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Phoebe · 2023年10月08日

关于CFO = NI + Dep - ^AR - ^Inv + ^ AP

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NO.PZ201812100100000701

问题如下:

Which of Webster’s notes about BIG Industrial provides an accounting warning sign of a potential reporting problem?

选项:

A.

Only Note 1

B.

Only Note 2

C.

Both Note 1 and Note 2

解释:

B is correct.

Only Note 2 provides a warning sign. The combination of increases in accounts payable with substantial decreases in accounts receivable and inventory are an accounting warning sign that management may be overstating cash flow from operations. Note 1 does not necessarily provide a warning sign. Operating income being greater than operating cash flow is a warning sign of a potential reporting problem. In this case, however, BIG Industrial’s operating income is lower than its operating cash flow.

解析:Note 2是warning sign。A/P增加,同时A/R和inventory大幅下降,有可能高估CFO(=NI+dep-ΔINV-ΔAR+ΔAP)。Note 1不是warning sign,但如果反过来:operating income比operating cash flow大,那么就是warning sign。

如果AR 和Inventory 都大幅下降,那说明delta AR 和delta Inventory 都会是比较大的值,Delta AP 是比较小的值,这样算出来的CFO 是比较小的,为什么说会高估CFO 呢?

1 个答案

王园圆_品职助教 · 2023年10月08日

同学你好,因为这个计算本身需要考虑Δ自身代表的含义

资产中:AR大幅下降,说明ΔAR是负数,减去负数相当于加上正数——原理上是AR减少说明本期有很多客户归还了上期的欠款,所以公司实际收到的现金应该比销售获得的现金更加提高,公司产生现金流入;Δinventory也是资产,所以和ΔAR是同理

负债中:AP如果小幅上升,说明公司欠供应商的钱变得更多了,那相当于是供应商对公司提供了无息借款,公司的现金流入增加

所以你的这个例子中,最后CFO应该增大很多才对

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