第十一章 财务报表分析
《财务管理》(张玉英)PPT 财务管理11
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第一节 财务报表分析概述
二、财务报表分析评价标准 (三)社会标准
行业标准
社 会
地区标准
标
准
国内标准
国际标准
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应用广泛
内容讲解
第二节 财务报表分析的基本方法
一、比率分析法 二、因素分析法 三、趋势分析法
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第二节 财务报表分析的基本方法
一、比率分析法
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第二节 财务报表分析的基本方法
三、趋势分析法
(一)多期比较分析
【例11-2】表11-2是N公司连续4年的利润表资料，按此 编制的变动差额与百分比报表如表11-3所示。
表11-2 单位：万元
项目 营业收入
减：营业成本 营业毛利
减：营业税费 减：期间费用 营业利润 加：营业外损益 利润总额 减：所得税 净利润
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第一节 财务报表分析概述
一、财务报表分析目的
财务报表分析
是以企业财务报表及其他有关财务资料为基础，
对企业财务活动的过程和结果进行的研究评价过程。
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第一节 财务报表分析概述
一、财务报表分析目的
财务报表基 本分析内容
企业偿债能力 资产管理比率 盈利能力 发展能力分析
财务报表分析与运用 杰拉尔德 课后答案英文版第十一章
Chapter 11 SolutionsOverview:Problem Length Problem #s{S} 1 - 4, 9, 11, 12, 15, 16, 21, 22{M} 5, 7, 8, 10, 13, 14, 17, 18, 20, 23, 24 {L} 6, 19, 251.{S}(i) Interest expense = 12% x $10,000 (beginning balance oflease obligation) = $1,200.(ii)The lease obligation will be reduced by $100 ($1,300 - $1,200) leaving an obligation of $9,900.(iii)Cash from Operations will be reduced by the interest payment of $1,200. Cash from investing activities willnot be affected. (However, the firm will report thecapi tal lease as a “noncash investment and financingactivity.” Cash from financing will be reduced by theamount of the principal payment of $100.(iv)Under an operating lease there is no lease obligation on the balance sheet. The only effect on income isRent Expense of $1,300. Similarly, CFO is reduced by$1,300. (CFI and CFF are not affected).2.{S}(i) In a take-or-pay arrangement, a company contracts tobuy or pay for a certain amount of a supplier’scommodity at a predetermined price over a stated timeperiod. The company, by entering the contract, incursan economic liability. However, since it is only acontract, no accounting liability is recorded on thebalance sheet – it is off balance sheet.(ii) In a sale of receivable, a company “sells” its receivables to a third-party, usually a financialinstitution. Typically, the sale is made at adiscounted price from the face value and the sellermay retain some or all of the default risk. The sale,in substance, is a financing arrangement with thereceivables being used as collateral. However, underGAAP, the transaction is treated as a sale and thedebt does not appear on the balance sheet.(iii)A joint venture represents an investment of 50% or less by one company (the “investor”) in anothercompany. Under GAAP, since ownership is not over 50%,the assets and liabilities of the joint venture neednot be consolidated with the parent’s assets andliabilities. Hence, any debt taken on by the jointventure remains off balance sheet even when theinvestor is liable for the debt.11-13.{S} Effect of choice of interest rate on lessee:4.{S}a. Pallavi must capitalize the lease because the leaseagreement contains a bargain purchase option. Notethat the lease also meets one other capitalizationcriterion: The present value of minimum lease paymentsexceeds 90% of the fair market value of the equipment(see part b for computations).b. The fair market value of the asset is $125,000. Thepresent value of the MLPs is $127,785 (at 8%, thelower of the lessee and lessor rates); the asset mustbe capitalized at the (lower) fair market value. (Notethat the lease obligation is the sum of the presentvalues of the MLPs and the bargain purchase option –the latter is not provided.)11-2c.Leases must be capitalized at the lesser of thepresent value of lease payments or the fair value ofthe lease; in this case, the lease must be capitalizedat the fair value of $125,000.d. The existence of the bargain purchase option requiresdepreciation over the estimated economic life of theasset rather than the (shorter) lease term.e. The option creates the presumption that the asset willbe held past the expiration date of the lease.Otherwise it must be assumed that use of the assetwill revert to the lessor at expiration, requiring thelessee to depreciate the leased asset over the(shorter) lease term.5.{M}a. The following states the effects of Tolrem using thecapital lease method as compared with the operatinglease method.(i) Cash from operations is higher as only theinterest portion of lease expense is deductedfrom operating cash flows; total lease expense isdeducted for operating leases.(ii) Financing cash flow is lower for capital lease, as part of lease rental is treated asamortization of liability and classified asfinancing cash outflow.