金融英语6-accounting.ppt

Part 6 Financial Statements 6.1 Accounting and auditing 6.2 The Balance Sheet 6.3 The Income Statement 6.4 The cash flow statement 6.5 Financial ratios 6.1 Accounting and auditing Accounting involves recording and summarizing an organizations transactions or business deals, such as purchases and sales, and reporting them in the form of financial statement. 会计涉及到记账以及对一个组织的业务交 易进行总结，比如购买与销售，以财务报 表的形式进行汇报。 Financial accounting includes bookkeeping, and preparing financial statements for shareholders and creditors; 财务会计包括记账和为股东和债权人编制会计 报表 Management accounting involves the use of accounting data by managers, for making plans and decisions. 管理会计涉及由管理者使用会计数据制定计划 和决策。 Auditing means examining a companys systems of control and the accuracy or exactness of its records, looking for errors or possible fraud. 审计是通过审查公司的控制系统以及会计 记录的准确性，寻找错误和可能的欺诈。 An internal audit is carried out by a companys own accountants or internal auditors. 内部审计是由公司的会计师或内部审计员完成。 An external audit is done by independent auditors, who will give a true and fair view of the companys financial situation and results. 外部审计是由独立审计员完成的，他将对公司的 财务状况和结果作出真实而公允的判断。 6.2 The Balance Sheet The balance sheet is a static financial snapshot taken at the end of the year. 资产负债表是每年年末对财务状况的静 态反映。 The Balance Sheet Identity is: 资产负债恒等式： What a company possess for production Obligations to the outsiders Initial investment+ retained earnings In a balance sheet, assets lie in the left, liabilities and owners equity lie in the right. 在资产负债表中，资产位于左侧，负债和所 有者权益位于右侧。 Left total value = right total value 左边帐户总和=右边帐户总和 6.2.1 Types of Assets In accounting, assets can be divided into fixed assets and current assets. 会计中，资产可以分为固定资产和流动资产。 Fixed assets, known as long-term assets, will continue to be used by the business for a long time. 固定资产，又称为长期资产，可以使用较长时间。 Current assets has a lifespan of one year or less, which is easily converted into cash and used as currency. 流动资产的期限不超过一年，容易变现成为现金 或其等价物。 The accounting items of current assets : 流动资产的会计科目： Cash: include bank accounts and checks. 现金：包括银行存款和支票。 Cash equivalents: stocks, T-bills and other money market instruments. 现金等价物：股票、国库券及其他货币市场工具 Accounts receivable: 应收账款 Inventory : raw materials, work-in-progress (WIP) and finished goods. 存货：原材料、在产品、产成品。 Assets can also be classified as tangible and intangible. 资产又可以分为有形资产和无形资产。 Tangible assets are assets with a physical existence, such as property, plant and equipment. 有形资产指有物质形态的资产，例如地产、厂房及设备 。 Intangible assets include brand name, patents and trademarks. Networks of contacts, loyal customers, reputation, trained staff, or “human capital”, and skilled management can also be considered as intangible assets. 无形资产包括品名、专利、商标。关系网络、忠诚客户、 商誉、人力资本、有经验的管理层也可被认为是无形资产 。 6.2.2 Types of Liabilities Liabilities are amounts of money that a company owes, also can be divided into current and long-term. 负债是一个公司所欠的款项，同样可以被 分为流动负债和长期负债。 Current liabilities are expected to be paid within a year of the date of the balance sheet. 流动负债是需要在资产负债表日之前的一年内 需要偿还的债务。 Creditors: suppliers of goods or services to the business who are not paid at the time of purchase; 债权人：商品或服务的供货商 Current liabilities Short-term debt Accounts payable Accrued expense Total current liabilities Non-current liabilities Deferred income taxes Long-term debt Other non-current liabilities Total Non-current liabilities Total liabilities 1555 5049 8593 15197 950 3402 1201 5553 20750 6.2.3 Owners Equity Owners equity is the initial amount of money invested into a business plus the retained earnings. It stands for a companys total net worth. 所有者权益是最初投资到公司的资金，加 上留存盈余。它代表了一个公司的总价值 。 It includes: The original share capital 原始股本 Share premium 股本溢价 Retained earnings 未分配利润 Reserves: funds set aside from share capital and earnings, retained for emergency or other future needs. 盈余公积：股本和利润中的一部分，以备紧急 状况和其他未来需要。 