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CFA一级考试Notes习题笔记 – Financial Statement Analysis

编辑：finance365/时间：2009-05-04/浏览：6,201 views

Concept Checkers P17

  1. 分析师的role：根据报表做决策 ，做决策或建议，根据过去的信息推测将来 auditor的role：保证报表信息无误
  2. balance sheet包含公司在特定日期的financial position，income statement，cash flow statement和statement of changes in owners’ equity显示一个时间段的performance
  3. 会计方法和estimates一般在footnotes 里面，financial statement notes
  4. auditor 会issue qualified opinion如果fs make any exceptions to applicable accounting standards and explain the effect of these exceptions in the auditor’s report.
  5. proxy statement 里面有关于shareholders vote，比如董事会成员选举
  6. 分析FS的6个步骤：FS analysis framework 1.state the objective and context 2.gather data 3.process the data 4.analysis and interpret the data 5.report the conclusions or recommendations 6.undate the analysis

Concept Checkers P28

  1. 买设备是investing activity
  2. 公司借钱时financing activity，银行借出贷款是operating activity
  3. accounting receivable是asset，accounting payable是liabilities
  4. annual depreciation是expense，accumulated depreciation是contra asset account
  5. owners’ equity = asset-liabilities
    liabilities = assets – contributed capital -ending retained earnings
    Assets=liabilities + contributed capital + beginning retained earnings + revenue – expense – dividends
  6. 根据5中最后一个公司，任何元素的变化都会导致asset变化。
  7. 记账了交易但没付钱，卖方记accrued revenue，买方记accured expense,没给invoice，不能记在account receivable和payable
  8. 发行股票，记cash flow from financing在cash flow statement,记increase in contributed capital在statement of owners’ equity, 记equity(common stock) increase 在balance sheet. income statement 没影响。
  9. general journal按日期显示公司交易，general ledger 按account显示
  10. 分析师无法获得FS里面detailed account entries，管理者可以在符合会计准则的前提下，操纵报表利润
  11. 帐目分类：
    account payable liabilities
    account receivable assets
    accumulated depreciation assets
    additional paid-in capital owners’ equities
    allowance for bad debts assets
    bond payable liabilities
    cash equivalents assets
    common stock owners’ equities
    costs of goods sold expenses
    current position of long-term debt liabilities
    deferred tax items liabilities/assets
    depreciation expenses
    dividends payable liabilities
    dividends received revenues
    gain on sale of assets revenues
    goodwill assets
    inventory assets
    investment securities assets
    loss on sale of assets expenses
    notes payable liabilities
    other comprehensive income owners’ equities
    prepaid expenses assets
    property,plant and equipment assets
    retained earnings owners’ equities
    sales revenues
    unearned revenue liabilities

Concept Checkers P43

  1. standard-setting bodies are private sector organizations that establish financial reporting standards.
    加强信息披露是监管部门的责任。
  2. international accounting standards board –  IASB ， standard-setting bodies
    financial services authority – FSA 英国的regulatory authority
    securities and exchange commission – SEC 美国的regulatory authority
    international organization of securities commission – IOSCO national regulatory authority
  3. biz groups 并不支持统一fs标准，各国的监管机构也是统一标准阻碍
  4. fs的可靠性相符的是prudence，neutrality，completeness。timeliness跟reliability是tradeoff的。
  5. asset liability 和owners’ equity 反映financial position，income expense反映financial performance
  6. 上市公司每年要发Form 10-K， fair presentation, the ban of offsetting都是principle
  7. international financial reporting standards(IFRS) 考虑comparability, understandability, reliability和relevent，更多侧重于going concern assumption
    financial accounting standards board(FASB) 只考虑reliability和relevent
  8. MD&A里面会出现 impact of adopting the new standard, conclude that  it does not apply or will have no material impact, or state that they are still evaluating the potencial impact.

