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financial statement analysis

Questions and Answers of Financial Statement Analysis

Excluding the investments in associates would result in the interest coverage ratio for Colorful Concepts being:A . lower.B . higher.C . the same.
Ignoring the impact of any accounting change, the asset turnover ratio for Colorful Concepts excluding the investments in associates would:A . stay the same.B . increase by 0.10.C . decrease by 0.10.
Ignoring the potential impact of any accounting change and excluding the investment in associates, the net profi t margin for Colorful Concepts would be closest to:A . 6.0%.B . 7.2%.C . 7.5%.
Based on Leenid’s analysis of the results of the initial screening, relative to Colorful Concepts the bond rating of Silk Road should be:A . lower.B . higher.C . the same.
Will the change in accounting rules impact the result of the initial screening process for Colorful Concepts?A . It passes the screens now, but will not pass if the accounting rules change.B . It
If the accounting rules were to change, Silk Road’s fi nancial leverage ratio would be closest to:A . 1.37.B . 1.79.C . 2.92.
If the accounting rules were to change, Silk Road’s interest coverage ratio would be closest to:A . 3.03.B . 3.50.C . 5.04.
If the accounting rules were to change, Silk Road’s assets would increase by approximately:A . 1,297.B . 1,576.C . 1,704.
What will be the impact on Stellar in the current year if Martinez’s belief in Conclusion 4 is correct? Compared with the previous year, Stellar’s:A . current ratio will increase.B . days sales
In his follow-up analysis relating to Conclusion 3, Martinez should focus on Stellar’s:A . total accruals.B . discretionary accruals.C . non-discretionary accruals.
Based on Conclusion 2, after the acquisition of Solar, Stellar’s earnings are most likely :A . understated.B . fairly stated.C . overstated.
Based on Martinez’s conclusions, Stellar’s fi nancial statements are best categorized as:A . non-GAAP compliant.B . GAAP compliant, but with earnings management.C . GAAP compliant and decision
If Acceletron’s fi nancial statements are translated into US dollars using the temporal method, Redline’s consolidated fi nancial statements will most likely include Acceletron’s:A . USD336
If the current rate method is used to translate Acceletron’s fi nancial statements into US dollars, Redline’s consolidated fi nancial statements will most likely include Acceletron’s:A .
Redline’s consolidated gross profi t margin for 2007 would be highest if Acceletron accounted for inventory using:A . FIFO, and its functional currency were the US dollar.B . LIFO, and its
If the US dollar were chosen as the functional currency for Acceletron in 2007, Redline could reduce its balance sheet exposure to exchange rates by:A . selling SGD30 million of fi xed assets for
Compared with using the Singapore dollar as Acceletron’s functional currency for 2007, if the US dollar were the functional currency, it is most likely that Redline’s consolidated:A . inventories
Relative to the gross margins the subsidiaries report in local currency, Romulus’s consolidated gross margin most likely :A . will not be distorted by currency translations.B . would be distorted
When Marks converts his forecasted income statement data for Julius into US dollars, the 20X2 gross profi t margin will be closest to:A . 39.1%.B . 40.9%.C . 44.6%.
When Marks translates his forecasted balance sheet for Julius into US dollars, total assets as of 31 December 20X2 (dollars in millions) will be closest to:A . $1,429.B . $2,392.C . $3,703.
When Romulus consolidates the results of Julius, any unrealized exchange rate holding gains on monetary assets should be:A . reported as part of operating income.B . reported as a non-operating item
To account for its foreign operations, Romulus has most likely designated the euro as the functional currency for:A . Julius only.B . Augustus only.C . both Julius and Augustus.
Based on the translation method being used for Julius, the subsidiary is most likely:A . a sales outlet for Romulus’s products.B . a self-contained, independent operating entity.C . using the US
In response to the board’s fi rst question, Templeton would most likely reply that such a change would be justifi ed if:A . the infl ation rate in the United States became hyperinfl ationary.B .
