ratios defination

7/30/2019 Ratios Defination

1/15

Working capital is a measure of liquidity of a business. It equals current assets minus current

liabilities.

Formula

Working Capital = Current Assets Current Liabilities

Current assets are assets that are expected to be realized in a year or within one operating cycle.

Current liabilities are obligations that are required to be paid within a year or within one operating

cycle.

Analysis

If current assets of a business at the point in time are more than its current liabilities the working

capital is positive, and this tells that the company is not expected to suffer from liquidity crunch in

near future. However, if current assets are less than current liabilities the working capital is negative,

and this communicates that the business may not be able to pay off its current liabilities when due.

Examples

1. Company A has current assets of USD 5 million and current liabilities of USD 3 million. Its working

capital is USD 2 million (USD 5 million minus USD 3 million).

2. Company B has current ratio of 1.5 and its current liabilities are USD 80 million. Since current ratio

is equal to current assets minus current liabilities we can calculate current assets by multiplying

current ratio with current liabilities (USD 80 million*1.5=USD 120 million). Current liabilities are

USD 80 million hence working capital is USD 120 million minus USD 80 million which equals USD

40 million.


2/15

counts Payable Turnover Ratio

Accounts payable turnover is the ratio of net credit purchases of a business to its average accounts

payable during the period. It measures short term liquidity of business since it shows how many times

during a period, an amount equal to average accounts payable is paid to suppliers by a business.

Formula

Accounts payable turnover is usually calculated as:

Payables=

Net Credit Purchases

Turnover Average Accounts Payable

To calculate average accounts payable, divide the sum of accounts payable at the beginning and at

the end of the period by 2. Net credit purchases figure in the denominator is not easily discoverable

since such information is not usually available in financial statements. It is to be search for in the

annual report of the company. Sometimes cost of goods sold is used in the denominator instead of

credit purchases.

Analysis

Accounts payable turnover is a measure of short-term liquidity. A higher value indicates that the

business was able to repay its suppliers quickly. Thus higher value of accounts payable turnover is

favorable. This ratio can be of great importance to suppliers since they are interested in getting paid

early for their supplies. Other things equal, a supplier should prefer to sell to a company with higher

accounts payable turnover ratio.

Examples

Example 1:Company sold goods having invoice value of $243,200 on credit during the year ended

Dec 31, 2010. Its customers returned goods invoice at $5,900. Accounts payable of the company on

Jan 1, 2010 and Dec 31, 2011 were $23,000 and $34,900 respectively. Calculate its accounts payable

ratio.

Solution

Net Credit Sales = $243,200 $5,900 = $237,300

Average Accounts Payable = ( $23,000 + $34,900 ) / 2 = $28,950

Accounts Payable Turnover Ratio = $237,300 / $28,950 8.2


3/15

Inventory turnover is theratioof cost of goods sold by a business to its average inventory during a

given accounting period. It is an activity ratio measuring the number of times per period, a business

sells and replaces its entire batch of inventory again.

Formula

Inventory turnover ratio is calculated using the following formula:

Inventory Turnover =Cost of Goods Sold

Average Inventory

Cost of goods sold figure is obtained from theincome statementof a business whereas average

inventory is calculated as the sum of the inventory at the beginning and at the end of the period

divided by 2. The values of beginning and ending inventory are obtained from the balance sheetsat

the start and at the end of the accounting period.

Analysis

Inventory turnover ratio is used to measure the inventory management efficiency of a business. In

general, a higher value of inventory turnover indicates better performance and lower value means

inefficiency in controlling inventory levels. A lower inventory turnover ratio may be an indication of

over-stocking which may pose risk of obsolescence and increased inventory holding costs. However, a

very high value of this ratio may be accompanied by loss of sales due to inventory shortage.

Inventory turnover is different for different industries. Businesses which trade perishable goods have

very higher turnover compared to those dealing in durables. Hence a comparison would only be fair if

made between businesses of same industry.

Examples

Example 1: During the year ended December 31, 2010, Loud Corporation sold goods costing

$324,000. Its average stock of goods during the same period was $23,432. Calculate the company's

inventory turnover ratio.

Solution

Inventory Turnover Ratio = $324,000 $23,432 13.83

Example 2: Cost of goods sold of a retail business during a year was $84,270 and its inventoryat the

beginning and at the ending of the year was $9,865 and $11,650 respectively. Calculate the inventory

turnover ratio of the business from the given information.

Solution

Average Inventory = ($9,865 + $11,650) 2 = $10,757.5

Inventory Turnover = $84,270 $10,757.5 7.83
http://accountingexplained.com/financial/ratios/http://accountingexplained.com/financial/ratios/http://accountingexplained.com/financial/ratios/http://accountingexplained.com/financial/statements/income-statementhttp://accountingexplained.com/financial/statements/income-statementhttp://accountingexplained.com/financial/statements/balance-sheethttp://accountingexplained.com/financial/statements/balance-sheethttp://accountingexplained.com/financial/statements/balance-sheethttp://accountingexplained.com/financial/inventories/http://accountingexplained.com/financial/inventories/http://accountingexplained.com/financial/inventories/http://accountingexplained.com/financial/inventories/http://accountingexplained.com/financial/statements/balance-sheethttp://accountingexplained.com/financial/statements/income-statementhttp://accountingexplained.com/financial/ratios/


4/15

Accounts receivable turnover is the ratio of net credit sales of a business to its average accounts

receivable during a given period, usually a year. It is an activity ratio which estimates the number of

times a business collects its average accountsreceivablebalance during a period.

