It's not actually one document, but rather four documents.
它其實不是一份文件，而是四份文件。
00:11
The primary purpose of those documents is to summarize the financial information of a company and comply with the law by providing an honest and transparent view of the financial situation and performance of that company.
這些文件的主要目的是總結公司的財務資訊，並透過提供公司財務狀況和績效的誠實透明視圖來遵守法律。
00:23
As a company is a complex thing to summarize, it cannot be done on a single document and this is why four documents are needed.
由於公司是一個複雜的事物，無法在單一文件中總結，因此需要四份文件。
00:32
The balance sheet, the income statement, the cash flow statement and the statement of changes in equity.
資產負債表、損益表、現金流量表和股東權益變動表。
00:38
Those four documents serve the objective of looking at the finances of the company from four different angles to give the reader a complete and well-rounded view of the financial situation and performance of the company.
It is also a mean of facilitating the exchanges between all the stakeholders by providing a common framework to report vital information about the company.
它也是透過提供一個共同的框架來報告公司的重要資訊，從而促進所有利益相關者之間的交流。
01:01
The balance sheet summarizes what the company owns such as the value of its properties, machinery or any other asset and what it owes or in other words any liability it has to third parties such as loans from the bank, for example.
The income statement which is also commonly called the P&L for profit and loss summarizes the financial performance of the company, covering sales, expenditures and ultimately the profitability of the company.
損益表，也常被稱為P&L（利潤和損失），總結了公司的財務績效，涵蓋銷售、支出和最終的公司盈利能力。
01:31
The cash flow statement serves a different purpose focusing on cash solely and therefore very short term focused.
現金流量表的目的不同，僅專注於現金，因此非常短期導向。
01:38
It records how cash enters and exits the bank account.
它記錄現金如何進出銀行帳戶。
01:42
As we will see further on, cash management is what makes or breaks a company, it therefore deserves its own document.
如我們稍後將看到的，現金管理決定了公司的成敗，因此它值得擁有自己的文件。
01:49
The last document is the statement of changes in equity which records changes in company ownership between shareholders.
最後一份文件是股東權益變動表，記錄股東之間的公司所有權變化。
01:56
This document is important but not key to understanding financial performance.
這份文件很重要，但對於理解財務績效並非關鍵。
02:00
We will therefore not discuss it further.
因此，我們不會進一步討論它。
02:03
At this point it is sufficient for you to know that it exists.
此時，您只需要知道它存在即可。
02:06
A very important point to note is that financial statements focus on the past performance of the company.
一個非常重要的點是，財務報表專注於公司的過去績效。
02:13
Sometimes, companies can decide to add comments or documents that offer an opinion on future trends or performance.
parfois，公司可以決定添加評論或文件，提供對未來趨勢或績效的看法。
02:20
Those documents are added to the financial statement but core financial statement documents find their source solely in past activity and report what has already happened.
這些文件被添加到財務報表中，但核心財務報表文件的來源僅限於過去的活動，並報告已經發生的事情。
02:35
So who are financial statements useful to?
那麼，財務報表對誰有用呢？
02:37
As financial statements give a complete view of the financial situation and performance of the company, it is used by many stakeholders as the basis for deciding if they should start, stop or continue doing a business with the company.
The most common stakeholders that have a need for financial statements are banks, capital investment firms, individual investors, company managers, customers, suppliers and tax authorities.
Let's say for example that you are the owner of an ice cream shop and that you decide to purchase a new ice cream production machine which costs around $20,000.
比方說，你是一家冰淇淋店的老闆，決定購買一台價值約2萬美元的新冰淇淋生產機。
03:17
You decide to ask your bank for a loan.
你決定向銀行申請貸款。
03:19
Your banker is going to be concerned with your solvency.
你的銀行家會關注你的償債能力。
03:23
In other terms, before granting you the loan he would want to confirm that you are going to stay in business long enough and that you can generate enough profits to repay the loan.
換句話說，在批准貸款之前，他會想確認你的生意能持續足夠長的時間，並且能產生足夠的利潤來償還貸款。
03:33
All the elements needed to answer those questions are included in financial statements.
回答這些問題所需的所有資訊都包含在財務報表中。
03:38
Another example is in the field of capital investment.
另一個例子是在資本投資領域。
03:41
If for say you are looking to invest in a business or if investors are looking to put money into your company, in both cases someone needs to appraise the value of a company to determine how much it is worth.
Financial statements play a big role in such an endeavor.
財務報表在這種評估中發揮著重要作用。
03:59
To illustrate this, just think of it as if you were looking to expand your business by acquiring one of the competing ice cream shops in town.
為了說明這一點，你可以想像一下，如果你想通過收購城裡一家競爭對手的冰淇淋店來擴大業務。
04:07
Looking at its financial statement would enable you to understand how the company has been fairing and start evaluating how much it is worth.
查看其財務報表將使你能夠了解該公司的經營狀況，並開始評估其價值。
04:15
Now company managers also have a need in using financial statements.
現在，公司管理層也需要使用財務報表。
04:20
Whether they are general managers, finance, sales, marketing managers or managers from any other department, they use on a regular basis the documents contained in financial statements to take day-to-day decisions, even if some of them don't know that they do.
As any action that has a financial impact is recorded on one or more of those documents, it gives them the ability to analyze past performance to understand if there are areas that are underperforming.
It therefore gives them the ability to put in place corrective actions.
因此，這使他們能夠採取糾正措施。
04:52
If we go back to our ice cream shop example, we could look into our income statement to see if the company is generating more sales than expenditures and see if it is profitable.
如果我們回到冰淇淋店的例子，我們可以查看損益表，看看公司的銷售額是否超過支出，以及是否盈利。
05:03
If it is not the case, it gives us the ability to investigate if the issue is coming from insufficient sales or from an excess in spends.
如果不是這樣，這使我們能夠調查問題是來自銷售不足還是支出過多。
05:11
Sales managers, for example, are usually very interested in income statements as it is the basis used to set their targets and measure their attainments.
例如，銷售經理通常對損益表非常感興趣，因為這是設定他們的目標和衡量他們的成就的基礎。
05:20
General managers use those documents to answer strategic questions such as are sales growing, are we profitable, can we be more profitable, have we invested too much or not enough, are we getting good enough payment terms from our vendors, are we collecting fast enough
from our customers, in short, are we managing well the company and can we do better.
簡而言之，我們是否管理好公司，以及我們能否做得更好。
05:43
Of course, some of our partners such as suppliers and customers will also want to know if we are financially strong enough to work with them.
當然，我們的一些合作夥伴，如供應商和客戶，也會想知道我們是否有足夠的財務實力與他們合作。
05:51
Suppliers, for example, will want to know if they can trust us with large quantities of inventory.
例如，供應商會想知道他們是否可以信任我們處理大量的庫存。
05:56
Customers, on the other hand, will want to know if we will be there to support them over the long run.
另一方面，客戶會想知道我們是否能長期支持他們。
06:01
In our example, we could imagine having to buy large quantities of milk every few days.
在我們的例子中，我們可以想像每隔幾天就要購買大量的牛奶。
06:07
We could ask the milk producer for a 30-day payment term as it is customary for most businesses.
我們可以向牛奶生產商要求30天的付款期限，因為這是大多數企業的慣例。
06:14
In essence, we would be asking the milk producer to grant us a 30-day loan just as a banker would.
實際上，我們是在要求牛奶生產商向我們提供30天的貸款，就像銀行家一樣。
06:20
He would therefore want to verify our solvency before granting us that loan.
因此，他會想在向我們提供貸款之前驗證我們的償債能力。
06:25
And finally, tax authorities also have a need for financial statements.
最後，稅務機關也需要財務報表。
06:30
In their case, they would want to determine if the company has complied to all of its obligations.
在他們的情況下，他們會想確定公司是否已履行所有義務。
06:35
Financial statements contain all the information needed for them to make that call.
財務報表包含他們做出這一判斷所需的所有信息。
06:44
Financial statements are documents that summarize all the activities of the company that have a financial impact and even small ones.
財務報表是總結公司所有具有財務影響的活動，甚至是小活動的文件。
06:53
The source information of financial statements is the accumulation of all the day-to-day transactions of the company.
財務報表的來源信息是公司所有日常交易的累積。
06:59
A transaction is a business event such as selling products, paying salaries, repaying loans, and of the more infrequent and significant transactions such as buying an expensive piece of machinery, buying property, or acquiring a company.
All those transactions materialize into invoices, paychecks, loan repayments, and so on.
所有這些交易都體現在發票、薪資支票、貸款償還等方面。
07:21
All the transactions form the accounting journal.
所有交易構成了會計日記。
07:24
This journal is the list of all the transactions that occurred over a given period of time.
這個日記是一段時間內發生的所有交易的列表。
07:31
You could therefore have a journal for January, for February, for March, and so on.
因此，你可以有1月、2月、3月等的日記。
07:35
You could have a journal for the full year as well, which would simply be the aggregation of the monthly journals.
你也可以有全年的日記，這只是每月日記的匯總。
07:42
Then those transactions are categorized based on their nature and the type of money they represent, such as revenues, costs, taxes, and so on.
然後這些交易會根據其性質和所代表的資金類型進行分類，例如收入、成本、稅金等等。
07:51
The transactions are assigned to accounts, where each account covers a single type of transaction.
這些交易會被分配到不同的會計科目，每個科目涵蓋一種交易類型。
07:57
Accounts starting with the one are for assets, two are for liabilities, three is for equity, four is for revenue, five is for cogs, six for expenses, seven for taxes, eight for other items.
The ledger is just the summary of all the accounts of the company, which in turn summarizes all the transactions of the company.
分類帳就是公司所有會計科目的總結，而這些科目又總結了公司所有的交易。
08:24
Each account is specific to one of the financial documents that we will be learning about here.
每個科目對應於我們將要學習的財務文件之一。
08:29
Balance sheet accounts are the ones starting with one, two, and three.
資產負債表的科目是以1、2和3開頭的。
08:34
And income statement accounts start with four, five, six, seven, and eight.
而損益表的科目則是以4、5、6、7和8開頭的。
08:40
This categorization serves the purpose of giving clarity to what each dollar represents.
這種分類的目的是為了明確每一元錢所代表的意義。
08:45
It is very close to you putting money on the side to buy a present.
這與你將錢留出來買禮物非常相似。
08:49
Well, here it's the same.
這裡也是一樣的道理。
08:51
Some money is due to the tax authorities, some money is due to the shareholders or to suppliers.
有些錢是欠稅務機關的，有些錢是欠股東或供應商的。
08:56
So by keeping each dollar in a separate account, a business leader can quickly know what is due to whom, including to himself.
因此，通過將每一元錢放在不同的科目中，企業領導者可以快速知道欠誰多少錢，包括欠自己的錢。
09:04
To summarize, it all starts with a business activity, such as selling a product, which is a transaction.
總結來說，一切始於一項商業活動，例如銷售產品，這就是一筆交易。
09:11
That transaction is recorded in the journal of this month.
這筆交易會被記錄在本月的日記帳中。
09:15
It is then split into its considering elements, which are revenue, taxes, and cogs, which are then reported into separate accounts.
然後，它會被拆分為其組成部分，即收入、稅金和銷貨成本，然後記錄在不同的科目中。
09:23
Those accounts are reported in the ledger, which is then the source of our financial documents.
這些科目會被記錄在分類帳中，而分類帳就是我們財務文件的來源。
09:33
As we briefly saw earlier, the balance sheet is one of the three key documents that make up a financial statement.
如前所述，資產負債表是構成財務報表的三個關鍵文件之一。
09:39
Every company has the obligation to produce a balance sheet at least once a year.
每家公司都有義務至少每年編制一次資產負債表。
09:44
This document summarizes everything that the company owns and everything that it owes.
這份文件總結了公司擁有的一切和所欠的一切。
09:49
Unlike the other two reports, it is a snapshot of the company at a certain point in time, meaning that if a balance sheet is prepared on the 31st of December, it is reporting the situation for each category as of that day, whether that snapshot is completely different from the picture the day before or the day later is inconsequential.
