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The analysis of financial reports in modern enterprises is very complicated. Due to the differences in report information that different report users need to obtain, the first step in analyzing financial reports is to find a good foothold, which is the main body of report analysis. For whom to analyze the problem, we can solve the problem for the specific analysis purpose. Generally speaking, the analysis of financial reports should be from shallow to deep, step by step: First of all, relevant analysis should be carried out on a single table to grasp the basic situation of the enterprise. Then combine all the financial statements to calculate the relevant ratios, and analyze the company's solvency, profitability and operating ability through vertical comparison and horizontal comparison.
Analyze the comparative analysis methods commonly used in financial reports. By comparing the financial indicators of the company in different periods, find problems from the increase and decrease of the indicators, find the reasons to improve the work, and evaluate the enterprise by analyzing the trend changes in successive periods. Management level and predict the future development trend of the company; by comparing with industry indicators, judging the company's position in the industry, comparing with similar advanced companies, finding gaps, and absorbing advanced experience; through budget or planning Comparison of indicators, analysis of the extent to which the company has completed its budget, revealing the reasons for the differences, and identifying management loopholes.
Single-table analysis is related to the balance sheet, profit statement, cash flow statement and its schedules. 1. Analysis of the balance sheet (1) After opening the balance sheet, first browse the total assets, combine the sales in the income statement and the number of employees in the statistical indicators to determine the business scale of the enterprise. Considering the total assets alone, 400 million Large is more than RMB 10 million, small is less than 40 million RMB, and medium size is between the two (the total assets as a measure of the scale of business operations are only applicable to industrial and construction enterprises). Let's look at the source of assets, that is, total liabilities and total owner's equity, grasp the scale of corporate debt and the size of net assets, and then analyze the financial risk of the enterprise by calculating the asset-liability ratio or the equity ratio. (2) After understanding the overall situation, analyze the structure of the assets, calculate the proportion of current assets and long-term assets in total assets, and judge the type of enterprise. Enterprises with a large percentage of long-term assets are generally traditional enterprises, while high-tech enterprises generally do not require a lot of fixed assets. (3) To understand the liquidity and asset quality of corporate assets by calculating the proportion of each item in the current assets. In general, inventory accounts for 50%, accounts receivable accounts for 30%, and cash accounts for 20%, but the advanced management industry does not implement this standard. (4) Calculate the proportion of various items in long-term assets, and understand the status and potential of corporate assets. The amount and proportion of long-term investments reflect the scale and level of corporate capital operations. The size and proportion of the net fixed assets reflect the company's production capacity and technological progress, and then its profitability. If the net amount is close to the original value, it means that the company is either new or the old assets of the old company have been transformed by technology. High-quality assets, if the net amount is small, it means that the company is backward in technology and lacks funds. The amount and proportion of intangible assets reflect the technological content of the enterprise. (5) In terms of liabilities, calculate the proportion of current liabilities to long-term liabilities. If the proportion of current liabilities is significant, it reflects the pressure on the company to pay debts. If the proportion of long-term liabilities is significant, it indicates that the financial burden of the enterprise is heavy. In addition, the proportion of credit debt and settlement debt in total liabilities and the proportion of temporary liabilities and spontaneous liabilities in current liabilities should be calculated to determine whether the debt structure is reasonable; the ratio of long-term liabilities to total capital should be calculated, and the total capital The degree of protection of long-term debt, calculate the ratio of long-term debt to owner's equity, and analyze the amount of creditor risk. (6) In terms of owner's equity, the paid-in capital reflects the size of the company owner's claim for corporate benefits, the capital reserve reflects the added value of the invested capital itself, and retained earnings (that is, surplus reserve and undistributed profits) are in the course of the company's operations Capital appreciation. If the retained earnings are large, it means that the potential for self-development of the company is large. (7) Finally, perform a balance analysis on the beginning and end amounts of assets. The ending amount of total assets is greater than the beginning of the period, which indicates that the assets have increased in value. Based on the debt and owner's equity items, the reason for the appreciation of the assets is whether borrowed funds, investor input or self-accumulation transfers. If the amount of borrowed funds and investor input is large, and the self-accumulation transfer is small, the enterprise may be expanding. If the self-accumulation transfer amount is large, it indicates that the enterprise has great potential for self-development. (8) After grasping the overall changes, the specific causes of the changes will be analyzed for the balance between the beginning and the beginning of the assets and equity items in combination with the books and account summary tables. 