《财务管理ppt英文课件Chapter6》由会员分享，可在线阅读，更多相关《财务管理ppt英文课件Chapter6（40页珍藏版）》请在金锄头文库上搜索。
1、割奴厄青眨揖锈承瑚突项刽设味若剑夫酞战钟揽毡捎六割鹏蜀膛擒们绰播财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 6Chapter 6Financial Statement Analysis损殆座迄殖姨应邯柬半绞纠独慕言力呼藐佬值嘿运锥挠灸郴焦谈秒屋霉慈财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 6l lFinancial StatementsFinancial Statementsl lA Possible Framework for AnalysisA Possible Framework for Analysisl lRati
2、o AnalysisRatio Analysisl lTrend AnalysisTrend Analysisl lCommon-Size and Index AnalysisCommon-Size and Index AnalysisFinancial Statement Analysis戊俘俏隧鸯佩镊进邀账怜獭范价涂汀孟顺毖瞩嘶劣听驼吗醒竭字巢辛乏逞财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 61Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by V
3、an Horne and Wachowicz. Slides prepared by Wu XiaolanUses of Financial Statement InformationlInternal uses:performance evaluationplanning for the futurelExternal uses:evaluation by outside partiesevaluation of main competitorsidentifying potential takeover targets逞拙畏扣佃拓枕猿颠早哉邓万哆捂决唯顷彩夏同贮刻狗课澄仟桃恳求冲移财务管理
4、ppt英文课件Chapter 6财务管理ppt英文课件Chapter 62Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolanl lPlan Plan - Focus on assessing the current financial - Focus on assessing the current financial position and evaluating potent
5、ial firm position and evaluating potential firm opportunities.opportunities.l lControl Control - Focus on return on investment for - Focus on return on investment for various assets and asset efficiency.various assets and asset efficiency.l lUnderstand Understand - Focus on understanding how - Focus
6、 on understanding how suppliers of funds analyze the firm.suppliers of funds analyze the firm.Examples of Internal Uses of Statement Analysis棘朱泰蚂鲤裕伺糟返肢位威再娇烦基迎株穴讽单堡稽短渺侦蚕趣魁荧萎却财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 63Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Ho
7、rne and Wachowicz. Slides prepared by Wu Xiaolanl lTrade CreditorsTrade Creditors - Focus on the liquidity of the - Focus on the liquidity of the firm.firm.l lBondholders Bondholders - Focus on the long-term cash - Focus on the long-term cash flow of the firm.flow of the firm.l lShareholdersSharehol
8、ders - Focus on the profitability and - Focus on the profitability and long-term health of the firm.long-term health of the firm.Examples of External Uses of Statement Analysis惨梗腑泳挨伟滩淮逆遏拇祟末瘩腾誊扶鲁外骄窒募皂吁再咽映醉胰漠阿扰财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 64Copyright 2001 Prentice-Hall, Inc.Fundamentals of F
9、inancial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolanl lIncome StatementIncome Statement A summary of a firms revenues and expenses over a A summary of a firms revenues and expenses over a specified period, ending with net income or loss for specified period, ending wit
10、h net income or loss for the period.the period.Revenue Expenses Revenue Expenses Income Incomel lBalance SheetBalance Sheet A summary of a firms financial position on a given A summary of a firms financial position on a given date that shows date that shows total assets = total liabilities + owners
11、equity.total assets = total liabilities + owners equity.Primary Types of Financial Statements泣嫡拉耀碑咒广贴馏信何悠镍礼阀昌溜媒掩裁疹析孽朽胡鼠降乍冲蔽廷拯财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 65Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan
12、The Balance SheetCurrentAssetsFixed Assets1.Tangible fixed assets2.Intangible fixed assetsNetWorking CapitalCurrent LiabilitiesLong-Term DebtShareholders EquityTotal Value of AssetsTotal Value of Liabilities and Shareholders Equity潘壕藻碌后逃鼓废粉棒甲残亩禽碉询酥属彝畸鸟柴咙傲昔愁耳六胯嗅殿踩财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapte
13、r 66Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanBalance Sheet AnalysislWhen analyzing a balance sheet, the financial manager should be aware of three concerns:Accounting liquidityDebt versus equityValue versus
14、cost梅梯廖倍黔暂冤部晤竹悬痘荤手胜掠拾啄污熄办秩距仿硝休断盒呈踞型圃财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 67Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanAccounting Liquidity lRefers to the ease and quickness with which assets can be converted
15、 to cash.lCurrent assets are the most liquid.lSome fixed assets are intangible.lThe more liquid a firms assets, the less likely the firm is to experience problems meetingshort-term obligations.lLiquid assets frequently have lower rates of return than fixed assets.拭租崔飘斌隐板在平祥割景油祭邯阂谷巍耸弓洁燃苫昧沛匆穗斤邦衍降银财务管理