Formula

Accounts receivable turnover is calculated using the following formula:

Receivables=

Net Credit Sales

Turnover Average Accounts Receivable

We can obtain the net credit sales figure from theincome statementof a company. Average accounts

receivable figure may be calculated simply by dividing the sum of beginning and ending accounts

receivable by 2. The beginning and ending accounts receivable can be found on thebalance sheetsof

the first and the last day of the accounting period.

Accounts receivable turnover is usually calculated on annual basis, however for the purpose of

creating trends, it is more meaningful to calculate it on monthly or quarterly basis.

Analysis

Accounts receivable turnover measures the efficiency of a business in collecting its credit sales.

Generally a high value of accounts receivable turnover is favorable and lower figure may indicate

inefficiency in collecting outstanding sales. Increase in accounts receivable turnover overtime

generally indicates improvement in the process ofcash collectionon credit sales.

However, a normal level of receivables turnover is different for different industries. Also, very high

values of this ratio may not be favourable, if achieved by extremely strict credit terms since such

policies may repel potential buyers.

Examples

Example 1: Net credit sales of Company A during the year ended June 30, 2010 were $644,790. Its

accounts receivable at July 1, 2009 and June 30, 2010 were $43,300 and $51,730 respectively.

Calculate the receivables turnover ratio.

Solution

Average Accounts Receivable = ($43,300 + $51,730) 2 = $47,515

Receivables Turnover Ratio = $644,790 $47,515 13.57

Example 2: Total sales of Company B during the year ended December 31, 2010 were $984,000.Customers returned goods invoiced at $31,400 during the year. Average accounts receivable during

the period were $23,880. Calculate accounts receivable turnover ratio.

Solution

Net Credit Sales = $984,000 $31,400 = $952,600

Receivables Turnover = $952,600 $23,880 39.89
http://accountingexplained.com/financial/receivables/http://accountingexplained.com/financial/receivables/http://accountingexplained.com/financial/statements/income-statementhttp://accountingexplained.com/financial/statements/income-statementhttp://accountingexplained.com/financial/statements/income-statementhttp://accountingexplained.com/financial/statements/balance-sheethttp://accountingexplained.com/financial/statements/balance-sheethttp://accountingexplained.com/financial/statements/balance-sheethttp://accountingexplained.com/managerial/master-budget/cash-collectionshttp://accountingexplained.com/managerial/master-budget/cash-collectionshttp://accountingexplained.com/managerial/master-budget/cash-collectionshttp://accountingexplained.com/managerial/master-budget/cash-collectionshttp://accountingexplained.com/financial/statements/balance-sheethttp://accountingexplained.com/financial/statements/income-statementhttp://accountingexplained.com/financial/receivables/


5/15

Definition of 'Fixed-Asset TurnoverRatio'A financial ratio of net sales to fixed assets. The

fixed-asset turnover ratio measures a company'sability to generate net sales from fixed-asset

investments - specifically property, plant and

equipment (PP&E) - net of depreciation. A higherfixed-asset turnover ratio shows that the companyhas been more effective in using the investment in

fixed assets to generate revenues.

The fixed-asset turnover ratio is calculated as:

Investopedia explains'Fixed-Asset TurnoverRatio'This ratio is often used as ameasure in manufacturing

industries, where major purchasesare made for PP&E to help increase

output. When companies make

these large purchases, prudent

investors watch this ratio infollowing years to see how effective

the investment in the fixed assetswas.


6/15

This ratio is similar to thedebtors turnover ratio. It compares creditors with the totalcreditpurchases.

It signifies the credit period enjoyed by the firm in paying creditors. Accounts payableinclude both sundry creditors and bills payable. Same asdebtors turnover

ratio,creditorsturnover ratiocan be calculated in two forms, creditors turnover ratio and

average payment period.

Formula:

Following formula is used to calculate creditorsturnover ratio:

CreditorsTurnover Ratio=Credit Purchase/Average TradeCreditors

Average Payment Period:

Average payment period ratiogives the average credit period enjoyed from the creditors.It can be calculated using the following formula:

Average Payment Period =Trade Creditors/ Average DailyCredit Purchase

Average Daily Credit Purchase= Credit Purchase / No. of working days in a year

Or

Average Payment Period = (Trade Creditors No. of Working Days) / NetCredit Purchase

(In case information about credit purchase is not available total purchases may be assumed

to be credit purchase.)

Significance of the Ratio:

The average payment period ratio represents the number of days by the firm to pay itscreditors. A high creditorsturnover ratioor alower creditperiod ratio signifies that thecreditors are being paid promptly. This situation enhances the credit worthiness of the

company. However a very favorable ratio to this effect also shows that the business is nottaking the full advantage of credit facilities allowed by the creditors.

Read moreathttp://accounting4management.com/creditors_payable_turnover_ratio.htm#750AiM

6u1KHcrPb5.99
http://accounting4management.com/debtors_or_receivable_turnover_ratio.htmhttp://accounting4management.com/debtors_or_receivable_turnover_ratio.htmhttp://accounting4management.com/debtors_or_receivable_turnover_ratio.htmhttp://accounting4management.com/debtors_or_receivable_turnover_ratio.htmhttp://accounting4management.com/debtors_or_receivable_turnover_ratio.htmhttp://accounting4management.com/debtors_or_receivable_turnover_ratio.htmhttp://accounting4management.com/creditors_payable_turnover_ratio.htm#750AiM6u1KHcrPb5.99http://accounting4management.com/creditors_payable_turnover_ratio.htm#750AiM6u1KHcrPb5.99http://accounting4management.com/creditors_payable_turnover_ratio.htm#750AiM6u1KHcrPb5.99http://accounting4management.com/creditors_payable_turnover_ratio.htm#750AiM6u1KHcrPb5.99http://accounting4management.com/creditors_payable_turnover_ratio.htm#750AiM6u1KHcrPb5.99http://accounting4management.com/creditors_payable_turnover_ratio.htm#750AiM6u1KHcrPb5.99http://accounting4management.com/debtors_or_receivable_turnover_ratio.htmhttp://accounting4management.com/debtors_or_receivable_turnover_ratio.htmhttp://accounting4management.com/debtors_or_receivable_turnover_ratio.htm


7/15

Definition of 'Accounts Payable TurnoverRatio'A short-term liquidity measure used to quantify the rate

at which a company pays off its suppliers. Accountspayable turnover ratio is calculated by taking the total

purchases made from suppliers and dividing it by theaverage accounts payable amount during the sameperiod.

