Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Financial Statement Analysis > V-Inventory/Long Asset-4 > Flashcards

V-Inventory/Long Asset-4 Flashcards

1
Q

Ending intentory

equation

A

=beginning inventory + purchases - COGS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

US GAAP

对LIFO的要求

A

若用LIFO报税，则也需用LIFO报财务报表。保持一致

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Capitalized inventory cost 4

Expensed inventory cost 3

A
  • Purchase cost - discount
  • conversion cost 转化成本
  • storage for production
  • other cost 使存货达到可销售状态
  • abnormal waste
  • storage cost (unless for production)
  • admin & selling cost
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

which cost method

【provides the most useful estimate of COGS】

【provides the most useful estimate of inventory value】

A
  • LIFO
  • FIFO
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

【under two methods, change to】

  1. COGS
  2. EBIT
  3. TAX
  4. N.I.
  5. inventory balance
  6. working capital
  7. CFO
  8. net/gross margin 【profitability】
  9. current ratio【liquidity】
  10. D/Aor D/E 【solvency】
  11. inventory turnover 【activity】
  12. total asset turnover【activity】
A
  1. LIFO H, FIFO L
  2. LIFO L, FIFO H
  3. LIFO L, FIFO H
  4. LIFO L, FIFO H
  5. LIFO L, FIFO H
  6. LIFO L, FIFO H
  7. LIFO H, FIFO L
  8. LIFO L, FIFO H
  9. LIFO L, FIFO H
  10. LIFO H, FIFO L
  11. LIFO H, FIFO L
  12. LIFO H, FIFO L
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

【Periodic & Perpetual inventory systems】

盘存方法下,COGS是否一样？

  1. FIFO
  2. Specific identification
  3. LIFO
  4. Weighted average
A
  1. FIFO: period 与 perpetual下COGS相同
  2. 个别计量：相同
  3. LIFO: 通常不同【也可能相同】，periodic下COGS更高
  4. 最不可能相同
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

under US GAAP

存货跌价处理

  1. 比较标准？
  2. can the impairment be reversed?
A

标准: 比较book value & market

其中：用replacement cost 与

【net realizale value - normal profit margin & NRV】区间相比较

  • 区间内：用replacement cost
  • 小于区间：NRV-normal profit margin
  • 大于区间：NRV
  1. no can do
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Under US GAAP

in what circumstance 存货跌价准备可以转回？

2

A

agricultural forest minerals products

部分农林矿产品

允许carrying value higher than historical cost 【IFRS&GAAP】

bullion: mark-to-market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

哪种cost method下，

更容易发生存货跌价准备？

A

FIFO

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

【LIFO to FIFO conversion】

LIFO reserve

  1. definition
  2. equation
A
  1. the difference of Inv BV under LIFO and that would have been under 如果用 FIFO
  2. LIFO reserve = FIFO inv. balance - LIFO inv. balance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

【LIFO to FIFO conversion】

INVF=

COGSF=

ΔLIFOreserve=

ΔNI=

ΔR/E

A

ΔR/E = LIFO reserve (1-t)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

LIFO Liquidation

  1. 定义
  2. 迹象 2
  3. 结论1
A

不再采购新存货，卖老旧存货，以人为操纵profit

  1. 存货数量下降
  2. LIFO reserve下降, ΔLIFO reserve 为负

结论：不可持续，因为inventory will run out

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Trade receivables are commonly reported at

何种成本计量？

A

Net realizable value

考虑坏账可收回金额

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what indicates a good inventory management?

A

Sales growth rate exceeds finished goods inventory growth rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Under US GAAP

restructuring costs

在损溢表中是哪种支出

A

operating cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

acquiring PP&E (equipment) - which capitalized?

