Managerial Accounting
管理会计
Topics of Discussion
讨论议题
Fundamental Concepts: Chapters 1 - 2
基础概念第1 -2章
Managerial Decision Making: Chapters 3 - 9
管理决策的制定第3 - 9章
Managerial Planning and Performance Evaluation: Chapters 10 - 14
管理计划和绩效评估第10 - 14章
Cost Systems: Chapter 15
成本系统 第15章
Fundamental Concepts
Chapter 1
基础概念 第1章
After studying chapter 1, you should be able to: 学习第1章之后，你应该能够：
Distinguish between managerial and financial accounting.
区分管理会计和财务会计的区别
Understand the use of accounting information.
理解使用会计信息
Identify the key financial players in the organization.
明确组织中财务的主要作用
Fundamental Concepts
Chapter 1 (cont.)
基础概念 第1章（续）
Explain the benefits of activity based management and the application of the value chain
解释以作业为基础的管理的利益与价值链的应用
Understand the importance of effective communication among users of managerial accounting information
理解使用管理会计信息进行有些沟通的重要性
Describe how managerial accounting supports the new production environment.
描述管理会计如何支持新的生产环境的
Understand ethical standards
理解伦理标准
Fundamental Concepts
基础概念
After studying chapter 2, you should be able to:学习第2章后，你应该能够：
Master the concept of cost.
掌握成本概念
Distinguish between direct and indirect costs.
区分直接和间接成本
Distinguish between manufacturing and nonmanufacturing costs.
区分制造与非制造成本
Understand the nature of common, or indirect costs.
理解共同成本或间接成本的本质
Fundamental Concepts
Chapter 2 (cont.)
基础概念 第2章（续）
Compare, contrast, and compute
比较，对照与计算
Gross margin.销货毛利
Contribution margin. 边际贡献
Profit margin. 边际利润
Compare and contrast income statements prepared for managerial use and those prepared for external reporting.
比较并对照用管理目的与用于外部报表的损益表
Understanding the value chain concept in preparing income statements for managerial use.
了解编制管理用损益表时所应用的价值链概念
Managerial Decision Making
Chapter 3
管理决策的制定 第3章
After studying chapter 3,you should be able to:学习第3章后，你应该能够：
Distinguish between:区分
Variable costs and fixed costs.
可变成本与固定成本
Short run and long run.
短期运营与长期运营
Define relevant range.明确相关范围
Identify capacity costs, committed costs, and discretionary costs.
识别资本成本，承诺成本，以及可随意支配成本
Understand the nature of various cost behavior patterns.
理解不同成本习性模式的本质
Managerial Decision Making
Chapter 3 (cont.)
管理决策的制定 第3章（续）
Describe how managers use cost behavior patterns.
描述管理者如何使用成本习性模式
Understand how analysts estimate cost behavior using engineering methods and account analysis.
理解分析家使用工程方法与会计分析来估计成本习性
Use historical data to estimate costs.
使用历史数据估计成本
Explain the costs, benefits, and weakness of the various cost estimation methods.
解释不同成本估计法的成本，益处与不足
Managerial Decision Making
Chapter 4
管理决策的制定 第4章
After studying chapter 4, you should be able to:学习第4章后，你应该能够：
Explain how costs, volume, and profits are interrelated.
解释成本 -数量 - 利润如何相互关联
List various applications to the cost-volume-profit model.
列举成本-数量-利润不同的应用
Define the assumptions of the model.
解释模型的假设
Managerial Decision Making
Chapter 5
管理决策的制定 第5章
After studying chapter 5, you should be able to:学习第5章后，你应该能够：
Describe the basic premise of activity-based management.
描述作业基础管理的前提
Identify the strategic uses of activity-based management.
确认作业基础管理的策略性用途
Relate activity-based management to the value chain.
连结作业基础管理与价值链
Understand the concept of activity-based costing.
理解作业基础管理的概念
Managerial Decision Making
Chapter 5 (cont.)
管理决策的制定 第5章（续）
Identify the steps in activity based costing.
明确作业基础成本制的步骤
Identify how activity-based management can be used for marketing.
明确作业基础管理如何用于营销
Distinguish between resources used and resources supplied
区别已使用资源及已供应资源.
Identify the advantages of activity-based reporting for unused resources.
明确未使用资源的作业管理基础报告的优点
Managerial Decision Making
Chapter 6
管理决策的制定 第6章
After studying chapter 6, you should be able to:学习第6章后，你应该能够：
Understand the differential principle and know how to identify costs.
理解不同原理以及知道如何区分成本
Describe the major influences of pricing including short-run and long-run decisions.
描述短期与长期定价决策的主要影响
Know what must be covered by prices.
知道价格中必须包括什么
Understand how to base target costs.
理解如何设定目标成本
Managerial Decision Making
Chapter 7
管理决策的制定 第7章
After studying chapter 7, you should be able to:学习第7章后，你应该能够：
Apply differential analysis to product choice decisions.
对产品选择决策应用不同分析
Explain and apply the theory of constraints.
解释并应用限制理论
Identify the factors underlying the make-or-buy decision.
辨认自制或外购决策的影响因素
Managerial Decision Making
Chapter 7 (cont.)
管理决策的制定 第7章（续）
Identify the costs of producing joint products and the relevant costs to sell or process further.
辨认联合制造产品的成本及进一步销售或制造的相关成本
Use differential analysis to add or drop parts of an operation.
利用不同的分析方法决定增加或减少产品线
Identify the factors of inventory management decisions.
辨认库存管理决策的因素
Managerial Decision Making
Chapter 8
管理决策的制定 第8章
After studying chapter 8, you should be able to:学习第8章后，你应该能够：
distinguish between the traditional view of quality and the quality-based view.
区分传统观念的质量与以质量为导向
Define quality according to the customer.
明确顾客心目中的质量
Compare the cost of quality compared to the cost of failing to control quality.
质量比较成本与质量失控成本的比较
Explain why trade-offs in quality control and failure costs are made.
解释为什么交替使用质量控制和失败成本的产生
Managerial Decision Making
Chapter 8 (cont.)
管理决策的制定 第8章（续）
Describe the tools used to identify quality control problems.
描述区分质量控制问题所使用的工具
Explain why just-in-time requires total quality management.
解释为什么just-in-time 要求全面质量管理
Explain why time is important in a competitive environment.
解释为什么时间在竞争环境中重要
Managerial Decision Making
Chapter 9
管理决策的制定 第9章
After studying chapter 9, you should be able to:学习第9章后，你应该能够：
Summarize the strategic benefits of capital investments.
总结资本投资的战略利益
Explain why audits are an important step in the capital investment process.
解释为什么审计在资本投资过程中是重要的一步
Identify the behavioral issues involved in capital budgeting.
识别资本预算中习惯的方法
Describe the steps of the net present value method for making long-term decisions.
描述长期决策使用净现值方法的步骤
Managerial Decision Making
Chapter 9 (cont.)
