财务管理基础 斯坦利 课后答案Chapter 2

Chapter 2

Discussion Questions

2-1. Discuss some financial variables that affect the price-earnings ratio.

The price-earnings ratio will be influenced by the earnings and sales growth of

the firm, the risk or volatility in performance, the debt-equity structure of the

firm, the dividend payment policy, the quality of management, and a number of

other factors. The ratio tends to be future-oriented, and the more positive the

outlook, the higher it will be.

2-2. What is the difference between book value per share of common stock and market value per share? Why does this disparity occur?

Book value per share is arrived at by taking the cost of the assets and

subtracting out liabilities and preferred stock and dividing by the number of

common shares outstanding. It is based on the historical cost of the assets.

Market value per share is based on current assessed value of the firm in the

marketplace and may bear little relationship to original cost. Besides the

disparity between book and market value caused by the historical cost approach,

other contributing factors are the growth prospects for the firm, the quality of

management, and the industry outlook. To the extent these are quite negative or

positive, market value may differ widely from book value.

2-3. Explain how depreciation generates actual cash flows for the company.

The only way depreciation generates cash flows for the company is by serving

as a tax shield against reported income. This non-cash deduction may provide

cash flow equal to the tax rate times the depreciation charged. This much in

taxes will be saved, while no cash payments occur.

2-4. What is the difference between accumulated depreciation and depreciation expense? How are they related?

Accumulated depreciation is the sum of all past and present depreciation

charges, while depreciation expense is the current year's charge. They are

related in that the sum of all prior depreciation expense should be equal to

accumulated depreciation (subject to some differential related to asset write-

offs).

Copyright ? 2005 by The McGraw-Hill Companies, Inc. S-4

2-5. How is the income statement related to the balance sheet?

The earnings (less dividends) reported in the income statement is transferred to

the ownership section of the balance sheet as retained earnings. Thus, what we

earn in the income statement becomes part of the ownership interest in the

balance sheet.

2-6. Comment on why inflation may restrict the usefulness of the balance sheet as normally presented.

The balance sheet is based on historical costs. When prices are rising rapidly,

historical cost data may lose much of their meaning–particularly for plant and

equipment and inventory.

2-7. Explain why the statement of cash flows provides useful information that goes beyond income statement and balance sheet data.

The income statement and balance sheet are based on the accrual method of

accounting, which attempts to match revenues and expenses in the period in

which they occur. However, accrual accounting does not attempt to properly

assess the cash flow position of the firm. The statement of cash flows fulfills

this need.

2-8. What are the three primary sections of the statement of cash flows? In what section would the payment of a cash dividend be shown?

The sections of the statement of cash flows are:

Cash flows from operating activities

Cash flows from investing activities

Cash flows from financing activities

The payment of cash dividends falls into the financing activities category.

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

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2-9. What is free cash flow? Why is it important to leveraged buyouts?

Free cash flow is equal to cash flow from operating activities:

Minus: Capital expenditures required to maintain the productive capacity of the

firm.

Minus: Dividends (required to maintain the payout on common stock and to

cover any preferred stock obligation).

The analyst or banker normally looks at free cash flow to determine whether

there are insufficient excess funds to pay back the loan associated with the

leveraged buy-out.

2-10. Why is interest expense said to cost the firm substantially less than the actual expense, while dividends cost it 100 percent of the outlay?

Interest expense is a tax deductible item to the corporation, while dividend

payments are not. The net cost to the corporation of interest expense is the

amount paid multiplied by the difference of one minus the applicable tax rate.

For example, $100 of interest expense costs the company $65 after taxes when

the corporate tax rate is 35 percent. (e.g. $100 x (1 – .35) = $65).

Problems

2-1. Rockwell Paper Company had earnings after taxes of $580,000 in the year 2003 with 400,000 shares outstanding. On January 1, 2004, the firm issued 35,000 new

shares. Because of the proceeds from these new shares and other operating

improvements, earnings after taxes increased by 25 percent.

a. Compute earnings per share for the year 2003.

b. Compute earnings per share for the year 2004.

Solution:

Rockwell Paper Company

a. Year 2003

Copyright ? 2005 by The McGraw-Hill Companies, Inc. S-6

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-7

45.1$000

,400000,580$g

outstandin Shares s

after taxe Earnings share per Earnings ===

b. Year 2004

67

.1$000

,435$000

,725$share per Earnings 000

,435$000,35000,300$g outstandin Shares 000,725$25.1000,580$s after taxe Earnings ===+==?=

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-8

2-2.

