ACCA考点:财务报表分析例题

分析两道题:a.In a period of rising prices,what is the effect of valuing closing inventory using FIFO instead of AVCO on the f

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分析两道题:

a.In a period of rising prices,what is the effect of valuing closing inventory using FIFO instead of AVCO on the following ratios?

1.Inventory turnover days

2.Current ratio

3.Quick ratio

在物价上涨的情况下,采用先进先出法下的closing inventory的价值会大于采用加权平均法下closing inventory的价值,所以对于

inventory turnover days=closing inventory/purchase*365,会变大。

Current ratio=current assets/current liabilities,会变大点击免费下载>>>更多ACCA学习相关资料

Quick ratio=(current assets-inventory)/current liabilities,不受closing inventory的值影响。

在这里会有一些同学产生疑问,inventory是减数,inventory的变大,会使分子变小,从而使quick ratio变小,为什么不会受到影响呢?

这是因为算quick ratio时已经将inventory从current assets中扣除,所以无论inventory变大变小都不会对quick ratio有影响。

换句话说,current assets=inventory+other current assets(current assets包含了inventory和除inventory以外的current assets)

current assets-inventory

=inventory+other current assets-inventory

所以quick ratio=other current assets(除inventory以外的current assets)/current liability

故quick ratio和inventory无关。

b.Jessie Co has a 31 July 20X3 year end.On 31 July 20X3 issues 7%redeemable preference repayable in ten years'time.

What is the effect of this on the return on capital employed(ROCE)and gearing ratio(debt/capital employed)for year ended 31 July 20X3?

redeemable preference share可赎回优先股是作为一个Non-current liability处理的。

ROCE=Profit before tax and interest/capital employed(equity+NCL),分子不变,分母增加,导致ROCE变小。

有的同学会问:发放优先股难道所有者权益不增加吗?

优先股可分为可赎回和不可赎回优先股。

不可赎回优先股,作为公司equity来对待;

可赎回优先股,说明股东有权利将股票赎回,也就是公司无法避免未来可能会发生cash out to pay these redeemable preference shares,那么既然无法避免,出于谨慎性原则,就将其记录为负债。

ACCA PM考点:Building blocks of performance management

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