Intro to Accounting and Finance

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A Introduction to Accounting and Finance highlights the topics anyone should be familiar with in order to be successful in the field of business.

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  • Welcome to this module on an overview of business financial management. Now over the next hour or so, we are not going to turn you into financial analysts, or prepare you for a role as the Chief Financial Officer. You are much too valueable as project managers.
  • Intro to Accounting and Finance

    1. 1. Financial Services Industry Training Introduction to Accounting & Finance Saunders Learning Group, LLC Saunders Learning Group, LLC, Andover, KS
    2. 2. Training from Saunders Learning Group Saunders Learning Group provides a variety of training programs, workshops and seminars targeted to the financial services industry. Programs are available in a wide range of topics, and we are specialists in developing custom programs that are targeted to your needs. Contact the founder, Floyd Saunders at 316-680-6482 or at floyd@floydsaunders.com for more information. Saunders Learning Group, LLC, Andover, KS1
    3. 3. Topics 1. Basic Financial Terms 2. Accounts 3. Ratios Saunders Learning Group, LLC, Andover, KS Slide 2
    4. 4. Basic TermsSaunders Learning Group, LLCSaunders Learning Group, LLC, Andover, KS
    5. 5. What are Assets? Assets are the resources that a business owns Types of Assets  Tangible Asset – Physical Items • Cash Receivables • Inventory • Property • Company plant and equipment  Intangible Asset – No physical form • Patents and Copyright • Debt placement costs • Goodwill  Current Asset – Assets used up during production and which will realize cash within a year such as cash, cash equivalents, short-term investments, accounts receivable, inventory  Long-term Asset (Fixed Asset) – Assets that cannot be easily converted to cash such as property, plant, and equipment . Saunders Learning Group, LLC, Andover, KS Slide 4
    6. 6. What is a Liability Liability – The obligation a business owes  Liability may be a legal debt or an accrual, which is an estimate of an obligation.  Current liabilities – Liabilities the business has to meet within a year. They usually include payables such as wages, accounts, taxes, and accounts payables, unearned revenue when adjusting entries, portions of long-term bonds to be paid this year, short-term obligations  Long-term liabilities – these liabilities are expected not to be liquidated within a year. They usually include issued long-term bonds, notes payables, long-term leases, pension obligations, and long-term product warranties. Saunders Learning Group, LLC, Andover, KS Slide 5
    7. 7. Equity Value of the assets contributed by the owners or the owners value in an asset Equity = Total Assets minus Total Liabilities This is also referred to as Net Worth, Capital and Shareholders Equity Saunders Learning Group, LLC, Andover, KS Slide 6
    8. 8. Revenue – The ‘top line’ The amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the "top line" or "gross income" figure from which costs are subtracted to determine net income. Saunders Learning Group, LLC, Andover, KS Slide 7
    9. 9. Expense The economic costs that a business incurs through its operations to earn revenue. In order to maximize profits, businesses must attempt to reduce expenses without also cutting into revenues. Saunders Learning Group, LLC, Andover, KS Slide 8
    10. 10. Gross Profit A companys revenue minus its cost of goods sold. Gross profit is a companys residual profit after selling a product or service and deducting the cost associated with its production and sale. Also called "gross margin" and "gross income". Calculated as Revenue - cost of goods sold Saunders Learning Group, LLC, Andover, KS Slide 9
    11. 11. Gross Profit Margin A financial metric used to assess a firms financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings. Calculated as Gross Profit/Revenue Saunders Learning Group, LLC, Andover, KS Slide 10
    12. 12. ‘Bottom Line’ – The Net Profit Net Profit is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses This is often referred to as "the bottom line" since net profit is listed at the bottom of the income statement Saunders Learning Group, LLC, Andover, KS Slide 11
    13. 13. Net Profit Margin A ratio of profitability calculated as net income divided by revenues. A higher profit margin indicates a more profitable company . Saunders Learning Group, LLC, Andover, KS Slide 12
