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Research Questions, Scope, and Feasibility","\u002Fen\u002Facademic-writing\u002F01-research-questions-and-planning","en\u002Facademic-writing\u002F01-research-questions-and-planning",{"title":23,"path":24,"stem":25},"2. Search, Evaluate, and Read Evidence","\u002Fen\u002Facademic-writing\u002F02-reading-and-literature-matrix","en\u002Facademic-writing\u002F02-reading-and-literature-matrix",{"title":27,"path":28,"stem":29},"3. From Sources to Synthesis and Argument","\u002Fen\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs","en\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs",{"title":31,"path":32,"stem":33},"4. Literature Review and a Defensible Gap","\u002Fen\u002Facademic-writing\u002F04-writing-the-literature-review","en\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":35,"path":36,"stem":37},"5. Research Design, Evidence, and Core Sections","\u002Fen\u002Facademic-writing\u002F05-core-sections-and-evidence","en\u002Facademic-writing\u002F05-core-sections-and-evidence",{"title":39,"path":40,"stem":41},"6. Citation, Paraphrasing, Integrity, and AI","\u002Fen\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity","en\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity",{"title":43,"path":44,"stem":45},"7. Revision, Review, and Submission","\u002Fen\u002Facademic-writing\u002F07-revision-style-and-submission","en\u002Facademic-writing\u002F07-revision-style-and-submission",{"title":47,"path":48,"stem":49},"8. Research Workbook","\u002Fen\u002Facademic-writing\u002F08-literature-review-checklist-and-template","en\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":51,"path":52,"stem":53},"9. Research Workflow and Tools","\u002Fen\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management","en\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management",{"title":55,"path":56,"stem":57},"10. Worked Project — From Question to Defensible Conclusion","\u002Fen\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain","en\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain",{"title":59,"path":60,"stem":61,"children":62,"page":249},"Accounting","\u002Fen\u002Faccounting","en\u002Faccounting",[63,69,87,93,193],{"title":64,"path":65,"stem":66,"children":67},"Accounting — From Evidence to Decisions","\u002Fen\u002Faccounting\u002F00-index","en\u002Faccounting\u002F00-index",[68],{"title":64,"path":65,"stem":66},{"title":70,"path":71,"stem":72,"children":73},"Accounting Appendix","\u002Fen\u002Faccounting\u002Fappendix","en\u002Faccounting\u002Fappendix\u002Findex",[74,75,79,83],{"title":70,"path":71,"stem":72},{"title":76,"path":77,"stem":78},"Worked Examples and Error Diagnosis","\u002Fen\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls","en\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls",{"title":80,"path":81,"stem":82},"Accounting Glossary","\u002Fen\u002Faccounting\u002Fappendix\u002F26-glossary","en\u002Faccounting\u002Fappendix\u002F26-glossary",{"title":84,"path":85,"stem":86},"Reading and Evidence Map","\u002Fen\u002Faccounting\u002Fappendix\u002F27-reading-map","en\u002Faccounting\u002Fappendix\u002F27-reading-map",{"title":88,"path":89,"stem":90,"children":91},"Northstar Record-to-Decision Capstone","\u002Fen\u002Faccounting\u002Fcapstone","en\u002Faccounting\u002Fcapstone\u002Findex",[92],{"title":88,"path":89,"stem":90},{"title":94,"path":95,"stem":96,"children":97},"Financial Accounting","\u002Fen\u002Faccounting\u002Ffinancial-accounting","en\u002Faccounting\u002Ffinancial-accounting\u002Findex",[98,99,117,131,165,179],{"title":94,"path":95,"stem":96},{"title":100,"path":101,"stem":102,"children":103},"1. Foundations","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002Findex",[104,105,109,113],{"title":100,"path":101,"stem":102},{"title":106,"path":107,"stem":108},"Objectives and Qualitative Characteristics","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics",{"title":110,"path":111,"stem":112},"Equation and Elements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements",{"title":114,"path":115,"stem":116},"Accrual Basis, Estimates and Periods","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles",{"title":118,"path":119,"stem":120,"children":121},"2. Recording Transactions","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002Findex",[122,123,127],{"title":118,"path":119,"stem":120},{"title":124,"path":125,"stem":126},"Double-Entry and Debit\u002FCredit","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr",{"title":128,"path":129,"stem":130},"Accounting Cycle","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle",{"title":132,"path":133,"stem":134,"children":135},"3. Measurement and Adjustments","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002Findex",[136,137,141,145,149,153,157,161],{"title":132,"path":133,"stem":134},{"title":138,"path":139,"stem":140},"Revenue Recognition","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition",{"title":142,"path":143,"stem":144},"Inventory","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory",{"title":146,"path":147,"stem":148},"Receivables and Expected Credit Losses","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables",{"title":150,"path":151,"stem":152},"Property, Plant and Equipment","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe",{"title":154,"path":155,"stem":156},"Intangible Assets","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles",{"title":158,"path":159,"stem":160},"Leases","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases",{"title":162,"path":163,"stem":164},"Current and Deferred Income Tax","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax",{"title":166,"path":167,"stem":168,"children":169},"4. Reporting and Cash","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002Findex",[170,171,175],{"title":166,"path":167,"stem":168},{"title":172,"path":173,"stem":174},"Linked Financial Statements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements",{"title":176,"path":177,"stem":178},"Cash, Reconciliation and Internal Control","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control",{"title":180,"path":181,"stem":182,"children":183},"5. Analysis and Comparison","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002Findex",[184,185,189],{"title":180,"path":181,"stem":182},{"title":186,"path":187,"stem":188},"Ratio Analysis","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis",{"title":190,"path":191,"stem":192},"IFRS versus US GAAP","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap",{"title":194,"path":195,"stem":196,"children":197},"Management Accounting","\u002Fen\u002Faccounting\u002Fmanagement-accounting","en\u002Faccounting\u002Fmanagement-accounting\u002Findex",[198,199,217,235],{"title":194,"path":195,"stem":196},{"title":200,"path":201,"stem":202,"children":203},"1. Cost Foundations","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002Findex",[204,205,209,213],{"title":200,"path":201,"stem":202},{"title":206,"path":207,"stem":208},"Cost Concepts and Behaviour","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts",{"title":210,"path":211,"stem":212},"Costing