Given the following information, prepare, in good form, an income statement for the Goodman Software, Inc.

Selling and administrative expense $ 50,000 Depreciation expense 80,000 Sales 400,000 Interest expense 30,000 Cost of goods sold 150,000 Taxes 18,550

Solution:

Goodman Software, Inc.

Sales $ 400,000 Cost of goods sold 150,000 Gross Profit 250,000 Selling and administrative expense 50,000 Depreciation expense 80,000 Operating profit 120,000 Interest expense 30,000 Earnings before taxes 90,000 Taxes 18,550 Earnings after taxes $ 71,450 2-3. a. Kevin Bacon and Pork Company had sales of $240,000 and cost of goods

sold of $108,000. What is the gross profit margin (ratio of gross profit to sales)? b. If the average firm in the pork industry had a gross profit of 60 percent, how is the firm doing?

Solution:

Kevin Bacon and Port Company a. Sales $240,000 Cost of goods sold 180,000 Gross profit $132,000

Sales

profit Gross %55000

,240000,132$

b. With a gross profit 55 percent, the firm is under-performing the industry average of 60 percent.

2-4. Prepare in good form an income statement for Virginia Slim Wear. Take your calculations all the way to computing earnings per share.

Sales $600,000

Shares outstanding 100,000

Cost of goods sold 200,000

Interest expense 30,000

Selling and administrative expense 40,000

Depreciation expense 20,000

Preferred stock dividends 80,000

Taxes 100,000

Solution:

Virginia Slim Wear

Income Statement

Sales $600,000

Cost of goods sold 200,000

Gross profit 400,000

Selling and administrative expense 40,000

Depreciation expense 20,000

Operating profit 340,000

Interest expense 30,000

Earnings before taxes 310,000

Taxes 100,000

Earnings after taxes 210,000

Preferred stock dividends 80,000

Earnings available to common stockholders 130,000

Shares outstanding 100,000

Earnings per share $1.30

2-5. Lasar Technology, Inc. had sales of $500,000, cost of goods sold of $180,000, selling and administrative expense of $70,000, and operating profit of $90,000.

What was the value of depreciation expense? Set this problem up as a partial

income statement, and determine depreciation expense as the plug figure. Solution:

Lasar Technology, Inc.

Sales $500,000

Cost of goods sold 180,000

Gross Profit $320,000

Selling and administrative expense 70,000

Depreciation Expense (plug figure) 160,000

Operating profit $ 90,000

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-9

2-6. The Reid Book Company sold 1,500 finance textbooks for $100 each to High Tuition University in 2004. These books cost Reid $74 to produce. Reid spent

$4,000 (selling expense) to convince the university to buy its books. In addition,

Reid borrowed $50,000 on January 1, 2004, on which the company paid 10

percent interest. Both interest and principal of the loan were paid on December

31, 2004. Reid’s tax rate is 25 percent. Depreciation expense for the year was

$8,000.

Did Reid Book Company make a profit in 2004? Please verify with an income

statement presented in good form.

Solution:

Reid Book Company

Sales (1,500 books at $100 each) $150,000

Cost of goods sold (1,500 books at $74 each) 111,000

Gross profit $ 39,000

Selling expense 4,000

Depreciation expense 8,000

Operating profit $ 27,000

Interest expense 5,000

Earnings before taxes $ 22,000

Taxes @ 25% 5,500

Earnings after taxes $ 16,500

2-7. Carr Auto Wholesalers had sales of $900,000 in 2004 and their cost of goods sold represented 65 percent of sales. Selling and administrative expenses were 9

percent of sales. Depreciation expense was $10,000 and interest expense for the

year was $8,000. The firm's tax rate is 30 percent.

a. Compute earnings after taxes.

b. Assume the firm hires Ms. Hood, an efficiency expert, as a consultant. She

suggests that by increasing selling and administrative expenses to 12 percent of

sales, sales can be increased to $1,000,000. The extra sales effort will also reduce

cost of goods sold to 60 percent of sales (there will be a larger makeup in prices

as a result of more aggressive selling). Depreciation expense will remain at

$10,000. However, more automobiles will have to be carried in inventory to

satisfy customers, and interest expense will go up to $15,000. The firm's tax rate

will remain at 30 percent. Compute revised earnings after taxes based on Ms.

Hood's suggestions for Carr Auto Wholesalers. Will her ideas increase or

decrease profitability?

