21bpp思维导图全科公式总结acca

ThepriceelasticityofdemandThepriceelasticityofdemand(PED)isameasureoftheextentofchangeinthemarketdemandforagoodinresponsetoachangeinitsⴷⴷ݁◌݁ܿݎ݁◌݁◌݁ܿ݊݁◌ܿ◌◌◌ܿ◌肸ⴷ݊|肸ⴷ|>1|肸ⴷ|<1eelasticityofdemandeelasticityofdemand(IED)measurestheresponsivenessofdemandtochangesinhousehold݁ܿݎ݁◌݁◌݁ܿ݊݁◌ܿ◌◌◌ܿ◌肸ⴷ

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AD=consumption+investmentspending+ernmentspending+exports-Chapter4Cost ウ饰Fixedcosts=totalcostathighactivitylevel–totalunitsathighactivitylevelൈvariablecostperunit(Remember:thehighlowmethodreferstothehighestandlowestvolumeandnotthehighestandlowestcosts)Lineary=a+b isthedependentvariablewhosevaluedependsonthevalueof istheindependentvariablewhosevaluehelpstodeterminethecorrespondingvalueofisaconstant;thatis,afixedisalsoaconstant,beingthecoefficientofx(thatis,thenumberbywhichthevalueofxshouldmultipliedtoderivethevalueofChapter6Accountingforinventoryrepresentswhatisreallyavailableforfutureuseandiscalculatedasfollows.=materialsininventory+materialsonorderfromrs–materialsrequisitioned,notyetReorderlevel umusage umleadMinimumlevel=reorderlevel–(averageusageൈaverageleadumlevel=reorderlevel+ ty–(minimumusageൈminimumleadAverageinventory=safetyinventory+½reorderEOQ:EconomicorderBetheordertywhichminimisesinventorycosts.TheEOQcanbecalculatedusingatable,graphor뎠ⶍ=2CH=costofholdingoneunitofinventoryforonetimeperiodC0=costoforderingaconsignmentfromarD=demandduringthetimeBeamodificationoftheEOQandisusedwhenresupplyisgradualinsteadofEBQ R=theproductionratepertimeperiod(whichmustexceedtheinventoryusage)Q=theamountproducedineachbatchD=theusagepertimeperiodCo=theset-upcostperCH=theholdingcostperunitofinventorypertimeBulkThetotalcostwillbeminimisedatoneoftheAtthepre-discountEOQlevel,sothatadiscountisnotAttheminimumordersizenecessarytoearntheChapter7Accountingforݔ◌݁݁ܿ㵘ݑո◌݁yo= ݁݊ոԤ㵘ݑウոウոԤ㵘 㵘ݑyo= ܿ ݁݁ܿ㵘 ݁݁◌ウウnolume= ܿ ݁݁ܿ㵘 TimeWages=Hoursworked×RateofpayperWages=Unitsproduced×RateofpayperIdletimeܿIdletimeratio=㵘ウոԤ㵘 ൈ饰݊݁◌݁◌Ԥո݁◌Labourturnoverratio ◌݁ Chapter8Accountingforܿ݁݁݊ܿܿ݁݁ܿOverheadabsorptionrate Absorbedoverhead=actualactivitylevelൈoverheadabsorptionUnderoroverabsorbedUnderoroverabsorbedoverheads=actualoverhead–absorbedIfActualoverheadincurred–Absorbedoverhead=NEGATIVE(N),thenoverheadsareover(O)IfActualoverheadincurred–Absorbedoverhead=POSITIVE(P),thenoverheadsareunderabsorbed(U)(PU)Costcard–absorptionPrimecost=directmaterial+directlabour+directFullproductioncost=primecost+productionChapter9AbsorptionandmarginalContribution=salesvalue–marginalorvariablecostofCostcard-marginalMarginalproductioncost=directmaterial+directlabour+directexpense+variableDifferenceinprofits=changeininventorylevel×overheadabsorptionrateperIfinventorylevelshavegoneup(thatis,closinginventory>openinginventory)thenabsorptioncostingprofitwillbegreaterthanmarginalcostingprofit.Ifinventorylevelshavegonedown(thatis,closinginventory<openinginventory)thenabsorptioncostingprofitwillbelessthanmarginalcostingprofit.Chapter10job,batchandserviceApercentageEg:asellingpricebasedona20%Sellingprice(100%)=costofjob(80%)+profitSellingprice(120%)=costofjob(100%)+profitウ ◌݁Costperserviceunit ◌݁㵘Chapter11processLossinprocessNormalloss=expectedAbnormalloss=actualloss–normalloss(whenactuallossisgreaterthannormalAbnormalgain=normalloss–actualloss(whenactuallossislessthanthenormalExpectedoutput=input–normalAbnormalloss/gainhasthesamevalue(COSTPERUNIT)asCostperunit(normalloss)=Costperunitoutput ◌݊ウ㵘ウܿ݁◌݁◌ݔSpecialsituation1:LosswithscrapvalueCostperunit(normalloss)=scrapvalueperCostperunitoutput)=◌݊ウ−ݑոոԤ◌݁◌݊ݑոԤԤ݁◌Specialsituation2:LosswithadisposalcostCostperunit(normalloss)=Costperunitoutput◌݊ウ+disposalcostsofnormal݁◌ValueclosingworkinEquivalentunits=theunitsofWIPൈthedegreeofcompletionCostperequivalentunit=㵘 Chapter12Processcosting,jointproductsandbyDealwithcommoncosts:apportionjointcostsPhysicalmeasurement.(BeapportionedtothejointproductsonthebasisoftheproportionthatoutputofeachproductbearsbyweightorvolumetothetotalRelativesalesvalueapportionmentmethod;salesvalueatsplit-offpoint.(thecostisallocatedaccordingtotheproduct'sabilitytoproducee.)Aby-producthassomecommercialvalueandanyegeneratedfromitmaybetreatedase(minusanypost-separationfurtherprocessingorsellingcosts)fromthesaleoftheby-productmaybeaddedtosalesofthemainproduct,therebyincreasingsalesturnoverfortheperiod.Thesalesoftheby-productmaybetreatedasaseparate, alsourceofeagainstwhicharesetonlypost-separationcosts(ifany)oftheby-product.Therevenuewouldberecordedinthestatementofprofitorlossas'othere'.Thesaleseoftheby-productmaybedeductedfromthecostofproductionorcostofsalesofthemainThenetrealisablevalueoftheby-productmaybedeductedfromthecostofproductionofthemainproduct.Thenetrealisablevalueisthefinalsaleablevalueoftheby-productminusanypost-separationcosts.AnyclosinginventoryvaluationofthemainproductorjointproductswouldthereforebereducedChapter14LinearregressionTheleastsquaresmethodoflinearregressionysisinvolvesusingthefollowingformulaeforaandinY=a+bݒఊఓ−݊◌2ݔ−2ݔ݊◌=bݔ݊ݒ݊=a− Wherenisthenumberofpairsof r−2ݒ݊◌2ݔ−2ݔ݊◌Coefficientofdetermination=r² r² TimeThereareseveralfeaturesofatimeserieswhichitmaybenecessarytoyseinordertoprepareASeasonalvariationsorCycles,orcyclicalNon-recurring,randomvariations,whichmaybecausedbyunforeseencircumstances,suchaschangein ernmentofthecountry,awar,thecollapseof ,technologicalchangeandAdditivemodel:Y=T+Proportional(multiplicative)model:Y=T×S×Deseasonalisedorseasonallyadjusted=Trend(T)=Y–SorYPriceindex tyindex=ⶍ◌݊Priceindex tyindex= Laspeyrepriceindex ⶍ tyindex ⶍPaaschepriceindex tyindex Fisher’sidealindex Chapter16Thebudgetary =forecastsales+closinginventoryoffinishedgoods–openinginventoryoffinished=materialusagebudget+closinginventory–openingBudgetedeCostof=openinginventory+productioncost–closingClosingnet=openingnetasset+budgetednetprofit–anydrawingsordividendpaidtoChapter19MethodsofprojectSimpleF=P+(p×r×nF:futureP:presentvalue(initialr:interestraten:thenumberoftimeF=P 饰+ݑF:futureP:presentvalue(initialinvestment)r:interestrate%n:thenumberoftime饰 ݑ=饰+ir 饰+饰◌݊r=effectiveinterestrateI=nominalinterestrateN=numberoftimeperiodEffectiveannualrate=Annualpercentagerate(APR)=CompoundannualrateDiscountfactor ݊饰+ݑIRR=A ո−AisthediscountratewhichprovidesthepositiveNPVaistheamountofthepositiveNPVBisthediscountratewhichprovidesthenegativeNPVbistheamountofthenegativeNPVTheannuityfactor=thesumoftheindividualDF PV=AnnualcashflowൈThePVofaperpetuity=annualcashflowൈݑ◌݁݁݁ݒոウ㵘ݑ=ݑIRRofa饰Chapter21Cost=whatitshouldhavecost–whattheoutputactuallyPrice=standardcostforthe tyofmaterialused–actualcostfor=(standardpricepermaterial–actualpricepermaterial)ൈ tyofmaterial=(thestandard tyofmaterialthatshouldhavebeenusedforthenumberofunitsactuallyproduced–theactualtyofmaterialsused)ൈstandardcostperunitofmaterial(Note: tybasedonactual= tyofmaterialusedperunitൈactualproductionunitsDirectlabour=theoutputshouldhavecost–whatitdid=standardcostbasedonactualproduction–actualdirectlabourcost(did=standardcostfortheactualnumberofhours–actualcostfortheactualnumberof=(standardcostperlabourhour–actualcostperlabourhour)ൈactualnumberof=(hoursthatshouldhavebeenworkedforthenumberofunitsactuallyproduced–theactualnumberofhoursൈstandardrateper=theamountofvariableproductionoverheadthatshouldhavebeenincurredintheactualhoursactivelyworked–theactualamountofvariableproductionoverheadincurred=(standardvariableproductionrateperhour–actualvariableproductionrateperhour)ൈactualhoursactively=(hoursthatshouldhavebeenworkedforthenumberofunitsactuallyproduced–actualhoursactivelyworked)=actualfixedoverhead–absorbedfixed=(actualvolume–budgetedvolume)ൈstandardabsorptionrateper=(thenumberofhoursthatactualproductionshouldhavetaken–thenumberofhoursactuallytaken)ൈ=(actualhoursworked–budgetedhoursofwork)ൈstandardabsorptionrateperSalesSellingprice=(actualsellingprice–standardsellingprice)ൈthe tySalesvolumeprofit=(actualsalesvolume–budgetedsalesvolume)ൈstandardprofitper=(actualsalesvolume–budgetedsalesvolume)ൈstandardcontributionperProfitNetrofitargin=݊݁ ウEBITDA=Netprofit+interest+tax+depreciation+Returnoncapital Capitalemployed=Shareholdersfunds+longterm Ԥܿ݁݁ܿ݁=ROE 饰ൈウ݊݁݁݊Ԥ݁ո݁ոݑԤ݁㵘ԤԤո݊ROIո݊݁◌Currentcurrentratio= ݊݁ఇウ ウ݁ ݊݁◌݊◌݁◌݊݁◌QuickQuickratio ݊݁− Efficiencycollectionperiodܿ◌ൈ݁Ԥ◌ոݒո݁◌ܿո◌ݑ݁◌ո݁ո ◌݊݁㵘 ݁ 饰 Accountspayablepaymentൈ݁Ԥ◌ոݒո݁◌ܿո◌ݑ݁◌ո݁=饰݁݁ݑո◌ ݁ 饰Debtand Gearingratiofinancial݁݁ܿݑ݁݊ոԤ݁ݑ݁ܿԤInterestcover݁◌ウ݁◌݁݊◌=OperationalOperational㵘◌݊ܿ݊݁݁݊݁݁=Shareholder’s 饰 Ԥܿոݑ݁◌ոܿ݁◌݁◌=P/E㵘݁饰◌݁◌ݑո=Ԥݑ݁ Ԥ݁㵘݁ݒ݊݊݁=