Systems","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems",{"title":214,"path":215,"stem":216},"Variable and Absorption Costing","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption",{"title":218,"path":219,"stem":220,"children":221},"2. Planning and Control","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002Findex",[222,223,227,231],{"title":218,"path":219,"stem":220},{"title":224,"path":225,"stem":226},"Cost–Volume–Profit Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis",{"title":228,"path":229,"stem":230},"Budgeting and Variance Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances",{"title":232,"path":233,"stem":234},"Performance Measurement","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement",{"title":236,"path":237,"stem":238,"children":239},"3. Decisions and Investment","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002Findex",[240,241,245],{"title":236,"path":237,"stem":238},{"title":242,"path":243,"stem":244},"Short-Term Decisions","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions",{"title":246,"path":247,"stem":248},"Capital Budgeting","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting",false,{"title":251,"path":252,"stem":253,"children":254,"page":249},"Business Analytics","\u002Fen\u002Fbusiness-analytics","en\u002Fbusiness-analytics",[255,261,279,305,335,365,383,400],{"title":256,"path":257,"stem":258,"children":259},"Business Analytics — From Data to Defensible Action","\u002Fen\u002Fbusiness-analytics\u002F00-index","en\u002Fbusiness-analytics\u002F00-index",[260],{"title":256,"path":257,"stem":258},{"title":262,"path":263,"stem":264,"children":265},"0. Decision and Data Foundations","\u002Fen\u002Fbusiness-analytics\u002F00-intro","en\u002Fbusiness-analytics\u002F00-intro\u002Findex",[266,267,271,275],{"title":262,"path":263,"stem":264},{"title":268,"path":269,"stem":270},"Decision Framing","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing","en\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing",{"title":272,"path":273,"stem":274},"Data Contracts","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts","en\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts",{"title":276,"path":277,"stem":278},"Reproducible Analytics Workflow","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow","en\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow",{"title":280,"path":281,"stem":282,"children":283},"1. Descriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive","en\u002Fbusiness-analytics\u002F01-descriptive\u002Findex",[284,285,289,293,297,301],{"title":280,"path":281,"stem":282},{"title":286,"path":287,"stem":288},"Distributions and Exploratory Data Analysis","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda","en\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda",{"title":290,"path":291,"stem":292},"KPIs and Denominators","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators","en\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators",{"title":294,"path":295,"stem":296},"Segments, Cohorts and Funnels","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels","en\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels",{"title":298,"path":299,"stem":300},"Visual Evidence and Data Stories","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story","en\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story",{"title":302,"path":303,"stem":304},"Experiments and Causal Boundaries","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary","en\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary",{"title":306,"path":307,"stem":308,"children":309},"2. Predictive Analytics","\u002Fen\u002Fbusiness-analytics\u002F02-predictive","en\u002Fbusiness-analytics\u002F02-predictive\u002Findex",[310,311,315,319,323,327,331],{"title":306,"path":307,"stem":308},{"title":312,"path":313,"stem":314},"Validation, Baselines and Leakage","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage","en\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage",{"title":316,"path":317,"stem":318},"Regression and Forecasting","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting","en\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting",{"title":320,"path":321,"stem":322},"Classification and Calibration","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration","en\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration",{"title":324,"path":325,"stem":326},"Trees and Ensembles","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles","en\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles",{"title":328,"path":329,"stem":330},"Decision Metrics and Thresholds","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds","en\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds",{"title":332,"path":333,"stem":334},"Explainability, Monitoring and Drift","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift","en\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift",{"title":336,"path":337,"stem":338,"children":339},"3. Prescriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive","en\u002Fbusiness-analytics\u002F03-prescriptive\u002Findex",[340,341,345,349,353,357,361],{"title":336,"path":337,"stem":338},{"title":342,"path":343,"stem":344},"Decision-Making under Uncertainty","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty",{"title":346,"path":347,"stem":348},"Linear Optimisation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization",{"title":350,"path":351,"stem":352},"Inventory and Allocation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation",{"title":354,"path":355,"stem":356},"Queueing and Simulation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation",{"title":358,"path":359,"stem":360},"Pricing and Revenue Management","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation",{"title":362,"path":363,"stem":364},"Causal Targeting and Policy Learning","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting",{"title":366,"path":367,"stem":368,"children":369},"4. Deployment and Governance","\u002Fen\u002Fbusiness-analytics\u002F04-deployment","en\u002Fbusiness-analytics\u002F04-deployment\u002Findex",[370,371,375,379],{"title":366,"path":367,"stem":368},{"title":372,"path":373,"stem":374},"Data Products and Monitoring","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring","en\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring",{"title":376,"path":377,"stem":378},"Governance, Fairness and Privacy","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy","en\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy",{"title":380,"path":381,"stem":382},"Adoption and Business Value","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value","en\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value",{"title":384,"path":385,"stem":386,"children":387},"Appendix and Revision Tools","\u002Fen\u002Fbusiness-analytics\u002Fappendix","en\u002Fbusiness-analytics\u002Fappendix\u002Findex",[388,389,393,397],{"title":384,"path":385,"stem":386},{"title":390,"path":391,"stem":392},"Formula and Decision Map","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map","en\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map",{"title":394,"path":395,"stem":396},"Worked