第3章财务报表分析s
StatementAnalysis(财务报表分析,加州大学MBA)
Disaggregate ATO
ATO = Sales/average total assets
Average total assets = (average account receivables + average inventory + average fixed assets + average other assets)
RNOA: Return on net operating assets Regression to the mean （回归到平均值）
Profit margin
Asset turnover
Revenue growth
Disaggregate PM
PM = (sales – COGS – SGA – depreciation ….)/Sales
ROCE: return to common
Shareholders only
Return on Assets (ROA)
ROA presents profitability independent of the source of financing – Does not consider leverage – Measure of how well the firm uses its assets to generate income – As if the firm is financed by equity alone
Then ROA = 71.2/585 = 12.2%
Why add back interest income net of income tax savings in the numerator?
财务报表分析与风险防范164页PPT
商业 战略分析 (shāngyè)
• 商业战略分析是财务报表分析的首要步骤，其主要目的就是，帮 助分析者提升对目标公司、竞争者及其所面临的经济环境状况的 理解，以及它们之间的相互关系，并保证具体的财务报表分析都 是以现实为基础(jīchǔ)的。也就是说，商业战略分析希望通过辩明 关键的利润动因和商业风险之间的关系，帮助分析者作出客观的 预测。
• 工会(labor unions) • 证券分析家(security analysts)
第十三页，共六十四页。
会计信息提供的基本假设(jiǎshè)和一般原则
• 会计主体假设 、持续经营假设 、会计分期假 设 、货币计量假设 。
• 客观性原则 、重要性原则 、有用性原则 、可 比性原则 、一贯性原则 、及时性原则 、清晰 性原则 、划分收益性支出与资本(zīběn)性支出原 则 、配比原则 、权责发生制原则 、历史成 本原则 、谨慎原则 、实质重于形式。（案例 2）
财务报表之间的关系(guān xì)
• 管理者最关注的是利润表； • 利润表是反映企业最终财务成果的财务报表；
• 资产负债表的资产方反映的是企业创造财务成果 的能力，而负债方反映的则是企业资产的来源结 构；
• 现金流量表：对利润(lìrùn)表而言，反映的是企业利 润(lìrùn)的质量；而对资产负债表而言，则是对其 货币资金项目的详细说明。(表1)
• 所有者权益收益率=（100-50）*（1-30%）/500=7%
•
=（100-20）*（1-30%）/800=7%
• 若其他条件不变，该企业的息税前利润上升为150万元（或下降为 50万元），自有资金的比例为50%，则：
• 总资产收益率=（150-50）*（1-30%）/1000=7%
财务报表分析 英文
Others
Treasury M&A Risk
•Strategy
•Budget •Forecast
Management
Insurance Auditing
Compliance
Hedging ….
11
11
Introduction and Basic Concepts
导言及基本概念 Introduction and Basic Concepts
•
14
Results are reported by location, by region, by business, by sector and then total company.
14
Operating Results – Income Statement
Actual Sales Standard Profit % of Sales Manufacturing Profit % of Sales Distribution Admin Selling R&D Total Support Costs % of Sales Other Inc/Exp Admin / Cap Charge Operating Profit ROS %
topics
9
9
Introduction and Basic Concepts
Accounting
Booking
(AP, AR, GL, FA)
Taxation
Statutory Group
Reporting
Reporting
Controlling
Costing
Reporting
Internal Policy
罗斯《公司理财》笔记整理
罗斯《公司理财》笔记整理第一章导论1. 公司目标：为所有者创造价值，公司价值在于其产生现金流能力。
2. 财务管理的目标：最大化现有股票的每股现值。
3. 公司理财可以看做对一下几个问题进行研究：1. 资本预算：公司应该投资什么样的长期资产。
2. 资本结构：公司如何筹集所需要的资金。
3. 净运营资本管理：如何管理短期经营活动产生的现金流。
4. 公司制度的优点：有限责任，易于转让所有权，永续经营。
缺点：公司税对股东的双重课税。
第二章会计报表与现金流量资产= 负债+ 所有者权益（非现金项目有折旧、递延税款）EBIT（经营性净利润）= 净销售额- 产品成本- 折旧EBITDA = EBIT + 折旧及摊销现金流量总额CF(A) = 经营性现金流量- 资本性支出- 净运营资本增加额= CF(B) + CF(S) 经营性现金流量OCF = 息税前利润+ 折旧- 税资本性输出= 固定资产增加额+ 折旧净运营资本= 流动资产- 流动负债第三章财务报表分析与财务模型1. 短期偿债能力指标（流动性指标）流动比率= 流动资产/流动负债（一般情况大于一）速动比率= (流动资产- 存货)/流动负债（酸性实验比率）现金比率= 现金/流动负债流动性比率是短期债权人关心的，越高越好；但对公司而言，高流动性比率意味着流动性好，或者现金等短期资产运用效率低下。
对于一家拥有强大借款能力的公司，看似较低的流动性比率可能并非坏的信号2. 长期偿债能力指标（财务杠杆指标）负债比率= (总资产- 总权益)/总资产or (长期负债+ 流动负债)/总资产权益乘数= 总资产/总权益= 1 + 负债权益比利息倍数= EBIT/利息现金对利息的保障倍数(Cash coverage radio) = EBITDA/利息3. 资产管理或资金周转指标存货周转率= 产品销售成本/存货存货周转天数= 365天/存货周转率应收账款周转率= （赊）销售额/应收账款总资产周转率= 销售额/总资产= 1/资本密集度4. 盈利性指标销售利润率= 净利润/销售额资产收益率ROA = 净利润/总资产权益收益率ROE = 净利润/总权益5. 市场价值度量指标市盈率= 每股价格/每股收益EPS 其中EPS = 净利润/发行股票数市值面值比= 每股市场价值/每股账面价值企业价值EV = 公司市值+ 有息负债市值- 现金EV乘数= EV/EBITDA6. 杜邦恒等式ROE = 销售利润率（经营效率）x总资产周转率（资产运用效率）x权益乘数（财杠）ROA = 销售利润率x总资产周转率7. 销售百分比法假设项目随销售额变动而成比例变动，目的在于提出一个生成预测财务报表的快速实用方法。
智慧树答案财务报表分析(全英文)知到课后答案章节测试2022年
第一章1.The passive investor assumes the market is efficient and that stocks arecorrectly priced to reflect the risk involved in buying the stock. （）答案:对2.The term financial statement refers to… （）答案:All the answers arecorrect3.Which of the following is false regarding why a SWOT Analysis is used? ( )答案:To reduce opportunities available to a business4.__________ of the profitability of the firm over a period of time such as a year. ( )答案:The income statement is a summary5.Financial statements present a numerical picture of a company’s financialand operating health. ( )答案:对6.Which of the following SWOT elements are external factors for a business?（）答案:Opportunities and Threats7.The ________ does not represent continuing operations in any way, but issimply a snapshot of the total worth of a firm at a given point in time. ( )答案:balance sheet8.Cash inflows arise from _____ assets, ________ liabilities, and ___________stockholders’ equity. ( )答案:decreasing; increasing; increasing9.What is a creditor’s objective in performing an analysis of financialstatements? ( )答案:To decide whether or not the borrower has the ability to repay interest and principal on borrowed funds.10.The major device for measuring the profitability of a firm over a definedperiod of time is the ( )答案:income statement.第二章1.The transactions between the two claimants (debtors and shareholders) andthe firm are the firm’s _ activities. ( )答案:Financing2.Free cash flow does not affect common shareholder’s equity. （）答案:对3.The process of comparing various financial factors of a company over aperiod of time is known as （）答案:Intra‐firm comparison4.If an analyst has reformulate balance sheets and income statements, she doesnot need a cash flow statement to calculate free cash flow. ( )答案:对5. A firm generated free cash flow $2,348 million and paid net interest of $23million after tax. It paid a dividend of $14 million and issued shares for $54million. There were no share repurchases. What did the treasurer do with the remaining cash flow and for how much? （）答案:There was $2,365 of cashleft over from the free cash flow and the treasurer used it to buy debt.6.What drives free cash flow? ( )答案:operations7.Reformulated balance sheets inform analysts about the firm’s strategy forrunning the business. ( )答案:对8.Which of the following activities is NOT an investing activity? （）答案:borrowing money9.An operating