By Robert Higgins
This paperback textual content has been written to provide common innovations and glossy advancements in a pragmatic and intuitive demeanour. it's meant for non-financial managers and enterprise scholars drawn to the perform of monetary administration. Emphasis is at the managerial purposes of monetary research.
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Additional resources for Analysis for Financial Management
What happened? Your balance sheet and income statement reflect a flow of $10 million in product value to CyberFun. The balance sheet shows a $10 million flow of value to you in the form of an account receivable from a first-class, blue-chip company. The income statement calls that $10 million sales, though not a penny has actually changed hands, and shows actual expenses of only $5 million and a $2 million after-tax profit. Yet despite all of that accounting profit, you are out of cash because of the big investments made for carrying receivables and inventory, plus building a state-of-the-art manufacturing facility.
An often-repeated accounting story tells of the senior partner of a major international accounting firm who began each workday for his entire career with the same ritual. He walked to the far end of the executive conference room next to his office and moved aside the picture of the founder to reveal a wall safe that he proceeded to open. He removed a piece of paper, looked at it briefly, then returned it to the safe. Upon his retirement, the senior partner passed the combination to the safe to his much younger associate, who had been elevated to managing-part- | 38 Basic Accounting: The Grammar of Cash-Driver Language ner rank.
A these strategies. regular cycle, however, doesn’t necessarily mean an even one. Lumps and bulges occur due to uneven ordering dates, variations in invoice size, seasonal factors and other reasons that leave the shape of the asset-conversion cycle far from a perfect circle. It often looks more like a prehistoric engineer’s attempt at building a wheel by tying a bunch of rocks together. There are lots of irregularities. The consequences of mismanaging or misestimating these cycles can be dangerous.
Analysis for Financial Management by Robert Higgins