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首页 英文原版财会书籍系列之《非财务管理者的财务会计学精华》

英文原版财会书籍系列之《非财务管理者的财务会计学精华》

英文原版财会书籍系列之《非财务管理者的财务会计学精华》

东东
2009-10-17 0人阅读 举报 0 0 0 暂无简介

简介:本文档为《英文原版财会书籍系列之《非财务管理者的财务会计学精华》pdf》,可适用于经济金融领域

THEESSENTIALSOFFINANCEANDACCOUNTINGFORNONFINANCIALMANAGERSThisPageIntentionallyLeftBlankTHEESSENTIALSOFFINANCEANDACCOUNTINGFORNONFINANCIALMANAGERSEDWARDFIELDSAmericanManagementAssociationNewYork•Atlanta•Brussels•BuenosAires•Chicago•London•MexicoCity•SanFranciscoShanghai•Tokyo•Toronto•Washington,DCSpecialdiscountsonbulkquantitiesofAMACOMbooksareavailabletocorporations,professionalassociations,andotherorganizationsFordetails,contactSpecialSalesDepartment,AMACOM,adivisionofAmericanManagementAssociation,Broadway,NewYork,NYTel:Fax:Website:wwwamacombooksorgThispublicationisdesignedtoprovideaccurateandauthoritativeinformationinregardtothesubjectmattercoveredItissoldwiththeunderstandingthatthepublisherisnotengagedinrenderinglegal,accounting,orotherprofessionalserviceIflegaladviceorotherexpertassistanceisrequired,theservicesofacompetentprofessionalpersonshouldbesoughtLibraryofCongressCataloginginPublicationDatahasbeenappliedforandisonrecordattheLibraryofCongress�EdwardFieldsAllrightsreservedPrintedintheUnitedStatesofAmericaThispublicationmaynotbereproduced,storedinaretrievalsystem,ortransmittedinwholeorinpart,inanyformorbyanymeans,electronic,mechanical,photocopying,recording,orotherwise,withoutthepriorwrittenpermissionofAMACOM,adivisionofAmericanManagementAssociation,Broadway,NewYork,NYPrintingnumberBookzISBN:ContentsIntroductionPart:UnderstandingFinancialInformationTheBalanceSheetTheIncomeStatementTheStatementofCashFlowsGenerallyAcceptedAccountingPrinciples:AReviewTheAnnualReportandOtherSourcesofIncrediblyValuableInformationPart:AnalysisofFinancialStatementsKeyFinancialRatiosUsingReturnonAssetstoMeasureProfitCentersOverheadAllocationsPart:DecisionMakingforImprovedProfitabilityAnalysisofBusinessProfitabilityReturnonInvestmentvviContentsPart:AdditionalFinancialInformationFinancingtheBusinessBusinessPlanningandtheBudgetSelectedBusinessReadingsAppendixAFinancialStatementPracticeAnswerKeyAppendixBAMatchingExerciseAnswerKeyAppendixCPaleyProductsAnswerKeyAppendixDAMatchingExerciseAnswerKeyGlossaryIndexIntroductionBackgroundThisisabookforbusinesspeopleAlldecisionsinabusinessorganizationaremadeinaccordancewithhowtheywillaffecttheorganization’sfinancialperformanceandfuturefinancialhealthWhetheryourbackgroundismarketing,manufacturing,distribution,researchanddevelopment,orthecurrenttechnologies,youneedfinancialknowledgeandskillsifyouaretoreallyunderstandyourcompany’sdecisionmaking,financial,andoverallmanagementprocessesThebudgetisessentiallyafinancialprocessofprioritizingthebenefitsresultingfrombusinessopportunitiesandtheinvestmentsrequiredtoimplementthoseopportunitiesAnimprovedknowledgeofthesefinancialprocessesandthefinancialexecutiveswhoareresponsibleforthemwillimproveyourabilitytobeanintelligentandeffectiveparticipantThisbookisspecialforanumberofreasons:ItteacheswhataccountantsdoitdoesnotteachhowtodoaccountingBusinesspeopledonotneedtolearn,noraretheyinterestedinlearning,howtododebitsandcreditsTheydoneedtounderstandwhataccountantsdoandwhy,sothattheycanintelligentlyusetheresultinginformationthefinancialstatementsItiswrittenbyabusinesspersonforotherbusinesspeopleThroughoutalifetimeofbusiness,consulting,andtrainingexperience,IhaveprovidedmyaudienceswithIntroductiondowntoearth,practical,usefulinformationIamnotanaccountant,butIdohavetheknowledgeofanintelligentuseroffinancialstatementsIunderstandyourproblems,andIseektosharemyknowledgewithyouItemphasizesthebusinessissuesManyfinancialbooksfocusonthemathematicsThisbookemploysmathematicalinformationonlywhenitisneededforthebusinessdecisionmakingprocessItincludesachapteronhowtoreadanannualreportthathelpsyouusetheinformationthatisavailabletheretobetterunderstandyourowncompanyThischapteralsoidentifiesanumberofothersourcesofinformationinthepublicdomainaboutyourcompetitionthatmaybeverystrategicallyvaluableItincludesinformationonhowthefinancedepartmentcontributestotheprofitabilityandperformanceofthecompanyThefinancialstaffshouldbepartofthebusinessprofitabilityteamThisbookdescribeswhatyoushouldexpectfromthemItcontainsmanypracticalexamplesofhowtheinformationcanbeused,baseduponextensive,practicalexperienceItalsoprovidesseveralexercises,includingapracticecasestudy,asappendicesThebookisinfourparts:Part,UnderstandingFinancialInformation,ChaptersthroughInPart,thereaderisgivenbothanoverviewanddetailedinformationabouteachofthefinancialstatementsanditscomponentsAcompleteunderstandingofthisinformationandhowitisdevelopedisessentialforintelligentuseofthefinancialstatementsPart,AnalysisofFinancialStatements,ChaptersthroughPartdescribesthemanyvaluableanalysesthatcanbeperformed,usingtheinformationthatwaslearnedinPartBusinessmanagementactivitiescanessentiallybedividedintotwobasiccategories:MeasuringperformanceMakingdecisionsIntroductionPartdescribeshowtomeasureandevaluatetheperformanceofthecompany,itsstrategicbusinessunits,andevenitsindividualproductsPart,DecisionMakingforImprovedProfitability,ChaptersandThispartdescribesthekeyfinancialanalysistechniquesthatmanagerscanusetomakedecisionsabouteveryaspectoftheirbusinessFinancialanalysisprovidesvaluabletoolsfordecisionmakingHowever,managersmuststillmakethedecisionsPart,AdditionalFinancialInformation,ChaptersthroughandappendicesPartprovidesfurtherinformationaboutelementsofthefinancialprocessthatcanserveastoolsforthebusinessmanagerTheseincludethebudgetandmethodsofobtainingthefinancingtosupportthebusinessPartalsoincludesaglossaryandquiteafewpracticeexercisesPart,UnderstandingFinancialInformationPartdiscussesthefinancialreportsthatthecompanyproducesTheseinclude:ThebalancesheetTheincomestatementThestatementofcashflowsEachstatementisdescribed,itembyitemThediscussionexplainswherethenumbersbelongandwhattheymeanTheentirestructureofeachfinancialstatementisdescribed,sothatyouwillbeabletounderstandhowthefinancialstatementsinterrelateandwhatinformationtheyconveyPartalsoexplainshowtoreadandunderstandanannualreportThebenefitsofdoingsoarenumerousTheyinclude:UnderstandingthereportingresponsibilitiesofapubliccompanyFurtherunderstandingtheaccountingprocessIdentifyingandusinginformationaboutyourcompetitorsthatisinthepublicdomainIntroductionPart,AnalysisofFinancialStatementsNowthatwehavelearnedhowtoreadthefinancialstatements,wecanunderstandhowtheyarepreparedandwhattheymeanPartdescribesmanagementtoolsthathelpustousetheinformationinthefinancialstatementstoanalyzethecompany’sperformanceTheratiosthatwillbecovereddescribethecompany’s:LiquidityWorkingcapitalmanagementFinancialleverage(debt)ProfitabilityandperformancePart,DecisionMakingforImprovedProfitabilityPartdescribesanumberoftoolsthatcanhelpmanagerswithdecisionmakingItintroducesbreakevenanalysis,whichcanbeusedtoevaluateindividualproductsandtheproductmixItalsoexploresfixedcostversusvariablecostissueswithinthestrategicplanningcontext,suchas:SupplychainmanagementNewproductstrategyMarketingstrategyPartalsocoversreturnoninvestmentanalysisforinvestmentdecisionmakingItexplainstheprincipleofdiscountedcashflowandseveralmethodsofanalysisthatemployit:InternalrateofreturnNetpresentvalueProfitabilityindexItalsodiscusseswaysofintegratingprofitabilityrequirementswithcompanyperformancetargetsandmethodsofplanningandevaluatinginvestments,suchas:IntroductionCapitalexpendituredecisionsRDanalysisandjustificationAcquiringothercompaniesMarketingprogramsStrategicalliancesPart,AdditionalFinancialInformationPartdescribesinconsiderabledetailsomeadditionalfinancialinformationthatwillbenefitthebusinesspersonItincludesdiscussionsoftheplanningprocessandthebudget,andwhytheyaresoimportantItalsocoverswaysoffinancingthecorporationWhilethisisnotadirectresponsibilityofmostmembersofthemanagementteam,knowledgeofdebtandequitymarketsandsourcesofcorporatefinancingisverybeneficialTherearealsoanumberofpracticeexercisesthatwillreinforcetheknowledgegainedfromthebookAdditionalBackgroundWestudyfinancialmanagementbecausedoingsohelpsustomanageourbusinessmoreintelligentlyAsmentionedearlier,businessmanagementactivitiesmaybedividedintotwomajorcategories:MeasuringperformanceMakingdecisionsWemeasuretheperformanceofproductsandmarketsinordertounderstandtheprofitabilityofthebusinessKnowledgeofourcompany’sproducts,markets,andcustomersenablesustomakedecisionsthatwillimprovethisprofitabilityTheincomestatementmeasurestheperformanceofthebusinessforaperiodoftime,usuallyayear,aquarter,oramonthItenablesustodeterminetrendsandidentifystrengthsandweaknessesinthecompany’sperformanceThebalancesheetmeasuresthefinancialhealthofthebusiIntroductionnessatapointintime,usuallyattheendofamonth,quarter,oryearAreweabletofinancefuturegrowthCanthecompanyaffordtopayoffitsdebtBreakevenanalysishelpsustounderstandtheprofitabilityofindividualproductsWecanuseittoevaluatepricingstrategiesandcostsThecompanyusestheresultsofthisanalysisindecisionsconcerningoutsourcingoptions,verticalintegration,andstrategicalliancesThisbooksurveysthesefinancialtoolsWewillprovidedescriptionsanddefinitionsoftheircomponentsandgainanunderstandingofhowtheycanhelpusandwhyweshouldunderstandthemAccountingDefinedAccountingistheprocessofrecordingpastbusinesstransactionsindollarsTrainingtobecomeacertifiedpublicaccountant(CPA)involveslearningtherulesandregulationsofthefollowingorganizations:TheSecuritiesandExchangeCommissionThisisanagencyofthefederalgovernmentthat,amongotherthings,prescribesthemethodologyforreportingaccountingresultsforcompanieswhosestockispubliclytradedMostprivatecompaniesadheretomostoftheserulesexceptfortherequirementthattheypublishtheinformationTheInternalRevenueServiceThisagencyoverseesthefilingofallcorporatetaxreportsconsistentwiththetaxlegislationpassedbytheUSCongressTheBoardofGovernorsoftheFederalReserveSystemThisexecutivebranchfederalagencyprescribesthereportingandaccountingsystemsusedbycommercialbanksTwoprivateaccountingorganizationsareintegraltotheaccountingprofession:TheFinancialAccountingStandardsBoard(FASB)Thisisaresearchorganizationthatevaluates,develops,andrecIntroductionommendstherulesthataccountantsshouldfollowwhentheyauditacompany’sbooksandreporttheresultstoshareholdersTheproductsoftheFASB’seffortsarereportsknownasFASBBulletinsTheAmericanInstituteofCertifiedPublicAccountantsThisistheaccountants’professionalorganization(tradeassociation)ItisanactiveparticipantintheaccountingdialogueTheworkofalltheseorganizationsandthedialogueamongthem,alongwiththeworkofthetaxwritingcommitteesoftheUSCongress,resultinwhatareknownasgenerallyacceptedaccountingprinciplesGenerallyAcceptedAccountingPrinciplesTheconceptofgenerallyacceptedaccountingprinciples(GAAP)makesaninvaluablecontributiontothewayinwhichbusinessisconductedWhenaCPAfirmcertifiesacompany’sfinancialstatements,itisassuringtheusersofthosestatementsthatthecompanyadheredtotheseprinciplesandprepareditsfinancialstatementsaccordinglyWhyIsThisImportantTheuseofGAAPprovidescomfortandcredibilityThereaderofthereportedfinancialstatementsistypicallynotfamiliarwiththeinnerworkingsofthecompanyGAAPgivesacompany’sbankers,regulators,potentialbusinesspartners,customers,andvendorssomeassurancethattheinformationprovidedinthecompany’sfinancialstatementsisaccurateandreliableItfacilitatesalmostallbusinessdealingsWhyIsThisanIssuefortheBusinessManagerWhileaccountingprinciplesandpracticesarecriticalforthepresentationofpasthistory,theirmechanics,requirements,andphilosophiesarenotnecessarilyappropriatewhenthebusinessIntroductionmanagerseekstoanalyzethebusinessgoingforwardTounderstandthisissue,weneedtodefinefinancialanalysisFinancialAnalysisFinancialanalysisisananalyticalprocessItisanefforttoexaminepasteventsandtounderstandthebusinesscircumstances,bothinternalandexternal,thatcausedthoseeventstooccurKnowingandunderstandingtheaccountinginformationiscertainlyacriticalpartofthisprocessButtofullyunderstandthecompany’spastperformance,itisimportanttoalsohaveinformationconcerningunitssold,marketshare,ordersonthebooks,utilizationofproductivecapacity,theefficiencyofthesupplychain,andmuchmoreEverymonth,wecompareactualperformancewiththebudgetThisisnotanaccountingprocess,itisananalyticalprocessthatusesaccountinginformationAccountingisthereportingofthepastThebudgetreflectsmanagement’sexpectationsforfutureeventsandoffersastandardofperformanceforrevenues,expenses,andprofitsFinancialanalysisasahighprioritymanagementprocessalsorequiresforecastingAforecastisaneducatedperceptionofhowadecisionbeingcontemplatedwillaffectthefutureofthebusinessItrequiresafinancialforecastafinancialquantificationoftheanticipatedeffectofthedecisiononmarketingandoperationalevents,andthereforeoncashflowAccountingForecastingBudgetPerspectiveTheendresultofalltheplanningeffortsinwhichacompanyengages,includingforecasting,mustbethemakingofdecisionsThesemanydecisionsaboutspendingallocations,products,andmarketsarereflectedinavoluminousreportcalledabudgetTherefore,thebudgetisreallyadocumentationofallthedecisionsthatmanagementhasalreadymadeTheIssuesTherearefrequentlyculturalclashesbetweentheaccountingdepartmentandtherestofthecompanyThisresultsfromthefalseIntroductionassumptionthatthephilosophiesandattitudesthatarerequiredforaccountingarealsoappropriateinbusinessanalysisanddecisionmakingThebudgetisnotanaccountingeffortItisamanagementprocessthatmaybecoordinatedbypeoplewithaccountingbackgroundsAforecastneednotadheretoaccountingrulesThereisnothinginaccountingtrainingthatteachesaccountantstodealwithmarketingandoperationalforecastinganddecisionmakingissuesInaddition,totheextentthatthefuturemaynotbeanextensionofthepast,itisconceivablethatpast(accounting)eventsmaynotbeveryrelevantAccountingissomewhatpreciseForecasting,byitsverynature,isveryimpreciseWhenthepreparationofthebudgetbecomes‘‘accountingdriven,’’thosepreparingitfocusonnonexistentprecisionandlosesightoftherealbenefitsofthebudgetanditsimpactonthebiggerpictureAccountingisconservativeItrequiresthattheleastfavorableinterpretationofeventsbepresentedBusinessforecastingneedstobesomewhatoptimisticUsingaconservativesalesforecastusuallymeansthatthebudgetwillbefinalizedatthelowerendofexpectationsIftheforecastisactuallyexceeded,asitislikelytobe,thecompanywillnotbetotallypreparedtoproducetheproductordelivertheservicesInshort,conservatisminaccountingisrequiredConservatisminbusinessdecisionmakingcanbeverydamagingBusinessisriskyandfilledwithuncertaintyAccountingisriskaverseResolutionToeliminatetheseculturalclashes,accountantsneedtolearnmoreaboutthebusinessitsmarkets,customers,competitivepressures,andoperationalissuesandallotherbusinessmanagersneedtolearnmoreaboutthefinancialaspectsofbusinessThisincludesthelanguageofaccountingandfinance,thefinancialpressureswithwhichthecompanymustdeal,andthefinancialstrategiesthatmayimprovethecompany’scompetitiveposition,operationaleffectiveness,andultimateprofitabilityIntroductionSomeAdditionalPerspectivesonthePlanningProcessTheplanningprocessisacomprehensivemanagementeffortthatattemptstoensurethatthecompanyhasconsideredalloftheissuesandchallengesfacingitThemanagementteamwillfocusonthecompany’sstrengthsandweaknessesaswellasontheresourcesnecessarytoproperlygrowthebusinesscomparedwiththeresourcesavailableThefinancialteamisacriticalcontributortothisprocessThefollowingaresomeoftheissuesthatrequiremanagementfocusTheCustomersWhydoourcustomersbuyourproductsandservicesWhydowedeservetheirmoneyThesearecriticalquestionsthatmustbeansweredifwearetofocusourenergiesandresourcesonthoseeffortsthatwillsustaingrowthWeneedtoexpandourdefinitionof‘‘thehighestquality’’anddevotecorporatecashandpeopletodistinguishingourcompanyfromandstayingaheadofthecompetitionDowereallyknowourcustomers’needs,presentandfutureArewepreparedtosupportthemintheirgoalofsucceedingintheirmarketplaceDotheyviewusasakeystrategicpartnerAfterall,weareinbusinesstohelpourcustomersmakemoneyIfwedefineourcompany’sstrategicmissionaccordingly,ourcustomers’successwillbeoursWhatwedoisonlyameanstothatendTheMarketsProductsandservicesareprovidedinnumerousmarketsThesemaybedefinedby:GeographyProductapplicationQualityandperceptionofqualityMeansofdistributionSellingchannel(directversusdistributor)IntroductionTheprocessofthinkingthroughthecompany’sfutureisanintegralpartofbudgetdevelopmentItrequiresthatthemanagementteambeintouchwithtrendsanddevelopmentsthatwillenhanceordetractfromthecompany’smarketplacepositionPeriodic‘‘outofthebox’’reexaminationofeachoftheseissuesprovidesconsiderableopportunityformarketandprofitimprovementResourcesPeopleandmoneymustbededicatedtothemostprofitable,fastestgrowingsegmentsofthebusinessThesebusinesssegmentsrepresentthefutureofthecompanyandshouldbep

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