Investopedia explains'Accounts PayableTurnover Ratio'The measure shows investorshow many times per period

the company pays its averagepayable amount. For example,if the company makes $100

million in purchases fromsuppliers in a year and at anygiven point holds an average

accounts payable of $20million, the accounts payableturnover ratio for the period is5 ($100 million/$20 million). If

the turnover ratio is falling

from one period to another,this is a sign that the company

is taking longer to pay off its

suppliers than it was before.The opposite is true when theturnover ratio is increasing,

which means that the

company is paying of suppliers

at a faster rate.


8/15

A business organisation has to pay creditors if it buys goods on credit. Any new creditor will give usthe goods on credit if he knows that we pay our creditors' bill within short period of time. So, forknowing this time period, both parties calculate creditor turnover ratio. We will calculate this becauseif our time period is more than normally standard period, we will try to decrease it. On the other side,

new creditor will take the decision on this ratio whether goods on credit will be given to us or not.

We calculate creditor turnover ratio just like calculating ofdebtor turnover ratiobut we show netcredit annual purchase and average trade creditors instead of net credit annual sales and averagetrade debtors. If we have not the information of net credit purchase, we can take total purchase asnumerator. Like this, if we have no information of opening balance of creditors, we can take closingbalance of creditors. We can calculate average trade creditors by taking the average of openingbalance and closing balance of creditors. Following is the formula

Creditor or Payable Turnover Ratio

= Net Credit Annual Purchase / Average Trade Creditors

This ratio can be used for calculating Average Payment period.

Example

Total purchases = Rs. 400,000

Cash purchases = Rs. 50000

purchase return = Rs. 20000

Creditors at end = Rs. 60000

Bills payable at end = Rs. 20000

Reserve for discount on creditors = Rs. 5000

Creditor Turnover Ratio = Annual Net Credit Purchase / Average Trade Creditors

= 400000 - 50000 - 20000 / 60000+20000 = 330000 / 80000 = 4.13 times

Interpretation of Creditor Turnover Ratio

Higher creditor turnover ratio is good because it will decrease the average payment period.

In the question, if we have given the information of creditor turnover ratio and other information, we

can calculate one missing information. For example, in following video, we can find opening balance ofcreditors, if all other information is given.
http://www.svtuition.org/2011/11/debtor-turnover-ratio.htmlhttp://www.svtuition.org/2011/11/debtor-turnover-ratio.htmlhttp://www.svtuition.org/2011/11/debtor-turnover-ratio.htmlhttp://2.bp.blogspot.com/-K44_VQZZ4HI/Tsx6sykZxyI/AAAAAAAAHFg/i3wrDY5czFA/s1600/20px-Crystal_yast_partitioner.pnghttp://2.bp.blogspot.com/-K44_VQZZ4HI/Tsx6sykZxyI/AAAAAAAAHFg/i3wrDY5czFA/s1600/20px-Crystal_yast_partitioner.pnghttp://2.bp.blogspot.com/-K44_VQZZ4HI/Tsx6sykZxyI/AAAAAAAAHFg/i3wrDY5czFA/s1600/20px-Crystal_yast_partitioner.pnghttp://2.bp.blogspot.com/-K44_VQZZ4HI/Tsx6sykZxyI/AAAAAAAAHFg/i3wrDY5czFA/s1600/20px-Crystal_yast_partitioner.pnghttp://www.svtuition.org/2011/11/debtor-turnover-ratio.html


9/15

Working capital turnover ratio is computed by dividing the cost of goods sold by net working capital. Itrepresents how many times the working capital has been turned over during the period.

Formula:

The formula consists of two components cost of goods sold and net working capital. If the cost of goodssold figure is not available or cannot be computed from the available information, the total net sales canbe used as numerator.Net working capital is equal to current assets minus current liabilities. This information is available fromthe balance sheet. For more explanation consider the following example:

Example:Exide company sells batteries that are used in vehicles. The current assets and current liabilities as on 31December, 2012 are given below:Cost of goods sold $ 300,000

Accounts payable 60,000

Inventory 40,000

Accounts receivables 50,000

Notes receivables 10,000

Cash 20,000

Required:Compute working capital turnover ratio from the above information.

Solution:

= 300,000 / 60,000= 5 times

The working capital turnover ratio of Exide company is 5. It means the company has turned over itsworking capital 5 times in 2012.

