Earning Power Analysis on The Basis of the Intermediary Balances of Administration
人教版2025高考英语-选择性必修第一册 Unit 1 People of Achievement
选择性必修第一册Unit 1 People of Achievement内容索引基础知识排查核心考点突破基础知识达标写作能力提升><第一部分基础知识排查Ⅰ.阅读单词——会意1 2 3 4physiology n.生理学；生理机能artemisinin n.[药]青蒿素malaria n.疟疾extract n.提取物；摘录v t.提取；提炼；摘录；(用力)拔出wormwood n.蒿；洋艾56107substance n .物质；物品；事实根据penicillin n .青霉素chart n .图表v t .记录；制订计划flow chart 流程图numerousadj .众多的；许多的89111512theory n .理论；学说relativity n .相对论；相对性formula n .公式；方程式；配方patent n .专利；专利证书；获得专利 adj .有专利的；受专利保护的doctoraten .博士学位1314162017photoelectric adj .光电的institution n .社会公共机构；制度；习俗institute n .(教育、专业等)机构；机构建筑moustache n .上唇的胡子；髭peculiarity n .个性；特点；怪异的性质devicen .方法；技巧；装置；仪器181921Ⅱ.重点单词——记形1 2 3crucial adj.至关重要的；关键性的vital adj.必不可少的；极其重要的；充满生机的objective n.目标；目的adj.客观的property n.性质；特征；财产45 7boil v t.& v i.(使)沸腾；煮开；烧开n.沸腾；沸点liquid n.液体adj.液体的；液态的obtain v t.(尤指经努力)获得；赢得v i.(规章、习俗等)存在；流行68119acknowledge v t .承认(属实、权威等)；(公开)感谢defeat n .失败；挫败v t .击败；战胜apparently ad v .显而易见；看来；显然insist v i .& v t .坚持；坚决要求mostlyad v .主要地；一般地121013 15flee v i.& v t.(fled，fled)迅速离开；逃跑circumstance n.[usually pl.]条件；环境；状况flow n.流；流动；流畅；供应v i.流；流动infer v t.推断；推定genius n.(pl.geniuses)天才；天资；天赋16 17 1418 20extraordinary adj.不一般的；非凡的；意想不到的gradually ad v.逐渐地；逐步地encounter v t.偶然碰到；遇到n.邂逅；遭遇mourn v t.& v i.哀悼；忧伤remarkable adj.非凡的；显著的21 22 1923 24sum v i.总结；概括n.金额；款项；总数；总和draft n.草稿；草案v t.起草；草拟commit v t .承诺；保证v i .忠于；全心全意投入(工作、活动等)→committed adj .尽心尽力的；坚定的；坚信的→commitmentn .投入；奉献；承诺Ⅲ.拓展单词——悉变1academy n .(艺术、文学、科学等的)研究院；学会；专科院校→academic adj .学业的；学术的botanical adj .植物学的→botany n .植物学evaluatev t .评价；评估→evaluation n .评价；评估234distinct adj .清晰的；清楚的；有区别的→distinction n .区别；差别analyse(NAmE -ze)v t .分析→analysis(pl .analyses)n .分析56scientific adj .科学(上)的；关于科学的→science n .科学→scientist n .科学家conclusion n .结论；推论→concludev t .断定；推断出78novelist n .小说家→noveln .(长篇)小说adj .新颖的；珍奇的found v t .创建；建立；把……建立在→foundation n .创建；基金会→foundern .创建者；创始人910politician n .政治家；从政者；政客→politics n .政治(学)→politicaladj .政治的gentle adj .温柔的；文静的→gentlyad v .温柔地；温和地1112passion n .酷爱；激情→passionate adj .有激情的consequence n .结果；后果→consequent adj .随之发生的；作为结果的→consequentlyad v .结果；因此；所以1314professor n.教授15→profession n.职业，行业→professional adj.职业的；专业的n.专业人士[拔高词汇] 背选修词汇sacrifice /'sækr ɪfa ɪs/ n .& v t .牺牲；献出shatter /'ʃæt ə(r)/ v i .& v t .(使)破碎；(使)碎裂detour /'di ːt ʊə(r)/ n .绕行的路；兜圈子 v i .& v t .(使)绕道；(使)绕行pause /p ɔːz/v i .暂停；停顿v t .(按暂停键)暂停放音；暂停放像n .停顿；停顿的时间1234sway /swe ɪ/ v i .& vt .(使)摇摆；(使)摇动 n .摇摆；摆动spray /spre ɪ/ v t .& v i .向……扫射(或抛洒)；喷洒 n .浪花；水花；飞沫crawl /kr ɔːl/v i .爬行；匍匐行进；缓慢行进567tear up (猛地)拔起；撕毁或撕碎(文件等)hop /h ɒp/ v i.快速行走；单脚跳行vacant /'ve ɪk ənt/adj .空着的；未被占用的8109Ⅳ.背核心短语1 2commit oneself to (sth/doing sth/do sth)承诺；保证(做某事、遵守协议或安排等) insist on坚决要求wear and tear (正常使用造成的)磨损；损耗come to power (开始)掌权；上台take up a position担任；任职3 4 56 7sum up总结；概括lead to导致graduate from毕业于……with the objective of目的是……manage to do sth设法做成某事8 9 10Ⅴ.悟经典句式1Artemisinin has saved hundreds of thousands of lives，and has led to improved health for millions of people.(过去分词作前置定语)青蒿素挽救了成千上万人的生命，并改善了数百万人的健康状况。
F9必背文字题
F9文字题-必背知识点顿A C C A01Content F9文字题-必背知识点（part c d e f ）顿A C C A1.第一部分选择题每道2分，总计15道题，共30分；2.第二部分有三段情景描述，每个包含5道选择题，总共15道题，选择题每道2分，共30分；3.第三部分主观题2道，主观题每道20分，共40分。
•第一和第二部分的选择题来自考纲的任意部分。
•第三部分的主观题来自于教学大纲的营运资金的管理，投资评估和商业金融模块。
•（Part C ，D ，E ，F ）•新题型可参考：Specimen Exam applicable from September 2016F9考试形式变化6040顿A C C A•The objectives of working capital management are usually taken to be profitability and liquidity .•Profitability is allied to the financial objective of maximising shareholder wealth, while liquidity is needed in order to settle liabilities as they fall due. A company must have sufficient cash to meet its liabilities, since otherwise it may fail. 顿A C C A•However, these two objectives are in conflict , since liquid resources have no return or low levels of return and hence decrease profitability.•A conservative approach to working capital management will decrease the risk of running out of cash, favouring liquidity over profitability and decreasing risk.•Conversely, an aggressive approach to working capitalmanagement will emphasise profitability over liquidity , increasing the risk of running out of cash while increasing profitability.顿A C C ALength of the working capital cycle depends on its elements , which are inventory days, trade receivables days and trade payables.These elements usually depend on the nature of the businessundertaken by a company and the way that business is conducted by its competitors .The length of the working capital cycle is usually therefore similar between companies in the same business sector , but can differ between business sectors .Discuss working capital cycle顿A C C AIf a business fails to plan how to supply its forecast level of cash flow needs , it will be in danger of overtrading. Overtrading is where a business has inadequate cash to support its level of sales .To deal with this risk a business must either:a)Plan the introduction of new long-term capitalb)Improve working capital managementc)Reduce business activity Forecasting cash flow needs顿A C C AIndicators ： Overtrading•Sales increase•Receivable and inventory increase•Profit margin decreaseUnder-capitalization•Overdraft increase•Payable increase•Current ratio&quick ratio decrease liquidity 变差Overtrading•财务分析报告：数据+文字表述•例题请参照2012/06q2a 顿A C C AThe drawbacks of the EOQ model are that it:a)Assumes 0 lead times , and 0 bulk purchase discounts –although these can be adjusted for as shown aboveb)Ignores the possibility of supplier shortages or price risesc)Ignores fluctuations in demandd)Ignores the benefit of holding inventory to customers (choice, short lead times)e)Ignores the hidden costs of holding inventory (see just-in-time below)1 Managing inventory (stock)定量定性顿A C C AFramework for managing receivablesTo keep control over the level of the level of receivables it is important to have an effective receivables policy; this will involve:(a) A credit analysis system事前(b) A credit control system事中(c) A debt collection system 事后Discuss the key elements of a trade receivables management policy. (7 marks)2 Managing receivables (debtors)2016.9考过顿A C C A①Credit analysis ：bank/trade reference 、credit rating agency 、file ②Credit control ：statement 、aged receivable analysis③Debt collection ：reminders 、making customer visits 、legal action 顿A C C ACredit analysis systemBefore offering credit to particular customer, it is important to analyse the risk of trading with that customer by asking for bank references and trade references .A credit rating agency will also provide details on a customer ’s trading history, debt levels and payment performance.