CSF – CALCULATED SALAR FOUNDATION - Indiana UniversityCSF–计算工资基础-印第安那大学

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calculator guidance CFA前导-计算器的使用

Calculator Guidance
Instructor: Feng
CONTENTS
01 Introduction 02 Setting Up The Calculator 03 Memory Functions 04 Time Value of Money 05 Capital Budgeting 06 Statistics (Standard Deviation) 07 Linear Regression and Covariance 08 Probabilities
Ø BAII+ Professional is recommended as we believe it is easier to use and has more functionality for the exam.
Texas Instruments BAII+ and BAII+ Professional
Hewlett Packard 12C and HP 12C Platnum
Understanding the functions of keys of your calculator
CPT ENTER (SET) 2ND CF
NPV
IRR →
N I/Y ↑↓
常用键功能
计算输入(设置)
PV PMT
Setting up the decimal points
Example:
Setting up to 6 decimal points
Steps
Display
[2nd][.]
DEC = 2.00
[6][ENTER]
DEC = 6.000000
现值
单个复利周期的cash flow(可用于计算年金)

fassis 相似计算大规模计算

fassis 相似计算大规模计算大规模计算是指通过对大量数据进行处理和分析，以获取有用信息的一种计算方式。

随着互联网和信息技术的发展，大规模计算正在成为各个领域的重要工具。

在这篇文章中，我们将以fassis相似计算为切入点，探讨大规模计算的应用和意义。

让我们来了解一下fassis相似计算。

fassis相似计算是一种基于图像和视频内容的计算方法，通过对图像和视频进行特征提取和匹配，来判断它们之间的相似度。

这种计算方式可以广泛应用于图像搜索、视频监控、人脸识别等领域。

在大规模计算中，fassis相似计算起到了重要的作用。

大规模计算的应用非常广泛。

在金融领域，大规模计算可以用来进行风险评估和投资决策。

通过对大量的金融数据进行分析和计算，可以快速准确地评估风险，并提供决策支持。

在医疗领域，大规模计算可以用来进行疾病诊断和治疗方案设计。

通过对大规模的医学数据进行分析和计算，可以帮助医生更好地理解疾病的发展规律，提供更准确的诊断和治疗方案。

在交通领域，大规模计算可以用来进行交通流量预测和交通优化。

通过对大量的交通数据进行分析和计算，可以帮助交通管理部门更好地规划路网，提高交通效率。

在电商领域，大规模计算可以用来进行用户行为分析和个性化推荐。

通过对大量的用户数据进行分析和计算，可以帮助电商平台更好地理解用户需求，提供更精准的推荐服务。

大规模计算的意义在于它可以帮助我们更好地理解和利用大数据。

随着互联网和物联网技术的发展，我们正处在一个数据爆炸的时代，每天都会产生大量的数据。

这些数据蕴含着重要的信息，但如果不经过计算和分析，这些信息将无法被发现和利用。

大规模计算通过对大数据进行处理和分析，可以帮助我们从海量的数据中提取有用的信息，为决策和创新提供支持。

同时，大规模计算还可以帮助我们发现数据之间的关联和规律，从而更好地理解和解决实际问题。

然而，大规模计算也面临着一些挑战和问题。

首先，由于数据量庞大，大规模计算需要强大的计算资源和高效的算法。

Excel中oddlprice函数的奇异债券净价计算

Excel中oddlprice函数的奇异债券净价计算Excel中的ODDLPRICE函数是一种用于计算奇异债券的净价的函数。

通过使用这个函数，我们可以轻松地计算出奇异债券的净现值，为我们的投资决策提供参考。

在Excel中，ODDLPRICE函数是基于一组特定的参数来计算奇异债券的净价的。

下面我们将详细介绍这些参数，并给出实际计算的例子。

首先，让我们了解一下ODDLPRICE函数的语法。

它的语法如下：ODDLPRICE(settlement; maturity; issue; first_coupon; rate; yield; redemption; frequency; basis)参数说明如下：- settlement: 结算日期，即购买债券的日期。

- maturity: 到期日，即债券的到期日期。

- issue: 发行日期，即债券的发行日期。

- first_coupon: 首次付息日，即债券的首次付息日期。

- rate: 年息票利率，即债券每年支付的利息。

- yield: 债券到期时的收益率。

- redemption: 债券到期时的赎回价值。

- frequency: 付息频率，即债券每年支付利息的次数。

- basis: 日计算基准，即计算利息的天数。

下面是一个实际的例子，用来说明如何使用ODDLPRICE函数来计算奇异债券的净价。

假设我们购买了一张面值1000元的奇异债券，购买日期为2022年1月1日，到期日期为2027年12月31日，债券发行日期为2021年1月1日，首次付息日期为2022年1月1日，年息票利率为4%，债券到期时的收益率为5%，债券到期时的赎回价值为1000元，付息频率为每年支付一次利息，日计算基准为实际天数。

我们可以使用如下的Excel公式来计算奇异债券的净价：=ODDLPRICE("2022/1/1"; "2027/12/31"; "2021/1/1"; "2022/1/1"; 0.04;0.05; 1000; 1; 1)在这个例子中，我们将ODDLPRICE函数的各个参数都进行了相应的填写。

基金风格因子暴露python代码

基金风格因子暴露python代码基金风格因子暴露是投资组合管理中的一种重要分析工具，它用于衡量基金经理的投资风格特征。

通过分析基金在不同风格因子上的暴露程度，投资者可以更好地理解基金经理的投资策略和风险偏好，从而做出更准确的投资决策。

在使用Python进行基金风格因子暴露分析时，我们可以使用一些常见的金融数据分析库和工具，如pandas、numpy和statsmodels 等。

首先，我们需要获取基金的历史收益率数据和风格因子数据。

可以从金融数据供应商或网站上获取这些数据，或者使用pandas库中的数据读取函数来导入数据。

接下来，我们可以使用pandas和numpy库对数据进行预处理，例如处理缺失值和非数值数据，计算收益率和风格因子的日度、周度或月度变化等。

然后，我们可以使用statsmodels库中的回归分析函数来拟合回归模型，以计算基金在不同风格因子上的暴露。

回归模型可以使用多元线性回归、岭回归或lasso回归等方法。

下面是一个简单的示例代码，演示了如何使用statsmodels库进行回归分析来计算基金在市场因子(Market Factor)和规模因子(Size Factor)上的暴露：```import pandas as pdimport numpy as npimport statsmodels.api as sm# 导入基金收益率和风格因子数据returns = pd.read_csv('returns.csv')factors = pd.read_csv('factors.csv')# 数据预处理，例如处理缺失值和非数值数据returns = returns.dropna()factors = factors.dropna()# 计算收益率和风格因子的变化returns_change = returns.pct_change()factors_change = factors.pct_change()# 构建回归模型X = sm.add_constant(factors_change[['Market Factor', 'Size Factor']])y = returns_change# 拟合回归模型model = sm.OLS(y, X).fit()# 输出回归结果print(model.summary())# 输出风格因子暴露exposures = model.params[1:]print(exposures)```在上述代码中，我们首先导入基金收益率数据和风格因子数据，并进行了数据预处理。

数据通信原理实验指导书

实验一编码与译码一、实验学时：2学时二、实验类型：验证型三、实验仪器：安装Matlab软件的PC机一台四、实验目的：用MA TLAB仿真技术实现信源编译码、差错控制编译码,并计算误码率。

在这个实验中我们将观察到二进制信息是如何进行编码的。

我们将主要了解：1．目前用于数字通信的基带码型2．差错控制编译码五、实验内容：1．常用基带码型（1）使用MATLAB 函数wave_gen 来产生代表二进制序列的波形,函数wave_gen 的格式是：wave_gen(二进制码元,…码型‟,Rb)此处Rb 是二进制码元速率,单位为比特/秒（bps）。

产生如下的二进制序列：>> b = [1 0 1 0 1 1];使用Rb=1000bps 的单极性不归零码产生代表b的波形且显示波形x，填写图1-1：>> x = wave_gen(b,…unipolar_nrz‟,1000);>> waveplot(x)（2）用如下码型重复步骤（1）（提示：可以键入“help wave_gen”来获取帮助），并做出相应的记录：a 双极性不归零码b 单极性归零码c 双极性归零码d 曼彻斯特码(manchester)x 10-3x 10-3x 10-3x 10-32．差错控制编译码（1）使用MATLAB 函数encode 来对二进制序列进行差错控制编码, 函数encode 的格式是：A ．code = encode(msg,n,k,'linear/fmt',genmat)B ．code = encode(msg,n,k,'cyclic/fmt',genpoly)C ．code = encode(msg,n,k,'hamming/fmt',prim_poly)其中A ．用于产生线性分组码，B ．用于产生循环码，C ．用于产生hamming 码，msgx 10-3图1-5曼彻斯特码图1-1 单极性不归零码图1-3单极性归零码图1-4双极性归零码图1-2双极性不归零码为待编码二进制序列，n为码字长度，k为分组msg长度，genmat为生成矩阵，维数为k*n，genpoly为生成多项式,缺省情况下为cyclpoly(n,k)。