Concept Checkers P77

  1. depreciation 包含在operating expenses里面，所以在income statement；interest expense是financing cost, 不属于operating expenses所以不在income statement里面
  2. income taxes 是根据nature来分类的，cost of good sold包括同样function的一堆expenses
  3. 实现收入：确定价格，确定交易，交货。cash拿不拿到不重要。
  4. 算出第一年cost占总cost的百分比 X 总价格 – 第一年cost=第一年收入(percentage-of-completion)
    Completed-contract 只有最后结束才有收入。
  5. match principal要求expense和revenue同期记账
  6. 减少资产的残肢，导致每期折旧增加，导致pre tax income减小
  7. FIFO和LIFO在美国都允许，但IFRS不允许LIFO
  8. accelerated depreciation导致早年折旧率高，总折旧expense跟直线折旧是一样的，直线折旧的的book value在晚年会比较高，所以报废设备的损失要比加速折旧要少。net income 两种方法是一样的。
  9. FIFO，从早的开始减，LIFO从晚的开始减。
  10. double-declining-balance method折旧，第一年 2/y ×总值， 第二年=2/y ×(总值-第一年)
  11. bad debt expenses是operating expense，dividend received from 可售证券，interest expense on subordinated debenture，额外loss from destruction of building都是nonoperating expenses
  12. accounting estimate的改变，要reported prospectively，不需要restatement of prior period statement.
  13. a physically and operationally distinct division currently for sale 当作discontinued operation.这个division的income是net of tax在income from continuing  operations下面。
    改变折旧方式，会改变accounting principle，会改变operating income,要retrospectively application
  14. 改变accounting principle 要retrospectively application，以前的FS要restate来反映change
  15. basic share：按月份平均，diluted share，加上按月份平均的可转债。派息前的股份要加上。
  16. warrant价格低于均价，(均价-warrant价)/均价 × warrant数= 股份数
  17. basic EPS=earnings/ shares，看可转债的影响：numerator impact=债息×(1-t); denominator impact=可转股份数；per share impact = 分子/分母，假如大于 basic EPS，就不转，diluted EPS=basic EPS ， antidilutive；小于就转。
  18. 均价<可转债转换价，可转债就不转，总股数还是basic
  19. 分析COGS，用它除以sales
  20. pre-tax margin(pre tax earnings / revenue) 用来衡量profitability
  21. 外汇交易的gain不包含在net income里面，但是增加owners’ equity
  22. comprehensive income 包括所有equity变化，除去跟股东的交易，所以dividends paid to shareholders不算。

Concept Checkers P100

  1. asset 是future economic benefit，有些是tangible有些是intangible
  2. asset=owners’ equity + liability
  3. report format：asset liability和equity在一个column里面展示。a classified balance sheet 分组类似的item
  4. operating lease的租金prepaid， 减少cash(asset)增加prepaid expense(asset),所以asset不变，liability也没影响。
  5. 预售票到款，只能算defered revenue，直到event举行。
  6. estimated income tax 算作current liability。warranty expense要probable，而不是possible才算。future operating lease payment 不反映在balance sheet中，客户的倒闭影响receivable(asset)
  7. 美国GAAP的inventory valuation method是 the lower-of-cost-or-net-realiable-value
    FIFO,LIFO和average cost 是公司可选的inventory cost flow assumptions
  8. 内含的goodwill不反映在bs里面，买的patent要反映
  9. 全资收购子公司，purchase price(股价X股份)-fair value(book value+primium)=goodwill、
  10. property and equipment的价值= 原始价值-累计折旧，不需要公布fair value在footnotes里面
    policy和accounting method要公布，contingencies and commitments要公布，off-balance-sheet financing 要公布。
  11. trading securities和available-for-sale securities在bs中反映的都是fair value，市场股价
  12. income statement里面，trading securities是包括分红后的fair value，available-for-sale securities是没卖出去前的收入，比如分红
  13. treasury shares=issued-outstanding，不按总股份数来算。
  14. total owners’ equity = common stock + preferred stock + retained earnings +accumulated other comprehensive income(包括投资利润)
  15. 应收款的回收，增加cash减小account receivable，所以current asset不变，current ratio也不变，但cash ratio变(包含cash和martketable security)
  16. company ratio的横向对比是cross-sectional  analysis

