ﺍﻟﺤﻞ ﺍﻟﻨﻤﻮﺫﺟﻲ ﻻﻣﺘﺤﺎﻥ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻤﺎﻟﻲ ﺍﻟﻤﻌﻤﻖ :
ﺍﻷﺳﺌﻠﺔ ﺍﻟﻨﻈﺮﻳﺔ 6 :ﻧﻘﺎﻁ
-1ﺗﻌﺘﱪ ﻗﺪﺭﺓ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ CAFﻣﻘﻴﺎﺱ ﻟﺜﺮﻭﺓ ﺍﳌﺆﺳﺴﺔ ،ﺫﻟﻚ ﻷﻥ CAFﳝﺜﻞ ﺃﺣﺪ ﻣﺆﺷﺮﺍﺕ
ﺍﻟﻨﺘﻴﺠﺔ ﺍﻟﱵ ﺗﺘﺮﺍﻛﻢ ﻟﺘﺸﻜﻞ ﺛﺮﻭﺓ ﺍﳌﺆﺳﺴﺔ ﻛﻤﺎ ﺃﻧﻪ ﳝﺜﻞ ﻗﺪﺭﺓ ﺍﳌﺆﺳﺴﺔ ﻋﻠﻰ ﺇﻋﺎﺩﺓ ﺍﺳﺘﺜﻤﺎﺭ ﺃﺭﺑﺎﺣﻬﺎ ﺍﶈﻘﻘﺔ
ﺳﻨﻮﻳﺎ ﰲ ﲤﻮﻳﻞ ﺍﻻﺣﺘﻴﺎﺟﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺪﻭﺭﺍﺕ ﺍﻟﻼﺣﻘﺔ ،ﺃﻣﺎ ﻓﺎﺋﺾ ﺧﺰﻳﻨﺔ ﺍﻻﺳﺘﻐﻼﻝ ETEﻻ ﳝﻜﻦ
ﺍﻋﺘﺒﺎﺭﻩ ﻣﻘﻴﺎﺳﺎﹰ ﻟﺜﺮﻭﺓ ﺍﳌﺆﺳﺴﺔ ﻷﻧﻪ ﳎﺮﺩ ﺣﺼﻴﻠﺔ ﺳﻨﻮﻳﺔ ﻹﲨﺎﱄ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﻟﻨﻘﺪﻳﺔ ﻟﻠﺨﺰﻳﻨﺔ 2....... .ﻧﻘﺎﻁ
-2ﳐﺼﺼﺎﺕ ﺍﻻﻫﺘﻼﻙ ﺗﻌﺪ ﻣﻦ ﺍﳌﺼﺎﺭﻳﻒ ﻻ ﻣﻦ ﺍﻟﻨﻔﻘﺎﺕ ،ﺫﻟﻚ ﻷﺎ ﺗﻜﻠﻔﺔ ﻭﳘﻴﺔ ﺗﺴﺠﻞ ﻭﻻ ﺗﺴﺘﺤﻖ
ﻋﻠﻰ ﺧﻼﻑ ﻣﺼﺎﺭﻳﻒ ﺍﻻﺳﺘﻐﻼﻝ ﺍﻷﺧﺮﻯ ﺍﻟﱵ ﺗﻌﺪ ﻣﻦ ﺍﻟﻨﻔﻘﺎﺕ ﻷﺎ ﺗﺴﺠﻞ ﻭﺗﺴﺘﺤﻖ ﻟﺼﺎﱀ ﺍﻷﻋﻮﺍﻥ
ﺍﻻﻗﺘﺼﺎﺩﻳﺔ .ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻔﺮﻕ ﺑﲔ ﺍﳌﻔﻬﻮﻣﲔ ﻓﺎﳌﺼﺎﺭﻳﻒ ﻋﺒﺎﺭﺓ ﻋﻦ ﻗﻴﻤﺔ ﻣﺪﺧﻼﺕ ﺍﻷﻧﺸﻄﺔ ﺍﻷﺳﺎﺳﻴﺔ
ﻟﺪﻭﺭﺓ ﻣﻌﻴﻨﺔ ،ﺃﻣﺎ ﺍﻟﻨﻔﻘﺎﺕ ﻓﻬﻲ ﻋﺒﺎﺭﺓ ﻋﻦ ﺍﳌﺼﺎﺭﻳﻒ ﺍﻟﱵ ﺩﻓﻌﺖ ﻓﻌﻠﻴﺎ ﻣﻦ ﺧﺰﻳﻨﺔ ﺍﳌﺆﺳﺴﺔ 2....... .ﻧﻘﺎﻁ
-3ﺗﻜﻤﻦ ﺍﳉﺪﻭﻯ ﰲ ﺍﻋﺘﻤﺎﺩ ﺟﺪﻭﻝ ﺍﻷﺭﺻﺪﺭ ﺍﻟﻮﺳﻄﻴﺔ ﻟﻠﺘﺴﻴﲑ ﰲ :
-ﺍﻟﻔﺼﻞ ﺑﲔ ﺍﻟﺪﻭﺭﺍﺕ.
