"Financial Report"：Financial Analysis Techniques
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Questions 1:
All else being equal, a decrease in which of the following financial metrics would most likely result in a lower return on equity (ROE)?
A、 The tax rate
B、 Leverage
C 、Days of sales outstanding
Questions 2:
The following selected financial information is available:
The company’s cash conversion cycle (in days) is closest to:
A 76.4.
B 45.2.
C 38.2
B is correct. Leverage is a component of the return on equity equation under the DuPont Analysis. If leverage decreases, so will return on equity. ROE = Tax burden × Interest burden × Earnings before interest and taxes margin × Total asset turnover × Leverage A is incorrect. The tax burden is one of the components of ROE in the 5-factor model: Tax burden = Net income/EBT = (EBT – Tax)/EBT = 1 – Tax/EBT = 1 – Effective tax rate A lower tax rate means the company keeps more of its pre-tax profits (and has a higher tax burden).
A lower tax rate increases net income and increases ROE: an increase in any of the 5 components increases ROE.
C is incorrect. Days of sales outstanding is a component of the asset turnover measure. All else equal, if days of sales outstanding decreased, total asset turnover would increase. If asset turnover increases, so will return on equity.
C is correct. Cash conversion cycle = DOH + DSO – Days of payables .
A is incorrect. This is the operating cycle; it forgot to subtract payables: 41.7 + 34.7 = 76.4.
B is incorrect. It subtracted days in receivable, added days payable outstanding: 41.7 – 34.7 + 38.2 = 45.2
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