📚 Worksheet Answers – Chapter 34: Analysis of Accounts | 第34章 工作表答案：财务报表分析
This answer guide covers a typical Cambridge A-Level Business worksheet for Chapter 34, which focuses on the analysis of published accounts and ratio analysis. Model answers are provided for the fictional business Astra Candles Ltd, with formulas, workings, and examiner-style commentary.
本答案指南覆盖了 Cambridge A-Level 商务第 34 章的典型工作表内容，该章重点为财务报表分析与比率分析。标准答案以虚构企业 Astra Candles Ltd 为背景，提供公式、计算过程以及考官风格的评注。
1. Chapter 34 Focus and Ratio Categories | 第34章重点与比率分类
Chapter 34 introduces the four main categories of accounting ratios: profitability, liquidity, efficiency, and gearing/investor ratios. Each category answers a different question about business performance.
第34章介绍了会计比率的四大类别：盈利能力、流动性、效率以及资本结构/投资者比率。每一类别解答企业绩效中不同的问题。
Worksheet answers should always show the formula, the substitution of figures, and the final answer. In most Cambridge mark schemes, final answers should be given to two decimal places unless the question states otherwise.
工作表答案应始终写出公式、代入数据以及最终答案。在大多数 Cambridge 评分方案中，除非题目另有说明，最终答案应保留两位小数。
Ratios are only meaningful when compared over time, against competitors, or against budgeted targets. A single ratio without context is rarely enough for a high-level evaluation.
比率只有在与历史数据、竞争对手或预算目标进行比较时才有意义。没有背景的单一比率通常不足以获得高阶评估分数。
2. Profitability Ratios – Modelled Answers | 盈利能力比率 – 标准答案
Gross profit margin measures the percentage of revenue that remains as gross profit after paying cost of sales. It is calculated as:
毛利率衡量企业在支付销售成本后留存毛利的百分比。其计算公式为：
Gross profit margin = (Gross profit ÷ Revenue) × 100
For Astra Candles Ltd, gross profit is $480,000 and revenue is $1,200,000. The worked answer is (480,000 ÷ 1,200,000) × 100 = 40%.
对于 Astra Candles Ltd，毛利为 480,000 美元，营业收入为 1,200,000 美元。计算过程为 (480,000 ÷ 1,200,000) × 100 = 40%。
Net profit margin uses profit before tax and interest. It shows how much profit is generated from total revenue after all operating expenses and finance costs.
净利率使用税前和息前利润。它反映了企业在扣除所有经营费用和融资成本后从总收入中产生的利润。
Net profit margin = (Net profit before tax ÷ Revenue) × 100
Astra Candles has profit before tax of $150,000, so net profit margin = (150,000 ÷ 1,200,000) × 100 = 12.5%.
Astra Candles 的税前利润为 150,000 美元，因此净利率 = (150,000 ÷ 1,200,000) × 100 = 12.5%。
Return on capital employed (ROCE) is a key efficiency measure. It compares operating profit with the long-term capital invested in the business.
资本回报率 (ROCE) 是一项关键的效率指标。它将经营利润与企业投入的长期资本进行比较。
ROCE = (Operating profit ÷ Capital employed) × 100
Capital employed is total assets minus current liabilities: $1,020,000 – $180,000 = $840,000. ROCE = (180,000 ÷ 840,000) × 100 = 21.43%. This suggests a strong return, but it must be compared with interest rates and rival firms.
资本占用为总资产减去流动负债：1,020,000 – 180,000 = 840,000 美元。ROCE = (180,000 ÷ 840,000) × 100 = 21.43%。这表明回报率较高，但仍需与利率和竞争对手进行比较。
3. Liquidity Ratios – Modelled Answers | 流动性比率 – 标准答案
Liquidity ratios assess whether a business can pay its short-term debts as they fall due. The current ratio includes all current assets, while the acid test ratio excludes inventory because it may not be quickly converted into cash.
流动性比率评估企业能否在短期债务到期时进行偿还。流动比率包含所有流动资产，而酸性测试比率剔除存货，因为存货可能无法快速变现。
Current ratio = Current assets ÷ Current liabilities
Astra Candles has current assets of $360,000 and current liabilities of $180,000, so current ratio = 360,000 ÷ 180,000 = 2.0. This is often seen as a healthy level, though very high values can suggest idle cash.
