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1、会计英语整理会计英语整理nbusiness/source documentndebitncreditnjournalnspecial (general) journalncomputerized accounting systemnchart of accountnledgerngeneral (subsidiary) ledgernpostntrial balancenbalance sheetnincome statementnaccounting period业务凭证/原始凭证借（方）贷（方）日记账特种(普通)日记账电算化会计系统账户表分类账总(明细)分类账过账试算平衡表资产负债表收益/
2、利润表会计期，会计年度nRelevant Glossary (2)nRecording PhaseStep 1AnalyzingbusinessdocumentsStep 3Posting toledgeraccountsStep 2JournalizingtransactionsSpecial journalGeneral journalGeneral ledger(Control account)Subsidiary ledgerfinancial positionadjusting entriesprepaid expensedepreciation expenseaccumulated
3、 depreciationunearned revenueaccrued expensenominal (temporary) accountreal (permanent) accountcloseproprietorshippartnershippost-closing trial balance财务状况调整分录预付费用折旧费用累计折旧预收收入应计费用虚账户（临时账户）实账户（永久账户）结账 所有权，独资合伙结账后试算表1-2 Reporting Phase nRelevant GlossaryA list of the account titles in the ledger with
4、their respective debit and credit balancesWhy we need a trial balance?To serve as a general check to determine if the debits and credits in the general ledger are equal. To show all general ledger account balances on one concise record.nTrial balancenKnowledge PointsPossible errors even a trial bala
5、nce does balance:Failing to record or enter a particular transaction. Entering a transaction more than once.Entering one or more amounts in the wrong accounts.Making a compensating error that exactly offsets the effect of another error.nTrial balance (continued)Four types of adjusting entries:Apport
6、ioning recorded costs (prepaid expense, depreciation expense) ;Apportioning recorded revenue (unearned revenue);Accruing unrecorded expense (accrued expense);Accruing unrecorded revenue (accrued revenue).Accrual Basis V.S. Cash Basis accounting 权责发生制 收付实现制nAdjusting ProceduresRevenue is recognized w
7、hen earned rather than when cash is collected and expenses are recognized when goods and services are used rather than when they are paid for.Revenue is recognized when money is received and expenses are recognized when money is paid.Normal accounts and real accountsnClosing ProceduresIncome stateme
8、nt accountsBalance sheet accountsrevenueexpensedividendsassetsliabilitiescapitalretained earningsnBasic principles: nhistorical cost 历史成本原则nrevenue realization 收入实现原则nmatching 配比原则nconsistency 一致性原则nfull disclosure 充分披露原则nobjectivity 客观性原则nGAAP must be followed by publicly owned corporations: auditi
9、ngnGAAP are changed and refined.Business (source) documentOffering detailed informationAssigning responsibilityVerifying the accounting recordsfinancial reportaccounting calculationoperating resultcash flow statementnotes to the financial statementcreditorsgovernment departmentfinance and security i
10、nstitutionmanagementAccounting Standards for Business Enterprisen财务报告n会计核算n经营成果n现金流量表n会计报表附注n债权人n政府职能部门n金融和证券机构n（企业）管理层n企业会计准则2-1 Introduction nRelevant Glossary11shot-term liquiditylong-term solvencycapital structure profitabilityworking capitalcontingencyaccount formreport form“T” account2-1 Intro
11、duction nRelevant Glossaryn短期偿债能力n长期偿债能力n资本结构n盈利能力n营运资本，营运资金n或有事项n账户式n报告式 nT形账12accounting treatmentcurrent periodprior periodunusual itemshistorical costmarket valuemeasurement currencyinflationpurchasing power2-1 Introduction nRelevant Glossaryn会计处理n当期 n前期n非常项目n历史成本n市场价值（市价）n计量货币n通货膨胀n购买力13short-t
12、erm investmentnotes /accounts receivableprovision for bad debtsnet valuefixed assetconstruction in progressdeferred tax on debit /creditshort-term loans (payable)notes /accounts payablen短期投资n应收票据/账款n坏账准备n净值n固定资产n在建工程n递延税款借项/贷项n短期借款n应付票据/账款2-2 The Balance Sheet and Notes to the Financial Statements n
13、Relevant Glossary14nadvances from customersnaccrued payroll/ welfarendividends/profits payablentaxes payable nother dutiablenestimable liabilitiesnprovision for expensesnpaid-in capitalncapital reservensurplus reservenundistributed profitnRelevant Glossary (2)n预收账款n应付工资/福利费n应付股利/利润n应交税金n其他应交款n预计负债n预