2. Analysis of the income statement The profit statement should first analyze the total profit and its composition of the current period; secondly, compare the profit rate of the current period with the target value to find out the gap and the direction of effort; then the most recent period of this statement Related projects are compared longitudinally to analyze the development trends of the enterprise. (1) Analysis of total profit and its composition. The total profit consists of operating profit, investment income and net non-operating income and expenditure. Calculate the proportion of operating profit, investment income and net non-operating income and expenditure in the total profit to determine whether the profit structure is reasonable; analyze the proportion of main business profits and other business profits in operating profit to determine whether the structure of operating profit is reasonable . If the proportion of the proceeds from the disposal of assets is too high, or the proportion of the profits from other businesses is too high, it indicates that the operating conditions of the enterprise are abnormal and remedial measures must be taken. (2) Analysis of the gap between the profit rate index and the target value of the company in the current period. The profit rate is used as a relative quantity index. It can be used to compare companies of different sizes in the same industry. The commonly used profit rate indicators include gross sales margin and net sales margin. Sales gross profit is the direct source of corporate profits, so analyzing sales gross margin is a top priority for profit statement analysis. If the gross profit margin is too low, it is necessary to consider whether the price is low or the cost is high. If it is caused by price factors, it is necessary to analyze the advantages and disadvantages of price adjustment before making a decision. If it is caused by cost factors, it is necessary to analyze whether the company has tapped its potential in reducing costs. If there is no room for adjustments in selling prices and costs, it is best to increase sales in accordance with the principle of small profits and long sales. An analysis should also be made on the profit margin of sales. For products with a low profit margin of sale, it is necessary to analyze whether the gross profit is low or the cost is high. If the cost is too high, you should make great efforts in cost control. (3) Vertical analysis of each item in the profit statement. Vertical comparison of items in the profit statement is a more common method in report analysis. Through comparison, you can find out the changing trend of the business trajectory and analyze the reasons for this change. List the profit amount of several periods, select the indicators of the normal year as the base period in the historical data, and calculate the items of the operating results (listed in the order of the items in the profit statement). Decrease the rate of change and analyze whether the completion of the current period is normal and whether the performance has increased or decreased. Compare the structure of operating income and the cost structure of the current period with reasonable base period indicators to calculate the increase or decrease in the project structure. Analyze the reasons for the structural changes to determine whether the structural changes are normal and beneficial to the development of the enterprise. Analyze the increase and decrease of current sales income and credit sales income, and analyze the rationality of the company's marketing strategy and collection strategy. Since the implementation of the "Enterprise Accounting System", the profit schedule attached to the sales profit schedule is no longer reported externally, but this table should be analyzed carefully. By analyzing this table, you can understand the business situation of the company in detail and grasp its Sales volume and turnover of best-selling products and slow-moving products, grasp the operating profit of each product and its flexibility, and make a decision on the best operating structure on the basis of understanding the market. 3. Analysis and analysis of cash flow statement The cash flow statement should first analyze the structure of cash inflows and cash outflows and the ratio of inflows and outflows to determine the rationality of the cash income and expenditure structure. For a healthy growing company, the net cash flow from operations should be positive, the net cash flow from investments should be negative, and the net cash flow from financing is positive and negative. Secondly, the data of the main table of the cash flow statement combined with the balance sheet and profit statement are used to calculate the company's ability to obtain cash through the ratio of net operating cash inflows and input resources. These indicators include sales cash ratio, net cash flow per share (or net asset cash recovery rate) and total asset cash recovery rate. Sales-to-cash ratio = net operating cash inflow ÷ main business income, this indicator reflects the net cash obtained per yuan of sales income. Net asset cash recovery rate = net operating cash inflow ÷ net assets × 100%, here the average use of net assets. It reflects the company's ability to obtain cash per yuan of net assets. Cash recovery rate of total assets = net operating cash inflows ÷ total assets × 100%. The average value of total assets