CFA考试你准备练习的如何?CFA知识点的掌握如何?今天我们学习财报中的-长期负债专题,不知道你这一块的知识点掌握的如何?做一做练习题就知道了!

... If ... issue zero-coupon bonds, its debt-to-equity ratio will most likely:

A. rise as the maturity date approaches.

B. decline as the maturity date approaches.

C. remain constant throughout the life of the bond.

解析:选A。随时间推移,零息债券的负债价值增加(账面上每期有利息费用),权益减少。


Fairmont Golf issued fixed rate debt when interest rates were 6 percent. Rates have since risen to 7 percent. Using only the carrying amount (based on historical cost) reported on the balance sheet to analyze the company’s financial position would most likely cause an analyst to:

A. overestimate Fairmont’s economic liabilities.

B. underestimate Fairmont’s economic liabilities.

C. underestimate Fairmont’s interest coverage ratio.

解析:选A。利率上升 → 债券价值下降 → 债券账面价值 > 市场价值。公司可以以低于账面价值的价格回购债券 → 高估经济负债。即,利率上升让债券更便宜,用不了那么多钱,所以高估了要用的钱的数量。C项,因为债券是以固定利率发行的,所以对利息覆盖没有影响。

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