会计英语实用培训教程

会计英语110课Text 1 Accounting and Its EnvironmentDevelop an accounting vocabulary for decision making. Accounting is a system for measuring, processing, and communicating financial information. As the “language of business,” accounting helps a wide range of decision makers. Accounting dates backs to ancient civilizations, but its importance to society has been greatest since the Industrial revolution.Apply accounting concepts and principles to analyze business transactions. The three basic forms of business organization are the proprietorship, the partnership, and the corporation. Whatever the form, accountants use the entity concept to keep the businesss records separate from the personal records of the people who run it. Accountants at all levels must be ethical to serve their intended purpose. Generally accepted accounting principles (GAAP) guide accountants in their work. Among these guidelines are the entity concept, the reliability principle, the cost principle, the going-concern concept, and the stablemonetary-unit concept.Use the accounting equation to describe an organizations financial position. In its most common form, the accounting equation is Assets=Liabilities + Owners Equity.Use the accounting equation to analyze business transactions. Transactions affects a businesss assets, liabilities, and owners equity. Therefore, transactions are analyzed in terms of their effect on the accounting equation.Prepare the financial statements. The financial statements communicate information for decision making by the entitys managers, owners, and creditors and by government agencies. The income statement presents a video of the entitys operations in terms of revenues earned and expenses incurred during a specific period. Total revenues minus total expenses equal net income. Net income or net loss answers the question, How much income did the entity earn, or How much loss did it incur during the period? The statement of owners equity reports the changes in owners equity during the period. The balance sheet provides a photograph of the entitys financial standing in terms of its assets, liabilities, and owners equity at a specific time. It answers the question, What is the entitys financial position? The statement of cash flows reports the cash coming in and the cash going out during the period. It answers, Where did cash come from , and, Where did it go?Evaluate the performance of a business. High net income indicates success in business; net loss indicates a bad year.New words accounting 会计学，结算 measure 估量，衡量，计算process 初步分类，整理 apply to 把应用于transaction 交易 principle 原理proprietorship 独资企业，所有权 partnership 合伙关系，合伙企业corporation 公司，企业 entity 实体，统一的，权益ethical 合乎道德的 intended 预期的GAAP 普通会计原理 guideline 方针，指南entity concept 主体概念 reliability principal 可信性原则cost principal 成本原则 going-concern concept 持续经营概念stable-money-unit concept 稳定货币单位的概念 equation 等式 owners equity 投资者权益financial statement 财政报表 agency 机构income statement 损益报表 video 说明revenues 总收入 incurrent 遭受minus 减去 balance sheet 资产负债表，决算表indicate 表明，暗示 expenses 开支，消费Text 2 Recording Business TransactionDefine key accounting terms: account, ledger, debit, and credit. The account can be viewed in the form of the letter “T”. The left side of each T-account is its debit side. The right side is its credit side. The ledger, which contains a record for each account, groups and numbers accounts by category in the following order: assets, liabilities, and owners equity (and its subparts, revenues and expenses).Apply the rules of debit and credit. Assets and expenses are increased revenues are increased by credits. Liabilities, owners equity, and revenues are increased by credits and decreased by debits. The sidedebit or creditof the account in which increases are recorded is that accounts normal balance. Thus the normal balance of assets and expenses is a debit, and the normal balance of liabilities, owners equity, and revenues is a credit. The Withdrawals account, which decreases owners equity, normal has a debit balance. Revenues, which are increases in owners equity, have a normal credit balance. Expenses, which are decreases in owners equity, have a normal debit balance.Record transactions in the journal. The accountant begins the recording process by entering the transactions information in the journal, a chronological list of all the businesss transactions.Post from the journal to the ledger. The information is then posted-transferred-to the ledger accounts. Posting references are used to trace amounts back and forth between the journal and the ledger. Businesses list their account titles and numbers in a chart of accounts.Prepare a trial balance is a summary of all the account balance in the ledger. When double-entry accounting has been done correctly, the total credits in the trial balance are equal.Set up a chart of accounts for a business. The first step in accounting is to set up the chart of accounts.Analyze transactions without a journal. Decision makers must often make decisions without a complete accounting system. They can analyze the transactions without a journal.We can now trace the flow of accounting information through these steps:Business Transaction Source Documents Journal Entry Posting to Ledger Trial Balance.New wordsledger 分类帐 debit 记入借方的款项，借方assets 资产 liabilities 债务subpart 分类 chronological 按时间顺序的transfer 转移 chart 图表accountant 会计Text 3 Measuring Business Income: the Adjusting ProcessDistinguish accrual basis accounting from cash-basis accounting. In accrual-basis accounting, business events are recorded as they affect the entity. In cash-basis accounting, only those events that affect cash are recorded. The cash