怀尔德会计学原理答案Chapter-03

Chapter 3Adjusting Accounts and Preparing1. The cash basis of accounting reports revenues when cash is received while theaccrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred and matched with revenues they generated.2. The accrual basis of accounting generally provides a better indication of companyperformance and financial condition than does the cash basis. Also, the accrual basis increases the comparability of financial statements from one period to the next.Thus, business decision makers generally prefer the accrual basis.3. Businesses that have major seasonal variations in sales are most likely to select thenatural business year as the fiscal year.4. A prepaid expense is an item paid for in advance of receiving its benefits. As such, itis reported as an asset on the balance sheet.5. Long-term tangible plant assets such as equipment, buildings, and machinery leadto adjustments for depreciation. Generally, land is the only long-term tangible plant asset that does not require depreciation.6. The Accumulated Depreciation contra account is used for depreciation. It providesfinancial statement users with additional information about the relative age of the assets. Without the contra account information, the reader would not be able to tell whether the assets are new or in need of replacement.7. Unearned revenue refers to cash received in advance of providing products andservices. Another name for unearned revenue is deferred revenue. It is reported asa liability on the balance sheet.8. Accrued revenue is revenue that is earned but is not yet received in cash (and/orother assets) and the customer has not been billed prior to the end of the period.Therefore, end-of-period adjustments are made to record accrued revenue.Examples are interest income that has been earned but not collected and revenues from services performed that are neither collected nor billed.9.A If prepaid expenses are initially recorded with debits to expense accounts, then theprepaid expenses asset accounts are debited in the adjusting entries.10. For Best Buy, all of the accounts under the category of Property and Equipment(except for Land), require adjusting entries. The expense related to the depreciation expense account would be understated on the income statement if Best Buy fails to adjust these asset accounts. If the adjusting entries are not made, net income would be overstated. Note: Students might also correctly identify accounts receivable, goodwill, and tradenames as needing adjustment.11. Circuit City must make adjusting entries to Prepaid expenses and other currentassets; Deferred income taxes; Accrued expenses and other current liabilities;Accrued income taxes; and possibly other assets and liabilities such as Receivables for bad debts. (It is also possible that Circuit City would need to adjust Goodwill and Other intangible assets.)12. RadioShack would need to debit interest receivable and credit interest revenue.13. The Accrued Wages Expense would be reported as part of “Accrued Expenses” onCash AccountingRevenues (cash receipts) ...................................................... $52,000Expenses (cash payments: $37,500 - $6,000 + $3,250) ...... 34,750Net income ............................................................................. $17,250 Accrual AccountingRevenues (earned) ................................................................ $60,000Expenses (incurred) .............................................................. 37,500Net income .............................................................................. $22,500 Quick Study 3-2 (10 minutes)a. AE Accrued expensesb. PE Prepaid expensesc. UR Unearned revenuesd. PE Prepaid expenses (Depreciation)e. AR Accrued revenuesa. Debit Unearned Revenue Balance SheetCredit Revenue Earned Income Statementb. Debit Wages Expense Income StatementCredit Wages Payable Balance Sheetc. Debit Accounts Receivable Balance SheetCredit Revenue Earned Income Statementd. Debit Insurance Expense Income StatementCredit Prepaid Insurance Balance Sheete. Debit Depreciation Expense Income StatementCredit Accumulated Depreciation Balance SheetQuick Study 3-4 (15 minutes)a. Insurance Expense ....................................................... 3,000Prepaid Insurance ................................................. 3,000 To record 6-month insurance coverage expired.b. Supplies Expense ......................................................... 4,150Supplies .................................................................. 4,150 To record supplies used during the year.($900 + $4,000 – [?] = $750)Quick Study 3-5 (15 minutes)a. Depreciation Expense—Equipment ............................ 8,400Accumulated Depreciation—Equipment ............. 8,400 To record depreciation expense for the year.($45,000 - $3,000) / 5 years = $8,400b. No depreciation adjustments are made for land asit is expected to last indefinitely.Salaries Expense (400)Salaries Payable (400)To record salaries incurred but not yet paid.[One student earns $100 x 4 days, Mondaythrough Thursday]Quick Study 3-7 (15 minutes)a. Unearned Revenue ........................................................ 22,500Legal Revenue ....................................................... 22,500 To recognize legal revenue earned (30,000 x 3/4).b. Unearned Subscription Revenue ................................ 1,200Subscription Revenue ........................................... 1,200 To recognize subscription revenue earned.[100 x ($24 / 12 months) x 6 months]1. Accrue salaries expense e ga f2. Adjust the Unearned Services Revenue accountto recognize earned revenueb f3. Record the earning of services revenue for whichcash will be received the following periodQuick Study 3-9 (10 minutes)The answer is a.ExplanationThe debit balance in Prepaid Insurance was reduced by $400, implying a $400 debit to Insurance Expense. The credit balance in Interest Payable increased by $800, implying an $800 debit to Interest Expense.The answer is 2.ExplanationInsurance premium errorUnderstates expenses (and overstates assets) by .......... $1,600 Accrued salaries errorUnderstates expenses (and understates liabilities) by .... 1,000The collective effects from this company’s errors follow:Understates expenses by ..................................................... $2,600Overstates assets by ............................................................. $1,600Understates liabilities by ...................................................... $1,000 Quick Study 3-11 (10 minutes)Profit margin = $78,750 / $630,000 = 12.5%Interpretation: For each dollar that records as revenue, it earns 12.5 cents in net income. Miller’s 12.5% is markedly lower than competitors’ average profit margin of 15%—it must improve performance.Quick Study 3-12A (5 minutes)1. B 4. A2. F 5. D3. C 6. EExercise 3-2 (25 minutes)a. Depreciation Expense—Equipment ................................ 16,000Accumulated Depreciation—Equipment..................... 16,000 To record depreciation expense for the year.b. Insurance Expense ........................................................... 5,360Prepaid Insurance* ....................................................... 5,360 To record insurance coverage that expired($6,000 - $640).c. Office Supplies Expense .................................................. 3,422Office Supplies**............................................................ 3,422 To record office supplies used ($325 + $3,480 - $383).d. Unearned Fee Revenue .................................................... 3,000Fee Revenue .................................................................. 3,000 To record earned portion of fee received in advance($15,000 x 1/5).e. Insurance Expense ........................................................... 6,160Prepaid Insurance ......................................................... 6,160 To record insurance coverage that expired.f. Wages Expense ................................................................. 2,700Wages Payable .............................................................. 2,700 To record wages accrued but not yet paid.a. Unearned Fee Revenue .................................................... 5,000Fee Revenue .................................................................. 5,000 To record earned portion of fee received in advance($15,000 x 1/3).b. Wages Expense ................................................................. 7,500Wages Payable .............................................................. 7,500 To record wages accrued but not yet paid.c. Depreciation Expense—Equipment ................................ 17,251Accumulated Depreciation—Equipment..................... 17,251 To record depreciation expense for the year.d. Office Supplies Expense .................................................. 5,682Office Supplies*............................................................. 5,682 To record office supplies used ($240 + $6,102 - $660).e. Insurance Expense ........................................................... 2,700Prepaid Insurance†........................................................ 2,700 To record insurance coverage expired ($4,000 - $1,300).f. Interest Receivable ......................................................... 1,400Interest Revenue ........................................................ 1,400 To record interest earned but not yet received.g. Interest Expense ............................................................. 2,000Interest Payable........................................................... 2,000 To record interest incurred but not yet paid.a. Adjusting entry2009Dec. 31 Wages Expense (825)Wages Payable (825)To record accrued wages for one day.(5 workers x $165)b. Payday entry2010Jan. 4 Wages Expense.......................................................2,475Wages Payable (825)Cash .....................................................................3,300To record accrued and current wages.Wages expense = 5 workers x 3 days x $165Cash = 5 workers x 4 days x $165Exercise 3-5 (15 minutes)a. $ 2,000b. $ 6,607c. $11,987d. $ 1,375Proof: (a) (b) (c) (d) Supplies available – prior year-end ......... $ 350 $1,855 $ 1,576 $1,375 Supplies purchased in current year ........ 2,450 6,307 11,987 6,907 Total supplies available ............................ 2,800 8,162 13,563 8,282 Supplies available – current year-end ..... (800) (6,607) (2,056) (800) Supplies expense for current year........... $2,000 $1,555 $11,507 $7,482a.Apr. 30 Legal Fees Expense ........................................... 4,500Legal Fees Payable ..................................... 4,500 To record accrued legal fees.May 12 Legal Fees Payable ............................................ 4,500Cash ............................................................. 4,500 To pay accrued legal fees.b.Apr. 30 Interest Expense ................................................. 1,900Interest Payable .......................................... 1,900 To record accrued interest expense($5,700 x 10/30).May 20 Interest Payable .................................................. 1,900Interest Expense ................................................. 3,800Cash ............................................................. 5,700 To record payment of accrued and currentinterest expense ($5,700 x 20/30).c.Apr. 30 Salaries Expense ................................................ 4,800Salaries Payable.......................................... 4,800 To record accrued salaries($12,000 x 2/5 week).May 3 Salaries Payable ................................................. 4,800Salaries Expense ................................................ 7,200Cash ............................................................. 12,000 To record payment of accrued andcurrent salaries ($12,000 x 3/5 week).Basis*Basis Basis**Basis Dec. 31, 2007 ........$14,450 $0 2007 ..........$ 850 $15,300 Dec. 31, 2008 ........9,350 0 2008 ..........5,100 0 Dec. 31, 2009 ........4,250 0 2009 .......... 5,100 0 Dec. 31, 2010 ........0 0 2010 .......... 4,250 0$15,300 $15,300 Explanations:*Accrual asset balance equals months left in the policy x $425 per month (monthly cost is computed as $15,300 / 36 months).Months Left Balance12/31/2007 .. 34 $14,45012/31/2008 .. 22 9,35012/31/2009 .. 10 4,25012/31/2010 .. 0 0**Accrual insurance expense equals months covered in the year x $425 per month.Months Covered Expense2007 ............ 2 $ 8502008 ............12 5,1002009 ............12 5,1002010 ............10 4,250$15,300Dec. 31 Accounts Receivable ............................................. 1,980Fees Earned ..................................................... 1,980 To record earned but unbilled fees (30% x $6,600).31 Unearned Fees ........................................................ 4,620Fees Earned ..................................................... 4,620 To record earned fees collected in advance(70% x $6,600).31 Depreciation Expense—Computers ..................... 1,650Accumulated Depreciation-Computers ........ 1,650 To record depreciation on computers.31 Depreciation Expense—Office Furniture ............. . 1,925A ccumulated Depreciation—Office Furniture ... 1,925To record depreciation on office furniture.31 Salaries Expense .................................................... 2,695Salaries Payable.............................................. 2,695 To record accrued salaries.31 Insurance Expense.................................................. 1,430Prepaid Insurance ........................................... 1,430 To record expired prepaid insurance.31 Rent Expense (700)Rent Payable (700)To record accrued rent expense.31 Office Supplies Expense (528)Office Supplies (528)To record use of office supplies.31 Advertising Expense (500)Advertising Payable (500)To record accrued advertising expense.31 Utilities Expense (77)Utilities Payable (77)To record incurred and unpaid utility costs.a. $ 6,039 / $ 52,970 = 11.4%b. $100,890 / $ 471,430 = 21.4%c. $106,880 / $ 301,920 = 35.4%d. $ 67,140 / $1,721,520 = 3.9%e. $ 84,780 / $ 513,800 = 16.5%Analysis and Interpretation: Company c has the highest profitability according to the profit margin ratio. Company c earns 35.4 cents in net income for every one dollar of net sales earned.Exercise 3-10A (30 minutes)a.Dec. 1 Supplies Expense ................................................... 2,000Cash ................................................................. 2,000 Purchased supplies.b.Dec. 2 Insurance Expense ................................................. 1,540Cash ................................................................. 1,540 Paid insurance premiums.c.Dec. 15 Cash ......................................................................... 13,000Remodeling Fees Earned ............................... 13,000 Received fees for work to be done.d.Dec. 28 Cash ......................................................................... 3,700Remodeling Fees Earned ............................... 3,700 Received fees for work to be done.e.Dec. 31 Supplies .................................................................. 1,840Supplies Expense ........................................... 1,840 Adjust expenses for unused supplies.f.Dec. 31 Prepaid Insurance .................................................. 1,200Insurance Expense ......................................... 1,200 Adjust expenses for unexpired coverage($1,540 - $340).g.Dec. 31 Remodeling Fees Earned ..................................... 11,130Unearned Remodeling Fees .......................... 11,130 Adjusted revenues for unfinished projects($13,000 + 3,700 - $5,570).a. Initial credit recorded in the Unearned Fees accountJuly 1 Cash ....................................................................... 2,800Unearned Fees .............................................. 2,800 Received fees for work to be done for Solana.6 Cash ....................................................................... 8,100Unearned Fees .............................................. 8,100 Received fees for work to be done for Haru.12 Unearned Fees ...................................................... 2,800Fees Earned ................................................... 2,800 Completed work for Solana.18 Cash ....................................................................... 7,300Unearned Fees .............................................. 7,300 Received fees for work to be done for Jordan.27 Unearned Fees ...................................................... 8,100Fees Earned ................................................... 8,100 Completed work for customer Haru.31 No adjusting entries required.b. Initial credit recorded in the Fees Earned accountJuly 1 Cash ....................................................................... 2,800Fees Earned ................................................... 2,800 Received fees for work to be done for Solana.6 Cash ....................................................................... 8,100Fees Earned ................................................... 8,100 Received fees for work to be done for Haru.12 No entry required.18 Cash ....................................................................... 7,300Fees Earned ................................................... 7,300 Received fees for work to be done for Jordan.27 No entry required.31 Fees Earned .......................................................... 7,300Unearned Fees .............................................. 7,300 Adjusted to reflect unearned fees for unfinishedjob for Jordan.c. Under the first method (and using entries from a)Unearned Fees = $2,800 + $8,100 - $2,800 + $7,300 - $8,100 = $7,300 Fees Earned = $2,800 + $8,100 = $10,900Unearned Fees = $7,300Fees Earned = $2,800 + $8,100 + $7,300 - $7,300 = $10,9001. I 5. G 9. H2. D 6. C 10. E3. F 7. I 11. H4. B 8. A 12. BProblem 3-2A (35 minutes)Part 1Adjustment (a)Dec. 31 Office Supplies Expense ................................ 12,325Office Supplies ......................................... 12,325 To record cost of supplies used($2,900 + $11,977 - $2,552).Adjustment (b)31 Insurance Expense .......................................... 12,280Prepaid Insurance .................................... 12,280B 290 ($10,440/36 mo.) 9 2,610C 770 ($ 9,240 /12 mo.) 5 3,850Total $12,280Adjustment (c)31 Salaries Expense ............................................. 3,660Salaries Payable....................................... 3,660 To record accrued but unpaid wages(2 days x $1,830).Adjustment (d)Dec. 31 Depreciation Expense—Building ................... 18,875Accumulated Depreciation—Building ... 18,875 To record annual depreciation expense[($800,000 -$45,000) / 40 years = $18,875]Adjustment (e)31 Rent Receivable ............................................ 3,000Rent Earned ........................................... 3,000 To record earned but unpaid Dec. rent.Adjustment (f)31 Unearned Rent .............................................. 5,436Rent Earned ........................................... 5,436 To record the amount of rent earned forNovember and December (2 x $2,718).Part 2Cash Payment for (c)Jan. 6 Salaries Payable ........................................... 3,660Salaries Expense* ........................................ 5,490Cash ....................................................... 9,150 To record payment of accrued andcurrent salaries. *(3 days x $1,830)Cash Payment for (e)15Cash ............................................................... 6,000Rent Receivable .................................... 3,000Rent Earned ........................................... 3,000 To record past due rent for two months.Part 2Adjustment (a)Dec. 31 Insurance Expense ...............................................3,000Prepaid Insurance ...........................................3,000 To record the insurance expired.Adjustment (b)31 Teaching Supplies Expense ................................9,000Teaching Supplies ..........................................9,000 To record supplies used ($11,000 - $2,000).Adjustment (c)31 Depreciation Expense—Equipment ....................10,000Accumulated Depreciation—Equipment ............10,000 To record equipment depreciation.Adjustment (d)31 Depreciation Expense—Profess. Library ...........5,000A ccumul. Depreciation—Profess. Library.........5,000To record professional library depreciation.Adjustment (e)31 Unearned Training Fees .......................................5,000Training Fees Earned .....................................5,000 To record 2 months’ training fees earnedthat were collected in advance.Adjustment (f)31 Accounts Receivable ............................................4,000Tuition Fees Earned........................................4,000 To record tuition earned($1,600 x 2 1/2 months).Adjustment (g)31 Salaries Expense (480)Salaries Payable (480)To record accrued salaries(2 days x $120 x 2 employees).Adjustment (h)31 Rent Expense ........................................................2,178Prepaid Rent ....................................................2,178 To record expiration of prepaid rent.Part 3WELLS TEACHING INSTITUTEAdjusted Trial BalanceDecember 31, 2009Debit Credit Cash .......................................................................... $ 28,064Accounts receivable ................................................ 4,000Teaching supplies ................................................... 2,000Prepaid insurance .................................................... 13,000Prepaid rent 0Professional library ................................................. 33,000 Accumulated depreciation—Professional library ... $ 15,000 Equipment ................................................................ 75,800 Accumulated depreciation—Equipment ................ 25,000 Accounts payable .................................................... 39,500 Salaries payable . (480)Unearned training fees ............................................ 7,500 T. Wells, Capital ....................................................... 71,000 T. Wells, Withdrawals .............................................. 44,000Tuition fees earned .................................................. 115,000 Training fees earned ................................................ 46,000 Depreciation expense—Professional library ........ 5,000 Depreciation expense—Equipment ....................... 10,000Salaries expense ..................................................... 52,480Insurance expense................................................... 3,000Rent expense ............................................................ 26,136Teaching supplies expense .................................... 9,000 Advertising expense ................................................ 8,000Utilities expense....................................................... 6,000 _______ Totals ........................................................................ $319,480 $319,480Part 4WELLS TEACHING INSTITUTEIncome StatementFor Year Ended December 31, 2009RevenuesTuition fees earned ............................................ $115,000Training fees earned .......................................... 46,000Total revenues .................................................... $161,000 ExpensesDepreciation expense—Professional library ... 5,000Depreciation expense—Equipment .................. 10,000Salaries expense ................................................ 52,480Insurance expense ............................................. 3,000Rent expense ...................................................... 26,136Teaching supplies expense ............................... 9,000Advertising expense .......................................... 8,000Utilities expense ................................................. 6,000Total expenses ................................................... 119,616 Net income ............................................................ $ 41,384WELLS TEACHING INSTITUTEStatement of Owner’s EquityFor Year Ended December 31, 2009T. Wells, Capital, December 31, 2008 ................................. $ 71,000 Plus: Net income .................................................................. 41,384112,384 Less: Withdrawals by owner ............................................... 44,000 T. Wells, Capital, December 31, 2009 ................................. $ 68,384Problem 3-3A (Concluded)WELLS TEACHING INSTITUTEBalance SheetDecember 31, 2009AssetsCash ................................................................................. $ 28,064 Accounts receivable ...................................................... 4,000 Teaching supplies .......................................................... 2,000 Prepaid insurance .......................................................... 13,000 Professional library ........................................................ $33,000 Accumulated depreciation—Professional library ....... (15,000) 18,000 Equipment ....................................................................... 75,800 Accumulated depreciation—Equipment ...................... (25,000) 50,800 Total assets ..................................................................... $115,864LiabilitiesAccounts payable ........................................................... $ 39,500 Salaries payable . (480)Unearned training fees .................................................. 7,500 Total liabilities ................................................................ 47,480EquityT. Wells, Capital .............................................................. 68,384 Total liabilities and equity ............................................. $115,864Problem 3-4A (45 minutes) —Part 1Cash ......................................... $ 86,000 $ 86,000 Accounts receivable ........... 15,000 (a) 4,000 19,000Office supplies ...................... 17,800 (b) 8,800 9,000Prepaid insurance ................ 6,040 (c) 2,080 3,960Office equipment .................. 87,000 87,000 Accumulated depreciation—Office equipment ........... $ 24,000 (d) 2,000 $ 26,000 Accounts payable ................ 9,100 (e) 14,900 24,000 Interest payable ..................... (f) 2,500 2,500 Salaries payable ................... (g) 15,000 15,000 Unearned consulting fees .20,000 (h) 7,000 13,000 Long-term notes payable .. 54,000 54,000 K. Jenkins, Capital ............... 46,000 46,000 K. Jenkins, Withdrawals .... 10,000 10,000Consulting feesearned .................................... 165,000 (a)(h)4,0007,000 176,000Depreciation expense—Office equipment ................ (d) 2,000 2,000Salaries expense .................. 67,990 (g) 15,000 82,990Interest expense ................... 1,270 (f) 2,500 3,770 Insurance expense .............. (c) 2,080 2,080Rent expense ........................ 14,540 14,540Office supplies expense .... (b) 8,800 8,800 Advertising expense ........... 12,460 _______ (e) 14,900 ______ 27,360 _______ Totals ........................................ $318,100 $318,100 $56,280 $56,280 $356,500 $356,500 Adjustment description(a) Earned but uncollected revenues.(b) Cost of office supplies used.(c) Cost of expired insurance coverage.(d) Depreciation expense on office equipment.(e) Incurred but unpaid advertising expense.(f) Incurred but unpaid interest expense.(g) Incurred but unpaid salaries expense.(h) Earned revenues previously received in advance.。