管理决策的制定 第9章（续）
Apply the internal rate of return method of assessing investment alternatives.
评估投资方案应用内部回报率的方法
Explain why cash flow analysis is sometimes not enough to justify or reject an investment.
解释为什么有时现金流分析不足以否决一个投资
Managerial Planning and Performance Analysis
Chapter 10
管理规划与绩效分析 第10章
After studying chapter 10, you should be able to:学习第10章后，你应该能够：
Analyze a budget as a tool for planning and performance evaluation.
分析预算作为规划与绩效评估的工具
Compare the four types of responsibility centers.
比较四种责任中心
Recognize how a budget can affect employee motivation.
认识预算如何影响员工动机
Managerial Planning and Performance Analysis
Chapter 10 ( cont.)
管理规划与绩效分析 第10章（续）
Describe the master budget.
描述总预算
Know how to use the budget for performance evaluation.
了解如何使用预算评估绩效
Describe the ethical dilemmas in budgeting.
描述预算的道德问题
Develop a master budget.
开发总预算
Managerial Planning and Performance Analysis
Chapter 11
管理规划与绩效分析 第11章
After studying chapter 11, you should be able to:学习第11章后，你应该能够：
Understand the reasons for conducting variance analysis.
了解使用不同分析方法的原因
Separate variances into price and efficiency components.
价格与效率组合的分离差异
Explain why variances occur.
解释为什么会出现差异
Analyze overhead variances using the variable cost model.
使用差异成本模式分析管理费的差异
Calculate fixed costs variances.
计算固定成本差异
Managerial Planning and Performance Analysis
Chapter 11 (cont.)
管理规划与绩效分析 第11章(续）
Describe the role of variances in a service organization.
描述服务组织中差异的作用
Explain how target costing and kaizen costing change the focus of costing systems.
解释目标成本与kaizen成本改变了成本系统的焦点
Identify tools managers use to decide when to investigate variances.
调查差异时，管理者决策的识别工具
Managerial Planning and Performance Analysis
Chapter 12
管理规划与绩效分析 第12章
After studying chapter 12 you should be able to:学习第12章后，你应该能够：
Know how organizations recognize and communicate their responsibilities.
了解组织任何认识并传达他们的职责
Understand how the balance scorecard helps organizations recognize and deal with opposing responsibilities.
理解平衡记分卡帮助企业认定并处理相对立的责任
Managerial Planning and Performance Analysis
Chapter 12 (cont.)
管理规划与绩效分析 第12章（续）
Know how the process of performance improvement works.
了解绩效改善工作是如何运作的
Identify examples of nonfinancial performance measures.
明确非财务绩效衡量的示例
Explain why employee involvement is important.
解释为什么员工的参与是重要的
Managerial Planning and Performance Analysis
Chapter 13
管理规划与绩效分析 第13章
After studying chapter 13, you should be able to:学习第13章后，你应该能够：
Identify the benefits and disadvantages of decentralization.
明确分散的益处与劣势
Know the complexities of using ROI as divisional performance measures.
了解将使用投资回收期作为部门绩效评估方式的复杂性
Apply differential analysis to make-or-buy decisions with different transfer prices.
用不同转换价格应用不同的制造或购买决策分析
Discuss transfer pricing issues and methods.
讨论转换价格定价及其方法
Managerial Planning and Performance Analysis
Chapter 13 (cont.)
管理规划与绩效分析 第13章（续）
Discuss multinational transfer prices.
讨论国际转换价格
Identify types of costs to be considered in measuring division operating costs.
衡量部门运营成本时明确考虑成本种类
Know the contribution approach alternative to ROI.
了解投资回收的贡献方法
Calculate ROI and identify shortcomings of the measure.
计算投资回收期并认识其测量的缺点
Calculate residual income.
计算剩余收入
Managerial Planning and Performance Analysis
Chapter 14
管理规划与绩效分析 第14章
After studying chapter 14, you should be able to:学习第14章后，你应该能够：
Describe key characteristics of divisional incentive plans.
描述部门激励计划的主要特点
Explain what constitutes fraudulent financial reporting.
解释什么构成了欺诈性财务报告
Recognize the incentives for committing fraud.
鼓励揭发欺诈
Identify the controls that can be instituted to prevent fraud.
明确防止欺诈的控制手段
Cost Systems
Chapter 15
成本系统 第15章
After studying chapter 15, you should be able to: 学习第15章后，你应该能够：
Compare job and process costing.
比较工作与过程成本
Compare and contrast job and process costing in a service organization to that of a manufacturing organization.
比较和鉴别服务组织与制造组织的工作与过程成本
Identify ethical issues in job costing.
识别工作成本中伦理道德
Managerial Accounting
管理会计
Joyce Capelle, JD
Ivy University
1. Managerial Accounting and the Business Environment
管理会计与业务环境
Management Activities管理活动
Financial vs. Managerial Accounting
财务与管理会计
Total Quality Management
全面质量管理
Just-in-Time及时正好系统
Process Re-Engineering
过程再造工程
Other Management Issues
其他管理事宜
Management Activities
管理活动
Planning
计划
Directing
领导
Controlling
控制
Management Activities
管理活动
Planning involves identifying alternatives and selecting the best one for the company.
计划涉及为公司确定方案并选择最佳的活动
Management Activities
管理活动
Directing involve mobilizing people to carry out the plans of management and to oversee day-to-day activities of the company.
领导涉及公司动员员工完成管理计划并监督日常工作
Management Activities
管理活动
Controlling involves obtaining feedback to ensure that all parts of the company are following management’s plans.
控制涉及获得反馈以确保公司上下执行管理计划
Financial v.
Managerial Accounting
财务与管理会计
Focus on data for internal use.
关注用于内部的数据
Emphasis on the future.强调未来
Relevance and flexibility关联性与灵活性
Looks at segments of a company公司细分
Accounting rules don’t apply
没有应用的会计规则
Not all companies apply managerial accounting to decision-making.
不是所有的公司使用管理会计做决策
Total Quality Management
全面质量管理
Approach that focuses on customer and uses teams of workers to solve problems.
以顾客为导向，使用团队解决问题的方法
Benchmarking studies successful companies.
标杆学习使公司成功
Total Quality Management
全面质量管理
Plan-Do-Check-Act Cycle
计划 - 试验 - 检查 - 行动循环（PDCA）
Plan Phase: current production studied and plan developed to fix problems
计划阶段：用目前生产研究与计划开发来解决问题
Do Phase: Plan implemented and data collected. If possible, done first on a small scale.
试验阶段：实施计划，收集信息。如果可能的话，先小规模做一下
Total Quality Management
全面质量管理
Check Phase: Data collected in “Do Phase” analyzed to determine if problem is fixed or results improved.
检查阶段：在“试验阶段”所收集的数据进行分析，确定是否解决了问题，或改进了结果
Act Phase: Successful plan implemented on larger scale. If not successful, back to “Plan Phase”.
