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% Document Info
\author{echoecho}
\pdfinfo{
  /Title (comp-accounts.pdf)
  /Creator (Cheatography)
  /Author (echoecho)
  /Subject (comp accounts. Cheat Sheet)
}

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\fancyhead[L]{
\noindent
\begin{multicols}{3}
\begin{tabulary}{5.8cm}{C}
    \SetRowColor{DarkBackground}
    \vspace{-7pt}
    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
    }
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\columnbreak
\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{comp accounts. Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{echoecho} via \textcolor{DarkBackground}{\uline{cheatography.com/198358/cs/42386/}}}
\end{tabulary}
\end{multicols}}

\fancyfoot[L]{ \footnotesize
\noindent
\begin{multicols}{3}
\begin{tabulary}{5.8cm}{LL}
  \SetRowColor{FootBackground}
  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}echoecho \\
  \uline{cheatography.com/echoecho} \\
  \end{tabulary}
\vfill
\columnbreak
\begin{tabulary}{5.8cm}{L}
  \SetRowColor{FootBackground}
  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 13th August, 2024.\\
   Page {\thepage} of \pageref{LastPage}.
\end{tabulary}
\vfill
\columnbreak
\begin{tabulary}{5.8cm}{L}
  \SetRowColor{FootBackground}
  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Sponsor}}  \\
  \SetRowColor{white}
  \vspace{-5pt}
  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
\end{tabulary}
\end{multicols}}




\begin{document}
\raggedright
\raggedcolumns

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% www.emerson.emory.edu/services/latex/latex_169.html
\footnotesize % Small font.

