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Lecture 1
What is Accounting?
The process of identifying, measuring and communicating
economic information to permit informed judgements and
decisions by users of the information.
确定、衡量和传递经济信息的过程,以便信息使用者做出知情判断和决策。
现金流量表 Statement of cash flows = Cash flows statement
It shows the cash inflows and outflows of a company
财务状况表 Statement of financial position = Balance Sheet
It shows the worth of a company
Definitions of Elements
Assets: 必须under controlled,例如付给recruitment agency招聘机构 的不算, 例外:球员合同费用contract fees算asset
The Accounting Equation
ASSETS = CAPITAL + LIABILITIES
ASSETS – LIABILITIES = CAPITAL
ASSETS – CAPITAL = LIABILITIES
Current vs non-current
- 一年/cycle周期Glossary?买-卖-收钱 的周期
- current 流动
- assets 转换为现金, liabilities 偿还请
- Current Assets: 租户租金
- Current liability: 欠税款,Bank overdraft银行流水负债
- Non-current Assets: Warehouse premises, Office desks and chairs
- Non-current liability: Loan from bank repayable in 2 years’ time (2 years is the point!)
损益表 Statement of profit or loss = Income statement (not only income)
It shows the financial performance 财务业绩 (profit or loss) of a company
收入 Revenue = Turnover = Sales
毛利 总利润 Gross Profit = net sales 净额 - cost of goods
evaluating performance and predicting future earnings
Inventory = stock = unsold items
业务收入 Income from Operations = Operating Income = gross profit - selling - administrative expenses - other income - expense from gross profit | not include interest expense
predict uncertainty of future cash flows
净收入 Net Income = income from operations - interest expense - income tax
most important measure of success or failure for a period
Equity 股本
Share capital—ordinary: describes the amounts paid in by shareholders for the
ordinary shares they purchase.
普通股股本:描述股东购买普通股所支付的金额。
Revenues: are the gross increases in equity resulting from business activities
entered into for the purpose of earning income. Revenues usually result in an
increase in an asset.
收入:是指为赚取收入而开展的商业活动导致的权益总增加额。收入通常会导致
资产的增加。
Expenses: are the cost of assets consumed or services used in the process of
earning revenue. They have no future economic benefit.
支出:是在赚取收入过程中消耗的资产或使用的服务的成本。不会在未来产生经济效益。
Dividends: are distribution of cash or other assets to shareholders. They are not
an expense.!
向股东分配现金或其他资产。它们不是支出!。
Dividends 是Equity,所以也是Assets
Exercise:
Warehouse premises: Non-current asset
Office desks and chairs: Non-current asset
Inventory of cardboard boxes used to send flowers to florists’ shops: Current asset
Loan from bank repayable in 2 years’ time: Non-current liability
Bank overdraft: Current liability
Amount owed by tenant who occupies two rooms in the warehouse: Current asset
Amount owed to HMRC in respect of taxes on employees’ wages: Current liability
欠英国皇家税务局的雇员工资税款:流动负债
Lecture 2
Horizontal Analysis
数字不具有comparable可比性。
需考虑inflation通货膨胀,时间久了影响也很大
Vertical analysis
用百分比
Common size analysis
Extends vertical over more than one period 例如从2017 拓展到和 2016年两年
判断涨跌的好坏不能只看百分比,要看和其他企业对比
Importance of comparability可比性
note: 三差异
• Differences in accounting policies会计政策
• Differences in business activities业务活动
• Misleading industry averages误导性的行业平均值
Profitability Analysis 盈利分析
- Profitability ratios衡量公司在一定时期内收入和经营成果
- 收入太低会影响公司获得debt债务和equity股权
- 收入影响公司liquidity流动性状况
- 亏损-trade receivables decrease-liabilities increase-liquidity increase-cash outflows increase-trade payables increase-debt interests increase
- profitability as the ultimate test of management’s operating effectiveness. 盈利能力作为对管理层经营效率的最终检验。
Return on Capital Employed (ROCE) 资本运营收益率
公式2表示公司的资本运用能力既取决于盈利能力,也取决于效率。
指一段时期(会计期间)内的流量,代表在该期间内扣除所有经营费用后实现的利润。不包括融资费用。
Gross profit margin毛利率
中唯一的支出类别是cost of sales销售成本。
Gross profit margin取决于销售成本,竞争也导致利率下降(wholesale批发),可passed on to转嫁给客户,结合销售量。
Operating profit margin 营业利润率
主要取决于公司的成本控制能力,e.g. 员工增加,expansion policy扩张政策
Net asset turnover 净资产周转率
与同行业公司的这一数字进行比较。
每 1 英镑的资产可产生 X 英镑的收入。
非流动资产必须随着时间的推移而depreciated折旧。
资产投资可能不会立即转化为收入的增加。
Efficiency ratios 效率比率
For period 四舍五入即可
Inventory holding period 库存持有期