TopicWeightingsinCFALevelSessionSession StudySessionStudySession2-Ethics&ProfessionaltativeStudySession4-StudySession6-StudySession10-Corporate7StudySessionPortfolioManagement7StudySession13-EquityStudySession15- StudySession5StudySessionAlternative4 運。 ，這家公司其實最后就是拿了1.6個億的現(xiàn)金還了1.6億的。但是整個過程都一樣了，抵債的時候賺了1.3個億，變成了3000萬，第二天是拿1.6個億買了3000萬的房子，其實這件事做的非常虧本，但是你的利潤只跟賣 1937年，麥當勞兄弟（DickandMac）每個創(chuàng)業(yè)者都必須掌握 務(wù)知識，不懂財務(wù)，無法管理公司會受到“人為”“人為限于財務(wù)報表而已，史記記載，春秋時代的，命令齊國與魏國交戰(zhàn)撤退時，刻意減少造飯鍋的數(shù)目，使追擊的龐涓誤以為齊軍軍心渙散，人數(shù)因不斷而減少，結(jié)果龐涓被這些可以的信息誤導(dǎo)，魏國持續(xù)追擊，終于死于精心設(shè)計的萬箭穿利潤上調(diào)利潤下調(diào)算買到一個形態(tài)、量能、指標都一模一樣的，可能依然賺不到大錢。因為股價上漲的不是指標，而是背后的基本面、市值和市場情緒。R22:Financial ysis:AnR22:Financial ysis:AnR24:FinancialReportingR25:UnderstandingtheR26:UnderstandingtheR27:UnderstandingtheR28: ysis

R29:R30:Long-Lived eR32:Long-TermLiabilitiesR33:FinancialReportingQuality:RedFlagsandAccountingWarningR34:Financial ysis:FundamentalsofFinancial ysisFourpillarsin ThreepillarsinPillar1:FinancialstatementPillar2:DoubleEntryRecordedonbasisofdoublePillar3:HistoricalMeasuredathistoricalPillar4:AccrualRecognizedonbasisofaccrualPillar1:Financialstatement NetPillar2:DoubleEntryDouble-entry theaccountingequationinbalanceInwhichatransactionhastoberecordedinatleasttwoAnincreaseinanassetaccountmustbebalancedbyadecreaseinanotherassetaccountorbyanincreaseinaliabilityorowners'equityPillar3:AccrualNotconsistentwithmarketHardtomeasureintangiblePillar3:AccrualAccrualAfundamentalprincipleofaccrualaccountingisthatrevenueisrecognized(reportedonthe estatement)whenitisearned,sothe’sfinancialrecordsreflectrevenuefromthesalewhentheriskandrewardofownershipistransferred;thisisoftenwhenthedeliversthegoodsorCashRevenueandexpensearerecognizedwhenrelatedcashisreceivedandpaid,whichcoincidewiththereceiptorpaymentofcash. Pillar3:AccrualGoods/Goods/ Goods/ServicesUnearnedUnearnedCashreceivedinPrepaidCashpaidinAccruedAccruedCashreceivedinAccruedCashpaidinAccrualaccounting:On30April2006,PintoProductsreceivedacashpaymentof$30,000asadepositonproductionofacustommachinetobedeliveredinAugust2006Thistransactionwouldmostlikelyresultinwhichofthefollowingon30April2006?NoeffectonAdecreaseinassetsofAnincreaseinliabilitiesofCisThereceiptofcashinadvanceofdeliveringgoodsorservicesresultsinunearnedrevenue,whichisaliability.The hasanobligationtodeliver$30,000ingoodsinthefuture.Thisbalancestheincreaseincash(anasset)of$30,000.PracticeQuestion:Accruedexpenses(accruedliabilities)expensesthathavebeencreatedwhenanotherliabilityisexpensesthathavebeenreportedonthe estatementbutnotyetpaid.Correctanswer:Accruedliabilitiesareexpensesthathavebeenreportedon estatementbuthavenotyetbeenPillar4:HistoricalHistoricalcostissimplytheamountofcashorcashequivalentspaidtopurchaseanasset,includinganycostsofacquisitionand/orpreparation.Iftheassetwasnotboughtforcash,historicalcostisthefairvalueofwhateverwasgiveninordertobuytheasset.Whenreferringtoliabilities,thehistoricalcostbasisofmeasurementmeanstheamountofproceedsreceivedinexchangefortheobligation.Pillar4:HistoricaltheamountoriginallypaidfortheAmortizedhistoricalcostadjustedfordepreciation,amortization,depletion,andimpairmentCurrenttheamountthefirmwouldhavetopaytodayforthesameRealizabletheamountforwhichthefirmcouldsellthePresentthediscountedvalueoftheasset'sexpectedfuturecashFairtheamountatwhichtwopartiesinanarm's-lengthwouldexchangethePracticeQuestion:Whichofthefollowingleastaccura ydescribesacorrectuseofdouble-entryaccounting?Adecreaseinaliabilityaccountmaybebalancedbyadecreaseinanotherliabilityaccount.AtransactionmayberecordedinmorethantwoAnincreaseinanassetaccountmaybebalancedbyanincreaseinanowner’sequityaccount.PracticeCorrectanswer: theaccountingequationinbalancerequiresdouble-entryaccounting,inwhichatransactionhastoberecordedinatleasttwoaccounts.Anincreaseinanassetaccount,forexample,mustbebalancedbyadecreaseinanotherassetaccountorbyanincreaseinaliabilityorowners’equityaccount.Adecreaseinaliabilityaccountmaybebalancedbyanincreaseinanotherliabilityaccount,notadecrease.Iftwoliabilitiesdecreasewithoutabalancingentry,thebalancesheetwillbeoutofbalance.Question:TheconsiderationQuestion:Theconsiderationpaidtoacquireanassetmostcloselydescribeswhichmeasurementoffinancialstatementelements?HistoricalCorrectanswer:Historicalcostistheconsiderationpaidtoacquirean

