CFA财务报表分析练习题"Financial Report":Income Taxes

Questions 1:

An analyst uses a stock screener and selects the following metrics from his equity universe:
●price-to-equity ratio lower than the median P/E
●price-to-book value ratio lower than the median P/BV
The stocks selected would be most appropriate for portfolios for which type of investors?
A、Value investors
B、Growth investors
C、Market-oriented investors

【Answer to question 1】A

A is correct.Metrics such as low P/E and low P/BV are aimed at selecting value companies;therefore,the portfolio is most appropriate for value investors.
B is incorrect.Growth investors would include metrics focused on earnings growth or momentum,such as sales increases for the past three years.
C is incorrect.Screens for market-oriented investors would not emphasize the value metrics included in this screen.

Questions 2:

Which of the following events will most likely result in a decrease in a valuation allowance for a deferred tax asset under US GAAP?A(n):
A、decrease in interest rates
B、reduction in tax rates
C、extension in the tax loss carry-forward period

【Answer to question 2】C

C is correct.Under US GAAP,deferred tax assets must be assessed at each balance sheet date.If there is any doubt whether the deferral will be recovered,the carrying amount should be reduced to the expected recoverable amount.The asset is reduced by increasing the valuation allowance.Should circumstances change so that it is more probable that the deferred tax benefits will be recovered,the deferred asset account will be increased(and the valuation allowance decreased).An increase in the carry-forward period for tax losses extends the possibility that benefits will be realized from the deferred tax asset and would likely result in a decrease in the valuation allowance and an increase in the deferred tax asset.
A is incorrect.Interest rate changes are not related;there is no discounting of the future benefits from the deferred tax asset.
B is incorrect.A reduction in tax rates will permanently decrease the carrying value of the deferred tax asset;deferred tax assets and liabilities arise only from temporary differences
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