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1、2018/9/14,1,Chapter 2,The objectives, assumptions, and principles of accounting,2018/9/14,2,Key terms,assumption 假设 principle 原则 economic entity 经济主体 going concern 持续经营 monetary unit 货币单位 periodicity 分期 cash basis 现金收付制，收付实现制 accrual basis 应计制，权责发生制,2018/9/14,3,matching 配比 full disclosure 充分披露 conse
2、rvatism 稳健性 materiality 重要性 industry practice 行业惯例,2018/9/14,4,FASB,The mission of the Financial accounting standard board （FASB）is to establish and improve standards of financial accounting and reporting. Since 1970s ,the FASB has issued a set of conceptual framework to be a basis for setting stand
3、ards and for resolving controversies.,2018/9/14,5,FASB,Financial accounting standard board works with SEC and AICPA to determine how accounting is practiced.,2018/9/14,6,The financial statements prepared by accountant must be based on the GAAP established by FASB.,Generally Accepted Accounting Princ
4、iples (GAAP),2018/9/14,7,Level 1,A conceptual framework for financial accounting,assumptions,Objectives,qualitative characteristics,Elements,Level 1,Level 3,principles,constrains,2018/9/14,8,The objective of accounting (FASB),1.to provide information that is useful to present and potential investors
5、 and creditors and other users in making rational investment, credit, and similar decision.,2018/9/14,9,2.to provide information to help present and potential investors and creditors and other users in assessing(估定) the amounts,timing, and uncertainty of prospective（预期的） cash receipts from dividends
6、 or interest and the proceeds（收益） from the sale, redemption（赎回） or maturity（到期） of securities（证券） or loans.,2018/9/14,10,3.to provide information about the economic resources of an enterprise, the claims（要求权） to those resources,and the effects of transactions,events,and circumstances that change its
7、 resources and claims to those resources.,2018/9/14,11,Decision makers,Cost-benefit and materiality,Understandability,Decision usefulness,relevance,reliability,Predictive value,feedback value,timeliness,verifiability,neutrality,Representational faithfulness,comparability,consistency,Qualitative char
8、acteristicsof accounting information,2018/9/14,12,The Basic Assumptions (Concept),2018/9/14,13,1. The Business Entity Concept,The entity assumption assumes that a proprietorship, partnership, or corporations financial activities are kept separate and distinguished from its owners and any other busin
9、ess unit.,2018/9/14,14,2. The Going-concern Concept,This assumption assumes(假定) that the company will continue to operate in the near future, unless substantial evidence to the contrary exists.,2018/9/14,15,An entity normally will keep on going from one year to the next. The going-concern concept ho
10、lds that in the absence of evidence to the contrary .Only where liquidation appears imminent(即将发生的) is the assumption inapplicable.,2018/9/14,16,This assumption states that there must be some basis for measuring exchange of goods or services. Accounting is based on the assumption that money is the c
11、ommon denominator by which economic activity is conducted,and that the monetary unit provides an appropriate basis for accounting measurement and analysis.,3.The Stable-Monetary-Unit Concept,2018/9/14,17,It means that the economic activities of an enterprise can be divided into various artificial（人为
12、的） time periods for financial reporting purposes. A company prepares financial statements at the end of each period and includes them in its annual report.,4. The time-period Concept,2018/9/14,18,Because the accountants have to divide continuous operations into arbitrary time periods ,they must dete
13、rmine the relevance of each business transaction or event to one specific accounting period.The shorter the time period,the more difficult it becomes to determine the proper net income for the period.,2018/9/14,19,5. The Accrual Basis Concept,2018/9/14,20,Basic principles of accounting,2018/9/14,21,
14、1.The cost Principle,Usually, the exchange price is retained in the accounting records as the value of an item until it is removed from the records.,2018/9/14,22,2.The revenue Principle,Revenue is generally recognized when (1)realized or realizable and (2)earned. Revenues are realized when products
15、,merchandise or other assets are exchanged for cash or claims to cash. Revenues are realizable when assets received or held are readily convertible into cash or claims to cash.,Revenues are considered earned when the entity has substantially accomplished what it must do to be entitled to the benefit
16、s represented by the revenues.,2018/9/14,23,3.The Matching Principle,Accrual accounting is the process of relating the financial effects of transactions, events, and circumstances having cash consequences to the period in which they occur rather than to when the cash receipt or payment occurs.,The matching principle states that to determine the income of a company for an accounting period, the company computes the total expense involved in obtaining the revenues of the period and relates these total expenses to the total revenues recorded in the period.,
