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FinancialAccounting2015.3.15TextbookAccounting(the9th):FinancialChaptersC.T.Horngren,2013ThisisUS-basedaccountingbook.Assessment(考核)Homework:20%(includingattendance10%)MidExam:30%(coveringchapter1-6)FinalExam:50%Thealltestsareopen!Chapter1AccountingandtheBusinessEnvironmentLearningObjectivesDefineaccountingvocabularyDefinetheusersoffinancialinformationDescribetheaccountingprofessionandtheorganizationsthatgovernitIdentifythedifferenttypesofbusinessorganizationsLearningObjectivesApplyaccountingconceptsandprinciplesDescribetheaccountingequation,anddefineassets,liabilities,andequityUsetheaccountingequationtoanalyzetransactionsPreparefinancialstatementsUsefinancialstatementstoevaluatebusinessperformance1DefineaccountingvocabularyWHATISACCOUNTINGAccounting(会计)
isaninformationsystemthatidentifies(确认),records(记录),andcommunicates
theeconomicevents(transactions)ofanorganizationtointerestedusers.THEACCOUNTINGPROCESSIdentificationSelecteconomicevents(transactions)RecordingRecord,classifysummarizeAccountingReportsSOFTBYTEAnnualReportPrepareaccountingreportsAnalyzeandinterpretforusersCommunicationWHATISACCOUNTINGTheinformationsystemthatMeasuresbusinessactivityProcessesthedataintoreportsCommunicatestheresultstodecisionmakersPresentsinformationinmonetarytermsAccountingshouldconsidertheneedoftheusersoffinancialinformation.
Whoneedsaccountinginformation?2DefinetheusersoffinancialinformationUSERSOFACCOUNTINGInternalUsers内部使用者MarketingmanagersProductionsupervisorsFinancedirectorsCompanyofficersInternalreportsQuestionsaskedbyinternalusersIscashsufficienttopaybillsCanweaffordtogiveemployeepayraisesthisyearWhatisthecostofmanufacturingeachunitofproductWhichproductlineisthemostprofitableUSERSOFACCOUNTINGExternalUsers外部使用者InvestorsCreditors债权人TaxDepartmentCustomersLaborunionsQuestionsaskedbyexternalusersIsthecompanyearningsatisfactorye?HowdoesthecompanycompareinsizeandprofitabilitywithitscompetitorsWillthecompanybeabletopayitsdebtsastheycomedue?TwofieldsofaccountingFinancialAccounting(财务会计)Providesinformationforexternaldecisionmakers.Investors投资者Creditors债权人TaxingDepartmentCompetitionSuppliersTwofieldsofaccountingManagerialAccounting(管理会计)Focusesoninformationforinternaldecisionmakers。ManagersBusinessOwners3DescribetheaccountingprofessionandtheorganizationsthatgovernitAccountingProfessionCareerwithmanyopportunitiesCertifiedPublicAccountants(CPAs注册会计师)PassqualifyingexamMeeteducationand/orexperiencerequirementsAccountingProfessionCertifiedPublicAccountants,orCPAsLicensedprofessionalaccountantswhoservethegeneralpublicCertifiedManagementAccountants,orCMAsCertifiedprofessionalswhoworkforasinglecompany.THEACCOUNTINGPROFESSIONInpublicaccounting,youwouldofferexpertservicetothegeneralpublicAreasofpublicaccountingAuditing审计Taxation税务Managementconsulting管理咨询Junioraccountant2-4yearsSenioraccountant6-8yearsManager10yearsPartner合伙人THEACCOUNTINGPROFESSIONInprivateaccounting,youwouldbeinvolvedinoneofthefollowingactivities:Generalaccounting一般会计Costaccounting成本会计Budgeting预算AccountinginformationsystemsTaxaccounting税务会计Internalauditing
内部审计Junioraccountant2-4yearsSenioraccountant6-8yearsController10yearsCFO(ChiefFinancialOfficer)THEACCOUNTINGPROFESSIONNot-forprofitorganizations
