For战略分析报告－摩根斯坦利

PresentationtotheAutomotiveNewsWorldCongressStephenJ.Girsky

January2004DisclosuresAnalystCertificationAnalystCertificationThefollowinganalystsherebycertifythattheirviewsaboutthecompaniesandtheirsecuritiesdiscussedinthisreportareaccuratelyexpressedandthattheyhavenotreceivedandwillnotreceivedirectorindirectcompensationinexchangeforexpressingspecificrecommendationsorviewsinthisreport:StephenJ.Girsky.ImportantUSRegulartoryDisclosuresonSubjectCompaniesTheinformationandopinionsinthisreportwerepreparedbyMorganStanley&Co.Incorporated(“MorganStanley”).AsofNovember28,2003,MorganStanleybeneficiallyowned1%ormoreofaclassofcommonequitysecuritiesofthefollowingcompaniescoveredinthisreport:Delphi,GeneralMotors,GoodyearTire&Rubber,JohnsonControls,MagnaIntlInc.,TBCandTowerAutomotive.Withinthelast12months,MorganStanleymanagedorco-managedapublicofferingofsecuritiesofDaimlerChryslerAG,Delphi,Ford,GeneralMotors,StandardMotorProductsandTenneco.Withinthelast12months,MorganStanley,MorganStanleyoranaffiliatehasreceivedcompensationforinvestmentbankingservicesfromAftermarketTechnology,AmericanAxleandMfg.,BorgWarnerInc.,DaimlerChryslerAG,Delphi,Ford,GeneralMotors,StandardMotorProducts,SuperiorIndustries,Tenneco,TowerAutomotiveandVisteonCorporation.Inthenext3months,MorganStanleyexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesfromAftermarketTechnology,AmericanAxleandMfg.,ArvinMeritor,AutoNation,BorgWarnerInc.,DaimlerChryslerAG,DanaCorp.,Delphi,Ford,GeneralMotors,GenuinePartsCo.,GoodyearTire&Rubber,JohnsonControls,LearCorp.,LithiaMotors,MagnaIntlInc.,StandardMotorProducts,SuperiorIndustries,Tenneco,TowerAutomotive,UnitedAutoGroupandVisteonCorporation.Theresearchanalysts,strategist,orresearchassociatesprincipallyresponsibleforthepreparationoftheresearchreporthavereceivedcompensationbaseduponvariousfactors,includingqualityofresearch,investorclientfeedback,stockpicking,competitivefactors,firmrevenuesandinvestmentbankingrevenues.MorganStanley&Co.IncorporatedmakesamarketinthesecuritiesofAftermarketTechnology,Delphi,DuraAutomotive,Ford,GeneralMotors,MagnaIntl.,TBCandTowerAutomotive.GlobalStockRatingsDistribution(asofDecember31,2003)(Continued)DisclosuresDataincludecommonstockandADRscurrentlyassignedratings.Fordisclosurepurposes(inaccordancewithNASDandNYSErequirements),wenotethatOverweight,ourmostpositivestockrating,mostcloselycorrespondstoabuyrecommendation;Equal-weightandUnderweightmostcloselycorrespondtoneutralandsellrecommendations,respectively.However,Overweight,Equal-weight,andUnderweightarenottheequivalentofbuy,neutral,andsellbutrepresentrecommendedrelativeweightings(seedefinitionsbelow).Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.InvestmentBankingClientsarecompaniesfromwhomMorganStanleyoranaffiliatereceivedinvestmentbankingcompensationinthelast12months.AnalystStockRatingsOverweight(OorOver)-Thestock'stotalreturnisexpectedtoexceedtheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasisoverthenext12-18months.

Equal-weight(EorEqual)-Thestock'stotalreturnisexpectedtobeinlinewiththeaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasisoverthenext12-18months.

