Analysis of financial statements:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York [u.a.]
McGraw-Hill
2000
|
| Ausgabe: | 5. ed. |
| Schlagworte: | |
| Online-Zugang: | Publisher description Table of contents Inhaltsverzeichnis |
| Beschreibung: | Getr. Zählung graph. Darst. |
| ISBN: | 0070945047 |
Internformat
MARC
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| 100 | 1 | |a Bernstein, Leopold A. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Analysis of financial statements |c Leopold A. Bernstein ; John J. Wild |
| 250 | |a 5. ed. | ||
| 264 | 1 | |a New York [u.a.] |b McGraw-Hill |c 2000 | |
| 300 | |a Getr. Zählung |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a États financiers | |
| 650 | 4 | |a Financial statements | |
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| 700 | 1 | |a Wild, John J. |e Verfasser |4 aut | |
| 856 | 4 | |u http://www.loc.gov/catdir/description/mh023/98056045.html |3 Publisher description | |
| 856 | 4 | |u http://www.loc.gov/catdir/toc/mh022/98056045.html |3 Table of contents | |
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-009124623 | ||
Datensatz im Suchindex
| _version_ | 1804128156192342016 |
|---|---|
| adam_text | CONTENTS IN BRIEF PART ONE
FINANCIAL STATEMENT ANALYSIS AND REPORTING 1
Chapter 1 Overview of Financial Statement Analysis 3
Chapter 2 Analysis Objectives and Financial Reporting 57
PART TWO
FINANCIAL ANALYSIS APPLICATION
AND INTERPRETATION 109
Chapter 3 Short Term Liquidity 111
Chapter 4 Forecasting and Pro Forma Analysis 151
Chapter 5 Capital Structure and Solvency 176
Chapter 6 Return on Invested Capital 234
Chapter 7 Profitability Analysis 270
Chapter 8 Earnings Based Analysis and Valuation 322
COMPREHENSIVE CASE APPLYING FINANCIAL STATEMENT ANALYSIS CC1
SUPPLEMENT A FINANCIAL STATEMENTS: ADAPTEC A2
CAMPBELL SOUP A32
INDEX INI
xxi
CONTENTS PART ONE
FINANCIAL STATEMENT ANALYSIS AND REPORTING 1
Chapter One
Overview of Financial Statement Analysis 3
Focus on Analysis: Adaptec 6
Users of Financial Statements 8
Business Activities in a Market Economy 9
Planning Activities 9
Financing Activities 11
Investing Activities 14
Operating Activities 15
Financial Statements Capture Business Activities 16
Balance Sheet 18
Income Statement 19
Statement of Shareholders Equity 20
Statement of Cash Flows 21
Links between Financial Statements 22
Information Accompanying Financial Statements 26
Management s Discussion and Analysis (MD A) 26
Management Report 26
Auditor Report 27
Explanatory Notes 27
Supplementary Information 28
Social Responsibility Reports 29
Proxy Statements 29
Preview of Financial Statement Analysis 30
Building Blocks of Analysis 31
Comparative Financial Statement Analysis 32
Common Size Financial Statement Analysis 37
Ratio Analysis of Financial Statements 40
Specialized Analysis Tools 45
xxiii
xxiv Contents
Financial Statement Analysis in an Efficient Capital Market 45
Capital Market Efficiency 45
Market Efficiency Implications for Financial Statement Analysis 45
Preview of This Book s Organization 48
Appendix 1A Investment Theory and Financial Statement Analysis 52
Chapter Two
Analysis Objectives and Financial Reporting 57
Objectives of Financial Statement Analysis 59
Creditors 59
Equity Investors 62
Management 66
Auditors 67
Directors 68
Mergers and Acquisition Analysts 68
Regulators 69
Other Important Users 69
Accounting Information: Basis of Analysis 69
Accounting Measurement and Reporting of Business Activity 70
Relevance of Accounting Information 71
Information Environment for Financial Statement Analysis 73
Accounting Principles and Limitations 74
Monetary Expression 74
Simplification and Summarization 74
Judgment and Incentives 74
Interim Disclosures and Estimates 76
Historical Cost Measurement 77
Unstable Monetary Unit 77
Need to Understand Accounting Measurements and Disclosures 77