(iii)Investing cash flow is not affected by the lease treatment. However, the firm will report capitalleases in the statement of cash flows (or afootnote) as noncash investment activities.(iv) Net cash flow reflects the actual rental payment and is unaffected by the financial reportingtreatment of the lease.(v) Debt/equity ratio is higher for capital lease, as it records the present value of minimum leasepayments as debt and reduces net income (andtherefore equity) in first year.(vi) Interest coverage ratio is usually (not always) lower for capital lease method, which reportsinterest expense but also higher EBIT, see (vii).For coverage ratios well above 1.0, the ratiowill decline. If the increase in interest expenseexceeds the increase in EBIT, the ratio willdecline even for firms with very low coverageratios.11-3(vii)Operating income is lower for operating lease because the total lease payment is an operatingexpense; for capital lease, interest portion oflease expense is nonoperating.(viii)Net income is higher for operating lease; total lease expense (interest plus depreciation) ishigher for capital lease.(ix) Deferred tax assets are higher for capital lease;as lease treatment for tax purposes is unaffectedby accounting choice, capital lease will generatea deferred tax asset as taxable income (operatinglease) exceeds pretax income (capital lease).(x) Taxes paid are unaffected by choice of method.(xi) Pretax return on assets is higher for operating leases as pretax income is higher and no assetsare reported as the result of the lease; acapital lease reduces income and reports leaseassets. Post-tax return on assets is higher forthe same reasons.(xii)Pretax return on equity: both pretax income and equity are higher for operating than for capitalleases. The higher pretax income should increasethe ratio in all but exceptional cases. Post-taxreturn on equity should be higher for same reason.However as increase in post-tax income equals(for first year) increase in equity, there may bemore exceptional cases.b. Net income (viii) will be lower for the operatinglease after the "crossover" point. As total net income over the life of the lease is unaffected by the accounting choice, higher net income (operating lease) in the early years must be offset by lower net income in later years.c. Consistent use of the operating lease method in placeof capitalization will not change the direction of the effects shown in part A, but will increase their magnitude. In aggregate, new leases will keep Tolrem from reaching the crossover point for net income, keeping net income and return ratios higher than if the leases were capitalized.11-46.{L}a. and b.4 payment annuity of $10,000 per year at 8%). Assuming zero residualvalue, depreciation = $43,121/5 = $8,624.2Interest expense = 8% x ($43,121 - $10,000) = $2,650Caramino's EBIT is $1,376 higher; Aglianico reportsrental expense but no depreciation expense since itdoes not record an asset. Because total lease expense(depreciation plus interest) is higher than the leaserental, Caramino's EBT is lower by $1,274. After adeferred income tax offset of $510, Caramino's netincome is $764 lower.Caramino's deferred tax debit (asset) results from thedifference between financial reporting (capital lease)and tax reporting (operating lease). The $1,274 timingdifference results in a deferred tax debit of $1,274x .40 = $510c. andd. Comparison of Cash Flow Statementshave been collected by the end of the year.11-5Caramino reports higher cash from operations by $10,000. Since the tax rate is 40%, Aglianico (operating lease firm) reports aftertax operating cash outflow of $6,000. Caramino (capital lease firm) pays no interest but, since it uses the operating lease method for taxes, receives a tax deduction of $4,000 for the annual payment of $10,000. Caramino's aftertax operating cash inflow is $4,000.The difference ($6,000 + $4,000 = $10,000) is recorded by Caramino as a financing cash outflow; this is the amount of the lease payment considered a reduction of the capitalized lease liability for 2002. [Note that the lease payment made on January 1, 2002 has no interest component; there is no accrued interest as the lease has just begun. Interest accrued during the year will be paid January 1, 2003.]e. There is no impact on investing cash flow for eitherfirm. Caramino would report the present value of the capital lease as a noncash investment activity.f. The net cash outflow for each firm is the leasepayment of $10,000 less the tax deduction of $4,000 (40% tax rate). Only the classification of cash flow components is affected by the lease method used.g. By using the capital lease method, Caramino reportshigher debt and lower income. However the firm also reports higher cash from operations. The choice of method may reflect different debt covenants or simplya preference among financial characteristics.11-67.