外文翻译财务分析
财务分析英文
Financial AnalysisIntroductionFinancial analysis is a crucial aspect of any business operation. It involves evaluating financial statements and other relevant data to gain insights into the financial health and performance of a company. This analysis helps in making informed decisions, identifying areas for improvement, and predicting future trends. In this document, we will discuss various aspects of financial analysis and their importance in the business world.Objectives of Financial AnalysisThe primary objectives of financial analysis are as follows:1. Assessing Financial PerformanceFinancial analysis allows businesses to evaluate their financial performance over a specific period. It helps in understanding the company’s profitability, liquidity, solvency, and efficiency. By analyzing financial ratios and metrics, such as return on investment (ROI), current ratio, and debt-to-equity ratio, companies can determine their status and compare it with industry standards.2. Detecting Financial TrendsFinancial analysis helps in identifying and understanding financial trends. By analyzing historical financial data, businesses can detect patterns and make predictions about future performance. This allows them to anticipate potential risks and opportunities, enabling proactive decision-making.3. Supporting Decision MakingFinancial analysis provides critical information to support strategic decision-making. It helps in evaluating investment opportunities, assessing the viability of new projects, and determining the overall financial health of the company. By examining the financial consequences of different options, organizations can make more informed decisions and allocate resources efficiently.4. Facilitating Stakeholder CommunicationFinancial analysis plays a significant role in communicating the financial position of a company to stakeholders. By presenting financial statements, reports, and analysis, businesses can provide transparency and build trust with investors, creditors, and shareholders. This information helps stakeholders make informed decisions and understand the company’s financial performance.Methods of Financial AnalysisThere are various methods and tools used in financial analysis. Some of the commonly employed methods include:1. Ratio AnalysisRatio analysis involves assessing the relationship between different financial variables to evaluate a company’s performance. It helps in gauging profitability, liquidity, efficiency, and solvency. Example ratios include gross profit margin, return on assets, and inventory turnover ratio. By comparing these ratios with industry benchmarks, businesses can identify areas of improvement and assess their competitive position.2. Trend AnalysisTrend analysis involves analyzing financial data over a period to identify patterns and trends. It helps in understanding the direction in which various financial metrics are moving. By studying trends in revenue, expenses, and profitability, businesses can make predictions and take necessary actions to capitalize on opportunities or mitigate risks.3. Cash Flow AnalysisCash flow analysis assesses a company’s inflows and outflows of cash over a specific period. It helps in understanding the liquidity and cash position of the company. By analyzing cash flow statements, businesses can identify their ability to meet short-term obligations and fund operational activities. This analysis is essential for managing working capital and ensuring financial stability.4. Comparative AnalysisComparative analysis involves comparing the financial performance of a company with industry peers or competitors. It helps in benchmarking and understanding the company’s relative position in the market. By analyzing financial ratios, profitability, and growth metrics of competitors, businesses can identify areas for improvement and set realistic goals.5. Break-even AnalysisBreak-even analysis helps businesses determine the point at which their revenue equals their total costs. It identifies the level of sales required to cover both fixed and variable costs. By conducting break-even analysis, companies can assess the feasibility of a business venture, set pricing strategies, and evaluate the impact of changes in costs or sales volume.ConclusionFinancial analysis is an essential tool for businesses to evaluate their financial performance, detect trends, make informed decisions, and communicate with stakeholders. By utilizing various methods such as ratio analysis, trend analysis, cash flow analysis, comparative analysis, and break-even analysis, companies can gain valuable insights into their financial health and take necessary actions to improve their operations. Effective financial analysis forms the foundation for strategic planning and sustainable growth in today’s competitive business environment.。
财务管理财务分析中英文对照外文翻译文献
覆盖大量的可供选择的债券工具。由于债券市场的改革，出现了由企业发行的可供选择形式的债券工具。在第15章中，向你介绍了三种工具。我们然后致力于第一章提出的由企业负债发行的最具流动性的可供选择企业债券，企业首次发行的资产有价证券。
(文档含英文原文和中文翻译)
附录A
财务管理和财务分析作为财务学科中应用工具。本书的写作目的在于交流基本的财务管理和财务分析。本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。
通过对本书的学习，你将了解我们是如何理解财务的。我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。财务决策的做出协调了企业会计部、市场部和生产部。
1财务管理与分析的介绍
财务是经济学原理的应用的概念，用于商业决策和问题的解决。财务被认为有三部分组成：财务管理，投资，和金融机构：
■财务管理有时被称为公司理财或者企业理财。财务的范围就企业单位的财务决策的重要性划分的。财务管理决策包括保持现金流平衡，延长信用，获得其他公司借款，银行的借款和发行股票和基金。
覆盖项目租赁和项目资金融资。我们提供深度的项目租赁的内容在本书的第27章，阐明项目租赁的利弊，你在本书中会频繁的看到和专业的项目资金融资。项目融资的增长十分重要不仅对企业而言，对为了追求发展基础设施的国家也十分的重要。在第28章，本书提供了便于理解项目融资的基本原理。
早期介绍衍生工具。衍生工具（期货、交换物、期权）在理财中发挥着重要作用。在第4章向你介绍这些工具。而衍生工具被看作是复杂的工具，通过介绍将让你明确它们的基础投资工具特征。在早期介绍的衍生工具时，你可以接受那些评估隐含期权带来的困难（第9章）那些在资本预算中隐含的期权（第14章），以及如何运用隐含期权来减少成本及负债（第15章）。
财务报表分析中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：ANALYSIS OF FINANCIAL STATEMENTSWe need to use financial ratios in analyzing financial statements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency.We may make comparisons between items in the comparative financial statements as follows:1. Between items in the comparative balance sheeta) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilitiesb) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period's statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this yearb) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding thatOur comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:I. Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle2. Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financialratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financial statements:I. Working-capital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payableIO. The ratio of inventory to accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2. The ratio of sales to intangible assets, i.e., the turnover of intangibles3. The ratio of annual depreciation and obsolescence charges to the assetsagainst which depreciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. The ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investments to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.B. Technique of Financial Statement AnalysisAre the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of the security issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratioaffords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test ofworking-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly.Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.Author(s): C. O. Hardy and S. P. Meech译文：财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。
财务分析英文作文
财务分析英文作文Financial analysis is a critical aspect of business management. It involves the assessment of the financial health and performance of a company through the examination of financial statements and other relevant data. This process helps in identifying the strengths and weaknesses of the business, as well as opportunities and threats in the market.The main purpose of financial analysis is to provide insights into the financial performance and position of a company. It helps in evaluating the profitability, liquidity, solvency, and stability of the business. By analyzing financial data, businesses can make informed decisions regarding investments, financing, and operations.There are several tools and techniques used infinancial analysis, such as ratio analysis, trend analysis, and cash flow analysis. These methods help in interpreting the financial information and comparing it with industrystandards and benchmarks. This enables businesses to benchmark their performance and identify areas for improvement.One of the key benefits of financial analysis is its ability to provide a clear picture of the company's financial standing. It helps in identifying areas of inefficiency and waste, as well as areas of strength and competitive advantage. This information is crucial for making strategic decisions and setting financial goals for the future.Financial analysis also plays a crucial role in assessing the creditworthiness of a company. Lenders and investors use financial analysis to evaluate the risk associated with providing financial assistance to a business. By analyzing the financial statements and other relevant data, they can assess the likelihood of the company meeting its financial obligations.In conclusion, financial analysis is an essential tool for evaluating the financial performance and position of acompany. It provides valuable insights that can be used to make informed decisions and set strategic goals. By using various tools and techniques, businesses can gain a deeper understanding of their financial standing and take steps to improve their overall performance.。
