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毕业设计(论文)外文资料翻译系别管理信息系专业财务管理班级姓名学号外文出处/f/22323844.html?from=like附件 1.原文；2.译文2012年3月1.原文Financial statement analysis - the use of financial accountinginformation.Many years. Reasonable minimum current ratio was confirmed as 2.00. Until the mid-1960s, the typical enterprise will flow ratio control at 2.00 or higher. Since then, many companies the current ratio below 2.00 now, many companies can not control the current ratio over 2.00. This shows that the liquidity of many companies on the decline.In the analysis of an enterprise's liquidity ratio, it is necessary to average current ratio with the industry to compare. In some industries, the current ratio below 2.0 is considered normal, but some industry current ratio must be big 2.00. In general, the shorter the operating cycle, the lower the current ratio: the longer the operating cycle, the higher the current ratio.The current ratio compared to the same enterprise in different periods, and compared with the industry average, will help to dry to determine the high or low current ratio. This comparison does not explain why or why low. We can find out the reasons from the by-point analysis of the current assets and current liabilities. The main reason for the exception of the current ratio should be to find out the results of a detailed analysis of accounts receivable and inventory.Flow ratio better than working capital performance of enterprise short-term solvency. Working capital reflect only current assets and current liabilities, the absolute number of differences. The current ratio is also considered the relationship between the current asset size and the size of the current liabilities, make the indicators more comparable. For example, the current ratio between General Motors and Chrysler Motors Corporation. The comparison between the two companies working capital is meaningless, because the two companies of different sizes.Inventory using LIFO France will flow ratio cause problems, this is because the stock is undervalued. The result will be to underestimate the current ratio. Therefore, when compared to using the LIFO method businesses and other costs of the enterprise should pay particular attention to this.Compare the current ratio, analysts should calculate the accounts receivable turnover rate and commodity inventory turnover. This calculation enables the analysis of proposed liquidity problems exist in shouldReceived the views of the accounts and (or) Inventories. Views or opinions on the current ratio of accounts receivable and the deposit will affect the analyst. If the receivables I receivable and liquidity problems, require current ratio higher.Third, the acid test ratio (quick ratio)The current ratio is the evaluation of the liquidity conditions in the current assets and current liabilities. Often, people expect to get more immediate than the current ratio reflect the situation. The acid test ratio (liquid rate) on the relationship of current assets to current liabilities.To calculate the acid test (quick) ratio. From the current assets excluding inventory part. This is because of the slow flow of inventory, the inventory may be obsolete inventory may also be used as a specific creditor's security. For example, the winery's products to Tibet for a long period of time before sold. If you calculate the acid test (liquid) to including wine obstruct inventory will overestimate the enterprise mobility. Inventory valuation, because the cost data may be related to the current price level difference ...Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics and unusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.......Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics andunusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.2.译文财务报表分析——利用财务会计信息。
1、abandonment value 废弃价值指一项报废资产(abandoned asset)所具有的价值。
如果预定使用年限已到，则报废资产的剩余账面价值，通常等于其现金残值(cash salvage)。
企业在制定资产废弃决策(abandonment decision)或设备更新决策时，通常应是旧设备的废弃价值大于该项设备剩余使用年限未来现金流量的现值。
2、ability to service debt 偿债能力偿债能力是指企业偿还到期债务（包括本息）的能力。
能否及时偿还到期债务，是反映企业财务状况好坏的重要标志。
通过对偿债能力的分析，可以考察企业持续经营的能力和风险，有助于对企业未来收益进行预测。
企业偿债能力包括短期偿债能力和长期偿债能力两个方面。
偿债能力1）短期偿债能力分析短期偿债能力是指企业以流动资产对流动负债及时足额偿还的保证程度，即企业以流动资产偿还流动负债的能力，反映企业偿付日常到期债务的能力，是衡量企业当前财务能力，特别是流动资产变现能力的重要指标。
企业短期偿债能力的衡量指标主要有流动比率、速动比率和现金流动负债。
2）长期偿债能力分析长期偿债能力是指企业有无足够的能力偿还长期负债的本金和利息。
3、abnormal cost 异常成本abnormal的含义为not normal或not usual。
指不正常的，或不能预料而发生的成本。
4、absolute endorsement 绝对背书或称无条件背书(unqualified endorsement)。
指将票据不附加任何条件转让给他人。
当票据遭到拒付时，背书人应承担付款的责任。
5、absorption costing 摊配成本计算法或称全额成本计算法(full costing)。
即传统或常规会计实务所使用的成本计算方法。
在此方法下，在产品成本中不仅包括直接费用，而且还包括固定和变动间接费用。
这种成本计算方法是编制外部会计报表和确定应税收益所必须使用的，目前在大多数国家被广泛应用。