asset is ( )答案:used to produce goods or services to sell tocustomers in operations.parison of financial statements highlights the trend of the _________ of thebusiness. ( )答案:All the answers are correct第三章1.Low profit margins always imply low return on net operating assets. （）答案:错2.Which the following measure drive return on common equity (ROCE)positively? （）答案:Gross margin3.Under what condition would a firm’s return on common equity (ROCE) beequal to its return on net operating assets (RNOA)? （）答案:The SPREAD is zero, that is, return on net operating assets (RNO4. A reduction in the advertising expense ratio increase return on commonequity? ( )答案:对5. A firm should always purchase inventory and supplies on credit rather thanpaying cash. （）答案:错6. A firm has a return of 11.2 percent on net operating assets of $400 million, ashort term borrowing rate of 4.0 percent after tax and a return on operating assets of 8.5 percent. What is the firm’s operating liability leverage? （）答案:0.600 borrowing cost drive return on common equity (ROCE) negatively. ( )答案:对8.Which of the following would explain an observed decrease in return onequity, all else equal? （）答案:Increase in interest rate on debt9.The following information is from reformulated financial statements (inmillion) what is the firm’s ROCE and RNOA? ( )答案:15.0% and 13.0%10.Under what condition would a firm’s return on net operating assets (RNOA)be equal to its return on operating assets (ROOA)? ( )答案:The operatingliability leverage spread (OLSPREAD) is zero, that is, ROOA equals theimplicit borrowing rate for operating liabilities.第四章1.What measures tells you that a firm is a no-growth firm? ( )答案:A firm haszero or negative residual earnings growth2.Which the following item is part of unusual (transitory) income? ( )答案:Gainon the disposal of property3.Firms can grow earnings, but not create (share) value （）答案:对4.The following number were calculated from the financial statements for afirm for 2012 and 2011:How much of the change in ROCE from 2011 to 2012 is due to financing activities? （）答案:3.37%5.Transitory earnings are current earnings that are likely to be maintained inthe future. ( )答案:错6.Which of the following could cause return on net operating assets to increase,all other things equal? （）答案:Increase in inventory turnover7.Below is selected information from TricorpReturn on net operating assets forYear 1 is: ( )答案:15.4%.8.RE represents extra profit available to the company/shareholders this iswhat drives growth in a company’s (share) value. （）答案:对9.Return on operating assets is a measure of which of the following? （）答案:Efficiency10.Below is selected information from Tricorp company Which of the followingis correct concerning changes at Tricrop from Year 1 to Year 2? ( )答案:RNOA Decreased, ROCE Decreased第五章1. A firm can create future income by temporarily increasing its bad debtallowance. （）答案:对2.Which of the following item are managed to increase gross revenue? （）答案:Increase receivables3.Increasing profit margins by underestimating expenses creates net operatingassets. ( )答案:对4.Why do analysts compare cash flow from operations with earnings to assessthe quality of the earnings? （）答案:The difference between earnings andcash flow from operations is explained by the accruals, and the accruals aret he “soft” part of earnings that can be manipulated.5. A decrease in warranty liabilities increases net sales. ( )答案:错6.IBM reported a 3 percent increase in income for its first quarter of 2000,beating analysts’ estimates. But it also reported a decline in revenue. Its stock price dropped in response to the report. Which of the following statement isincorrect for the drop in stock price on an earnings increase? （）答案:Theasset turnover is expected to increase.7.Low depreciation charges forecast losses in future income statements. ( )答案:对8.Which of the following is least likely to be associated with low-qualityearnings? （）答案:Decrease in borrowings.9.Accounting quality analysis is not part of the wider analysis of sustainableearnings. （）答案:错10.Which of the following is not an indicator of accounting Manipulation? （）答案:Loss on sale of discontinued business segments第六章1.If the intrinsic value of a stock is greater than its market value, which of thefollowing is a reasonable conclusion? ( )答案:The market is undervaluing thestock.2.The _______ is defined as the present value of all cash proceeds to the investorin the stock. ( )答案:intrinsic value3.FCF and DDM valuations should be ____________ if the assumptions used areconsistent. ( )答案:similar for all firms4.Because the DDM requires multiple estimates, investors should ( )答案:carefully examine inputs to the model and perform sensitivity analysis onprice estimates.5. A preferred stock will pay a dividend of $2.75 in the upcoming year, andevery year thereafter, i.e., dividends are not expected to grow. You require areturn of 10% on this stock. Use the constant growth DDM to calculate theintrinsic value of this preferred stock. ( )答案:$27.506.At the end of 2012, you forecast that a firm’s free cash flow for 2013 will be$430 million. If you forecast that free cash flow will grow at 5% per yearthereafter, what is the enterprise value? Use a required return of 10 percent.( )答案:8,600millionpany X has negative free cash flow but strong earnings that yield areturn on equity of 27 percent. Which of the following statements is morelikely to be true? ( )答案:the company is investing heavily8.At the end of 2012, you forecast the following cash flows (in millions) for afirm with net debt of $759 million: You forecast that free cash flow will growat a rate of 4% per year after 2015. Use a required return of 10% to calculateboth the fir ms’ enterprise value and the value of the equity at the end of 2012?