(For larger potential customers, a file can be opened where additional information can be located, evaluated and stored, such as the annual report and accounts of the potential customer, press releases and so on.)顿A C C ACredit control system•Having granted credit to customers, a company needs to ensure that the agreed terms are being followed .•It will also advise on the frequency with which statements are sent to remind customers of outstanding amounts and when they are due to be paid.•It will be useful to prepare an aged receivables analysis at regular intervals (e.g. monthly), in order to focus management attention on areas where action needs to be taken to encourage payment by clients.顿A C C ADebt collection system•Ideally, all customers will settle their outstanding accounts as and when they fall due. Any payments not received electronically should be banked quickly in order to decrease costs and increase profitability. •If accounts become overdue , steps should be taken to recover the outstanding amount by sending reminders , making customer visits and so on.•Legal action could be taken if necessary, although only as a last resort.顿A C C AManaging foreign accounts receivable （外部）Exporting carries a high risk of slow or non payment by customers, and requires closer control, this can involve :(a) Letters of creditThe customer ’s bank guarantees it will pay the invoice after delivery of the goods.(b) Bills of exchangeAn IOU signed by the customer. Until it is paid, shipping documents that transfer ownership to the customer are withheld; it can also be sold to raise finance 顿A C C A(c) Invoice discounting•Invoice discounting refers to the purchase of selected invoices by a financial company at a discount to their face value.•Invoice discounting can provide immediate cash to a company rather than waiting for the invoices to be settled.•It tends to be used as an occasional source of short-term finance, rather than a regular source of cash.•Invoice discounting can therefore aid in the management of trade receivables by accelerating cash inflow from trade receivables when short-term cash flow problems arise.•Discuss how invoice discounting can aid the management of trade receivables. (3 marks)顿A C C A(d) Export factoring•Factoring refers to a commercial arrangement whereby a financialcompany takes over the management of a company’s trade receivables . This will include invoicing customers, accounting for sales and collections of amounts owed .•Factors will advance cash to a company against the amounts outstanding. If the client requires, insurance against bad debts may also be provided (non-recourse factoring).•Factoring can assist in the management of trade receivables through the expertise offered by the factoring company . This may lead to a reduction in bad debts , a decrease in the level of trade receivables , a decrease in the amount of managerial time devoted to chasing slow payers 顿A C C A1.The transactions need for cash ：expected receipts against expected payments .2.The speculative need for cash ：cash buffer 3.The precautionary need for cash ：business opportunity 4.The availability of finance ：overdraftcapability 与管理层的risk attitude 和风格有关顿A C C A•The transactions need for cash•The amount of cash needed for the next period can be forecast using a cash budget , which will net off expected receipts against expected payments .顿A C C A•The precautionary need for cash•Although a cash budget will provide an estimate of the transactions need for cash, it will be based on assumptions about the future and will therefore be subject to uncertainty . The actual need for cash may be greater than the forecast need for cash.In order to provide for any unexpected need for cash, a company can include some spare cash (a cash buffer) in its cash balance. This is the precautionary need for cash. 顿A C C A•The speculative need for cash•There is always the possibility of an unexpected opportunity occurring in the business world and a company may wish to be prepared to take advantage of such a business opportunity if it arises .顿A C C A•The availability of finance•A company may choose to hold higher levels of cash if it hasdifficaulty gaining access to cash when it needs it. For example, if a company’s bank makes it difficult to access overdraft finance , or if a company is refused an overdraft facility , its precautionary need for cash will increase and its optimum cash level will therefore also increase.顿A C C ACritically discuss the similarities and differences between working capital policies in the following areas:(i) Working capital investment;(ii) Working capital financing. (9 marks)顿A C C A•Working capital investment policy is concerned with the level of investment in current assets , with one company being compared with another .•Working capital financing policy is concerned with the relative proportions of short-term and long-term finance used by a company. Inter-companyCompany alone 顿A C C A•Working capital financing policy uses an analysis of current assets into permanent current assets and fluctuating current assets. Working capital investment policy does not require this analysis.•Permanent current assets represent the core level of investment in current assets that supports a given level of business activity.•Fluctuating current assets represent the changes in the level of current assets that arise through, for example, the unpredictability of business operations , such as the level of trade receivables increasing due to some customers paying late or the level of inventory increasing due to demand being less than predicted.Working capital financing policy顿A C C A•Working capital financing policy relies on the matching principle , which is not used by working capital investment policy. The matching principle holds that long-term assets should be financed from a long-term source of finance.•Non-current assets and permanent current assets should therefore be financed from a long-term source, such as equity finance or bond finance, while fluctuating current assets should be financed from a short-term source, such as an overdraft or a short-term bank loan.顿A C C A•Both working capital investment policy and working capital financing policy use the terms conservative and aggressive .•In investment policy, the terms are used to indicate the comparative level of investment in current assets on an inter-company basis. One company has a more aggressive approach compared to another company if it has a lower level of investment in current assets, and vice versa for a conservative approach to working capital investment policy.