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.
如果B选项这里说，投资以远高于账面的价值被卖出去了，那就可以用于解释，为什么NI远大于CFO了是吧？
