Accounting earnings have four components:
total accruals (TAC),
operating cash flows(OCF),
annual change in accounts receivable (cARt),
and annual change in inventory(cINVt);
Total accruals is defined as change in current assets - change in cash - [change in current liabilities - change in current maturity of long-term debt] - depreciation expense.
TAC 总应计项目
OCF 运营现金流
CART 应收账款年变动额
CINVT 存货年变动额
总应计项目的定义: 流动资产变动 - 现金变动 -(流动负债变动 - 一年内到期的长期负债)-折旧费用 。
discretionary accrual
Non-obligatory
expense (such as an anticipated
bonus for
management) that is yet to be
realized but is recorded in the
account books.
normal accrual 正常应计