西方财务会计(2).ppt

,Chapter2BasicFinancialStatements,IntroductiontoFinancialStatements,Threeprimaryfinancialstatements.,IntroductiontoFinancialStatements,IntroductiontoFinancialStatements,IntroductiontoFinancialStatements,AStartingPoint:StatementofFinancialPosition,Heading(p39),Body(p39),Assets,Assetsareeconomicresourcesthatareownedbythebusinessandareexpectedtobenefitfutureoperations.,Assets,Resources,Assets,GeneratePositiveCashFlows(CashInflows),Directlyconvertedintocash(collectionofreceivables),Indirectlyusedinoperatingthebusinesstocreateotherassetsthatresultinpositivecashflows(usedtoproducetheproductsforsale),Tangible(havephysicalexistence),Intangible(likeintheformofvaluablerights),Asummaryofp40,Assets,CostPrinciple,Going-ConcernAssumption,ObjectivityPrinciple,Stable-DollarAssumption,Theseaccountingprinciplessupportcostasthebasisforassetvaluation.,Liabilities,Liabilitiesaredebtsthatrepresentnegativefuturecashflowsfortheenterprise.,OwnersEquity,Ownersequityrepresentstheownersclaimsontheassetsofthebusiness.,OwnersEquity,ChangesinOwnersEquity,TheAccountingEquation,Theaccountingequationdisplaysthatallassetsareeitherfinancedbyborrowingmoneyorpayingwiththemoneyofthecompanysstockholders.Assets=Liabilities+OwnersEquity,Whatthingsthebusinessowns,Whosuppliedtheseresourcestothebusinessandhowmucheachgroupsupplied,TheAccountingEquation,Assets=Liabilities+OwnersEquity$300,000=$80,000+$220,000,P41YourTurn,Wouldtherebeanydifferentmotivationwhenyoureportthevalueofyourhometothecityassessor,whencomparingwithwhenreportingtothepotentialbuyers?,OvernightAutoServicep44,Businessentity:OvernightAutoServiceAccountingpolicies:Prepareformalfinancialstatements,OnJan21,McBryanandhisfamilyinvested$8,000inOvernightAutoServiceandreceived800sharesofstock.,OnJan20,OvernightAutoServicepurchasedthelandfor$52000cash.,OnJan22,Overnightpurchasedtheabandonedbusgaragefor$36000.Overnightmadeacashdownpaymentof$6000andissueda90-daynon-interestbearingnotepayableforthe$30000balanceowned.,Purchaseonaccount:adeferralofpaymentsInstallmentpayment,OnJan23,Overnightpurchasedtoolsandautomotiverepairequipmentonaccount.Thepurchasewas$13,800,duewithin60days.,OnJan24,Overnightsoldtheexcesstoolsfor$1,800,apriceequaltoOvernightscost.Acemadenodownpaymentbuttopaytheamountduewithin45days.,OnJan26,Overnightreceived$600fromAceTowlingaspartialsettlementofitsaccountreceivablefromAce.,OnJan27,Overnightmadeapartialpaymentof$6,800onitsaccountpayabletoSnappytools.,OnJan31,Overnightrecordthe$22,000accumulatedservicerevenueforJanuary.,OnJan31,Overnightpaid$200utilitiesand$1,200wages.,Theexpandedaccountingequation,Now,letsreviewhowJJstransactionsaffectedtheaccountingequation.(theexpandedaccountingequationp50),IncomeStatement,StatementofCashFlows,Thecashflowstatementreportsthecashgeneratedandusedduringthetimeintervalspecifiedinitsheading.,StatementofCashFlowsp51,Itorganizesandreportsthecashgeneratedandusedinthefollowingcategories:Operatingactivitiesconvertstheitemsreportedontheincomestatementfromtheaccrualbasisofaccountingtocash.Investingactivitiesreportsthepurchaseandsaleoflong-terminvestmentsandproperty,plantandequipment.Financingactivitiesreportstheissuanceandrepurchaseofthecompanysownbondsandstockandthepaymentofdividends.,StatementofCashFlows,Theoperating,investing,andfinancingcategoriesincludebothpositiveandnegativecashflows.Thecombinedtotalofthethreecategoriesofthestatementexplainsthetotalchangeincashfromthebeginningtotheendoftheperiod.Itisnotunusualforacompanytoreportanincreaseincashfromoperatingactivities,butadecreaseinthetotalamountofcash.,RelationshipsAmongFinancialStatements,FinancialStatementArticulation,FinancialReportingandFinancialStatements,Financialstatementsarejustonesourceoffinancialaccountinginformation.,TheUseofFinancialStatementsbyExternalParties,Creditors,Investors,Twoconcerns:LiquidityProfitability,TheNeedforAdequateDisclosure,ManagementsInterestinFinancialStatements,TakeactiontoimproveareasofweakperformanceTheabilityt