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emma爱地球 · 2024年12月17日

B、C选项不懂

  1. CFA I
  2. FRA

NO.PZ2024011002000040

问题如下：

Assume U.S. GAAP applies unless otherwise noted. In 2008, a company reported net income of $200 million and cash flow from operations of $120 million. All else equal, the most likely explanation for the difference between net income and cash flow from operations in 2008 is that the company:

选项：

A.Tightened credit policies and increased collection efforts during the year. B.Sold a long-term investment for an amount equal to book value at the end of the year. C.Increased raw materials inventory in anticipation of increased sales at the end of the year.

解释：

NI=$200 million and CFO=$120, so NI>CFO, and CFO=NI + dep./amor. - gain + loss - changes in current assets + changes in current liabilities.

Tightened credit policies and increased collection efforts will increase CFO; and to sell a long-term investment for an amount equal to book value at the end of the year is an investment activity, so increased raw materials inventory in anticipation of increased sales at the end of the year will lead to CFO decreased, and less than NI.

间接法中，NI要减掉non-operating G/L, 那是否可以认为，如果B卖出的时候，是有GAIN的，那就可以解释NI大于CFO了？


另，C答案描述那个“销售额增加的库存”是啥意思？


谢谢

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1 个答案

王园圆_品职助教 · 2024年12月17日

同学你好,“如果B卖出的时候，是有GAIN的，那就可以解释NI大于CFO了？”——是的，NI到CFO的间接法计算中，NI要减去gain加回loss才能得到CFO，所以如果有non-operating gain,确实会造成NI大于CFO

C选项说的是，公司因为预期销售会增加因而增加的原材料的库存——因为一旦公司预计自己未来的销量会变大，那一般就会提前先多屯一点原材料用来生产产品，否则到时候市场上有需求企业却没有产品，那就不好了——间接法计算CFO的时候，存货的增加是会导致现金流出变得更多的——也就是会导致NI大于CFO，但是题干描述得是NI小于CFO而不是NI大于CFO，所以C和题干正好相反，不能选C

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