行动阶段：大规模成功地完成了计划。如果不成功，重新返回到“试验阶段”
Just-in-Time
及时正好系统
Company relies on few suppliers.
公司依赖少数供货商
May require “focused factory”.
要求以“工厂为导向”
Must reduce setup time.
必须降低准备时间
Try to reduce defects.
努力减少错误
Needs multi-skilled labor force.
需要多技能的劳动力
Just-in-Time
及时正好系统
Seeks to improve profitability by reducing inventory to absolute minimum levels.
通过将库存降低到绝对最低水平来追求提高利润率
Just-in-Time
及时正好系统
Raw materials are received “just in time” to go into production and products are completed just in time to be shipped to customers.
原材料“及时”接收，进入到生产领域，使产品及时生产，以便及时运送到顾客手中
Just-in-Time
及时正好系统
Flow of goods controlled by a “pull” approach - work is begun only in response to customer orders.
物料是以“拉动”的方式进行控制，只有接到订单才进行生产
In a traditional model, parts and materials are “pushed” forward regardless of need.
传统模式，无论需要与否部件或材料都“推动”到下一工序
Just-in-Time
及时正好系统
To implement JIT, a company may create a “focused factory” - where all the machines needed to produce goods are brought together in one place.
为了完成及时正好系统，公司需以“以工厂为导向” - 生产产品的所有机器都应设置在一个地方
Just-in-Time
及时正好系统
Benefits of JIT may include:
及时正好系统的优势
working capital improves because not as money is tied up in inventory
改善运行资本因为货币不被库存束缚住
more working space in factory - less used to store inventory.
工厂有更多的操作空间 - 库存储备地方减少
throughput time reduced - decreasing time from buying material to selling product.
单产时间减少 - 购买材料到销售产品的时间减少
Process Re-Engineering
过程再造
Involves completely redesigning business to improve productivity and profit.
涉及工作整体再设计以提高生产率和利润
Uses flowcharts.使用流程图
Company redesigned from the ground up.
公司再造自下而上
May involve automation.
可能涉及自动化
Theory of Constraints
限制理论
A constraint is anything that limits the company’s ability to achieve its goals.
限制理论是限制公司完成目标能力的理论
If output cannot keep up with demand, the constraint is the production factory,
如果产出不能与需求保持一致，这种限制来自于生产因素
Improvement efforts should be focused on the constraints.
努力改善应着重于限制因素
Other Management Issues
其他管理事宜
Organizational structure
组织结构
Decentralization and delegation
分散与授权
Legal and ethical issues
法律与伦理问题
2. Financial Statement Analysis
财务报表分析
Financial Statement Basics
财务报表基础
Ratio Analysis
比率分析
Cash-Flow Analysis
现金流分析
Viability Analysis
生存分析
Financial Statement Basics
财务报表基础
Balance Sheet平衡表
Assets资产
Liabilities债务
Equity权益
Income Statement损益表
Revenue收益
Expenses费用
Profit (Loss)利润（损失）
Financial Statement Basics
财务报表基础
Assets are things the company owns.
资产是公司所拥有的
Assets include cash, accounts receivable, inventories (these are considered Current Assets).
资产包括现金，应收帐款，库存（考虑的是流通资产）
Assets also include property (land), plant (buildings), and equipment.
资产也包括产权（土地），厂房（建筑物），和设备
Financial Statement Basics
财务报表基础
Intangible assets are ideas such as copyrights, trademarks, and patents.
无形资产是创意，如版权，商标及专利
Copyrights protect books, songs, etc.
版权保护书刊，歌曲等
Trademarks protect images (such as McDonald’s Golden Arches)
商标保护形象（如麦当劳的金色拱门）
Patents protect inventions.
专利保护发明
Financial Statement Basics
财务报表基础
Liabilities are things the company owes.
债务是公司所欠的
Examples include accounts payable, accrued payroll, and short-term bank loans. These are called Current Liabilities.
如：应付帐款，自然增长的工资及短期银行贷款。这些称作流动债务
Liabilities also include long-term debt.
债务也包括长期欠债
Financial Statement Basics
财务报表基础
Equity represents the difference between what is owned by a company and what the company owes.
权益代表公司所拥有的和所欠的
Equity is the accumulated profit and/or loss achieved by the company during its life.
权益是公司在运营过程中实现利润和或损失的累积
Financial Statement Basics
财务报表基础
The contents of the Equity section of the Balance Sheet differs depending on the type of ownership of the business.
平衡报表中权益的内容不同取决于公司的性质
Sole Proprietorship = Owner’s Equity
独资企业 = 所有者权益
Partnership = Partners’ Equity
合作企业 = 合作者权益
Corporation = Stockholder’s Equity
公司 = 股东权益
Financial Statement Basics
财务报表基础
The Accounting Equation is shown as Assets = Liabilities + Equity
会计衡等式
资产 = 债务 + 权益
Financial Statement Basics
财务报表基础
The Income Statement is also known as Statement of Operations.
损益表也称作运营状况表
It is also called the Profit/(Loss) Statement or “P + L”
也称作利润/损失表或“P + L”
Financial Statement Basics
财务报表基础
Income = Revenue 收入 = 收益
Depending on the type of company, revenue can be shown as Sales, Fees, etc.
取决公司的类型，收益可以被看作为销售，费用等
Lost revenue such as bad debt may be shown as a reduction to revenue or as a cost of doing business (expense).
坏帐方面的损失收益可以被看作为收益的减少或公司运营成本（费用）
Financial Statement Basics
财务报表基础
Manufacturing and Merchandising companies often show most of their expenses added together as “Cost of Goods Sold” or “COGS”.
制造和推销公司经常将额外的支出显示为“物品销售成本”或“COGS”
COGS includes materials, labor, and manufacturing overhead.
COGS包括材料，劳动力和制造管理费
Financial Statement Basics
财务报表基础
Many companies prefer to itemize expenses so they can monitor each type of cost.
许多公司愿意将费用分类以便监督各类成本
Rent, utilities, equipment repairs, labor cost, insurance, etc. are all examples of itemized expenses.
借用，动力，设备维修，劳动成本，保险等都是费用分类的例子
Financial Statement Basics
财务报表基础
Expense also includes depreciation - the loss of value of buildings and equipment due to use (“wear and tear”) or obsolescence (new or improved products make the old product unsellable).
费用也包括折旧 - 建筑物和设备使用（磨损）所损失或废弃（新的或改进的产品使老产品销售不出去）的价值
Ratio Analysis
比率分析
Comparing two or more items from these financial reports is called Ratio Analysis.
从财务报表中比较两个或两个以上项目的方法称作比率分析
Conclusions can be drawn by comparing a ratio from two or more years. This is called “trending”.
将两年或更长时间比较的比率得出结论。这称作“趋势”
Ratio Analysis
比率分析
Comparing ratios from one company with those of another company or the industry as a whole is called “comparative analysis” or “comps”.