禸Ԥ焐ԥԤ訰Ԥԥ素j좰Weightedaveragecost=Totalcost/(openinginventory+total Closinginventory=Weightedaveragecost*unitsleft Reducing第nDepexpnCA0*rate)n-1*第n年年末的账面价值 CAn=CA0*FromopeningtoOpeninginventory+purchase–Costofsales=ClosingOpeningCA+Revaluationsurplus+Addition-Disposal@CA-Dep(P/L)=ClosingCAWhereCA=carryingamount,Dep=depreciationexpense,Credit$XPlusclosingbalanceoftradereceivables(sincetheserepresentsalesincurrentperiodforwhichcashpaymenthasnotyetbeenXLessopeningbalanceoftradereceivables(theserepresentcreditsalesinCreditsalesintheXPlusclosingbalanceoftradepayables(sincetheserepresentpurchasesinthecurrentperiodforwhichpaymenthasnotyetbeenmade)Lessopeningbalanceoftradepayables(thesedebts,paidintheX$X$XXAccrualsand1.Accruals/Expense(P/L)=本期payment+closing -opening 2.Accruede/prepaid BankBalanceperbankstatementLess:unpresentedcheques

Balancepercashbook Goodwillatdateofacquisition（全找叙述$$XXXXXOtherreservesatXXXRetainedearningsotherreserves同理PS$$PerquestionRetainedearningsatDoC)（找表XXX 即yearend;DoA=dateofacquisition(收购日*X2=X1×groupNon-controllinginterestatreportingdateFairFairvalueofNCIatacquisition计算Goodwill$X*X3=X1’×nci*X1’=X1post-acqotherreservesotherreserves如Revaluationsurplus的变动EliminateURP=毛利ConsolidatedgrossConSales=P.sales+S.sales-intraCon = + -intrasales+URP(ifRatioPBITProfitbeforeinterestand = x ReturnonequityPATProfitaftertaxandpreferencedividendE= = NetprofitNet XAssetturnover X100%Liquidityandworkingcapital CurrentassetsQuickCA-InventoryCurrentassets- = Currentliabilities X365daysCreditsales X365days X365daysCostofsalesDebtandgearing/leverageDebt TDTotal DividendonDividendonthesharefortheCurrentmarketvalueoftheshare(exdiv)XEarningspershareDividendperordinaryshareFairvaluepershareimmediaybeforetheexerciseofrightscumrightspriceTheoreticalex-rightsfairvaluepershareEPSforthecurrentTheoreticalex-rightsfairvalueperFairvaluepershareimmediaybeforetheexerciseofrights(cumrightsEPSforthecorrespondingpreviousperiodOrdinarydividends=IPBITProfitbeforeinterestand Minimumperiodofmonth≤X<2years;Notice≥1years≤X<12years;Notice≥XX≥12years;Notice≥12X>1month;Notice=118-22-11Subjecttoaumserviceyearof20 解雇的补偿：1/2X周薪XN年（工作年限 解雇的补偿：1X周薪XN年（工作年限如果雇员等于或大于41岁，可得到 解雇的补偿：11/2X周薪XN年（工作年限）Note：-计算解雇补偿时，工作年限最多 过20年SharePublic Unitsellingprice–unitvariable(Salesvolume×contributionperunit)–fixedBreakevenpointthereisnoContributionrequiredtobreakeven=FixedBreakevenpointinTotalfixedcosts/contributionperC/S(Contribution/sales)×SalesrevenueatbreakevenFixedcosts/c/sMarginofsafety(inBudgetedsalesunits–breakevensalesMarginofsafety(as(Budgetedsales–breakevensales)/budgetedsales×Salesvolumetoachieveatarget(Fixedcost+targetprofit)/contributionperBreakevenpointinFixedcosts/WeightedaveragecontributionperBreakevenpointintermsofsalesFixedcosts/averagec/sFixedcosts+RequiredTotalnumberofunitstobesoldtoachieveatarget(Fixedcosts+Requiredprofit)/WeightedaveragecontributionP=a–bQP=theQ= tya=thepriceatwhichdemandwouldbeb=changeinprice/change Theconstantaiscalculatedasa=$(currentprice)+(Current tyatcurrentprice/Changeintywhenpriceischangedby$b)·$ba–Profits