Accounting, Financial, Taxation

Generally the most significant non-current asset in terms of value is a company’s investment in property and equipment. These are the assets that companies commit millions of dollars to and when purchased are often referred to in the business press as a company’s “capital expenditures“. Capital expenditures represent a company expenditure that will provide benefits over more than one period. Let’s say Royal Bali Cemerlang’s balance sheet reports accumulated capital expenditures of $15.232 billion. This value represents the historical acquisition cost of many investments— not necessarily made in the most recent year, but rather over several years and possibly decades.

Property and Equipment

In general, Property and equipment classification is comprised of land, buildings, furniture, fixtures, and equipment, as well as leasehold improvements, construction in progress, and capital leases. Most of the cost reported here will be allocated to future periods using some chosen method of depreciation or amortization.

A growth business will typically show a continued pattern of investing in property and equipment. Land investment represents the only asset within the property and equipment group that will not be depreciated in current and future periods. Land is considered an asset that retains economic value as well as productive value. Therefore it does not need to be expensed over time.

Now let’s break them down…..

Land - The cost of land includes all expenditures that relate to its acquisition and preparation for use. This amount typically includes purchase price, attorney fees, real estate costs, document filing fees, and so on. Special assessments levied by a government authority for sidewalks and streetlights or impact fees will also be included in the capitalized cost of land, as well as general preparation costs such as grading, soil removal, drainage, and demolition of existing buildings.

Building - The cost of buildings can be determined in a number of ways. For example, let’s say Royal Bali Cemerlang purchases a building previously owned by a competitor. The purchase would generally include both the land and building. If this occurs Royal Bali Cemerlang must allocate part of the purchase price to land and the remainder to the building. The allocation of cost is essential because land represents a non-depreciable asset, while the cost of the building is depreciable. Once acquired, the building may need some additional expenditure to make the building ready for its intended use. These are often referred to as make-ready costs and are included in the cost of the building.

In many instances, a company constructs a new building. The determination of a new building’s cost is simpler than that of a group purchase, as in the previous example. Here costs are more easily traceable to the asset. Contractor costs, architects’ fees, building permit costs, and excavation costs are examples of costs associated with new construction.

Furniture, Fixtures, And Equipment

Typically, a company that maintains more than 1,100 stores with an indoor lumberyard and warehouse merchandise displays must invest heavily in furniture, fixtures, and equipment. Narrow-aisle forklift trucks, rental vehicles, customer shopping carts and flatbeds, and movable ladder systems are examples of a company’s investment in equipment.

Probably the most significant investment in fixtures by a retail company is evident as customers walk between the product aisles. The heavy-gauge, steel storage systems throughout the store constitute an enormous investment in fixtures. This racking system not only has to be strong, but much of it has to be designed to be safe for consumers. For example, a steel shovel that can drop down and injure someone is set within a steel retaining system to prevent such an occurrence. Specially designed components of this nature are expensive to acquire.

Furniture, by contrast, would include a retail company’s investment in checkout counters, desks, chairs, and so on that are needed throughout the store, as well as furniture necessary to support its administrative headquarters.

Since assets within the furniture, fixtures, and equipment category have varying useful lives, they must be depreciated individually. All companies maintain separate records of these assets for depreciation purposes but often combine these values when reporting to the public.

Leasehold Improvements

A lease is a contract between two or more individuals that authorizes the use of a specific asset (e.g., a building) for an identified period of time. If a company needs to modify the leased asset for any reason, the cost of the modification is termed leasehold improvements.

Leasehold improvements have a determinable period of benefit. Therefore, they are written off over the term of the lease or the life of the improvement, whichever is shorter. The write-off of leasehold improvements is termed amortization rather than depreciation. Amortization, similar to depreciation, is a method of cost allocation. Generally leasehold improvements are viewed as intangible assets.

Construction In Progress

During any given year a company may have several, if not more, new facilities under construction. Therefore, throughout the year, the company is required to make periodic progress payments to its general contractors. When the books are closed at the end of the year, much of the new construction will be at varying stages of completion. If this occurs, the company must report an “asset under construction” in its balance sheet. At some future time the costs associated with construction in progress will be transferred to the building account.

Capital Leases

The leasing of assets is common to most business organizations. One study conducted by the American Institute of Certified Public Accountants found that more than 90 percent of surveyed companies use one form of leasing or another.