利潤表代表企業(yè)的利潤來源，體現(xiàn) 能力Threefinancial FinancialThebalanceAssets=liabilities+owner's

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ChangeinfinancialpositionThecashflowstatementOperatingcashInvestingcashFinancingcashNetcashinfloworoutflowforthefinancalyearThestatementofchangesinowner’sFinancialreporting TheroleoffinancialTheInternationalAccountingStandardsBoard(IASB)Financialreportingreferstothewaycompaniesshowtheirfinancialperformancetoinvestors,creditors,andotherinterestedpartiesbypreparingandpresentingfinancialstatements.TheobjectiveoffinancialstatementsistoprovideinformationFinancialFinancialChangesinfinancialpositionofanentitythatisusefultoawiderangeofusersinmakingeconomicdecisions.Theroleoffinancialreportingysisistousetheinformationin’sfinancialstatements,alongwithotherrelevantinformation,tomakeeconomicdecisions.UsersoffinancialaccountingFinancialaccountinghasvaluebecausetheinformationitproducesisinavarietyofways.Usersincludemanagers,investors,bankers,financialystsandmanyothers.Suchpeoplestudyaccountingtolearnhowtouseinformationeffectivelyanddotheirjobsbetter.Foraccountants,thisinformationisessentialtotheservicestheyprovide.UsedbymanagementinmakingbusinessThefollowingexamplesillustratetheimportanceaccountingnumbershaveonmanagementdecisionstocontractandexpandthebusiness,whichinturnaffectsemployees, rs,contractorsandtheeconomy.Usedbyshareholdersfordecision-makingBothgoodandbadaccountingnewsoftenhasabigimpactonthesharemarket.UsersoffinancialaccountingUsedbyboardsintakeoverAccountingnumbersareusedtodecidewhichcompaniestomaketakeoveroffersfor,toconvinceshareholderstoaccepttheoffer,andbydefendingboardstotrytostopthetakeover.UsedbybankersandothercreditorBankersuseaccountingnumberstodecidewhethertolend,todeterminethelevelofriskandoftentheinterestratetocharge.UsedbycorporateboardsinrewardingandremovingMostexecutivecompensationschemesincludeperformancebonusesandaccountingnumbersarekeycomponentsoftheseperformanceBalanceKeyfinancialBalanceThebalancesheet(alsoknownasthestatementoffinancialpositionorstatementoffinancialcondition)reportsthefirm'sfinancialpositionatapointintime.ThebalancesheetconsistsofthreeAssetsaretheresourcescontrolledbytheLiabilitiesareamountsowedtolendersandotherOwners'equityistheresidualinterestinthenetassetsofanentitythatremainsafterdeductingitsliabilities.Transactionsaremeasuredsothatthefundamentalaccountingequationholds:assets=liabilities+owners'ee estatement(alsoknownasthestatementofoperationsortheprofitandlossstatement)reportsonthefinancialperformanceofthefirmoveraperiodoftime.Theelementsof estatementRevenuesareinflowsfromdeliveringorproducinggoods,renderingservices,orotheractivitiesthatconstitutetheentity'songoingmajororcentraloperations.Expensesareoutflowsfromdeliveringorproducinggoodsorservicesthatconstitutetheentity'songoingmajororcentral eincludesgainsthatmayormaynotariseintheordinarycourseofbusiness.CashflowCashflowThestatementofcashflowsreportsthe 'scashreceiptsandThesecashflowsareclassifiedasOperatingcashflowsincludethecasheffectsoftransactionsthatinvolvethenormalbusinessofthefirm.Investingcashflowsarethoseresultingfromtheacquisitionorsaleofproperty, nt,andequipment;ofasubsidiaryorsegment;ofsecurities;andofinvestmentsinotherfirms.Financingcashflowsarethoseresultingfromissuanceorretirementofthefirm'sdebtandequitysecuritiesandincludedividendspaidtostockholders. Otherrelevant(Footnotes)★Providinginformationaboutaccountingassumptions,andProvidingadditionalinformationaboutbusinessacquisitionsordisposal,legalactions,employeebenefitns,significantcustomers,salestorelatedparties,andsegmentsofthefirmAreSupplementary eorsalesbyregionorbusinessReservesforanoilandgasInformationabouthedgingactivitiesandfinancialandysis ProvidinganassessmentofthefinancialperformanceandconditionofafromtheofitsResultsfromoperations,withadiscussionoftrendsinsalesandexpenseCapitalresourceandliquidity,withadiscussionoftrendscashAgeneralbusinessoverviewbasedonknownMaterialeventsanduncertaintiesthatmayaffect OtherrelevantOtherrelevantQuarterlyorsemiannualThemostupdatedinformationonthemajorfinancialstatementsandfootnotesSecuritiesandExchangeCommission(SEC)Form8-AcquisitionsordisposalsofmajorChangesinitsChangesincorporateForm10-AnnualfinancialForm10-QuarterlyfinancialstatementsIssuedtoshareholderswhentherearemattersthatrequireashareholdervoteProvidinginformationabouttheboardmembers,managements,compensationandtheissuanceofstockCorporatereportsandpressPublicInformationoneconomicconditions,industryandSECfilingsSECfilingrequirementsforpubliclytradedcompaniesintheFormS-RegistrationstatementfiledpriortothesaleofnewsecuritiestotheForm10-AnnualfinancialForm10-QuarterlyfinancialFormDEF-Form8-MaterialeventsrelatingSignificantassetsacquisitionandChangesinmanagementor FormIssuesecuritiestocertainqualifiedbuyerswithoutregisteringwithSECbutnotifyingFormsThebeneficialownershipofsecuritiesby ’sofficers