( )答案:7,900million, 7,141 million9.Value is based on expected dividends, but forecasting dividends is notrelevant to value as a practical matter. （）答案:对10. A firm that has higher free cash flow have a higher value? （）答案:错第七章1.The following are earnings and dividend forecasts made at the end of 2012for a firm with $20.00 book value per common share at that time. The firmhas a required equity return of 10% per year. Forecast return of commonequity and residual earnings for the year of 2015. （）答案:ROCE is 15.71%and RE is 1.492. A firm cannot maintain a ROCE less than required return and stay in businessindefinitely. （）答案:错rmation indicates that a firm will earn a return on common equity aboveits cost of equity capital in all years in all years in the future, but its sharetrade below book value. Those share must be mispriced. （）答案:对4.The following are ROCE forecasts made for a firm at the end of 2010. ROCE isexpected to continue at the same level after 2013. The firm reported bookvalue of common equity of $3.2 billion at the end of 2010, with 500 millionshared outstanding. If the required equity return is 12%, what is the pershare value of these shares? （）答案:$6.405.Residual earnings valuation does not work well for companies like Coca-cola,Cisco System, or Nike, which have substantial assets, like brands, R&D assets, and entrepreneurial know-how off the books. A low book value must giveyou a low valuation. ( )答案:错6. A firm with book value of $15.60 per share and 100 percent dividend payoutis expected to have a return on common equity of 15% per year indefinitelyin the future. Its cost of equity capital is 10%. Calculate the intrinsic price tobook ratio. （）答案:1.57.Which of the following items are the drivers of Residual earnings? ( )答案:Return on common equity and growth in book value8.In September 2008 the shares of Dell, Inc, the computer maker, traded at $20.50 each. In its last annual report, Dell had reported book value of $3, 735million with 2, 060 million shares outstanding. Analysts were forecastingearnings per share of $1.47 for fiscal year 2009 and $1.77 for 2010 Dell paysno dividends. Calculate the per-share value of Dell in 2008 based on theanalysts’ forecasts, with an additional forecast that residual earnings willgrow at the anticipated GDP growth rate of 4 percent per year after 2010.Use a required return of 10 percent. the BPS at the end of fiscal-year 2008will be ( )答案:$1.8139.Calculate the per-share value of Dell in 2008 based on the analysts’ forecasts,with an additional forecast that residual earnings will grow at the anticipated GDP growth rate of 4 percent per year after 2010. Use a required return of 10 percent. ( )答案:24.84第八章1.Abnormal earnings growth is always equal to growth of (change in) residualearnings. （）答案:对2. A firm’s earnings are expected to grow at a rate equal to the required rate ofreturn for its equity,12%.what is the trailing P/E ratio? （）答案:9.333.what is the forward P/E ratio?( )答案:8.334. A P/E ratio for a bond is always less than that for a stock. （）答案:错5.which of the following statement is correct? （）答案:the normal forwardP/E and the normal trailing P/E always differ by 1.06.The following are earnings and dividend forecasts made at the end of 2010.The firm has a required equity return of 10% per year. Forecast abnormalearnings growth for 2012. ( )答案:0.3257.Forecast abnormal earnings growth for 2013. ( )答案:0.1658.Calculate the normal forward P/E for this firm. ( )答案:109.Firm can increase its earnings growth but not affect the value of its equity （）答案:对10.In early fiscal year 2009, analysts were forecasting $3.90 for Nike’s earningsper share for the fiscal year ending May 2009 and $4.45 for 2010, with adividend per share of 92 cents (0.92) expected for 2009. Forecast the cum-dividend earnings growth rate for 2010. （）答案:16.46%第九章1.Which of the following situation diversification dose not reduce risk？( )答案:returns on securities in the portfolio are perfectly correlated2. A statistical measure of the variability of a distribution around its mean isreferred to as __________. ( )答案:the standard deviation3.Normal distribution of returns can characterize the risk of investing in abusiness? （）答案:错4. A set of possible values that a random variable can assume and theirassociated probabilities of occurrence are referred to as __________. （）答案:probability distribution5.Below are the reformulate balance sheet for two firms with similar revenues.Amounts are in millions of dollars. Which firm look more risky forshareholders? Note that cash has been treated as operating cash. ( )答案:Firm Bing the CAPM, ß is a measure of: ( )答案:share price volatility7.Which of the following is not a measure of risk? ( )答案:correlationcoefficient8.Below are the reformulate income statement for two firms in the same line ofbusiness. Amounts are in millions of dollars. Which firm look more risky forshareholders? Reformulate the income statements: ( )答案:Firm A9.which of the following statement is not correct? ( )答案:variation in return onnet operating assets is only driven by profit margins10.Financing risk is driven by_____ ( )答案:All the answers are correct.第十章1.___________ is the extra required return that a lender demands to compensatefor the risk that the borrower will default. ( )答案:Default premium2.Which of the following statement is not the objective in reformulatingfinancial statement for credit analysis？( )答案:groups assets and liabilitiesin such a way as to evaluate the firm’s underlying profitability.3.______ is the error of forecasting that a firm will not default when in fact itdoes. ( )答案:A Type I error4.which of the following is the Off-balance sheet financing? ( )答案:All theanswers are correct5.which of the following statement is not correct? ( )答案:Pro forma analysisforecasts is not useful for credit analysis.6.The following numbers are extracted from the financial statements for a firmfor 2011 and 2012. Amounts are in millions of dollars. At the end of 2011, the firm’s 80 million shares traded at $25 each, but by the end of 2012 theytraded at $15.Calculate Z-score for 2011 ( )答案:2.687.Calculate Z-score for 2011 ( )答案:1.098.After analyzing the default risk for a five-year bond with a maturity value of$1,000 and an 8percent annual coupon, an analyst estimates the requiredreturn for the bond at 7percent per year. The bond has just been issued at aprice of $1,000. What is the value of the bond at a 7 percent required return?( )答案:1040.989.What is the yield-to-maturity with a market price of $1,000? ( )答案:8%10.What is the expected return of buying the bond at a price of $1,000? ( )答案:8%。
