會計報表與現金流量分析報告(ppt 27頁)

會計報表與現金流量分析報告目錄：
1、The Balance Sheet
2、The Income Statement
3、Net Working Capital
4、Financial Cash Flow
5、Summary and Conclusions

會計報表與現金流量分析報告內容提要：
Balance Sheet Analysis
When analyzing a balance sheet, the financial manager should be aware of three concerns:
Accounting liquidity
Debt versus equity
Value versus cost
Accounting Liquidity
Refers to the ease and quickness with which assets can be converted to cash.
Current assets are the most liquid.
Some fixed assets are intangible.
The more liquid a firm’s assets, the less likely the firm is to experience problems meeting short-term obligations.
Liquid assets frequently have lower rates of return than fixed assets.
Debt versus Equity
Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow.
Thus shareholder’s equity is the residual difference between assets and liabilities.
Value versus Cost
Under GAAP audited financial statements of firms in the U.S. carry assets at cost.
Market value is a completely different concept.
Generally Accepted Accounting Principles
GAAP
The matching principal of GAAP dictates that revenues be matched with expenses. Thus, income is reported when it is earned, even though no cash flow may have occurred
Income Statement Analysis
Non Cash Items
Depreciation is the most apparent. No firm ever writes a check for “depreciation”.
Another noncash item is deferred taxes, which does not represent a cash flow.
Income Statement Analysis
Time and Costs
In the short run, certain equipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials.
In the long run, all inputs of production (and hence costs) are variable.
Financial accountants do not distinguish between variable costs and fixed costs. Instead, accounting costs usually fit into a classification that distinguishes product costs from period costs.

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