•In working capital financing policy, the terms are used to indicate the way in which fluctuating current assets and permanent current assets are matched to short-term and long-term finance sources.Conservative &aggressive顿A C C A•An aggressive financing policy means that fluctuating current assets and a portion of permanent current assets are financed from a short -term finance source.•A conservative financing policy means that permanent current assets and a portion of fluctuating current assets are financed from a long -term source.•An aggressive financing policy will be more profitable than a conservative financing policy because short-term finance is cheaper than long-term finance, as indicated for debt finance by the normal yield curve (term structure of interest rates). 顿A C C A•However, an aggressive financing policy will be riskier than a conservative financing policy because short-term finance is riskier than long-term finance.•For example, an overdraft is repayable on demand, while a short-term loan may be renewed on less favourable terms than an existing loan. Provided interest payments are made, however, long-term debt will not lead to any pressure on a company and equity finance is permanent capital.顿A C C A•Overall, therefore, it can be said that while working capitalinvestment policy and working capital financing policy use similar terminology , the two policies are very different in terms of their meaning and application .•It is even possible, for example, for a company to have aconservative working capital investment policy while following an aggressive working capital financing policy.顿A C C AThis is a measure of how many years it takes for the cash flows affected by the decision to invest to repay the cost of the original investment .A long payback period is considered risky because it relies on cash flows that are in the distant future.Payback period顿A C C Aa)A simple way of screening out projects that look too risky b)Useful when a company has cash flow problemsAdvantages of payback顿A C C Aa)Ignores the timing of the cash flows within the payback period b)Ignores the cash flows outside the payback periodDisadvantages of payback顿A C C ABoth NPV and IRR are superior methods for appraising investments compared to the techniques covered in the previous chapter because:a)They account for the time value of money (unlike ROCE and payback)b)They focus on relevant cash flows (unlike ROCE)c)They look at the cash flows over the whole life of the project (unlike payback)By examining the advantages and disadvantages of IRR (NPV has the opposite pros and cons) as a DCF technique, it can be shown that NPV is the superior technique .NPV or IRR?顿A C C AAdvantage of IRRIRR gives the % return of a project; this concept is easy for non financial managers to understand and for financial managers tocalculate because it does not require the calculation of a cost of capital .顿A C C ADisadvantages of IRRDisadvantages ExplanationMutually exclusive projects A smaller project might be chosen over a larger project because it has a higher IRR. NPV would choose the larger project because it deals in £s not %.A change in direction of the cash flows If there is another year of negative cash flows, there may be more than 1 IRR. This means that IRR becomes confusing.Reinvestment assumptionThe IRR method assumes that cash inflows from the project are reinvested at the IRR rate, this is unrealistic when the IRR is high.顿ACCAWhen IRR is greater than cost of capital ，the investment is financially acceptable.IRR decision rule顿A C C A•First, the tax benefits from capital allowances are not affected by inflation and so will have different present valuesdue to the change in discount rate.•Second, the working capital cash flows are timed differently to the sales income on which they depend , and so their inflation effects are timed differently to the related inflation effects in the discount rate.Nominal &real term NPV顿A C C AThis is heavily dependent on the accuracy of the probabilities . Even if accurate, the result ignores the fact that the project is a one-off .Expected value顿A C C ASensitivity ignores the possibility of more than one variable changing at the same time -this is especially likely if they are related to each otherSensitivity analysis顿A C C ACapital rationing arises for 2 main reasons:(a)Hard capital rationing –a firm cannot get cash from the capital markets; typically this means that the firm is small or does not have an established trading record.(b)Soft capital rationing –a firm can get the cash but decides not to; this is typical of a larger company that wants to keep its gearing under control .Capital rationing顿A C C ADebt finance-Advantages of debt financeDebt finance in general has some attractions compared to equity & venture capital1.Avoids dilution of control2.Avoids earnings per share dilution3.Provides tax relief on interest payments 顿A C C A4.Debt is a cheap source of finance5.The use of debt is a signal of confidence in the company’s cash flows6.The use of debt is a discipline （covenant ）on management顿A C C ADisadvantages of debt finance(a)Debt creates higher variability in dividends ie higher ‘financial risk’.(b)Debt creates higher default risks which can lead to financial distress costs such as lower sales or higher supplier costs .顿A C C ADividends as a signal to investorsThe dividend declared can be interpreted as a signal from directors to shareholders about the strength of underlying project cash flows . Investors usually expect a consistent dividend policy from the company, with stable dividends each year or, even better, steady dividend growth.信号理论顿A C C ATheories of dividend policyModigliani and Miller proposed that in a tax-free world , shareholders are indifferent between dividends and capital gains, and the value of a company is determined solely by the 'earning power' of its assets and investments.If a company pursues a consistent dividend policy, it will tend to attract to itself a clientele consisting of those preferring its particular payout ratio.股息无关理论顿A C C APractical influences on the levels of debt ie gearingGearingPractical issues ExplanationLife cycle A new, growing business will find it difficult toforecast cash flows with any certainty so high levels of gearing are unwise.Operational gearing contribution / PBIT If fixed costs are high then contribution (beforefixed costs)will be high relative to profits (afterfixed costs).High fixed costs mean cash flow is volatile,so high gearing is not sensible.Stability of revenue If operating in a highly dynamic businessenvironment then high gearing is not sensible.Security If unable to offer security then debt will bedifficult and expensive to obtain.