Implications of Accounting Risk 79
Additional Analysis Techniques 80
Reconstruction of Business Activities and Transactions 80
Indirect Evidence and Evaluation 82
Industry Comparability Analysis of Financial Statements 85
Analytical Use of Accounting Standards and Assumptions 85
Traditional Market Measures 88
Appendix 2A Accounting Principles Underlying Financial Statements 90
Appendix 2B Additional Tools and Sources for Financial
Statement Analysis 102
Contents xxv
[PART TWO
FINANCIAL ANALYSIS APPLICATION
AND INTERPRETATION 109
Chapter Three
Short Term Liquidity 111
Importance of Short Term Liquidity 113
Analyzing Working Capital 114
Current Assets 115
Current Liabilities 117
Working Capital Measure of Liquidity 118
Current Ratio Measure of Liquidity 118
Using the Current Ratio for Analysis 122
Cash Based Ratio Measures of Liquidity 129
Operating Activity Analysis of Liquidity 130
Accounts Receivable Liquidity Measures 130
Inventory Turnover Measures 135
Liquidity of Current Liabilities 140
Additional Short Term Liquidity Measures 142
Current Assets Composition 142
Liquidity Index 143
Acid Test (Quick) Ratio 144
Cash Flow Measures 145
Financial Flexibility 145
Management s Discussion and Analysis 146
What If Analysis 146
Chapter Four
Forecasting and Pro Forma Analysis 151
Cash Flow Patterns 153
Short Term Cash Forecasting 154
Importance of Forecasting Sales 155
Cash Flow Forecasting with Pro Forma Analysis 155
Long Term Cash Forecasting 162
Analysis of Prior Cash Flows for Forecasting 163
Forecasting Sources and Uses of Cash Flows 167
Specialized Cash Flow Ratios 172
xxvi Contents
Cash Flow Adequacy Ratio 172
Cash Reinvestment Ratio 173
Chapter Five
Capital Structure and Solvency 176
Keys to Solvency Analysis 178
Importance of Capital Structure 179
Characteristics of Debt and Equity 181
Motivation for Debt Capital 182
Measuring Effects of Financial Leverage 186
Accounting Implications for Capital Structure Analysis 188
Adjustments to Book Values of Liabilities 189
Adjustments to Book Values of Assets 193
Capital Structure Composition and Solvency 195
Long Term Projections in Analyzing Solvency 196
Common Size Statements in Solvency Analysis 197
Capital Structure Measures for Solvency Analysis 198
Interpretation of Capital Structure Measures 202
Asset Based Measures of Solvency 203
Asset Composition in Solvency Analysis 203
Asset Coverage in Solvency Analysis 204
Importance of Earnings Coverage 205
Relation of Earnings to Fixed Charges 205
Times Interest Earned Analysis 214
Relation of Cash Flow to Fixed Charges 214
Earnings Coverage of Preferred Dividends 218
Interpreting Earnings Coverage Measures 219
Capital Structure Risk and Return 221
Appendix SA Rating Debt Obligations 223
Appendix 5B Predicting Financial Distress 229
Appendix 5C Analytical Adjustments to the Long Term Debt
to Equity Ratio 231
Chapter Six
Return on Invested Capital 234
Importance of Return on Invested Capital 236
Measuring Managerial Effectiveness 237
Measuring Profitability 237
Contents xxvjj
Measure of Forecasted Earnings 237
Measuring for Planning and Control 237
Components of Return on Invested Capital 238
Defining Invested Capital 238
Defining Income 243
Adjustments of Invested Capital and Income 244
Computing Return on Invested Capital 244
Analyzing Return on Assets 247
Disaggregating Return on Assets 248
Relation between Profit Margin and Asset Turnover 249
Asset Turnover Analysis 253
Analyzing Return on Common Equity 256
Disaggregating Return on Common Equity 257
Computing Return on Invested Capital 260
Assessing Growth in Common Equity 263
Financial Leverage and Return on Common Equity 263
Return on Common Shareholders Equity versus Investment 266
Chapter Seven
Profitability Analysis 270
Analyzing Company Profitability 272
Factors in Measuring Company Income 273