Example ’scurrentfinancialpositionwouldbestbeevaluatedusingbalanceecashflowAisThebalancesheetportraysthecurrentfinancial estatementandcashflowstatementpresentdifferentaspectsofperformance.Example ’sprofitabilityforaperiodwouldbestbeevaluatedusingbalanceecashflowBisProfitabilityistheperformanceaspectmeasuredbythe ThebalancesheetportraysthecurrentfinancialThecashflowstatementpresentsadifferentaspectofExampleAccountingmethods,estimates,andassumptionsusedinpreparingfinancialstatementsarefoundinmanagementsdiscussion in AisThefootnotesdisclosechoicesinaccountingmethods,estimates,andassumptions.ExampleInformationaboutmaterialeventsanduncertaintieswouldbestbefoundin managementsdiscussion CisThisisacomponentofmanagement’sdiscussion ExampleIfa reportedfictitiousrevenue,itcouldtrytocoverupitsfraudbydecreasingincreasingcreatingafictitiousCisInordertobalancetheaccountingequation,the wouldeitherneedtoincreaseassetsordecreaseliabilities.Creatingafictitiousassetwouldbeonewayofattemptingtocoverupthefraud. Aprincipal–agent

BoardofExternal(Public

Examinesthe andinternalcontrolsystems,GenerallytriestodeterminethattherearenomaterialerrorsinthefinancialstatementsUnderU.S.GenerallyAcceptedAccountingPrinciples(GAAP),theauditormuststateitsopiniononthe’sinternalDefinition:Auditisindependentreviewofanentity’sfinancialstatementsbyanindependentaccountingfirm.Theauditprocessprovidesabasisfortheindependentauditorexpressanauditopiniononthefairnessofthefinancialstatementsthatwereaudited.Objective:auditorprovidesreasonableassurancethatthefinancialstatementsarefairlypresented.Thestandardauditor’s1Whereasthefinancialstatementsarepreparedbymanagementandareresponsibility,theauditorhasperformedanindependent2Generallyacceptedauditingstandardswerefollowed,thusprovidingreasonableassurancethefinancialstatementscontainnomaterialerrors.3Theauditorissatisfiedthatthestatementswerepreparedinaccordancewithacceptedaccountingprinciplesandthattheprincipleschosenandestimatesmadeare erof erofThestandardauditor’sUnqualified(clean)opinion: frommaterialerrors,fraud,orillegalQualifiedopinion:ifstatementsmakeanyexceptionstotheaccountingprinciples,canissuequalifiedopinionandex intheexceptionsAdverseopinion:ifnotpresentedfairlyornotmateriallywithaccounting erofopinion:Iftheauditorisunabletoexpressanopinion(e.g.,inthecaseofascopelimitation),adi erofopinionisissued.Internalcontroltheprocessesbywhich ensuresthatitpresentsfinancialInternalcontrolsaretheresponsibilityofUnderU.S.GenerallyAcceptedAccountingPrinciples(GAAP),auditormustexpressanopiniononthefirm'sinternalTheauditorcanprovidethisopinion yoraselementofthestandard標準無保留意見(Unqualified保留意見審計報告(QualifiedFinancialStatement FinancialStatementFinancialstatementelementsarethemajorclassificationsofassets,liabilities,owners'equity,revenues,andexpenses.Accountsarethespecificrecordswithineachelementwherevarioustransactionsareentered.Onthefinancialstatements,accountsaretypicallypresentedinsuchas"inventory"or"accounts 