内外成本结构Cash flow 不稳定顿A C C A•Discuss why the cost of equity is greater than the cost of debt. (5marks)•The cost of equity is the return required by ordinaryshareholders (equity investors), in order to compensate them for the risk associated with their equity investment, i.e. their investment in the ordinary shares of a company.•If the risk of an investment increases , the return expected by the investor also increases . If the risk of a company increases, therefore, its cost of equity also increases.顿A C C A•If a company is liquidated , the order in which the claims of creditors are settled is a factor in determining their relative risk .•The claims of providers of debt finance (debt holders) must be paid off before any cash can be distributed to ordinary shareholders (the owners).•The risk faced by shareholders is therefore greater than the risk faced by debt holders,and the cost of equity is therefore greater than the cost of debt.•Interest on debt finance must be paid before dividends can be paid to ordinary shareholders, so the risk faced by ordinary shareholders is greater than the risk faced by debt holders, since the necessity of paying interest may mean that dividends have to be reduced.顿A C C AReasons （简介版）•Interest on debt finance must be paid before dividends can be paid to ordinary shareholders, so the risk faced by ordinary shareholders is greater than the risk faced by debt holders, since the necessity of paying interest may mean that dividends have to be reduced.•If a company is liquidated ,theclaims of providers of debt finance (debt holders) must be paid off before any cash can be distributed toordinary shareholders (the owners).The risk faced by shareholders is therefore greater than the risk faced by debt holders, and the cost ofequity is therefore greater than the cost of debt.Risk-return relationshipt h a t di vi de n ds ha v e t o 顿A C C A。
英语benefit是什么中文意思
英语benefit是什么中文意思英语benefit是什么中文意思benefit是一个重点的单词，我们要弄清楚它的中文意思才能更好的运用。
下面就让店铺给大家分享英语单词benefit具体的中文意思吧，希望能对你有帮助!英语单词benefit的中文意思名词利益，好处; 救济金，津贴; 义演，义卖; 恩惠，恩泽及物动词有益于，有助于; 使受益; 得益，受益情景对话求职B：Can you sell yourself in two minutes? Go for it.你能在两分钟內自我推荐吗?大胆试试吧!A：With my qualifications and experience, I feel I am hardworking, responsible and diligent in any project I undertake. Your organization could benefit from my analytical and interpersonal skills.依我的`资格和经验，我觉得我对所从事的每一个项目都很努力、负责、勤勉。
我的分析能力和与人相处的技巧，对贵单位必有价值。
英语单词benefit的单语例句1. When more people benefit from the business, it will bite deep into the ethics of academics.2. " Acquiring ACS helps us expand our business and benefit from stronger revenue and earnings growth, " Xerox CEO Ursula Burns said in a statement.3. Ping An said its core business would keep prospering in the near future and will benefit from the bright outlook of the industry.4. Rising living standards benefit our economy because they will bolster the population's buying power, which is the mostessential contributor to the growth of the economy.5. Dickson said Disney will get good buzz for encouraging volunteerism plus free publicity from the nonprofits that benefit.6. Is this a benefit of a decentralized economy that goes by the name of market?7. And farmers gain no benefit from this most environmentally friendly way of disposing of the wheat byproduct.8. The calculated move of Beijing was wise and came at the right time - one that will benefit the economy more than hurt it.9. It would be good if those calculating Japanese politicians could finally appreciate the benefit of good neighbourly ties with China.10. They start calculating how closely they are related to the family and how they can benefit from his rise in status.英语单词benefit的双语例句1. The benefit of mankind is the ultimate goal?人类的利益是终极目标?2. Therefore, we may say that retrospecting and systemizing the thought and experience of the period can benefit the establishment of modern bank system.需要说明的是，银行制度是一个内涵十分广泛的范畴，为了使我们的研究能够建立在规范化的基础上，有必要对这一范畴作出明确的界定。
英语财务笔试题库及答案
英语财务笔试题库及答案1. What is the difference between a balance sheet and an income statement?Answer: A balance sheet is a snapshot of a company's financial condition at a specific point in time, showing assets, liabilities, and equity. An income statement, on the other hand, reports a company's financial performance over a period of time, including revenues, expenses, and net income.2. Define the term 'Depreciation'.Answer: Depreciation is the systematic allocation of the cost of a tangible asset over its useful life to reflect the consumption of the asset.3. Explain the concept of 'Accrual Accounting'.Answer: Accrual accounting is a method of accounting where revenues and expenses are recorded when they are earned or incurred, not when cash is received or paid.4. What is 'Capital Budgeting' and why is it important?Answer: Capital budgeting is the process of evaluating investment opportunities to determine whether they are financially viable and beneficial for a company. It is important as it helps in making long-term financial decisions.5. How do you calculate 'Net Present Value' (NPV)?Answer: Net Present Value (NPV) is calculated bysubtracting the present value of cash outflows (includinginitial investment) from the present value of cash inflows over a period of time, using a discount rate.6. What is 'Financial Leverage' and how does it affect a company?Answer: Financial leverage refers to the use of borrowed funds to increase the return on equity. It affects a company by increasing the risk and potential return on investment.7. Describe the 'Time Value of Money'.Answer: The time value of money is the concept that a sum of money is worth more now than the same sum in the future due to its potential earning capacity.8. What is 'Earnings Per Share' (EPS)?Answer: Earnings Per Share (EPS) is a financial metric calculated as the company's net income divided by the outstanding shares of its common stock, indicating the profit allocated to each share.9. Explain the 'Cash Conversion Cycle'.Answer: The cash conversion cycle is the length of time it takes for a company to convert its investment in inventory and receivables into cash.10. What is 'Break-Even Analysis' and how is it used?Answer: Break-even analysis is a method used to determine the number of units a company must sell to cover its costs and make a profit. It is used to evaluate the financial viability of a project or business.11. Define 'Working Capital'.Answer: Working capital is the difference between a company's current assets and current liabilities, representing the funds available for day-to-day operations.12. What is 'Liquidity Ratio' and how is it calculated?Answer: Liquidity ratio is a measure of a company'sability to pay short-term obligations. It is calculated by dividing current assets by current liabilities.13. Explain 'Return on Investment' (ROI).Answer: Return on Investment (ROI) is a financial metric that measures the profitability of an investment. It is calculated by dividing the net profit from the investment by the initial cost of the investment.14. What is 'Inflation' and how does it affect financial statements?Answer: Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. It affects financial statements by reducing the real value of assets and increasing the cost of goods and services.15. Define 'Audit' in the context of finance.Answer: An audit is a systematic review and examination of a company's financial records, typically performed by an independent third party, to ensure accuracy, compliance with regulations, and to detect fraud.。
