《財(cái)務(wù)管理英語(yǔ)cha》

1、1-1Interpreting financial statements1-2New wordsscrutinize 詳細(xì)檢查詳細(xì)檢查 review評(píng)論評(píng)論principal 本金本金 aggregate 使為總體使為總體loan 貸款貸款 audit 查賬查賬Obligation 義務(wù)義務(wù) prospect 預(yù)期預(yù)期Pension 退休金退休金 convention慣例慣例Depreciate貶值、折舊貶值、折舊 fiscal 財(cái)政的財(cái)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 收據(jù)收據(jù)money

2、order 匯票匯票 disburse支出、劃撥支出、劃撥 Expense 支出支出 withdraw取款取款Surplus 剩余剩余 deduct扣除、減去扣除、減去Understate少說(shuō)、少計(jì)少說(shuō)、少計(jì) contribute捐贈(zèng)捐贈(zèng)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)(用于準(zhǔn)備與維持財(cái)務(wù)記錄及報(bào)告的指導(dǎo)方針是公認(rèn)會(huì)計(jì)準(zhǔn)用于準(zhǔn)備與維持財(cái)務(wù)記錄及報(bào)告的指導(dǎo)方針是公認(rèn)會(huì)計(jì)準(zhǔn)則則(GAPP). Annual Report (年報(bào)年報(bào)):年報(bào)中包括年報(bào)中包括2種信息種信息公司總經(jīng)理的公開信公司總經(jīng)理的公開信(letter to stockholders)4種基本的財(cái)務(wù)報(bào)表種基本的財(cái)務(wù)報(bào)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 (變現(xiàn)性變現(xiàn)性) 2 Debt versus equity (債務(wù)債務(wù) v.s. 權(quán)益權(quán)益) 3 Value versus cost (價(jià)值價(jià)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 (所謂變現(xiàn)性是指在沒(méi)有嚴(yán)重?fù)p失價(jià)值之下，可以容易所謂變現(xiàn)性是指在沒(méi)有嚴(yán)重?fù)p失價(jià)值之下，可以容易且快速的將資產(chǎn)轉(zhuǎn)換成現(xiàn)金且快速的將資產(chǎn)轉(zhuǎn)換成現(xiàn)金)Current assets are the most liquid. (流動(dòng)資產(chǎn)最具變現(xiàn)性流動(dòng)資產(chǎn)最具變現(xiàn)性)Some fixed assets are intangible. (某些固定資產(chǎn)是無(wú)形資某些固定資產(chǎn)是無(wú)形資產(chǎn)產(chǎn))The more liquid a firms assets, the less likely the firm is to e

9、xperience problems meeting short-term obligations. (企業(yè)的資產(chǎn)越具變現(xiàn)性，則企業(yè)越不可能經(jīng)歷企業(yè)的資產(chǎn)越具變現(xiàn)性，則企業(yè)越不可能經(jīng)歷無(wú)法滿足短期債務(wù)的問(wèn)題無(wú)法滿足短期債務(wù)的問(wèn)題)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 (營(yíng)運(yùn)營(yíng)運(yùn)部分部分) of the income statement reports the firms revenues and expenses from principal operations.nThe non-operating section (非營(yíng)運(yùn)非營(yíng)運(yùn)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 (凈凈利利) 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 (折舊費(fèi)折舊費(fèi)用用) is the most apparent. No firm ever writes a c

13、heck for “depreciation.”uAnother non-cash item is deferred taxes (遞遞延所得稅延所得稅 ), 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需要資產(chǎn)負(fù)債表及當(dāng)年的損益表來(lái)形成現(xiàn)金流量表需要資產(chǎn)負(fù)債表及當(dāng)年的損益表來(lái)形成現(xiàn)金流量表編表的方式有編表的方式有2種種依據(jù)依據(jù)3個(gè)不同的活動(dòng)個(gè)不同的活動(dòng)(operating, investing, and financing activities)依據(jù)現(xiàn)金的來(lái)源與使用依據(jù)現(xiàn)金的來(lái)源與使用(sources and uses)1-18uCash Flows RulesuAsset decrease source of cashuLiability increase sou