"Financial Report":scale and diversification
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Questions 1:
A credit rating agency uses “scale and diversification” as one of its metrics to assess credit risk. Which of the following would most likely be included in that category?
A 、Purchasing power with suppliers
B 、Cost structure
C 、Operating cash flow less dividends
Questions 2:
A company purchased equipment in 2013 for £25,000. The year-end values of the equipment for accounting purposes and tax purposes are as follows:
Which of the following statements best describes the effect of the change in the tax rate on the company’s 2014 financial statements? The deferred tax liability:
A 、decreases by £800.
B、 increases by £250.
C、 decreases by £200.
A is correct. Borrowers can better withstand adverse events when they have more purchasing power with suppliers. Purchasing power reflects the organization’s scale.
B is incorrect. This measure would be of interest to credit analysts, but as an indication of operational efficiency rather than scale and diversification.
C is incorrect. This measure would be of interest to credit analysts, but as an indication of tolerance for leverage rather than scale and diversification.
C is correct. Deferred tax liability = Taxable temporary difference × Tax rate In 2014, if the rates had not changed, the deferred tax liability would be: 0.30 × £4,000 = £1,200 But with the lower tax rate, the deferred tax liability will be: 0.25 × £4,000 = £1,000 Effect of the change in rate thus is a decrease in the liability: –£200 Alternative calculation = Change in rate × Taxable difference –0.05 × £4,000 = –£200
A is incorrect. It is the change in rate (5%) × the taxable amount: 0.05 × 16,000 = 800.
B is incorrect. The deferred tax liability increased by 250: 4,000 × 0.25 – 2,500 × 0.30.
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