After translating Consol-Can’s 31 December 20X2 balance sheet into the parent company’s currency (US$), the translated value of retained earnings will be closest to:A . $41 million.B . $44
After translating Consol-Can’s inventory and long-term debt into the parent company’s currency (US$), the amounts reported on Consolidated Motor’s fi nancial statements on 31 December 20X2
Based on the information available and Ruiz’s expectations regarding exchange rates, if the hryvnia is chosen as the Ukraine subsidiary’s functional currency, Eurexim will most likely report:A .
If the hryvnia is chosen as the Ukraine subsidiary’s functional currency, Eurexim will translate its inventory using the:A . average rate for the reporting period.B . rate in eff ect at the end of
If the euro is chosen as the Ukraine subsidiary’s functional currency, Eurexim will translate its accounts receivable using the:A . rate in eff ect at the transaction date.B . average rate for the
If the euro is chosen as the Ukraine subsidiary’s functional currency, Eurexim will translate its fi xed assets using the:A . average rate for the reporting period.B . rate in eff ect when the
Given Ruiz’s belief about the direction of exchange rates, Eurexim’s gross profi t margin would be highest if it accounts for the Ukraine subsidiary’s inventory using:A . FIFO and the temporal
If Ukraine’s economy becomes highly infl ationary, Eurexim will most likely translate inventory by:A . restating for infl ation and using the temporal method.B . restating for infl ation and using
Based on Byron’s forecast, NinMount’s 2009 total asset turnover ratio on beginning assets under the equity method is most likely :A . lower than if the results are reported using consolidation.B
Based on Byron’s forecast, NinMount’s 2009 return on beginning equity most likely will be the same under:A . either of the consolidations, but diff erent under the equity method.B . the equity
Based on Byron’s forecast, NinMount’s net profi t margin for 2009 most likely will be highest if the results of the acquisition are reported using:A . the equity method.B . consolidation with
Based on Byron’s forecast, if NinMount deems it has acquired control of Boswell, NinMount’s consolidated 2009 depreciation and amortization expense (in £ millions) will be closest to:A . 102.B .
NinMount’s long-term debt to equity ratio on 31 December 2008 most likely will be lowest if the results of the acquisition are reported using:A . the equity method.B . consolidation with full
NinMount’s current ratio on 31 December 2008 most likely will be highest if the results of the acquisition are reported using:A . the equity method.B . consolidation with full goodwill.C .
If Supreme Healthcare sells its receivables to the SPE, its consolidated fi nancial results will most likely show:A . a higher revenue for 2010.B . the same cash balance at 31 December 2010.C . the
Based on Ohalin’s estimates, the amount of joint venture shareholders’ equity at 31 December 2010 included on the consolidated fi nancial statements of each venturer will most likely be:A .
Based on Ohalin’s estimates, the amount of the joint venture’s 31 December 2010 total assets (in $ millions) that will be included on Supreme Healthcare’s consolidated fi nancial statements
Based on Ohalin’s estimates, the amount of joint venture net income included on the consolidated fi nancial statements of each venturer will most likely be:A . higher for BetterCare.B . higher for
Based on Ohalin’s estimates, the amount of joint venture revenue (in $ millions) included on BetterCare’s consolidated 2010 fi nancial statements should be closest to:A . $0.B . $715.C . $1,430.
Compared to accounting principles currently in use, the pooling method BetterCare used for its Statewide Medical acquisition has most likely caused its reported:A . revenue to be higher.B . total
Confabulated’s special purpose entity is most likely to be:A . held off -balance sheet.B . consolidated on Confabulated’s fi nancial statements.C . consolidated on Confabulated’s fi nancial
Confabulated’s reported interest income would be lower if the cost was the same but the par value (in € thousands) of:A . Bugle was €28,000.B . Cathay was €37,000.C . Dumas was €55,000.
Compared to Confabulated’s reported earnings before taxes in 2009, if Bugle had been classifi ed as a held for trading security, the earnings before taxes (in € thousands) would have been:A . the
Compared to Confabulated’s reported interest income in 2009, if Dumas had been classifi ed as available-for-sale, the interest income would have been:A . lower.B . the same.C . higher.
Th e balance sheet carrying value of Confabulated’s investment portfolio at 31 December 2009 would have been higher if which of the securities had been reclassifi ed as a held for trading
Th e balance sheet carrying value of Confabulated’s investment portfolio (in € thousands)at 31 December 2009 is closest to:A . 112,000.B . 115,000.C . 118,000.
