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Lin · 2020年10月08日

问一道题：NO.PZ201806201100001202

  1. CFA I
  2. FRA

* 问题详情，请 查看题干

问题如下：

Jordan’s response about the ratio impact of Alpha’s decision to capitalise interest costs is most likely correct with respect to the:

选项：

A.

interest coverage ratio.

B.

fixed asset turnover ratio.

C.

interest coverage and fixed asset turnover ratios.

解释：

B is correct. Alpha’s fixed asset turnover will be lower because the capitalised interest will appear on the balance sheet as part of the asset being constructed. Therefore, fixed assets will be higher and the fixed asset turnover ratio (total revenue/average net fixed assets) will be lower than if it had expensed these costs. Capitalised interest appears on the balance sheet as part of the asset being constructed instead of being reported as interest expense in the period incurred. However, the interest coverage ratio should be based on interest payments, not interest expense (earnings before interest and taxes/interest payments), and should be unchanged. To provide a true picture of a company’s interest coverage, the entire amount of interest expenditure, both the capitalised portion and the expensed portion, should be used in calculating interest coverage ratios.

老师，利息资本化之后，EBIT会不会变高呢？

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1 个答案

Olive_品职助教 · 2020年10月10日

嗨，努力学习的PZer你好：


解析里有：

However, the interest coverage ratio should be based on interest payments, not interest expense (earnings before interest and taxes/interest payments), and should be unchanged.

之前也有相关问答可以参考一下：

https://class.pzacademy.com/qa/52509

 


-------------------------------
努力的时光都是限量版，加油！


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