"Financial Report"：Financial Statement Analysis: Applications
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Questions 1:
The best description of a classified statement of financial position is one that:
A、 is supported by note disclosures relevant to understanding its components.
B、 distinguishes between current and non-current assets and liabilities.
C 、has not been audited.
Questions 2:
A credit analyst considers selected ratios calculated for three companies:
Based on the information given, which company is most likely to receive the highest credit rating?
A 、Company C
B 、Company A
C 、Company B
B is correct. Classified statements of financial position distinguish between current and non-current assets and liabilities. Classified statements are required under International Financial Reporting Standards unless a liquidity-based presentation provides more relevant and reliable information.
A is incorrect. Note disclosures are required under IFRS, but do not constitute classification on the face of the balance sheet.
C is incorrect. Classified is not a type of audit report.
B is correct. Company A has the highest EBITDA/Average assets and the lowest Debt/ EBITDA. It is likely to receive the highest credit rating since these measures suggest it is best able to repay debt. Inventory turnover does not measure debt paying ability.
A is incorrect. Company C is less able to repay its debt based on its lower EBITDA/ Average Assets and its higher Debt/EBITDA.
C is incorrect. Company B is less able to repay its debt based on its lower EBITDA/ Average Assets and its higher Debt/EBITDA.
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