最新CFA L2 学习笔记2-financial reporting and analysis.doc

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1、__________________________________________________FinancialReportingandAnalysis1.defensiveintervalratio=(cash+short-termmarketableinvestments+receivables)/dailycashexpenditures2.financialleverageratio(equitymultiplier)=averagetotalassets/averageshareholders’equity3.interestcoverageratio=EBIT/inter

2、estpayments4.fixedchargecoverageratio=(earningsbeforeinterestandtaxes+leasepayments)/(interestpayments+leasepayments)5.dividendpayoutratio=commonsharedividends/netincomeattributabletocommonshares6.sustainablegrowthrate=retentionrate*returnonequity7.earningspershare=(netincome–preferreddividends)/w

3、eightedaveragenumberofordinarysharesoutstanding8.Freecashflowtoequity(FCFE)=cashflowfromoperatingactivities–investmentinfixedcapital+netborrowing9.Freecashflowtothefirm(FCFF)=cashflowfromoperatingactivities+interestexpense*(1-taxrate)–investmentinfixedcapital10.Inventoryturnoverratio=COGS/Averagei

4、nventory11.Returnonassets=NI/Averageassets12.accountsreceivableturnover=sales/accountsreceivableReading21Inventories:ImplicationsforFinancialStatementsandRations收集于网络，如有侵权请联系管理员删除__________________________________________________1.COGS=beginninginventory+purchases–endinginventory.TheCOGSandendingi

5、nventoryareinverselyrelated.2.LIFOreserve=inventoryunderFIFO-inventoryunderLIFO；inventoryunderFIFO=inventoryunderLIFO+LIFOreserveCOGSunderFIFO=COGSunderLIFO–changeinLIFOreserveNIunderFIFO=NIunderLIFO+changeinLIFOreserve*(1-taxrate)RetainedEarningsunderFIFO=REunderLIFO+LIFOreserve*(1-rt)3.UnderFIFO

6、,incomebeforetaxesishigher,taxespaidishigher,cashislower,inventoryincreasesbyalargeramountthancashdecreases,andshareholders’equityishigherbecauseofhigherretainedearnings.4.LIFObetterreflectsreplacementcost,soitsgrossprofitmarginwouldbestreflectcurrentcostsoftheindustry.AsLIFOreserveisdecreasing,it

7、mayreflectaLIFOliquidation(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.LIFOandFIFOComparison收集于网络，如有侵权请联系管理员删除__________________________________________________1.inventoryvaluationmethodReading