"Financial Report":Income statement

來源: 正保會計(jì)網(wǎng)校編輯：小鞠橘桔 2020/11/12 14:50:01　字體：大小

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Questions 1:

During the process data phase of financial statement analysis, an analyst will most likely develop a:

A 、statement of purpose.

B 、common-size balance sheet.

C 、statement of cash flows.

Questions 2:

The following information is available about a company:

Financial Report:Income statement

The company’s 2013 income tax expense (in thousands) is closest to:

A 、$1,250.

B 、$950.

C、 $1,050.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. During the process data phase, an analyst will produce a variety of reports and documents based on the information collected. These may include common-size statements, ratios and graphs, forecasts, adjusted statements, and analytical results.

A is incorrect. The statement of purpose is prepared during the articulation phase.

C is incorrect. The statement of cash flows is a source of information for the analyst.

【Answer to question 2】C

【analysis】

C is correct. Income tax expense reported on the income statement = Income tax payable + Net changes in the deferred tax assets and deferred tax liabilities. The change in the net deferred tax liability is a $50 increase (indicating that the income tax expense is $50 in excess of the income tax payable, or current income tax expense) and represents an increase in the expense. Therefore, the income tax expense = $1,000 + $50 = $1,050.

A is incorrect. It is the income tax payable plus the net deferred tax liability, not just the change in the net liability: $1,000 + 250 =$1,250.

B is incorrect. Incorrectly subtracts the net deferred tax liability: $950 = $1,000 – $50.

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