开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

六姑娘 · 2023年07月29日

3个问题

NO.PZ2023020602000214

问题如下:

An analyst is analyzing two companies in the same industry and believes that they have similar strategies regarding the use of property, plant, and equipment (PP&E). He also thinks that the PP&E assets of the two companies are roughly of the same age and have the same expected useful lives remaining. Company A uses the LIFO method of inventory valuation, and Company B uses the FIFO method. The following additional information is available from the companies’ financial statements ($ millions):


In the analyst’s opinion, which of the following conclusions is most appropriate? Compared with Company A, Company B:

选项:

A.is more liquid. B.has a higher quality of earnings. C.uses more aggressive accounting estimates related to PP&E.

解释:

The analyst believes the two companies’ PP&E are of the same age; however, the useful life remaining for Company B’s assets is 15 years compared with 10 for Company A, implying B is using a longer useful life or more aggressive accounting policies.

The more aggressive PP&E estimates combined with the use of FIFO indicate that Company B has a lower quality of earnings, not higher. The adjusted current ratio for Company A (adjusted to include the LIFO reserve to convert the balance sheet to FIFO for comparison) is higher than the current ratio for B, indicating that A is more liquid.



1、这个根据FIFO调整的公式,讲义有吗?

2、为什么B的使用年限比较长,就能说明更激进呢

3、为什么B的有比较低的收入质量


1 个答案

lynn_品职助教 · 2023年07月30日

嗨,爱思考的PZer你好:


1、LIFO reserve是FIFO下的Inventory值 - LIFO下的Inventory值。 不是两者的COGS相减。


我们可以认为LIFO下的COGS = LIFO下库存的期初 + 新入库存的值 - LIFO下的器末库存值


我们可以认为FIFO下的COGS = FIFO下库存的期初 + 新入库存的值 - FIFO下的器末库存值


新买入的东西的成本肯定两种方法都是一样的。 所以


COGS(FIFO)- COGS (LIFO)


= FIFO下库存的期初 + 新入库存的值 - FIFO下的器末库存值 -(LIFO下库存的期初 + 新入库存的值 - LIFO下的器末库存值)


= (FIFO下库存的期初 - LIFO下库存的期初) - (FIFO下的器末库存值- LIFO下的器末库存值)


= LIFO reserve 期初 - LIFO reserve 期末 = - Increase of LIFO reserve


2、两家公司的PP&E年龄相同;然而,B公司资产的剩余使用寿命为15年,而A公司为10年,这意味着B公司的折旧更慢,也就是更激进的另一种说法。


3、FIFO是first in first out,通常最早买入的价格可能相对偏低,说明CPGS成本低,然后PPE激进,说明折旧费用低,低估了成本,所以收益就虚高了,表明B公司的收益质量较低,而不是较高。




----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

  • 1

    回答
  • 0

    关注
  • 343

    浏览
相关问题

NO.PZ2023020602000214 问题如下 analyst is analyzing two companies in the same instry anbelieves ththey have similstrategies regarng the use of property, plant, anequipment (PP E). He also thinks ththe PP E assets of the two companies are roughly of the same age anhave the same expecteuseful lives remaining. Company A uses the LIFO methoof inventory valuation, anCompany B uses the FIFO metho The following aitioninformation is available from the companies’ financistatements ($ millions):In the analyst’sopinion, whiof the following conclusions is most appropriate? Comparewith CompanyCompany A.is more liqui B.ha higher quality of earnings. C.uses more aggressive accounting estimates relateto PP&E. The analystbelieves the two companies’ PP E are of the same age; however, the usefullife remaining for Company B’s assets is 15 years comparewith 10 for Companyimplying B is using a longer useful life or more aggressive accountingpolicies. The moreaggressive PP E estimates combinewith the use of FIFO incate thatCompany B ha lower quality of earnings, not higher. The austecurrentratio for Company A (austeto inclu the LIFO reserve to convert thebalansheet to FIFO for comparison) is higher ththe current ratio for B,incating thA is more liqui 1,盈利能力应该是可以量化对比的,采用LIFO就一定比FIFO有更高的盈利能力吗?本文没有强调存货价格是上升还是下降呀。2,报表有更高的盈利能力,原版中一般从哪几个指标来看?

2023-08-19 21:51 1 · 回答