罗斯公司理财读书笔记
罗斯公司理财读书笔记【篇一：《公司理财》罗斯笔记(已矫正)】第一篇综述企业经营活动中三类不同的重要问题：1、资本预算问题（长期投资项目）2、融资：如何筹集资金？3、短期融资和净营运资本管理第一章公司理财导论1.1什么是公司理财？1.1.1资产负债表流动资产?固定资产?有形?无形??流动负债?长期负债+所有者权益流动资产-流动负债?净营运资本短期负债：那些必须在一年之内必须偿还的代款和债务；长期负债：不必再一年之内偿还的贷款和债务。
资本结构：公司短期债务、长期债务和股东权益的比例。
1.1.2资本结构债权人和股东v（公司的价值）=b（负债的价值）+s（所有者权益的价值）如何确定资本结构将影响公司的价值。
1.1.3财务经理财务经理的大部分工作在于通过资本预算、融资和资产流动性管理为公司创造价值。
两个问题：1. 现金流量的确认：财务分析的大量工作就是从会计报表中获得现金流量的信息（注意会计角度与财务角度的区别）2. 现金流量的时点3. 现金流量的风险1.2公司证券对公司价值的或有索取权负债的基本特征是借债的公司承诺在某一确定的时间支付给债权人一笔固定的金额。
债券和股票时伴随或依附于公司总价值的收益索取权。
1.3公司制企业1.3.1个体业主制1.3.2合伙制1.3.3公司制有限责任、产权易于转让和永续经营是其主要优点。
1.4公司制企业的目标公司制企业力图通过采取行动提高现有公司股票的价值以使股东财富最大化。
1.4.1代理成本和系列契约理论的观点代理成本：股东的监督成本和实施控制的成本1.4.2管理者的目标管理者的目标可能不同于股东的目标。
donaldson提出的管理者的两大动机：①②（组织的）生存；独立性和自我满足。
1.4.3所有权和控制权的分离——谁在经营企业？1.4.4股东应控制管理者行为吗？促使股东可以控制管理者的因素：①②③④股东通过股东大会选举董事；报酬计划和业绩激励计划；被接管的危险；经理市场的激烈竞争。
财务报表分析(英文版)
A. Measuring Business Incomea. explain why financial statements are prepared at the end of the regular accounting period.Major Financial Statements:∙The balance sheet: provides a "snapshot" of the firm's financial condition.∙The income statement: reports on the "performance" of the firm.∙The statement of cash flows: reports the cash receipts and cash outflows classified according to operating, investment and financing activities.∙The statement of stockholder's equity: reports the amounts and sources of changes in equity from transactions with owners.∙The footnotes of the financial statements: allow uses to improve assessment of the amount, timing and uncertainty of the estimates reported in the financial statements.The most accurate way to measure the results of enterprise activity would be to measure them at the time of the enterprise's eventual liquidation. Business, government, investors, and various other user groups, however, cannot wait indefinitely for such information. If accountants did not provide financial information periodically, someone else would.The periodicity or time period assumption simply implies that the economic activities of an enterprise can be divided into artificial time periods. These time periods vary, but the most common are monthly, quarterly, and yearly.The information must be reliable and relevant. This requires that information must be consistent and comparable over time and also be provided on a timely basis. The shorter the time period, the more difficult it becomes to determine the proper net income for the period. A month's results are usually less reliable than a quarter's results, and a quarter's results are likely to be less reliable than a year's results. Investors desire and demand that information be quickly processed and disseminated; yet the quicker the information is released, the more it is subject to error. This phenomenon provides an interesting example of the trade-off between relevance and reliability in preparing financial data.In practice, financial reporting is done at the end of the accounting period.Accounting periods can be any length in time. Firms typically use the year as the primary accounting period. The 12-month accounting period is referred to as the fiscal year. Firms also report for periods less than a year(e.g. quarterly) on an interim basis.∙Accounting period must be of equal length. Financial statements are prepared at the end of the regular accounting period to allow comparison across time.User CommentsPosted by Jeanette @ 2003-10-25 14:15:45.same period --- allow comparisionbasic assumption in preparing financial statements is ---- the firm will continue in operation,--- going concern,'assigning revenue - expenses ---- base on matching principlePosted by GiGi @ 2004-01-29 06:25:01.remember that there are 4 types of financial statementsb. explain why the accounts must be adjusted at the end of each period.Why?∙Most external transactions are recorded when they occur. The employment of an accrual system means that numerous adjustments are necessary before financial statements are prepared because certain accounts are not accurately stated.∙Some external transactions might not even seem like transactions and are recognized only at the end of the accounting period. Examples include unrecorded revenues and credit purchase.∙Some economic activities do not occur as the result of external transactions. Examples include depreciation and the expiration of prepaid expenses.