Marginalcost(MC)=MarginalrevenuePriceelasticityof%changeindemand/%changein ysisinVariablecostper(Totalcostathighactivitylevel-totalcostatlowactivitylevel)(Totalunitsathighactivitylevel-totalunitsatlowactivityFixedcosts(Totalcostathighactivitylevel)–(totalunitsathighactivitylevelvariablecostperY=axbYisthecumulativeaveragetimeperunittoproducexxisthecumulativenumberofaisthetimetakenforthefirstunitofbistheindexoflearning(logLR/log2)LRisthelearningrateasadecimalSalesmargin(alsocalledgrossTurnover–costofEarningspershareReturnoncapitalemployedPBIT/CapitalTotalassets–currentDebt/(Debt+equity)orDebt/Contribution/ProfitbeforeinterestandtaxLiquidityandcashCurrentassets/CurrentQuickratiooracidtest(Currentassets–inventories)/Current(Tradereceivables/Creditsalesturnover)×365Inventory/Costofsales×365(Averagetradepayables/CreditpurchasesorCostofsales)×FinancialCustomer ; BuildingBlockDimensionsofReturnoninvestment(Profit/capitalemployed)×ResidualCentre'sprofits–notionalorimputedinterest(Thecentre'sprofitisafterdeductingdepreciationonMarginalcost+opportunitycostoftheitemumtransferLowestmarketpricelessanyinternalcostNosuitablemarketFullFullcostplusOpenmarketpriceActivitycostcentre/costChargeoverheadcoststoproductsforeachNumberofcostdriverstheyuse×absorptionLifecycleLifecycleAccumulationofcostsoveraproduct'sentireSales–MaterialThroughput/UsageofbottleneckThroughputperunitofbottleneckresource/Factorycostperunitnning(standardprice–revisedprice)×ty×actual(revisedprice–actualprice)×ty×actualnning(standardusage–revisedusage)×ty×standard(revisedusage–actualusage)×ty×standardindecisionrule isetheminimumachievableDecisionoptionDecisionoptionDecisionoptionMinimumachievableMin(+100,+90,-20)=-Min(+80,+120,+10)=Min(+60,+85,+85)=izedecisionMax(-20,+10,+60)=+60,SelectDecisionoptionaxdecisionrule-ise umachievableDecisionoptionDecisionoptionDecisionoptionumachievableMax(+100,+90,-20)=Max(+80,+120,+10)=Max(+60,+85,+85)=izedecisionMax(+100,+120,+85)=+120,SelectDecisionoptionRegretistheopportunitylostthroughmakingthewrongRegretRegretistheopportunitylostthroughmakingthewrongRegretDecisionoptionDecisionoptionDecisionoptionBestdecisionoptionCircumstanceBestdecision(+100,+80,+60)=CircumstanceBestdecision(+90,+120,+85)=Bestdecision(-20,+10,+85)=DecisionoptionDecisionoptionDecisionoptionBestdecisionoptionCircumstance==-=-Bestdecision(+100,+80,+60)==-=+85–120=-Bestdecision(+90,+120,+85)=-20-85=-+10-85=-+85-85=Bestdecision(-20,+10,+85)=DecisionoptionDecisionoptionDecisionoption0Circumstance00umMaxregret(0,30,105)=Maxregret(-20,0,-75)=Maxregret(-40,-35,0)=MinimizeregretMinregret(105,75,40)=40,SelectDecisionoptionTotalActualusageinstandardmix(a:b)Mixx (x+y)x- (x+yyㅟ(x+yy- ㅟ(x+x+x+0MaterialBlack:StandardpriceperkgofMaterialBlack×MixvarianceofMaterialMaterialWhite:StandardpriceperkgofMaterialWhite×MixvarianceofMaterial TotalMixvarianceinMethod1:Method2:shouldusekgorproduceActualproductionunits·((x+y diduseorActualYieldvarianceinkgorYieldvarianceinYieldvarianceinWeightedaveragepriceperYieldvarianceinkgYieldvariancein

