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答案和详解如下:

Q32.  A   07 Modular Level 1, Vol.3,pp.129-135   Study Sessions 7-36-b

Sales, net income, and net margin are relatively constant for the two years. The substantial drop in cash flow from operations could be attributed to an increase in receivables and/or inventory. A decrease in the proportion of cash sales implies an increase in the proportion of credit sales, increasing accounts receivable. An increase in accounts receivable would decrease cash flow from operations.

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