问题
单项选择题
Which of the following is the least appropriate analyst adjustment for off-balance-sheet financing（）
A. Add the present value of capital leases to liabilities.
B. Treat the sale of receivables with recourse as borrowing and reduce cash flow from operations by the sale amount.
C. Increase liabilities for a commitment to buy $ 500 million in inventory over the next five years.
答案
参考答案：A
解析：
Capital lease obligations are already included in liabilities. The other statements describe adjustments that an analyst should make. A commitment to buy $ 500 million in inventory is an example of a take-or-pay arrangement.