Based on Gelblum’s estimates, Zimt’s net income in 2010 will most likely be:A . highest if Zimt is deemed to have control of Oxbow.B . highest if Zimt is deemed to have signifi cant infl uence
Based on Gelblum’s estimates, if Zimt is deemed to have control over Oxbow, its 2010 consolidated sales (in € millions) will be closest to:A . €1,700.B . €2,375.C . €3,050.
Based on Gelblum’s estimates, if Zimt is deemed to have joint control of Oxbow, and Zimt uses the proportionate consolidation method, its 31 December 2010 total liabilities(in € millions) will
Based on Gelblum’s estimates, if Zimt is deemed to have signifi cant infl uence over Oxbow, its 2010 net income (in € millions) would be closest to:A . €75.B . €109.C . €143.
At 31 December 2010, Zimt’s total assets balance would most likely be:A . highest if Zimt is deemed to have control of Oxbow.B . highest if Zimt is deemed to have signifi cant infl uence over
In 2009, Zimt’s earnings before taxes includes a contribution (in € millions) from its investment in Oxbow Limited closest to:A . (€0.6) million.B . (€1.0) million.C . €2.0 million.
Compared to Cinnamon’s operating margin in 2009, if it is deemed to have control of Cambridge, its operating margin in 2010 will most likely be:A . lower.B . higher.C . the same.
At 31 December 2010, assuming control and recognition of goodwill, Cinnamon’s reported debt to equity ratio will most likely be highest if it accounts for its investment in Cambridge using the:A .
In 2010, Cinnamon’s net profi t margin would be highest if:A . it is deemed to have control of Cambridge.B . it had not increased its stake in Cambridge.C . it is deemed to have signifi cant infl
At 31 December 2010, Cinnamon’s shareholders’ equity on its balance sheet would most likely be:A . highest if Cinnamon is deemed to have control of Cambridge.B . independent of the accounting
In 2010, if Cinnamon is deemed to have control over Cambridge, it will most likely account for its investment in Cambridge using:A . the equity method.B . the acquisition method.C . proportionate
In 2009, Cinnamon’s earnings before taxes includes a contribution (in £ millions) from its investment in Cambridge Processing that is closest to:A . £3.8.B . £5.8.C . £7.6.
Compared to the assumptions Stereo Warehouse used to value stock options in 2008, earnings in 2009 were most favorably aff ected by the change in the:A . expected life.B . risk-free rate.C . dividend
Compared to the reported 2009 fi nancial statements, if Stereo Warehouse had used the 2007 expected volatility assumption to value its employee stock options, it would have most likely reported
Compared to the pension assumptions Stereo Warehouse used in 2008, which of the following pairs of assumptions used in 2009 is most likely internally inconsistent?A . Estimated future salary
Compared to the assumptions Stereo Warehouse used to compute its periodic pension cost in 2008, earnings in 2009 were most favorably aff ected by the change in the:A . discount rate.B . estimated
Compared to the reported 2009 fi nancial statements, if Stereo Warehouse had used the same discount rate as it used in 2007, it would have most likely reported lower:A . net income.B . total
Compared to the 2009 reported fi nancial statements, if Stereo Warehouse had used the same expected long-term rate of return on plan assets assumption in 2009 as it used in 2007, its year-end 2009
Compared to 2009 net income as reported, if XYZ had used the same expected volatility assumption for its 2009 option grants that it had used in 2008, its 2009 net income would have been:A . lower.B .
Under IFRS, the amount of periodic pension cost that would be reported in OCI is closest to:A . 20.B . 490.C . 1,020.
Assuming the company chooses not to immediately recognise the actuarial loss and assuming there is no amortisation of past service costs or actuarial gains and losses, the amount of periodic pension
Th e amount of periodic pension cost that would be reported in P&L under IFRS is closest to:A . 20.B . 530.C . 1,020.
Th e total periodic pension cost is closest to:A . 320.B . 1,020.C . 1,320.
Th e retirement benefi ts paid during the year were closest to:A . 280.B . 3,000.C . 4,000.