经过自己的勤奋英语得到a的英语作文
经过自己的勤奋英语得到a的英语作文Through sheer determination and unwavering dedication, I was able to overcome the challenges I faced in learning English and ultimately achieve an A grade in the subject. As a non-native speaker, I initially struggled with the complexities of the language, from its idiomatic expressions to its nuanced grammar rules. However, I refused to be deterred by these obstacles and instead, I embraced them as opportunities to grow and improve.At the outset of my English learning journey, I recognized that mastering the language would require a significant investment of time and effort. I was undaunted by the prospect, knowing that with hard work and perseverance, I could achieve my goal. I began by immersing myself in English-language media, from movies and TV shows to news articles and podcasts. This immersion not only helped me become more comfortable with the spoken language but also exposed me to the diverse vocabulary and sentence structures that are integral to effective communication.In addition to this passive learning approach, I also actively engagedin the learning process by practicing my writing and speaking skills. I made it a point to write daily, whether it was journaling, creative writing, or completing assigned essays and assignments. This consistent practice allowed me to develop a better understanding of grammar, syntax, and the nuances of English composition. Moreover, I sought out opportunities to engage in conversation with native English speakers, whether it was through language exchange programs, study groups, or casual interactions. These conversations not only helped me improve my speaking skills but also provided valuable feedback that I could use to refine my language abilities.One of the key strategies that I employed in my pursuit of English proficiency was the use of effective study techniques. I recognized that simply memorizing vocabulary words or grammar rules was not enough to truly master the language. Instead, I focused on developing a deeper understanding of the underlying principles and patterns that govern the English language. I would analyze the etymologies of words, study the historical evolution of the language, and explore the cultural contexts that shape its usage.Additionally, I made a conscious effort to apply what I had learned in practical, real-world situations. Whether it was ordering at a restaurant, participating in a group discussion, or writing a professional email, I constantly challenged myself to put my English skills to the test. This approach not only reinforced my learning butalso helped me gain confidence in my abilities and become more comfortable using the language in diverse contexts.As I continued to work diligently and make steady progress, I began to see tangible results in my academic performance. My grades in English-related courses steadily improved, and I found myself able to articulate my thoughts and ideas with greater clarity and precision. This sense of accomplishment fueled my motivation, and I became even more determined to excel in the subject.One of the pivotal moments in my English learning journey came when I was tasked with writing a research paper for a challenging course. The assignment required a high level of proficiency in both written expression and analytical thinking. Initially, I felt daunted by the prospect, but I refused to let it discourage me. I meticulously planned my research, carefully crafted my arguments, and meticulously edited my work to ensure it met the highest standards.To my delight, the final product was a resounding success. The professor praised my clear and concise writing, as well as the depth of my analysis and the strength of my supporting evidence. This achievement not only boosted my confidence but also solidified my belief in the power of hard work and dedication. It was a testament to the progress I had made and the skills I had developed through my unwavering commitment to learning English.As I reflect on my journey, I am filled with a sense of pride and gratitude. The challenges I faced along the way were significant, but they also served as opportunities for growth and learning. Each obstacle I overcame, each milestone I reached, and each success I achieved, all contributed to the development of my English language proficiency.Looking back, I can see how my diligence and perseverance have not only benefited me academically but have also enriched my personal and professional life. The ability to communicate effectively in English has opened doors for me, allowing me to engage with a wider global community, access a wealth of information and resources, and pursue new opportunities that were previously out of reach.In conclusion, my journey to earning an A in English has been a testament to the power of hard work and determination. Through my unwavering commitment to learning and my willingness to embrace challenges, I have not only mastered the language but have also gained invaluable skills and experiences that will continue to serve me well in the years to come. This achievement is a source of immense pride and a reminder that with dedication and perseverance, any goal can be attained.。
财务报表分析 第十版答案 第六章 (部分)