\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{b/s}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{'snapshot' of a business' assets, liabilities and equity at a single point in time} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 2 (+ 0)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{assets: (resources the company owns and uses)}}} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 3 (+ 0)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{current assets:}} cash and other assets espected to be turned into cash within next 12 months (short-term)} \tn 
% Row Count 6 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{→ cash → accounts receivable → prepaid expenses} \tn 
% Row Count 8 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{non-current: things company needs to run the business (long-term)} \tn 
% Row Count 10 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{→ tangible (can touch) → intangible (can't touch)} \tn 
% Row Count 12 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 12 (+ 0)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{liabilities (money owed to others)}}} \tn 
% Row Count 13 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{current liabilities:}} everything expected to be paid within the next 12 months} \tn 
% Row Count 15 (+ 2)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{→ accounts payable → taxes payable → accrued expenses → deferred revenue} \tn 
% Row Count 17 (+ 2)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 17 (+ 0)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{non-current liabilities:}}} \tn 
% Row Count 18 (+ 1)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{→ long-term loans/debt} \tn 
% Row Count 19 (+ 1)
% Row 15
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 19 (+ 0)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{equity}}: (difference between assets and liabilities, what is leftover after all assets \& paying all obligations)} \tn 
% Row Count 22 (+ 3)
% Row 17
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{→ common stock (capital contributions, money invested in business by owners)} \tn 
% Row Count 24 (+ 2)
% Row 18
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{other comprehensive income (OCI): foreign currency hedge gains and losses, cash flow hedge gains and losses, and unrealised gains and losses for securities that are available for sale.} \tn 
% Row Count 28 (+ 4)
% Row 19
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{retained earnings (accumulated profits held for future use)} \tn 
% Row Count 30 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.9908 cm} x{2.9862 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{income statement}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{summary of a business revenues and expenses over a period of time.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 2 (+ 0)
% Row 2
\SetRowColor{LightBackground}
{\bf{ {\emph{revenue}} }} & product sales, services rendered \tn 
% Row Count 4 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 4 (+ 0)
% Row 4
\SetRowColor{LightBackground}
{\bf{ {\emph{expenses}} }} & direct (cost of services, cogs) increase in direct proportion to sales made \tn 
% Row Count 8 (+ 4)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 8 (+ 0)
% Row 6
\SetRowColor{LightBackground}
 & {\bf{indirect variable costs}} (loosely correlate with business' sales however cant be traced back to production of goods or provision of services) \tn 
% Row Count 14 (+ 6)
% Row 7
\SetRowColor{white}
 & advertising, comissions, utilities \tn 
% Row Count 16 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 16 (+ 0)
% Row 9
\SetRowColor{white}
 & {\bf{indirect fixed}} (overhead expenses) \tn 
% Row Count 18 (+ 2)
% Row 10
\SetRowColor{LightBackground}
 & rent, salaries, insurance, admin, legal, accounting, marketing, deprecation, amortisation (bare no correlation to the sales business made) \tn 
% Row Count 24 (+ 6)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 24 (+ 0)
% Row 12
\SetRowColor{LightBackground}
{\bf{operating profit (EBIT)}} & {\emph{interest}} and {\emph{expenses}} and tax fall below operating profit \tn 
% Row Count 27 (+ 3)
% Row 13
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 27 (+ 0)
% Row 14
\SetRowColor{LightBackground}
{\bf{gross profit margin}} & how efficiently the business is producing and selling their products \tn 
% Row Count 30 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{most important on profit and loss/ income statement is {\bf{net cash provided by operating activities}}}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{p/e}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{p/e =}} net income (profit) - dividends / average outstanding shares of common stock} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{free cash flow (fcf)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{the money a company has left over after paying its operating expenses (OpEx) and capital expenditures (CapEx).} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{the more free cash flow a company has, the more it can allocate to dividends, paying down debt, and growth opportunities.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{3.08574 cm} x{1.89126 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{d/e}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{\textless{}1:}} & safe \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
{\bf{1-1.5:}} & general good \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
{\bf{2 or higher:}} & high \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 3 (+ 0)
% Row 4
\SetRowColor{LightBackground}
{\emph{technology and a lot of r\&d:}} & 2 and below \tn 
% Row Count 5 (+ 2)
% Row 5
\SetRowColor{white}
{\emph{large manufacturing and publicly traded:}} & between 2 - 5 \tn 
% Row Count 7 (+ 2)
% Row 6
\SetRowColor{LightBackground}
{\emph{banking and finance based business':}} & 10 - 20 is fairly common \tn 
% Row Count 9 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{anything above 5 or 6 = problem}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{core principles}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{assets {\bf{(stuff a business owns)}} = liabilities (for third parties) + equity (for owners) {\bf{(stuff that a business owes)}}} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 3 (+ 0)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{adjusted trial balance: bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal.} \tn 
% Row Count 7 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{important metrics}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- fixed assets} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- profit and loss account reserve + security in b/s} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- amount of debt} \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- \textgreater{}{\bf{10\% EBITDA margin}} (10-14\% is benchmark)} \tn 
% Row Count 5 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{trouble}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{company voluntary agreement (CVA)} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{high amount of owners draw} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{using mark to market (MTM) for real life assets and static business contracts} \tn 
% Row Count 4 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{nature of the business sector should be taken into consideration}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{big 3}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- income statement (p\&l)} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- balance sheet} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- cash flow statement} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- statement of owners equity / statement of retained earnings} \tn 
% Row Count 5 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{boosting cash efficiency}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- reducing the cost base} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- divestment} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- outsourcing = contracting tasks to external companies} \tn 
% Row Count 4 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- offshoring = relocating business process to another country} \tn 
% Row Count 6 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- cost accounting} \tn 
% Row Count 7 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- purchasing power parity (PPP)} \tn 
% Row Count 8 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- promissory notes} \tn 
% Row Count 9 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{detecting financial fraud in accounts}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- aggressive accounting / creative accounting} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- income smoothing} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- earnings management} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- accounts payable (invoices, ghost companies, round numbers)} \tn 
% Row Count 5 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- listing inventory and receivables as one line item (inventory + receivables)} \tn 
% Row Count 7 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- multiple restatements are a problem} \tn 
% Row Count 8 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- cumulative adjustments instead of restatements} \tn 
% Row Count 9 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- use of Non-GAAP measures is bad} \tn 
% Row Count 10 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- be wary of EBITDA} \tn 
