chapter 1 overview of financial accounting 会计英语 第一章 财务会计总论

1、Chapter I overview of financial accounting1.1 What is accounting information system?悬而未决的问题, 未付费用,未偿债务,未偿贷款,欠税1.2 Who are the users of financial accounting? Why do they need it? (4 users required and at least 1 reason for each of them)1.3 What are the basic assumptions? Explain them clearly.会计责任，问责I

2、dentify which basic assumption of accounting is best described in each item below.(a)The economic activities of FedEx Corporation are divided into 12-month periods for the purpose of issuing annual reports.(b) Solectron Corporation, Inc. does not adjust amounts in its financial statements for the ef

3、fects of inflation.(c) Walgreen Co. reports current and noncurrent classifications in its balance sheet.(d) The economic activities of General Electric and its subsidiaries are merged for accounting and reporting purposes.1.4 What are the basic principles of accounting? Explain them clearly.基准，参照确认收

4、益要求权，索取权本钱计入当期Identify which basic principle of accounting is best described in each item below.(a)Norfolk Southern Corporation reports revenue in its income statement when it is earned instead of when the cash is collected.(b) Yahoo, Inc. recognizes depreciation expense for a machine over the 2-yea

5、r period during which that machine helps the company earn revenue.(c) Oracle Corporation reports information about pending lawsuits in the notes to its financial statements.(d) Eastman Kodak Company reports land on its balance sheet at the amount paid to acquire it, even though the estimated fair ma

6、rket value is greater.1.5 What is accrual-basis accounting?发生发生费用, 产生产生费用1.6 剩余的，剩余的1.7 剩余的，剩余的1.7.2 a. The owner invested cash of $14,000 and office equipment valued at $6,500 into the business and received common stock in exchange.b. Supplies were purchased on account for $1,000.c. Payment of $750

7、 was made for one months rent on the store.d. A client was billed $1,500 for services rendered.e. The company declared and paid a cash dividend of $300.Cash balance and accrual accounting profit Using the following information for Dawns Diving Trips , calculate:1. The cash in bank as at the end of 2

8、0072. The 2007 accrual accounting profit.Cash in bank as at the end of 2006Owing from customers as at the end of 2006(collected in 2007) Cash collected from customers during 2007 for 2007 tripsOwing from customers as at the end of 2007(collected in 2021)Payable to suppliers as at the end of 2006(pai

9、d in 2007)Cash paid to suppliers during 2007 for 2007 expensesPayable to suppliers as at the end of 2007(paid in 2021)Depreciation on diving equipment during 2007Cash used by Dawn for personal purposes during 2007 12 4301 00068 9908501 48036 9102 6503 74028 000LRM Pty Ltd (March 2021)Consider the fo

10、llowing transactions for LRM Pty Ltd for March 2021 :Shareholders invest $200 000 cash in the business.Land and building is purchased for $300 000 which is financed by a loan from the seller repayable in five years.Inventory worth $50 000 is bought on account.Equipment worth $90 000 is purchased , p

11、aying $20 000 cash and signing an agreement to pay the remainder in 90 days.Damaged inventory which was purchased on credit at a cost of $5 000 was returned to the supplier.Paid $30 000 on accounts payable.Purchased $10 000 inventory for cash.Pty Ltd Proprietary Limited 私人promissory note 本票,期票,借据Pro

12、missory bank note 银行本票bill of exchange 汇票Commercial Bill of Exchange 商业汇票 贸易汇票LTM Pty LtdBalance sheetas at 31 March 2021Practice CappuMa nia Pty Ltd (March 2007) Balance sheet as at 31 March 2007Lets see how the following four transactions, all happening on 1 April 2007, are recorded using accountings double-entry method:1. CappuMania pays $500 of its taxes owing.2. CappuMania buys $450 more supplies, paying $100 cash and owing the rest.3. A shareholder is given more shares in return for personally paying $1100 on the equipment loan.4. CappuMania bu