14、提费用n实收资本n资本公积n盈余公积n未分配利润15To help explain, evaluate and predictshort-term liquiditycapital structure and long-term solvencythe operating performancenThe Functions of the Balance SheetnKnowledge Points16allowing the users to tell at a glance that total assets are being financed by two sourcesby the c
15、reditors and by the owners.Assets=Liabilities +Owners equitynForm of the Balance SheetAccount FormReport Formnallowing the users see clearly that owners equity, the difference between assets and liabilities, is the residual claim to the equity of a business.nAssets-Liabilities =Owners equity17Limita
16、tion of the Balance SheetnCannot reflect the current value of a businessnElements reported at historical costnthe measurement currency is instablenAll companies do not classify and report all like items similarly: incomparable between different companiesnSome relevant information is omitted18profit
17、distributionrealization conceptrevenue recognitionIASB: International Accounting Standard BoardFASB: Financial Accounting Standard Boardconceptual frameworkmatching conceptn利润分配n实现原则n收入确认n国际会计准则理事会n（美国）财务会计准则委员会n概念框架n配比原则2-3 The Income Statement nRelevant Glossary19ndirect matchingndepreciation and
18、amortizationnexpenditurenoperating revenue/ costnoperating taxes and surchargesnselling expensenadministrative expensenfinancial expensennon-operating income/expensenincome taxnsingle-step form nmultiple-step form nRelevant Glossary (2)n直接配比n折旧与摊销n支出，花费n营业收入/成本n营业税金及附加n销售费用n管理费用n财务费用n营业外收入/支出n所得税n单步
19、式n多步式20To help explain, evaluate and predict the operating results and profitability;To help explain, evaluate and predict solvency;To help the management make operating decisions;To help evaluate the managements performance.nThe Functions of the Income StatementnKnowledge Points21Simple and conveni
20、ent to prepare, butFails to disclose some important information, and is inconvenient to compare and analyze.nForm of the Income StatementSingle-step FormMulti-step FormnProvides more comprehensive information about the formation of profit, and is convenient to compare and analyze; but nMay leads to
21、misunderstanding sources of income or loss and is difficult to hold unified views on items classification.22Cash receipts and cash disbursements/ paymentsCash equivalentliquidityOperating/ investing/ financing activityWorking capitaldepositFinancial instrumentEquity financingDebt financingDirect met
22、hodIndirect methodnoncurrentn现金收支n现金等价物n流动性，变现能力n经营/投资/筹资活动n营运资本，营运资金n存款，押金，保证金n金融工具n权益融资n债务融资n直接法n间接法n非流动的2-4 The Statement of Cash FlowsnRelevant Glossary23Sometimes net income doesnt tell us accurately the economic performance of a company for a period.The CF statement can provide additional info
23、rmation about 3 categories of activities.Pro-forma CF statement can help us analyze whether the plans are consistent and workable.nWhy we need the Statement of CF?nKnowledge Points24The Structure of CF statementnCF from operating activitiesnCash inflow: providing goods and services nCash outflow: pu
24、rchasing inventory; paying wages, taxes, utilities, rent, etc.nCF from investing activitiesnCash inflow: selling long-term assets, financial instruments not intended for trading purposes; collecting loans25Cash outflow: purchasing long-term assets, financial instruments not intended for trading purp
25、oses; making loansCF from financing activitiesCash inflow: obtaining cash from owners (issuing shares) and creditors (borrowing) Cash outflow: repaying cash to owners (paying dividends and profit) and creditors (paying debt and interest expense)nThe Structure of CF statement26CF From Operating Activ
26、itiesnDirect method Operating inflows- Operating outflows=Net cash flow from operationsnAdvantages: intuitively understandable.nDisadvantages: not suggest why the net operating CF differs from the net income.An illustration27operating cyclecurrent assetsintangible assetsreceivablesprepaymentsinvento