An adjustment to Kensington’s statement of cash fl ows to reclassify the company’s excess contribution for 2010 would most likely entail reclassifying £210 million (excluding income tax eff
Th e relationship between the periodic pension cost and the plan’s funded status is best expressed in which of the following?A . Periodic pension cost of –£483 = Ending funded status of
Which component of Kensington’s periodic pension cost would be shown in OCI rather than P&L?A . Service cost B . Net interest (income) expense C . Remeasurements
Which of the following is closest to the actual rate of return on beginning plan assets and the rate of return on beginning plan assets that is included in the interest income/expense calculation?A .
For the year 2010, the remeasurement component of Kensington’s periodic pension cost represents:A . the change in the net pension obligation.B . actuarial gains and losses on the pension
For the year 2010, the net interest expense of £273 represents the interest cost on the:A . ending benefi t obligation.B . beginning benefi t obligation.C . beginning net pension obligation.
At year-end 2010, £28,879 million represents:A . the funded status of the plan.B . the defi ned benefi t obligation.C . the fair value of the plan’s assets.
Over the three years presented, changes in the valuation allowance for deferred tax assets were most likely indicative of:A . decreased prospect for future profi tability.B . increased prospects for
Th e $357,000 adjustment in 2007 most likely resulted in:A . an increase in deferred tax assets.B . an increase in deferred tax liabilities.C . no change to deferred tax assets and liabilities.
In 2007, the company’s net income (loss) was closest to:A . ($217,000).B . ($329,000).C . ($556,000).
Compared to the provision for income taxes in 2007, the company’s cash tax payments were:A . lower.B . higher.C . the same.
If the valuation allowance had been the same in 2007 as it was in 2006, the company would have reported $115 higher :A . net income.B . deferred tax assets.C . income tax expense.
Jordan’s response about the impact of Alpha’s decision to classify its lease as an operating lease instead of finance lease is most likely incorrect with respect to:A. net income.B. solvency and
Jordan’s response about the ratio impact of Alpha’s decision to capitalize interest costs is most likely correct with respect to the:A. interest coverage ratio.B. fixed asset turnover ratio.C.
With respect to Statement 4 and Exhibit A, if AMRC had used its old classification method for its leases instead of its new classification method, the most likely eff ect on its 2009 ratios would be
With respect to Statement 4, if AMRC had used its old classification method for its leases instead of its new classification method, its 2009 total asset turnover ratio would most likely be:A.
Based on Exhibits A and B, the best estimate of the average remaining useful life of the company’s plant and equipment at the end of 2009 is:A. 20.75 years.B. 24.25 years.C. 30.00 years.
With respect to Statement 3, what is the most likely eff ect of the impairment loss?A. Net income in years prior to 2009 was likely understated.B. Net profit margins in years after 2009 will likely
With respect to Statement 2, what would be the most likely eff ect in 2010 if AMRC were to switch to an accelerated depreciation method for both financial and tax reporting?A. Net profit margin would
With respect to Statement 1, which of the following is the most likely eff ect of management’s decision to expense rather than capitalize these expenditures?A. 2009 net profit margin is higher than
A company is most likely to:A. use a fair value model for some investment property and a cost model for other investment property.B. change from the fair value model when transactions on comparable
A financial analyst at BETTO, S.A. is analyzing the result of the sale of a vehicle for 85,000 Argentine pesos (ARP) on 31 December 2009. Th e analyst compiles the following information about the
An analyst is studying the impairment of the manufacturing equipment of WLP Corp., a U.K.-based corporation that follows IFRS. He gathers the following information about the equipment:Fair value
A financial analyst is analyzing the amortization of a product patent acquired by MAKETTI S.p.A., an Italian corporation. He gathers the following information about the patent:Acquisition cost
An analyst in the finance department of BOOLDO, S.A., a French corporation, is computing the amortization of a customer list, an intangible asset, for the fiscal year ended 31 December 2009. She
If MARIO uses the units-of-production method, the amount of depreciation expense (in UYP) on MARIO’s income statement related to the manufacturing equipment is closest to:A. 118,750.B. 168,750.C.

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