Most lease agreements are classified into two general categories: “operating leases” and “capital leases“. On the one hand, operating leases are often viewed as temporary rentals, with rent expense being reported in the income statement of the company needing the asset. This company renting is referred to as the lessee. Operating leases can be short-term relative to the total life of the asset being rented.

In addition, the rentals over the lease period do not provide a significant recovery of the asset’s value over the term of the lease for the company providing the asset. Regardless of this fact, minimum lease payments under operating lease agreements often represent a substantial fixed charge awaiting the lessee.

A capital lease, on the other hand, is generally long-term. It requires rentals that are significant and approximate the value (excluding future interest) of the asset being rented. When this type of agreement is executed, the lessee must view the leased asset as if it had been purchased using a long-term financing arrangement. The company that owns the asset is willing to receive installment payments over the lease term, and in this case provides the financing. Keep in mind that there is no transfer of title to the lessee. The transaction is simply accounted for as if it were a capital asset acquisition.

The rationale for this accounting treatment is to prevent companies from not reporting the liability that parallels a lease agreement of this nature. Since the lease agreement emulates a purchase with long-term financing, companies are required to account for them in a manner similar to a purchase. Therefore, leases of this nature require balance sheet recognition of a capitalized leased asset and the associated long-term liability.

Capital lease obligations are reported in both the current and long-term liability sections of the balance sheet. As the leased assets are used in a company’s operations, they will decline in usefulness similar to a purchased asset. Therefore, capitalized leased assets are depreciated as well. In most instances, assets of this nature are written off over the lease term. Upon the termination of the lease agreement, the leased asset should be fully depreciated and the lease obligation fulfilled by the lessee. At this point, the asset simply transfers back to the lessor, or is sold to the lessee at a bargain purchase price.

Long-Term Investments

Long-term investments, discussed along with their short-term counterpart, are recorded when a company invests in another company’s debt or equity. If management intends to hold these investments beyond one year, these investments must be categorized under the heading long-term investments. Occasionally management reclassifies long-term investments as market conditions change from one period to the next.

Long-term stock investments can be accounted for under the: (1) cost, (2) fair value, (3) equity, or (4) consolidation approach. A careful review of the investments footnote (following the financial statements) may identify the types of investments and their related valuation. On occasion, if the reported investment is minimal, the note will provide little assistance.

AFS investments are classified as short- or long-term investments, depending on management’s intent. In either case, changes in market value are recognized in stockholders’ equity as unrealized gain or loss on AFS securities. Upon careful review we find no mention of gain or loss under other comprehensive income. This suggests that no material change in the market value of the AFS securities has taken place.

Notes Receivable

A note receivable is a written promise to pay a specific amount or amounts at some point forward. Most notes receivable are loans but can result from a conventional sales arrangement that allows for extended terms. Occasionally, accounts receivable can be converted to a note receivable to extend the original terms of the agreement, generate a rate of return for the holder of the note, and strengthen legally the agreement between the parties.

Intangible Assets, Including Costs in Excess of Fair Value of Net Assets Acquired

Previous classifications included assets that were generally tangible in nature. Intangible assets, however, generally lack physical substance and possess a greater degree of uncertainty in regard to future benefits than do tangible assets. They represent: rights, privileges, and competitive advantages, backed by a legal agreement. Nonetheless, intangible assets, when properly created or acquired, can enhance the profitability of the enterprise for years to come. Once recorded, these assets operate no differently than tangible assets such as property, buildings, equipment, or fixtures. Their costs are capitalized and generally allocated to future periods through a method known as amortization. Amortization of intangible assets and depreciation of fixed assets both represent cost allocation processes that satisfy the matching principle. Here are examples of intangible assets include patents, copyrights, trademarks, organizational costs, and goodwill more explained:

1. Patents grant to the organization the exclusive right to manufacture, sell, or control a product or process for a specific period of time.
2. Copyrights give the owner the right to reproduce and sell a published work or artistic creation.
3. Trademarks are rights that relate to brand or trade names.
4. Organizational costs include : all costs incurred in the formation of the enterprise and would include attorney and accounting fees, national and local government filing costs, underwriting costs, and so on. They are regarded as expenditures that will benefit the organization over its life. These costs are capitalized and generally written off over a period of 5 to 10 years (5-year write-off period for taxable entities).
5. Goodwill is recognized when one company acquires another company and pays more than the value of its net identifiable assets (assets less liabilities). It is often said that goodwill is the most intangible of the intangible assets group. Please note: Goodwill can only result from the purchase of another company and represents the expected value of better-than-normal future operating performance. It is measured as the difference between the purchase price of an acquired firm and the fair value of its identifiable net assets. Goodwill has traditionally been written off over a period not to exceed 40 years. This write-off can place a significant drag on earnings for an extended period of time. A recent change in accounting for goodwill by the Financial Accounting Standards Board (FASB) requires companies to no longer write off newly acquired goodwill. The FASB believes that companies should write down goodwill only when its value appears to be “permanently impaired“. The Board’s rationale is that the synergistic benefits derived through business combinations often have indefinite lives. To arbitrarily write down goodwill does not follow the matching principle. In a sense, the FASB is suggesting that goodwill is similar to land in that it need not be written off unless its value becomes impaired.

