"Corporate finance"exercise:Financial Reporting Standards

來源: 正保會計網(wǎng)校編輯：小鞠橘桔 2020/09/14 09:15:00　字體：大小

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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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