香港会计准则第40号

HKAS 40 (December 2004October 2008)Hong Kong Accounting Standard 40Investment PropertyAn entity shall apply amendments resulting from Improvements to HKFRSs issued in October 2008 for annual periods beginning on or after 1 January 2009.HKAS 40 COPYRIGHT© Copyright 2008 Hong Kong Institute of Certified Public AccountantsThis Hong Kong Financial Reporting Standard contains International Accounting Standards Committee Foundation copyright material. Reproduction within Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and inquiries concerning reproduction and rights for commercial purposes within Hong Kong should be addressed to the Director, Operation and Finance, Hong Kong Institute of Certified Public Accountants, 37/F., Wu Chung House, 213 Queen's Road East, Wanchai, Hong Kong.All rights in this material outside of Hong Kong are reserved by International Accounting Standards Committee Foundation. Reproduction of Hong Kong Financial Reporting Standards outside of Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside Hong Kong should be addressed to the International Accounting Standards Committee Foundation at.HKAS 40 (December 20042007)ContentsHong Kong Accounting Standard 40Investment Propertyparagraphs OBJECTIVE1 SCOPE2-4 DEFINITIONS5-15 RECOGNITION16-19 MEASUREMENT AT RECOGNITION 20-29 MEASUREMENT AFTER RECOGNITION 30-56 Accounting Policy 30-32 Fair Value Model 33-55 Inability to Determine Fair Value Reliably 53-55 Cost Model 56 TRANSFERS 57-65 DISPOSALS 66-73 DISCLOSURE 74-79 Fair Value Model and Cost Model74-75 Fair Value Model76-78 Cost Model79 TRANSITIONAL PROVISIONS 80-84 Fair Value Model80-82 Cost Model83-84 EFFECTIVE DATE 85-85A WITHDRAWAL OF SSAP 13 86 APPENDIX:Amendments resulting from other HKFRSsComparison with International Accounting StandardsBASIS FOR CONCLUSIONSHong Kong Accounting Standard 40 Investment Property (HKAS 40) is setout in paragraphs 1-86. All the paragraphs have equal authority. HKAS 40shall be read in the context of its objective and the Basis for Conclusions, thePreface to Hong Kong Financial Reporting Standards and the Framework forthe Preparation and Presentation of Financial Standards. HKAS 8Accounting Policies, Changes in Accounting Estimates and Errors providesa basis for selecting and applying accounting policies in the absence ofexplicit guidance.Hong Kong Accounting Standard 40Investment PropertyObjective1. The objective of this Standard is to prescribe the accounting treatment for investment propertyand related disclosure requirements.Scope2. This Standard shall be applied in the recognition, measurement and disclosure ofinvestment property.3. Among other things, this Standard applies to the measurement in a lessee’s financialstatements of investment property interests held under a lease accounted for as a finance lease and to the measurement in a lessor’s financial statements of investment property provided to a lessee under an operating lease. This Standard does not deal with matters covered in HKAS 17 Leases, including:(a) classification of leases as finance leases or operating leases;(b) recognition of lease income from investment property (see also HKAS 18 Revenue);(c) measurement in a lessee’s financial statements of property interests held under alease accounted for as an operating lease;(d) measurement in a lessor’s financial statements of its net investment in a finance lease;(e) accounting for sale and leaseback transactions; and(f) disclosure about finance leases and operating leases.4. This Standard does not apply to: (a) biological assets related to agricultural activity (see HKAS41 Agriculture); and (b) mineral rights and mineral reserves such as oil, natural gas and similarnon-regenerative resources.Definitions5. The following terms are used in this Standard with the meanings specified:Carrying amount is the amount at which an asset is recognised in the balance sheet.Cost is the amount of cash or cash equivalents paid or the fair value of otherconsideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised inaccordance with the specific requirements of other HKFRS, e.g. HKFRS 2 Share-basedPayment.Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.Investment property is property (land or a building—or part of a building—or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capitalappreciation or both, rather than for:(a) use in the production or supply of goods or services or for administrativepurposes; or(b) sale in the ordinary course of business.property is property held (by the owner or by the lessee under a finance Owner-occupiedlease) for use in the production or supply of goods or services or for administrativepurposes.6. A property interest that is held by a lessee under an operating lease may be classifiedand accounted for as investment property if, and only if, the property would otherwisemeet the definition of an investment property and the lessee uses the fair value model set out in paragraphs 33-55 for the asset recognised. This classification alternative isavailable on a property-by-property basis. However, once this classification alternative is selected for one such property interest held under an operating lease, all propertyclassified as investment property shall be accounted for using the fair value model.When this classification alternative is selected, any interest so classified is included inthe disclosures required by paragraphs 74-78.7. Investment property is held to earn rentals or for capital appreciation or both. Therefore, aninvestment property generates cash flows largely independently of the other assets held by anentity. This distinguishes investment property from owner-occupied property. The production or supply of goods or services (or the use of property for administrative purposes) generates cash flows that are attributable not only to property, but also to other assets used in the production or supply process. HKAS 16 Property, Plant and Equipment applies to owner-occupied property.8. The following are examples of investment property:(a) land held for long-term capital appreciation rather than for short-term sale in theordinary course of business.(b) land held for a currently undetermined future use. (If an entity has not determined thatit will use the land as owner-occupied property or for short-term sale in the ordinarycourse of business, the land is regarded as held for capital appreciation.)(c) a building owned by the entity (or held by the entity under a finance lease) and leasedout under one or more operating leases.(d) a building that is vacant but is held to be leased out under one or more operatingleases.9. The following are examples of items that are not investment property and are therefore outsidethe scope of this Standard:(a) property intended for sale in the ordinary course of business or in the process ofconstruction or development for such sale (see HKAS 2 Inventories), for example,property acquired exclusively with a view to subsequent disposal in the near future orfor development and resale.(b) property being constructed or developed on behalf of third parties (see HKAS 11Construction Contracts).(c) owner-occupied property (see HKAS 16), including (among other things) property heldfor future use as owner-occupied property, property held for future development andsubsequent use as owner-occupied property, property occupied by employees(whether or not the employees pay rent at market rates) and owner-occupied propertyawaiting disposal.(d) property that is being constructed or developed for future use as investment property.HKAS 16 applies to such property until construction or development is complete, atwhich time the property becomes investment property and this Standard applies.However, this Standard applies to existing investment property that is beingredeveloped for continued future use as investment property (see paragraph 58).(e) property that is leased to another entity under a finance lease.10. Some properties comprise a portion that is held to earn rentals or for capital appreciation andanother portion that is held for use in the production or supply of goods or services or foradministrative purposes. If these portions could be sold separately (or leased out separatelyunder a finance lease), an entity accounts for the portions separately. If the portions could notbe sold separately, the property is investment property only if an insignificant portion is held for use in the production or supply of goods or services or for administrative purposes.11. In some cases, an entity provides ancillary services to the occupants of a property it holds. Anentity treats such a property as investment property if the services are insignificant to thearrangement as a whole. An example is when the owner of an office building provides securityand maintenance services to the lessees who occupy the building.12. In other cases, the services provided are significant. For example, if an entity owns andmanages a hotel, services provided to guests are significant to the arrangement as a whole.Therefore, an owner-managed hotel is owner-occupied property, rather than investmentproperty.13. It may be difficult to determine whether ancillary services are so significant that a property doesnot qualify as investment property. For example, the owner of a hotel sometimes transfers some responsibilities to third parties under a management contract. The terms of such contracts varywidely. At one end of the spectrum, the owner’s position may, in substance, be that of a passive investor. At the other end of the spectrum, the owner may simply have outsourced day-to-dayfunctions while retaining significant exposure to variation in the cash flows generated by theoperations of the hotel.14. Judgement is needed to determine whether a property qualifies as investment property. An entitydevelops criteria so that it can exercise that judgement consistently in accordance with thedefinition of investment property and with the related guidance in paragraphs 7-13. Paragraph75(c) requires an entity to disclose these criteria when classification is difficult.15. In some cases, an entity owns property that is leased to, and occupied by, its parent or anothersubsidiary. The property does not qualify as investment property in the consolidated financialstatements, because the property is owner-occupied from the perspective of the group.However, from the perspective of the entity that owns it, the property is investment property if itmeets the definition in paragraph 5. Therefore, the lessor treats the property as investmentproperty in its individual financial statements.Recognition16. Investment property shall be recognised as an asset when, and only when:(a) it is probable that the future economic benefits that are associated with theinvestment property will flow to the entity; and(b) the cost of the investment property can be measured reliably.17. An entity evaluates under this recognition principle all its investment property costs at the timethey are incurred. These costs include costs incurred initially to acquire an investment propertyand costs incurred subsequently to add to, replace part of, or service a property.18. Under the recognition principle in paragraph 16, an entity does not recognise in the carryingamount of an investment property the costs of the day-to-day servicing of such a property.Rather, these costs are recognised in profit or loss as incurred. Costs of day-to-day servicingare primarily the cost of labour and consumables, and may include the cost of minor parts. Thepurpose of these expenditures is often described as for the ‘repairs and maintenance’ of theproperty.19. Parts of investment properties may have been acquired through replacement. For example, theinterior walls may be replacements of original walls. Under the recognition principle, an entityrecognises in the carrying amount of an investment property the cost of replacing part of anexisting investment property at the time that cost is incurred if the recognition criteria are met.The carrying amount of those parts that are replaced is derecognised in accordance with thederecognition provisions of this Standard.Measurement at Recognition20. An investment property shall be measured initially at its cost. Transaction costs shall beincluded in the initial measurement.21. The cost of a purchased investment property comprises its purchase price and any directlyattributable expenditure. Directly attributable expenditure includes, for example, professionalfees for legal services, property transfer taxes and other transaction costs.22. The cost of a self-constructed investment property is its cost at the date when the constructionor development is complete. Until that date, an entity applies HKAS 16. At that date, theproperty becomes investment property and this Standard applies (see paragraphs 57(e) and65).23. The cost of an investment property is not increased by:(a) start-up costs (unless they are necessary to bring the property to the conditionnecessary for it to be capable of operating in the manner intended by management),(b) operating losses incurred before the investment property achieves the planned level ofoccupancy, or(c) abnormal amounts of wasted material, labour or other resources incurred inconstructing or developing the property.24. If payment for an investment property is deferred, its cost is the cash price equivalent. Thedifference between this amount and the total payments is recognised as interest expense overthe period of credit.25. The initial cost of a property interest held under a lease and classified as an investmentproperty shall be as prescribed for a finance lease by paragraph 20 of HKAS 17, ie theasset shall be recognised at the lower of the fair value of the property and the presentvalue of the minimum lease payments. An equivalent amount shall be recognised as aliability in accordance with that same paragraph.26. Any premium paid for a lease is treated as part of the minimum lease payments for this purpose,and is therefore included in the cost of the asset, but is excluded from the liability. If a propertyinterest held under a lease is classified as investment property, the item accounted for at fairvalue is that interest and not the underlying property. Guidance on determining the fair value ofa property interest is set out for the fair value model in paragraphs 33-52. That guidance is alsorelevant to the determination of fair value when that value is used as cost for initial recognitionpurposes.27. One or more investment properties may be acquired in exchange for a non-monetary asset orassets, or a combination of