财务报表分析中英文对照外文翻译文献
文献信息文献标题: The Need Of Financial Statement Analysis In A Firm or0 rgnization(企业或机构财务报表分析的必要性)国外作者: Suneetha G 文献出处:《International Journal of Science Engineering and Advancel Technology (.JSEAT)) 2017, 5(6): 731-735字数统计:2541单词,15110字符;中文4377汉字外文文献:The Need Of Financial Statement AnalysisIn A Firm Or An Orgnization Abstract Financial statement analysis play a dominate role in setting the frame watt of managerial decisions through analysis and interpretation of financial statement This paper discusses about financial , strength and weakness of the company by properly establishing relationship between the items of balance shed and profit and loss account. In order to judge the profitability and financial soundness of the company horizontal, and vertical analyze or done. The various technique used in analyzing financial statement included 'comparative statement, common size statement, trend analysis and ratio analysis. The results suggest that the ratio approach is a highly useful tool in financial statement analysis, especially when a set of ratios is used to evaluate a firm's performanceKey words: Financial statement analysis, to evaluate a firm's performance Comparative statement. Common size statement, trend analysis and ratio analysis1 Introductionhe basis for financial analysis planning and decision making is financiainformation/a business firm has to prepares its financial accounts viz.. balance sheet profit and loss account which provides useful financial information for the purpose of decision making Financial information is needed to predict. Compare and evaluate the fin's earnings ability. The formers statements viz. profit and loss account shows that operating activities of the concern and the later balance sheet depicts the balance value of the acquired assets and of liabilities at a particular point of time. However these statements don't disclose all of the necessary for ascertaining the financial strengths and weaknesses of an enterprise. it is necessary to analyze the data depicted n the financial statements. The finance manager has certain analytical tools which helps is financial analysis and planning. [Doron nissim, stephen h. Penman, (2003) Financialstatement Analysis of Leverage and How it Informs About Profitability and Price-to-book Ratios. Survey of Accounting Studies. Kluwer Academic PublishersAs per examine by Dissim. StephePenman' on Financia proclamation investigation of Leverage and how it illuminates about gainfulness and cost to book proportions, money related explanation examination that recognizes use that emerges in financing exercises from use that emerges in operations. The examination yields two utilizing conditions. one for getting to back operations and one for obtaining over the span of operations. This examination demonstrates that the budgetary explanation investigation clarifies cross-sectional contrasts in present and future rates of return and additionally cost to-snare proportions, which depend onexpected rates of profit for value. This investigation helps in understandorkins influence contrasts in productivity in the cross-areas. changes in future productivity from current benefit and legally binding working liabilities from evaluated liabilities Yating Van, HW. Chuang, (2010) Financial Ratio Adjustment Process: Evidence from Taiwan and North America, ISSN 1450-2887 Issue 43 (2010)0 Euro Journa Publishing Inc. 20102. Financial statements analysisprocess of identifying the financial strengths and weaknesses of a firm from the available accounting data and financial statements. The analysis is done by properly establishing the relationship between the items of balance sheet and profitnd loss account. The first task of the financial analyst is to determine the information relevant the decision under consideration from the total information contained in financial statement. The second step is to arrange information in a way to highlightsignificant relationships. The final step is interpretation and drawing of infed conclusions. Thus financial analysis is the process of selection, relating and evaluation of the accounting data or informationPurpose of financial statements analysis Financial statements analysis is the meaningful interpretation of 'financial statements for panics demanding financial information. It is not necessary for the proprietors alone. In general, the purpose of financial statements analysis is to aidmaking between the users of accounts To evaluate past performance and financial position To predict future performance Tools and techniques of financial analysis Comparative balance sheet common size balance shee Trend analysis Ratio analysis Comparative balance sheet Comparative financial statements is a statement of the financial position of a business so designed as to facilitate comparison of different accounting variables for drawing useful inferences. Financial statements of two or more business enter prices may be compared over period of years. This is known as inter firm comparison Financial statements of the particular business enter pries may be compared over two periods of years. This is known inter period comparisonCommon size statements It facilities the comparison of two or more business entities with a commonbase .in case of balance sheet, total assets or liabilities or capital can be taken ascommon base. These statements are called common measurements or components percentage or 100 percent statements. Since each statement is representated as a %ofthe total of 100 which in variably serves as the baseIn this manner the announcements arranged to draw out the proportion of every benefit of risk to the aggregate of the monetary record and the proportion of every thing of cost or incomes to net deals known as the basic size articulationsPattern investigation Even examination of money related explanations can likewise be completed by figuring pattern rates. Pattern rate expresses quite a long while's budgetary formation as far as a base year. The base year rises to 100 % with every single other year expressed in some rate of this baseProportion investigation Proportion investigation is the technique or process by which the relationship of things or gatherings of things in the budgetary proclamations are registered. decided and introduced. Proportion investigation is an endeavor to determine quantitative measures or aides concerning the money related wellbeing and benefit of the business nture. Proportion investigation can be utilized both in pattern and static examinationhere are a few proportions at the examiner yet the gathering of proportions he wouincline toward relies upon the reason and the destinations of the investigationBookkeeping proportions are viable apparatuses of examination; they are pointers of administrative and over all operational productivity. Proportions, when appropriately utilized are fit for giving valuable data. proportion examination characterized as the deliberate utilization of proportions to decipher the money related explanations with the goal that the qualities and shortcomings of a firm and in addition its chronicled execution and current monetary condition can be resolved the term proportion alludes to the numerical or quantitative connection between things factors this relationship can be communicated as (Fraction (2)Percentages (3)Proportion of numbers These option strategies for communicating things which are identified with eacstigation,examination. It ought to be seen that processing the proportion does not include data in the figures of benefit or deals. What the proportions do is that they uncover the relationship in a more important manner in order to empower us to reach inferences from th As indicated by look into by the Yating yang and 11. W. Chuang. on 'Monetary Ratio Adjustment Process: Evidence from Taiwan and North America. measurable legitimacy of the proportion