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Chapter3CashFlowsandFinancialAnalysis(現金流量與財務分析)
AFinancialInformation(財務資訊)(p.57)FinancialinformationistheresponsibilityofmanagementCreatedbywithin-firmaccountants(由公司內的會計師編製)andreviewedbyauditors(公司外的稽查員來檢閱)CreatesaconflictofinterestbecausemanagementwantstoportrayfirminapositivelightPublishedtoavarietyofaudiences
A-1UsersofFinancialInformationInvestorsandFinancialAnalystsMajorpartofanalyst’sjobistomakeacarefulstudyofrecentfinancialstatementsVendors/CreditorsUsefinancialinformationtodetermineifthefirmisexpectedtomakegoodonloansManagementpinpointstrengthsandweaknessesinoperations
A-2SourcesofFinancialInformation(財務資訊的來源)p.59AnnualReport(主要的資訊來源)RequiredofallpubliclytradedfirmsTendtoportrayfirminapositivelight,sotendtobiasedinfavorofmanagement’sperformanceBrokeragefirmsandinvestmentadvisoryservicesprovidereportsonmostlargefirms.Example:ValueLine(價值線),Moody’s,SP
A-3TheOrientationofFinancialAnalysis(財務分析的導向)p.62AccountingisconcernedwithfinancialstatementsFinanceisconcernedwithusingthedatacontainedwithinfinancialstatementstomakedecisions(使用財報上的資料去作決策)
BTheStatementofCashFlows(p.63)ConstructedfromtheBalanceSheetandIncomeStatement需要2個連續年度的資產負債表及當年的損益表來形成現金流量表編表的方式有2種依據3個不同的活動(operating,investing,andfinancingactivities)依據現金的來源與使用
B-2BusinessCashFlows(p.66)CashFlowsRulesAssetincrease?useofcashAssetdecrease?sourceofcashLiabilityincrease?sourceofcashLiabilitydecrease?useofcash
B-3ConstructingtheStatementofCashFlows(Example:p.69)-1
B-3ConstructingtheStatementofCashFlows(Example:p.69)-1Alsoassumefirmpaida$500dividendandsoldstockfor$800duringtheyear.
B-3ConstructingtheStatementofCashFlows(Example:p.69)-2Whilethefirmwasprofitable,itstillhadtoborrowmoneyandsellstocktofinancetheincreaseinFixedAssets.
B-4FreeCashFlows-1(p.73)Underno
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