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15/03/2014, 22:20
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Income‐‐seeprofit.
Interest‐‐achargemadefortheuse of money.
Inventory‐‐thesupplyorstock of goodsandproductsthatacompanyhasforsale.A
manufacturermayhavethreekinds of inventory:rawmaterialswaitingtobeconvertedinto
goods,workinprocess,andfinishedgoodsreadyforsale.
Inventoryobsolescence‐‐inventorynolongersalable.Perhapsthereistoomuchonhand,
perhapsitisout of fashion.Thetruevalue of theinventoryisseldomexactlywhatisshown
onthebalancesheet.Often,thereisunrecognizedobsolescence.
Inventoryshrinkage‐‐areductionintheamount of inventorythatisnoteasilyexplainable.
Themostcommoncause of shrinkageisprobablytheft.
Inventoryturnover‐‐aratiothatindicatestheamount of inventoryacompanyusesto
supportagivenlevel of sales.Theformulais:InventoryTurnover=Cost of Sales¸Average
Inventory.Differentbusinesseshavedifferentgeneralturnoverlevels.Theratioissignificant
incomparisonwiththeratioforpreviousperiods
ortheratioforsimilarbusinesses.
Investedcapital‐‐thetotal of acompany'slong‐termdebtandequity.
Journal‐‐achronologicalrecord of businesstransactions.
Ledger‐‐arecord of businesstransactionskeptbytypeoraccount.Journalentriesare
usuallytransferredtoledgers.
Liabilities‐‐amountsowedbyacompanytoothers.Currentliabilitiesarethoseamountsdue
withinoneyearorlessandusuallyincludeaccountspayable,accruals,loansduetobepaid
withinayear,taxesduewithinayear,andsoon.Long‐termliabilitiesnormallyincludethe
amounts of mortgages,bonds,
andlong‐termloansthatareduemorethanayearinthe
future.
Liquid‐‐havinglots of cashorassetseasilyconvertedtocash.
Marginalcost,marginalrevenue‐‐marginalcostistheadditionalcostincurredbyadding
onemoreitem.Marginalrevenueistherevenuefromsellingonemoreitem.Economic
theorysaysthatmaximumprofitcomesatapointwheremarginalrevenueexactlyequals
marginalcost.
Networth‐‐totalassetsminustotalliabilities.Networthisseldomthetruevalue of a
company.
Opportunitycost‐‐ausefulconceptinevaluatingalternateopportunities.Ifyouchoose
alternativeA,youcannotchooseB,C,orD.Whatisthecostorloss of profit of notchoosing
B,C,orD?Thiscostorloss of profitistheopportunitycost of alternativeA.Inpersonal
life
youmaybuyacarinstead of takingaEuropeanvacation.Theopportunitycost of buyingthe
caristheloss of theenjoyment of thevacation.
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Overhead‐‐acostthatdoesnotvarywiththelevel of productionorsales,andusuallyacost
notdirectlyinvolvedwithproductionorsales.Thechiefexecutive'ssalaryandrentare
typicallyoverhead.
Post‐‐toenterabusinesstransactionintoajournalorledgerorotherfinancialrecord.
Prepaidexpenses,deferredcharges‐‐assetsalreadypaidfor,thatarebeinguseduporwill
expire.Insurancepaidforinadvanceisacommonexample.Theinsuranceprotectionisan
asset.Itispaidforinadvance,itlastsforaperiod of time,andexpiresonafixeddate.
Presentvalue‐‐aconceptthatcomparesthevalue of moneyavailableinthefuturewiththe
value of moneyinhandtoday.Forexample,$78.35investedtodayina5%savingsaccount
willgrowto$100infiveyears.Thusthepresentvalue of $100receivedinfiveyearsis
$78.35.
Theconcept of presentvalueisusedtoanalyzeinvestmentopportunitiesthathavea
futurepayoff.
Price‐earnings(p/e)ratio‐‐themarketprice of ashare of stockdividedbytheearnings
(profit)pershare.P/eratioscanvaryfromskyhightodismallylow,butoftendonotreflect
thetruevalue of acompany.
Profit‐‐theamountleftoverwhenexpensesaresubtractedrevenues.Grossprofitisthe
profitleftwhencost of salesissubtractedfromsales,beforeanyoperatingexpensesare
subtracted.Operatingprofitistheprofitfromtheprimaryoperations of abusinessandis
salesminuscost of salesminusoperating
expenses.Netprofitbeforetaxesisoperatingprofit
minusnon‐operatingexpensesandplusnon‐operatingincome.Netprofitaftertaxesisthe
bottomline,aftereverythinghasbeensubtracted.Alsocalledincome,netincome,earnings.
Notthesameascashflowanddoesnotrepresentspendabledollars.
Retainedearnings‐‐profitsnotdistributedtoshareholdersasdividends,theaccumulation of
acompany'sprofitslessanydividendspaidout.Retainedearningsarenotspendablecash.