a. Cash xxxGain on disposition* xxxNet assets of discontinued operations xxx * (A loss on disposition would be recorded as a debit)b. Income (expense) related to discontinued operations include theoperating profit (loss) recorded prior to sale and the gain (loss) on sale.These are reported net of applicable tax.c. When estimating future earning power, the results from discontinuedoperations should not be treated as recurring. This is important for an assessment of the permanent income of a company.d. Separately reporting discontinued operations allows the analyst to viewthe results of operations without the segment that will not be ongoing.As a result, the analyst can better assess the permanent component of income, for which results of discontinuing operations will be excluded. Exercise 6-2 (30 minutes)a. By the use of reserves, a company can allocate costs in excess ofactual experience in the current period, based on estimates of additional costs in the future, or even based on the simple possibility of further costs in the future. Then, in later periods, actual costs can be written off against the reserve rather than reported as expenses in the company's income statement for those periods. The advantage to the company is that earnings trends can be "smoothed," and a cushion for future earnings can be built up during good economic years for use during leaner periods. To the extent that stability and predictability of earnings are market virtues, the company's common stock might be accorded a higher multiple for these efforts, in effect lowering the cost of capital to the company. The use of reserves both poses problems for the analyst and conflicts with some basic accounting principles. These include:(1) Use of reserves contradicts the matching principle, by whichrevenues and related costs should be recognized in the same period.(2) Reserving for future events (especially contingencies) is obviouslysubject to estimate, and accounting should attempt to record quantifiable value as much as possible.(2) The reserving technique makes reported earnings less indicative offundamental trends in the company. The effects of the economiccycle are reduced, making correlation techniques (such as GNPgrowth vs. EPS growth) invalid. These reported numbers mightmislead the “uninformed” investor. In contrast to the artifici alsmoothing referred to earlier, the company's growth rate may beexaggerated, by over-reserving for losses in a bad year, andsubsequent writing off of the reserve.It should be noted that a reserve can be properly taken such as when itrecognizes a liability that (1) likely exists in the relatively near future—such as costs of winding up a plant shutdown with the next year or (2)is subject to quantification—such as the outright expropriation of netassets in a foreign country.b. If the analyst is able to discern the impact of reserves, s/he shouldexclude the reserves' impact from accounting income when assessingpast trends. Only operating or normal earnings should be comparedover the short-term. However, over a longer period of time, the lossesagainst which reserves have been taken should be included. Inestimating future earnings, the analyst must carefully consider theimpact of reserves and exclude the impact when forecasting normalearnings. By doing this, the analyst will have a better understanding ofthe true operations of the company. In the valuation of common stock,the analyst must focus on the sustainable earning power of thecompany. Thus, earnings may have to be adjusted upward or downwarddepending on the degree of abuse of reserves.c. Several examples of reserves are cited in the chapter. Also, studentsoften benefit from a review of business magazines in attempting toidentify such reserves.(CFA Adapted) Exercise 6-3 (35 minutes)a. A change from the sum-of-the-years'-digits method of depreciation tothe straight-line method for previously recorded assets is a change inaccounting principle. Both the sum-of-the-years'-digits method and thestraight-line method are generally accepted. A change in accountingprinciple results from adoption of a generally accepted accountingprinciple different from the generally accepted accounting principleused previously for reporting purposes.b. A change in the expected service life of an asset arising because ofmore experience with the asset is a change in accounting estimate. A change in accounting estimate occurs because future events and their effects cannot be perceived with certainty. Estimates are an inherent part of the accounting process. Therefore, accounting and reporting for certain financial statement elements requires the exercise of judgment, subject to revision based on experience.c. 1. The cumulative effect of a change in accounting principle is thedifference between: (1) the amount of retained earnings at the beginning of the period of change and (2) the amount of retained earnings that would have been reported at that date if the new accounting principle had been used in prior periods.2. FASB 2005 Statement “Accounting Changes and Error Corrections”requires that effective in 2005, companies should apply the “retrospective approach” to changes in accounting principle. Thus, all presented periods must be restated as if the change were in effect during those periods, and any cumulative effect from periods before those presented is an adjustment to beginning retained earnings of the earliest period presented.d. Consistent use of accounting principles from one accounting period toanother enhances the usefulness of financial statements in comparative analysis of accounting data across time.e. If a change in accounting principle occurs, the nature and effect of achange in accounting principle should be disclosed to avoid misleading financial statement users. There is a presumption that an accounting principle, once adopted, should not be changed in accounting for events and transactions of a similar type.f. Mandatory accounting changes are largely non-discretionary. Thus,managerial discretion is not present, or at least is to a lesser degree.One should examine the motivations for voluntary accounting changes and assess any earnings quality impact.g. Mandatory accounting changes are largely non-discretionary. However,there is often a window of time for a company to adopt a mandatory accounting change. If a window exists, management has discretion as to the timing of the adoption. Thus, the timing of adoption and any accounting ramifications should be considered. For example, if a manager is going to adopt an accounting change that includes a large charge, the manager might choose to adopt in a relatively poor quarterto attempt to potentially conceal or downplay the poor operating performance.h. Mandatory accounting changes often include the recognition ofretroactive earnings affects. For example, the rules in accounting for other post-employment benefits require that companies establish a liability for the accrued benefits to date. This results in a large charge for many companies. Of course, the market potentially views the charge as largely the fault of accounting rule makers. Thus, managers have incentive to increase the amount of the charge and use the bloated liability to increase future earnings.。
the absence of a power analysis