Solution:

Carr Auto Wholesalers

Income Statement

Copyright ? 2005 by The McGraw-Hill Companies, Inc. S-10

a. Sales $900,000

Cost of goods old (65% of sales) 585,000

Gross profit 315,000

Selling and administrative expense

(9% of sales) 81,000

Depreciation 10,000

Operating profit 224,000

Interest expense 8,000

Earnings before taxes 216,000

Taxes @ 30% 64,800

Earnings after taxes $151,200

2-7 Continued

b. Sales $1,000,000

Cost of goods sold (60% of sales) 600,000

Gross profit 400,000

Selling and administrative expense

(12% of sales) 120,000

Depreciation 10,000

Operating profit 270,000

Interest expense 15,000

Earnings before taxes 255,000

Taxes @ 30% 76,500

Earnings after taxes $ 178,500

Ms. Hood’s ideas will increase profits.

2-8. Classify the following balance sheet items as current or noncurrent.

Retained earnings Accounts payable Prepaid expenses Plant and equipment Inventory Common stock Bonds payable Accrued wages payable Accounts receivable Capital in excess of par Preferred stock Marketable securities

Solution:

Retained earnings – noncurrent

Accounts payable – current

Prepaid expense – current

Plant and equipment – noncurrent

Inventory – current

Common stock – noncurrent

Bonds payable – noncurrent

Accrued wages payable – current

Accounts receivable – current

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

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Capital in excess of par – noncurrent

Preferred stock – noncurrent

Marketable securities – current

2-9. Arrange the following income statement items so they are in the proper order of an income statement:

Taxes

Shares outstanding Interest expense Depreciation expense Preferred stock dividends Operating profit

Sales

Gross profit Earnings per share

Earnings before taxes

Cost of goods sold

Earnings after taxes

Earnings available to common

stockholders

Selling and administrative expenses

Solution:

Sales

Cost of goods sold

Gross profit

Selling and administrative expense

Depreciation expense

Operating profit

Interest expense

Earnings before taxes

Taxes

Earnings after taxes

Preferred stock dividends

Earnings Available to Common Stockholders

Shares Outstanding

Earnings per share

2-10. Identify whether each of the following items increases or decreases cash flow:

Increase in accounts receivable Increase in notes payable Depreciation expense Increase in investments Decrease in accounts payable Decrease in prepaid expenses Increase in inventory Dividend payment Increase in accrued expenses

Solution:

Increase in accounts receivable – decreases cash flow (use)

Copyright ? 2005 by The McGraw-Hill Companies, Inc. S-12

Increase in notes payable – increases cash flow (source)

Depreciation expense – increases cash flow (source)

Increase in investments – decreases cash flow (use)

Decrease in accounts payable – decreases cash flow (use)

Decrease in prepaid expense – increases cash flow (source)

Increase in inventory – decreases cash flow (use)

Dividend payment – decreases cash flow (use)

Increase in accrued expenses – increases cash flow (source)

2-11. Elite trailor parks has an operating profit of $200,000. Interest expense for the year was $10,000; preferred dividends paid were $18,750; and common dividends

paid were $30,000. The tax was $61,250. The firm has 20,000 shares of common

stock outstanding.

a. Calculate the earnings per share and the common dividends per share for

Elite trailor parks.

b. What was the increase in retained earnings for the year?

Solution:

Elite Trailor Parks

a. Operating profit (EBIT) $200,000

Interest expense 10,000

Earnings before taxes (EBT) $190,000

Taxes 61,250

Earnings after taxes (EAT) $128,750

Preferred dividends 18,750

Available to common stockholders $110,000

Common dividends 30,000

Increase in retained earnings $ 80,000

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-13

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-14

share

per 50.1$shares

000,20/000,30$Share per Dividends share

per 50.5$shares 000,20/000,110$g Outstandin Stock Com. of Shares of Number rs Stockholde Common to Available Earnings ====

b. Increase in retained earnings = $80,000 2-12. Johnson Alarm Systems had $800,000 of retained earnings on December 31,

2004. The company paid dividends of $60,000 in 2004 and had retained earnings of $640,000 on December 31, 2003. How much did Johnson earn during 2004, and what would earnings per share be if 50,000 shares of common stock were outstanding?

Solution:

Johnson Alarm Systems

Retained earnings, December 31, 2004 $800,000 Less: Retained earnings, December 31, 2003 640,000 Change in retained earnings $160,000 Add: Common stock dividends 60,000 Earnings available to common stockholders $220,000 Earnings per share share

per 40.4$shares 000,50000,220$=

=

2-13.

Nova Electrics anticipated cash flow from operating activities of $6 million in 2005. It will need to spend $1.2 million on capital investments in order to remain competitive within the industry. Common stock dividends are projected at $.4 million and preferred stock dividends at $.55 million. a. What is the firm's projected free cash flow for the year 2005? b. What does the concept of free cash flow represent?

