xxx科技大學財務(wù)管理專業(yè)畢業(yè)論文：外文文獻資料翻譯(編輯修改稿)

　

【文章內(nèi)容簡介】 act the amount of the security issue from worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement. Are the statements audited or unaudited? It is often said that audited statements, that is, plete audits rather than statements rubber stamped by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film39。s reputation is beyond reproach. Is workingcapital situation favorable ?If the parative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern39。s workingcapital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratio affordsa test of the concern39。s probable ability to pay current obligations without impairing its working capital. It is, in part, a measure of ability to borrow additional working capital or to renew shortterm loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to shortterm creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the ruleofthumb ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed. The ruleofthumb current ratio is not a satisfactory test of workingcapital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets. The liquidity of current assets varies with cash larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Opencredit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the twoforone current ratio, the 20 per cent cash ratio is more or less a ruleofthumb standard. The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal. Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances. Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many openbank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm. The liquidity of current assets varies with ability to meet acid test. Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the socalled acid test of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small. The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are in thirty days we can see that receivables are paid promptly. Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation. Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing