某公司的股票是否值得買 … ？公司計劃擴廠、研發新商品 … ，資金將如何調度 … ？某公司欲賒購商品，其是否有短期償債的能力 …

13-1

Efficient use of financial resources

問題• 某公司的股票是否值得買…？• 公司計劃擴廠、研發新商品…，資金將如何

調度…？• 某公司欲賒購商品，其是否有短期償債的能

力…？

• 賣得多，賺得多？

• The Production executive said, “Remember, nothing happens in this place until we produce something.”

• The director of research and development said, “Wrong. Nothing happens until we design something.”

• The marketing executive said, “Nothing happens here until we sell something.”

• The accounting manager said, “It doesn’t matter what you produce, design, or sell. No one knows what happens until we tally up the results!”

Good financial management is critical to any business

firm’s success.

13-4


Open-book management( 公開化管理方式 )

• Meaning– Sharing operating and financial

information with employees.• Advantage

– To show employees how their work directly influences the company’s overall financial performance

– To increase employees’ feelings of “ownership” in the firm

13-5


Uses of accounting informationAccounting

information

Stakeholders

Financial Statement

Financial Ratio analysis

Budget types

Incremental & zero-based budgets

1. ReportingObtaining accurate financial data about a company & create reports for stakeholders

2. Managerial decision makingManagers and owners of businesses regularly make decisions based on detailed information

3. ControlBy reviewing financial information, managers monitor performance of people, departments, divisions, and products

13-6


問題Accounting

information

Stakeholders

Financial Statement


Budget types


• 系學會憑什麼向我收錢…拒繳會費 !!( 不清楚資金運用狀況 )

• 畢業旅行方案：花東、泰國、法國… ( 好玩 vs. 經費 )

• 為什麼每個月錢都不夠用？( 預算？資金控制？ )

13-7


Stakeholders in accounting information

Accounting information

Stakeholders

Financial Statement


Budget types


To determine a firm's legitimate deductible expenses; To calculate a firm's tax liabilities; To ensure that investors have accurate information on a firm to make investment decisions

Government agencies

To assess a firm's ability to pay for material and supplies

Suppliers

To determine a firm's ability to provide competitive wages and benefits; To use in contract negotiations

Union officials

To assess the risk involved in lending money to a firmCreditors

To calculate returns to stockholders; To determine a firm's growth prospects

Investors

To assess and reduce costs and determine profitability; To calculate pay and benefits

Employees

To plan and control operationsManagers

Use of accounting informationStakeholder

Internal stakeholders External stakeholders

13-8


Internal & external Accounting information— problem


Stakeholders

Financial Statement


Budget types


• External stakeholders’ problem– Is the stock worthy to buy?– How about the sales,

profits and expenses?• Internal stakeholders’

problem– What is the cost of

production, marketing project…?

13-9


Internal & external Accounting information


Stakeholders

Financial Statement


Budget types


• Financial accounting– Information that serves

external stakeholders.• Managerial accounting

– Information that serves internal users.

13-10


Balance sheet & income statement


Stakeholders

Financial Statement


Budget types


Balance sheet

Balance sheet

IncomestatementIncome

statement

Summarizes a firm's financial position at a particular date – like a photograph

Reports how a firm performed during the periods represented and shows whether the firm made a profit –like a motion picture

13-11


Accounting equation ( 會計方程式 )Accounting

information

Stakeholders

Financial Statement


Budget types


Assets

Any economic resource expected to benefit a firm or individual who owns it

= Liabilities

Debts or amounts owed to an outside individual or organization

+ Owners' equity

Legal and economic claims against assets

Excess of assets after subtracting liabilities

The accounting equation

13-12


Balance sheet — the asset sideAccounting

information

Stakeholders

Financial Statement


Budget types


• Meaning of asset ( 資產 )– Any economic resource

expected to benefit a firm or an individual who owns it.

• A firm’s assets are listed on the balance sheet in descending order of liquidity — that is, in terms of the ease with which they can be converted into cash.

13-13


Balance sheet — liabilities and owners’ equity


Stakeholders

Financial Statement


Budget types


• Liabilities ( 負債 )– Debts or amounts owed

to an outside individual or organization.

