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嗯 · 2023年08月16日

不太明白

NO.PZ2023040501000141

问题如下:

Spaulding tells Tomlinson that she believes the quality of earnings has deteriorated and that the recent increase in profitability is the result of earnings management. In support, she presents several ratios in Exhibit 3.


Spaulding goes on to say that after preparing Exhibit 3, she also determined the cash flow based accruals ratios for the two years and suspects that the accruals portion of earnings has increased.

Tomlinson responds:

“The ratios you have provided for operating cash flow to operating income are overestimates to what they would have been if operating cash flows had been calculated on a pre-tax and pre interest basis.”

Based on their discussion surrounding Exhibit 3, which of the following statements is most appropriate?

选项:

A.

Tomlinson’s comment about the operating cash flow to operating income ratio is correct.

B.

According to Spaulding, the cash flow based accrual ratio was lower in 2014 than in 2013.

C.

According to Spaulding, the persistence of the company’s earnings has deteriorated.

解释:

Earnings with a lower component of accruals are more persistent and are of higher quality. Based on Spaulding’s statement that the accruals portion of earnings has increased, the persistence of earnings has deteriorated and the earnings quality has declined.

这道题的整个分析流程不明白,会用到accrual ratio的CF的公式去分析吗

1 个答案
已采纳答案

王园圆_品职助教 · 2023年08月16日

同学你好,本题是会用到CF accruals ratio来做分析的,不过不需要计算,只需要了解其简单的原理即可判断

题干说了Spaulding认为公司的earnings是经过粉饰的并提供了Exhibit 3的几个ratio作为佐证。然后Tomlinson 也说了一段话

然后题目问以下哪个说法是正确的

A选项说Tomlinson 对于operating cash flow to operating income ratio的评论是正确的——找到题干中Tomlinson说的话,他认为现在exhibit 3里面的(operating cash flow) to operating income ratio 相对于(息税费用前的operating cash flow) to operating income ratio 是高估的——这里比较两个括号内的部分即可,一般的CFO是息税费用后的,会更小,而息税费用前的CFO显然会更大,那么由于分子更小,其实粉色部分的ratio应该相对绿色部分的ratio是更小(而不是更大),所以A错

B说由Spaulding说的话可得,CF accruals ratio2014年相对于2013年应该更小——这里对应题干中“she also determined the cash flow based accruals ratios for the two years and suspects that the accruals portion of earnings has increased.”这个信息点。由以下讲义公式可以知道,一个公司的NI如果由越多的现金构成的话(也就是应收应付的比例越小),那必然其cash flow based accruals ratio会更小(而不是更大),而蓝色部分的意思是应收应付的比例变大了,那cash flow based accruals ratio应该越来越大才对——加粗部分出现矛盾,B错

C说Spaulding认为公司的earnings的持续性是被粉饰了,这其实和最开始的题干内容(也就是上面黄色部分)是一致的,所以C对

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