CH17FinancingCurrentAssets(财务管理,英文版)
财务管理常用术语(英汉对照)
Business cycle (of a firm) (1) 经营周期 从权益资本，筹集新债务，和 通过资产收购来增长业务的一系列事件，这 样，又开始一个新的周期。
Business risk (1,5,10,11) 经营风险 经济风险 和营业风险的累积影响，来源于公司不可能 知道目前投资和营业活动 /决策的确定结果。
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公经理人员财务管理—创造价值的过程
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作为发行证券公司的代理人尽最大努力销售 证券的一种证券分销方式。 Beta (coefficient) (10) ß系数 基于一种私人股 票的回报率变化相对于股票市场指数回报率 变化的敏感性的风险测量工具。与系统风 险，市场风险，不可分散风险，和相对风险 同义。 Bid-ask spread (13) 买卖价差 买价与卖价之间 的差额。 Bid price (13) 买价 市场交易者愿意购买的价 格。 Bidder (12) 投标商 在收购中，想购买另一家 公司全部或部分股份的公司。 Bond (9) 债券 说明债权人与发行公司之间关系和 规定资金借入和偿还的条件和条款的一种负 债证券。 Bond market (9) 债券市场 发行和交易债券的 市场。 Bond rating (9) 债券等级评定 由代理机构 (例 如标准普尔和莫迪投资服务公司 )评定的等 级以提供一种债券信用风险的估计。 Bond value (9) 债券价值 债券预期现金流序列 以与现金流序列的风险相联系的贴现率折 现的现值。 Bond value of a convertible bond (9)可转换债 券的债券价值 如果可转换债券没有转换选择权 的价值。 Bonding costs (11) 债券发行成本 贷款人对管 理灵活性设置限制性条款导致的成本 (由股 东承担 )。 Book value of asset (2) 资产的账面价值 资产 在公司资产负债表中列示的价值。 Book value of equity (1,2) 所有者权益的账面价 值 Book value multiple (12) 账面价值乘数 股价 除以每股权益账面价值。与 price-to-book ratio同义。用于公司价值估计。 Bookrunner (9) 发起人 Bottom line (2) 净收益 Brokers (9) 经纪人 不拥有证券，代表第三方 进行证券交易的个人或机构。 Business assets (5) 营业资产 营运资本需求 加净固定资产。
会计英语Chapter 4 Current Assets
会计英语
出版社 经管分社
会计英语Chapter 4 Current Assets
会计英语
出版社 经管分社
4.1 Cash
Accountants define cash as money on deposit in banks and any items that banks will accept for deposit. These items include not only coins and paper money, but also checks, money orders and travelers’ checks. Banks also accept drafts signed by customers using bank credit cards, such as Visa and MasterCard. Thus sales to customers using bank cards are cash sales, not credit sales, to the enterprise that makes the sale.
CH16ManagingCurrentAssets财务管理,英文版.ppt
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16 - 4
How does SKI’s working capital policy compare with the industry?
Working capital policy is reflected in current ratio, quick ratio, turnover of cash and securities, inventory turnover, and DSO.
These ratios indicate SKI has large amounts of working capital relative to its level of sales. SKI is either very conservative or inefficient.
Copyright © 2001 by Harcourt, Inc.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
16 - 8
What’s the goal of cash management?
To meet above objectives, especially to have cash for transactions, yet not have any excess cash.
16 - 9
Ways to Minimize Cash Holdings
Use a lockbox.
Insist on wire transfers from customers.
Synchronize inflows and outflows.
Use a remote disbursement account.
财务管理术语中英文对照
财务管理术语表Absorption costing 吸收成本法：Total Cost Methods全部成本法: 将某会计期间内发生的固定成本除以销售量，得出单位产品的固定成本，再加上单位变动成本，算出单位产品的总成本。
Accounting 会计：对企业活动的财务信息进行测量和综合，从而向股东、经理和员工提供企业活动的信息。
请参看管理会计和财务会计。
Accounting convention会计原则:会计师在会计报表的处理中所遵循的原则或惯例。
正因为有了这些原则，不同企业的会计报表以及同一企业不同时期的会计报表才具有可比性。
如果会计原则在实行中发生了一些变化，那么审计师就应该在年度报表附注中对此进行披露。
Accounts 会计报表和账簿: 这是英国的叫法，在美国，会计报表或财务报表叫做Financial Statements,是指企业对其财务活动的记录。
Chief financial officerAccounts payable应付账款: 这是美国的叫法，在英国，应付账款叫做Creditors，是指公司从供应商处购买货物、但尚未支付的货款。
Accounts receivable 应收账款:这是美国的叫法，在英国，应收账款叫做Debtors,是指客户从公司购买商品或服务，公司已经对其开具发票，但客户尚未支付的货款。
Accrual accounting 权责发生制会计:这种方法在确认收入和费用时，不考虑交易发生时有没有现金流的变化。
比如，公司购买一项机器设备，要等到好几个月才支付现金，但会计师却在购买当时就确认这项费用。
如果不使用权责发生制会计，那么该会计系统称作“收付制”或“现金会计”。
Accumulated depreciation 累计折旧:它显示截止到目前为止的折旧总额。
将资产成本减去累计折旧，所得结果就是账面净值。
Acid test 酸性测试:这是美国的叫法，请参看quick ratio速动比率（英国叫法）。
FinancialManagement财务管理,英文版.ppt
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 16
The 11 Member Nations of the European Monetary Union
Austria Germany
Netherlands
Belgium Ireland
The U.S. dollar was tied to gold.
Other currencies were tied to the dollar.
Copyright © 2001 by Harcourt, Inc.
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19 - 15
The European Monetary Union
on the product, what should the juice sell for in Japan?
Price = (1.75)(1.50)(111.11) = 291.66 yen.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
In 2002, the full implementation of the “euro” is expected to be complete. The national currencies of the 11 participating countries will be phased out in favor of the “euro.” The newly formed European Central Bank will control the monetary policy of the EMU.
中英文对照,专业名词,财务成本管理(完整版)
PART I Fundamentals to Financial Management第一部分财务管理导论Section I Fundamentals to Financial Management第一节财务管理概述1。
profit maximization＊利润最大化1—1 EPS maximization* 每股收益最大化【讲解】EPS, earnings per share 每股收益1-2 Maximization of shareholders wealth＊股东财富最大化e.g。
Shareholder wealth maximization is a fundamental principle of financial management。
In financial management we assume that the objective of the business is to maximize shareholder wealth。
This is not necessarily the same as maximizing profit。
【讲解】（1）maximization[,mæksimai'zeiʃən］n。
最大化，极大化（2）minimization [,minimai’zeiʃən，—mi’z—]n。
最小化(3）maximize[’mæksɪmaɪz］v. 最大化，取……最大值，达到最大值（4)minimize ['mɪnɪmaɪz］ v. 最小化（5)minimum n。
最小值，最小量 adj.最小的，最低的（6)maximum n. 极大，最大限度，最大量 adj。
最高的，最多的（7）the same as 和……一样,与……相同学习成果回顾【译】股东财富最大化是财务管理的基本原则。
在财务管理中我们假定企业的目标就是实现股东财富最大化。
财务管理ppt英文课件Chapter 17
Copyright 2001 Prentice-Hall, Inc.