StandardmaterialcostperYieldvarianceinunitYieldvariancein(June2019-March2020)etax££££EmploymentXTradingePropertybusinesseBank/buildingsocietyX XXTotalXXXlossNetXXXXLess:alTaxableXXXXEBasicrateband@20%Higherrateband@40%Startingrateband(£5,000)Nilrateband(£1000/500)Basicrateband@20%Higherrateband@40%Nilrateband(£2,000)Basicrateband@7.5%Less:taxPropertybusinessfinancecosts(50%*financecost*20%)

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Poolcarried TradingXXOthereandXXXTotalXXXCarryingforwardlossCurrentyearlossCarryingbacklossLessXXXetax& 6monthsaftertheendthe 12monthsaftertheendi.e.5Oct2019for31OctfollowingtheTY31Janfollowingthe 12monthsaftertheendofthePOA(online) due 31Janfollowingthe 9monthsandonedaytheendofthe31Janinthe31Julafterthe31Janafterthe14ofthe7thmonthinthe14ofthe10th14ofthe13th14ofthe16thIfAPisshorterthan12months,thefinalpaymentdueonthe14ofthe4thmonthinthePOA=(IT+Class4NICFinalpayment=balanceof(IT+Class4-PAYE)ofthecurrentyear–POA+(Class2+Instalment=CT*3/n(nisthelengthofAP)Finalpayment=CT– 1yearafterfilingdateJan 5yearsafterfilingdate6yearsaftertheendof 5yearsafterfilingdate31Jan(self-employed)Amendingthe9monthsafterthereturnisactuallyfiled(amendedby12monthsafterthefilingdate31Jan(amendedby9monthsafterthereturnisactuallyfiled(amendedby12monthsafterthefilingdatei.e.2yearsaftertheendofthePOA(amendedby 4yearsaftertheendofthe 4yearsaftertheendofthe-1yearafterthereturnisactuallyfiledwithHMRC-Quarterday(31.1;31.7;31.10)followingthe1yearaftertheactualfilingdate(iftaxreturnisafterfilingdate31-1yearafterthereturnisactuallyfiledwithHMRC-Quarterday(31.1;31.7;31.10)followingthe1yearaftertheactualfilingdate(iftaxreturnisafterfiling£XLess:valueofestateafterXLess:SpouseSmallgiftsMarriageNormalexpenditureoutofAnnualXLess:NRBNRBatX-GCTs(onlyCLTs)in7yrsX@20%(ifpaidby@25%(ifpaidbyXGCTc/f=Chargeableamount+(IHTifbyby£GCT(PET/CLT)in7yrsbeforeXLess:NRBavailable-GCTs(allCLTsandchargeablePETs)in7yrsXALess:taperrelief赠与 3-4yrs:4-5yrs:5-6yrs:6-7yrs:Less:lifetimeIHTIHTpayableonlifetimeXDeath££holdXXBusinessownedbysoletrader/XCashatbankandondeposit(includingXXInsuranceXXXal XDebtsduetotheXXLess:DebtsduebytheXLess:ExemptlegaciestospouseorcivilX££Xvalueoftheresidentialproperty(netofmortgage)upto of(£125,000+transferredRNRBfromLess:NRBavailablefordeathNRBatdeath+transferredNRBfromspouse–GCTs(CLT&PET)7yrsbeforeXIHTondeathX￡OutputVATReducedratesupplyZeroratesupplyFuelscaleXAInputXXZerorate0Entertainingrs/UKX0 nt&XLeasedmotorcarwithpartlyprivatePurchasedmotorcarsolelyforbusinessXPurchasedmotorcarwithpartlyprivate0AllmotorcarXAllXXImpairmentlossdueover6XB

