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COPYRIGHTZHULI,1,Chapter 3,Accounting and finance,COPYRIGHTZHULI,2,Objectives,Interpret the information contained in the balance sheet, income statement, and statement of cash flowsDistinguish between market and book valuesExplain why income differs from cash flow Understand the essential features of the taxation of corporate and personal income,COPYRIGHTZHULI,3,Content,The balance sheetThe income statementThe statement of cash flowsAccounting practice and malpracticeTaxes,COPYRIGHTZHULI,4,The balance sheet presents a snapshot of the firms assets and liabilities at one particular moment,COPYRIGHTZHULI,5,Assets,The assets represent the uses of cash raisedThere are two classes of assetsCurrent assets: assets that will soon be used or turned into cash, e.g. accounts receivables, inventoriesLong-term or fixed assetsTangible assets e.g. buildings, equipmentIntangible assets e.g. brand, goodwill,COPYRIGHTZHULI,6,Liabilities,The liabilities represent the sources of the cashThere are two classes of liabilityCurrent liabilities: liabilities that are due for payment shortly, e.g. accounts payableLong-term liabilities e.g. bond payableNet current assets/net working capital = current assets current liabilities,COPYRIGHTZHULI,7,Shareholders equity,The difference between the assets and the liabilities represents the amount of the shareholders equityShareholders equity are called residual claimants, which means that shareholders equity is what left over when the liabilities of the firm are subtracted from its assets,Shareholders equity = total assets total liabilities,来自 中国最大的资料库下载,COPYRIGHTZHULI,8,COPYRIGHTZHULI,9,Book values and market values,Items in the balance sheet are valued according to generally accepted accounting principles (GAAP)Book values are “backward-looking” measures of valueMarket values of assets and liabilities do not generally equal to the book valueBook values are based on historical or original valuesMarket values measure current values of assets and liabilities,COPYRIGHTZHULI,10,The difference between book value and market value is likely to be greatest for the shareholders equityThe book value of equity measures the cash that shareholders have contributed in the past plus the cash that the company has retained and reinvested in the business on their behalfThe market value of equity is measured by market price of the firms shares Market-value balance sheet is forward-looking,COPYRIGHTZHULI,11,Balance sheet: 资产负债表Current assets: 流动资产Long-term or fixed assets: 长期资产/固定资产Tangible assets: 有形资产Intangible assets: 无形资产Current liabilities: 流动负债Long-term liabilities: 长期负债Working capital: 营运资本Shareholders equity: 股东权益Book value: 账面价值Market value: 市场价值GAAP: 通用会计原则,COPYRIGHTZHULI,12,Content,The balance sheetThe income statementThe statement of cash flowsAccounting practice and malpracticeTaxes,来自 中国最大的资料库下载,COPYRIGHTZHULI,13,The income statement shows how profitable the firm has been during the past year,COPYRIGHTZHULI,14,Profits versus cash flow,Income is not the same as cash flow. There are two reasons:Investment in fixed assets is not deducted immediately from income but is instead spread over the expected life of the equipmentThe accountants records revenues when the sale is made, rather than when the customers actually pays the bill, and at the same time deducts the production costs even though those costs may have been incurred earlier,COPYRIGHTZHULI,15,Income statement: 利润表Net sales: 销售净额Cost of goods sold: 销售成本Selling, general & administrative expenses: 销售及一般管理费用Depreciation: 折旧Earnings before interest and income taxes (EBIT): 息税前收益Net income: 净利润Cash flow: 现金流量,COPYRIGHTZHULI,16,Content,The balance sheetThe income statementThe statement of cash flowsAccounting practice and malpracticeTaxes,COPYRIGHTZHULI,17,The statement of cash flows shows the firms cash inflows and outflows from operations as well as from its investments and financing activities,COPYRIGHTZHULI,18,Cash flow from operations starts with net income but adjusts that figure for those parts of the income statement that do not involve cash coming in or going out,The statements of cash flows: 现金流量表Cash flow from operations: 经营活动所带来的现金流量Cash flow from investments: 投资活动所带来的现金流量Cash flow from financing activities: 筹资活动所带来的现金流量,COPYRIGHTZHULI,19,Content,The balance sheetThe income statementThe statement of cash flowsAccounting practice and malpracticeTaxes,COPYRIGHTZHULI,20,U.S. accounting rules are spelled out by the Financial Accounting Standards Board (FASB) and its generally accepted accounting principles (GAAP)Yet inevitably, rules and principles leave room for discretion. Managers under pressure to perform may be tempted to take advantage of leeway in how they measure earnings and book values to present their financial statements in the best possible light. And in more extreme cases, some companies simply break the rulesIn response to a series of scandals, Congress passed the Sarbanes-Oxley Act in 2002. The act attempts to ensure that the firms financial reports accurately represent its financial condition,COPYRIGHTZHULI,21,Financial Accounting Standards Board (FASB): 财务会计准则委员会Financial statements: 财务报表Sarbanes-Oxley Act: 萨班斯奥克斯利法案,COPYRIGHTZHULI,22,Content,The balance sheetThe income statementThe statement of cash flowsAccounting practice and malpracticeTaxes,COPYRIGHTZHULI,23,Corporate taxFor large companies the marg
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