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3秒自动关闭窗口MSc Financial Analysis | Lancaster University Management School
MSc Financial Analysis
The MSc Financial Analysis is a unique one-year full-time Masters degree in finance designed for students who wish to obtain the prestigious Chartered Financial Analyst (CFA) Level I qualification.
In addition to the teaching from Lancaster&s world-renowned&, the MSc Financial Analysis offers intensive, integrated tutoring and support from global financial services training provider&&for the CFA Level I examination.
Key aspects of the MSc Financial Analysis include:
Eight modules (120 credits) from our existing CFA Program Partner status Masters degrees, providing comprehensive coverage of accounting and finance topics from the CFA syllabus
An intensive CFA training module delivered by Fitch Learning tutors
Concurrent online training and support managed by Fitch Learning, including additional learning materials, practice CFA questions, performance monitoring, and real-time feedback
An assessed CFA Level I-style examination as part of the dissertation phase of the programme, with tailored feedback from Fitch Learning
An investment-practice-focused dissertation project drawing on the CFA Level I syllabus material and relevant academic insights
Continued access to Fitch Learning&s online training portal following completion of the programme in September through to the CFA Level I examination in December
Find out more about the&&of the MSc Financial Analysis.
Gain insights into how we prepare students for the CFA Level 1 examinations.
John Worth, MD Financial Control at Barclays plc, and&an alumnus of Lancaster University Management School, discusses the value of the CFA qualification.
Related ContentCFA Level I：FSA - Income Taxes International Financial Statement Analysis
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taxes(Reading
Exercise Problems:
reported higher deferred tax liabilities than deferred tax assets. Using the
liability method of accounting for deferred taxes, a growing firm would
expect an increase in the statutory tax rate to result in:
A. Increase
B. Decrease
C. No change
the statutory
tax rate↑→tax expense↓→net
income and retained earnings↓→equity↓
2. An analyst
has correctly recognized the nature of a deferred tax liability under U.S.GAAP
when he states that:
A. A permanent
difference arises from undistributed earnings of an affiliate.
B. A temporary
difference arises due to interest received from an investment in tax-exempt
municipal bonds.
C. A temporary
difference results from the use of straight-line depreciation for book
purposes and an accelerated method for tax purposes.
This situation
creates a temporary difference between pretax (book) income and taxable
income which results in the recognition of a deferred tax liability in the
early years of an asset’s useful life.
incorrect. Undistributed earnings of an affiliate generally result in
deferred tax liabilities when the investment is accounted for under the
equity method. Under the equity method, the investor company reports its
share of the net earnings of the affiliate (investee) for financial reporting
(book) purposes, but is taxed on earnings only when they are paid
(distributed as dividends. This results in a temporary difference between
pretax (book) income and taxable income.
B is incorrect. The interest received from an investment
in tax-exempt municipal bonds results in a permanent difference that
does not reverse.
3. A company
records $42,000 more in tax depreciation than in book depreciation. Assuming a
35% tax rate will apply in the future, how much will be record as a deferred
tax liability during the year?
A. $14,700.
B. $27,300.
C. $42,000.
Deferred tax
liabilities are taxes that will be paid in the future when temporary
differences reverse. Excess (tax) depreciation of $42,000 multiplied by the
35% tax rate shows that $14,700 will be recorded as a deferred tax liability.
4. Ady Auto
Group reported pretax income of $48,000 and taxable income of $60,000. The
difference of $12,000 is attributed to warranty expenses. The statutory tax
rate is 30% and the company reports income taxes payable of $18,000 on its
balance sheet. What is the amount of income tax expense that Ady Auto Group
should report on its income statement?
A. $6,000.
B. $14,400.
C. 21,600.
The answer can
be derived by creating the journal entry to record the tax expense for the
period. The correct tax expense of $14,400 is the plug figure to make the
entry balance.
Income tax
(Plug)&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
Deferred tax
($12,000*30%)&&&&&&&&&&&&&&&&&&&
Income taxes payable ($60,000
TI*30%)&&&&&&&&&&&&&
Logically, the
answer makes sense as well. The estimated warranty expense is accrued for
financial reporting purposes, resulting in a temporary difference that will
reverse in a future period when the warranty payments are actually made and
deducted on the tax return, thus creating a deferred tax asset.
incorrect. This answer subtracted the $12,000 difference between pretax
income and taxable income from taxes payable, rather than subtracting the
$3,600 ($12,000*30%) wax effect of the difference.
incorrect. This answer incorrectly reflects the deferred tax impact from the
warranty expense as liability, rather than an asset.