(M) a. Since it is the first year:Capital lease obligations $2,596,031Repayment of capital lease obligations 3,969Capital lease at inception $2,600,000b. Amortization expense =$2,600,000 - $2,479,570 = $120,430Assuming the asset is being amortized on a straightline basis over the lease term, the lease term =$2,600,000/$120,430 = 21.6 or 22 yearsTotal expense = interest + amortization =$120,430 + $223,733 = $344,163c. CFO was reduced by the interest expense of $223,733and CFF was reduced by the “repayment of capital leaseobligations” of $ 3,969d. Free cash flows should be reduced by $2,600,000 – the“cost” of the leased asset.e. (i) Lease expense would be lease payment =$223,733 + $3,969 = $227,702(ii) CFO would be reduced by lease payment of $227,702f. Using 1999 payment only: $223,733/$2,600,000 = 8.6%Using all the payments, we have exact MLP’s for thesix years 1999 –2004. The “thereafter” MLP’s totaling$4,596 thousand are spread over 16 years; i.e. $287.25thousand/year. Equating this stream to the presentvalue of $2,600,000 yields a rate (IRR) of 9.3%.The two methods yield rates within “range” of eachother especially when we consider that the ratederived from the first method is typically downwardbiased.11-78.{M}a. The adjustment involves the addition of the interestcomponent of minimum lease payments to stated interestexpense. The adjustment reflects a partial, de factocapitalization of operating leases.(i)Unadjusted Ratio of Earnings to Fixed Charges:Pretax earnings $ 2,363,646Interest on indebtedness 68,528Earnings before interest and taxes (EBIT) $ 2,432,174Fixed Charges:Interest on indebtedness $ 68,528Unadjusted Ratio of Earnings to Fixed Charges 35.5X(ii) The unadjusted ratio is almost four times the adjusted ratio. Note: the SEC rule that governsthis calculation assumes that the interestcomponent is one-third of the MLP. The trueinterest component may be higher or lower,changing the coverage ratio.b. Reported debt-to-equity = $550,000/$2,233,303 = 0.25c. Calculation of amounts adjusted for leasecapitalization:The Limited, Inc.1999 Working Capital Position and Capitalization Table1 Working capital is reduced by the principal component of the 2000MLPs calculated as$436,670 = [($643,828 - (.06 x $3,452,628)],where $3,452,628 is the present value calculated in note 2 below.2 Present value of MLPs using an interest rate of 6%. The “thereafter”MLPs are spread using the constant rate assumption; ($502,880 in 2005and 2006 and $422,102 in 2007).11-89.{S} Note: all amounts in $millionsa. Debt to equity = ($2,416 + $235)/$4,448 = 0.60b. (i) Interest portion of 2001 payment = $63-$39 = $24Therefore interest rate = $24/$235 = 10.2%(ii)Using the constant rate assumption yields theThe IRR that equates the above to $235 is 7.9%c. Under the constant rate assumption, the payment streamto be discounted at 10.2% isThe present value is $7,435d. Adjusted debt-to-equity is($2,416 + $235 + $7,435)/$4,448 = 2.27The adjustment increases the ratio almost four-fold.The real effect is greater as equity would be lower ifDelta had capitalized its operating leases at theirinception.e. After adjustment, both AMR’s and Delta’s ratios are atsimilar levels of 2.3x.Had the lower rate been used, the present value ofDelta’s operating lease would be significantly higheras would its debt-to-equity ratio.f. The adjustments are appropriate for two reasons(1)To obtain the appropriate levels of the ratio foreach firm. For both companies, the reported ratiosunderstate their financial leverage.(2)For comparison purposes. Before adjustment,Delta’s ratio at 0.6x is 50% lower than AMR’s 0.9x.After adjustment, that superiority is removed asboth firms have similar ratios.11-910.{M}a. The following MLP stream is assumed (€ million):At a rate of 7%, the present value is €505.3 millio nb. (i) €1,294/€14,145 = 0.09(ii)(€1,294 + €505)/€14,145 = 0.13c.Another assumption would be to find a decline ratefrom the initial payment of €166.5 such that the sumof the years 2 to 5 payments using that decline rateequals €275.2; i.e. solve for d i n the followingequation(d + d2 + d3 + d4 ) x €166.5 = €275.2The above can be solved by trial and error and thesolution is d = 67.66% with a MLP stream of €112.6,€76.2, €51.5 and €34.9.Using this MLP stream would increase the present valueof the operating lease obligation.11.