∙Timing: Often a transaction affects the revenue or expenses of two or more accounting periods. The related cash inflow or outflow does not always coincide with the period in which these revenue or expense items are recorded. Thus, the need for adjusting entries results from timing differences between the receipt or disbursement of cash and the recording of revenue or expenses. For example, if we handle transactions on a cash basis, only cash transactions during the year are recorded. Consequently, if a company's employees are paid every two weeks and the end of an accounting period occurs in the middle of these two weeks, neither liability nor expense has been recorded for the last week. To bring the accounts up to date for the preparation of financial statements, both the wage expense and the wage liability accounts need to be increased.A necessary step in the accounting process, then, is the adjustment of all accounts to an accrual basis and their subsequent posting to the general ledger.Adjusting entries are therefore necessary to achieve a proper matching of revenues and expenses in the determination of net income for the current period and to achieve an accurate statement of the assets and equities existing at the end of the period.Adjustment principles∙The revenue recognition principle∙The matching principleWhat to adjust?Each adjusting entry affects both a real account (assets, liability, or owner's equity) and a nominal or income statement account (revenue or expense). The four basic types of adjusting entries are:1.deferred expenses that benefits more than one period: for example,prepaid expenses (e.g. prepaid insurance, rent) are expenses paid in advance and recorded as assets before they are used or consumed.When these assets are consumed, expenses should be recognized: a debit to an expense account and a credit to an asset account. Another example is depreciation. The cost of a long-term asset is allocated as anexpense over its useful life. At the end of each period depreciation expense is recorded through an adjusting entry: a debit to a depreciation expense account and a credit to an accumulated depreciation account (a contra account used to total the past depreciation expenses on specific long-term assets).2.accrued expenses that incurred but not yet paid or recorded: examplesare employee salaries and interest on borrowed money. At the end of the accounting period, the accrued expense is recorded through an adjusting entry: a debit to an expense account (i.e. Salaries Expense) and a credit to a liability account (i.e. Salaries Payable).3.accrued revenues that earned but not yet received or recorded: also calledunrecorded revenues. Examples include interest revenues, rent revenues, etc. Such revenues accumulate with the passing of time, but the firm may have not received the payment or billed the client. An adjusting entry should be: a debit to an asset account (i.e. Accounts Receivable) and a credit to a revenue account (i.e. Interest Revenue).4.unearned revenues that are revenues received in cash before delivery ofgoods/services: examples are magazine subscription fees, customer deposits for services. These "revenues" are not earned yet and thus should be recorded as liabilities. An adjusting entry should be: a debit to a liability account (i.e. Unearned Revenue) and a credit to a revenue account (i.e. Revenue).User CommentsPosted by GiGi @ 2004-01-29 06:26:22.accrual system!!! definitionPosted by Gina @ 2004-02-03 22:17:33.accrual based accounting recognizes the impact of a business event as it occurs, regardless of whether transaction affected cashPosted by Gina @ 2004-02-03 22:20:20.Revenue Principle: basis for recording revenues (ie tells when to record revenue and the amounts).Matching Principle: basis for recording expensis (ie direction to ID all expenses during the period, measure them, and match them against the revenues earned in that period).c. explain why the accrual basis of accounting produces more useful income statements and balance sheets than the cash basis.Revenue is something earned through the sale of goods or services. Not all cash receipts are revenues; for example, cash received through a loan is not revenue. Expenses are the cost of goods or services used to generate revenues. Not all cash payments are expenses; for example, cash dividends paid to stockholders are not expenses. Net income is the difference between revenues and expenses. It is reported on the income statement, and is the focus in evaluating a firm's profitability.Most companies use the accrual basis accounting, recognizing revenue when it is earned (the goods are sold or the services performed) and recognizing expenses in the period incurred, without regard to the time of receipt or payment of cash. Net income is revenue earned minus expenses incurred.Under the strict cash basis accounting, revenue is recorded only when the cash is received and expenses are recorded only when the cash is paid. Net income is cash revenue minus cash expenses. The matching principle is ignored here, resulting inconformity with generally accepted accounting principles.Today's economy is considerably more lubricated by credit than by cash. And the accrual basis, not the cash basis, recognizes all aspects of the credit phenomenon. Investors, creditors, and other decision makers seek timely information about an enterprise's future cash flows. Accrual basis accounting provides this information by reporting the cash inflows and outflows associated with earnings activities as soon as these cash flows can be estimated with an acceptable degree of certainty. Receivables and payables are forecasters of future cash inflows and outflows. In other words, accrual basis accounting aids in predicting future cash flows by reporting transactions and other events with cash consequences at the time the transactions and events occur, rather than when the cash is received and paid. Accrual accounting generally provides a better indication of performance than cash basis of accounting since it increases the comparability of income statements and balance sheets across periods.B. Financial Reporting and Analysisa. define each asset and liability category on the balance sheet and prepare a classified balance sheet.Think of the balance sheet as a photo of the business at a specific point in time. It presents the assets, liabilities, and the equity ownership of a business entity as of a specific date.∙Assets are the economic resources controlled by the firm.∙Liabilities are the financial obligations that the firm must fulfill in the future.Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the firm by the creditors.∙Equity Ownership is the owner's investments and the total earnings retained from the commencement of the firm. Equity represents the source of financing provided to the firm by the owners.Balance sheet accounts are classified so that similar items are grouped together to arrive at significant subtotals. Furthermore, the material is arranged so that important relationships are shown.The table below indicates the general format of balance sheet presentation: Balance Sheet ClassificationsAssets Liabilities and Owner's EquityCurrent Assets Current liabilitiesLong-term investments Long-term debtProperty, plan and equipment Owner's equityIntangible assets Capital stockOther assets Additional paid-in capitalRetained earningsCurrent Assets:They are cash and other assets expected to be converted into cash, sold, or consumed either in one year or in the operating cycle, whichever is longer. The operating cycle is the average time between the acquisition of materials and supplies and the realization of cash through sales of the product for which the materials and supplies were acquired. The cycle operates from cash through inventory, production, and receivables back to cash. Where there are several operating cycles within one year, the one-year period is used. If the operating cycle is more than one year, the longer period is used.Current assets are presented in the balance sheet in order of liquidity. The five major items found in the current asset section are:∙Cash:valued at its stated value. Cash restricted for purpose other than payment of current obligations or for use in current operations should be excluded from the current asset section.∙Marketable securities: Also referred to as marketable securities. Valued at cost or lower of cost and market.∙Accounts receivables:amounts owed to the firm by its customers for goods and services delivered. Valued at the estimated amount collectible.∙Inventories: Products that will be sold in the normal course of business.∙Prepaid expenses: they are expenditures already made for benefits (usually services) to be received within one year or the operating cycle, whichever is longer. Typical examples are prepaid rent, advertising, taxes, insurance policy, and office or operating supplies. They are reported at the amount of un-expired or unconsumed cost.Long-Term Investments:Often referred to simply as investments, they are to be held for many years, and are not acquired with the intention of disposing of them in the near future.∙Investments in securities such as bonds, common stock, or long-term notes that management does not intend to sell within one year.∙Investments in tangible fixed assets not currently used in operations, such as land held for speculation.∙Investments set aside in special funds such as a sinking fund, pension fund, or plant expansion fund. The cash surrender value of life insurance is included here.∙Investments in non-consolidated subsidiaries or affiliated companies. Property, Plant, and Equipment:They are properties of a durable nature used in the regular operations of the business. With the exception of land, most assets are either depreciable (such as building) or consumable.Intangible Assets:They lack physical substance and usually have a high degree of uncertainty concerning their future benefits. They include patents, copyrights, franchises, goodwill, trademarks, trade names, secret processes, and organization costs. Generally, all of these intangibles are written off (amortized) to expense over 5 to 40 years.Other Assets:They vary widely in practice. Examples include deferred charges (long-term prepaid expenses), non-current receivables, intangible assets, assets in special funds, and advances to subsidiaries.Current Liabilities:They are obligations that are reasonably expected to be liquidated either through the use of current assets or the creation of other current liabilities within one year or within the operating cycle, whichever is longer. They are not reported in any consistent order. A typical order is: Notes payable, accounts payable, accrued items (e.g. accrued warranty costs, compensation and benefits) income taxes payable, current maturities of long-term debt, etc.The excess of total current assets over total current liabilities is referred to as working capital. It represents the net amount of a company's relatively liquid resources; that is, it is the liquid buffer, or margin of safety, available to meet the financial demands of the operating cycle.Long-Term LiabilitiesThey are obligations that are not reasonably expected to be liquidated within the normal operating cycle but, instead, at some date beyond that time. Bonds payable, notes payable, deferred income taxes, lease obligations, and pensionobligations are the most common long-term liabilities. Generally they are of three types:∙Obligations arising from specific financing situations, such as issuance of bonds, long-term lease obligations, and long-term notes payable.∙Obligations arising from the ordinary operations of the enterprise such as pension obligations and deferred income tax liabilities.∙Obligations that are dependent upon the occurrence or non-occurrence of one or more future events to confirm the amount payable, or the payee, or the date payable, such as service or product warranties and other contingencies.Owner's Equity:The complexity of capital stock agreements and the various restrictions on residual equity imposed by state corporation laws, liability agreements, and boards of directors make the owner's equity section one of the most difficult sections to prepare and understand. The section is usually divided into three parts:∙Capital stock: the par or stated value of the shares issued.