Examples and Pitfalls","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls","en\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls",{"title":84,"path":398,"stem":399},"\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map","en\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map",{"title":401,"path":402,"stem":403,"children":404},"Capstone — The Evening Delivery Promise","\u002Fen\u002Fbusiness-analytics\u002Fcapstone","en\u002Fbusiness-analytics\u002Fcapstone\u002Findex",[405],{"title":401,"path":402,"stem":403},{"title":407,"path":408,"stem":409,"children":410,"page":249},"Financial Economic Time Series","\u002Fen\u002Ffinancial-economic-time-series","en\u002Ffinancial-economic-time-series",[411,417,423,429,435,441,447,453,459,465,471],{"title":412,"path":413,"stem":414,"children":415},"Financial and Economic Time Series — Course Guide","\u002Fen\u002Ffinancial-economic-time-series\u002F00-intro","en\u002Ffinancial-economic-time-series\u002F00-intro\u002Findex",[416],{"title":412,"path":413,"stem":414},{"title":418,"path":419,"stem":420,"children":421},"Three Versions of Time Series","\u002Fen\u002Ffinancial-economic-time-series\u002F01-bridge","en\u002Ffinancial-economic-time-series\u002F01-bridge\u002Findex",[422],{"title":418,"path":419,"stem":420},{"title":424,"path":425,"stem":426,"children":427},"Data, Clocks, and Transformations","\u002Fen\u002Ffinancial-economic-time-series\u002F02-data-transformations","en\u002Ffinancial-economic-time-series\u002F02-data-transformations\u002Findex",[428],{"title":424,"path":425,"stem":426},{"title":430,"path":431,"stem":432,"children":433},"Predictive Regressions and Persistent Predictors","\u002Fen\u002Ffinancial-economic-time-series\u002F03-predictive-regressions","en\u002Ffinancial-economic-time-series\u002F03-predictive-regressions\u002Findex",[434],{"title":430,"path":431,"stem":432},{"title":436,"path":437,"stem":438,"children":439},"Volatility, Tails, and Financial Risk","\u002Fen\u002Ffinancial-economic-time-series\u002F04-volatility-risk","en\u002Ffinancial-economic-time-series\u002F04-volatility-risk\u002Findex",[440],{"title":436,"path":437,"stem":438},{"title":442,"path":443,"stem":444,"children":445},"Unit Roots, Cointegration, and Error Correction","\u002Fen\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration","en\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration\u002Findex",[446],{"title":442,"path":443,"stem":444},{"title":448,"path":449,"stem":450,"children":451},"VAR, Structural Identification, and Local Projections","\u002Fen\u002Ffinancial-economic-time-series\u002F06-var-identification","en\u002Ffinancial-economic-time-series\u002F06-var-identification\u002Findex",[452],{"title":448,"path":449,"stem":450},{"title":454,"path":455,"stem":456,"children":457},"State Space, Mixed Frequency, and Nowcasting","\u002Fen\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting","en\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting\u002Findex",[458],{"title":454,"path":455,"stem":456},{"title":460,"path":461,"stem":462,"children":463},"Forecast Evaluation for Decisions","\u002Fen\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation","en\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation\u002Findex",[464],{"title":460,"path":461,"stem":462},{"title":466,"path":467,"stem":468,"children":469},"Integrated R Laboratory","\u002Fen\u002Ffinancial-economic-time-series\u002F09-r-laboratory","en\u002Ffinancial-economic-time-series\u002F09-r-laboratory\u002Findex",[470],{"title":466,"path":467,"stem":468},{"title":472,"path":473,"stem":474,"children":475},"Capstones, Data, and Reading Ladder","\u002Fen\u002Ffinancial-economic-time-series\u002F10-capstone-readings","en\u002Ffinancial-economic-time-series\u002F10-capstone-readings\u002Findex",[476],{"title":472,"path":473,"stem":474},{"title":478,"path":479,"stem":480,"children":481,"page":249},"Intro To Economics","\u002Fen\u002Fintro-to-economics","en\u002Fintro-to-economics",[482,486,490,494,498,502,506,510,514,518,522,526,530],{"title":483,"path":484,"stem":485},"Introduction to Economics — Decisions, Markets, and the Macroeconomy","\u002Fen\u002Fintro-to-economics\u002F00-intro","en\u002Fintro-to-economics\u002F00-intro",{"title":487,"path":488,"stem":489},"Chapter 1 — Choice, Opportunity Cost, and Trade","\u002Fen\u002Fintro-to-economics\u002F01-foundations","en\u002Fintro-to-economics\u002F01-foundations",{"title":491,"path":492,"stem":493},"Chapter 2 — Demand, Supply, Equilibrium, and Welfare","\u002Fen\u002Fintro-to-economics\u002F02-demand-and-supply","en\u002Fintro-to-economics\u002F02-demand-and-supply",{"title":495,"path":496,"stem":497},"Chapter 3 — Elasticity, Revenue, and Tax Incidence","\u002Fen\u002Fintro-to-economics\u002F03-elasticity","en\u002Fintro-to-economics\u002F03-elasticity",{"title":499,"path":500,"stem":501},"Chapter 4 — Firms, Market Power, and Market Failure","\u002Fen\u002Fintro-to-economics\u002F04-market-structures","en\u002Fintro-to-economics\u002F04-market-structures",{"title":503,"path":504,"stem":505},"Chapter 5 — GDP, Income, Wealth, and Welfare","\u002Fen\u002Fintro-to-economics\u002F05-gdp-and-wealth","en\u002Fintro-to-economics\u002F05-gdp-and-wealth",{"title":507,"path":508,"stem":509},"Chapter 6 — Inflation, Purchasing Power, and Labour Markets","\u002Fen\u002Fintro-to-economics\u002F06-inflation-and-unemployment","en\u002Fintro-to-economics\u002F06-inflation-and-unemployment",{"title":511,"path":512,"stem":513},"Chapter 7 — Productivity, Technology, and Economic Growth","\u002Fen\u002Fintro-to-economics\u002F07-economic-growth","en\u002Fintro-to-economics\u002F07-economic-growth",{"title":515,"path":516,"stem":517},"Chapter 8 — Money, Credit, and Banking","\u002Fen\u002Fintro-to-economics\u002F08-money-and-banking","en\u002Fintro-to-economics\u002F08-money-and-banking",{"title":519,"path":520,"stem":521},"Chapter 9 — Business Cycles, AD–AS, and Monetary Policy","\u002Fen\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as","en\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as",{"title":523,"path":524,"stem":525},"Chapter 10 — Fiscal Policy, Distribution, and Public Debt","\u002Fen\u002Fintro-to-economics\u002F10-fiscal-policy","en\u002Fintro-to-economics\u002F10-fiscal-policy",{"title":527,"path":528,"stem":529},"Chapter 11 — Trade, Capital Flows, and Exchange Rates","\u002Fen\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates","en\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates",{"title":531,"path":532,"stem":533},"Chapter 12 — Integrated Economic Analysis Studio","\u002Fen\u002Fintro-to-economics\u002F12-review-and-case-studies","en\u002Fintro-to-economics\u002F12-review-and-case-studies",{"title":535,"path":536,"stem":537,"children":538,"page":249},"Microeconometrics","\u002Fen\u002Fmicroeconometrics","en\u002Fmicroeconometrics",[539,557,563,581,603,629,651,673,691,709],{"title":540,"path":541,"stem":542,"children":543},"0. Causal Questions and Designs","\u002Fen\u002Fmicroeconometrics\u002F00-foundations","en\u002Fmicroeconometrics\u002F00-foundations\u002Findex",[544,545,549,553],{"title":540,"path":541,"stem":542},{"title":546,"path":547,"stem":548},"Causal Questions and Estimands","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands","en\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands",{"title":550,"path":551,"stem":552},"Potential Outcomes and Experiments","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments","en\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments",{"title":554,"path":555,"stem":556},"Causal Diagrams and Controls","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls","en\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls",{"title":558,"path":559,"stem":560,"children":561},"Microeconometrics — Designing Credible Counterfactuals","\u002Fen\u002Fmicroeconometrics\u002F00-index","en\u002Fmicroeconometrics\u002F00-index",[562],{"title":558,"path":559,"stem":560},{"title":564,"path":565,"stem":566,"children":567},"1. Regression and Inference","\u002Fen\u002Fmicroeconometrics\u002F01-regression","en\u002Fmicroeconometrics\u002F01-regression\u002Findex",[568,569,573,577],{"title":564,"path":565,"stem":566},{"title":570,"path":571,"stem":572},"OLS as a Projection","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection","en\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection",{"title":574,"path":575,"stem":576},"FWL, Selection and Controls","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls","en\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls",{"title":578,"path":579,"stem":580},"Inference and Clustering","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering","en\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering",{"title":582,"path":583,"stem":584,"children":585},"2. Instruments and Panel Data","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002Findex",[586,587,591,595,599],{"title":582,"path":583,"stem":584},{"title":588,"path":589,"stem":590},"Instrumental Variables","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification",{"title":592,"path":593,"stem":594},"Weak Instruments and LATE","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late",{"title":596,"path":597,"stem":598},"Panel Fixed Effects","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects",{"title":600,"path":601,"stem":602},"Dynamic Panels and Limits","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel",{"title":604,"path":605,"stem":606,"children":607},"3. Policy Evaluation Designs","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs","en\u002Fmicroeconometrics\u002F03-policy-designs\u002Findex",[608,609,613,617,621,625],{"title":604,"path":605,"stem":606},{"title":610,"path":611,"stem":612},"Difference-in-Differences","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core",{"title":614,"path":615,"stem":616},"Staggered DID and Event Studies","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies",{"title":618,"path":619,"stem":620},"Regression Discontinuity","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd",{"title":622,"path":623,"stem":624},"Matching, Weighting and Overlap","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting",{"title":626,"path":627,"stem":628},"Synthetic Control","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control",{"title":630,"path":631,"stem":632,"children":633},"Module 4 — Choice and Limited Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002Findex",[634,635,639,643,647],{"title":630,"path":631,"stem":632},{"title":636,"path":637,"stem":638},"Binary Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice",{"title":640,"path":641,"stem":642},"Multinomial and Ordered Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice",{"title":644,"path":645,"stem":646},"Count Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes",{"title":648,"path":649,"stem":650},"Censoring, Truncation and Selection","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection",{"title":652,"path":653,"stem":654,"children":655},"Module 5 — Modern Causal Analysis","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal","en\u002Fmicroeconometrics\u002F05-modern-causal\u002Findex",[656,657,661,665,669],{"title":652,"path":653,"stem":654},{"title":658,"path":659,"stem":660},"Double Machine Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml",{"title":662,"path":663,"stem":664},"Heterogeneity and Policy Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy",{"title":666,"path":667,"stem":668},"Sensitivity and Partial Identification","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id",{"title":670,"path":671,"stem":672},"External Validity and Transport","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity",{"title":674,"path":675,"stem":676,"children":677},"Module 6 — From Data to Auditable Evidence","\u002Fen\u002Fmicroeconometrics\u002F06-workflow","en\u002Fmicroeconometrics\u002F06-workflow\u002Findex",[678,679,683,687],{"title":674,"path":675,"stem":676},{"title":680,"path":681,"stem":682},"Data Provenance","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance","en\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance",{"title":684,"path":685,"stem":686},"Reproducibility and Reporting","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting","en\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting",{"title":688,"path":689,"stem":690},"Paper and Evidence Audit","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit","en\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit",{"title":692,"path":693,"stem":694,"children":695},"Appendix — Revision and Evidence Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix","en\u002Fmicroeconometrics\u002Fappendix\u002Findex",[696,697,701,705],{"title":692,"path":693,"stem":694},{"title":698,"path":699,"stem":700},"Formula and Design Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map","en\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map",{"title":702,"path":703,"stem":704},"Ten Worked Microeconometric Pitfalls","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls","en\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls",{"title":706,"path":707,"stem":708},"Reading and Software Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map","en\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map",{"title":710,"path":711,"stem":712,"children":713},"Capstone — Should Northbridge Expand Pathways?","\u002Fen\u002Fmicroeconometrics\u002Fcapstone","en\u002Fmicroeconometrics\u002Fcapstone\u002Findex",[714],{"title":710,"path":711,"stem":712},{"title":716,"path":717,"stem":718,"children":719,"page":249},"Microeconomics","\u002Fen\u002Fmicroeconomics","en\u002Fmicroeconomics",[720,726,732,738,744,750,756,762,768,774,780,786,792],{"title":721,"path":722,"stem":723,"children":724},"Advanced Microeconomics — Course Guide","\u002Fen\u002Fmicroeconomics\u002F00-intro","en\u002Fmicroeconomics\u002F00-intro\u002Findex",[725],{"title":721,"path":722,"stem":723},{"title":727,"path":728,"stem":729,"children":730},"Module 1 — Choice, Duality, and Revealed Preference","\u002Fen\u002Fmicroeconomics\u002F01-fundations","en\u002Fmicroeconomics\u002F01-fundations\u002Findex",[731],{"title":727,"path":728,"stem":729},{"title":733,"path":734,"stem":735,"children":736},"Module 2 — Comparative