一个公司与另外一个公司或与整个行业进行比率比较称为“比较分析”或“comps”.
Ratio Analysis
比率分析
Current Ratio = Current Assets/Current Liabilities
流动比率 = 流动资产/流动债务
A declining Current Ratio may be a sign that the company’s financial condition is declining.
下降的流动比率是公司财务状况下降的信号
Ratio Analysis
比率分析
Acid Test Ratio = Cash + Marketable securities + Current Receivables/Current Liabilities
酸性测试比率 = 现金 + 可流通的证券 + 流动应收帐款/流动债务
More rigorous test that the current ratio - test of company’s ability to pay its bills.
公司支付帐单能力的流动比率测试是更严格的测试
Also called the Quick Ratio.
也称作速动比率
Ratio Analysis
比率分析
Debt-to-Equity Ratio= Total Liabilities/Stockholders’ Equity
负债权益比率 = 债务总额/股东权益
Proportion of assets funded by creditors (debt) to those of company owners
债权人（债务）按一定比例向公司拥有者筹集资金
There is no “right” amount of debt - each company sets its own policy.
债务的多少没有“权利” - 每个公司设定自己的规程
Ratio Analysis
比率分析
Accounts Receivable Turnover = Sales on Account/Average accounts receivable balance
应收帐款周转率 = 销售应收帐款/平均应收帐款
365 days/AR Turnover = average collection period
365天/应收帐款周转率=平均回款期
Measures how long it takes to collect on credit sales.
测定赊销帐款回款期限的长短
Ratio Analysis
比率分析
Inventory Turnover = Cost of Goods Sold (COGS)/average inventory balance
库存流动率 = 销售产品成本(COGS)/平均库存
365 days/inventory turnover = average days to sell inventory
365天/库存流动率 = 库存销售的平均天数
Measures how quickly inventory is sold.
衡量库存销售的迅速程度
Ratio Analysis
比率分析
Return on Assets (ROA) = Net Income/average total assets
资产报酬率(ROA) = 净收入/平均资产总额
Measures how well assets are used by a company.
测定公司使用资产的情况
Ratio Analysis
比率分析
Working Capital = Current Assets - Current Liabilities
流动资本 = 流动资产 - 流动债务
Measures company’s ability to pay its debt.
衡量公司支付债务的能力
Cash-Flow Analysis
现金流分析
Sources and uses of cash
资源与现金的使用
Operating Activities
运营活动
Investing Activities
投资活动
Financing Activities
融资活动
Direct Method of Analysis
分析的直接方法
Cash-Flow Analysis
现金流分析
Sources and uses of cash:现金使用的来源
Net Income净收入
Net Loss净损失
Changes in noncash assets
非现金资产的变化
Changes in liabilities债务的变化
Changes in capital stock accounts
资本股票计算的变化
Dividends paid to investors
支付给投资者的红利
Cash-Flow Analysis
现金流分析
Operating Activities:作业活动
Net Income净收入
Changes in current assets
流动资产的变化
Changes in noncurrent assets that effect income ()
影响收入的非流动资产的变化（如折旧）
Changes in current liabilities
流动债务的变化
Changes in noncurrent liabilities that effect income
影响收入的非流动债的变化
Cash-Flow Analysis
现金流分析
Investing Activities:
投资活动
Changes in noncurrent assets that are not included in net income
非流动资产的变化不包括净收入
Cash-Flow Analysis
现金流分析
Financing Activities:融资活动
Changes in current liabilities that are debts to lenders rather than debts to suppliers and employees
流动债务的变化是对债权人的债务多于对供应商和雇员的债务
Changes in noncurrent liabilities that are not included in net income
非流动债务的变化不在净收入内
Changes in capital stock资本股票的变化
Changes in dividends红利的变化
Cash-Flow Analysis
现金流分析
Direct Method of Analysis
分析的直接方法
Income Statement reconstructed on a cash basis from top to bottom
重新设计以现金为基础从上到下的损益表
Cash-Flow Analysis
现金流分析
Indirect Method of Analysis
分析的间接方法
Operating activities are constructed starting with net income and adjusting it to a cash basis.
作业活动的结构由净收入开始，并调整其至一个现金基数
Also called the reconciliation method.
也称作调整法
Cash-Flow Analysis
现金流分析
Cash Receipts:现金收入
Cash collected from customers.
从顾客收集的现金
Interest and dividends received.
收到的利息和红利
Other operating cash receipts, if any.
其他运营现金收入，如果有的话
Cash-Flow Analysis
现金流分析
Cash Payments:现金支付
Cash paid to employees and suppliers.
支付给雇员和供货商的现金
Interest paid.支付的利息
Income taxes paid.支付的收入税
Other operating cash payments, if any.
其他运营现金支付，如果有的话
Viability Analysis
生存分析
Use of Baseline financial data to predict future outcomes:
“Pro-formas”
Scenario Analysis
使用基线财务数据预测未来结果：
“形式上的”
方案分析
Viability Analysis
生存分析
A “Pro-forma” uses current or historical financial data to predict the future financial results.
“形式上的”用当今或历史财务数据来预测未来的财务结果
Also called a “What If” analysis because it is usually done to estimate what would be the result if an event occurs.
也称作“如果…怎么样”分析，因为它经常估计如果事件发生了，结果会是什么样的
For example, what if we raised prices 10%?
例如：我们提价10%，结果会是什么样的？
Viability Analysis
生存分析
Scenario Analysis is done when there is no relevant historical data.
没有相关历史数据时，进行方案分析
For example, if I start a new business to manufacture shoes and borrow money at 8% to fund the operation, how much profit would I have to make to [pay off the loan in two years?
例如：如果我开始经营制造皮鞋，以8%的利息借款开张。我需获得多少利润方可在2年内还清贷款？
3. Cost Terms, Concepts, and Classifications
成本科目，概念以及分类
Manufacturing Costs
制造成本
Non-manufacturing Costs
非制造成本
Cost Behavior
成本习性
Other cost classifications
其他成本分析
Manufacturing Costs
制造成本
Labor - 劳动力
Direct 直接
Indirect间接
Materials - 材料
Direct 直接
Indirect间接
Manufacturing Overhead
制造管理费
Manufacturing Costs
制造成本
Direct labor costs are those that can easily be traced to the manufacture of products.
直接劳动成本是在产品制造过程中容易被追溯的成本
Sometimes called “touch” labor because it “touches” the actual products made by a company.
有时称作“接触”劳动成本，因为它“接触”了公司生产中实际的产品
An example would be a factory worker.
工厂的工人就是一个例子
Manufacturing Costs
制造成本
A supervisor or a worker who repairs equipment throughout the business would be considered indirect labor.
生产中的监工或维修工是间接劳动成本
Indirect labor costs cannot be traced easily to individual units of production.
间接劳动成本不能在某个生产单位被容易地追溯
Manufacturing Costs
制造成本
Direct materials become part of the finished product and can be easily traced to the product.