It is made of two sections called assets and total liabilities and equity.
它由兩個部分組成，分別稱為資產和總負債及股東權益。
10:14
The asset section is focusing on what the company owns.
資產部分專注於公司擁有的資產。
10:17
It is the positive side of the balance sheet and it covers everything that has a tradable value such as cash, property, machinery, or any money that is due to the company such as payments expected from customers.
If we go back to our ice cream shop example, this includes any money that is on the bank account, the ice cream production machines, the furniture in the store, and the store itself if the company was to own it.
The total liabilities and equity section is the flip side of the assets.
總負債及股東權益部分是資產的另一面。
10:47
It is the negative side of the balance sheet and covers two areas.
這是資產負債表的負面部分，涵蓋兩個領域。
10:51
The first one, called liabilities, sums up all the debts of the company.
第一個部分稱為負債，總結了公司的所有債務。
10:56
For the ice cream shop, it is the loan that was contracted to purchase new machinery, or the refurbishment of the store, or any payment that is due to suppliers.
對於冰淇淋店來說，這是為購買新機器或店鋪翻新而簽訂的貸款，或任何應付供應商的款項。
11:06
The second section is called equity and is summarizing the accounting value of the company, which is the accounting value of 100% of the shares of the company.
第二部分稱為股東權益，總結了公司的會計價值，即公司100%股份的會計價值。
11:17
The asset section of the balance sheet, as we saw previously, is containing everything that the company owns.
資產負債表的資產部分，如前所述，包含公司擁有的所有資產。
11:23
It is the plus side or positive side of the balance sheet.
這是資產負債表的正面或積極面。
11:26
This includes a variety of elements.
這包括各種元素。
11:29
They all have one thing in common.
它們都有一個共同點。
11:31
They have a dollar value and can be turned into cash.
它們具有美元價值並可以轉化為現金。
11:34
Those elements are cash, accounts receivable, inventory, prepaid expenses, net fixed assets, and other assets.
這些元素包括現金、應收賬款、存貨、預付費用、淨固定資產和其他資產。
11:42
Those assets are split into two sub-categories.
這些資產被分為兩個子類別。
11:46
Current assets, which group together all the assets that relate directly to the day-to-day activity of the company, and fixed and other assets, which are investments that have been made to enable such things as production or having office space.
Those are necessary to make the company work, but are not necessarily changing every year.
這些資產是公司運作所必需的，但不一定每年都會變化。
12:05
Now let's look at current assets.
現在讓我們來看流動資產。
12:07
Current assets is a sub-categorization of assets, which groups together all the assets that relate directly to the day-to-day activities of the company.
流動資產是資產的一個子分類，將所有與公司日常活動直接相關的資產歸類在一起。
12:17
Any event in the life of the company that influences positively and increases its finances and its short-term in nature is going to be a current asset.
公司生命週期中任何對其財務產生正面影響並增加其短期資金的事件，都將被視為流動資產。
12:27
Generally, the current assets category encompasses all the assets that serve their purpose within the year.
一般來說，流動資產類別包含所有在一年內發揮作用的資產。
12:33
Let's start with cash.
讓我們從現金開始。
12:34
This is a very straightforward category, as it is equal to the sum of all cash that is available on the bank account of the company.
這是一個非常直接的類別，因為它等於公司銀行帳戶中所有可用現金的總和。
12:42
Every time a customer makes a payment, there is money coming to the bank and the cash of the company increases.
每當客戶付款時，就有資金進入銀行，公司的現金也隨之增加。
12:48
Similarly, the cash category of the balance sheet increases.
同樣地，資產負債表中的現金類別也會增加。
12:52
Account receivable is the category for any money that is due to the company but has not been paid yet.
應收帳款是指任何尚未支付但欠公司的款項。
12:59
Let's look at a real-life example.
讓我們看一個實際的例子。
13:01
Let's imagine that the ice cream shop just received an order to deliver at the end of the month a large quantity of ice cream for a kid's anniversary.
假設一家冰淇淋店剛接到一個訂單，要在月底為一個孩子的週年慶典送去大量冰淇淋。
13:09
The total amount of that order is $500.
該訂單的總金額是500美元。
13:12
The customer is requested to pay 30% of the order upfront and the remaining 70% on the day of the delivery.
客戶被要求先支付訂單的30%，剩下的70%在交貨當天支付。
13:20
In other words, $150 today and $350 at the end of the month.
換句話說，今天支付150美元，月底支付350美元。
13:25
In our balance sheet, we will record $150 in the cash category since it is received today and $350 in the account receivable category because this amount is due to the ice cream shop but has not been paid yet.
When the end of the month arrives and the $350 have been paid, then we will subtract $350 from the account receivable category and add that amount to the cash category.
This is everything that has been purchased to be either sold or transformed before it is sold.
這包括所有已購買用於銷售或在銷售前進行加工的物品。
14:01
For the ice cream shop, any ingredient bought to prepare ice cream would be included in the inventory category such as milk, fruits, chocolate and much more.
對於冰淇淋店來說，任何用於製作冰淇淋的原料都會被包含在存貨類別中，例如牛奶、水果、巧克力等。
14:11
Those are included because once bought, they will be transformed to form an end product that will then be sold.
這些被包含在內是因為一旦購買，它們將被加工成最終產品，然後進行銷售。
14:19
The ice cream shop is selling as well a wide range of soft drinks.
冰淇淋店還銷售各種軟性飲料。
14:23
Those are bought already in their final form and will not be transformed.
這些商品已以最終形式購入，不會再被轉換。
14:27
Still, when those are purchased, they are included in the inventory category.
然而，當這些商品被購買時，它們會被列入存貨類別。
14:32
So every time a soft drink is purchased by the ice cream shop, let's say for $2, it is added to the inventory category until it is sold.
因此，每當冰淇淋店購買一罐汽水，假設花費2美元，它會被加入存貨類別，直到被售出。
14:40
On the day it is sold, the $2 are taken out of the inventory category and added to the cash category if the payment has been received on the day of the sale.
在售出當天，這2美元會從存貨類別中移出，如果當天收到付款，則加入現金類別。
14:51
Or it is added to the account receivable category if the payment will occur later.
或者，如果付款將在稍後進行，則加入應收賬款類別。
14:56
Now let's look at prepaid expenses.
現在讓我們來看預付費用。
14:59
It is a category that covers any service that has already been paid but has not yet been received.
這是一個類別，涵蓋任何已經支付但尚未收到的服務。
15:05
Examples are any deposits paid to companies, salary advances to employees or prepayments.
例如，支付給公司的任何押金、員工的薪資預付或預付款。
15:12
As you can see, current assets are relating to the core activity of the company, selling products, increasing inventory, collecting cash.
如你所見，流動資產與公司的核心活動有關，如銷售產品、增加存貨、收取現金。
15:22
We will speak again of current assets further on what we have learned about current liabilities and the concepts of working capital.
我們將在學習了流動負債和營運資本的概念後，再次討論流動資產。
15:30
Next are categories of assets that are, let's say, less current.
接下來是資產類別，可以說流動性較低。
15:36
Next fixed assets is a category that covers the properties, equipment and more generally anything that is necessary to run the business but does not vary with individual transactions.
接下來是固定資產類別，涵蓋房地產、設備以及更一般地，任何運營業務所需但不隨個別交易變化的資產。
15:47
You can find in this category one or more offices, production equipment, computers, cars and so on.
你可以在這個類別中找到一個或多個辦公室、生產設備、電腦、汽車等。
15:54
Of course, to be included in the next fixed assets category, any item must be fully owned by the company.
當然，要被列入固定資產類別，任何項目都必須由公司完全擁有。
16:02
For example, if the ICS is renting its stores, it is then not the owner of the store.
例如，如果ICS租用其商店，那麼它不是商店的所有者。
16:07
In that case, this is just a monthly expense to the company and the store value cannot be included in the next fixed assets category.
在这种情况下，這只是公司的每月費用，商店的價值不能被列入固定資產類別。
16:16
We will see further on where it is recorded.
我們將在稍後看到它被記錄在哪裡。
16:19
Usually, the next fixed assets category is divided into two subcategories.
通常，固定資產類別被分為兩個子類別。
16:25
The first one is called fixed assets at cost, which reports the value of assets at the time of purchase.
第一個稱為固定資產成本，報告資產在購買時的價值。
16:33
The second is called depreciation.
第二個稱為折舊。
16:36
The notion of depreciation is complex and important to understand.
折舊的概念相當複雜且重要，必須理解。
16:41
A following video is therefore dedicated to the subject.
因此，接下來的影片將專門討論這個主題。
16:45
The last category of the assets section is other assets.
資產部分的最後一個類別是其他資產。
16:49
As its name indicates, this category covers any assets that cannot be classified in the other categories.
如其名稱所示，這個類別涵蓋所有無法歸類到其他類別的資產。
16:56
A good example of other assets is intangible assets.
其他資產的一個好例子是無形資產。
17:00
Intangible assets are assets that do not have a physical presence, such as patents, copyrights, brand names to name a few.
無形資產是指沒有實體存在的資產，例如專利、版權、品牌名稱等。
17:08
Those assets can have a significant value without which the company would not operate normally, or even would not operate at all.
這些資產可能具有重大價值，若沒有它們，公司可能無法正常運作，甚至無法運作。
17:16
They therefore need to be reported on the balance sheet as assets.
因此，它們需要在資產負債表上列為資產。
17:21
Their value, by the way, is very hard to determine and is usually the subject of debate.
此外，它們的價值非常難以確定，通常是爭論的主題。
17:26
A good example of intangible assets is the brand name of well-known companies.
無形資產的一個好例子是知名公司的品牌名稱。
17:31
Think about the large soda company which sells millions of drinks thanks to its brand name.
想想那家大型蘇打公司，靠著品牌名稱賣出數百萬飲料。
17:36
Without that brand name, sales would plummet instantly.
如果沒有這個品牌名稱，銷售額將立即暴跌。
17:40
It is therefore of high value and needs to be reported on the balance sheet in the other assets category.
因此，它具有高價值，需要在資產負債表的其他資產類別中列示。
17:47
A concluding note on the order in which cash accounts receivable, inventory, prepaid expenses, next fixed assets and other assets are categorized in the balance sheet.
關於現金、應收帳款、存貨、預付費用、固定資產和其他資產在資產負債表中的分類順序，做一個總結。
17:58
At the top, you will find the categories that are the easiest to turn into cash.
在最上方，你會發現最容易轉換為現金的類別。
18:02
There are also called liquid assets.
這些也稱為流動資產。
18:05
Liquid means that it is easy to trade.
流動性意味着容易交易。
18:08
The categories are then organized from the most liquid to the least liquid.
這些類別是按照從最流動到最不流動的順序排列。
18:13
Cash, of course, is the most liquid.
當然，現金是最流動的。
18:15
Accounts receivable is cash that should be received soon.
應收帳款是即將收到的現金。
18:19
Therefore, it's liquid but less than cash.
因此，它是流動的，但不如現金流動。
18:22
Same goes for inventory.
庫存也是一樣。
18:24
The last category, net fixed assets, is the most difficult to turn into cash and therefore it appears at the bottom of the assets section.
最後一類，淨固定資產，是最難轉換成現金的，因此它出現在資產部分的最底部。
18:33
The purpose of depreciation is to account for fixed assets related expenses in a way that is relevant to its contribution to the business activity and not to evaluate the current value of assets.
折舊的目的是以與業務活動貢獻相關的方式記錄固定資產相關的費用，而不是評估資產的當前價值。
18:46
You therefore need to use it as such.
因此，你需要這樣使用它。
18:48
To understand depreciation, we first need to look into how the acquisition of fixed assets is accounted for in a company books.
要理解折舊，我們首先需要了解固定資產的取得在公司帳簿中是如何記錄的。
18:57
When an acquisition is made for one million dollar piece of equipment, for example, it is treated in two different ways in the company books.
例如，當購買一台價值一百萬美元的設備時，在公司帳簿中會以兩種不同的方式處理。
19:05
The two treatments are from a cash standpoint and from a profit standpoint.