Statics and Welfare Measurement","\u002Fen\u002Fmicroeconomics\u002F02-comparative-statics","en\u002Fmicroeconomics\u002F02-comparative-statics\u002Findex",[737],{"title":733,"path":734,"stem":735},{"title":739,"path":740,"stem":741,"children":742},"Module 3 — Choice under Risk and Insurance","\u002Fen\u002Fmicroeconomics\u002F03-uncertainty","en\u002Fmicroeconomics\u002F03-uncertainty\u002Findex",[743],{"title":739,"path":740,"stem":741},{"title":745,"path":746,"stem":747,"children":748},"Module 4 — General Equilibrium and Welfare","\u002Fen\u002Fmicroeconomics\u002F04-general-equilibrium","en\u002Fmicroeconomics\u002F04-general-equilibrium\u002Findex",[749],{"title":745,"path":746,"stem":747},{"title":751,"path":752,"stem":753,"children":754},"Module 5 — Static, Dynamic, and Repeated Games","\u002Fen\u002Fmicroeconomics\u002F05-game-theory","en\u002Fmicroeconomics\u002F05-game-theory\u002Findex",[755],{"title":751,"path":752,"stem":753},{"title":757,"path":758,"stem":759,"children":760},"Module 6 — Oligopoly, Entry, and Algorithmic Pricing","\u002Fen\u002Fmicroeconomics\u002F06-oligopoly","en\u002Fmicroeconomics\u002F06-oligopoly\u002Findex",[761],{"title":757,"path":758,"stem":759},{"title":763,"path":764,"stem":765,"children":766},"Module 7 — Information Economics and Contracts","\u002Fen\u002Fmicroeconomics\u002F07-information-economics","en\u002Fmicroeconomics\u002F07-information-economics\u002Findex",[767],{"title":763,"path":764,"stem":765},{"title":769,"path":770,"stem":771,"children":772},"Module 8 — Mechanism Design and Auctions","\u002Fen\u002Fmicroeconomics\u002F08-mechanism-design","en\u002Fmicroeconomics\u002F08-mechanism-design\u002Findex",[773],{"title":769,"path":770,"stem":771},{"title":775,"path":776,"stem":777,"children":778},"Module 9 — Behavioural and Experimental Microeconomics","\u002Fen\u002Fmicroeconomics\u002F09-behavioural-economics","en\u002Fmicroeconomics\u002F09-behavioural-economics\u002Findex",[779],{"title":775,"path":776,"stem":777},{"title":781,"path":782,"stem":783,"children":784},"Module 10 — Externalities, Public Goods, and Collective Action","\u002Fen\u002Fmicroeconomics\u002F10-externalities-public-goods","en\u002Fmicroeconomics\u002F10-externalities-public-goods\u002Findex",[785],{"title":781,"path":782,"stem":783},{"title":787,"path":788,"stem":789,"children":790},"Module 11 — Matching and Market Design","\u002Fen\u002Fmicroeconomics\u002F11-market-design","en\u002Fmicroeconomics\u002F11-market-design\u002Findex",[791],{"title":787,"path":788,"stem":789},{"title":793,"path":794,"stem":795,"children":796},"Module 12 — Integrated Microeconomic Design Studio","\u002Fen\u002Fmicroeconomics\u002F12-review","en\u002Fmicroeconomics\u002F12-review\u002Findex",[797],{"title":793,"path":794,"stem":795},{"title":799,"path":800,"stem":801,"children":802},"Playground","\u002Fen\u002Fplayground","en\u002Fplayground\u002Findex",[803,804,808,812,816,820],{"title":799,"path":800,"stem":801},{"title":805,"path":806,"stem":807},"Typst Plugin Playground","\u002Fen\u002Fplayground\u002F01-typstex","en\u002Fplayground\u002F01-typstex",{"title":809,"path":810,"stem":811},"Citation Plugin Test","\u002Fen\u002Fplayground\u002F02-citation","en\u002Fplayground\u002F02-citation",{"title":813,"path":814,"stem":815},"Pyodide Playground","\u002Fen\u002Fplayground\u002F03-pyodide","en\u002Fplayground\u002F03-pyodide",{"title":817,"path":818,"stem":819},"WebR Playground","\u002Fen\u002Fplayground\u002F04-webr","en\u002Fplayground\u002F04-webr",{"title":821,"path":822,"stem":823},"Chart.js 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文献综述的构建与写作","\u002Fzh\u002Facademic-writing\u002F04-writing-the-literature-review","zh\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":1056,"path":1057,"stem":1058},"8. 文献综述清单与模板","\u002Fzh\u002Facademic-writing\u002F08-literature-review-checklist-and-template","zh\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":1060,"path":1061,"stem":1062},"10. 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Alpha 策略全流程","\u002Fzh\u002Fquant\u002F09-case-study","zh\u002Fquant\u002F09-case-study",{"title":1779,"path":1780,"stem":1781},"量化投资文献与软件图谱","\u002Fzh\u002Fquant\u002F10-reading-software-map","zh\u002Fquant\u002F10-reading-software-map",{"path":1181},{"id":1784,"title":186,"body":1785,"description":3123,"extension":3124,"features":3125,"hero":3125,"layout":3125,"locale":3125,"meta":3126,"navigation":3125,"path":187,"published":3127,"seo":3128,"stem":188,"__hash__":3129},"docs\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis.md",{"type":1786,"value":1787,"toc":3107},"minimark",[1788,1792,1797,1801,1806,1977,1980,1984,2044,2047,2051,2087,2090,2094,2097,2163,2166,2169,2173,2176,2978,2981,2985,3002,3005,3016,3020,3026,3030,3041,3052,3067,3071,3089,3093,3096,3101],[1789,1790,186],"h1",{"id":1791},"ratio-analysis",[1793,1794,1796],"h2",{"id":1795},"start-with-a-question","Start with a question",[1798,1799,1800],"p",{},"Northstar’s revenue rose. Did growth improve margins, use assets efficiently, convert into cash and remain financeable?",[1802,1803,1805],"h3",{"id":1804},"condensed-data-000","Condensed data, £000",[1807,1808,1809,1825],"table",{},[1810,1811,1812],"thead",{},[1813,1814,1815,1818,1822],"tr",{},[1816,1817],"th",{},[1816,1819,1821],{"align":1820},"right","2025",[1816,1823,1824],{"align":1820},"2026",[1826,1827,1828,1840,1851,1862,1873,1884,1895,1906,1916,1925,1935,1944,1955,1966],"tbody",{},[1813,1829,1830,1834,1837],{},[1831,1832,1833],"td",{},"Revenue",[1831,1835,1836],{"align":1820},"500",[1831,1838,1839],{"align":1820},"600",[1813,1841,1842,1845,1848],{},[1831,1843,1844],{},"Gross profit",[1831,1846,1847],{"align":1820},"210",[1831,1849,1850],{"align":1820},"240",[1813,1852,1853,1856,1859],{},[1831,1854,1855],{},"Operating profit",[1831,1857,1858],{"align":1820},"70",[1831,1860,1861],{"align":1820},"90",[1813,1863,1864,1867,1870],{},[1831,1865,1866],{},"Net income",[1831,1868,1869],{"align":1820},"47",[1831,1871,1872],{"align":1820},"60",[1813,1874,1875,1878,1881],{},[1831,1876,1877],{},"Operating cash flow",[1831,1879,1880],{"align":1820},"—",[1831,1882,1883],{"align":1820},"65",[1813,1885,1886,1889,1892],{},[1831,1887,1888],{},"Current assets",[1831,1890,1891],{"align":1820},"190",[1831,1893,1894],{"align":1820},"250",[1813,1896,1897,1900,1903],{},[1831,1898,1899],{},"Current liabilities",[1831,1901,1902],{"align":1820},"105",[1831,1904,1905],{"align":1820},"125",[1813,1907,1908,1911,1914],{},[1831,1909,1910],{},"Cash",[1831,1912,1913],{"align":1820},"45",[1831,1915,1872],{"align":1820},[1813,1917,1918,1921,1923],{},[1831,1919,1920],{},"Receivables",[1831,1922,1883],{"align":1820},[1831,1924,1861],{"align":1820},[1813,1926,1927,1929,1932],{},[1831,1928,142],{},[1831,1930,1931],{"align":1820},"80",[1831,1933,1934],{"align":1820},"100",[1813,1936,1937,1940,1942],{},[1831,1938,1939],{},"Trade payables",[1831,1941,1883],{"align":1820},[1831,1943,1931],{"align":1820},[1813,1945,1946,1949,1952],{},[1831,1947,1948],{},"Total