单选题 At the beginning of the year, two companies issued debt with the same market rate, maturity date, and total face value. One company issued coupon-bearing bonds at par and the other company issued zero-coupon bonds. All other factors being equal for that year, compared with the company that issued par bonds, the company that issued zero-coupon debt will most likely report:

A、 higher cash flow from operations but not higher interest expense.
B、 both higher cash flow operations and higher interest expense.
C、 neither higher cash flow from operations nor higher interest expense.

【正确答案】 A

【答案解析】[解析] 当企业发行零息债券时，其营业现金流将在债券的存续期间被高估。计息费用的记录基于编制损益表的编制，但将被作为对营业现金流的非现金调整项目加回到现金流表中。因此，本题的正确选项为A。