FACULTAD DE CIENCIAS EMPRESARIALES Y ECONÓMICAS

PERÍODO ACADÉMICO: 2022-2

DOCENTE RESPONSABLE: PAUL ZEVALLOS OLIVOS

CÓDIGO / ALUMNO:
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- 20173461 / Alvaro Marcel Hostiliano Vera
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SECCIÓN: 1051 FECHA DE ENTREGA: 30 de septiembre de 2022

GESTIÓN DE INVERSIONES II
EVALUACIÓN CONTINUA 1 (EC1)
EXAMEN ESCRITO Nº 02 (Grupal)

Instrucciones:
 En cada pregunta debe indicar la alternativa seleccionada, así como la justificación de su respuesta.
 En la calificación se tomará en cuenta el orden, redacción y claridad en la escritura de la
justificación.
 La práctica está conformada por 40 preguntas y se calificará sobre 20 puntos:
 Puntaje por pregunta correcta: 0.25 puntos
 Puntaje por justificación correcta: 0.25 puntos
 Puntaje por pregunta incorrecta/en blanco: 0 puntos

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HOJA DE RESPUESTAS:

# Question Answer # Question Answer

1 21
2 22
3 23
4 24
5 25
6 26
7 27
8 28
9 29
10 30
11 C 31
12 B 32
13 C 33
14 A 34
15 B 35
16 A 36
17 B 37
18 C 38
19 B 39
20 B 40

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PREGUNTAS:

01 A company owns an item of equipment which is depreciated on a straight-line basis at an

annual rate of $5, 150 for accounting purposes. The same equipment is being depreciated
at a higher annual charge of $6,000 for tax purposes. The exhibit illustrates the carrying
amount and tax base of the equipment for the first two years (at closing) since purchase.
The corporate tax rate is 25%. Assume the equipment was bought at the beginning of
2013.

For the year ended 2014 the company will report a:

A deferred tax liability of $425 million.

B deferred tax asset of $1,700 million.
C deferred tax liability of $1,275 million.

Justificación:

02 An analyst collects the following information (in € millions) on a company:

500
Income tax expense
Deferred tax assets (DTAs) 40
Deferred tax liabilities (DTLs) 80
Prior year DTA 50
Prior year DTL 60

Based on only this data, the company's income taxes payable (in € millions) is closest to:

A 470.
B 490.
C 510.

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 Justificación:

03 The recognition of certain income or expense items under accounting standards, which
otherwise are not allowed by tax legislation will give rise to:

A permanent differences.
B taxable temporary differences.
C deductible temporary differences.

Justificación:

04 Squadron Limited received €25,000 in cash representing advance payment for goods
delivered to one of its customers. Tax authorities require revenues to be taxed on a cash
basis. The differential tax treatment will most likely give rise to a:

A current tax asset.

B deferred tax asset.
C deferred tax liability.

Justificación:

05 If there is doubt about the recoverability of deferred tax assets, a valuation allowance will
be created under:

A IFRS only.
B US GAAP only.
C IFRS and US GAAP.

Justificación:

06 Deferred tax liability may arise when company includes:

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 A income in financial statement's net income in later periods than in taxable income.
B expenses in taxable income in earlier periods than for financial statement's net income.
C income in taxable income in earlier periods than for financial statement's net income.

Justificación:

07 When the tax base of an asset exceeds its carrying amount, a deferred tax asset will arise
as a result of a:

A permanent difference.
B taxable temporary difference.
C deductible temporary difference.

Justificación:

08 While reviewing the financials statements of a utility company, Ryan Brad, a financial
analyst, became particularly concerned about changes in the company's balance sheet
accounts. Specifically, Brad noticed that the deferred tax asset account had decreased
significantly.
The change in the deferred tax asset account that Brad noticed can be observed:

A due to changes in tax rates only.

B due to changes in tax rates or changes in temporary differences during the period
evaluated only.
C even if tax rates and temporary differences remain unchanged.

Justificación:

09 Which of the following statements regarding deferred taxes is NOT correct?

A If deferred tax liabilities are not included in equity, debt-to-equity ratio will be reduced.
B Only those components of deferred tax liabilities that are likely to reverse should be
considered a liability.
C If deferred taxes are not expected to reverse in the future then they should be
classified as equity.

Justificación:

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10 A company purchased a new pizza oven for $12,676. It will work for 5 years and has no
salvage value. The tax rate is 41%, and annual revenues are constant at $7,192. For
financial reporting, the straight-line depreciation method is used, but for tax purposes
depreciation is 35% of original cost in years 1 and 2 and the remaining 30% in Year 3. For
this question ignore all expenses other than depreciation.

What is the deferred tax liability as of the end of year one?

A $780.
B $1,129.
C $1,909.

Justificación:

11 Cushinson Corp. had a beginning inventory of $9,500 (250 units) and made three inventory
purchases during the fiscal year:

Purchases Units Total Cost

3/1/X6 400 $14,800
7/1/X6 450 $14,850
9/1/X6 550 $15,950

The company began operations on Jan. 1, 20X6. Costing uses the LIFO method of
determining cost of goods sold. First year sales were 1,300 units. The most likely effects of
using LIFO inventory costing as compared to FIFO in Cushinson's 20X6 financial
statements are:

A higher net income; higher working capital.

B higher net income; lower working capital.
C lower net income; lower working capital.

Justificación: RESPUESTA C, la empresa se encuentra en un contexto de caída de

precios, por lo tanto, los costos son más bajos utilizando el método LIFO y, por
consiguiente, bajo net income y working capital.

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12 Eric Corp, a publishing firm, is facing periods of falling prices and increasing inventory
quantities. The firm will report lowest ending inventory and lowest taxes if it follows:

A LIFO.
B FIFO.
C Weighted average method.

Justificación: RESPUESTA B, porque ante un contexto de caída de precios el costo se

vería reducido utilizando el método FIFO y esto ocacionaria un bajo inventario final y
bajos taxes.

13 If prices are rising, and a company shifts from FIFO inventory costing method to LIFO
inventory costing method, what will be the effect on the company's inventory turnover ratio
and return on assets ratio?

Inventory turnover / Return on Assets

A Decrease / Increase
B Increase / Increase
C Increase / Decrease

Justificación: RESPUESTA C, para el método FIFO los costos serian más bajos que si
usara el método LIFO. Por lo tanto, Inventory turnover crecería y Return on Assets
caería.

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14 During periods of declining inventory costs, compared to LIFO, the FIFO method will report
a higher:

A gross profit margin.

B debt-to-assets ratio.
C interest coverage ratio.

Justificación: RESPUESTA A, en periodos de bajos costos con el método FIFO el gross

profit margin crecerá porque el gross profit será mayor proporcionalmente comparado con
el costo.

15 On January l, 2019 LRT began operations. The units purchased and sold over the year by
the company are summarized in the exhibit below:

The cost of sales reported by the company under the LIFO method, using the perpetual
system is equal to:

A $3,585,000.
B $3,680,000.
C $5,475,000.

Justificación: RESPUESTA B.
25000 und. *$50+12000 und. *$45+15000 und. * $45 + 9000 und * $45 + 18000 und. *$45
= $3680000

16 Which of the following methods will result in the highest ending inventory balance being
reported when inventory prices are rising?

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 A FIFO
B LIFO
C Weighted average cost

Justificación: RESPUESTA A, porque a través de este método los costos de ventas

sería más bajo dejando el valor del inventario final más alto, en comparación si se
utilizara un método LIFO.

17 A company prepares and presents its financial statements in accordance with IFRS. In
2019, the carrying amount of inventory was $435,200 while net realizable value was
$329,000. In 2020, the net realizable value increased to $440,000.
With respect to the increase in net realizable value in 2020, the company will:

A make no further adjustments.

B reduce cost of sales by $106,200.
C reduce cost of sales by $111,000.

Justificación: RESPUESTA B, la compañía reducirá su costo de ventas en 106200.

Carrying amount= 435 200
NRV= 329 000
Cost of Sales=435 200 – 329 000= 106 200.

18 If inventory replacement costs were increasing, relative to the weighted average cost
inventory method, which of the following is least likely to be higher under the FIFO method?

