions by a company could create a conflict between shareholders and creditors?1) Downplaying negative information and promoting positive news when thecompany is preparing to issue new securities2) Undertaking highly risky projects3) Taking steps to defer and minimize taxes payable4) Passing up profitable projects because they are viewed as too riskyQuestion 3 (15 marks)Assume that an Italian firm needs to borrow €500,000 for 1 year. The one year interest rate in Italy is 3%. In the U.S., the one year interest rate is 2%. The current exchange rate for the United States dollar in Italy is €0.728/US$. The one year forward rate is €0.737/US$. Would it be cheaper for the firm to borrow in Italy or arrange a loan in the U.S. and fully hedge using the forward market?Question 4 (10 marks)The corporation has been defined as a nexus of contracts. Identify four potential sources of conflict that can arise due to market imperfections and give an example of each.Question 5 (30 marks)Computer questionIn 20X2, ANZ Ltd. negotiated compensation schemes with two new managers, Mr. Top and Mr. Bottom. In 20X3, ANZ Ltd. renegotiated compensation schemes with both managers.The following personal data is available.Mr. Top Mr. Bottom20X220X320X220X3 Federal tax rate ($0 – $35,000) 15% 15% 15% 15% Federal tax rate ($35,001 – $70,000) 22% 22% 22% 22% Provincial tax rate ($0 – $35,000) 7% 7% 7% 7% Provincial tax rate ($ 35,001 – $70,000) 10% 10% 10% 10% Dividend income is grossed up by 45%. A federal tax credit of 18.97% applies to the grossed-up amount, while the associated provincial tax credit is 6.5% of the grossed-up amount.Investment income:Interest $ 1,500 $ 500 $ 1,000 $ 750 Capital gains $ 4,000 $ 5,000 $ 3,000 $ 2,500 ANZ Ltd. offered each manager the following possible compensation packages:Package #1 Annual salary $ 52,000 $ 52,000 $ 45,000 $ 45,000 Package #2 Annual salary $ 40,000 $ 42,000 $ 40,000 $ 42,000 Annual dividend $ 12,000 $ 10,000 $ 5,000 $ 3,000 The dividend is provided from ANZ's preference stock that will never involve capital gains to the holder, only dividend income. ANZ has a corporate tax rate of 40%.The after-tax costs to ANZ of the two packages are shown as follows. Note that salaries are tax deductible but dividends are not.RequiredUse Excel file I-FN1L1Q2 to calculate the actual after-tax personal income of Mr. Top and Mr. Bottom under each compensation package for 20X2 and 20X3, given their personal data. Which compensation package would each of the managers have chosen in 20X2? Which compensation package would each of the managers have chosen in 20X3? Explain your conclusions.Remember to allocate the taxable income in accordance with the corresponding rates following the progressive tax system. For this example, assume the federal tax rate applicable to a taxable income of $50,000 earned during 20X2 is 15% for the first $35,000 and 22% for the remainder.You will use Excel file I-FN1L1Q2 and Excel’s Scenario Manager feature for your analysis.Procedure1.Open Excel file I-FN1L1Q2.2.Cells A5 to B23 form the input data area. Observe that the data entered in these cells isfor Mr. Top, under compensation package #2 for 20X2. Cells C8 to D18 form thesummary of income and taxes. Examine cells D8 to D18 and observe theinterrelationships between these cells and the detailed tax calculations in rows 29 to 45.Note the formula in cell D18, which calculates the average tax rate.3.Study the completed detailed personal income tax calculations in rows 29 to 45 and theformulas in cells B29 to B45. Note the following:o These formulas refer to the input data area in rows 8 to 23.o The total income amount in cell D8 is not the same as the taxable income amount in cell B34 due to the gross-up of dividend income for tax purposes in cell B32and the inclusion of only the 50% taxable portion of capital gains in cell B33.Creating scenariosUse Scenario Manager to create the required scenarios to analyze the various compensation packages for Mr. Top and Mr. Bottom:1.Select Data, What-if Analysis, Scenario Manager and click Add. In the Scenario namebox, enter Mr. Top, 20X2, #2 to name the particular compensation package for Mr. Top.2.Select the Changing cells box. Hold down the Ctrl key and click each of the cells thathave changing inputs: B5, B6, D5, B18, B21, B22, and B23. Click OK.3.In the Scenario Values dialog box, enter the relevant cell values for this scenario, thenclick OK.4.Repeat steps 1 to 3 for the remaining compensation package for Mr. Top and the fourcompensation packages for Mr. Bottom.5.With the Scenario Manager dialog box on-screen (or choose Data, What-if Analysis,Scenario Manager to display this dialog box if it is not currently on-screen), clickSummary.6.In the Report Type box, select Scenario Summary. In the Result cells box, hold down theCtrl key and enter D8, D11, D12, D14, D16, and D18. Click OK.7.Excel creates a new worksheet called Scenario Summary that displays the scenarios, thechanging cells, and the results cells for each scenario. Select the Scenario Summaryworksheet tab.8.Cut and paste the Scenario Summary into your assignment Word file. To fit the wholesummary into your Word document, cut and paste it in two steps. Step 1, select cells B2 to H19 to include the data for Mr.Top up to 20X3. Step 2, select the range I2:L19 toinclude the data for Mr. Bottom.。

本章考情分析本章内容涉及存货的确认和计量。

近3年考题为客观题，分数4分左右，属于不重要章节。

本章近年主要考点：（1）停工损失的会计处理及全月一次加权平均法月末存货的计算；（2）先进先出法核算；（3）存货成本的构成；（4）存货跌价准备的计算；（5）存货包括的内容、初始计量及期末账面价值的计算。

本章应关注的主要问题：（1）存货成本的构成；（2）存货发出的计价方法；（3）材料或配件等存货期末账面价值的确定；（4）存货跌价准备的计提和转回。

2014年教材主要变化本章内容没有变化。

主要内容第一节存货的确认和初始计量第二节发出存货的计量第三节期末存货的计量第一节存货的确认和初始计量一、存货的概念与确认条件（一）存货的概念存货，是指企业在日常活动中持有以备出售的产成品或商品、处在生产过程中的在产品、在生产过程或提供劳务过程中耗用的材料、物料等。

【提示】（1）为建造固定资产而储备的各种材料，虽然同属于材料，但是由于是用于建造固定资产等各项工程，不符合存货的定义，因此不能作为企业的存货进行核算。

（2）下列项目属于企业存货①企业接受外来原材料加工制造的代制品和为外单位加工修理的代修品，制造和修理完成验收入库后，应视同企业的产成品；②房地产开发企业购入的土地用于建造商品房属于企业的存货；③已经取得商品所有权，但尚未验收入库的在途物资；④已经发货但存货的风险和报酬并未转移给购买方的发出商品；⑤委托加工物资；⑥委托代销商品。

（二）存货的确认条件存货在符合定义情况下，同时满足下列条件的，才能予以确认：1.与该存货有关的经济利益很可能流入企业；2.该存货的成本能够可靠地计量。

【例题·多选题】下列各种物资中，应当作为企业存货核算的有（）。

A.房地产开发企业建造的用于对外出租的商品房B.发出商品D.房地产开发企业建造的用于对外出售的商品房【答案】BCD【解析】房地产开发企业建造的用于对外出租的商品房属于投资性房地产，用于对外出售的商品房属于存货，选项A不属于存货。