Interpretation:Generally, a high working capital turnover ratio is better. A low ratio indicates inefficient utilization ofworking capital. The ratio should be carefully interpreted because a very high ratio may be a sign ofinsufficient working capital.
http://www.accountingformanagement.org/wp-content/uploads/2012/09/working-capital-turnover-ratio.pnghttp://www.accountingformanagement.org/wp-content/uploads/2012/09/working-capital-turnover-ratio.pnghttp://www.accountingformanagement.org/wp-content/uploads/2012/09/working-capital-turnover-ratio.pnghttp://www.accountingformanagement.org/wp-content/uploads/2012/09/working-capital-turnover-ratio.png


10/15

Working Capital Turnover Ratio

Description: The working capital turnover ratio measures how well a company is utilizing itsworking

capitalto support a given level of sales. Working capital is current assets minus current liabilities. A high

turnover ratio indicates that management is being extremely efficient in using a firm's short-

termassetsandliabilitiesto support sales. Conversely, a low ratio indicates that a business is investing in

too many accounts receivable and inventory assets to support its sales, which could eventually lead to an

excessive amount of bad debts and obsolete inventory.

Formula: To calculate the ratio, divide net sales by working capital (which is current assets minus current

liabilities). The calculation is usually made on an annual basis, and uses the average working capital during

that period. The calculation is:

Net sales

(Beginning working capital + Ending working capital) / 2

Example: ABC Company has $12,000,000 of net sales over the past twelve months, and average working

capital during that period of $2,000,000. The calculation of its working capital turnover ratio is:

$12,000,000 Net sales

$2,000,000 Average working capital

= 6.0 Working capital turnover ratio

Cautions: An extremely high working capital turnover ratio can indicate that a company does not have

enough capital to support it sales growth; collapse of the company may be imminent. This is a particularly

strong indicator when theaccounts payablecomponent of working capital is very high, since it indicates that

management cannot pay its bills as they come due for payment.

An excessively high turnover ratio can be spotted by comparing the ratio for a particular business to those

reported elsewhere in its industry, to see if the business is reporting outlier results.

Similar Terms
http://www.accountingtools.com/dictionary-working-capitalhttp://www.accountingtools.com/dictionary-working-capitalhttp://www.accountingtools.com/dictionary-working-capitalhttp://www.accountingtools.com/dictionary-working-capitalhttp://www.accountingtools.com/definition-assethttp://www.accountingtools.com/definition-assethttp://www.accountingtools.com/definition-assethttp://www.accountingtools.com/definition-liabilityhttp://www.accountingtools.com/definition-liabilityhttp://www.accountingtools.com/definition-liabilityhttp://www.accountingtools.com/definition-accounts-payablehttp://www.accountingtools.com/definition-accounts-payablehttp://www.accountingtools.com/definition-accounts-payablehttp://www.accountingtools.com/definition-accounts-payablehttp://www.accountingtools.com/definition-liabilityhttp://www.accountingtools.com/definition-assethttp://www.accountingtools.com/dictionary-working-capitalhttp://www.accountingtools.com/dictionary-working-capital


11/15

Description: The fixed asset turnover ratio is the ratio of net sales to netfixed assets(also known as

property, plant, and equipment). A high ratio indicates that a company is doing an effective job of

generating sales with a relatively small amount of fixed assets. Conversely, if the ratio is declining over

time, the company has either overinvested in fixed assets or it needs to issue new products to revive its

sales. Another possible effect is for a company to make a large investment in fixed assets, with a time delay

of several months to a year before the new assets start generatingrevenues.

The concept of the fixed asset ratio is most useful to an outside observer, who wants to know how well a

business is employing its assets to generate sales.

Formula: Subtractaccumulated depreciationfrom gross fixed assets, and divide into net annual sales. It

may be necessary to obtain an average fixed asset figure, if the amount varies significantly over time. Do

not includeintangible assetsin the denominator, since it can skew the results. The formula is:

Net annual sales

Gross fixed asset - Accumulated depreciation

Example: ABC Company has gross fixed assets of $5,000,000 and accumulated depreciation of $2,000,000.

Sales over the last 12 months totaled $9,000,000. The calculation of ABC's fixed asset turnover ratio is:

$9,000,000 Net sales

$5,000,000 Gross fixed assets - $2,000,000 Accumulated depreciation

= 3.0 Turnover per year

Cautions: The fixed asset turnover ratio is most useful in "heavy industry," such as automobile

manufacturing, where a large capital investment is required in order to do business. In other industries,

such as software development, the fixed asset investment is so meager that the ratio is not of much use.

A potential problem with this ratio may arise if a company uses accelerated depreciation, such as thedouble

declining balance method, since this artificially reduces the amount of net fixed assets in the denominator of

the calculation, and makes turnover appear higher than it really should be.

Finally, ongoing depreciation will inevitably reduce the amount of the denominator, so the turnover ratio will

rise over time, unless the company is investing an equivalent amount in new fixed assets to replace older

ones. Thus, a business whose management team deliberately decides not to re-invest in its fixed assets will

experience a gradual improvement in its fixed asset ratio for a period of time, after which its decrepit asset

base will be unable to manufacture goods in an efficient manner.

Similar Concepts
http://www.accountingtools.com/definition-fixed-assethttp://www.accountingtools.com/definition-fixed-assethttp://www.accountingtools.com/definition-fixed-assethttp://www.accountingtools.com/definition-revenuehttp://www.accountingtools.com/definition-revenuehttp://www.accountingtools.com/definition-revenuehttp://www.accountingtools.com/definition-accumulated-deprecihttp://www.accountingtools.com/definition-accumulated-deprecihttp://www.accountingtools.com/definition-accumulated-deprecihttp://www.accountingtools.com/definition-intangible-assethttp://www.accountingtools.com/definition-intangible-assethttp://www.accountingtools.com/definition-intangible-assethttp://www.accountingtools.com/double-declining-balance-deprehttp://www.accountingtools.com/double-declining-balance-deprehttp://www.accountingtools.com/double-declining-balance-deprehttp://www.accountingtools.com/double-declining-balance-deprehttp://www.accountingtools.com/double-declining-balance-deprehttp://www.accountingtools.com/double-declining-balance-deprehttp://www.accountingtools.com/definition-intangible-assethttp://www.accountingtools.com/definition-accumulated-deprecihttp://www.accountingtools.com/definition-revenuehttp://www.accountingtools.com/definition-fixed-asset


12/15

The fixed asset turnover ratio is similar to the tangible asset ratio, which does not include the net cost of

intangible assets in the denominator. The ratio is also sometimes known as the f


13/15

Capital turnoverCalculated by dividing annualsalesby averagestockholderequity(net worth). The ratio indicates howmuch acompanycould grow its currentcapital investmentlevel. Lowcapital turnovergenerallycorresponds to highprofit margins.