-ﺍﻟﺘﺸﺨﻴﺺ ﺍﻟﺪﻗﻴﻖ ﻟﻠﻨﺘﻴﺠﺔ.
-ﻣﺴﺎﻋﺪﺓ ﺍﶈﻠﻞ ﰲ ﺣﺴﺎﺏ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻷﺳﺎﺳﻴﺔ 2........................................ﻧﻘﺎﻁ
ﺩﺭﺍﺳﺔ ﺍﻟﺤﺎﻟﺔ 14 :ﻧﻘﺎﻁ
-1ﻧﻘﻮﻡ ﲝﺴﺎﺏ ﻗﺪﺭﺓ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ 2...............................:ﻧﻘﺎﻁ
ﺍﳌﺒﺎﻟﻎ ﺍﻟﺒﻴﺎﻥ
1250 ﻧﺘﻴﺠﺔ ﺍﻟﺴﻨﺔ ﺍﳌﺎﻟﻴﺔ
1600 +ﳐﺼﺼﺎﺕ ﺍﻻﻫﺘﻼﻛﺎﺕ ﺍﳌﺆﻭﻧﺎﺕ 240-1840
250 +ﺍﻟﻘﻴﻤﺔ ﺍﶈﺎﺳﺒﻴﺔ ﺍﻟﺼﺎﻓﻴﺔ ﻟﻼﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﳌﺘﻨﺎﺯﻝ ﻋﻨﻬﺎ
800-1050
)(594 -ﺇﻳﺮﺍﺩﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﳌﺘﻨﺎﺯﻝ ﻋﻨﻬﺎ
2506 = ﻗﺪﺭﺓ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ
-2ﲢﺪﻳﺪ ﻗﻴﻤﺔ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺍﻟﺪﻳﻮﻥ ﺍﳌﺎﻟﻴﺔ ﺧﻼﻝ ﺍﻟﺴﻨﺔ 1.......................... nﻧﻘﺎﻁ
2400=2200+2400-2600
ﺻﻔﺤﺔ 1
-3ﺷﺮﺍﺀ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﳌﺎﺩﻳﺔ 1....................... ............................. :ﻧﻘﺎﻁ
3250=1050+6500-8700
-4ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ 1.................................................................. :ﻧﻘﺎﻁ
ﺍﻻﺣﺘﻴﺎﻃﺎﺕ =nﺍﻻﺣﺘﻴﺎﻃﺎﺕ +n-1ﻧﺘﻴﺠﺔ ﺍﻟﺴﻨﺔ -n-1ﻣﺴﺎﳘﺔ ﺍﻻﺣﺘﻴﺎﻃﺎﺕ ﰲ ﺯﻳﺎﺩﺓ ﺭﺃﺱ ﺍﳌﺎﻝ -ﺗﻮﺯﻳﻌﺎﺕ
ﺍﻷﺭﺑﺎﺡ ﺧﻼﻝ n
ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ= 650=1000-700+1300-2250
-ﺍﳉﺰﺀ ﺍﻷﻭﻝ :ﺗﻐﲑﺍﺕ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ ﺍﻟﺼﺎﰲ ﺍﻹﲨﺎﱄ )ﻣﺘﻮﺳﻂ ﻭﻃﻮﻳﻞ ﺍﻷﺟﻞ( 1 ...............ﻧﻘﺎﻁ
N ﺍﳌﻮﺍﺭﺩ N ﺍﻻﺳﺘﺨﺪﺍﻣﺎﺕ
2506 ﻗﺪﺭﺓ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ 650 ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ
ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺷﺮﺍﺀ ﺍﺳﺘﺜﻤﺎﺭﺍﺕ