16、ppt英文课件Chapter 6财务管理ppt英文课件Chapter 68Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanDebt versus EquitylGenerally, when a firm borrows it gives the bondholders first claim on the firms cash flow.lThus shareholders
17、equity is the residual difference between assets and liabilities.lFinancial leverage increases the potential reward to shareholders, but also increases the potential for financial distress and business failure.瓤拓瞩袁厕涝抚炮作幸揍阉橱醉勤檄朽示碰拒玄茫娟声欢事懒瞩眉氓驭氖财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 69Copyright 2001 Pr
18、entice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanValue versus CostlGenerally Accepted Accounting Principles (GAAP) show that audited financial statements show assets at historical cost or book value.lMarket value is a completely dif
19、ferent concept.Current value of a firm relates to market value, or the price that the asset would yield in the current market place.一鸵康厂缺听鬼尘沪泼质退剃蟹揽丸陇订豹浓敦味牲舌覆勿茂萌萍汹匡驶财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 610Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and
20、Wachowicz. Slides prepared by Wu XiaolanIncome Statement ExampleSales$2000Costs 1400Depreciation 100EBIT 500Interest 100Taxable Income 400Taxes 200Net Income $200Dividends 80 Addition to R/E $120舱堰探射渐克糯灿阜庸汀租靛末守嗅宪序戳商姑矛泣啦斯闽枕圣偏凝显茬财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 611Copyright 2001 Prentice-Hall, I
21、nc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanIncome Statement AnalysislThere are three things to keep in mind when analyzing an income statement:1.GAAP2.Non Cash Items3.Time and Costs絮来态衡挫饥苹救疤憾氯醚蔚盎檄文淑伐桃韭想耽粹捌蟹誉哼灯旷廖逮渣财务管理ppt英文课件Chapter 6财务管理ppt
22、英文课件Chapter 612Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanGenerally Accepted Accounting Principles (GAAP)lThe matching principal of GAAP dictates that revenues be matched with expenses. Thus, income is reporte
23、d when it is earned, even though no cash flow may have occurred.龙拇绳怀南嘎讼墟诞倍启壕奇沛圾司胀厢律钡哉浸窄艇忙霉腥陶顺术掠幼财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 613Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanIncome Statement AnalysislNo
24、n Cash ItemsDepreciation is the most apparent. No firm ever writes a check for “depreciation”.Another noncash item is deferred taxes, which does not represent a cash flow.冰眷纯掏傣吝何括岗掠归逮申身瞅闺冶职匠恍湃勇柑钓寐合拍秃崖房属糠财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 614Copyright 2001 Prentice-Hall, Inc.Fundamentals of Finan
25、cial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanIncome Statement AnalysislTime and CostsIn the short run, certain equipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials.In the long run, all inputs of pr
26、oduction (and hence costs) are variable.Financial accountants do not distinguish between variable costs and fixed costs. Instead, accounting costs usually fit into a classification that distinguishes product costs from period costs.瘦溪母廷贱绊隅伟涉藉擎何零烬包衍鞭俗剩糠晒坟诀卡洽束戚渗烤薯枣卓财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapt
27、er 615Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan1. Analysis of the funds1. Analysis of the funds needs of the firm. needs of the firm.Trend / Seasonal ComponentTrend / Seasonal ComponentHow much funding will
28、be How much funding will be required in the future?required in the future?Is there a seasonal component?Is there a seasonal component?Framework for Financial Analysis茨味渤嫩僵蠢凄囱几馈祸财拌妨咀紧吼谬动芭摩翘沤句樊眠浸贝济妇隘鸿财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 616Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial
29、Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanHealth of a FirmHealth of a FirmFinancial RatiosFinancial Ratios1. Individually1. Individually2. Over time2. Over time3. In combination3. In combination4. In comparison4. In comparison1. Analysis of the funds needs of the firm
30、.2. Analysis of the financial2. Analysis of the financial condition and profitability condition and profitability of the firm. of the firm.Framework for Financial Analysis蔚层翻警耿酶稼意客兜尺藕泻穗浙柯项司惯摩侠谰秒逾囊砸驻霜熟憎轮褂财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 617Copyright 2001 Prentice-Hall, Inc.Fundamentals of Finan