禸Ԥ焐ԥԤ訰Ԥԥ素j좰Weightedaveragecost=Totalcost/(openinginventory+total Closinginventory=Weightedaveragecost*unitsleft Reducing第nDepexpnCA0*rate)n-1*第n年年末的账面价值 CAn=CA0*FromopeningtoOpeninginventory+purchase–Costofsales=ClosingOpeningCA+Revaluationsurplus+Addition-Disposal@CA-Dep(P/L)=ClosingCAWhereCA=carryingamount,Dep=depreciationexpense,Credit$XPlusclosingbalanceoftradereceivables(sincetheserepresentsalesincurrentperiodforwhichcashpaymenthasnotyetbeenXLessopeningbalanceoftradereceivables(theserepresentcreditsalesinCreditsalesintheXPlusclosingbalanceoftradepayables(sincetheserepresentpurchasesinthecurrentperiodforwhichpaymenthasnotyetbeenmade)Lessopeningbalanceoftradepayables(thesedebts,paidintheX$X$XXAccrualsand1.Accruals/Expense(P/L)=本期payment+closing -opening 2.Accruede/prepaid BankBalanceperbankstatementLess:unpresentedcheques

Balancepercashbook Goodwillatdateofacquisition（全找叙述$$XXXXXOtherreservesatXXXRetainedearningsotherreserves同理PS$$PerquestionRetainedearningsatDoC)（找表XXX 即yearend;DoA=dateofacquisition(收购日*X2=X1×groupNon-controllinginterestatreportingdateFairFairvalueofNCIatacquisition计算Goodwill$X*X3=X1’×nci*X1’=X1post-acqotherreservesotherreserves如Revaluationsurplus的变动EliminateURP=毛利ConsolidatedgrossConSales=P.sales+S.sales-intraCon = + -intrasales+URP(ifRatioPBITProfitbeforeinterestand = x ReturnonequityPATProfitaftertaxandpreferencedividendE= = NetprofitNet XAssetturnover X100%Liquidityandworkingcapital CurrentassetsQuickCA-InventoryCurrentassets- = Currentliabilities X365daysCreditsales X365days X365daysCostofsalesDebtandgearing/leverageDebt TDTotal DividendonDividendonthesharefortheCurrentmarketvalueoftheshare(exdiv)XEarningspershareDividendperordinaryshareFairvaluepershareimmediaybeforetheexerciseofrightscumrightspriceTheoreticalex-rightsfairvaluepershareEPSforthecurrentTheoreticalex-rightsfairvalueperFairvaluepershareimmediaybeforetheexerciseofrights(cumrightsEPSforthecorrespondingpreviousperiodOrdinarydividends=IPBITProfitbeforeinterestand AuditAuditrisk=inherentrisk·controlrisk·detectionFollowingbenarksandpercentagesmaybeappropriateinthecalculationofmaterialityforthefinancialstatementsasa%Profitbefore5GrossNetProfitafterCapitalemployedProfitmarginൈassetShareholders'equityTotalearningsPartCWorkingcapitalCreditsalesൈ365-FinishedCostofsalesൈ365-Costofsalesൈ365-RawRawmaterialsinventoryholdingperiod Accountspayablepaymentperiod Averageproductionperiod Inventoryturnoverperiod(FinishedX 33ൈtransactionൈvarianceofcash݊3グݐݐ◌PartDInvestmentDebt ݊EquityorDebtEquityグ◌ݐa+ (b−a)NPVa−NPVbPVofcostoveronerecementcyclePartEBusiness-Rf+βi(Erm−Assetbeta- β Vd(− Ve+Vd(−T) (Ve+Vd(−T))TheGrowth-P=D0(+ (re−-nnearestdividendoldestdividend−-(−0P0(+Preferencedividend Marketvalue(exdiv)=VeK+VdK(−T)Ve+Vde Ve+VddPartGRisk-Sൈ(+0(+-Sൈ(+0(++(+r)(++++PartAFinancialManagement =Profitbeforeinterestandtax ㋭