這兩種處理方式是從現金的角度和從利潤的角度。
19:11
The first treatment is from a cash standpoint.
第一種處理方式是從現金的角度。
19:14
If the equipment was purchased with cash, then the total cost of that equipment is subtracted from the cash of the company right away.
如果設備是用現金購買的，那麼該設備的總成本會立即從公司的現金中扣除。
19:21
That makes sense.
這是合理的。
19:23
Since the money was spent, it needs to be taken out of the bank account and therefore to reduce the cash category of the balance sheet.
由於錢已經花了，需要從銀行帳戶中取出，因此需要減少資產負債表中的現金類別。
19:31
But that same expense is not accounted for the same way when it comes to calculating the profitability of the company.
但是，在計算公司的盈利能力時，同一筆費用的處理方式並不相同。
19:38
As we will see, when we will deep dive into the income statement, sales or revenue need to be accounted for with its corresponding costs.
如我們將看到的，當我們深入研究損益表時，銷售或收入需要與其對應的成本一起記錄。
19:46
In other words, if you need to spend money to make a sale, you need to report the revenue from the sale and the corresponding spends at the same time.
換句話說，如果你需要花錢來完成一筆銷售，你需要在同一時間報告銷售的收入和對應的支出。
19:56
So when you buy a one million dollar piece of equipment that is going to be used for 10 years to produce goods, the accounting standard requires you to account for that equipment every year during its useful life.
That means that if you use a straight line depreciation for a one million dollar piece of equipment with a useful life of 10 years, you will account in the company books an expense of $100,000 every year for 10 years.
In the balance sheet, this will represent the loss of value in the accounting books of the company, also called book value, that is recorded over time.
在資產負債表中，這將代表公司帳簿中記錄的價值損失，也稱為帳面價值，隨著時間記錄。
20:36
To be concrete, after three years, the balance sheet will be showing one million dollars in fixed assets at cost, since it was the value at which the equipment was purchased, and $300,000 in depreciation, $100,000 per year.
The next fixed assets will show a total of $700,000, which is the original value of the asset less the depreciation.
下一項固定資產將顯示總額為70萬美元，這是資產的原始價值減去折舊後的金額。
21:01
As said at the beginning of this video, the purpose of depreciation is to account for fixed assets related expenses in a way that is relevant to its contribution to the business activity, and not to evaluate the current value of assets.
While the concept of depreciation is necessary for the evaluation of profitability, it is not always a good measure of the value of assets, and therefore needs to be used with care.
雖然折舊的概念對於評估盈利能力是必要的，但它並不總是衡量資產價值的良好指標，因此需要謹慎使用。
21:33
Some goods, such as computers, for example, lose value over time.
有些商品，例如電腦，隨著時間的推移會貶值。
21:38
After one year, a computer can lose as much as half of its value, therefore accounting in the balance sheet that it loses a third every year for three years can be a realistic measure.
On the other hand, some assets have a value that increases over time, and in that case, the next fixed asset value of that asset will not be a good representation of its real value.
For example, a property can see its value increase over time due to increased demand for it.
例如，一項房產可能會因為對它的需求增加而隨著時間的推移而升值。
22:08
Its value in the balance sheet will decrease over its 30 years of useful life, while its real value would increase.
在資產負債表中，其價值將在其30年的使用壽命內減少，而其實際價值卻會增加。
22:16
The Liabilities in Equity section covers everything that the company owes to banks, for example, or suppliers, employees, and so on.
負債與權益部分涵蓋了公司欠銀行、供應商、員工等的所有債務。
22:26
In other terms, this is all the debts that the company has.
換句話說，這是公司所有的債務。
22:30
Equity is the debt that the company has to its shareholders.
權益是公司欠股東的債務。
22:35
It is a very unique type of debt, and therefore has its own section in the balance sheet.
這是一種非常獨特的債務，因此在資產負債表中有其專屬的部分。
22:40
The Equity section contains two categories, retained earnings and capital stock.
權益部分包含兩個類別，即保留盈餘和資本股。
22:47
The Liabilities section covers all the other debts that the company has, such as accounts payable, accrued expenses, current portion of debt, income taxes payable, and long-term debt.
負債部分涵蓋了公司的所有其他債務，例如應付賬款、應計費用、債務的當前部分、應付所得稅和長期債務。
23:01
As for the asset section, it is separated into current liabilities and long-term liabilities.
至於資產部分，它被分為流動負債和長期負債。
23:07
Everything that is affecting the company within the year following the day on which the balance sheet has been prepared is reported in the current liabilities section.
所有在資產負債表編制之日起一年內影響公司的事項都在流動負債部分報告。
23:17
The rest is considered long-term.
其餘部分被視為長期負債。
23:20
Liabilities are all the debts that the company has, whether it is a loan from a bank, a payment that is due to a supplier, or a salary due to an employee, as long as it is some form of a debt, it will be recorded as a liability.
Liabilities are reported just as assets in two categories, current liabilities and long-term liabilities.
負債的報告方式與資產相同，分為流動負債和長期負債兩類。
23:43
Again, just as for assets, the current liabilities are the ones affecting and being affected by the daily activity of the company.
同樣地，就像資產一樣，流動負債是影響並被公司日常活動所影響的負債。
23:51
Current liabilities include accounts payable, accrued expenses, current portion of debt, and income taxes payable.
流動負債包括應付帳款、應計費用、債務的流動部分以及應付所得稅。
24:01
Let's look at those one by one.
讓我們逐一查看這些項目。
24:03
Let's start with accounts payable.
先從應付帳款開始。
24:05
This category is for any debt that is due to suppliers.
這個類別是針對任何對供應商的債務。
24:10
Just as we had an accounts receivable category in the assets section, for money due from customers, this section is for money that the company owes to its suppliers.
就像我們在資產部分有應收帳款類別，用於客戶欠的款項，這個部分是公司欠供應商的款項。
24:20
Most companies negotiate payment terms, and will receive from their suppliers the possibility of paying a certain number of days after having purchased a good or a service.
大多數公司會協商付款條件，並且會從供應商那裡獲得在購買商品或服務後一定天數內支付的可能性。
24:32
The most common payment terms are prepaid, which means the company needs to pay its suppliers before the good is shipped or services rendered, and 30 days net, which means the company can pay 30 days after the invoice date.
During the time between the purchase and the payment, the money due to the supplier will have to be put on the side.
在購買和支付之間的時間內，欠供應商的款項必須被留存。
24:55
It will be reported in the accounts payable category.
它將被記錄在應付帳款類別中。
24:58
For example, let's say the ice cream shop decides to purchase on the 15th of April new tables and chairs for its store, to make it nicer, for a total value of $3,000.
例如，假設冰淇淋店決定在4月15日為其店鋪購買新的桌椅，以使其更美觀，總價值為3,000美元。
25:10
Let's say as well that its supplier, a furniture store, agrees to give the ice cream shop a 30 days net payment term.
假設其供應商，一家家具店，同意給予冰淇淋店30天凈額的付款條件。
25:18
That means that even though the order was placed on the 15th of April, no payment will be made until the 15th of May.
這意味着即使訂單是在4月15日下的，支付也將在5月15日進行。
25:25
On the 15th of April, even though the payment is not due for another month, the ice cream shop will have to put the money on the side until the payment is made.
在4月15日，即使支付還有一個月的時間，冰淇淋店也必須將款項留存直到支付完成。
25:35
During that time, the money will be placed in the accounts payable category.
在這段時間內，款項將被放在應付帳款類別中。
25:40
Now, income taxes payable. Income taxes payable is again a debt, but this time to the tax authorities.
現在，應付所得稅。應付所得稅是一種債務，但這次是對稅務機關的債務。
25:47
Company taxes are paid every three months.
公司稅每三個月支付一次。
25:51
There is therefore a time difference between the moment that a profit is made and the time that taxes are paid.
因此，在獲利時刻和支付稅款時刻之間存在時間差。
25:57
During that time, the tax money is put on the side, in the income taxes payable category.
在這段時間內，稅款被留存，放在應付所得稅類別中。
26:03
On the day of the payment, that amount is taken out of that category, since the debt then no longer exists.
在支付當天，該金額從該類別中移除，因為債務不再存在。
26:11
Next in line is accrued expenses.
接下來是應計費用。
26:14
Accrued expenses is reporting any money that is due to stakeholders other than suppliers.
應計費用是指向供應商以外的利益相關者報告任何應付的款項。
26:21
As we saw earlier, suppliers have their own category for that type of debt, which is accounts payable.
如前所述，供應商有自己的債務類別，即應付賬款。
26:26
For example, an employee is one of the stakeholders that can be covered by this category.
例如，員工是可能被此類別涵蓋的利益相關者之一。
26:33
Let's say the ice cream shop has a bonus plan in place to motivate its employees to sell soft drinks.
假設這家冰淇淋店制定了獎金計劃來激勵員工銷售軟性飲料。
26:38
And let's say the bonus is paid only once a year.
並且假設獎金每年只支付一次。
26:42
Let's imagine then that John, an employee of the ICS, has made a terrific job selling soft drinks and by April has already earned $500 worth of bonus.
假設約翰是冰淇淋店的員工，他在銷售軟性飲料方面表現出色，到四月份已經賺取了500美元的獎金。
26:52
As the bonus will be paid only at the end of the year, the ice cream shop accountant will have to put the $500 on the side for a later payment.
由於獎金將在年底才支付，冰淇淋店的會計需要將這500美元留出來以備後續支付。
27:01
Until the end of the year, the $500 will be placed in the accrued expenses category.
在年底之前，這500美元將被放在應計費用類別中。
27:07
The last category of current liabilities is current portion of debt.
流動負債的最後一個類別是到期債務。
27:11
This category is for the portion of loans that is due within the coming 12 months.
這個類別是指在未來12個月內到期的貸款部分。
27:15
To be concrete, if your company has a four-year loan in place and it needs to pay $5,000 per month for 48 months, we will be reporting only the next 12 months in the current portion of debt category.
The remaining 36 payments will be reported in the long-term debt category.
剩下的36筆付款將被報告在長期債務類別中。
27:39
Only the current portion of debt category will be reported in current liabilities.
只有到期債務類別會被報告在流動負債中。
27:44
The last liability category is long-term debt, which we just saw.
最後一個負債類別是長期債務，我們剛剛已經看到。
27:49
It's covering the portion of loans that is beyond the next 12 months.
它涵蓋了超過未來12個月的貸款部分。
27:55
Equity is a category that covers yet another debt of the company.
權益是一個涵蓋公司另一種債務的類別。
28:00
That debt is specific in nature since it is a debt towards the owners of the company, also called shareholders.
這種債務的性質比較特殊，因為它是公司對其所有者（也稱為股東）的債務。
28:06
I remember that the first time I got introduced to the concept of equity being a debt, I was really surprised.
我記得第一次接觸到權益是一種債務的概念時，我真的很驚訝。
28:14
The main reason was that for me, if the company was mine, there could be no debt between me and myself.
主要原因是，對我來說，如果公司是我的，那麼我和我自己之間就不會有債務。
28:20
And in fact, it's not the case.
但實際上並非如此。
28:22
To understand the nature of equity, it is important to understand that when a company is incorporated, a new person is created, in the legal sense at least.
要理解股權的本質，重要的是要明白，當一家公司成立時，至少在法律意義上，一個新的個體就被創造出來了。
28:32
The new person is called a juridical person and has a legal life of its own.
這個新個體被稱為法人，擁有自己的法律生命。
28:38
The company, being a juridical person, has rights, obligations, and responsibilities, and as such, has a life of its own, separate from the person who raised it.
公司作為一個法人，擁有權利、義務和責任，因此擁有自己的生命，與創立它的人分開。
28:49
Therefore, when a company is incorporated, it is a different person from yourself, which poses the next key question.
因此，當一家公司成立時，它是一個與你不同的個體，這就引出了下一個關鍵問題。
28:57
What's the relationship linking you to your company?
你與你的公司之間有什麼關係？
29:00
The link is the following.
這個關係如下。
29:02
When you raise a company, you lend money to your company, that new juridical person.