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Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
stock outstanding
Assumptions: • Earnings are not expected to grow • 100% dividend payout • Results in the valuation of a perpetuity • Appropriate in this case for illustrating the
ki = the yield on the company’s debt
I
Annual interest on debt
ki = B = Market value of debt
Assumptions: • Interest paid each and every year • Bond life is infinite • Results in the valuation of a perpetual bond • No taxes (Note: allows us to focus on just
Slides prepared by Wu Xiaolan
1.75 2.0
11
Summary of NOI Approach
Critical assumption is ko remains constant. An increase in cheaper debt funds is exactly
会计英语unit 6 Assets—Current Assets Ⅰ
There are some cases where cash on the balance
sheet isn't necessarily a good thing.
The moral:
You probably won't be able to tell if a company is weak
based on cash alone; the amount of debt is far more
7
Cash is a vital factor in the operation o a business, since many business transaction involve cash.
Cash is most subject to theft and fraud. So, strict control over cash should be applied in a business.
received $20,000 a month later.
Cr. Paid-in Capital
(2) Dr. Supplies and Equipment Cr. Cash
(3) Dr. Accounts Receivable Cr. Service Revenue
This is outside the normal business operation. Short-term investments refer to investment in
marketable securities with certain face value, which can be realized at any time and will be held less than a year.
ACCA财务管理英语中英文对照
ACCA--财务管理英语sole propsietorship 独资企业partnership 合伙企业corporate finance 公司财务corporate 公司closely held 私下公司public company 公众公司Goldman Sachs 高盛银行pension fund 养老基金insurance company 保险公司board of director 董事会separation of ownership and management 所有权与管理权的分离limited liability 有限责任articles of incorporation 公司章程real asset 实物资产financial asset 金融资产security 证券financial market 金融市场capital market 资本市场money market 货币市场investment decision 投资决策capital budgeting decision 资本预算决策financing decision 融资决策financial manager 财务经理treasurer 司库controller 总会计师CFO 首席财务官principal-agent problem 委托代理问题principal 委托人agent 代理人agency cost 代理成本information asymmetry 信息不对称signal 信号efficient markets hypothesis 有效市场假说present value 现值discount factor 贴现因子rate of return 收益率discount rate 贴现率hurdle rate 门坎比率opportunity cost of capital 资本机会成本net present value 净现值cash outflow 现金支出net present value rule 净现值法则rate-of-return rule 收益率法则profit maximization 利润最大化doing well 经营盈利doing good 经营造益collateral 抵押品warrant 认股权证convertible bond 可转换债券primary issue 一级发行prinary market 一级市场secondary tansaction 二级交易secondary market 二级市场over-the-counter (OTC) 场外交易financial intermediary 金融中介zero-stage 启动阶段business plan 创业计划书first-stage financing 第一阶段融资after-the-money valuation 注资后的价值paper gain 账面利润mezzanine financing 引渡融资angel investor 天使投资者venture capital fund 创业投资基金limited private partnership 有限合伙企业general partner 普通合伙人limited partner 有限合伙人small-business investment companies（SBIC）小企业投资公司initial public offering (IPO) 首次公开发行primary offering 首次发行secondary offering 二次发行underwriter 承销商syndicate of underwriter 承销辛迪加registration statement 注册说明书prospectus 招股说明书road show 路演greenshoe option 绿鞋期权spread 差价offering price 发售价格underpricing 抑价winner’s curse 成功者灾难bookbuilding 标书登记fixed price offer 定价发售auction 拍卖discrimination auction 差价拍卖uniform-price auction 一价拍卖general cash offer 一般现款发行right issue 附权发行shelf registration 上架注册prior approval 事前许可bought deal 买方交易seasoned issue 新增发行knowledgeable invertor 成熟的投资者qualified institutional buyer 有资格的机构买者record date 登记日with dividend 附有红利cum dividend 附息ex dividend 除息legal capital 法定资本regular cash dividend 正常现金红利extra 额外的special dividend 特别红利stock dividend 股票红利automatic dividend reinvestment plans (DRIP) 红利自动转投计划transfer of value 价值转移capital structure 资本结构MM’s proposition MM定理weighted-average cost of capital (WACC) 加权平均资本成本margin debt 保证金借款floating-rate note 浮动利率票据money-market fund 货币市场基金interest-rate ceiling 利率上限trade-off theory 权衡理论right to default 违约权leverage buy-out (LBO) 杠杆收购asymmetric information 信息不对称financial slack 银根宽松cost of debt 负债成本cost of equity 权益成本terminal value 清算价值cash flow to equity 权益现金流rebalancing 重整project financing 项目融资adjusted cost of capital 调整资本成本equivalent loan 等值贷款offsetting transaction 反向交易depreciable basis 折旧基数adjusted present value (APV) 调整现值call option 看涨期权exercise price 执行价格strike price 敲定价格exercise date 到期日European call 欧式看涨期权American call 美式看涨期权position diagram 头寸图put option 看跌期权Salomon Brothers 所罗门兄弟公司term stucture of interest rate 利率期限结构annuity 年金perpetuity 永久年金annuity factor 年金因子annuity due 即期年金future value 终值conmpound interest 复利simple interest 单利continuously compounded rate 连续复利率Consumer Price Index (CPI) 消费物价指数current dollar 当期货币nominal dollar 名义货币constant dollar 不变货币real dollar 实际货币real rate of return 实际收益率inflation rate 通货膨胀率principal 本金deflation 滞胀yield to maturity 到期收益率market capitalization rate 市场资本化率dividend yield 红利收益率cost of equity capital 权益资本成本payout ratio 红利发放率earnings per share (EPS) 每股收益return on equity (ROE) 权益收益率discount cash flow 贴现现金流growth stock 成长股income stock 绩优股present value of growth opportunity (PVGO) 成长机会的现值price-earnings ratio (P/E) 市盈率free cash flow (FCF) 自由现金流量book rate of return 账面收益率capital investment 资本投资operating expense 经营费用payback period 回收期discounted-payback rule 贴现回收期法则discounted-cash-flow rate of return 贴现现金流量的收益率internal rate of return (IRR) 内部收益率lending 贷出borrowing 借入profitability measure 盈利指标standard of pfofitability 赢利标准modified internal rate of return 修正内部收益率mutually exclusive projects 互相排斥的项目capital rationing 资本约束profitability index 盈利指标soft rationing 软约束hard rationing 硬约束incremental payoff 增量收入net working capital 净营运资本sunk cost 沉没成本sunk-cost fallacy 沉没成本悖论overhead cost 间接费用salvage value 残值straight-line depreciation 直线法折旧Internal Revenue Service 国内税收署tax shield 税盾accelerated cost recovery system 加速成本回收折旧法alternative minimum tax 另类最低税tax preference 税收优惠accelerated depreciation 加速折旧project analysis 项目分析equivalent annual cash flow 等价年度现金流marginal investment 边际投资default risk 违约风险risk premium 风险溢酬standard error 标准误差standard deviation 标准差market portfolio 市场组合market returm (rm) 市场收益率variance 方差the loss of a dgree of freedom 自由度损失Delphic 德尔菲unique risk 独特风险unsystematic risk 非系统风险residual risk 剩余风险specific risk 特定风险diversifiable risk 可分散风险market risk 市场风险systematic risk 系统风险undiversifiable risk 不可分散风险convariance 协方差well-diversified 有效分散value additivity 价值可加性efficient portfolio 有效投资组合quadratic programming 二次规划best efficient portfolio 最佳有效投资组合capital asset pricing