Read also part of this “Classification and Element Of Balance Sheet” post series are:

Boiled down to its essence, a firm participates in two kinds of financial transactions: those that increase the cash balance (cash inflows, or sources of funds) and those that decrease the cash balance (cash outflows, or uses of funds). One way that a financial analyst can determine how well a firm’s management is performing is to examine how they are managing the shareholder’s money. The accounting profession has developed a tool which is useful for this type of analysis. The tool is known as THE STATEMENT OF CASH FLOW or CASH FLOW STATEMENT only. The statement of cash flow summarizes the causes of changes in the firm’s cash balance. Changes in the cash balance can be determined as follows:

Beginning Cash Balance
[plus]
Cash Inflow (sources)
[minus]
Cash Outflow (uses)
———————————–
= Cash Ending Balance
===================

The statement of cash flows is organized into three sections according to how the cash flows were generated: The first section is “Cash Flows from Operations” which describes the cash flows generated by the firm in the ordinary course of conducting its business. The second section is, “Cash Flows from Investing” describes cash flows due to the firm altering its mix of fixed assets. The final section is “Cash Flows from Financing“, describes the cash flows that are generated in the course of financing the firm.

It is important that you recognize that the statement of cash flows consists primarily of changes in balance sheet accounts. In order to calculate those changes, under indirect method we must have balance sheets from two periods. Other than balance sheet changes, we also need the latest income statement, where the most important operational cash flows (net income and depreciation expense) are located.

A full step by step tutorial of making a cash flow statement with indirect and direct method, you can find it on my old blog: Cara Membuat laporan Arus Kas Indirect Method,  Trick Membuat Direct Cash flow Dengan Excel. If you want to get a cash flow statement spreadsheet, you can place your request here: Cash Flow Statement Spreadsheet – Free.

Recalling all cash flow statement articles series I have written, here are the outlines (in case if you have not read them yet):

1. The statement of cash flows helps investors and creditors assess a company’s ability to generate positive cash flows and its ability to pay liabilities and dividends (FASB. 1987. Statement of Cash Flow,  SFAS No. 95 ).
2. This statement has three sections: cash from operating activities, cash from investment activities, and cash from financing activities. Cash from operating activities can be determined under either the direct method or the indirect method.
3. Under the indirect method, the net income (accrual basis) is converted into cash flow from operations by adding to it the following items: depreciation expense; amortization of intangibles; amortization of bond discount; losses on sales of plant assets or investments; decreases in accounts receivable, inventory, and prepaid expenses; increases in accounts payable and accrued liabilities; decreases in the Investment in Subsidiary account under the equity method; and increases in the Deferred Tax Liability account.
4. Under the direct method, cash from operating activities is determined directly by calculating cash received from customers and cash paid for merchandise, wages, interest, and other expenses. This is done via an analysis of the T-accounts.
5. Cash from investment activities includes cash received from the sale of plant assets; sales of stock or bond investments, and collection of principal on loans. Cash outflows include cash spent for purchases of plant assets; purchases of stock or bond investments, and the making of loans.
6. Cash from financing activities includes cash received from the issuance of stock or bonds. Cash outflows include purchases of treasury stock, bond retirements, and cash dividends.
7. The steps to be taken in preparing a statement of cash flows are as follows: First, we determine the cash from operations by using either the direct method or the indirect method. We then proceed down the balance sheet, one account at a time, analyzing the account for its effect on cash and placing this effect in the appropriate section (investment activity or finance activity). We then combine the net cash change of each section—operating, investment, and finance—to arrive at the net change in cash for the period. This figure should be equal to the change in the Cash account from beginning of year to year-end.
8. Under the indirect method, the Accounts Receivable and its related allowance account should be netted and the change from beginning of year to year-end should be added (or subtracted if there was an increase) to the net income to determine cash from operations. Under the direct method, however, this should not be done. Instead, an analysis of the Accounts Receivable account is made to determine cash collections from customers.
9. Significant non-cash transactions such as the acquisition of assets via the issuance of equity securities or the issuance of equity securities to retire debt should be disclosed in a footnote or supplementary schedule.