monetary and non-monetary assets. The following discussion refers to an exchange of one non-monetary asset for another, but it also applies to all exchangesdescribed in the preceding sentence. The cost of such an investment property is measured atfair value unless (a) the exchange transaction lacks commercial substance or (b) the fair value of neither the asset received nor the asset given up is reliably measurable. The acquired asset is measured in this way even if an entity cannot immediately derecognise the asset given up. If the acquired asset is not measured at fair value, its cost is measured at the carrying amount of the asset given up.28. An entity determines whether an exchange transaction has commercial substance byconsidering the extent to which its future cash flows are expected to change as a result of thetransaction. An exchange transaction has commercial substance if:(a) the configuration (risk, timing and amount) of the cash flows of the asset receiveddiffers from the configuration of the cash flows of the asset transferred, or(b) the entity-specific value of the portion of the entity’s operations affected by thetransaction changes as a result of the exchange, and(c) the difference in (a) or (b) is significant relative to the fair value of the assetsexchanged.For the purpose of determining whether an exchange transaction has commercial substance,the entity-specific value of the portion of the entity’s operations affected by the transaction shall reflect post-tax cash flows. The result of these analyses may be clear without an entity having to perform detailed calculations.29. The fair value of an asset for which comparable market transactions do not exist is reliablymeasurable if (a) the variability in the range of reasonable fair value estimates is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value. If the entity is able to determine reliably the fairvalue of either the asset received or the asset given up, then the fair value of the asset given up is used to measure cost unless the fair value of the asset received is more clearly evident.Measurement after RecognitionAccounting Policy30. With the exception noted in paragraphs 32A and 34, an entity shall choose as itsaccounting policy either the fair value model in paragraphs 33-55 or the cost model inparagraph 56 and shall apply that policy to all of its investment property.31. HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors states that avoluntary change in accounting policy shall be made only if the change will result in a moreappropriate presentation of transactions, other events or conditions in the entity’s financialstatements. It is highly unlikely that a change from the fair value model to the cost model willresult in a more appropriate presentation.32. This Standard requires all entities to determine the fair value of investment property, for thepurpose of either measurement (if the entity uses the fair value model) or disclosure (if it uses the cost model). An entity is encouraged, but not required, to determine the fair value ofinvestment property on the basis of a valuation by a valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of theinvestment property being valued.32A. An entity may:(a) choose either the fair value model or the cost model for all investment propertybacking liabilities that pay a return linked directly to the fair value of, or returnsfrom, specified assets including that investment property; and(b) choose either the fair value model or the cost model for all other investmentproperty, regardless of the choice made in (a).32B. Some insurers and other entities operate an internal property fund that issues notional units,with some units held by investors in linked contracts and others held by the entity. Paragraph32A does not permit an entity to measure the property held by the fund partly at cost and partly at fair value.32C. If an entity chooses different models for the two categories described in paragraph 32A, sales ofinvestment property between pools of assets measured using different models shall berecognised at fair value and the cumulative change in fair value shall be recognised in profit or loss. Accordingly, if an investment property is sold from a pool in which the fair value model is used into a pool in which the cost model is used, the property’s fair value at the date of the sale becomes its deemed cost.Fair Value Model33.After initial recognition, an entity that chooses the fair value model shall measure all of its investment property at fair value, except in the cases described in paragraph 53.34.When a property interest held by a lessee under an operating lease is classified as an investment property under paragraph 6, paragraph 30 is not elective; the fair value model shall be applied.35.A gain or loss arising from a change in the fair value of investment property shall be recognised in profit or loss for the period in which it arises.36. The fair value of investment property is the price at which the property could be exchangedbetween knowledgeable, willing parties in an arm’s length transaction (see paragraph 5). Fairvalue specifically excludes an estimated price inflated or deflated by special terms orcircumstances such as atypical financing, sale and leaseback arrangements, specialconsiderations or concessions granted by anyone associated with the sale.37. An entity determines fair value without any deduction for transaction costs it may incur on sale or other disposal.38.The fair value of investment property shall reflect market conditions at the balance sheet date.39. Fair value is time-specific as of a given date. Because market conditions may change, theamount reported as fair value may be incorrect or inappropriate if estimated as of another time.The definition of fair value also assumes simultaneous exchange and completion of the contract for sale without any variation in price that might be made in an arm’s length transaction between knowledgeable, willing parties if exchange and completion are not simultaneous.40. The fair value of investment property reflects, among other things, rental income from currentleases and reasonable and supportable assumptions that represent what knowledgeable,willing parties would assume about rental income from future leases in the light of currentconditions. It also reflects, on a similar basis, any cash outflows (including rental payments and other outflows) that could be expected in respect of the property. Some of those outflows arereflected in the liability whereas others relate to outflows that are not recognised in the financial statements until a later date (eg periodic payments such as contingent rents).41. Paragraph 25 specifies the basis for initial recognition of the cost of an interest in a leasedproperty. Paragraph 33 requires the interest in the leased property to be remeasured, ifnecessary, to fair value. In a lease negotiated at market rates, the fair value of an interest in aleased property at acquisition, net of all expected lease payments (including those relating torecognised liabilities), should be zero. This fair value does not change regardless of whether, for accounting purposes, a leased asset and liability are recognised at fair value or at the presentvalue of minimum lease payments, in accordance with paragraph 20 of HKAS 17. Thus,remeasuring a leased asset from cost in accordance with paragraph 25 to fair value inaccordance with paragraph 33 should not give rise to any initial gain or loss, unless fair value is measured at different times. This could occur when an election to apply the fair value model ismade after initial recognition.42. The definition of fair value refers to “knowledgeable, willing parties”. In this context,“knowledgeable” means that both the willing buyer and the willing seller are reasonablyinformed about the nature and characteristics of the investment property, its actual and potential uses, and market conditions at the balance sheet date. A willing buyer is motivated, but notcompelled, to buy. This buyer is neither over-eager nor determined to buy at any price. Theassumed buyer would not pay a higher price than a market comprising knowledgeable, willingbuyers and sellers would require.43. A willing seller is neither an over-eager nor a forced seller, prepared to sell at any price, nor oneprepared to hold out for a price not considered reasonable in current market conditions. Thewilling seller is motivated to sell the investment property at market terms for the best priceobtainable. The factual circumstances of the actual investment property owner are not a part of this consideration because the willing seller is a hypothetical owner (eg a willing seller would not take into account the particular tax circumstances of the actual investment property owner). 44. The definition of fair value refers to an arm’s length transaction. An arm’s length transaction isone between parties that do not have a particular or special relationship that makes prices oftransactions uncharacteristic of market conditions. The transaction is presumed to be between unrelated parties, each acting independently.45. The best evidence of fair value is given by current prices in an active market for similar propertyin the same location and condition and subject to similar lease and other contracts. An entitytakes care to identify any differences in the nature, location or condition of the property, or in the contractual terms of the leases and other contracts relating to the property.46. In the absence of current prices in an active market of the kind described in paragraph 45, anentity considers information from a variety of sources, including:(a) current prices in an active market for properties of different nature, condition or location(or subject to different lease or other contracts), adjusted to reflect those differences;(b) recent prices of similar properties on less active markets, with adjustments to reflectany changes in economic conditions since the date of the transactions that occurred atthose prices; and(c) discounted cash flow projections based on reliable estimates of future cash flows,supported by the terms of any existing lease and other contracts and (when possible)by external evidence such as current market rents for similar properties in the samelocation and condition, and using discount rates that reflect current marketassessments of the uncertainty in the amount and timing of the cash flows.47. In some cases, the various sources listed in the previous paragraph may suggest differentconclusions about the fair value of an investment property. An entity considers the reasons forthose differences, in order to arrive at the most reliable estimate of fair value within a range ofreasonable fair value estimates.48. In exceptional cases, there is clear evidence when an entity first acquires an investmentproperty (or when an existing property first becomes investment property following thecompletion of construction or development, or after a change in use) that the variability in therange of reasonable fair value estimates will be so great, and the probabilities of the variousoutcomes so difficult to assess, that the usefulness of a single estimate of fair value is negated.This may indicate that the fair value of the property will not be reliably determinable on acontinuing basis (see paragraph 53).49. Fair value differs from value in use, as defined in HKAS 36 Impairment of Assets. Fair valuereflects the knowledge and estimates of knowledgeable, willing buyers and sellers. In contrast, value in use reflects the entity’s estimates, including the effects of factors that may be specific to the entity and not applicable to entities in general. For example, fair value does not reflect any of the following factors to the extent that they would not be generally available to knowledgeable,willing buyers and sellers:(a) additional value derived from the creation of a portfolio of properties in differentlocations;(b) synergies between investment property and other assets;(c) legal rights or legal restrictions that are specific only to the current owner; and(d) tax benefits or tax burdens that are specific to the current owner.50. In determining the fair value of investment property, an entity does not double-count assets orliabilities that are recognised as separate assets or liabilities. For example:(a) equipment such as lifts or air-conditioning is often an integral part of a building and isgenerally included in the fair value of the investment property, rather than recognisedseparately as property, plant and equipment.(b) if an office is leased on a furnished basis, the fair value of the office generally includesthe fair value of the furniture, because the rental income relates to the furnished office.When furniture is included in the fair value of investment property, an entity does notrecognise that furniture as a separate asset.(c) the fair value of investment property excludes prepaid or accrued operating leaseincome, because the entity recognises it as a separate liability or asset.(d) the fair value of investment property held under a lease reflects expected cash flows(including contingent rent that is expected to become payable). Accordingly, if avaluation obtained for a property is net of all payments expected to be made, it will benecessary to add back any recognised lease liability, to arrive at the fair value of theinvestment property for accounting purposes.51. The fair value of investment property does not reflect future capital expenditure that will improveor enhance the property and does not reflect the related future benefits from this futureexpenditure.52. In some cases, an entity expects that the present value of its payments relating to an investmentproperty (other than payments relating to recognised liabilities) will exceed the present value of the related cash receipts. An entity applies HKAS 37 Provisions, Contingent Liabilities andContingent Assets to determine whether to recognise a liability and, if so, how to measure it. Inability to Determine Fair Value Reliably53. There is a rebuttable presumption that an entity can reliably determine the fair value of aninvestment property on a continuing basis. However, in exceptional cases, there is clear evidence when an entity first acquires an investment property (or when an existingproperty first becomes investment property following the completion of construction or development, or after a change in use) that the fair value of the investment property isnot reliably determinable on a continuing basis. This arises when, and only when,。

