课程-财务分析应用财报ch3pre

财务分析应用光华管理学院Points

at

Class

21.基本会计假设2.财务报表主要内容和报表之间的关系3.应计制VS现金制和复式记账法4.会计循环和会计调整5.财务（投资）分析的信息构成：宏观经济，行业特征，企业策略2Examples

for

adjustment开学9月1日交1年学费1000元PKUcash

现金

1000unearned

revenue预付账款1000Youprepaid

expense预cash

现金用1000100012月31日（一学期）

adjustmentPKUunearned

revenue预付账款500revenue收入Youexpense

费用500500prepaid

expense预 用

500What

about of

second

semester?Examples

for

adjustmentYou

work

as

a

TA

and

PKU

will

pay

you

atof

second

semester

(7.1/8.31)12.31YouAccrued

revenue（

receivable）应计收入

500revenue

收入PKU500Expense

费用

500accruedexpense（

payable）应计费用

500第三章资产负债表：资产部分会计恒等式资产=负债+股东权益的来源，负债和股东权益反映的是企业资产反映的是企业

的运用8资产、负债、权益的数字都是哪来的？权益期股东直接投入：公司设立投入、IPO、增发、配股、可转债、权、捐赠、 补贴。。。股东间接投入：累积利润减累积分红负债融资型负债：银行 、债券、票据、房地产公司的预收款、商业企业的应付款（购物卡）、拆借款（向大股东借款）。。。经营型负债：应付账款、应付工资、税金、股利、资产绝大部分资产是权益、负债融资来后的使用形成的；来了1元，行成1元资产，一一对应（历史成本）公允计量下，一部分资产（交易型金融资产、可供出售金融资产、投资性房地产）在历史成本之上，会增加出一块儿市值历史成本差；相对应，股东权益中也增加出这一块儿。这一块儿是向未来看行成的资产9资产的定义广义:企业可以用来创造价值的经济资源。狭义:只有符合会计定义的资产才能被确认和汇报在资产负债表上。•可以在未来为企业带来现金流的资源未来带来的现金流的数量可以比较准确地估计（量和时）–尤其需要关注以比较确定的形式在未来变成成本、费用的资产科目：例如需要以折旧形式进入成本费用的科目，如固定资产（看报表附注）10资产负债表的一个特点所有的资产（用于

股利、回购的现金除外）必须在过去或将来某一期间经过损益表以成本的形式：例如应收账款、原材料存货、车间厂房以费用的形式：例如支付工资的现金、总部大楼、无形资产、商誉以损益的形式：例如交易性金融资产、可供出售金融资产、持有到期投资、长期股权投资账面价值和内在价值不论资产、负债，还是股东权益，资产负债表上的数额称为其账面价值，而通过以下公式评估出来的数额才是其内在价值。PB

ratio市净率什么时候“确认”（

recognize）资产tThe

firm

has

acquired

the

asset

intransaction.The

future

benefits

can

be

reasonablyfied.All

assets

are

sources

of

future

benefits…Are

all

sources

of

future

benefits

asset?广义和狭义ASSET

REPORTING

CHALLENGESWhich

of

the

following

are

assets?Yes/No成本优秀员工自己发展的商标声誉并购得到的商誉顾客欠你的钱How

are

assets

valued?Primary

choices

for

valuing

accountsFair

market

value

(current

output

value)公平市价Net

present

value

(current

output

value

in

use)净现值Replacement

cost

(current

input

value)重置成本Original

cost

(original

input

value)原置成本How

are

assets

valued?历史成本原则：当企业支付现金（或其他等价物）以取得一项资产（如机器设备）的时候，企业以支付的现金总额计入该项资产账户，称该账户入账额度为该资产的历史成本。随着企业对该项资产的使用，企业要对该资产提取折旧费用。折旧费用的累积数额为该资产的累积折旧。资产的历史成本减去累积折旧为该资产的账面价值。称这项规定为历史成本原则。公允价值：即资产的账面价值不必基于历史上为取得资产支付的成本减累积折旧，而是不断调整账面价值，使其等于当期该资产的市场价值。How

