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Accounting会计英语教程和训练Accounting会计英语教程和训练1ObjectivesoftheCourseDevelopknowledgeandunderstandingoftheunderlyingprinciples,conceptsandregulationsrelatingtofinancialaccounting
ImprovetechnicalproficiencyintheuseofdoubleentrytechniquesObjectivesoftheCourseDevelo2LearningresourcesTextbook《会计英语》第四版,叶建芳孙红星,上海财经大学出版社ReferencesFundamentalAccountingPrinciples.(19thEdition)byJohnJ.Wild,KenW.Shaw,andBarbaraChiappettaLearningresourcesTextbook3AssessmentoftheCoursePartA:Classperformance:20%ClassAttendance10%ClassActivities10%PartB:Mid-termExamination:30%PartC:FinalExamination:50%AssessmentoftheCoursePartA4Chapter1IntroductiontoAccountingChapter1IntroductiontoAccou5ContentsWhatisaccountingAccountinganditsprofessionTypesofbusinessownershipGenerallyacceptedaccountingprinciplesFinancialstatements&accountingelementsAccountingequationProfessionalethicsinaccounting
ContentsWhatisaccounting6Whatisaccounting
Accountingistheprocessofidentifying,measuring,andcommunicatingeconomicinformationtovarioususers.--AmericanAccountingAssociationAAA,1966Accountingisaninformationandmeasurementsystemthatidentifies,records,andcommunicatesrelevant,reliable,andcomparableinformationaboutanorganization’sbusinessactivities.Whatisaccounting
Accountin7UsersofAccountingInformationUsersofAccountingInformatio8UsersofAccountingInformationManagers:makeplanningandcontroldecisionsShareholders:makefurtherinvestmentdecisionsLenders:evaluatethecredibilityofthebusinesstomakedecisionsonprovidingfinancetothebusinessCustomers:ensurethequalityofgoodsorserviceGovernment:knowtheresourceallocationinthewholeeconomyTaxauthorities:maketaxassessmentUsersofAccountingInformatio9TheaccountingprofessionTheaccountingprofession10Theaccountingprofessionprivateaccounting:employeesworkingforbusinesses.Publicaccountingauditingandtaxadvicetoavastrangeofbusinesses.governmentaccountingbusinessregulationandinvestigationoflawviolationsTheaccountingprofessionpriva11TheaccountingprofessionProfessionalorganizationsofaccountantsAmericanInstituteofCertifiedPublicAccounts(AICPA)ChineseInstituteofCertifiedPublicAccounts(CICPA)AssociationofCharteredCertifiedAccountants(ACCA)AssociationofInternationalAccountants(AIA)
TheaccountingprofessionProfe12TypesofBusinessownershipTypesofBusinessPrimaryindustry:Agricultural,ruralandminingSecondaryindustry:manufacturingandgeneralprocessingofrawmaterialsTertiaryindustry:tradingandserviceTrading:Wholesale,RetailService:Accountant,Architect,BankerTypesofBusinessownershipTyp13TypesofBusinessownershipSoletraders(Proprietorship)Formedandownedbyasingleperson(proprietor,业主),whoalsomanagesthebusinessItisanaccountingentitybutnotalegalentityInlaw,theproprietorislegallyresponsibleforthebusiness.Inaccounting,transactionsoftheproprietorshipareaccountedforseparatelyfromtheowner’sprivateaffairsUnlimitedliabilities:Theproprietorisresponsibleforalldebtsbythebusiness.Thelifeofproprietorshipendswhentheownereithersells/closesdownthebusinessorattheowner’sdeathorincapacity.TypesofBusinessownershipSol14TypesofBusinessownershipPartnershipSimilartoProprietorshipexceptthattherearetwoormoreownerswhojointlyownthebusinessinpredeterminedproportions.ItbringstogethertheresourcesandtalentsoftwoormorepeopleUnlimitedliability:EachpartnerispersonallyliableforallthedebtsofthepartnershipPartnerssharealltheprofitsandbearalllossesaccordingtothetermsofthepartnershipagreementApartnershipisterminatedwhenownershipchangesthroughtheretirementordeathofapartnerTypesofBusinessownershipPar15TypesofBusinessownershipCorporationAcompanyisanartificialbodycreatedthroughlawandownedbyshareholdersAcompanyisaseparatelegalentityandisabletoconductbusinessinthecompany’snamePerpetualsuccession:itsexistenceisunaffectedbychangesintheownershipofsharesinthecompanyManagementandownershipareusuallyseparatedABoardofDirectorsiselectedtorunthebusinessonbehalfoftheshareholdersTypesofBusinessownershipCor16Comparisonofthethreebusinessforms