Two Phase Analysis of Income 275
Analyzing Company Revenues 276
Major Sources of Revenues 276
Persistence of Revenues 283
Relations between Revenues, Receivables, and Inventories 285
Revenue Recognition and Measurement 286
Analyzing Company Cost of Sales 287
Measuring Gross Profit (Margin) 288
Analyzing Changes in Gross Profit 288
Interpreting Changes in Gross Profit 290
Analyzing Company Expenses 291
Selling Expenses 292
Depreciation Expense 295
Maintenance and Repairs Expenses 295
Amortization of Special Costs 296
General and Administrative Expenses 296
Financing and Other Expenses 296
xxvili Contents
Income Tax Expenses 298
Variation Analysis of Income and Its Components 305
Break Even Analysis 305
Break Even Analysis Case 307
Limitations in Break Even Analysis 312
Uses and Implications of Break Even Analysis 313
Chapter Eight
Earnings Based Analysis and Valuation 322
Earnings Quality 324
Measuring Earnings Quality 325
Balance Sheet Analysis and Earnings Quality 331
External Factors and Earnings Quality 334
Earnings Persistence 334
Recasting and Adjusting Earnings for Analysis 335
Determinants of Earnings Persistence 341
Persistence of Extraordinary Items in Earnings 344
Earnings Based Valuation 350
Relation between Stock Prices and Accounting Data 352
Fundamental Valuation Multiples 353
Earning Power and Forecasting for Valuation 356
Illustration of Earnings Based Valuation 358
Earning Power 358
Earnings Forecasting 360
Interim Reports for Monitoring and Revising Earnings Estimates 364
Comprehensive Case: Applying Financial Statement Analysis CC1
Steps in Analyzing Financial Statements CC3
Building Blocks of Financial Statement Analysis CC5
Reporting on Financial Statement Analysis CC6
Specialization in Financial Statement Analysis CC8
Comprehensive Case: Campbell Soup Company CC8
Preliminary Financial Analysis CC8
Short Term Liquidity CC19
Cash Flow Analysis and Forecasting CC23
Capital Structure and Solvency CC35
Return on Invested Capital CC38
Analysis of Asset Utilization CC42
Contents xxix
Analysis of Operating Performance and Profitability CC43
Summary Evaluation and Inferences CC46
Supplement A Financial Statements Al
Adaptec, Inc. A2
Campbell Soup Company A32
Interest Tables II
Index INI
|
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| spelling | Bernstein, Leopold A. Verfasser aut Analysis of financial statements Leopold A. Bernstein ; John J. Wild 5. ed. New York [u.a.] McGraw-Hill 2000 Getr. Zählung graph. Darst. txt rdacontent n rdamedia nc rdacarrier États financiers Financial statements Bilanzanalyse (DE-588)4069453-7 gnd rswk-swf Bilanzanalyse (DE-588)4069453-7 s DE-604 Wild, John J. Verfasser aut http://www.loc.gov/catdir/description/mh023/98056045.html Publisher description http://www.loc.gov/catdir/toc/mh022/98056045.html Table of contents HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009124623&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bernstein, Leopold A. Wild, John J. Analysis of financial statements États financiers Financial statements Bilanzanalyse (DE-588)4069453-7 gnd |
| subject_GND | (DE-588)4069453-7 |
| title | Analysis of financial statements |
| title_auth | Analysis of financial statements |
| title_exact_search | Analysis of financial statements |
| title_full | Analysis of financial statements Leopold A. Bernstein ; John J. Wild |
| title_fullStr | Analysis of financial statements Leopold A. Bernstein ; John J. Wild |
| title_full_unstemmed | Analysis of financial statements Leopold A. Bernstein ; John J. Wild |
| title_short | Analysis of financial statements |
| title_sort | analysis of financial statements |
| topic | États financiers Financial statements Bilanzanalyse (DE-588)4069453-7 gnd |
| topic_facet | États financiers Financial statements Bilanzanalyse |
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