Underweight(UorUnder)-Thestock'stotalreturnisexpectedtobebelowtheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Morevolatile(V)-Weestimatethatthisstockhasmorethana25%chanceofapricemove(upordown)ofmorethan25%inamonth,basedonaquantitativeassessmentofhistoricaldata,orintheanalyst'sview,itislikelytobecomemateriallymorevolatileoverthenext1-12monthscomparedwiththepastthreeyears.

Stockswithlessthanoneyearoftradinghistoryareautomaticallyratedasmorevolatile(unlessotherwisenoted).Wenotethatsecuritiesthatwedonotcurrentlyconsider"morevolatile"canstillperforminthatmanner.

Unlessotherwisespecified,thetimeframeforpricetargetsincludedinthisreportis12to18months.RatingspriortoMarch18,2002:SB=StrongBuy;OP=Outperform;N=Neutral;UP=Underperform.Fordefinitions,pleasegoto/companycharts.AnalystIndustryViewsAttractive(A).Theanalystexpectstheperformanceofhisorherindustrycoverageuniversetobeattractivevs.therelevantbroadmarketbenchmarkoverthenext12-18months.In-Line(I).Theanalystexpectstheperformanceofhisorherindustrycoverageuniversetobeinlinewiththerelevantbroadmarketbenchmarkoverthenext12-18months.Cautious(C).Theanalystviewstheperformanceofhisorherindustrycoverageuniversewithcautionvs.thereleventbroadmarketbenchmarkoverthenext12-18months.OtherImportantDisclosuresForadiscussion,ifapplicable,ofthevaluationmethodsusedtodeterminethepricetargetsincludedinthissummaryandtherisksrelatedtoachievingthesetargets,pleaserefertothelatestrelevantpublishedresearchonthesestocks.ResearchisavailablethroughtyoursalesrepresentativeoronClientLinkatandotherelectronicsystems.Thisreportdoesnotprovideindividuallytailoredinvestmentadvice.Ithasbeenpreparedwithoutregardtotheindividualfinancialcircumstancesandobjectivesofpersonwhoreceiveit.Thesecuritiesdiscussedinthisreportmaybesuitableforallinvestors.MorganStanleyrecommendsthatinvestorsindependentlyevaluateparticularinvestmentsandstrategies,andencouragesinvestorstoseektheadviceofafinancialadviser.Theappropriatenessofaparticularinvestmentorstrategywilldependonaninvestor’sindividualcircumstancesandobjectives.Thisreportisnotanoffertobuyorsellanysecurityortoparticipateinanytradingstrategy.MorganStanley,MorganStanleyDWInc.,affiliatecompaniesand.ortheiremployeesmayhaveinvestmentsinsecuritiesorderivativesofsecuritiesofcompaniesmentionedinthisreport,andmaytradetheminwaysdifferentfromthisdiscussedinthisreport.DerivativesmaybeissuedbyMorganStanleyorassociatedpersons.(Continued)DisclosuresMorganStanleyisinvolvedinmanybusinessesthatmayrelatetocompaniesmentionedinthisreport.Thesebusinessesincludespecializedtrading,riskarbitrageandotherproprietarytrading,fundmanagement,investmentservicesandinvestmentbanking.MorganStanleymakeseveryefforttousereliable,comprehensiveinformation,butwemakenorepresentationthatitisaccurateorcomplete.Wehavenoobligationtotellyouwhenopinionsorinformationinthisreportchangeapartfromwhenweintendtodiscontinueresearchcoverageofsubjectcompany.ReportspreparedbyMorganStanleyresearchpersonnelarebasedonpublicinformation.Factsandviewspresentedinthisreporthavenotbeenreviewedby,andmaynotreflectinformationknownto,professionalsinotherMorganStanleybusinessareas,includinginvestmentbankingpersonnel.Thevalueofandincomefromyourinvestmentsmayvarybecauseofchangesininterestratesorforeignexchangerates,securitiespricesormarketindexes,operationalorfinancialconditionsofcompaniesorotherfactors.Theremaybetimelimitationsontheexerciseofoptionsorotherrightsinyoursecuritiestransactions.Pastperformanceisnotnecessarilyaguidetofutureperformance.Estimatesoffutureperformancearebasedonassumptionsthatmaynotberealized.ThispublicationisdisseminatedinJapanbyMorganStanleyJapanLimitedand/orMorganStanleyNipponSecuritiesLimited;inSingaporebyorganStanleyDeanWitterAsia(Singapore)Pte.,regulatedbytheMonetaryAuthorityofSingapore;inAustraliabyMorganStanleyDeanWitterAustraliaLimitedA.B.N.67003734576,alicenseddealer,whichacceptsresponsibilityforitscontents;incertainprovincesofCanadabyMorganStanleyCanadaLimited,whichhasapprovedof,andhasagreedtotakeresponsibilityfor,thecontentsofthispublicationinCanada;inSpainbyMorganStanley,S.V.,S.A.,aMorganStanleygroupcompany,whichissupervisedbytheSpanishSecuritiesMarketsCommission(CNMV)andstatesthatthisdocumenthasbeenwrittenanddistributedinaccordancewiththerulesofconductapplicabletofinancialresearchasestablishedunderSpanishregulations;intheUnitedStatesbyMorganStanley&Co.IncorporatedandMorganStanleyDWInc.,whichacceptresponsibilityforitscontents;andintheUnitedKingdom,thispublicationisapprovedbyMorganStanley&Co.InternationalLimited,solelyforthepurposesofsection21oftheFinancialServicesandMarketsAct2000.PrivateU.K.investorsshouldobtaintheadviceoftheirMorganStanley&Co.InternationalLimitedrepresentativeabouttheinvestmentconcerned.Thetrademarksandservicemarkscontainedhereinarethepropertyoftheirrespectiveowners.Third-partydataprovidersmakenowarrantiesorrepresentationsofanykindrelatingtotheaccuracy,completeness,ortimelinessofthedatatheyprovideandshallnothaveliabilityforanydamagesofanykindrelatingtosuchdata.TheGlobalIndustryClassificationStandard("GICS")wasdevelopedbyandistheexclusivepropertyofMSCIandS&P.Thisreportoranyportionhereofmaynotbereprinted,soldorredistributedwithoutthewrittenconsentofMorganStanley.Additionalinformationonrecommendedsecuritiesisavailableonrequest.OverviewAutoOutlook:Sameproblems;LessofthemGlobalDilemma:Mostparticipantsspendingforgrowthyettheindustrydoesnotgrow.Demandgrowthislikelytobemodestdespiteeconomicrecovery.Competitivepressuresarelikelytoremaindifficult.Weakerdollarcouldlevelprovidesomeoffset.Higherratescreateriskofweakerdemand,weakermixandlowerfinancecompanyearnings.BigThreeopportunity:Actualqualityisbetterthanperceivedquality.GlobalLightVehicleSales:SlowGrowthCAGR1.2%Source:LMC~J.D.Power&MorganStanleyResearchGlobalSalesForecasts:2003-2004Source:GlobalInsight&MorganStanleyResearch*NoteforecastsarederivedfromGlobalInsightU.S.Sales16.7mmUnitsFY03E16.8mmUnitsFY04ESource:Autodata&MorganStanleyResearchJapaneseSAAR5.6mmUnitsFY03E5.7mmUnitsFY04ESource:MorganStanleyResearchWesternEuropeanSAAR14.1mmFY03E14.2mmFY04ESource:MorganStanleyResearchGlobalExcessCapacityat25%-30%

