【正文】 other cash expenses=interest expenses + increase in interest payable – tax expenses，結(jié)果負(fù)數(shù)轉(zhuǎn)正 method CFO = cash collections – cash to suppliers – other cash expenses 必須跟間接法的結(jié) 果一致 =sale of stock+ new bank note – payment of mortgage – dividends + increase in dividends payable CFI=sale of fixed assets – new fixed assets total cash flow = CFO+CFF+CFI cash flow to equity owners FCFE=CFO – capital spending + sale of fixed assets + debt issued – debt paid ， CFI 會(huì)高， CF。 3. cash flow from investing = cash from sale of building – purchase of machinary 4. cash from financing = sale of preferred stock + issuance of bond – principle payment on bank borrowings – repurchase of mon stock – dividends paid , debt retired through issuance of mon stock 是 noncash transaction，不算在cash flow 里面。 11. trading securities和 availableforsale securities在 bs 中反映的都是 fair value，市場(chǎng)股價(jià) 12. ine statement 里面， trading securities 是包括分紅后的 fair value，availableforsale securities 是沒(méi)賣出去前的收入，比如分紅 13. treasury shares=issuedoutstanding，不按總股份數(shù)來(lái)算。 warranty expense 要 probable，而不是 possible 才算。 5. 預(yù)售票到款，只能算 defered revenue，直到 event 舉行。 Concept Checkers P100 1. asset 是 future economic benefit，有些是 tangible 有些是 intangible 2. asset=owners? equity + liability 3. report format： asset liability 和 equity 在一個(gè) column 里面展示。 denominator impact=可轉(zhuǎn)股份數(shù)； per share impact = 分子 /分母，假如大于 basic EPS，就不轉(zhuǎn)， diluted EPS=basic EPS ， antidilutive；小于就轉(zhuǎn)。派息前的股份要加上。 10. doubledecliningbalance method 折舊，第一年 2/y 總值， 第二年 =2/y (總值 第一年 ) 11. bad debt expenses 是 operating expense， dividend received from 可售證券，interest expense on subordinated debenture，額外 loss from destruction of building 都是 nonoperating expenses 12. accounting estimate 的改變，要 reported prospectively，不需要 restatement of prior period statement. 13. a physically and operationally distinct division currently for sale 當(dāng)作discontinued division 的 ine 是 of tax 在 ine from continuing operations 下面。 ine 兩種方法是一樣的。 4. 算出第一年 cost 占總 cost 的百分比 X 總價(jià)格 – 第一年 cost=第一年收入(percentageofpletion) Completedcontract 只有最后結(jié)束才有收入。A 里面會(huì)出現(xiàn) impact of adopting the new standard, conclude that it does not apply or will have no material impact, or state that they are still evaluating the potencial impact. Concept Checkers P77 1. depreciation 包含在 operating expenses 里面，所以在 ine statement；interest expense 是 financing cost, 不屬于 operating expenses 所以不在 ine statement 里面 2. ine taxes 是根據(jù) nature 來(lái)分類的， cost of good sold 包括同樣 function的一堆 expenses 3. 實(shí)現(xiàn)收入：確定價(jià)格，確定交易，交貨。 timeliness 跟reliability 是 tradeoff 的。 9. general journal 按日期顯示公司交易， general ledger 按 account 顯示 10. 分析師無(wú)法獲得 FS 里面 detailed account entries，管理者可以在符合會(huì)計(jì)準(zhǔn)則的前提下，操縱報(bào)表利潤(rùn) 11. 帳目分類： account payable liabilities account receivable assets accumulated depreciation assets additional paidin capital owners’ equities allowance for bad debts assets bond payable liabilities cash equivalents assets mon stock owners’ equities costs of goods sold expenses current position of longterm debt liabilities deferred tax items liabilities/assets depreciation expenses dividends payable liabilities dividends received revenues gain on sale of assets revenues goodwill assets inventory assets investment securities assets loss on sale of assets expenses notes payable liabilities other prehensive ine owners’ equities prepaid expenses assets property,plant and equipment assets retained earnings owners’ equities sales revenues unearned revenue liabilities Concept Checkers P43 1. standardsetting bodies are private sector anizations that establish financial reporting standards. 加強(qiáng)信息披露是監(jiān)管部門的責(zé)任。 Financial Statement Analysis Concept Checkers P17 1. 分析師的 role：根據(jù)報(bào)表做決策 ，做決策或建議，根據(jù)過(guò)去的信息推測(cè)將來(lái) auditor 的 role：保證報(bào)表信息無(wú)誤 2. balance sheet 包含公司在特定日期的 financial position， ine statement，cash flow statement 和 statement of changes in owners? equity顯示一個(gè)時(shí)間段的 performance 3. 會(huì)計(jì)方法和 estimates 一般在 footnotes 里面， financial statement notes 4. auditor 會(huì) issue qualified opinion 如果 fs make any exceptions to applicable accounting standards and explain the effect of these exceptions in the auditor?s report. 5. proxy statement 里面有關(guān)于 shareholders vote，比如董事會(huì)成員選舉 6. 分析 FS 的 6 個(gè)步驟： FS analysis framework the objective and context data the data and interpret the data the conclusions or remendations the analysis Concept Checkers P28 1. 買設(shè)備是 investing activity 2. 公司借錢時(shí) financing activity，銀行借出貸款是 operating activity 3. accounting receivable 是 asset， accounting payable 是 liabilities 4. annual depreciation 是 expense， accumulated depreciation 是 contra asset account 5. owners? equity = assetliabilities liabilities = assets – contributed capital ending retained earnings Assets=liabilities + contributed capital + beginning retained earnings + revenue – expense – dividends 6. 根據(jù) 5 中最后一個(gè)公司，任何元素的變化都會(huì)導(dǎo)致 asset 變化。 10. 增加 AD 增加 price， SAS，增加 real GDP 11. 工資增加不會(huì)增加 LRAS。 7. 消費(fèi)稅對(duì) GDP 是負(fù)效應(yīng)，減少 real value of labor hour，導(dǎo)致 less labor ouput GOV deficits 導(dǎo)致 crowding out 效應(yīng)，減少 capital 投資減少 potential GDP 8. 非預(yù)期的通 貨膨脹對(duì) borrower 有好處，對(duì) employer 有好處。當(dāng) consumer surplus 和 producer surplus 最大， economic gains to society 最大。 Self test 筆記 1. 微小差距的產(chǎn)品： oligopoly 和 monopolistic petition 都滿足 低競(jìng)爭(zhēng)門檻和競(jìng)爭(zhēng)者之間互相影響： monopolistic petition 2. 低于均衡量 (MC=MR)的 output是沒(méi)有利益最大化 , 高于均衡量是 lossing money 3. subsidy 使 supply curve 右移，導(dǎo)致 output 大于均衡量， resource 沒(méi)效率。但會(huì)導(dǎo)致 recession，使 real GDP 減小， unemployment 增加 5. new moarist feedback rule 基于 quantity theory of money，通過(guò) slowly 調(diào)整貨幣政策引導(dǎo) GDP 和調(diào)節(jié) inflation new keynesian feedback rule 基于 GDP gap，和 inflation gap，反映更快。這時(shí)減少 money supply，導(dǎo)致 inflation 降低，和 AD 的增長(zhǎng)率降低。 3. 衰退時(shí)， Fed 通常增加 money supply，降低 interest rate，正確的話，會(huì)增加 AD curve，導(dǎo)致 price 增加。所以是負(fù)效應(yīng)。 federal budget surpluses 增加投資。 8. real interest rate = nominal interest rate – inflation Concept Checkers P183 1. ine