RevenueCapital=ProfitmarginൈassetShareholders'equity =Currentassets:Current䆎 =Currentassetslessinventory:Current䆎ܚ =

Exdivmeansthatthesharepricedoesnotincludetherighttothemostrecentdividend.分母股价的计算为：Exdivmarketpricepershare=Marketpriceshare(cumdiv)–ingdividendpershareEarningspershare(EPS)=ProfitdistributabletoordinaryshareholdersWeightedaveragenumberofordinaryPriceearningsratio(P/Eratio)⽰=Marketpriceofshare=Totalmarketvalueofequity Totalearnings市盈率（P/Eratio）是评估相对价值的有用标准，它反映了市场对该 䆎ܚ

利润股息比率（Dividendcover）代表了企业支付股息的能力，或者说利润的保留程度。当利润下降的时候，企业会保留 与Dividendcover相反的概念为利息分配率（dividendpayoutratio），计算 䆎ܚ =DividendperPartCWorkingcapitalPartC的内容为营运资本管理。营运资本管理的主要目的是确保企业拥有足够的流动资本以继续经营，并提高其 ॴ३ ॴ३ 䆎ⵅ=Finishedgoodsൈ365CostofCostofsales Annualrawmaterialpurchases况。存货周转天数增加可能由于a)变缓b)库存水平增加可能表示企业对库存的投资过度。 中平均库存（Averageinventory）的计算方法一般采用(Openingbalance+ ॴ३ ॴ३

ൈ365AccountspayablepaymentperiodAverageproductionperiod Operatingcycle

Xܚܚ⽰५ॲܚܚ⽰५ॲⵅ܍3.)(ܚܝ䆎ܚ=D=usageinunitsforoneperiod(thedemand)Ca=costofcingoneorderCh=holdingcostperunitofinventoryforoneQ=re-orderMiller-OrrModelܝ ܚ=Lowerlimit+(3ൈ3ൈtransaction3ൈtransactionൈvarianceofcashflowsグݐݐ݊◌Step1.SetthelowerlimitforthecashbalanceStep3.Notetheinterestrateandthetransactioncostforeachsaleorpurchaseofsecurities(thelatterisassumedtobePartDInvestmentDebtandgearingܚ ܚ=Debt Debt+

グݐグݐグݐグݐݐ

ܚ ܚ ܚ ܚ Note:Contribution=sales-variablecostof 利息备付率（Interestcoverage）是一种衡量 Interestcoverage大于7通常被认为是安全的。=a+ (b−a)NPVa−a=thelowerofthetworatesofreturnb=thehigherofthetworatesofreturnusedNPVa=theNPVobtainedusingrateaNPVb=theNPVobtainedusingratereturn）超过IRR，这个投资项目是可以被接受的。२ॲܚ܍५४ॲ܍

PVofcostoveronere cementcycleAnnuityfactorforthenumberofyearsinthecycle२ॲܚ܍५४ॲ܍ =NPVofPartEBusiness及Weightedaveragecostofcapital(WACC)。CapitalAssetPricingModelEri=Rf+βi(Erm−E(ri)=thecostofequitycapitalRf=therisk-rateofreturnE(