And we already studied the main profitability ratio, called the ROCE (= return on capital employed). As usual, for the denominator we mean the average value over the year, computed as the beginning value plus the end value divided by 2.
The ROE is not a very meaningful measure because the Equity that we use is a book value, that is a value produced by accounting. The same comment applies to the ROCE, even though the ROCE is slightly more meaningful in the sense that the book Equity is indeed a measure of the effort the firm made to obtain it. With the profitability ratios, and more generally the concepts of cash and of time, we are reaching the limits of Accounting as a descriptive model of the firm. We shall see in Finance a more sophisticated role of time, even though the models presented in academic textbooks are still wanting. Remember that all financial and monetary innovations in history happened spontaneously (with the exception of central banking). Since the beginning of the XXIst century, deep changes are underway in moneys (currencies) worldwide. As always with new theories, to describe more convincingly financial and monetary phenomena we will need to get rid of some concepts and principles that seem absolutely indisputable. They are more or less liquid, but they have a market value which is representative of the market appraisal of the value today of the future cash flows the firm will generate.
It is not a very meaningful ratio, because as we saw the assets are an heterogeneous list of things.
Indeed, the sales are not a good measure of the size of a firm (the value added would be much better), and certainly a very bad one of the means used by the firm.
If the current assets are much less than the current liabilities, we then need to be pretty sure of our cash inflows, and we incur the risk of not having the cash when we need to pay something. Whereas if we have current assets roughly of the same size as current liabilities, they play a buffer role which makes us safe. Conversely, if it is much more than one, this means that we don't use enough of our free credit.
They don't use profitability measurement, but they assess the efficiency with which we use our assets.
That is, on average (if we were considering steady flows of everything) the goods stay a little less than 2 months in stock. Because stock management is an important aspect of managing a firm, and because low stock can be a good sign as well as a bad sign, we devote next lesson to stock management. We shall not comment much on investment ratios in Accounting, because, as we said, financial concepts are poorly grasped by Accounting. Students will be trained in the areas of accounting finalization and online return rectification.
This course is recommended for candidates who have sound knowledge of Financial Accounting both conceptual as well as knowledge of any accounting software like Tally ERP 9.0. Students TestimonialsI had chosen to do Online Marketing Expert course through GENC because it has an excellent reputation, it offers the flexibility to do assignments at your convenience, assignments are marked in less than 48 hours, and help is always just a phone call away.Ramya, Marketing ExecutiveI just want to inform you of how much I enjoyed your tax class. Online Courses for Finance and Accounting Online courses for finance and accounting have evolved and now encompass a wide range of topics.
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Discover what your financial statements actually mean, learn about budgeting, forecasting and effective cash flow management, use Xero and payroll software and so much more.
This comprehensive, easy to use guide clearly explains the essential components accounting functions and procedures. Staff from The Career Academy have contributed to several chapters of this book and it is an invaluable resource for anyone studying accounting.
What our students say:‘Very Impressive Training Materials’ “I am very pleased with how flexible this course was.
Chartered Accountants Australia & New Zealand (CAANZ) – we are an NZICA Approved Training Organisation. I decided to study with The Career Academy because I heard it was a good place to try out small courses. I decided to study with The Career Academy because I needed to do something from home so online was perfect. I decided to study with The Career Academy to gain more knowledge in accounting and it will also look good on my CV. I decided to study with The Career Academy as course wasn’t time-bound I was able to fit in with other schooling.
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I found the instructions and the tutors very helpful throughout the course and the course material was very well set out. I decided to study with The Career Academy because I needed a course that would provide me the knowledge to up skill whilst still being able to carry out my full time job. Being a full-time working single Mum of four I so need to verify my skill base in this day and age.
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Most of the time it is quite different from the market value of all the shares of the firm, which is the market value of Equity. So we need to make sure that we always have the cash to pay current liabilities as they come due.
We want to have not too much client paper (because like everything else it has to be financed). It is not a figure given in the above documents, but let's assume all sales were on credit. We shall study financial concepts (including some ratios, although they are usually rather crude in their treatment of time) in a Finance course.
In undergraduate courses, topics will center on Foundations of accounting, financial accounting, taxation and auditing. Most of these programs are fully on the Internet, so you can learn the lessons while at home. It made distance learning possible, where a student no longer have to travel to and from a traditional campus.
You’ll gain an accredited qualification in only 10 weeks, gain NZQA credits* and save on accounting fees!
We also offer a pathway into Chartered Accountants New Zealand & Australia (CAANZ) which provides you with the opportunity to become a qualified Accounting Technician and member of CAANZ so you can launch your accounting career with confidence. I decided to study with The Career Academy because they are accredited, distance education and payment plans.

I manage business and don’t have much time but with this online course I can study anytime of a day during down time. The course really captured my interest and provided me with that bridge of learning to move from school to business accountancy. I wanted to keep up with business knowledge and maybe start my own business or take on more responsibility in my profession of teaching. I decided to study with The Career Academy because of Flexibility – allowed me to up skill whilst still working full time. The content is practical and it is very relevant as to what we use in today’s work environment.
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It is likely that the moneys we will be using in a decade or two will no longer be Nation-State controlled currencies. To make an efficient use of our stock means to keep relatively little stock to serve the sales (and therefore the COGS). The objective of this course is to provide students with working knowledge in Accounting and Taxation with a view that these records need to be submitted to tax Authorities such as Income Tax, Sales Tax etc.
Your instructor was an excellent teacher and made the class fun and interesting.Amit, ExecutiveI personally have learned a great deal about preparing taxes. At the graduate levels, the topics will include federal tax research and accounting theory. Accounting studies also benefit those who want to manage a business or their personal finance. I also had a look at other online schools but The Career Academy seemed more professional in Accounting courses.
I found this an excellent course to revise Level 1, 2 and 3 Accounting before entering the business world. Thank you very much to all the Tutor’s who marked my assignments and who answered my questions. Students will get to work on the latest Tax Solution software and get practical exposure so that they are “ready to deliver” from “day 1 on job”. I think the class is great and would recommend it to anyone interested in taxes.Smita, StudentI believe the tax material for the tax course was easy to read (at least easier than some of the tax books).
Aside from the subjects, there should be topics about managerial accounting, potential problems and assurance services. It helped me to apply all that I had learnt over the past three years to practical, real life, business situations.
Another unique highlight of this course is Business Skills Training which will give our students the EDGE to move ahead in their CAREERS!
The assignments were great and it challenged me to use all the features and functions I learned throughout the course.

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