Concept Checkers P127

  1. cash flow from operation= net income – profits from sale of land + depreciation+decrease in receivable -increase in inventory + increase in accounts payable – decrease in wage payable + increase in deferred tax
  2. cash flow from operation=net income – profit on sale of building + depreciation, tax和interest在算net income已经减掉了。
  3. cash flow from investing = cash from sale of building – purchase of machinary
  4. cash from financing = sale of preferred stock  + issuance of bond – principle payment on bank borrowings – repurchase of common stock – dividends paid , debt retired through issuance of common stock是noncash transaction，不算在cash flow里面。
  5. net income= salesXprofit margin， cash flow from operations= net income – gain on sale  of machinary + depreciation – increase in account receivable – increase in inventory – decrease in account payable
  6. 在US GAAP里面interest payment on debt 是operating cash flow
  7. 折旧不算现金流，增加折旧影响operating 不影响investing
  8. notes payable是financing cash flow
  9. US GAAP里面dividend paid是financing，IFRS下可以是operating也可以是financing
  10. sale of inventory是operating
  11. 发债券是financing
  12. sale of land是investing
  13. increase in tax payable是operating
  14. increase in notes payable 是financing
  15. increase in interest payable是operating
  16. increase in divident payable是financing
  17. write-off obsolete equipment没有cash flow impact
  18. sale of obsolete equipment 是investing
  19. IFRS下，interest expense可以是operating 也可以是financing
  20. depreciation是non cash flow
  21. GAAP下dividends received from investments是operating
  22. debt和equity的转换是non cash flow
  23. cach flow from operations=net income + depreciation – unrealized gain – increase in accounts receivable + increase in account payable
  24. GAAP下dividends received from investments是operating
  25. common – size format的cash flow转换成total revenue的percentage

Comprehensive problem:
1.indirect method cash flow from operation= net income – gain on sale of machinery + depreciation  – increase in receivables + decrease in inventories + increase in accounts payable + increase in interest payable
2.cash  collections = sales – increase in receivables
cash paid to suppliers = – cost of goods sold + decrease in inventory + increase  in account payable，结果负数转正。
other cash expenses=-interest expenses + increase in interest payable – tax expenses，结果负数转正
3.direct method CFO = cash collections – cash to suppliers – other cash expenses 必须跟间接法的结果一致
4.CFF=sale of stock+ new bank note – payment of mortgage – dividends + increase in dividends payable
CFI=sale of fixed assets – new fixed assets
total cash flow = CFO+CFF+CFI
5.Free cash flow to equity owners FCFE=CFO – capital spending + sale of fixed assets + debt issued – debt paid
6.假如租赁代替购买设备，CFI会高，CFF会低

Concept Checkers P154

  1. inventory accounting method的选择最终影响tax
  2. ending inventory=beginning inventory+purchase-COGS
  3. 同2
  4. COGS高估，导致ending inventory低估
  5. inventory高估导致tax低估
  6. 同2
  7. FIFO中，COGS反映先买的，ending inventory反映最近买的
  8. 计算库存FIFO
  9. 计算库存LIFO
  10. 计算利润LIFO
  11. 计算利润FIFO
  12. 计算库存平均法
  13. 计算利润平均法
  14. 涨价期间，LIFO COGS>平均法>FIFO，FIFO的income最高
  15. 跌价期间，相反，LIFO的income 最高
  16. 分析师的角度来看，用FIFO，现有的inventory反映的现在的cost。
  17. 分析师偏向用LIFO分析current income，因为COGS是现在的cost
  18. 涨价和库存增加期间，LIFO导致高COGS，低income所以低tax和高cash flow
  19. 涨价期间，用FIFO的公司，导致低COGS，higher net income
  20. LIFO liquidation导致COGS per unit decline和profit margin increase
  21. 降价期间，FIFO导致高COGS，lowering net income
  22. 涨价期间，FIFO的inventory会higher，导致current asset higher导致higher current ratio
  23. 同17
  24. LIFO说higher net income，价格是下跌。
  25. 涨价和库存不跌，LIFO有低profitability ratios，低 inventory levels，低 current ratio
  26. 涨价和库存不跌，FIFO有higher level of assets因为higher inventory
  27. FIFO COGS=LIFO COGS – (ending LIFO reserve – beginning LIFO reserve)
  28. LIFO比FIFO低，所以加上LIFO reserve
  29. retained earnings要加上LIFO reserve，不需要根据tax调节
  30. account payable跟inventory accounting methods无关
  31. 调整LIFO COGS 到FIFO应该FIFO COGS=LIFO COGS – (ending LIFO reserve – beginning LIFO reserve)
  32. cost减小，income 增加，再减去税
  33. LIFO的cost可以通过adding the inflation rate X beginning inventory
  34. 用LIFO的FS，用于横向对比时，要调整stock holders’ equity，因为inventory会增加，equity也会增加
  35. 竞争对手的LIFO reserve或者产业统计数据都可以用来估计inflation rate
  36. 上限是net realizable value(NRV) =selling price – selling cost, 下限是NRV-normal profit(selling price×利润率)， 范围里面，历史成本和replacement cost取最低。

