CFA考試備考中除了學(xué)習(xí)知識外，需要練習(xí)考試題，不知道考生是不是掌握了考試題的技巧呢？我們先來練習(xí)一下！
1、Earlier this year, Barracuda Company issued 5,000 employee stock options. Recently, 2,000 options were exercised at a price of $10 per share. To avoid dilution, Barracuda purchased 2,000 shares at an average price of $12 per share. Barracuda reported both transactions as financing activities in its cash flow statement. For analytical purposes, what adjustment is necessary to better reflect the substance of the stock repurchase?
Operating cash flow Financing cash flow
A. Decrease $4,000 No adjustment
B. No adjustment Increase $4,000
C. Decrease $4,000 Increase $4,000
2、If a 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.
answer：
第一題：solution：C
answer：Barracuda reported a $4,000 net outflow from financing activities [2,000 options* ($12 average market price-$10 exercise price)]. However, since the options are a form of compensation, the $4,000 outflow should be reclassified as an operating activity for analytical purposes. This is accomplished by increasing financing cash flow $4,000 and decreasing operating cash flow $4,000.
第二題：solution：B
answer：Leasing the asset with an operating lease avoids recognition of the debt on the lessee’s balance sheet. Having fewer assets and liabilities on the balance sheet than 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.
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