strategy in monetary articulation examination is researched. The outcomes hence recommend that the proportion approach is a valuable instrument in monetary explanation investigation, particularly when an arrangement of proportions is utilized to assess an association's execution. The straightforwardness of this strategy additionally underpins the utilization of proportions in money related basic leadership3.Money related proportions in perspective of GAAGAAP is the arrangement of standard systems for recording business exchanges and detailing accounting report passages. The components of GAAP incorporatethings onetaryd. and how to ascertain exceptional offer estimations. The models fused into (MAP give general consistency in assumes that are thusly used to ascertain imperative money related proportions that financial specialists and investigators use to assess the organization. Indeed, even agreeable monetary records can be trying to unravel, yet without a framework characterizing every class of section, corporate money related articulations would be basically dark and uselessThere are seven fundamental rule that guide the foundation of the Generall Accepted Accounting Principles. The standards of normality, consistency, perpetuality and genuineness go towardsurging organizations to utilize the legitimate bookkeeping hones quarter after quarter in a decent confidence push to demonstrate the genuine money related state of the organization. None remuneration judiciousness and progression build up rules for how to set up a monetary record, by and large to report the budgetary status of the organization as it is without treatin resources in irregular ways that distort the operations of the organization just to balance different sections. The rule of periodicity basic implies that salary to be gotten extra time ought to be recorded as it is booked to be gotten, not in a singular amountThe brought together arrangement of bookkeeping in this manner has various advantages. Not exclusively does it give a specific level of straightforwardness into an organization's funds. it likewise makes for generally simple examinations between organizations. Subsequently, GAAPempowers venture by helping financial specialists pick shrewdly. GAAP gives America organizations preference over remote ones where financial specialists, unless they have a cozy comprehension of the business may have a great deal more trouble figuring the potential dangers and prizes of a venture. GAAP applies to U.S.-based enterprises just, however every other real nation has bookkeeping measures set up for their local organizations. Now and again remote bookkeeping is genuinely like U.S. GAAP, changing in just minor and fectively represented ways. In different cases, the models change fundamentally aking direct examinations questionable, best case scenarioAdvantages and Limitations of Financial Ratio Analysis Financial ratio analysis is a useful tool for users of financial statement. It hasFocal pointselated proclamations It helps in contrasting organizations of various size and each other. It helps in drift examination which includes looking at a solitary organization over a period It highlights imperative data in basic frame rapidly. A client can judge an organization by simply taking a gander at few number as opposed to perusing of the entire monetary explanationsRestrictions Regardless of convenience, finance.ial proportion examination has a few burdens Some key faults of budgetary proportion examination areDifferent organizations work in various enterprises each having distinctive natural conditions, for example, control, showcase structure, and so on. Such factors curve so huge that a correlation of two organizations from various ventures may beecelvilFinancial bookkeeping data is influenced by assessments and presumptions Bookkeeping principles permit diverse bookkeeping arrangements, which disables likeness and subsequently proportion examination is less helpful in suchcircumstancesRatio investigation clarifies connections between past data while clients are more worried about present and future datThe investigation helps for breaking down the alteration procedure of moneelated proportionsmodel states three impacts which circular segment an association's interior impact, expansive impact, and key administration. It encourages(That a company's budgetary proportions reflect unforeseen changes in the business(2)Active endeavors to accomplish the coveted focus by administration and (3)An individual association's money related proportion developmentMonetary proclamations investigation is the way toward looking at connections among components of the organization's "bookkeeping articulations" or money related explanations (accounting report, salary articulation. proclamation of income and the announcement of held profit) and making correlations with pertinent data. It is a significant instrument utilized by financial specialists. leasers, monetary investigators proprietors. administrators and others in their basic leadership handle The most well known sorts of money related explanations examination curveHorizontal Analysis: monetary data are thought about for at least two years for a solitary organizationVertical anaery thing on a solitary monetary explanation is figured as a rate of an aggregate for a solitary organizationRatio Analysis: analyze things on a solitary budgetary articulation or look at the connections between things on two monetary proclamationsMoney related proportions examination is the most widely recognized type o budgetary explanations investigation. Monetary proportions delineate connections between various parts of an organization's operations and give relative measures of the company's conditions and execution. Monetary proportions may give intimationsand side effects of the money related condition and signs of potential issue regionsby and large holds no importance unless they are looked at against something else, as past execution, another organization/contender or industry normal. In this way, the proportions of firms in various enterprises, which confront distinctive conditions, are generally difficult to analyzeMoney related proportions can be a critical instrument for entrepreneurs and dministrators to gauge their advance toward achieving organization objectives, an toward contending with bigger organizations inside an industry; likewise, followin different proportions after some time is an intense approach to recognize patterns Proportion examination, when performed routinely after some time, can likewise give assistance independent ventures perceive and adjust to patterns influencing their operationsMoney related proportions are additionally utilized by financiers. Speculators and business experts to survey different traits of an organization's monetary quality or working outcomes, this is another motivation behind why entrepreneurs need to comprehend money related proportions in light of the fact that, all the time, a business' capacity to get financing or value financing will rely upon the organization's budgetary proportions. Money related proportions are ordered by the monetary part of he business which the proportion measures. Liquidity proportions look at the ccessibility of organization's money to pay obligation. Productivity proportions measure the organization's utilization of its benefits and control of its costs to create a satisfactory rate of return. Use proportions look at the organization's techniques for financing and measure its capacity to meet budgetary commitments. Productivity proportions measure how rapidly a firm changes over non-money resources for money resources. Market proportions measure financial specialist reaction to owning an organization's stock and furthermore the cost of issuing stockProportion Analysis is a type of Financial Statement Analysis that is utilized acquire a snappy sign of an association's money related execution in a few key territories. Proportion investigation is utilized to assess connections among money related proclamation things. The proportions are utilized to distinguish inclines after some time for one organization or to look at least two organizations at one point in ime. Money related explanation proportion investigation concentrates on three key parts of a business: liquidity, benefit, and dissolvability The proportions are sorted as Short-term Solvency Ratios, Debt MaRatios and Asset management Ratios. Productivity Ratios, and Market Value ratios Proportion Analysis as an instrument has a few vital elements. The information, which are given by budgetary proclamations. are promptly accessible. The calculation of proportions encourages the examination of firms which contrast in measure oportions can be utilized to contrast anassociation's money related execution and industry midpoints. What's more, proportions can be utilized as a part of a type of ttern investigation to recognize zones where execution has enhanced or crumbled after some time. Since Ratio Analysis depends on bookkeeping data, its adequacy is restricted by the bends which emerge in budgetary explanations because of such things as Historical Cost Accounting and swelling. Thusly, Ratio Analysis should just be utilized as an initial phase in money related examination, to get a snappy sign of an association's execution and to distinguish territories which should be explored further.中文译文:企业或机构财务报表分析的必要性摘要财务报表分析在制定管理决策框架方面起着主导作用,其方法是通过对财务报表进行分析和解释。