    14. 14. Dividend and Retained Profit Dividend – This is the share of the profit returned to shareholders Retained Profit – The amount kept back for future investment which is retained by the company. Saunders Learning Group, LLC, Andover, KS Slide 13
    15. 15. Summary A Sales B Cost of Goods Sold C=A-B Gross Profit D Other Expense E=C-D Net Profit F Dividend G=E-F Retained Profit Saunders Learning Group, LLC, Andover, KS Slide 14
    16. 16. AccountsSaunders Learning Group, LLCSaunders Learning Group, LLC, Andover, KS
    17. 17. Why do we need Accounts ? To provide information for stakeholders.  Shareholders – Progress of the investment  Customers – Long term future of business  Management – Monitor performance  Employees – their position in business Provides the opportunity for the business to monitor its own activities Provides transparency to enable the firm to attract investment Saunders Learning Group, LLC, Andover, KS Slide 16
    18. 18. Different type of Accounts Accounts Payable  An accounting entry that represents an entitys obligation to pay off a short- term debt to its creditors.  The accounts payable entry is found on a balance sheet under the heading current liabilities Accounts Receivable  Money owed by customers (individuals or corporations) to another entity in exchange for goods or services that have been delivered or used, but not yet paid for.  Receivables usually come in the form of operating lines of credit and are usually due within a relatively short time period, ranging from a few days to a year. Saunders Learning Group, LLC, Andover, KS Slide 17
    19. 19. What are Profit and Loss Account Shows the flow of sales and costs over a period Shows the level of profit or loss made Shows what has been done with the profit or loss Saunders Learning Group, LLC, Andover, KS Slide 18
    20. 20. Financial StatementsSaunders Learning Group, LLCSaunders Learning Group, LLC, Andover, KS
    21. 21. Financial Statements Financial Statement that Required Disclosure Satisfies Requirement Financial position at the Balance Sheet end of the period Earnings for the period Income Statement Cash flows during the Statement of Cash Flows period Investments by and Statement of Changes in distributions to owners Owners Equity during the period In addition to the financial statements, the annual report will include several accompanying footnotes or explanations of the accountingpolicies and detailed information about many of the amounts shown on the financial statements. Saunders Learning Group, LLC, Andover, KS
    22. 22. Balance SheetBalance sheet describes assets, liabilities, and equity of thefirm at a specific time (like a snapshot)Assets: (Tangible/intangible): • - Things that a firm owns. • -Assets are entered on the top or on the left of the balance sheet Saunders Learning Group, LLC, Andover, KS
    23. 23. Balance SheetASSETS: (Top, or left of balance sheet) LIABILITIES (Below Assets or on the right1. Current Assets: of Balance Sheet) Firm’s short term assets. 1. Current Liabilities: -Cash and Marketable Securities,  Short term liabilities -Accounts Receivable, -Inventories  Typically, current liabilities are:2. Fixed Assets: -Accounts payable- Assets that have long life, like plant -Notes payable and equipment -Accruals3. Net Fixed Assets:-You deduct the accumulated 2. Long-term Liabilities: depreciation of the fixed assets from Bonds, bank loans, etc.. the value of fixed assets to find Net Fixed Assets 3. Total Liabilities:Net Fixed Assets=Fixed Assets - Current Liabilities + Long-term Liabilities Accumulated Depreciation Saunders Learning Group, LLC, Andover, KS
    24. 24. Balance Sheet Assets represent the amount of resources owned by the entity. Liabilities are amounts owed to Main Street Store, Inc. other entities. Balance Sheet August 31, 2004 Assets Liabilities and Owners EquityCurrent Assets Current LiabilitiesCash $ 34,000 Short-term debt $ 20,000 Equity is theAsccounts recievable 80,000 Accounts payable 35,000Merchandise inventory 170,000 Other accrued liabilities 12,000 ownership right ofTotal current asets $ 284,000 Total current liabilities $ 67,000 the owner(s) of thePlant and Equipment Long-term debt 50,000 entity in the assetsEquipment 40,000 Total Liabilities 117,000Less: Accumulated that remain afterdepreciation (4,000) Owners equity 203,000 deducting the Total liabilities andTotal Assets $ 320,000 owners equity $ 320,000 liabilities. Saunders Learning Group, LLC, Andover, KS
