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  本次主要和大家談一談與三大財務報表相關(guān)的technical questions,具體內(nèi)容詳見下文:
  主力題型:xxx如何影響三表
  這類題型是現(xiàn)下面試最為常見的一種,旨在考察面試者對三表(income statement, balance sheet, cash flow statement)的理解掌握程度。最常問到的一個問題是: “how does $10 of depreciation affect the three financial statements”,另外還有一些變種,下文會詳細說明。
  要回答這類問題,需要將三表依次作分析。這里建議大家首先從income statement開始,記住如果revenue或costs有任何變化都要算上tax的影響(一般你會被告知tax rate為40%),得到net income,然后開始分析cash flow statement。由于cash flow statement的首行為net income,這樣一來就能比較好的銜接。說完cash flow,得到net change in cash,就可以開始分析balance sheet了。不要忘記balance sheet的基本等式:Assets = Liabilities + Shareholders’ Equity。
  當出現(xiàn)這類題型時,不要過于緊張。你所需要做的是冷靜沉著,然后按部就班的將三表一一解析出來。
  例題一:If a company incurs $10 (pretax) of depreciation expense, how does that affect the three financial statements?
  這是此類題型最常見的問題。當然,不一定是$10。就如同上面所說的一樣,要回答這個題目,我們需要一個一個的解決三表,下面的答案可供大家參考。
  - Income statement: Depreciation is anexpense so operating income (EBIT) declines by $10. Assuming a tax rate of 40%,net income declines by $6.
  - Cash flow statement: Net income decreased $6 and depreciation increased $10 so cash flow from operations increased $4.
  - Balance sheet: Cumulative depreciation increases $10 so Net PP&E decreases $10.
  分析完之后,你很可能會得到一個follow up的問題,例如: “If depreciation is non-cash, explain how this transaction caused cash to increase $4?”
  對此的回答是: “Because of the depreciation expense, the company had to pay the government $4 less in taxes so it increased its cash position by $4 from what it would have been without the depreciation expense.”
  例題二:A company makes a $100 cash purchase of equipment on Dec 31. How does this impact the three statements this year and next year?
  回答這一題時有幾點要注意。首先,題目特意提到Dec. 31是為了告訴你,今年并不用考慮折舊;其次,與例題一相似,三表都要逐一分析,不過既然問到了兩年的情況,那就也應該逐年來說;最后,本題中說的是“cash purchase”,而有的題目會改為“purchase by issuing debt”,這樣一來對三表的影響都會改變,大家需要留意。
  下面是對應的回答范例,供大家參考:
  *9年
  - Income statement: A purchase of equipment is considered a capital expenditure which does not impact earnings. Further, since we are assuming no depreciation, there is no impact to net income, thus no impact to the income statement.
  - Cash flow statement: No change to net income so no change to cash flow from operations. However we’ve got a $100 increase in capex so there is a $100 use of cash in cash flow from investing activities. No change in cash flow from financing (since this is a cash purchase) so the net effect is a use of cash of $100.
  - Balance sheet: Cash (asset) down $100 and PP&E (asset) up $100 so no net change to the left side of the balance sheet and no change to the right side.
  第二年
 ?。僭O5年straightline depreciation,40% tax rate)
  - Income statement: $20 of depreciation,which results in a $12 reduction to net income.
  - Cash flow statement: Net income down $12 and depreciation up $20. No change to cash flow from investing or financing activities. Net effect is cash up $8.
  - Balance sheet: Cash (asset) up $8 and PP&E (asset) down $20 so left side of balance sheet doen $12. Retained earnings (shareholders’ equity) down $12. We are balanced.
  例題三:如果例題二改為“purchase by issuing debt”,并且在第三年的1月1日發(fā)現(xiàn)機器壞了,變得毫無價值,而銀行又要求還款,這種情況三表又會怎樣?
  在解答前要注意幾點:
  1)按理,*9年無depreciation,第二年有20%,所以第三年1月1日,該機器應為$80;
  2)現(xiàn)在機器壞了,毫無價值,需要將其value改0;
  3)銀行要求還款。
  弄清楚這三點后,就可以開始作答了。范例如下所示:
  - Income statement: The $80 writedown causes net income to decline $48. There is no further depreciation expense and no interest expense.
  - Cash flow statement: Net income down $48 but the writedown is non-cash so add $80. Cash flow from financing decreases $100 when we pay back the loan. Net cash is down $68.
  - Balance sheet: Cash (asset) down $68, PP&E (asset) down $80, Debt (liability) down $100 and Retained Earnings(shareholders’ equity) down $48. Left side of the balance sheet is down $148 and right side is down $148.
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