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2022-2 Gi2 - Ee2g
2022-2 Gi2 - Ee2g
CÓDIGO / ALUMNO:
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- 20173461 / Alvaro Marcel Hostiliano Vera
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GESTIÓN DE INVERSIONES II
EVALUACIÓN CONTINUA 1 (EC1)
EXAMEN ESCRITO Nº 02 (Grupal)
Instrucciones:
En cada pregunta debe indicar la alternativa seleccionada, así como la justificación de su respuesta.
En la calificación se tomará en cuenta el orden, redacción y claridad en la escritura de la
justificación.
La práctica está conformada por 40 preguntas y se calificará sobre 20 puntos:
Puntaje por pregunta correcta: 0.25 puntos
Puntaje por justificación correcta: 0.25 puntos
Puntaje por pregunta incorrecta/en blanco: 0 puntos
P á g i n a 1 | 17
HOJA DE RESPUESTAS:
P á g i n a 2 | 17
PREGUNTAS:
Justificación:
500
Income tax expense
Deferred tax assets (DTAs) 40
Deferred tax liabilities (DTLs) 80
Prior year DTA 50
Prior year DTL 60
Based on only this data, the company's income taxes payable (in € millions) is closest to:
A 470.
B 490.
C 510.
P á g i n a 3 | 17
Justificación:
03 The recognition of certain income or expense items under accounting standards, which
otherwise are not allowed by tax legislation will give rise to:
A permanent differences.
B taxable temporary differences.
C deductible temporary differences.
Justificación:
04 Squadron Limited received €25,000 in cash representing advance payment for goods
delivered to one of its customers. Tax authorities require revenues to be taxed on a cash
basis. The differential tax treatment will most likely give rise to a:
Justificación:
05 If there is doubt about the recoverability of deferred tax assets, a valuation allowance will
be created under:
A IFRS only.
B US GAAP only.
C IFRS and US GAAP.
Justificación:
P á g i n a 4 | 17
A income in financial statement's net income in later periods than in taxable income.
B expenses in taxable income in earlier periods than for financial statement's net income.
C income in taxable income in earlier periods than for financial statement's net income.
Justificación:
07 When the tax base of an asset exceeds its carrying amount, a deferred tax asset will arise
as a result of a:
A permanent difference.
B taxable temporary difference.
C deductible temporary difference.
Justificación:
08 While reviewing the financials statements of a utility company, Ryan Brad, a financial
analyst, became particularly concerned about changes in the company's balance sheet
accounts. Specifically, Brad noticed that the deferred tax asset account had decreased
significantly.
The change in the deferred tax asset account that Brad noticed can be observed:
Justificación:
A If deferred tax liabilities are not included in equity, debt-to-equity ratio will be reduced.
B Only those components of deferred tax liabilities that are likely to reverse should be
considered a liability.
C If deferred taxes are not expected to reverse in the future then they should be
classified as equity.
Justificación:
P á g i n a 5 | 17
10 A company purchased a new pizza oven for $12,676. It will work for 5 years and has no
salvage value. The tax rate is 41%, and annual revenues are constant at $7,192. For
financial reporting, the straight-line depreciation method is used, but for tax purposes
depreciation is 35% of original cost in years 1 and 2 and the remaining 30% in Year 3. For
this question ignore all expenses other than depreciation.
A $780.
B $1,129.
C $1,909.
Justificación:
11 Cushinson Corp. had a beginning inventory of $9,500 (250 units) and made three inventory
purchases during the fiscal year:
The company began operations on Jan. 1, 20X6. Costing uses the LIFO method of
determining cost of goods sold. First year sales were 1,300 units. The most likely effects of
using LIFO inventory costing as compared to FIFO in Cushinson's 20X6 financial
statements are:
P á g i n a 6 | 17
12 Eric Corp, a publishing firm, is facing periods of falling prices and increasing inventory
quantities. The firm will report lowest ending inventory and lowest taxes if it follows:
A LIFO.
B FIFO.