basis omits important events such as purchases and sales of assets on account. It also distorts the financial statements by labeling as expenses those cash payments that have long-term effects, such as the purchases of buildings and equipment. Some small organizations, use cash-basis accounting, but the generally accepted method is the accrual basis.Apply the revenue and matching principles. Businesses divide time into definite periods-such as a month, a quarter, and a year-to report the entitys financial statements. The year is the basic accounting period, but companies prepare financial statements as often as they need the in- formation. Accountants have developed the revenue principle to determine when to record revenue and the amount of revenue to record. The matching principle guides the accounting for expenses.Make adjusting entries at the end of the accounting period. Adjusting entries are a result of the accrual basis of accounting. These entries, made at the end of the period, update the accounts for preparation of the financial statements. One of the most important pieces of business information is net income or net loss, and the adjusting entries help to measure the net income of the period. Adjusting entries can be divided into five categories: prepaid expenses, depreciation, accrued expenses, accrued revenues, and unearned revenues.Prepare an adjusted trial balance. To prepare the adjusted trial balance, enter the adjusting entries .next to the unadjusted trial balance and compute each accounts balance.Prepare the financial statements from the adjusted trial balance .The adjusted trial balance can be used to prepare the financial statements. The there financial statements are related as follows: Income, shown on the income statement, increases the owners capital, which also appears on the statement of owner s equity. The ending balance of capital is the last amount reported on the balance sheet.New Wordsaccrual n. 自然增长,自然增长额 accrual-basis accounting 权责发生制 cash-basis accounting 现金收付制 omit vt. 省略，删 distort vt. 曲解 label vt. 把列为 definite adj. 明确的,确切的 accounting period 结算期 revenue principle 收益原则 matching principle 配比原则 adjusting entries 调整分录 update vt . 使现代化 net income 纯收入 prepaid expenses 待摊费用 depreciation n.贬值 accrued expense 应计费用 accrued revenues 应计收入 unaccrued revenues 未实现收入 adjusted trial balance 经调整过的试算表 unadjusted trial balance 未经调整过的试算表 Text 4 Completing the Accounting Cycle Prepare an accounting worksheet, The accounting cycle is the process by which the accountants produce the financial statements for a special period of time. The cycle starts with the beginning account balances. During the period，the business journalizes transactions & posts them to the ledger accounts. At the end of the period, the trail balance is prepared, and the accounts are adjusted in order to measure the periods net income or net loss. Completion of the accounting cycle is aided by use of a work sheet. This multicolumned document summarizes the effects of all the activity of the period. Use the work sheet to complete the accounting cycle. The work sheet is neither a journal nor a ledger but merely a convenient device for completing the accounting cycle. It has columns for the trail balance, the adjustments, the adjusted trail balance, the income statement, and the balance sheet. It aids the adjusting process, and it is the place where the periods net income or net loss is first computed. The work sheet also provides a data for the financial statements & the closing entries. It is not, however, necessity. The accounting cycle can be completed from the less elaborate adjusted trail balance. Close the revenue, expense, and the withdrawal accounts. Revenue, expenses, and withdrawal represent, increases and decreases in owners equity for a specific period. At the end of the period, their balances are closed out to zero, and, for this reason, they are called temporary accounts. Assets, liabilities, and capital are not closed because they are the permanent account. Their balances at the end of one period become the beginning balances of the next period. The final accuracy check of the period is the postclosing trail balance. Correct typical accounting errors. Accountants correct errors by making correct journal entries. Classify assets and liabilities as current or long-term. The balance sheet reports current and long-term assets and current and long-term liabilities. It can be presented in report format or account format. Use the current & debt ratios to evaluate a business. Two decision-making aids are the current ratiototal current assets divided by total current liabilitiesand the debt ratiototal liabilities divided by total assets.New Wordsaccounting cycle 会计循环 account balance 帐户余额journalize 记日记帐 ledger 分类帐，分户帐ledger account 分户帐目 completion 完成，结束multicolumned 栏目纵横的 worksheet 备忘单，工作底稿compute 计算，估算 closing entries 项目终结elaborate 详尽阐述的 withdrawal 提款temporary account 临时帐户 permanent account 永久帐户postclosing trail balance 结帐后试算 current 流动的，通用的report format 报告试 account format 帐户试ratio 比率 current ratio 流动比率debt ratio债务比率 divide 整除 Text 5 Merchandising and the Accounting Use sales, gross margin, and operating income to evaluate a company. The major revenue of a merchandising business is. sales revenue, or net sales. The major expense is cost of goods sold. Net sales minus cost of goods sold is called gross margin, or gross profit. This amount measures the business s success or failure in selling its products at a higher price than it paid for them. The invoice is the business document generated by a purchase or sale transaction. Most merchandising entities offer discounts to their customers