《财务管理英语cha》

1、1-1Interpreting financial statements1-2New wordsscrutinize 详细检查详细检查 review评论评论principal 本金本金 aggregate 使为总体使为总体loan 贷款贷款 audit 查账查账Obligation 义务义务 prospect 预期预期Pension 退休金退休金 convention惯例惯例Depreciate贬值、折旧贬值、折旧 fiscal 财政的财政的1-3New wordsSnapshot大致印象大致印象 disposal 去除去除Equivalent等值物等值物 receipt 收据收据money

2、order 汇票汇票 disburse支出、划拨支出、划拨 Expense 支出支出 withdraw取款取款Surplus 剩余剩余 deduct扣除、减去扣除、减去Understate少说、少计少说、少计 contribute捐赠捐赠1-4 It is important to stakeholders of the firmLenders assess the likelihood of repayingEquity investors assess the profitabilitySuppliers assess whether the obligations can be paid

3、 on timeCustomers are concerned with the viability(both the new product and the goods they purchased)1-5Employees are worried about whether the firm can meet future pension.Manager -the most important user reason: using data from the statements to make decisions. to determine incentives and rewards

4、to allocate capital investment in firms segment or divisions1-6Anyway ,financial statements are probably the most important source of information,because various stakeholders can assess a firms financial health.Whereas,it is not easy to assess a firms real financial status discussion :why is it diff

5、icult?1-7The guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles (GAAP)(用于准备与维持财务记录及报告的指导方针是公认会计准用于准备与维持财务记录及报告的指导方针是公认会计准则则(GAPP). Annual Report (年报年报):年报中包括年报中包括2种信息种信息公司总经理的公开信公司总经理的公开信(letter to stockholders)4种基本的财务报表种基本的财务报表(financi

6、al statements)1-8Balance sheetIncome statementStatement of cash flowsStatement of retained earningsIn the statements ,quantitative and verbal materials are equally importantFirms typically prepare these statements quarterly,but users concentrate on fiscal year-end statements1-9The Balance Sheet Iden

7、tity is: Assets Liabilities + StockholdersWhen analyzing a balance sheet, the Finance Manager should be aware of three concerns: 1 Accounting liquidity (变现性变现性) 2 Debt versus equity (债务债务 v.s. 权益权益) 3 Value versus cost (价值价值 v.s. 成本成本)1-10Refers to the ease and quickness with which assets can be con

8、verted to cashwithout a significant loss in value (所谓变现性是指在没有严重损失价值之下，可以容易所谓变现性是指在没有严重损失价值之下，可以容易且快速的将资产转换成现金且快速的将资产转换成现金)Current assets are the most liquid. (流动资产最具变现性流动资产最具变现性)Some fixed assets are intangible. (某些固定资产是无形资某些固定资产是无形资产产)The more liquid a firms assets, the less likely the firm is to e

9、xperience problems meeting short-term obligations. (企业的资产越具变现性，则企业越不可能经历企业的资产越具变现性，则企业越不可能经历无法满足短期债务的问题无法满足短期债务的问题)Accounting liquidity1-11Creditors generally receive the first claim on the firms cash flow.Shareholders equity is the residual difference between assets and liabilities.Debt versus Equi

10、ty1-12uUnder GAAP, audited financial statements of firms in the U.S. carry assets at cost.uMarket value is the price at which the assets, liabilities, and equity could actually be bought or sold, which is a completely different concept from historical cost. Analysis at table 3-1p311-13nThe operation

11、s section (营运营运部分部分) of the income statement reports the firms revenues and expenses from principal operations.nThe non-operating section (非营运非营运部分部分) of the income statement includes all financing costs, such as interest expense.nUsually a separate section reports the amount of taxes levied on inco

12、me.nNet income (净净利利) is the “bottom line.”1-14Analysts and investors pay close attention to earnings per share in income statementsThe presentation of EPS depends on whether the firm has a simple or complex capital structure.1-15uDepreciation (折旧费折旧费用用) is the most apparent. No firm ever writes a c

13、heck for “depreciation.”uAnother non-cash item is deferred taxes (递递延所得税延所得税 ), which does not represent a cash flow.uThus, net income is not cash.1-16Analysis on table 3-3 p351-17Constructed from the Balance Sheet and Income Statement需要资产负债表及当年的损益表来形成现金流量表需要资产负债表及当年的损益表来形成现金流量表编表的方式有编表的方式有2种种依据依据3个不同的活动个不同的活动(operating, investing, and financing activities)依据现金的来源与使用依据现金的来源与使用(sources and uses)1-18uCash Flows RulesuAsset decrease source of cashuLiability increase sou