资产评估报告英文版资产评估报告英文版Asset Evaluation ReportIntroductionThis Asset Evaluation Report provides a comprehensive analysis and assessment of the assets owned by XYZ Corporation. The purpose of this report is to evaluate the current value and potential growth of the company's assets, including tangible and intangible assets, and provide insights for strategic decision-making. The information presented in this report is based on reliable data and thorough research conducted by our team of asset evaluators.1. Overview of Assets1.1 Tangible AssetsTangible assets are physical assets that have a definite monetary value. XYZ Corporation owns avariety of tangible assets, including real estate properties, manufacturing equipment, vehicles, and inventory. These assets are valued based on their market prices, depreciation, and condition. The total value of XYZ's tangible assets is estimated to be $X million.1.2 Intangible AssetsIntangible assets are non-physical assets that derive their value from intellectual or legal rights.XYZ Corporation possesses several valuable intangible assets, including patents, trademarks, copyrights, and proprietary software. These assets greatly contribute to XYZ's competitive advantage and are estimated to be valued at $X million.2. Evaluation MethodologyThe evaluation of XYZ Corporation's assets was conducted using a combination of approaches, including the cost approach, market approach, and income approach.2.1 Cost ApproachThe cost approach estimates the value of an asset based on the cost required to replace or reproduce it. For tangible assets, the evaluators considered the acquisition cost, depreciation, and market value. Intangible assets were valued based on the cost of creating similar assets from scratch. This approach ensures that the assets' value is aligned with the current market conditions and replacement costs.2.2 Market ApproachThe market approach determines the value of an asset by comparing it to similar assets in the market. Evaluators analyzed recent transactions and market trends to assess how XYZ's assets compare to others in terms of value, condition, and demand. This approach provides an objective and realistic view of theassets' worth.2.3 Income ApproachThe income approach evaluates an asset's value based on the present value of its future income generation potential. For tangible assets, evaluators considered the expected cash inflows generated through rent, sales, or leasing. Intangible assets were assessed based on royalty rates, licensing fees, and potential future revenues. This approach offers insights into the long-term value and profitability of XYZ's assets.3. Asset Evaluation Findings3.1 Tangible Asset FindingsBased on the evaluation, XYZ Corporation'stangible assets demonstrate favorable value and growth potential. The real estate properties, specifically the office buildings and manufacturing facilities, have appreciated in value due to their strategic locations and market demand. The manufacturing equipment is up-to-date and well-maintained, contributing to production efficiency. However, it is recommended to conduct regular maintenance to ensure optimum performance. The vehicles and inventory are estimated to be in good condition, sustaining their market value.3.2 Intangible Asset FindingsThe evaluation of XYZ Corporation's intangible assets reveals significant value and potential forfuture growth. The patents and trademarks providelegal protection and exclusivity for XYZ's products and services, enabling the company to maintain its innovative edge. The copyrights and proprietary software ensure the protection of XYZ's intellectual property rights. It is advised to continually update and expand the patent portfolio to strengthen market position and protect against potential infringements.4. Conclusion and RecommendationsBased on the comprehensive evaluation of XYZ Corporation's assets, it is evident that the company possesses a solid asset base contributing to its overall value and competitiveness. To maximize asset value and capitalize on growth opportunities, the following recommendations are provided:4.1 Conduct regular maintenance and upgrade of tangible assets to ensure optimal performance and maintain their market value.4.2 Continually update and expand the patent portfolio, trademarks, and copyrights to safeguard intellectual property rights and sustain a competitive advantage.4.3 Leverage intangible assets strategically by exploring licensing and partnership opportunities to generate additional revenue streams.4.4 Monitor market trends and economic indicators to identify potential asset value appreciation ordepreciation, ensuring timely decision-making.By leveraging the insights obtained from this Asset Evaluation Report, XYZ Corporation can make informed strategic decisions to optimize asset utilization, mitigate risks, and enhance its overall value proposition通过资产评估报告获得的洞见，XYZ公司可以做出明智的战略决策，以优化资产利用，降低风险，并增强其整体价值主张。