and allow them to return unsuitable merchandise. They also grant allowances for damaged goods that the buyer chooses to keep. Discounts and Returns and Allowances are contra accounts to Sales Revenue. Account for the purchase and sale of inventory. The merchandisers major asset is inventory. In a merchandising entity the accounting cycle is from cash to inventory as the inventory is purchased for resale, and back to cash as the inventory is sold. Compute cost of goods sold and gross margin. Cost of goods sold, or cost of sales, is the cost of the inventory that the business has sold. It is the largest single expense of most merchandising businesses. Gross margin equals net sales revenue minus cost of goods sold. Adjust and close the accounts of a merchandising business. The end-of-period adjusting and closing process of a merchandising business is similar to that of a service business. In addition, a merchandiser adjusts inventory for theft losses, damage, and accounting errors. Prepare a merchandisers financial statements. The income statement may appear in the single-step format or the multiple-step format. A single-step income statement has only two sections-one for revenues and the other for expenses-and a single income amount for net income. A multiple-step income statement has subtotals for gross margin and income from operations. Both formats are widely used. Use the gross margin percentage and the inventory turnover ratio to evaluate a business. Two key decision aids for a merchandiser are the gross margin percentage and the rate of inventory turnover .Increases in these measures in these measure usually signal an increase in profits. New Words merchandising business 商品流通企业 sales revenue = net sales 销售净收入 cost of goods sold= cost of sales 销售产品成本，销售成本 minus 减去 gross margin = gross profit 毛利润 invoice 发票 discount 折扣 allowance 折让 return 退货 inventory存货 end-of-period 期终 theft loss 失窃造成的损失 single-step format单步骤化格式 multistep format多步骤化格式 subtotal 小计，部分和 percentage比例，比率 turnover周转 gross margin percentage 毛利润比例 rate of inventory turnover 存货周转率 Text 6 Accounting Information SystemsDescribe the features of an effective accounting information system. An effective accounting information system should capture and summarize transactions quickly, accurately, and usefully. It should generate a variety of accounting reports, including financial statements and trial balances, that aid management in operating a business. The four major aspects of a good accounting system are (1) control over operations, (2)compatibility with the particular features of the business, (3) flexibility in response to changes in the business, and (4) a favorable cost/benefit relationship such that benefits outweigh costs.Understand how computerized and manual accounting systems are used. Computerized accounting systems process inputs faster than do manual systems and can generate more types of reports. The key components of a computerized accounting system are hardware, software, and company personnel. Account numbers play a bigger role in the operation of computerized systems than they do in manual systems, because computers classify accounts by account numbers. Both computerized and manual accounting systems require transactions to be classified by type. Computerized systems use a menu structure to organize accounting functions. Posting, trial balances, financial statements, and closing procedures are carried out automatically in a computerized accounting system. Computerized accounting systems are integrated so that the different modules of the system are updated together.Understand how spreadsheets are used in accounting. Spreadsheets are electronic work sheets whose grid points, or cells, are linked by means of formulas. The numerical relationships in the spreadsheet are maintained whenever changes are made to the spreadsheet. Spreadsheets are ideally suited to detailed computations as in budgeting.Use the sales journal, the cash receipts journal, and the accounts receivable subsidiary ledger. Manual accounting systems use special journals to record transactions by category. Credit sales are recorded in a sales journal, and cash receipts in a cash receipts journal. Posting goes to the general ledger and to the accounts receivable subsidiary ledger, which lists each customer and the amount receivable from that customer. The accounts receivable subsidiary ledger is the main device for ensuring that the company collects from customers.Use the purchases journal, the cash disbursements journal, and the accounts payable subsidiary ledger. Credit purchases in a manual system are recorded in a purchases journal and cash payments in a cash disbursements journal. Posting from these journals is to the general ledger and to the accounts payable subsidiary ledger. The accounts payable subsidiary ledger helps the company stay current in payments to suppliers. New Wordsaccounting information system 会计信息体系 accurately 准确，精确 generate导致，产生 aspect方面 compatibility 一致性，和谐性flexibility 机动性，灵活性outweigh 超过manual 用手操作的component 组成部分，成分hardware 硬件software 软件personnel全体成员，全体职员menu 菜单，目录automatically 自动地integrate使一体化module 组件，模块spreadsheet 电子工作表grid point 格点formula 程式numerical数字的budgeting 预算journal日记账cash receipt 现金收讫发票category 种类，类目credit 贷款，赊欠general ledger 总分类账 subsidiary ledger 明细分类账，辅助帐账disbursement付出款 cash disbursement 现金付出款 purchase购买，购置 purchase journal 购买议事录supplier 供应者Text 7 Internal Control, Cash Transaction, and Ethical Issues1 Define internal control. Internal controls should safeguard assets, ensure accurate accounting records, promote operational efficiency, and encourage adherence to company policies.2 Identify the cha