Concept Checkers P173

  1. capitalization和expensing没有operatianal difference
  2. 分析用途，interest expense要加到CFI
  3. 开发patent的cost是expense，买patent的cost是capitalized
  4. capitalized的公司，早年有higher profitability ratio，因为cost 被spread out
  5. 开发软件是operational activity，cost是expensed，建房子的interest是capitalized
  6. accounting choise影响cash flow components，可能不会影响总cash flow。但如果影响到tax就会影响cash flows
  7. 用expense的公司，因为lower level of assets，导致debt ratio高
  8. 建筑利息capitalized，导致lower debt ratio，折旧导致lower reported income
  9. Capitalized有高的net income，低的debt-to-equity ratio，greater cash flow from operation
  10. expense的公司，有低net income，所以smaller  initial return on assets，same total cash flow(分类不同)，和larger CFI(expense是CFO)
  11. 广告花费是expense，软件开发是expense，开发patent和copywrite是expense，R&D是expense
  12. 建筑中的interest是capitalized，根据建筑的寿命来amortized
  13. 收购的品牌是capitalized，goodwill是capitalized，保护专利的legal costs可以capitalized

Concept Checkers P193

  1. 报废asset，inventory不受影响，fixed asset受影响，deferred tax受影响，stockholders’ equity不受影响。
  2. 减小残值导致折旧增加，导致income减小。增加income，可以通过增加残值，减小折旧。
  3. 直线折旧=(原值-残值)/年数
  4. sum-of-years’ digits（SYD）=(原值-残值)(年限-年数+1)/(年数相加) 如，4年的使用期第一年的折旧是(原值-残值)(4-1+1)/(4+3+2+1)
  5. double declining balance (DDB)第一年折旧=2/年限 ×原值
  6. units-of-production 算出per unit的折旧量= (原值-残值)/总预算量，再X使用量
  7. 用直线折旧比SYD的reported income要多。都不考虑使用量
  8. 同4
  9. 同5，第二年折旧=2/剩余年限X残值
  10. 同7，直线折旧最小，income最大
  11. 平均折旧年限=ending gross investment / 折旧值
  12. 已折旧寿命百分比=累计折旧值/总值
  13. 同12
  14. sunking fund 折旧在美国不允许，加速折旧用于tax purpose，SL用于FS，导致deferred tax liability
  15. 一直投new assets会有higher depreciation expense因为使用加速折旧。会有lower equity，lower income，lower return on assets
  16. 残值变更，不需要restate 历史，会对目前和未来的income有影响，改变accounting estimate
  17. inflation导致折旧不能反映true cost of replacing the asset，导致ROA和ROE太高，income 太高。基于现在的折旧导致将来的income有优势。
  18. 折旧方式的更改是accounting principle的更改。income的历史累计的影响要被noted
  19. asset impaired定义：公司不能fully recover the carrying amount of the asset through operation
  20. impairment 的loss不影响cash flow
  21. average life calculation允许分析师获得asset quality的数据，帮助预测major capital 的花费。
  22. testing for impairment用undiscounted cash flow，但是计算impairment要用discounted cash flow
  23. SFAS 143环境补偿，inflate depreciation expense，lower asset turnover，higher debt-to-equity ratio；asset and liability记录于asset acquisition包括cost of return the land to the condition requird
  24. sink funing 折旧用于计算constant return on investment

