By Fred R. Kaen
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Additional info for A Blueprint. Corporate Governance
50 return on assets return on net assets return on capital employed return of invested capital – ROA – RONA – ROCE – ROIC This multiplicity of terms causes difficulty to the non-specialist, but the point to remember is that these are not different ratios. They all simply measure in one way or another the return on assets. The name used does not greatly matter. What is important, however, is that we know which profit and loss figure is being related to which balance sheet figure.
The two significant items in current assets therefore are the inventories and accounts receivable. They are very important assets that often amount to 50 percent of the total balance sheet of the company. 16 Key management ratios 8584 Chapter 2 p9-24 21/11/02 Assets 12:39 pm Liabilities Fixed assets (FA) Page 17 The basic five-box layout of the balance sheet OF $450 $600 Current assets (CA) LTL $250 CL $400 $300 $1,000 $1,000 There are five basic sections to a balance sheet, as shown. This is a most effective format for explaining even the most difficult aspects of business finance.
It is clearly not the same thing as wealth: many people and companies who are very wealthy do not have a high degree of liquidity. This happens if the wealth is tied up in assets that are not easily converted into cash. For instance, large farm and plantation owners have lots of assets, but may have difficulty in meeting day-to-day cash demands – they have much wealth but they are not liquid. This can be true for companies also. It is not sufficient to have assets; it is necessary to ensure that there is sufficient liquidity to meet ongoing cash needs.
A Blueprint. Corporate Governance by Fred R. Kaen