are

assets

valued?Monetary

assets‐fair

value

(or

net

present

value)公允价值Non‐monetary

assets‐

acquisition

cost‐

sometimes

“net”

of

a

valuation

account‐“Historical

Cost”“历史成本”Why

Historical

Cost?客观性原则(Objectivity)•稳健性原则（Conservatism）当某项资产的账面价值高于其市场价值或评估价值时，要通过计提资产减值准备把账面价值调下来，同时确认等额的资产减值费用进入损益表。但是不能反过来？？？持续经营（Going

Concern）小结资产的定义账面价值和真实价值之间的区别资产的确认历史成本原则和公允价值稳健性原则现金cash等价物，力构成质量运用质量微软1998微软那十年微软公司99-08业绩（2）30.00%60.00%50.00%40.00%20.00%10.00%0.00%99

00

01

02

03

04

05

06

07

0822股东权益回报率率资产回报率

率微软失落的十年绝对估值的重要性：微软1998好的公司不一定是好的投资，坏的公司不一定是坏的投资。好的投资需要是投资收益（价值）大于投资成本（投资额）现金管理的重要性AccountsReceivables（应收账款）What

is

an

account

receivable?Amounts

due

from

customers

to

whom

theorganization

has

made

sales

on

account.Current

assetsHow

do

accounts

receivable

differ

from

notesreceivable?Accounts

receivable

are

for

shorter

terms

and

areusually

non-interest

bearing.应收和预付Receivables

accountingWhen

we

sellAccounts

Receivable

()Sales

Revenues100()100When

we

collectCash()100()Accounts

Receivables100What

if

we

don’t

collect?Receivables

accountingWhen

the

loss es

probableBad

Debt

Expense坏账损失

()

10Allowance

for

Bad

Debt坏账准备()

10When

we

know

that

a

specific

customer

willnot

payAllowance

for

Bad

Debt

()

10Accounts

Receivables

()

10BeforeWrite-OffAfterWrite-OffAccounts

receivable$10,000($10,000

-

$200)$9800Less

Allowanceforuncollectible

accounts

(500)

($500

-

$200)

(300)

Accounts

receivable,

net$9500same$9500Writing

off

Uncollectible

AccountsQ1:

What

effect

does

the

write-off

have

on

net

e?Q2:

What

effect

does

the

write-off

have

on

net

Accounts

receivable?Estimating

Bad

DebtHow

do

we

calculate

the

bad

debts

in

real

life?Percent-of-sales

approach.Percent-of-A/R

approach.坏账准备的计提方法有四种：即“余额百分比法”、“账龄分析法”、“销货百分比法”和

“个别认定法”。Estimating

Bad

DebtseStatementPercent‐of‐sales

approach

(Approach).–

We

estimate

the

bad

debt

expense

.We

use

a

percentage

of

credit

sales

based

onhistorical

dataFrom

there,

we

find

the

allowance

for

bad

debt.Begin

balance

of

Allowance

+

this

year’s

bad

debt

expense

–

write‐off

=

ending

balance

of

AllowanceEstimating

Bad

DebtsAging‐of‐account‐receivable

approach.–

Based

on

A/R,

weestimatethe

allowance

for

bad

debting

balance

of

(Balance

Sheetapproach).A

certain

percentof

A/R

would

be

AllowanceFrom

there,

we

compute

this

year’s

bad

debtexpenses.Begin

balance

of

Allowance

+

this

year’s

bad

debtexpense(???)