assets",[1831,1950,1951],{"align":1820},"400",[1831,1953,1954],{"align":1820},"530",[1813,1956,1957,1960,1963],{},[1831,1958,1959],{},"Debt",[1831,1961,1962],{"align":1820},"120",[1831,1964,1965],{"align":1820},"160",[1813,1967,1968,1971,1974],{},[1831,1969,1970],{},"Equity",[1831,1972,1973],{"align":1820},"150",[1831,1975,1976],{"align":1820},"200",[1798,1978,1979],{},"2026 purchases are £380,000: cost of sales £360,000 + closing inventory £100,000 − opening inventory £80,000. Capital expenditure is £80,000.",[1793,1981,1983],{"id":1982},"_1-profitability-locate-the-layer","1. Profitability: locate the layer",[1807,1985,1986,2000],{},[1810,1987,1988],{},[1813,1989,1990,1993,1995,1997],{},[1816,1991,1992],{},"Ratio",[1816,1994,1821],{"align":1820},[1816,1996,1824],{"align":1820},[1816,1998,1999],{},"Initial reading",[1826,2001,2002,2016,2030],{},[1813,2003,2004,2007,2010,2013],{},[1831,2005,2006],{},"Gross margin",[1831,2008,2009],{"align":1820},"42.0%",[1831,2011,2012],{"align":1820},"40.0%",[1831,2014,2015],{},"Product\u002Finput economics weakened by 2 points",[1813,2017,2018,2021,2024,2027],{},[1831,2019,2020],{},"Operating margin",[1831,2022,2023],{"align":1820},"14.0%",[1831,2025,2026],{"align":1820},"15.0%",[1831,2028,2029],{},"Other operating costs grew slower than revenue",[1813,2031,2032,2035,2038,2041],{},[1831,2033,2034],{},"Net margin",[1831,2036,2037],{"align":1820},"9.4%",[1831,2039,2040],{"align":1820},"10.0%",[1831,2042,2043],{},"Financing and tax did not erase the operating gain",[1798,2045,2046],{},"Do not stop at “margin improved.” Gross margin fell while operating margin rose. Investigate price, mix, component costs, production efficiency and operating-cost scale separately.",[1793,2048,2050],{"id":2049},"_2-liquidity-inspect-composition","2. Liquidity: inspect composition",[1807,2052,2053,2063],{},[1810,2054,2055],{},[1813,2056,2057,2059,2061],{},[1816,2058,1992],{},[1816,2060,1821],{"align":1820},[1816,2062,1824],{"align":1820},[1826,2064,2065,2076],{},[1813,2066,2067,2070,2073],{},[1831,2068,2069],{},"Current ratio",[1831,2071,2072],{"align":1820},"190 \u002F 105 = 1.81",[1831,2074,2075],{"align":1820},"250 \u002F 125 = 2.00",[1813,2077,2078,2081,2084],{},[1831,2079,2080],{},"Quick ratio",[1831,2082,2083],{"align":1820},"(45 + 65) \u002F 105 = 1.05",[1831,2085,2086],{"align":1820},"(60 + 90) \u002F 125 = 1.20",[1798,2088,2089],{},"There is no universal “healthy 2:1.” A supermarket and a project contractor have different working-capital cycles. Check aging, inventory saleability, seasonality, unused facilities and liability timing.",[1793,2091,2093],{"id":2092},"_3-working-capital-cycle-use-the-right-flow","3. Working-capital cycle: use the right flow",[1798,2095,2096],{},"Using averages for 2026 and total sales as a disclosed proxy because credit-sales data is unavailable:",[1807,2098,2099,2112],{},[1810,2100,2101],{},[1813,2102,2103,2106,2109],{},[1816,2104,2105],{},"Measure",[1816,2107,2108],{},"Calculation",[1816,2110,2111],{"align":1820},"Days",[1826,2113,2114,2125,2136,2147],{},[1813,2115,2116,2119,2122],{},[1831,2117,2118],{},"DIO",[1831,2120,2121],{},"365 × average inventory £90 \u002F cost of sales £360",[1831,2123,2124],{"align":1820},"91.3",[1813,2126,2127,2130,2133],{},[1831,2128,2129],{},"DSO",[1831,2131,2132],{},"365 × average receivables £77.5 \u002F sales £600",[1831,2134,2135],{"align":1820},"47.1",[1813,2137,2138,2141,2144],{},[1831,2139,2140],{},"DPO",[1831,2142,2143],{},"365 × average payables £72.5 \u002F purchases £380",[1831,2145,2146],{"align":1820},"69.6",[1813,2148,2149,2155,2158],{},[1831,2150,2151],{},[2152,2153,2154],"strong",{},"Cash conversion cycle",[1831,2156,2157],{},"DIO + DSO − DPO",[1831,2159,2160],{"align":1820},[2152,2161,2162],{},"68.8",[1798,2164,2165],{},"Use credit sales for DSO and credit purchases for DPO when available. Total sales and cost of sales are proxies, not automatically correct denominators.",[1798,2167,2168],{},"The 68.8 days has no trend because 2024 opening balances were not supplied. A disciplined analyst says “current estimate,” not “deteriorated.”",[1793,2170,2172],{"id":2171},"_4-returns-decompose-roe","4. Returns: decompose ROE",[1798,2174,2175],{},"Using average assets of £465 and average equity of £175:",[2177,2178,2181],"span",{"className":2179},[2180],"katex-display",[2177,2182,2185,2297],{"className":2183},[2184],"katex",[2177,2186,2189],{"className":2187},[2188],"katex-mathml",[2190,2191,2194],"math",{"xmlns":2192,"display":2193},"http:\u002F\u002Fwww.w3.org\u002F1998\u002FMath\u002FMathML","block",[2195,2196,2197,2292],"semantics",{},[2198,2199,2200,2204,2208,2238,2241,2262,2264,2285,2287,2290],"mrow",{},[2201,2202,2203],"mtext",{},"ROE",[2205,2206,2207],"mo",{},"=",[2209,2210,2211,2225],"munder",{},[2209,2212,2213,2221],{},[2214,2215,2216,2219],"mfrac",{},[2217,2218,1872],"mn",{},[2217,2220,1839],{},[2205,2222,2224],{"stretchy":2223},"true","⏟",[2198,2226,2227,2230,2235],{},[2217,2228,2229],{},"10.0",[2231,2232,2234],"mi",{"mathvariant":2233},"normal","%",[2201,2236,2237],{}," margin",[2205,2239,2240],{},"×",[2209,2242,2243,2254],{},[2209,2244,2245,2252],{},[2214,2246,2247,2249],{},[2217,2248,1839],{},[2217,2250,2251],{},"465",[2205,2253,2224],{"stretchy":2223},[2198,2255,2256,2259],{},[2217,2257,2258],{},"1.29",[2201,2260,2261],{}," asset turnover",[2205,2263,2240],{},[2209,2265,2266,2277],{},[2209,2267,2268,2275],{},[2214,2269,2270,2272],{},[2217,2271,2251],{},[2217,2273,2274],{},"175",[2205,2276,2224],{"stretchy":2223},[2198,2278,2279,2282],{},[2217,2280,2281],{},"2.66",[2201,2283,2284],{}," equity multiplier",[2205,2286,2207],{},[2217,2288,2289],{},"34.3",[2231,2291,2234],{"mathvariant":2233},[2293,2294,2296],"annotation",{"encoding":2295},"application\u002Fx-tex","\\text{ROE} =\n\\underbrace{\\frac{60}{600}}_{10.0\\%\\ \\text{margin}}\n\\times\n\\underbrace{\\frac{600}{465}}_{1.29\\ \\text{asset turnover}}\n\\times\n\\underbrace{\\frac{465}{175}}_{2.66\\ \\text{equity multiplier}}\n= 34.3\\%",[2177,2298,2301,2330,2575,2771,2967],{"className":2299,"ariaHidden":2223},[2300],"katex-html",[2177,2302,2305,2310,2318,2323,2327],{"className":2303},[2304],"base",[2177,2306],{"className":2307,"style":2309},[2308],"strut","height:0.6833em;",[2177,2311,2315],{"className":2312},[2313,2314],"mord","text",[2177,2316,2203],{"className":2317},[2313],[2177,2319],{"className":2320,"style":2322},[2321],"mspace","margin-right:0.2778em;",[2177,2324,2207],{"className":2325},[2326],"mrel",[2177,2328],{"className":2329,"style":2322},[2321],[2177,2331,2333,2337,2564,2568,2572],{"className":2332},[2304],[2177,2334],{"className":2335,"style":2336},[2308],"height:3.5165em;vertical-align:-2.1951em;",[2177,2338,2341],{"className":2339},[2340,2209],"minner",[2177,2342,2346,2555],{"className":2343},[2344,2345],"vlist-t","vlist-t2",[2177,2347,2350,2552],{"className":2348},[2349],"vlist-r",[2177,2351,2355,2390],{"className":2352,"style":2354},[2353],"vlist","height:1.3214em;",[2177,2356,2358,2363],{"style":2357},"top:-1.2624em;",[2177,2359],{"className":2360,"style":2362},[2361],"pstrut","height:3.3214em;",[2177,2364,2370],{"className":2365},[2366,2367,2368,2369],"sizing","reset-size6","size3","mtight",[2177,2371,2373,2376,2383],{"className":2372},[2313,2369],[2177,2374,2040],{"className":2375},[2313,2369],[2177,2377,2379],{"className":2378},[2321,2369],[2177,2380,2382],{"className":2381},[2369]," ",[2177,2384,2386],{"className":2385},[2313,2314,2369],[2177,2387,2389],{"className":2388},[2313,2369],"margin",[2177,2391,2393,2396],{"style":2392},"top:-3.3214em;",[2177,2394],{"className":2395,"style":2362},[2361],[2177,2397,2399],{"className":2398},[2340,2209],[2177,2400,2402,2543],{"className":2401},[2344,2345],[2177,2403,2405,2540],{"className":2404},[2349],[2177,2406,2408,2458],{"className":2407,"style":2354},[2353],[2177,2409,2413,2416],{"className":2410,"style":2412},[2411],"svg-align","top:-1.9874em;",[2177,2414],{"className":2415,"style":2362},[2361],[2177,2417,2421,2438,2448],{"className":2418,"style":2420},[2419],"stretchy","height:0.548em;min-width:1.6em;",[2177,2422,2426],{"className":2423,"style":2425},[2424],"brace-left","height:0.548em;",[2427,2428,2434],"svg",{"xmlns":2429,"width":2430,"height":2431,"viewBox":2432,"preserveAspectRatio":2433},"http:\u002F\u002Fwww.w3.org\u002F2000\u002Fsvg","400em","0.548em","0 