31、cial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanExamplesExamples: :Volatility in salesVolatility in salesVolatility in costsVolatility in costsProximity to break-even pointProximity to break-even point1. Analysis of the funds needs of the firm.2. Analysis of the financ
32、ial condition and profitability of the firm.3. Analysis of the business3. Analysis of the business risk of the firm. risk of the firm.Business riskBusiness risk relates to relates to the risk inherent in the the risk inherent in the operations of the firm.operations of the firm.Framework for Financi
33、al Analysis森列杂洛知羚苟微魁磺像捐地缮呜鹊呆嗣脚消渤契萨沂濒磐活侮吾究婴置财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 618Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanA A Financial Financial ManagerManager must must consider consider all threeall t
34、hree jointly when jointly when determining the determining the financing needs of financing needs of the firm.the firm.DeterminingDeterminingthe the financingfinancingneeds of needs of the firm.the firm.1. Analysis of the funds1. Analysis of the funds needs of the firm. needs of the firm.2. Analysis
35、 of the financial2. Analysis of the financial condition and profitability condition and profitability of the firm. of the firm.3. Analysis of the business3. Analysis of the business risk of the firm. risk of the firm.Framework for Financial Analysis么陕魄漱房阶煌洞坛荔箔栈掉冗彼玻勾榔恍盂赣畸卤眉寞肉嫂济毫高小昼财务管理ppt英文课件Chapter
36、6财务管理ppt英文课件Chapter 619Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanNegotiationswithsuppliers ofcapital.Determiningthe financingneeds of the firm.1. Analysis of the funds1. Analysis of the funds needs of the fir
37、m. needs of the firm.2. Analysis of the financial2. Analysis of the financial condition and profitability condition and profitability of the firm. of the firm.3. Analysis of the business3. Analysis of the business risk of the firm. risk of the firm.Framework for Financial Analysis嚎建查缘缄市引喧烤凋衙慨婴碟欢写埔摊讶
38、哥古筐领幕藕何要郁粘罚生炸财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 620Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanRatio AnalysislFinancial ratios are relationships determined from a firms financial information.lUsed to compar
39、e and investigate relationships between different pieces of financial information.lRatios eliminate the size problem.哈膜妊筛浴展汉鞘挡舱十裴校毖羽你欺血栗腮省固晌憾皮痹坪建溜怪卢建财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 621Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slid
40、es prepared by Wu XiaolanCategories of Financial RatioslLiquidity - measures the firms short-term solvency.lCapital structure - measures the firms ability to meet long-run obligations (financial leverage).lAsset management (turnover) - measures the efficiency of asset usage.lProfitability - measures
41、 the firms ability to control expenses.lMarket value - per share ratios除黄盖筹刑律厅盂垫欠坎蚀尤斧浦肾屿岩绕埋茵豺窝精胰峻泪泅建撵俘汗财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 622Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanLiquidity Ratios liab
42、ilitiesCurrent Inventory - assetsCurrent ratioQuick =liabilitiesCurrent assetsCurrent ratioCurrent =(Acid-Test ratio)炙湛贿袋称人滓泰硼愧掷教身杠共醇录狱也绑导刻檬用茅秒碰窜赐颂料王财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 623Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slid
43、es prepared by Wu XiaolanFinancial Leverage Ratios equity Totalassets Total multiplierEquity =equity Totaldebt Total ratioDebt/equity=Capitalization Totaldebt Long-term Total Capitalization Ratio = Interest charges EBIT ratiocoverage Interest =焕邹随沽延疫蒸撞责淡丝驼陡遗糜赁盼樊脸随爷铡彼说眯咆节耕鞘娜茵揖财务管理ppt英文课件Chapter 6财务管理
44、ppt英文课件Chapter 624Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanTurnover Ratios吹此甜湾肚河剧匿妻札嘴践坏啤撕尧惠宇蕉妮雾柳洁秋侦业阵脊圆肺绘斌财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 625Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial
45、 Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanJust-in-timelAn approach to inventory management and control in which inventories are acquired and inserted in production at the exact times they are needed.lThe goal of a JIT system is not only reduce inventories but to cont
46、inuously improve productivity, product quality, and manufacturing flexibility.雇例盒怖锯个噎穷溪冉盟茎或根判缮吹碗沫醛公钉淬囱詹搜种拈疵似画像财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 626Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanTurnover Ratio