财务报表分析中英文对照外文翻译文献编辑
财务报表分析中英文对照外文翻译文献编辑Introduction:Financial statement analysis is an essential tool used by businesses and investors to evaluate the financial performance and position of a company. It involves the examination of financial statements such as the balance sheet, income statement, and cash flow statement to assess the company's profitability, liquidity, solvency, and efficiency. In this document, we will provide a detailed analysis and translation of foreign literature related to financial statement analysis.1. Importance of Financial Statement Analysis:Financial statement analysis provides valuable insights into a company's financial health and helps stakeholders make informed decisions. It enables investors to assess the profitability and growth potential of a company before making investment decisions. Additionally, it helps creditors evaluate the creditworthiness and repayment capacity of a company before extending credit. Furthermore, financial statement analysis assists management in identifying areas of improvement and making strategic decisions to enhance the company's performance.2. Key Elements of Financial Statement Analysis:a) Balance Sheet Analysis:The balance sheet provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and shareholders' equity. By analyzing the balance sheet, stakeholders can assess the company's liquidity, solvency, and financial stability.b) Income Statement Analysis:The income statement, also known as the profit and loss statement, presents the company's revenues, expenses, and net income over a specific period. It helps stakeholders evaluate the company's profitability, revenue growth, and cost management.c) Cash Flow Statement Analysis:The cash flow statement details the inflows and outflows of cash during a specific period. It provides insights into the company's operating, investing, and financing activities. By analyzing the cash flow statement, stakeholders can assess the company's ability to generate cash, meet its financial obligations, and fund its growth.3. Financial Ratios for Analysis:Financial ratios are essential tools used in financial statement analysis to assess a company's performance and compare it with industry benchmarks. Some commonly used financial ratios include:a) Liquidity Ratios:- Current Ratio: Measures a company's ability to meet short-term obligations.- Quick Ratio: Measures a company's ability to meet short-term obligations without relying on inventory.b) Solvency Ratios:- Debt-to-Equity Ratio: Measures the proportion of debt to equity in a company's capital structure.- Interest Coverage Ratio: Measures a company's ability to meet interest payments on its debt.c) Profitability Ratios:- Gross Profit Margin: Measures the profitability of a company's core operations.- Net Profit Margin: Measures the profitability of a company after all expenses, including taxes.d) Efficiency Ratios:- Inventory Turnover Ratio: Measures how quickly a company sells its inventory.- Accounts Receivable Turnover Ratio: Measures how quickly a company collects cash from its customers.4. Translation of Foreign Literature:In this section, we will provide a translation of key points from foreign literature related to financial statement analysis. The literature emphasizes the importance of accurate financial reporting, the use of financial ratios for analysis, and the interpretation of financial statements to make informed decisions.Conclusion:Financial statement analysis is a crucial process for evaluating a company's financial performance and position. It provides valuable insights into a company's profitability, liquidity, solvency, and efficiency. By analyzing financial statements and using financial ratios, stakeholders can make informed decisions regarding investments, credit extension, and strategic planning. Accurate translation and understanding of foreign literature related to financial statement analysis can further enhance the effectiveness of this process.。
英文版文献财务报告分析(3篇)
第1篇Financial reporting analysis is a crucial aspect of assessing the financial health and performance of a company. This review delves into various aspects of financial reporting analysis, including its significance, methodologies, and challenges. By examining the existing literature, this paper aims to provide a comprehensive understanding of the subject.IntroductionFinancial reporting is a process through which companies communicate their financial performance and position to stakeholders. Financial reporting analysis involves the examination and interpretation of financial statements to assess the company's profitability, liquidity, solvency, and overall financial health. This analysis is vital for investors, creditors, and other stakeholders to make informed decisions.Significance of Financial Reporting Analysis1. Investor Decision-Making: Financial reporting analysis helps investors evaluate the profitability, stability, and growth prospects of a company. By analyzing financial statements, investors can determine the fair value of stocks and make informed investment decisions.2. Credit Risk Assessment: Financial reporting analysis is crucial for creditors in assessing the creditworthiness of a company. By analyzing financial ratios and trends, creditors can determine the likelihood of default and set appropriate interest rates.3. Regulatory Compliance: Financial reporting analysis ensures that companies comply with regulatory requirements. By analyzing financial statements, auditors and regulators can verify the accuracy and completeness of financial reports.4. Performance Evaluation: Financial reporting analysis enables managers to evaluate the performance of their company and identify areas for improvement. By comparing financial ratios and trends over time, managers can assess the effectiveness of their strategies and operations.Methodologies of Financial Reporting Analysis1. Horizontal Analysis: Horizontal analysis involves comparing financial statements over multiple periods to identify trends and patterns. This method helps in assessing the growth rate and stability of a company's financial performance.2. Vertical Analysis: Vertical analysis involves expressing each item ina financial statement as a percentage of a base figure, typically total assets or total liabilities and equity. This method helps in understanding the composition and structure of a company's financial position.3. Ratio Analysis: Ratio analysis involves calculating and interpreting various financial ratios to assess a company's profitability, liquidity, solvency, and efficiency. Common ratios include current ratio, debt-to-equity ratio, return on assets, and return on equity.4. Cash Flow Analysis: Cash flow analysis involves examining a company's cash inflows and outflows to assess its liquidity and financial stability. This analysis helps in understanding the sources and uses of cash and identifying potential cash flow issues.Challenges in Financial Reporting Analysis1. Complexity of Financial Statements: Financial statements can be complex and contain technical jargon, making it challenging for individuals without a financial background to understand them.2. Earnings Manipulation: Companies may manipulate their financial statements to portray a better financial position than reality. This can be done through various accounting practices, such as aggressive revenue recognition or deferred expenses.3. Volatility of Financial Markets: Financial markets can be volatile, making it difficult to assess the long-term performance of a company based on short-term results.4. Limited Access to Information: Some companies may not providesufficient information in their financial reports, making it challenging to conduct a comprehensive analysis.ConclusionFinancial reporting analysis is a vital tool for assessing the financial health and performance of a company. By examining financial statements, stakeholders can make informed decisions regarding investment, credit, and regulatory compliance. However, the complexity of financial statements, potential earnings manipulation, and market volatility pose challenges to effective financial reporting analysis. It is essentialfor individuals to stay updated with the latest methodologies and techniques to conduct a thorough and accurate analysis.References1. Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(1), 159-178.2. Ohlson, J. A. (1995). Earnings, book values, and dividends: Implications for valuation. Journal of Accounting and Economics, 19(2), 293-324.3. Dechow, P. M., Hwang, W., & Subramanyam, K. R. (1995). The value relevance of accounting information: Price and return effects ofearnings announcements. The Accounting Review, 70(1), 59-82.4. Beaver, W. H. (1968). Financial reporting and control. Prentice-Hall.5. Ohlson, J. A., & Ohlson, L. A. (2005). Earnings management: A behavioral view. Journal of Accounting and Economics, 39(1), 3-28.第2篇Abstract:This paper aims to provide a comprehensive review of the literature on financial report analysis. It explores various methodologies, tools, and techniques used in the analysis of financial reports, including ratio analysis, horizontal analysis, vertical analysis, and cash flow analysis.The paper also discusses the importance of financial report analysis in decision-making processes, the challenges faced by analysts, and the impact of technology on the field. Furthermore, it examines the ethical considerations involved in financial reporting and analysis.Introduction:Financial report analysis is a critical tool for stakeholders, including investors, creditors, and management, to assess the financial health and performance of an organization. It involves the examination of financial statements, such as the balance sheet, income statement, and cash flow statement, to extract meaningful insights. This literature review aims to synthesize the existing research on financial report analysis, highlighting key methodologies, challenges, and future directions.Methodology:The review is based on a comprehensive search of academic databases, including Google Scholar, JSTOR, and ScienceDirect, using keywords such as "financial report analysis," "financial statement analysis," "ratio analysis," "horizontal analysis," "vertical analysis," and "cash flow analysis." The selected articles are categorized based on their methodologies, focus areas, and contributions to the field.Literature Review:1. Ratio Analysis:Ratio analysis is one of the most widely used tools in financial report analysis. It involves the calculation of various ratios, such asliquidity ratios, solvency ratios, profitability ratios, and efficiency ratios, to assess the financial performance and stability of a company (Hickman & Warren, 2003). According to research by Ball & Brown (1968), ratio analysis can be a powerful tool for predicting future financial performance.2. Horizontal Analysis:Horizontal analysis, also known as trend analysis, involves comparing financial data over multiple periods to identify trends and patterns(Shannon, 2004). This methodology is particularly useful for identifying changes in financial performance over time and for assessing the effectiveness of management decisions (Hillson, 2001).3. Vertical Analysis:Vertical analysis, or common-size analysis, involves expressingfinancial statement items as a percentage of a base figure, typically total assets or total sales (Dunstan & Hyett, 1997). This approach allows for the comparison of financial statements across different companies or over time, providing a clearer picture of the relative importance of different items (Friedman, 1986).4. Cash Flow Analysis:Cash flow analysis is essential for understanding the cash-generating ability of a company. It involves examining the cash inflows and outflows from operating, investing, and financing activities (Harvey, 2003). According to research by Solt, 2001, cash flow analysis iscrucial for assessing the financial sustainability of a company and for making investment decisions.5. Technological Advancements:The advent of technology has significantly impacted financial report analysis. Advanced software and tools, such as Excel, SAP, and Oracle, have made it easier to perform complex analyses and generate accurate reports (Smith & Watson, 2010). Moreover, the rise of big data analytics has enabled analysts to extract more meaningful insights from large datasets (Davenport & Patil, 2012).6. Ethical Considerations:Ethical considerations play a crucial role in financial report analysis. Analysts must ensure the accuracy and reliability of their analyses, avoid conflicts of interest, and maintain confidentiality (Ott & Mace, 2007). The ethical implications of financial reporting and analysis are further emphasized by research by Dechow et al. (1996).7. Challenges and Future Directions:Despite the advancements in financial report analysis, severalchallenges remain. These include the complexity of financial reporting standards, the availability of quality data, and the need for continuous learning and adaptation (Baker & Nair, 2006). Future research should focus on developing new methodologies, improving data quality, and addressing ethical concerns (Atrill & McLaney, 2016).Conclusion:Financial report analysis is a vital tool for stakeholders to assess the financial health and performance of an organization. This literature review has explored various methodologies, tools, and techniques used in financial report analysis, highlighting the importance of ratio analysis, horizontal analysis, vertical analysis, and cash flow analysis. The review also discusses the impact of technology, ethical considerations, and challenges in the field. As the financial landscape continues to evolve, it is crucial for researchers and practitioners to stay informed about the latest developments and advancements in financial report analysis.References:- Atrill, P., & McLaney, E. (2016). Financial management for non-financial managers. Financial Times/Prentice Hall.- Baker, R. C., & Nair, V. (2006). Challenges in financial reporting and analysis. Journal of Accounting and Public Policy, 25(5), 747-765.- Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Business, 41(2), 71-91.- Davenport, T. H., & Patil, D. J. (2012). Big data: A revolution that will transform how we live, work, and think. Harvard Business Review Press.- Dechow, P. M., Hermalin, B., & Welch, I. (1996). The quality of accounting information and the cost of capital. Journal of Accountingand Economics, 21(1), 1-33.- Dunstan, P., & Hyett, C. (1997). Vertical analysis: A forgotten tool? Accounting and Business Research, 27(4), 259-268.- Friedman, M. (1986). A monetary history of the United States, 1867-1960. Princeton University Press.- Harvey, C. R. (2003). The cash flow statement: An analysis and interpretation guide. John Wiley & Sons.- Hillson, D. (2001). Financial analysis: An introduction to concepts, tools, and techniques. Financial Times/Prentice Hall.- Hickman, K. C., & Warren, J. D. (2003). Financial accounting. John Wiley & Sons.- Ott, C. M., & Mace, T. E. (2007). Ethical decision-making in accounting. John Wiley & Sons.- Shannon, D. (2004). Financial statement analysis. John Wiley & Sons.- Solt, G. T. (2001). Cash flow statement analysis: A comprehensive guide to interpreting cash flow statements. John Wiley & Sons.- Smith, J., & Watson, D. (2010). Management accounting. Financial Times/Prentice Hall.第3篇IntroductionFinancial reporting is a crucial aspect of corporate governance and transparency. It provides stakeholders with essential information about an organization's financial performance, position, and cash flows. This literature review aims to analyze various aspects of financial reports, including their structure, content, and the impact they have on investors, creditors, and other stakeholders. The review will cover key theories, methodologies, and findings from existing literature.Structure and Content of Financial ReportsFinancial reports typically consist of several key components, including the balance sheet, income statement, cash flow statement, and notes tothe financial statements. These components provide a comprehensive overview of an organization's financial health and performance.1. Balance Sheet: The balance sheet presents a snapshot of an organization's financial position at a specific point in time. It lists the organization's assets, liabilities, and equity. Assets representwhat the organization owns, liabilities represent what it owes, and equity represents the owners' claim on the assets.2. Income Statement: The income statement provides information about an organization's revenues, expenses, and net income over a specific period. It shows how much revenue the organization generated and how much it spent to