财务英语资料

37910CurrentassetsotherthaninventoriesMajortopicsAccountsreceivableCurrentinvestmentsCashandcashequivalentsNotesreceivableFinancialstatementanalysisValueaddedtaxCurrentassets,excludinginventories,compriseessentially3typesofaccounts:receivables,currentinvestments(marketablesecuritiesorshort-terminvestments),andcashandcashequivalents.Thevaluationofreceivablesontheassetsideofthebalancesheetisstrictlylinkedtothechoiceofrevenuerecognitionrules(Chapter6).Thesecurrentassetsareessentialintheoperatingcycleofthefirmandtheirvaluationaffectthewayauserestimateshowafirmwouldfareinabusinessdownturnandevaluatesthepossibleconsequencesonbothincomestatement(provisionexpenses)andbalancesheetofpossiblestrategicactions.COREISSUESInthisfirstsection,wewillreviewsequentiallythe3maintypesofaccounts:receivables,marketablesecurities,andcash.Ch10.qxd10/12/0111:42Page379Accountsreceivableor‘receivables’Accountsreceivableoftenrepresentasizeablecomponentoftheassetsideofabalancesheet,asshowninTable10.1,listingcompaniesindecreasingpercentageofaccountsreceivableintheir1999annualfinancialstatements.Thepercentagerepresentedbyreceivablesis,ofcourse,muchhigherforaserviceactivity(littlefixedassets)thaninabusinessinvolvedinaheavyindustry(largefixedassetscomponents).Thistable,likeequivalenttablesinpreviouschapters,isprovidedforthesolepurposeofillustratingthediversityofsituations.Itisinterestingtonotethevarietyoftermsusedinannualaccountstodescribeasimilarreality.Severalaccountingissuesaffectthereportingofreceivables:●non-offsettingprinciple●subsidiaryledgers380INTERNATIONALANDCOMPARATIVEACCOUNTINGTable10.1Weightofaccountsreceivable(A/R)CompanyCurrencyAccountnameReceivableTotalA/R/total(rounded)assetsassetsBull(France–ITgroup)h(millions)Tradereceivables8042,48332.4%ISS(Denmark–supportservices)DKK(millions)Tradeaccountsreceivable3,51113,67325.7%PernodRicard(France–beverages)h(millions)Currentreceivables1,1475,52920.7%Philips(Netherlands–electronics)h(millions)Accountsreceivable(net)5,32629,49618.1%Sulzer(Switzerland–medicalCHF(millions)Tradeaccountsreceivable1,1886,74117.6%equipment)Racingchampions(USA–$US(thousands)Accountsreceivable44,717276,28116.2%manufacturingandsalesofcollectibles)Barmag(Germany–man-madeDM(thousands)Receivablesforgoodsand78,879488,97116.1%fiberindustry)servicesprovidedSony(Japan–consumerYen(millions)Notesandaccounts1,013,5836,299,05316.1%electronicsandmusic)receivable,trade(net)Iberia(Spain–airtransport)Pesetas(mil.)Accountsreceivable103,269686,86415.0%Elkem(Norway–metalsNOK(millions)Receivablesfromcustomers(net)1,4179,67114.7%andmaterials)BBAG(Austria–brewery)h(thousands)Accountsreceivable101,288904,17811.2%Stora-Enso(Finland–h(millions)Accountsreceivable1,73316,03410.8%paperproduction)Mayflower(UK–busandcoaches)UK£(millions)Tradedebtors606099.9%Fiat(Italy–carmanufacturing)h(millions)Tradereceivables6,50979,8738.1%Ch10.qxd10/12/0111:42Page380●collectibilityoftheclaim(“baddebts”,“doubtfulaccounts”)●reporting●handlingofvalueaddedtax(VAT)(coveredinAppendix10.2).ApplicationofthenonoffsettingprincipletoaccountsreceivableAccountsreceivablearetheresultofcreditsales,whethertheyrelatetoindividuals,retailers,wholesalersormanufacturers.Inprinciple,accountsreceivableshouldshowadebitbalance,sincetheaccountisdebitedwhenthesale(credittotheincomestatement)isrecordedandbalancedbyacreditentrywhentheamountreceivableisactuallysettledbythecustomer(debitcash).However,accountsreceivablecanshowacreditbalanceinthecaseofpaymentbyanticipation(downpayment,forexample)orerroronthepartofthecustomer(forexampleapaymentinexcessoftheamountowed,oraduplicatedpayment).Whenanaccountreceivableshowsacreditbalance,itmustbeshownontheliabilitysideofthebalancesheet.Suchanaccountrepresentsadebttowardsthecustomer.The“nooffsettingprinciple”statesthatdebitbalancesandcreditbalancesinaccountsreceivablecannotunderanycircumstancesbecompen-sated.Thisruleappliesevenforsubsidiaryaccountsconcerningonegivenclientaslongastheydonotcorrespondtothesametransaction.SubsidiaryledgersInpreviouschapterswehaverecordedcreditsalesbydebitingageneric“accountsreceivable”.Foraccountingtobeusefultomanagers,suchagenericaccountisnotasoundbasisformonitoringtransactionswithcustomers.Althoughreportstooutsideusersofaccountinginformationcontainonlyone(orveryfew)line(s)foraccountsreceivable,internallythefirmwilluseoneaccount(orsubsidiaryledger)percustomer.Mostaccountingsoftwareprogramscodeaccountsonanalphanumericbasis(seeChapter4).Attheendoftheaccountingperiod,individualsubsidiaryledgeraccountsarecentralized(accumulated)andtransferredtothecontrol-ling“accountsreceivable”inthegeneralledger.CollectibilityofreceivablesThedevelopmentofcreditsalesorsalesonaccountisalegitimatewayforreachingnewcustomersandgrowingsales.Theexistenceofreceivablesleadstothenecessityofevaluating,attheendofeachaccountingperiod,theprobabilitythattheaccountwilleffectivelybecollected.Thisevaluationisbasedonbothcommercialinformation(customersatisfaction,returns,complaints,etc.)andexternalinformationpertainingtotheeconomicorfinancialsituationo