∙Additional paid-in capital: the excess of amounts paid in over the par or stated value.∙Retained earnings: the corporation's undistributed earnings.b. define each component of a multi-step income statement and prepare a multi-step income statement.The income statement measures the success of business operations for a given period of time. A single-step income statement groups revenues together and expenses together, without further classifying each of the groups. A multi-step income statement makes further classifications to provide additional important revenue and expense data. These classifications make the income statement more informative and useful. It is recommended because:∙it recognizes a separation of operating transactions from non-operating transactions;∙it matches costs and expenses with related revenues;∙it highlights certain intermediate components of income that are used for the computation of ratios used to assess the performance of the enterprise.Components:∙Operating section: a report of the revenues and expenses of the company's principal operations.o Sales or revenue section: a subsection presenting sales, discounts, allowances, returns, and other related information, and to arrive atthe net amount of sales revenue.o Cost of goods sold section:a subsection that shows the cost of goods that were sold to product the sales.o Selling expense: a subsection that lists expenses resulting from the company's efforts to make sales.o Administrative or general expenses: a subsection reporting expenses of general administration.Non-operating section: a report of revenues and expenses resulting from secondary or auxiliary activities of the company. In addition, special gains and losses that are infrequent or unusual, but not both, are normally reported in this section. Generally these items break down into two main subsections:o Other revenues and gains: A list of the revenues earned or gains incurred, generally net of related expenses, from non-operatingtransactions.o Other expenses and losses: A list of the expenses or losses incurred, generally net of any related incomes, from non-operatingtransactions.∙Income taxes: A short section reporting federal and state taxes levied on income from continuing operations.∙Discontinued operations: material gains or losses resulting from the disposition of a segment of the business.∙Extraordinary items: Unusual AND infrequent material gains and losses.∙Cumulative effect of a change in accounting principle.∙Earnings per share.C. Short-Term Liquid Assetsa. describe how to choose the appropriate accounting method for investment securities and explain how fair (market) value gains and losses on such investments are reported.Short-term investments, also called marketable securities,ordinarily consist of short-term paper (certificates of deposit, treasury bills, and commercial paper), marketable debt securities (government and corporate bonds), and marketable equity securities (preferred and common stock) acquired with cash not immediately needed in operations.They must be:∙readily marketable: can be sold quite easily.∙intended to be converted into cash as needed within one year or the operating cycle, whichever is longer.Securities that are intended to be held for more than one year are called long-term investments.There are two types of gains and losses:∙Realized gains and losses: the difference between the fair market value and the cost of the securities when they are sold.∙Unrealized holding gains and losses:the difference between the fair market value and the cost of the securities when they are still held by the firm. The gains and losses are unrealized because securities have not been sold.In general:∙When securities are purchased, they are recorded at cost. The cost of the securities includes purchase price and any broker's fees or fees paid to acquire securities.∙Interest and dividends generally are recognized as revenue when they are received.∙When securities are sold, the cost is compared to the sales price, and the difference is recorded as a gain or a loss.∙At the end of each accounting period, the balance of the controlling account is adjusted to reflect the current market value of the securities owned.However, different categories of investment securities have different treatment on unrealized holding gains and losses.∙Held-to-maturity securities:Debt securities that management intends to hold to their maturity date. At year end, they are reported at cost adjusted for the effect of interest (debit the securities account and credit interest income account), and unrealized holding gains and losses are not recognized.Trading securities: Debt and equity securities bought and held mainly for sale in the near term to generate income on price changes. At year end, they are reported at their fair market value. Any unrealized holding gains or losses are recognized on the firm's income statement as part of the net income. When they are sold, the realized gains or losses will also appear on the income statement. Realized gains and losses are not affected by any unrealized gains or losses recognized before.Example:1.12/1/2002, 100 shares purchased at $80 per share for tradingpurposes:Entry: Trading Securities 8000(Debit) | Cash 8000 (Credit)2.12/31/2002, the price is $60 per share.Entry: Unrealized Loss on Investments 2000 (Debit) | Allowance to Adjust Short-Term Investments to Market 2000 (Credit).The allowance account is shown on the balance sheet