英文实习报告(共9页).doc

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1、精选优质文档-倾情为你奉上Internship Report Financial Analysis of a TeashopSTUDENT:STUDENT NO.:COLLEGE:MAJOR:INSTRUCTOR:AbstractWithin my internship in the teashop, I worked as the accountant assistant first and later as an inventory counter. I understood how the accounting processes actually work in a local com

2、pany and how did they calculate the value of inventories. Based on the relevant knowledge on our books, such as cost flow assumption, inventory system and measures, financial ratios, I briefly analyzed these systems in the teashop.The teashop is legitimated to sell all sorts of tea, the most popular

3、 ones are green tea, red tea and oolong. It is a sole proprietorship company. Its status determines it to adopt those system and methods that are easy, cost-saving and convenient to practice. As a result, its inventory system and cost flow assumption are all determined based on the rule. For account

4、ing ratios, the teashop itself did not prepare a complete balance sheet because it is not listed in the stock market. So I only includes some financial data necessary for the analysis.【Key Words】sole proprietorship; teashop; inventory system; cost flow assumption; accounting ratio毕业生实习报告对一个茶庄的财务分析【摘

5、要】2009年三月至四月,我在茶庄进行了为期一个月的实习。这篇报告主要记录了我实习期的工作,以及根据本专业所学的会计方面的知识对本茶庄的会计运用的分析,包括盘存方法、一些财务指标的解释和分析等,并根据实际情况,给出了一些相应的改进措施。【关键词】财务指标;茶庄;盘存法;个体企业Content1. Introduction (42. Analysis tool (52.1. Financial ratios (52.2. Inventory system and measurement (62.3. Cost flow assumption (73. Financial Ratio analys

6、is (84. Inventory system analysis (95. Cost flow assumption analysis (96. Conclusion (117. Reference (128. Acknowledge ments (131. IntroductionMy internship period lasted from middle March to the end of middle April. My job is to check the inventory with the person in charge of checking and assist t

7、he accountant. During this period, I have learned how a teashop organizes and the accounting process including making journal entries, preparing accounting files and checking inventories. In the reality, a company always has to make decisions that our books will never cover. Some are closely related

8、 with the society environment, such as guanxi. Thus we can learn the basic knowledge from books, but how to use them properly in the society is another kind of knowledge as well.The main customer is adult men, some purely enjoy the taste of tea, and some buy tea as a present to others. Also, a small

9、 range of women came to buy tea as well, and they told me that they thought drinking tea can help lose weight, especially oolong. In order to promote the sales, the teashop has carried out a promotion which specialized on different kinds of consumer targets and different consumer needs.2. Analysis T

10、ool2.1. Financial ratiosTo analysis a companys performance, there are many different ways, one significant and easy way is to calculate ratios, through those numbers, we can how exactly a company performs.For a private company, there are mainly 4 kinds of ratios:(1Company profitability ratios: they

11、are used to evaluate how effective a company has been in meeting its overall profit objectives, particularly in relation to the resources invested. Including:Profit margin: used to evaluate a companys efficiency in controlling costs and expenses in relation to sales.Profit margin = net income / net

12、salesReturn on total assets: indicates how efficiently a company uses its economic resources.Return on total assets: net income / total assets(2Liquidity ratios: used to evaluate a companys ability to meet its current maturing financial obligations. These ratios generally involve all or most of the

13、components of a companys working capital. Including:Current ratio:probably the most commonly used ratio to evaluate a companys short-run liquidity. Sometimes it is referred to as the working capital ratio.Current ratio = current assets / current liabilitiesAcid-test ratio: a more severe test of a co

14、mpanys short-term debt-paying abilities.Acid-test ratio = quick assets / current liabilities(3Activity ratios: are used to evaluate the liquidity of certain current assets by estimating the length of various segments of a companys operating cycle. The ratios are indicators of the efficiency with whi

15、ch the company uses its short-term economic resources.Inventory turnover: indicates the number if times the inventory is “turned over”or sold during that period.Inventory turnover = cost of goods sold / average inventory Receivables turnover: indicates how many times receivables are “turned over”or

16、collected each period.Receivables turnover = net credit sales / average net receivables Payables turnover: measures the number of times accounts payable turn over during the year.Payables turnover = cost of goods sold / average accounts payable(4Stability ratios: used to evaluate the long-run solven

17、cy and stability of a company. They provide evidence of the safety of the investments in the company by long-term bondholders, preferred stockholders, and common stockholders.Debt ratio: indicates the percentage of total assets contributed by creditors.Debt ratio = total liabilities / total assetsTi

18、mes interest earned:used to evaluate the ability of a company to cover its interest obligations through its annual earnings. It is a measure of the safety of creditors investments in the company.Times interest earned = pretax operating income / interest expense2.2. Inventory system and measurementA

19、company may account for inventory quantities and costs using either the perpetual system or the periodic system.Perpetual inventory system: requires the company to maintain a continuous recordof the physical quantities in its inventory. It records the purchase, or production, and use of each item of

20、 inventory in detailed subsidiary records, although often only in units without including cost.Periodic inventory system: do not require the company to maintain a continuous record of the physical quantities (or costs of inventory on hand. It takes physical counts periodically, which should be at le

21、ast once a year and generally at the end of the year.2.3. Cost flow assumptionsBecause of the variations in price, the cost of each inventory may be different. And a problem occurred, how to record the cost of inventory? Cost flow assumptions solved this problem. The major cost flow assumptions curr

