开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

Jessy · 2022年03月24日

这个知识点在CFAII的FSA的哪一个章节？

  1. CFA II
  2. FRA

NO.PZ2018111303000092

问题如下：

Analyst collected the financial information about PZ company in the following table:

Analyst also collected the cash flow information about PZ company in the following table:

The CFF includes cash paid for interest of 1260 and the CFO includes taxes of 1850 in 2018, based on the ratios for operating cash flow before interest taxes to operating income in 2018, the results should describe as:

选项：

A.

PZ’s earning are not backed by cash flow

B.

PZ’s earning are backed by cash flow

C.

no conclusion

解释：

B is correct.

考点：operating cash flow before interest and taxes

解析：

Operating cash flow before interest and taxes=CFO+支付利息的现金+支付税的现金，这一题比较特殊，因为题目中说interest是属于financing activity的，不属于CFO，所以它没有在CFO中扣除。既然它没有在CFO中扣除，那也就不需要加回了，只需要加回tax即可

Operating cash flow before interest and taxes=8850+1850=10700

将其除以EBTI得到：10700/4579=2.34

计算结果是大于1的，说明公司的earning质量较高。

我用的是：accrual ratio-CF=(NI-CFO-CFI)/Average NOA=3560-（8850-（-9880）/42000=负数，很小，所以得出B对，与解析所说的方法不一样。请老师评讲，谢谢！

添加评论
1 个答案
已采纳答案

袁园_品职助教 · 2022年03月26日

嗨，爱思考的PZer你好：


这个是有专门的一个知识点讲解的，并不是用accrual ratio计算，建议你看一下基础班讲义的最后341-342页。是视频的倒数第二个。

----------------------------------------------
努力的时光都是限量版，加油！

  • 1

    回答

  • 1

    关注

  • 529

    浏览
相关问题

NO.PZ2018111303000092 问题如下 Analyst collectethe financiinformation about PZ company in the following table:Analyst also collectethe cash flow information about PZ company in the following table:The CFF inclus cash paifor interest of 1260 anthe CFO inclus taxes of 1850 in 2018, baseon the ratios for operating cash flow before interest taxes to operating income in 2018, the results shoulscrias: A.PZ’s earning are not backecash flow B.PZ’s earning are backecash flow C.no conclusion B is correct.考点operating cash flow before interest antaxes解析Operating cash flow before interest antaxes=CFO+支付利息的现金+支付税的现金，这一题比较特殊，因为题目中说interest是属于financing activity的，不属于CFO，所以它没有在CFO中扣除。既然它没有在CFO中扣除，那也就不需要加回了，只需要加回tax即可Operating cash flow before interest antaxes=8850+1850=10700将其除以EBTI得到10700/4579=2.34计算结果是大于1的，说明公司的earning质量较高。 对于这个题目不是很理解 题目中不是说CFO包含了2018年的t按道理说就不应该再加上tax了 应该直接8850/4579对比呀 不是很明白答案里面又加了一层的t在题目中CFO说已经inclu的情况下

2024-08-29 14:54 1 · 回答

NO.PZ2018111303000092 问题如下 Analyst collectethe financiinformation about PZ company in the following table:Analyst also collectethe cash flow information about PZ company in the following table:The CFF inclus cash paifor interest of 1260 anthe CFO inclus taxes of 1850 in 2018, baseon the ratios for operating cash flow before interest taxes to operating income in 2018, the results shoulscrias: A.PZ’s earning are not backecash flow B.PZ’s earning are backecash flow C.no conclusion B is correct.考点operating cash flow before interest antaxes解析Operating cash flow before interest antaxes=CFO+支付利息的现金+支付税的现金，这一题比较特殊，因为题目中说interest是属于financing activity的，不属于CFO，所以它没有在CFO中扣除。既然它没有在CFO中扣除，那也就不需要加回了，只需要加回tax即可Operating cash flow before interest antaxes=8850+1850=10700将其除以EBTI得到10700/4579=2.34计算结果是大于1的，说明公司的earning质量较高。 EBT-NI=tax=4012-3560=452解析中Operating cash flow before interest antaxes=8850+1850=10700里的1850是怎么算的

2024-05-25 18:10 2 · 回答

NO.PZ2018111303000092问题如下 Analyst collectethe financiinformation about PZ company in the following table:Analyst also collectethe cash flow information about PZ company in the following table:The CFF inclus cash paifor interest of 1260 anthe CFO inclus taxes of 1850 in 2018, baseon the ratios for operating cash flow before interest taxes to operating income in 2018, the results shoulscrias: A.PZ’s earning are not backecash flowB.PZ’s earning are backecash flowC.no conclusion B is correct.考点operating cash flow before interest antaxes解析Operating cash flow before interest antaxes=CFO+支付利息的现金+支付税的现金，这一题比较特殊，因为题目中说interest是属于financing activity的，不属于CFO，所以它没有在CFO中扣除。既然它没有在CFO中扣除，那也就不需要加回了，只需要加回tax即可Operating cash flow before interest antaxes=8850+1850=10700将其除以EBTI得到10700/4579=2.34计算结果是大于1的，说明公司的earning质量较高。 为什么分母是EBIT 不是NI

2024-05-09 20:49 1 · 回答

NO.PZ2018111303000092 问题如下 Analyst collectethe financiinformation about PZ company in the following table:Analyst also collectethe cash flow information about PZ company in the following table:The CFF inclus cash paifor interest of 1260 anthe CFO inclus taxes of 1850 in 2018, baseon the ratios for operating cash flow before interest taxes to operating income in 2018, the results shoulscrias: A.PZ’s earning are not backecash flow B.PZ’s earning are backecash flow C.no conclusion B is correct.考点operating cash flow before interest antaxes解析Operating cash flow before interest antaxes=CFO+支付利息的现金+支付税的现金，这一题比较特殊，因为题目中说interest是属于financing activity的，不属于CFO，所以它没有在CFO中扣除。既然它没有在CFO中扣除，那也就不需要加回了，只需要加回tax即可Operating cash flow before interest antaxes=8850+1850=10700将其除以EBTI得到10700/4579=2.34计算结果是大于1的，说明公司的earning质量较高。 分母是ebit，分子应该匹配CFO+int+tax

2024-03-24 23:09 1 · 回答

NO.PZ2018111303000092 问题如下 Analyst collectethe financiinformation about PZ company in the following table:Analyst also collectethe cash flow information about PZ company in the following table:The CFF inclus cash paifor interest of 1260 anthe CFO inclus taxes of 1850 in 2018, baseon the ratios for operating cash flow before interest taxes to operating income in 2018, the results shoulscrias: A.PZ’s earning are not backecash flow B.PZ’s earning are backecash flow C.no conclusion B is correct.考点operating cash flow before interest antaxes解析Operating cash flow before interest antaxes=CFO+支付利息的现金+支付税的现金，这一题比较特殊，因为题目中说interest是属于financing activity的，不属于CFO，所以它没有在CFO中扣除。既然它没有在CFO中扣除，那也就不需要加回了，只需要加回tax即可Operating cash flow before interest antaxes=8850+1850=10700将其除以EBTI得到10700/4579=2.34计算结果是大于1的，说明公司的earning质量较高。 这题为什么不是 EBIT 与 （CFO+CFI）之和进行比较？在计算cash flow baseaccruratio衡量earnings质量的时候，就用的（CFO+CFI）比较，为什么这里只用CFO，区别在哪里？

2023-11-02 16:17 1 · 回答