27、ryfinished goodssemifinished goodsgoods in processContainerLow-value and perishable articlesn经营周期经营周期n流动资产流动资产n无形资产无形资产n应收款应收款n预付款预付款n存货存货n产成品产成品n半成品半成品n在产品在产品n包装物包装物n低值易耗品低值易耗品3-1 Assets, Liabilities and Equity nRelevant Glossary28nspecific identificationnfirst-in first-out (FIFO)nlast-in first-out
28、 (LIFO)nweighted averagenmoving averagenlower of cost or market (LCM)nshares investmentnbonds investmentncost methodnequity methodnRelevant Glossary (2)n个别计价法个别计价法n先进先出法先进先出法n后进先出法后进先出法n加权平均法加权平均法n移动平均法移动平均法n成本与市价孰低法成本与市价孰低法n股权投资股权投资n债券投资债券投资n成本法成本法n权益法权益法29nat a premium or discount/ in premium or d
29、iscountnface value/ par valuenprincipalninterestnfixed assets financed by leasingnresidual valuenstraight line methodnworking capacity (or output ) methodnaccelerated depreciation methodnRelevant Glossary (3)n溢价或折价发行溢价或折价发行n票面价值，面值票面价值，面值n本金本金n利息利息n融资租入固定资产融资租入固定资产n残值残值n直线法直线法n工作量法（产量法）工作量法（产量法）n加速折
30、旧法加速折旧法30npatentnnonpatented technologyntrademarkncopyrightsnright to use sitesngoodwill ncurrent liabilitiesnlong-term liabilitiesnfinancial institution nRelevant Glossary (4)n专利专利n非专利技术非专利技术n商标商标n著作权著作权n土地使用权土地使用权n商誉商誉n流动负债流动负债n长期负债长期负债n金融机构金融机构31Basic operating revenueother operating revenueLong-
31、term project contractThe completed progress methodThe completed contract methodReturn of salesSales allowancesSales discountOutlayNorm costingPlanned costingCost variancen主营业务收入主营业务收入n其他业务收入其他业务收入n长期工程合同长期工程合同n完工进度法完工进度法n完工成本法完工成本法n销售退回销售退回n销售折让销售折让n销售折扣销售折扣n费用、花费费用、花费n标准标准/定额成本法定额成本法n计划成本法计划成本法n成本差
32、异成本差异3-2 Revenue, Expenses and Profit nRelevant Glossary32nOperating profitnOperating revenuenOperating costnPeriodic expensenTurnover taxnIncome taxnSurtaxnFeenInvestment profitnExternal investmentnInvestment lossnNon-operating incomenNon-operating expensenRelevant Glossary (2)n营业利润营业利润n营业收入营业收入n营业
33、成本营业成本n期间费用期间费用n流转税流转税n所得税所得税n附加税附加税n费，酬金费，酬金n投资收益投资收益n对外投资对外投资n投资损失投资损失n营业外收入营业外收入n营业外支出营业外支出33Reading Material: The Forms of Business OrganizationsThree/Four forms:Sole proprietorshipPartnershipGeneral partnershipLimited partnershipCorporation34Reading Material: The Forms of Business Organizations
34、Three/Four forms:Sole proprietorshipPartnershipGeneral partnershipLimited partnershipCorporation35owned and managed by one person;the individual proprietor has the ultimate responsibility and authority for all decisions;no legal formalities are necessary to create it;low taxes and fees;personally li
35、able for the debts (limitless liability).n Sole proprietorship36partners agree to share in the profits, loss and assets;agreement upon duties and liabilities of the partners and a fiduciary relationship exists between them;Each partner is personally liable for the debts (limitless liability)n Genera
36、l partnership37similar to a general partnership in certain aspects and similar to a corporation in others;one or more of the partners has only limited liability for partnership debts and obligations and limited authority of participating in management.n Limited partnership38Created under a particula
37、r business statute;Owned by one or more shareholders, who may be natural persons or other legal entities;Its existence is entirely distinct from that of its owners;Shareholders are generally not liable for corporate obligations (limited liability);Strict statutory formalities.n Corporation39Consider
38、ations of the selection of the most advantageous form of organization:Continuity of existence连续性的存在Transferability of ownership interest所有权的移植Capital and credit requirements资本和信贷需求Tax considerationsnThe Forms of Business Organizations40Sole proprietorship: the death of the sole proprietor, maybe gra
