首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
• Read the article below about how to read annual report and the questions on the opposite page. • For each question 13-18, mark
• Read the article below about how to read annual report and the questions on the opposite page. • For each question 13-18, mark
admin
2010-01-22
58
问题
• Read the article below about how to read annual report and the questions on the opposite page.
• For each question 13-18, mark one letter (A, B, C or D) on your Answer Sheet for the answer you choose.
How to read annual reports
First, turn back to the report of the certified public accountant. This third-party auditor will tell you fight off the bat if Galaxy’s report conforms with "generally accepted accounting principles". Then go to the footnotes. Check to see whether earnings are up or down. The footnotes often tell the whole story.
Then turn to the letter from the chairman, Usually addressed "to our shareholders," it’s up front -- and should be in more ways than one. The chairman’s tone reflects the personality, the well- being of the company. In this letter, the chairman should tell you how the company fared this year. But more important, the letter should tell you why. Keep an eye out for sentences that start with "Except for..." and "Despite the..." They’re clues to problems. On the positive side, a chairman’s letter should give you insights into the company’s future and its stance on economic or political trends that may affect it.
Now begin digging into the numbers!
One source is the balance sheet. It is a snapshot of how the company stands at a single point in time. On the top are assets -- everything the company owns. Things that can quickly be turned into cash are current assets. On the bottom are liabilities -- everything the company owes. Current liabilities are the debts due in one year, which are paid out of current assets. The difference between current assets and current liabilities is working capital, a key figure to watch from one annual report to another. If working capital shrinks, it could mean trouble, one possibility: the company may not be able to keep dividends growing rapidly. Owners’ equity is the difference between total assets and liabilities. It is the presumed dollar value of what the owners or shareholders own. You want it to grow.
The second basic source of numbers is the income statement. It shows how much money Galaxy made or lost over the year. Most people look at one figure first. It’s in the income statement at the bottom: earnings per share. Watch out. It can fool you. Galaxy’s management could boost earnings by selling off a plant. Or by cutting the budget for research and advertising. The number you .should look at first in the income statement is net sales. Ask yourself: are sales going up at a faster rate than the last time around? When sales increases start to slow, the company may be in trouble. Have sales gone down because the company is selling off a losing business? If so, profits may be soaring.
Another important thing to study is the company’s debt. Turn to the balance, and divide long-term liabilities by owners’ equity. That’s the debt-to- equity ratio. A high ratio means the company borrows a lot of money to spark its growth. That’s okay -- if sales grow too, and d there’s enough cash on hand to meet the payments. A company doing well on borrowed money can earn big profits for its shareholders. But if sales fall, watch out. The whole enterprise may slowly sink. Some companies can handle high ratios; others can’t.
Finally, you have to compare. Is the company’s debt-to-equity ratio better or worse than it used to be? Better or worse than the industry norms? In company-watching, comparisons are all. They tell you if management is staying on top of things.
According to the writer, the most important element of the chairman’s letter is
选项
A、the expressions used.
B、the explanations given by the chairman.
C、the performance of the company during the year.
D、the company’s future described by the chairman.
答案
B
解析
转载请注明原文地址:https://kaotiyun.com/show/tcsO777K
本试题收录于:
BEC中级阅读题库BEC商务英语分类
0
BEC中级阅读
BEC商务英语
相关试题推荐
Readthisletterwhichisaboutarequestfaractingasagent.ChoosethebestsentencesfromthelistA-Itofilleachofthe
Readthetextbelowaboutaninternationalcompetition.Inmostofthelines41—52thereisoneextraword.Itiseithergramm
Readthetextbelowaboutaninternationalcompetition.Inmostofthelines41—52thereisoneextraword.Itiseithergramm
ReadthearticlebelowabouttheUSBankingsystem.Foreachquestion31-40writesonewordinthespaceonyourAnswerSheet.T
ReadthearticlebelowabouttheUSBankingsystem.Foreachquestion31-40writesonewordinthespaceonyourAnswerSheet.T
ReadthearticlebelowabouttheUSBankingsystem.Foreachquestion31-40writesonewordinthespaceonyourAnswerSheet.T
ReadthearticlebelowabouttheInternettoday.ChoosethebestwordtofilleachgapfromA,B,CorD.Foreachquestion21-3
ReadthearticlebelowabouttheInternettoday.ChoosethebestwordtofilleachgapfromA,B,CorD.Foreachquestion21-3
Readthefollowingarticleaboutgeneralmanagersandthequestionsontheoppositepage.Eachquestionhasyoursuggestedansw
Readthefollowingextractfromabookoninventory.Forquestions15-20,markoneletterA,B,CorDonyourAnswerSheet.
随机试题
治疗水痘风热轻证的首选方剂是
有权创设限制人身自由的行政处罚的规范性文件是()。
甲公司采用成本与可变现净值孰低法计量期末存货,按单项存货计提存货跌价准备。2008年12月31日,甲公司库存自制半成品成本为35万元,预计加工完成该产品尚需发生加工费用11万元,预计产成品不含增值税的销售价格为50万元,销售费用为6万元。假定该库存自制半成
2002年,某路段一辆运送化学物品的槽罐车侧翻,罐内15t苯泄漏人路边200m长的水渠,造成严重危险,许多新闻媒体进行了报道,以下报道中有科学性错误的是()。
奥苏伯尔提出,进行有意义学习必须具备的条件有()。
要将VisualFoxPro系统菜单恢复成标准配置,可执行SETSYSMENUNOSAVE命令,然后再执行命令:
AstheNationalParkServicecelebratesits100thanniversary(周年纪念),PresidentBarackObamahasannouncedtheestablishmentof
Ifyouintendusinghumorinyourtalktomakepeoplesmile,youmustknowhowtoidentifysharedexperiencesandproblems.Your
A、Questionthenormalwaythatwedothings.B、Bringdoubttoourassumptionsaboutscience.C、Changethebalancebetweendaily
Thepriceofbeer______(从50美分到4美元不等)perliterduringthesummerseason.
最新回复
(
0
)