单选题 An analyst does research about earnings quality. During 2011, a company reported the sale of accounts receivable but retained the effective credit risk for the uncollected receivables. That company's 2011 financial statements will most likely overstate:
A. current assets.
B. cash flow from operating activities.
C. cash flow from financing activities.

【正确答案】 C

【答案解析】[解析] 出售应收账款：公司将其出售给第三方而保留无法回收账款的信用风险，其实这并不应属于应收账款的出售，而属于利用应收账款来融资，而这时流动资产和流动负债都被低估了，流动资产和流动负债要分别加上所出售的应收账款的金额才能反映这笔交易的实质。同时，这笔现金流被记为经营性现金流，而本来应该算作融资性现金流的，所以经营性现金流被高估了，故要减去这笔金额；而且融资性现金流被低估了，要加上这笔金额。