is also used here. It reflects the company's ability to obtain cash per yuan of total assets. Finally, calculate the net income operating index and cash operating index based on the relevant data in the attached table of the cash flow statement, and judge the quality of the income based on this. The function of the attached table of the cash flow statement is to adjust net profit to net operating cash flow. The adjustment items in this table include non-cash expenses, non-operating income, net decrease in operating assets (increase), and net decrease in non-interest-bearing liabilities (increase). Four parts. The formula is: Net profit + non-cash expenses-non-operating income + net operating assets decrease (-net operating assets increase) + net interest-free liabilities increase (-net interest-free liabilities decrease) = net operating cash flows Current expenses = provision for impairment of assets + depreciation of fixed assets + amortization of intangible assets + amortization of long-term deferred expenses (for companies implementing the enterprise accounting system, the reduction of unpaid expenses and the increase of accrued expenses); Non-operating income = Net income from disposal of fixed assets, intangible assets and other long-term assets ("-" sign for net losses)-retirement loss of fixed assets-financial expenses + investment income ("-" sign for losses) + deferred tax Credits-deferred tax debits (for companies implementing the Accounting Standards for Businesses, they must add gains from changes in fair value or subtract losses from changes in fair value); net decrease (increase) in operating assets = decrease (increase) in inventory + operationality Decrease (increase) in receivables; net increase (decrease) in interest-free liabilities mainly refers to increase (decrease) in operating payables. The net income operating index is the proportion of net operating income in the net income. The net income mentioned here is the net profit in the income statement. However, the net operating income mentioned here is not the operating profit in the income statement, because the fixed assets in the non-operating expenditure items include losses, penalties, donations, extraordinary losses, debt restructuring losses, asset impairment provisions and non-operating income. Including the profit of fixed assets, confiscation income, non-monetary transaction income and subsidy income are included in the net operating income. The calculation formula of the net income operation index is: net income operation index = net operating income ÷ net income = (net profit-non-operating net income) ÷ net profit The lower the index, the greater the proportion of non-operating income and investment income, indicating that The quality of income is not good, and the operating conditions are abnormal. The cash operation index is the ratio of net cash flow from operations to cash attributable to operations. The calculation formula for this indicator is: cash operation index = net cash flow from operations ÷ cash attributable to operations = cash earned from operations ÷ cash attributable to operations = Net operating income + Non-cash expenses = Net profit-Non-operating net income + Non-cash expenses The index is less than 1, indicating that the quality of corporate income is not good. On the one hand, some of the proceeds have not yet received cash, and remain in the form of physical and debt funds. It is still questionable whether the creditor's rights can be fully realized, and the risk of depreciation of physical assets is even greater. On the other hand, the working capital of enterprises has increased, reflecting that enterprises have taken up more working capital in order to obtain the same income, and the cost of obtaining income has increased, indicating that the same income represents poorer performance.
Comprehensive analysis refers to the calculation of relevant ratios by combining all financial statements. Through vertical comparison and horizontal comparison, it analyzes the company's solvency, profitability and operating ability. 1. Analyze the meaning and calculation formula of the commonly used ratio indicators of solvency. In addition to the asset-liability ratio and property right ratio, the company's debt-reliability indicators also include interest protection multiples, current ratios, quick ratios, and ratios of current assets to total liabilities. , Net cash flow to maturity debt ratio, net cash flow to current debt ratio, net cash flow to total debt ratio. The calculation formula of related indicators is as follows: asset-liability ratio = total liabilities ÷ total assets × 100% equity ratio = total liabilities ÷ total owner's equity × 100% Note that the numerators of the two formulas are total liabilities, current ratio = current assets ÷ current Quick ratio of debt = (current assets-inventory) ÷ cash ratio of current liabilities = (monetary funds + short-term investment + notes receivable) ÷ current liabilities It should be noted that in these formulas, the debt is the denominator, to be precise, current liabilities Is the denominator. Interest protection multiple = (total interest + total profit) ÷ interest expenses The interest protection multiple reflects the degree of protection of total interest before profits from tax and interest. The current ratio and quick ratio can reflect the short-term debt serviceability of the enterprise. A reasonable value for this indicator There are certain differences depending on the industry, and it is recommended that companies choose the average level of the industry as a basis for comparison. As the debts ultimately need to be repaid in cash, the ratio of net cash flow to maturity debt, net cash flow to current debt ratio, net cash flow to total debt ratio most directly