當你創立一家公司時，你向你的公司，也就是這個新的法人，貸款。
29:08
The company will use those resources to conduct its activities with the objective of generating a profit.
公司將使用這些資源來開展其活動，目標是產生利潤。
29:15
Just as a bank lends you money that you pay back with interest, you have landed money to your company that you will get back with interest as well.
就像銀行貸款給你，你用利息償還一樣，你也向你的公司貸款，你也會獲得利息償還。
29:24
The company owes you the initial investment plus compensation.
公司欠你初始投資加上補償。
29:29
In accounting terms, the capital you invested in the company is worth a certain percentage of the company and can go up to 100% of the company if you are the sole owner.
Since the company owes you that money, it is indeed a debt towards you, the shareholder.
由於公司欠你這筆錢，這實際上是對你，股東的債務。
29:48
You might ask, what about the compensation?
你可能會問，那補償呢？
29:50
Well, in accounting terms, we call those dividends.
好的，在會計術語中，我們稱這些為股息。
29:53
And if the company makes an annual profit, you will get a share of it.
如果公司每年盈利，你將獲得一部分。
29:58
That's the part of your compensation that relates to your investment.
這是你與投資相關的補償部分。
30:02
That category is divided into two subcategories, which are capital stock and retained earnings.
這個類別分為兩個子類別，即資本股和留存收益。
30:09
Capital stock or common stock is the total amount that has been invested by the shareholders.
資本股或普通股是股東投資的總金額。
30:14
If three people bring $2,000 each to raise a company, then capital stock is equal to $6,000.
如果三個人各自投入2,000美元創辦公司，資本股就等於6,000美元。
30:23
Retained earnings is a category that reports the accumulation of all the profits that the company has generated.
保留盈餘是一個類別，報告公司產生的所有利潤的累積。
30:31
When bills are paid with company money and not new loans, the money comes out of the cash category on the assets side, and correspondingly reduces the retained earnings category on the liabilities and equity side.
At the end of the year, if there is any profit left in the retained earnings category, it is distributed as dividends to the shareholders.
年底時，如果保留盈餘類別中有剩餘利潤，則作為股利分配給股東。
30:53
If you ever wondered where the name balance sheet comes from, the explanation is coming from the fact that the two key sections of the balance sheet, assets and liabilities and equity must always be equal to each other, or in other words, be in balance.
If that is true, it means that all the assets or everything the company owns must be equal to the total amount of what it owes.
如果這是真的，那意味着公司擁有的所有資產或一切必須等於其欠款的總額。
31:18
The reason for that is that the company in itself, being a dirty person and not a physical person, cannot ultimately own anything for itself.
其原因是公司本身作為一個法人而非自然人，最終不能為自己擁有任何東西。
31:28
It therefore does owe whatever it owns to someone else.
因此，它所擁有的任何東西都歸屬於其他人。
31:31
First, it owes money to lenders, as it has received cash from banks and other lenders, a portion of what the company owns belongs to them, at least until the loans have been repaid.
首先，它欠貸方的錢，因為它從銀行和其他貸方獲得了現金，公司擁有的部分屬於他們，至少在貸款償還之前。
31:44
If there is anything left, it is owed to the shareholders, the true owners of the company and of its value.
如果有剩餘，則歸屬於股東，即公司及其價值的真正所有者。
31:51
There is a formula that summarizes this well, and it is, assets is equal to liabilities plus equity.
有一個公式總結了這一點，即資產等於負債加權益。
31:59
Another way to look at it is to say that if the owners of the company decide to sell all the assets and repay all the debts, then any leftover money will belong to them.
另一種看法是，如果公司的所有者決定出售所有資產並償還所有債務，那麼任何剩餘的錢都將屬於他們。
32:10
In other words, equity is equal to assets minus liabilities.
換句話說，權益等於資產減去負債。
32:16
Let's take now some live examples to illustrate this important concept.
現在讓我們舉一些實際例子來說明這個重要概念。
32:20
Now, first example, if you put your own money into a startup company, let's say $10,000 in cash and make $25,000 out of it, then you have more than doubled your money.
Again, on the asset side of the balance sheet, you have now $2,000 worth of raw material.
在資產負債表的資產方面，你現在有價值 2,000 美元的原材料。
36:35
This raw material is in your inventory, which therefore calls for increasing the inventory category by $2,000.
這些原材料在你的庫存中，因此需要將庫存類別增加 2,000 美元。
36:42
With the raw material and machine, you transform the material into a finished product, ready to be sold.
有了原材料和機器，你將原材料轉化為成品，準備銷售。
36:49
This transformation will have no visual impact on the balance sheet, but in the details, the $2,000 of raw material will be replaced by $2,000 of finished goods.
You have increased the value of your assets and therefore the value of your company.
你已經增加了資產的價值，因此也增加了公司的價值。
37:40
You can therefore increase retained earnings on the equity side of the balance sheet by $1,000.
因此，你可以在資產負債表的股東權益方將留存收益增加 1,000 美元。
37:46
The balance sheet is again in balance.
資產負債表再次達到平衡。
37:49
30 days later, the customer pays the $3,000 bill.
30 天後，客戶支付了 3,000 美元的帳單。
37:53
So you can take out $3,000 from the accounts receivable category and increase the cash category by the same amount.
因此，你可以從應收帳款類別中減去 3,000 美元，並將現金類別增加相同的金額。
38:00
Let's get now into paying stuff.
現在讓我們來看看支付的部分。
38:02
The end of the month is coming.
月底快到了。
38:04
Did I tell you that you have one employee?
我有沒有告訴你，你有一名員工？
38:06
Well, you need to pay her or his salary of $1,500, which includes $300 of employee contribution and to which we need to add another $500 of employee taxes.
To do so, we take out $1,200 from the bank account to pay the salary and reduce the cash category by that amount.
為此，我們從銀行帳戶中支取 1,200 美元來支付薪水，並將現金類別減少該金額。
38:25
On the liabilities and equity side, we increase the accrued expenses category by the $300 of employee contribution as well as the $500 of additional taxes, to keep that tax money separate until the payment is made to the authorities.
The salary and taxes that you paid will then have to come off the retained earnings category.
你支付的薪水和稅金將從留存收益類別中扣除。
38:45
The balance sheet is again in balance.
資產負債表再次達到平衡。
38:52
The income statement is the second key document of the financial statement.
損益表是財務報表的第二個關鍵文件。
38:57
Its purpose is to report on the business activity of the company.
其目的是報告公司的業務活動。
39:00
To be more precise, it focuses on the sales that have been made and the expenditures that have been necessary to fund the daily activities of the company.
更準確地說，它專注於已完成的銷售以及為公司的日常活動提供資金所需的支出。
39:09
And it concludes with the resulting profit or loss that has been made.
並以所產生的利潤或損失作為結論。
39:13
This is the reason it is usually called the P&L, where the peace stands for profit and the L stands for loss.
這就是為什麼它通常被稱為損益表（P&L），其中P代表利潤（Profit），L代表損失（Loss）。
39:21
The income statement reports on the business activity over a certain period of time, which means that it will report all the sales and expenditures activity between a start date and an end date.
As an example, a 2012 income statement reports all the sales and expenditures between the 1st of January and the 31st of December.
例如，2012年的損益表報告的是1月1日至12月31日之間的所有銷售和支出。
39:42
A 2013 first quarter income statement could report the activity between the 1st of January and the 31st of March.
2013年第一季度的損益表可能報告的是1月1日至3月31日之間的活動。
39:51
I'm saying could report as some companies have a fiscal year that starts at a different time than the 1st of January, and their quarters are therefore not the same as the calendar year quarters.
我說「可能報告」是因為有些公司的財政年度不是從1月1日開始，因此它們的季度與日曆年度的季度不同。
40:01
The income statement has a set of categories that we will be reviewing individually.
損益表有一些類別，我們將逐一審視。
40:06
Those categories are revenue, costs, gross margin, operating expenses, operating income, non-operating income and expenses, and net income.
這些類別包括：營收、成本、毛利、營業費用、營業收入、非營業收入和費用，以及淨利。
40:19
Now let's talk about revenue.
現在讓我們談談營收。
40:21
So revenue or income or sales are all the words that describe the same thing.
營收、收入或銷售都是描述同一事物的詞語。
40:26
When a company wins new business, it goes through a set of actions to fulfill the request of the customer, and it results with an obligation for the customer to pay for the good or the services provided by the company.
Revenue can have different names such as turnover or top line.
營收可以有不同的名稱，例如營業額或頂線。
40:43
That last name, top line, comes from its position within the income statement.
最後一個名稱「頂線」來自於它在損益表中的位置。
40:49
As it is the first line of the income statement, it's the top line.
因為它是損益表的第一行，所以稱為頂線。
40:52
To understand why exactly revenue is, it is important to understand the complete cycle of a sale.
要準確理解營收的含義，必須了解銷售的完整週期。
40:59
The usual steps are, an initial discussion between the company and the customer.
通常的步驟是，公司與客戶之間的初步討論。
41:04
The company issues a quote to the customer with the price requested to render the service or provide the good.
公司向客戶發出報價，列明提供服務或商品所需的價格。
41:10
Negotiation between the customer and the company happens.
客戶與公司之間進行談判。
41:13
The final quote is sent to the customer.
最終報價發送給客戶。
41:15
The customer approves the quote.
客戶批准報價。
41:17
The company sends an invoice to the customer.
公司向客戶發送發票。
41:19
The company ships goods or renders a service.
公司發貨或提供服務。
41:24
And the customer pays the invoice.
客戶支付發票。
41:26
The last three steps sometimes happen in a different order, depending on the situation.
最後三個步驟有時會依情況以不同的順序發生。
41:32
The reason it is so important to understand the cycle of a sale is because that sale becomes revenue only when the invoice is issued.
了解銷售週期如此重要的原因是因為銷售只有在開具發票時才成為收入。
41:40
Before that time, it's just a discussion between the customer and there is no true commitment.
在此之前，這只是客戶之間的討論，並沒有真正的承諾。
41:45
Once the invoice is issued, there's a formal agreement between the company and the customer, which would be followed by a payment and the shipment of goods or rendering of service.
一旦開具發票，公司與客戶之間就有正式協議，隨後是付款和發貨或提供服務。
41:55
In the example of the ice cream shop, most of the steps happen, even if they do in a very short period of time.
在冰淇淋店的例子中，大部分步驟都會發生，即使是在很短的時間內。
42:02
A customer enters the shop, he checks out the ice cream prices on a board or on a menu.
客戶進入店內，他查看黑板或菜單上的冰淇淋價格。
42:08
He could ask for a discount, but for a simple ice cream, you might not accept to offer a discount and will confirm to the customer that the price will remain unchanged.
他可能要求折扣，但對於一個簡單的冰淇淋，你可能不會接受提供折扣，並會向客戶確認價格保持不變。
42:17
The customer can choose to accept that price.
客戶可以選擇接受該價格。
42:20
In that case, you will first prepare and provide the ice cream.
在那種情況下，你會先準備並提供冰淇淋。
42:24
The customer will pay and you will give him a bill.
客戶會付款，你會給他一張帳單。
42:28
In the case of the ice cream shop, you will have to wait until the last steps to account that sale in your revenue.
在冰淇淋店的例子中，你必須等到最後的步驟才能將該銷售記入你的收入。
42:35
To link this back to what we have learned on the balance sheet, once the invoice is issued and therefore the sale is made, the customer either pays right away and the cash category increases or the customer is due to pay in the near future.
And in that case, it's the account receivable category that would be increased.
在那種情況下，應收賬款類別會增加。
42:54
If it's a good that has been shipped, then the inventory category will decrease as soon as the good will come out of the inventory to be shipped to the customer.
如果已經發貨，庫存類別將在貨物從庫存中取出並發送給客戶時立即減少。
43:03
So what's the difference between revenue and cash?
收入和現金之間有什麼區別？
43:06
The income statement reports revenue, while the cash flow statement reports cash.
損益表報告收入，而現金流量表報告現金。
43:11
The big difference between the two is the payment.
