问题
单项选择题
Which of the following describes how issuing zero-coupon bonds affects a company’s financial statements（）
A. Company net income is overstated every year until maturity.
B. Cash flow from financing increases in the year of issuance.
C. Cash flow from investing decreases in the year of maturity.
答案
参考答案：B
解析：
Cash flow from operations (CFO) is systematically "overstated" when a zero-coupon bond is issued because the interest on a zero-coupon bond is not actually paid until maturity. The amortization of the bond discount is charged to financing cash flow when, in fact, it should be charged against CFO.