Year 13 AQA Accounting: Case Study Practical Drill | AQA 会计：案例分析实战演练

📚 Year 13 AQA Accounting: Case Study Practical Drill | AQA 会计：案例分析实战演练

In Year 13 AQA Accounting, case study questions require you to interpret financial statements, calculate ratios, analyse variances and evaluate investment decisions. This practical drill guides you through a realistic company scenario – Apex Manufacturing Ltd – and demonstrates how to apply core techniques methodically. You will see how to move from data extraction to meaningful commentary, just as you must in the exam.

在 Year 13 AQA 会计中，案例分析题要求你解读财务报表、计算比率、分析差异并评估投资决策。本次实战演练以一家真实感十足的公司——Apex Manufacturing Ltd 为例，逐步展示如何系统地运用核心方法。你将看到如何从数据提取过渡到有意义的评述，这正是在考试中你需要做到的。

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1. Case Introduction and Data Summary | 案例介绍与数据摘要

Apex Manufacturing Ltd produces electronic components. The following summarised financial statements provide the basis for our analysis. All figures are in £’000 unless stated otherwise.

Apex Manufacturing Ltd 生产电子零部件。下列汇总财务报表构成了我们分析的基础。除另有说明外，所有金额单位均为千英镑。

Income Statements for the year ended 31 December

截至 12 月 31 日的年度损益表

	2023 (£’000)	2022 (£’000)
Revenue	3,200	2,800
Cost of sales	(2,240)	(1,960)
Gross profit	960	840
Operating expenses	(540)	(480)
Operating profit	420	360
Finance cost	(40)	(30)
Profit before tax	380	330
Taxation	(76)	(66)
Profit for the year	304	264

Statements of Financial Position (extracts) as at 31 December

财务状况表（节选）于 12 月 31 日

	2023 (£’000)	2022 (£’000)
Non-current assets	2,500	2,100
Inventory	320	280
Trade receivables	400	360
Cash	80	50
Total assets	3,300	2,790
Equity (share capital + retained earnings)	1,890	1,646
10% Loan (non-current)	800	650
Current liabilities	610	494
Total equity & liabilities	3,300	2,790

Additional information: The company has 2,000,000 ordinary shares in issue. Share prices at year-end were £1.80 in 2023 and £1.50 in 2022. Dividends paid in 2023 totalled £60,000 and in 2022 £50,000.

附加信息：公司有 2,000,000 股已发行普通股。年末股价为 2023 年 1.80 英镑，2022 年 1.50 英镑。2023 年支付股利总计 60,000 英镑，2022 年为 50,000 英镑。

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2. Profitability Ratios | 盈利能力比率

We start by assessing how efficiently Apex generates profit from its sales and capital.

我们从评估 Apex 从销售和资本中获取利润的效率开始。

Gross profit margin = (Gross profit ÷ Revenue) × 100

毛利率 = (毛利 ÷ 营业收入) × 100

GPM 2023: (960 ÷ 3,200) × 100 = 30.0% | GPM 2022: (840 ÷ 2,800) × 100 = 30.0%

The margin remained stable at 30%, indicating consistent markup or cost control on direct inputs.

毛利率稳定在 30%，表明直接投入的加成或成本控制保持了一致。

Operating profit margin = (Operating profit ÷ Revenue) × 100

营业利润率 = (营业利润 ÷ 营业收入) × 100

OPM 2023: (420 ÷ 3,200) × 100 = 13.1% | OPM 2022: (360 ÷ 2,800) × 100 = 12.9%

A slight improvement suggests operating expenses grew at a slower rate than revenue, which is positive.

略有改善，说明营业费用增速低于收入增速，这是积极的信号。

Return on capital employed (ROCE) = (Operating profit ÷ Capital employed) × 100, where capital employed = Total equity + Non-current liabilities.

运用资本回报率 = (营业利润 ÷ 运用资本) × 100，其中运用资本 = 总权益 + 非流动负债。

ROCE 2023: 420 ÷ (1,890 + 800) × 100 = 15.6% | ROCE 2022: 360 ÷ (1,646 + 650) × 100 = 15.7%

ROCE is virtually unchanged. While profit increased, the capital base also grew due to higher retained earnings and additional loans.

