财务报告与分析中章节的设置是循序渐进、逐层深入的，前面介绍的术语在后面还会有详细的解释与探讨。
由于财务报告与分析本身自立体系，它是上市公司和报表使用人之间沟通交流的语言，所以学起来与外语学习有几分相似。
财务报告与分析一共分为四大部分：
第一部分是扫盲阶段，主要介绍财务术语、体系等基本知识。
在此基础上，第二部分更深入地讲解财务报表编制以及财务报表分析的方法。
进一步地，第三部分针对存在利润操纵空间的重点科目做详细、深入的讨论。
最后，第四部分是前面三部分内容的综合应用。
四大部分在考试中占比最大的是第二部分和第三部分，大概占财报分析所有题目的80%以上。其次是第一部分，占比10%左右。
由于第四部分是财务分析的综合应用，不太适合一级的出题形式，所以出题比例相对比较少，大概占5%左右。
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CFA财务报表分析练习题"Financial Report":Lease agreement

Questions 1:

The following table represents selected financial statement data for a company given three different scenarios:
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Using the data provided in the table to calculate ROE in Year 3,in which scenario is the company most likely a lessee in a finance lease?
A、Scenario I
B、Scenario II
C、Scenario III
【Answer to question 1】B
【analysis】
B is correct.A company that enters into a finance lease as the lessee reports an asset(leased asset)and related debt(lease payable)on the balance sheet.On the income statement,the company reports interest expense on the debt,and if the asset acquired is depreciable the company reports depreciation expense.Return measures are typically lower in early years for a lessee in a finance lease and rise over the course of the lease,all else equal.In this case ROE is calculated as net income divided by average shareholders’equity.Scenario II is the only scenario in which the company’s ROE is rising over time.In Scenario II,the company had year 3 ROE of 6.1 percent:(27,975–17,359)/[(177,975+167,359)/2].
A is incorrect because the ROE pattern is not representative of a lessee in a finance lease.In Scenario I,the company’s year 3 ROE is 5.7 percent:(27,975–18,100)/[(177,975+168,100)/2].
C is incorrect because in Scenario III the company’s ROE is declining over time,which is not indicative of a lessee in a finance lease.In this case,year 3 ROE is 5.4 percent:(27,975–18,650)/[(177,975+168,650)/2].

Questions 2:

An advantage to the lessee in a leasing agreement is most likely:
A、economies of scale in servicing assets.
B、tax benefits associated with interest expense.
C、lower financing costs than purchasing the asset.
【Answer to question 2】C
【analysis】
C is correct.Leases can provide less costly financing for the lessee because they usually require little,if any,down payment and often are at lower fixed interest rates than those incurred if the assets were purchased.
A is incorrect because economies of scale in servicing assets is an advantage for the lessor,not the lessee.
B is incorrect because tax benefits associated with the interest expense is an advantage to the lessor,not the lessee.
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