NO.PZ2024011002000103
问题如下：
Assume U.S. GAAP applies. If Lizard Inc., a lessee, treats a 5-year lease as a finance lease with straight line depreciation rather than as an operating lease:选项：
A.it will have greater equity at lease inception. B.its operating income will be less in the first year of the lease. C.its CFO will be greater and CFF will be less in the second year of the lease.解释：
With a finance lease, only the interest portion of the lease payment is classified as CFO, so CFO will be greater than it would be with an equivalent operating lease. CFF will be less for a finance lease because the principal portion of each lease payment is classified as a financing cash outflow. Operating income, EBIT, will be reduced only by the (equal) annual depreciation expense with a finance lease, so operating income will be greater for a finance lease than for an operating lease (for which the entire lease payment will be an operating expense). This categorization does not affect the requirement for recognition of the asset and lease liability at inception. At inception, a lessee must recognize an asset and a lease liability at lease inception.C选项说第二年CFO较多， CFF较少。 为什么特别说明是第二年。 在finance lease 下， 不管期初还是后续， 不都是本金归还是CFF, 利息归还是CFO, 对比美国准则下的operating lease， 全部lease payment 都是CFO。 Finance lease 不是应该一直都CFO较多， CFF较少吗