{S}a. We use the constant rate assumption, yielding thefollowing payment stream (€ millions)At a discount rate of 7%, the present value is €12,543.b. (i) Reported debt-to-equity = €1,294/€14,145 = 0.09Adjusted for part a:(€1,294 + €12,543)/€14,145 = 0.98(ii) Adjusting for operating leases as well(€1,294 + €12,543 + €505)/€14,145 = 1.0111-1012.{S}a. The cash outflow of $25.6 million represents thedecrease in the balance of sold but uncollectedreceivables ($192.8 - $167.2). It represents netcollections (by Arkla as the firm continues to servicethe receivables) of receivables sold; amountscollected from previously sold receivables were paidto the purchasers of those receivables.b. Receivables sold but uncollected as of 12/31/93 can bededuced to be:Outstanding 3/31/94 $118.7 millionDecrease during quarter 107.7Outstanding 12/31/93 $226.4 millionc. The required adjustments to Arkla's CFO for quartersended:March 31, 1994 March 31, 1995 Cash outflow $107.7 $25.6These amounts are the decrease in receivables soldduring the respective quarters. The adjustment isrequired because the cash flow was recognized when thereceivables were sold rather than when customers paid.This adjustment produces a measure of CFO based onwhen the receivables were collected.13.{S} All amounts in $millionsa. (i) Current ratio was increased by 15% from 1.61 to1.86 as a result of receivable sale.Reported = $686/$369 = 1.86Adjusted = ($686 + $153.1)/($369 + $153.1) = 1.61 (ii) & (iii)Average receivables as reported =.5($546 + $312) = $429Adjusting for sale of receivables would increaseaverage receivables by.5($153.1 + $115) = $134 to $563Reported turnover = $2,951/$429 = 6.88# of days = 365/6.88 = 53 daysAdjusted turnover = $2,951/$563 = 5.24# of days = 365/5.24 = 70 daysAs a result of the receivable sale the cash cyclelooked better than it really was by (70 –53) =17 days and the receivables turnover “improved”from 5.24 to 6.8811-11b. Reported debt/equity = $1,096/$950 = 1.15Debt should be adjusted upwards by the receivablessold to ($1,096 + $153.1 =) $1,249.1 with a resultantdebt to equity ratio of $1,249.1/$950 = 1.31.c. Reported cash flow from operations increased by $154million from ($96) million to $58 million. Theseamounts were inflated by the increase in receivablessold and should be adjusted by that increase:Adjusted CFO 1998 = ($96) – ($115 – $103.3) = ($107.7)Adjusted CFO 1999 = $58 - ($153.1 – $115) = $19.9After removing the effects of the receivable sales,CFO increased by $127.6 million from ($107.7) millionto $19.9 million. The actual level and trend in CFO isconsiderably lower than the amounts reported.14.{M}a.11-12The sale of receivables allowed the company to show an improved receivable turnover and cash cycle; the improvement was more significant for 1999 as the amount of receivables sold increased and sales declined.b. The effect on the current ratio is minimal as the sameamount is added to both numerator and denominator of the ratio and that ratio is close to 1. The debt-to-equity ratio adjustment is more significant in 1999 due to the increase in receivables sold and the lower equity amount.c. As the calculation below indicates, both the level andtrend in CFO are overstated as a result of the sale of receivables.11-1315.{S}a. The cash from investment amounts are equivalent to thechange in the “Receivables sold by Funding topurchaser”. (Reca ll that 1997 was the first year ofreceivable sales.)b.receivable balances 17% to 21% less than their actuallevels.c. The sale of receivables should be reported as cashfrom financing as they are, in effect, borrowings(using receivables as collateral).16.{S} Aluminum producers that have take-or-pay contracts forenergy and/or bauxite have converted significantvariable costs into fixed costs. Therefore, theirmarginal costs are much lower than if these contractshad not been entered into. Under these conditions,aluminum producers will continue production as long asrevenue exceeds marginal costs, even though they losemoney based on total costs.17.