reflects the company's ability to repay debt and borrow new debt. . Ratio of net cash flow to debt due = net operating cash flow ÷ debt due in the current period Debt due in the current period refers to long-term debt and notes payable due in the current period. Ratio of net cash flow to current liabilities = net operating cash flow ÷ net debt cash flow to total debt ratio = net operating cash flow ÷ total debt 2. Analyzing the meaning and calculation formulas of ratio indicators commonly used to analyze profitability From the perspective of operating indicators, The level of profitability is reflected in the sales gross profit margin and sales profit margin. From the perspective of the combination of investment and return, the indicators of profitability include total return on assets, net interest rate on equity, profit margin on capital, and net earnings per share; From the perspective of cash flow, the indicators of profitability include operating cash flow per share, cash recovery rate of net assets, and cash recovery rate of total assets. The calculation formulas of related indicators are as follows: (1) Return on total assets = profit before interest and taxes ÷ average total assets × 100% of which profit before interest and taxes = total profit + average total assets of interest expenses = (total assets at the beginning of the period + total assets at the end of the period) ÷ 2 (2) Cost of sales ratio = cost of main business ÷ revenue of main business × 100% (3) Cost of sales rate = period expense ÷ revenue of main business × 100% The period expenses mentioned here include not only operating expenses and financial expenses And management expenses also include taxes and surcharges on main business. (4) Net sales margin = net profit ÷ main business income × 100% (5) return on net assets (also called net equity) = net profit ÷ average net assets × 100% average net assets = (beginning owner's equity Total + total owner's equity at the end of the period) ÷ 2 After decomposing the net equity, the formula becomes net equity = net sales rate × total asset turnover rate × equity multiplier equity multiplier = 1 ÷ (1-asset-liability ratio) ( 6) Margin of capital = total profit ÷ total amount of paid-in capital × 100% If the capital changes during the accounting period, the average capital is used in the formula. Average balance of capital = (balance of paid-in capital at the beginning of the period + balance of paid-in capital at the end of the period) ÷ 2 The profit margin of capital reflects the profitability of investors' capital invested in the company. The higher the ratio, the higher the capital utilization effect and the corporate capital. The stronger the profitability of gold; conversely, the lower the ratio, the lower the capital utilization effect, and the weaker the profitability of corporate capital. (7) Net asset cash recovery rate = net operating cash inflow ÷ net assets × 100%, here the average value of net assets used. (8) Cash recovery rate of total assets = net operating cash inflows ÷ total assets × 100%. The average value of total assets is also used here. 3. Analyze the meaning and calculation formula of the commonly used ratio indicators of operating capacity. Operating capacity indicators include accounts receivable turnover rate, inventory turnover rate, net working capital turnover rate, current asset turnover rate, and total asset turnover rate. The calculation formula of related indicators is as follows: operating cycle = inventory turnover days + accounts receivable turnover days accounts receivable turnover days = 360 days ÷ accounts receivable turnover ratio accounts receivable turnover ratio = main business income ÷ average accounts Accounts receivable and average accounts receivable = (total amount of accounts receivable at the beginning of the period + total accounts receivable at the end of the period) ÷ 2 inventory turnover days = 360 days ÷ inventory turnover rate inventory turnover rate = main business costs ÷ average inventory and average Inventory = (total inventory at the beginning of the period + total inventory at the end of the period) ÷ 2 working capital turnover days = 360 days ÷ working capital turnover rate accounts receivable turnover rate = main business income ÷ average working capital average working capital = [(total liquid assets at the end of the period -Total current liabilities at the end of the period) + (Total current assets at the beginning of the period-Total current liabilities at the beginning of the period)] ÷ 2 Net working capital turnover is the ratio of sales income to the average occupation of net working capital, and net working capital is the difference between current assets and current liabilities It is a part of current assets that is supplied by long-term funding sources. It is the funds that the company continuously uses in its business operations. The more abundant the funds, the more timely the short-term debts will be paid. Guaranteed, but profitability will definitely decrease. The faster the turnover, the more effective its operation. When the gross profit is greater than 0, the faster the receivables turnover rate and inventory turnover rate, the more profitable; when the gross profit is less than 0, the faster the accounts receivable turnover rate and inventory turnover rate, the more losses . The faster the turnover rate of current assets, the corresponding savings in working capital will be, which is equivalent to a relatively large increase in asset investment and enhanced corporate profitability. The faster the total asset turnover rate reflects the stronger the company's sales ability, the faster the asset turnover can be achieved through the method of small profits but quick turnover, which will increase the absolute amount of profits.
