Bảng này cho thấy rằng doanh số bán hàng tỷ lệ tài sản lưu động đang gia tăng theo thời gian, với một bước nhảy đặc biệt ấn tượng trong năm qua là do sự suy giảm nhanh chóng trong số lượng tài sản hiện hành. Điều này có nghĩa rằng công ty có thể thất bại bất ngờ. Kiểm toán | Liquidity Measurements I 93 The table shows that the sales to current assets ratio is increasing over time with an especially dramatic jump in the last year that is caused by a rapid decline in the amount of current assets. This means that the company may fail suddenly. The auditor decides to conduct some tests to verify whether a major liquidity problem exists. Cautions This ratio is not valid in situations where a company is selling goods on a drop-ship arrangement with its supplier since this means that the company records sales even though it never has possession of the goods which are shipped directly from the supplier to the customer. Under this arrangement a company can theoretically have no inventory at all. The ratio s results can also be suspect in cases where a company accepts a large part of its sales with credit card payments since this will drop accounts receivable balances to near zero depending upon whether cash receipts are recognized at the time when a credit card sale is recorded or when cash is received from the bank supporting the customer s credit card. In both the drop-shipping and credit card situations current assets are legitimately reduced by the type of logistical and sales operations conducted by a company and so should not be construed as being an indicator of poor liquidity. WORKING CAPITAL PRODUCTIVITY Description The working capital productivity measure is similar to the sales to current assets ratio in that both are used to see if there are enough assets available to support a given level of sales activity. The working capital productivity measure tends to be somewhat more accurate since it subtracts current liabilities from current assets to arrive at a net current asset figure that may be considerably less than the total current assets figure used in the other measurement. Alternatively an excessively low working capital productivity measurement reveals that a company is inefficient at producing sales because it has too much .