the absence of a power analysisThe Absence of a Power Analysis: Its Impact and ConsequencesPower analysis is a crucial step in the research process, yet it is often overlooked or neglected. This oversight can lead to a series of problems that can significantly impact the validity and reliability of a study's results.Firstly, without a power analysis, researchers may not have a clear understanding of the sample size they need to achieve their desired level of statistical power. This can lead to either an undersized or oversized sample, both of which can introduce bias and limit the generalizability of the findings. An undersized sample may not have enough statistical power to detect significant differences or relationships, leading to false negatives. Conversely, an oversized sample may lead to unnecessary waste of resources and may even introduce noise or confounding factors into the data.Secondly, the absence of a power analysis can affect the interpretation of study results. If a study is underpowered, the results may not be statistically significant even if there are true effects in the population. This can lead researchers to erroneously conclude that there are no differences or relationships, when in fact there may be. Conversely, if a study is overpowered, the results may appear statistically significant even for small or trivial effects. This can lead to overstated conclusions and inflated effect sizes.Moreover, the absence of a power analysis can affect the replication of studies. If different studies use different sample sizes without a clear rationale based on power analysis, it becomes difficult to compare and contrast their findings. This can make it challenging to determine whether a particular effect is robust and reproducible or whether it is specific to a particular study or sample.In addition, the lack of a power analysis can also lead to ethical concerns. If a study is underpowered, it may not have enough statistical power to detect harmful effects or to identify subgroups that may be disproportionately affected. This canlead to unethical outcomes where harmful practices or policies are not identified and addressed in a timely manner.In summary, the absence of a power analysis can have far-reaching consequences for the validity, reliability, and reproducibility of research findings. It is crucial for researchers to incorporate power analysis into their study design to ensure that they have an appropriate sample size, accurate interpretation of results, and the ability to make informed decisions based on their data.。
财务管理分析英文版
一、判断题(10*2’)( T )1、A company’s return on equity will always equal or exceed its return on assets.一个公司的权益收益率总是大于或等于其资产收益率。
( T)2、A company’s assets-to-equity ratio always equals one plus its liabilities-to-equity ratio.一个公司的资产权益比总是等于1加负债权益比。
( F )3、A company’s collection period should always be less than its payables period.一个公司的应收账款回收期总是小于其应付账款付款期。
( T )4、A company’s current radio must always be larger than its acid-test-radio.一个公司的流动比率一定大于速动比率。
( F )5、Economic earnings are more volatile than accounting earnings.经济利润比会计利润更加变动不定。
( F )6、Ignoring taxes and transactions costs , unrealized paper gains are less valuable than realized cash earnings.若不考虑税收和交易成本，未实现的纸上盈利不如已实现的现金盈利有价值。
( F)7、A company’s sustainable growth rate is the highest growt h rate in sales it can attain without issuing new stock.一家公司的可持续增长率是他在不增发新股情况下所能取得的最高的销售增长率。
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Finance and BankingEarning Power Analysis on The Basis ofthe Intermediary Balances of AdministrationAssociate Professor Neculina Chebac, PhD“Danubius” University of GalatiSenior Lecturer Carmen Creţu, PhD“Danubius” University of Galati Abstract: The profit and loss account, within the basic (developed – version) system, allows the establishment of the intermediary results account or of the intermediary balances of administration. Indices involved in the case of the intermediary balances of administration are necessary in making decisions both at the firm level and at that of third parties that are economically and financially related to the firm.Keywords: profit, results account, margin, intermediary balancesJel Classification: M41, H42The step-like structure of indicators, which starts from the most comprehensive (i.e. accounting period production and mark-up) and ends with the most synthetic one (i.e. accounting period net profit), suggest s that these indices formed a series referred to as a cascade of intermediary balances of administration.Each such balance reflects the financial administration result at the respective accumulating stage1.The intermediary balance of administration stands for the difference between two values. By way of repeated subs tractions, several indices are obtained i.e. indicators describing profitableness and firm management (some are found as such in the profit 1Stancu I., Finanţe. Teoria pieţelorfinanciare. Finanţele întreprinderilor. Analiza şi gestiunea financiară(in translation.: Finances. Financial Markets Theory. Firm Finances. Financial Analysis and administration),Ed. Economică Pbsh., Bucharest, 1996, p.329123and loss account others are calculated as it is in the case of intermediary balances of administration). Absolute magnitude-describing profitability indicators are as ponderous in consequence as those to be further dealt with i.e. useful indices in firm administration assessment.The margin, as net profitability indicators must be made one of in the economic and financial analysis, is dealt with in such terms as1:-The production cost margin i.e. the difference between the selling price of goods and their production cost s.-The commercial margin or mark-up i.e. the difference between the selling price of firms’ goods and their historical cost s.-The margin of variable costs,which reflects the difference between the selling price and the variable cost s.The direct cost margin, which stands conspicuously for the difference between the sale price and the direct cost (thus, it includes the indirect cost in the profit)is c alculated at product level and it does acquire the significance of contribution margin.The financial period production is an indicator which is mostly applied to industrial units and is made the use of in measuring the global volume of activity i.e. the sold output, the stocked production and the immobilized production.The value added is the encashment over plus that exceeds the value of third parties’ consumption, namely the wealth originated in turning firm (technical, human, financial) resources to account, or, to put it differently, it stands for the amount of labour factor, capital factor and state factor remuneration2.It is calculated by using two different methods:1.the substractive method (i.e. the difference – based or synthetic method),which is of two types:-the value added stands for the difference between the financial period output and the intermediary