BUSINESS VALUATION REPORT TEST COMPANY LTDAS AT 17 FEBRUARY 2011ContentsAssumptionsBusiness DetailsOrganisation OwnershipValuation SummaryMinority Interest ReportValuation MethodsAssumptions1.The Valuation has been produced using the available financial information as follows:10 months ended 31 January 2008 (Actual)12 months ended 31 January 2009 (Actual)14 months ended 31 January 2010 (Actual)2.Weighting factors used for each of the above yearsPeriod ending 31 January 2008 has a weighting factor of 1 which is 1/6 of the total valuation.Period ending 31 January 2009 has a weighting factor of 2 which is 2/6 of the total valuation.Period ending 31 January 2010 has a weighting factor of 3 which is 3/6 of the total valuation.Note:The weighting factor seeks to produce a weighted average of the sustainable profits made by a business.This helps you to weight the relative performance of individual results in terms of their importance as at the valuation date.3.All values in this report are expressed in British Pounds (£).Business DetailsCurrent Year End: 31 JanuaryBusiness Status: TradingBusiness Type: Limited CompanyIndustry Type: Printing & StationersOrganisation OwnershipCapital Structure and OwnershipThe shares of the company are held as follows:NameSharesShare Percentage James Smith4545% Jean Barton10%10John Barton45%45DirectorshipsThe current directors are as follows:James SmithJean BartonJohn BartonValuation SummarySummary of valuationsMinimumValuation MethodMaximumGuide Price277,511Discounted Cash Flow416,267346,889 Profit Multiples237,846396,410792,820723,477Net Assets1,085,215904,346 Industry Specific: EBIT334,905558,1751,116,350Minority Interest Discount TableThis table shows the discounts applied to the value of shares, depending on the amount of shares owned.90%5% and under85%10% and under 70%over 10%40%over 25%25%over 45%DiscountSize of Holding Minority Interests Using the suggested company valuationCompany value being used: £346,889Table showing value of shares, with discount values due to minority interest.Value after DiscountDiscountValue before DiscountPercent OwnershipName 93,66040%156,10045%James Smith 5,20385%34,68910%Jean Barton 93,66040%156,10045%John BartonMinority Interests Using the maximum company valuationCompany value being used: £1,116,350Table showing value of shares, with discount values due to minority interest.Value after DiscountDiscountValue before DiscountPercent OwnershipName 301,41440%502,35845%James Smith 16,74585%111,63510%Jean Barton 301,41440%502,35845%John BartonMinority Interests Using the minimum company valuationCompany value being used: £237,846Table showing value of shares, with discount values due to minority interest.Value after DiscountDiscountValue before DiscountPercent OwnershipName 64,21840%107,03145%James Smith 3,56885%23,78510%Jean Barton 64,21840%107,03145%John BartonThis method of valuing a business takes the individual assets and liabilities and adjusts them for their current market value.For example,the goodwill of a company or business is often ignored and this method of valuation would seek to place a value on goodwill.It is worth noting the fact that businesses are worth so much more than just the sum of the parts.Normally,this method of valuation does not take into account the future profits of the business.This method of valuation simply uses the net assets and liabilities on the company'sMethods of ValuationMost commercial valuations are based on the level of sustainable business profitability and an earnings multiple or rate of return.Although the starting point is often historical profits,these need to be adjusted for any exceptional items.For example,excessive director's remuneration and pension costs,income and expenses relating to discontinued or new operations and the profit or loss on the sale of fixed assets.You also need to be careful to add back non-recurring costs such as bad debts,exceptional stock write downs,legal and professional costs.Adjustments should also be made to reflect the impact of any proposed changes in the future.Also,you need to look for areas in the expenses that need to be restated.For example,excessive or inappropriate depreciation charges,lower costs by utilising better purchasing power or economies of scale and increased borrowing costs,redundancy payments,etc.The level of sustainable business profitability is calculated after allowing for these adjustments and after deducting tax.We arrive at a commercial valuation by multiplying the sustainable business profitability by an earnings multiple.The usual approach is to apply an appropriate price earnings ratio.This reflects the rate of