generate that revenue.3. Cash Flow Statement: The cash flow statement tracks the inflows and outflows of cash within an organization over a specific period. It is divided into three sections: operating activities, investing activities, and financing activities. This statement helps stakeholders understand the organization's liquidity and cash-generating ability.4. Notes to the Financial Statements: These notes provide additional information and explanations to the financial statements. They include details about accounting policies, significant accounting estimates, and other relevant information that is not presented in the primaryfinancial statements.Theoretical FrameworkSeveral theories have been developed to explain the purpose and impactof financial reporting. The following are some of the key theories:1. Information Asymmetry Theory: This theory suggests that there is a significant information gap between managers and investors. Financial reporting is seen as a mechanism to reduce this information asymmetryand provide investors with better decision-making information.2. Agency Theory: Agency theory focuses on the relationship between principals (investors) and agents (managers). Financial reporting isseen as a way to monitor and control the actions of managers to ensure they act in the best interest of the owners.3. Stakeholder Theory: Stakeholder theory emphasizes the importance of considering the interests of all stakeholders, including employees, customers, suppliers, and the community. Financial reporting is seen as a means to communicate with these stakeholders and demonstrate social responsibility.Methodologies for Analyzing Financial ReportsSeveral methodologies can be used to analyze financial reports, including:1. Horizontal Analysis: This method involves comparing financial data over different periods to identify trends and patterns. It helps stakeholders understand how an organization's financial performance has changed over time.2. Vertical Analysis: This method involves expressing each item in the financial statements as a percentage of a base figure, such as total assets or total revenues. This allows stakeholders to compare the relative importance of different items within the financial statements.3. Ratio Analysis: This method involves calculating various financial ratios to assess an organization's financial performance and stability. Common ratios include liquidity ratios, profitability ratios, and solvency ratios.Impact of Financial Reports on StakeholdersFinancial reports have a significant impact on various stakeholders:1. Investors: Investors use financial reports to evaluate the financial health and performance of potential investments. They rely on this information to make informed decisions about buying, holding, or selling stocks and bonds.2. Creditors: Creditors use financial reports to assess the creditworthiness of a borrower. They analyze the financial statements todetermine the likelihood of repayment and the risk associated with lending money.3. Regulatory Bodies: Regulatory bodies, such as the Securities and Exchange Commission (SEC), require organizations to file financial reports to ensure compliance with financial reporting standards and regulations.4. Employees: Employees may use financial reports to assess thefinancial stability and growth prospects of their employer. This information can influence their decision to join, stay with, or leave the organization.5. Community and Environment: Financial reports can also provideinsights into an organization's impact on the community and environment. This information can be used to evaluate the organization's social and environmental responsibility.ConclusionFinancial reports play a critical role in providing stakeholders with essential information about an organization's financial performance and position. This literature review has explored the structure and content of financial reports, the theoretical framework underlying them, methodologies for their analysis, and their impact on various stakeholders. Understanding the importance of financial reporting is crucial for effective decision-making and governance in organizations.References- Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(1), 159-178.- DeFond, M. L., & Francis, J. (2000). The role of accounting information in capital markets: Some implications of the economic theory of information. Journal of Accounting and Economics, 29(1), 3-37.- FASB (Financial Accounting Standards Board). (2018). Accounting standards codification. Norwalk, CT: FASB.- Ohlson, J. A. (1995). Earnings, book values, and dividends: Implications for valuation. Journal of Accounting Research, 33(1), 1-36.- Van Der Stede, W. A. (2014). Financial accounting theory and practice. Oxford: Oxford University Press.。
XXX财务分析体系外文文献翻译最新译文
XXX财务分析体系外文文献翻译最新译文XXX the use of DuPont financial analysis system in XXX DuPont system breaks down the return on equity (ROE) into three components: net profit margin。
asset turnover。
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Using data from a sample of listed companies。
the study finds that the DuPont system is effective in XXX。
the XXX that it should be used in n with other financial analysis tools.In recent years。
there has been a growing interest in using financial analysis tools to XXX financial analysis system is one such tool that has XXX in the 1920s to analyze the performance of its own ns。
Since then。
it has been widely used in the financial XXX.The DuPont system breaks down the ROE into three components: net profit margin。
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Developing student competencies_ An integrated approach to a financial statementanalysis projectThis paper presents an instructional resource for an integrated fi-nancial statement analysis project. The project requires a quantitative analysis of a company's financial statements and a written re-search report. The project is designed to develop students' critical thinking and analytical capabilities through the application of course concepts to a real company, while also providing opportunities to develop professional competencies. Following Anson's Instruc-tional Design Model (2007), the integrated project includes supporting activities, which are designed to aid students in achiev-ing the project's learning goals. The supporting activities include in-class instruction on financial ratios, a computer lab session on Excel, draft papers, peer reviews of writing, and paper revisions. The in-tegrated project also serves as an example of an assignment that is consistent with two recent education frameworks, the Inte-grated Competency-Based Framework (Lawson et al., 2014) and the AICPA Core Competency Framework (2015), which both advocate for increased integration of professional competencies within the ac-counting curriculum. Our instructional resource provides project instructions, supporting activities, as well as implementation guid-ance and a grading rubric. The paper discusses adaptations to tailor the project to various courses and audiences. The resources in this article are useful for instructors implementing a financial state-ment analysis project into accounting, finance, financial statement analysis and investment courses targeted at either the undergrad-uate or graduate levels.2.Goals for student learningAnson's Instructional Design Model (2007) reminds instructors to explicitly consider learning goals when developing assignments. The broad learning goals of the integrated course project are for stu-dents to analyze and evaluate accounting disclosures while also developing research, Excel, writing and teamwork skills. Developing competencies in these areas has long been advocated in the account-ing education literature (e.g.,AICPA, 2015; Burnett, 2003; De Lange, Jackling, & Gut, 2006; Kavanagh& Drennan, 2008; Lawson, et al. 2014). Our project is designed to achieve these learning goals, and to develop student competencies, by requiring students to analyze financial statements, calculate and interpret financial ratios, research a company's 10-K, and then synthesize this information into a written research report. The specific learning goals of the course project are for students to:A.apply Excel skills to SEC data and prepare summary informationB.prepare and format financial data for presentation and analysisC.calculate, interpret and compare financial ratios using SEC dataD.apply research skills to assess a company's business operations and strategyE.apply research skills to learn about an industryF.apply analytical skills to compare financial statements for two companies in the same industryG.work in teams to create a professional written research reportH.evaluate the work of other students