{M}a. By transferring receivables to a (unconsolidated)subsidiary, Lucent removed the receivables from itsreceivable balance and reported them as “Investments,”a somewhat different asset category. Analyticaladjustment is required to eliminate the artificialreported “improvements” in receivables turnover, thecurrent ratio and the cash cycle.b. The adjustment requires adding $700 million (inaddition to the balance of uncollected receivables) tothe 1999 accounts receivable and current assets. Theeffect is to increase the growth in receivables,reduce the receivable turnover and increase the numberof days receivables outstanding. This adjustmentreinforces the conclusion (see text page 381) thatLucent’s receivables growth outpaced the growth insales. On the other hand, the adjustment improves the1999 current ratio.11-14Note: The bold values indicate which amounts were altered from Exhibit 11-4. The Exhibit 11-4 amounts for those items affected by the adjustment are shown in parentheses.11-1518.{M}a. Debt should be increased by:$ 20 million (present value of operating lease)5 (guarantee)7 (present value of take-or-pay agreement)$ 32 millionThere is no effect on equity as each obligation isoffset by a corresponding asset:Leased assets for operating leaseReceivable for Crockett's obligation to repay debtSupply agreementThe recomputed debt-to-equity ratio is:($12 + $32)/$20 = 2.2X as compared to .6X beforeadjustmentb. Additional interest expense is:Lease (effective interest rate is about 18%).18 x $20 = $3.6 millionBond guarantee .10 x 5 = 0.5Total $ 4.1 millionBefore adjustment, the interest expense is $1.0 millionand the times interest earned ratio is 5.0, implyingEBIT of $5.0 million.After adjustment, the ratio is:($5.0 + $4.1)/($1.0 + $4.1) = 1.78XNo adjustment has been made for the take-or-paycontract, as it does not affect 1993 interest expense.Adjustments in future years will be based on theimplicit interest rate of 21%.c. Reasons for entering into off-balance-sheet obligations:1. Avoidance of or mitigation of the risk of violatingdebt covenant restrictions.2. Leased assets revert to lessor after eight years,limiting risk of obsolescence.3. Guarantee of Crockett's debt may lower interestcosts, increasing profitability of investment.4. Contract with PEPE secures source of supply andpossibly advantageous pricing.11-16d. Additional information needed for full evaluation:1. (Lease) Useful life of leased assets; conditionsunder which lease can be canceled; nature ofleased assets.2. (Guarantee) Financial condition of Crockett; bondcovenants.3. (Take-or-pay) Alternate sources of supply;quantity to be purchased relative to total needs;price provisions of contract.19.{L}a. As the table below indicates, the declining paymentassumption using a 92% declining rate (the averagerate over the first five years (2000 - 2004)) is agood approximation for JC Penney. The present value is$3,320; a deviation of one-half of one percent fromthe stated present value of $3,302. If the constantpayment assumption is made, the error is about fourpercent.11-17b. Using only the first year payment: Payment = $66 andcurrent portion = $16; therefore interest portion = $50 and interest rate = $50/$417 =12%.Using all payments:Constant payment assumption implies MLP’s of $54 from 2004 through 2017 and $12 in 2018. Equating this payment stream to $417 yields an IRR of 11.8%For the declining payment assumption, we would use a declining rate of 95%, the average of (2000 - 2004).Using this rate yields an IRR of 10.44%The rate seems to be between 10.4%-12%. Given that two of the methods yield estimates closer to the high end of the range, using a rate of approximately 11.5% would be an appropriate estimate.c. The rate used by Sears is somewhat higher than that ofJ.C. Penney. That may be a function of (1)higher credit rating for Penney, (2)differing risk characteristics of the leased properties, or (3) Sears leases were entered into in periods of higher interest rates.d. Given the rapid decline over the first four years, wechoose to use the declining payment assumption. Usinga decline rate of .86 (the average over the first fiveyears) and a discount rate of 11.5% (from part b), the present value of the operating leases is $1,375 million.11-1820.{M} Adjusting for the operating lease results in adeterioration of the ratios in each case.* Year 2000 MLP = $352. Interest portion is equal to 11.5% x $1,325 = $158; Therefore, current portion of debt = $352 -$158 = $194** Present Value of operating leases as calculated in Problem 19 part d.