直接材料是产品中的一部分，容易被追溯
An example would be cloth used to make a dress.
示例：制造西服的布料
Manufacturing Costs
制造成本
Indirect materials cannot be individually traced to a single product.
间接材料不能在单一产品中被追溯
For example, thread used to sew dresses. One spool may sew several dresses. It may be too costly to trace inches of thread.
示例：由于做西服的线。一轴线可能缝制几件西服。追溯使用线的长度太费成本
Manufacturing Costs
制造成本
Manufacturing overhead consists of all manufacturing costs except direct materials and direct labor.
制造管理成本包括除直接材料和直接劳动力之外的所有成本
Examples would be rent paid for the factory, utilities, and depreciation of factory equipment.
举例：工厂租赁，动力费，工厂设备的折旧
Also called factory overhead, factory burden, and indirect manufacturing costs.
也称作工厂管理成本，工厂负担，非直接制造成本
Non-manufacturing Costs
非制造成本
Selling Costs
销售成本
Administrative Costs
管理成本
Non-manufacturing Costs
非制造成本
Selling or marketing costs include marketing (including commissions paid to salesmen), delivery equipment, advertising, warehouse costs.
销售或营销成本包括市场营销（包括支付销售员的承诺），运货设备，广告，仓储费
Non-manufacturing Costs
非制造成本
Administrative Costs include costs of running the company such as the owner’s salary, secretaries, depreciation of administrative equipment (computers, furniture, etc.)
管理成本包括公司运营的成本，如：所有者的工资，秘书，管理设备（计算机，办公家具等）的折旧
Cost Behavior
成本习性
Fixed Costs
固定成本
Variable Costs
可变成本
Step-variable Costs
分步成本
Mixed Costs
混合成本
Cost Behavior
成本习性
Fixed Costs remain constant regardless of how many units are produced.
不论生产多少产品固定成本都会存在
Examples are rent, building depreciation, advertising.
例如：租金，建筑物折旧，广告
Cost Behavior
成本习性
Variable Costs vary according to how many units are produced.
可变成本根据生产产品的数量变化
Examples include direct materials, direct labor, sales commissions.
例如包括直接材料，直接劳动力，销售承诺
Cost Behavior
成本习性
Step-variable costs stay the same over a relevant range of production then increase/decrease at the next level of production.
分步-可变成本在相关生产范围中保持一致，在下一阶段有所增减
Salaries for supervisors might be a good example - one supervisor can handle one to ten employees but a second supervisor is hired when the company adds another five employees.
监工的工资是个十分好的例子 - 一个监工负责1 - 10 位雇员，当公司扩大规模时，再雇佣第2位监工管理另外5位雇员
Cost Behavior
成本习性
“Relevant Range” is the range of activity where assumptions about a cost’s behavior are valid.
“相关范围”指的是假设成本习性可变的活动范围
For example, when we produce 10,000 to 50,000 dresses, certain assumptions about our costs are valid.
例如：当我们生产西装由10,000件到50,000件，假设成本可变
Cost Behavior
成本习性
Mixed Costs cannot be easily classified into fixed, variable, or step-variable in behavior.
混合成本在习惯上不能简单地分类到固定，可变或分步成本上
Other cost classifications
其他成本分类
Prime v. Period Costs
主要成本与期间成本
Controllable v. Noncontrollable Costs
可控成本与不可控成本
Differential Cost
差别成本
Opportunity Cost
机会成本
Sunk Cost
沉降成本
Other cost classifications
其他成本分类
Prime costs = Direct Materials plus direct labor costs.
主要成本 = 直接材料成本 + 直接劳动成本
Conversion costs = Direct Labor plus Manufacturing Overhead.
转化成本 = 直接劳动成本 + 制造管理成本
Other cost classifications
其他成本分类
Controllable costs are those under the direct management of a company such as labor, materials.
可控成本是那些公司直接管理的成本，如劳动力，材料
Non-controllable are not subject to day-to-day control such as depreciation and insurance.
不可控成本为不是日常控制的成本，如折旧和保险
Other cost classifications
其他成本分类
Differential Cost is the difference in cost between two alternatives.
差异成本是两种成本的差别
For example, good quality leather costs $ Higher quality is $ The differential cost is $
例如：高级质量的皮革成本$
Other cost classifications
其他成本分类
Opportunity Cost is the potential benefit given up by choosing one alternative over another.
机会成本是选择一个，放弃另外一个方案所放弃的潜在利益
Opportunity costs are ignored in financial records.
机会成本在财务记录中忽略不记
Other cost classifications
其他成本分类
Sunk Cost has already been incurred and cannot be recovered.
沉降成本已发生而不能再补偿的
For example, you are a construction company and you put together a proposal to building a skyscraper. It costs you $5,000 to fly to Paris to present the proposal. You lose the bid. Your $5,000 cannot be recovered.
例如，你是一家建筑公司，准备了盖一幢摩天大楼的建议。你花了$5,000 飞到巴黎展示你的建议。你投标失败。这$5,000 不能补偿
4. Cost Accounting Systems
成本会计系统
Job-Order Costing
分批订单成本法
Process Costing
过程成本法
Activity-Based Costing
作业基础成本法
Cost Accounting and TQM
成本会计与全面质量管理
Job-Order Costing
分批订购成本法
Materials Requisition
材料申请
Time Sheets
时间表
Predetermined Overhead Rate
提前确定的管理费比率
Allocation Base
分配基础
Job Cost Sheet
工作成本表
Job-Order Costing
分批订购成本法
Materials Requisition材料申请
Materials are withdrawn from storage using a requisition form as authorization.
经授权，用申请表将材料从仓库运到车间
The cost of these materials are recorded as direct materials or indirect (if they cannot be traced directly to a product).
这些材料的成本记入直接材料或间接材料（如果它们不能直接被追溯）
Job-Order Costing
分批订购成本法
Time Sheets时间表
Labor costs are recorded on time sheets.
劳动成本记入时间表
Labor time spent working on a specific product are recorded as direct labor.
对特定产品所花费的劳动时间记入直接成本
Other tasks (maintenance of equipment, etc.) recorded as indirect labor.
其它任务（设备维修等）记入间接成本
Job-Order Costing
分批订购成本法
Predetermined Overhead Rate
预先确定管理成本率
Costs not directly tied to a product are allocated by using a formula.
成本不直接与产品有联系，而是根据配方分摊成本
An estimate of total overhead and total number of units to be produced (or hours worked) is used. This is the predetermined overhead rate.
用于对管理总成本和生产单位（或工时）的数量。这是预先确定管理成本率
Job-Order Costing
分批订购成本法
Predetermined Overhead Rate = Estimated manufacturing overhead divided by estimated base (such as man-hours or machine-time or units produced).
预先确定管理成本率 = 预计的制造管理成本/预测基数（工时，机时，或单位产量）
Job-Order Costing
分批订购成本法
Allocation Base is some measure of activity such as…
分配基础按作业测定，如：
direct labor-hours 直接劳动工时
direct labor cost 直接劳动成本
machine-hours. 机时
Such a base is called a “cost driver”.
这些基础称作“成本驱动”
Job-Order Costing
分批订购成本法
Job Cost Sheet工作成本表
Materials requisitions, time sheets, and overhead allocations are all entered into a final cost document called a “Job Cost Sheet”.
材料申请，时间表和管理费分摊都记入最终成本文件，叫“工作成本表”
Process Costing
过程成本法
Used in those situations where manufacturing a single product such as bricks for long periods of time.
用于长期加工单一产品，如：砖块
Process Costing
过程成本法
Differs from job-order costing:
与分批订购成本法有区别：
single product made on a continuous basis, each unit being identical.
单一产品连续作业，每个单位相同
Costs accumulated by department, not by job.
以部门，而不是以工作为单位的成本累加
Units costs computed by department, not by job.
单位成本的计算以部门而不是以工作
Process Costing
过程成本法
Similar to job-order costing:
与分批订购成本法类似：
same basic purpose - mechanism to calculate costs per unit
基础目的相同 - 计算单位成本的机械化程度
both systems use same cost categories
两个系统使用同一成本分类
costs flow through accounting records in the same way
现金流的统计记录相同
Process Costing
过程成本法
A processing department is any work center where work is performed on a product and where materials, labor, or overhead costs are added.
制造部门是工作中心，任何工作围绕着产品而进行，在此加入材料，劳动力和管理成本
Process Costing
过程成本法
Equivalent Units of Production consist of completed units and the equivalent, in terms of completed units, of partially completed units.
生产的等价单位包括完成的单位和等价单位，即完成的和部分完成的
Process Costing
过程成本法
Weighted Average Method
权重平均法
Units completed完成的单位
+ Units in ending inventory
+ 期末库存的单位
= equivalent units
= 等价单位
Activity-Based Costing
作业基础成本法
Activity drives cost
作业驱动成本
Four levels of activity centers:
四层作业中心
Unit-level 单位层次
Batch-level 批量层次
Product-level 产品层次
Facilities-level 设备层次
Cost Accounting and TQM
成本会计与全面质量管理
Quality of conformance
合格的质量
Internal v. External Failure Costs
内部与外部失败成本
Prevention Costs
保护成本
Appraisal Costs
鉴定成本
Quality Cost Report
质量成本报告
5. Cost-Volume-Profit Relationships
成本-数量-利润的关系
Contribution Margin
边际贡献
C-V-P Analysis
成本-数量-利润分析
Margin of Safety
安全边际
Other uses of C-V-P Analysis
成本-数量-利润分析其他使用方法
Contribution Margin
边际贡献
Margin = Total Sales - Total Variable Costs
边际 = 总销售 - 总可变成本
Break-even Point
平衡点
CM Ratio = Margin/Sales
边际贡献比率 = 边际/销售
Incremental Analysis
增值分析
C-V-P Analysis
成本-数量-利润分析
Break-even Analysis
平衡分析
Target Net Profit Analysis
目标净利润分析
C-V-P Analysis
成本-数量-利润分析
Break-even Analysis
平衡分析
Break even occurs when total sales equal total expenses - . where profit is zero.
总销售等于总支出，如利润为零就发生了平衡
C-V-P Analysis
成本-数量-利润分析
Unit Sales BE = Fixed Expense/Unit Contribution Margin
单位销售BE = 固定费用/单位边际贡献
Dollar Sales BE = Fixed Expense/CM Ratio
销售额BE = 固定支出/单位边际贡献比率
C-V-P Analysis
成本-数量-利润分析
Target Net Profit Analysis used when a manager would like to know how much the company would have to sell in order to attain a specific profit target.
当管理者想知道公司销售多少产品才能够达到一定利润目标时，使用目标净利润分析方法
C-V-P Analysis
成本-数量-利润分析
Unit Sales target = Fixed Expense + Target Net profit/Unit Contribution Margin
单位销售target = 固定支出+ 目标净利润/单位边际贡献
Dollar Sales target - Fixed Expense + Target Net Profit/CM Ratio
销售额target - 固定支出 + 目标净利润/边际贡献率
Margin of Safety
安全边际
= Total Sales - Breakeven Sales
= 销售总量 - 平均销售
Excess of actual results over amount of sales needed to break even
实际结果超过一定数量需找到平衡点
Other uses of C-V-P Analysis
成本-数量-利润分析其他应用
Degree of Operating Leverage
作业杠杆作用等级
Sales Mix Analysis
销售组合分析
6. Variable Cost Analysis
可变成本分析
Absorption Costing
吸收成本法
Variable Costing
可变成本法
Absorption Costing
吸收成本法
All manufacturing costs are included in product costs.
所有制造成本包括在产品成本中
All costs, whether fixed or variable, are essential to the production process.
所有成本不论是固定或可变的，对生产过程都重要
Variable Costing
可变成本法
Only variable costs are included as product costs.
只有可变成本作为产品成本包括再内
Fixed costs have no future service potential therefore they should not be included in product costs.
固定成本不再是潜在的服务，它们不包括在产品成本
7. Profit Planning
利润计划
Operating Budgets
作业预算
Responsibility Accounting
责任会计
Budget Variance Analysis
预算差异分析
Operating Budgets
运营预算
Master Budget is financial summary of all phases of a company’s plans and goals for the future.
总预算是公司未来各阶段计划和目标的财务概括
Includes sales forecast, production budget, materials and labor budgets, overhead product, selling and administration budgets, and cash forecast.
包括销售预测，生产成本。材料和劳动力预算，产品管理，销售，管理预算以及现金预测
Responsibility Accounting
责任会计
Each manager’s performance should be measured based on only those items under his direct control.
每个管理者的绩效应依据其所直接管辖的结果作为评定基础
Budget Variance Analysis
预算差异分析
Material Price Variance材料价格差异
Material Quantity Variance
材料质量差异
Labor Rate Variance劳动比率差异
Labor Efficiency Variance
劳动有效性差异
Overhead Spending Variance
管理费支出差异
Overhead Efficiency Variance
管理费有效性差异
8. Operating Performance Analysis
运营绩效分析
Standard Costs
标准成本
Benchmarking
标杆
Performance Analysis
绩效分析
Standard Costs
标准成本
The benchmark or “norm” for evaluating performance.
评估绩效的标准或“准则”
Set for both quantity and cost.
质量与成本的一致性
Management by exception occurs when differences between standards and actual results are brought to the attention of management to take action.
管理者在行动时发现标准与实际结果有差异是，会出现例外
Benchmarking
标杆
Ideal standards can only be attained when company works at 100% efficiency.
只有公司以100%效率工作时方可达到理想标准
Practical standards allow for equipment breakdowns and normal lost time.
实际标准允许设备出现故障和正常损失时间
Performance Analysis
绩效分析
First decide what relevant range of activity is to be analyzed.
