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WIKIBOOKS
DISPONIBILI
?????????

ART
- Great Painters
BUSINESS&LAW
- Accounting
- Fundamentals of Law
- Marketing
- Shorthand
CARS
- Concept Cars
GAMES&SPORT
- Videogames
- The World of Sports

COMPUTER TECHNOLOGY
- Blogs
- Free Software
- Google
- My Computer

- PHP Language and Applications
- Wikipedia
- Windows Vista

EDUCATION
- Education
LITERATURE
- Masterpieces of English Literature
LINGUISTICS
- American English

- English Dictionaries
- The English Language

MEDICINE
- Medical Emergencies
- The Theory of Memory
MUSIC&DANCE
- The Beatles
- Dances
- Microphones
- Musical Notation
- Music Instruments
SCIENCE
- Batteries
- Nanotechnology
LIFESTYLE
- Cosmetics
- Diets
- Vegetarianism and Veganism
TRADITIONS
- Christmas Traditions
NATURE
- Animals

- Fruits And Vegetables


ARTICLES IN THE BOOK

  1. Account
  2. Accountancy
  3. Accountant
  4. Accounting cycle
  5. Accounting equation
  6. Accounting methods
  7. Accounting reform
  8. Accounting software
  9. Accounts payable
  10. Accounts receivable
  11. Accrual
  12. Adjusted basis
  13. Adjusting entries
  14. Advertising
  15. Amortization
  16. Amortization schedule
  17. Annual report
  18. Appreciation
  19. Asset
  20. Assets turnover
  21. Audit
  22. Auditor's report
  23. Bad debt
  24. Balance
  25. Balance Sheet
  26. Banking
  27. Bank reconciliation
  28. Bankruptcy
  29. Big 4 accountancy firm
  30. Bond
  31. Bookkeeping
  32. Book value
  33. British qualified accountants
  34. Business
  35. Business process overhead
  36. Capital asset
  37. Capital goods
  38. Capital structure
  39. Cash
  40. Cash flow
  41. Cash flow statement
  42. Certified Management Accountant
  43. Certified Public Accountant
  44. Chartered Accountant
  45. Chartered Cost Accountant
  46. Chart of accounts
  47. Common stock
  48. Comprehensive income
  49. Consolidation
  50. Construction in Progress
  51. Corporation
  52. Cost
  53. Cost accounting
  54. Cost of goods sold
  55. Creative accounting
  56. Credit
  57. Creditor
  58. Creditworthiness
  59. Current assets
  60. Current liabilities
  61. Debentures
  62. Debits and Credits
  63. Debt
  64. Debtor
  65. Default
  66. Deferral
  67. Deferred tax
  68. Deficit
  69. Deloitte Touche Tohmatsu
  70. Depreciation
  71. Direct tax
  72. Dividend
  73. Double-entry bookkeeping system
  74. Earnings before interest and taxes
  75. Earnings Before Interest, Taxes and Depreciation
  76. Earnings before Interest, Taxes, Depreciation and Amortization
  77. Engagement Letter
  78. Equity
  79. Ernst a& Young
  80. Expense
  81. Fair market value
  82. FIFO and LIFO accounting
  83. Finance
  84. Financial accounting
  85. Financial audit
  86. Financial statements
  87. Financial transaction
  88. Fiscal year
  89. Fixed assets
  90. Fixed assets management
  91. Fixed Assets Register
  92. Forensic accounting
  93. Freight expense
  94. Fund Accounting
  95. Furniture
  96. General journal
  97. General ledger
  98. Generally Accepted Accounting Principles
  99. Going concern
  100. Goodwill
  101. Governmental accounting
  102. Gross income
  103. Gross margin
  104. Gross profit
  105. Gross sales
  106. Historical cost
  107. Hollywood accounting
  108. Imprest system
  109. Income
  110. Income tax
  111. Indirect tax
  112. Insurance
  113. Intangible asset
  114. Interest
  115. Internal Revenue Code
  116. International Accounting Standards
  117. Inventory
  118. Investment
  119. Invoice
  120. Itemized deduction
  121. KPMG
  122. Ledger
  123. Lender
  124. Leveraged buyout
  125. Liability
  126. Licence
  127. Lien
  128. Liquid asset
  129. Long-term assets
  130. Long-term liabilities
  131. Management accounting
  132. Matching principle
  133. Mortgage
  134. Net Income
  135. Net profit
  136. Notes to the Financial Statements
  137. Office equipment
  138. Operating cash flow
  139. Operating expense
  140. Operating expenses
  141. Ownership equity
  142. Patent
  143. Payroll
  144. Pay stub
  145. Petty cash
  146. Preferred stock
  147. PricewaterhouseCoopers
  148. Profit
  149. Profit and loss account
  150. Pro forma
  151. Purchase ledger
  152. Reserve
  153. Retained earnings
  154. Revaluation of fixed assets
  155. Revenue
  156. Revenue recognition
  157. Royalties
  158. Salary
  159. Sales ledger
  160. Sales tax
  161. Salvage value
  162. Shareholder
  163. Shareholder's equity
  164. Single-entry accounting system
  165. Spreadsheet
  166. Stakeholder
  167. Standard accounting practice
  168. Statement of retained earnings
  169. Stock
  170. Stockholders' deficit
  171. Stock option
  172. Stock split
  173. Sunk cost
  174. Suspense account
  175. Tax bracket
  176. Taxes
  177. Tax expense
  178. Throughput accounting
  179. Trade credit
  180. Treasury stock
  181. Trial balance
  182. UK generally accepted accounting principles
  183. United States
  184. Value added tax
  185. Value Based Accounting Standards and Principles
  186. Write-off
 