财务报表分析(英文版)答案

Chapter 8Return On Invested Capital And Profitability AnalysisReturn on invested capital is important in our analysis of financial statements. Financial statement analysis involves our assessing both risk and return. The prior three chapters focused primarily on risk, whereas this chapter extends our analysis to return. Return on invested capital refers to a company's earnings relative to both the level and source of financing. It is a measure of a company's success in using financing to generate profits, and is an excellent measure of operating performance. This chapter describes return on invested capital and its relevance to financial statement analysis. We also explain variations in measurement of return on invested capital and their interpretation. We also disaggregate return on invested capital into important components for additional insights into company performance. The role of financial leverage and its importance for returns analysis is examined. This chapter demonstrates each of these analysis techniques using financial statement data.•Importance of Return on Invested CapitalMeasuring Managerial EffectivenessMeasuring ProfitabilityMeasuring for Planning and Control •Components of Return on Invested CapitalDefining Invested CapitalAdjustments to Invested Capital and IncomeComputing Return on Invested Capital•Analyzing Return on Net Operating AssetsDisaggregating Return on Net Operating AssetsRelation between Profit Margin and Asset TurnoverProfit Margin AnalysisAsset Turnover Analysis•Analyzing Return on Common EquityDisaggregating Return on Common EquityFinancial Leverage and Return on Common EquityAssessing Growth in Common Equity•Describe the usefulness of return measures in financial statement analysis. •Explain return on invested capital and variations in its computation.•Analyze return on net operating assets and its relevance in our analysis. •Describe disaggregation of return on net operating assets and the importance of its components.•Describe the relation between profit margin and turnover.•Analyze return on common shareholders' equity and its role in our analysis. •Describe disaggregation of return on common shareholders' equity and the relevance of its components.•Explain financial leverage and how to assess a company's success in trading on the equity across financing sources.1. The return that is achieved in any one period on the invested capital of a companyconsists of the returns (and losses) realized by its various segments and divisions. In turn, these returns are made up of the results achieved by individual product lines and projects. A well-managed company exercises rigorous control over the returns achieved by each of its profit centers, and it rewards the managers on the basis of such results. Specifically, when evaluating new investments in assets or projects, management will compute the estimated returns it expects to achieve and use these estimates as a basis for its decision to invest or not.2. Profit generation is the first and foremost purpose of a company. The effectiveness ofoperating performance determines the ability of the company to survive financially, to attract suppliers of funds, and to reward them adequately. Return on invested capital is the prime measure of company performance. The analyst uses it as an indicator of managerial effectiveness, and/or a measure of the company's ability to earn a satisfactory return on investment.3. If the investment base is defined as comprising net operating assets, then netoperating profit (e.g., before interest) after tax (NOPAT) is the relevant income figure to use. The exclusion of interest from income deductions is due to its being regarded asa payment for the use of money from the suppliers of debt capital (in the same waythat dividends are regarded as a payment to suppliers of equity capital). NOPAT is the appropriate amount to measure against net operating assets as both are considered to be operating.4. First, the motivation for excluding nonproductive assets from invested capital isbased on the idea that management is not responsible for earning a return on non-operating invested capital. Second, the exclusion of intangible assets from the investment base is often due to skepticism regarding their value or their contribution to the earning power of the company. Under GAAP, intangibles are carried at cost.However, if their cost exceeds their future utility, they are written down (or there will be an uncertainty exception regarding their carrying value in the auditor's opinion).The exclusion of intangible assets from the asset base must be based on more substantial evidence than a mere lack of understanding of what these assets represent or an unsupported suspicion regarding their value. This implies that intangible assets should generally not be excluded from invested capital.5. The basic formula for computing the return on investment is net income divided bytotal invested capital. Whenever we modify the definition of the investment base by, say, omitting certain items (liabilities, idle assets, intangibles, etc.) we must also adjust the corresponding income figure to make it consistent with the modified asset base.6. The relation of net income to sales is a measure of operating performance (profitmargin). The relation of sales to total assets is a measure of asset utilization or turnover—a means of determining how effectively (in terms of sales generation) the assets are utilized. Both of these measures, profit margin as well as asset utilization,determine the return realized on a given investment base. Sales are an important factor in both of these performance measures.7. Profit margin, although important, is only one aspect of the return on invested capital.The other is asset turnover. Consequently, while Company B's profit margin is high, its asset turnover may have been sufficiently depressed so as to drag down the overall return on invested capital, leading to the shareholder's complaint.8. The asset turnover of Company X is 3. The profit margin of Company Y is 0.5%. Sinceboth companies are in the same industry, it is clear that Company X must concentrate on improving its asset turnover. On the other hand, Company Y must concentrate on improving its profit margin. More specific strategies depend on the product and industry.9. The sales to total assets (asset turnover) component of the return on invested capitalmeasure reflects the overall rate of asset utilization. It does not reflect the rate of utilization of individual asset categories that enter into the overall asset turnover. To better evaluate the reasons for the level of asset turnover or the reasons for changes in that level, it is helpful to compute the rate of individual asset turnovers that make up the overall turnover rate.10. The evaluation of return on invested capital involves many factors. Theinclusion/exclusion of extraordinary gains and losses, the use/nonuse of trends, the effect of acquisitions accounted for as poolings and their chance of recurrence, the effect of discontinued operations, and the possibility of averaging net income are justa few of many such factors. Moreover, the analyst must take into account the effectsof price-level changes on return calculations. It also is important that the analyst bear in mind that return on invested capital is most commonly based on book values from financial statements rather than on market values. And finally, many assets either do not appear in the financial statements or are significantly understated. Examples of such assets are intangibles such as patents, trademarks, research and development activities, advertising and training, and intellectual capital.11. The equity growth rate is calculated as follows:[Net income – Preferred dividends – Common dividend payout] / Average common equity.This is the growth rate due to the retention of earnings and assumes a constant dividend payout over time. It indicates the possibilities of earnings growth without resort to external financing. The resulting increase in equity can be expected to earn the rate of return that the company earns on its assets and, thus, further contribute to growth in earnings.12. a. The return on net operating assets and the return on common stockholders' equitydiffer by the capital investment base (and its corresponding effects on net income).RNOA reflects the return on the net operating assets of the company whereas ROCE reflects the perspective of common shareholders.b. ROCE can be disaggregated into the following components to facilitate analysis:ROCE = RNOA + Leverage x Spread. RNOA measures the return on net operating assets, a measure of operating performance. The second component (Leverage x Spread) measures the effects of financial leverage. ROCE is increased by adding financial leverage so long as RNOA>weighted average cost of capital. That is, if the firm can earn a return on operating assets that is greater than the cost of the capital used to finance the purchase of those assets, then shareholders are better off adding debt to increase operating assets.13. a. ROCE can be disaggregated as follows:equitycommon Av erage Sales Sales div idends Preferred - income Net ⨯ This shows that “equity turnover” (sales to average common equity) is one of the two components of the return on common shareholders' equity. Assuming a stable profit margin, the equity turnover can be used to determine the level and trend of ROCE. Specifically, an increase in equity turnover will produce an increase in ROCE if the profit margin is stable or declines less than the increase in equity turnover. For example, a common objective of discount stores is to lower prices by lowering profit margins, but to offset this by increasing equity turnover by more than the decrease in profit margin.b. Equity turnover can be rewritten as follows:equitycommon Av erage assets operating Net assets operating Net Sales ⨯ The first factor reflects how well net operating assets are being utilized. If the ratio is increasing, this can signal either a technological advantage or under-capacity and the need for expansion. The second factor reflects the use of leverage. Leverage will be higher for those firms that have financed more of their assets through debt. By considering these factors that comprise equity turnover, it is apparent that EPS cannot grow indefinitely from an increase in these factors. This is because these factors cannot grow indefinitely. Even if there is a technological advantage in production, the sales to net operating assets ratio cannot increase indefinitely. This is because sooner or later the firm must expand its net operating asset base to meet rising sales or else not meet sales and lose a share of the market. Also, financing new assets with debt can increase the net operating assets to common equity ratio. However, this can only be pursued to a point —at which time the equity base must expand (which decreases the ratio).14. When convertible debt sells at a substantial premium above par and is clearly held byinvestors for its conversion feature, there is justification for treating it as the equivalent of equity capital. This is particularly true when the company can choose at any time to force conversion of the debt by calling it in.Exercise 8-1 (35 minutes)a. First alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$1,000,000*12%](1-.40) = $528,000Second alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$2,000,000*12%](1-.40) = $456,000b. First alternative:ROCE = $528,000 / $5,000,000 = 10.56%Second alternative:ROCE = $456,000 / $4,000,000 = 11.40%c. First alternative:Assets-to-Equity = $6,000,000 / $5,000,000 = 1.2Second alternative:Assets-to-Equity = $6,000,000 / $4,000,000 = 1.5d. First, let’s compute return on assets (R NOA):First alternative: $600,000 / $6,000,000 = 10%Second alternative: $600,000 / $6,000,000 = 10%Second, notice that the interest rate is 12% on the debt (bonds). More importantly, the after-tax interest rate is 7.2% (12% x (1-0.40)), which is less than RNOA. Hence, the company earns more on its assets than it pays for debt on an after-tax basis. That is, it can successfully trade on the equity—use bondholders’ funds to earn additional profits.Finally, since the second alternative uses more debt, as reflected in the assets-to-equity ratio in c, the second alternative is probably preferred. The shareholders would take on additional risk with the second alternative, but the expected returns are greater as evidenced from computations in b.Exercise 8-2 (40 minutes)a. NOPAT = Net income = $10,000,000 x 10% = $1,000,000b. First alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($2,000,000 ⨯ 5% x [1-.40]) = $1,540,000Second alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($6,000,000 ⨯ 6% x [1-.40]) = $1,384,000c. First alternative: ROCE = $1,540,000 / ($10,000,000 + $4,000,000) = 11%Second alternative: ROCE = $1,384,000 / ($10,000,000 + $0) = 13.84%d. ROCE is higher under the second alternative due to successful use ofleverage—that is, successfully trading on the equity. [Note: Asset-to-Equity is1.14=$16 mil./$14 mil. (1.60=$16 mil./$10 mil.) under the first (second)alternative.] The company should pursue the second alternative in the interest of shareholders (assuming projected returns are consistent with current performance levels).a. RNOA = 2 x 5% = 10%b. ROCE = 10% + 1.786 x 4.4% = 17.86%c. RNOA 10.00%Leverage advantage 7.86%Return on equity 17.86%Exercise 8-4 (30 minutes)a. Computation and Interpretation of ROCE:Year 5 Year 9Pre-tax profit margin .......................................................... 0.112 0.109 Asset turnover .................................................................... 0.46 0.44 Assets-to-equity ................................................................. 3.25 3.40 After-tax income retention * .............................................. 