"Financial Report":performance evaluation
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Questions 1:
An analyst’s examination of the performance of a company is least likely to include an assessment of a company’s:
A、 assets relative to its liabilities.
B 、profitability.
C 、cash flow generating ability.
Questions 2:
A company has a building with a net carrying amount of $100,000 and a tax base of $120,000. The tax rate was 20% when the asset was purchased, but it is scheduled to be reduced to 17% this year. Which of the following will the company most likely report related to this building?
A 、Deferred tax asset: $4,000
B 、Deferred tax asset: $3,400
C 、Deferred tax liability: $600
A is correct. Assessment of performance includes analysis of profitability and cash flow generating ability. The relationship between assets and liabilities is used to assess a company’s financial position, not its performance.
B is incorrect. Assessment of performance includes analysis of profitability.
C is incorrect. Assessment of performance includes analysis of cash flow generating ability
B is correct. The deferred tax asset is based on the temporary difference arising from the difference in the carrying value for taxes vs. the financial statements = (120,000 – 100,000) × 17% = 3,400. The rate that should be used is the rate expected when the reversal will occur, which is now the lower rate of 17%.
A is incorrect because the old tax rate is used: (120,000 – 100,000) × 20% = 4,000.
C is incorrect. It incorrectly nets the tax rates: (100,000 – 120,000) × (20% – 17%) = –600.
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