Solution:

Nova Electronics

a. Cash flow from operations activities $6.00 million

- Capital Expenditures1.20

- Common stock dividends .40

- Preferred stock dividends .55

Free cash flow $3.85 million

b. Free cash flow represents the funds that are available for special financial activities, such as a leveraged buyout, increased dividends, common stock repurchases, acquisitions, or repayment of debt.

2-14. Fill in the blank spaces with categories 1 through 7 below:

1. Balance sheet (BS). 5. Current liabilities (CL).

2. Income statement (IS). 6. Long-term liabilities (LL).

3. Current assets (CA). 7. Stockholders' equity (SE).

4. Fixed assets (FA).

Indicate

Whether Item is

on Balance

Sheet (BS) or Income Statement (IS) ______________

______________ ______________

______________ ______________ ______________ ______________

______________ ______________ If on Balance

Sheet, Designate

Which Category

______________

______________

______________

______________

______________

______________

______________

______________

______________

Item

Accounts receivable

Retained earnings

Income tax expense

Accrued expenses

Cash

Selling and administrative expenses

Plant and equipment

Operating expense

Marketable securities

Interest expense

Sales

Notes payable (6 months)

Bonds payable, maturity 2001

Common stock

Depreciation expense

Inventories

Capital in excess of par value

Net income (earnings after taxes)

Income tax payable

Solution:

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S-15

1. Balance Sheet (BS)

2. Income Statement (IS)

3. Current Assets (CA)

4. Fixed Assets (FA)

5. Current Liabilities (CL)

6. Long-Term Liabilities (LL)

7. Stockholders Equity (SE)

2-14. Continued

Copyright ? 2005 by The McGraw-Hill Companies, Inc. S-16

2-15. The Rogers Corporation has a gross profit of $880,000 and $360,000 in

depreciation expense. The Evans Corporation also has $880,000 in gross profit,

with $60,000 in depreciation expense. Selling and administrative expense is

$120,000 for each company.

Given that the tax rate is 40 percent, compute the cash flow for both companies.

Explain the difference in cash flow between the two firms.

Solution:

Rogers Corporation – Evans Corporation

Gross profit

Selling and adm. expense

Depreciation

Operating profit

Taxes (40%)

Earnings after taxes

Plus depreciation expense

Cash Flow

Rogers had $300,000 more in depreciation which provided $120,000 (0.40 x $300,000) more in cash flow.

2-16. Arrange the following items in proper balance sheet presentation.

Accumulated depreciation $200,000

Retained earnings 110,000

Cash 5,000

Bonds payable 142,000

Accounts receivable 38,000

Plant and equipment—original cost 720,000

Accounts payable 35,000

Allowance for bad debts 6,000

Common stock $1 par, 150,000 shares outstanding 150,000

Inventory 66,000

Preferred stock, $50 par, 1,000 shares outstanding 50,000

Marketable securities 15,000

Investments 20,000

Notes payable 83,000

Capital paid in excess of par (common stock) 88,000

Solution:

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S-17

Assets

Current Assets:

Cash

Marketable securities

Accounts receivable

Less: Allowance for bad debts Inventory

Total Current Assets Other Assets:

Investments

Fixed Assts:

Plant and equipment

Less: Accumulated depreciation Net plant and equipment

Total Assets $ 38,000

6,000

$720,000

200,000

$ 5,000

15,000

32,000

66,000

$118,000

20,000

520,000

$658,000

2-16. Continued

Liabilities and Stockholders' Equity Current Liabilities:

Accounts payable

Notes payable

Total current liabilities

Long-term Liabilities

Bonds payable

Total Liabilities

Stockholders' Equity:

Preferred stock, $50 par, 1,000 shares outstanding

Common stock, $1 par, 150,000 shares outstanding

Capital paid in excess of par (common stock)

Retained earnings

Total Stockholders' Equity

Total Liabilities and Stockholders' Equity $ 35,000 83,000 $118,000

142,000 $260,000

50,000 150,000 88,000

110,000 $398,000 $658,000

2-17. Horton Electronics has current assets of $320,000 and fixed assets of $640,000.

Current liabilities are $90,000 and long-term liabilities are $160,000. There is

$90,000 in preferred stock outstanding and the firm has issued 40,000 shares of

common stock. Compute book value (net worth) per share.

