NO.PZ2018111303000090
问题如下:
Analyst also collected the cash flow information about PZ company in the following table:
The cash-flow-based accruals ratio from 2016 to 2018 indicate:
选项:
A.no change in earnings quality
B.improving earning quality
C.deteriorating earnings quality
解释:
C is correct.
考点:cash-flow-based accruals ratio
解析:我们先计算从2016年到2018年的cash-flow-based accruals ratio
2018:cash-flow-based accruals ratio = [NI – (CFO + CFI)]/(Average NOA) = [3560 – (8850– 9880)]/42000 = 10.93%.
2017:cash-flow-based accruals ratio = [NI – (CFO + CFI)]/(Average NOA) = [2071 – (4220– 3250)]/40530 = 2.72%.
2016:cash-flow-based accruals ratio = [NI – (CFO + CFI)]/(Average NOA) = [1295 – (2990– 4875)]/41600 = 7.64%.
这个公式的理解:分子是由于用权责发生制的会计方法计算得出的利润减去收现的部分,得到的就是没有收现的部分,也就是accrual的部分,那这个分数肯定是越小越好,因为越小代表没有收现的部分就越少。
所以从16年到18年,这个ratio是上升的,说明没有收现的部分增加了,盈利质量恶化
老师好,想请教您,accrual ratio是否越低越好,如果计算出来为负值,怎么比较和理解呢?谢谢您