Concept Checkers P212

  1. tax payable和tax expense的差距是由于financial 和tax accounting 的差别
  2. pretax income和income tax expense 不总是linked
  3. taxable income=利润-折旧=10000
    3-10的题：120000总价，每年利润50000，税率40% 3年折旧tax purpose，fs上4年折旧，
  4. tax payable= taxable income × tax rate=4000
  5. 第四年pretax income=利润-FS上折旧=20000
  6. 第四年tax expense= pretax income × tax rate=8000
  7. 第四年tax payable是taxable income × tax rate=20000
  8. 第二年bs上会有deferred tax liability 8000
  9. 第二年税率上调至50%，用累计延税income×新税率
  10. 第二年上调50%后的，tax expense = taxes payable + increase in deferred tax (第二年10000-第一年4000) =11000
  11. taxable income是亏损，就有deferred tax 是资产
  12. 一公司有deferred tax liability但未来持续增长，应该全额认为是equity
  13. 一公司有deferred tax liability但未来会减少，现值应被认为是liability，其余应被认为是equity
  14. 税率下降，bs上的DTL和DTA都减少，taxable income没影响，如果DTA>DTL, income tax expense 会增加
  15. 计算deferred tax liability应该用reversal时的税率
  16. 如果taxable income和pretax income一直有差距，用于计算tax expense的effective tax rate 需要调整
  17. valuation allowance是用来offset deferred tax assets的(DTA不可能实现的情况下)

Concept Checkers P242

  1. book value of debt = interest 和 principal payments的现值。基于debt发行时的市场价
  2. annual interest expense=book value × 发行时的interest rate
  3. 发行时coupon rate < market rate, 折价发行，discount bound
  4. coupon payment = book value × coupon rate
  5. total cash payment = coupon payment + face value
  6. 初始book value，折价销售肯定<面值，总价按市场利率折现
  7. 同2
  8. 第二年新的book value=beginning book value + interest expense – coupon payment，也可以用更新后的pv来计算
  9. coupon payment + amortized interest = coupon payments + face value – issue value
  10. CFO overstate= true interest expense-coupon
  11. 同2
  12. actual coupon payment 是operating cash flows
  13. 发行时coupon rate比市场rate 高0.25，溢价发行，第二年的premium会减小。一年后市场rate跌0.5%，对溢价没影响。
  14. preferred share是equity，bond with warrant，bond算liability，warrant算equity，加到原来公式中计算debt-to-total capital ratio
  15. 股价>可转债的转换价，可转债是equity
  16. 发可转债比一般的债券利率低，增加CFO
  17. exchangeable debt的好处delay income tax impact，利率低，买股票产生的市场影响被削弱，控制股票的同时产生cash

Concept Checkers P256

  1. operating lease
    Lessee：higher profitability ratio，不需要在bs上有debt；lower leverage ratio
    Lessor：higher cash flow from operation，lower profitability ratio；lower return on asset
  2. lease payment用lower of the implicit lease rate or lessee’s  incremental borrowing rate.而不是两者较大的；lease period>=75%就是capital lease；capital lease中，所有的好处和ownership风险都在lessee方；lessee要把capital lease的资产记账，并折旧摊销
  3. capital lease的条件，满足任一：
    title transferred at the end of lease period
    a bargin purchase option exist
    租期至少75%的asset’s lift
    lease payment 的现值至少90% fair value of the asset
  4. operating lease是contract，花费是lease expense；capital lease是purchase，花费是interest expense
  5. capital lease是asset，也是long-term liability也是short-term liability
  6. 卖了receivable但保留credit risk，account receivable，current ratio和debt-to-equity都要调整。inventory turnover不用调整。
  7. 可转债不是off-balance-sheet financing method；sale of receivables，finance subsidiaries，throughput arrangements都是off bs financing method
  8. 总cash flow跟lease种类无关，都一样。capital lease有higher operating cash flow和lower financing cash flow。operating expense在早年expense较低，capital expense在晚年较低。capital lease，initiation没有cash flow，lease payment的principal部分记做cash flow from financing
  9. 早年capital lease的net income较低，晚年较高
  10. capital lease的interest expense是每年的beginning value of the leasehold liability X discount rate, charged to income and operating cash flow
  11. capital lease 的debt-to-equity ratio 增加，因为增加了asset和liability；operating lease没有debt
  12. 同前几题
  13. capital lease导致current ratio较小，因为下几年的lease payment是current liability
  14. 按照implicit discount rate算lease payment的折现=leasehold asset at the inception of the lease
  15. interest  expense= leasehold value × implicit discount rate
  16. 直线折旧=leasehold value/年限
  17. interest expense是CFO
  18. CFF=lease payment- interest expense