The analysis subject of the financial report is the report user in the usual sense, including equity investors, creditors, operating management, government agencies, and other people and institutions related to the enterprise. Other people and organizations related to enterprises include the financial department, tax department, state-owned assets supervision and management department, and social intermediary agencies. Users of these statements use financial reports for different purposes and require different information.
Enterprise management analysis
The management of an enterprise is also called a manager. They are concerned about the remuneration obtained according to the business performance of the company, and the performance of the business is reflected through financial reports. Generally, their group interests are consistent with the interests of the company. Therefore, their analysis of financial reports is comprehensive. They pay attention not only to the achievements made in the business process, but also to the problems in the business process and the mistakes in the financial analysis. They have worked out the improvement measures by analyzing the causes of the errors and problems in order to achieve a more brilliant record in the next stage. The financial report analysis ideas introduced earlier are basically considered from the perspective of the management of the company. The financial proportion indicators they focus on are generally designed according to the shareholders' evaluation requirements for them. The financial indicators mentioned earlier basically involve There are even more indicators such as the rate of capital preservation and appreciation and the rate of capital accumulation. They may be more willing to take risks for business performance and use financial leverage to obtain greater returns.
Investors who use financial reports are the common stock shareholders we often say. They are concerned about the solvency, profitability and risk of the company. They analyze financial reports to answer three questions: (1) the level of current and long-term returns of the company; (2) how the risks and rewards of the company's capital composition determine under the current financial situation; and (3) other What is the position of competitors compared to the company. Under normal circumstances, they are in line with the management objectives of the company's operating management, because the purpose of the controlling shareholder's investment in the enterprise is to maximize the owner's equity, and the purpose of the non-controlling shareholder's investment in the enterprise is to obtain high investment returns. They analyze financial reports mainly by analyzing the company's financial structure, solvency, profitability and operating ability to judge the development trend of the company. The financial structure includes the capital structure and the asset structure. The capital structure is the proportion of liabilities and owner's equity in the source of capital. It is reflected by the asset-liability ratio or the equity ratio. Under normal circumstances, a reasonable capital structure should be 4: 6 or 5: 5, but in real life, it is not so absolute. As long as the return on total assets of the company's management and shareholders is far greater than the debt interest rate, a moderate increase in debt Proportion, you can enjoy the benefits of financial leverage (that is, tax savings and increased return on equity). The asset structure is the proportion of various types of assets in the total assets mentioned above. Through asset structure analysis, we focus on whether the resource allocation of the enterprise is reasonable. Solvency includes long-term solvency and short-term ability. Analysis of short-term solvency is inseparable from the calculation of liquidity ratio, quick ratio, cash ratio and interest coverage. The analysis of long-term debt serviceability requires the calculation of the ratio of long-term assets to long-term debt. If the ratio is greater than 1, it indicates that the company's long-term debt serviceability is strong. The solvency of the debt reflects the magnitude of the company's financial risks. We must know that shareholders are frightened by the risks. The analysis of profitability depends not only on the profitability of enterprises engaged in production and operation activities in an accounting period, but also on the ability to obtain higher profits steadily over a longer period. The profitability of production and operation mainly depends on the sales gross profit margin, net sales margin, total return on assets, net equity interest rate and the ability of the unit's net assets to obtain net cash flow from operations. The company uses the quotient of net operating cash flow and average net assets). In the analysis, it is necessary to observe not only the indicators in one accounting period, but also the dynamic trend of profitability through the indicators in several accounting periods, and to judge whether the operating risk and return levels are symmetrical. The analysis of operating capacity requires calculation of working capital quota, accounts receivable turnover ratio, inventory turnover ratio, net working capital turnover ratio, current asset turnover ratio, and total asset turnover ratio. The level of operating capacity ultimately lies in profitability. Indicator. Sometimes the interests of operating management and shareholders conflict, in order to obtain high salaries, operating management often whitewash the fictional performance of financial reports by manipulating profits. Pay attention to the ratio of net operating cash flow to net profit in several periods, and see how much the net profit of each accounting period is guaranteed by cash. Generally, the company does not have cash flow in manipulating its book profit. If the ratio indicator is too low, there is a possibility of false profits and losses. In the long run, the net operating cash flow and net profit of the enterprise should be consistent, and there must be problems in the long-term large gap.