alsoneedsoundfinancialreportingandcontrol.Donorswantinformationabouthowwelltheorganizationhasmetitsobjectivesandwhethercontinuedsupportisjustified.Hospitalsandcollegesmustmakedecisionsabouttheallocationoffunds.Governmentalunitsmustprovideinformationtocitizens,employees,creditorsandlegislatorsGoverningOrganizationsFASBFinancialAccountingStandardsBoardAprivatelyfundedorganization,formulatesaccountingstandards.SECSecuritiesandExchangeCommissionU.S.governmentalagencythatoverseesU.S.financialmarkets.AICPAAmericanInstituteofCertifiedPublicAccountantsPrivateorganizationofpublicaccountantsGAAPGenerallyAcceptedAccountingPrinciplesMainU.S.accountingrulebookIASBInternationalAccountingStandardsBoardPublishestheInternationalFinancialReportingStandards,theinternationalaccountingrulebookEthicsinaccountingandbusinessInvestorsandcreditorswantreliablefinancialinformationCompanieswanttoattractinvestorsAudit审计SEC(美国证监会)requirescompaniestohavefinancialstatementsexaminedbyindependentaccountantsAuditorswillprovideanopiniononfinancialstatements,ifpossibleAudit审计RecentaccountingscandalshurtinvestorconfidenceU.S.GovernmentpassedtheSarbanes-OxleyAct(SOX)CriminaloffensetofalsifyfinancialstatementsAlsocreatedthePublicCompaniesAccountingOversightBoard(PCAOB)WatchdogofaccountingprofessionStandardsofprofessionalconductAICPACodeofProfessionalConductGuidesCPASintheirworkIMAStandardsofEthicalConductSetsstandardsforprivateaccountants4Identifythedifferenttypes
ofbusinessorganizationsTypesofbusinessorganizationProprietorship独资企业Partnership合伙企业Corporation股份公司LLP有限合伙LLC有限公司Not-for-Profit非盈利组织ComparisonofbusinessformsProprietorshipPartnersCorporationLLC,LLPNot-for-ProfitOwnersProprietor:OneOwnerPartners:TwoormoreStockholders:usuallymanyMembersNoneLifeofOrganizationLimitedbyowner'schoiceordeathLimitedbyowner’schoiceordeathIndefiniteIndefiniteIndefiniteLiabilityofownersforbusinessdebtsProprietor:OwnerispersonallyliablePartnersarepersonallyliableStockholdersnotpersonallyliableMembersarenotpersonallyliableFiduciaryliabilityofboardmembers5thedistinguishingcharacteristicsandorganizationofaproprietorshipProprietorshipcharacteristicsSeparateLegalEntityDistinctfromownersNoContinuousLife/TransferabilityofOwnershipThelifeofbusinessislimitedbytheowner’schoiceortheowner’sdeathUnlimitedLiabilityofOwnerOwnerhasunlimitedliabilityforthebusiness’sdebtsProprietorshipcharacteristicsUnificationofOwnershipandManagementOwnersmanagethebusinessBusinessTaxationNotaseparatetaxableentityIncomeflowsdirectlytothesoleowner’staxreturn,whereheorshepaysself-employmentandincometaxGovernmentRegulationMinimalregulationisanadvantagesPartnershipJoinstwoormoreindividualasco-owners.Eachownerisapartner.ProfessionalorganizationssuchlegalfirmGenerallysmallormedium-sizedAccountingtreatspartnershipasaseparateorganization,distinctfrompartners.Fromalegalpoint,apartnershipisthepartners.PartnershipWhataresomeadvantagesbettercreditstanding–possiblymorebrainpower,butconsultationwithpartnersrequiredWhataresomedisadvantagesunlimitedpersonalliabilityforgeneralpartnersneedforwrittenpartnershipagreementOrganizationofcorporationIncorporatorsobtaincharterfromthestateCharterauthorizescorporationto:IssuestockConductbusinessinaccordancewithstatelawIncorporatorsagreedtoasetofbylawsBylawsaretherulebookthatguidesthecorporation.CorporationsbeginstoexistwhenstockisissuedStockholdersvoteonwhowillserveonBoardofDirectorsOrganizationofcorporationWhataresomeadvantagesseparatelegalexistencelimitedliabilityofstockholderstransferabilityofownershiprelativelyeasyWhataresomedisadvantagesTaxes:possibledoubletaxationextensivegovernmentalregulationStructureofcorporation6ApplyaccountingconceptsandprinciplesGAAPGenerallyAcceptedAccountingPrinciples(一般公认的会计原则)AsetofstandardsgenerallyacceptedanduniversallypracticedbyaccountantsIndicateshoweconomiceventsarereportedDifferentnationswouldhavedifferentGAAP,example,ChineseGAAPGAAPInUS,thefollowingorganizationsrelatetotheregulationofaccounting.