39、nting the heirs the right to continue.General partnership: the death or withdrawal of a general partner or the expiration of the term of the partnership.Limited partnership: the death of withdraw of a general partner will not result in a termination if there is at least one general partner; a limite
40、d partner will not affect the continuity of the partnership.Corporation: perpetual existencenContinuity of existence41Sole proprietorship: may be transferred at any time only if the proprietor can find a receiver.General partnership: may be transferred freely.Limited partnership: a limited partners
41、ownership interest is freely transferable except for limitation from agreement or securities laws.Corporation: permits the greatest flexibility, but in some cases, securities laws may restrict the transferability.nTransferability of ownership interest42Sole proprietorship: limited to his own persona
42、l resources in his ability to obtain loans.General partnership: the partners contributions constitute the initial capital investment; limited in the sources; must pledge their personal assets as collateral for borrowing.Limited partnership: obtain capital from the limited partners; similar to a corp
43、oration; a pledge of partnership assets may be sufficient for borrowing.Corporation: the ability to attract capital and credit is strong; using various securities to raise capital.nCapital and credit requirements43Sole proprietorship: all business income or loss is treated as the individuals income
44、or loss and taxed accordingly.General partnership : individual tax.Limited partnership: like general partnership.Corporation: double taxation (corporate income tax and personal income tax).nTax considerations44Size of expected future cash flowCash is important to a firm and the expectation that the
45、firm will generate cash in the future is one of the factors that gives the firm its valueSales are not the same as cash inflows (selling on credit); and purchases are not the same as cash outflows (purchasing on credit)The higher the expected cash inflows and the lower the expected cash outflows, th
46、e higher the firms stock price will be.nFactors affecting a firms value45Timing of future cash flows All other factors being equal, the sooner companies expect to receive cash and the later they expect to pay out cash, the more valuable the firm.nFactors affecting a firms value (2)46Risk of future c
47、ash flowsWhen the degree of risk associated with future cash flows goes down, stock price goes up. When the degree of risk associated with future cash flows goes up, stock price goes down.Companies whose expected future cash flows are doubtful will have lower values than companies whose expected fut
48、ure cash flows are virtually certain.nFactors affecting a firms value (3)47Financial obligationFinancial distressCurrent ratioQuick ratio/acid-test ratioQuick assetsReceivables turn & days receivablesPayable turn & days payableInventory turn & days inventoryDebt ratioDebt-to-equity ratioEquity multi
49、plierInterest coveragen财务责任n财务困境n流动比率n速动比率/酸性测试比率n速动资产n应收账款周转率&平均收账期n应付账款周转率&平均付款期n存货周转率&存货周转天数n负债比率n负债权益比n权益乘数n利息保障倍数nRelevant Glossary48EBIT (earnings before interest and tax)Book valueCapitalization ratioBenchmark Profit marginROS (returns on sales)ROI (return on investment)ROA (returns on assets
50、)ROE (returns on equity)Financial leveragen息税前利润息税前利润n账面价值账面价值n资本比率资本比率n基准基准n销售利润率销售利润率n销售收益率销售收益率n投资收益率投资收益率/投资回报率投资回报率n资产收益率资产收益率n权益报酬率权益报酬率/净资产收益率净资产收益率n财务杠杆财务杠杆nRelevant Glossary(2)49nPreferred dividendnEPS (earnings per share)nDividend yieldnPayout rationRetention rationAsset turnovernCommon st
51、ocknFair market valuenP/E rationM/B (market-to-book value)nTobins QnReplacement valuenDuPont frameworknRelevant Glossary (3)n优先股股利n每股收益n股利收益率n股利支付率n留存比率n资产周转率n普通股n公平市价，公允价值n市盈率n市值与账面价值比n托宾Q值n重置价值n杜邦分析框架50Ratios standardize numbers and facilitate comparisons.Ratios are used to highlight weaknesses an