Liabilities (Debt) Assets20X220X1and Stockholders Equity20X220X1 Current assets:Current Liabilities: Cash and equivalents$140$107 Accounts payable$213$197 Accounts receivable294270 Notes payable5053 Inventories269280 Accrued expenses223205 Other5850 Total current liabilities$486$455 Total current assets$761$707 Long-term liabilities: Fixed assets: Deferred taxes$117$104 Property, plant, and equipment$1,423$1,274 Long-term debt471458 Less accumulated depreciation-550-460 Total long-term liabilities$588$562 Net property, plant, and equipment873814 Intangible assets and other245221Stockholders equity: Total fixed assets$1,118$1,035 Preferred stock$39$39 Common stock ($1 per value)5532 Capital surplus347327 Accumulated retained earnings390347 Less treasury stock-26-20 Total equity$805$725 Total assets$1,879$1,742Total liabilities and stockholders equity $1,879$1,742 The assets are listed in order by the length of time it normally would take a firm with ongoing operations to convert them into cash. Clearly, cash is much more liquid than property, plant and equipment. (in $ millions) 20X1- 20X2 Balance Sheet U.S. COMPOSITE CORPORATION 美国联合公司的资产负债表 (单位：百万) 20X2 和20X1 资产负债表 美国联合公司 负债 (债务) 资产20X220X1 和股东权益 20X220X1 流动资产:流动负债： 现金及现金等价物$140$107 应付帐款$213$197 应收帐款294270 应付票据5053 存货269280 应计费用223205 其它5850 流动负债合计$486$455 流动资产合计$761$707 长期负债： 固定资产: 递延税金$117$104 财产、厂房和设备$1,423$1,274 长期债务471458 减：累计折旧-550-460 长期负债合计$588$562 财产、厂房及设备净值873814 无形资产及其它资产245221股东权益 固定资产合计$1,118$1,035 优先股$39$39 普通股 (面值$1)5532 股本溢价347327 累计留存收益390347 减：库存股票-26-20 股东权益合计$805$725 资产总计$1,879$1,742负债与股东权益总计$1,879$1,742 资产排列的顺序是根据在通 常情况下企业持续经营将资 产转化为现金所需要的时间 长度。 显然，现金比财产、厂房、 设备等的流动性要强得多。 6.3 The Income Statement The income statement, also known as profit and loss statement, shows a companys revenues and expenses for a given period of time. 利润表，又称为损益表，表示在一定期限内 一个公司的收入和支出情况。 The accounting definition of income is： 收入的会计恒等式： 6.3.1 The items of Income Statement Sales: earned by selling goods and services Cost of goods sold: cost of raw materials, manufacturing and labor. Gross profit = Sales-Cost of goods sold 毛利润=销售收入-产品成本 General operating expenses: include expenses of research and development, marketing, salaries and rent. 营业费用：研发、市场、工资、租金费用 Depreciation: represent the lifespan of machines. 折旧：反映了设备的使用年限。 Operating income =gross profit general operating expenses-depreciation 营业收入=总利润-营业成本-折旧 Other income: outside the main business activities, such as capital gains (or loss) made from investment, foreign currency exchange, income from the rental of properties. 其他业务收入：主业务活动之外的收入，例 如投资产生的资本收入或损失，汇率变化， 设备租金收入。 Extraordinary income, it represents profits or losses that do not occur on a regular, or even yearly basis, often bulked together with other income. 营业外收入：正常情况下不会发生的利润或损失， 通常和其他收入捆在一起。 Earnings before interest and tax (EBIT) =operating income + other income + extraordinary income 息税前盈余=营业收入+其他业务收入+营业外收入 Net profit before taxes (NPBT): 税前净利润 Taxes: income taxes，所得税 Net profit after taxes (NPVT): final income to shareholders or reinvested for future growth. 税后净利润：股东的最终收入，用于再投资 NPVT=NPBT-Taxes 税后净利润=税前净利润-所得税 Dividends paid to shareholders：应付股利 Retained earnings =NPVT- Dividends paid to shareholders 未分配利润=税后净利润-应付股利 It represents reinvestment into the company. 它所代表的是对于公司的再投资。 U.S.C.C. Income Statement (in $ millions) 20X2 Income Statement U.S. COMPOSITE CORPORATION Total operating revenues Cost of goods sold Selling, general, and administrative expenses Depreciation Operating income Other income Earnings before interest and taxes Interest expense Pretax income Taxes Current: $71 Deferred: $13 Net income Retained earnings: $43 Dividends: $43 The operations section of the income statement reports the firms revenues and expenses from principal operations （主营业务） $2,262 - 1,655 - 327 - 90 $190 29 $219 - 49 $170 - 84 $86 美国联合公司损益表 (单位：百万) 20X2 损益表 美国联合公司 总销售收入 产品销售成本 销售费用、一般费用及管理费用 折旧 营业利润 其它利润 息税前利润 利息费用 税前利润 所得税 当期： $71 递延： $13 净利润 留存收益： $43 股利： $43 损益表的 经营部分 报告企业 主营业务 的收入和 费用 $2,262 - 1,655 - 327 - 90 $190 29 $219 - 49 $170 - 84 $86 (in $ millions) 20X2 Income Statement U.S. COMPOSITE CORPORATION Total operating revenues$2,262 Cost of goods sold- 1,655 Selling, general, and administrative expenses- 327 Depreciation- 90 Operating income$190 Other income29 Earnings before interest and taxes$219 Interest expense- 49 Pretax income$170 Taxes- 84 Current: $71 Deferred: $13 Net income$86 Retained earnings: $43 Dividends: $43 The non-operating section of the income statement includes all financing costs, such as interest expense. U.S.C.C. Income Statement (单位：百万) 20X2 损益表 美国联合公司 总销售收入$2,262 产品销售成本- 1,655 销售费用、一般费用及管理费用- 327 折旧- 90 营业利润$190 其它利润29 息税前利润$219 利息费用- 49 税前利润$170 所得税- 84 当期： $71 递延： $13 净利润$86 留存收益： $43 股利： $43 损益表的非 经营部分包 括所有融资 成本，如利 息费用等。 