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ACCA FM知识点：Efficiency ratios
文章来源：ACCA全球官网
发布时间：2021-11-03 13:55
阅读：698次
效率比率是某项经济活动中所费与所得的比率，反映投入与产出的关系，是营运资金管理的重要指标。
Efficiency ratios
This shows how quickly inventory is sold;higher turnover reflects faster-moving inventory.
However,working capital ratios are often easier to interpret if they are expressed in‘days’as opposed to‘turnover’:
Note that exam questions may tell you to assume there are 360 days in the year.Furthermore,many exam questions only provide information about inventory as at the year-end,in which case this must be used as a proxy for the average inventory level.
Inventory days estimates the time taken for inventory to be sold.Everything else being equal a business would prefer lower inventory days.
In exam questions you may have to assume that:
(i)year-end receivables are representative of the average figure;and
(ii)all sales are made on credit.
Receivables days estimates the time taken for customers to pay.Everything else being equal a business would prefer lower receivables days.
In exam questions you may have to assume that:
Year-end payables are representative of the average figure
Cost of sales approximates annual credit purchases
All purchases are made on credit.
Payables days estimates the time taken to pay suppliers.A business would prefer to increase its payables days,unless this proves expensive in terms of lost settlement discounts or leads to other problems such as a damaged reputation–a‘good corporate citizen’is expected to pay promptly.
In this ratio working capital is defined as the level of investment in inventory and receivables less payables.In exam questions you may have to assume that year-end working capital is representative of the average figure over the year.
The sales to working capital ratio indicates how efficiently working capital is being used to generate sales.Everything else being equal the business would prefer this ratio to rise.
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