Báo cáo kết quả hoạt động kinh doanh tóm tắt. Tất cả các chi phí được thể hiện trong một báo cáo thu nhập chung sẽ được hiển thị như chi phí bán hàng, và đặt tên là chi phí. Chi phí bán hàng đã được thảo luận trong một ví dụ trong | 176 CHAPTER 4 RATIO ANALYSIS and evaluated. A daily manager s report is normally prepared to record information and statistics that management requires. Although internal comparisons and analysis are most useful there are a great many industrywide statistics published for different hospitality organizations. External data and information should not be overlooked to assist in comparing of internal results. Comparison of appropriate external statistics to a complete internal analysis can provide greater insight into the effectiveness of the internal management. The reader is cautioned to use ratio analysis with care and not to use general rules of thumb as necessarily being the norm for all businesses. What is most valuable is not how an individual operation s ratios differ from similar external operations but how the internal results are changing over time. Selection of and discretion in using the right ratio for the right occasion should be exercised. Ratios should not become an end in themselves. Finally ratios cannot solve problems they only identify possible problems that only management s evaluation and corrective action can resolve. This chapter concluded with some comments on the concept of financial leverage or trading on the equity to increase capital. Financial leverage is obtained by using debt rather than equity investment to finance an enterprise. As long as operating income before interest is greater than the interest expense the owners return on equity will be higher. However a too highly leveraged company may quickly be in financial trouble if operating income before interest begins to decline. DISCUSSION QUESTIONS 1. Describe the three ways in which a ratio can be expressed. 2. List and briefly discuss the four bases on which a ratio can be compared. 3. Which three groups are the main users of financial ratios 4. What is the value in calculating a current ratio Contrast how creditors and owners view this ratio. 5. Why can a hotel motel or restaurant