美国联合公司损益表 (in $ millions) 20X2 Income Statement U.S. COMPOSITE CORPORATION Total operating revenues Cost of goods sold Selling, general, and administrative expenses Depreciation Operating income Other income Earnings before interest and taxes Interest expense Pretax income Taxes Current: $71 Deferred: $13 Net income Retained earnings: $43 Dividends: $43 Usually a separate section reports as a separate item the amount of taxes levied on income. $2,262 - 1,655 - 327 - 90 $190 29 $219 - 49 $170 - 84 $86 U.S.C.C. Income Statement (单位：百万) 20X2 损益表 美国联合公司 总销售收入 产品销售成本 销售费用、一般费用及管理费用 折旧 营业利润 其它利润 息税前利润 利息费用 税前利润 所得税 当期： $71 递延： $13 净利润 留存收益： $43 股利： $43 通常，损益 表中有一个 独立的部分 来报告对利 润征收的所 得税金额。 $2,262 - 1,655 - 327 - 90 $190 29 $219 - 49 $170 - 84 $86 美国联合公司损益表 (in $ millions) 20x2 Income Statement U.S. COMPOSITE CORPORATION Total operating revenues Cost of goods sold Selling, general, and administrative expenses Depreciation Operating income Other income Earnings before interest and taxes Interest expense Pretax income Taxes Current: $71 Deferred: $13 Net income Retained earnings: $43 Dividends: $43 Net income is the “bottom line”. $2,262 - 1,655 - 327 - 90 $190 29 $219 - 49 $170 - 84 $86 U.S.C.C. Income Statement (单位：百万 20x2 损益表 美国联合公司 总销售收入 产品销售成本 销售费用、一般费用及管理费用 折旧 营业利润 其它利润 息税前利润 利息费用 税前利润 所得税 当期： $71 递延： $13 净利润 留存收益： $43 股利： $43 净利润是损益表中 的“最后一行” 。 $2,262 - 1,655 - 327 - 90 $190 29 $219 - 49 $170 - 84 $86 美国联合公司损益表 6.4 The cash flow statement The cash flow statement gives details of cash flow relating to: 现金流量表显示有关的现金流状况： Operations-day-to-day activities; 经营； Investing-buying and selling property, plant and equipment; 投资； Financing-issuing or repaying debt, or issuing shares. 融资 Since there is no magic in finance, it must be the case that the cash flows received from the firms assets must equal the cash flows to the firms creditors and stockholders. 因为在财务金融学中并不存在魔法，从企业资产 收到的现金流量必须等于企业提供给债权人和股 东的现金流量。 (in $ millions) 20X2 Financial Cash Flow U.S. COMPOSITE CORPORATION Cash Flow of the Firm Operating cash flow $238 (Earnings before interest and taxes plus depreciation minus taxes) Capital spending -173 (Acquisitions of fixed assets minus sales of fixed assets) Additions to net working capital -23 Total $42 Cash Flow of Investors in the Firm Debt $36 (Interest plus retirement of debt minus long-term debt financing) Equity 6 (Dividends plus repurchase of equity minus new equity financing) Total $42 The cash from received from the firms assets must equal the cash flows to the firms creditors and stockholders: 美国联合公司的财务现金流量 (单位：百万) 20X2 财务现金流量 美国联合公司 企业的现金流量 经营现金流量$238 (息税前收益加折旧减去税金） 资本开支-173 (购入固定资产 减销售的固定资产） 净营运资本的增加-23 合计$42 流向企业投资者的现金流量 债务$36 (利息+归还的债务本金 -长期债务融资) 权益资本6 (股利+权益资本回购 - 新的权益资本融资) 合计$42 从企业资产收到的现金 流量必须等于流向企业 的债权人和股东的现金 流量： 6.5 Financial ratios Financial ratios express the relationships between two or more items on financial statements. 财务比率表示的是财务报表中两个或更多科 目之间的关系。 Through making ratios, investors and creditors can compare a companys present situation and performance with its past performance, and with other companies. 通过计算财务比例，投资者和债权人可以将 公司现在和过去的财务状况进行比较，也可 以同其他公司进行比较。 6.5.1 Liquidity and solvency ratios 流动性 Refers to the ease and quickness with which assets can be converted to cash. 指资产能够方便快捷的转化成现金的程度 Current assets are the most liquid. 流动资产的流动性最强 The more liquid a firms assets, the less likely the firm is to experience problems meeting short-term obligations. 公司资产的流动性越强，遇到短期债务问题 的可能性就越小。 current ratio 流动比率 current ratio= It measures liquidity and shows how much of a companys assets will have to be converted into cash in the next year to pay debts. 它衡量的是公司的资产转变成为现金来支付 债务的能力。 It is often argued that the current ratio of a healthy company should be closer to 2.0 than 1.0, meani