运用资本回报率几乎未变。尽管利润增长了，但由于留存收益增加和额外贷款，资本基数也有所扩大。

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3. Liquidity and Efficiency Indicators | 流动性与效率指标

Liquidity ratios show whether Apex can meet its short-term obligations as they fall due.

流动性比率反映 Apex 是否有能力偿还到期短期债务。

Current ratio = Current assets ÷ Current liabilities

流动比率 = 流动资产 ÷ 流动负债

2023: (320 + 400 + 80) ÷ 610 = 1.31 | 2022: (280 + 360 + 50) ÷ 494 = 1.40

The current ratio has fallen from 1.40 to 1.31, moving further below the typical benchmark of 1.5:1. This could signal emerging liquidity pressure.

流动比率从 1.40 降至 1.31，进一步低于 1.5:1 的典型基准，这可能预示着流动性压力正在上升。

Acid-test ratio = (Current assets – Inventory) ÷ Current liabilities

速动比率 = (流动资产 – 存货) ÷ 流动负债

2023: (400 + 80) ÷ 610 = 0.79 | 2022: (360 + 50) ÷ 494 = 0.83

A quick ratio below 1 and declining indicates that Apex relies on inventory sales to settle payables and may struggle if cash flows tighten.

速动比率低于 1 且持续下降，表明 Apex 依赖出售存货来偿还应付账款，一旦现金流收紧就可能陷入困境。

Inventory turnover (times) = Cost of sales ÷ Average inventory; average inventory = (Opening + Closing) ÷ 2. Assume opening inventory for 2022 was £260,000.

存货周转率（次数）= 销售成本 ÷ 平均存货；平均存货 = (期初 + 期末) ÷ 2。假设 2022 年期初存货为 260,000 英镑。

2023: 2,240 ÷ [(280 + 320) ÷ 2] = 7.5 times | 2022: 1,960 ÷ [(260 + 280) ÷ 2] = 7.3 times

Trade receivable days = (Trade receivables ÷ Revenue) × 365

应收账款周转天数 = (应收账款 ÷ 营业收入) × 365

2023: (400 ÷ 3,200) × 365 = 45.6 days | 2022: (360 ÷ 2,800) × 365 = 46.9 days

Trade payable days = (Trade payables ÷ Cost of sales) × 365

应付账款周转天数 = (应付账款 ÷ 销售成本) × 365

2023: (380 ÷ 2,240) × 365 = 61.9 days | 2022: (340 ÷ 1,960) × 365 = 63.3 days

Inventory turnover has improved slightly, and receivable days are stable. However, payable days are long, which may help cash flow but could damage supplier relationships.

存货周转率略有改善，应收账款天数保持稳定。然而，应付账款天数较长，这可能有助于现金流，但有损与供应商的关系。

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4. Investment (Shareholder) Ratios | 投资（股东）比率

These ratios help shareholders evaluate the return on their investment.

这些比率有助于股东评估其投资回报。

Earnings per share (EPS) = Profit after tax ÷ Number of ordinary shares

每股收益 = 税后利润 ÷ 普通股股数

EPS 2023: 304,000 ÷ 2,000,000 = £0.152 | EPS 2022: 264,000 ÷ 2,000,000 = £0.132

Price/earnings ratio (P/E) = Market price per share ÷ EPS

市盈率 = 每股市价 ÷ 每股收益

P/E 2023: 1.80 ÷ 0.152 = 11.8 | P/E 2022: 1.50 ÷ 0.132 = 11.4

A rising P/E ratio reflects market confidence that future earnings will continue to grow.

市盈率上升反映了市场对未来利润持续增长的信心。

Dividend per share (DPS) = Total dividends ÷ Number of shares

每股股利 = 股利总额 ÷ 股数

DPS 2023: 60,000 ÷ 2,000,000 = 3.0p | DPS 2022: 50,000 ÷ 2,000,000 = 2.5p

Dividend yield = DPS ÷ Market price per share × 100

股息率 = 每股股利 ÷ 每股市价 × 100

2023: (0.03 ÷ 1.80) × 100 = 1.67% | 2022: (0.025 ÷ 1.50) × 100 = 1.67%

Whilst the absolute dividend has increased

Published by TutorHao | Year 13 Accounting Revision Series | aleveler.com

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