model (CAPM) 资本资产定价模型separation theorem 分离定理security market line 证券市场线market capitalization 市场资本总额small-cap stocks 小盘股book-to-market ration 账面-市值比data mining 数据挖掘data snooping 数据侦察consumption beta 消费贝塔consumption CAPM 消费型资本资产定价模型risk aversion 风险厌恶arbitrage pricing theory 套利定价理论sensitivity of each stock to these factors 每种股票对这些因素的敏感度three-factor model 三因素模型company cost of capital 公司资本成本industry beta 行业贝塔firm value 公司价值debt value 负债价值asset value 资产价值blue-chip firm 蓝筹股financial leverage 财务杠杆gearing 举债经营financial risk 财务风险unlever 消除杠杆relative market values of debt (E/V) 负债的相对市场价值taxable income 应税利润after-tax cost 税后成本marginal corporate tax rate 公司边际税率after-tax weighted-average cost of capital 税后加权平均资本成本cyclicality 周期性cyclical firms 周期性公司operating leverage 经营杠杆revenue 收入fixed costs 固定成本variable costs 可变成本rate of output 产出率certainty equivalent 确定性等价值certainty-equivalent cash flow 确定性等价现金流risk-adjusted discount rate 风险相应贴现率underlying variables 基础变量sample 抽样real option 实物期权decision tree 决策树timing qption 安排期权production option 生产性期权option to bail out 清算选择权economic rent 经济租金future market 期货市场capital budget 资本预算strategic planning 战略规划appropriation request 拨款申请postaudit 事后审计stock options 股票期权private benefit 私下利益perks 特权享受perquisite 特权享受overinvestment 过度投资generally accepted accounting principle (GAAP) 公认会计原则qualified doption 保留意见delegated 委托economic value added (EV A) 经济附加值trade loading 贸易超载economic depreciation 经济折旧national income and product accounts 国民收入与产出账户cap 上限合约strip 本息剥离债券swap 互换bookrunner 股份登记员efficient capital market 有效资本市场random walk 随机游走positive drift 正漂移autocorelation coefficient 自相关系数weak form of efficiency 弱有效性semistrong form of efficiency 半强有效性strong form of efficiency 强有效性market model 市场模型acquiring firm 兼并公司acquired firm 被兼并公司superior profit 超常利润overreaction 反应过度underreaction 反应不足index arbitrageur 指数套利者portfolio insurance scheme 证券组合保险策略superior rates of return 超常收益exchange-rate policy 汇率政策application date 申购日long-term asset 长期资产retained earnings 留存收益financial deficit 资金缺口internal fund 内部资金debt policy 负债政策dividend policy 红利政策long-term financing 长期融资total capitalization 资本总额reserve 准备金issued and outsanding 已发行流通股份issued but not outsanding 已发行未流通股份authorized share capital 法定股本总额financial institution 金融机构cash-flow right 现金流要求权control right 控制劝dominant stockholder 控股股东majority voting system 多数投票制cumulative voting 累计投票制supermajority 绝对多数制proxy contest 投票代理权角逐minority stockholder 小股东reverse stock split 逆股票拆细master limited partnership 业主有限责任合伙企业real estate investment trust (REIT) 房地产信托投资基金preferred stock 优先股cumulative preferred stock 红利累积优先股line of credit 授信额度fixed-rate 固定利率floating-rate 浮动利率coupon 息票London Interbank Offered Rate (LIBOR) 伦敦银行间拆借利率eurobond 欧洲债券eurocurrency 欧洲货币euro 欧元senior 优级junior 次级subordinated 从属secured 有担保的collateral 抵押品warrant 认股权证convertible bond 可转换债券primary issue 一级发行prinary market 一级市场secondary tansaction 二级交易secondary market 二级市场over-the-counter (OTC) 场外交易financial intermediary 金融中介zero-stage 启动阶段business plan 创业计划书first-stage financing 第一阶段融资after-the-money valuation 注资后的价值paper gain 账面利润mezzanine financing 引渡融资angel investor 天使投资者venture capital fund 创业投资基金limited private partnership 有限合伙企业general partner 普通合伙人limited partner 有限合伙人small-business investment companies（SBIC）小企业投资公司initial public offering (IPO) 首次公开发行primary offering 首次发行secondary offering 二次发行underwriter 承销商syndicate of underwriter 承销辛迪加registration statement 注册说明书prospectus 招股说明书road show 路演greenshoe option 绿鞋期权spread 差价offering price 发售价格underpricing 抑价winner’s curse 成功者灾难bookbuilding 标书登记fixed price offer 定价发售auction 拍卖discrimination auction 差价拍卖uniform-price auction 一价拍卖general cash offer 一般现款发行right issue 附权发行shelf registration 上架注册prior approval 事前许可bought deal 买方交易seasoned issue 新增发行knowledgeable invertor 成熟的投资者qualified institutional buyer 有资格的机构买者record date 登记日with dividend 附有红利cum dividend 附息ex dividend 除息legal capital 法定资本regular cash dividend 正常现金红利extra 额外的special dividend 特别红利stock dividend 股票红利automatic dividend reinvestment plans (DRIP) 红利自动转投计划transfer of value 价值转移capital structure 资本结构MM’s proposition MM定理weighted-average cost of capital (WACC) 加权平均资本成本margin debt 保证金借款floating-rate note 浮动利率票据money-market fund 货币市场基金interest-rate ceiling 利率上限trade-off theory 权衡理论right to default 违约权leverage buy-out (LBO) 杠杆收购asymmetric information 信息不对称financial slack 银根宽松cost of debt 负债成本cost of equity 权益成本terminal value 清算价值cash flow to equity 权益现金流rebalancing 重整project financing 项目融资adjusted cost of capital 调整资本成本equivalent loan 等值贷款offsetting transaction 反向交易depreciable basis 折旧基数adjusted present value (APV) 调整现值call option 看涨期权exercise price 执行价格strike price 敲定价格exercise date 到期日European call 欧式看涨期权American call 美式看涨期权position diagram 头寸图put option 看跌期权色诺芬在《经济论》中首次提出“经济”一词（1）著作：《居鲁士的教育》、《居鲁士远征记》、《经济论》、《雅典的收入》（2）主要经济思想：a)重农思想。
财务管理-会计英语专用词汇及术语（中英文版）
财务管理-会计英语专用词汇及术语（中英文版）会计科目英文Accounting system 会计系统American Accounting Association 美国会计协会American Institute of CPAs 美国注册会计师协会Audit 审计Balance sheet 资产负债表Bookkeeping 簿记Cash flow prospects 现金流量预测Certificate in Internal Auditing 内部审计证书Certificate in Management Accounting 管理会计证书Certificate Public Accountant 注册会计师Cost accounting 成本会计External users 外部使用者Financial accounting 财务会计Financial Accounting Standards Board 财务会计准则委员会Financial forecast 财务预测Generally accepted accounting principles 公认会计原则General-purpose information 通用目的信息Government Accounting Office 政府会计办公室Ine statement 损益表Institute of Internal Auditors 内部审计师协会Institute of Management Accountants 管理会计师协会Integrity 整合性Internal auditing 内部审计Internal control structure 内部控制结构Internal Revenue Service 国内收入署Internal users 内部使用者Management accounting 管理会计Return of investment 投资回报Return on investment 投资报酬Securities and Exchange mission 证券交易委员会Statement of cash flow 现金流量表Statement of financial position 财务状况表Tax accounting 税务会计Accounting equation 会计等式Articulation 勾稽关系Assets 资产Business entity 企业个体Capital stock 股本Corporation 公司Cost principle 成本原则Creditor 债权人Deflation 通货紧缩Disclosure disclose 批露Expenses 费用Financial statement 财务报表Financial activities 筹资活动Going-concern assumption 持续经营假设Inflation 通货膨涨Investing activities 投资活动Liabilities 负债Negative cash flow 负现金流量Operating activities 经营活动Owner’s equity 所有者权益Partnership 合伙企业Positive cash flow 正现金流量Retained earning 留存利润Revenue 收入Sole proprietorship 独资企业 Solvency 清偿能力Stable-dollar assumption 稳定货币假设Stockholders 股东Stockholders’ equity 股东权益Window dressing 门面粉饰Account 帐户会计英文(中英文对照)一、资产类 Assets流动资产 Current assets货币资金 Cash and cash equivalents1001 现金 