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Viola欧拉 · 2024年12月21日

The company considers dividends paid a financing activity？

  1. CFA I
  2. FRA

NO.PZ2023081403000048

问题如下：

Q. An analyst gathered the information in Exhibit 1 from a company’s 2018 financial statements:

Exhibit 1:

2018 Financial Statement (US dollars, millions)

In 2018, the company declared and paid cash dividends of USD10 million and recorded depreciation expense in the amount of USD25 million. The company considers dividends paid a financing activity. The company’s 2018 cash flow from operations (in USD millions) was closest to:

选项：

A.25 B.45 C.75

解释：

B is correct. All dollar amounts are in millions. Net income (NI) for 2018 is USD35. This amount is the increase in retained earnings, USD25, plus the dividends paid, USD10. Depreciation of USD25 is added back to net income, and the increases in accounts receivable, USD5, and in inventory, USD3, are subtracted from net income because they are uses of cash. The decrease in accounts payable is also a use of cash and, therefore, a subtraction from net income. Thus, cash flow from operations is USD25 + USD10 + USD25 – USD5 – USD3 – USD7 = USD45.

如题， The company considers dividends paid a financing activity. 这个是个迷惑性条件吗？不用管吗？

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1 个答案

王园圆_品职助教 · 2024年12月21日

同学你好，其实这句话是有用的，是为了避免题目出现歧义和不同计算结果

本题考察的是间接法计算CFO，而间接法其实是以NI为起点的——也就是认为NI以后如果出现减少NI的项目，也就是分红，是不用在CFO里考虑的默认是CFF或CFI的现金流出流入的

这种把分红作为CFF分类的方法是US GAAP的方法，而IFRS下其实除了把分红作为CFF，也可以分类为CFO——题目如果没有说清楚分红是CFF而不是CFO项目，这个题目就不够严谨，有可能通过间接法计算的CFO最后就需要再减去这笔分红现金流出才对了

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