C Weighted average method.
13 If prices are rising, and a company shifts from FIFO inventory costing method to LIFO
inventory costing method, what will be the effect on the company's inventory turnover ratio
and return on assets ratio?
A Decrease / Increase
B Increase / Increase
C Increase / Decrease
Justificación: RESPUESTA C, para el método FIFO los costos serian más bajos que si
usara el método LIFO. Por lo tanto, Inventory turnover crecería y Return on Assets
caería.
P á g i n a 7 | 17
14 During periods of declining inventory costs, compared to LIFO, the FIFO method will report
a higher:
15 On January l, 2019 LRT began operations. The units purchased and sold over the year by
the company are summarized in the exhibit below:
The cost of sales reported by the company under the LIFO method, using the perpetual
system is equal to:
A $3,585,000.
B $3,680,000.
C $5,475,000.
Justificación: RESPUESTA B.
25000 und. *$50+12000 und. *$45+15000 und. * $45 + 9000 und * $45 + 18000 und. *$45
= $3680000
16 Which of the following methods will result in the highest ending inventory balance being
reported when inventory prices are rising?
P á g i n a 8 | 17
A FIFO
B LIFO
C Weighted average cost
17 A company prepares and presents its financial statements in accordance with IFRS. In
2019, the carrying amount of inventory was $435,200 while net realizable value was
$329,000. In 2020, the net realizable value increased to $440,000.
With respect to the increase in net realizable value in 2020, the company will:
18 If inventory replacement costs were increasing, relative to the weighted average cost
inventory method, which of the following is least likely to be higher under the FIFO method?
A Net income
B Current ratio
C Debt-to-equity ratio
19 During a period of increasing prices, compared to reporting under LIFO, a firm that reports
using average cost for inventory will have a:
P á g i n a 9 | 17
Justificación: RESPUESTA B, porque el el activo corriente crecería más aplicando el
método average cost que si utilizara el método LIFO. Esto nos daría un current ratio
mayor.
20 Lantana Beans, a German coffee company follows IFRS. An analyst extracted the following
information from its 2020 financial statements.
(Current replacement cost is within the upper limit of NRV and lower limit of NRV-normal
profit margin)
What would be the effect of write down on Lantana Beans financial statements?
21 A company's periodic interest expense will be the same as the amount of periodic interest
payment if the bonds are issued at:
A par
B discount
C premium
Justificación:
22 A few years ago, a company entered into a lease agreement. On January 1, 2013, the
carrying value of lease receivable reported on a lessor's balance sheet was €1,045,340. An
annual lease payment of $25,550 was received on January 1, 2013. The applicable
discount rate is 8% and the lease is classified as a sales-type lease. If the present value of
the future lease payments and carrying amount of the asset at the inception of the lease
P á g i n a 10 | 17
are €2.5 million and €2.0 million, respectively, the amount of profit recognized at the
inception of the lease and the interest revenue for the year ending December 31, 2014 is,
respectively, closest to:
Justificación:
23 When market interest rates are declining, a company using the fair value option for a
liability with a fixed coupon rate will report:
Justificación:
24 Deans Incorporated (DEIN) recognizes a leased asset with a carrying amount of $200,000
on its balance sheet on 1 January 2011 at the same time it makes the first lease payment.
The asset has a useful life of five years and a zero-salvage value. The annual lease
payments equal 35,000.
The discount rate is 10%. The asset is depreciated using straight line depreciation.
Assuming this is a finance lease, the total expense related to the lease reported in the
income statement at the end of the fiscal year 2011 will be closest to:
A $40,000.
B $56,500.
C $60,000.
Justificación:
P á g i n a 11 | 17
25 A bond is issued at the end of the year 20X0 with an 8% semiannual coupon rate, 5 years
to maturity, and a par value of $1,000. The bond's yield at issuance is 10%. Using the
effective interest method, if the yield has decreased to 9% at the end of the year 20X1, the
balance sheet liability for the bond is closest to:
A $923.
B $935.
C $967.