Cash1002 银行存款 Cash in bank1009 其他货币资金 Other cash and cash equivalents'100901 外埠存款 Other city Cash in bank'100902 银行本票 Cashier's cheque'100903 银行汇票 Bank draft'100904 信用卡 Credit card'100905 信用证保证金 L/C Guarantee deposits'100906 存出投资款 Refundable deposits1101 短期投资 Short-term investments'110101 股票 Short-term investments - stock'110102 债券 Short-term investments - corporate bonds'110103 基金 Short-term investments - corporate funds'110110 其他 Short-term investments - other1102 短期投资跌价准备 Short-term investments falling price reserves 应收款 Account receivable1111 应收票据 Note receivable银行承兑汇票 Bank acceptance商业承兑汇票 Trade acceptance1121 应收股利 Dividend receivable1122 应收利息 Interest receivable1131 应收账款 Account receivable1133 其他应收款 Other notes receivable1141 坏账准备 Bad debt reserves1151 预付账款 Advance money1161 应收补贴款 Cover deficit by state subsidies of receivable 库存资产 Inventories1201 物资采购 Supplies purchasing1211 原材料 Raw materials1221 包装物 Wrappage1231 低值易耗品 Low-value consumption goods1232 材料成本差异 Materials cost variance1241 自制半成品 Semi-Finished goods1243 库存商品 Finished goods1244 商品进销差价Differences between purchasing and selling price1251 委托加工物资 Work in process - outsourced1261 委托代销商品 Trust to and sell the goods on a mission basis1271 受托代销商品 missioned and sell the goods on a mission basis1281 存货跌价准备 Inventory falling price reserves1291 分期收款发出商品Collect money and send out the goods by stages1301 待摊费用 Deferred and prepaid expenses长期投资 Long-term investment1401 长期股权投资 Long-term investment on stocks'140101 股票投资 Investment on stocks'140102 其他股权投资 Other investment on stocks1402 长期债权投资 Long-term investment on bonds'140201 债券投资 Investment on bonds'140202 其他债权投资 Other investment on bonds1421 长期投资减值准备 Long-term investments depreciation reserves股权投资减值准备Stock rights investment depreciation reserves债权投资减值准备 Bcreditor's rights investment depreciation reserves1431 委托贷款 Entrust loans'143101 本金 Principal'143102 利息 Interest'143103 减值准备 Depreciation reserves固定资产 Fixed assets1501 固定资产 Fixed assets房屋 Building建筑物 Structure机器设备 Machinery equipment运输设备 Transportation facilities工具器具 Instruments and implement1502 累计折旧 Accumulated depreciation1505 固定资产减值准备 Fixed assets depreciation reserves房屋、建筑物减值准备Building/structure depreciation reserves机器设备减值准备Machinery equipment depreciationreserves1601 工程物资 Project goods and material'160101 专用材料 Special-purpose material'160102 专用设备 Special-purpose equipment'160103 预付大型设备款 Prepayments for equipment'160104 为生产准备的工具及器具 Preparative instruments and implement for fabricate1603 在建工程 Construction-in-process安装工程 Erection works在安装设备 Erecting equipment-in-process技术改造工程 Technical innovation project大修理工程 General overhaul project1605 在建工程减值准备 Construction-in-process depreciation reserves1701 固定资产清理 Liquidation of fixed assets无形资产 Intangible assets1801 无形资产 Intangible assets专利权 Patents非专利技术 Non-Patents商标权 Trademarks, Trade names著作权 Copyrights土地使用权 Tenure商誉 Goodwill1805 无形资产减值准备Intangible Assets depreciation reserves专利权减值准备 Patent rights depreciation reserves商标权减值准备 trademark rights depreciation reserves1815 未确认融资费用 Unacknowledged financial charges待处理财产损溢 Wait deal assets loss or ine1901 长期待摊费用 Long-term deferred and prepaid expenses1911 待处理财产损溢 Wait deal assets loss or ine'191101待处理流动资产损溢 Wait deal intangible assets loss or ine'191102待处理固定资产损溢 Wait deal fixed assets loss or ine二、负债类 Liability短期负债 Current liability2101 短期借款 Short-term borrowing2111 应付票据 Notes payable银行承兑汇票 Bank acceptance商业承兑汇票 Trade acceptance2121 应付账款 Account payable2131 预收账款 Deposit received2141 代销商品款 Proxy sale goods revenue2151 应付工资 Accrued wages2153 应付福利费 Accrued welfarism2161 应付股利 Dividends payable2171 应交税金 Tax payable'217101 应交增值税 value added tax payable'21710101 进项税额 Withholdings on VAT'21710102 已交税金 Paying tax'21710103 转出未交增值税 Unpaid VAT changeover'21710104 减免税款 Tax deduction'21710105 销项税额 Substituted money on VAT'21710106 出口退税 Tax reimbursement for export'21710107 进项税额转出 Changeover withnoldings on VAT'21710108 出口抵减内销产品应纳税额 Export deduct domestic sales goods tax'21710109 转出多交增值税 Overpaid VAT changeover'21710110 未交增值税 Unpaid VAT'217102 应交营业税 Business tax payable'217103 应交消费税 Consumption tax payable'217104 应交资源税 Resources tax payable'217105 应交所得税 Ine tax payable'217106 应交土地增值税 Increment tax on land value payable '217107 应交城市维护建设税 Tax for maintaining and building cities payable'217108 应交房产税 Housing property tax payable'217109 应交土地使用税 Tenure tax payable'217110 应交车船使用税Vehicle and vessel usage license plate tax(VVULPT)payable'217111 应交个人所得税 Personal ine tax payable2176 其他应交款 Other fund in conformity with paying2181 其他应付款 Other payables2191 预提费用 Drawing expense in advance其他负债 Other liabilities2201 待转资产价值 Pending changerover assets value2211 预计负债 Anticipation liabilities长期负债 Long-term Liabilities2301 长期借款 Long-term loans一年内到期的长期借款 Long-term loans due within one year 一年后到期的长期借款 Long-term loans due over one year2311 应付债券 Bonds payable'231101 债券面值 Face value, Par value'231102 债券溢价 Premium on bonds'231103 债券折价 Discount on bonds'231104 应计利息 Accrued interest2321 长期应付款 Long-term account payable应付融资租赁款 Accrued financial lease outlay一年内到期的长期应付 Long-term account payable due withinone year一年后到期的长期应付Long-term account payable over one year2331 专项应付款 Special payable一年内到期的专项应付 Long-term special payable due within one year一年后到期的专项应付Long-term special payable over one year2341 递延税款 Deferral taxes三、所有者权益类 OWNERS' EQUITY资本 Capita3101 实收资本(或股本) Paid-up capital(or stock)实收资本 Paicl-up capital实收股本 Paid-up stock3103 已归还投资 Investment Returned公积3111 资本公积 Capital reserve'311101 资本(或股本)溢价 Cpital(or Stock) premium'311102 接受捐赠非现金资产准备Receive non-cash donate reserve'311103 股权投资准备 Stock right investment reserves'311105 拨款转入 Allocate sums changeover in'311106 外币资本折算差额 Foreign currency capital'311107 其他资本公积 Other capital reserve3121 盈余公积 Surplus reserves'312101 法定盈余公积 Legal surplus'312102 任意盈余公积 Free surplus reserves'312103 法定公益金 Legal public welfare fund'312104 储备基金 Reserve fund'312105 企业发展基金 Enterprise expansion fund'312106 利润归还投资Profits capitalizad on return of investment利润 Profits3131 本年利润 Current year profits3141 利润分配 Profit distribution'314101 其他转入 Other changeover in'314102 提取法定盈余公积 Withdrawal legal surplus'314103 提取法定公益金Withdrawal legal public welfare funds'314104 提取储备基金 Withdrawal reserve fund'314105 提取企业发展基金Withdrawal reserve for business expansion'314106 提取职工奖励及福利基金Withdrawal staff and workers' bonus and welfarefund'314107 利润归还投资Profits capitalized on return of investment'314108 应付优先股股利 Preferred Stock dividends payable'314109 提取任意盈余公积Withdrawal other mon accumulation