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公司理财第九版课后习题答案第二章
CHAPTER 2
FINANCIAL STATEMENTS AND CASH
FLOW
Answe rs to Concepts Review and Critical Thinking Questions
1. True. Every asset can be converted to cash at some price. However, when we are referring to a liquid
asset, the added assumption that the asset can be quickly converted to cash at or near market value is
important.
2. The recognition and matching principles in financial accounting call for revenues, and the costs
associated with producing those revenues, to be ―booked‖ when the revenue process is essentially
complete, not necessarily when the cash is collected or bills are paid. Note that this way is not
necessarily correct; it‘s the way accountants have chosen to do it.
3. The bottom line number shows the change in the ca sh balanc e on the balance sheet. As such, it is not
a use ful number for analyzing a company.
4. The major difference is the treatment of interest expense. The accounting statement of cash flows
treats interest as an operating ca sh flow, while the financial ca sh flows treat interest as a financing
cash flow. The logic of the accounting statement of cash flows is that since interest appears on the
income statement, which shows the operations for the period, it is an operating cash flow. In reality,
interest is a financing expense, which results from the company‘s choice of debt and equity. We will
have more to say about this in a later chapter. When compa ring the two c ash flow statements, the
financial statement of cash flows is a more appropriate measure of the company‘s performa nce
because of its treatment of interest.
5. Market values can never be negative. Imagine a share of stock selling for –$20. This would mean
that if you placed an order for 100 shares, you would get the stock along with a check for $2,000.
How ma ny shares do you want to buy? Mor
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