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1、2013/10/167-1CashFlowAnalysis07CHAPTER7-2StatementofCashFlowsRelevanceofCash•Cashisthemostliquidofassets.–Offersbothliquidityandflexibility.–Boththebeginningandtheendofacompany’soperatingcycle.•Contrast:AccrualaccountingandCashbasisaccounting.–Netcashflowastheen
2、dmeasureofprofitability.–Cashflowanalysishelpsinassessingliquidity,solvency,andfinancialflexibility.STATEMENTOFCASHFLOWSCashflowfromOperatingactivities:CFOcashreceiptsfromcustomerscashdisbursedto:suppliersofmerchandiseemployeesforsalariesCashflowfrominvestingact
3、ivities:CFIpurchaseofbuildings,equipments,plantsproceedsfromsalesoflongtermassetsCashflowfromfinancingactivities:CFFborrowing/repaylongtermdebtsissuingnewshares12013/10/167-4StatementofCashFlowsReportingbyActivities•Operatingactivitiesaretheearning-relatedactivi
4、tiesofacompany,e.g.sellinggoodsandservices.•Iffirmsdonotinthelongrungeneratemorecashfromoperationthanthereturnsoffundstoshareholdersandcreditors,thefirmsgobankrupt•Beyondrevenueandexpenseactivitiesrepresentedinanincomestatement,theyincludethenetinflowsandoutflow
5、sofcashresultingfromrelatedoperatingactivitieslikeextendingcredittocustomers,investingininventories,andobtainingcreditfromsuppliers.7-5StatementofCashFlowsReportingbyActivities•Investingactivitiesaremeansofacquiringanddisposingofnon-currentassets:investment,land
6、,property,plants,equipments.–Tomaintainthecurrentproductivityoftheoperation,afirmmustreplaceassetsthattheywearout(消耗）–Oldassetsmaybesoldastheybecomeobsolete(过时）,orasthefirmchangeproduction–Investingactivitiesthusprovideresourcetogeneratecashflowfromoperations7-6
7、StatementofCashFlowsReportingbyActivities•Financingactivitiesaremeansofcontributing,withdrawing,andservicingfundstosupportbusinessactivities.–Includeborrowingandrepayingfundswithbondsandotherloans;contributionsandwithdrawalsbyownersandtheirreturnoninvestment,i.e
8、.,cashdistributiontoshareholdersandcreditors.–Note:short-termliabilitiesgeneratedinoperation,suchasaccountpayable,isnotrelatedtothiscategory22013/10/167-7Cashflowpatt
