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"Corporate finance"exercise:Financial Reporting Standards
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Questions 1:
Which of the following is most likely a sign of inventory manipulation to improve reported financial results?
A、 Inventory markdowns for obsolescence.
B 、Declining inventory turnover ratio.
C、 Selective sales of older layers of inventory
Questions 2:
Which of the following reports is least likely to be filed with the US SEC?
A 、Annual report
B、 Form 10-K
C、 Proxy statement
View answer resolution
【Answer to question 1】C
【analysis】
C is correct. A company can intentionally sell older, lower-cost layers of inventory to generate earnings without supporting cash flow in order to produce specific earnings benefits. A is incorrect because a company simply may have obsolete inventory on hand that should be marked down to its net realizable value; such markdowns alone do not represent attempts to manipulate inventory in order to improve reported financial results. B is incorrect because declining inventory turnover may be a result of obsolescence problems that should be recognized, not because of deliberate attempts to manipulate inventory in order to improve reported financial results
【Answer to question 2】A
【analysis】
A is correct. The annual report is not a requirement of the SEC. B is incorrect. The 10-K is required by the SEC C is incorrect. A proxy statement is required by the SEC
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