or20mmunitsSource:Autofacts&MorganStanleyResearchCapEx/D&AFY2003E:

OEMsSpendingforGrowth

Source:Companydata&MorganStanleyResearch*AdjustedtofitscaleZeroSumGameGlobalDilemma:Mostparticipantsarespendingforgrowth,yettheindustrydoesnotgrow.Slowgrowth&excesscapacitysuggestdeflation/revenuepressuresarelikelytocontinue.Noteverybodycanbeawinner.Winnerswillbelowcostproducerswhodeliveragoodproductthatconsumersarewillingtopayfor.ModestDemandGrowthDemandgrowthislikelytobemodestdespiteeconomicrecovery:Autosalesdidnotweakenmateriallyinthemostrecentrecessionandthus,significantpent-updemandwasnevercreated.Thenumberofoff-leasevehiclesisfallingsharply–fewerconsumersarebeingforcedbacktoadealertobuyorleaseanewvehicle.Extendedfinancingtermsarelikelytoprolongvehicleturnover.Economicconditionsappearmixed.LightVehicleSalesTrendLineDemandSource:MorganStanleyResearchLightVehicleSalesCycle:TroughtoTroughSource:R.L.Polk,GlobalInsight&MorganStanleyResearchWeightedMedianAgeofaVehiclevs.Sales1YearLeadCorrelation77.6%Source:Polk&MorganStanleyResearchOffLeaseVehiclesBegintoDeclineSource:Manheim&MorganStanleyResearchFewerConsumersBeingForcedBacktotheDealershipsAverageMaturityofVehicleLoans(months)Source:FederalReserveBoard&MorganStanleyResearchTakingLongertoEstablishConsumerEquitySource:FRB&MorganStanleyResearchEconomicConditionsBetterthantheywere,butstillnotrobustSource:CPI&MorganStanleyResearchPeakTroughNowJan-02Oct-02Nov-03InterestRatesConsumerConfidenceGasolinePricesUsedCarPricesEmploymentAffordabilityNear25YearBestNumberofWeeksofIncometoPurchaseaVehicleSource:FRB&MorganStanleyResearchIntenseCompetitionCompetitivepressuresarelikelytoremaindifficult:Capacitygrowthtocontinuein2004.Pricingislikelytoremaindifficultalthoughaweakdollarmayprovideamodestoffset.Marketsharepressurestocontinueaswell.NACapacityAdditions,DespiteFlatSlsOutlookSource:Companydata&MorganStanleyResearch20052003FordNissan(122)2503082004FordGM(211)(98)80=100,000unitsGMFordHondaNissanToyota125(146)18020030NetIncreaseOf853,000UnitsorRoughly5.1%ofNAsales2006Toyota150389180ToyotaDCXHyundai2356ExcessCapacity&MoreIsOnTheWayEvery1%Pt.ofMarketShareTranslatesinto$1.0bninProfits853,000UnitsofAddedCapacityis5.1%ofNACapacity,or$5bninPretaxProfitsNAPretaxProfit

BigThreeFY03E(inMM)

$1,971 Source:MorganStanleyResearchEstimatesRevenuePressuresWorstSince1970’sNewCarCPIvs.DomesticLightVehicleSalesSource:CPI&MorganStanleyResearchY/YChangeinMonthlyNewCarCPISource:CPI&MorganStanleyResearchPriceReductionsPressureManufacturersEvery1%DeclineinPricesisWorth$1.0bnatGM$850mmatFord$550mmatDCXSource:MorganStanleyResearchBigThreeMarketShareContinuestoSlide76.0%60.2%61.7%Every1%PointofShareisWorthRoughly$1bninProfitSource:Autodata&MorganStanleyResearchMarketShareWinners/Losers–FY03Source:Autodata&MorganStanleyResearchBigThreeShareofSalesbySegment:

FY-03vs.FY-02Source:Autodata&MorganStanleyResearchUSDollarperEuro:Jan03-PresentSource:FactSet&MorganStanleyResearchJapaneseYenvs.U.S.DollarSource:FactSet&MorganStanleyResearchYentoUSDollarPriceSensitivity:YTD03Source:CompanyData&MorganStanleyResearchNote:*IncludesAcura,Infiniti,LexusWeakerDollarCouldHelpaLittleSource:MorganStanleyResearchGlobalOperatingMarginsFY02Source:Companydata&MorganStanleyResearch*MorganStanleyEstimatesExcludingPension&OPEBExpensefortheBigThreePorscheNissanBMWHondaToyotaHyundaiGMPeugeotKiaVWDCXRenaultFordFiat16.4%10.6%8.9%8.4%8.1%6.1%5.7%5.0%4.7%4.0%3.8%1.7%1.8%-6.2%HigherRatesCouldbeaNegativeHigherratescreateriskofweakerdemand,weakermixandlowerfinancecompanyearningsExtendedtermssuggestlongerreplacementrates.Every1%increaseinfinancingrateson5-yearloansisworth$730-750pervehicle.AutoFinanceTerms:Fall2001vs.NowSource:FRB&MorganStanleyResearchGMAC/FMCCBorrowingCostsSource:FRB&MorganStanleyResearchBig3Opportunity:

ActualQualityisBetterthanPerceivedQualitySource:JDPower,CNW&MorganStanleyResearchTheBigThree:Positives&NegativesEachCompanyFacesUniqueChallenges:GMhasoperationalmomentumandhasmadesignificantstridesrelativetoitsfixedlegacycosts.Ford’sshareislikelytoremainunderpressure.Whileearningsandcostcuttinghavebeenstrong,cashflowneedstocatchup.DCXcontinuestostrugglewithitsproductline.Qualityissues,bothperceived(Chrysler)andactual(Mercedes)continuetolinger.BigThreeRelativeStockPerformance:2003Source:FactSet&MorganStanleyResearchGeneralMotorsGMstillappearstohaveavariablecostadvantagevs.F&DCXandafixedcostdisadvantage.GM’saggressivefundingofpensionandhealthcarehavehelpedtonarrowthefixedcostdisadvantage.SignificantnewproductlaunchesgiveGMitsbestchanceofgainingshare/reducingincentivesinyears.GMisgoinginto2004withaboveaverageinventory.Financecompanyearningsarelikelytodeclineduetohigherinterestratesandlowermortgagerefinancingactivity.GMMarketShare35.5%28.0%28.4%Source:Autodata&MorganStanleyResearchU.S.Healthcare&PensionCost/UnitFY03Source:Companydata&MorganStanleyResearch$1,134$601$1,159$814$889$740$1,899$902$1074$185$88GMPensionFundedStatus:2003UpdateSource:CompanyData&MorganStanleyResearchGMHasBuiltInventoryin2003Source:Autodata&MorganStanleyResearchFinancialServiceEarningsUnlikelytoMatch2003Source:Companydata&MorganStanleyResearchGMNew/Replacement/RedesignedProductsSource:CompanyData,Ward’sAutomotive&MorganStanleyResearchFordMotorCompanyEarningshaveexceededexpectations.Nowcashflowneedstocatchup.WiththeexceptionoftheF-Series,newproductsarelimiteduntilyear-end,suggestingsharepressureislikelytocontinue.InternationalOperations/PremierAutoGroupneedtostartpullingtheirweight.Stabilityinmanagementranksisimportant.FMarketShareSource:Autodata&MorganStanleyResearch19.6%19.5%20.2%25.7%Fvs.GMCashFlowSource:Companyreports&MorganStanleyResearchFAutoPre-TaxProfit,1999-2004ESource:CompanyData&MorganStanleyResearchFGeographicPre-taxProfit:3Q03vs.3Q02Source:Companyreports&MorganStanleyResearchFNew/Replacement/RedesignedProductsSource:CompanyData,Ward’sAutomotive&MorganStanleyResearchFNewProductMonitorSource:Autodata&MorganStanleyResearchGM/FordOutlook;WhatTheySayGMexpectsmarketstogrowaroundtheworldandtheirmarketsharetogrowineveryregion.FordexpectsprofitstodeclineinNorthAmerica.Theywerenotspecificbutsuggestcostissueslingering.GMexpectsEuropeanprofitstogrowby$300-400mm($500-$700mmpretax)in2004,whileFordexpectsprofitstogrowby$900-1,000mm.Itisunclearhowthisprofitgrowthcanoccurgiventhedifficultmarketconditionsthere.DaimlerChryslerProductlinehasbeenplayingdefenseforsometime.Offenseneedstogetonthefield.Chryslerfacesperceivedqualityproblems.Mercedeshasactualqualityproblems.Affiliateissuesmayloomlargein2004.CommercialtruckbusinessatDCXcouldbeapositivesourceofearningsforthecompanyin2004.DCXMarketShare12.2%12.8%13.1%Source:Autodata&MorganStanleyResearchDCXCar&Lt.TruckSalesAsA%ofParentCarsLightTrucksSource:Autodata&MorganStanleyResearchChrysler&DCXOperatingMarginsSource:Companyreports&MorganStanleyResearchDCXNew/Replacement/RedesignedProductsSource:CompanyData,Ward’sAutomotive&MorganStanleyResearchImplicationsGMwillcontinuetopursueits“growourwayout”strategy.DCXimprovedcoststructureiskeepingitinthegame.Newproductiscriticaltoalleviatingrevenuepressure.ForeignOEMsarelikelytocontinuetoaddcapacityinNA.Fordlikelytobeplayingdefenseforonemoreyear.Thecompanyneedstohangonandcontinuetoattacktheircostsuntilnewproductarrives.Onthebrightside,theBigThreeproductisthebestitseverbeen.Source:MorganStanleyResearchSuppliers’RelativeStockPerformance:2003Source:FactSet&MorganStanleyResearchDealers’RelativeStockPerformance:2003Source:FactSet&MorganStanleyResearchExpectations:YearAgovs.TodaySource:MorganStanleyResearchStephen.Girsky@MorganS主要经济业务采购业务生产业务销售业务利润形成及分配业务资金筹集业务借贷复式记账法的应用