Creditors are concerned about whether an enterprise has the ability to repay its debts, and its decision is to decide whether to provide credit to the target enterprise and whether it needs to recover its creditor's rights in advance. The purpose of their analysis of the statements is to answer the following four questions: (1) why the company needs to raise additional funds; (2) what are the possible sources of funds required by the company to repay principal and interest; (3) the company's Whether short-term and long-term borrowings can be repaid in full and on time; (4) In which areas the company may need to borrow in the future. The creditor's analysis of the report needs to observe the financial report information of the enterprise for three to five years, analyze the change trend of the related items of the financial report, and also pay attention to the change trend of the relevant proportion. The relevant proportional indicators and their reference standards commonly used in the banking industry are as follows: debt serviceability indicators asset-liability ratio (reference value 655% -85%) liquidity ratio (reference value 150% -100%) quick ratio (reference value 100 % -50%) Cash ratio Interest protection multiple (reference value 1.5-1) Profitability index Asset return rate (reference value 10% -3%) Cost of sales ratio Sales expense ratio Net sales interest rate Return on net assets (net equity Interest rate) Operating capacity indicator Accounts receivable turnover days Inventory turnover days Working capital turnover days Working capital quota Working days quota Fund indicators Cash payment capacity Working capital requirements
The tax authorities' tax assessment of enterprises is mainly due to the needs of tax audits. The purpose of their assessment and analysis is to see if the enterprise is suspected of tax evasion, tax evasion, or tax evasion. The general assessment starts with the analysis of tax burdens and then analyzes the situation where tax burdens are below normal peaks. 1. Analysis of the thoughts on tax assessment of VAT The assessment of VAT taxation begins with the calculation of the tax burden. The tax burden rate of the VAT (referred to as the tax burden rate) = current taxable amount ÷ current taxable main business income. Combine the tax burden rate with the sales change rate and other indicators to compare with its normal peak. If the sales change rate is higher than the normal peak and the tax load rate is lower than the normal peak, the sales change rate and tax burden rate are lower than the normal peak. If both the rate of change in sales and the rate of tax burden are higher than normal peaks, they can be included in the range of doubts. Calculate gross profit according to the tax return, balance sheet, profit statement and other relevant tax information submitted by the enterprise. The evaluation of the output tax should focus on checking whether there are off-book operations, concealment, and delayed reporting of taxable sales, confusing the scope of VAT and business tax taxation, and misuse of tax rates. The evaluation of input tax is mainly based on the analysis of the input tax control amount of the current period. The input tax control amount of the current period = (the increase in inventory at the end of the period compared with the beginning of the period + the cost of sales in the period + the decrease in payables at the end of the period) × major external The value-added tax rate of purchased goods + freight expenses in the current period × 7% 2. Analysis of the tax assessment of corporate income tax The assessment of corporate income tax payment must first start with four indicators, which are the tax burden on income tax Rate (referred to as the tax burden rate), the main business profit tax burden rate (referred to as the tax profit negative rate), the income tax contribution rate and the main business income change rate. The tax burden rate of income tax (referred to as the tax burden rate) = the amount of income tax payable for the current period ÷ the total profit for the period × 100% of the tax burden rate of the main business profit tax (the tax profit negative rate) = the income tax payable for the period ÷ the current period Total profit from main business × 100% income tax contribution rate = Amount of income tax payable for the current period ÷ Total income from main business during the period × 100% change rate from main business income = (main business income for the current period-main business income for the base period) ÷ Revenue from main business in the base period × 100% If there is an abnormality in the first category of indicators, the relevant indicators in the second category of indicators shall be used for audit analysis, and the abnormal conditions and reasons shall be further analyzed in combination with the raw materials, fuel, power and other conditions. The indicators include the rate of change in the cost of main operations, the rate of change in main business expenses, the rate of change in operating expenses (management and finance), the rate of change in profit of main operations, cost rate, profit rate of cost expenses, rate of change in income tax burden, and income tax. Contribution change rate, change rate of income tax payable, and income, cost, expense, and profit matching indicators. If there are abnormalities in the second category of indicators, the relevant indicators in the three categories of indicators will be used for audit analysis, and the abnormal conditions and causes will be further analyzed in combination with raw materials, fuel, power and other conditions. The three categories of indicators mentioned here include inventory turnover, The comprehensive depreciation rate of fixed assets, the increase and decrease of non-operating income and expenditure, the deduction limit for making up losses before tax, and the deduction index for expenses before tax.
Source: Financial workplace, author: Han Ming Zhong
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