Justificación:
26 Compared to finance lease, a lessee that uses operating lease will least likely report:
Justificación:
27 An analyst is analyzing a $100,000 par value bond with a 5% coupon and 5 years to
maturity. At the time of issuance, the market interest rate was 6%. For this bond, periodic
interest expense will most likely be:
Justificación:
28 A company issues an annual-pay bond with a face value of $135,662, maturity of 4 years,
and 7% coupon, while market interest rates for its bonds are 8%. What is the unamortized
discount at the end of the first year?
A $1,209.
B $538.
C $3,495.
P á g i n a 12 | 17
Justificación:
29 Under which type of lease, does the lessor record gross profit in her financial statements?
Justificación:
30 A company issues a 5-year bond issue with a face value of $100,000. At the time of
issuance, the coupon rate and effective interest rate is 6% and 8%, respectively. The issue
is said to be sold at:
A par
B a discount
C a premium
Justificación:
31 East Company purchased a new truck at the beginning of this year for $30,000. The truck
has a useful life of eight years or 150,000 miles, and an estimated salvage value of $3,000.
If the truck is driven 16,500 miles this year, how much depreciation will East report under
the double-declining balance (DDB) method and the units-of-production (UOP) method?
DDB UOP
A $ 7,500 $ 2,970
B $ 7,500 $ 3,300
C $ 6,750 $ 2,970
Justificación:
32
P á g i n a 13 | 17
An analyst learns that a company has reported the following items as intangible assets in
its financial statement footnotes:
Item 1: Acquired customer list which is expected to provide benefits to the company for the
coming three years.
Item 2: Acquired license which expires in five years and is renewable at little or no cost.
Item 3: Acquired license which expires three years from today and is nonrenewable.
Justificación:
33 At the beginning of this year, Fairweather Corp. incurred $200,000 of research costs and
$100,000 of development costs to create a new patent. The patent is expected to have a
useful life of 40 years with no salvage value. Calculate the carrying value of the patent at
the end of this year, assuming Fairweather follows U.S. GAAP.
A $0.
B $97,500.
C $292,500.
Justificación:
34 Which of the following statements least accurately illustrates the current period effects of
treating expenditure as an expense rather than capitalizing it?
Justificación:
P á g i n a 14 | 17
35 Superlative Enterprises had previously written down machinery that it used in its production
process. The machine had a carrying amount of $75,000 and an impairment loss of $7,000
was recognized. During the most recent year, however, the firm estimated that the asset's
recoverable amount increased to $77,000.
Ignoring depreciation, under IFRS, the carrying amount of the machinery on the balance
sheet for the most recent year should be closest to:
A $68,000.
B $75,000.
C $77,000.
Justificación:
36 XYZ Inc. increased the value of a group of assets via initial revaluation. At the start of the
year, XYZ Inc. reported a financial leverage ratio (total assets/total shareholders' equity)
which exceeded 1.0. The impact of the revaluation on XYZ Inc.'s reported leverage is most
likely:
A no impact.
B a decrease.
C an increase.
Justificación:
The stamping machine is expected to generate $1,500,000 per year for five more years and
will then be sold for $1,000,000. Under U.S. GAAP, the stamping machine is:
Justificación:
P á g i n a 15 | 17
38 Train, Inc.'s cash flow from operations (CFO) in 20X8 was $14 million. Train paid $8 million
cash to acquire a franchise at the beginning of 20X8 and recognized the entire purchase
price as an expense. If Train had instead elected to amortize the cost of the franchise over
its estimated life, 20X8 cash flow from operations (CFO) would have been:
A $6 million.
B $14 million.
C $22 million.
Justificación:
39 Compared to the accelerated method of depreciation, a company which uses the straight-
line method of depreciation for assets will report higher:
Justificación:
A return on assets.
B operating cash flows.
C fixed asset turnover ratio.
Justificación:
P á g i n a 16 | 17
Fin del Examen Escrito Nº 02 (Grupal)
P á g i n a 17 | 17