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Hoạt động có lợi nhuận là một nguồn tiền mặt; tổn thất thoát tiền mặt từ hệ thống. Lưu ý: Kế toán ghi-off như khấu hao hoặc các quy định đặc biệt không đại diện cho tiền mặt và phải được điều chỉnh (đảo ngược) để đi đến dòng chảy tiền mặt. | 78 Financial Analysis Tools and Techniques FIGURE 3-11------------- Generalized Funds Flow Model Management Decision Context drain cash from the system. Note Accounting write-offs like depreciation or special provisions do not represent cash and must be adjusted for reversed to arrive at assets are uses of cash reductions in any asset are sources of cash. financing increases in liabilities and stock issues are sources of cash repayments of debt dividends and repurchases of stock are uses of cash. cash flow. familiar management decision context of the sources and uses of the ultimate cash flows is given at the bottom of the diagram. This representation will be a useful reference when we discuss the interpretation of cash flow statements in the next section as we follow the convention of the three decisional areas and the general rules governing cash inflows and outflows. Interpreting Funds Flow Data We re now ready to examine in more detail the use and implications of a company s funds flow information as normally represented in its cash flow statements. As we discussed in Chapter 2 companies that are publicly held and publish regular financial statements are required by the SEC to provide a statement of cash flows along CHAPTER 3 Managing Operating Funds 79 with balance sheets and income statements. Where such statements aren t readily available however or in situations where the analyst wishes to project future funds movements it s relatively straightforward to develop meaningful cash flow statements from standard balance sheets and income statements. With the help of the cash flow statement we can develop many insights about the actual funds changes that took place and also obtain clues for further analysis of the nature and quality of management decisions in operations investments and financing. In this section we ll illustrate how to quickly draw up a basic cash flow statement from available balance sheets and income statements and discuss the major principles