The following information is available about a company:
(all figures in
$ thousands)
Deferred tax
Deferred tax
liabilities
Net deferred tax
liabilities
Earnings before
Income taxes at
the statutory rate
Current income
tax expense
company’s 2012 income tax expense (in thousands) is closest to:
Income tax
expense reported on the income statement
= Income tax
changes in the deferred tax assets and deferred tax liabilities
=1,000+(250-200)
=1,0000+50*
* 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 representing an increase in the expense).
6. A company purchased equipment for $50,000 on 1
January 2009. It is depreciating the equipment over a period of 10 years on a
straight-line basis for accounting purposes, but for tax purposes, it is
using the declining balance method at a rate of 20%. Given a tax rate of 30%,
the deferred tax liability as at the end of 2011 is closest to:
B. $2,820.
C. $6,720.
The deferred
tax liability is equal to the tax rate times the difference between the
carrying amount of the asset and the tax base.
accounting purposes after 3 years:
50,000 – [3 x
(50,000 ÷ 10)]=
Value for tax
Carrying amount = Start of year balance × (1 –
0.20) After three years:
50,000 × 0.8 ×
0.8 × 0.8 =
Difference
between accounting and tax values
Deferred tax
liability @ 30%:
30% × 9,400 =
7. A company which prepares its
financial statements in accordance with IFRS incurred and capitalized EUR2
million of development costs during the year. These costs were fully
deductible immediately for tax purposes, but the company is depreciating them
over two years for financial reporting purposes. The company has a long
history of profitability which is expected to continue. Which is the most appropriate
way for an analyst to incorporate the differential tax treatment in his
analysis? He should include it in:
A. liabilities
when calculating the company’s current ratio.
B. equity when
calculating the company’s return on equity ratio.
C. liabilities
when calculating the company’s debt-to-equity ratio.
The different
treatment for tax purposes and financial reporting purposes is a temporary
difference and would create a deferred tax liability. Deferred tax
liabilities should be classified as debt if they are expected to reverse with
subsequent tax payments. The long history of profitability implies the
company will likely be paying taxes in the following years and hence an
analyst could reasonably expect the temporary difference to reverse. Under
IFRS all deferred tax liabilities are non-current and therefore do not affect
the current ratio.
8. A company has recently
revalued one of its depreciable properties and estimated that its remaining
useful life would be another 20 years. The applicable tax rate for all years
is 30% and the revaluation of the property is not recognized for tax
purposes. Details related to this asset are provided in the table below, with
all ￡-values in millions.
Accounting
values and estimates, start of 2007
2007 Acquisition
Depreciation,
straight-line
Accumulated
depreciation end of 2009
Net balance end
Re-estimated
values and estimates, start of 2010
Revaluation
balance start of 2010
Not applicable
New estimated
The deferred tax
liability (in millions) as at the end of 2010 is closest to:
C. ￡1,650.
Accounting
Tax Purposes
Revaluation
(10,000 – 6,800)
no revaluation
Depreciation,
straight-line
5 years remaining
2009 start of
year balance after revaluation
Depreciation 2009
Net balance end
Less revaluation
Carrying value
for purposes of deferred taxes
tax liability = 0.30 x (6,300 – 4,000) = 690
the portion of the difference between the tax base and the carrying amount
that is not the result of the revaluation is recognized as giving rise to a
deferred tax liability. The portion arising from the revaluation surplus is
used to reduce the revaluation surplus in equity.
Which of the following events will most likely result in a decrease in
a valuation allowance for a deferred tax asset under U.S. GAAP (generally
accepted accounting principles)? A(n):
A. reduction in tax rates.
B. decrease in interest rates.
C. increase in the carry
forward periods available under the tax law.
Under U.S. 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).
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.
Under U.S. GAAP what is the most likely effect of the reversal of a
valuation allowance related to a deferred tax asset on net income?
A. No effect
B. A decrease
C. An increase
The reversal
of a valuation allowance increases the deferred tax assets and decreases the
deferred tax expense, increasing net income.
A company purchased a EUR2,000 million long-term asset in 2009 when the
corporate tax rate was 30 percent.
year end value for
(All figures in EUR
millions.)
Accounting
Tax purposes
On January 15, 2010 the
government lowered the corporate tax rate to 25 percent for 2010 and beyond.
The deferred tax liability (EUR) as at 31 December 2010 is closest to:
The deferred
tax liability equals the difference between the value for accounting and the
value for tax times the current tax rate in effect. (1,800 – 1,280) x 0.25 =
520 x 0.25 = 130.
