Worksheet Answers – Chapter 27 | 第27章练习答案

📚 Worksheet Answers – Chapter 27 | 第27章练习答案

This article provides detailed answers and explanations for typical worksheet questions based on Chapter 27 of the Cambridge International AS & A Level Business coursebook, covering the analysis of published accounts using financial ratios. Use these solutions to reinforce your understanding of profitability, liquidity, efficiency and gearing ratios.

本文提供基于剑桥国际AS与A Level商务教材第27章（公开账目分析）典型练习题答案与详细解释，涵盖盈利能力、流动性、营运效率及杠杆比率等关键比率。通过这些解答巩固对财务比率分析的理解。

1. Gross Profit Margin Calculation | 毛利率计算

A business has Sales Revenue of $500,000 and Cost of Sales of $300,000. Gross Profit = $500,000 − $300,000 = $200,000. The Gross Profit Margin = (Gross Profit ÷ Sales Revenue) × 100% = ($200,000 ÷ $500,000) × 100% = 40%. This indicates that for every $1 of sales, 40 cents is retained as gross profit to cover expenses and generate net profit. A higher margin suggests stronger control over direct costs or effective pricing.

一家企业的销售收入为500,000美元，销售成本为300,000美元。毛利润 = 500,000 − 300,000 = 200,000美元。毛利率 = (毛利润 ÷ 销售收入) × 100% = (200,000 ÷ 500,000) × 100% = 40%。这意味着每1美元销售收入中，保留40美分作为毛利润以支付费用并创造净利润。较高的毛利率通常反映对直接成本的有效控制或良好的定价策略。

2. Net Profit Margin | 净利率计算

Using the same business, if Operating Profit (profit before interest and tax) is $50,000, the Net Profit Margin = ($50,000 ÷ $500,000) × 100% = 10%. This ratio shows the percentage of sales revenue that turns into operating profit after all direct and indirect expenses are deducted. A 10% margin means the business earns 10 cents in operating profit from each sales dollar. It is a key measure of overall cost efficiency.

沿用同一企业，若营业利润（息税前利润）为50,000美元，则净利率 = (50,000 ÷ 500,000) × 100% = 10%。该比率显示销售收入在扣除所有直接和间接费用后转化为营业利润的百分比。10%的净利率意味着每1美元销售收入产生10美分的营业利润，是衡量整体成本效率的关键指标。

3. Current Ratio | 流动比率

Assume current assets total $200,000 and current liabilities stand at $100,000. The Current Ratio = $200,000 ÷ $100,000 = 2:1 (or 2.0). This indicates that the business has $2 of current assets for every $1 of current liabilities, suggesting a comfortable liquidity position to meet short-term obligations. However, an excessively high ratio may imply inefficient use of assets.

假设流动资产总额为200,000美元，流动负债为100,000美元。流动比率 = 200,000 ÷ 100,000 = 2:1（即2.0）。这表明企业每1美元流动负债有2美元流动资产支撑，流动性充足，可轻松偿付短期债务。但过高的比率也可能意味着资产利用效率低下。

4. Acid Test Ratio | 速动比率（酸性测试比率）

With current assets of $200,000 including inventory of $80,000, and current liabilities of $100,000, the Acid Test Ratio = ($200,000 − $80,000) ÷ $100,000 = 1.2:1. By excluding inventory, this ratio gives a stricter test of short-term liquidity. A ratio of 1.2:1 means the business can cover its current liabilities 1.2 times using only cash, receivables and other liquid assets, without relying on inventory sales.

已知流动资产200,000美元中含存货80,000美元，流动负债100,000美元，速动比率 = (200,000 − 80,000) ÷ 100,000 = 1.2:1。剔除存货后，该比率提供了更严格的短期流动性测试。1.2:1意味着仅依靠现金、应收账款及其他速动资产即可覆盖流动负债1.2倍，不必依赖存货变现。

5. Inventory Turnover | 存货周转率

Cost of Sales is $300,000 and average inventory held during the year was $60,000. Inventory Turnover = $300,000 ÷ $60,000 = 5 times per year. This means the business sells and replaces its inventory five times annually. A higher turnover often indicates efficient inventory management and less capital tied up in stock, while a very low turnover may suggest overstocking or slow-moving items.

销售成本为300,000美元，年内平均存货为60,000美元。存货周转率 = 300,000 ÷ 60,000 = 每年5次。这意味着企业每年售空并补货5次。较高的周转率通常表明库存管理效率高、占用资金少；而极低的周转率可能暗示库存积压或滞销商品。

6. Trade Receivables Days | 应收账款周转天数

Trade receivables at the year-end are $50,000, and credit sales for the year amount to $400,000. Trade Receivables Days = ($50,000 ÷ $400,000) × 365 ≈ 45.6 days. This shows the average time taken to collect payments from credit customers. If the business offers 30-day terms, 45.6 days indicates some customers are paying late, which could strain cash flow. Management may need to tighten credit control.