Astra Candles 的流动资产为 360,000 美元，流动负债为 180,000 美元，因此流动比率 = 360,000 ÷ 180,000 = 2.0。这通常被视为健康水平，尽管过高可能表明现金闲置。
Acid test ratio = (Current assets – Inventory) ÷ Current liabilities
Inventory is $90,000, so liquid current assets are $270,000. Acid test ratio = 270,000 ÷ 180,000 = 1.5. This means Astra Candles can cover its short-term payables 1.5 times without selling inventory.
存货为 90,000 美元，因此速动资产为 270,000 美元。酸性测试比率 = 270,000 ÷ 180,000 = 1.5。这意味着 Astra Candles 无需出售存货便可覆盖其短期应付款项的 1.5 倍。
A fall in both ratios over time may indicate a liquidity problem. However, very high liquidity can reduce profitability because cash and receivables earn little or no return.
两项比率随时间下降可能表明存在流动性问题。但流动性过高也可能降低盈利能力，因为现金和应收账款几乎不产生收益。
4. Efficiency Ratios – Modelled Answers | 效率比率 – 标准答案
Efficiency ratios show how well a business uses its assets and manages its working capital. Inventory turnover measures how many times inventory is sold and replaced during a period.
效率比率显示企业利用资产和管理营运资金的能力。存货周转率衡量存货在一个时期内被销售和补充的次数。
Inventory turnover = Cost of sales ÷ Average inventory
Astra Candles has cost of sales of $720,000 and closing inventory of $90,000, used here as average inventory. Inventory turnover = 720,000 ÷ 90,000 = 8 times.
Astra Candles 的销售成本为 720,000 美元，期末存货为 90,000 美元，此处用作平均存货。存货周转率 = 720,000 ÷ 90,000 = 8 次。
Trade receivables days shows how long, on average, credit customers take to pay. A shorter period is generally better because it improves cash flow.
应收账款周转天数反映赊销客户平均需要多长时间付款。周期越短通常越好，因为它能改善现金流。
Trade receivables days = (Trade receivables ÷ Credit sales) × 365
Assuming all revenue is credit sales, receivables days = (96,000 ÷ 1,200,000) × 365 = 29.2 days. This suggests efficient credit control.
假设所有收入均为赊销，应收账款周转天数 = (96,000 ÷ 1,200,000) × 365 = 29.2 天。这表明信用控制较为有效。
Trade payables days measures how long the business takes to pay its suppliers. A longer period can help cash flow, but it may damage supplier relationships if extended too far.
应付账款周转天数衡量企业需要多长时间向供应商付款。周期较长有利于现金流，但如果拖得太久可能会损害供应商关系。
Trade payables days = (Trade payables ÷ Credit purchases) × 365
Using cost of sales as credit purchases, payables days = (72,000 ÷ 720,000) × 365 = 36.5 days. Paying suppliers in 36.5 days while collecting from customers in 29.2 days could cause a cash gap unless other sources of cash are available.
将销售成本视为赊购额，应付账款周转天数 = (72,000 ÷ 720,000) × 365 = 36.5 天。如果向供应商付款需要 36.5 天，而从客户收款只需 29.2 天，除非有其他现金来源，否则可能产生现金缺口。
5. Gearing and Investor Ratios – Modelled Answers | 资本结构与投资者比率 – 标准答案
Gearing ratio measures the proportion of long-term finance that is provided by debt. Higher gearing increases financial risk because interest must be paid regardless of profit.
资本结构比率衡量长期资金中由债务提供的比例。资本结构比率越高，财务风险越大，因为无论利润如何都必须支付利息。
Gearing ratio = (Non-current liabilities ÷ Capital employed) × 100
Astra Candles has non-current liabilities of $240,000 and capital employed of $840,000. Gearing = (240,000 ÷ 840,000) × 100 = 28.57%. This is relatively low, suggesting conservative financing.
Astra Candles 的非流动负债为 240,000 美元，资本占用为 840,000 美元。资本结构比率 = (240,000 ÷ 840,000) × 100 = 28.57%。该比例相对较低，表明融资策略较为保守。
Interest cover shows how many times operating profit can cover interest payments. A higher figure indicates lower risk.
利息保障倍数反映经营利润能够覆盖利息支付的倍数。数值越高，风险越低。
Interest cover = Operating profit ÷ Interest payable
With operating profit of $180,000 and interest of $30,000, interest cover = 180,000 ÷ 30,000 = 6 times. This is a comfortable margin.
