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The preceding thesis, "An Overview on the Income Statement and Cash Flow - The relation between the profit and cash -", pointed out that depreciation and amortization are operating expenses that do not require cash outflows each year. Therefore, depreciation and amortization are often added to net income to give a simple approximation of cash from operations. Also in the preceding thesis an income statement for Ametek is used to illustrate the calculation of this technique. Although the technique is frequently used, it is not accurate. Perhaps worse still, it is not even inaccurate in a predictable way. I cannot say it is inaccurate because it gives an optimistic (too high), or a pessimistic(too low)estimate. Exhibit 1 lists cash from operations for a random sample of 50 Fortune 1,000 companies. Cash from operations is measured two ways: (1) as estimated from the income statement by adding back depreciation and amortization and (2) as calculated and presented in the statement of cash flows. Of these estimates 25 are too high and 25 are too low. For each company, I divided the difference between the two measures of cash flow by cash from operations, as shown in the statement of cash flows, to find the percentage difference between the two measures. Cash flows from operations estimated by adding depreciation and amortization expense to net income in my sample is off by an average difference of 92.28%, and as likely to be wrong on the high side as on the low side. For this reason, I recommend against any serious use of estimations made using this technique.
鈴鹿短期大学の論文

キャッシュ・フロー計算書の作成

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