FASB:formulatesaccountingstandardsSEC:regulatesecuritymarketsAICPA:regulateCertifiedPublicAccountantsIMA:regulateCertifiedManagementAccountantsTherulesthatgovernpublicaccountinginformationarecalledGenerallyAcceptedAccountingPrinciplesPrivateSector(FASB)PrivateSector(AICPA)(IMA)GAAPPublicSector(SEC)Accountingconcept(assumption)Accountingentity(会计主体假设):anorganizationthatstandsapartasaseparateunit.AllactivitiesofanentityarekeptseparatefromtheactivitiesofitsownersandothereconomicentitiesEntitydecidesboundary
ofaccountingAccountingconcept(assumption)会计假设Jeffobtained$5000fromthebankloantostartFollowingtheentityconcept,Jeffwouldaccountforthe$5000separatelyfromhispersonalassetsJeff
StablemonetaryunitconceptOnlytransactiondatathatcanbeexpressedintermsofmoneyisincludedintheaccountingrecordsTheunitofmeasureisassumedtoremainconstantinvalue(稳定货币单位假设)Thedollar’spurchasingpower
isrelativelystableThisallowsustoaddandsubtractdollaramountsaseachdollarhasthesamepurchasingpowerasanyotherdollaratanytimeGoing-concernconceptGoing-concernconcept(持续经营假设):assumetheentitywillremaininoperationfortheforeseeablefuture.Undertheconcept,accountantsassumethatthebusinesswillremaininoperationlongenoughtouseexistingresourcesfortheirintendedpurposeAccountingprinciple会计原则Costprinciple(成本原则):acquiredassetsandservicesshouldberecordedattheiractualcost(historicalcost).Theaccountingrecordsshouldcontinuereportingthehistoricalcostofanassetoveritsusefullife.Costisreliable,objectivelymeasured,andcanbeverifiedAccountingprinciple会计原则Faithfulrepresentationprinciple(公允披露原则):faithfullyrepresentsthemeasurementordescriptionofdata.Thedataarecomplete,neutral,andfreefrommaterialerror.7Describetheaccountingequation,anddefineassets,liabilities,andequityAccountingEquationASSETS资产LIABILITIES负债EQUITY权益EconomicResourcesClaimstoEconomicResourcesAssets资产EconomicresourcesownedbyabusinessBenefitthebusinessinthefutureExamples:CashAccountsreceivable应收账款Merchandiseinventory存货FurnitureLandAssetsSomeassetsaretangible:computer,cashSomeassetsareintangible:trademark,patentsIsreputationanasset?Liabilities负债Liabilities
areclaimsagainstassets.Theyaresomethingthebusinessowes.TheyareexistingdebtsandobligationsMostclaimsofcreditorsattachtototalenterpriseassetsratherthantothespecificassetsprovidedbythecreditorExamples:Accountspayable应付账款BankloansMortgagesEquity权益Owner’sclaimstotheassetsofthebusinessEquityequalswhatisowned(assets)minuswhatisowed(liabilities).Itisthebusinessnetworth,alsoreferredtoasresidualequity(剩余权益)E=A–LEquityTheequityofasoleproprietorshipiscalledowner’sequity(所有者权益),alsocalledcapital.Therearetwogeneralcategoriesofcapital:contributedcapital:ownerinvestscapitalintobusiness.earnedcapital:earnedbye-producingactivitiesandretainedforuseinthebusinessEquityThreeitemsmakeupthebalanceinearnedcapital:Revenues收入Expenses费用Drawing提取RevenuesAmountsearnedbydeliveringgoodsorservicestocustomersSalesrevenue销售收入Servicerevenue服务收入Interestrevenue利息收入Dividendrevenue股息收入RevenuesRevenuesresultfromsalesofmerchandise,performanceofservices,rentalofproperty