12. A company
reports net income of $800,000 for the year. The table below indicates
selected items which were included in net income and their associated tax
Included in determining Net Income
Tax Status
Depreciation
$90,000 allowed
for tax purposes
Dividend Income
Dividends not
Fine related to
environmental damage
Not deductible
for tax purposes
Expenditures
$20,000 allowed
for tax purposes
The company’s tax rate is
35 percent. The company’s current income taxes payable (in $) is closest to:
A. 206,500.
B. 276,500.
C. 360,500.
Net income
Add back book
depreciation
Deduct tax
allowed depreciation
Deduct Dividend
Add back Fine
Add back book
Deduct tax
allowed R&D
Taxable income
Current taxes
35% x $790,000=276,500
following information relates to a profitable company that offers a warranty
on a new product introduced in 2012:
Accrued warranty
expenses for the warranty in 2012
expenditures for repairs under the warranty in 2012
If the company’s tax rate
is 35 percent, which of the following most accurately describes the
deferred tax recorded in 2012 with respect to the new product warranty?
A. Deferred tax asset of
B. Deferred tax asset of
C. Deferred tax liability
of $35,000.
For financial
statement purposes, the warranty expense recorded in 2012 is greater than the
cash expense they incurred (and that is allowed as a deduction for income tax
purposes), resulting in a warranty liability for financial statement
purposes, but not for tax purposes. As the carrying amount of the liability
is greater than the tax base, the $100,000 temporary difference will give
rise to a $35,000 (100,000 x 0.35) deferred tax asset.
14. Which of the following best describes
taxes payable?
A. Total liability for current and
future taxes.
B. Tax return liability resulting from
current period taxable income.
C. Actual cash outflow for income taxes including payments
(refunds) for other years.
Taxes payable is the current liability
resulting from the current period taxable income based on the company’s tax
rate and the portion of its income that is subject to income taxes under the
tax laws of the jurisdiction.
15. A company
records the following two transactions:
I. EUR300,000 of rental revenue is
received in advance on a two-year lease. It is taxed on a cash basis, but
deferred for accounting purposes.
II. EUR500,000 of installment sales. No
payments are required for one year after which collections will be made on an
equal basis over 12 months and taxed on a cash basis. The entire sale and
related profit will be recognized for financial reporting purposes, in the
year of sale.
Which of the above transactions will most
likely give rise to a deferred tax liability on the balance sheet?
A. I only.
B. II only.
C. Both I and
II represents a deferred tax
liability: The accounts receivable for financial statement purposes has a
carrying value of EUR500,000 but with a tax base of EUR0. The temporary
difference creates a deferred tax liability. Alternatively, accounting income
tax expense exceeded taxes payable and the firm expects to eliminate this
difference over the course of future operations.
Item I represents a deferred tax
asset: Rent received in advance creates a liability on the financial
statements with a carrying value of EUR300,000 but with a tax base of EUR0.
The temporary difference creates a
deferred tax asset. Alternatively an excess amount
has been paid for income taxes based
on the cash received (taxable income exceeded accounting income) and the
company expects to recover this difference during the course of future
operations.
16. Which of
the following statements most accurately describes a valuation allowance for
deferred taxes? A valuation allowance is required under:
A. IFRS on
revaluation of capital assets.
B. U.S.GAAP if
there is doubt about whether a deferred tax asset will be recovered.
C. both IFRS
and U.S.GAAP on tax differences arising from the translation of foreign
operations.
A valuation
allowance is required under U.S.GAAP if there is doubt about whether a
deferred tax asset will be recovered. Under IFRS the deferred tax asset is
written down directly.
U.S.GAAP, which of the following factors is an analyst least likely to
consider when determining if a company’s deferred tax liabilities should be
treated as a liabilities or equity?
A. The growth
rate of the firm.
B. The average
discount rate of liabilities.
expectation that temporary difference will reverse.
classification of deferred taxes as liabilities or equity depends on the
likelihood, or expectation, of reversal. For growing firms and those using
accelerated methods of depreciation, the temporary differences tend not to
reverse. If the analyst determined the deferred tax liabilities were likely
to reverse, and hence should be classified as liabilities, then it would be
appropriate to discount them at the company’s average discount rate, but the
discount rate is not a factor in determining if reversal is likely.
18. Company Y
has provided the following information from its current year financial statements
and tax return. Company Y’s fixed assets have a four-year useful life for
financial purpose (which is double the useful life for tax purpose) and are
depreciated using the straight-line method.
fixed assets
Tax-exempt
interest income
Depreciation
(tax basis)
The effective
tax rate for the company is closest to:
A.&&& 30.0%
B.&&&& 26.7%
C.&&&& 24.0%.
To calculate
the effective tax rate, income tax expense must be calculated without the
tax-exempt interest income (and using half of the tax basis depreciation).