fund'314110 应付普通股股利 mon Stock dividends payable'314111 转作资本(或股本)的普通股股利mon Stock dividends change to assets(orstock)'314115 未分配利润 Undistributed profit四、成本类 Cost4101 生产成本 Cost of manufacture'410101 基本生产成本 Base cost of manufacture'410102 辅助生产成本 Auxiliary cost of manufacture4105 制造费用 Manufacturing overhead材料费 Materials管理人员工资 Executive Salaries奖金 Wages退职金 Retirement allowance补贴 Bonus外保劳务费 Outsourcing fee福利费 Employee benefits/welfare会议费 Conference加班餐费 Special duties市内交通费 Business traveling通讯费 Correspondence电话费 Correspondence水电取暖费 Water and Steam税费 Taxes and dues租赁费 Rent管理费 Maintenance车辆维护费 Vehicles maintenance油料费 Vehicles maintenance培训费 Education and training接待费 Entertainment图书、印刷费 Books and printing运费 Transportation保险费 Insurance premium支付手续费 mission杂费 Sundry charges折旧费 Depreciation expense机物料消耗 Article of consumption劳动保护费 Labor protection fees季节性停工损失 Loss on seasonality cessation 4107 劳务成本 Service costs五、损益类 Profit and loss收入 Ine业务收入 OPERATING INE5101 主营业务收入 Prime operating revenue产品销售收入 Sales revenue服务收入 Service revenue5102 其他业务收入 Other operating revenue材料销售 Sales materials代购代售包装物出租 Wrappage lease出让资产使用权收入 Remise right of assets revenue返还所得税 Reimbursement of ine tax其他收入 Other revenue5201 投资收益 Investment ine短期投资收益 Current investment ine长期投资收益 Long-term investment ine计提的委托贷款减值准备 Withdrawal of entrust loans reserves 5203 补贴收入 Subsidize revenue国家扶持补贴收入 Subsidize revenue from country其他补贴收入 Other subsidize revenue5301 营业外收入 NON-OPERATING INE非货币性交易收益 Non-cash deal ine现金溢余 Cash overage处置固定资产净收益 Net ine on disposal of fixed assets出售无形资产收益 Ine on sales of intangible assets固定资产盘盈 Fixed assets inventory profit罚款净收入 Net amercement ine支出 Outlay业务支出 Revenue charges5401 主营业务成本 Operating costs产品销售成本 Cost of goods sold服务成本 Cost of service5402 主营业务税金及附加 Tax and associate charge营业税 Sales tax消费税 Consumption tax城市维护建设税 Tax for maintaining and building cities 资源税 Resources tax土地增值税 Increment tax on land value5405 其他业务支出 Other business expense销售其他材料成本 Other cost of material sale其他劳务成本 Other cost of service其他业务税金及附加费 Other tax and associate charge 费用 Expenses5501 营业费用 Operating expenses代销手续费 Consignment mission charge运杂费 Transpotation保险费 Insurance premium展览费 Exhibition fees广告费 Advertising fees5502 管理费用 Administrative expenses职工工资 Staff Salaries修理费 Repair charge低值易耗摊销 Article of consumption办公费 Office allowance差旅费 Travelling expense工会经费 Labour union expenditure研究与开发费 Research and development expense福利费 Employee benefits/welfare职工教育经费 Personnel education待业保险费 Unemployment insurance劳动保险费 Labour insurance医疗保险费 Medical insurance会议费 Coferemce聘请中介机构费 Intermediary organs咨询费 Consult fees诉讼费 Legal cost业务招待费 Business entertainment技术转让费 Technology transfer fees矿产资源补偿费 Mineral resources pensation fees排污费 Pollution discharge fees房产税 Housing property tax车船使用税 Vehicle and vessel usage license plate tax(VVULPT) 土地使用税 Tenure tax印花税 Stamp tax5503 财务费用 Finance charge利息支出 Interest exchange汇兑损失 Foreign exchange loss各项手续费 Charge for trouble各项专门借款费用 Special-borrowing cost5601 营业外支出 Nonbusiness expenditure捐赠支出 Donation outlay减值准备金 Depreciation reserves非常损失 Extraordinary loss处理固定资产净损失 Net loss on disposal of fixed assets出售无形资产损失 Loss on sales of intangible assets固定资产盘亏 Fixed assets inventory loss债务重组损失 Loss on arrangement罚款支出 Amercement outlay5701 所得税 Ine tax以前年度损益调整 Prior year ine adjustment专业术语consistency 一贯性substance over form 实质重于形式materiality 重要性prudence 谨慎性current asset 流动资产non-current asset 非流动资产round it up, round it down 四舍五入contingent liability 或有负债creditor 债权人rendering of service 提供劳务royalties 版税bonus share 分红股redempte share 赎回股份debenture 债券credit 贷方depreciation 折旧residual value 剩余价值accounting treatment 会计处理accrual concept 权责发生制概念net book value 账面净值straight line method 直线法carrying amount 资产净值（资产－累计折旧－减值）rule of thumb 经验法contribution margin 边际贡献deferred ine 递延收入finance lease 融资租赁cash equivalents 现金等价物operating lease 经营租赁capital appreciation 资本增值amortization 分摊incremental budget 增量预算zero based budget 零基预算continuous budget 滚动预算deferred tax 递延税款permanent difference 永久性差异timing difference 时间性差异flow through method 应付税款法events after balance sheet date 资产负债表日后事项return on investment (ROI) 投资回报率profit before interest and tax 息税前利润profit margin 利润率retrospective application 追溯调整法prospective application 未来适用法英文会计报表利润表INE STATEMENT 项目ITEMS 产品销售收入Sales of products其中：出口产品销售收入Including：Export sales 减：销售折扣与折让Less：Sales discount and allowances产品销售净额Net sales of products 减：产品销售税金Less：Sales tax产品销售成本Cost of sales 其中：出口产品销售成本Including：Cost of export sales产品销售毛利Gross profit on sales 减：销售费用Less：Selling expenses管理费用General and administrative expenses 财务费用Financial expenses其中：利息支出(减利息收入) Including：Interest expenses (minus interest ine)汇兑损失(减汇兑收益) Exchange losses(minus exchange gains)产品销售利润Profit on sales 加：其他业务利润Add：profit from other operations营业利润Operating profit 加：投资收益Add：Ine on investment加：营业外收入Add：Non-operating ine 减：营业外支出Less：Non-operating expenses 加：以前年度损益调整Add：adjustment of loss and gain for previous years利润总额Total profit 减：所得税Less：Ine tax 净利润Net profit 资产负债表 BALANCE SHEET资产ASSETS 流动资产CURRENT ASSETS 现金Cash on hand 备用金Pretty cash银行存款Cash in banks 有价证券Marketable receivable 应收票据Notes receivable应收帐款Accounts receivable 减：坏帐准备Less：allowance for bad debts 预付货款Prepayments-supplies内部往来Inter-pany accounts 其他应收款Other receivables 待摊费用Prepaid and deferred expenses存货Inventories 减：存货变现损失准备： Less：allowance on inventory reduction to market已转未完工生产成本Transferred in production cost transforming一年内到期的长期投资Matured long time investments within a year流动资产合计Total current assets 长期投资：LONG TERM INVESTMENT长期投资Long term investments拨付所属资金Funds to burnchs一年以上的应收款项Accounts receivable over a year 固定资产：FIXED ASSETS固定资产原价Fixed assets-cost 减：累计折旧Less:accumulated depreciation固定资产净值Fixed assets-net value 固定资产清理Disposal of fixed assets融资租入固定资产原价：Fixed assets-cost on financial lease减：融资租入固定资产折旧Less：accumulated depreciation 融资租入固定资产净值：Fixed assets-net value on financial lease在建工程：CONSTRUCTION WORK IN PROCESS 无形资产INTANGIBLE ASSETS场地使用权Right to the use of a site 工业产权及专有技术Industrial property right and patents其他无形资产Other intangibles 无形资产合计T otal intangible assets其它资产OTHER ASSETS 开办费Organization expenses 递延投资损失Deferred investment筹建期间汇兑损失Exchange losses during organization period losses递延税款借项Debit side of deferred tax 其他递延支出Other deferred expenditures待转销汇兑损益Prepaid and deferred exchange loss 其他递延借款Debit side of other deferred其他资产合计Total other Assets 资产总计TOTAL ASSETS负债及所有者权LIABILITIES AND CAPITAL 流动负债：CURRENT LIABILITIES短期借款Short term loans 应付票据Notes payable 应付帐款Accounts