——工业企业主要经济业务的核算目录采购业务核算采购业务核算的主要内容从结算方式看钱货两清货到款未付款付货未到预付定金，日后购进货在途中（2）从资金内容看②支付价外费用（记入所购资产的价值）。①支付买价③支付增值税进项税额购进材料时，包括运费、保险费、挑选整理费、装卸费、途中损耗等；购进固定资产时，包括运费、安装费、保险费、调试费等2.需设置的账户借原材料贷（1）原材料，资产类发出库存材料的成本验收入库材料的成本借在途物资贷（2）在途物资，资产类期末库存材料的成本已购入但尚未验收入库材料的成本验收入库材料的成本期末在途材料的成本借固定资产贷（3）固定资产，资产类取得的固定资产的原始价值（4）应付账款，负债类减少的固定资产的原始价值借应付账款贷购进商品、劳务时，应付未付对方的款项偿还时借应付票据贷因购进商品、劳务而签发商业汇票时。票据到期还款时（5）应付票据，负债类（6）应交税费——应交增值税，负债类对商品的增值额征收的一种税，在商品的销售环节按销售额的17%征税，先由销售方向购货方收取，由销售方月末向税务局缴纳，缴纳时，可以扣除购进材料时已支付的增值税。购进材料1万元（向对方支付税金1700元——称为进项税）生产时耗用材料1万元，发生其他生产费用1万元以3万元的价格将生产的商品销售出去，收取5100元的税金——称为销项税。增值额20000元，月末按实际增值额向税务局交纳增值税3400元。（月末交税=销项税--进项税）应交税费——应交增值税（进项税额）（销项税额）（已交税金）借应交税费——应交增值税贷月末，缴纳税金购进时，支付进项税额销售时，收取销项税额该账户需要设三级明细账户：借预付账款贷（7）预付账款，资产类购进商品后，注销原预付定金按合同预付采购定金时（1）1日，向红星工厂购进甲材料一批，价款10万元，增值税进项税额1.7万元，款项尚未支付，材料已验收入库。借：原材料——甲材料100000

应交税费——应交增值税（进项税额）17000

贷：应付账款——红星工厂1170003.会计核算举例（某企业11月份业务）（2）2日，向天龙工厂购进乙材料一批，价款3万元，增值税进项税额5100元，运杂费300元，款已通过银行支付，货未到。借：在途物资——乙材料30300