Then pretax income must be calculated including the tax exempt interest and
adjusted depreciation for financial purposes. The effective tax rate is the
income tax expense calculated without the tax-exempt interest divided by the
pre-tax income including the tax exempt interest income.
Tax-exempt
interest income
Depreciation
tax expense
*Income tax
expense = 30% x 160,000 = 48,000
Effective tax rate = 48,000/ 180,000 = 26.67%
19. At the
beginning of the year a company purchased a fixed asset for $500,000 with no
expected residual value. The company depreciates similar assets on a
straight-line basis over 10 years while the tax authorities allow
depreciation at the rate of 15% per year.In both cases
the company takes a full year’s depreciation in the first year. At the end of
the year, the tax base and temporary difference in the value of the asset,
respectively, are closest to:
A. $425,000;
B. $425,000;
C. $500,000;
The net book
value of the asset for accounting purposes (carrying amount) is:
– (500,000/10)] = $450,000.
The net book
value for taxes (tax base) is:
- 0.15(500,000) = $425,000
The temporary
difference is the difference between the net book value of the asset for
accounting purposes and the net book value for taxes:
450,000 –
425,000 = $25,000.
At the beginning of the year a company purchased a fixed asset for $500,000
with no expected residual value. The company depreciates similar assets on a
straight-line basis over 10 years, while the tax authorities allow declining
balance depreciation at the rate of 15% per year. In both cases the company
takes a full year’s depreciation in the first year and the tax rate is 40%.
Which of the following statements concerning this asset at the end of the
year is most accurate?
A. The tax base is
B. The deferred tax asset
is $10,000.
C. The temporary
difference is $25,000.
The net book
value of the asset for accounting purposes (carrying amount) is:
– (500,000/10)] = $450,000.
The net book
value for taxes (tax base) is:
- 0.15(500,000) = $425,000
The temporary
difference is the difference between the net book value of the asset for
accounting purposes and the net book value for taxes:
450,000 –
425,000 = $25,000.
incorrect. The tax base is:
0.15(500,000) = $425,000.
incorrect. When the carrying amount of an asset is greater than the tax base
of an asset, deferred tax liability should be recorded on the balance sheet.
And the amount
of the deferred tax liability is:
25,000x0.4=$10,000
20. A company
incurred and capitalized EUR2 million of development costs during the year.
These costs were fully deductible immediately for tax purposes, but the
company is depreciating them over two years for financial reporting purposes.
The company has a long history of profitability. When calculating the
company’s debt-to-equity ratio, the most appropriate way for an analyst to
incorporate the differential tax treatment is to:
A. include it
in equity.
B. include it
in liabilities.
C. not include
it in either equity or liabilities.
The different
treatment for tax purposes and financial reporting purposes is a temporary
difference and would create a deferred tax liability. Deferred tax
liabilities should be classified as debt if they are expected to reverse with
subsequent tax payments. The long history of profitability implies the
company will likely be paying taxes in the following years and hence an
analyst could reasonably expect the temporary difference to reverse.
21. Which of
the following statements regarding deferred taxes is least accurate?
A. A permanent
difference is a difference between taxable income and pretax income that will
not reverse.
B. A deferred
tax asset is created when a temporary difference results in taxable income
that exceeds pretax income.
C. Deferred
tax assets and liabilities are not adjusted for changes in tax rates.
Deferred tax
assets and liabilities are adjusted for changes in expected tax rates under
the liability method.
22. Which of
the following definitions used in accounting for income taxes is least
A. Income tax
expense is based on current period pretax income adjusted for any changes in
deferred tax assets and liabilities.
B. A valuation
allowance is a reserve against deferred tax assets based on the likelihood
that those assets will not be realized.
C. A deferred
tax liability is created when tax expense is less than taxes payable and the
difference is expected to reverse in future years.
Deferred tax
liability refers to balance sheet amounts that are created when tax expense
is greater than taxes payable.
23. When the
expected tax rate changes, deferred tax:
A. expense is
calculated using current tax rates with no adjustments.
B. liability
and asset accounts are adjusted to reflect the new expected tax rate.
C. liability
and asset accounts are maintained at historical tax rates until they reverse.
The liability
method (SFAS 109 of U.S.GAAP) takes a balance sheet approach and adjusts
deferred tax assets and liabilities to future tax rates.
permanent difference in pretax and taxable income is least likely to
result when:
A. tax-exempt
interest is received.
installment sales method is used.