payable内部往来Inter-pany accounts 预收货款Items received in advance-supplies应付工资Accrued payroll 应交税金T axes payable 应付股利Dividends payable其他应付款Other payables 预提费用Accrued expenses职工奖励及福利费用Bonus and welfare funds一年内到期的长期负债Matured long term liabilities within a year其他流动负债Other current liabilities 流动负债合计Total current liabilities长期负债：LONG TERM LIABILITIES 长期借款long term loans 应付公司债Bonds payable 应公司债溢价（折价）Premium on bonds payable（discount）一年以上的应付款项Accounts payable over a year 长期负债合计：Total long term liabilities其他负债：OTHER LIABILITIES 筹建期间汇兑收益Exchange gains during organization period 递延投资收益Deferred investment gains 递延税款贷项Credit side of deferred tax 其他递延贷项Credit side of other tax 待转销汇兑收益Prepaid and deferred exchange profit其他负债合计Total other liabilities 负债合计T otal liabilities 所有者权益Investor’s equity委托加工材料Materials processed on mission受托代销商品Goods in consignment代管商品物资Good held in our custos 本年支付的进口环节税金Import tax paid this year由企业负责的应收票据贴现Contingent Liability incurred by discounted notes receivable租入固定资产Leasehold fixed assets应付帐款 Trade creditors 应收票据 Notes receivable 预收帐款Advances from customers应收股利Dividends receivable 代销商品款Consignment-in payables 应收利息 Interest receivable 应付工资 Payroll payable 应收帐款 Trade debtors 应付福利费 Welfare payable其他应收款 Other debtors 应付股利 Proposed dividends 坏帐准备 Provision for doubtful debts 应付短期债券 Short-term bonds payable 预付帐款 Prepayment 应交税金 Tax payable应收补贴款 Allowance receivable 其他应交款 Other payable to government待摊费用 Prepaid expenses 其他应付款 Other creditors待处理流动资产损益 Unsettled G/L on current assets 预提费用Accrued expenses存货 Inventories 一年内到期长期负债 Long term liabilities due within one year存货跌价准备Provision for obsolete stocks 其他流动负债Other current liability其他流动资产Other current 流动负债合计TOTAL CURRENT LIABILITIES流动资产合计TOTAL CURRENT ASSETS 长期股权投资Long term equity investment 应付债券Bonds payable 长期债券投资Long term securities investment长期应付款 Long term payable 长期投资减值准备 Provision for long-term investment 住房周转金Housing fund 其他长期负债Other long term liabilities长期投资合计 TOTAL LONG-TERM INVESTMENT长期负债合计 TOTAL LONG-TERM LIABILITIES 固定资产 Fixed assets累计折旧Accumulated depreciation 递延税款Deferred taxation 工程物资 Project material在建工程Construction in progress 其他负债合计TOTAL OTHER LIABILITIES固定资产减值准备Imparement 待处理固定资产损益Unsettled G/L on fixed assets负债合计TOTAL LIABILITIES 固定资产合计TOTAL FIXEDASSETS股本 Share capital资本公积 Capital surplus 无形资产 Intangible assets 盈余公积Surplus reserves开办费Pre-operating expenses 期初未分配利润Retained earnings, beginning of the year长期待摊费用Deferred assets 本年净利润NET INE FOR THE YEAR其他长期资产Other long term assets 所有者权益合计TOTAL EQUITIES无形及其他资产合计 TOTAL INTANGIBLE AND ASSETS 资产总计TOTAL ASSETS 负债及所有者权益总计TOTAL LIABILITIES AND EQUITY。
财务管理试卷及答案(英文版)
Examination Problems for Fundamentals of Financial Management 2004-2005 (Paper B)overall goal in mind.A. Financial managementB. Profit maximizationC. Agency theoryD. Social responsibility2.A major disadvantage of the corporate form of organization is the ( ).A. double taxation of dividendsB. inability of the firm to raise large sums of additional capitalC. limited liability of shareholdersD. limited life of the corporate form.3. Interest paid (earned) on both the original principal borrowed (lent) and previous interest earned is often referred to as ( ).A. present valueB. simple interestC. future valueD. compound interest4. If the intrinsic value of a share of common stock is less than its market value, which of the following is the most reasonable conclusion?A. The stock has a low level of risk.B. The stock offers a high dividend payout ratio.C. The market is undervaluing the stock.D. The market is overvaluing the stock.5. A 250 face value share of preferred stock, pays a 20 annual dividend and investors require a 7% return on this investment. If the security is currently selling for 276, what is the difference (overvaluation) between its intrinsic and market value (rounded to the nearest whole dollar)?A. approximately 26B. approximately 10C. approximately 6D. approximately 16. Felton Farm Supplies, Inc., has an 8 percent return on total assets of 300,000 and a net profit margin of 5 percent. What are its sales?A. 3,750,000B. 480,000C. 300,000D. 1,500,0007. A company can improve (lower) its debt-to-total asset ratio by doing which of the following?A. Borrow more.B. Shift short-term to long-term debt.C. Shift long-term to short-term debt.D. isssue common stock.8. The DuPont Approach breaks down the earning power on shareholders' book value (ROE) as follows: ROE = ( ).A. Net profit margin × Total asset turnover × Equity multiplierB. Total asset turnover × Gross profit margin × Debt ratioC. Total asset turnover × Net profit marginD. Total asset turnover × Gross profit margin × Equity multiplier9. Which of the following items concerns financing decision? ( )A. sales forecastingB. bond issuingC. receivables collectionD. investment project selection10. Which of the following items is the function of a treasurer? ( )A. cost accountingB. internal controlC. capital budgetingD. general ledger11. For financial instruments, ( ) is judged in relation to the ability to sell a significant volume of securities in a short period of time without significant price concession.A. maturityB. marketabilityC. defaultD. inflation12. ( ) is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.A. future valueB. present valueC. intrinsic valueD. market value13.Ellesmere Corporation issues 1 million $1 par value bonds. The stated interest rate is 6% per year and the interest is paid twice a year. What is the real interest rate of the bond? ( )A. 6%B.3%C. 12%D. (1+6%/2)2-114. Assume that dividends of a common stock will be maintained at D forever, and the required return of the stockholder is r, the par value of the stock is m, the value of the stock is ( )A. mB. m+DC. m+D/rD. D/r15. Which of the following items has the most risk? ( )A. treasury billB. corporate bondC. preferred stockD. common stock16. ( ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity17. ( A ) is the ratios that measure a firm’s ability to meet short-term obligationsA. liquidity ratiosB. leverage ratios c. coverage ratios D. activity ratios18. ( A ) is the result of Net Profi t Margin × total asset turnover × (total assets/shareholders’ equity)A. Return on equityB. return on investmentC. current ratioD. quick ratio19. Government tax law adjustment is ( A ) to a firm.A. general economic riskB. inflation and deflation riskC. firm-specific riskD. international risk20 ( A ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity II. Statement