财政预算 hnd

1、DE3J 35: Preparing Financial Forecast芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃

2、芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀

3、芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅

4、膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂

5、肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀

6、肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇

7、羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅

8、莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂

9、节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀

10、膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇

11、膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄

12、肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂

13、羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿

14、羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄

15、芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁

16、芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿

17、腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆

18、肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄

19、肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁

20、羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿

21、艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆

22、芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄

23、膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁

24、膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈

25、肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃

26、羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁

27、羅蒇蚇袃膀莃蚆羅羃艿蚅蚅膈膄螅螇羁蒃螄袀膇荿螃肂羀莅螂螁芅芁螁袄肈薀螀羆芃蒆蝿肈肆莂衿螈节芈蒅袀肄膄蒄羃芀蒂蒃蚂肃蒈蒃袅莈莄蒂羇膁芀蒁聿羄蕿蒀蝿腿蒅葿袁羂莁薈羄膈芇薇蚃羀膃薇螆膆薁薆羈聿蒇薅肀芄莃薄螀肇艿薃袂节膅薂羄肅蒄蚁蚄芁莀蚁螆肄芆蚀罿艿节虿肁膂薁蚈螁羅蒇蚇 IntroductionThe report is going to show the flexed budget for the Tricol plc and the investment evaluation and produce a report to the management of the company. PART A

28、For JunePer UnitExpected Budget2,000 unitsFlexed Budget1600 unitsActual1600 unitsVarianceF/A£££££Raw Material cost4080,00064,00061,6002,400FDirect Material used4 80,0006,400 5,600800FDirect Labor cost1836,00028,80035,2006,400ADirect Labor used24,000 3,200 3,520 320AVariable

29、Production Overheads24,0003,2003,2000FixedCostInsurance costs2,2002,2002,400200ADepreciation1,5001,5001,5000Rent and Rates2,5002,5002,5000Administration overheads2,0002,0002,200200ATotal Cost of production128,200104,200108,6004,400AFlexible budget for Tricol plcThe calculation of the variances:Mater

30、ials1. Direct material total variance:(Standard units of actual production x standard price)- (actual quantity x actual price)(1,600units×4kg×£10/kg)- £61,600=2,400(F)2. Direct material usage variance:Standard price× (standard units of actual production -actual quantity)(

31、63;10/kg)× (1600units×4kg-5,600kg)=8,000(F)3. Direct material price variance:Actual quantity× (standard price-actual price)5600kgs× (£10/kg-£11/kg)=5,600(A)Labor1. Direct labor total variance:(Standard hours of actual production ×standard rate)- (actual hour×

32、actual rate)(2hours×£9/hours×160£0units)- (3520hours×£10/hours)=6,400(A)2. Direct Labor rate varianceActual hour× (standard rate- actual rate)3,520hours× (£9/hours-£10/hours)=£3,520(A)3. Direct labor efficiency varianceStandard rate× (stand

33、ard hours of actual production-actual hours)(1600units×2hours×£9/kg)- 3,520hours=2,880(A)Overhead1 Overhead absorption rates: Variable+ fixed budgeted overheadsTotal budgeted activity = £3,200+£2,200+£1,500+£2,500+£2,000 1,600units = £7.125/unit2. Total o

34、verhead variance: Total standard overhead for actual production- total actual overheads = (7.125/unit ×1600units)-(£3,200+£2,200+£1,500+£2,500+£2,000) =£400(A)Report for managementIntroduction:The report is to illustrate the use of standards in managing costs, the

35、author focused on a production of Tricol plc. From the fixed budget, all the variances are over 3%, and the total cost of production had an adverse variance, it has increases by 4.2%. So we can suppose that the increase of direct labor cost, insurance and administration cost are all the reasons that

36、 leaded the increase of total cost of production. And there are the details of the analysis of these variances.MATERALSThe material variance:l Direct material total variance(Standard units of production ×standard price)- (actual qualitative× actual price)(1,600units×4kg×£10/

37、kg)-61,600=2,400(F)l Direct material usage varianceStandard price× (standard units of actual production -actual quantity)(£10/kg)× (1600units×4kg-5,600kg)=8,000(F)l Direct material price varianceActual quantity× (standard price-actual price)5600kgs× (£10/kg-£1

38、1/kg)=5,600(A)As calculated above, it can be seen that the cost of raw material is less than that budgeted, thus it is a favorable variance. Here are some of the possible reasons like Sales activity was not on target.Material Usage Variance:The Material Usage Variance is favorable. One possible reas

39、on for it is the company is now using higher-grade materials. Besides the company has recently concluded a higher-than-expected wage settlement for production operatives, so we can see that the company is using higher grade workforce. Otherwise, the company has recently upgraded the production machi

40、nery used for this product, so the material usage variance is favorable. Material Price Variance: The Material Price Variance is unfavorable, because the actual purchase price exceeded the standard price. Notice that the price variance is based on the quantity of material purchased, not the quantity

