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Yvonne0719 · 2024年09月19日

不太理解这道题，能详细解释一下吗？

  1. CFA I
  2. FRA

NO.PZ2024011002000103

问题如下：

Assume U.S. GAAP applies. If Lizard Inc., a lessee, treats a 5-year lease as a finance lease with straight line depreciation rather than as an operating lease:

选项：

A.it will have greater equity at lease inception. B.its operating income will be less in the first year of the lease. C.its CFO will be greater and CFF will be less in the second year of the lease.

解释：

With a finance lease, only the interest portion of the lease payment is classified as CFO, so CFO will be greater than it would be with an equivalent operating lease. CFF will be less for a finance lease because the principal portion of each lease payment is classified as a financing cash outflow. Operating income, EBIT, will be reduced only by the (equal) annual depreciation expense with a finance lease, so operating income will be greater for a finance lease than for an operating lease (for which the entire lease payment will be an operating expense). This categorization does not affect the requirement for recognition of the asset and lease liability at inception. At inception, a lessee must recognize an asset and a lease liability at lease inception.

不太理解这道题，能详细解释一下吗？

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2 个答案

lynn_品职助教 · 2024年09月21日

嗨，从没放弃的小努力你好：


同学您好：


对于融资租赁，只有租赁支付的利息部分被归类为经营活动现金流量净额，因此经营活动现金流量净额将比等值的经营租赁更大。 所以融资租赁来说，利息作为CFO，收到利息所以CFO增加？那么如果是经营租赁呢？两者的对比是什么？ 对于融资租赁，每个租赁支付的本金部分被归类为筹资活动现金流量净额，因此筹资活动现金流量净额将较少。 所以融资租赁来说，本金作为CFF，收到本金所以CFF增加？那么为什么答案是减少？ 融资租赁的现金流量净额将比经营租赁较大。


融资租赁只有租赁支付的利息部分被归类为经营活动现金流量净额，因此在经营活动中融资租赁的现金流量净额将比经营租赁更大。

融资租赁每个租赁支付的本金部分被归类为筹资活动现金流量净额，因此在筹资活动融资租赁现金流量净额将比经营租赁更小。


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虽然现在很辛苦，但努力过的感觉真的很好，加油！

lynn_品职助教 · 2024年09月20日

嗨，爱思考的PZer你好：


同学你好：


这道题的意思是如果Lizard InC将一份为期5年的租赁合同视为融资租赁，并采用直线折旧法，而不是作为经营租赁，那么

选项A. 在租赁开始时，其股东权益将更高

选项B. 在租赁的第一年，其营业收入将较少。

选项C. 在租赁的第二年，其经营活动现金流量净额将更大，而筹资活动现金流量净额将较少。

这道题应该选C。

对于融资租赁，只有租赁支付的利息部分被归类为经营活动现金流量净额，因此经营活动现金流量净额将比等值的经营租赁更大。

对于融资租赁，每个租赁支付的本金部分被归类为筹资活动现金流量净额，因此筹资活动现金流量净额将较少。

对于融资租赁，营业收入（EBIT）仅减少等额的年度折旧费用，因此营业收入将比经营租赁更高（对于经营租赁，整个租赁支付将作为营业费用）。

对于融资租赁来说，在租赁开始时，承租人必须确认资产和租赁负债。operating lease就是直接在I/S中计一笔lease expense，而fiance lease是资产和负债各增加一笔，当年的I/S中没有lease expense，但是会有depreciation和interest expense。

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努力的时光都是限量版，加油！

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