'schartofaccountsisadetailedlistoftheaccountsthatmakeupthefivefinancialstatementelementsandthelineitemspresentedinthefinancialstatements.Contraaccountsareusedforentriesthatoffsetsomepartofthevalueofanotheraccount.FinancialStatementClassifyingAccountsIntotheFinancialStatementOwners’FinancialStatementelements-Assetsarethefirm'seconomicresources.ExamplesofassetsCashandcashequivalents.Liquidsecuritieswithmaturitiesof90daysorlessareconsideredcashequivalents.Accountsreceivable.Accountsreceivableoftenhavean"allowanceforbaddebtexpense"or"allowancefordoubtfulaccounts"asacontraFinancialassetssuchasmarketablePrepaidexpenses.Itemsthatwillbeexpensesonfuture nt,andequipment.Includesacontra-assetaccountforaccumulateddepreciation.InvestmentinaffiliatesaccountedforusingtheequityDeferredtaxIntangibleassets.Economicresourcesofthefirmthatdonothaveaphysicalform,suchaspatents,trademarks,licenses,andgoodwill.Exceptforgoodwill,thesevaluesmaybereducedby"accumulatedFinancialFinancialStatementelements-Liabilitiesarecreditorclaimson'sresources.ExamplesAccountspayableandtradeFinancialliabilitiessuchasshort-termnotesUnearnedrevenue.Itemsthatwillshowuponfuture statementsasrevenues. etaxespayable.Thetaxesaccruedduringthepastyearbutnotyetpaid.Long-termdebtsuchasbondsDeferredtaxFinancialStatementelements-Owner’sOwners'equityistheowners'residualclaimonafirm'sresources,whichistheamountbywhichassetsexceedliabilities.Owners'equityincludes:Capital.ParvalueofcommonAdditionalpaid-incapital.Proceedsfromcommonstocksalesinexcessofparvalue.(Sharerepurchasesthatthe hasmadearerepresentedinthecontraaccounttreasurystock.)Retainedearnings.Cumulativenet ethathasnotbeendistributedasdividends.Othercomprehensive e.Changesresultingfromforeigncurrencytranslation,minimumpensionliabilityadjustments,unrealizedgainsandlossesfromcashflowhedgingderivatives,orunrealizedgainsandlossesfromavailable-for-sale.FinancialStatementelements-ExpensesareoutflowsofeconomicresourcesandCostofgoodsSelling,general,andadministrativeexpenses.Theseincludesuchexpensesasadvertising,managementsalaries,rent,andutilities.Depreciationandamortization.Toreflectthe"usingup"oftangibleandintangibleassets.InterestLosses.Decreasesinassetsfromtransactions altothefirm'sday-to-dayactivities.Accounting Accounting生的費、包裝費、費以及費等。對應(yīng)資產(chǎn)負債表的表現(xiàn)就 BASE AccountingAccountingThebasicaccountingequationistherelationshipamongthethreebalancesheetelements:assets=liabilities+owners'ExpandedaccountingOwners'equityconsistsofcapitalcontributedbythefirm'sandthecumulativeearningsthefirmhasOwners’Equity=ContributedCapital+RetainedAssetsAssets=+Contributed+EndingretainedAccountingAccountingEndingretainedearningsforanaccountingperiodaretheresultofaddingthatperiod'sretainedearnings(revenuesminusexpensesminusdividends)tobeginningretainedearnings.Endingretainedearnings=Beginningretained+ – e=Revenue–AssetsAssets+Contributed+Beginningretained+Accountingequation:Example ysthascompiledthefollowinginformationregardingRubsam,Liabilitiesatyear-end Contributedcapitalatyear-end Beginningretainedearnings Revenueduringthe Expensesduringthe Therehavebeennodistributionstoowners.The yst’smostlikelyestimateoftotalassetsatyear-endshouldbeclosesttoAccountingequation:ExampleCisAssets=Liabilities+Contributedcapital+Beginningretained-Distributionstoowners+Revenues-+Contributed+Beginningretained-Distributionsto-Question:AllofQuestion:AllofthefollowingarecurrentassetsCorrectanswer:Goodwillisalong-termasset,andtheothersareallcurrent