ProprietorshipPartnershipCorporationOwnersProprietor—oneownerPartners—twoormoreownersShareholders—manyownersLifeofentitylimitedbyowner'schoiceordeathlimitedbyowners'choiceordeathIndefinitePersonalliabilityofowner(s)forbusinessdebtsProprietorispersonallyliablePartnershiparepersonallyliableShareholdersarenotpersonallyliableComparisonofthethreebusine17Advantages&Disadvantages
AdvantagesDisadvantagesProprietorshipManagementandownershipbythesamepersonUnlimitedliabilityforalldebtsSubjecttolessstrictgovernmentregulationsUnsecuredfinancemaybedifficulttoobtainPartnershipGreateropportunitybecauseofcombinedexpertiseUnlimitedliabilityforalldebtsGreaterAccesstocapitalPossibledisputesbetweenpartnersSubjecttolessstrictgovernmentregulationsPartnershiphastobereformedeachtimethereisachangeinthecompositionofpartnersCorporationLimitedliabilitiesofshareholdersHighestablishmentcostsPerpetualsuccessionSubjecttostrictgovernmentregulation
Easieraccesstofinance
Advantages&DisadvantagesAdv18GenerallyAcceptedAccountingPrinciplesFinancialaccountingpracticeisgovernedbyconceptsandrulesknownasgenerallyacceptedaccountingprinciples(GAAP).GAAPaimstomakeinformationinfinancialstatementsrelevant,reliable,andcomparable.Relevantinformationaffectsthedecisionsofitsusers.Reliableinformationistrustedbyusers.Comparableinformationishelpfulincontrastingorganizations.GenerallyAcceptedAccounting19GenerallyAcceptedAccountingPrinciplesRevenueRecognitionMatchingFullDisclosureConsistencyMaterialityConservatismBusinessentityObjectivityCostGoingConcernMonetaryUnitTimePeriodGenerallyAcceptedAccounting20BasicAccountingPrinciplesBusinessEntityPrinciple(会计主体)AbusinessentityisanorganizationorsectionoforganizationthatstandsapartasaseparateeconomicunitThebusinessisconsideredseparateanddistinctfromtheowner(s)ofthebusinessTransactionsarerecordedfromthepointofviewofbusiness,notfromtheowner(s)oranyotherbusinessBasicAccountingPrinciplesBus21BasicAccountingPrinciplesObjectivityPrinciple(客观性)Accountingshouldbeobjectiveorunbiased.AccountinginformationshouldbefreefrombiasandpersonaljudgmentAccountingrecordsarebasedoninformationthatflowsfromactivitiesdocumentedbyobjectiveevidence(invoice,receipts,etc)ratherthanonsubjectivejudgments.Supposeyouwanttobuyasmallbuilding.Youbelieveitisworth$155000,tworealestateprofessionalsappraiseitat$147000.Theownerdemands$160000andyoupaythatprice.Whatpriceshouldberecordedbytheobjectivityprinciple?$160000Theobjectiveevidenceofacompletedtransactionsupportsthepriceof$160000BasicAccountingPrinciplesObj22BasicAccountingPrinciplesCostPrinciple(成本原则)Accountinginformationisbasedonactualcost(withapotentialforsubsequentadjustmentstomarket)Costismeasuredonacashorequal-to-cashbasis.Implicitassumption:Stable-monetary-unit(币值稳定),thedollar’spurchasingpowerisrelativelystableAcompanyboughtancarat$100,000oneyearago,andnowthepricedropsandthecarcanbesoldfor$80,000.Whatshouldbetheaccountingvalueofthecaroneyearagoandwhatisnow?Oneyearago:$100000Now:$100000BasicAccountingPrinciplesCos23BasicAccountingPrinciplesGoingConcernPrinciple(持续经营)Thebusinessisassumedtocontinueoperatinginsteadofbeingclosedorsold.CostsarespreadintothefutureforaslongastheassetwillbeusedinthebusinessAssetsarereportedatcostinsteadofliquidationvaluesthatassumeclosure.BasicAccountingPrinciplesGoi24BasicAccountingPrinciplesMonetary
UnitPrinciple(货币计量)TransactionsmustberecordedbasedincommonunitsofmoneyItisalsoassumedthattheunitofmoneyisstablesothatinflationaryordeflationarytrendsarenotadjustedfor;theoriginalamountsrecordedstand.BasicAccountingPrinciplesMon25BasicAccountingPrinciplesTimePeriodPrinciple(会计分期)Thelifeofacompanycanbedividedintoequaltimeperiods,andfinancialreportsarepreparedforthoseperiods.ThetimeperiodscoveredbyfinancialreportsarecalledaccountingperiodsAncompanyusuallyusesoneyearasitsprimaryaccountingperiod.Periodicreportsatregularintervalsensuresthatdecisionmakersobtaintimelyinformation.BasicAccountingPrinciplesTim26BasicAccountingPrinciplesRevenueRecognitionPrinciple(收入确认)Revenueisrecognizedwhenearnedregardlessofwhen