0.570 0.556 ROCE (product of above) .................................................. 9.54% 9.07% * 1-Tax rate.ROCE declines from Year 5 to Year 9 because: (1) pre-tax margin decreases by approximately 3%, (2) asset turnover declines by roughly 4.3%, and (3) the tax rate increases by about 3.8%. The combination of these factors drives the decline in ROCE—this is despite the slight improvement in the assets-to-equity ratio.b. The main reason EPS increases is that shareholders had a large amount ofassets and equity working for them. Namely, the company grew while return on assets and return on equity remained fairly stable. In addition, the amount of preferred stock declined, as did the amount of preferred dividends. With this decline in the cost of carrying preferred stock, earnings available to common stock increased.(CFA Adapted)a. RNOA = 3 x 7% = 21%b. ROCE = RNOA + LEV x Spread = 21% + (1.667 x 8.4%) = 35%c. Net leverage advantage to common equityReturn on net operating assets .................................. 21%Leverage advantage .................................................... 14%Return on common equity (rounding difference) ..... 35%Exercise 8-6 (30 minutes)a. At the present level of debt, ROCE = $157,500 / $1,125,000 = 14%.In the absence of leverage, the noncurrent liabilities would be substituted with equity. Accordingly, there would be no interest expense with all-equityROCE without leverage = $184,500 / $1,800,000 = 10.25%.14% with leverage but only 10.25% without leverage.b. NOPAT = $157,500 + [$675,000 x 8% x (1-.50)] = $184,500RNOA = $184,500 / ($2,000,000-$200,000) = 10.25%c. The company is utilizing borrowed funds in its capital structure. Since theROCE is greater than RNOA, the use of financial leverage is beneficial to stockholders. Specifically, the after cost of debt is 4% and the financial leverage (NFO/Equity) is $675,000 / $1,125,000 = 60%. Therefore,ROCE = RNOA + LEV x Spread = 10.25% + 0.60 x (10.25% - 4%) = 14%, as before. The favorable effect of financial leverage is given by the term [0.60 x (10.25% - 4%)] = 3.75%.1. c2. a3. cExercise 8-8 (20 minutes)(Assessments of profit margin and asset turnover are relative to industry norms.)a. Higher profit margin and lower asset turnover.b. Higher asset turnover and lower profit margin.c. Higher profit margin and similar/lower asset turnover.d. Higher asset turnover and similar/lower profit margin.e. Higher asset turnover and lower/similar profit margin.f. Higher asset turnover and similar/higher profit margin.g. Higher asset turnover and lower profit margin.Exercise 8-9 (20 minutes)The memorandum to Reliable Auto Sales President would include the following points:•Both Reliable and Legend Auto Sales are perpetually investing $100,000 in automobile inventory.•Legend Auto Sales is able to generate more profit than Reliable because it is turning over its inventory (10 cars) more often. Specifically, Legend is turning its inventory over 10 times per year while Reliable is turning its inventory over only 5 times per year. Hence, given the same investment in automobile inventory, Legend is twice as profitable as Reliable.•Encourage Reliable to sacrifice some return on each sale to increase the inventory turnover. By slightly reducing price, relative to that charged by Legend, Reliable predictably will find that overall profitability increases. This is because while profit per sale declines, the number of units sold and, therefore, inventory turnover will increase. These factors predictably yield increased return on assets.Computation of Asset (PP&E) Turnover [computed as Sales / PP&E (net)]: Northern: $12,000 / $20,000 = 0.60Southern: $6,000 / $20,000 = 0.30This implies that Northern generates $0.60 in sales per year for each $1 investment in PP&E. In contrast, Southern generates $0.30 in sales per year for each $1 investment in PP&E. This shows that Northern is able to generate twice the return for each $1 invested in PP&E. Assuming equal profit margins, Northern will report a higher return on assets because of the volume of sales that the company is able to generate with its investment in PP&E (at least in the short run).Exercise 8-11 (15 minutes)Low volume operations mean that fixed costs, which in the case of automakers are substantial, must be absorbed by a low number of units produced. Since the lower of cost or market rule implies that inventory cannot be priced higher than expected sales price less costs of disposal plus a normal profit margin, much of that excess cost must be charged to the period incurred. In this case, that means the fourth quarter financial statements absorb much of this cost. This is probably the most likely accounting-based reason for the fourth quarter losses described in the news release.Problem 8-1 (30 minutes)a. 1. Quaker Oats does not reveal its computation of this return. Accordingly, wemake some simple computations and assumptions: (i) For simplicity, focus on one share, (ii) The dividend is $1.56 for Year 11, (iii) The average stock price is $55 and the price increase for Year 11 is $14—based on the beginning price of $48 and the ending price of $62. Using this information, we compute return to a share of stock as follows:= [Dividend per share + Price increase per share] / Average price per share = [$1.56 + $14] / $55= 28.3%However, if we use the beginning price of $48 per share, we get closer to the company's 34% return:= [$1.56 + $14] / $48= 32.4%2. The return on common equity is based on the relation between net incomeand the book value of the equity capital. In contrast, Quaker Oats’ “return t o shareholders” uses dividends plus market value change in relation to the market price per share (cost of investment to shareholders.)b. The company must have derived the 3.6% from price, market, and otherfactors that are not disclosed. Conceptually, this 3.6% should reflect the added risk of an investment in Quaker Oats’ stock vis-à-vis a risk-free security such as a U.S. Treasury bond.c. Quaker does not reveal its computations. It may disclose a variety of interestrates on long-term debt that it carries in the notes to financial statements.Based on data available to it, but not to the financial statement reader, it probably computed a weighted-average interest rate from which it deducted the tax benefit in arriving at the 6.4% cost of debt.a. Computation of Return on Invested Capital Measures:As a first step, we construct the company’s income statement.Sales (500,000 units @ $10). ................................................ $5,000,000 Fixed costs ....................................................................... 1,500,000 Variable costs (500,000 units @ $4). ............................. 2,000,000 Labor costs (20 employees x $35,000). ......................... 700,000 Income before taxes .......................................................... 800,000 Taxes (50% rate) ................................................................. 400,000 Net income .......................................................................... $ 400,000(1) RNOA = [$400,000 + ($2,000,000 x 7.5%)(1-0.50)] / ($8,000,000-$2,00,000)= $475,000 / $6,000,000 = 7.92%(2) ROCE = [$400,000 - ($1,000,000 x 6%)] / $3,000,000 = 11.33%Fixed costs ($1,500,000 x 1.06) ......................................................... 1,590,000 Variable costs ($550,000 units @ $4) .............................................. 2,200,000 Income before labor costs and taxes ............................................. $1,710,000 To obtain a 10% return on long-term debt and equity capital, Zear will need a numerator of $600,000 given an invested capital base of $6,000,000. The required operating income to yield this $600,000 amount is computed as: Net income + Interest expense x (1 - 0.50) = $600,000Net income + ($2,000,000 x 7.5%) x (1-0.50) = $600,000Net income = $525,000Assuming taxes at a 50% rate, Zear needs pre-tax income of $1,050,000, computed as:Income before labor and taxes ............ $1,710,000Labor costs ........................................... ?Pre-tax income ...................................... $1,050,000This implies:Labor costs = $660,000 orAverage wage per worker = $660,000 / 22 employees = $30,000 per employee Since the current salary level is $35,000, Zear cannot achieve its target return level and give a salary raise to its employees.(CFA Adapted)a. ROCE = $1,650 / $3,860 = 42.7%b. NOPAT = ($2,550 + $10) x (1-0.35) = $1,664NOA = $7,250-$3,290 = $3,960RNOA (using year-end NOA balance) = $1,664 / $3,960 = 42%The effect of financial leverage, thus, is only 0.7% as NFO/NFE are insignificant. Most of Merck’s ROCE in this year is derived from operating results.Pre-tax income to sales 0.36Net income to sales 0.23Sales/current assets 1.47Sales / fixed assets 2.97Sales / total assets 0.98Total liabilities / equity 0.88L-T liabilities / equity 0.03a. 1. RNOA = NOPATAvg. NOANOPAT = [$186,000 + $2,000 - $120,000 - $37,000 + $1,000] x 50% = $16,000 Note: we include income from equity investments under the assumptions that these are operating rather than financial investments. We also include the cumulative effect as operating in the absence of information to the contrary. Minority interest and discontinued operations are nonoperating (minority interest is therefore, treated as equity in the ROCE computation).NOA Year 6 = $138,000 - $29,000 - $7000 - $3,600 = $98,400 NOA Year 5 = $105,000 - $23,000 - $2,000 - $2,000 = $78,000RNOA = $16,000 / ([$98,400 + $78,000]/2) = 18.14%2. ROCE = Net income - Preferred dividendsAverage common equityROCE = ($10,000 –$0) /[($55,400* + $47,800*)/2] = 19.38% *Note: minority interest is treated as equity. If Minority interest is ignored, the ROCE is 19.8%b. NFO = NOA - EquityYear 6: $43,000; Year 5: $30,200LEV = Avg. NFO / Ave Equity = ([$43,000 + $30,200] / 2) / ([$55,400* + $47,800*] /2)= 0.71NFE = NOPAT – Net incomeYear 6: $6,000NFR = NFE / Avg. NFO = $6,000 / ([$43,000 + $30,200] / 2) = 16.4%Spread = RNOA – NFR = 18.14% - 16.4% = 1.74%ROCE = RNOA + LEV x Spread = 18.14 + 0.71 x 1.74% = 19.38%94% (18.14%/19.38%) of Zeta’s ROCE is derived for m operating activities. The company is effectively using leverage, however, as indicated by the positive spread, but the leverage does not contribute significantly to Zeta’s return on equity and may not be worth the added risk.a. ROCE = [Net income –preferred dividends] / stockholders’ equity**end of year in this problemROCE Year 5: [$14 – $0] / $125 = 11.2%ROCE Year 9: [$34 - $0] / $220 = 15.5%RNOA Year 5 = ($35 x 0.50) / ($52 + $123) = 10.0%RNOA Year 9 = ($68 x 0.50) / ($63 + $157) = 15.5%ROCE = RNOA + Leverage x SpreadYear 5: 10.0% + 1.2% = 11.2%Year 9: 15.5% + 0 = 15.5%b. Texas Talcom’s ROCE has increased form years 5 to 9. The source is thisincrease, however, has been an increase in RNOA as the leverage effect is zero in Year 9 since its long-term debt has been retired. Given the RNOA increase, additional leverage might be explored as a way to increase shareholder returns.Selling price per unit ...................... $6.00 $5.00 $50.00 $50.00 Unit cost ........................................... $5.00 $4.00 $32.50 $30.00Analysis of Variation in Product A SalesIncreased quantity at Yr 6 prices (3,000 x $5) ........................ $ 15,000 Price increase at Yr 6 quantity (7,000 x $1) ........................... 7,000 Quantity increase x price increase (3,000 x $1) .................... 3,000 Analysis of Variation in Product A Cost of SalesIncreased quantity at Yr 6 cost (3,000 x $4) ........................... (12,000) Increased cost at Yr 6 quantity (7,000 x $1) ........................... (7,000) Cost increase x quantity increase (3,000 x $1) ...................... (3,000) Net Variation (Increase) in Gross Margin for Product A ............. $ 3,000Analysis of Variation in Product B SalesDecreased quantity at Yr 6 prices (300 x $50) ....................... $ (15,000) Analysis of Variation in Product B Cost of Sales:Decreased quantity at Yr 6 cost (300 x $30) .......................... 9,000 Increased cost at Yr 6 quantity (900 x $2.50) ......................... (2,250) Cost increase x quantity decrease (300 x $2.50) . (750)Net Variation (Decrease) in Gross Margin for Product B ............ $ (7,500)Summary of Net Variation in Margins for Products A and BNet increase from product A ......................................................... $ 3,000 Net decrease from product B ........................................................ (7,500) Net Decrease in Gross Margin ...................................................... $ (4,500)a.SPYRES MANUFACTURING COMPANYComparative Common-Size Income StatementsYear Ended December 31 IncreaseYear 9 Year 8(Decrease)Net sales ............................. 100.0% 100.0% 20.0% Cost of goods sold ............ 81.7 86.0 14.0 Gross margin on sales ...... 18.3 14.0 57.1 Operating expenses .......... 16.8 10.2 98.0 Income before taxes .......... 1.5 3.8 (52.6) Income taxes ...................... 0.4 1.0 (52.0) Net income ......................... 1.1 2.8 (52.9)b. Performance in Year 9 is poor when compared with Year 8. One bright spot isthe percentage of Cost of Goods Sold to Sales, which decreased in Year 9.However, Operating Expenses climbed sharply. This sharp climb in operating expenses is unexpected since there is usually a larger fixed cost component comprising these costs compared with that for Cost of Goods Sold.Management should further check operating expenses. If operating expenses had remained at the Year 8 level of 10.2%, income would have been up favorably for Year 9. Operating expenses may have included a future-directed component such as advertising or training costs. Also, management would want to follow up on the change in gross margin. The sharp improvement in gross margin may have been due to factors such as the liquidation LIFO inventory layers or, alternatively, to something more fundamental with the activities of the firm.。