How to Interpret and Utilize Cash Flow Statement for Your Business?

Okay anda sudah bisa membuat laporan arus kas, bahkan seorang software developer mampu membuat piranti yang bisa menghasilkan laporan arus kas in minutes. So what?, hanya untuk menhabiskan tinta printer anda? Atau hanya untuk memenuhi harddisk computer? Of course not! That is not the reason why a cash flow statement been constructed. You supposed to be able to interpret and utilize it for the business. Laporan Arus Kas dibuat bukan hanya sekedar untuk diprint lalu di arsipkan, melainkan untuk bisa dijadikan bahan pertimbangan (dasar) dalam pengambilan keputusan strategis sehubungan dengan pendanaan perusahaan. Itulah yang akan kita bahas pada posting ini.

Secara garis besar, sebuah laporan arus kas mengandung 5 element utama, yaitu: Beginning Cash Balance (saldo awal kas), arus kas yang berasal dari aktifitas(cash in-out flow) yang berasal dari: operating activity (aktifitas operasi), investing activity (aktifitas investasi) dan financing activity (aktifitas pendanaan).

Mari kita bahas satu persatu untuk memperoleh gambaran yang lebih jelas, sehingga laporan arus kas benar-benar bisa berfungsi maksimal sebagai dasar pengambilan keputusan di dalam perusahaan.

Beginning Cash Balance

Adalah saldo kas (kas yang masih tersisa) dari seluruh aktivitas perusahaan di periode sebelumnya. Selanjutnya jumlah ini dipergunakan oleh perusahaan untuk mendanai (to fund) aktifitas-aktifitas perusahaan di periode ini (periode berjalan), baik untuk keperluan operasional, investasi maupun pendanaan. Tentu saja jumlah ini akan ditambah oleh hasil aktifitas usaha di periode berjalan dan dikurangi oleh penggunaan dana pada periode berjalan juga.

Cash Flow From Operating Activity

Adalah arus kas masuk dan keluar yang berasal dari aktifitas operasi normal perusahaan. Operasional perusahaan, di satu sisi dapat menghasilkan dana (kas) di sisi lainnya juga menelan dana (kas), so activitas ini dipecah lagi menjadi dua kelompok, yaitu: Cash Inflow (arus kas masuk) dan Cash Outflow (arus kas keluar). Selisih antara cash inflow dengan cash outflow menghasilkan nilai “Cash Flow From Operating Activity”.

Pada laporan arus kas yang menggunakan indirect method (metode tak langsung), cash flow from operating activity diperoleh dengan cara MENAMBAHKAN “NET EARNING (atau mungkin disebut: net profit)” dengan:

1. Depreciation Cost & Expense (Cost dan biaya penyusutan)
2. Amortization of Intangible Asset (Biaya amortisasi aktiva tak berwujud)
3. Amortization of Bond Discount (Amortisasi atas Discount Bond)
4. Losses on Sales of Plant Assets or Investments (Rugi atas penjualan aktiva)
5. Decreases in Accounts Receivable (Penurunan nilai piutang)
6. Inventory (Mutasi Persediaan)
7. Prepaid expenses (Biaya dibayar dimuka)
8. Increases in accounts payable and accrued liabilities (Kenaikan nilai hutang serta kewajiban accrual lainnya)
9. Decreases in the Investment in Subsidiary account under the equity method (Penurunan nilai investasi pada perusahaan anak)
10. Increases in the Deferred Tax Liability account (Peningkatan nilai pada kewajiban pajak tangguhan)

Cash in dan out flow tidak terlihat langsung pada laporan arus kas, jika ingin melihatnya, maka pengguna dapat melihatnya pada mutasi buku besar.

Sedangkan pada laporan arus kas yang menggunakan direct method (metode langsung) cash in dan outflow dapat ditentuka langsung dengan melakukan perhitungan atas kas diterima dari customers, serta kas yang dibayarkan (dikeluarkan untuk) pembuatan atau pembelian barang, upah dan gaji, bunga, serta biaya lain-lain. Ini bisa dilakukan dengan cara menarik data dari buku kas atau dengan melakukan analysis pada Buku Besar.

