NO.PZ2018111303000105
问题如下：
Edward, an analyst, is preparing a research report on the performance of W&M Inc. in last three years. He notes that:
1. Operating income has been much lower than operating cash flow (OCF)
2. The growth rate in revenue has exceeded the growth rate in receivables.
Do either of Notes 1 or 2 about W&M describe an accounting warning sign of a potential reporting problem?
选项：
A.
No.
B.
Yes, Note 1 provides a warning sign.
C.
Yes, Note 2 provides a warning sign.
解释：
A is correct.
Note1和2都不是warning sign。
Note1说operating income比OCF小很多，说明公司收到的现金流高于损益表里权责发生制计的收入，意味着公司内部收到了更多的现金流，但是暂时还没有确认收入，那么报表计的比较谨慎，没有虚增利润，所以不是一个warning sign。如果反过来，operating income比operating cash flow大，那么就是warning sign。
Note2说销售额的增长大于AR的增长，说明销售额的增长更多的是赚到了实实在在的现金流，因此不是一个warning sign。如果反过来，销售额的增长小于AR的增长，说明新增的大部分销售额都是没有收现的，说明销售额是不可持续的，则是一个warning sign。
operating cash flow 和 operating income 和 cash flow from operation 的区别在哪里
