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冲鸭cfa · 2023年07月14日

这题为什么不选B

  1. CFA I
  2. Corporate Issuers

NO.PZ2022090806000002

问题如下：

Which of the following are considered internal sources of financing for a company’s working capital management?

选项：

A.Committed and uncommitted lines of credit B.Accounts receivable and inventory C.Accounts payable and accruals

解释：

Solution

C is correct. Accounts payable and accruals are internal and a source of cash as they are payments not yet made to suppliers, employees, or other related parties. Lines of credit are external sources of financing. Accounts receivable and inventory are internal uses of cash since a company must access financing to purchase inventory and lend to its customers.

这题为什么不选B

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1 个答案

王琛_品职助教 · 2023年07月17日

嗨，爱思考的PZer你好：


1

这道题咱们了解一下即可，不建议深究

背景源于原版书的更新

2023 原版书在营运资本和流动性章节，新增了营运资本管理的内容

这道题是课后题第 10 题，也是 2023 新增的课后题，对应的就是营运资本管理的内容

我理解，负责新增内容的作者，可能没有细看原来的原版书，所以导致做题时，其实语境有所不同

2

一个知识点，可能会出现在原版书多个地方，每个地方的侧重点和理解角度是不同的

关于应收账款和存货，出现在了两个地方

分别是第一部分营运资本 Working Capital，和第二部分是融资渠道或选择 Financing Options

从题干的关键词 working capital management 分析，考查的内容对应第「一」部分 Working Capital，所以我们要站在第一部分的角度去理解

3

从第一部分介绍的重点及语境分析

应收账款和存货，属于「投资」 Investment，即资金的「使用」 uses of cash

因为有了钱之后，才能购买存货，赊销给客户

4

所以，选项 B 不是 sources of financing，不是「融资」来源

而是「投资」，资产的使用 uses of cash

总结一下，题目问的是融资来源，但是选项 B 对应投资，所以不选

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