594 ﻣﺎﺩﻳﺔ 3250 ﻣﺎﺩﻳﺔ
1000 ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺍﻷﻣﻮﺍﻝ ﺍﳋﺎﺻﺔ - ﺗﻜﺎﻟﻴﻒ ﻣﻮﺯﻋﺔ ﻋﻠﻰ ﻋﺪﺓ ﺳﻨﻮﺍﺕ
2400 ﺯﻳﺎﺩﺓ ﺍﻟﺪﻳﻮﻥ ﺍﳌﺎﻟﻴﺔ - ﲣﻔﻴﺾ ﺍﻷﻣﻮﺍﻝ ﺍﳋﺎﺻﺔ
2200 ﺗﺴﺪﻳﺪ ﺍﻟﺪﻳﻮﻥ ﺍﳌﺎﻟﻴﺔ
6500 ﳎﻤﻮﻉ ﺍﳌﻮﺍﺩ 6100 ﳎﻤﻮﻉ ﺍﻻﺳﺘﺨﺪﺍﻣﺎﺕ
)ﺍﺳﺘﺨﺪﺍﻡ ﺻﺎﰲ( 400 )ﻣﻮﺭﺩ ﺻﺎﰲ(
ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ ﺍﻟﺴﺎﺑﻖ ﻳﺘﺒﲔ ﺃﻥ ﺍﳌﺆﺳﺴﺔ ﺣﻘﻘﺖ ﺗﻐﲑ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ ﺻﺎﰲ ﺇﲨﺎﱄ ﻣﻮﺟﺐ ،ﺣﻴﺚ
ﲤﻜﻨﺖ ﻣﻦ ﲢﻘﻴﻖ ﺍﻟﺘﻮﺍﺯﻥ ﺍﳌﺎﱄ ﺍﳌﺘﻮﺳﻂ ﻭﻃﻮﻳﻞ ﺍﻷﺟﻞ ،ﺇﺫ ﺃﻥ ﻣﻮﺍﺭﺩﻫﺎ ﺍﳌﺎﻟﻴﺔ ﺍﻤﻌﺔ ﻗﺪ ﻣﻜﻨﺘﻬﺎ ﻣﻦ ﲤﻮﻳﻞ
ﺍﺣﺘﻴﺎﺟﺎﺎ ﺍﳌﺘﻮﺳﻄﺔ ﻭﻃﻮﻳﻠﺔ ﺍﻷﻣﺪ 1................................................ﻧﻘﻄﺔ
-ﺍﳉﺰﺀ ﺍﻟﺜﺎﱐ :ﺟﺪﻭﻝ ﺍﻟﺘﻤﻮﻳﻞ ﻗﺼﲑ ﺍﻷﺟﻞ 2...................................ﻧﻘﺎﻁ
ﺻﻔﺤﺔ 2
ﺍﻟﺮﺻﻴﺪ ﺍﳌﻮﺍﺭﺩ )(2 ﺍﺣﺘﻴﺎﺟﺎﺕ )(1 ﺍﻟﺒﻴﺎﻥ
ﺍﻟﺘﻐﲑ ﰲ ﻋﻨﺎﺻﺮ ﺍﻻﺳﺘﻐﻼﻝ
ﺍﻟﺘﻐﲑ ﰲ ﺍﺳﺘﺨﺪﺍﻣﺎﺕ ﺍﻻﺳﺘﻐﻼﻝ
200 ﺍﳌﺨﺰﻭﻧﺎﺕ
1160 ﺍﺳﺘﺨﺪﺍﻣﺎﺕ ﺍﻻﺳﺘﻐﻼﻝ
ﺍﻟﺘﻐﲑ ﰲ ﻣﻮﺍﺭﺩ ﺍﻻﺳﺘﻐﻼﻝ
ﺍﳌﻮﺭﺩﻳﻦ ﻭﺍﳊﺴﺎﺑﺎﺕ ﺍﳌﻠﺤﻘﺔ
1360 1360 )(A ∆BFR ex
ﺍﻟﺘﻐﲑ ﰲ ﻋﻨﺎﺻﺮ ﺧﺎﺭﺝ ﺍﻻﺳﺘﻐﻼﻝ
ﺍﻟﺘﻐﲑ ﰲ ﺍﳌﺪﻳﻨﻮﻥ ﺍﻵﺧﺮﻭﻥ
200 ﺍﻟﺘﻐﲑ ﰲ ﺍﻟﺪﺍﺋﻨﲔ ﺍﻵﺧﺮﻭﻥ
200- 200 )(B ∆BFR hx
1160 )(C=A+B ∆BFR
ﺗﻐﲑﺍﺕ ﺍﳋﺰﻳﻨﺔ
360 ﺍﻟﺘﻐﲑ ﰲ ﺍﳌﺘﺎﺣﺎﺕ
400 ﺍﻟﺘﻐﲑ ﰲ ﺍﻻﻋﺘﻤﺎﺩﺍﺕ ﺍﳉﺎﺭﻳﺔ
760- 760 )(D ∆TN
400 )(C+D ∆FRNG
ﳔﻠﺺ ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﺇﱃ ﺃﻥ ﺍﳌﺆﺳﺴﺔ ﱂ ﺗﺘﻤﻜﻦ ﻣﻦ ﲢﻘﻴﻖ ﺍﻟﺘﻮﺍﺯﻥ ﺍﳌﺎﱄ ﻗﺼﲑ ﺍﻷﺟﻞ ،ﺣﻴﺚ ﺗﻔﺎﻗﻢ
ﺍﻟﻌﺠﺰ ﰲ ﺍﳋﺰﻳﻨﺔ ﺍﻟﺼﺎﻓﻴﺔ ﻭﺫﻟﻚ ﺭﺍﺟﻊ ﰲ ﺍﻷﺳﺎﺱ ﺇﱃ ﺗﺰﺍﻳﺪ ﺣﺠﻢ ﺍﻻﺣﺘﻴﺎﺟﺎﺕ ﻣﻦ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ ﻟﻼﺳﺘﻐﻼﻝ
ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺿﻌﻒ ﺍﻟﺘﻐﲑ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ 1.....................................ﻧﻘﻄﺔ.