• Owners’ equity ( 業主權益 )– The excess of assets

after subtracting liabilities.

Balance sheet ( 資產負債表 )


Stakeholders

Financial Statement


Budget types


LIABILITIESCURRENT LIABILITIESACCOUNTS PAYABLE $ 12,450DIVIDENDS PAYABLE 2,514ACCRUED LIABILITIES 31,297INCOME TAXES PAYABLE 7,123TOTAL CURRENT LIABILITIES $ 53,384

LONG-TERM LIABILITIESDEFERRED INCOME TAXES 9,014HEALTH CARE &LIFE INSURANCE 6,145INDUSTRIAL DEVELOP. BONDS 7,500DEFERRED COMPENSATION 14,923TOTAL LONG-TERM LIABIL. $ 37,582

TOTAL LIABILITIES $ 90,966

OWNERS' EQUITYSHAREHOLDERS' EQUITYCOMMON STOCK $ 243,301RETAINED EARNINGS 153,156TOTAL SHAREHOLDERS' EQUITY $ 396,457

TOTAL LIABILITIES & EQUITY $ 487,423

ASSETSCURRENT ASSETSCASH $ 80,744INVESTMENTS 83,176ACCOUNTS RECEIVABLE 22,434INVENTORY 36,520PREPAID EXPENSES 3,081 DEFERRED INCOME TAXES 2,584TOTAL CURRENT ASSETS $228,539

FIXED ASSETSPROPERTY, PLANT, EQUIP. $ 83,024 LAND 7,774 BUILDINGS 22,226 MACHINERY/EQUIP. 133,601 ACCUM. DEPREC. (80,577)TOTAL FIXED ASSETS $ 83,024

OTHER ASSETSINTANGIBLE ASSETS $ 87,843INVESTMENTS 59,252CASH CURR. VALUE 28,765TOTAL OTHER ASSETS $ 175,860

TOTAL ASSETS $ 487,423

13-15


Income statement (profit and loss statement)


Stakeholders

Financial Statement


Budget types


• It reports on how a company performed during the periods presented and shows whether the firm’s operations made a profit.

• The income statement matches the revenues earned against all the costs and expenses incurred to operate the firm.

13-16


Content of Income statement1


Stakeholders

Financial Statement


Budget types


• Revenue– The primary source of

revenue earned by a firm from its customers for goods sold or services rendered.

13-17




Stakeholders

Financial Statement


Budget types


• Cost of goods sold1

– All the costs a firm incurs to purchase raw materials and supplies and then to convert them into the finished goods that it sells.

• Cost of goods sold2

– Components•Direct materials•Direct labor•Production overhead costs

13-18




Stakeholders

Financial Statement


Budget types


• Operating expenses– Other costs incurred in

producing a good or service, including selling and administrative costs, amortization, and income taxes.

• Gross vs. net earnings

13-19


Income statement ( 損益表 )Accounting

information

Stakeholders

Financial Statement


Budget types


NET SALES $ 388,659COST OF GOODS SOLD (187,617) GROSS PROFIT $ 201,042

SELLING, MARKETING, AND ADMINISTRATIVE EXPENSES (97,070)AMORTIZATION OF INTANGIBLE ASSETS (2,706) PROFIT FROM OPERATIONS $ 101,265

OTHER INCOME, NET 4,798 PROFIT BEFORE TAXES $ 106,063

PROVISION FOR INCOME TAXES (38,537) NET PROFITS $ 67,526

13-20


NET SALES $ 388,659COST OF GOODS SOLD (187,617) GROSS PROFIT $ 201,042

SELLING, MARKETING, AND ADMINISTRATIVE EXPENSES (97,070)AMORTIZATION OF INTANGIBLE ASSETS (2,706) PROFIT FROM OPERATIONS $ 101,265

OTHER INCOME, NET 4,798 PROFIT BEFORE TAXES $ 106,063

PROVISION FOR INCOME TAXES (38,537) NET PROFITS $ 67,526

OTHER EARNINGS, NET OF TAX UNREALIZED GAINS (LOSSES) ON SECURITIES 976 FOREIGN CURRENCY ADJUSTMENTS (30) OTHER COMPREHENSIVE EARNINGS 946

TOTAL NET INCOME $ 68,472

Net earnings (income)Accounting

information

Stakeholders

Financial Statement


Budget types


Net Profit = Gross profit minus operating expenses and income taxesNet earnings = net profit with adjustments for gains and losses on securities, foreign currency fluctuations, or extraordinary items (like losses due to fire)

Net profit = gross profit minus operating expenses and income taxes

If a firm doesn’t have enough cash on hand, it can’t pay its rent, meet its payroll, or fund its day-today operations. There are companies, in fact, that are profitable but still end up filing for bankruptcy because they don’t have the cash to pay their bills.

