📚 Worksheet Answers – Chapter 30: Analysis of Published Accounts | 第30章 工作表答案：已公布报表比率分析
This worksheet answer guide covers Chapter 30 on the analysis of published accounts for Cambridge A-Level Business. It explains how to calculate, interpret and compare the key profitability, liquidity, efficiency and investor ratios. Each section gives a model answer format that can be applied to structured worksheet questions.
本工作表答案指南涵盖剑桥 A-Level 商务第30章“已公布报表分析”。文章说明如何计算、解释和比较主要的盈利能力、流动性、效率及投资者比率。每一节都给出可适用于结构化工作表题目的标准答题格式。
1. Understanding Published Accounts | 理解已公布报表
Published accounts normally consist of an income statement (also called a profit and loss account) and a statement of financial position (balance sheet). The income statement shows revenue, cost of sales, gross profit, expenses and profit for the year. The statement of financial position shows assets, liabilities and equity at the end of the accounting period.
已公布报表通常包括利润表（也称损益表）和财务状况表（资产负债表）。利润表列示收入、销售成本、毛利、费用和年度利润。财务状况表列示会计期末的资产、负债和所有者权益。
In worksheet answers, students must first identify which accounting document provides the figures needed for each ratio. Profitability ratios use data from both statements, while liquidity and capital structure ratios rely mainly on the statement of financial position.
在作答工作表时，学生必须先判断每个比率所需的数据来自哪份报表。盈利能力比率同时使用两张报表的数据，而流动性和资本结构比率主要依赖财务状况表。
2. Profitability Ratios | 盈利能力比率
Profitability ratios measure how successfully a business is generating profit from its trading activities and capital. The three most common are gross profit margin, net profit margin and return on capital employed (ROCE).
盈利能力比率衡量企业通过经营活动和资本创造利润的能力。最常见的三个比率是毛利率、净利率和已动用资本回报率（ROCE）。
Gross profit margin = (Gross profit ÷ Revenue) × 100%
Net profit margin = (Profit before tax ÷ Revenue) × 100%
Return on capital employed = (Operating profit ÷ Capital employed) × 100%
Gross profit margin focuses on the relationship between revenue and direct cost of sales. A falling gross margin may indicate rising input costs, discounting or inventory shrinkage. Net profit margin includes all expenses, so it reflects the overall cost control of the business.
毛利率关注收入与直接销售成本之间的关系。毛利率下降可能表明投入成本上升、折扣销售或存货损耗。净利率包含全部费用，因此反映企业整体的成本控制情况。
ROCE is often regarded as the primary measure of profitability because it compares operating profit with the total finance invested by shareholders and lenders. A strong answer always states that ROCE should be compared with the previous year, with competitors and with the cost of borrowing.
ROCE 通常被视为最重要的盈利能力指标，因为它把营业利润与股东和债权人投入的总资金进行比较。高分答案始终会指出 ROCE 应同上年、竞争对手以及借款成本进行比较。
3. Liquidity Ratios | 流动性比率
Liquidity ratios assess whether a business has enough short-term assets to pay its short-term liabilities. The current ratio and quick ratio (acid test) are the standard tools.
流动性比率评估企业是否有足够的短期资产偿还短期负债。流动比率和速动比率（酸性测试）是标准工具。
Current ratio = Current assets ÷ Current liabilities
Quick ratio = (Current assets – Inventory) ÷ Current liabilities
A current ratio below 1 indicates that current liabilities exceed current assets, which may create cash flow pressure. However, a very high ratio can suggest inefficient use of assets, such as holding too much inventory or allowing trade receivables to grow.
流动比率低于1表明流动负债超过流动资产，可能造成现金流压力。但过高的比率也可能说明资产利用效率低，例如持有过多存货或应收账款过度增长。
The quick ratio removes inventory because stock is usually the least liquid current asset. A quick ratio of 0.8:1 to 1:1 is often considered acceptable in many industries, but the answer must relate this to the specific business context.
速动比率剔除存货，因为存货通常是流动性最差的流动资产。许多行业中速动比率 0.8:1 至 1:1 常被视为可接受，但答题时必须结合具体企业背景说明。
4. Efficiency Ratios | 效率比率
Efficiency ratios show how well a business manages its inventory, trade receivables and trade payables. They convert balance sheet figures into days or times to make performance easier to understand.
效率比率反映企业管理存货、应收账款和应付账款的能力。这些比率把资产负债表数字转换为天数或次数，使业绩更易理解。
Inventory turnover (times) = Cost of sales ÷ Average inventory
Trade receivables days = (Trade receivables ÷ Credit sales) × 365
Trade payables days = (Trade payables ÷ Credit purchases) × 365
A rising trade receivables days figure means customers are taking longer to pay. This increases the risk of bad debts and weakens cash flow. A business may respond by tightening credit terms, offering early payment discounts or improving debt collection procedures.
应收账款周转天数上升意味着客户付款时间变长。这会增加坏账风险并削弱现金流。企业可以通过收紧信用条款、提供早付折扣或改进收账程序来应对。
A longer trade payables days figure can improve short-term cash flow because the business delays payments to suppliers. However, it may damage supplier relationships and cause the loss of early settlement discounts.
应付账款周转天数较长可以改善短期现金流，因为企业延后向供应商付款。但这可能损害供应商关系，并失去提前付款折扣。
5. Gearing and Investor Ratios | 杠杆与投资者比率
Gearing shows the proportion of a company’s long-term finance that comes from borrowed funds. Higher gearing increases financial risk because interest must be paid regardless of profit levels.
杠杆比率显示企业长期资金中来自借款的比例。杠杆越高，财务风险越大，因为无论利润水平如何都必须支付利息。
Gearing ratio = (Non-current liabilities ÷ (Total equity + Non-current liabilities)) × 100%
Investor ratios such as earnings per share (EPS), price/earnings (P/E) ratio and dividend yield are used by shareholders to judge return and market confidence. These ratios are particularly relevant to public limited companies.
投资者比率如每股收益（EPS）、市盈率（P/E）和股息率被股东用来判断回报和市场信心。这些比率尤其适用于公开股份有限公司。
Earnings per share = Profit after tax ÷ Number of ordinary shares
Price/earnings ratio = Market price per share ÷ Earnings per share
Dividend yield = (Dividend per share ÷ Market price per share) × 100%
6. Worked Example: Income Statement
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