Solution:

Horton Energy Company

Current assets Fixed assets $320,000 640,000

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S-19

Total assets – Current liabilities – Long-term liabilities Stockholders' equity – Preferred stock obligation Net worth assigned to common Common shares outstanding Book value (net worth) per share $960,000 90,000 160,000 $710,000 90,000 $620,000 40,000 $15.50 2-18. The Holtzman Corporation has assets of $400,000, current liabilities of $50,000,

and long-term liabilities of $100,000. There is $40,000 in preferred stock outstanding; 20,000 shares of common stock have been issued a. Compute book values (net worth) per share. b. If there is $22,000 in earnings available to common stockholders and Holtzman’s stock has a P/E of 18 times earnings per share, what is the current price of the stock? c. What is the ratio of market value per share to book value per share?

Solution:

Holtzman Corporation a. Total assets Current liabilities Long-term liabilities Stockholders' equity Preferred stock Net worth assigned to common Common shares outstanding Book values (net worth) per share b. Earnings available to common Shares outstanding Earnings per share $400,000 50,000 100,000 $250,000 40,000 $210,000 $10.50 $22,000 20,000 $1.10 80

.19$10

.1$18

price share

per earnings ratio P/E =

?

=?

c. Market value per share (price) to book value per share $19.80/$10.50 = 1.89

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-20

2-19.

Bradley Gypsum Company has assets of $1,900,000, current liabilities of

$700,000, and long-term liabilities of $580,000. There is $170,000 in preferred stock outstanding; 30,000 shares of common stock have been issued a. Compute book values (net worth) per share. b. If there is $42,000 in earnings available to common stockholders and

Bradley’s stock has a P/E of 15 times earnings per share, what is the current price of the stock? c. What is the ratio of market value per share to book value per share?

Solution:

Bradley Gypsum Company a. Total assets Current liabilities Long-term liabilities Stockholders' equity Preferred stock Net worth assigned to common Common shares outstanding Book values (net worth) per share b. Earnings available to common stockholders Shares outstanding Earnings per share $1,900,000 700,000 580,000 $ 620,000 170,000 $ 450,000

30,000

$15.00

$42,000 30,000 $1.40

00

.21$40

.1$15

Price share

per Earnings ratio P/E =

?

=?

c. Market value per share (price) to book value per share $21.00/$15.00 = 1.40

2-20. In problem 19, if the firm sells at two times book value per share, what will the

P/E ratio be?

Solution:

Bradley Gypsum Company (continued)

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-21

ratio

P/E 43.21$1.40

$30.00ratio

P/E share per Earnings Price

30

$00.15$2price book value 2===?=?

2-21.

For December 31, 2003, the balance sheet of the Gardner Corporation is as follows:

Current Assets Cash $ 15,000 Accounts receivable 22,500 Inventory 37,500 Prepaid expenses 18,000 Fixed Assets

Plant and equipment (gross) $375,000 Less: Accumulated Depreciation 75,000 Net plant and assets 300,000 Total assets $393,000 Liabilities

Accounts payable $ 20,000 Notes payable 30,000 Bonds payable 75,000

Stockholders' Equity Common stock $112,500 Paid-in-capital 37,500 Retained earnings 118,000 Total liabilities and Stockholders' equity $393,000

Sales for 2004 were $330,000, with cost of goods sold was 60 percent of sales.

Selling and administrative expense was $33,000. Depreciation expense was 10 percent of plant and equipment (gross) at the beginning of the year. Interest expense for the notes payable was 10 percent, while interest on bonds payable was 12 percent. These were based on December 31, 2003, balances. The tax rate averaged 20 percent.

2-21. Continued Two thousand dollars in preferred stock dividend were paid, and $4,100 in

dividends were paid to common stockholders. There were 10,000 shares of common stock outstanding.

During the year 2004, the cash balance and prepaid expenses balance were

unchanged. Accounts receivable and inventory increased by 20 percent. A new

machine was purchased on December 31, 2004, at a cost of $60,000.

Accounts payable increased by 30 percent. At year-end, December 31, 2004,

notes payable increased by $10,000 and bonds payable decreased by $15,000. The

common stock and paid-in capital in excess of par accounts did not change.

a. Prepare an income statement for 2004.

b. Prepare a statement of retained earnings for 2004.

c. Prepare a balance sheet as of December 31, 2004.

