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However, should you only rely on free material to study for the CMA Exam? Where can I find a CMA course online free? Can you download free CMA books? Related Posts. It is analyzed by examining the elements of revenues, the cost of sales, and operating and other expenses.

There are a number of ways an investor can look at return on his or her investment. Some returns involve the price of the stock as it trades in the securities markets.

Although there are actions a company can take to make its stock more attractive to investors, return on market price depends on when each investor purchases and sells the stock.

This can be done by measuring earnings per share and the dividend yield. Profitability Analysis The numerator of the return ratio is some measure of earnings or profits. The measure selected for the numerator should match the investment base in the denominator. For example, if total assets are used in the denominator, the income to all providers of the capital ought to be included in the numerator, which includes interest.

Thus, interest usually is added back to the net income when computing the ROA. When return on common equity capital is computed, net income after deductions for interest and preferred dividends is used. That is, profit is the amount by which revenue from sales exceeds the costs required to achieve those sales.

And the profit margin is the percentage of revenues represented by that excess of revenues over costs. Revenues and costs, however, are measured by diverse criteria. Profitability Analysis Profit margins commonly are calculated using one of three different profit measures: 1. Gross profit , which equals net sales revenue minus the cost of goods sold COGS. Operating income , which equals gross profit minus various administrative expenses, not including interest or taxes because they are not part of operations.

Operating income is sometimes called earnings before interest and taxes EBIT. Net income , which reduces revenues by all expenses— cost of goods, operating expenses, and interest and taxes. Profitability Analysis Gross profit margin is what percentage of gross revenues remains with the firm after paying for merchandise.

One of the things an analyst looks for is the trend of the gross profit margin: Is it increasing, decreasing, or remaining steady? Key — That the percentage of GP remains or increases with sales. If this is the case, the cost of goods will be higher against the same sales. However, it considers EPS on a fully diluted basis, which is a more conservative measure than comparing earnings against currently outstanding shares of common stock only.

For the same underlying economic event, use of LIFO, under certain assumptions of increasing inventory units and prices, yields lower income than the FIFO inventory valuation method.

Lower income and lower assets both affect the computation of the return of asset ratio. An analyst is required to consider such effects of accounting policy choices on various financial ratios.

The CMA exam tests the ability to evaluate and deduce the effects of various accounting choices on common ratios.

A normal yield curve upward sloping is one in which longer maturity bonds have a higher yield compared to shorter-term bonds due to the risks associated with time. Working capital or current capital generally refers to the funds a company holds in current short-term asset accounts, and includes cash, marketable securities, receivables, and inventories. Capital being minimized in current assets versus long-term investments ; higher levels of lower-cost short-term debt and less long-term capital investments.

With an aggressive policy, current assets will be less than current liabilities. Companies invest in marketable securities for three main reasons: 1. Reserve liquidity. To provide a source of near cash or instant cash and cover any working capital imbalances resulting from insufficient cash inflows or unforeseen cash needs 2.

Controllable outflows. To earn interest on funds that are being held for predictable downstream cash outflows such as interest payments, taxes, dividends, or insurance policies 3. Income generation. What to order or make? When to order or make? How much to order or make? Capital Markets — Short term vs. How many hours you study in a day? How many times you have revised the topics you have finished.

Have you taken online or pen drive or live class from a renowned faculty? What percentage of the classes you have watched? Have you attempted mock tests or practice tests yet? How many tests you have taken?

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