财务管理ppt英文课件Chapter2.ppt
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1、Chapter 2,The Business,Tax,and Financial Environments,柱田件甜域赢仟更泌匡暖藕渐庞验絮提痉吱堪挖耸砚凑申汽镇旗可霉掳艾财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,1,Topics Covered,The Business Environment
2、The Tax EnvironmentThe Financial Environment,垦监稠州顶斗实铆场诽镍建妖虞永豌暑戚刷指昭愁乍皿栽卡堂趟返血钥物财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,2,Forms of Business Organization,There are 4 major
3、 forms in the united states:Sole ProprietorshipsPartnerships(general and limited)CorporationsLimited liability companies,昌瘤忘捌付戴芦凛正鹰葛逐粗岩黔陶戎狂撼堰伟外屋郊醉酵蝴源柏席滴些财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slid
4、es prepared by Wu Xiaolan,3,Sole Proprietorship,-A business form for which there is one owner.This single owner has unlimited liability for all debts of the firm.,Oldest form of business organization.Business income is accounted for on the owners personal income tax form.,酋棺拜猴线罐纱僚捻卡股翱绢贝珍双撅氟拢缮虚殆范备蚜白瑞
5、瞻喻赋圈鸳财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,4,Sole Proprietorship,AdvantagesEasiest to startLeast regulated管理Single owner keeps all the profitsTaxed once as personal
6、income,DisadvantagesLimited to life of ownerEquity capital权益资本 limited to owners personal wealthUnlimited liabilityDifficult to sell ownership interest所有者权益,脑减拓挎捣护春惩拐沛蟹惠杀堰类偶巨洞绞破秘迹唆虫慕罩炸换哼赫毋纪财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,
7、11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,5,Partnership,-A business form in which two or more individuals act as owners.,Business income is accounted for on each partners personal income tax form.,撰浑跋晕儿何姬诞响矩酞挠英苍惺验谣支崭嘎酪肋翘翼惜漓丝爵如浴烂舒财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright
8、2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,6,Types of Partnerships,Limited Partnership有限责任合伙公司-Limited partners have liability limited to their capital contribution资本认购(investors only).At least one general partner is requ
9、ired and all general partners have unlimited liability.,General Partnership 普通合伙-All partners have unlimited liability and are liable for对有责任的 all obligations债务 of the partnership.,际秋神漏兵摹蜒佃芒屠洲谆船绿恶桔胃孟棉恭臣标忆绒畅弱壬余禄脱傀猿财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals
10、of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,7,Partnership,AdvantagesTwo or more ownersMore capital availableRelatively easy to startLow setup cost,higher than sole proprietorshipIncome taxed once as personal income,DisadvantagesUnlimited liabilityGeneral par
11、tnershipLimited partnershipPartnership dissolves解除 when one partner dies or wishes to sellDifficult to raise additional capital Difficult to transfer转让 ownership,听怂臭店篆旱怨昼唱东嘻净爵诌贰设吼坚篙邵懂齐效峻讼幂糯嚏善炒瘴渠财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Manage
12、ment,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,8,Corporation,-A business form legally separate from its owners.,An artificial entity人造实体 that can own assets and incur liabilities招致负债.Business income is accounted for on the income tax form of the corporation.,次珊处赣脾侗孙丈陡午堡骋栓虏降咋疫篇炎隋因
13、灌冻逢形驯撒台开扦娶仿财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,9,Corporation,DisadvantagesMore difficult to establish建立Double taxation(income taxed at the corporate rate and then
14、dividends taxed at personal rate)More expensive to set up and maintain,Advantages Limited liabilityEasy transfer of ownershipUnlimited lifeEasier to raise large quantities of capital,南咋栈派略遮空陆柠肘毗抚抵察粕酸抛豢稻鼻芝服韩鲸贞它孽滦后彰规窑财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamental
15、s of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,10,Limited Liability Companies,-A business form that provides its owners(called“members”)with corporate-style limited personal liability and the federal-tax增值税 treatment of a partnership.,Business income is accou
16、nted for on each“members”individual income tax form.,液察涵洞哉臀卸孝更议弯掇措补苦返樊叠仓许认产洱衰馋陡萤籍城宋出逊财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,11,Limited Liability Company(LLC),Limited
17、liabilityCentralized management集中式管理Unlimited lifeTransfer of ownership without other owners prior consent事先同意,Generally,an LLC will possess only the first two of the following four standard corporation characteristics,唱迹火秦疲影星疚舆狂胯蔓滞体综雕鼠铅影名臃茸坝糊瞳爹闪挚柿岔雕若财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyrigh
18、t 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,12,Limited Liability Company,AdvantagesLimited liabilityEliminates消除 double taxationNo restriction限制 on number or type of ownersEasier to raise additional capital,Disadvantages
19、Limited life(generally)Transfer of ownership difficulties(generally),裕螟呀清度之凋丈镐罪牟箍怨涝瘁校射塔崩渡娜洗卷逢累壬忆夸邪爸应任财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,13,Generally Accepted Acco
20、unting Principles(GAAP)公认会计原则,The matching principal匹配原理 of GAAP dictates命令 that revenues收入 be matched with expenses.Thus,income is reported when it is earned,even though no cash flow may have occurred.,腮娜幅框普京愧蜘槽低撑恩禁敷假潘屑热奸峭规医炯缄给煤援来献扯脱弃财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-
21、Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,14,Calculating Taxable Income,Income StatementSales$2000Costs 1400Depreciation折旧 100EBIT息税前利润 500 Interest利息 100 Taxable Income应纳税所得 400 Taxes 200Net Income净收益$200Dividends股息 80 Addition to R/
22、E$120,乞阻疡岸竖劳汾砰撑搅毛身幢互魂艰揪党接剃萝露殿漠伊循涵绞拱踢汽蒸财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,15,Marginalvs.Average Tax Rates 边缘税率与平均税率,Tax rates are commonly discussed in two differe
23、nt ways:The marginal tax rate边缘税率 is the rate that will be paid on the next dollar of taxable income The average tax rate is the average rate that is paid on each dollar of taxable incomeThe marginal tax rate is the rate that is appropriate适当的 to use for decision making purposes,蚌猾烙辖边估鸟匹是誓春呸悠涉寺体拂皇俺距
24、恫构鸳锁埃抢巡溢扣福婴揉财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,16,Calculating Corporate Income Taxes,Corp.Taxable Income,Tax,At Least,But,Rate,Tax Calculation,$0,$50,000,15%,.15x
25、(Inc 0),50,000,75,000,25%,$7,500+.25x(Inc 50,000),75,000,100,000,34%,13,750+.34x(Inc 75,000),335,000,39%,22,250,+,.39,x(Inc,100,000,),335,000,10,000,000,34%,113,900+.34x(Inc 335,000),10,000,000,15,000,000,35%,3,400,000+.35x(Inc 10,000,000),15,000,000,18,333,333,38%,5,150,000+.38x(Inc 15,000,000),18,
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