What can you learn from this part?

Dengan melihat laporan arus kas dari aktifitas operasi, pengguna dapat melihat:

1. Dapat melihat jumlah kas yang telah dipergunakan oleh perusahaan untuk mendanai aktifitas opersional normal perusahaan pada periode ini.
2. Dapat melihat jumlah kas yang dihasilkan dari aktifitas operasional normal perusahaan pada periode yang sama.
3. Dengan memadukan laporan arus kas dengan sales forecast (peramalan penjualan), anda diharapkan dapat membuat perencanaan operasional, serta membuat rencana alokasi kas.
4. Secara keseluruhan, diharapkan perusahaan (pengguna) dapat memprediksi kemampuan perusahaan untuk mendanai operasional perusahaan di periode berikutnya.

Cash Flow From Investing Activity

Mengandung:

1. Kas diterima dari penjualan aktiva tetap (sale of plant assets)
2. Kas diterima dari penjualan saham atau bond (sales of stock or bond investments)
3. Kas diterima dari penagihan piutang jangka panjang
4. Kas keluar untuk pembelian aktiva tetap (purchases of plant assets)
5. Kas keluar untuk pembelian saham atau bond (purchases of stock or bond investments)
6. Kas keluar yang dipinjamkan dalam jangka panjang (the making of loans)

What can you learn from this part?

Dengan melihat serta membandingkan kas masuk dan keluar dari aktifitas ini, diharapkan anda dapat mengetahui berapa jumlah kas yang dihasilkan serta dikeluarkan untuk aktivitas investasi pada periode berjalan, sehingga dapat:

1. Dijadikan dasar untuk mempredikasi seberapa besar kemampuan perusahaan untuk mendanai aktifitas investasi di periode berikutnya.
2. Melakukan penilaian, apakah aktifitas investasi yang dilakukan pada periode berjalan ini tergolong sehat atau tidak.
3. Mengambil sikap (keputusan) apakah di periode berikutnya perusahaan akan meningkatkan alokasi kas untuk aktivitas invetasi atau tidak.

Cash Flow From Financing Activity

Mengandung:

1. Kas diterima dari penerbitan saham atau bond (the issuance of stock or bonds).
2. Kas dikeluarkan untuk membeli treasury stock, bond retirement dan pembayaran dividends.

What can you learn from this part?

Dengan mengetahui arus kas masuk dan keluar dari aktifitas ini, perusahaan dapat melihat berapa jumlah kas yang dihasilkan serta digunakan dari aktivitas pendanaan (financing activity), sehingga dapat:

1. Mempredikasi seberapa besar kemampuan perusahaan untuk mendanai aktifitas investasi di periode berikutnya.
2. Melakukan penilaian, apakah aktifitas pendanaan yang dilakukan pada periode berjalan ini tergolong sehat atau tidak.
3. Mengambil sikap (keputusan) apakah di periode berikutnya perusahaan akan meningkatkan alokasi kas untuk aktivitas pendanaan atau tidak.

Cash Ending Balance

Adalah jumlah kas yang masih tersisa, yang didapat dengan cara menjumlahkan: Beginning Cash Balance, Cash Flow From Operating Activity, Cash Flow From Investing Activity, serta Cash Flow From Financing Activities.

What can you learn from this part?

Dengan melihat cash ending balance, anda dapat melihat: Berapa jumlah kas yang bisa dialokasikan untuk keseluruhan aktifitas perusahaan sebelum adanya penerimaan kas di periode berikutnya.

Additional Notes About Cash Flow Statement

Things that you should realize in term with ”Cash Inflow” and ”Cash Outflow”

Ada hal-hal yang perlu disadari sehubungan dengan arus kas masuk dan keluar:

1. Yang dimaksudkan kas masuk (Cash Inflow) di sini adalah jumlah kas masuk dari semua aktifitas perusahaan YANG DITERIMA pada periode berjalan. Sekali lagi saya underlined YANG DITERIMA pada periode berjalan. Sangat mungkin sebagian kecil atau sebagian besar kas masuk berasal dari aktifitas perusahaan pada periode sebelumnya, akan tetapi baru diterima di periode berjalan. Nilai kas ini adalah sumber dana (source of funds) perusahaan yang dipergunakan untuk mendanai semua aktifitas perusahaan pada periode ini (periode berjalan) bersama-sama dengan sisa kas periode sebelumnya (beginning cash balance).
2. Yang dimaksudkan dengan kas keluar (Cash Outflow) di sini adalah jumlah kas masuk dari semua aktifitas perusahaan YANG DIKELUARKAN pada periode berjalan. Ini sama sekali tidak mewakili pengakuan atas cost, expense serta potensi pengeluaran lainnya secara keseluruhan yang bersifat accrual.