年末应收账款为50,000美元，全年赊销额为400,000美元。应收账款周转天数 = (50,000 ÷ 400,000) × 365 ≈ 45.6天。这反映了向赊销客户收回款项的平均天数。若企业提供30天信用期，45.6天说明部分客户延迟付款，可能给现金流带来压力，管理层需加强信用控制。

7. Trade Payables Days | 应付账款周转天数

Trade payables are $40,000, and credit purchases (or cost of sales on credit) total $200,000. Trade Payables Days = ($40,000 ÷ $200,000) × 365 = 73 days. This ratio measures how long the business takes, on average, to pay its suppliers. A longer payment period may ease cash flow, but could jeopardise supplier relationships if it exceeds agreed credit terms. The result must be compared with industry norms.

应付账款为40,000美元，赊购额（或赊销成本）为200,000美元。应付账款周转天数 = (40,000 ÷ 200,000) × 365 = 73天。该比率衡量企业平均需要多长时间支付供应商货款。较长的付款期可能缓解现金流压力，但若超出约定信用期，可能损害供应商关系。结果需与行业平均水平对比。

8. Gearing Ratio | 负债比率（杠杆比率）

Long-term debt (interest-bearing borrowings) equals $300,000, and total equity stands at $500,000. Capital employed = $300,000 + $500,000 = $800,000. The Gearing Ratio = (Long-term debt ÷ Capital employed) × 100% = ($300,000 ÷ $800,000) × 100% = 37.5%. This shows the proportion of the business financed by debt. A 37.5% gearing ratio means the business is moderately leveraged; higher gearing increases financial risk because interest must be paid regardless of profit levels.

长期债务（计息借款）为300,000美元，权益总额为500,000美元。已用资本 = 300,000 + 500,000 = 800,000美元。负债比率 = (长期债务 ÷ 已用资本) × 100% = (300,000 ÷ 800,000) × 100% = 37.5%。这反映了企业由债务融资的比例。37.5%的负债比率表明企业杠杆适中；更高的杠杆会增大财务风险，因为无论盈利与否都需支付利息。

9. Return on Capital Employed (ROCE) | 已用资本回报率

Operating profit is $80,000, and capital employed (total assets minus current liabilities) is $600,000. ROCE = ($80,000 ÷ $600,000) × 100% = 13.3%. This key profitability ratio measures the return generated on the long-term funds invested in the business. A 13.3% ROCE indicates the business is earning $0.133 for every $1 of capital employed. Investors typically compare ROCE with interest rates and alternative investments.

营业利润为80,000美元，已用资本（总资产减去流动负债）为600,000美元。已用资本回报率 = (80,000 ÷ 600,000) × 100% = 13.3%。这一关键盈利能力比率衡量企业使用长期投入资金所产生的回报。13.3%的ROCE意味着每投入1美元资本可赚取0.133美元。投资者通常将其与利率和其他投资机会对比。

10. Earnings per Share (EPS) | 每股收益

If net profit attributable to ordinary shareholders is $60,000 and the number of ordinary shares in issue is 40,000, then EPS = $60,000 ÷ 40,000 = $1.50 per share. EPS indicates the amount of profit earned for each share, and is widely used by investors to assess a company’s profitability on a per-share basis. A rising EPS trend is generally viewed favourably.

若归属普通股股东的净利润为60,000美元，发行在外的普通股股数为40,000股，则每股收益 = 60,000 ÷ 40,000 = 每股1.50美元。每股收益反映每一股份所对应的利润，被投资者广泛用于评价公司的每股盈利能力。每股收益的上升趋势通常为积极信号。

11. Dividend per Share and Dividend Yield | 每股股息与股息率

If the same business declares total dividends of $12,000, the Dividend per Share = $12,000 ÷ 40,000 = $0.30. With a market share price of $6.00, the Dividend Yield = ($0.30 ÷ $6.00) × 100% = 5%. This shows the cash return an investor receives relative to the share price. It is a key metric for income-focused shareholders.

若该企业宣布派发总股息12,000美元，每股股息 = 12,000 ÷ 40,000 = 0.30美元。当股票市价为6.00美元时，股息率 = (0.30 ÷ 6.00) × 100% = 5%。这表示投资者相对于股价获得的现金回报，是注重收益的股东关注的关键指标。

12. Common Interpretation Pitfalls | 常见解读误区

When analysing ratios, avoid treating a single figure in isolation. Always compare ratios over time, against budgeted targets and with industry averages. For instance, a high inventory turnover could indicate efficient stock management or the risk of stock-outs. Similarly, a high gearing ratio is not always negative if interest rates are low and profits are stable. Context is everything in financial analysis.

在分析比率时，切忌孤立看待单一数据。务必进行趋势对比、与预算目标及行业平均比较。例如，高存货周转率既可能代表高效的库存管理，也可能隐藏缺货风险。同样，若利率低且利润稳定，高负债比率并非必然不利。财务分析中，背景信息至关重要。

Published by TutorHao | Business Revision Series | aleveler.com

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