CFAL2学习笔记（注释）

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1、FinancialReportingandAnalysis1.defensiveintervalratio=(cash+short-termmarketableinvestments+receivables)/dailycashexpenditures2.financialleverageratio(equitymultiplier)=averagetotalassets/averageshareholders’equity3.interestcoverageratio=EBIT/interestpa

2、yments4.fixedchargecoverageratio=(earningsbeforeinterestandtaxes+leasepayments)/(interestpayments+leasepayments)5.dividendpayoutratio=commonsharedividends/netincomeattributabletocommonshares6.sustainablegrowthrate=retentionrate*returnonequity7.earningsp

3、ershare=(netincome–preferreddividends)/weightedaveragenumberofordinarysharesoutstanding8.Freecashflowtoequity(FCFE)=cashflowfromoperatingactivities–investmentinfixedcapital+netborrowing9.Freecashflowtothefirm(FCFF)=cashflowfromoperatingactivities+intere

4、stexpense*(1-taxrate)–investmentinfixedcapital10.Inventoryturnoverratio=COGS/Averageinventory11.Returnonassets=NI/Averageassets12.accountsreceivableturnover=sales/accountsreceivableReading21Inventories:ImplicationsforFinancialStatementsandRations1.COGS=

5、beginninginventory+purchases–endinginventory.TheCOGSandendinginventoryareinverselyrelated.2.LIFOreserve=inventoryunderFIFO-inventoryunderLIFO；inventoryunderFIFO=inventoryunderLIFO+LIFOreserveCOGSunderFIFO=COGSunderLIFO–changeinLIFOreserveNIunderFIFO=NIu

6、nderLIFO+changeinLIFOreserve*(1-taxrate)RetainedEarningsunderFIFO=REunderLIFO+LIFOreserve*(1-rt)3.UnderFIFO,incomebeforetaxesishigher,taxespaidishigher,cashislower,inventoryincreasesbyalargeramountthancashdecreases,andshareholders’equityishigherbecauseo

7、fhigherretainedearnings.4.LIFObetterreflectsreplacementcost,soitsgrossprofitmarginwouldbestreflectcurrentcostsoftheindustry.AsLIFOreserveisdecreasing,itmayreflectaLIFOliquidation(后进先出法清算，一般发生在期末存货少于期初存货的情况下)whichmaydistortgrossprofitmargin.5.LIFOandFIFO

8、Comparison1.inventoryvaluationmethodReading22Long-livedAssets:ImplicationsforFinancialStatements&Ratios1.Researchanddevelopmentcosts:IFRS-researchcostsareexpensed;developmentcostsarecapitalized.GAAP-bothareexpensed.2.Softwaredeve