Returnoninvestment(ROI)‐‐ameasure of theeffectivenessandefficiencywithwhich
managersusetheresourcesavailabletothem,expressedasapercentage.Returnonequityis
usuallynetprofitaftertaxesdividedbytheshareholders'equity.Returnoninvestedcapitalis
usuallynetprofitaftertaxesplusinterestpaid
onlong‐termdebtdividedbytheequityplus
thelong‐termdebt.Returnonassetsusedisusuallytheoperatingprofitdividedbytheassets
usedtoproducetheprofit.Typicallyusedtoevaluatedivisionsorsubsidiaries.ROIisvery
usefulbutcanonlybeusedtocompareconsistent
entities‐‐similarcompaniesinthesame
industryorthesamecompanyoveraperiod of time.Differentcompaniesanddifferent
industrieshavedifferentROIs.
Revenue‐‐theamountsreceivedbyordueacompanyforgoodsorservicesitprovidesto
customers.Receiptsarecashrevenues.Revenuescanalsoberepresentedbyaccounts
receivable.
Risk‐‐thepossibility of loss;inherentinallbusinessactivities.Highriskrequireshighreturn.
Allbusinessdecisionsmustconsidertheamount of riskinvolved.
Sales‐‐amountsreceivedordueforgoodsorservicessoldtocustomers.Grosssalesare
totalsalesbeforeanyreturnsoradjustments.Netsalesareafteraccountingforreturnsand
adjustments.
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Overhead‐‐acostthatdoesnotvarywiththelevel of productionorsales,andusuallyacost
notdirectlyinvolvedwithproductionorsales.Thechiefexecutive'ssalaryandrentare
typicallyoverhead.
Post‐‐toenterabusinesstransactionintoajournalorledgerorotherfinancialrecord.
Prepaidexpenses,deferredcharges‐‐assetsalreadypaidfor,thatarebeinguseduporwill
expire.Insurancepaidforinadvanceisacommonexample.Theinsuranceprotectionisan
asset.Itispaidforinadvance,itlastsforaperiod of time,andexpiresonafixeddate.
Presentvalue‐‐aconceptthatcomparesthevalue of moneyavailableinthefuturewiththe
value of moneyinhandtoday.Forexample,$78.35investedtodayina5%savingsaccount
willgrowto$100infiveyears.Thusthepresentvalue of $100receivedinfiveyearsis
$78.35.
Theconcept of presentvalueisusedtoanalyzeinvestmentopportunitiesthathavea
futurepayoff.
Price‐earnings(p/e)ratio‐‐themarketprice of ashare of stockdividedbytheearnings
(profit)pershare.P/eratioscanvaryfromskyhightodismallylow,butoftendonotreflect
thetruevalue of acompany.
Profit‐‐theamountleftoverwhenexpensesaresubtractedrevenues.Grossprofitisthe
profitleftwhencost of salesissubtractedfromsales,beforeanyoperatingexpensesare
subtracted.Operatingprofitistheprofitfromtheprimaryoperations of abusinessandis
salesminuscost of salesminusoperating
expenses.Netprofitbeforetaxesisoperatingprofit
minusnon‐operatingexpensesandplusnon‐operatingincome.Netprofitaftertaxesisthe
bottomline,aftereverythinghasbeensubtracted.Alsocalledincome,netincome,earnings.
Notthesameascashflowanddoesnotrepresentspendabledollars.
Retainedearnings‐‐profitsnotdistributedtoshareholdersasdividends,theaccumulation of
acompany'sprofitslessanydividendspaidout.Retainedearningsarenotspendablecash.
Returnoninvestment(ROI)‐‐ameasure of theeffectivenessandefficiencywithwhich
managersusetheresourcesavailabletothem,expressedasapercentage.Returnonequityis
usuallynetprofitaftertaxesdividedbytheshareholders'equity.Returnoninvestedcapitalis
usuallynetprofitaftertaxesplusinterestpaid
onlong‐termdebtdividedbytheequityplus
thelong‐termdebt.Returnonassetsusedisusuallytheoperatingprofitdividedbytheassets
usedtoproducetheprofit.Typicallyusedtoevaluatedivisionsorsubsidiaries.ROIisvery
usefulbutcanonlybeusedtocompareconsistent
entities‐‐similarcompaniesinthesame
industryorthesamecompanyoveraperiod of time.Differentcompaniesanddifferent
industrieshavedifferentROIs.
Revenue‐‐theamountsreceivedbyordueacompanyforgoodsorservicesitprovidesto
customers.Receiptsarecashrevenues.Revenuescanalsoberepresentedbyaccounts
receivable.
Risk‐‐thepossibility of loss;inherentinallbusinessactivities.Highriskrequireshighreturn.
Allbusinessdecisionsmustconsidertheamount of riskinvolved.
Sales‐‐amountsreceivedordueforgoodsorservicessoldtocustomers.Grosssalesare
totalsalesbeforeanyreturnsoradjustments.Netsalesareafteraccountingforreturnsand
adjustments.
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