应交税费——应交增值税（进项税额）5100

贷：银行存款35400（3）11日，以银行存款向东华工厂预付购料款9万元。借：预付账款—东华工厂90000

贷：银行存款90000（4）12日，以银行存款向方正公司偿还前欠的购料款35100元。借：应付账款—方正公司35100

贷：银行存款35100（5）15日，向东华工厂购进乙材料一批，价款7万元，增值税进项税额11900元，对方代垫运杂费100元，货款前已预先支付，材料已验收入库。（6）16日，本月2日向天龙工厂购进的乙材料已到，验收入库。借：原材料——乙材料30300

贷：在途物资——乙材料30300借：原材料—乙材料

70100

应交税费-应交增值税（进项税额）11900

贷：预付账款——东华工厂82000（7）19日，向光明工厂购进甲、乙两种材料，甲材料20吨，单价1000元每吨；乙材料10吨，单价1500元。价款合计35000元，增值税进项税额5950元，对方代垫运杂费1500元，按材料重量分摊。开出为期三个月的商业汇票抵付货款，材料已验收入库。借：原材料—甲材料

21000—乙材料

15500

应交税费-应交增值税（进项税额）5950

贷：应付票据——光明工厂

42450（8）20日，东华工厂退回预付的购料款中多付的款项。（9）22日，购入新设备一台，支付设备价款3万元，增值税5100元，运费1000元，款项以银行存款支付。借：固定资产31000

应交税费-应交增值税（进项税额）5100

贷：银行存款36100借：银行存款8000

贷：预付账款—东华工厂8000借预付账款贷90000（3）82000（5）4.说明：材料采购过程中采购人员差旅费的核算其他应收款－××人职工借款时职工报销或还款时余：尚未收回或

报销的款项资产类账户核算要点：一次借款，一次报销，一次结清例1：3月1日，采购员李明因公出差，预借差旅费500元，财务科当即以现金付给。借：其他应收款－李明500

贷：库存现金500例2：3月5日，采购员李明出差归来，报销差旅费450元，余款50元退回。借：管理费用

450库存现金

50贷：其他应收款－李明

500假设3月5日，采购员李明出差归来，报销差旅费550元，财务科补付现金50元。？？？借：管理费用

550贷：其他应收款－李明

500库存现金

50二、生产过程核算（一）生产过程核算的主要内容生产经营过程中的耗费直接费用间接费用期间费用直接为生产产品发生的费用，如生产产品领用原材料（直接材料）、生产工人的工资和福利费（直接人工）间接为生产产品发生的费用（主要是车间发生的费用），如车间领用原料、车间管理人员的工资和福利费、车间固定资产的折旧费、车间照明的电费等其他部门发生的与生产无关的费用，包括：管理费用（企业管理部门发生的费用，如管理部门人员的工资、企业的办公费等）财务费用（为筹集资金发生的费用，如利息）销售费用（为销售发生的费用（如广告费）记入产品生产成本记入当期损益按与产品生产之间的关系分（二）需设置的账户借生产成本贷1、生产成本，成本类，核算处于生产阶段的产品的生产费用（即：在产品的价值）生产领用的原材料生产工人的工资、福利费月末分配转入的制造费用产品完工，验收入库时，入库产品的生产费用月末在产品生产成本借制造费用贷

