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Frances · 2024年07月16日

解释

  1. CFA I
  2. FRA

NO.PZ2018062004000221

问题如下：

Which of the following description most likely indicate a premature revenue recognization? Compared with industrial average,

选项：

A.

days sales outstanding is decreasing.

B.

asset turnover is decreasing

C.

receivables turnover is decreasing.

解释：

C is correct.

An increase in DSO or decrease in receivables turnover could suggest that some revenues are recorded prematurely or are even fictitious. An decrease in asset turnover cannot indicate premature revenue recognization.

解释一下为什么An increase in DSO or decrease in receivables turnover could suggest that some revenues are recorded prematurely。没理解

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lynn_品职助教 · 2024年07月17日

嗨，从没放弃的小努力你好：


这道题考的其实是原版书的一个结论：

DSO增加和AR turnover降低其实是一个结论，因为DSO就等于365除以AR turnover，前者是周转天数，后者是周转次数，周转天数多和周转次数少，是等效的。


DSO代表的是应收账款周转天数，这个数字越大， 说明应收账款周转越慢，有可能是因为应收账款占收入的比重增加导致的。


我们从AR turnover的角度来理解一下：正常情况，应收账款占收入的比重应该是比较稳定的，比如每100块收入里面可能有20块应收。


但是如果公司有提前确认收入的情况，应收账款这个占比就会增加，因为提前确认的收入100%都是应收，假设提前确认了100块收入，正常收入还是100，那么应收账款就变成了120，其中20块是正常应收，100块是提前确认收入带来的，


我们能看出来，这种情况下的应收账款周转速度就会变慢：原来是100/20=5，现在是200/120=1.67。


我们可以得到一个warning sign：应收账款周转率变慢可能是提前确认收入导致的。又因为应收账款周转率变慢和DSO增加是等效的，我们又可以得出：DSO增加可能有提前确认收入的情况。


所以A选项错在它说的是DSO减少，如果改成增加就正确。

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