-2ﺟﺪﻭﻝ ﺗﺪﻓﻘﺎﺕ ﺍﳋﺰﻳﻨﺔ ﻣﺘﻌﺪﺩ ﺍﻟﺴﻨﻮﺍﺕ 3.....................................ﻧﻘﻄﺔ.
ﺻﻔﺤﺔ 3
ﺍﳌﺒﺎﻟﻎ ﺍﻟﺒﻴﺎﻥ
16220 ﺭﻗﻢ ﺍﻷﻋﻤﺎﻝ ﺧﺎﺭﺝ ﺍﻟﺮﺳﻢ
200 ﺇﻧﺘﺎﺝ ﳐﺰﻭﻥ
8654 ﺍﻻﺳﺘﻬﻼﻛﺎﺕ ﺍﻟﻮﺳﻄﻴﺔ
700 ﺍﻟﻀﺮﺍﺋﺐ ﻭﺍﻟﺮﺳﻮﻡ
3170 ﻣﺼﺎﺭﻳﻒ ﺍﳌﺴﺘﺨﺪﻣﲔ
3896 ﺍﻟﻔﺎﺋﺾ ﺍﻹﲨﺎﱄ ﻟﻼﺳﺘﻐﻼﻝ
1360 ∆BFR ex
2536 ﻓﺎﺋﺾ ﺧﺰﻳﻨﺔ ﺍﻻﺳﺘﻐﻼﻝ
3250 ﺍﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﻻﺳﺘﻐﻼﻝ
)(714 =ﺭﺻﻴﺪ ﺍﳌﺘﺎﺣﺎﺕ ﺑﻌﺪ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺪﺍﺧﻠﻲ ﻟﻠﻨﻤﻮ
600 ﺍﻟﺘﻐﲑ ﰲ ﺍﻟﺪﻳﻮﻥ 400+200
480 ﺍﳌﺼﺎﺭﻳﻒ ﺍﳌﺎﻟﻴﺔ
670 ﺍﻟﻀﺮﺍﺋﺐ ﻋﻠﻰ ﺍﻷﺭﺑﺎﺡ
)(550 ﺍﻟﺮﺻﻴﺪ ﺍﳌﺎﱄ
)(1264 ﺍﻟﺮﺻﻴﺪ ﺍﳉﺎﺭﻱ
594 ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﳌﺎﺩﻳﺔ
650 -ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ
1000 ﺯﻳﺎﺩﺓ ﺭﺃﺱ ﺍﳌﺎﻝ
200 ∆BFR hx
)(120 ﺍﻟﺘﻐﲑ ﰲ ﺍﳋﺰﻳﻨﺔ
ﻳﻈﻬﺮ ﻣﻦ ﺍﳉﺪﻭﻝ ﺍﻟﺴﺎﺑﻖ ﺃﻥ ﺍﳌﺆﺳﺴﺔ ﺗﻌﺎﱐ ﻣﻦ ﻋﺠﺰ ﰲ ﺍﳋﺰﻳﻨﺔ ﻧﺎﺗﺞ ﻋﻦ ﺣﺎﻟﺔ ﺧﻠﻞ ﰲ ﺍﻟﺘﻮﺍﺯﻥ ﺍﳌﺎﱄ ،ﻭﺍﻟﺴﺒﺐ
ﺍﻟﺮﺋﻴﺴﻲ ﻣﻦ ﻭﺭﺍﺀ ﺫﻟﻚ ﻫﻮ ﺃﻥ ﺍﳌﺆﺳﺴﺔ ﻋﺎﺟﺰﺓ ﻋﻦ ﲤﻮﻳﻞ ﺍﻻﺣﺘﻴﺎﺟﺎﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻟﻠﻨﻤﻮ ،ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﻋﺪﻡ ﻗﺪﺭﺎ
ﻋﻠﻰ ﺗﺴﺪﻳﺪ ﺃﻗﺴﺎﻁ ﺍﻟﺪﻳﻮﻥ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺼﺎﺭﻳﻒ ﺍﳌﺎﻟﻴﺔ ﻭﻏﲑﻫﺎ ﻣﻦ ﺍﻻﻗﺘﻄﺎﻋﺎﺕ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻟﺪﻭﺭﺓ
ﺍﳌﺎﻟﻴﺔ 1............................ﻧﻘﻄﺔ.
ﺻﻔﺤﺔ 4