41、 actually used in production. One reason is that because the higher quality used by the company so the cost on the material is higher than budgeted. Second, because the company has recently switched suppliers so we should find that the company may lose the discounts. Last, maybe the specification of

42、 this material has changed. So the cost of the material increases. Maybe due to the poor performance by the buying department staff, so the company paid more on the materials. On the other hand, maybe due to changes in market condition between setting standard and actual event, so the actual cost on

43、 materials changes.LABOUR:l Direct labor total variance(Standard hours of actual production ×standard rate)- (actual hour× actual rate)(2hours×£9/hours×160£0units)- (3520hours×£10/hours)=6,400(A)l Direct Labor rate varianceActual hour× (standard rate- act

44、ual rate)3,520hours× (£9/hours-£10/hours)=£3,520(A)l Direct labor efficiency variance(Standard rate)× (standard hours of actual production-actual hours)(1600units×2hours×£9/kg)- 3,520hours=2,880(A)Labor Efficiency Variance: The Company used 320 more labor hour

45、s than those planned for the actual level of production. This variance is unfavorable because the actual rate exceeded the standard rate during June. Possible reasons are:Lower labor efficiency because the labor is not familiar with the upgraded production machinery; Using lower graded labors cause

46、lack of experience in their work; The company has recently concluded a higher- than expected wage settlement but maybe it did not boost the efficiency of the workforces in fact, etc.Labor Rate Variance: The labor rate variance is unfavorable too, because the actual direct-labor hours used in June we

47、re more than the standard hours allowed. One reason is that the company uses a higher grade of workers than that was planned. So the actual labor rate per hour is increasing. Other reason may be that it is shortage of skilled labor in this company and there are unplanned overtime which should not ha

48、ve taken place. Maybe there are some changes in labor market condition. Because of these reasons the Labor Rate Variance is adverse finally. Overhead Variance: From the Flexed Budget for June we can find that there are adverse variances in insurance costs and administration overhead. The insurance c

49、ost has increased from (£2,200 to £2,400), which may be caused by the new machinery, because the protection of the new machine requires higher insurance premium. The administration overhead has increased from (£2,000 to £22,000), possible reasons are:The company brought more offi

50、ce stationery; Depreciation of equipments in office; Office rent and rates have increased; More office salaries, etc.Significance:MaterialTotal=2,400/64,000×100%=3.75%Usage=8,000/64,000×100%=12.5%Price=5,600/64,000×100%=8.75%LaborTotal=6,400/28,800×100%=22.2%Labor rate =3,520/28,

51、800×100%=12.2%Efficiency =2,880/28,800×100%=10%Overhead400/11,400×100%=3.5%All the rates of significance for Variance analysis of this company of this year are over3%, so the company must take action to investigate them for finding the main problems causing it.Recommendationl Company

52、should take action to investigate the Variance with a rate of more than 3% to find the main problems causing theml Investigate paying higher than expected wage while the labor efficiency variance is negativel Source an alternative supplier offering the current grade at a lower pricel Identify if it

53、would be possible to use a lower grade of material at a cheaper price, without compromising the quality of our product too severelyl Establish if it would be beneficial to negotiate a bulk order with the prospect of obtaining the material at a cheaper unit costl Employ staff with high quality to imp

54、rove the labor efficiency, therefore it can decrease the labor hour.l Train the workforce on their working skills to improve the labor efficiency, reduce the labor hour and result in increased scrap.l Using some positive ways to increase the morale of our staffConclusionThe overall actual variance i

55、s adverse. One reason is that the company has recently upgraded the production machinery used for this product. Besides, the company has recently switched suppliers and is now using higher-grade materials. Otherwise, the company has recently concluded a higher-than-expected wage settlement for produ

56、ction operatives. PARTBThe company has been advised that the market rate of return on investment project is correctly 10%. It is also keen to recoup the cost of the investment within five years. So the next two investment appraisal might be useful. PaybackThe total investment 100,000+600,000+900,000

57、=1,000,000Yearly Net Cash Flow£Cumulative Cash Flow £Profit in year 0(1,000,000)(1,000,000)Profit in year 1160,000(840,000)Profit in year 2 160,000 (680,000)Profit in year 3 320,000 (360,000)Profit in year 4 320,000 (40,000)Profit in year 5 40，000 NILProfit in year 5 280,000 280,000Net Cas

58、h Benefit 280,000Payback: 5 years40,000 / 320,000* years 5 = 4years and 1.5monthsIn year 5 the cash flow for the full year are 360,000 but only £40,000 is required to recoup the initial investment. Therefore, 1.5 months is enough to gap the required plus in the fifth year. Thus, it totally cost

59、s 4 years and 1.5 months to cover the whole capital invested.Net Present ValueCalculation of Net Present Value at 10%.Annual cash flow £Present value factors at 10%Present£Value£Year 0(1,000,000)1.000(1,000,000)1160,0000.909145,4402160,0000.826132,1603320,0000.751240,3204320,0000.683218,5605320,0000.621198,720935,200Net Present