Critical success factors (CSFs)

/中华会计网校会计人的网上家园Critical success factors (CSFs)ACCA P5 考试：Critical success factors (CSFs)Critical success factors (CSFs) are often quoted in management literature as those areas in which an organisation needs to perform best if it is to achieve overall success. CSFs have frequently been used to help determine the requirements for executive information systems (EIS), supporting the ‘key indicator’approach to management control. A number of methods have been developed to identify these key indicators, and the CSF approach is one of the most widely used, which should be measured and monitored using EIS to help manage the strategic direction of an organisation,It is difficult and expensive to gather, store, validate and make available the various types of management information required for decision making. As such, it is important for managers and providers of information support systems to determine, in advance, what is most relevant to them.It is necessary to identify the ‘key indicators’that will help a manager to plan, manage, and control an area of responsibility. This method is based on the need for managers to focus, at any point in time, on the most significant aspects of their responsibilities. The development of an EIS, designed to support management control, is based on two main concepts:The selection of a set of key indicators of the health of the functional business area. Information will then be collected for each of these indicators.Exception reporting –the ability to make available to a manager, as required, information on only those indicators where performance differs significantly from expe cta tions.The underlying belief is that an effective control system must be tailored to the specific industry in which the organisation operates, and to the specific strategies that it has adopted. It must identify the CSFs that should receive careful and continuous management attention if the organisation is to be successful, and it must highlight performance with respect to these key variables in reports available to all levels of management.The first concept is frequently approached from the viewpoint of CSFs in that a limited number of areas are identified in which results, if they are satisfactory, will ensure successful performance. They are the few key areas, it is believed, where ‘things must go right’if the organisation is to flourish. In turn, each manager must identify the key areas that apply to them, in which results are identified as being absolutely necessary to achieve specific goals. The goals, in turn, support overall organisational goals. The genesis of this approach goes back to the history of warfare, where writers on battles have identified the successful leader as the one who concentrated his forces on the most significant areas.The current state of performance in these areas should be continually measured. Because these areas are identified as being critical, each manager should have the appropriate information that indicates whether events are proceeding sufficiently well in each area. CSFs and asso cia ted performance indicators (PIs) can play a central role in this.。

胃癌住院病例费用、疗效、疗程的决策树模型

20070 1 19 38 114 123 77 46 10 0 428 20080 4 12 50 120 126 95 45 4 0 456 20090 1 12 66 166 162 127 67 4 0 605 2010 0 14 72 125 193 133 69 13 1 620合计：1 14 110 480 887 1082 822 399 51 13847表2为不同年龄组的手术情况。

表2胃癌病人年龄组与手术类别交叉分布情况表3为诊断与手术的交叉分布，其中以根治术所占比例较大。

表3胃癌诊断与手术交叉分布情况2 研究方法与结果不少数据挖掘模型，如神经网络、贝叶斯网络、回归分析、主成分分析等，都可以用于分析疗效、疗程、住院费用与其影响因素之间的关系，但这些模型不像决策树模型那样直观，也很难表征影响因素之间的层级关系。

将70%的病例作为训练样本，将剩余的30%作为测试样本，以病例性别、年龄、手术与否，诊断名称作为输入变量，以疗效、疗程和住院费用作为输出变量（见图1），在微软SQL Server 2008 R2的Analysis Services中，用训练样本建立决策树模型，分别得到住院费用、疗效和疗程的决策模型。

图1 用于决策树挖掘的结构视图图2是住院费用的决策树模型，其中住院费用被系统自动离散为3个组：低费用组，小于21612.43元；中等费用组，21612.43元～39752.66元和高费用组，39752.66元～73378.66元。

模型显示，影响费用的主要因素是“是否手术”，如图4.3是住院费用的决策树模型，共有六级。

主要影响因素是“手术与否”，图3显示，全部病例的平均费用为：25400.187元；其中手术组的平均费用高达31624.676元，非手术组的仅为13076.108；图2住院费用的决策树图3住院费用第1级决策树第二级决策树（见图4）表明，对“非手术组”，“年龄”是住院费用的主要影响因素，“高龄组”平均费用17853.155元；非“高龄组”平均费用10930.961元。

中国股票市场风险和收益风格效应的非参数检验

中国股票市场风险和收益风格效应的非参数检验
王宁;劳兰珺
【期刊名称】《上海管理科学》
【年(卷),期】2007(29)2
【摘要】本文利用Kendall协同系数检验考察我国股票市场风险和收益的风格效应.通过实证研究首次发现各风格指数的收益率、总风险及指数特有风险均具有明显的分层结构,风格效应显著.对影响风险和收益的风格因素进行的分析表明:股票风险受规模因素的影响十分明显;而股票回报率受价值因素的影响比较显著,受规模因素的影响不明显.并进一步用Spearman相关系数考察了风险与收益之间的秩相关性.本文研究结果对资产配置和风险监管等问题具有参考价值.
【总页数】3页(P12-14)
【作者】王宁;劳兰珺
【作者单位】复旦大学管理学院;复旦大学管理学院
【正文语种】中文
【中图分类】F8
【相关文献】
1.中美股票市场风险差异的新解释——收益对市场风险不对称效应的CAViaR模型与实证 [J], 张颖;孙和风
2.中国香港股票市场的溢出效应和收益引导角色——基于亚太地区股票市场的分析[J], 周开国;杨海生;伍颖华
3.风格投资与收益协同性能够预测股票收益吗？--来自中国A股市场的经验证据
[J], 黄顺武;管鹏飞
4.国际股票市场风险传染效应研究——来自2007～2018年15个股票市场数据[J], 刘超;王淑娇;刘宸琦;刘思源
5.中国上市公司融资选择的市场时机效应——基于股票换手率和股票收益的实证检验 [J], 李小平;岳亮;万迪昉
因版权原因，仅展示原文概要，查看原文内容请购买。

github 股票收益率特征值提取

github 股票收益率特征值提取GitHub是全球最大的代码托管平台之一，许多开发者和团队在这里分享和管理他们的代码。

而GitHub股票作为一只备受关注的股票，其收益率变化对于投资者和分析师来说具有重要意义。

本文将从特征值提取的角度来分析GitHub股票收益率。

特征值提取是指通过对数据进行处理和计算，提取出能够反映数据特点和规律的指标或特征。

在GitHub股票收益率的分析中，我们可以提取以下几个特征值：平均收益率、波动率、相关系数、夏普比率和最大回撤。

平均收益率是衡量一只股票在一段时间内的平均涨幅或跌幅。

对于GitHub股票来说，平均收益率可以反映出投资者对于该股票的整体预期。

通过计算GitHub股票每日或每周的收益率，并求取平均值，可以得到该股票的平均收益率。

波动率是衡量一只股票价格波动程度的指标。

对于GitHub股票来说，波动率越高意味着股价变动越剧烈，风险也相对较高。

可以通过计算GitHub股票每日或每周的收益率的标准差来得到该股票的波动率。

相关系数是衡量两只股票之间相关性的指标。

对于GitHub股票来说，相关系数可以反映出该股票与其他股票之间的关联程度。

通过计算GitHub股票与其他相关股票的收益率之间的相关系数，可以得到它们之间的相关性大小。

夏普比率是衡量一只股票风险调整后的收益能力的指标。

对于GitHub股票来说，夏普比率可以评估该股票每承担一单位风险所获得的超额收益。

通过计算该股票的平均收益率减去无风险利率，再除以波动率，可以得到该股票的夏普比率。

最大回撤是衡量一只股票价格从最高点回落的程度的指标。

对于GitHub股票来说，最大回撤可以反映出该股票在一段时间内的风险敞口。

通过计算该股票价格从最高点回落的幅度，可以得到该股票的最大回撤。

通过提取平均收益率、波动率、相关系数、夏普比率和最大回撤等特征值，我们可以更全面地了解GitHub股票的收益率特征。

这些特征值不仅可以帮助投资者和分析师评估该股票的风险和收益潜力，还可以为投资决策提供参考。

csf布料滤波代码

csf布料滤波代码CSF（Cerebrospinal Fluid）布料滤波通常与医学图像处理相关，用于处理脑脊液的医学图像。

由于CSF的特殊性质，可以采用不同的滤波技术来突出或增强相关特征。

以下是一个使用Python和NumPy库实现的简单CSF布料滤波的例子：```pythonimport numpy as npimport matplotlib.pyplot as pltfrom scipy import ndimage# 生成一个模拟的CSF图像image_size = 256csf_image = np.zeros((image_size, image_size))csf_image[100:150, 50:200] = 1 # 在图像中心生成一个矩形代表CSF区域# 添加一些噪声csf_image += 0.1 * np.random.normal(size=(image_size, image_size))# 定义一个布料滤波器kernel_size = 21kernel = np.ones((kernel_size, kernel_size)) / kernel_size**2# 使用二维卷积进行CSF布料滤波filtered_csf_image = ndimage.convolve(csf_image, kernel)# 显示原始图像和滤波后的图像plt.figure(figsize=(10, 5))plt.subplot(1, 2, 1)plt.imshow(csf_image, cmap='gray')plt.title('Original CSF Image')plt.subplot(1, 2, 2)plt.imshow(filtered_csf_image, cmap='gray')plt.title('Filtered CSF Image')plt.show()```在这个例子中，我们生成了一个模拟的CSF图像，然后添加了一些噪声。

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• Regular is primarily associated with fulltime employees
• CSF is associated with base funded positions (all fund groups)
CSF & HRMS e-docs
• For Regular position hires, terminations, transfers, maintain pay, promotions, and demotions the CSF Tracker flag should be flagged regardless of the account number
• But we also want to split the salary with another account – BE CAREFUL – prepare the Maintain Funding Edoc but the effective date should be 07/02/07 and the tracker unflagged, by unflagging for budget construction this reverts back to the original funding for budgeting purposes. This will maintain the correct salary (base) on the 10-200-00.
• A faculty is $70,000/10 100% effective date is 8/01/07, if the salary has changed since budget construction the effective date of the Maintain Pay Edoc should be 8/01/07 and the CSF tracker MUST be flagged.
CSF What Is It? CALCULATED SALARY FOUNDATION
CSF
• July 1 Salary (created in budget construction)
• July 2 the salary changed and becomes the Calculated Salary Foundation
• The Maintain Funding e-doc is the only edoc that the CSF Tracker could be optional
• Examples:
• AC1 person in budget at $70,000/12 100% on 10-200-00 effective date is 07/01/07.
• In budget construction the salary amount to be incremented is the CSF or the most updated CSF amount (eg July 2)
CSF
• CSF is associated with positions that are active, coded Regular, with the position budget flag checked, and the CSF flag checked on the job.
CSF Why Track?
• It is important that we capture the “base” funding associated with people & “Regular” positions and how they are associated with the base funding in the compensation object codes.
• This boxMaintain Funding Page.
• See sample on CATS page.
• Remember the CSF is the salary information to be loaded in Budget Construction, it is also used to monitor base variances and salary guidelines.
Where to Find CSF Tracker Check Box
• Budget loads in June --- Oops I made an error in the salary in Budget construction – prepare Maintain Pay edoc with an effective date of July 01/07, CSF Tracker Flag must be flagged, this is TO CORRECT THE BUDGET
CSF & E-docs
• An employee’s salary is on 10-200-00 but we decide to split 50/50 with 48-200-05 the CSF Tracker must be unflagged
• An employee’s salary is on 10-200-00 but the decision is made to move the salary to 48-200-05 (100%) temporarily, since C&G accounts are not permanent funding the CSF Tracker should be unflagged.
CSF and Edocs
• Transferring a “Regular” employee to a different department plus a salary increase, transfer edoc is prepared and the CSF Tracker must be flagged.