首先决定对哪些活动的相关范围进行分析
Examples of performance tests:
绩效测评的示例，如：
Delivery Cycle Time发货周期
Throughput Time单产时间
Manufacturing Cycle Efficiency
制造周期效率
Performance Analysis
绩效分析
Delivery Cycle Time - amount of time from receipt of order from a customer to shipment of completed goods.
发货周期时间 = 接到订单到将产品完整地送到顾客手中
Performance Analysis
绩效分析
Throughput Time is the amount of time needed to turn raw materials into completed products.
单产时间是原料投入到生产出完整产品的时间
Performance Analysis
绩效分析
Manufacturing Cycle Efficiency - also called “velocity of production” -is the time it takes to turn raw materials into completed products.
制造周期效率 - 也称作“生产周转率” - 从原材料到完整产品所需的时间
Same as “throughput”.
与“单产”相同
9. Profitability Analysis
利润分析
Segment Reporting
细分报告
Cost Centers成本中心
Profit Centers利润中心
Return on Investment (ROI) Analysis
投资回报分析
Product Pricing
产品定价
Segment Reporting
细分报告
A segment is any part or activity of a company.
细分是公司的活动或一部分
Examples: sales territories, specific products, manufacturing divisions.
例如：销售地区，特定产品，制造部门
Costs are assigned by:成本分为
Cost behavior (fixed v. variable)
成本习性（固定与非固定）
Traceable costs (but not “common” costs)
可追溯成本（但不是“普通成本”）
Cost Centers
成本中心
Responsibility center where manager has control over costs but not over revenues or investments.
责任中心是管理者对成本的控制而不是对收益或投资的控制
Examples: shipping department; building maintenance; personnel department
举例：运输部，建筑维修，人力资源部
Profit Centers
利润中心
Responsibility center where manager has control over both cost and revenue.
责任中心是管理者对成本和收益的控制
The manager of an investment center also controls decisions about buying new equipment, etc.
投资中心的管理者也对购买新设备的决策进行控制等
Return on Investment (ROI) Analysis
投资回报(ROI)分析
ROI = Margin X Turnover
投资回报 = 边际 * 营业额
Margin = Net operating revenue/Sales
边际 = 净运营收益/销售
Turnover = Sales/Average operating assets
营业额 = 销售/平均运营资产
Used to calculate the performance of an investment (or profit) center
用于测算投资（或利润）中心的绩效
Product Pricing
产品定价
Cost-Plus Pricing involves determining the base cost then adding a predetermined markup.
成本加成定价法涉及确定的基础成本加上预先设定的毛利
Target selling price = Cost + Markup % X Cost
目标销售价格 = 成本 + 成本 * 毛利比率
Product Pricing
产品定价
Absorption Approach
吸收方法
= cost to manufacture one unit
= 制造一个单位成本
SG&A costs not included - markup must be high enough to cover such expense
SG&A不包括再内 - 毛利必须含盖此费用
Product Pricing
产品定价
Contribution Approach
贡献方法
Cost base consists of all variable costs including variable SG&A expenses
成本基础包括所有可变成本， 包括SG&A可变费用
Since fixed costs are not included in the base, markup should be high enough to cover these expenses.
因为固定成本不包括在此基础，毛利必须含盖此费用
Product Pricing
产品定价
Determining the markup percentage
确定毛利比例
Desired ROA + SGA* expenses/(Volume in units) X (unit manufacturing Costs)
需求的ROA + SGA* 费用（单位数量）X （单位制造成本）
*SGA= selling, general, and administrative expenses
*SGA = 销售，一般与管理费用
Product Pricing
产品定价
Target Costing is the process of determining the maximum allowable cost for a new product
目标成本法是允许新产品最大容许成本的确定过程
Target cost = anticipated selling price - desired profit
目标成本 = 预计销售价格 - 预期利润
10. Capital Budgeting & Analysis
资本预算与分析
Capital Decisions
资本决策
Discounted Cash Flows
折现的现金流
Capital Project Analysis
资本项目分析
Accounting for Inflation
通货膨胀计算
Capital Decisions
资本决策
Screening decisions
筛选决策
Preference decisions
参考决策
Capital Decisions
资本决策
Screening decisions - whether or not a proposed project meets some predetermined screening criteria
筛选决策 - 建议的项目是否满足一些预先确定的筛选原则
Capital Decisions
资本决策
Preference decisions - selection of a proposed project from among several competing projects.
参考决策 - 从多个相互竞争的项目建议中筛选其中的一个
Capital Decisions
资本决策
Cost reduction decisions
降低成本决策
Plant expansion decisions.
扩大规模决策
Equipment selection decisions.
选择设备决策
Lease or buy decisions.
租赁或购买决策
Equipment replacement decisions.
设备重新布置决策
Discounted Cash Flows
折现的现金流
Recognize the time value of money
认识金钱的时间价值
Two methods of analysis:两种分析方法
Net present value method(NPV)净现值法
Internal rate of return (IRR)内部回收率法
Analysis based on cash inflows and cash outflows
分析以现金的流入与流出作为基础
Payback method doesn’t calculate the time value of money
偿还方法不计算金钱的时间价值
Discounted Cash Flows
折现的现金流
Present Value Concepts
现值概念
A dollar today is worth more than a dollar a year from now for two reasons:
Money has a time value.
The future involved uncertainty.
今天一美元比一年后的一美元有价值，
原因：
金钱有时间价值
未来不确定性
Discounted Cash Flows
折现的现金流
Theory of Interest
利息理论
If P dollars are invested today at the annual interest rate r, then in n years you would have Fn dollars.
如果今天投资P美元，按年利息r计算，年后你将得到Fn美元
Fn = P(1 + r)n
Discounted Cash Flows
折现的现金流
Example: If $100 is invested today at 8% interest, how much will the investment be worth in two years?
举例：今天按的利息8%投资$100 ，
2年后投资值多少钱？
F2 = $100(1 + )2
F2 = $
Discounted Cash Flows
折现的现金流
Present and future values
现值与未来的价值
The value of an investment can be viewed in two ways - either in terms of its value in the future or in terms of its value in the present.
投资的价值可以用两种方法来看 - 或者未来的价值或者现在的价值
Discounted Cash Flows
折现的现金流
The present value of any sum to be received in the future can be computed by turning the iterest formula around and solving for P:
未来获得金额总数的目前的价值可以按利息计算公式来测算：
P = Fn [1/(1 + r)n]
Discounted Cash Flows
折现的现金流
Example: A bond will pay off $100 in 2 years. What is the present value if an investor can earn 12% interest?
举例：一种证券2年内的回报为$100 。如果投资者获得的利息，其现值为多少？
P=$100 [1/(1+)2]
P=$100 ()
P=$
Discounted Cash Flows
折现的现金流
The process of calculating present value of a future cash flow is called discounting.
测算未来现金流现值的方法称作折现
The 12% used in the example is called the discount rate.