C. premiums
are paid on life insurance of key employees.
installment sales method of revenue recognition does not result in permanent
differences between pretax and taxable income. Premium payments on life
insurance of key employees is an expense on the financial statement, but is
nor deducted on tax returns. Tax exempt interest is recognized as revenue on
the financial statements. These items result in permanent differences between
pretax income and taxable income.
25. A firm
needs to adjust the financial statements for a change in the tax rate.
Taxable income if $80,000 and pretax income is $100,000. The current tax rate
is 50%, and the new tax rate is 40%. The difference in taxes payable between
the two rates is closest to:
A. $8,000.
B. $9,000.
C. $10,000.
income” denotes earnings before taxes for financial reporting. “Taxable
income” is earning before taxes for computing taxes payable, where taxes
payable refers to the actual tax liability to the government. (The difference
between the two is due to accounting for inventories and depreciation). Since
taxable income is $80,000, the difference in taxes payable is
($80,000)(0.5)-($80,000)(0.4)=$8,000.
26. Bao Inc.
sold a luxury passenger boat from its inventory on December 31 for
$2,000,000. It is estimated that Bao will incur $100,000 in warranty expenses
during its 5-year warranty period. Bao’s tax rate is 30%. To account for the
tax implications of the warranty obligation prior to incurring warranty
expenses, Bao should:
A. record a
deferred tax asset of $30,000.
B. record a
deferred tax asset of $30,000.
C. make no entry until actual warranty expenses are incurred.
expense should be recorded when the inventory item covered by the warranty is
sold. A deferred tax asset is created when warranty expenses are accrued on
the financial statements but are nor deductive on the tax returns until the
warranty claims are paid. The full amount of the obligation, $100,000, is
recorded as an expense, with a deferred tax asset of $30,000. Note that a
deferred tax asset results when taxable income is more than pretax income and
the difference is likely to reverse (warranty will be paid) in future years.
27. On January
2, a company acquires some state-of-the-art production equipment at a net
cost of $14 million. For financial reporting purposes, the firm will
depreciate the equipment over a 7-year life using straight-line depreciation
for tax reporting purposes, however, the firm will
use 3-year accelerated depreciation. Given a tax rate of 35% and a first-year
accelerated depreciation factor of 0.333, by how much will the company’s
deferred tax liability increase in the first year of the equipment’s life?
A. $931,700.
B. $1,064,800.
C. $1,730,300.
Straight-line
depreciation:=$2.0 million
Accelerated
depreciation:
$14 million x
0.333=$4.662million
Difference in
depreciation:
$4.662 million
- $2.0 million=&&&&&&&& $2.662
rate&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
Increase in deferred tax liability&&&&&&&&&
Corporation faced a 50% marginal tax rate last year and showed the following
financial and tax reporting information:
·&&&&&&&& Deferred
tax asset of $1,000.
·&&&&&&&& Deferred
tax liability of $5,000.
Based only on
this information and the news that the tax rate will decline to 40%, Bao
Corporation’s:
A. deferred
tax asset will be reduced by $400 and deferred tax liability will be reduced
by $2,000.
B. deferred
tax liability will be reduced by $1,000 and income tax expense will be
reduced by $800.
C. deferred
tax asset will be reduced by $200 and income tax expense will be reduced by
There is a 20%
reduction in the tax rate:
Hence, the
deferred tax asset will be $1,000x(1-0.2)=$800;
the deferred
tax liability will be $5,000x(1-0.2)=$4,000,
and the income
tax expense will fall by the net amount of the decline in the asset and
liability balances.
29. When the
Bao Company filed its corporate tax returns for the first quarter of the
current year, it owed a total of $6.7 million in corporate taxes. Bao paid
$4.4 million of the tax bill, but still owes $2.3 million. It also received
$478,000 in the second quarter as a down payment towards $942,000 in
custom-built products to be delivered in the third quarter. Its financial
accounts for the second for the second quarter most likely show the $2.3
million and the $478,000 as:
tax payable
tax payable
tax liability
The $478,000
is unearned revenue, a liability. The $2.3 million owned to the government
but not yet paid is income tax payable, also a liability. Deferred tax
accounts arise from temporary differences between tax reporting and financial
reporting.
A financial analyst would classify deferred tax liabilities as equity (versus
a liability) when:
the deferred tax liabilities are expected to decline over time.
the deferred tax liabilities are predominantly comprised of permanent
differences.
a change in tax law may result in the deferred taxes never being paid by the
a change in tax law or a change in operations results in deferred taxes never
being paid by the company, the deferred tax liabilities would be treated as
equity by the financial analyst.
is incorrect. A financial analyst would treat deferred tax liabilities that
are expected to decline over time as a legitimate liability.
is incorrect. Permanent differences are not included in deferred taxes.
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