using guided peer reviewsThe project's learning goals can be linked to a subset of the competenciesoutlined in the AICPA's Core Competency Framework5(AICPA, 2015), as well as the Integrated Competencies-Based Frame-work for Accounting Education presented byLawson et al. (2014). The elements of the frameworks and the competencies this assignment specifically seeks to develop are listed in Fig. 2.3.Assignment designAnson's Instructional Design Model (2007) suggests that an assignment's learning goals should in-fluence the design of the assignment and its deliverables. The integrated course project comprises two graded components:⑴ an individual Excel component and (2) a team written research report. We have allowed students to select a company from the following industry pairs: Target/Walmart, Coke/ Pepsi, Under Armour/Nike, Apple/Microsoft, Buffalo Wild Wings/Famous Dave's, or Panera/Chipotle. Students form teams based on the company they select. Teams are then partnered with another team, which is analyzing the other company in the industry pair, to facilitate comparative analysis for the written research report. For simplicity in creating teams, we have typically only used one or two in-dustry pairs per semester. The appendices provide supporting material that can be provided to students, including project instructions (Appendices A and B), peer review questions (Appendix C), a grading rubric (Appendix D), and a team evaluation form (Appendix E). The materials in the appendices have evolved over time, and have been improved based on students' comments and through the review process for this article. The materials in the appendices reflect our most current version of the materials.3.Individual Excel componentIndividually, students are required to format the financial statements of a public company and then perform a quantitative analysis of the financial statements and stock performance using Excel. Ac-counting education researchers have documentedrecruiters' desires to hire students with strong Excel capabilities (e.g.,Cory & Pruske, 2012; Ragland & Ramachandran, 2014).Ragland and Ramachandran(2014) find that basic functions (viz., add, subtract, multiply and divide), sorting, formatting, and the proper use of if/then statements are the Excel functions perceived to be the most important to ac-counting firm supervisors. The individual Excel component of the course project requires students to perform these functions as an introduction to using the software professionally. Students are provid-ed with an Excel the company's balance sheet and income statement, obtained from the investor relations sections of the companies' websites.[See the AICPA Core Competency Framework & Educational Competency Assessment Website:interestareas/accountingeducation/resources/pages/corecompetency.aspx][The instructors have modified the Companies' downloaded data to only contain the balance sheet and income statement (i.e. superfluous data tabs have been eliminated from the downloaded file).] The assignment specifically requires stu-dents to use Excel formulas to perform horizontal analyses on the financial statements, generate common size financial statements, calculate ratios based on financial statement data, and create graphs (what Excel refers to as “charts”). Detailed directions for the individual Excel component of the project are provided in Appendix A.2.3.Team written research reportThe second project component requires student teams to write a research report on their chosen company that is based both on information contained in the company's 10-K and on the quantitative analysis that student team members prepared individually. This second component of the project is designed as a formal writing assignment. Accounting educators have long advocated for the incor-poration of writing assignments into the accounting curriculum (e.g.Albrecht & Sack, 2000; Krom &2.In-class Excel proofing sessionAbout a week later (approximately week 8), students within the same team, who have each indi-vidually completed an Excel schedule for the same company, meet during class to critique each other's work. Students are instructed to provide each other with feedback on formatting styles and to compare their calculations. The purpose of the in-class Excel proofing session is to allow students to consider how technical data should be presented and to provide students with an opportunity to resolve their calculation questions and errors. Allowing students to critique the work of their peers provides stu-dents with the opportunity to discover what formatting techniques are preferable. The session also allows students to practice giving and receiving constructive feedback. In addition to critiquing the Excel schedules, student teams are instructed to begin analyzing the company's data to evaluate prof-itability, operating efficiency, solvency and liquidity. Appendix C.1 provides questions that can be used to guide the Excel proofing and the team's first data analysis meeting.Instructors may wish to collect responses to the guided review questions and then provide whole- class feedback on the responses. Common formatting tips, which are frequently identified by students, are to use a consistent font, to check page breaks, use color sparingly, use consistent number formats (e.g., same number of decimal places), and to include titles. Since this Excel proofing session occurs during a class period, instructors are able to meet briefly with students to address questions that arise and to clarify the assignment. This proofing session provides students with early feedback, which allows them to revise and improve their Excel analysis.After the Excel proofing session, students are expected to revise their individual Excel component in accordance with comments from their peers. Students self-report spending on average (median) 6.88 (5.00) hours to complete the Excel component of the project. In the first year we assigned the project, we collected students' individual Excel components at the end of the semester when the entire project was due. We nowcollect the individual Excel component of the assignment within a week of the in-class proofing session. We do this to prevent student procrastination and to mitigate the grading load at the end of the term.3.Drafts ofthe written research report and peer re^-iewTeams of four to six students are required to write a research report on the same company they analyzed for the individual Excel portion of the project. Having the written research report com-pleted in teams allows students to build their teamwork competencies and reduces instructor grading time. The written report is completed in two stages. The first stage requires teams to research the co-mpany's most recent 10-K, its corporate website, and a press release to write about the company's products and strategy. The first stage of the written report also requires students to communicate in writing the financial statement trends they identify from their quantitative analysis (i.e. their indi-vidually completed Excel schedules, which contained horizontal, common size, and ratio analyses). Teams are specifically told to discuss the trends of the company's revenue growth, profitability, op-erating efficiency, solvency, and liquidity.A preliminary draft of the first stage of the written report is due two weeks after the Excel proofing session (approximately week 10). The second stage of the written report requires teams to discuss their company's industry, to benchmark their company's strat-egy and financial performance to those of a competing company, and to conclude with an opinion on the company's outlook. The second draft of the paper is due two weeks after the first draft has been submitted (week 12).When the draft papers are submitted (in weeks 10 and 12), the teams exchange their draft papers with another team that is analyzing the other company in the industry pair. For example, a team ana-lyzing Panera exchanges papers with a team analyzing Chipotle. Each team is required to read the draft of the other team's written report and to provide the other team with feedback on the content and writing style of the draft. Peer feedback is typically due one week after the exchange (in weeks 11 and 13). Multiple goals are achieved by exchanging papers. First, it allows for peer feedback on the written report, which reinforces that writing and preparing professional documents is an iterative process.