ACCOUNTING
This article is from:
http://en.wikipedia.org/wiki/Cash_flow

All text is available under the terms of the GNU Free Documentation License: http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License 

Cash flow

From Wikipedia, the free encyclopedia

 

In accounting, Cash flow refers to the amounts of cash being received and spent by a business during a defined period of time, sometimes tied to a specific project. Measurement of cash flow can be used to evaluate the state or performance of a business or project.

Cash flow measurement can be used to determine problems with liquidity. Being profitable does not necessarily mean being liquid. A company can fail because of a shortage of cash, even while profitable.

Measurement can also be used to generate project rate of returns. The time of cash flows into and out of projects are inputs to models like internal rate of return and net present value.

Cash flow is used to examine income or growth of a business when it is believed that accrual accounting rules do not represent economic realities. Alternately, the cash flow can be used to 'validate' the net income generated by accrual accounting.

Cash flows can be classified by:

  1. Operational cash flows: Cash received or expended as a result of the company's core business activities.
  2. Investment cash flows: Cash received or expended by making capital expenditures that will benefit the business for many years (e.g. the purchase of new machinery), investments or acquisitions.
  3. Financing cash flows: Cash received or expended as a result of financial activities, such as receiving or paying loans, issuing or repurchasing stock, and paying dividends

All three together are necessary to reconcile the beginning cash balance to the ending cash balance.

Benefits from using Cash Flow

The cash flow statement is one of the three main financial statements of a company. The cash flow statement can be examined to determine the short-term sustainability of a company. If cash is increasing (and operational cash flow is positive) then a company will often be deemed as healthy in the short-term. Increasing or stable cash balances suggest that a company is able to meet its cash needs and remain solvent. This information cannot always be seen in the income statement or the balance sheet of a company. For instance a company may be making money, but still may have difficulty remaining solvent if the company does not have enough cash to meet its needs.