cashisreceived.Revenue
isrecordedwhenearned.Theearningsprocessiscompletewhenservicesareperformedorasellertransfersownershipofproductstothebuyer.Proceedsfromsellingproductsandservicesneednotbeincash,e.g.creditsales.Revenueismeasuredbythecashreceivedplusthecashvalueofanyotheritemsreceived.BasicAccountingPrinciplesRev27BasicAccountingPrinciplesMatchingPrinciple(配比)Accountingreportsshouldmatchagainstrevenueofallthecost(expenses)incurredinearningthatrevenueregardlessofwhentheyarepaidExpensesshouldbereportedinthesameaccountingperiodasrevenuesthatwereearnedasaresultofthoseexpenses.AclientpaysAir&Sea$900onMarch15forservicetobeperformedfromApril1toJune30.HasAir&SeaearnedrevenueonMarch15?Air&Seapays$4500onJuly31forofficerentforthenext3months.HasthecompanyincurredexpenseonJuly31?BasicAccountingPrinciplesMat28BasicAccountingPrinciplesFullDisclosurePrinciple(充分披露)Financialstatementsandtheiraccompanyingnotesincludeallrelevantinformationabouttheoperations,financialpositionoftheentity.Allmaterialandrelevantinformationshouldbecommunicatedtousersinfinancialreports.Abusinessmightbeinvolvedinlitigation,thecontingent(possible)liabilitymustbedisclosed,asitssuppressioncouldmateriallyaffectinvestmentdecisionsbyusersBasicAccountingPrinciplesFul29BasicAccountingPrinciplesConsistencyPrinciple(一致性)AbusinessshouldusethesameaccountingmethodsandproceduresfromperiodtoperiodAnaccountingmethodonceadoptedshouldnotbechangedduringanaccountingperiod.ConsistencyhelpstoseethetrendsinfinancialpositionandmakecomparisonsuncloudedbychangesinaccountingmethodAsignificantchangeanditsmonetaryeffectmustbefullydisclosedinthefinancialreportsBasicAccountingPrinciplesCon30BasicAccountingPrinciplesMaterialityPrinciple(重要性)ThereshouldbedisclosureofanyinformationwhichislikelytoinfluenceanydecisionbasedontheaccountingreportsAnamountmaybeignorediftheireffectsonthefinancialstatementsisnotimportanttousers.InformationismaterialifitsomissionormisstatementcouldinfluencetheeconomicdecisionsofuserstakenonthebasisofthefinancialstatementsContextmatters:whatisrelevanttoasmallshopmightbeimmaterialtoamajorcorporationBasicAccountingPrinciplesMat31BasicAccountingPrinciplesConservatismPrinciple(谨慎)Theleastoptimisticestimateshouldbeselectediftwoormorealternativesareavailable.Prudenceistobeusedwhenjudgmentsorestimatesareunavoidable.Whenriskoruncertaintyexists,thepreferenceforpossibleaccountingmeasurementerrorsshouldbeinthedirectionofunderstatementratherthanoverstatementofassetsandincome.BasicAccountingPrinciplesCon32FinancialStatementsBalancesheet(Statementoffinancialposition)IncomestatementStatementofcashflowsStatementofOwner’sEquityFinancialStatementsBalancesh33BalanceSheet(资产负债表)BalanceSheet:alistofallassetsownedandalltheliabilitiesowedbyabusinessataspecificpointintime.Assets:(资产)
resourcescontrolledbyanentityasaresultofpasteventsandfromwhichfutureeconomicbenefitsareexpectedtoflowtotheentityTangibleassetsandintangibleassetsCurrentassetsandnon-currentassetsLiabilities(负债):creditors’claimsonassets.Presentobligationsoftheentityarisingfrompastevents,thesettlementofwhichis
expectedtoresultinanoutflowfromtheentityofresourcesembodyingeconomicbenefits.Equity(权益):owner’sclaimonassets.Itistheamountsinvestedinabusinessbytheowner.equity
=assets-liabilities
