收入被高估

问题如下：

Do either of Webster’s Notes 4 or 5 about Construction Supply describe an accounting warning sign of potential overstatement or non-sustainability of operating income?

选项：

A.

No

B.

Yes, Note 4 provides a warning sign

C.

Yes, Note 5 provides a warning sign

解释：

A is correct.

Neither Note 4 nor Note 5 provides an accounting warning sign of potential overstatement or non-sustainability of operating income.

Increases in operating margins can be a warning sign of potential overstatement or non-sustainability of operating and/or net income. In this case, however, operating margins for Construction Supply have been relatively constant during the last three years.

A growth rate in receivables exceeding the growth rate in revenue is an accounting warning sign of potential overstatement or non-sustainability of operating income. In this case, however, Construction Supply’s revenue growth exceeds the growth rate in receivables.

解析：Note4和5都不是warning sign。Operating margin如果变高，那么有可能是高估operating income或NI，但是Construction公司的该指标保持稳定。如果应收账款的增长率高于营业收入的增长率，那么有可能operating income被高估或者缺乏持续性，但是Construction公司相反，是收入增长率高于应收账款增长率。