–

write‐off

=

Ending

balanceofAllowanceA/R

Turnover（应收帐款周转率）A/R

turnover

=

Credit

sales

/

ReceivablesReceivable

HoldingCredit

saleCash

collectionWhat

about

quarterly

ysis?What

about

cash

?Average

Collection

Period（周转天数）The

average

collection

period

represents

a

moreintuitive

way

to

think

of

A/R

turnover.Usual

formula:

365

days

÷

A/R

turnover=

365

days

÷

(Credit

sales

÷

Receivables)=

Receivables

÷

[Credit

sales

÷

365

days]=

Receivables

÷

[Average

daily

sales]This

ratio

represents

the

number

of

days

it

takeso age

to

collect

accounts

receivable.Red

FlagsEstimation

（bias

reported

numbers）Create

reservesIn

good

years,

overestimate

contingency

amountIn

bad

years,

claim

overstated

allowance

balance,

soneed

smaller

contingency

in

current

yearAccelerate

profitsRed

FlagsGrowth

rate

in

Accounts

Receivable

>growthrate

in

SalesSubstantial

decrease

in

Allowance

for

BadDebts

as

percentage

of

Accounts

ReceivableQuestion

the

perfectly

legitimate

answer

forthese

differences其他应收款（“

箱”还是“聚宝盆”）万福生科Allegheny

Health,

Education

andResearch

Foundation

("AHERF")小结现金和现金管理应收账款会计处理坏账准备计提应收帐款周转率和周转天数可能存在问题InventoInv.

Turnover

at

ManufacturersRawMaterialsFinished

GoodsWork

in

ProcessBeginBeginEndEndEndBeginRMLaborOverheadPurchases

To

WIPTo

FGFromWIPTo

COGSRM

Turnover

“To

WIP”

Ave.

RM

Inv.WIP

Turnover

“To

FG”

Ave.

WIP

Inv.FG

Turnover

“To

COGS”

Ave.

FG

Inv.Inventory

accountingBuying

raw

materials:Raw

Materials

Inventory (

)Accounts

Payable

(or

Cash)Making

“stuff”:20()20Work

in

Process

Inventory (

)40Raw

Materials

Inventory()20Wages

Payable()20Finishing

“stuff”:Finished

Goods

Inventory

()

40Work

in

Process

Inventory

()40Inventory

accountingSelling

“stuff”:Accounts

Receivable

()100Sales

Revenue()100CostofGoods

Sold销售成本()40Finished

Goods

Inventory()40Inventory

accountingAt

the

time

of

payment

from

the

customer:Cash()Accounts

Receivable

()100100At

the

time

of

payment

of

the

rs:Accounts

Payable

()Cash

()At

the

time

of

payment

of

the

employees:Wage

Payable

()Cash

()20202020Nature

of

Cost

of

Goods

SoldBeginningInventoryPurchasesfor

the

PeriodEnding

Inventory(Balance

Sheet)Goods

Availablefor

SaleCost

of

Goods

Sold( eStatement)Beginning

inventory

+

Purchases

=

Goods

Available

for

SaleGoods

Available

for

Sale

–

Ending

inventory

=

Cost

of

goods

soldOverview

of

Cost

FlowEnding

Inventory个别计价法Specific

cost先进先出法FIFO后进先出

IFO平均法Weighted

averageTotal

Dollar

Amount

of

Goods

Availablefor

SaleInventory

CostingMethodCost

of

Goods

SoldSpecific

cost

methodWhen

units

are

sold,

the

specific

cost

of

the

unitsold

is

added

to

cost

of

goods

sold.When

the

number

of

unit

is

small

and

each

itemis

valuableThree

other

methodsOther

methods

require

making

assumptions:FIFO:

assume items

bought

are

the

sold.LIFO:

assume

last

items

bought

are

the

sold.Average

method:

assume

the

cost

intheinventory

are

a age

of

thepreviouspurchases.Inventory

TurnoverInventory

turnover=

COGS

÷

InventoryInventory

HoldingNumber

of

times

complete

this

cycle

during

periodBuyInventorySell

InventoryAverage

Inv.

Holding

PeriodFormula

=

365

days

÷

inventory

turnover=

365

days

÷

[COGS

÷

Inventory]=

Inve