会计英语(课件一)

5
1.2 Forms of Organization
Sole proprietorship
Owned and run by one person; there is no legal distinction between the owner and the business. Owner is personally responsible for business debts.
Partnership
Owned by two or more persons. Partners are personally responsible for all partnership debts.
Corporation (p.7)
Owned by shares of stock. A corporation is a separate legal entity and is responsible for its own debts.
Cash 1. +10,000 2. -5,000
19
3. Paid $400 cash for May office rent. Liabilities Assets Accounts Accounts + Receivable + Equipment = Payable +5,000 -400 Expense Stockholders’ Equity Common Revenue or + Stock + Expenses +10,000
16
An example!
17
1: Barone’s Repair Shop was started in May. Prepare a tabular analysis of the following transactions for the month of May.
1. Stockholders invested $10,000 cash to start the repair shop.
Spring Semester 2012 Andrew S. Yam
1
Final Examination Class Attendance Homework, Quiz & Discussion Participation Total
60% 20% 20% 100%
2
-
Speak Up; Write it Down! Sit in Front of the Classroom, Bring Pen & Paper to Each Class, Bring English Dictionary as possible, Adopt an English Name as possible, English Music Piece of the Week.
14
Fields of Accounting
GAAP – generally accepted accounting principles Financial accounting – recording of events Managerial accounting – planning of events Tax accounting – book to tax adjustments Not-for-profit accounting – public welfares Auditing – review of accounting books & systems
10
Luca Pacioli (1447-1517) - Father of Accounting
Certified Public Accountant
Useful Acronyms
ACCA – Association of Chartered Certified Accountants CFP – Certified Financial Planners CIA – Certified Internal Auditors CMA – Certified Management Accountants TOEFL – Test of English as a Foreign Language GMAT – Graduate Management Admission Test IPO – Initial Public Offering NDF – Non-Deliverable Forward
Cash 1. +10,000 2. -5,000 3. -400 4. +5,100
21
5. Paid employee’s salary of $1,000 cash. Liabilities Assets Accounts Accounts + Receivable + Equipment = Payable +5,000 -400 +5,100 -1,000 Expense Stockholders’ Equity Common Revenue or + Stock + Expenses +10,000
Cash 1. +10,000
Liabilities Assets Accounts Accounts + Receivable + Equipment = Payable
Stockholders’ Equity Common + Stock +10,000 Investment
18
2. Purchased equipment for $5,000 cash. Liabilities Assets Accounts Accounts + Receivable + Equipment = Payable +5,000 Stockholders’ Equity Common + Stock +10,000 Investment
9
1.5 Accounting and its Profession
Luca Pacioli - “double entry”: debits & credits 3 basic types of accountants: Private accountants work for a single employer. Public accountants are available to the public. Government accountants work for municipal, provincial, and federal governments. Professional organizations - AICPA and CICPA: American Institute of Certified Public Accountants
7
1.3 Accounting Concepts & Principles
realization – revenue & expenses should be recorded only when realized matching – relevant revenue & expenses should be matched in the same period full-disclosure – must report all relevant information consistency – adopt same accounting methodologies for each period materiality – measure an amount in relation to overall economic importance, on cost-benefit basis conservatism – better to underestimate than overestimate
6
1.3 Accounting Concepts & Principles
(p15)
separate entity – entity’s accounts should be separated from its owners objectivity – independent, unbiased & verifiable cost principle – transactions recorded on historical cost basis going-concern – business continues its operations monetary unit – one common currency time period – report activities in specified time periods
15
1.6 Accounting Equation
Assets = Liabilities + Equity Net Profit = Income - Expenses Business transactions always affect at least two elements in the accounting equation. After a transaction is recorded, the accounting equation must be in balance.

Cash 1. +10,000 2. -5,000 3. -400
20
4. Received $5,100 cash from customers for repair service. Liabilities Assets Accounts Accounts + Receivable + Equipment = Payable +5,000 -400 +5,100 Revenue Stockholders’ Equity Common Revenue or + Stock + Expenses +10,000