CFA财务报表分析练习题＂Financial Report＂：Tax rate
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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Questions 1:

In applying the principles of expense recognition,companies should:
A、record any estimates of uncollectible amounts as a direct reduction of revenues.
B、exclude costs of intangible assets with indefinite useful lives.
C、recognize credit losses on customer receivables when defaults occur.

【Answer to question 1】B

【analysis】
B is correct.The two main types of long-lived assets whose costs are not allocated over time are land and those intangible assets with indefinite useful lives.
A is incorrect because a company records an estimate of uncollectible amounts as an expense on the income statement,not as a direct reduction of revenues.
C is incorrect because,under the matching principle,at the time revenue is recognized on a sale,a company is required to record an estimate of how much of the revenue will ultimately be uncollectible.

Questions 2:

The following table summarizes income statement data for a manufacturing company:
Financial Report:Tax rate
Financial Report:Tax rate
Compared with 2020,the 2021 common-size income statement most likely indicates:
A、a lower tax rate.
B、cost cutting in selling,general and administration.
C、sale of a new,differentiated product.

【Answer to question 2】C

【analysis】
C is correct.Gross profit margin improved from 33.3%(€775/€2,325)to 35.6%(€930/€2,611).This may be reflective of selling a new,more highly differentiated product.
A is incorrect because the tax rate(which is expressed as tax paid as a percentage of net income)increased year over year,from 26.1%(€120/€460)to 26.7%(€155/€580).This is also true of tax paid as a percentage of revenue,which increased from 5.2%(€120/€2,325)to 5.9%(€155/€2,611)year over year.The company’s profitability was reduced because of the higher tax rate.
B is incorrect because SG&A as a percentage of revenue slightly increased year over year:2010=€260/€2,325=11.2%and 2011=€295/€2,611=11.3%.
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