as a contra-asset account:Trading Securities (at cost) 8000Allowance Account (2000)Trading Securities (at market) 6000The $2000 unrealized loss is reported in the income statement for 2002.3.06/12/2003, 100 shares sold at $120 per share.Entry: Cash 12000 (Debit) | Trading Securities 8000 (Credit) | Realized Gain on Investment 4000 (Credit)The $4000 realized gain is reported in the income statement of 2003.Available-for-sale securities:Debt and equity securities not classified as held-to-maturity or trading securities. The unrealized gains and losses are reported in the balance sheet as an adjustment to the shareholders' equity (in contrast, the unrealized gains or losses of trading securities are reported in the income statement as part of the net income). Other than that, they are accounted for in the same way as trading securities. Example:1.12/1/2002, 100 shares purchased at $80 per share for tradingpurposes:Entry: Available-for-Sale Securities 8000(Debit) | Cash 8000 (Credit)2.12/31/2002, the price is $60 per share.Entry: Unrealized Loss on Investments 2000 - Equity (Debit) | Allowance to Adjust Short-Term Investments to Market 2000 (Credit).The allowance account is shown on the balance sheet as a contra-asset account:Available-for-Sale Securities (at cost) 8000Allowance Account (2000)Available-for-Sale Securities (at market) 6000The $2000 unrealized loss is reported in the balance sheet for 2002 as a component of stockholder's equity.3.06/12/2003, 100 shares sold at $120 per share.Entry: Cash 12000 (Debit) | Trading Securities 8000 (Credit) | Realized Gain on Investment 4000 (Credit)The $4000 realized gain is reported in the income statement of 2003. User CommentsPosted by shasha @ 2003-11-15 04:02:09.AFS (available-for-sale) is kind of short-term investment, however, its market value change should be adjusted to the equity as well.Posted by Gina @ 2004-02-12 01:51:11.AFS can be short or long-term. Since they are reported on the balance sheet at market value, this reporting needs to be adjusted from their last carrying amount to current market value.The unrealized gain or loss is reported in 2 places:(1) Income statement - under 'Other comprehensive income' (net of tax) [but not as part of net income];(2) OE - prehensive income - unrealized gain on investments (net of tax).善待自己，学会放弃，得而不喜，失而不烦，弃而不悔，多一份执着和自信，添一份洒脱和从容，才是潇洒快乐的人生！善待自己，学会原谅。
财务报表分析理论基础
的重要表分析的信息基础
（一）财务报告概念框架
总而言之，财务会计概念框架所采用的“决策有用观”使财务报表具备了价值相关性，这便为财务报表 分析系统提供了有效的信息输入，并使利用财务报表分析帮助使用者提高决策能力成为可能。但是，在 现实会计环境下，财务报表的决策有用性并不在于直接预侧公司的未来收益，而是致力于提供相关和可 靠的信息，从而帮助投资者形成自己的预期。因此其相关性是“间接相关”，而且由于固有局限，现行 财务报表信息也非完全可靠，在这种情况下，如何利用存在一定误差的财务报表信息对未来进行合理预 测，需要财务报表分析来起到桥梁的作用，以使投资者能够在公司过去业绩和未来前景之间建立起恰当 的联系。可见，现行的财务报表信息“非完全可靠，非完全相关“的特点，决定了我们必须进行财务报 表分析，而且能够通过恰当的财务报表分析帮助使用者提高决策能力。
经典研究学派与财务报表分析
财务报表的制度框架—财务报表分析的信息基础
（二）会计准则
为了限制公司管理层对财务报表的操纵，各个国家都制定了相应的会计准则来对资产如何计量、负债何 时记录、收人何时确认、费用何时应计等重要会计问题进行约束。会计准则带来的“硬约束”，无疑增 加了财务报表的可靠性和可比性，但是，会计准则也无法确保会计信息完全真实可靠，主要原因在于：
由此可见，在信息不对称的市场中，我们不仅需要完整的信息生产、传递系统，还需要相配套的信息 解释系统。
经典研究学派与财务报表分析
应计制会计与财务报表分析的必要性
应计制财务报表的复杂性为报表分析提供了两方面契机： ➢ 首先，我们可以利用财务报表分析排除技术性错误。经济业务的复杂性使得应计会计需要大量的估计
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影响变现能力的其他因素
增强变现能力的因素: 1.可动用的银行贷款指标 2.准备很快变现的长期资产 3.偿债能力的声誉
第3章财务报表分析s
一、企业偿债能力分析
（二）长期偿债能力分析
企业的资本结构和财务杠杆与其筹资方式 有关，合理的债务融资有助于提高企业的 税后利润，但过多的依靠债务资金，也会 增加企业的财务风险。因此，这类指标主 要反映企业的长期偿债能力及财务风险的 程度。
第3章财务报表分析s
三、财务分析的基础——基本财务报表
（一）资产负债表 资产负债表：以“资产=负债+所有者权益”为平衡关
系，反映企业在某一特定日期的财务状况 的报表。 （二）利润表 利润表：反映企业某一会计期间财务成果的报表。 （三）现金流量表 现金流量表：反映企业在一定会计期间现金流入与流 出情况的报表。 现金流量表中的现金指的是货币资金和现金等价物。
二、企业营运能力分析（资产管理水平 比率）
营运能力也称为资产管理能力(效率)， 反映企业资金周转状况。
资产管理水平比率是用来衡量公司在资 反产映管营理运方能面力指效标率注的意财分务子与比分率母。的这可比一性类,
指标主要通过对企业资产周转情况的分 析，评价企业各项资产的利用水平和营 运效率。
第3章财务报表分析s
权益乘数 ＝资产总额/（资产总额－负债总额） ＝1÷（1－资产负债率）
资产负债率越高，权益乘数越大，产权比率越 高，企业的财务风险就越大； 在计算时分子分母可采用平均数：
（年初数+年末数）/2
第3章财务报表分析s
４．有形净值负债率 有形净值负债率是指负债总额与有形净值的比率。
反映债权人债务在破产清算时有多少有形资产保 障
产权比率=负债总额 / 股东权益总额
第3章财务报表分析s
3. 权益乘数（净值比率） ——股权比率的
倒数
反映了企业资产中有多少是所有者投入的 资产，资产总额是所有者权益的倍数。
权益乘数
1 股权比率
资产总额 股东权益总额
第3章财务报表分析s
权益乘数 ＝（股东权益＋负债总额）/股东权益 ＝1＋产权比率
＝３６０／应收帐款周转次数 ＝应收帐款平均余额×３６０／赊 销收入净额
第3章财务报表分析s
（二）存货周转率 企业一定时期的销货成本与平均存货的比率，
也称为存货周转次数，反映的是存货周转速 度的快慢。 存货周转率（次数） ＝营业成本／平均存货余额 （存货周转率＝营业收入／平均存货余额）
流动比率=流动资产/ 流动负债 一般认为，流动比率在2:1左右较合适。
第3章财务报表分析s
（净）营运资本（营运资金）
营运资本＝流动资产－流动负债 =（总资产-非流动资产） -（总资产-股东权益-非流动负债） = （股东权益+非流动负债） - 非流动资产 =长期资本-长期资产
➢ 营运资本实际上是相当于长期资本来源大于 长期资产占用的差额，这部分差额等同于用 于了企业日常的短期的经营活动。
第3章 财务报表分析
• 第一节 财务报表分析概述 • 第二节 财务比率分析 • 第三节 财务报表分析的方法
第一节、财务报表分析概述
一、什么是财务报表分析： (见 P.42) 二、财务报表分析的目的：
了解过去 评价现在 预测未来 （一）评价企业的偿债能力 （二）评价企业的资产管理水平 （三）评价企业的获利能力 （四）评价企业的发展趋势
影响长期偿债能力因素：
(1)
资本结构；(2) 获利能力。
第3章财务报表分析s
一、企业偿债能力分析
（二）长期偿债能力分析
1.资产负债率（负债比率）：企业负债总额与
资产总额的比率。反映了在总资产中有多大比例是
通过借债来筹资的，也可以衡量企业在清算时保护债
权人利益的程度。
资产负债率
负债总额 资产总额
100%
第3章财务报表分析s
第二节 财务比率分析
一、偿债能力分析 偿债能力：指企业偿还各种到期债务的能力。 （一）短期偿债能力分析 (变现能力分析) 企业偿还流动负债的能力，是企业的流动资
产对流动负债及时足额偿还的保证程度。企 业的短期偿债能力取决于流动资产的流动性. 1.流动比率：流动资产与流动负债的比值。
利息保障倍数
费用化利息
费用化利息+资本化利息
=（利润总额+利息费用）/利息费用
＊息税前利润＝利润总额＋利息费用 净利润＝利润总额－所得税
税后利润 税前利润
第3章财务报表分析s
（三）影响企业长期偿债能力的其他因素 1.或有负债 2.担保责任 3.租赁活动 4.可动用的银行贷款指标 5.偿债声誉
第3章财务报表分析s
➢ 营运资本越大，企业的短期偿债能力越强。 ➢ 营运资本是绝对数，不便于不同企业之间比较。
第3章财务报表分析s
பைடு நூலகம்
2.速动比率（酸性测试比例）： 公司的速动资产与流动负债的比值。 速动比率=速动资产 / 流动负债 =(流动资产-存货)/流动负债
将存货从流动资产中剔除的原因： （1）存货变现速度慢； （2）存货已损失，但没处理； （3）部分存货抵押给债权人； （4）存货估价还存在着成本与合理市价 相差悬殊的问题。
资产负债率比率越小，说明企业偿还债务的能 力越强；反之，则越差。
第3章财务报表分析s
2.产权比率（负债股权比率、权益负债率） 产权比率：负债总额与股东权益总额的比值， 是衡量财务结构是否稳健的重要指标。 产权比率反映了债权人所提供的资金与股东所 提供的资金的对比关系，也是衡量公司破产清 算时对债权人利益的保护程度。
有形净值负债率＝负债总额／有形净值 ＝负债总额／（所有者权益－无形资产）
此指标越低越好。 包括递延资产，商誉等
第3章财务报表分析s
5. 利息保障倍数（已获利息倍数） 企业息税前利润与利息费用的比值
反映公司盈利支付债务利息的能力，用以 衡量偿付借款利息的能力
利息保障倍数
息税前利润 利息费用
第3章财务报表分析s
（一）应收帐款周转率 是应收账款总额在一年内按平均额收回
的次数。它等于企业在一定时期（年） 的赊销收入净额与应收帐款平均余额的 比值，反映应收帐款的周转速度。 应收帐款周转率(次数)
=赊销收入净额 / 应收帐款平均余额
第3章财务报表分析s
用时间表示的应收帐款周转速度是 应收帐款周转天数（应收帐款平均回 收期），表示企业从取得应收帐款的 权利到收回款项转换为现金所需的时 间。 应收账款周转天数（平均收现期）