Cash Flow Statement In a Private Small-Medium Enterprise

Pada perusahaan non-terbuka, terutama pada skala kecil dan menengah, laporan arus kas biasanya sebagian besar akan didominasi oleh arus kas dari aktifitas operasi (cash flow from operating activities), sedangkan arus kas dari aktifitas investasi dan aktifitas pendanaan biasanya sangat sedikit atau bahkan hampir tidak ada. Jikapun ada, maka yang lumayan banyak terjadi mungkin hanya cash outflow (kas keluar) dari aktifitas investasi, yaitu pembelian aktiva tetap (plant asset purchase). Dan itu adalah hal yang wajar, karena memang private company (perusahaan non-tbk) jarang melakukan investasi maupun menerima investment return (pengembalian investasi/pendapatan dari investasi). Pembagian dividend pun biasanya jarang terjadi.

Cash Flow Statement In a Public Company

Pada perseroan terbuka (PT. Tbk), yang telah memasuki capital market (biasanya ditandai dengan telah terdaftarnya di bursa saham), biasanya aktifitas investasi cukup sering terjadi, dan pembagian dividend sudah hampir pasti terjadwal. Pada perusahaan-perusahaan milik public, biasanya laporan arus kas dikaitkan dengan return saham.

Livnat J and P Zarowin, 1990, The Incremental Information Content of Cash Flows Components, Journal of Accounting and Economics 13 : 25-46; Livnat J and P Zarowin menemukan bukti bahwa komponen arus kas mempunyai hubungan yang lebih kuat dengan return saham dibanding hubungan total arus kas dengan return. Ini terlihat dari model penelitian yang menunjukkan unexpected cash flows atau outflows dari operasi dalam periode tertentu akan mempengaruhi harga saham melalui pengaruhnya pada arus kas, sehingga diharapkan komponen arus kas dari operasi mempunyai hubungan yang signifikan dengan return saham.

Miller, Merton and Kevin Rock, 1985, Dividend Policy Under Asymmetric Information, Journal of Finance 4 : 1031-1052; Miller dan Rockmelakukan pengujian mengenai pengaruh akfitas investasi pada return saham. Hasil studi ini menemukan bahwa peningkatan investasi berhubungan dengan peningkatan arus kas masa yang akan datang dan mempunyai pengaruh positif dengan return saham pada saat pengumuman investasi baru. Peneliti yang sama, dengan ”Signaling Theory” menjelaskan bahwa pasar akan bereaksi negatif terhadap pengumuman pendanaan dari kas karena akan berpengaruh terhadap arus kas dari operasi yang lebih rendah untuk masa yang akan datang, selain itu ia juga mengidentifikasi adanya sinyal lain yang berpengaruh terhadap arus kas dari pendanaan yaitu perubahan dividen yang sangat erat hubungannya dengan return saham.

For those who have downloaded my “Cash Flow Statement” spreadsheet

Saya mohon maaf, cashflow spreadsheet ini hanyalah “spreadsheet template” biasa (bukan program/aplikasi) yang bisa membuat perhitungan-perhitungan, analysis-analysis, maupun prediksi-prediksi secara automatis dari raw data (data mentah). Cash flow statement spreadsheet masih membutuhkan buku kas serta buku besar (jika anda menggunakan direct method) atau Financial Statement dan Balance Sheet periode sebelumnya dan periode berjalan (jika anda menggunakan indirect method). Seperti layaknya tool (alat), dia memang tidak akan berfungsi apa-apa jika tidak tahu bagaimana cara menggunakannya, serta memanfaatkannya, dibutuhkan input, terkadang dibutuhkan tools lain untuk disinergi-kan agar bisa memberikan manfaat yang maksimal. Bahkan spreadsheet ini tidak akan lebih dari sebuah sampah (rubies) jika tidak dipakai samasekali

Well, I Think we have learnt a lot about cash flow statement, and its interpretation. Seperti biasa jika ada pendapat, pertanyaan, usul, atau kritik yang membangun, akan berguna jika kita share di sini. So, silahkan disampaikan dengan menulis komentar dibawah.