    25. 25. Balance Sheet Current assets are those assets that are Current liabilities likely to be converted into cash or used to are those benefit the entity within one year. liabilities that are likely to be paid with cash within Main Street Store, Inc. Balance Sheet one year of the August 31, 2004 balance sheet Assets Liabilities and Owners Equity date.Current Assets Current LiabilitiesCash $ 34,000 Short-term debt $ 20,000Asccounts recievable 80,000 Accounts payable 35,000Merchandise inventory 170,000 Other accrued liabilities 12,000Total current asets $ 284,000 Total current liabilities $ 67,000Plant and Equipment Long-term debt 50,000Equipment 40,000 Total Liabilities 117,000Less: Accumulateddepreciation (4,000) Owners equity 203,000 Total liabilities andTotal Assets $ 320,000 owners equity $ 320,000 Saunders Learning Group, LLC, Andover, KS
    26. 26. Balance Sheet Account DefinitionCash Cash on hand and in the bankAccounts receivable Amounts due from customersMerchandise inventory Cost of merchandise acquired and not yet soldEquipment Cost of equipment purchased and used in businessAccumulated depreciation Portion of the cost of equipment that is estimated to have been used up in the process of operating the businessShort-term debt Amounts borrowed that will be repaid within one year of the balance sheet dateAccounts payable Amounts due to suppliersOther accrued liabililites Amounts owed to various creditorsLong-term debt Amounts borrowed from banks or other creditors that will not be repaid within one year from the balance sheet dateOwners equity Explained in more detail later in this chapter Saunders Learning Group, LLC, Andover, KS
    27. 27. Income Statement Summarizes the Shows total results of the revenues and firm’s expenses for operations over the time period a period of time Prepared for different time Shows different periods: measures of Monthly, profit quarterly, and annually Saunders Learning Group, LLC, Andover, KS
    28. 28. Income Statement The income statement shows the profit for the period of time under consideration. Revenues result Main Street Store, Inc. Income Statement from the entity’s For the Year Ended August 31, 2004operating activities (e.g., selling Net sales $ 1,200,000 merchandise). Cost of goods sold 850,000 Gross profit $ 350,000 Selling, general, and admin. expenses 311,000 Costs and Income from operations $ 39,000 Interest expense 9,000 expenses are Income before taxes $ 30,000 incurred in Income taxes 12,000 generating Net income $ 18,000 revenues and Net income per share of common operating the stock outstanding $ 1.80 entity. Saunders Learning Group, LLC, Andover, KS
    29. 29. Income Statement Captions ExplanationNet sales Amount of sales of merchandise to customers, less the amount of customer returns of merchandiseCost of goods sold Represents the total cost of merchandise removed from inventory and delivered to customers as a result of salesGross profit Difference between net sales and cost of goods sold; Represents the sellers maximum amount of "cushion" from which all other expenses of the business must be deducted before it is possible to have net incomeSelling, general, and Represent the operating expenses of the entityadministrative expensesIncome from operations Represents one of the most important measures of the firms activitiesInterest expense Represents the cost of using borrowed fundsIncome taxes Shown after all of the other income statement items have been reported because income taxes are a function of the firms income before taxesNet income per share of A significant item in evaluating the market value of a share ofcommon stock outstanding common stock; Often referred to as "earnings per share" or EPS Saunders Learning Group, LLC, Andover, KS
    30. 30. Statement of Cash FlowsFinancial Transactions of Firms:1. Sources of Funds:• Cash inflows that increase cash balance2. Uses of Funds:• Cash outflows that decrease cash balanceHow Well Managers Perform?• - Analyze how management uses shareholders’ money:• -Use Statement of Cash Flows Saunders Learning Group, LLC, Andover, KS
    31. 31. Statement of Cash Flows Main Street Store, Inc. Statement of Cash Flows For the Year Ended August 31, 2004Cash Flows from Operating Activities: The purpose of this Net income Add (deduct) items not affecting cash: $ 18,000 financial statement Depreciation expense 4,000 Increase in accounts receivable (80,000) is to identify the Increase in merchandise inventory (170,000) Increase in current liabilities Net cash used by operating activities 67,000 (161,000) sources and uses ofCash Flows from Investing Activities: Cash paid for equipment $ (40,000) cash during theCash Flows from Financing Activities: Cash received from issue of long-term debt 50,000 year. Cash received from sale of common stock 190,000 Payment of cash dividend on common stock (5,000) Net cash provided by financing activities $ 235,000Net increase in cash for the year $ 34,000 Saunders Learning Group, LLC, Andover, KS
