NO.PZ2023081403000070
问题如下：
Q. Zimt AG wrote down the value of its inventory in 2017 and reversed the write-down in 2018. Compared to the results the company would have reported if the write-down had never occurred, Zimt’s reported that the 2018:
选项：
A.profit was overstated.
B.cash flow from operations was overstated.
C.year-end inventory balance was overstated.
解释：
A is correct. The reversal of the write-down shifted the cost of sales from 2018 to 2017. The 2017 cost of sales was higher because of the write-down, and the 2018 cost of sales was lower because of the reversal of the write-down. As a result, the reported 2018 profits were overstated. Inventory balance in 2018 is the same because the write-down and reversal cancel each other out. Cash flow from operations is not affected by the non-cash write-down, but the higher profits in 2018 likely resulted in higher taxes and thus lower cash flow from operations.
2018年: CFO = NI-inventory变化- AR变化+AP变化，如果2018年inventory出现回转，回转金额会体现在cogs的下降，以及NI的上升，但这部分inventory的回转会令“inventory变化”（期末➖起初）相应上升，当NI-“inventory变化”后，这部分变化即可抵消，所以对CFO没有影响。