,orlendingofmoneyRevenuesusuallyresultinanincreaseinanassetexpensesExpensesarethedecreasesinequitythatresultfromoperatingthebusinessTheyarethecostofassetsconsumedorservicesusedintheprocessofearningrevenueexpensesOutflowsofassetsorincreasingliabilitiesinthecourseofdeliveringgoodsorservicestocustomersRentexpenseSalaryexpenseAdvertisingexpenseUtilitiesexpenseInterestexpensePropertytaxexpenseRevenues&ExpensesRevenues–Expenses=e利润DrawingDrawing:distributionsofcapitaltoowners.DrawingsarenotexpensesDrawingBeginningcapital100,000+ownerinvestment50,000+netincome200,000-drawing(80,000)Endingcapital270,000INCREASES&DECREASESEQUITYOwner’sequityInvestmentsRevenuesDrawingExpensesIncreasesDecreases
Howtousemoney
Howtogetmoney
Assets
Liabilities+EquitiesUsetheaccountingequationtoanalyzetransactions718Transaction业务Transactions
aretheeconomiceventsoftheenterpriseEverytransaction
musthaveadualeffectontheaccountingequation.Ifanassetisincreased,theremustbeacorresponding:Decreaseinanotherasset,orIncreaseinaliability,orIncreaseinequityAssets=Liabilities+EquityCashin1000Cashin2000Cashout800Cashin5000Bankloan2000Investment5000Expense800Sales1000TransactionAneventthataffectsthefinancialpositionofthebusinessCanbemeasuredreliablyEverytransactionimpactsatleasttwoitemsTheaccountingequationbalancesbeforeandaftereachtransactionTransaction1startingbusinessSheenastartsthenewbusinessasaproprietorshipnamedSmartTouchLearning.Thebusinessreceives$30,000cashfromtheowner。Assets
=L+O/EtypeoftransactionCashLandSuppliesAR
APCapital
30000
=
30000investment
Transaction2purchaseoflandThebusinesspurchaseslandforanoffice,payingcash$20,000.Assets
=L+O/EtypeoftransactionCashLandSuppliesAR
APCapital
30000
=
30000investment-2000020000
1000020000
=
30000
Transaction3purchaseofsuppliesThebusinessbuysofficesuppliesonaccount,agreeingtopay$500within30days.Assets
=L+O/EtypeoftransactionCashLandSuppliesAR
APCapital
30000
=
30000investment-2000020000
1000020000
=
30000
500
500
1000020000500
=50030000
Transaction4earningofservicerevenueThebusinessearns$5500ofrevenueandcollectsthisamountincash.Assets
=L+O/EtypeoftransactionCashLandSuppliesAR
APCapital
30000
=
30000investment-2000020000
1000020000
=
30000
500
500
1000020000500
=50030000
5500
5500revenue1550020000500
=50035500
Transaction5earningofrevenueonaccountThebusinessperformsaserviceforclients.Thecustomerpromisedtopay$3000withinonemonth.Assets
=L+O/EtypeoftransactionCashLandSuppliesAR
APCapital
30000
=
30000investment-2000020000
1000020000
=
30000
500
500
1000020000500
=50030000
5500
5500revenue1550020000500
=50035500
3000
3000revenue15500200005003000
=50038500
Transaction6paymentofexpensesThebusinesspays$3300incashexpenses:rentoncomputer$600,rentforoffice$1100,salary$1200,utilities$400.Assets
=L+O/EtypeoftransactionCashLandSuppliesAR
APCapital
30000
=
30000investment-2000020000
1000020000
=
30000
500
500
1000020000500
=50030000
5500
5500revenue1550020000500
=50035500
3000
3000revenue15500200005003000
=50038500
-600
-600expense-1100
-1100expense-1200
-1200expense-400