judgement (10 Points) (Please write your answer in the following1. Until around the first half of the 1900s, financial managers primarily raised funds and managed their firm’s cash positions. ( )2. In general, the higher the marketability of a security, the greater the yield necessary to attract investors ( )3. Discount Rate is the interest rate used to convert future values to present values. ( )4. The expected return of a portfolio is simply a weighted average of the expected return of the securities comprising that portfolio ( )5. The type of analysis varies according to the specific interests of the party involved ( )6. In a sole proprietorship, the owner is personally responsible for all financial obligations of thefirm. ( )7. When a stock goes "ex-rights, " its market price theoretically declines. ( )8. The market price of a particular bond is much greater today than it was yesterday. The calculated yield to maturity (YTM) based on today's market price would, therefore, be greater than the calculated YTM based on yesterday's market price. ( )9. A short average collection period assures us that accounts receivable are being efficiently managed. ( )10. Simple interest is interest that is paid on only the original amount borrowed (lent) ( )III. Questions (10 points) (Please write your answer on the answer paper)1. The method of depreciation does not alter the total amount deducted from income during the life of an asset. What does it alter and why is that important? (5 )2. What is primary and secondary market? (5)IV. Problems (60 Points) (Please write your answer on the answer paper)1. you need to have $100000 at the end of 10 years. To accumulate this sum, you have decided to save a certain amount at the end of each next 10 years and deposit it in the bank. The bank pays 8% interest compounded annually for long-term deposit. How much will you have to save each year? (PVIF(8%,10)=0.463, PVIFA(8%,10)=0.671, FVIF(8%,10)=2.159, FVIFA(8%,10)=14.487)2.Just today, Bird Seed Company’s common stock paid a $1.50 annual dividend per share and hada closing price of $24. Assume that the market’s required return for this investment is 12% and that dividends are expected to grow at a constant rate forever.a. calculate the implied growth rate in dividends.b. what is expected dividend yield and capital gains yield?3. The data for various companies in the same industry are as follows: (amounts are in millionDetermine the total asset turnover, net profit margin, and write your computation result in the table.4. You expect to deposit the following cash flows at the end of years 1 through 5, 1,000; 4,000; 9,000; 5,000; and 2,000 respectively. Alternatively, you could deposit a single amount today at the beginning of year 1 (end of year 0). How much is the single deposit needed to be today if you can earn 10% compounded annually? (10/ )5.Stock A has an expected growth rate of 16% for the first 3 years and 8% thereafter. Each share of stock just received an annual 3.24 dividend per share. The appropriate discount rate is 15%.What is the value of the common stock under this scenario? (10/ )6. The following common stocks are available for investment:COMMON STOCK (TICKER SYMBOL) BETANanyang Business Systems (NBS) 1.40Yunnan Garden Supply, Inc. (YUWHO) .80Bird Nest Soups Company (SLURP) .60! (WACHO) 1.80Park City Cola Company (BURP) 1.05Oldies Records, Ltd. (SHABOOM) .90a. If you invest 20 percent of your funds in each of the first four securities, and 10 percent in each of the last two, what is the beta of your portfolio? (5/ )b. If the risk-free rate is 8 percent and the expected return on the market portfolio is 14 percent, what will be the portfolio's expected return? (5/ )Solutions (B)1. Depreciation changes the timing of tax payments. The longer these payments can be delayed, the better off the business is.2. A primary market is a “new issues” market. Here, funds raised through the sale of new securities flow from ultimate savers to the ultimate investors in real assetsIn a secondary market, existing securities are bought and sold. Transactions in these already existing securities do not provide additional funds to finance capital investmentIV. Problems (60 Points) (Please write your answer on the answer paper)1. Answer:100000=A FVIF(8%,10)=14.487A A=100000/14.487=69032. Answer:a. 24=1.5(1+g)/(0.12-g), g=0.054b. dividend yield=0.12-g=0.066, capital gains yield=0.0541. (10/ ) Many different methods to lead to a correct solution.PV of this mixed flows problem = 1,000(PVIF10%,1) + 4,000(PVIF10%,2) + 9,000(PVIF10%,3) + 5,000(PVIF10%,4) + 2,000(PVIF10%,5) = 15,633.62.5. (1) Determine the annual dividends.D0 = $3.24 (this has been paid already)D1 = D0(1+g1)1 = $3.24(1.16)1 =3.76D2 = D0(1+g1)2 = $3.24(1.16)2 =4.36D3 = D0(1+g1)3 = $3.24(1.16)3 =5.06D4 = D3(1+g2)1 = $5.06(1.08)1 =5.46P3 = 5.46 / (.15 - .08) = $78 [CG Model](2) Determine the PV of cash flows.PV(D1) = D1(PVIF15%, 1) = 3.76 (.870) = 3.27PV(D2) = D2(PVIF15%, 2) = 4.36 (.756) = 3.30PV(D3) = D3(PVIF15%, 3) = 5.06 (.658) = 3.33PV(P3) = P3(PVIF15%, 3) = 78 (.658) = 51.32(3) Calculate the intrinsic value by summing all the cash flow present values.V = 3.27 + 3.30 + 3.33 + 51.326. a) (5/) The beta of a portfolio is simply a weighted average of the betas of the individual securities that make up the portfolio.TICKER SYMBOL BETA PROPORTION WEIGHTED BETANBS 1.40 .2 .280YUWHO .80 .2 .160SLURP .60 .2 .120W ACHO 1.80 .2 .360BURP 1.05 .1 .105SHABOOM .90 .1 .0901.0 1.115The portfolio beta is 1.115.b) (5/ ) Expected portfolio return=.08 + (.14 - .08)(1.115)= .08 + .0669 = .1469 or 14.69%。
财务管理运用财务报表中英文
3
Sec.3 比率分析 Ratio Analysis
短期償債能力(流動性)比率 Short-term solvency, or liquidity, measures
15
其他 Asset Turnover Ratio：
衡量每1元 的各種 Assets 可創造多少 Sales。
NWC Turnover = Sales NWC
Fixed Asset Turnover =
Net
Sales fixed assets
Total Asset Turnover =
Sales
Sec.1 現金流量與財務報表
Cash Flow and Financial Statements
Sources of Cash：公司產生現金的活動。 * 資產減少(現金以外)：應收帳款收回，出售固定資產 * 負債增加：發行債券，向銀行借款 * 權益增加：增資，營業收入
Uses of Cash：公司現金支出的活動 * 資產增加(現金以外)：購買原料或進貨，購買固定資產 * 負債減少：償還債券，償還借款 * 權益減少：發放股利，營業費用
長期償債能力(財務槓桿)比率 Long-term solvency, or financial leverage, ratios
資產管理(週轉)率 Asset management, or turnover, ratios
獲利能力 Profitability ratios 市場價值比 Market value ratios
CH17FinancingCurrentAssets(财务管理,英文版)
Conservative: Use permanent capital for permanent assets and temporary assets.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
17 - 3
Moderate Financing Policy
All rights reserved.