consumption;1 Mărgulescu D., Cişmaşu I.D., Vâlceanu G., Şerban C., Analiza economico-financiară (in translation: Economic and Financial Analysis), România de Mâine Foundation Pbsh., Bucharest, 1999, p.2012 Mărgulescu D., Niculescu M., Robu V., Diagnosticul economico-financiar (in translation: Economic and Financial Dyagnosis), Romcart Pbsh., Bucharest, 1994, p.182124-the value added is found by subtracting the intermediary consumption from the rate of turnover; intermediary consumptionvalues are difficult to assess.2.the additional or earmarking method, which stands for summing up staff,paying off and interest – oriented expenses, levies and taxes, dividends and the net output in the whole financial period.The gross operation excess (deficit). This indicator mirrors the gross economic output at firm level; it is influenced only by the operating activity and not by the paying off or provision – concerned system, by the fiscal policy or dividend – earmarking manner.The gross operation excess is the monetary surplus virtually resulted from the operating activity, which derives in cash collections (either immediate or subsequent) and in operating expenses involving urgent or subsequent payment operations. Operating revenues followed by encashment are made up of the selling output and the operating subventions.Operating expenses involving payments consist in: the purchasing cost of sold commodities, third party consumptions, levies, taxes and similar payments as well as staff expenses (wages, personal insurance and social protection).The gross operation excess or taken operating gross deficiency must be taken for the difference between the value added – possibly increased by operation – oriented subsidies received by the company – and the staff – concerned expenditure, which is to be rounded with fiscal expenses (except for the tax on profit)1.The gross operation excess is made use of in the analysis process in making resemblances (both in space and dynamics) with the output of firms with the same activity.The balance sheet method is the one used in the structural analysis of such indicators as: the market supplement (or mark-up), the operating term output, the value added and the gross operation excess.1Chebac N., Informaţiile contabilităţii în procesul de analizăşi decizie (in translation: Acconting Informations in the Decision-Making and Analysis Process), Alma Publishing House, Galati, 2002, p.157125As the different types of output (profit or loss) are shaped up under different factors, it is factor analysis to be approached in such a context1.The evolution of the indicators included in the Balance sheet and in the Profit and Loss Account is depicted in table 1. The above account is structured on three levels that explain the obtained result, according to the structure of activity in a firm, in operating, financial and manifold other terms. The profit and loss account allows the calculation of light intermediary balances of administration that stand for as many steps in “moulding” the net output in the financial period: the mark-up, the operation output, the value added, the financial period production, the financial period current output, the egregious result and the net result of the financial period2.To conclude, one could state that intermediary balances of administration are magnitudes, results i.e. indicators obtained through economic, “cascade” calculations as in tables 1. a nd2:Table no 1. ROL Thousand REVENUES Financial period2002 2003 20041. Commodity sales 247.957 - -2. Sold output3. Stored output4. Immobilized production5. Subtotal I (5=2+3+4) 72.765.004--72.765.00485.741.658--85.741.65891.626.837--91.626.8376. Financial period output7. Operating subsides8. Subtotal II (8=6+7) 72.765.004-72.765.00485.741.658-85.741.65891.626.837-91.626.8379. Value added10. Operating subsides 18.945.220-12.552.435-7.976.027-1Ţole M., Analiza economico-financiară a firmelor (in translation: Economic and Financial Analysis of Firms), România de Mâine, Foundation Pbsh., Bucharest, 2000, p. 1892 Chebac N., Op.cit., p.15512611. Subtotal III (11=9+10) 18.945.220 12.552.435 7.976.02712. Gross operation excess13. Revenues from operating provisions14. Other operating revenues15. Subtotal IV (15=12+13+14) 13.485.706-37.75413.523.4586.765.178-1.913.6108.678.7882.030.98450.00074.2302.155.21416. Operation result (profit)17. Financial revenues18. Subtotal V (18=16+17) 8.855.93219.6308.875.5624.062.4159.2834.071.698-258.032258.03219. Egregious revenues - - -20. Current operation result (profit)21. Egregious result (profit)22. Operation result before taxation 8.874.579-8.874.5794.066.580-4.066.580---EXPENSES23. Cost of sold commodities247.957 - -24. Third parties’ operation consumption25. Expenses with third party-made works26.Subtotal I (26=24+25) 50.622.2993.197.48553.819.78469.267.6023.921.62173.189.22379.665.5473.985.26383.650.81027. Taxes, levies and similar payments28. Staff expenses29. Subtotal II (29=27+28) 258.5235.200.9915.459.514161.1005.626.1575.787.25766.5285.878.5155.945.04330. Gross operation deficit31. Paying off and provision- - -127expenditure32. Other operating expenses33. Subtotal III (33=30+31+32) 2.668.7171.998.8094.667.5262.896.3371.720.0364.217.6682.493.039-2.493.03934. Operation result (losses)35. Financial expenses36. Subtotal IV (36=34+35) -983983-5.1185.118337.825586.065923.89038. Egregious expenses - - -39. Current results of the financial period (losses) 40. Egregious result ----65.858-41. Tax on profit 2.456.608 1.030.445 -Intermediary Balances of AdministrationTable no 2 ROL T housand Tabular ofAdministrationBalances2002 2003 2004Rate of turnover 73.012.961 85.741.658 91.626.837 Mark-up - - -Operation production 72.765.004 85.741.658 91.626.837 Value added 18.945.220 12.552.435 7.976.027 Gross operation excess 13.904.230 6.765.178 2.030.984 Operation result 8.855.932 4.062.415 -337.825Current result of thefinancial period8.874.579 4.066.580 -665.858Egregious result - - -128Financial period result8.874.579 4.066.580 -665.858before taxation6.417.971 3.036.135 -65.858Financial period resultsubsequent to taxation(net profit or loss)ReferencesStancu, I. (1996). Finanţe. Teoria pieţelor financiare. Finanţele intreprinderilor. Analiza şi gestiunea financiară, Bucureşti: Economică.Mărgulescu, D., Cişmaşu, I. D., Vâlceanu, G., Şerban, C. (1999). Analiza economico-financiarăBucureşti, Editura Fundaţiei România de Mâine.Mărgulescu D., Niculescu M., Robu V., (1994). Diagnosticul economico-financiar,Bucureşti: Romcart.Chebac, N. (2002). Informaţiile contabilităţii in procesul de analizăşi decizie, Galaţi:Alma.Ţole, M. (2000). Analiza economico-financiarăa firmelor,Bucureşti: Editura Fundaţiei România de Mâine.129。