    32. 32. Statement of Cash Flows Captions ExplanationCash flows from operating Shown first; Net income is the starting point for thisactivities measure of cash generationDepreciation expense Added back to net income because it is subtracted to arrive at net income but does not require the use of cashIncrease in accounts Deducted because it reflects sales revenues, included inreceivable net income, but not yet received in cashIncrease in merchandise Deducted because cash was spent to acquire theinventory increase in inventoryIncrease in current Added because cash has not yet been paid for theliabilities products and services that have been received during the current fiscal periodCash flows from investing Shows the cash sources and uses related to long-livedactivities assetsCash flows from financing Shows the cash sources and uses related to transactionsactivities with creditors and stockholders Saunders Learning Group, LLC, Andover, KS
    33. 33. Statement of Cash Flows Statement of Cash Flows: -Summarizes changes in firm’s cash balanceEnding Cash Balance = Beginning Cash Balance + Cash Inflow (Sources) - Cash outflow (Uses) Saunders Learning Group, LLC, Andover, KS
    34. 34. Statement of Cash Flows Increase and Decrease in Cash Flows: - Uses of funds decrease cash flows: Increase in assets, Decrease in liabilities - Sources of funds increase cash flows: Decrease in assets, Increase in liabilities Therefore, for uses of funds, we should use a - sign in the Excel sheet. Saunders Learning Group, LLC, Andover, KS
    35. 35. Statement of Cash Flows Statement of Cash Flows separates firm activities into three parts: 1. Operating Activities 2. Investing Activities 3. Financing Activities Saunders Learning Group, LLC, Andover, KS
    36. 36. Cash Flows for Operations Typically theseare: Net income, changes in accounts receivable depreciation, and other accounts notes inventories current payable payable liabilities Saunders Learning Group, LLC, Andover, KS
    37. 37. Cash Flows From Investing Typically these are change in fixed assets like change in plant and equipment investment in these assets or sale of these assets Or cash flows from investing in other companies, financial markets, currency hedges etc. Saunders Learning Group, LLC, Andover, KS
    38. 38. Cash Flows from Financing the business Typically these are:  Dividends paid to shareholders, and  Changes in • Debt • stock Saunders Learning Group, LLC, Andover, KS
    39. 39. Statement of Changes in Owners’ Equity Main Street Store, Inc. Statement of Changes in Owners Equity For the Year Ended August 31, 2004 Paid-In Capital: Beginning balance $ - Common stock, par value $10; 50,000 shares authorized, 10,000 shares issued and outstanding 100,000 Additional paid-in capital 90,000 Balance, August 31, 2004 $ 190,000 Retained Earnings: Beginning balance $ - Net income for the year 18,000 Less: Cash dividends of $.50 per share (5,000) Balance, August 31, 2004 $ 13,000 Total owners equity $ 203,000This financial statement shows the detail of owners’ equity and explains thechanges that occurred in the components of owners’ equity during the year. Saunders Learning Group, LLC, Andover, KS
    40. 40. Statement of Changes in Owners’ Equity Captions ExplanationPaid-in capital Represents the total amount invested in the entity by the ownersCommon stock Reflects the number of shares authorized by the corporations charter, the number of shares issued to stockholders, and the number of shares that are still held by the stockholdersAdditional paid-in capital Difference between the total amount invested by the owners and the par value or stated value of the stockRetained earnings Represents the cumulative net income of the entity that has been retained for use in the businessDividends Are distributions of earnings to the owners Saunders Learning Group, LLC, Andover, KS
    41. 41. Limitations of Financial Statements Financial statements report only quantitative economic data. They do not reflect qualitative economic variables, such as the value of the management team or the employees’ morale.The balance sheet does Many estimates arenot report market values used, such as warranty or replacement cost of costs, depreciation, and the assets. pension expense.Saunders Learning Group, LLC, Andover, KS