comprehensive problem

  1. capital lease
    CFF lower
    CFO higher
    CFI unchanged
    Total CF unchanged
    EBIT higher
    Net income 早年lower
    D/A higher
    D/E higher
    ROA lower
    ROE lower
    Total asset turnover lower
  2. debt increase
    Cash unchange
    current ratio unchange
    D/E increase
    receivables increase
    working capital unchange
    receivables turnover decrease
    cash conversion cycle longer
    interest coverage increase
    CFO decrease
    CFF increase
    CFI unchange

Concept Checkers P299

  1. common-size income statement 所有account去除以sales
  2. financial ratio的限制，单独看没意义；决定target和笔记，要做调整 ；不同的accounting treatment需要调整
    数据难获得不是限制。
  3. fixed charge coverage 是solvency ratio；return on total capital是衡量profitability；the defensive interval ratio是衡量liquidity ；number of days of payables 是activity ratio
  4. payable turnover=COGS/avg.AP, payables payment period=365 / payable turnover
  5. total asset turnover = sale / total asset
    inventory turnover = COGS/ avg.inventory = (sales- profit) / inventory
  6. 同4
  7. current ratio= (cash + AR+inventory)/ AP, CR>1时，分母减小>分子减小，CR增加
  8. quick ratio=(cash + AR)/AP,  cash 减小，分母不变，QR减小
  9. Current ratio=CA/CL，CR>1时，CACL同时减小，CR增大
  10. receivable turnover是10倍，inventory turnover是5倍，payable turnover是9倍，cash convertion ratio是365/10+365/5-365/9
  11. interest coverage ratio=EBIT/I
  12. 经典杜邦公司three-ratio DuPont Model，ROE=net profit margin × total asset turnover × financial leverage multiplier
  13. ROE=net income/sales × sales/assets × assets/equity
  14. ROE=[EBIT/S × S/A-I/A](A/E)(1-t)
  15. net profit margin × equity turnover=net profit margin×total asset turnover×asset/equity
    =(operating profit margin×total asset turnover – interest expense rate)×financial leverage multiplier×tax retention rate
    ROA×interest burden×tax retention rate不是ROE
  16. 同15
  17. g=retention rate × ROE
    ROE=net profit margin×asset turnover×equity multiplier
  18. 分析师预测earning会预测收入增长，会假设financial ratio不变，检查variablity of predicted outcome by performing a sensivity or scenario analysis

comprehensive problem

inventory turnover=COGS/avg.inventory
days of inventory on hand=365/inventory turnover
receivable turnover=sales/avg.AR
days of sales outstanding=365/receivable turnover
payable turnover = COGS/avg.payables
days of payable=365/payable turnover
cash conversion cycle=days of inventory on hand+days of sales outstanding -days of payables

Concept Checkers P312

  1. 根据销售，库存，AR，AP计算出inventory turnover, receivable turnover, payable turnover,再算出days of invenroty on hand，days of sales outstanding，days of payables，改变最大的一项就是最需要提高的。receivable和payable数字基本不变，表示对供应商和vendor的credit policy没改变。
  2. 预测income和cash flow基于COGS，operating expense，non cash working capital对于sales的比例不变。interest expense是用于针对additional debt的调整
  3. lower leverage 提高公司的creditworthiness. larger  scale,more diversification ,higher operating efficiency,和more stable margins提高better credit quality。
  4. 高增长率的公司，有high market value to book value; 高operating profit margin不一定高增长，low price to cash flow ratio用于发现value stock而不是growth stock，高派息公司用于发现mature firm同时低增长。
  5. 不同的折旧方法，inventory cost和不同的会计准则IFRS和US.GAAP都需要分析师做调整。direct method 和indirect method的cash flow都一样，不需要做调整。