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20-1h17z",[2177,2459,2460,2463],{"style":2392},[2177,2461],{"className":2462,"style":2362},[2361],[2177,2464,2466],{"className":2465},[2313],[2177,2467,2469,2474,2536],{"className":2468},[2313],[2177,2470],{"className":2471},[2472,2473],"mopen","nulldelimiter",[2177,2475,2477],{"className":2476},[2214],[2177,2478,2480,2527],{"className":2479},[2344,2345],[2177,2481,2483,2522],{"className":2482},[2349],[2177,2484,2486,2499,2510],{"className":2485,"style":2354},[2353],[2177,2487,2489,2493],{"style":2488},"top:-2.314em;",[2177,2490],{"className":2491,"style":2492},[2361],"height:3em;",[2177,2494,2496],{"className":2495},[2313],[2177,2497,1839],{"className":2498},[2313],[2177,2500,2502,2505],{"style":2501},"top:-3.23em;",[2177,2503],{"className":2504,"style":2492},[2361],[2177,2506],{"className":2507,"style":2509},[2508],"frac-line","border-bottom-width:0.04em;",[2177,2511,2513,2516],{"style":2512},"top:-3.677em;",[2177,2514],{"className":2515,"style":2492},[2361],[2177,2517,2519],{"className":2518},[2313],[2177,2520,1872],{"className":2521},[2313],[2177,2523,2526],{"className":2524},[2525],"vlist-s","​",[2177,2528,2530],{"className":2529},[2349],[2177,2531,2534],{"className":2532,"style":2533},[2353],"height:0.686em;",[2177,2535],{},[2177,2537],{"className":2538},[2539,2473],"mclose",[2177,2541,2526],{"className":2542},[2525],[2177,2544,2546],{"className":2545},[2349],[2177,2547,2550],{"className":2548,"style":2549},[2353],"height:1.334em;",[2177,2551],{},[2177,2553,2526],{"className":2554},[2525],[2177,2556,2558],{"className":2557},[2349],[2177,2559,2562],{"className":2560,"style":2561},[2353],"height:2.1951em;",[2177,2563],{},[2177,2565],{"className":2566,"style":2567},[2321],"margin-right:0.2222em;",[2177,2569,2240],{"className":2570},[2571],"mbin",[2177,2573],{"className":2574,"style":2567},[2321],[2177,2576,2578,2582,2762,2765,2768],{"className":2577},[2304],[2177,2579],{"className":2580,"style":2581},[2308],"height:3.3065em;vertical-align:-1.9851em;",[2177,2583,2585],{"className":2584},[2340,2209],[2177,2586,2588,2753],{"className":2587},[2344,2345],[2177,2589,2591,2750],{"className":2590},[2349],[2177,2592,2594,2622],{"className":2593,"style":2354},[2353],[2177,2595,2597,2600],{"style":2596},"top:-1.3363em;",[2177,2598],{"className":2599,"style":2362},[2361],[2177,2601,2603],{"className":2602},[2366,2367,2368,2369],[2177,2604,2606,2609,2615],{"className":2605},[2313,2369],[2177,2607,2258],{"className":2608},[2313,2369],[2177,2610,2612],{"className":2611},[2321,2369],[2177,2613,2382],{"className":2614},[2369],[2177,2616,2618],{"className":2617},[2313,2314,2369],[2177,2619,2621],{"className":2620},[2313,2369],"asset turnover",[2177,2623,2624,2627],{"style":2392},[2177,2625],{"className":2626,"style":2362},[2361],[2177,2628,2630],{"className":2629},[2340,2209],[2177,2631,2633,2742],{"className":2632},[2344,2345],[2177,2634,2636,2739],{"className":2635},[2349],[2177,2637,2639,2669],{"className":2638,"style":2354},[2353],[2177,2640,2642,2645],{"className":2641,"style":2412},[2411],[2177,2643],{"className":2644,"style":2362},[2361],[2177,2646,2648,2655,2662],{"className":2647,"style":2420},[2419],[2177,2649,2651],{"className":2650,"style":2425},[2424],[2427,2652,2653],{"xmlns":2429,"width":2430,"height":2431,"viewBox":2432,"preserveAspectRatio":2433},[2435,2654],{"d":2437},[2177,2656,2658],{"className":2657,"style":2425},[2441],[2427,2659,2660],{"xmlns":2429,"width":2430,"height":2431,"viewBox":2432,"preserveAspectRatio":2444},[2435,2661],{"d":2447},[2177,2663,2665],{"className":2664,"style":2425},[2451],[2427,2666,2667],{"xmlns":2429,"width":2430,"height":2431,"viewBox":2432,"preserveAspectRatio":2454},[2435,2668],{"d":2457},[2177,2670,2671,2674],{"style":2392},[2177,2672],{"className":2673,"style":2362},[2361],[2177,2675,2677],{"className":2676},[2313],[2177,2678,2680,2683,2736],{"className":2679},[2313],[2177,2681],{"className":2682},[2472,2473],[2177,2684,2686],{"className":2685},[2214],[2177,2687,2689,2728],{"className":2688},[2344,2345],[2177,2690,2692,2725],{"className":2691},[2349],[2177,2693,2695,2706,2714],{"className":2694,"style":2354},[2353],[2177,2696,2697,2700],{"style":2488},[2177,2698],{"className":2699,"style":2492},[2361],[2177,2701,2703],{"className":2702},[2313],[2177,2704,2251],{"className":2705},[2313],[2177,2707,2708,2711],{"style":2501},[2177,2709],{"className":2710,"style":2492},[2361],[2177,2712],{"className":2713,"style":2509},[2508],[2177,2715,2716,2719],{"style":2512},[2177,2717],{"className":2718,"style":2492},[2361],[2177,2720,2722],{"className":2721},[2313],[2177,2723,1839],{"className":2724},[2313],[2177,2726,2526],{"className":2727},[2525],[2177,2729,2731],{"className":2730},[2349],[2177,2732,2734],{"className":2733,"style":2533},[2353],[2177,2735],{},[2177,2737],{"className":2738},[2539,2473],[2177,2740,2526],{"className":2741},[2525],[2177,2743,2745],{"className":2744},[2349],[2177,2746,2748],{"className":2747,"style":2549},[2353],[2177,2749],{},[2177,2751,2526],{"className":2752},[2525],[2177,2754,2756],{"className":2755},[2349],[2177,2757,2760],{"className":2758,"style":2759},[2353],"height:1.9851em;",[2177,2761],{},[2177,2763],{"className":2764,"style":2567},[2321],[2177,2766,2240],{"className":2767},[2571],[2177,2769],{"className":2770,"style":2567},[2321],[2177,2772,2774,2778,2958,2961,2964],{"className":2773},[2304],[2177,2775],{"className":2776,"style":2777},[2308],"height:3.4777em;vertical-align:-2.1562em;",[2177,2779,2781],{"className":2780},[2340,2209],[2177,2782,2784,2949],{"className":2783},[2344,2345],[2177,2785,2787,2946],{"className":2786},[2349],[2177,2788,2790,2818],{"className":2789,"style":2354},[2353],[2177,2791,2793,2796],{"style":2792},"top:-1.3013em;",[2177,2794],{"className":2795,"style":2362},[2361],[2177,2797,2799],{"className":2798},[2366,2367,2368,2369],[2177,2800,2802,2805,2811],{"className":2801},[2313,2369],[2177,2803,2281],{"className":2804},[2313,2369],[2177,2806,2808],{"className":2807},[2321,2369],[2177,2809,2382],{"className":2810},[2369],[2177,2812,2814],{"className":2813},[2313,2314,2369],[2177,2815,2817],{"className":2816},[2313,2369],"equity