用于示例中的12%称为折现率
For short timelines, use your calculator. For longer timelines, there is a Present Value Table (shortcut).
对于短期的测算，使用计算器。对于长期的测算，使用现值表（捷径）
Discounted Cash Flows
折现的现金流
The present value can be found by inverting the PV equation.
目前价值可转换为等价的现值
P = Fn/(1+r)n
Discounted Cash Flows
折现的现金流
Example: You need to receive $200 two year from now. If you can earn 5% interest, how much money do you need to invest today?
示例：你需要从现在到2年内回收$200。如果你可得到5%的利息，你现在需投入多少？
P = $200/(1+)2
P = $200/
P = $
Discounted Cash Flows
折现的现金流
The process used to calculate future value of present cash flows is called compounding.
测算目前现金流的未来价值成为复利
The 5% interest rate in the example is called the compound rate.
5% 的利息率在示例中成为复利利率
There is a Future Value Table to make calculation easier.
未来价值表格使测算容易
Discounted Cash Flows
折现的现金流
A series or stream of identical cash flows is called an annuity.
一系列或一串相同的现金流成为年金
Net Present Value
净现值
Present value of all cash inflows is compared to the present value of all cash outflows. The difference between the two is net present value or NPV.
所有现金流入的现值与所有现金流出的现值相比较，其差异就是净现值或NPV
If NPV is +, project is acceptable.
如果净现值为正，项目可接受
If NPV is 0, project acceptable.
如果净现值为零，项目接受
If NPV is -, project not acceptable.
如果净现值为负，项目不接受
Net Present Value
净现值
Emphasis on Cash Flows强调现金流
Outflows:流出
initial investment in project
项目起始投资
increased working capital needs
需要增加流动资本
repairs and maintenance
维修与维护
incremental operating costs
增长的运营成本
Net Present Value
净现值
Inflows:流入
incremental revenues
增值的收益
reduction in costs
成本的降低
salvage value
价值的利用
release of working capital
流动资本租赁
Net Present Value
净现值
Assumptions:假设：
all cash flows occur at the end of a period
所有现金流都发生在时间阶段的结束
all cash flows generated by one project are immediately reinvested in another project
所有项目产生现金流后马上再投入到另外一个项目
Internal Rate of Return
内部回报率
The internal rate of return - or IRR- is the interest yield promised by an investment project over its life.
内部回报率或IRR是投资的项目许诺的利息增值
Computed by finding the discount rate that results in a NPV of zero.
通过折现率计算净现值为零
Internal Rate of Return
内部回报率
Example: You can buy a new machine for $104,320 that will save $20,000 per year in operating costs. The machine will last ten years. What is the IRR?
示例：你可以以$104,320 购买一台新机器，每年节约$20,000 运作成本。机器可持续使用10年。内部回报率是多少？
= Investment required/net annual cash flows
=所需投资额/年净现金流
= $104,320/$20,000 =
Capital Project Analysis
资本项目分析
Length of time of project will determine method used to analyze cost.
项目时间的长短取决于分析成本的方法
Short-term projects (less than 2 years until completion) usually use the payback method.
短期项目（低于2年直至完成）经常使用偿付法
Simple Rate of Return Method also commonly used.
简单的回报率法也经常使用
Capital Project Analysis
资本项目分析
Cost of capital is the overall cost to the company of obtaining investment funds, including the costs of both debt and equity sources.
资本成本是公司获取投资基金是所有成本，包括债务与权益来源两方面的成本
Capital Project Analysis
资本项目分析
NPV Screening Method
净现值筛选法
The cost of capital is used as the discount rate when computing the NPV of a project. Any project with a negative NPV is rejected.
计算项目的净现值时，将资本成本用作贴现率。拒绝任何净现值为负的项目
Capital Project Analysis
资本项目分析
IRR Screening Method
内部回报率法
The cost of capital is compared to the IRR of the project. Any project with an IRR of less than the cost of capital is rejected.
项目的资本成本与内部回报率比较。拒绝任何内部回报率低于资本成本的项目
Capital Project Analysis
资本项目分析
Least Cost Decisions
最少成本决策
In decisions where revenues are not directly involved, the alternative that has the least total cost should be selected.
在决策中不直接涉及收益，在方案中选择最少总成本
Capital Project Analysis
资本项目分析
Payback Method偿付法
The payback period is the length of time that it takes for an investment to recoup its initial cost out of the cash receipts that it generates.
偿付期是投资补偿现金收入所需时间的长度
The quicker the payback, the better the investment.
偿付得越快，投资越好
Most appropriate when analyzing short-term projects.
最适用分析短期项目
Capital Project Analysis
资本项目分析
Payback Period = Investment/Net Annual Cash Inflow
偿付期 - 投资/年净现金流入
For example, if a project has an estimated cash flow of $35,000 and requires an initial investment of $140,000…
例如：如果一个项目估计现金流为$35,000 ，初始投资$140,000
= $140,000/$35,000 = years
Capital Project Analysis
资本项目分析
Simple Rate of Return Method
简单的回报率法
Focuses on net income instead of cash flows.
关注净收入而不是现金流
Simple Rate of Return = Incremental Revenue - Incremental Expense / Initial Investment
简单的回报率 = 增值回报率/初始投资
Capital Project Analysis
资本项目分析
Example:举例
Incremental revenue $100,000
增值收益
Incremental expense $ 80,000
增值支出
Initial investment $140,000
初始投资
= $100,000-$80,000/$140,000
= %
Accounting for Inflation
通货膨胀的计算
When there is a low inflation rate, accounting for the time value of money is not necessary.
当通货膨胀率低的时候，没有必要测算金钱的时间价值
When inflation rate is high, even short-term projects may require using the NPV or IRR method.
当通货膨胀率高的时候，即使是短期项目，也要使用净现值法或内部回报率法
Capital Budgeting & Taxes
资本预算与税务
When a company is subject to income taxes, the effects should be considered in capital budgeting decisions.
当公司涉及收入税，其影响应在资本预算决策中考虑
A cash expense net of its tax effect is known as an after-tax cost.
税务影响的净现金支出称之为税后成本
Capital Budgeting & Taxes
资本预算与税务
After-tax cost = (1-tax rate) X Cash expense
税后成本 = （1 - 利息率）*现金支出
Assuming a company has a tax rate of 30% and makes a $40,000 expenditure, the after tax cost is..
假设一个公司按30% 的利息率支出$40,000 的费用，其税后成本为：
() X $40,000 = $28,000
Capital Budgeting & Taxes
资本预算与税务
A cash receipt net of its tax effects is called an after-tax benefit.
税务影响的净现金收入称为税后利润
After-tax benefit = (1-tax rate) X Cash receipt
税后利润 = （1 - 利息率）* 现金收入
A company that receives $80,000 form renting office space has a tax rate of 30%…
一个公司出租办公场地，收入$80,000 ，按30%的利息率收税
() X $80,000 = $56,000
