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甜甜圈洞 · 2024年01月27日

请问A B为什么不对 谢谢

  1. CFA I
  2. FRA

NO.PZ2024011002000040

问题如下：

Assume U.S. GAAP applies unless otherwise noted. In 2008, a company reported net income of $200 million and cash flow from operations of $120 million. All else equal, the most likely explanation for the difference between net income and cash flow from operations in 2008 is that the company:

选项：

A.Tightened credit policies and increased collection efforts during the year.

B.Sold a long-term investment for an amount equal to book value at the end of the year.

C.Increased raw materials inventory in anticipation of increased sales at the end of the year.

解释：

NI=$200 million and CFO=$120, so NI>CFO, and CFO=NI + dep./amor. - gain + loss - changes in current assets + changes in current liabilities.

Tightened credit policies and increased collection efforts will increase CFO; and to sell a long-term investment for an amount equal to book value at the end of the year is an investment activity, so increased raw materials inventory in anticipation of increased sales at the end of the year will lead to CFO decreased, and less than NI.

请问A B为什么不对 谢谢

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1 个答案

王园圆_品职助教 · 2024年01月27日

同学你好，如果公司的NI金额远大于CFO金额，说明公司NI中有很大一部分不是现金收入

A选项说公司使用了更紧缩的给客户的信贷政策——也就是以前可能客户让客户赊账30天的，现在只能赊账15天了；并且增加了收款的努力——同样的，公司更大力的收款，应该现金收回来的应该更多才对——这两大政策下，应该会使公司的CFO更多更接近NI，所以A错

B以账面价值卖出一个长期投资。首先长期投资卖出后收回的钱是计入CFI的，和CFO无关；而以账面价值卖出投资，就不会确认任何的亏损或者收益，也就不会有任何的gain/loss导致NI和CFO出现偏离，所以B错

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