Concept Checkers P325

  1. held-for-trading securities在BS上反映fair value；influential security用equity method来记账，不在BS上反映fair value
  2. develop goodwill不能capitalized，买goodwill 可以。
  3. impairment loss记在当年的net income里，第二年如果资产涨价了，前面loss就记在net income里面，剩下的部分加到owners’ equity里面。而总数是equity增加了涨价的部分，其中一部分记在net income，另一部分记在direct adjustment
  4. 项目到一半，因为罢工中断，之前的revenue能不能实现？USGAAP是completed-contract method，不能记revenue；IFRS可以用percentage-of-completion method，这样可以记对应cost的revenue，但完工前没有profit
  5. IFRS下，利息和分红收入可以记做CFO也可以记做CFI；在US GAAP下，只能记做CFO
  6. FIFO COGS=LIFO COGS-(ending reserve-beginning reserve)
  7. 去除unrealized gain，total asset turnover会higher，debt-to-equity也会higher

Self-test：

  1. MD&A里面包括，sales趋势的信息，expenses的分类，预计capital expenses和events with liquidity implications，outlook for future result基于已知trend。折旧方法在footnotes里面
  2. POC会增加net income，retained earnings和equity和assets，所以debt/assets和D/E ratio会减低，cash flow不变。
  3. interest expense是CFO，dividend 是CFF
  4. inventory turnover是sales和avg.inventory算出来的，所以不能从common-size statement里面算出。tax可以算(income tax expense/sales) / (net income / sales)
    debt/equity 可以用 (debt/assets)/(equity/assets), operating profits/sales 可以从common-size表中找到。
  5. cash conversion cycle=days of inventory on hand+days of sales outstanding -days of payables
  6. ROE=net profit margin×asset turnover×equity multiplier
    retention rate=1-dividend payout ratio；growth = retention rate×ROE
  7. 行权价低于均价的option，算在dilutive shares里面，高于的不算。
  8. LIFO reserve不会amortized，LIFO reserve下跌，有可能是因为跌价，或者inventory liquidity
  9. 可转债算liability，bond with warrant的bond算liability，warrant的fair value算equity。所以bond with warrant的liabilitiy和equity都小，leverage ratio就提高。
  10. 买了个特许权，要capitalized，原来的CFO就会变成CFI，asset和equity会增加，所以D/A和D/E会减小
  11. 不能实现的DTA用valuation allowance来冲销
  12. interest expense=市场利率XBS上的liability，par bond的利率=coupon rate，所以interest expense不变。premium bond，第一年expense一样，以后会amortized，每年的interest expense会减小，net income会增加
  13. capital lease的CFO会高，因为部分被扔到了CFI，同时开始的时候，liability和asset同时增加，equity不变。operating lease不影响CFI，所以不会影响CFI的波动。
  14. asset acquisition时，环保费的现值要记liability和asset，对equity 没影响。liability每年会用interest expense减少，interest coverage ratio会lower，net income会减小，因为interest expense和asset的折旧。
  15. impairment charge导致operating income和net income减少，税不变，D/E ratio会增加。因为equity减小。
  16. 多年建筑的贷款利息必须capitalized，asset of insiginificant value是expensed，即使年限很长。software 开发费在technological feasibility 建立以后，可以capitalized也可以不，R&D cost 是expensed
  17. 跌价时计算profitability，用LIFO算COGS，用FIFO算inventory
  18. 跌价时，用FIFO，net income减小，因为tax减小，所以higher cash flow
  19. 折旧的年限=(已折旧+账面价值)/年折旧，年龄=已折旧/年折旧
  20. 免税债券的利息，要把税率调节低于征税税率，没有defer因为不会reverse，也不能直接记做operating income
  21. 买receivable的公司当成loan来看，要加回AR，减小receivable turnover，current liability也会增加，增加debt ratio，减小current ratio。cash和marketable securities没变。
  22. 国外公司符合IRFS要在美国上市，可以符合GAAP或者单独提供reconciliation of IFRS statement with USGAAP，包括帮助美国投资者分析的相关的披露
  23. unrealized gains&losses on trading securities 在income statement里面报告（USGAAP和IFRS），IFRS不许用LIFO，goodwill 是内生还是很外购处理不同。future minimum operating lease payment to asset 和equity。
  24. indirect method换成direct，分析师可以把cash expense和receipts分类，CFO不需要调整，都一样。dividends 在us GAAP下不在CFI