A Net income
B Current ratio
C Debt-to-equity ratio

Justificación: RESPUESTA C, a través del método FIFO el nivel de apalancamiento

sería menor, en cambio el net income y el current ratio incrementarían.

19 During a period of increasing prices, compared to reporting under LIFO, a firm that reports
using average cost for inventory will have a:

A lower gross margin.

B higher current ratio.
C higher asset turnover.

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 Justificación: RESPUESTA B, porque el el activo corriente crecería más aplicando el
método average cost que si utilizara el método LIFO. Esto nos daría un current ratio
mayor.

20 Lantana Beans, a German coffee company follows IFRS. An analyst extracted the following
information from its 2020 financial statements.

Cost of ending inventory €750,000

Net realizable value €660,000
Current replacement cost €620,000

(Current replacement cost is within the upper limit of NRV and lower limit of NRV-normal
profit margin)

What would be the effect of write down on Lantana Beans financial statements?

A Lantana would write its inventory down to €620,000.

B Lantana would record an expense of €90,000 on the income statement.
C Lantana would reduce its cost of goods sold by €130,000.

Justificación: RESPUESTA B, los 90000 deberían ser reconocidos como gasto en el

estado de resultados por Lantana.
Cost of ending inventory= 750 000
NRV= 660 000
Selling cost= 750 000 – 660 000= 90 000

21 A company's periodic interest expense will be the same as the amount of periodic interest
payment if the bonds are issued at:

A par
B discount
C premium

Justificación:

22 A few years ago, a company entered into a lease agreement. On January 1, 2013, the
carrying value of lease receivable reported on a lessor's balance sheet was €1,045,340. An
annual lease payment of $25,550 was received on January 1, 2013. The applicable
discount rate is 8% and the lease is classified as a sales-type lease. If the present value of
the future lease payments and carrying amount of the asset at the inception of the lease

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 are €2.5 million and €2.0 million, respectively, the amount of profit recognized at the
inception of the lease and the interest revenue for the year ending December 31, 2014 is,
respectively, closest to:

Profit / Interest revenue

A €0.500 million / €0.0816 million.

B €0.500 million / €0.0836 million.
C €1.500 million / €0.0857 million.

Justificación:

23 When market interest rates are declining, a company using the fair value option for a
liability with a fixed coupon rate will report:

A a loss in the income statement.

B a gain in the income statement.
C neither a gain nor loss on the income statement.

Justificación:

24 Deans Incorporated (DEIN) recognizes a leased asset with a carrying amount of $200,000
on its balance sheet on 1 January 2011 at the same time it makes the first lease payment.
The asset has a useful life of five years and a zero-salvage value. The annual lease
payments equal 35,000.

The discount rate is 10%. The asset is depreciated using straight line depreciation.

Assuming this is a finance lease, the total expense related to the lease reported in the
income statement at the end of the fiscal year 2011 will be closest to:

A $40,000.
B $56,500.
C $60,000.

Justificación:

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25 A bond is issued at the end of the year 20X0 with an 8% semiannual coupon rate, 5 years
to maturity, and a par value of $1,000. The bond's yield at issuance is 10%. Using the
effective interest method, if the yield has decreased to 9% at the end of the year 20X1, the
balance sheet liability for the bond is closest to:

A $923.
B $935.
C $967.

Justificación:

26 Compared to finance lease, a lessee that uses operating lease will least likely report:

A stronger solvency position.

B lower operating cash flows.
C higher return measures in later years.

Justificación:

27 An analyst is analyzing a $100,000 par value bond with a 5% coupon and 5 years to
maturity. At the time of issuance, the market interest rate was 6%. For this bond, periodic
interest expense will most likely be:

A equal to the period interest payment.

B less than the periodic interest payment.
C greater than the periodic interest payment.

Justificación:

28 A company issues an annual-pay bond with a face value of $135,662, maturity of 4 years,
and 7% coupon, while market interest rates for its bonds are 8%. What is the unamortized
discount at the end of the first year?

A $1,209.
B $538.
C $3,495.