    42. 42. The Corporation’s Annual Report The annual report is distributed to shareholders (and others). It contains the financial statements, together with thereport of the external auditor’s examination of the financial statements. It may also containManagement’s Discussion and Analysis (MD&A). Saunders Learning Group, LLC, Andover, KS
    43. 43. RatiosSaunders Learning Group, LLCSaunders Learning Group, LLC, Andover, KS
    44. 44. Ratios - Why do we need them ? A Financial Ratio a relative magnitude of two selected numerical values taken from an enterprises financial statements. They are used to evaluate the overall financial condition of a corporation. Types of ratios :  Profitability ratios – a measure of how much profit its activities generate  Liquidity ratios – ability of a business to meet its debts  Investment ratios – a measure of the performance of the business Saunders Learning Group, LLC, Andover, KS Slide 43
    45. 45. Why Ratio Analysis? The value of a firm is based upon its profitability and growth Product Financial market strategy market strategy Operating Investment Financing DividendManagement Management strategy policies Saunders Learning Group, LLC, Andover, KS
    46. 46. Commonly Used Profitability ratios Profit Margin  the proportion of money left over from revenues after accounting for the cost of goods sold Net Profit Margin  Calculated as net income divided by revenues. Retained Profit margin  Percentage of retained profit to the revenue of the company Return on Capital Employed  A measure of the efficiency of the firm in using its capital to generate profit. Saunders Learning Group, LLC, Andover, KS Slide 45
    47. 47. Types of Liquidity ratios Working Capital  The difference between current assets and current liabilities Current Ratio  The proportion of assets to liabilities Acid Test Ratio  (Current Assets – Stock)/Current Liabilities  The Acid Test Ratio gives an indication whether a firm can meet its liabilities without having to dispose of its stocks Saunders Learning Group, LLC, Andover, KS Slide 46
    48. 48. Investment ratios Gearing Ratio  Measures the proportion of share capital to loan capital Earning per share  The average profit earned per ordinary share Dividend Per share  The average dividend received per ordinary share Dividend yield  A comparison of the dividend received with the current market value of the shares PE ratio  A valuation ratio of a companys current share price compared to its per-share earnings. Saunders Learning Group, LLC, Andover, KS Slide 47
    49. 49. Financial Ratio Analysis The key concept of Financial ratio analysis is establishing the relationship of one number to another number to determine if a company: Is profitability Will remain profitability How does it compared to other firms in the same industry Is creating a reasonable return for investors Takes advantage of its strengths Corrects any weaknesses Forecasts where it is headed Saunders Learning Group, LLC, Andover, KS
    50. 50. Financial RatiosRatios are tools that enable management to: Measure and compare information within a business over several periods Compare similar businesses in the same industry Include: Profitability ratios Financial stability ratios Ratios of efficiency Saunders Learning Group, LLC, Andover, KS
    51. 51. Current RatioThe current ratio measures the company’s abilityto pay current liabilities with current assets. = Total current assets ÷ Total current liabilities Rule of thumb: A strong current ratio is 2.00. Saunders Learning Group, LLC, Andover, KS
    52. 52. Profitability Ratios Gross profitGross profit ratio 100% Net sales Net profitNet profit ratio 100% Net sales Net profitReturn on equity 100% Average owner s equity Net profitReturn on assets 100% Average total assets Saunders Learning Group, LLC, Andover, KS
    53. 53. Gross Profit Ratio AnalysisPROFITABILITY RATIOS - Gross Profit • Shows the return on net sales prior to adding revenue or deducting expensesReasons gross profit ratio increases: • selling prices increase and purchase price remains unchanged • opening inventory undervalued • closing inventory overvalued • purchase bought at lower priceReasons gross profit ratio decreases: • discounts given on sales products • closing inventory undervalued • obsolete or damaged stock written off • purchases bought at higher price but sales values not adjusted Saunders Learning Group, LLC, Andover, KS