兩者之間的最大區別在於支付。
43:14
As we have seen previously, the generational revenue occurs when the invoice is sent and until the payment is made.
如前所述，收入產生於發票發出之時，直到支付完成。
43:21
A debt exists between the customer and supplier.
客戶和供應商之間存在債務關係。
43:24
When you eat at a restaurant, for example, at the end of the meal, the check is brought to you.
例如，當你在餐廳用餐時，用餐結束後，帳單會送到你面前。
43:28
In accounting terms, the restaurant gave you an invoice.
在會計術語中，餐廳向你開具了發票。
43:32
During the five minutes between receiving the check and paying it, you actually owe money to the restaurant.
在收到帳單和付款之間的五分鐘內，你實際上欠餐廳錢。
43:38
During the five minutes, the restaurant has generated revenue equal to the amount of the check, but no cash since you have not paid.
在這五分鐘內，餐廳產生了等於帳單金額的收入，但沒有現金，因為你尚未付款。
43:45
In accounting terms, again, the revenue is recorded right away on the income statement as revenue and in the balance sheet as accounts receivable.
在會計術語中，這筆收入會立即記錄在損益表中作為收入，並在資產負債表中記錄為應收帳款。
43:55
If you remember, this is the category for money owed by customers to the company.
如果你還記得，這是客戶欠公司的錢的類別。
44:00
At the end of those five minutes, you pay the bill and are longer indebted to the restaurant.
五分鐘後，你付清帳單，不再欠餐廳錢。
44:05
There is no change to the income statement, but in the balance sheet, the amount of the check is removed from the accounts receivable since your debt has been repaid and that same amount is moved to the cash category.
Of course, in this example, it all happens in five minutes, and in the company books, it will be reported as having happened at the same time.
當然，在這個例子中，一切都在五分鐘內發生，在公司的帳簿中，這將被記錄為同時發生。
44:28
But companies have access to a large variety of payment terms, which create a significant time difference between the invoice date and the payment date.
但公司可以使用各種付款條件，這會在發票日期和付款日期之間造成顯著的時間差。
44:37
Payment terms start with prepayment, which require the customer to pay on the invoice date.
付款條件從預付款開始，要求客戶在發票日期付款。
44:43
It can also have many forms, such as payment 30 days after the invoice date, called 30 days net, 60 days after the invoice date, called 60 days net, at the end of the month, called end of month, on the 15th of the following month, called end of month, the 15, and so on.
There is no limit to the creativity of companies when it comes to payment terms, and it can go as high as 120 days after the invoice date in some countries.
公司在付款條件上的創意沒有限制，在某些國家，付款條件甚至可以長達發票日期後120天。
45:12
This means that if your company has offered a 30 days net payment term to a customer, you will have to deliver the good or render the service and wait 30 days after the invoice date to collect the money.
The money, as we have seen, is due to you on the invoice date, but the customer owes you the money during those 30 days.
如我們所見，這筆錢在發票日期就歸你所有，但在這30天內，客戶欠你這筆錢。
45:32
In essence, you are lending money to your customer for 30 days.
本質上，你是在向客戶貸款30天。
45:36
That also means that during those 30 days, you will not be able to pay your bills with that money, even though you earned it, until it is paid to you.
這也意味著，在這30天內，你將無法用這筆錢支付你的帳單，即使你已經賺到了這筆錢，直到它被支付給你。
45:46
In the income statement, all the expenditures of the company are divided into two categories, costs and expenses.
在損益表中，公司的所有支出被分為兩類：成本和費用。
45:54
A company needs to spend money in order to operate on day-to-day basis.
公司需要花錢才能維持日常營運。
45:59
Those expenditures enable a wide variety of activities, ranging from the fulfillment of customer orders to paying salaries, furniture, rent, utilities, and many more.
這些支出使各種活動得以進行，從滿足客戶訂單到支付薪資、家具、租金、水電費等。
46:09
In the income statement, the expenditures are divided into two categories to give the reader the ability to differentiate between the costs of products from the rest of the expenditures.
在損益表中，支出被分為兩類，讓讀者能區分產品成本與其他支出。
46:22
Let me explain why with an example.
讓我用一個例子來解釋原因。
46:24
Let's imagine that the ice cream shop has been making good money for some time now, and that the owner wants to stop renting its shop and buy it.
假設這家冰淇淋店已經賺錢一段時間了，老闆想停止租店面，改為購買。
46:33
The ice cream shop owner will speak to its banker, and because it is a well-managed company making good profits, it will get a loan to buy that shop.
冰淇淋店老闆會與銀行家談話，由於公司經營良好且獲利豐厚，銀行會批准貸款讓他購買店面。
46:42
Once the shop is purchased, the ice cream shop will start repaying the loan on a monthly basis.
一旦店面購買完成，冰淇淋店將開始每月償還貸款。
46:48
Each month, it will therefore be making less money, since it has a new expenditure to pay.
每個月，由於有了新的支出，店面的獲利將會減少。
46:54
But if you step back and analyze the financial health of the ice cream shop, would you say it's not as well-managed a company as before, because it's making less money than in the past?
但如果你退一步分析冰淇淋店的財務狀況，你會說它不如以前經營得好，因為它賺的錢比過去少嗎？
47:04
With no visibility on the details of why it is making less money, you could be tempted to just conclude that.
如果看不到獲利減少的具體原因，你可能會直接得出這樣的結論。
47:10
The income statement has therefore a category for product-related costs, so that you can make the difference between how the businesses run and how the company in general is run.
因此，損益表有一個與產品相關的成本類別，讓你能區分業務運營和公司整體經營的狀況。
47:20
For our ice cream shop example, you would therefore see that the money made from selling ice creams and other products is still the same, and the company is as well-managed as it was in the past.
在我們的冰淇淋店例子中，你會看到銷售冰淇淋和其他產品的收入仍然相同，公司經營得和過去一樣好。
47:32
It's making now less money than in the past due to an increase in expenditures that are not related to the business activity.
現在賺的錢比過去少，是因為與業務活動無關的支出增加了。
47:41
Cost is the name of those expenditures that are related to products.
成本是指與產品相關的支出。
47:45
It is usually also called cost of goods sold, or cogs, for short.
通常也稱為「銷貨成本」，或簡稱「COGS」。
47:51
What we mean by that is that to sell a product to a customer, you need to put that product together.
我們的意思是，要向客戶銷售產品，你需要組裝該產品。
47:57
There's the raw material, the machinery, the salaries of workers, in other words, everything that we need to prepare that product.
這包括原材料、機器、工人薪資，也就是準備該產品所需的一切。
48:04
For the ice cream shop, this is the milk, sugar, eggs, and many more ingredients.
對於冰淇淋店來說，這包括牛奶、糖、雞蛋等許多原料。
48:10
It's the cups in which you hand the ice cream to the customer, it's the paper napkins, and anything that comes into the fulfillment of the orders of your customers.
這包括你遞給客戶冰淇淋的杯子、紙巾，以及任何與滿足客戶訂單相關的東西。
48:19
As explained in a previous video, the income statement is reporting the activity for a given period of time.
如之前的影片所述，損益表報告的是特定時間段內的業務活動。
48:26
Therefore, the question of when to record the costs becomes important.
因此，何時記錄成本變得非常重要。
48:31
Do you record the costs of producing goods at the time of production, or do you do it at the time of the sale?
你是否在生產商品時記錄成本，還是在銷售時記錄？
48:37
If you have produced 100 pounds of ice cream in December 2012, do you record it in 2012, or do you record it in 2013, when the ice cream was actually sold?
In accounting, we like to have our revenues and our costs reported together.
在會計中，我們希望收入和成本能夠一起被記錄。
48:57
It's interesting to note that you have produced that ice cream in December 2012.
有趣的是，你在 2012 年 12 月生產了冰淇淋。
49:02
You have therefore already spent the money to buy all the ingredients and so forth, but while you have spent the cash, it is not yet the time to record the costs.
因此，你已經花錢購買了所有原料等，但雖然你已經支付了現金，卻還不是記錄成本的時候。
49:11
In accounting terms, in December 2012, it will mostly be the balance sheet that will be affected as cash will be spent to prepare an inventory of ice cream.
在會計術語中，在 2012 年 12 月，主要影響的是資產負債表，因為現金被用於準備冰淇淋的庫存。
49:22
In other words, the cash category of the balance sheet will decrease by the amount spent and that amount will be moved into the inventory category, and it will stay there until the ice cream inventory is sold.
When an ice cream is then sold, we will record in the income statement the revenue and the cost associated with that sale.
當冰淇淋被銷售時，我們將在損益表中記錄銷售收入及其相關成本。
49:40
If we go a step further in that logic, the consequence on the balance sheet will be to decrease inventory for that ice cream we just sold and increase cash for the payment made by the customer.
如果我們進一步推理，資產負債表的影響將是減少剛剛銷售的冰淇淋的庫存，並增加客戶支付的現金。
49:52
Of course, we want to sell our products with a profit, which means that the revenue of the sale needs to be greater than the cost of it.
當然，我們希望以盈利的方式銷售產品，這意味著銷售收入需要大於成本。
50:00
If you follow me, that means that the cash increase in the balance sheet will be greater than the decrease in inventory.
如果你跟著我的思路，這意味著資產負債表中的現金增加將大於庫存的減少。
50:07
The net effect of that is that overall, assets will be increased.
這的淨效應是資產整體將增加。
50:12
If you think about it, it's quite logical.
如果你仔細想想，這是很合理的。
50:14
Each time you make a profit, your assets increase and the value of your company increases as well.
每次你獲得利潤，你的資產就會增加，公司的價值也會隨之增加。
50:21
Let's make a pause here in the review of the income statement to define one of the most important concepts in finance, and maybe the most important for our discussion here, profitability.
讓我們在回顧損益表時暫停一下，來定義金融中最重要的概念之一，也是我們討論中最重要的概念：盈利能力。
50:32
Profitability is the difference between the money that comes into the company from sales and other money-generating activities and the money that comes out of the company as expenditures.
盈利能力是指公司從銷售和其他生錢活動中獲得的錢與公司作為支出的錢之間的差額。
50:43
In other terms, to ask about the profitability of a company is the same as to ask if the company is making money.
換句話說，詢問一家公司的盈利能力就等同於詢問這家公司是否在賺錢。
50:50
Is my company profitable? Is it making money?
我的公司有獲利嗎？它在賺錢嗎？
50:53
If yes, meaning if you generate more money from your business activities than you spend and you have money left in your pocket or rather in the company's pocket, then yes, your company is profitable.
If not, that means your company spends more money than it earns, and it is therefore not profitable.
如果不是，這意味著你的公司花的錢比賺的多，因此沒有獲利。
51:12
It is generating a loss.
它正在產生虧損。
51:14
This is a dire situation for a company to be in, which requires immediate action to avoid bankruptcy.
這對一家公司來說是一個嚴峻的情況，需要立即採取行動以避免破產。
51:20
In the income statement, we calculate different types of profitability.
在損益表中，我們計算不同類型的獲利能力。
51:24
Even though, ultimately, there is only one form of profitability, which is the one that includes all revenues whatsoever and all expenditures whatsoever.
盡管最終只有一種獲利能力，即包含所有收入和所有支出的獲利能力。
51:34
For us to understand the workings of a company and take actions that will help the company to progress positively, there is a need to calculate other forms of profitability, such as the profitability from production activities or the profitability from business activities, and ultimately the overall profitability of the company.
The profitability from production activities is measured by the gross margin and focuses on your products or services.
生產活動的獲利能力通過毛利率來衡量，並專注於你的產品或服務。
52:00
The profitability from business activities is a bit wider in definition.
業務活動的獲利能力在定義上稍微廣泛一些。
52:04
It is measured with the operating income. It includes the gross margin plus operating expenses.
它通過營業收入來衡量，包括毛利率加上營業費用。
52:11
The last one, and true profitability of the company, is measured by the net income, and is the one including all the elements above, plus any remaining revenues or expenditures that are not related to the operations of the company.
We will be reviewing each one of those in the chapter ahead.