Copyright 2012,Campbell R. Harvey.All Rights Reserved.

Ads by Google

Jobs in CompaniesMNCs are Hiring Submit Your Resume Free. Now!www.MonsterIndia.com

Capital Turnover

A ratio of how effectively apublicly-traded companymanages thecapitalinvestedin it toproducerevenues. It is calculated by taking the total of the company's annual salesand dividing it by the

averagestockholder equity, which is the average amount ofmoneyinvested in the company. A high ratioindicates that the company is using its capital well, while a low ratio indicates the opposite. It is also calledequity turnover.

Farlex Financial Dictionary. 2012 Farlex, Inc. All Rights Reserved

Ads by Google

Is Jesus Really God?Discover the Evidence From Scholars About Jesus' Claims to be GodY-Jesus.com

capital turnoverA measure indicating how effectively investment capital is used to produce revenues. Capital turnover isexpressed as a ratio of annual sales to invested capital.
http://financial-dictionary.thefreedictionary.com/Salehttp://financial-dictionary.thefreedictionary.com/Salehttp://financial-dictionary.thefreedictionary.com/Salehttp://financial-dictionary.thefreedictionary.com/Stockholderhttp://financial-dictionary.thefreedictionary.com/Stockholderhttp://financial-dictionary.thefreedictionary.com/Equityhttp://financial-dictionary.thefreedictionary.com/Equityhttp://financial-dictionary.thefreedictionary.com/Equityhttp://financial-dictionary.thefreedictionary.com/Net+worthhttp://financial-dictionary.thefreedictionary.com/Net+worthhttp://financial-dictionary.thefreedictionary.com/Net+worthhttp://financial-dictionary.thefreedictionary.com/Companyhttp://financial-dictionary.thefreedictionary.com/Companyhttp://financial-dictionary.thefreedictionary.com/Companyhttp://financial-dictionary.thefreedictionary.com/Capital+investmenthttp://financial-dictionary.thefreedictionary.com/Capital+investmenthttp://financial-dictionary.thefreedictionary.com/Capital+investmenthttp://financial-dictionary.thefreedictionary.com/Capital+turnoverhttp://financial-dictionary.thefreedictionary.com/Capital+turnoverhttp://financial-dictionary.thefreedictionary.com/Capital+turnoverhttp://financial-dictionary.thefreedictionary.com/Profit+marginhttp://financial-dictionary.thefreedictionary.com/Profit+marginhttp://financial-dictionary.thefreedictionary.com/Profit+marginhttp://www.duke.edu/~charvey/http://www.duke.edu/~charvey/http://www.duke.edu/~charvey/http://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCLwGBzaVaUaaBKeO4ige46YFQqaXbkgOhjYP7WriP2IZGEAIg5_D1ASgKULfIrZP7_____wFg5crlg7QOoAGnuZr9A8gBAakCSX5las_EUz6oAwGqBKUBT9B2EnNrnxjDKspmcXBP9_0d57_anVfRAVsoe8prQm6PvH-gPd6W5ngveKMXY6dQRzfR8ThgQDCkz0WE4E_EJ_V8KuJMhjdMty0AawAHEQiOYGob6NimA7zU-2eo_z_VKT4yGv2gUIB5Hwtel5uPRJl8J0m9lTLQf2fM5EvV635VOevRwfA9716VlofQvK33C3Gxf_XOSdOjsJEuKuM3qmB4vHOGiAYBgAfBxuUC%26amp%3Bnum%3D2%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2_WERokHL1AWEPAxigbsK32JKR3Q%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fmy.monsterindia.com%2Fcreate_account.html%253Fspl%253DG_InfoTech-ContentDataEntry%2526WT.srch%253D1%2526WT.mc_n%253Dolm_sk_Google_Search_paidhttp://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCLwGBzaVaUaaBKeO4ige46YFQqaXbkgOhjYP7WriP2IZGEAIg5_D1ASgKULfIrZP7_____wFg5crlg7QOoAGnuZr9A8gBAakCSX5las_EUz6oAwGqBKUBT9B2EnNrnxjDKspmcXBP9_0d57_anVfRAVsoe8prQm6PvH-gPd6W5ngveKMXY6dQRzfR8ThgQDCkz0WE4E_EJ_V8KuJMhjdMty0AawAHEQiOYGob6NimA7zU-2eo_z_VKT4yGv2gUIB5Hwtel5uPRJl8J0m9lTLQf2fM5EvV635VOevRwfA9716VlofQvK33C3Gxf_XOSdOjsJEuKuM3qmB4vHOGiAYBgAfBxuUC%26amp%3Bnum%3D2%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2_WERokHL1AWEPAxigbsK32JKR3Q%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fmy.monsterindia.com%2Fcreate_account.html%253Fspl%253DG_InfoTech-ContentDataEntry%2526WT.srch%253D1%2526WT.mc_n%253Dolm_sk_Google_Search_paidhttp://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCLwGBzaVaUaaBKeO4ige46YFQqaXbkgOhjYP7WriP2IZGEAIg5_D1ASgKULfIrZP7_____wFg5crlg7QOoAGnuZr9A8gBAakCSX5las_EUz6oAwGqBKUBT9B2EnNrnxjDKspmcXBP9_0d57_anVfRAVsoe8prQm6PvH-gPd6W5ngveKMXY6dQRzfR8ThgQDCkz0WE4E_EJ_V8KuJMhjdMty0AawAHEQiOYGob6NimA7zU-2eo_z_VKT4yGv2gUIB5Hwtel5uPRJl8J0m9lTLQf2fM5EvV635VOevRwfA9716VlofQvK33C3Gxf_XOSdOjsJEuKuM3qmB4vHOGiAYBgAfBxuUC%26amp%3Bnum%3D2%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2_WERokHL1AWEPAxigbsK32JKR3Q%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fmy.monsterindia.com%2Fcreate_account.html%253Fspl%253DG_InfoTech-ContentDataEntry%2526WT.srch%253D1%2526WT.mc_n%253Dolm_sk_Google_Search_paidhttp://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCLwGBzaVaUaaBKeO4ige46YFQqaXbkgOhjYP7WriP2IZGEAIg5_D1ASgKULfIrZP7_____wFg5crlg7QOoAGnuZr9A8gBAakCSX5las_EUz6oAwGqBKUBT9B2EnNrnxjDKspmcXBP9_0d57_anVfRAVsoe8prQm6PvH-gPd6W5ngveKMXY6dQRzfR8ThgQDCkz0WE4E_EJ_V8KuJMhjdMty0AawAHEQiOYGob6NimA7zU-2eo_z_VKT4yGv2gUIB5Hwtel5uPRJl8J0m9lTLQf2fM5EvV635VOevRwfA9716VlofQvK33C3Gxf_XOSdOjsJEuKuM3qmB4vHOGiAYBgAfBxuUC%26amp%3Bnum%3D2%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2_WERokHL1AWEPAxigbsK32JKR3Q%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fmy.monsterindia.com%2Fcreate_account.html%253Fspl%253DG_InfoTech-ContentDataEntry%2526WT.srch%253D1%2526WT.mc_n%253Dolm_sk_Google_Search_paidhttp://financial-dictionary.thefreedictionary.com/Publicly-Traded+Companyhttp://financial-dictionary.thefreedictionary.com/Publicly-Traded+Companyhttp://financial-dictionary.thefreedictionary.com/Publicly-Traded+Companyhttp://financial-dictionary.thefreedictionary.com/Capitalhttp://financial-dictionary.thefreedictionary.com/Capitalhttp://financial-dictionary.thefreedictionary.com/Investedhttp://financial-dictionary.thefreedictionary.com/Investedhttp://financial-dictionary.thefreedictionary.com/Investedhttp://financial-dictionary.thefreedictionary.com/Revenueshttp://financial-dictionary.thefreedictionary.com/Revenueshttp://financial-dictionary.thefreedictionary.com/Revenueshttp://financial-dictionary.thefreedictionary.com/Saleshttp://financial-dictionary.thefreedictionary.com/Saleshttp://financial-dictionary.thefreedictionary.com/Saleshttp://financial-dictionary.thefreedictionary.com/Stockholder+Equityhttp://financial-dictionary.thefreedictionary.com/Stockholder+Equityhttp://financial-dictionary.thefreedictionary.com/Stockholder+Equityhttp://financial-dictionary.thefreedictionary.com/Moneyhttp://financial-dictionary.thefreedictionary.com/Moneyhttp://financial-dictionary.thefreedictionary.com/Moneyhttp://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCriwuzaVaUaaBKeO4ige46YFQwNOjzQO4_t6_HZjx-IA3EAMg5_D1ASgKUKfHnNb9_____wFg5crlg7QOoAHEu939A8gBAagDAaoEpwFP0CZmmHeEIvuYeU09f0j48hDtt9fcHtwLTDV9y2RRZdjmY60-yoHmeSJytAplpl9UPIa8NGL36-flWYTkBdEnvHMt7UOLPUS6bElmChAMDo9veRC_groOv8DsZ6nyNcI0ODMV7qsHzXUdSTK1ipZZjHFgNpySLtFmdNtustVqvFb_IdXwU005dr0vbNL1qL4Oa7p4_jlK0SVFFNsp4ydKdjUGd3q2iogGAYAHpMSiAg%26amp%3Bnum%3D3%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2E33vitCM9-wK_n_ffxUQPya15tQ%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fy-jesus.com%2Fjesuscomplex_1_x.phphttp://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCriwuzaVaUaaBKeO4ige46YFQwNOjzQO4_t6_HZjx-IA3EAMg5_D1ASgKUKfHnNb9_____wFg5crlg7QOoAHEu939A8gBAagDAaoEpwFP0CZmmHeEIvuYeU09f0j48hDtt9fcHtwLTDV9y2RRZdjmY60-yoHmeSJytAplpl9UPIa8NGL36-flWYTkBdEnvHMt7UOLPUS6bElmChAMDo9veRC_groOv8DsZ6nyNcI0ODMV7qsHzXUdSTK1ipZZjHFgNpySLtFmdNtustVqvFb_IdXwU005dr0vbNL1qL4Oa7p4_jlK0SVFFNsp4ydKdjUGd3q2iogGAYAHpMSiAg%26amp%3Bnum%3D3%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2E33vitCM9-wK_n_ffxUQPya15tQ%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fy-jesus.com%2Fjesuscomplex_1_x.phphttp://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCriwuzaVaUaaBKeO4ige46YFQwNOjzQO4_t6_HZjx-IA3EAMg5_D1ASgKUKfHnNb9_____wFg5crlg7QOoAHEu939A8gBAagDAaoEpwFP0CZmmHeEIvuYeU09f0j48hDtt9fcHtwLTDV9y2RRZdjmY60-yoHmeSJytAplpl9UPIa8NGL36-flWYTkBdEnvHMt7UOLPUS6bElmChAMDo9veRC_groOv8DsZ6nyNcI0ODMV7qsHzXUdSTK1ipZZjHFgNpySLtFmdNtustVqvFb_IdXwU005dr0vbNL1qL4Oa7p4_jlK0SVFFNsp4ydKdjUGd3q2iogGAYAHpMSiAg%26amp%3Bnum%3D3%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2E33vitCM9-wK_n_ffxUQPya15tQ%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fy-jesus.com%2Fjesuscomplex_1_x.phphttp://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCriwuzaVaUaaBKeO4ige46YFQwNOjzQO4_t6_HZjx-IA3EAMg5_D1ASgKUKfHnNb9_____wFg5crlg7QOoAHEu939A8gBAagDAaoEpwFP0CZmmHeEIvuYeU09f0j48hDtt9fcHtwLTDV9y2RRZdjmY60-yoHmeSJytAplpl9UPIa8NGL36-flWYTkBdEnvHMt7UOLPUS6bElmChAMDo9veRC_groOv8DsZ6nyNcI0ODMV7qsHzXUdSTK1ipZZjHFgNpySLtFmdNtustVqvFb_IdXwU005dr0vbNL1qL4Oa7p4_jlK0SVFFNsp4ydKdjUGd3q2iogGAYAHpMSiAg%26amp%3Bnum%3D3%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2E33vitCM9-wK_n_ffxUQPya15tQ%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fy-jesus.com%2Fjesuscomplex_1_x.phphttp://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCriwuzaVaUaaBKeO4ige46YFQwNOjzQO4_t6_HZjx-IA3EAMg5_D1ASgKUKfHnNb9_____wFg5crlg7QOoAHEu939A8gBAagDAaoEpwFP0CZmmHeEIvuYeU09f0j48hDtt9fcHtwLTDV9y2RRZdjmY60-yoHmeSJytAplpl9UPIa8NGL36-flWYTkBdEnvHMt7UOLPUS6bElmChAMDo9veRC_groOv8DsZ6nyNcI0ODMV7qsHzXUdSTK1ipZZjHFgNpySLtFmdNtustVqvFb_IdXwU005dr0vbNL1qL4Oa7p4_jlK0SVFFNsp4ydKdjUGd3q2iogGAYAHpMSiAg%26amp%3Bnum%3D3%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2E33vitCM9-wK_n_ffxUQPya15tQ%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fy-jesus.com%2Fjesuscomplex_1_x.phphttp://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCriwuzaVaUaaBKeO4ige46YFQwNOjzQO4_t6_HZjx-IA3EAMg5_D1ASgKUKfHnNb9_____wFg5crlg7QOoAHEu939A8gBAagDAaoEpwFP0CZmmHeEIvuYeU09f0j48hDtt9fcHtwLTDV9y2RRZdjmY60-yoHmeSJytAplpl9UPIa8NGL36-flWYTkBdEnvHMt7UOLPUS6bElmChAMDo9veRC_groOv8DsZ6nyNcI0ODMV7qsHzXUdSTK1ipZZjHFgNpySLtFmdNtustVqvFb_IdXwU005dr0vbNL1qL4Oa7p4_jlK0SVFFNsp4ydKdjUGd3q2iogGAYAHpMSiAg%26amp%3Bnum%3D3%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2E33vitCM9-wK_n_ffxUQPya15tQ%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fy-jesus.com%2Fjesuscomplex_1_x.phphttp://financial-dictionary.thefreedictionary.com/Moneyhttp://financial-dictionary.thefreedictionary.com/Stockholder+Equityhttp://financial-dictionary.thefreedictionary.com/Saleshttp://financial-dictionary.thefreedictionary.com/Revenueshttp://financial-dictionary.thefreedictionary.com/Investedhttp://financial-dictionary.thefreedictionary.com/Capitalhttp://financial-dictionary.thefreedictionary.com/Publicly-Traded+Companyhttp://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCLwGBzaVaUaaBKeO4ige46YFQqaXbkgOhjYP7WriP2IZGEAIg5_D1ASgKULfIrZP7_____wFg5crlg7QOoAGnuZr9A8gBAakCSX5las_EUz6oAwGqBKUBT9B2EnNrnxjDKspmcXBP9_0d57_anVfRAVsoe8prQm6PvH-gPd6W5ngveKMXY6dQRzfR8ThgQDCkz0WE4E_EJ_V8KuJMhjdMty0AawAHEQiOYGob6NimA7zU-2eo_z_VKT4yGv2gUIB5Hwtel5uPRJl8J0m9lTLQf2fM5EvV635VOevRwfA9716VlofQvK33C3Gxf_XOSdOjsJEuKuM3qmB4vHOGiAYBgAfBxuUC%26amp%3Bnum%3D2%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2_WERokHL1AWEPAxigbsK32JKR3Q%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fmy.monsterindia.com%2Fcreate_account.html%253Fspl%253DG_InfoTech-ContentDataEntry%2526WT.srch%253D1%2526WT.mc_n%253Dolm_sk_Google_Search_paidhttp://www.thefreedictionary.com/_/gr.aspx?pos=1&source=http%3A%2F%2Ffinancial-dictionary.thefreedictionary.com%2FCapital%2BTurnover&url=http%3A%2F%2Fwww.googleadservices.com%2Fpagead%2Faclk%3Fsa%3DL%26amp%3Bai%3DCLwGBzaVaUaaBKeO4ige46YFQqaXbkgOhjYP7WriP2IZGEAIg5_D1ASgKULfIrZP7_____wFg5crlg7QOoAGnuZr9A8gBAakCSX5las_EUz6oAwGqBKUBT9B2EnNrnxjDKspmcXBP9_0d57_anVfRAVsoe8prQm6PvH-gPd6W5ngveKMXY6dQRzfR8ThgQDCkz0WE4E_EJ_V8KuJMhjdMty0AawAHEQiOYGob6NimA7zU-2eo_z_VKT4yGv2gUIB5Hwtel5uPRJl8J0m9lTLQf2fM5EvV635VOevRwfA9716VlofQvK33C3Gxf_XOSdOjsJEuKuM3qmB4vHOGiAYBgAfBxuUC%26amp%3Bnum%3D2%26amp%3Bcid%3D5GhtzWnJNJTyuMuC4IL3iYPU%26amp%3Bsig%3DAOD64_2_WERokHL1AWEPAxigbsK32JKR3Q%26amp%3Bclient%3Dca-pub-2694630391511205%26amp%3Badurl%3Dhttp%3A%2F%2Fmy.monsterindia.com%2Fcreate_account.html%253Fspl%253DG_InfoTech-ContentDataEntry%2526WT.srch%253D1%2526WT.mc_n%253Dolm_sk_Google_Search_paidhttp://www.duke.edu/~charvey/http://financial-dictionary.thefreedictionary.com/Profit+marginhttp://financial-dictionary.thefreedictionary.com/Capital+turnoverhttp://financial-dictionary.thefreedictionary.com/Capital+investmenthttp://financial-dictionary.thefreedictionary.com/Companyhttp://financial-dictionary.thefreedictionary.com/Net+worthhttp://financial-dictionary.thefreedictionary.com/Equityhttp://financial-dictionary.thefreedictionary.com/Stockholderhttp://financial-dictionary.thefreedictionary.com/Sale