    54. 54. Net Profit Ratio AnalysisPROFITABILITY RATIOS - Net profit ratio • Shows the amount earned by normal activities after accounting for other revenue and expenses • Measures operation efficiencyReasons net profit ratio increases: • expenses decrease • operating revenue increases • fixed costs spread over higher sales revenueReasons net profit ratio decreases: • expenses increase at higher rate than COGS • other operating revenue sources declineTo arrest declining net profit margins: • investigate business selling plans and techniques • increase effective promotion and advertising • encourage areas of operating revenue • review alternative and cheaper interest rates • review all expenses Saunders Learning Group, LLC, Andover, KS
    55. 55. ROE & ROAPROFITABILITY RATIOSReturn on equity ratioShows the return on every dollar invested in the businessReturn on assetsIndicates the earning capacity of the business• Measures efficiency of business asset usage Saunders Learning Group, LLC, Andover, KS
    56. 56. Financial Stability Current assetsWorking capital ratio Current liabilities Current assets - inventories - prepayment sQuick asset ratio Current liabilities - bank overdraft Total owner s equity Equity ratio 100% Total assets Saunders Learning Group, LLC, Andover, KS
    57. 57. Working capital ratioFINANCIAL STABILITY - Working capital ratioTest of business solvency, to see if it can meetshort-term debts from its current assets• Shows amount of dollars to cover every dollar of liabilities• The higher the ratio, the better the position of the business Saunders Learning Group, LLC, Andover, KS
    58. 58. Quick Ratio FINANCIAL STABILITY - Quick asset ratio Quick asset ratio Only the liquid business items that easily convert to cash are used • Inventories and prepayments are excluded from current assets and the bank overdraft from current liabilities • Ratio well above 1:1 is acceptable Saunders Learning Group, LLC, Andover, KS
    59. 59. Equity Ratio FINANCIAL STABILITY - Equity ratioShows relationship of owner’s equity invested in business to the total assets of the business• It is the degree to which the business relies on owner capital• The higher the ratio, the lower the need for externally borrowed funds• High equity ratio = long-term financial stability Saunders Learning Group, LLC, Andover, KS
    60. 60. Financial RatiosDebt RatioDebt-to-Equity RatioEarnings per Share (EPS)Price-Earnings (P-E) Ratio Saunders Learning Group, LLC, Andover, KS
    61. 61. Debt Ratio The debt ratio measures the proportion of company’s assets financed by debt. Total liabilities ÷ Total assets A low debt ratio is safer than a high debt ratio Saunders Learning Group, LLC, Andover, KS
    62. 62. Debt-to-Equity RatioThis ratio expresses the relationship between liabilitiesand equity. Total liabilities ÷ Total equity Saunders Learning Group, LLC, Andover, KS
    63. 63. Earnings per Share (EPS)EPS is shown on the face of the income statement.Earnings per share is the net income per commonshare of stock outstanding during a period. Net incomeEPS Average number of shares outstanding Saunders Learning Group, LLC, Andover, KS
    64. 64. Price-Earnings (P-E) RatioThe P-E ratio measures how much investors are willing to payfor a chance to share the company’s potential earnings.A high P-E ratio indicates that investors predict that thecompany’s net income will grow rapidly.The ratio is determined by the marketplace because themarket price of the stock is used to compute the ratio. Market price per share P - E Ratio Earnings per share Saunders Learning Group, LLC, Andover, KS
    65. 65. LIMITATIONS OF RATIOS Ratio analysis and interpretation can be influenced by factors such as:  poor or inadequate accounting methods  incomplete financial reports  changes in accounting methods  existence of unusual items during a financial year e.g. losses by fire  management changes  changes to the economy, such as an industry recession Saunders Learning Group, LLC, Andover, KS
    66. 66. Thank You !Saunders Learning Group, LLCSaunders Learning Group, LLC, Andover, KS
    67. 67. About the Author/Presenter  Floyd Saunders has worked on Wall Street with both Bank of America and JPMorgan, where is was a vice president in global financial systems. He has worked across the industry in retail, commercial, and investment banking.  He has taught courses in Money and Banking and extensively for the American Institute of Banking and various colleges.  As a consultant, he developed and taught a wide range of banking and investing courses.  He authored three programs for the American Bankers Association: Banking on Mutual Funds and Annuities, Introduction to Securities Markets and Investing in Securities.  He is the author of “Figuring Out Wall Street” and his next book is “Family Financial Freedom” a book on personal money management. Saunders Learning Group, LLC, Andover, KS

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