Solution:

Gardner Corporation

2004 Income Statement

a. Sales $330,000

Cost of good sold (60% of $330,000) 198,000

Gross profit 132,000

Selling and administrative expense 33,000

Depreciation expense (10% x $375,000) 37,500

Operating profit (EBIT) 61,500

Interest expense 12,0001

Earnings before taxes 49,500

Taxes (20%) 9,900

Earnings after taxes (EAT) 39,600

Preferred stock dividends 2,000

Earnings available to common stockholder $ 37,600

Shares outstanding 10,000

Earnings per share $3.76

2-21. Continued

b. 2004 Statement of Retained Earnings

Retained earnings balance, January 1, 2004 $118,000

Add: Earnings available to common

stockholders, 2004 37,600

Deduct: Cash dividend declared in 2004 4,100

Retained earnings balance,

December 31, 2004 $151,500

c.

2004 Balance Sheet

1(10% x 30,000) + (12% x $75,000) = $12,000

Copyright ? 2005 by The McGraw-Hill Companies, Inc. S-22

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-23

2-21. Continued Fixed Assets Stockholders' Equity

2-22.

Prepare a statement of cash flows for the Jeter Corporation. Follow the general procedures indicated in Table 2-10. Crosby Corporation Income Statement

For the Year Ended December 31, 2004 Sales $2,200,000 Cost of goods sold 1,300,000 Gross profits 900,000 Selling and administrative expense 420,000 Depreciation expense 150,000 Operating income 330,000 Interest expense 90,000 Earnings before taxes 240,000 Taxes 80,000 Earnings after taxes 160,000 Preferred stock dividends 10,000 Earnings available to common stockholders $ 150,000 Shares outstanding 120,000 Earnings per share $1.25

2

$75,000 + $37,500 = $112,500

新编实用英语综合教程2unit1课后练习答案

新编实用英语综合教程2 unit 1 课后习题答案 P4-1 ①What are you doing tonight② i was wondering ③i wish i could ④write a term paper ⑤ some other time then ⑥ That's right P4-2 1）are you doing anything special tommorrow evening ? 2) i would like invite you to come to my birthday party . would you like to join us ? :3) Good , will you come at 7:00 ? 4) Lemonade if you must bring sth . P4-3 1) what are you going to do this weekend ? 2) Thunderstorm is on this weekend . 3) the early or the late show 4) Maybe go to KFC (kentucky Fried Chicken ) or a Coffee Shop . 5) i 'd rather go to KFC 6) when and where shall we meet ? P5-1 ①tomorrow②ball game③skiing④f or a long time ⑤very warm⑥agree P6-2

① No , she doen't ②going to the ball game and skiing ③She heard it on the radio ④ No , he doesn't ⑤ He will give claire a call P6-3 ① the time and place ②fine ③formal written ④ in writing ⑤ at the bottom ⑥ attend ⑦ in person or by phone ⑧ comfortable P7-4 1) d 2) C 3) a 4) b P8-1 1) You should not fell committed until you know what the invitation 2) it is : apology , reason for refusal , thanks for the invitation . 3) it means each pays one's own check when eating in a restaurant . 4) the word "sometime ". P9-2 1) instances 2) informal 3)entertain 4) host 5) casual 6)suggestion P9-3 ① invent an excuse later ② present problems ③ explicit④ specific time mentioned ⑤ Yes , th at would be nice . P9-4 1) instance 2) present 3) hostess 4. appropriate 5)invent 6) entertain 7) explicit 8) identify P9-5 !) For convenience , the photo will be shown in time sequence. 2) You are required to stop your car after an accident .

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财务管理会计基础知识试题及答案知识 HUA system office room 【HUA16H-TTMS2A-HUAS8Q8-HUAH1688】

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财务管理基础知识-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN

财务管理基础知识(一) 什么是会计 会计工作主要是解决三个环节的问题： 会计凭证 会计账簿 会计报表 图1－1 会计工作的三个环节

什么是财务 财务不是解决对外报告的问题，而是要解决企业内部资金运作过程中的一系列问题，涉及到预测、决策、控制和规划。 财务所要解决的是如何筹集资金，筹集资金以后如何进行投资，项目投资完成以后，在经营过程当中营运资本如何管理，以及最后盈利如何分配的问题，它包括筹资管理、投资管理、经营活动的管理和分配活动的管理。 筹资 投资 经营 分配 财务与会计的关系 1．理论上财务和会计的关系 过去理论上对财务和会计的关系有三种看法： (1)大财务：财务决定会计； (2)大会计：会计决定财务； (3)平行观：财务和会计是一种平行的关系，不存在谁决定谁的问题。 2.实务上财务和会计的关系 实务上这三种观点不可能同时存在。在我国会计实务中，只有一种观点，即：财务决定会计，财政决定会计，同时财政还决定财务。 所以在实际工作中，财务和会计的关系就是一个大财务的思想。大财务的思想实际是计划经济的思想。

