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1、1锦江中学-会计英语 Unit 11. Balance Sheet, the Profit and Loss Account, Cash Flow Statement2. GAAP(General Accepted Accounting Principles) consists of a series of concepts, assumptions and principles3. Accounting entity-is any economic organization which controls resources and engages in economic activities
2、.4. Prudence(审慎原则) consistency(连贯原则) substance over form(实质重于形式) accrual basis(权责发生制)5. Accounting is a system of gathering, summarizing, and communicating financial information for users6. Information users ：(1)External users（shareholders, customers, Employee and etc.)(2)Internal users (company man
3、agers)Accounting users: (1) Primary users: investors and creditors(2)Other users: government, labor unions, and the general public7. Financial accounting is intended to provide information both for users.28. Purpose: To report the financial position of a business-balance sheet To report the financia
4、l performance of a business-profit and loss account income statement、cash flow statement9. Assets are, in general, the properties or economic resources that are owned by the business. 10. Liabilities are debts of a business, including such obligations as notes payable, accounts payable, tax payable,
5、 salaries payable,etc11.Claims: Is an obligation on the part of the business to provide cash, or some other form of benefit, to an outside party12.Revenues: the increase in owners equity resulting from the sales of goods or services by the business13.Expense: Refer to the outlays incurred by an ente
6、rprise in the course of production and operation;14.Profit is also the increase in owners equity resulting from profitable operation of a business.15.Transaction: Any business event that alters the amount of the accounting elements is called a transaction.16.T account: The difference between the deb
7、it and the credit side is called the balance of the account.317.Analyzing transactions using T-accounts18.Accounting equationTotal claims=total assets=capital/shareholders equity +liabilities=non-current assets + current assets=capital +non-current liabilities + current liabilitesNon-current assets
8、+ current assets-current liabilities- non-current liabilities=capital The horizontal balance sheetNon-current assets + current assets=capital + non-current liabilities + current liabilities The vertical balance sheetNon-current assets + current assets-current liabilities- non-current liabilities=cap
9、italUnit 21. The duty on accountants: a. Provide accurate accounting for cash receipts, cash disbursements, 4and cash balances;b. Ensure the business has sufficient cash for operations;c. Make good use of the cash;d. Create some income;2. Methods for account inventories(1)Specific identification;(2)
10、First-in, first-out (FIFO);(3)Last-in, first-out (LIFO);(4)Weighted average.3. Common stock, rights:a) vote at stockholders meetings;b) Share in earnings distributions;c) Purchase additional stocks in proportion to the owners present holding, if more stocks are issued by the corporation;d) Share in
11、the assets if the corporation liquidates.4. Preference stock:The owners of preferred stock usually have the right to dividends of a 5certain amount before owners of common stock can receive any dividends.Unit 31. Fix assets includes: property, plant, equipmentFixed assets acquired: purchase Self-con
12、struction, Exchange, Issuance of securities,Received by donation 2. Long-term assets are divided into: Fixed assets , Intangible asset ,Deferred assets3. Depreciation of fixed assets: (how much is still work) Except land Depreciable amount, Estimated net residual value6 Estimated useful life The dep
13、reciation methods4. Depreciation methods: The straight-line method The units of production method The double declining balance method The sum-of-the-years-digits method5. Intangible Asset: They do not possess physical substance; They can be recognized; They are non-monetary assetsUnit 41. Liabilitie
14、s: sacrifice now but the economic benefits probable will rise from the present obligations72. Sources of outside financing: Long-term outside financing Majority come from:The issue of bonds of debentures3. Types of outside financing: Bank financing Stock issues Euro dollar market(欧洲货币市场) Short-term
15、call market for daily operating funds（短期资金市场来获得日常经营的周转资金）4. Accrued liabilities（应计负债） include： Interest payable Income taxes payable Salaries payable 5. unearned revenue(预收收入)6. Long-term liabilities：Bonds payable8Long-term notes payableMortgages payableUnit 51. Owners equity in balance sheets： Only
16、 two: Items-capital stock Retained earnings Carry detailed items 2. In China, four sections in the owners equity Paid-in capital Capital surplus Revenue surplus Undistributed profit2. Legal Forms of Ownerships of Business Entities：9 Sole proprietorship（独资） Partnerships（合伙企业） Corporations（公司）3. proportion:比例4. Owners equity（公司所有者权益） proration is def