Operating cash flow as proxy for income

Because of the politics involved in the formation of accounting standards (GAAP), many investors have lost faith in the published income statements. One way to by-pass them is to use cash flows instead. The feeling is that

  • cash flows cannot be fudged. This presumption is shown to be wrong by the following section.
  • cash liquidity is necessary for survival. This is true, and even more true for businesses with limited access to financing.
  • cash is tangible proof of income. The problem with this concept is that cash can be received as profit on a sale ... but also as proceeds from the sale of an asset with no profit. One asset is simply exchanged for another. This reality is expressed by non-cash expenses like depreciation, amortization and depletion. Capital assets wear out in the process of being used to generate sales. Part of the proceeds from the sale is a return of capital not income. The cash replaces the reduction in the asset's value.

Not withstanding the problems with GAAP, the growth of a business is better measured by Net Income than by Cash from Operations.

Dangers of isolating Operating cash flow

When analysts and the media refer to 'cash flow' they are most likely referring only to #1 above: "Operating Cash Flow". There are problems with isolating only this third of flows because business can easily manipulate the classification. Here are some ways the business can increase 'Operating' cash flow without changing the economic realities of the business.[1]

  • Sales - Sell the receivables to a factor for instant cash
  • Inventory - Don't pay your suppliers for an additional few weeks at period end
  • Sales Commissions - Management can create a separate (but unrelated) company to do the work. The book of business can then be purchased quarterly as an investment
  • Wages - Pay compensation with stock options
  • Maintenance - Contract with the predecessor company that you prepay five years worth for them to continue doing the work
  • Equipment Leases - Buy it
  • Rent - Buy the property (sale and lease back if you like)
  • Oil Exploration costs - Replace reserves by buying another company's
  • Research&Development - Wait for the product to be proven by a start-up lab. Then buy the lab
  • Consulting Fees - Pay in shares from treasury since usually to related parties
  • Interest - Issue convertible debt where the conversion rate changes with the unpaid interest
  • Taxes - Buy shelf companies with TaxLossCarryForward's. Or gussy up the purchase by buying a lab or O&G explore co. with the same TLCF.

Example of a positive $40 cash flow

In this example the following types of flows are included:

  • Incoming loan: financial flow
  • Sales: operational flow
  • Materials: operational flow
  • Labor: operational flow
  • Purchased Capital: Investment flow
  • Loan Repayment: financial flow
  • Taxes: financial flow

Let us, for example, compare two companies using only total cash flow and then separate cash flow streams. The last three years show the following total cash flows:

Company A:
Year 1: cash flow of +10M
Year 2: cash flow of +11M
Year 3: cash flow of +12M
 

Company B:
Year 1: cash flow of +15M
Year 2: cash flow of +16M
Year 3: cash flow of +17M
 

Company B has a higher yearly cash flow and looks like a better one in which to invest. Now let us see how their cash flows are made up:

Company A:

Year 1: OC: +20M FC: +5M IC: -15M = +10M
Year 2: OC: +21M FC: +5M IC: -15M = +11M
Year 3: OC: +22M FC: +5M IC: -15M = +12M
 

Company B:
 

Year 1: OC: +10M FC: +5M IC: 0 = +15M
Year 2: OC: +11M FC: +5M IC: 0 = +16M
Year 3: OC: +12M FC: +5M IC: 0 = +17M
 

  • OC = Operational Cash, FC = Financial Cash, IC = Investment Cash

Now it seems that Company A is actually earning more cash by its core activities and has already spent 45M in long term investments, of which the revenues will only show up after three years. When comparing investments using cash flows always make sure to use the same cash flow layout.

See also

  • Return of capital
  • Cash flow statement
  • Free cash flow
  • Cash is king
  • Discounted cash flow
  • Internal rate of return
  • Net present value
  • Income statement
  • Balance sheet
  • Cash on cash return

References

    1. ^ http://members.shaw.ca/RetailInvestor/cashtruths.html#cashflow
Retrieved from "http://en.wikipedia.org/wiki/Cash_flow"
 

 

 

  

 

 


 

 
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