† Assumes interest this year (1999) is approximately equal to next year’s (2000) interest levels.Note: No adjustment is made for pretax income, which maybe higher or lower depending on the age” of the lease.The earlier (later) in the lease term, expense is higher(lower) for the capital lease. On average the expense isidentical.As we do not know the relative age of theleases we assume no change.11-1921.{S} Sears’ MDA reports securitized (credit card) balancessold of $6,579 and $6,626 million in 1999 and 1998respectively. Adjusting for these balances (in 1999)requires adding $6,579 to accounts receivable andcurrent liabilities (assuming the debt is short-term)and increasing CFO by ($6,626 – $6,579) $47 million. Asthe table below indicates, the impact on these threeratios is considerable.22.{S} The adjusted ratios are poorer than those based on Sears’reported data. The adjustment for securitization ofreceivables accounts for far more of the impact than theoperating leases.Note: See problems 11-19, 11-20, and 11-21 for explanation of these adjustments11-2023.{M}a. Using th e constant rate assumption (MLP’s of $59million from 2004 - 2017 and $8 million in 2018), theimplicit interest rate is 4.19%.Note that Texaco has not guaranteed all of this lease.The total present value of the guaranteed portion ofthe lease is approximately ($336/44%) $764 million.b. The rate is somewhat lower than the 5% - 5.5% ratecalculated for Texaco in the chapter (page 385).c. Equilon may have less debt (in relation to theirassets) than Texaco, or the nature of its business (orof the leased assets) may be operationally less risky.The leases may have been entered into when interestrates were especially low.Assets are higher because inventory is replaced with (higher) receivables because of the recognition of manufacturing profit. Assets remain higher throughout the lease term.Revenues are higher in Year 1 as the sales-type lease recognizes a sale whereas the operating lease method does not. In later years, interest revenue from the sales-type lease should be lower than lease revenue for the operating lease. This effect is more pronounced over time; in year 9, interest income is low given the small remaining receivable.The revenue effect increases the asset turnover ratio in the first year. But the revenue effect reduces turnover in the ninth year.11-21Expenses are higher in year 1 due to the recognition of cost of goods sold. In later years, there is no expense for the sales-type lease; the operating lease method reports depreciation expense in every year, however.Initial period income and income-related ratios are higher for the sales-type lease because the sale (and income) is recognized at the inception of the lease. In later years, however, income is higher for the operating lease.Income taxes paid are the same since the lease cannot be considered a completed sale for tax purposes.Cash from operations is higher for the first year due to recognition of the sale (the investment in the lease is classified as an investing cash outflow). In later years the operating lease method shows higher cash from operations as rental income exceeds the interest income recorded for the sales-type lease (income taxes paid are the same).[See Exhibit 11-8 and the accompanying text for further explanation of these effects.]25.{L}a. The present value of the minimum lease paymentsreceivable of $170,271 (at 10%, the lower of lesseeand lessor rates) is more than 90% of the fair marketvalue of $185,250. Therefore, the lessee, Baldes,should capitalize the lease. It would be useful toknow whether the lessee has guaranteed the residualvalue of the leased asset.b. Leased assets $ 170,271Long-term lease obligation 167,298Current portion of lease obligation 2,973Total lease obligation $ 170,271Note that there are no income or cash flow statementeffects at the inception of the lease.11-2211-23c. (i) Balance sheet effects of capital lease:No impact on balance sheet if operating lease method applied. [Deferred tax assets reflecting the difference between total expense under the two methods would also be reported.](ii) Income statement effects of capital lease:1Interest expense for: 2001 = .10 x $170,271 2002 = .10 x $167,298 2Deprecation expense = $170,271/20 for each yearThe income statement would show lease expense of $20,000 each year under the operating lease method.(iii) Statement of cash flow effects of capital lease:The operating lease method reports $20,000 cash outflow from operations for each year.。
《审计学：原理与案例》教学课件11舞弊
C 已向注册会计师披露了已知的涉及管理层、在 内部控制中承担重要职责的员工以及其舞弊行为 可能对财务报表产生重大影响的其他人员的舞弊 或舞弊嫌疑
D 已向注册会计师披露了从现任和前任员工、分 析师、监管机构等方面获知的、影响财务报表的 舞弊指控或舞弊嫌疑
释与心态）
- 漠视监控和降低盗用 资产风险的需要。