13-22


Cash flow statement ( 現金流量表 )Accounting

information

Stakeholders

Financial Statement


Budget types


Operating

activities

Operating

activities

Identifies where cash camefrom and where it was spentIdentifies where cash came

from and where it was spent

Investing activitiesInvesting activities

Financing activities

Financing activities

Revenues and expenses from the firm's major line of businessRevenues and expenses from

the firm's major line of business

Includes purchase or sale of capital assets (land, buildings)

and securities

Includes purchase or sale of capital assets (land, buildings)

and securities

Includes issuing stock, notes, bonds payable, treasury stock, &

dividends

Includes issuing stock, notes, bonds payable, treasury stock, &

dividends

13-23


Financial ratio analysis


Stakeholders

Financial Statement


Budget types


• Financial ratios– Quantitative measure

that assesses the relationship between financial statement variable.

13-24


Liquidity ratios 流動性比率— current ratio ( 流動比率 )


Stakeholders

Financial Statement


Budget types


Current ratio = Current assets Current liabilities

Liquidity ratios: Measures the ability of the firm to meet its short-term financial obligations.

Is there a sufficient amount of current assets to pay off current liabilities? What is the cushion of safety?

Accountant’s rule: 2:1

13-25


Liquidity ratios — acid-test ratio ( 速動比率 )


Stakeholders

Financial Statement


Budget types


Acid-test ratio = Current assets - inventory Current liabilities

What happens to the firm’s ability to repay current liabilities after the least liquid of the current assets is subtracted?

Accountant’s rule: 1:1

13-26


DiscussionAccounting

information

Stakeholders

Financial Statement


Budget types


• 汽車經銷商 vs. 電腦零售商→流動比率 vs. 速動比率

13-27


Leverage ratios ( 槓桿比率 ) — debt-equity ratio ( 負債對淨值比率或負債比

率 )Accounting

information

Stakeholders

Financial Statement


Budget types


Debt-equity ratio =Total liabilitiesowners equity

What proportion of the firm’s equity are financed with debt?

Leverage ratios: Measures of the degree to which a firm relies on borrowed funds in its operations.

13-28



Stakeholders

Financial Statement


Budget types


Leverage ratios— times interest earned ratio ( 利息

保障倍數 )

Times interest earned ratio = Ebit _Interest expense

What is the margin of safety in the ability to repay interest payments?

It’s a measure of safety in that it tells management how far profits can decline before it would be unable to meet its interest expenses.

The higher the ratio, the greater the margin of safety.

(Earnings before interest & taxes, ebit)

13-29


Profitability ratios ( 獲利性比率 )— return on sales ratio ( 銷售報酬率或營業淨

利率 )Accounting

information

Stakeholders

Financial Statement


Budget types


Return on sales ratio =Net incomeNet sales

What is the amount of net profit for each dollar of sales? Are total costs too high?

Profitability ratios: Measures of how effective a firm is at using its resources to achieve profits.

13-30


Profitability ratios— return on equity ratio ( 淨值報酬率 )Accounting

information

Stakeholders

Financial Statement


Budget types


Return on equity ratio =Net incomeOwners equity

What is the relationship between investment and profits? Is the firm cost efficient and productive?

13-31


Profitability ratios— earnings per share ( 每股盈餘 )


Stakeholders

Financial Statement


Budget types


Earnings per share =Net income# Of shares

Has large influence on a stock's market price

13-32


Activity ratios ( 經營比率 )— inventory turnover ratio ( 存貨週轉

率 )Accounting

information

Stakeholders

Financial Statement


Budget types


Inventory turnover ratio =Cost of goods soldAverage inventory

Compare to industry norms. Is the current level of inventory appropriate, given the firm's current level of sales?