我們將在接下來的章節中回顧每一種獲利能力。
52:31
There is a famous saying that goes like this.
有一句著名的諺語是這樣說的。
52:33
Revenue is vanity, margin is sanity, and cash is reality.
收入是虛榮，利潤是理智，現金是現實。
52:38
What it means is that however big the revenue of a company is, it gives no insight whatsoever on its financial health.
這意味著，無論公司的收入有多大，它都無法提供任何關於其財務健康狀況的見解。
52:46
Of course, it's impressive to be able to generate millions or billions of dollars in revenue, but focusing only on that element is a dangerous game.
當然，能夠產生數百萬或數十億美元的收入是令人印象深刻的，但只關注這一要素是一種危險的遊戲。
52:55
If the cost of running your business is as great as your revenue, then the company generates no profit, and the owners of the company, the shareholders, get no return for their investment.
Even worse, if there is a downturn in the economy as we've experienced in the recent years, the company will then be the first one to be at risk of defaulting, so this is why margin is sanity.
Making sure you generate a profit is the guarantee that you're not just working to pay the bills.
確保你產生利潤是你不僅僅為了付賬單而工作的保證。
53:24
You actually generate extra money that can be used as a compensation for your investment, such as dividends.
你實際上產生了額外的錢，可以用作投資的補償，例如股息。
53:30
Or reinvested in the development of your company.
或者重新投資於公司的發展。
53:34
As I'm sure you already got why cash in your pocket is reality, let's focus here on the concept of margin, and more specifically, gross margin.
相信你已經理解口袋裡的現金是現實，讓我們專注於利潤率的概念，更具體地說，是毛利率。
53:43
Gross margin is the result of a simple subtraction.
毛利率是一個簡單的減法結果。
53:47
Revenue minus costs.
收入減去成本。
53:49
So to have any gross margin, you need to generate more revenue selling your products than you spend making them.
因此，要有任何毛利率，你需要通過銷售產品獲得的收入超過生產它們的成本。
53:55
When you look at your revenue solely, you can see if you're progressing with sales increasing month over month, or if you have a decrease and need to work on changing the trend.
當你單獨看收入時，你可以看到銷售額是否逐月增加，或者是否有下降並需要改變趨勢。
54:05
But costs, on their own, are not necessarily a good measure either of how good your performance is.
但成本本身並不一定是衡量你表現好壞的好標準。
54:11
Costs could be increasing for many reasons, such as increasing the cost of materials for the ice cream shop example that could be your milk increasing.
成本可能因為許多原因而增加，例如冰淇淋店的材料成本增加，可能是牛奶價格上漲。
54:19
Or simply because sales have gone up and you therefore have more ice cream out of your inventory.
或者僅僅是因為銷售額增加，因此你的庫存中有更多的冰淇淋。
54:23
This is where gross margin comes into play.
這就是毛利率發揮作用的地方。
54:27
As gross margin is the combination of revenue and cost, it gives you the ability to estimate if your overall business performance is good enough.
由於毛利率是收入和成本的結合，它能讓你評估整體業務表現是否足夠好。
54:36
If an ice cream is sold for $5, and if it costs $3 to produce, then your margin is $2, $5 minus $3.
如果一個冰淇淋賣5美元，而生產成本是3美元，那麼你的利潤是2美元，即5美元減3美元。
54:47
If you sell to ice cream, then your revenue is $10.
如果你賣兩個冰淇淋，那麼你的收入是10美元。
54:50
Your costs $6 and you're margin for $1.
你的成本是6美元，利潤是4美元。
54:53
In other words, if each of your sales are generating margin, then an increase in sales results in an increase in gross margin.
換句話說，如果每筆銷售都產生利潤，那麼銷售額的增加會導致毛利率的增加。
55:01
In our example, when sales double, margin doubles as well.
在我們的例子中，當銷售額翻倍時，利潤也翻倍。
55:05
Gross margin is usually displayed in two forms.
毛利率通常以兩種形式顯示。
55:09
It's dollar value, as we've just seen in our example, and as a percentage of revenue.
它是美元價值，如我們剛剛在例子中看到的，以及收入的百分比。
55:13
In this example, the margin percent on an ice cream is calculated by dividing $2 by $5, which is equal to 0.4 or 40%.
在這個例子中，冰淇淋的利潤百分比是通過2美元除以5美元計算的，等於0.4或40%。
55:24
If we calculate the margin percent for the two ice cream sold, we divide $4 by $10 and get again 40%.
如果我們計算兩個冰淇淋的毛利百分比，我們用4美元除以10美元，再次得到40%。
55:32
And we could sell another 100 ice cream and our margin percent would still be 40%.
我們可以再賣100個冰淇淋，毛利百分比仍然是40%。
55:38
The benefit of tracking margin percent becomes obvious when complexity increases in a company.
追蹤毛利百分比的好處在公司複雜性增加時變得明顯。
55:44
In our example, things are maybe too simple.
在我們的例子中，事情可能太簡單了。
55:47
Businesses have usually more than one product.
企業通常不止一種產品。
55:50
High margin products, low margin products, and sometimes cost of production increases because the price of ingredients increase or decrease because the company is now using more efficient machinery.
All those elements, and actually many more, will have an influence on the evolution of revenue and the evolution of costs, and they will all be summarized in the gross margin percent.
所有這些因素，實際上還有許多其他因素，都會影響收入和成本的變化，並且都會在毛利百分比中總結。
56:11
If for example, you sell an ice cream for $5, with a soda for $3, then your total sale will be $8.
例如，如果你以5美元賣一個冰淇淋，再加一杯汽水3美元，那麼你的總銷售額將是8美元。
56:20
If the cost of making the ice cream is still $3, and the cost of the soda is $1, then the margin on your ice cream will be $2, and on the soda will be $2 as well.
The resulting total margin for the order will be $4.
這筆訂單的總毛利將是4美元。
56:34
In percentage terms, the margin of the ice cream is still 40%, when the margin of the soda is 67%.
以百分比來看，冰淇淋的毛利仍然是40%，而汽水的毛利是67%。
56:41
The resulting margin is 50%.
因此，整體毛利是50%。
56:44
If we compare that to our previous example, we have generated less revenue going from $10 to $8, but we generated just as much margin.
如果我們與之前的例子比較，我們的收入從10美元降到8美元，但我們的毛利仍然相同。
56:55
The reason being that we sold this time the soda, which is a higher margin product.
原因是這次我們賣了汽水，這是一種毛利較高的產品。
57:00
The overall result is a higher margin percent, going from 40% to 50%.
整體結果是毛利百分比提高，從40%上升到50%。
57:05
The analysis of margin gives great insight into the performance of the company.
毛利分析能深入了解公司的績效。
57:10
Outside of showing if the company is making profits, its evolution can be explained by a large number of factors that are affecting both revenue and costs.
除了顯示公司是否盈利外，其變化可以由大量影響收入和成本的因素來解釋。
57:18
It is by investigating those factors that we get a good understanding of what is working and what is not working in the business performance of the company.
通過調查這些因素，我們能夠很好地理解公司業務績效中哪些方面運作良好，哪些方面運作不佳。
57:28
Operating expenses, also called OPEX, are that second kind of expenditures.
營運支出，也稱為OPEX，是第二種支出。
57:33
Those expenditures are key to the operations of the company, but are not specific to products.
這些支出是公司營運的關鍵，但不針對特定產品。
57:38
They include compensation and benefits for non-product related staff, marketing spends, communication spends, travel, rent, utility bills and so on.
它們包括非產品相關員工的薪酬和福利、行銷支出、溝通支出、差旅、租金、水電費等等。
57:50
Added together with costs, they form the expenditures of the company that are related to running the business.
這些費用加上成本，共同構成了公司運營業務相關的支出。
57:57
Operating income, called as well OPINK, is just as gross margin, the result of a subtraction between revenue and expenditures.
營業收入（也稱為OPINK）與毛利一樣，是收入減去支出的結果。
58:04
The major difference with gross margin is that it includes more expenditures.
它與毛利的主要區別在於它包含了更多的支出。
58:10
As we have seen earlier, gross margin is the difference between revenue and costs and is specific to the activities around selling products or services.
如前所述，毛利是收入與成本之間的差額，專指銷售產品或服務的相關活動。
58:20
It is the production in a wide sense related profitability.
它是廣義生產相關的盈利能力。
58:24
Operating income is a wider type of profitability as it includes as well all the operating expenses.
營業收入是一種更廣泛的盈利能力，因為它還包括所有營業費用。
58:29
It is therefore the profitability of running the business in a general term.
因此，它是經營業務的整體盈利能力。
58:35
You can calculate it using one of the following formulas.
您可以使用以下公式之一來計算它。
58:38
Operating income is equal to revenue minus costs minus operating expenses.
營業收入等於收入減去成本減去營業費用。
58:44
Or operating income is equal to gross margin minus operating expenses.
或者營業收入等於毛利減去營業費用。
58:50
Your production could be profitable but not your business.
您的生產可能盈利，但您的業務可能不盈利。
58:52
For example, selling ice cream could be profitable but not enough to cover all of the expenses of your business.
例如，賣冰淇淋可能盈利，但不足以支付業務的所有費用。
59:00
You could be selling ice cream for a higher amount of money than it costs you to produce it, which would make it profitable from a production standpoint, which you could have a rent that is too expensive or too many employees for a business of your size.
The result would be that your operating expenses would be using up all the profits generated with your production of ice cream and leaving your company with the loss.
結果是，您的營業費用會耗盡生產冰淇淋所產生的所有利潤，使您的公司蒙受損失。
59:19
In such a case, you would have to consider either to increase prices to generate more margin or to reduce your expenditures, whether it be by negotiating with your supplier for lower prices on ingredients or through moving to a smaller shop.
Operating income is therefore a tool that you can use to review if your business is healthy and if its operational activities are profitable.
因此，營業收入是一個工具，您可以用它來評估您的業務是否健康，以及其營運活動是否盈利。
59:43
Again, as for gross margin, the operating income of a company is usually measured in both dollar value and percentage of revenue, as it is as important to ensure the value is at least positive and to ensure that the operating income of the company is relevant to the amount of revenue generated.
If last year, for example, it generated $5 of operating income for each $100 of revenue, or in other terms, 5% of uping.
例如，去年每100美元收入產生5美元的營業收入，或者說5%的營業收入。
1:00:11
And this year, you generate $7 of uping for $200 of revenue, or 3.5%.
而今年，每200美元收入產生7美元的營業收入，或者3.5%。
1:00:18
Then, you're indeed making $2 more profit compared to last year, but in percentages or relative terms, you're making less uping than last year.
然後，與去年相比，你確實多賺了2美元的利潤，但在百分比或相對值方面，你的增長幅度比去年小。
1:00:29
This in itself is not necessarily a bad sign, but it requires further investigation in order to understand the source of it.
這本身不一定是壞兆頭，但需要進一步調查以了解其來源。
1:00:36
It could be that this year, one of your lower margin products just picked up in sales, and that it overall reduces your relative uping to revenue.
可能是今年，你的某個低毛利產品銷量增加，導致整體相對增長幅度下降。
1:00:47
Up to now, we have seen all the aspects of the income statement which relate to the operations of the company.
到目前為止，我們已經看到損益表中所有與公司營運相關的方面。
1:00:53
But some of its income and expenditures can have their source outside of the operations of the company.
但公司的部分收入和支出可能來自營運之外。
1:00:58
Such elements could be, for example, taxes paid to the relevant authorities.
例如，這些項目可能包括向相關當局繳納的稅款。
1:01:03
This is an expense that's not done with the purpose of generating business or maintaining business, but rather to fulfilling a legal obligation.
這是一項支出，其目的不是為了產生業務或維持業務，而是為了履行法律義務。
1:01:12
It is therefore reported below the operating income line.
因此，它被報告在營業收入線以下。
1:01:16
You can find as well, their interests paid on loans, or interests received on money left on a saving account.
你還可以找到支付貸款的利息，或儲蓄帳戶中存款的利息收入。
1:01:24
In general terms, this section will cover the inflow or outflow of money that is due to non-operational activities.