52、d strengths.nWhy Are Financial Ratios Useful?51nShort-term Liquidity: Can we make required payments?nLong-term Solvency and Capital Structure: Right mix of debt and equity?nProfitability: Do sales prices exceed unit costs, and are sales high enough?nEfficiency: right amount of assets vs. sales?nGrow
53、th: How fast is the company growing?nMarket Value Ratio: Do investors like what they see as reflected in P/E and M/B ratios?nImportant Financial Ratio52Current ratioQuick ratioQuick asset=Current assets-InventoriesReceivables turn & days receivablesInventory turn & days inventoryAmount of working ca
54、pitalnShort-term Liquidity53Net worth to total assetsDebt ratioDebt ratioDebt-to-equity ratioEquity multiplierInterest coveragenLong-term Solvency and Capital Structure:54Net Profit marginROS (returns on sales)ROA (returns on assets)ROE (returns on equity) =ROI (return on investment)Return on common
55、 shareholders equitynProfitability55EPS (earnings per share)Dividend yieldPayout ratioRetention rationProfitability (2)56Total asset turnoverFixed asset turnoverReceivables turn & days receivablesInventory turn & days inventorynEfficiency57Sales growthProfit growthAsset growthEquity growthSustainabl
56、e growth ratenGrowth58Market priceP/E ratio: How much investors are willing to pay for $1 of earnings?Market-to-book (M/B) value: How much investors are willing to pay for $1 of book value equity?Tobins QnMarket Value Ratio59Comparison with industry averages is difficult for a firm that operates in
57、many different divisions.“Average” performance is not necessarily good, perhaps the firm should aim higher.Seasonal factors can distort ratios.“Window dressing” techniques can make statements and ratios look better.nPotential problems and limitations of financial ratio analysis60Different operating
58、and accounting practices can distort comparisons.Sometimes it is hard to tell if a ratio is “good” or “bad”.Difficult to tell whether a company is, on balance, in strong or weak position.nPotential problems and limitations of financial ratio analysis (2)61nDoPont System ROE ROAEquity multiplierNet p
59、rofit marginTotal asset turnoverNet incomeSalesSalesTotal assetsProfitability of TAProfitability of SalesEfficiencyProfitability of equityLeverageEfficiencyProfitability of Sales62nDoPont System (2)The DoPont system tells us that ROE is affected by three things:1. operating profitability (as measure
60、d by net profit margin)2. asset use efficiency (as measured by total asset turnover)3. financial leverage (as measured by the equity multiplier)63nDoPont System (3)Weakness in either operating profitability or asset use efficiency (or both) will show up in a diminished return on assets, which will t
61、ranslate into a lower ROE.From the DuPont framework, it appears that the ROE could be leveraged up by increasing the amount of debt in the firm. However, notice that increasing debt also increases interest expense, which reduces profit margins, which acts to reduce ROE. 64auditAuditingCPA: Certified
62、 Public AccountantsAudit procedureAudit evidenceAudit objectiveAudit testAudit opinionAudit of financial statementInternal auditnc.n./v. 审计，检查，审查nu.n. 审计，审计学n注册会计师n审计程序n审计证据n审计目标n审计测试n审计意见n财务报表审计n内部审计nRelevant Glossary65Compliance auditOperational auditIndependent Auditing StandardsIndependent audit
63、or/ public accountantTax serviceManagement serviceAccounting serviceAttestation serviceAssurance servicen合规性审计n经营审计n独立审计准则n独立审计师/ 公共会计师n纳税服务n咨询服务n会计服务n鉴证服务n保证服务nRelevant Glossary(2)66nDescribe AuditingAuditing should be done by a competent,Auditing should be done by a competent,independent person.in
64、dependent person.Auditing is the accumulation and evaluationof evidence about information to determine and report on the degree of correspondencebetween the information and established criteria审计是由胜任的独立人员，为确定并报告特定信息与既定标准间审计是由胜任的独立人员，为确定并报告特定信息与既定标准间的符合程度，而收集和评价有关这些信息的证据的过程。的符合程度，而收集和评价有关这些信息的证据的过程。6