- 凌驾于现有控制之上， 漠视对盗用资产的控 制。
- 容忍不重要的偷窃行 为。
机会
- 对资产的内部控制不足，例如职责分离或独立核查、管理层对员工 的监督等。
- 有大量现金经手。 - 固定资产体积小，适于销售，或者缺乏显而易见的所有权标识
思考1（单选题）下列哪项属于侵占资产的手段（ ）。 A 贪污收入款项 B 隐瞒可能影响财务报表金额的事实 C 滥用或随意变更会计政策 D 构造复杂的交易以歪曲财务状况或经营成果
询问 待续
1.注册会计师应当向管理层询问的事项包括：（1）管理层对舞 弊导致的财务报表重大错报风险的评估；（2）管理层对舞弊风 险的识别和应对过程；（3）管理层就其对舞弊风险的识别和应 对过程与治理层沟通的情况；（4）管理层就其经营理念及道德 观念与员工沟通的情况。
2.向内部审计人员询问的主要内容包括： （1）内部审计人员对被审计单位舞弊风险的认识； （2）内部审计人员在本期是否实施了用以发现舞弊的程序； （3）管理层对通过内部审计程序发现的舞弊是否采取了适当的 应对措施； （4）内部审计人员是否了解任何舞弊事实、舞弊嫌疑或舞弊指 控。这里，舞弊事实是指已经实际发生的舞弊行为的有关情况； 舞弊嫌疑是指怀疑可能会构成舞弊行为的有关情况；舞弊指控是 指对舞弊行为的举报、投诉等方面的有关情况。
中级会计实务难度章节排行
中级会计实务难度章节排行1. 引言中级会计实务是财经类专业学生在本科阶段学习的一门重要课程。
通过学习中级会计实务，学生可以掌握一定的会计知识和技能，为将来从事财务管理、审计等相关职业打下坚实的基础。
本文将从难度角度对中级会计实务的各个章节进行排行，并详细介绍每个章节的内容和难点。
2. 章节排行根据大多数学生反馈和教师经验，以下是中级会计实务各个章节的难度排行：1.第六章：固定资产与无形资产2.第七章：投资性房地产3.第九章：金融工具4.第十二章：所得税5.第十一章：企业合并与购并业务6.第四章：财务报表分析7.第三章：成本核算与管理会计8.第五章：预算与预测下面将对每个章节进行详细介绍。
3. 章节内容与难点3.1 第六章：固定资产与无形资产本章主要介绍了固定资产和无形资产的会计处理方法。
其中，固定资产包括房屋、设备、机器等长期使用的资产，无形资产包括专利权、商标权等非物质性的资产。
难点：固定资产的计量和摊销方法，如何确定无形资产的使用寿命。
3.2 第七章：投资性房地产本章主要介绍了投资性房地产的会计处理方法。
投资性房地产是指企业为获取租金或增值而持有的房地产。
难点：投资性房地产的初始确认和后续计量，如何确定租金收入和评估增值。
3.3 第九章：金融工具本章主要介绍了金融工具的会计处理方法。
金融工具包括股票、债券、衍生品等各种金融合同。
难点：金融工具分类和确认标准，如何进行公允价值计量和准确披露。
3.4 第十二章：所得税本章主要介绍了企业所得税的会计处理方法。
企业所得税是指企业根据利润额向国家交纳的一种税收。
难点：所得税负债计算和确认，如何处理递延所得税资产和负债。
3.5 第十一章：企业合并与购并业务本章主要介绍了企业合并与购并业务的会计处理方法。
企业合并是指两个或多个独立存在的企业通过合并形成一个新的企业，购并是指一家企业通过收购另一家企业来实现扩张。
难点：合并方式选择和会计处理，如何确定被购买方的公允价值。
《财务分析》教学大纲(含章节知识点)
《财务分析》教学大纲教学目的：财务分析实际上是在会计信息供给（会计学）与会计信息需求（财务学、经济学、管理学等）之间架起的一座桥梁。
财务分析是财务分析主体为实现财务分析目标，以财务信息及其他相关信息为基础，运用财务分析技术，对分析对象财务活动的可靠性和有效性进行分析，为经营决策、管理控制及监督管理提供依据的一门具有独立性、边缘性、综合性的经济应用学科。
通过本课程的教与学，一方面使学生掌握财务分析的基本理论与基本方法；另一方面使学生明确作为财务分析师或分析人员应如何阅读与分析财务报表、如何分析财务活动状况、如何评价财务绩效等等。
财务分析无论对企业的所有者、债权人、经营者、职工，还是对政府、客户、供应商等都是十分重要的。
财务分析将为各分析主体进行财务预测、财务决策、财务控制和财务评价等提供可靠信息。
课程概述：财务分析是以财务报告资料及其他相关资料为依据，采用一系列专门的分析技术和方法，对企业等经济组织过去和现在有关筹资活动、投资活动、经营活动、分配活动的盈利能力、营运能力、偿债能力和增长能力状况等进行分析与评价，为企业的投资者、债权人、经营者及其他关心企业的组织或个人了解企业过去、评价企业现状、预测企业未来，做出正确决策提供准确的信息或依据的经济应用学科。
本课程将全面系统地介绍财务分析的基本理论、基本方法和基本应用领域，包括四篇十三章内容：第一篇为财务分析概论，本篇包括财务分析理论、财务分析信息基础和财务分析程序与方法三章内容。
第二篇为财务报告分析，本篇包括资产负债表分析、所有者权益变动表分析、利润表分析和现金流量表分析四章内容。
第三篇为财务效率分析，本篇包括企业盈利能力分析、企业营运能力分析、企业偿债能力分析和企业发展能力分析四章内容。
第四篇为财务分综合分析和评价，本篇包括综合分析和业绩评价和企业价值评估两章内容。
课程性质：财务分析是会计学专业和财务管理专业的专业基础课和专业核心课，也是金融学专业及工商管理其他专业的基础课程。
会计学11章习题及答案
第十一章财务报表一、单项选择题1.会计报表中项目的数字直接来源于（）。
A.原始凭证B.记账凭证C.日记账D.账簿记录2.财务报表是指企事业单位对外提供的反映企事业单位某一特定日期财务状况以及某一会计期间经营成果、现金流量等会计信息的文件，主要是由（）组成的。
A.资产负债表和利润表B.资产负债表、利润表和现金流量表C.会计报表和财务情况说明书D.会计报表和附注3.将报表分为静态报表和动态表示按报表的（）划分的。
A.服务对象B.编报主体C.编报时间D.经济内容4.资产负债表中的报表项目（）。
A.都是根据账户余额直接填列B.都是对账户发生额进行分析计算后填列C.大多数项目可以直接根据账户余额填列，少数报表项目需要根据有关账户发生额分析计算后才能填列D.大多数项目可以直接根据账户余额填列，少数报表项目需要根据有关账户余额分析计算后才能填列5.资产负债表中，“应收账款”项目应根据（）填列。
A.“应收账款”总分类账户期末余额B.“应收账款”总分类账户所属明细账的期末余额C.“应收账款”和“应付账款”中所属各明细分类账户的期末借方余额合计D.“应收账款”和“预收账款”总分类账所属各明细分类账户的期末借方余额合计6.多步式利润表是通过多步计算来确定当期损益的，通常把利润的计算分解为（）。
A.营业利润、利润总额、净利润和每股收益B.营业收入、营业利润、应税利润和净利润C.营业收入、营业利润、利润总额和净利润D.营业利润、利润总额和净利润二、多项选择题1.会计报表主要包括（）。
A.资产负债表B. 利润表C.现金流量表D.所有者权益变动表E.报表附注2. 财务报告的使用者有（）。
A.投资者B.债权人C.捐赠者D.上级主管部门和财税部门E.其内部管理人员和广大职工群众3.下列报表中，属于内部报表的是（）。
A.单位报表B.商品产品成本表C.制造费用明细表D.期间费用明细表E.产品成本明细表4. 资产负债表中的“存货”项目应根据（）等账户的期末借方余额之和填列。
陈国辉基础会计第三版第十一章财务会计报告
资产项目：借方余额
教材P216 编制单位： 表11—3
教材P215 表11—2
负债、所有者权益项目：贷方余额
资产负债表
会企01表
年月日
单位：元
资产
期末余额 年初余额 负债和所有者权益 期末余额 年初余额
流动资产：
流动负债：
货币资金
交易性金融资产 其他应收款
应收票据 期末余额 160 000 应收账款
正常 （预付性质）
总账
预付账款
期末余额 94 000 （预付性质）
教材P215 表11—2
编制单位：
教材P216 表11—3
资产
期末余额
流动资产：
货币资金
交易性金融资产
应收账款
预付账款
200 000
存货 预付账款－D企业
（略） 期末余额 100 000 （预付性质）
非流动资产：
固定资产 应付账款－H企业
资产
期末数 负债和所有者权益 期末数
正 流动资产：
★
货币资金
资产
交易性金融资产 总额
及其
应收票据
结构
表 应收账款
状况
（略）
流动负债：
短期借款
应财付票务据 应状付账况款
实收资本
（略）
★ 负债总额 及其结构状况
★ 所有者权 益总额及其结 构状况
（三）资产负债表正表的格式 1.账户式 ★因其外表形式像“T”形账户而得名。
财务会计的目标
（三）财务会计报告的种类 ●按编报时间可分为年度财务会计报告 和中期财务会计报告。
资产负债表
（财务状况）
资产 负债
会计 所有者权益 主体
1234
会计原理与实务：财务报表分析
例题：某一公司的流动比率是1.65，用其盈余的现 金归还流动负债的20%，这对流动比率有什么影响？ 〔〕
A、流动比率下降大于20%
B、流动比率下降小于20%
C、流动比率提高大干20%
D、流动比率提高小于20%
参考答案：D
#
11.3 获利能力分析
评价企业是否成功，利润的多少是个非常重要的指 标。但是，通过与以前年度的业绩相比〔纵向〕以 及与同一市场的竞争对手的业绩相比〔横向〕，从 而推断企业是如何成功经营的，同样很重要。
#
应该了解的几个小知识：
购置原材料后 应付账款 马上投入生产 周转天数
原/生
20天
产品完工后马 上销售出去
完/销
收回 现金
现金
30天
存货周转 天数
30天
应收账款 周转天数
60天经营周期
60-20=40天，叫现金周期， 即现金缺口
#
3、存货周转天数=平均存货额/销售本钱X365 平均存货额=〔期初存货+期末存货〕/2
赊销净额=销售收入-现金销售-销售退回、折扣 平均应收账款=(期初应收账款+期末应收账款)/2 这个指标反映了应收账款的平均收款时间。如果应 收账款周转时间比以前年度缩短了，则说明企业的 偿债能力提高了。
#
应收账款周转时间用月来计算，则为30天，用季度， 则为90天。 按季度做时，最好用移动法，即1－3月计算一次， 2－4月计算一次，3－5月计算一次，依此类推。假 设1－5月的计算结果分别是20天、25天、30天，就 要注意：看看各个季度应收账款的变化情况。假设 应收账款随着时间的推移不断提高，则没问题，否 则可以是客户的信用出现了问题。#11.Fra bibliotek 偿债能力分析
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人生得意须尽欢，莫使金樽空对月。1 5:22:40 15:22:4 015:22 11/20/2 020 3:22:40 PM