  1. purchase price
  2. delivery
  3. installation, test
  4. train staff
  5. reinforce factory floor to accommodate equipment weight
  6. factory roof repair
A

1,2,3,5

6 for extending life of factory, not equipment

17
Q

acquiring intangible asset

  1. purchase: 注意1
  2. developed internally: 注意2
  3. goodwill：注意1
A
  1. 应该注意公司购买了什么样的资产（特许经营权还是mailing list）以判断战略方向，甚于注意资产账面价值分配
  2. 内部研发，资产账面价值相对外购要少（更多都费用化），CFO流出多，CFI流出少
  3. 只有并购产生的商誉体现在B/S,内部产生商誉费用化
18
Q

关于internally developed intangible asset

IFRS/ GAAP 规定

A

IFRS: 研究阶段费用化，开发阶段确认technical feasibility of completing后可资本化

GAAP: 一般全部费用化，

software development:

for sale: technical feasibility;

for use: probable of completion

19
Q

Long-lived assets

【interest coverage ratio】

for profitability-enhansing motivation

profit trend-enhancing motivation

应用资本化还是费用化

A

capitalized: higher
expensed: lower

profitability-enhancing: 资本化

profit trend-enhancing: 费用化

20
Q

long-lived assets

under IFRS and USGAAP

关于利息费用资本化的规定

A
  • IFRS: 允许将闲置借款进行投资挣得利息抵减资本化利息，报net interest expense
  • GAAP: no reduction不得抵减
21
Q

long-lived asset

分析师应该如何对

利息费用资本化

进行调整4步

A
  1. 被资本化的利息要算进利息费用【可在footnote找到】
  2. 资本化利息的加回CFI，减少CFO
  3. 资本化后多出来的折旧费用要从折旧中减去
  4. 重新计算interest coverage ratio等比率
22
Q

Depreciation

Additional question:

under GAAP/IFRS

how to treat salvage value?

A

GAAP: downward only

IFRS: can adjust estimate, salvage value either downward or upward

23
Q

US GAAP

对折旧方法选择

in financial report/ tax report的特殊规定

操作

及结论

A
  1. 允许使用不同折旧方法
  2. 结论：eventually the same, because TOTAL depreciation cost the same regardless of timing of recognition
24
Q

IFRS/ GAAP

对 component method of depreciation

的规定

+结论

A
  1. IFRS要求进行成分拆分折旧
  2. GAAP允许，但很少用

结论：到最终的折旧费用殊途同归

25
Q

Revalutation model

  1. IFRS/GAAP规定
  2. IFRS细化规定
  3. 具体处理
  4. 资产调增对ratio影响： financial leverage/ NI/ ROA, ROE
A
  1. IFRS可，GAAP不可
  2. same class of asset要用一起用
  3. 先增值：OCI，减值时冲减OCI，先减值：损溢表，增值时先重建损溢表
  4. financial leverage变小

NI变小

ROA变小

26
Q

资产减值

  1. 如何做资产减值？
  2. IFRS处理
  3. GAAP处理
  4. 减值转回：IFRS held for use/ sale

GAAP held for use/ sale

A
  1. 普通资产：先看indication，无indication不做减值测试。无试用期间的无形资产和商誉：每年做减值测试
  2. Recoverable value: NRV与未来现金流现值之高者
  3. NBV与undiscounted future CF比较，大于则减值，减至FV或者discounted CF (Value in use)
  4. IFRS均可转回(不可written up)，GAAP held for sale可以转回
27
Q

资产减值对RATIO影响

A

CFO： 减值当期CFO升高，因为tax payment 减少

28
Q

rough analysis of long-lived asset age

equations

total usful life=

age=

remaining life=

A

historical cost (成本)/annual dep. expense

A.D./annual dep. expense

Net (NBV) PPE/ annual dep. expense

29
Q

Investment property

  1. IFRS/GAAP规定
  2. IFRS 特别规定
  3. 后续计量
A
  1. IFRS可成本模式/FV模式。GAAP无投资性房地产科目，用历史成本
  2. under IFRS，all investment property只能用一种成本模式或FV模式计量，FV不可再转成本模式
  3. 后续公允价值变动均计入净利润损益
30
Q

owner occupied property 与 investment property

转换处理

  1. 投资（成本）转自用
  2. 投资（公允）转自用
  3. 自用转投资（公允）
  4. 存货转投资（公允）
A
  1. 账户对转
  2. 转换时的FV作为入账成本
  3. 转换时增值OCI，减值NI
  4. 转换时损益均计入NI
31
Q

IFRS/GAAP disclosure policy

  1. 关于PP&E的不同
  2. 关于无形资产的不同
  3. 关于减值的不同
A
  1. GAAP: Dep. Method; Dep. Expense during period; Balance/A.D. by major classes, 其余都是IFRS的规定
  2. IFRS: useful lives are finite or infinite; GAAP: amortization expense for next 5 y
  3. GAAP:多规定一条how FV is determined

Financial Statement Analysis (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions