问一道题：NO.PZ201602060100001803

问题如下：

3. In his follow-up analysis relating to Conclusion 3, Martinez should focus on Stellar’s:

选项：

total accruals.

discretionary accruals.

non-discretionary accruals.

解释：

B is correct.

Martinez concluded that the accruals component of Stellar’s earnings was large relative to the cash component (Conclusion 3). Earnings with a larger component of accruals are typically less persistent and of lower quality. An important distinction is between accruals that arise from normal transactions in the period (called non-discretionary) and accruals that result from transactions or accounting choices outside the normal (called discretionary accruals). The discretionary accruals are possibly made with the intent to distort reported earnings. Outlier discretionary accruals are an indicator of possibly manipulated—and thus low quality earnings. Thus, Martinez is primarily focused on discretionary accruals, particularly outlier discretionary accruals (referred to as abnormal accruals).

解析：Earning里accruals的比重越大，说明earning越缺乏持续性，质量越低。accruals又分为non-discretionary accruals和discretionary accruals。企业正常业务往来交货和收货款基本都会有一个时间差，这种正常经营导致的应付属于non-discretionary accruals。如果企业故意增加revenue，同时不付或者推迟付款时间，导致的应付是企业故意操纵扭曲earning的行为，属于discretionary accruals。Martinez说Stellar公司earning中未收现的部分比收现的部分多，那么为了评估企业earning的可持续性，分析师应该更加关注企业可以操纵的accruals，看看企业是否存在操纵会计报表的行为。