2、制造费用，成本类，核算为生产产品而发生的各种间接费用。月末按一定的标准，全额分配转入生产成本车间管理人员工资、福利费车间设备、厂房的折旧费车间办公费、水电费、机物料消耗借管理费用贷（3）管理费用，损益类（核算内容见书上P241）期末转入“本年利润”账户，以便计算当期利润发生各项管理费用时借财务费用贷（4）财务费用，损益类期末转入“本年利润”账户，以便计算当期利润发生各项财务费用时借销售费用贷（5）销售费用，损益类（核算内容见书上P242）期末转入“本年利润”账户，以便计算当期利润发生各项销售费用时借库存商品贷（6）库存商品，资产类，核算企业库存的各种商品的增减变动情况验收入库产品的成本发出库存产品的成本库存产品的成本借应付职工薪酬－工资贷（7）应付职工薪酬，负债类应付未付的职工工资、奖金实际支付的工资、奖金借应付职工薪酬－职工福利贷应付未付的职工福利费（可以每月按工资总额的14%计提）实际使用的福利费尚未支付的工资尚未使用的福利费（8）累计折旧，资产类，反映固定资产的磨损、折耗程度，是固定资产的抵减账户。累计折旧的增加是固定资产净值的减少。借累计折旧贷固定资产减少时，注销已提的折旧每月提取的折旧数（当月的磨损数）累计提取的折旧数借固定资产贷增加固定资产的原值减少固定资产的原值现有固定资产的原值现有固定资产的净值（折余价值）（1）3日，生产车间为生产A产品200件领用甲材料86000元，为生产B产品200件领用乙材料32000元。借：生产成本——A产品86000——B产品32000

贷：原材料——甲材料86000——乙材料32000（2）4日，以现金支付厂部办公人员张三出差预借的差旅费800元。3.会计核算举例（某企业12月份业务）借：其他应收款——张三800

贷：库存现金800（3）5日，购买厂部用办公用品计900元，以银行存款支付。借：管理费用900

贷：银行存款900（4）6日，以银行存款支付广告费用1000元。借：销售费用1000

贷：银行存款1000（5）11日，张三出差回来报销差旅费650元，退回现金150元。（6）13日，生产车间领用润滑油3200元。借：库存现金150管理费用650贷：其他应收款——张三800借：制造费用3200

贷：原材料——润滑油3200（7）18日，从银行存款提取现金60000元，备发职工上月工资。借：库存现金60000

贷：银行存款60000（8）18日，以现金60000元发放职工上月工资。借：应付职工薪酬－工资60000

贷：库存现金60000（9）19日，从银行存款支付本月办公用品费1200元，其中，企业行政管理部门800元，基本生产车间400元。借：管理费用800

制造费用400

贷：银行存款1200（10）22日，从银行存款支付本月水电费2000元，其中，企业行政管理部门1020元，基本生产车间照明用980元。借：管理费用1020

制造费用980

贷：银行存款2000（11）31日，用银行存款支付本月短期银行借款利息600元。（12）31日，用银行存款支付本月份负担的财产保险费1000元，其中，企业行政管理部门负担700元，基本生产车间负担300元。借：管理费用700

制造费用300

贷：银行存款1000借：财务费用600

贷：银行存款600（13）31日，分配本月职工工资68000元，其中，生产工人工资50000元（工时记录为：A产品耗用工时3000小时，B产品耗用工时2000小时），车间管理人员工资8000元，企业行政管理部门人员工资10000元。借：生产成本——A产品30000——B产品20000

管理费用10000

制造费用8000

贷：应付职工薪酬－工资68000（14）31日，按规定以职工工资总额的14%计提本月福利费9520元，其中，按制造A产品的生产工人工资提4200元，按制造B产品的生产工人工资提2800元，按车间管理人员工资提1120元，按企业行政管理部门人员工资提1400元。借：生产成本——A产品4200——B产品2800

管理费用1400

制造费用1120

贷：应付职工薪酬－职工福利9520（15）31日，按规定计提本月固定资产折旧费9000元，其中，生产车间6000元，企业行政管理部门3000元。借：管理费用3000

制造费用6000

贷：累计折旧9000（16）31日，分配本月制造费用20000元，其中A产品12000元，B产品8000元。借制造费用贷（6）3200（9）400（10）980（12）300（13）8000（14）1120（15）6000（16）20000本期发生额20000本期发生额20000将制造费用按生产工时比例在A、B产品之间进行分配借：生产成本——A产品12000——B产品8000

贷：制造费用20000分配率＝20000/5000＝4元/小时A产品应分摊的金额＝4×3000＝12000元B产品应分摊的金额＝4×2000