问题如下：
Which of Webster’s notes about BIG Industrial provides an accounting warning sign of a potential reporting problem?
选项：
A.Only Note 1
B.Only Note 2
C.Both Note 1 and Note 2
解释：
B is correct.
Only Note 2 provides a warning sign. The combination of increases in accounts payable with substantial decreases in accounts receivable and inventory are an accounting warning sign that management may be overstating cash flow from operations. Note 1 does not necessarily provide a warning sign. Operating income being greater than operating cash flow is a warning sign of a potential reporting problem. In this case, however, BIG Industrial’s operating income is lower than its operating cash flow.
解析：Note 2是warning sign。A/P增加，同时A/R和inventory大幅下降，有可能高估CFO（=NI+dep-ΔINV-ΔAR+ΔAP）。Note 1不是warning sign，但如果反过来：operating income比operating cash flow大，那么就是warning sign。
Note 1 如果cash from operating被高估，财务报表也有可能存在problem，也是个warning sign，不能仅仅因为账面盈利比创造现金少（偏保守）的做法，就认为财务报表没有问题。就好比上市公司会倾向于利润虚增，也有非上市公司则倾向少记利润少缴税，虽然方向和出发点不同，但是都不排除财务记账存在问题啊？是不是这道题目出的不够严谨？