一般來說，這部分將涵蓋由於非營運活動而產生的資金流入或流出。
1:01:32
You can also find here any element that is not related to the normal activities of the company.
你還可以在這裡找到任何與公司正常活動無關的項目。
1:01:38
For example, you will find their transactions that are significantly more important in dollar terms than your normal activities, such as acquiring a company, or selling part of your company, or the consequences of events that are out of the ordinary, such as the impact of an earthquake, for example, on your business financials.
Net income is the last line of the income statement, and as such, it earned the name of the bottom line.
淨收入是損益表的最後一行，因此它被稱為底線。
1:02:06
It is indeed the bottom line of your company, and where you can see if you're making any money, some money, or good money.
它確實是公司的底線，你可以在這裡看到自己是否賺錢、賺一些錢，還是賺大錢。
1:02:13
It is one of the most important aspects of your business, and definitely the most important one of the income statement.
它是業務中最重要的方面之一，也是損益表中最重要的方面。
1:02:19
It is the element of the income statement that needs to perform well, in which you need to focus on by analyzing its underlying elements, such as revenue, expenditures, whether operational or non-operational, to get it to the expected level.
Net income is how much money the company is making over a certain period of time, and it is very different from cash.
淨收入是公司在一定時間內賺取的金額，與現金有很大不同。
1:02:42
Net income is money earned, but not yet paid, and true money made is money in the bank.
淨收入是賺取的錢，但尚未支付，而真正賺到的錢是銀行裡的錢。
1:02:49
To go back to the expression, revenue is vanity, margin is sanity, and cash is reality. Only cash is reality.
回到那句話，收入是虛榮，毛利是理智，現金是現實。只有現金是現實。
1:02:59
We will deep dive into that topic in the next chapter.
我們將在下一章深入探討這個話題。
1:03:03
Now let's take a few business situations and see how they impact the income statement.
現在讓我們來看幾個商業情境，看看它們如何影響損益表。
1:03:08
Let's start with selling products.
先從銷售產品開始。
1:03:11
As you sell a new product, you invoice the customer by giving or sending him a paper or electronic invoice.
當你銷售新產品時，你會開具紙質或電子發票給客戶。
1:03:18
This triggers automatically the addition of the revenue and costs associated with that order to the income statement.
這會自動觸發將該訂單相關的收入和成本新增到損益表中。
1:03:26
The revenue is added to the revenue line and the cost to the cost line.
收入會新增到收入項目，成本則新增到成本項目。
1:03:30
Now let's take this example a step further, and consider the impacts on both balance sheet and income statement.
現在讓我們更進一步，考慮對資產負債表和損益表的影響。
1:03:37
As you invoice your customer, the revenue side of the invoice is impacting the income statement by increasing the revenue line.
當你開具發票給客戶時，發票的收入部分會影響損益表，增加收入項目。
1:03:45
On the balance sheet, it's impacted first on the asset side by the increase of the cash category, as soon as the payment is made.
在資產負債表上，一旦付款完成，資產部分的現金項目會增加。
1:03:52
On the liability's inequity side, the sale you just made will impact retained earnings and income taxes payable.
在負債和股東權益部分，你剛完成的銷售會影響保留盈餘和應付所得稅。
1:03:59
On the cost side, the same sale will impact the income statement by increasing the cost line by the cost associated with that sale.
在成本方面，同樣的銷售會影響損益表，增加與該銷售相關的成本項目。
1:04:08
On the balance sheet, in the asset section, the same cost will be deducted from the inventory category.
在資產負債表的資產部分，相同的成本會從存貨項目中扣除。
1:04:14
As you sell a good, you take it out of the inventory and give it to the customer, so in the same way it's taken out of the inventory category of the balance sheet.
當你銷售商品時，你會從存貨中取出並交給客戶，因此同樣會從資產負債表的存貨項目中扣除。
1:04:23
On the liability's inequity side of the balance sheet, it will reduce retained earnings.
在資產負債表的負債和股東權益部分，這會減少保留盈餘。
1:04:28
Also note that at this point the balance sheet remains in balance.
此外，請注意此時資產負債表仍然保持平衡。
1:04:33
Now let's look at paying bills.
現在讓我們來看支付賬單。
1:04:36
As you pay your bills, it can either be for production purposes or other general expenditures or even for buying fixed assets.
當你支付賬單時，可能是用於生產目的、其他一般支出，甚至是購買固定資產。
1:04:44
We have seen in the previous example how production expenditures are handled.
我們在之前的例子中已經看到生產支出是如何處理的。
1:04:50
Let's see now the cases of general expenditures and fixed asset purchases.
現在讓我們來看一般支出和固定資產購買的情況。
1:04:55
For general expenditures, let's say that you need to pay for sell sliers.
對於一般支出，假設你需要支付銷售傭金。
1:05:00
As you will receive the invoice from the manufacturer, you will send him the money by writing a check by cash or by wire transfer.
當你收到製造商的發票時，你會透過支票、現金或電匯支付款項。
1:05:08
In any case, the amount will have to be added in the income statement to the expenses category.
無論如何，該金額必須在損益表中加入費用類別。
1:05:14
In the balance sheet, that same amount will be deducted from the cash category on the asset side and will reduce retained earnings on the liability's inequity side.
在資產負債表中，同樣的金額將從資產方的現金類別中扣除，並減少負債方的股東權益中的保留盈餘。
1:05:24
For fixed asset purchases, you need to recall what we learned about depreciation in the balance sheet chapter.
對於固定資產的購買，你需要回顧我們在資產負債表章節中學到的折舊知識。
1:05:32
As a fixed asset is purchased, it's accounted for differently from a cash standpoint and from a profit standpoint.
購買固定資產時，從現金角度和利潤角度來看，其會計處理方式不同。
1:05:38
From a cash standpoint, on the day of the purchase, the total amount of the purchase is deducted from the cash category of the balance sheet.
從現金角度來看，在購買當天，購買的總金額將從資產負債表的現金類別中扣除。
1:05:45
And the same amount increases the net fixed asset category and within the net fixed asset category, it is entered in the fixed asset at cost subcategory.
同樣的金額將增加淨固定資產類別，並在淨固定資產類別中，進入固定資產成本子類別。
1:05:55
Once that is done, every year, the asset will get depreciated by a portion of its value.
一旦完成，每年資產將按其價值的一部分進行折舊。
1:06:01
This year's depreciation will be added to the accumulated depreciation subcategory.
今年的折舊將加入累計折舊子類別。
1:06:06
In total, the net fixed asset category will decrease by the newly depreciated amount.
總體而言，淨固定資產類別將減少新折舊的金額。
1:06:11
On the income statement side, that depreciation for the year will be taken into consideration.
在損益表方面，該年的折舊將被考慮在內。
1:06:18
If you remember, when the asset was first purchased, there was no impact to the income statement.
如果你記得，當資產首次購買時，對損益表沒有影響。
1:06:24
And of course, it needs to impact at some point the profitability of the company.
當然，它需要在某個時點影響公司的盈利能力。
1:06:28
Well, that's what it does.
好的，這就是它的作用。
1:06:30
Once the asset is depreciated, that depreciation amount is included in the income statement as an expense.
一旦資產被折舊，該折舊金額將作為費用包含在損益表中。
1:06:36
It therefore reduces the income or profits of the company by that same depreciated amount.
因此，它將公司的收入或利潤減少相同的折舊金額。
1:06:48
The cash flow statement is the last document of the financial statement and is the one that is the most grounded in reality.
現金流量表是財務報表的最後一份文件，也是最接近現實的文件。
1:06:56
Here, there is nothing more to know than if money is or is not in the bank.
這裡，沒有什麼比知道錢是否在銀行更重要的了。
1:07:00
You could wonder why there's a need to have such a document when you already have a bank statement, a balance sheet, and an income statement.
你可能會想，當你已經有銀行對帳單、資產負債表和損益表時，為什麼還需要這樣一份文件。
1:07:08
Well, first of all, the income statement does not report cash. It reports revenue. It reports income, but not cash.
好的，首先，損益表不報告現金。它報告收入。它報告利潤，但不報告現金。
1:07:16
For the bank statement and the balance sheet, which do report cash, it is done in a way that does not give a sufficient level of detail to enable a good understanding of the key levers the company needs to use to ensure its success.
In the cash flow statement, cash is reported over a period of time, a year, for example.
在現金流量表中，現金是按一段時間報告的，例如一年。
1:07:38
And you can follow its evolution between a starting date and an end date, just as the 1st of January up to the 31st of December.
你可以追蹤其在起始日期和結束日期之間的變化，就像從1月1日到12月31日。
1:07:47
In a cash flow statement, the main categories are the beginning balance, cash from operations, fixed asset purchase, net borrowing, income tax paid, sale of stock, and the ending balance.
The biggest reason for having a cash flow statement is that there's a big difference between the accounting view of the company and its cash reality.
編製現金流量表的最大原因是公司的會計視角與其現金實際情況之間存在巨大差異。
1:08:10
Both views are correct and useful to managing the company, and both show the company through different lenses, which complete each other.
這兩種視角都是正確且有用的，有助於管理公司，並且從不同的角度展示公司，這些角度相互補充。
1:08:18
The profitability of the company is, as we've seen, the difference between its revenue and its expenditures.
公司的盈利能力，如我們所見，是其收入與支出之間的差額。
1:08:25
In the income statement, we always assume that they both happen at the same time to ensure we can review the profitability of each of our actions.
在損益表中，我們總是假設它們同時發生，以確保我們能夠審查每項行動的盈利能力。
1:08:35
But when it comes to spending money or collecting it, the timing of it can be, and usually is, very different from that income statement view.
但當談到花錢或收款時，其時間點可能與損益表的視角非常不同，通常也是如此。
1:08:44
To sell your products, you need to purchase material and produce goods well in advance, which therefore implies that you have actually spent the money well before it is accounted for in the income statement.
為了銷售你的產品，你需要提前購買材料並生產商品，這意味着你實際上在損益表記錄之前就已經花了錢。
1:08:57
And as we have already seen, revenue is very different from cash, which can be received a long time after the sale has been made.
如我們已經看到的，收入與現金有很大不同，現金可能在銷售完成後很長時間才收到。
1:09:05
As a concrete example, if you produce your goods one month before selling them, and you receive payment one month after selling them, you can end up with two full months between the time you invest the company's money and the time you get the return.
During that time, you need to be able to continue to fund the operations of the company, either with money that has been saved, or with a loan, and the bigger the orders you receive, and the more this situation creates pressure for the company.
If you think of it, this is critical for successful companies that can receive increasing orders as they become more successful and need to find a way to fund the gap that exists between production and payment.
This is why it is sometimes necessary to find financial partners to help you go through that high pressure time and not turn down orders.
因此，有時需要找到金融合作夥伴來幫助你度過這段高壓時期，而不是拒絕訂單。
1:09:59
It is therefore critical for a company to be able to manage its cash and have a thorough understanding of its inflows and outflows of money.
因此，公司能夠管理其現金並徹底了解其資金流入和流出至關重要。
1:10:07
Gaining that understanding enables the company leaders to understand what its vulnerabilities are and to take appropriate actions well in advance of their occurrence.
獲得這種理解使公司領導者能夠了解其脆弱性，並提前採取適當的行動。
1:10:18
Now let's look at the cash flow statement in detail.
現在讓我們詳細了解現金流量表。
1:10:22
Compared to the balance sheet and the income statement, the cash flow statement is quite simple.
與資產負債表和損益表相比，現金流量表相當簡單。
1:10:27
It is reporting the inflows and outflows of cash from the company by breaking it down into big categories.
它通過將現金流入和流出分解為大類別來報告公司的現金流動情況。
1:10:34
It's starting from the beginning balance and ending with the ending balance.
它是從期初餘額開始，並以期末餘額結束。
1:10:39
The beginning balance is the cash position at the start of the reported period.
期初餘額是報告期初的現金狀況。
1:10:45
The cash position is a fancy name for the balance on your bank account at a certain date.
現金狀況是指在某個日期銀行帳戶上的餘額。
1:10:50
If you are looking at a cash flow statement for the past year, then it is the cash position as of the 1st of January of that year.
