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1、CHAPTER 7 ACCOUNTING STATEMENTS How to Disclose the Accounting Information Accounting Statements are the end product of the accounting process. Accounting Statements are the means conveying to the management and the interested outsider a concise picture of the profitability and financial position of
2、 a business. THE BASIC FINANCIAL STATEMENTS INCLUDE: Balance sheet Income statement Statement of cash flows 7.1 BALANCE SHEET The balance sheet reports a companys financial condition as of a point in time. 7.1 BALANCE SHEET claim 要求 framework 框架 current assets 流动资产动资产 non-current assets 非流动资产动资产 pre
3、paid expense 预预付费费用 (unearned revenue 预预收账账款) patent 专专利 trademark 商标标 goodwill 商誉 security 证证券 7.1.1 THE ELEMENTS OF BALANCE SHEET The balance sheet presents a view of the business as a collection of resources or assets belonging to the company that is equal to the sources of or claims against thos
4、e assets. The balance sheet is prepared using the framework of Accounting Equation : Assets = Liabilities + Owners Equity Assets Assets are economic resources that are owned or controlled by an entity and expected to benefit future cash flows. Assets are divided into two main categories: Current Ass
5、ets Current assets （流动资产动资产 ）are cash and other assets that are expected to be converted (转换转换 ) into cash or use up in the near one year. cash Accounts receivable prepaid expenses ( 预预付账账款 ) inventory Noncurrent Assets Non-current assets , also known as fixed assets, or as property, plant, and equi
6、pment, is a term for assets and property which cannot easily be converted into cash. Moreover, a non-current asset can also be defined as an asset not directly sold to a firms consumers or end-users. For example, for a baking firm Current assets: p inventory (flour（面粉）, yeast （酵母 ） p account receiva
7、ble, p cash Uncurrent assets: p the oven used to bake cake, p motor vehicles（机动车辆动车辆 ）, p cash registers（收银银机） Assets Tangible assets Can be tauched:Inventory, Plant, equipment Intangible assets Cannot be touched (except as pieces of peper) Monetary Cash Accounts receivable Stocks,bonds Nonmonetary
8、Prepaid assets Patents, trademarks, Goodwill u Tangible assets are assets that can be touched, they have physical substance（物质质）. u Buildings, trucks, and machines are tangible assets. They are also noncurrent assets. nIntangible assets are also the noncurrent assets items. That is, they have no phy
9、sical substance, except as pieces of paper. nThe investments item consists of securities( 有价证证券 ), such as bonds （债债券）, but it will not be turned into cash in one year. Patents and Trademarks are rights to use patents and rights to valuable brand names or logos (such as “Lenovo”). Goodwill, the fina
10、l item on the asset side, has a special meaning in accounting. It arises when one company buys another company and pays more than the value of its net identifiable （可确认认的）assets. Liabilities Liabilities are obligations ( 义务义务 ) to pay cash, transfer other assets or provide services to someone else.
11、Liabilities are divided into two main categories: CURRENT LIABILITIES Current Liabilities are claims that become due within a short time, usually within one year. Some common liabilities of a company are : accounts payable notes payable loans Accounts Payable （应应付账账款）are the opposite （反 义词义词 ）of Acc
12、ounts Receivable; that is, they are amounts that the company owes to its suppliers. EQUITY uOwners equity : A proprietorship (a single owner) and partnership (two or more owners), u Stockholders equity : a corporation OWNERS EQUITY Owners equity represents the owners claims on the assets of the busi
13、ness. Because liabilities or creditors claims have legal priority over those of the owners, owners equity is a residual amount. The major items include: share capital ( 股本 ) retained earnings/profits share capital p Share capital or capital stock (US English) refers to the portion of a companys equi
14、ty that has been obtained (or will be obtained) by trading stock to a shareholder for cash or an equivalent item of capital value. p For example, a company can issue shares in exchange for computer servers, instead of purchasing the servers with cash. 7.1.2 SAMPLE OF A BALANCE SHEET A balance sheet
15、may take either one of the two forms: uaccount form ureport form 7.2 THE INCOME STATEMENT budget 预算 Cost of Goods Sold (DOGS) 产品成本 (cost of sales) income tax 所得税 gross profit (gross margin) 毛利 raw materials 原材料 labor 劳动力 Formulae pl. 公式 EBIT (earnings before interest and taxes) 息税前利润 expenditure (支出) and expense (费用) An expenditure is not necessarily the same as an expense, since an expense represents the reduction in value of an asset, whereas an exp