BalanceSheet(资产负债表)BalanceS34IncomeStatement(利润表)Incomestatementisarecordofincomegeneratedandexpenditureincurredoveragivenperiod.ShowswhetherthebusinesshasaprofitorlossoveraperiodRevenue(收入):theincomegeneratedbythebusinessforaperiod.increasesineconomicbenefitsduringtheaccountingperiodintheformofinflowsorenhancementsofassetsordecreasesofliabilitiesthatresultinincreasesinequity,otherthanthoserelatingtocontributionsfromequityparticipants.IncomeStatement(利润表)Incomest35IncomeStatementExpenses(费用)arethecostsofrunningthebusinessforthesameperiod.decreasesineconomicbenefitsduringtheaccountingperiodintheformofoutflowsordepletionsofassetsorincurringofliabilitiesthatresultindecreasesinequity,otherthanthoserelatingtodistributionstoequityparticipants.Netprofit/Netincome:theexcessofrevenuesoverexpensesforthattimeNetLoss:theexcessofexpensesoverrevenuesforthattimeIncomeStatementExpenses(费用)a36StatementofOwner’sEquity(所有者权益表)
Thestatementofowner’sequity(statementofretainedearnings)
reportsinformationabouthowequitychangesoverthereportingperiod.Thestatementofowner’sequitylists:beginningcapitaleventsthatincreaseit:ownerinvestmentsandnetincomeeventsthatdecreaseit:ownerwithdrawals(提取)andnetloss.EndingcapitalEndingcapitaliscarriedoverandreportedonthebalancesheet.StatementofOwner’sEquity(所有37StatementofCashFlows(现金流量表)Statementofcashflowsliststhecashinflowsandoutflowsfromoperatingactivities,investingactivities,andfinancingactivitiesoveraperiod.Operatingactivities:cashflowsrelatedtorevenuesandexpensesofthebusinesstradingInvestingactivities:cashflowsrelatedtoincreasesanddecreasesinthenon-currentassetsFinancingactivities:cashflowsrelatedtothefundingofthebusinessbyownersandlendersStatementofCashFlows(现金流量表)38FinancialStatementsandTheirLinksNetincomeisusedtocomputeequityOwnercapitalisusedtopreparethebalancesheet.Cashfromthebalancesheetisusedtoreconcilethestatementofcashflows.Asingleruledlinedenotesanadditionorsubtraction.Finaltotalsaredoubleunderlined.Negativeamountsareofteninparentheses.FinancialStatementsandTheir39Theaccountingequation(会计等式)Accountingequation
Assets=Liabilities+Owner’sEquityEverytransactionaffectsatleasttwoelementsintheaccountingequation.Theaccountingequationremaininbalanceaftereachtransaction.Owner’sequityisdirectlyaffectedbyrevenues,expenses,owner’scapitalandowner’swithdrawals.TheexpandedaccountingequationTheaccountingequation(会计等式)A40TheAccountingEquationChangesoftwoelementsAnyincrease(decrease)inAssetsmustbeaccompaniedbyacorrespondingincrease(decrease)ineitherLiabilitiesorOwner’sEquityChangeswithinoneelementAnyincrease(decrease)inonetypeofAssets(Liabilities/Owner’sEquity)mustbeaccompaniedbyacorrespondingdecrease(increase)inanothertypeofAssets(Liabilities/Owner’sEquity)IftheAssetsdoesn’tchangeAnyincrease(decrease)inLiabilitiesmustbeaccompaniedbyacorrespondingdecrease(increase)inOwner’sEquityAnyincrease(decrease)inOwner’sEquitymustbeaccompaniedbyacorrespondingdecrease(increase)inLiabilitiesTheAccountingEquationChanges41Stockholders’Equity+10,0001.+10,000CashAccountsReceivableEquipmentAccountsPayableCommonStock++=+1.Stockholdersinvested$10,000cashtostarttherepairshop.Owner’scapitalAssetsLiabilitiesTheaccountingequationBarone’sRepairShopwasstartedonMay.PrepareatabularanalysisofthefollowingtransactionsforthemonthofMay.42Stockholders’Equity+10,0001.++10,0001.+10,0002.Purchasedequipmentfor$5,000cash.-5,0002.+5,000Owner’sCapitalStockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilities43+10,0001.+10,0002.Purchasede+10,0001.+10,0003.Paid$400cashforMayofficerent.-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarningsExpense+44+10,0001.+10,0003.Paid$400c+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,1004.Received$5,100fromcustomersforrepairservice.Revenue+45+10,0001.+10,000-5,0002.+5,000+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,1005.Paiddividendsof$1,000cash.-1,0005.-1,000+46+10,0001.+10,000-5,0002.+5,000+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonStock++=+AssetsLiabilitiesRetainedEarnings+5,1004.+5,100-1,0005.-1,0006.Paidpart-timeemployeesalariesof$2,000.-2,0006.-2,000Expense+47+10,0001.+10,000-5,0002.+5,000+10,0001.+10,000-5,0002.+5,000-4003.-400Stockholders’EquityCashAccountsReceivableEquipmentAccountsPayableCommonSto
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