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 Justificación:

29 Under which type of lease, does the lessor record gross profit in her financial statements?

A Direct financing lease

B Sales-type lease
C Both direct financing and sales-type lease

Justificación:

30 A company issues a 5-year bond issue with a face value of $100,000. At the time of
issuance, the coupon rate and effective interest rate is 6% and 8%, respectively. The issue
is said to be sold at:

A par
B a discount
C a premium

Justificación:

31 East Company purchased a new truck at the beginning of this year for $30,000. The truck
has a useful life of eight years or 150,000 miles, and an estimated salvage value of $3,000.
If the truck is driven 16,500 miles this year, how much depreciation will East report under
the double-declining balance (DDB) method and the units-of-production (UOP) method?

DDB UOP
A $ 7,500 $ 2,970
B $ 7,500 $ 3,300
C $ 6,750 $ 2,970

Justificación:

32

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 An analyst learns that a company has reported the following items as intangible assets in
its financial statement footnotes:

Item 1: Acquired customer list which is expected to provide benefits to the company for the
coming three years.

Item 2: Acquired license which expires in five years and is renewable at little or no cost.

Item 3: Acquired license which expires three years from today and is nonrenewable.

Which of the following items can most likely be amortized?

Item 1 / Item 2 / Item 3

A Yes / No / No
B Yes / No / Yes
C No / Yes / Yes

Justificación:

33 At the beginning of this year, Fairweather Corp. incurred $200,000 of research costs and
$100,000 of development costs to create a new patent. The patent is expected to have a
useful life of 40 years with no salvage value. Calculate the carrying value of the patent at
the end of this year, assuming Fairweather follows U.S. GAAP.

A $0.
B $97,500.
C $292,500.

Justificación:

34 Which of the following statements least accurately illustrates the current period effects of
treating expenditure as an expense rather than capitalizing it?

A No asset is recorded on the balance sheet.

B Net income is reduced by the gross amount of expenditure.
C Expenditure amount appears as an operating cash outflow on the statement of cash
flows.

Justificación:

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35 Superlative Enterprises had previously written down machinery that it used in its production
process. The machine had a carrying amount of $75,000 and an impairment loss of $7,000
was recognized. During the most recent year, however, the firm estimated that the asset's
recoverable amount increased to $77,000.

Ignoring depreciation, under IFRS, the carrying amount of the machinery on the balance
sheet for the most recent year should be closest to:

A $68,000.
B $75,000.
C $77,000.

Justificación:

36 XYZ Inc. increased the value of a group of assets via initial revaluation. At the start of the
year, XYZ Inc. reported a financial leverage ratio (total assets/total shareholders' equity)
which exceeded 1.0. The impact of the revaluation on XYZ Inc.'s reported leverage is most
likely:

A no impact.
B a decrease.
C an increase.

Justificación:

37 An analyst determined the following information concerning Franklin, Inc.'s stamping

machine:

 Acquired seven years ago for $22 million

 Straight line method used for depreciation
 Useful life estimated to be 12 years
 Salvage value originally estimated to be $4 million

The stamping machine is expected to generate $1,500,000 per year for five more years and
will then be sold for $1,000,000. Under U.S. GAAP, the stamping machine is:

A impaired because expected salvage value has declined.

B impaired because its carrying value exceeds expected future cash flows.
C not impaired.

Justificación:

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38 Train, Inc.'s cash flow from operations (CFO) in 20X8 was $14 million. Train paid $8 million
cash to acquire a franchise at the beginning of 20X8 and recognized the entire purchase
price as an expense. If Train had instead elected to amortize the cost of the franchise over
its estimated life, 20X8 cash flow from operations (CFO) would have been:

A $6 million.
B $14 million.
C $22 million.

Justificación:

39 Compared to the accelerated method of depreciation, a company which uses the straight-
line method of depreciation for assets will report higher:

A efficiency in the later years of the asset's useful life.

B efficiency in the earlier years of the asset's useful life.
C profitability in the later years of the asset's useful life.

Justificación:

40 A company's management decided to report the purchase of an asset on the income

statement in the year the expenditure was made.
Assuming that total assets considerably exceed net income, relative to capitalizing the
expenditure, the company will report (a) higher:

A return on assets.
B operating cash flows.
C fixed asset turnover ratio.

Justificación:

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Fin del Examen Escrito Nº 02 (Grupal)

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