17 - 7
Is there a cost to accruals? Do firms have much control over amount of accruals?
Accruals are free in that no explicit interest is charged.
All rights reserved.
17 - 2
Working Capital Financing Policies
Moderate: Match the maturity of the assets with the maturity of the financing.
Aggressive: Use short-term financing to finance permanent assets.
17 - 10
Company buys goods worth $3,000,000. That’s the cash price.
They must pay $30,303 more if they don’t take discounts.
Think of the extra $30,303 as a financing cost similar to the interest on a loan.
财务管理专业英语_PDF图书下载_刘媛媛编_在线阅读_PDF免费电子书下载_第一图书网（5篇模版）
财务管理专业英语_PDF图书下载_刘媛媛编_在线阅读_PDF免费电子书下载_第一图书网（5篇模版）第一篇：财务管理专业英语_PDF图书下载_刘媛媛编_在线阅读_PDF 免费电子书下载_第一图书网财务管理专业英语_PDF图书下载_刘媛媛编_在线阅读_PDF免费电子书下载_第一图书网前言A journey of a thousand miles begins with a single step.——Chinese proverb The future is not what it used to be.——Paul Valery 21世纪是一个竞争激烈、国际化的高科技时代，21世纪的高级专门人才要具备扎实的专业知识、较高的信息素养和能在专业领域用外语进行交流沟通的能力。
作为一名财务管理专业教师，近几年来，我一直采用国外原版教材从事财务管理专业和非财务管理专业的财务管理课程的双语教学。
我深切体会到，虽然学生已经系统学习了大学基础英语，但由于缺乏专业英语基础，财务管理双语课程的教学效果并不尽如人意。
因此，很有必要在财务管理专业教学中设置财务管理专业英语课程。
财务管理专业英语教学，作为从基础英语教学向专业课双语教学过渡的桥梁，是财务管理专业学生从基础英语学习向专业领域英语应用过渡的不可或缺的中间环节。
要对学生进行财务管理专业英语素养的培养，一本合适的财务管理专业英语教材就成为至关重要的因素。
本书从财务管理专业培养目标出发，力求成为一本实用的财务管理专业英语教材，并采用有助于提高学生专业知识和实际运用能力的编写形式，以期能使学生成为满足日益激烈的国际竞争和频繁的国际交流需求的高素质财务管理人才。
本书按财务管理专业主干课程的架构分为12个专题，分别介绍财务管理各个方面的专业英语基础知识。
每一专题均先以“名人名言”和“微型案例”开始，以激发学生的兴趣去主动获取知识、开阔视野。
正文尽量体现财务管理专业的基本理念与核心内容，每一专题还设有“知识扩展”、“相关网址”等，进一步丰富了教学内容。
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Advantages of short-term credit:
Low cost--visualize yield curve. Can get funds relatively quickly. Can repay without penalty.
kNom
=
$30,303 $250,000
=
0.1212
=
12.12%.
But the $30,303 is paid all during the year, not at year-end, so EAR rate is higher.
$ Marketable Securities
Zero S-T debt
Perm C.A. Fixed Assets
L-T Fin: Stock, Bonds, Spon. C.L.
Years
What is short-term credit, and what are the major sources?
S-T credit: Any debt scheduled for repayment within one year.
Major sources: Accounts payable (trade credit) Bank loans Commercial paper Accruals
Is S-T credit riskier than L-T?
They must pay $30,303 more if they don’t take discounts.
Think of the extra $30,303 as a financing cost similar to the interest on a loan.
Want to compare that cost with the cost of a bank loan.
Is there a cost to accruals? Do firms have much control over amount of accruals?
Accruals are free in that no explicit interest is charged.
Firms have little control over the level of accruals. Levels are influenced more by industry custom, economic factors, and tax laws.
Moderate Financing Policy
$
Temp. C.A.
} S-T Loans
Perm C.A. Fixed Assets
L-T Fin: Stock, Bonds, Spon. C.L.
Years
Lower dashed line, moinancing Policy
What is trade credit?
Trade credit is credit furnished by a firm’s suppliers.
Trade credit is often the largest source of short-term credit, especially for small firms.
CHAPTER 17
Financing Current Assets
Working capital financing policies A/P (trade credit) Commercial paper S-T bank loans
Working Capital Financing Policies
= $333,333 = 83,333 = $250,000
Nominal Cost of Costly Trade Credit
Firm loses 0.01($3,030,303) = $30,303 of discounts to obtain $250,000 in extra trade credit, so
the cost of costly trade credit?
Net daily purchases = $3,000,000/360
= $8,333.
Gross/Net Breakdown
Company buys goods worth $3,000,000. That’s the cash price.
Spontaneous, easy to get, but cost can be high.
B&B buys $3,030,303 gross, or $3,000,000 net, on terms of 1/10, net 30, and pays on Day 40. How much free and costly trade credit, and what’s
Moderate: Match the maturity of the assets with the maturity of the financing.
Aggressive: Use short-term financing to finance permanent assets.
Conservative: Use permanent capital for permanent assets and temporary assets.
Payables level if take discount: Payables = $8,333(10) = $83,333.
Payables level if don’t take discount: Payables = $8,333(40) = $333,333.
Credit Breakdown: Total trade credit Free trade credit Costly trade credit