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Study on the Go The study program is optimized for tablet. Features The LOS Tracker The LOS Tracker is a very simple yet super effective tool, which tells you exactly where every single learning outcome statement is covered in the underlying curriculum. Cash flow from investing activities CPI consists of the inflows and outflows of cash resulting from the acquisition or disposal of long-term assets and certain investments.

Cash flow from financing activities CFF consists of the inflows and outflows of cash resulting from transactions affecting a firm's capital structure, such as issuing or repaying debt and issuing or repurchasing stock. GAAP, dividends paid are financing cash flows. Interest paid, interest received, and dividends received are operating cash flows.

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All taxes paid are operating cash flows. Under IFRS, dividend paid and interest paid can be reported as either operating or financing cash flows. Interest received and dividends received can be reported as either operating or investing cash flows. Taxes paid arc operating cash flows unless they arise from an investing or financing transaction. Under the direct method of presenting CFO, each line item of the accrual-based income statement is adjusted to get cash receipts or cash payments. The main advantage of the direct method is that it presents clearly the firm's operating cash receipts and payments.

Under the indirect method of presenting CFO, net income is adjusted for transactions that affect net income but do not affect operating cash flow, such as depreciation and gains or losses on asset sales and for changes in balance sheet items. The main advantage of the indirect method is that it focuses on the differences between net income and operating cash flow.

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This provides a useful link to the income statement when forecasting future operating cash flow. An analyst should determine whether a company is generating positive operating cash flow over time that is greater than its capital spending needs and whether the company's accounting policies are causing reported earnings to diverge from operating cash flow. A common-size cash flow statement shows each item as a percentage of revenue or shows each cash inflow as a percentage of total inflows and each outflow as a percentage of total outflows.

Various tools and techniques are used to convert financial statement data into formats that facilitate analysis. These include ratio analysis, common-size analysis, graphical analysis, and regression analysis. Ratios can be used to project earnings and future cash flow, evaluate a firm's flexibility, assess management's performance, evaluate changes in the firm and industry over time, and compare the firm with industry competitors. Vertical common-size data are stated as a percentage of sales for income statements or as a percentage of total assets for balance sheets. Horizontal common-size data present each item as a percentage of its value in a base year.

Activity ratios indicate how well a firm uses its assets. They include receivables turnover, days of sales outstanding, inventory turnover, days of inventory on hand, payables turnover, payables payment period, and turnover ratios For total assets, fixed assets, arid working capital.

Liquidity ratios indicate a firm's ability to meet its short-term obligations.

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They include the current, quick, and cash ratios, the defensive interval, and the cash conversion cycle. Solvency ratios indicate a firm's ability to meet its long-term obligations. They include the debt-to-equity, debt-to-capital, debt- to-assets, financial leverage, interest coverage, and Axed charge coverage ratios. Profitability ratios indicate how well a firm generates operating income and net income.

They include net, gross, and operating profit margins pre-tax margin, return on assets, operating return on assets, return on total capital, return on total equity, and return on common equity. Valuation ratios are used to compare the relative values of stocks.

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They include earnings per share and price-to-earnings, price-to-sales, price-to-book value, and price-to-cash-flow ratios. All of the costs for inventory acquired or produced in the current period are added to beginning inventory value and then allocated either to cost of goods sold For the period or to ending inventory. Period costs, such as abnormal waste, most storage costs, administrative costs and selling costs, are expensed as incurred.

FIFO: The cost of the first item purchased is the cost of the first item sold. Ending inventory is based on the cost of the most recent purchases, thereby approximating current cost. LIFO: The cost of the last item purchased is the cost of the first item sold. Ending inventory is based on the cost of the earliest items purchased. Under LIFO, cost of sales reflects the most recent purchase or production costs, and balance sheet inventory values reflect older out-dated costs.

Under FIFO, cost of sales reflects the oldest purchase or production costs for inventory, and balance sheet inventory values reflect the most recent costs.


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Inventory turnover, days of inventory on hand, and gross profit margin can be used to evaluate the quality of a firm's inventory management. High inventory turnover together with low sales growth relative to the industry may indicate inadequate inventory levels and lost sales because customer orders could not be fulfilled.

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High inventory turnover together with high sales growth relative to the industry average suggests that high inventory turnover reflects greater efficiency rather than inadequate inventory. When a firm makes an expenditure, it can either capitalize the cost as an asset on the balance sheet or expense the cost in the income statement for the current period.

Capitalizing results in higher assets, higher equity, and higher operating cash flow compared to expensing. Capitalizing also results in higher earnings in the first year and lower earnings in subsequent years as the asset is depreciated. Interest incurred during construction of an asset is generally capitalized. The capitalized interest is added to the asset's value and depreciated over the life of the asset.

Because the capitalized interest results in a higher interest coverage ratio lower denominator , some analysts reverse the transaction and add the capitalized interest to interest expense for the period. Accelerated declining balance : Greater depreciation expense in the early years and less depreciation expense in the later years of an asset's life. In the early years of an asset's life, accelerated depreciation results in higher depreciation expense, lower net income, and lower ROA and ROE compared to straight-line depreciation.

Cash flow is the same assuming tax depreciation is unaffected by the choice of method For financial reporting. Firms can reduce depreciation expense and increase net income by using longer useful lives and higher salvage values. GAAP does not permit revaluation. The impact of revaluation on the income statement depends on whether the initial revaluation resulted in a gain or loss. Revaluation gains beyond the initial loss bypass the income statement and are recognized in shareholders' equity as a revaluation surplus.

If the initial revaluation resulted in a gain increase in carrying value , the initial gain would bypass the income statement and be reported as a revaluation surplus. Later revaluation losses would first reduce the revaluation surplus. GAAP are often different than income tax laws and regulations. As a result, the amount of income tax expense recognized in the income statements may differ from the actual taxes owed to the taxing authorities.

Temporary differences between earnings before taxes financial statements and taxable income tax return result in the creation of deferred tax assets or deferred tax liabilities. Such differences can result From differences in depreciation methods or inventory costing methods IFRS , impairment charges, restructuring costs, or post-employment benefits.

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