[The authors would also like to note the benefits of peer review for faculty. The reviewer reports received through the ed-itorial process forthis manuscript gave the authors an opportunityto revise the materials we provide to students. The reviewers, and editors' comments led to a sizable improvement in the clarity of the course project instructions, guided peer review ques-tions and grading rubric shown in the Appendices.] Second, it provides students with an opportunity to give and receive feedback, which is an important communication skill in the workplace. In public accounting, associates typically evaluate interns' and peers' work at an early stage in their career. Finally, it provides students with prelimi-nary research for the benchmarking analysis that is required in the second stage of the report.Encouraging students to approach writing as an iterative process, by requiring drafts and peer review, is a strategy advocated in the pedagogical literature (e.g.,Finley & Waymire, 2013; Hirsch & Gabriel,1995; Matherly& Burney, 2009; Rieber, 2006).[An alternative to peer review could be instructor feedback on initial drafts.Hirsch and Gabriel (1995) suggest that instruc-tor feedback on drafts will allow students to learn about the instructor's expectations for content and style of the deliverable.Cho, Schunn, and Charney (2006) compare comments from both student peer reviewers and instructors and find that both sets of comments are perceived to be useful for student writers. Interestingly, the Cho et al. study finds no evidence that peer feed-back is perceived as less helpful than instructor feedback.Cho et al. (2006) do document differences in the format of the feedback, with student peer reviewers offering more praise (results in motivation) and directive comments on writing style (which provide specific comments on how to improve the paper). In comparison, instructor reviewers in the Cho et al. study tended to offer directive comments on the content, the insights and the writing style of the paper.]Finley and Waymire (2013) document significant im-provements in gradesbetween the initial and final drafts of students' papers. Similarly,Rieber (2006) documents statistically higher scores for papers that have been peer reviewed relative to papers without peer review.Rieber (2006) describes peer review as a formative evaluation of writing, which allows students an opportunity to learn from one another, and to revise and improve their written work.Rieber(2006) suggests four possible explanations for the improvement in paper quality following peer review: (1) peer review requires students to complete their writing earlier than the final due date, which allows time for editing, (2) students typically review the directions for the assignment when reviewing the work of others, which may result in a more focused paper, (3) students may write better to avoid dis-appointing their peers, and (4) student reviewers tend to comment about confusing points, which student writers perceive as less critical than a teacher's feedback. Student comments from a similar study byMatherly and Burney (2009) suggest that peer review and revision increase awareness of writing errors and lead to improved writing.We have found that students need to be provided with instructions on how to review the writing of their peers.Rieber (2006) andHirsch and Gabriel (1995) suggest peer review is more successful when it is facilitated with questions that guide students in their roles as reviewers. Appendices C.2 and C.3 provide questions that can be used to guide the peer reviews of the written drafts. The peer review guide instructs students to place check marks in the margin where the writing flows well and question marks in the margin where the writing is confusing. Student reviewers are also asked to provide comments on specific content areas and to assess whether or not the paper provides all the required components of the project. For example, did the paper discuss a press release andexplain why it may be important for assessing the value of the company? Did the project identify appropriate ratios and then discuss the trends and the drivers of these ratios? When peer feedback is exchanged, students are provided with time in class to discuss with each other the feedback they are giving and receiving on their written drafts.[The first year in which peer reviews were implemented, points were not specifically allocated to the peer review com-ments. In the second year, points were assigned to the peer review comments and student effort level on the peer reviews increased.]The second stage of the written report requires teams to discuss their company's industry and to benchmark their company's strategy and financial performance to those of a competing company. The peer review of another team's written report for the first stage of the assignment (i.e. background in-formation and financial statement analysis of a competing company) provides the team with preliminary research for its benchmarking analysis. The final requirement for the written report asks teams to syn-thesize their research and conclude with an opinion on the company's outlook. The outlook opinion assesses whether or not the company is poised for financial and strategic strength going forward. The outlook opinion should be supported bythe quantitative and qualitative analyses in the earlier sections of the written report. A second draft of the paper is exchanged by teams for peer review (week 12). The peer review process is again guided with instructor questions, which are provided in Appendix C.3. This final peer review allows students to receive comments on their writing as well as ideas on content they may have overlooked. In addition, it allows students to assess the relative strength of their own paper. After peer reviews are completed outside of class, students are provided with about ten minutes of class time to exchange comments on their drafts (week 13). The final written re-search report is due the last week of class.4.Project adaptationsThe project could be adapted to focus more on the research and written analysis components of the project. For example, students could be required to use database resources, such as Mergent Online or Yahoo Finance, to obtain financial statement and ratio data. Similarly, students could use addition-al research resources, such as Morningstar or S&P reports, to conduct their industry research. Utilizing databases and focusing on the written analysis component of the project may be especially useful for students already proficient in Excel, or as a strategy for adapting the project for use in a graduate course.The project could also be adapted for other courses. For example, forecasting, cost of capital and valuation requirements could be included in a project assigned in financial statement analysis, finance fundamentals or investment courses. These advanced courses could require the format of the written research report to be modeled after analyst research reports. Students could be required to compare their investment opinion to the investment opinions of analysts using either summary analyst opin-ions, which are available on Yahoo Finance, or analyst reports obtained from the library’s resources. A financial statement analysis course targeted at accounting majors (e.g. within an accounting ma-ster’s program) could include a more detailed discussion of adjustments to the financial statement for transitory items, as well as consideration of how critical accounting policies affect the interpre-tation of the financial statements and ratios. Similarly, a more thorough analysis of footnote and supplemental disclosures could be appropriate for a more advanced course. Fig. 4 shows project re-quirements that could be appropriate for various courses and student audiences.Appendix B provides an example of a course project, with supporting activities, designed for a more advanced course. The course project instructions presented in Appendix B were developed and imple-mented in a graduate-level financial statement analysis course taught in an MBA program.[Formal survey data on the course project in the graduate course were not obtained. Similarto the experience with the basic course project, one instructor had previously used a more traditional set of course project instructions forthe researchpaper. Supporting activities were added to the graduate assignment, and anecdotally the instructor perceived increased student en-gagement and improved papers following the revision of the project to include supporting activities.] The project requires student teams to write a research report on a publicly traded company, with a valuation anal-ysis and an investment opinion. The supporting activities for the advanced course project include mini-assignments requiring students to review footnote disclosures to reinforce course concepts, Excel assignments for analyzing data and performing valuation analysis, and a formal presentation.发展学生能力的财务报表分析项目的综合方法本文介绍了综合财务报表分析项目教学资源。