题目内容

The purpose of adjusting the target’s income statement is to provide an accurate estimate of the current year's reported operating income or operating cash flow.

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If a buyer expects that the target firm's revenue has been overstated, the buyer can reconstruct revenue by examining usage levels of the key inputs required to produce the product or service.

Revenue may be inflated by booking as revenue products shipped to resellers without adequately adjusting for probable returns.

Private firms are likely to understate revenue and understate costs in order to minimize their tax liabilities.

For privately held firms, firm specific risk may include lack of product, industry, and geographic diversification; limited management depth, volatile stock markets, and unionized workforces.