(本科)会计专业英语教案Chapter 8.docx
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1、(本科)会计专业英语教案Chapter 8教学目标知识目标:Explain the users of financial statements analysis;Understand the basic tools of financial statements analysis.能力目标:Interpret the various ratio analysis under a real business situation;Identify the limitations of ratio analysis.素质目标:Apply other analytical techniques of
2、ratio analysis.教学重点Trend analysis and common-size statements analysis;Profitability ratios, short-term liquidity and long-term solvency measurements, Market valuation.教学难点Profitability ratios, short-term liquidity and long-term solvency measurements, Market valuation.教学手段结合理论与案例小组讨论教学学时2课时教 学 内 容 与
3、教 学 过 程 设 计注 释Chapter 8 Financial Statements Analysis理论知识Topic 1: Basic Analytical Procedures1.Meaning of Financial Statement Analysis Financial statement analysis is defined as the process of identifying financial strengths and weaknesses of the firm by properly establishing relationship between th
4、e items of the balance sheet and the income statement. It is the process of reviewing and analyzing a companys financial statements to make better economic decisions.2.Objectives of Financial Statement AnalysisThe primary purpose of financial statement analysis is to evaluate the risks, performance,
5、 financial health, and future prospects of an organization.3.Users of Financial Statement Analysis(1) CreditorsAnyone who has lent funds to a company is interested in its ability to pay back the debt, and so will focus on various cash flow measures.(2) InvestorsBoth current and prospective investors
6、 examine financial statements to learn about a companys ability to continue issuing dividends, or to generate cash flow, or to continue growing at its historical rate.(3) ManagementThe company controller prepares an ongoing analysis of the companys financial results, particularly in relation to a nu
7、mber of operational metrics that are not seen by outside entities.(4) Regulatory authoritiesIf a company is publicly held, its financial statements are examined by the Securities and Exchange Commission (SEC); for example, if the company files in the United States then to see if its statements confo
8、rm to the various accounting standards and the rules of the SEC.4. Tools of Analysis(1) Trend Analysis:Trend analysis is the comparison of financial statement information over a series of reporting periods.(2) Common Size Analysis:Common Size analysis is the review of the proportion of accounts to e
9、ach other within a single period. Common-size balance sheets and income statements are used to compare the performance of different companies or a companys progress over time.(3) Ratio analysis:Financial ratios are mathematical comparisons of financial statement accounts or categories. These relatio
10、nships between the financial statement accounts help the users of accounting information to understand how well a business is performing and of areas needing improvement. Financial Ratios are used as tools to help us squeeze as much information as possible from the financial statements. It must be k
11、ept in mind; however, that a financial ratio is only one number divided by another and only yields a number and it takes on meaning when compared with other firms or industry average.Topic 2: Ratio Computations and InterpretationsRatios were developed to standardize a companys results. They allow an
12、alysts to quickly look through a companys financial statements and identify trends and anomalies. Ratios can be classified in terms of the information they provide to the reader. There are several general categories of ratios, each designed to examine a different aspect of a companys performance. Fo
13、r example, Vin Hua is considering an investment in one of the two fast food restaurant chains because he believes the trend toward eating out more often will continue. His choices have narrowed to Fast Sandwich and Giant Pizza, whose balance sheets and income statements follow:Balance Sheet(in thous
14、ands)AssetsFast Sandwich Giant PizzaCash$2,000 $4,500 Accounts Receivables (net)20006500Inventory20005000Property, Plant and Equipment (net)2000035000Other Assets40005000Total Assets30000$56,000 Liabilities and Shareholders EquityAccounts payable$2,500 $3,000 Note Payable15004000Bonds Payable1000030
15、000Common Stock ($1 par value)10003000Paid-in-capital in Excess of Par Value, common90009000Retained Earnings60007000Total Liabilities and Shareholders Equity$30,000 $56,000 Market price per share $30$20Income Statements(in thousands, except per share)Fast Sandwich Giant PizzaNet Sales$53,000 $86,00
16、0 Cost of Goods Sold (restaurant opening operating expenses)3700061000Gross Margin1600025000Selling expense700010000Administrative expenses40005000Interest expenses14003200Income taxes expense18003400Total Operating Expense1420021600Net Income18003400Earnings Per Share1.81.13Based on the above compa
17、rative balance sheet and income statements of two companies, we will explain these ratios throughout this section.(1) Profitability Ratio:Here are some of the key ratios that investors and creditors consider when judging how profitable a company should be Gross Margin RatioThis shows the average amo
18、unt of profit considering only sales and the cost of the items sold. This tells how much profit the product or service is making without overhead considerations. As such, it indicates the efficiency of operations as well as how products are priced. Wide variations occur from industry to industry. It
19、 indicates the gross margin generated for each dollar in net sales.Formula:Gross margin ratio = Gross margin Net sales Where:Gross margin = Net sales - Cost of goods soldCalculation:Fast Sandwich = = 30%Giant Pizza = 29%Interpretation:As you can see, Fast Sandwich has a ratio of 30%, very near to Gi
20、ant Pizza, 29%. These are high ratio in the restaurant industry. This means that after pays off his inventory costs, company has of its sales revenue to cover his operating costs. Net Margin RatioThe Net margin or profit margin ratio directly measures what percentage of sales is made up of net incom
21、e. In other words, it measures how much profits are produced at a certain level of sales. This ratio also indirectly measures how well a company manages its expenses relative to its net sales. That is why companies strive to achieve higher ratios. They can do this by either generating more revenues
22、why keeping expenses constant or keep revenues constant and lower expenses. Like most profitability ratios, this ratio is best used to compare like sized companies in the same industry. This ratio is also effective for measuring past performance of a company.Formula:Net margin ratio = Net income Net
23、 salesCalculation:Fast Sandwich = = 3.4%Giant Pizza =4.0%Interpretation:As you can see, Fast Sandwich only converted 3.4 percent of its sales into profits. Contrast that with this company, Giant Pizza has also only 4% of $86,000 of net sales and $3400 of net income. This year both may have made fewe
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