65、7Accumulating Evidence and Evaluating EvidenceEvidenceEvidence is any information used by the is any information used by the auditor to determine whether the auditor to determine whether the information being audited is stated in information being audited is stated in accordance with the established
66、 criteria.accordance with the established criteria.证据是审计师用来确定被审信息是否证据是审计师用来确定被审信息是否按既定标准表述的所有资料。按既定标准表述的所有资料。68Competent, Independent PersonThe auditor must be qualified to understand the criteria used and must be competent to know the types and amount of evidence to accumulate to reach the proper c
67、onclusion after the evidence has been examined.审计师必须具备理解所用标准的能力，能够了解应收集的证据种类与数量，审计师必须具备理解所用标准的能力，能够了解应收集的证据种类与数量，以期在检查相关证据后得出恰当的审计结论。以期在检查相关证据后得出恰当的审计结论。 An independent mental attitude:The competence of the individual performing the audit is of little value if he or she is biasedin the accumulation
68、and evaluation of evidence.审计师还应具备独立的精神态度，要是一个具备胜任能力的审计师，审计师还应具备独立的精神态度，要是一个具备胜任能力的审计师，在收集和评价证据时带有偏见，其审计的价值也将荡然无存。在收集和评价证据时带有偏见，其审计的价值也将荡然无存。 69nDistinguish between auditing and accountingAccounting is the recording, classifying, and summarizing of economic events for the purpose of providing financ
69、ial information used in decision making会计是对经济事项进行记录、分类和汇总，其目的是为决策提供所需的财务信息。会计是对经济事项进行记录、分类和汇总，其目的是为决策提供所需的财务信息。Auditing is determining whether recorded information properly reflects the economic events that occurred during the accounting period.审计是确定所记录的信息是否恰当地反映了会计期间内所发生的经济事项。审计是确定所记录的信息是否恰当地反映了会计期
70、间内所发生的经济事项。70nEconomic Demand for AuditingInformation riskInformation risk reflects the possibility that reflects the possibility thatthe information upon which the businessthe information upon which the businessrisk decision was made was inaccurate.risk decision was made was inaccurate.AuditingAudi
71、ting can have a significant effect can have a significant effecton (reduce) information risk.on (reduce) information risk.信息风险反映的是制定信息风险反映的是制定经营风险决策所依据的经营风险决策所依据的信息不正确的可能性。信息不正确的可能性。71nCPA Services ScopeAttestation ServicesAttestation ServicesOther Assurance ServicesOther Assurance ServicesAssurance
72、 Assurance ServicesServicesNonassurance Nonassurance ServicesServicesManagement ConsultingManagement ConsultingTax ServicesTax ServicesAccounting ServicesAccounting Services保证服务保证服务鉴证服务鉴证服务72Assurance Services（保证服务）（保证服务） Assurance services are independent professional services that improve the qual
73、ity of information for decision makers.保证服务是一种能保证服务是一种能为决策者提高信息质量的独立专业服务。为决策者提高信息质量的独立专业服务。 Assurance services can be performed by CPAs or by a variety of other professionals. (for example, Consumers Union)注册会计师事务所和注册会计师事务所和其他各类职业组织都可以执行保证服务。（例如，其他各类职业组织都可以执行保证服务。（例如，消费者协会）消费者协会）73 An attestation se
74、rvices is one type of assurance services provided by CPAs, in which the CPA firm issues a report about the reliability of an assertion that is made by another party.鉴证服务是注册会计师提供的一种保证服务，鉴证服务是注册会计师提供的一种保证服务，在这种服务中，会计师事务所就另一主体所做的书面认定之在这种服务中，会计师事务所就另一主体所做的书面认定之可靠性而出具一个书面报告。可靠性而出具一个书面报告。Attestation Servi
75、ces （鉴证服务）（鉴证服务）74Auditing reportWritten documentAudit opinionIndependent Auditing StandardsTruthfulnessLegitimacyLaw of PRC on CPAsThird partyThe introductory paragraphThe scope paragraphn审计报告审计报告n书面文件书面文件n审计意见审计意见n独立审计准则独立审计准则n真实性真实性n合法性合法性n中国注册会计师法中国注册会计师法n第三方第三方n引言段引言段n范围段范围段nRelevant Glossary (
76、1)7576The opinion paragraphDual-datedAn explanatory paragraphAn unqualified opinionStandard unqualified reportUnqualified with additional explanatory language A qualified opinionAn adverse opinionA disclaimer of opinionn意见段意见段n注明双重报告日期的注明双重报告日期的n解释段解释段n无保留意见无保留意见n标准无保留意见审计报告标准无保留意见审计报告n带解释段的无保留意见审带解释段的无保留意见审计报告计报告n保留意见保留意见n否定意见否定意见n无法表示意见无法表示意见nRelevant Glossary (2)Knowledge PointsnThe Responsibility of CPAnContents and Formats of Audit ReportnTypes of Audit Opinion and Preparation of Audit ReportnAn Unqualified OpinionnA Qualified OpinionnAn Adverse OpinionnA Disclaimer Of Opinion