经营利润为 180,000 美元，利息为 30,000 美元，利息保障倍数 = 180,000 ÷ 30,000 = 6 倍。这是一个较为安全的空间。
Investor ratios include earnings per share (EPS), price-earnings ratio (P/E), and dividend yield. EPS = profit after tax ÷ number of ordinary shares = 105,000 ÷ 100,000 = $1.05.
投资者比率包括每股收益 (EPS)、市盈率 (P/E) 和股息收益率。EPS = 税后利润 ÷ 普通股股数 = 105,000 ÷ 100,000 = 1.05 美元。
P/E ratio = market price per share ÷ EPS = 3.50 ÷ 1.05 = 3.33. This low P/E may indicate a mature or low-growth business, or undervaluation by the market.
市盈率 = 每股市价 ÷ 每股收益 = 3.50 ÷ 1.05 = 3.33。较低的市盈率可能表明企业处于成熟期或低增长阶段，也可能意味着被市场低估。
Dividend yield = dividend per share ÷ market price per share × 100 = 0.42 ÷ 3.50 × 100 = 12%. Dividend cover = profit after tax ÷ total dividends = 105,000 ÷ 42,000 = 2.5 times.
股息收益率 = 每股股息 ÷ 每股市价 × 100 = 0.42 ÷ 3.50 × 100 = 12%。股息保障倍数 = 税后利润 ÷ 股息总额 = 105,000 ÷ 42,000 = 2.5 倍。
6. Worksheet 34.1 Quick-Check MCQ Answers | 工作表34.1 选择题答案
Question 1: Which ratio measures a firm’s ability to meet short-term debts without selling inventory? Correct answer: acid test ratio. The current ratio includes inventory, so it is less strict.
第1题：哪个比率衡量企业无需出售存货即可偿还短期债务的能力？正确答案：酸性测试比率。流动比率包含存货，因此不够严格。
Question 2: The formula for return on capital employed is operating profit divided by capital employed, multiplied by 100. Net profit is not used because it includes tax and interest.
第2题：资本回报率的公式为经营利润除以资本占用，再乘以 100。不使用净利润，因为它包含税收和利息。
Question 3: An increase in trade receivables days from 40 to 55 days suggests slower collection from credit customers and a possible liquidity problem.
第3题：应收账款周转天数从 40 天增加到 55 天，表明向赊销客户收款速度变慢，可能出现流动性问题。
Question 4: Gearing ratio increases when a business takes out a new long-term bank loan. Issuing ordinary shares would reduce gearing.
第4题：当企业获得新的长期银行贷款时，资本结构比率会上升。发行普通股则会降低资本结构比率。
7. Short-Answer Questions: Interpretation Tips | 简答题：解释与比较技巧
When asked to explain why two firms in the same industry have different gross profit margins, candidates should refer to pricing strategy, cost control, product mix, and inventory valuation methods.
当要求解释同一行业两家公司为何具有不同毛利率时，考生应提及定价策略、成本控制、产品组合以及存货计价方法。
A higher gross margin does not always mean better performance. A firm may be charging high prices but selling a low volume, leading to lower total profit.
较高的毛利率并不总是意味着更好的业绩。企业可能定价较高但销量较小，从而导致总利润较低。
When comparing liquidity ratios, consider the nature of the business. A supermarket often has a current ratio below 1 because it sells inventory quickly and receives cash from customers immediately.
在比较流动性比率时，应考虑企业性质。超市的流动比率通常低于 1，因为它能快速销售存货并立即从客户处获得现金。
A high gearing ratio may be acceptable if profits are stable, but it becomes dangerous when interest rates rise or sales decline. Evaluation should always link ratio results to business risk.
如果利润稳定，较高的资本结构比率或许可以接受，但当利率上升或销售下滑时就会变得危险。评估时应始终将比率结果与企业风险联系起来。
8. Data-Response Question: Astra Candles Ltd | 数据题：Astra Candles Ltd
The table below summarises the main ratios for Astra Candles Ltd. These are typical worksheet answers requiring both calculation and brief interpretation.
下表总结了 Astra Candles Ltd 的主要比率。这些是典型的工作表答案，需要计算和简要解释。
| Ratio | 比率 | Formula | 公式 | Calculation | 计算 | Answer | 答案 |
|---|---|---|---|
| Gross profit margin | 毛利率 | 更多咨询请联系16621398022（同微信）
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