解释

NO.PZ202308140300008002 问题如下 BriJorn is interviewing for a junior equity analyst position Orion Investment Aisors. part of the interview process, Mary Benn, Orion’s rector of Research, provis Jorn with information about two hypotheticcompanies, Alpha anBetanasks him to comment on the companies’ financistatements anratios. Both companies prepare their financistatements in accornwith InternationFinanciReporting Stanr (IFRS) anare inticin all respects except for their accounting choices.Jorn is tolthat, the beginning of the current fiscyear, both companies purchasea major new computer system anbegbuilng new manufacturing plants for their own use. Alpha capitalizeanBeta expensethe cost of the computer system; Alpha capitalizeanBeta expensethe interest costs associatewith the construction of the manufacturing plants.Benn asks Jorn, “Whwthe impaof these cisions on eacompany’s current fiscyefinancistatements anratios?”Jorn respon, “Alpha’s cision to capitalize the cost of its new computer system insteof expensing it results in lower net income, lower totassets, anhigher cash flow from operating activities in the current fiscyear. Alpha’s cision to capitalize its interest costs insteof expensing them results in a lower fixeasset turnover ratio ana higher interest coverage ratio.”Jorn is tolthAlpha uses the straight-line preciation methoanBeta uses acceleratepreciation metho both companies estimate the same useful lives for long-liveassets. Many companies in their instry use the units-of-proction methoBenn asks Jorn, “Whare the financistatement implications of eapreciation metho anhow you termine a company’s neeto reinvest in its proctive capacity?”Jorn replies, “All other things being equal, the straight-line preciation methoresults in the least variability of net profit margin over time, while acceleratepreciation methoresults in a clining trenin net profit margin over time. The units-of-proction cresult in a net profit margin trenthis quite variable. I use a three-step approato estimate a company’s neeto reinvest in its proctive capacity. First, I estimate the average age of the assets ving net property, plant, anequipment annupreciation expense. Secon I estimate the average remaining useful life of the assets ving accumulatepreciation preciation expense. Thir I a the estimates of the average remaining useful life anthe average age of the assets in orr to termine the totuseful life.”Jorn is tolththe enof the current fiscyear, Alpha revaluea manufacturing plant; this increaseits reportecarrying amount 15 percent. There wno previous wnwarrevaluation of the plant. Beta recorimpairment loss on a manufacturing plant; this receits carrying value 10 percent.Benn asks Jorn “Whwthe impaof these cisions on eacompany’s current fiscyefinanciratios?”Jorn respon, “Beta’s impairment loss increases its to totassets anfixeasset turnover ratios, anlowers its cash flow from operating activities. Alpha’s revaluation increases its to capitanreturn on assets ratios, anreces its return on equity.”Q. Jorn’s response about the ratio impaof Alpha’s cision to capitalize interest costs is most likely correwith respeto the: A.interest coverage ratio. B.fixeasset turnover ratio. C.interest coverage anfixeasset turnover ratios. B is correct. Alpha’s fixeasset turnover will lower because the capitalizeinterest will appeon the balansheet part of the asset being constructe Therefore, fixeassets will higher anthe fixeasset turnover ratio (totrevenue/average net fixeassets) will lower thif it hexpensethese costs. Capitalizeinterest appears on the balansheet part of the asset being constructeinsteof being reporteinterest expense in the perioincurre However, the interest coverage ratio shoulbaseon interest payments, not interest expense (earnings before interest antaxes/interest payments) anshoulunchange To provi a true picture of a company’s interest coverage, the entire amount of interest expenture, both the capitalizeportion anthe expenseportion, shoulusein calculating interest coverage ratios. int coverage ratio = EBIT / int pai然资本化或费用化不会改变分母 int pai但是费用化会使EBIT低于资本化的EBIT，那么资本化的int coverage ratio 应该更大啊

NO.PZ202308140300008002 问题如下 Q. Jorn’s response about the ratio impaof Alpha’s cision to capitalize interest costs is most likely correwith respeto the: A.interest coverage ratio. B.fixeasset turnover ratio. C.interest coverage anfixeasset turnover ratios. B is correct. Alpha’s fixeasset turnover will lower because the capitalizeinterest will appeon the balansheet part of the asset being constructe Therefore, fixeassets will higher anthe fixeasset turnover ratio (totrevenue/average net fixeassets) will lower thif it hexpensethese costs. Capitalizeinterest appears on the balansheet part of the asset being constructeinsteof being reporteinterest expense in the perioincurre However, the interest coverage ratio shoulbaseon interest payments, not interest expense (earnings before interest antaxes/interest payments) anshoulunchange To provi a true picture of a company’s interest coverage, the entire amount of interest expenture, both the capitalizeportion anthe expenseportion, shoulusein calculating interest coverage ratios. 想问下是不是 interest coverage ratio原先就等于=EBIT/interest payment还是说分析师在考虑interets capitalize 的时候等于呢？那如果是这样的话，因为讲义里有说analyst 分析的时候trecapitalzeinterest interest, 那对fixeasset turnover 也没有影响吧？为什么只有Interest coverage ratio 有影响呢？

NO.PZ202308140300008002 问题如下 Q. Jorn’s response about the ratio impaof Alpha’s cision to capitalize interest costs is most likely correwith respeto the: A.interest coverage ratio. B.fixeasset turnover ratio. C.interest coverage anfixeasset turnover ratios. B is correct. Alpha’s fixeasset turnover will lower because the capitalizeinterest will appeon the balansheet part of the asset being constructe Therefore, fixeassets will higher anthe fixeasset turnover ratio (totrevenue/average net fixeassets) will lower thif it hexpensethese costs. Capitalizeinterest appears on the balansheet part of the asset being constructeinsteof being reporteinterest expense in the perioincurre However, the interest coverage ratio shoulbaseon interest payments, not interest expense (earnings before interest antaxes/interest payments) anshoulunchange To provi a true picture of a company’s interest coverage, the entire amount of interest expenture, both the capitalizeportion anthe expenseportion, shoulusein calculating interest coverage ratios. 在建工程利息资本化，interest coverage ratio的分母int不是应该更小吗？整体ratio更大应该也是对的，为什么这题不能选C？是否因为这个题目对应的考点是分析师观点？所以认为哪怕是资本化处理利息费用，int coverage ratio的分母也应当把这部分利息考虑进去