如果你查看的是過去一年的現金流量表，那麼它是指該年1月1日的現金狀況。
1:10:59
And in the same logic, the ending balance is the cash position at the end of the 31st of December.
同樣地，期末餘額是指12月31日結束時的現金狀況。
1:11:05
The beginning balance is always equal to the ending balance of the previous period.
期初餘額總是等於前一期的期末餘額。
1:11:11
This year's beginning balance is therefore equal to the ending balance of last year.
因此，今年的期初餘額等於去年的期末餘額。
1:11:16
To walk from the beginning balance to the ending balance, we start with the first category which is the cash from operations.
從期初餘額到期末餘額，我們從第一個類別開始，即營業現金。
1:11:23
Cash from operations is the cash that comes from running the business.
營業現金是指經營業務所產生的現金。
1:11:27
It is the cash from sales, the cash from purchasing material, paying salaries, rent, paying anything that is related to running the business.
它是指來自銷售的現金、購買材料的現金、支付薪資、租金，以及與經營業務相關的任何支出。
1:11:37
Then comes fixed asset purchases.
接下來是固定資產購置。
1:11:39
A time will come when you will need to invest in new assets, such as replacing machinery or buying property.
總有一天，你需要投資新的資產，例如更換機器或購買房地產。
1:11:47
Even though that is a key element to running a company, it is not a day-to-day activity and is therefore reported in a different category that is dedicated to purchasing new assets.
盡管這是經營公司的關鍵要素，但它不是日常活動，因此被報告在專門用於購買新資產的不同類別中。
1:12:00
To do that, you will sometimes have to take loans which will inject cash into your company.
為此，你有時需要貸款，這將為你的公司注入現金。
1:12:05
That cash is not generated by your activity but will help you go through tough times and make an investment that will otherwise have required you to save money for years before making it.
The cash coming from those loans are reported under the net borrowing category.
來自這些貸款的現金在淨借款類別中報告。
1:12:24
Next is taxes paid.
接下來是已繳稅金。
1:12:27
This one is very straightforward.
這個非常直接。
1:12:29
It is the amount of taxes that the company paid.
它是指公司支付的稅金金額。
1:12:32
The last element is sale of stock.
最後一個要素是股票銷售。
1:12:36
This is another mean to bring cash into the company.
這是另一種將現金帶入公司的方式。
1:12:40
Selling stock to new investors is a way to bring new funds which most of the time will be used to develop the company further.
向新投資者出售股票是一種引入新資金的方式，這些資金大多數時候將用於進一步發展公司。
1:12:48
That cash is reported under the sale of stock category.
這些現金會記錄在出售股票的類別下。
1:12:52
The cash flow statement ends with the ending balance which is the beginning balance plus all the money that came in minus all the money that came out.
現金流量表以結束餘額作結，即期初餘額加上所有流入的資金減去所有流出的資金。
1:13:03
In other words, beginning balance plus or minus cash from operations plus or minus fixed asset purchases plus or minus net borrowing plus or minus taxes paid plus or minus sale of stock equals ending balance.
It could seem surprising to have both plus and minus for all those items but you need to remember that each of those categories can report a vast number of situations.
可能會讓人驚訝的是，所有這些項目都有加和減，但你需要記住，每個類別都可能報告許多不同的情況。
1:13:33
For example, if the amount of debt that you're paying back is bigger than the money that you borrow, then you could have a negative amount for net borrowing.
例如，如果你償還的債務金額大於你借入的金額，那麼淨借款可能會是負數。
1:13:43
The same goes for purchasing or selling assets, selling or buying stock or having a tax refund.
購買或出售資產、出售或購買股票或獲得稅款退還也是同樣的道理。
1:13:51
Yes, it does happen.
是的，這種情況確實會發生。
1:13:54
I'm sure we will all agree that more cash is better.
我確信我們都會同意，現金越多越好。
1:13:58
And when we read the cash flow statement, we can be tempted to view a negative cash flow as bad news.
當我們閱讀現金流量表時，可能會傾向於將負現金流視為壞消息。
1:14:04
We need to be careful not to make hasty conclusions.
我們需要小心，不要匆忙下結論。
1:14:07
As we have already seen, the cash flow of a company is made up of many inflows and outflows of cash.
如我們所見，公司的現金流由許多現金流入和流出組成。
1:14:13
When a company invests in its future, by purchasing machinery, property, patents or even other companies, it can be spending a lot of cash to do so.
當公司通過購買機器、房地產、專利或甚至其他公司來投資未來時，可能會花費大量現金。
1:14:23
This will therefore reduce the cash position of the company and could create a negative cash flow.
這將因此減少公司的現金頭寸，並可能造成負現金流。
1:14:28
In that case, it's clear that it is negative cash today due to an investment that is expected to bring more cash in the future than if the investment was not made.
在這種情況下，明顯的是，由於進行了預期未來能帶來更多現金的投資，導致當前現金流為負。
1:14:39
In this case, a negative cash flow is far from being bad news.
在这种情况下，負現金流遠非壞消息。
1:14:43
It's therefore very important to look in detail into the cash flow statement categories to understand the source of a reduction or of a negative cash flow.
因此，非常重要的一点是要详细查看现金流量表的各个类别，以了解现金减少或负现金流的来源。
1:14:52
If it is due to the operations of the business, then it could be critical to the survival of the company.
如果是由于业务运营造成的，那么可能对公司的生存至关重要。
1:14:58
If it is due to more investments or the repayment of loans, then it could be a positive sign.
如果是由于更多的投资或偿还贷款造成的，那么可能是一个积极的信号。
1:15:08
In the previous chapters, we have learned about each of the financial documents that make up a financial statement.
在之前的章節中，我們已經學習了構成財務報表的每一份財務文件。
1:15:14
As you have seen, a single transaction or business event will be reflected in more than one document and may be in all of them.
如你所見，單一交易或商業事件會反映在不止一份文件中，甚至可能反映在所有文件中。
1:15:22
Whether you consider the balance sheet, the income statement or the cash flow statement, each of those documents provide a unique angle on the financials of the company with its unique benefits and limitations.
Its unique angle is to show you what the company owns, owes and the accounting value of the company.
其獨特的角度是向你展示公司擁有的資產、負債以及公司的會計價值。
1:15:43
I'm saying accounting value because one of its limitations is that the value of the equity of the company does not take well into consideration elements such as the future potential of the company.
我說會計價值，因為其限制之一是公司股權的價值並未充分考慮公司未來潛力等因素。
1:15:53
It does not take into good consideration either the competitive edge it has thanks to a unique technology, for example, or the strengths of its customer base.
它也未能充分考慮公司因擁有獨特技術而具有的競爭優勢，或其客戶基礎的實力。
1:16:04
The balance sheet looks at assets, cash, debt, but a growing number of companies are providing services and have their biggest asset being their intellectual property, or some other less tangible assets that are not well represented in the balance sheet.
The income statement, for example, gives a lot more answers on those intangible assets by providing a view of the business performance.
例如，損益表通過提供業務績效的視角，對這些無形資產給出了更多的答案。
1:16:30
A company that is growing fast that makes good profits gives you a dynamic view of the path it is on by combining the analysis of the balance sheet and the income statement you can gain a new level of understanding.
You can see if the company is growing fast and heavily indebted, and if it has a low level of debt, significant assets, but is unprofitable.
你可以看到公司是否快速成長但負債累累，或者負債水平低、資產豐厚但卻虧損。
1:16:54
In short, you have a much deeper understanding of the situation of the company, and by the way, in the two examples I quoted, there's no way of saying if those are desirable situations or not.
The same goes for the cash flow statements. Understanding the cash situation of the company is yet another angle and a new set of information.
現金流量表也是如此。了解公司的現金狀況是另一個角度和新的資訊集合。
1:17:15
A company can have good assets, it can be growing, it can be profitable, but do a poor job of turning all of those into the reality of cash.
一家公司可能擁有良好的資產，可能在成長，可能盈利，但在將這些轉化為現金現實方面做得不夠好。
1:17:24
If that happens, no payment can be made, neither to suppliers, to employees or to invest in future growth.
如果發生這種情況，將無法進行任何支付，無論是對供應商、員工還是對未來成長的投資。
1:17:33
It creates an uncertainty that needs to be managed and can prove little to the company.
這會造成一種需要管理的不確定性，並可能對公司造成不利影響。
1:17:39
Combining financial documents is a key step to having a well rounded picture of the company.
結合財務文件是全面了解公司的關鍵步驟。
1:17:45
To understand its past performance, where it stands today, and if it has the means to be more successful in the future.
了解其過去的績效、當前的狀況，以及是否有能力在未來取得更大的成功。
1:17:54
Financial documents are best analyzed over time. Let's take, for example, the concept of growth.
財務文件最好隨時間進行分析。例如，我們來看成長的概念。
1:18:00
If a company grows, it can mean, for example, that it is generating more revenue this year than it did last year.
如果一家公司在成長，可能意味著今年的收入比去年更多。
1:18:08
By looking at financial information over time, you are, in essence, looking at the trajectory on which the company is.
透過觀察一段時間內的財務資訊，你實際上是在審視公司所處的發展軌跡。
1:18:15
Each financial element, whether it is in the balance sheet, income statement or cash flow statement, can be analyzed over time.
每一個財務要素，無論是資產負債表、損益表或現金流量表中的項目，都可以隨時間進行分析。
1:18:23
It is always very interesting to compare to previous quarters or years and understand if the performance is heading in the expected direction.
將當前的表現與之前的季度或年度進行比較，並理解業績是否朝著預期的方向發展，總是非常有趣的。
1:18:32
Reviewing information over time also provides the ability of identifying exceptional changes in the performance of the company, such as the acquisition of a new business, or on the opposite side the selling of a division of the company.
隨時間審視資訊還能幫助你識別公司業績中的重大變化，例如收購新業務，或相反地出售公司的某個部門。
1:18:46
Such analysis can be performed on virtually any element of the company.
這樣的分析幾乎可以應用於公司的任何要素。
1:18:51
Some interesting metrics are revenue evolution, profit evolution, expenditure evolution, asset evolution, debt evolution, cash evolution, and many more.
一些值得關注的指標包括營收演變、利潤演變、支出演變、資產演變、債務演變、現金演變等。
1:19:04
We've been talking about numbers for some time now, which makes good sense given this is a finance course, but any business leader will tell you that numbers can tell only part of the story.
Having a good management team, awesome products, or be the first to open a new market are elements that will have a huge impact on the success of your company, but cannot be grasped by looking at financial statements only.
Any experienced finance professional will tell you that those internal and external factors are what gives meaning to the numbers.
任何經驗豐富的財務專業人士都會告訴你，這些內部和外部因素賦予了數字意義。
1:19:37
When revenue is growing year over year, how can you tell if this is due to a higher customer demand, better products, good salespeople, or any other factor?
當營收年復一年地成長時，你如何判斷這是由於客戶需求增加、產品改進、優秀的銷售人員，還是其他因素？
1:19:47
Answering such questions is key to understanding what you're doing right and what you're doing wrong, and lead you to taking actions that will improve your business situation.
回答這些問題是理解你做對了什麼、做錯了什麼的關鍵，並引導你採取行動改善業務狀況。
1:19:58
The answer of such questions is in the analysis of the context of your company.
這些問題的答案在於分析公司的背景情境。
1:20:03
It is done through the analysis of contextual elements such as your target market, your competitors, your suppliers, the management team, the location of your stores, and many more.
這需要透過分析背景要素來完成，例如目標市場、競爭對手、供應商、管理團隊、店鋪位置等。
1:20:15
It's in the light of those elements that you can truly conclude if the figures within the financial statements are indicating a good performance, a good strategy, or not.
在這些要素的背景下，你才能真正判斷財務報表中的數字是否表明良好的業績或良好的策略。
1:20:26
So remember that context is just as important as the numbers themselves.
因此，請記住，背景與數字本身同樣重要。
1:20:51
Thank you.
謝謝。
financial statements 101 basics, learning financial statements basics, and fundamentals