-400expense12200200005003000
=50035200
Transaction7paymentonaccountThebusinesspays$300tothestorefromwhichitpurchasedsuppliesintransaction3.Assets
=L+O/EtypeoftransactionCashLandSuppliesAR
APCapital
30000
=
30000investment-2000020000
1000020000
=
30000
500
500
1000020000500
=50030000
5500
5500revenue1550020000500
=50035500
3000
3000revenue15500200005003000
=50038500
-600
-600expense-1100
-1100expense-1200
-1200expense-400
-400expense12200200005003000
=50035200
-300
-300
11900200005003000
=20035200
Transaction9collectiononaccountTheclientpaysback$1000forserviceperformedintransaction5.Assets
=L+O/EtypeoftransactionCashLandSuppliesAR
APCapital
15500200005003000
=50038500
-600
-600expense-1100
-1100expense-1200
-1200expense-400
-400expense12200200005003000
=50035200
-300
-300
11900200005003000
=20035200
1000
-1000
12900200005002000
=20035200
Transaction10saleoflandThebusinesssellssomeland.Thesalepriceof$9000isequaltothecostoftheland.Assets
=L+O/EtypeoftransactionCashLandSuppliesAR
APCapital
15500200005003000
=50038500
-600
-600expense-1100
-1100expense-1200
-1200expense-400
-400expense12200200005003000
=50035200
-300
-300
11900200005003000
=20035200
1000
-1000
12900200005002000
=20035200
9000-9000
21900110005002000
20035200
Transaction11ownerdrawingcashTheownerwithdraws$2000cashfromthebusiness.
Assets
=L+O/ETypeoftransactionCashLandSuppliesAR
APCapital
12200200005003000
=50035200
-300
-300
11900200005003000
=20035200
1000
-1000
12900200005002000
=20035200
9000-9000
21900110005002000
=20035200
-2000
-2000drawing19900110005002000
=20033200
Preparefinancialstatements959Financialstatements财务报表Afteralltransactionsfortheperiodarerecorded,financialdataissummarized,andthatsummarydataisusedtogeneratethebasicfinancialstatementseStatement利润表Statementofowners’Equity权益表BalanceSheet资产负债表StatementofCashFlows现金流量表estatementestatement(statementofearnings,statementofoperations):summaryofanentity’srevenuesandexpensesforspecificperiodoftime.Nete=revenues–expensesStatementofowner’sequityStatementofowner’sequity:showsthechangesinowner’sequityduringaspecifictimeperiodBalanceSheetBalancesheet:listalltheentity’sassets,liabilitiesandequityasofaspecificdateStatementofcashflowStatementofcashflows:reportsthecashcominginandcashgoingoutduringaperiodPreparingtheFinancialStatements101e
StatementStatementofOwner’sEquityBalance
SheetStatementof
CashFlowsSmartTouchLearningeStatementMonthendedApril30,2013Revenue:
servicerevenue
8500Expenses:
salaryexpense1200
rentexpense,office1100
rentputer600
utilitiesexpense400
totalexpenses
3300
Nete
5200SmartTouchLearningstatementofequitymonthendedApril30,2013Beginningcapital30,000Plus:nete5200Less:drawing-2000endingcapital33,200SmartTouchLearningBalanceSheet30-Apr-13
Assets
Liabilities
cash19900accountspayable200accountsreceivable2000equity
supplies500
land11000capital33200
totalassets33400totalL&E33400cashflowfromoperationactivities
receipts:
collectionfromcustomer
6500payments:
tosuppliers(600+400+300)-2400
toemploye
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