multiplier",[2177,2819,2820,2823],{"style":2392},[2177,2821],{"className":2822,"style":2362},[2361],[2177,2824,2826],{"className":2825},[2340,2209],[2177,2827,2829,2938],{"className":2828},[2344,2345],[2177,2830,2832,2935],{"className":2831},[2349],[2177,2833,2835,2865],{"className":2834,"style":2354},[2353],[2177,2836,2838,2841],{"className":2837,"style":2412},[2411],[2177,2839],{"className":2840,"style":2362},[2361],[2177,2842,2844,2851,2858],{"className":2843,"style":2420},[2419],[2177,2845,2847],{"className":2846,"style":2425},[2424],[2427,2848,2849],{"xmlns":2429,"width":2430,"height":2431,"viewBox":2432,"preserveAspectRatio":2433},[2435,2850],{"d":2437},[2177,2852,2854],{"className":2853,"style":2425},[2441],[2427,2855,2856],{"xmlns":2429,"width":2430,"height":2431,"viewBox":2432,"preserveAspectRatio":2444},[2435,2857],{"d":2447},[2177,2859,2861],{"className":2860,"style":2425},[2451],[2427,2862,2863],{"xmlns":2429,"width":2430,"height":2431,"viewBox":2432,"preserveAspectRatio":2454},[2435,2864],{"d":2457},[2177,2866,2867,2870],{"style":2392},[2177,2868],{"className":2869,"style":2362},[2361],[2177,2871,2873],{"className":2872},[2313],[2177,2874,2876,2879,2932],{"className":2875},[2313],[2177,2877],{"className":2878},[2472,2473],[2177,2880,2882],{"className":2881},[2214],[2177,2883,2885,2924],{"className":2884},[2344,2345],[2177,2886,2888,2921],{"className":2887},[2349],[2177,2889,2891,2902,2910],{"className":2890,"style":2354},[2353],[2177,2892,2893,2896],{"style":2488},[2177,2894],{"className":2895,"style":2492},[2361],[2177,2897,2899],{"className":2898},[2313],[2177,2900,2274],{"className":2901},[2313],[2177,2903,2904,2907],{"style":2501},[2177,2905],{"className":2906,"style":2492},[2361],[2177,2908],{"className":2909,"style":2509},[2508],[2177,2911,2912,2915],{"style":2512},[2177,2913],{"className":2914,"style":2492},[2361],[2177,2916,2918],{"className":2917},[2313],[2177,2919,2251],{"className":2920},[2313],[2177,2922,2526],{"className":2923},[2525],[2177,2925,2927],{"className":2926},[2349],[2177,2928,2930],{"className":2929,"style":2533},[2353],[2177,2931],{},[2177,2933],{"className":2934},[2539,2473],[2177,2936,2526],{"className":2937},[2525],[2177,2939,2941],{"className":2940},[2349],[2177,2942,2944],{"className":2943,"style":2549},[2353],[2177,2945],{},[2177,2947,2526],{"className":2948},[2525],[2177,2950,2952],{"className":2951},[2349],[2177,2953,2956],{"className":2954,"style":2955},[2353],"height:2.1562em;",[2177,2957],{},[2177,2959],{"className":2960,"style":2322},[2321],[2177,2962,2207],{"className":2963},[2326],[2177,2965],{"className":2966,"style":2322},[2321],[2177,2968,2970,2974],{"className":2969},[2304],[2177,2971],{"className":2972,"style":2973},[2308],"height:0.8056em;vertical-align:-0.0556em;",[2177,2975,2977],{"className":2976},[2313],"34.3%",[1798,2979,2980],{},"ROE combines operations and financing. A higher equity multiplier can lift ROE while also increasing risk.",[1793,2982,2984],{"id":2983},"_5-cash-cross-check","5. Cash cross-check",[2986,2987,2988,2996],"ul",{},[2989,2990,2991,2992,2995],"li",{},"Operating cash flow \u002F net income = 65 \u002F 60 = ",[2152,2993,2994],{},"1.08",".",[2989,2997,2998,2999,2995],{},"A common management-defined free-cash-flow proxy is CFO − capex = 65 − 80 = ",[2152,3000,3001],{},"−£15,000",[1798,3003,3004],{},"Neither result is self-interpreting:",[2986,3006,3007,3010,3013],{},[2989,3008,3009],{},"CFO can exceed profit because of depreciation or temporary working-capital movements.",[2989,3011,3012],{},"Negative free cash flow can indicate growth investment or distress.",[2989,3014,3015],{},"“Free cash flow” is not a single IFRS\u002FUS GAAP subtotal; define and reconcile it.",[1793,3017,3019],{"id":3018},"recalculate-and-stress-test","Recalculate and stress-test",[3021,3022],"pyodide",{"code64":3023,"layout":3024,"locale":7,"title":3025},"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","vertical","Northstar ratio and cash-cycle audit",[1793,3027,3029],{"id":3028},"real-report-check","Real-report check",[1798,3031,3032,3033,3040],{},"Unilever’s ",[3034,3035,3039],"a",{"href":3036,"rel":3037},"https:\u002F\u002Fwww.unilever.com\u002Ffiles\u002Funilever-annual-report-and-accounts-2025.pdf",[3038],"nofollow","2025 Annual Report"," reported turnover down 3.8% while underlying sales growth was positive, with currency and portfolio effects explaining much of the difference. This is a useful lesson:",[2986,3042,3043,3046,3049],{},[2989,3044,3045],{},"reported growth and management-defined growth answer different questions;",[2989,3047,3048],{},"a non-GAAP measure requires definition and reconciliation;",[2989,3050,3051],{},"volume, price, currency and disposals should not be collapsed into one label.",[1798,3053,3054,3055,3060,3061,3066],{},"Research also warns against one universal earnings-quality proxy. Dechow, Ge and Schrand’s ",[3034,3056,3059],{"href":3057,"rel":3058},"https:\u002F\u002Fdoi.org\u002F10.1016\u002Fj.jacceco.2010.09.001",[3038],"review"," concludes that quality depends on the decision context; Sloan’s ",[3034,3062,3065],{"href":3063,"rel":3064},"https:\u002F\u002Fpapers.ssrn.com\u002Fsol3\u002Fpapers.cfm?abstract_id=2598",[3038],"accrual study"," motivates separating cash and accrual components rather than blindly “trusting cash.”",[1793,3068,3070],{"id":3069},"a-five-sentence-analysis-template","A five-sentence analysis template",[3072,3073,3074,3077,3080,3083,3086],"ol",{},[2989,3075,3076],{},"State the movement and comparison.",[2989,3078,3079],{},"Decompose the numerator and denominator.",[2989,3081,3082],{},"Link the movement to an operational hypothesis.",[2989,3084,3085],{},"Cross-check cash, notes and accounting policy.",[2989,3087,3088],{},"State missing evidence and the next test.",[1793,3090,3092],{"id":3091},"quick-check","Quick check",[1798,3094,3095],{},"Can you conclude that Northstar collected customers more slowly in 2026 because DSO is 47.1 days?",[3097,3098,3100],"legacy-spoiler",{"title":3099},"Answer","No. You need a comparable prior-period DSO and consistent credit-sales data. The current estimate can be benchmarked later, but no trend is established from one period.",[1798,3102,3103],{},[3034,3104,3106],{"href":3105},".\u002F25-ifrs-gaap","Next: IFRS versus US GAAP",{"title":10,"searchDepth":3108,"depth":3108,"links":3109},2,[3110,3114,3115,3116,3117,3118,3119,3120,3121,3122],{"id":1795,"depth":3108,"text":1796,"children":3111},[3112],{"id":1804,"depth":3113,"text":1805},3,{"id":1982,"depth":3108,"text":1983},{"id":2049,"depth":3108,"text":2050},{"id":2092,"depth":3108,"text":2093},{"id":2171,"depth":3108,"text":2172},{"id":2983,"depth":3108,"text":2984},{"id":3018,"depth":3108,"text":3019},{"id":3028,"depth":3108,"text":3029},{"id":3069,"depth":3108,"text":3070},{"id":3091,"depth":3108,"text":3092},"Explain drivers and limits, not just formula outputs","md",null,{},true,{"title":186,"description":3123},"ffRqst09GUfqTjr93VmoBrlm3yfggiaf5cFI5CqHJ8E",[3131,3133],{"title":180,"path":181,"stem":182,"description":3132,"children":-1},"Turn statements into bounded, evidence-based claims",{"title":190,"path":191,"stem":192,"description":3134,"children":-1},"Compare specific accounting consequences without stereotypes",1785754717011]