答案和详解如下： 1.The source of Sunbeam’s negative operating cash flow could have been determined by calculating which ratios? A) Debt/equity. B) Interest coverage. C) Turnover. D) ROE, ROI, and ROA. The correct answer was C) Sunbeam’s negative cash flow was caused mostly by sharp increases in inventories and receivables. Turnover analysis could have identified those trends. 2.Sunbeam came up with some creative twists on the most common technique for earnings manipulation, which is: A) creating “cookie jar” reserves. B) delaying recognition of expenses. C) improper revenue recognition. D) misclassifying operating expenses as special charges. The correct answer was C) The most common form of earnings manipulation is recognizing revenue too soon. Sunbeam found a number of ways to do that. 3.Sunbeam reported its highest revenue in the fourth quarter. This revenue distribution was suspect because: A) bad debt expense rose. B) operating cash flow was negative. C) receivables increased even faster than sales. D) Sunbeam’s products are not seasonal. The correct answer was D) Sunbeam’s products were indeed not seasonal, and a seasonal distribution of revenue in a nonseasonal company is always suspect. The other three answers are incorrect for two reasons. First, we don’t know about bad debt expense, operating cash flow, or receivables for the quarter, only for the full year. But more importantly, even if we assume the statements are correct, they are not related to the disproportionate share of revenue recognized in the fourth quarter. 4.Both Enron and Sunbeam issued false financial statements. Which companies used which kind of transactions:
A) Sunbeam Enron B) Sunbeam and Enron Sunbeam and Enron C) Enron Sunbeam and Enron D） Enron Sunbeam The correct answer was D Sunbeam used bill and hold transactions, through which revenue was recognized before goods were shipped. Enron used barter transactions, in some cases booking revenue from those transactions when no revenue should have been booked.
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发表于 2008-5-21 13:12
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