财务报告

dream Nebraska Furniture Mart. 而後在賣了許多年二手衣後， 1937 年靠著省吃簡用存下的 500 美金她實現夢想開了 一家家具店，參酌當時全美最大家具交易中心 芝加哥 American Furniture Mart， 她將之命名為 Nebraska Furniture Mart。 She met every obstacle you would expect

purchase retained earnings. 當然市值的變化起起伏伏且無法預測，更無法真正量化到底數字是多少，有時一個高 價買進的錯誤，甚至可能把公司往後十幾年盈餘累積的效果都給抵銷掉，但是只要市 場回復理性，市價終究會反映公司累積盈餘的能力，甚至超過買進後累積的盈餘，這 等於是在蛋糕上多得到一點糖霜呢。 In the sixteen years since present

s and a manager we liked very much. However, the price finally demanded, considering alternative uses for the funds involved, would have left our owners worse off than before the purchase. The empire

s as surely as repurchases. 而在參與過這麼多次類似的交易後，我們覺得這種作法對不賣出股份的股東同樣有 利，當一家經營績效良好且財務基礎健全的公司發現自家的股價遠低於其實質價值 時，買回自家股票是保障股東權益最好的方法了。 (Our endorsement of repurchases is limited to those dictated by

endeavor. The market, like the Lord, helps those who help themselves. But, unlike the Lord, the market does not five those who know not what they do. For the investor, a toohigh purchase price for

e = Balance of DTA Item Carrying amounts / tax bases assets Prepaid expenses Future expenses Accrued revenues Nonfuture revenues liabilities Unearned revenues Future revenues Accrued expenses

is first identified. Then different accounting treatment are adopted. • Principle of substance over form should be applied. ( Assets are resources controlled by enterprises.) F7 17 Accounting for

以适当的速度增长，丌会导致国内生产总值的负增长戒低增长，说明宏观调控措施十分有效，经济矛盾逐步得以缓解，为迚一步增长创造了有利条件。 外部经营环境的稳定将为企业的未来发展提供有利的保障。 4．转折性的 GDP变动 • 如果国内生产总值一定时期以来呈负增长，当负增长速度逐渐减缓幵呈现向正增长转变的趋势时，表明恶化的经济环境逐步得到改善。 企业的生产经营环境也会逐步好转。 其他重要的宏观经济指标：

目，其期末数既可能大于期初数，也可能小于期初数，即使增减方向相同，现金流量是要调增还是要调减也未必相同。 比如，应收账款期末数大于期初数，应调减本现金项目；预收款项期末数 大于期初数，却应调增本现金项目。 这就使得判断调整方向时容易出错，这里介绍一种方法，可以不需要分析判断，通过编制调整分录，确定是加还是减。 应收账款等 3 个项目的计算方法 某报表项目的期末期初差额计算公式为：

t – Expenditure can be measured reliably. F7 18 Continued • Development costs once treated as an expense can not reinstated as an asset. • Development costs should be amortised over its useful life