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General Ledger Accounting (FI-GL)

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General Ledger Accounting (FI-GL)

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A simple model of earnings, operating cash flows, and accruals developed in this section generates an explanation for the negative serial correlation in operating cash flow changes. Increases (decreases) in sales generate contemporaneous outlays (inflows) for working capital increases (decreases) that are followed in the next period by cash inflows (outflows). The result is negative serial correlation in cash flow changes. Accruals exclude the contemporaneous one-time outflows for working capital from the current period's earnings and incorporate forecasts of permanent future cash inflows. This causes earnings to be a relatively better predictor of future cash flows than is current cash...

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