为什么会出现这样一种局面，它有什么弊端？ 在计划经济的条件下，我们实际上遵循的是一个大财务的思想，甚至到目前为止，在我们国家的管理体制当中基本还是这样一个思想，如果把财政这个因素考虑进来，那么实际上是财政决定财务，财务决定会计，也就是说我们的财务制度和会计制度到现在为止都是由财政部门制订和颁布的，财政部门始终是从国家的利益、国家的立场上来制订各种财务制度，进而通过财务的各种标准来制约会计核算，所以财务决定会计它的根源实际上是一种大财政的思想。 还有税务的问题。财会工作经常打交道的一个部门就是税务部门，但是税务部门和财政部门也有关系，实际上在我们国家财政还决定税务，税务再影响会计。所以会计核算受到很多因素的制约，到目前为止都是从国家的角度来对这些制度加以规范的。然而，在市场经济的条件下，再去强调大财政的管理，强调财政决定财务和财务决定会计的管理体制是不适宜的，是不适应市场经济条件下企业发展要求的。 3.还财务本来面目 在市场经济条件下，财务和会计是两项内容各异的工作，二者是平行的关系。市场经济环境下我国的企业应该注重和加强财务管理。 财务绝不仅仅是一个制度的问题，还是一个方法和思路的问题。我们学习财务管理，实际上是一个方法和思路的问题，而不是财政部财务规定的问题。财务应该是企业自己的财务。 对现行财务制度的简单评价 从计划经济延续下来，我国一直是国家规定财务制度，国家通过财务制度来约束国有企业行为。1993年，在从计划经济体系向市场经济体系过渡的过程中，国家颁布了“两则两制”。所谓两则就是指《企业的财务通则》和《企业的会计准则》。财务通则属于财务制度范畴；会计准则属于会计制度范畴。所谓两制就是指《13个大行业的财务制度》和《13个大行业的会计制度》。13个行业包括工业、农业、商业、金融业、建筑业等。“两则两制”的执行标志着我国财会制度开始从计划经济向市场经济过渡。 在市场经济初期，企业执行财政部门颁布的财会制度还是可行的，但是随着市场经济的深入发展，财会制度的负面影响逐渐暴露出来。 会计的基础知识

新编实用英语综合教程(第二版)课后翻译习题解

Unit 1 5. 1.她一家商店一家商店的看，最后以她能付出的价格买了她所需要的东西。She shopped around till she got what she wanted at a price she could afford. 2.除了向我要东西，他从不跟我说话。 He never speaks to me other than to ask for something. 3.你永远应该以搞好你的工作为目的。 You should always aim at doing your job well. 4.几个星期来她一直呆在家中照顾有病的父亲。 She has been tied to the house for weeks looking after her invalid father. 5.修建这条路是为了缓解交通拥挤。 The route was designed to relieve traffic congestion. 6.社会是由形形色色的人组成的。有些人很好，有些人很坏，也有些人介乎两者之间。 Society is made up of a wide variety of people; some are good, others (are) bad, and still others (are) in between. Unit 2 5 1.这个星期你每天都迟到，对此你如何解释？ How do you account for the fact that you've been late every day this week? 2.政府已经承诺改善落后地区人民的生活条件。 The government has committed itself to improving the life conditions of the people living in the underdeveloped areas. 3.据最新报道，这次火车交通事故造成多名乘客死亡。 According to the latest report, the train accident resulted in the death of several passengers. 4.多呼吸新鲜空气有助于身体健康。 Plenty of fresh air contributes to good health. 5.他试图竞争学校学生会主席，但是没有成功。 He attempted to compete for the position of chairman of the Students' Union,

财务管理基础知识(总18页)

财务管理基础知识(总18页) -CAL-FENGHAI.-(YICAI)-Company One1 -CAL-本页仅作为文档封面，使用请直接删除

什么是会计 会计工作主要是解决三个环节的问题：会计凭证 会计账簿 会计报表 图1－1 会计工作的三个环节

什么是财务 财务不是解决对外报告的问题，而是要解决企业内部资金运作过程中的一系列问题，涉及到预测、决策、控制和规划。 财务所要解决的是如何筹集资金，筹集资金以后如何进行投资，项目投资完成以后，在经营过程当中营运资本如何管理，以及最后盈利如何分配的问题，它包括筹资管理、投资管理、经营活动的管理和分配活动的管理。 筹资 投资 经营 分配 财务与会计的关系 1．理论上财务和会计的关系 过去理论上对财务和会计的关系有三种看法： (1)大财务：财务决定会计； (2)大会计：会计决定财务； (3)平行观：财务和会计是一种平行的关系，不存在谁决定谁的问题。 2.实务上财务和会计的关系 实务上这三种观点不可能同时存在。在我国会计实务中，只有一种观点，即：财务决定会计，财政决定会计，同时财政还决定财务。

