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Jessy · 2022年03月24日

这个知识点在CFAII的FSA的哪一个章节？

  1. CFA II
  2. FRA

NO.PZ2018111303000092

问题如下：

Analyst collected the financial information about PZ company in the following table:

Analyst also collected the cash flow information about PZ company in the following table:

The CFF includes cash paid for interest of 1260 and the CFO includes taxes of 1850 in 2018, based on the ratios for operating cash flow before interest taxes to operating income in 2018, the results should describe as:

选项：

A.

PZ’s earning are not backed by cash flow

B.

PZ’s earning are backed by cash flow

C.

no conclusion

解释：

B is correct.

考点：operating cash flow before interest and taxes

解析：

Operating cash flow before interest and taxes=CFO+支付利息的现金+支付税的现金，这一题比较特殊，因为题目中说interest是属于financing activity的，不属于CFO，所以它没有在CFO中扣除。既然它没有在CFO中扣除，那也就不需要加回了，只需要加回tax即可

Operating cash flow before interest and taxes=8850+1850=10700

将其除以EBTI得到：10700/4579=2.34

计算结果是大于1的，说明公司的earning质量较高。

我用的是：accrual ratio-CF=(NI-CFO-CFI)/Average NOA=3560-（8850-（-9880）/42000=负数，很小，所以得出B对，与解析所说的方法不一样。请老师评讲，谢谢！

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袁园_品职助教 · 2022年03月26日

嗨，爱思考的PZer你好：


这个是有专门的一个知识点讲解的，并不是用accrual ratio计算，建议你看一下基础班讲义的最后341-342页。是视频的倒数第二个。

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努力的时光都是限量版，加油！

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