Activity ratios: Measures how effectively the firm is utilizing its resources to generate sales volume

13-33


Activity ratios— asset turnover ratio ( 總資產週轉率 )Accounting

information

Stakeholders

Financial Statement


Budget types


Asset turnover ratio =Net salesTotal assets

Compare to industry norms. Is the firm using all of its assets effectively to generate sales?

13-34


重要財務比率與說明 — 獲利能力分析

項目說明

營業淨利率 =( 營業淨利 / 營業收入淨額 ) ＊100%

檢測企業營運活動的營業獲利，佔營收淨額的比率，以了解企業的獲利況。通常，比率越高越好。

淨值報酬率 =( 稅後淨利 / 股東權益總額 ) ＊100%

檢測公司以自有資金從事營利活動，所獲得的利潤比率。此項指標反應股東淨值的酬率高低，通常，比率越高越好。

總資產報酬率 =( 稅前淨利 / 總資產 ) ＊100%

檢測公司所動用的總資產，與整體營運活動獲利之間的關係，藉以顯示企業營運活動的利潤創造能力高低，通常，愈高愈好。

重要財務比率與說明 — 經營效能分析項目說明

存貨週轉率 =銷貨成本 / 平均存貨成本

檢測企業營運過程中，所需建立的存貨規模比率。愈小，表示需要愈多旳存貨來維持企業的營運，通常，比率愈大愈好。

應收款項週轉率= 營業收入 /( 應收帳款 + 應收票據 )

檢測企業營運過程中，為順利銷貨而延後收款的規模，佔總營收的規模大小。規模愈大，次數越小，表示帳款的回收速度愈慢。

固定資產週轉率= 營業收入 / 固定資產

檢測企業用於營運活動的固定資產規模與營收規模之間的關係，比率愈大，表示固定資產的使用效能愈高，企業績愈高。

淨值週轉率 =營業收入 / 股東權益總額

檢測企業用於營運活動的自有資本規模與營收規模之間關係，比率愈大，表示自有資本的使用效能愈高，企業績效應愈高。

總資產週轉率 =營業收入 / 總資產

檢測企業於營運活動的總資產規模與營收規模之間關係，比率愈大，表示總資產的使用效能愈高，企業績效應愈高。

13-36


重要財務比率與說明 — 償債能力分析

項目說明

流動比率 =( 流動資產 /流動負債 ) ＊ 100%

檢測企業清償短期負債的能力高低，比率越高，表示能在短期將流動資產變換為現金，以清償負債的能力越強。

速動比率 =(( 流動資產 - 存貨 )/ 流動負債 ) ＊ 100%

檢測企業清償短期負債的能力高低，比率越高，表示清償負債的能力越強。

13-37


重要財務比率與說明 — 財務結構分析 1

項目說明流動資產佔總資產比率 =( 流動資產 /總資產 ) ＊ 100%

檢測企業的資產結構中，屬於短期可以迅速變現的資產比重高低。流動資產比重愈高，顯示資產變現能力愈高。

固定資產佔總資產比率 =( 固定資產 /總資產 ) ＊ 100%

檢測企業的資產結構中，屬於長期不易變現的資產比重高低。固定資產比重愈高，顯示資產變現能力愈低。

流動負債佔總資產比率 =( 流動負債 /總資產 ) ＊ 100%

檢測企業的資產結構中，屬於短期可能要迅速償還的負債比重高低。流動負債比重愈高，顯示短期還款的壓力愈高。

13-38


重要財務比率與說明 — 財務結構分析 2

項目說明長期負債佔總資產比率 =( 長期負債 /總資產 ) ＊ 100%

檢測企業的資產結構中，屬於還款期間較長的負債比重高低。長期負債比重愈高，顯示企業長期還款的壓力愈高。

淨值佔總資產比率=( 股東權益總額 /總資產 ) ＊ 100%

檢測企業的資產結構中，屬於股東權益之比重高低。淨值比重愈高，顯示股東權益比例愈高，財務槓桿效果愈小。

負債比率 =( 負債總額 / 股東權益總額 ) ＊ 100%

檢測企業的資產結構中，屬於債權資金之比重高低。負債比重愈高，顯示債權資金比例愈高，財務槓桿效果愈大，財務風險愈高。

13-39


問題• 小明向我借一百萬，期限二個月，他是否有

能力還？ ( 流動比率或速動比率 )• 融資建立高度自動化之生產線，但是利息負擔沉重… !( 利息保障倍數 )