22、ently used are listed in the following:Specific identification: under this, a company identifies each unit sold and each unit remaining in the ending inventory and includes the actual costs of those units in cost of goods sold and ending inventory, respectively.First-in, first-out (FIFO: under this,

23、 a company includes the earliest costs incurred in the cost of goods sold, and includes the most recent costs in the ending inventory. In other words, it assumes that the goods purchased first are sold out first.Average cost: under this assumption, a company considers all the costs and units to be c

24、omingled so that no individual units or costs are identified. It is also known as the weighted average method. In other words, it mixed all inventories and calculated an average cost.Last-in, first-out (LIFO: under this assumption, a company includes the most recentcosts incurred in the cost of good

25、s sold, and includes the earliest costs in the ending inventory. In other words, it assumes that goods purchased in the last are sold out first. It is the opposite of FIFO.3. Financial Ratio analysisThe teashop is a sole proprietorship company. Taking some numbers from the net income sheet and asset

26、s section, we can get the following analysis ratios:Profit margin: 14.1%Return on Total Assets: 48%Inventory Turnover: 17.36 timesDebt ratio: 0Receivables turnover: 1000 timesProfit margin is 14.1%, that means costs and expenses occupy 85.9% of total sales. A great many costs and expenses incurred f

27、rom the first step in production to the final sale. The cost of raw material and labor probably occupy a high percent in the total cost. In order to be more efficient in sales, it has to decrease costs and expenses. Finding new ways to decrease cost is important because profit is the essential of a

28、company, and then profit margin will go up.Return on total assets is 14.2%, it means net income is 14.2% of total assets. Different industry may have different levels of return on total assets. In the teashop industry, sufficient inventory is the most important aspect. Only with a small shop and one

29、 or two employees, can a teashop open. Thus it has not to invest a lot in fixed assets. As a result, return on total assets ratio is 48%, which is pretty high compared with other industries. To further improve this ratio, the teashop can estimate the needs of tea and store the most efficient number

30、of tea. This can decrease the inventory value and make the cash flows more fluently.Inventory turnover is 17.36 times. Inventory can be sold 17.36 times a year. Generally, the higher the inventory turnover, the more effective the company is in the operations, the lesser the amount of investment that

31、 must be tied up in inventory and the shorter the operating cycle necessary to replenish cash. And for the teashop, inventory turnover is not bad, thus it enables the company to have more money to do other operating activities.Debt ratio is 0, means the teashop borrows nothing, and the owner provide

32、s all the funds needed. As I have mentioned before, it is a sole proprietorship company. 0 debt ratio indicates it can borrow some money from banks, or other people, as long as the interest rate is not high, and the benefit of borrowing money is greater than the pitfalls.Receivables turnover is 1000

33、 times, account receivables are collected 1000 times a year. Usually, customers pay at the time of purchasing tea, only those customers who buy a large amount of tea and are acquaintance of the owner can pay later. And a quicker receivables collection period enables the company to invest more.4.Inve

34、ntory system analysisThe teashop uses the periodic inventory system, because tea is relatively low cost and easy to count. Also, installing the perpetual inventory system costs a lot, the benefit same to be much smaller than the expenses, so it is not necessary to install the perpetual inventory sys

35、tem. Usually, at the end of each month, the person in charge of checking inventories goes into the storages and count inventories.5.Cost flow assumption analysisThe teashop adopts the periodic inventory system, it does not record each unit sold, soit is really difficult to use specific identificatio

36、n assumption, which is an expensive and labor consuming work. FIFO and LIFO assumptions need more energy too, because they require a detailed record of the inventories. Usually, at the end of each month, the person in charge of checking inventories will count the remaining tea. They calculate an ave

37、rage cost first by dividing the total costs of tea purchased by the total quantity. Then they can get the cost of tea, it is just the product of the ending quantity and the average cost. Different cost flow assumptions used, the effects on tax and income may be different. For the teashop, the averag

38、e cost flow assumption is easy to use, but has a disadvantage in tax. In 2008, the price is going up, and then it can use the last-in, first-out flow assumption in order to pay less tax. 10 6. Conclusion After my internship period in the teashop, I have learned a lot. The knowledge on books may not

39、suit all companies in the reality, they have to think out the best and convenient way to manage the company, to control the manufacturing process, and to earn more money, which may be the first consideration of the majority. For a private and sole proprietorship company, every control or management

40、step is done with the consideration of most convenience and cost-saving. For instance, average cost method is used in the cost flow assumption. However, if changing another method can save large amounts of money for a company, then I suggest they can have a try. 11 7. Reference 1 25-29。 2 3 4 范维令。 祁

41、县渠家长裕川茶庄经营模式价值研究。 晋中学院学报， 2007，（24） 6 ， 林金霞。资本存量测算研究J。西南财经大学：统计学，2007，2（2），8-10。 张文平。服装专卖店存货经营之道J。中国市场，2008，8（8），55-55。 曾晶。影响财务指标有用性的原因探析J。会计之友，2007，5（32），32-35。 5Charles T. horngren, Walter T. Harrison & Linda Smith Bamber (2005, Accounting Pearson Education, New York. 6Don R. Hansen & Maryanne M.

42、Mowen (2005, managerial accounting Thomson Learning, New York. 7Loren A. Nikolai & John D. Bazley (2003, Intermediate accounting Thomson Learning, New York. 12 8. Acknowledgements I would like to express my sincerely appreciation to those people who gave me help during my internship and within the process of writing this report. Thanks to my instructor Rex, he guided me to finish the report properly. Thanks to Hongtai Company which offered me the internship opportunity. Also thanks to my friends, they helped me a lot. 13 专心-专注-专业