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1、.Chapter2&3FinancialStatementsandAnalysis(财务报表与财务分析)TheStockholdersReportTheguidelinesusedtoprepareandmaintainfinancialrecordsandreportsaregenerallyacceptedaccountingprinciples(GAAP)(用於准备舆雒持财莪言己绿及幸辰告的指荨方针足一般青十厚剧(GAPP)SourcesofFinancialInformation(财务资讯的来源)DAnnualReport(年报:主要的资讯来源):年报中包括2种资讯a公司穆维理的公开信
2、(lettertostockholders)b4种基本的财务报表(financialstatements)2美国的若管会(SEC)&章洁的金管会2.1-2.2TheBalanceSheet&IncomeStatement(菖崖鱼债表&掴益表)气Theincomestatementprovidesafinancialsummaryofacompany“SoperatingresultsduringaSpecifiedperiod.(流量的观念口ThebalanceshectpresentsaSummaryofafirm7sfinancialpositionatagivenpeintintime.
3、(存量的观分2。TheBalanceSheetIdentityis:Assets世Liabilities+StockholdersEquity气Theaccountingdefinitionofincomeis:Revenue-Bxpenses三Income暑BalanceSheetAnalysis口WhenanalyzingabalancesSheet,theFinanceManagershouldbeawareofthreeConcernis:1,Accounting-iduidity(会计的变现佐2,Debtversusequity(债务vs.权益)3,Valueversuscost(懵
4、值V.成本)EAccountingLiquidity(变现伯/流动性)Referstotheeaseandquicknesswithwhichassetscanbeconvertedtocash一withoutasignificantlossinvalue(所滋壁琨性是指在没有癫重捐失僵值之下可以容易且伍速的将资产转换成现金)Currentassetsarethemostliquid.(流动资产最具取现伯)塞mefixedassetsareintangible.(某些固定资产是无形资)Themoreliquidafirmsassets,thelesslikelythefirmistoexper
5、ienceproblemsmeetingshort-termobligations.(企业的奎崖越具迢琨性则企业越不可能线历无法满足短期债务的问题)Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.(热现性高的资产之报酬率会比固定资产者低)DebtversusEquity“Creditorsgenerallyreceivethefirstclaimonthefinmiscashflow.*Shareholdersequityistheresidualdifferencebetweenassetsandliabilities.
6、1-ValueyersusCo8t,。UnderGAAP:auditedfinanicialStatementsoffirmsintheU.S.carryaSsetsatcost.。MarketvalueisthepriceatwhichtheasSets,liabilities,andequitycouldactuallybeboughtorsold,whichisacompletelydifferentconceptfromhistoricalcost.暑TheIncomeSt乏苎弓mentD切3)巾Theoperationssection(管运部分)oftheincomestatemen
7、treportsthefirmsTevenuesandexpensesfromprincipaloperations.Thenon-operatingsection(非管运部分)oftheincomestatementincludesallfinancingcosts,Suchasinterestexpense.UsuallyaseparatesectionreportstheamountoftaXesleviedonincome.Netincome(孚争禾U)isthe“bottomline.“U.S.C.C.IncomeStatementIncomeStatementAnalysis口Th
8、erearethreethingstokeepinmindwhentanalyzinganincomestatementt:1GAAPThe讨atchingprineipal5fGAAIPdictatesthatrevenuesbematcedwithsxpenses.(GAPP要求收入与费用配合原则)Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhayeoccurred-2,Non-CashItems3,TimeandCosts暑Non-CashIter芒S目Depreciation(折蕾费用)isthemostapparent、NofirmeverwTritesacheckfor“depreciation.“目Anothefnon-Cashitermrisdeferredtaxes(濡延所得税),whichdoesnotrepresentaCashflow.目Thus,netincomeisnotcash,