Question:TheitemQuestion:Theitem“retainedearnings”isacomponentCorrectanswer:Theitem“retainedearnings”isacomponentofshareholders’

Question:ExpensesonQuestion:Expensesonestatementmaybegroupednature,butnotbyfunction,butnotbyeitherfunctionorCorrectanswer:IASNo.1statesthatexpensesmaybecategorizedbyeithernatureor

PracticeQuestion:Thesaleofabuildingforcashwouldbeclassifiedaswhattypeofactivityonthecashflowstatement?Correctanswer:Purchasesandsalesoflong-termassetsareconsideredinvestingactivities.Notethatifthetransactionhadinvolvedtheexchangeofabuildingforotherthancash(forexample,foranotherbuilding,commonstockofanother ,oralong-termnotereceivable),itwouldhavebeenconsideredasignificantnon-cashactivity.FundamentalsofFinancial ysisysis Ratioand CategoriesofProfitabilityratio–abilitytogenerateActivityratio–efficiencyinusingassetstogenerateLiquidityratio–abilitytopayshort–termSolvencyratio–abilitytopaylong–temValuationratio ysisforinvestmentincommonDuPontsystem ysis ysisforwheretheNIcomesLimitationof Financial ysisSourcesof1.ArticulatethepurposeandcontextoftheysisNeeds&StatementofpurposesandAlistofspecificTimetable&budgeted2.CollectFinancialFinancialdataComplete3.ProcessDatafrompreviousAdjustedCommon–sizeRatios&theprocessedInputProcessedytical5.Conclusions?ytical?ytical6.FollowPeriodicallyUpdatedreports Afirm’sabilitytogenerateless: Total=Totalassets=Short–termdebt+Long-termdebt+Commonequity+PreferredequityProfit/NetGrossGrossprofitmargin=Grossprofits/netNetprofitmargin=NI/netProfit/ReturnReturnonassets(ROA)=NI/averagetotalReturnonequity(ROE)=NI/averagetotalAfirm’sefficiencyinusingassetstogenerateLiquidityAfirm’sabilitytopayshort–termCurrentCurrentratio=Currentassets/CurrentQuickratio=[cash+marketablesecurities+receivable]/Current=[currentasset-inventories]/CurrentCashratio=[cash+marketablesecurities]/CurrentSolvencyAfirm’sabilitytopaylong–termDebt-to-assetsDebt-to-assets=D/EarningspershareEarningspershare isoneofthemostcommonlyusedcorporateprofitabilityperformancemeasuresforpublicly-tradedfirms(nonpubliccompaniesarenotrequiredtoreportEPSdata).EPSisreportedonlyforsharesofcommonstock(alsoknownasordinarystock).BasicDilutiveConvertibleConvertiblepreferredStockBasicThebasicEPScalculationdoesnotconsidertheeffectsofanydilutivesecuritiesinthecomputationofEPS.

P/PriceperEarningsPerP/CashflowperP/SalesperP/BookValueperBEPS&CashflowperCashflowfromWeightedaveragenumberofordinarysharesoutstandingEBITDAperDividendsperCommondividendsDuPontDuPontsystem1.Thethree-partROE esalesassets assetsequity netprofit leverage trunover ItisnotforthepurposeofcomputingROE,butforthepurposeofposingtheknownROE.ExampleStartInchasmaintainedastableandrelativelyhighROEof y18%overthelastthr