return that a buyer would require on his or her investment.Private companies normally have a PE ratio of between 4and 10(although there are exceptions).This means that at the lower end sustainable business profits are multiplied by 4and at the maximum end sustainable business profits are multiplied by 10.Publicly quoted companies normally have a PE ratio of between 9and 25(although there are exceptions).This means that at the lower end sustainable business profits are multiplied by 9and at the maximum end sustainable business profits are multiplied by 25.The reason why these are higher factors is because the shares are more marketable (ie easy to buy and sell)and therefore more attractive to investors.Typically,the value of an unquoted business is half that of the comparable quoted business in the same industry.Businesses with more stable sustainable profits generally have higher PE ratios.Also,businesses that are forecasting higher future profitability may mean that a higher PE ratio is more appropriate.Earnings BasisNet Assets BasisThis method of valuation simply uses the net assets and liabilities on the company'sbalance sheet and adjusts each asset/liability to reflect the current market values of the assets in the balance sheet.This method can also be adapted to include a valuation of thegoodwill.Goodwill is normally calculated as multiple of sustainable profits after tax.The mostcommon multiple factor is3years(although there are exceptions).This method of valuation is normally suitable for investment businesses and asset richbusinesses.For example,a property letting business.You need to adjust the book values as stated in the accounts to reflect current market value.Therefore,if the value of properties have gone up then include the current valuation, if there is stock obsolescence then reduce stock to its recoverable amount,if there is a huge bad debt lurking in trade debtors then reduce debtors to their recoverable amount. Intangible assets,such as existing goodwill or development costs,should not normally be included.This method may also be suitable for valuing businesses that are no longer going concerns.I.e.businesses that have ceased trading.DCF BasisThis basis uses the discounted cash flows basis of valuing a business.It looks at the cashflows that are generated by a business as opposed to the profit it makes.Projections are prepared for say5to15years into the future in order to work out what the potential cash inflows are after tax for the next5to15years.A discount interest rate factor which reflects risk,inflation and interest rates is then applied to the projected cash inflows and these are then aggregated with the residual continuing value or terminal value of the company to give an overall valuation of the business.This method of valuation is a very technical way of valuing a business and wholly dependsupon a variety of assumptions that are expected to apply for a long period of time.This method of valuation is more appropriate for cash-generating businesses that are strong and stable and which more often than not are mature.Industry Specific BasisIn some industries buying and selling businesses is very common and over time a number of industry specific yardsticks or rules of the thumb have been developed.Some industries have well established valuation methods,often based on a multiple of turnover.These include,for example,hotels,advertising agencies and professional services firms.For example,the gross margin%for a telecommunications business,the EBITDA for a care home,the GRF for a professional service business.Other ConsiderationsOne of the biggest factors that affect the value of a business is how the business works without the owners day to day involvement.It is much more valuable to a potential buyer if the owners of the business are not involved on a day to day basis in the operational aspects of a business because the business basically runs itself.Other factors which may affect the commercial value of the business may include,for example,the general economic climate,the state of the particular industry in which the company trades and the business position within it,the level of systemisation of the business,the key relationships with customers and suppliers.Obviously,these factors involve a certain amount of judgement.However,it is also worth noting that the more risks from a purchaser’s perspective then the lower the perceived value of the business.These are all matters that need to be accounted for in the valuation process.WarningsIf it is important that the valuation is agreed for tax purposes,then it will be necessary to submit the valuation report to the share valuation division of HMRC in order to obtain their approval on the valuation for tax purposes.。
