CFA考試你準備練習的如何？CFA知識點的掌握如何？

CFA考試你準備練習的如何？CFA知識點的掌握如何？今天我們學習財報中的-長期負債專題，不知道你這一塊的知識點掌握的如何？做一做練習題就知道了！

... 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：選A。隨時間推移，零息債券的負債價值增加（賬面上每期有利息費用），權(quán)益減少。

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：選A。利率上升 → 債券價值下降 → 債券賬面價值 > 市場價值。公司可以以低于賬面價值的價格回購債券 → 高估經(jīng)濟負債。即，利率上升讓債券更便宜，用不了那么多錢，所以高估了要用的錢的數(shù)量。C項，因為債券是以固定利率發(fā)行的，所以對利息覆蓋沒有影響。

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