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安全象只弓，不拉它就松，要想保安 全，常 把弓弦 绷。20. 11.2015 :22:401 5:22No v-2020 -Nov-2 0
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加强交通建设管理，确保工程建设质 量。15:22:4015 :22:401 5:22Friday , November 20, 2020
入的比率。
销售利润率
税后利润 利息支出 销售净收入
但从所有者角度看，其更关心：净利润 / 销售净收入
❖ 主营业务利润率 = 主营业务利润/主营业务收入净额
❖ 2 销售利税率 是指销售净收入与利税总额的比率。
销售利税率
利润总额 流转税总额 销售净收入
❖ 分子反映企业实际创造的剩余价值；该指标反映对社会的贡献程度。
30 000
为利息支出，试计算
•
管理费用
20 000 销售利润率、销售利税率
•
财务费用
40 000 （不考虑增值税）和成本
•
资产减值损失
------
费用利润率。
• 加：公允价值变动收益
------
•
投资收益
30 000
• 二、（
）
460 000
• 加：营业外收入
50 000
减：营业外支出
60 000
第十一章 财务报表分析
第一节 财务报表分析的意义与方法 第二节 若干财务比率分析
第一节 财务报表分析的意义与方法 一、财务报表分析的意义 二、财务报表分析的步骤与方法
➢(一)财务报表分析的步骤 ➢(二)财务报表分析的方法
一、财务报表分析的意义
三张报表提供的只是某一方面的信息；是历史数据； 不能直接揭示报表项目之间的联系；报表使用者也有不同 的决策类型，所需信息各有侧重，专业知识也可能欠缺。 因此，有必要对报表中所蕴含的信息作进一步的解释和分 析。
• 核心指标：
• 权益净利率（或净资产收益率、净资产报酬率、净资产利 润率）
• 权益乘数：1/(1-资产负债率)
•
•
见附图所示
练 习：报表编制与分析
•
AAA公司资产负债表（简表）
•
2010年12月31日
• 资产
负债及所有者权益
• 货币资金 5 000
应付账款（ C ）
• 应收账款 （ A ）
应交税费 5 000
应收帐款平均余额 赊销净收入(销售净收入
计算期天数
3、营运资金周转率 指一定期间的销售净收入与营运资金平均余额
的比率。
营运资金周转率
销售净收入 营运资金平均余额
• 营运资金平均余额=（期初营运资金+期末营运资金）/2
• 营运资金 = 流动资产 - 流动负债
• 4、全部资产周转率
全部资产周转率
销售净收入 资产平均总额
财务报表分析：就是在对财务报表所提供的数据做进 一步整理、加工比较的基础上，对企业的财务状况和经营 成果所作的综合分析和评价。
通过财务报表的分析可以达到以下目的： 1.评价企业财务状况的好坏及经营成果的大小； 2.考核企业经营管理的业绩,帮助企业进行经营管理； 3.为进行经济决策提供比较可靠的依据 ；
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安全在于心细，事故出在麻痹。20.11. 2020.1 1.2015:22:4015 :22:40 November 20, 2020
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踏实肯干，努力奋斗。2020年11月20 日下午3 时22分 20.11.2 020.11. 20
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追求至善凭技术开拓市场，凭管理增 创效益 ，凭服 务树立 形象。2 020年1 1月20 日星期 五下午3 时22分 40秒15 :22:402 0.11.20
行比较，来分析变动趋势的分析方法。（可以用绝对数或 相对数以反映趋势）
第二节 若干财务比率分析
一、偿债能力分析 二、营运能力分析 三、盈利能力分析 四、练习
一、偿债能力分析
（一）短期偿债能力指标
1.现金比率 现金与流动负债总额的比率。即
现金比率
现金流量 流动负债总额
100%
2.流动比率 流动资产总额与流动负债总额的比 率,即
创新突破稳定品质，落实管理提高效 率。20. 11.2020 20年11 月20日 星期五 3时22 分40秒2 0.11.20
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也可以表示为：
全部资产周转天数
资产平均总额 销售净收入
计算期天数
全部资产周转天数越少（次数越多），资产利用率越 高，即同量的资产能提供更多的生产经营成果。
评价全部资产利用效率还应与同行业或往年的平均水 平相比较，才能作出恰当的结论。
三、盈利能力分析
反映企业盈利能力的财务指标主要有：
❖ 1 销售利润率 是指不扣除利息费用的净收益与销售净收
• 5、本年毛利（销售额 - 销货成本）为63 000元。
• 要求：根据报表项目的平衡关系及所给的补充资料计算出A、B、 C、D、E、F的值。
•
AAA公司利润表（2010年10月）
• 一、营业收入
（
）
• 减：（
）
540 000
要求：1、填空；
•
营业税金及附加
20 000
2、假设财务费用均
•
销售费用
市盈率
普通股每股市价 普通股每股收益额
（该指标表明普通股股票每一元的收益在证券市场上的价值）
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四、财务报表的综合分析
•
杜邦财务分析体系
• 简称杜邦体系，是利用各主要财务比率指标间的内在联 系，对企业财务状况及经济效益进行综合系统分析评价的方 法。该体系是以净资产收益率为龙头，以资产净利率和权益 乘数为核心，重点揭示企业获利能力及权益乘数对净资产收 益率的影响，以及各相关指标间的相互影响作用关系。因其 最初由美国杜邦公司成功应用，所以得名。
周转期（天数）：周转次数的倒数与计算期天数的乘积
1、存货周转率 是销货成本与期初、期末平均存货的比率.
存货周转率
销货成本 (期初存货 期末存货)
2
存货周转率也可以用天数表示,指存货每完成一次周转所需要的天数,即
存货周转天数
计算期天数 存货周转率(次数)
存货平均余额 销货成本
计算期天数
（计算期天数以360天计算） 下一页
2．因素分析法 是把一个综合性指标按其构成，分解成
各个因素的分析方法。（以揭示综合指标变化的原因）
3．比率分析法 是计量财务报表中两个或两个以上项目
金额之间比率关系的分析方法。（它用相对数来表示，因 而又称为财务比率；数据可来源于一张或多张报表；有： 构成比率；效率比率；相关比率等几种形式）
4．趋势分析法 是将连续若干期的财务报表中的数据进
➢ 2 、产权比率：又称负债与所有者权益比率，是负债总额与所 有者权益总额之比。
负债与所有者权益比率
负债总额 所有者权益总额
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➢ 反映企业基本的财务结构是否稳定，反映债务受权益保障的程度。一 般来说，股东资本大于借入资本为好。
➢ 产权比率高: 是高风险、高报酬的财务结构；
➢ 产权比率低：是低风险、低报酬的财务结构；
的比率。
净资产利润率
税后利润 所有者权益平均总额
（注：分子没有“利息支出”，因为它不归所有者）
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❖ 5、普通股每股收益额 是财务分析中最常引用的比率之一， 是指在一定会计期间每股普通股享有的利润额。其公式：
普通每股收益额
税后利润 优先股股利 外发普通股加权平均股数
❖ 6、市盈率 市盈率也称股价与收益比率，是普通股每股市 价与每股收益额的比率，即
二、财务报表分析的步骤和方法
（一）财务报表分析的步骤： 1.确定分析的目标； 2.收集分析所需要的资料； 3.分析与解释；
(二)财务报表分析的方法
1.比较分析法 是利用同一企业不同时期,或同一时期不 同企业的同一性质或类别的指标,进行对比分析,以确定差
异、分析原因的一种方法. （对比的指标可以是绝对数， 也可以是相对数）
流动比率
流动资产 流动负债
100%
（通常认为2：1是合理的，但不是统一标准。）
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3.速动比率 指速动资产总额与流动负债总额 之比. 速动资产：指流动资产中变现能力较强的
那部分资产，一般指货币资金、短期投资、应收 票据、应收账款净额等项目。
速动比率
流动资产
存货 待摊费用 流动负债
预付货款
或者
•
一马当先，全员举绩，梅开二度，业 绩保底 。20.11. 2020.1 1.2015:2215:22 :4015:2 2:40No v-20
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牢记安全之责，善谋安全之策，力务 安全之 实。202 0年11 月20日 星期五3 时22分 40秒Fr iday , November 20, 2020
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➢
两者的联系：负债比率=0.4，则产权比率=？（权益乘数=？）
➢ 3、 有形净值负债率 该指标是负债与所有权益比率的变形,是指负 债总额与所有者权益扣除无形资产后的比率,即
有形净资产负债率
负债总额 所有者权益 无形资产
➢ 4 、利息保障倍数 又称已获利息倍数，指税前利润加上 利息支出净额与利息支出净额的比率。
•
按章操作莫乱改，合理建议提出来。2 020年1 1月下 午3时22 分20.1 1.2015:22November 20, 2020
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作业标准记得牢，驾轻就熟除烦恼。2 020年1 1月20 日星期 五3时22 分40秒 15:22:4 020 November 2020
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好的事情马上就会到来，一切都是最 好的安 排。下 午3时22 分40秒 下午3 时22分1 5:22:40 20.11.2 0