•天天都便宜…是否是個好對策？ ( 銷售報酬率 )

• 研究所選世選新還是選大葉？ ( 資產報酬率 )•ㄨㄨ股票是否值得買？ ( 淨值報酬率 )•ㄨㄨ股票會不會突爆跌？ ( 本益比 )…

The power of ratios lies in comparing them with past

ratios for the firm itself and comparing the firm’s ratios to other companies in its

industry.

13-41


BudgetsAccounting

information

Stakeholders

Financial Statement


Budget types


• Meaning– A quantitative plan

for allocating resources to specific activities.

13-42


Types of budgetsAccounting

information

Stakeholders

Financial Statement


Budget types


1. Revenue budgets

2. Expense budgets

3. Profit budgets

4. Cash budgets

5. Capital expenditure budgets

Projects future sales

Lists the primary activities undertaken and allocates a dollar amount to each

Combine revenue and expense budgets into one

Forecasts how much cash the business will have on hand and how much it will need

Assess capital needs and prioritize capital projects

13-43


Budgets — exampleAccounting

information

Stakeholders

Financial Statement


Budget types


•導入 ERP 所需之金額為何？( 資本支出預算 )

•教育訓練的費用為何？ ( 支出預算 )

• 擴充產品線可帶來的實質效益為何？ ( 收入預算 )

•交易的付款方式為何？是否有足夠資金…？ ( 現金預算 )

13-44


The downside of budgetsAccounting

information

Stakeholders

Financial Statement


Budget types


• Hiding inefficiencies• Hindering change• 問題

– 某國立大學校長因預算經費未全數消耗，被教育部糾正 !!!

13-45


Incremental budget vs. zero-base budgets1


Stakeholders

Financial Statement


Budget types


• Incremental budget (累計式預算方式 )– A system of budgeting

in which allocations are based on the budget for the previous period.

13-46


Incremental budget vs. zero-base budgets2


Stakeholders

Financial Statement


Budget types


• Zero-base budgets (零基預算 )– A system of budgeting

in which requests for funds begin from scratch in each budget period, regardless of previous appropriations.

13-47


Budgeting skills1

• Review the organization’s overall strategy and goals.

• Determine your unit’s goals and the means to attain them.

• Decide the resources you’ll need to accomplish your unit’s goals.

• Gather cost information.

13-48


Budgeting skills2

• Share your goals and cost estimates with your manager.

• Draw up your proposed budget.• Be prepared to negotiate.• Monitor your budget.• Take action if you’re not staying within

budget.• Keep superiors informed of your

progress.

13-49


問題討論 — ㄨㄨ系 93 學年度預算Accounting

information

Stakeholders

Financial Statement


Budget types


• 中長程發展計劃為何？使命、目標…

•教育部補助款之額度？•各老師、團隊提出需求計劃•優先順位之安排協調•編列預算…

13-50


International accounting issuesAccounting

information

Stakeholders

Financial Statement


Budget types


Inflation ratesMake it difficult to accurately evaluate assets

Foreign currency exchange ratesCan make or lose money merely

through changes during the accounting period

Consolidated statementsDiffering accounting practices around the world

13-51


Business plan — Accounting and Finance

• Presenting current and projected financial statements

• Outlining financial needs• Describing the firm’s accounting

and control systems• Detailed budgets• New ventures will also need to

create start-up budgets

Documents

某公司的股票是否值得買 … ？ 公司計劃擴廠、研發新商品 … ，資金將如何調度 … ？ 某公司欲賒購商品 ， 其是否有短期償債的能力 …

某公司的股票是否值得買 … ？公司計劃擴廠、研發新商品 … ，資金將如何調度 … ？某公司欲賒購商品，其是否有短期償債的能力 …