% Row Count 11 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- cooking the books = falsifying accounts} \tn 
% Row Count 12 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- off-book accounts} \tn 
% Row Count 13 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- round tripping} \tn 
% Row Count 14 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 14 (+ 0)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- overstating revenues by recording future expected sales} \tn 
% Row Count 16 (+ 2)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- inflating an asset's net worth by knowingly failing to apply an appropriate depreciation schedule} \tn 
% Row Count 18 (+ 2)
% Row 15
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- concealing obligations and/or liabilities from a company's balance sheet} \tn 
% Row Count 20 (+ 2)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- Incorrectly disclosing related-party transactions and structured finance deals} \tn 
% Row Count 22 (+ 2)
% Row 17
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- accounting anomalies, such as growing revenues without a corresponding growth in cash flows.} \tn 
% Row Count 24 (+ 2)
% Row 18
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- a significant surge in a company's performance within the final reporting period of a fiscal year.} \tn 
% Row Count 26 (+ 2)
% Row 19
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- consistent sales growth while competitors are struggling.} \tn 
% Row Count 28 (+ 2)
% Row 20
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- depreciation methods and estimates of assets' useful life that don't correspond to those of the overall industry.} \tn 
% Row Count 31 (+ 3)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{detecting financial fraud in accounts (cont)}}  \tn
% Row 21
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- weak internal corporate governance, which increases the likelihood of financial statement fraud occurring unchecked.} \tn 
% Row Count 3 (+ 3)
% Row 22
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- outsized frequency of complex third-party transactions, many of which do not add tangible value, and can be used to conceal balance sheet debt.} \tn 
% Row Count 6 (+ 3)
% Row 23
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- the sudden replacement of an auditor resulting in missing paperwork.} \tn 
% Row Count 8 (+ 2)
% Row 24
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- a disproportionate amount of management compensation derived from bonuses based on short-term targets, which incentivises fraud.} \tn 
% Row Count 11 (+ 3)
% Row 25
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- using SPEs to conceal debts taken on from other loan providers and leaving it off the balance sheet} \tn 
% Row Count 14 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{alteration of a companies financial statements to manipulate a company's apparent health or to conceal profits or losses.{\bf{ \newline  \newline  \newline }}vertical analysis takes every item in the income statement as a percentage of revenue and comparing the year-over-year trends that could be a potential flag cause of concern.}} \newline  \newline {\emph{horizontal analysis represents financial information as a percentage of the base years' figures.{\bf{ \newline  \newline  \newline }}one must always take into consideration that audits }}DO NOT{\bf{ find fraud}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{ideals}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{excellent working capital management} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 1 (+ 0)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{negative cash conversion cycle:}} inventory sold before we have to pay for it.} \tn 
% Row Count 3 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{normal to low debt ratio}}} \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{high liquidity}}} \tn 
% Row Count 5 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Positive NPV \textgreater{} Negative NPV} \tn 
% Row Count 6 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{things to take into consideration}} \newline  \newline {\emph{cash is a liability}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{good forma}}  \tn
% Row 0
\SetRowColor{LightBackground}
- The more deals you look at, the better deals you do & - Risk management is key \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
- {\bf{ {\emph{Interest}}}} + {\bf{{\emph{Taxes}} }} are an expense you get depreciation by laying out money ahead of time (worse kind of expense) due to buying an asset first and get the deduction later & - Offset with IP and avoidable taxable events \tn 
% Row Count 13 (+ 10)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{calculus}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{EBITDA margin =}} measure of a company's operating profit as a percentage of its revenue.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{EBITDA margin =}} ebitda / total revenue} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{EBITDA =}} Measure of earnings potential of a business} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{EBITDA =}} I + Depreciation + Amortisation (where I = Operating Income)} \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{EBIT =}} Operating Profit} \tn 
% Row Count 8 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{operating profit/income =}} gross profit - operating expenses} \tn 
% Row Count 10 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{gross profit =}} revenue - direct costs} \tn 
% Row Count 11 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{net profit =}} operating profit or EBIT - tax} \tn 
% Row Count 12 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{debt Ratio =}} If assets where financed debt or own money (if high bad)} \tn 
% Row Count 14 (+ 2)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{non-current term debt/net income:}} (2-4 years good)} \tn 
% Row Count 16 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{covariant}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{revenue produced by services arm \textgreater{} product revenue.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{certified financial statement (cfs)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{financial statements audited and certified by external, independent accountants.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{models}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{beneish Model}} evaluates eight ratios to determine the likelihood of earnings manipulation, including asset quality, depreciation, gross margin, and leverage. After combining the variables into the model, an M-score is calculated. A value greater than -2.22 warrants further investigation, while an M-score less than -2.22 suggests that the company is not a manipulator.} \tn 
% Row Count 8 (+ 8)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 8 (+ 0)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{benford's Law}} states "1" tends to occur more frequently as the first digit than other digits, providing a non-uniform distribution pattern. {\bf{(not strict mathematical rule / limitations - data characteristics and sample size)}} {\emph{should be used in conjunction with other models}}} \tn 
% Row Count 14 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{shareholders equity v shareholders reserves}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{shareholders' equity is {\bf{the total ownership interest in a company}}} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{shareholders' reserves (retained earnings) is one of the components of this equity.} \tn 
% Row Count 4 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{other components, like common stock and additional paid-in capital, also contribute to the overall shareholders' equity. {\emph{shareholders' reserves specifically focus on the accumulated profits that have not been distributed to shareholders.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{cost of revenue (cor)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{the total of all costs incurred directly in producing, marketing, and distributing the products and services of a company to customers.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{cost of goods (cogs)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{direct costs incurred in producing or acquiring goods, including the cost of raw materials, cost of labor, and manufacturing.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.60195 cm} x{1.64772 cm} x{1.32733 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{sg\&a expense}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{3}{x{5.377cm}}{all the costs of running a business that are not related to the production of the business' good or service.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
{\bf{selling expenses}} & {\bf{general expenses}} & {\bf{admin expenses}} \tn 
% Row Count 5 (+ 2)
% Row 2
\SetRowColor{LightBackground}
sales and marketing (s\&m) & rent and utilities & salaries of employees \tn 
% Row Count 7 (+ 2)
% Row 3
\SetRowColor{white}
advertising & office supplies, technology costs, and equipment & \seqsplit{accountants} and it \seqsplit{professionals} \tn 
% Row Count 11 (+ 4)
% Row 4
\SetRowColor{LightBackground}
travel costs (in-person selling, trade shows) & insurance & legal and consulting fees \tn 
% Row Count 15 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\SetRowColor{LightBackground}
\mymulticolumn{3}{x{5.377cm}}{{\emph{selling, general and admin (sg\&a) is expenditure due to supporting the business.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}