所以在实际工作中，财务和会计的关系就是一个大财务的思想。大财务的思想实际是计划经济的思想。 为什么会出现这样一种局面，它有什么弊端? 在计划经济的条件下，我们实际上遵循的是一个大财务的思想，甚至到目前为止，在我们国家的管理体制当中基本还是这样一个思想，如果把财政这个因素考虑进来，那么实际上是财政决定财务，财务决定会计，也就是说我们的财务制度和会计制度到现在为止都是由财政部门制订和颁布的，财政部门始终是从国家的利益、国家的立场上来制订各种财务制度，进而通过财务的各种标准来制约会计核算，所以财务决定会计它的根源实际上是一种大财政的思想。 还有税务的问题。财会工作经常打交道的一个部门就是税务部门，但是税务部门和财政部门也有关系，实际上在我们国家财政还决定税务，税务再影响会计。所以会计核算受到很多因素的制约，到目前为止都是从国家的角度来对这些制度加以规范的。然而，在市场经济的条件下，再去强调大财政的管理，强调财政决定财务和财务决定会计的管理体制是不适宜的，是不适应市场经济条件下企业发展要求的。 3.还财务本来面目 在市场经济条件下，财务和会计是两项内容各异的工作，二者是平行的关系。市场经济环境下我国的企业应该注重和加强财务管理。 财务绝不仅仅是一个制度的问题，还是一个方法和思路的问题。我们学习财务管理，实际上是一个方法和思路的问题，而不是财政部财务规定的问题。财务应该是企业自己的财务。 对现行财务制度的简单评价 从计划经济延续下来，我国一直是国家规定财务制度，国家通过财务制度来约束国有企业行为。1993年，在从计划经济体系向市场经济体系过渡的过程中，国家颁布了“两则两制”。所谓两则就是指《企业的财务通则》和《企业的会计准则》。财务通则属于财务制度范畴；会计准则属于会计制度范畴。所谓两制就是指《13个大行业的财务制度》和《13个大行业的会计制度》。13个行业包括工业、农业、商业、金融业、建筑业等。“两则两制”的执行标志着我国财会制度开始从计划经济向市场经济过渡。 在市场经济初期，企业执行财政部门颁布的财会制度还是可行的，但是随着市场经济的深入发展，财会制度的负面影响逐渐暴露出来。

新编实用英语2课后答案

新编实用英语2课后答案 第1单元 一、填词 1 What's you(guideline指导方针)in choosing songs for your audience 2 The(seminar讨论会)starts on Friday and the experts will be discussing the impact of technology on the climate in the future 3 Barclays appointed bob Diamond ,the head of its investment banking business,as its new chief(executive主管)from march 2011 speaking,I cannot（uphold支持）such conduct. You see, it is aimed only at the personal interest 5 However just because you can write statements in purely mathematical （notations标记）,this doesn't mean that you necessarily should 6 That was good（timing时间选择）because his work was influential in shaping the project plan 7 Those studying abroad will most （likely可能）return home for better employment because of the tight job market abroad 8 It gives me great pleasure to express once again my deep appreciation for the grand (reception招待)and generous .hospitality we enjoy here 二、汉译英 1美国人一班早早的就安排好他们的退休生活 Americas usually arrange their retirement well in advance 2他们通常被看做最有希望的歌手 They are commonly regarded as the most promissing singer 3我从你的推荐人那里听说雇主曾给他们打过电话 I've heard from your references that employers had call them 4请告诉我们的具体时间，以便我们做好适当的准备 Please inform us the specific time,so that we can make proper preparation 5我们对出席派对的人数的估计与实际的人数差一大截 We show up party to estimate of the number of people with actual to is a large margin 6只要不成为阅读的负担，你的报告可以包括足够的细节 Your report can include enough details as long as it doesn't become burden to read 三、英译汉 1、Although invitations are usually sent through the mail ,informal invitations such as e-mail and phone invitations are becoming more acceptable. 尽管邀请通常是通过发送邮件、非正式邀请如电子邮件和电话被邀请成为更可接受的。 2、For most formal occasions ,it`s best to invite guests three or four weeks in advance. 对于大多数正式场合,最好是提前三或四周邀请客人。