14/15

nventory conversion period reports us about the average time to convert our total inventory intosales. It is relationship between total days in year andinventory turnover ratio. In other words, itmeasures the length of time on average between the acquisition and sale of merchandise. We cancalculate it with following formula.

For example, inventory turnover ratio is 10 times of average stock at cost. Its inventory conversion

period will be

= 365/ 10 = 37 days. It means, the inventory has been disposed off or sold on an average in 37

days.

Interpretation of Inventory Conversion Period

1. Less inventory conversion period is better because more fastly, we will convert our inventory into

sales, there will be less chance of obsolescence and paying of over-stocking cost.

2. Inventory conversion period is the part ofcash conversion cycle. If this period is very high, it will

increase the time to complete the cash conversion cycle. It means, there will be more liquidity risk in

that level of inventory.

3. After addingaverage collection period and deducting average payment period, we can take good

decision relating to inventory level. Following example will explain its importance in simple way.
http://www.svtuition.org/2011/10/inventory-turnover-ratio.htmlhttp://www.svtuition.org/2011/10/inventory-turnover-ratio.htmlhttp://www.svtuition.org/2011/10/inventory-turnover-ratio.htmlhttp://en.wikipedia.org/wiki/Cash_conversion_cyclehttp://en.wikipedia.org/wiki/Cash_conversion_cyclehttp://en.wikipedia.org/wiki/Cash_conversion_cyclehttp://www.svtuition.org/2008/11/importance-of-calculating-average.htmlhttp://www.svtuition.org/2008/11/importance-of-calculating-average.htmlhttp://4.bp.blogspot.com/-8zjditg_F20/Tr0a5kIxAPI/AAAAAAAAHDA/gjpbhdBv6CU/s1600/pics+inventory+turnover+ratio.PNGhttp://www.svtuition.org/2008/11/importance-of-calculating-average.htmlhttp://en.wikipedia.org/wiki/Cash_conversion_cyclehttp://www.svtuition.org/2011/10/inventory-turnover-ratio.html


15/15

nventory Turnover Ratio interpretationInventory Turnover Ratio is one of the efficiency ratios and measures the number of times, on

average, the inventory is sold and replaced during the fiscal year. Inventory Turnover Ratio formula is:

Inventory Turnover Ratio measures company's efficiency in turning its inventory into sales. Itspurpose is to measure the liquidity of the inventory.

Inventory Turnover Ratio is figured as "turnover times". Average inventory should be used forinventory level to minimize the effect of seasonality.

This ratio should be compared against industry averages.A low inventory turnover ratio is a signal of inefficiency, since inventory usually has a rate of

return of zero. It also implies either poor sales or excess inventory. A low turnover rate can indicate poorliquidity, possible overstocking, and obsolescence, but it may also reflect a planned inventory buildup inthe case of material shortages or in anticipation of rapidly rising prices.

A high inventory turnover ratio implies either strong sales or ineffective buying (the companybuys too often in small quantities, therefore the buying price is higher).A high inventory turnover ratio canindicate better liquidity, but it can also indicate a shortage or inadequate inventory levels, which may lead

to a loss in business.High inventory levels are usual unhealthy because they represent an investment with a rate of

return of zero. It also opens the company up to trouble if the prices begin to fall.A good rule of thumb is that if inventory turnover ratio multiply by gross profit margin (in

percentage) is 100 percent or higher, then the average inventory is not too high.

Related resources

ratios defination

Documents