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Spooon · 2024年02月17日

没太理解

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.

能否仔细说一下解题思路

1 个答案

lynn_品职助教 · 2024年02月18日

嗨,努力学习的PZer你好:


题目问相比假设2017年不发生存货跌价(那么2018年就没有回转了),真实情况中(发生了跌价和回转)的2018年财报数字会怎么样?


相比没发生什么都没发生的情形,实际的2018年的COGS更低,因此NI更高,所以profit高估了,选项A正确。


跌价和回转是否会影响到应税所得,取决于所得税法是否承认计提存货跌价准备,一般来说税务局不承认存货跌价准备,因此存货跌价和回转不影响应税所得,不影响现金流。


但各国所得税法不尽相同,如果税务局承认存货跌价,则2018年利润高的情况下交税多,CFO就少,无论怎么判断都不是overstated,选项B错误。


真实情况是发生了存货跌价,但是又转回了,存货价值先降低,然后又增加,最后的存货价值与没发生跌价&回转的情况是相同的,所两种情况下,2018年存货的价值是相等的,不存在高估或低估的情况,选项C错误。


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