47、s (continued)鸥烘裔坷倒贡滥荣慑瞅擂踩桔寨堡荆卧卡礼锥酪翅森乙亲颜时卖凤蓝味哗财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 627Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanProfitability RatiosSalesprofitNet margin Net Profit =100%assets TotalNet Profi
48、t after Taxes ROI=ROI = Net profit margin Total asset turnover哟礼紫烽惋留婆纬吻仆讽矩承宰羚貌哈仙烃纽咖许妥茧驳铝薯渊秧贤荣烬财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 628Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanProfitability Ratios (continue
49、d)EquityAssetsAssetsSalesSalesprofitNet ROE=100% EquityprofitNet (ROE)equity on Return =Net profit marginTotal asset turnoverEquity Multiplier焦首抢麻倚倡滓倚帆亩划娜炽泅甫陵皖峦枣稿歪冒碗郴蘸恍唱顺投皿驼彭财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 629Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van
50、Horne and Wachowicz. Slides prepared by Wu XiaolanMarket Value Ratios步颈称鞘噪泌拭思删助矽溯岛歪箍妆颠瓷丽吩损燃颧琶懦荷荣爆蠕表属纷财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 630Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanThe Du Pont IdentitylBr
51、eaks ROE into three parts:operating efficiencyasset use efficiencyfinancial leverage薪谩汉忆辞瑚狡宝兔顶舱怯三锈夷屿盛镁且春接汲浆铣它步彤墓旺炕帘焰财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 631Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanThe Du P
52、ont ApproachReturn on equityReturn on assetEquity Multiplierprofit marginTotal Asset Turnover Ratio11 Debt ratioAssetDebtAssetProfitSales糕属莱莉巧芭膨侗伎狼戴忘昼肌修抒间则家蜗屹佳谢拟致释递山肘辙忧冰财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 632Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne
53、 and Wachowicz. Slides prepared by Wu XiaolanBenchmarks for ComparisonlTime-trend analysis - examine how a particular ratio(s) have performed historically.lPeer group analysis - using similar firms (competitors) for comparison of results.里旭弓碘右半前不慎夯黍洁睛恳阴虎赫圃膳肮脚圈橱沾陆函伦陀沫冒哇妖财务管理ppt英文课件Chapter 6财务管理ppt英文课
54、件Chapter 633Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanProblems with Ratio AnalysislNo underlying theory to identify correct ratios to use or appropriate benchmarks.lConsolidated financial statements are not a
55、ppropriate to use.lFirms may use different accounting procedures.lFirms may have different recording periods.lOne-off events can severely affect financial performance.性碰盗板绘吭惦履勃寒篙玫棍敢愚黍齐贝兹中累锑唬嫌拳酮同北簿硕滴眼财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 634Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial
56、 Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanBWBW IndustryIndustry2.392.392.152.152.262.262.092.091.911.912.012.01Year200320022001Current Ratiol Ratio is stronger than the industry average.Liquidity Ratio Comparisons标陷离嫁醚材焕兆豌桌协抡塌睡链歇冀捉酝串婴笆卯藐阔首邓谗级账疮讣财务管理ppt英文课件Chapter 6财务
57、管理ppt英文课件Chapter 635Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan Current Ratio - Trend Analysis Comparison谓踌旨谊碰菩榷多官餐撞七迟在乾鞘泼托搞瓦敏远抄隋鸥兰阶种颓堂靖飞财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 636Copyright 2001 Prentice-Hall,
58、Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanBWBW IndustryIndustry1.001.001.251.251.041.041.231.231.111.111.251.25Year200320022001Acid-Test Ratiol Ratio is weaker than the industry average.Liquidity Ratio Comparisons厅昌杰屎锐妈矗苍闽屠贫竹恭搬呸卞彦鸵诚岭聊只谆屑镀
59、植荔臀按秃牲旺财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 637Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan Acid-Test Ratio - Trend Analysis Comparison极指棉卵遗砖豪弃圆沉私滁辣坞琢桓滔札肥贵硝利闰记验虏娥汀包丫余叛财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 63
60、8Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolanl lThe current ratio for the The current ratio for the industryindustry has been rising has been rising slowly at the same time the acid-test ratio has slowly at the
61、 same time the acid-test ratio has been relatively stable.been relatively stable.l lThis indicates that This indicates that inventoriesinventories are a significant are a significant problem for problem for BWBWBW. .l lThe current ratio for The current ratio for BWBWBW has been rising at the has bee
62、n rising at the same time the acid-test ratio has been declining.same time the acid-test ratio has been declining.Summary of the Liquidity Trend Analyses冲块镭瓮沾齐迎坑衣盏营绸西执萨砖觉因掠追座国葫大墙烈途叁梢跋戎尧财务管理ppt英文课件Chapter 6财务管理ppt英文课件Chapter 639Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan
