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Lesson 1 Introduction of Financial Accounting第一课 财务会计导读Glossaryaccrual basis 权责发生制Asset 资产balance sheet资产负债表capital adequacy ratio 资本充足率cash basis 收付实现制cash flow statement 现金流量表double entry method 复式记账法Expenses费用Fair value公允价值financial reports 财务报告going concern 持续经营guarantee 担保Historical cost历史成本Impairment 减值impairment provision减值准备income statement利润表Liabilities负债Maturity 到期Net realizable value可变现净值Owners Equity 所有者权益post-amortization costs摊余成本Present value现值Profit 利润Replacement cost重置成本stewardship 受托责任transferor转出方transferee转入方Topic outline1.1 Basic Standard1.2 English terms1.1 Basic Standard1. Objective of financial reports: l to provide accounting information about the financial position, operating results and cash flows, etc. of the enterprise to the users of the financial reports, l in order to show results of the managements stewardship, and assist users of financial reports to make economic decisionsl Users of financial reports include investors, creditors, government and its relevant departments as well as the public. 2. 4 basic assumptions:l An enterprise shall recognize measure and report transactions or events that the enterprise itself has occurred.l In performing recognition, measurement and reporting for accounting purposes, an enterprise shall be assumed to be a going concern.l An enterprise shall close the accounts and prepare financial reports for each separate accounting period. Accounting periods are divided into annual periods (yearly) and interim periods. An interim period is a reporting period shorter than a full accounting year. l Accounting measurement shall be based on unit of currency.3. Recognition, measurement and reporting for accounting purposes shall be on an accrual basis. 4. Qualitative Requirements of Accounting Informationl Reliability可靠性: An enterprise shall recognise, measure and report for accounting purposes transactions or events that have actually occurred, to faithfully represent the accounting elements which satisfy recognition and measurement requirements and other relevant information, and ensure the accounting information is true, reliable and complete. 企业应当以实际发生的交易或事项为依据，如实反映企业的财务状况、经营成果和现金流量。可靠性要求企业应当以实际发生的交易或者事项为依据进行确认、计量和报告，如实反映符合确认和计量要求的各项会计要素及其他相关信息，保证会计信息真实可靠、内容完整。l Relevance相关性: Accounting information provided by an enterprise shall be relevant to the needs of the users of financial reports in making economic decisions, by helping them evaluate or forecast the past, present or future events of the enterprise. 相关性要求企业提供的会计信息应当与财务报告使用者的经济决策需要相关，有助于投资者等财务报告使用者对企业过去、现在或者未来的情况作出评价或者预测。l Understandability可理解性: Accounting information provided by an enterprise shall be clear and explicable, so that it is readily understandable and useable to the users of financial reports. 可理解性要求企业提供的会计信息应当清晰明了，便于投资者等财务报告使用者理解和使用。l Comparability可比性: Accounting information provided by enterprises shall be comparable. Vertical and Horizontal An enterprise shall adopt consistent accounting policies for same or similar transactions or events that occurred in different periods and shall not change the policies arbitrarily. If a change is required or needed, details of the change shall be explained in the notes. Different enterprises shall adopt prescribed accounting policies to account for same or similar transactions or events to ensure accounting information is comparable and prepared on a consistent basis.l An enterprise shall recognize, measure and report transactions or events based on their substance, and not merely based on their legal form. 实质重于形式要求企业按照交易或事项的经济实质进行会计核算，而不应当仅仅按照它们的法律形式作为会计核算的依据。例如：融资租赁的核算、收入的确认（售后回购）、关联方关系的判断、合并报表等会计方法均体现了实质重于形式的质量要求。l Importance重要性: Accounting information provided by an enterprise shall reflect all important transactions or events that relate to its financial position, operating results and cash flows. 要求企业提供的会计信息应当反映与企业财务状况、经营成果和现金流量有关的所有重要交易或者事项。在实务中，如果企业会计信息的省略或者错报会影响使用者据此作出决策的，该信息就具有重要性。重要性的应用需要依赖职业判断，企业应当根据其所处的环境和实际情况从项目的性质和金额大小两方面来判断其重要性。l Conservatism谨慎性: An enterprise shall exercise prudence in recognition, measurement and reporting of transactions or events. It shall not overstate assets or income nor understate liabilities or expenses. 是指在有不确定因素的情况下作出判断时，保持必要的谨慎，不抬高资产或收益，也不压低负债或费用。l Timeliness及时性: An enterprise shall recognize, measure and report transactions or events occurred in a timely manner and shall neither bring forward nor defer the accounting.5. Accounting elementsAn enterprise shall determine the accounting elements based on the economic characteristics of the transactions or events. Accounting elements include assets, liabilities, owners equity, revenue, expenses and profit. An enterprise shall apply the double entry method (i.e. debit and credit) for bookkeeping purposes. (1)Assets 资产l An asset is a resource that is owned or controlled by an enterprise as a result of past transactions or events and is expected to generate economic benefits to the enterprise. 是指过去的交易、事项形成的，由企业拥有或者控制的，预期会给企业带来经济利益的资源。 “Past transactions or events” include acquisition, production, construction or other transactions or events. Transactions or events expected to occur in the future do not give rise to assets. “Owned or controlled by an enterprise” is the right to enjoy the ownership of a particular resource or, although the enterprise may not have the ownership of a particular resource, it can control the resource. “Expected to generate economic benefits to the enterprise” is the potential to bring inflows of cash and cash equivalents, directly or indirectly, to the enterprise. l Recognition of assets: when both of the following conditions are met: it is probable that the economic benefits associated with that resource will flow to the enterprise; and the cost or value of that resource can be measured reliably. (2)Liabilities负债l A liability is a present obligation arising from past transactions or events which are expected to give rise to an outflow of economic benefits from the enterprise. 是指过去的交易或事项形成的，预期会导致经济利益流出企业的现时义务。l Recognition of liabilities: when both of the following conditions are met: (a) it is probable there will be an outflow of economic benefits associated with that obligation from the enterprise; and (b) The amount of the outflow of economic benefits in the future can be measured reliably. (3) Owners Equity 所有者权益l Owners equity is the residual interest in the assets of an enterprise after deducting all its liabilities. Owners equity of a company is also known as shareholders equity. 是指企业资产扣除负债后，由所有者享有的剩余权益。l Owners equity comprises capital contributed by owners, gains and losses directly recognized in owners equity, retained earnings etc.包括所有者投入的资本、直接计入所有者权益的利得和损失、留存收益等。留存收益包括两部分，一部分是直接从历年利润中提取的盈余公积，一部分是历年利润的留存（未分配利润）。l The amount of owners equity is determined by the measurement of assets and liabilities. An item of owners equity shall be included in the balance sheet. (4) Revenue 收入l Revenue is the gross inflow of economic benefits derived from the course of ordinary activities that result in increases in equity, other than those relating to contributions from owners. 是指企业在日常活动中所形成的、会导致所有者权益增加的、与所有者投入资本无关的经济利益的总流入。l Revenue is recognized only when it is probable that economic benefits will flow to the enterprise, which will result in an increase in assets or decrease in liabilities and the amount of the inflow of economic benefits can be measured reliably. l An item that satisfies the definition and recognition criteria of revenue shall be included in the income statement. (5) Expenses费用l Expenses are the gross outflow of economic benefits resulted from the course of ordinary activities that result in decreases in owners equity, other than those relating to appropriations of profits to owners. 是指企业在日常活动中发生的、会导致所有者权益减少的、与向所有者分配利润无关的经济利益的总流出。l Expenses are recognised only when it is probable there will be outflow of economic benefits from the enterprise which result in a reduction of its assets or an increase in liabilities and the amount of the outflow of economic benefits can be measured reliably. l An item that satisfies the definition and recognition criteria of expenses shall be included in the income statement. (6) Profit利润l Profit is the operating result of an enterprise over a specific accounting period. Profit includes the net amount of revenue after deducting expenses, gains and losses directly recognised in profit of the current period, etc. 是指企业在一定会计期间的经营成果。包括收入减去费用后的净额、直接计入当期利润的利得和损失等。l An item of profit shall be included in the income statement. 6. Accounting Measurementl Historical cost历史成本l Replacement cost重置成本l Net realizable value可变现净值l Present value现值l Fair value公允价值: Assets and liabilities are carried at the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arms length transaction. 是指在公平交易中，熟悉情况的交易双方自愿进行资产交换或者债务清偿的金额。 An enterprise shall generally adopt historical cost as the measurement basis for accounting elements. If the accounting elements are measured at replacement cost, net realizable value, present value or fair value, the enterprise shall ensure such amounts can be obtained and reliably measured. 7. Financial Reports l A financial report is a document published by an enterprise to provide accounting information to reflect its financial position on a specific date and its operating results and cash flows for a particular accounting period, etc. l A financial report includes accounting statements and notes and other information or data that shall be disclosed in financial reports. Accounting statements shall at least comprise a balance sheet, an income statement and a cash flow statement. 1.2 English terms1.资产类科目Assets现金：Cash and cash equivalents银行存款：Bank deposit应收账款：Account receivable应收票据：Notes receivable应收股利：Dividend receivable应收利息：Interest receivable其他应收款：Other receivables原材料：Raw materials在途物资：Materials in transport库存商品：inventory存货跌价准备：provision for the decline in value of inventories坏账准备：Allowance for doubtful acounts待摊费用：Prepaid expense交易性金融资产：Trading financial assets持有至到期投资：held-to-maturity investment可供出售金融资产：Available-for-sale financial assets短期投资：Short-term investment长期股权投资：Long-term equity investment固定资产：Fixed assets累计折旧：Accumulated depreciation在建工程：Construction-in-process固定资产减值准备：provision for the decline in value of fixed assets无形资产：Intangible assets累计摊销：Accumulated amortization商誉：Goodwill递延所得税资产：deferred tax assets （DTA）2.负债类Liability短期借款：Short-term loans/ borrowing长期借款：Long-term loans/ borrowing预收账款：advance from customers/ Deposit received应付票据：Notes payable应付账款：Account payable应付工资薪酬：wages payable应付股利：Dividends payable应付利息：Interest payable应交税费：Tax payable其他应付款：Other payables递延所得税负债：Deferred tax liabilities3.所有者权益类 OWNERS EQUITY实收资本：Paid-in capital 资本公积：Additional paid-in capital盈余公积：Surplus reserves未分配利润：Retained earnings4.成本类科目Cost生产成本：Manufacturing Cost制造费用：Manufacturing overhead劳务成本：labor costs研发支出：R & D expenditure5.损益类Profit and loss主营业务收入：Main operating revenue其他业务收入：Other operating revenue营业外收入：Non-operating income投资收益：Investment income产品销售收入：sales revenue主营业务成本：Main operating costs；cost of goods sold / cost of sales其他业务支出：Other operating costs营业外支出：Non-operating expenditure销售费用：Selling expense（advertisement）管理费用：General and administration expense （G&A expense）财务费用：Finance expense公允价值变动损益：Gain/loss of the change of fair value所得税：Income taxReview questions1The branch of accounting designed to provide information to users that are external to the entity, such as investors and creditors, is referred to as which of the following?1)Management accounting2)Current value accounting3)Financial accounting4)Management consultingAnswer：3）2UVW Ltd. adopted a depreciation policy by which the depreciation method used each year would be selected in accordance with the companys ability to maintain and report a 20% rate of return on shareholders equity. This is a violation of the: 1)Matching principle2)Reliability characteristic3)Comparability characteristic4)All of the aboveAnswer：4）3The assumption that a business enterprise will not be sold or liquidated in the near future is called what?1)Entity assumption2)Going concern assumption3)Accrual accounting assumption4)Time period assumptionAnswer：2）Lesson 2 Current Assets第二课 流动资产GlossaryAllowance Method 备抵法Bad debts坏账Cash 现金Cash Discounts现金折扣Cash Equivalents 现金等价物consigned goods代销存货Current Asset 流动资产Direct Write-Off直接转销法finished products完工产品FIFO, First-in-first-out 先进先出法general and administrative expenses管理费用goods in transit在途存货Gross Method总价法Inventory 存货LIFO: Last-in-first-out后进先出法Maturity 到期Merchandise 商品Net Method净价法NRV(Net Realizable Value) 可变现净值Notes Receivable应收票据Periodic system定期盘存Perpetual system永续盘存physical count 盘点purchase costs采购成本Specific Identification个别认定法the provision for the loss on decline in value of inventories存货跌价准备Trade Discounts商业折扣Receivables 应收款work in progress 在产品Topic outline2.1 Cash2.2 receivables2.3 Inventories2.1 Cashl What is Cash?n Most liquid assetn Standard medium of exchange n Basis for measuring and accounting for all itemsn Current assetl Management and Control of Cash: Companies need effective internal control over cash.n to establish proper controls to prevent any unauthorized transactions, n to provide information necessary to the proper management of cash on hand and cash transactions.l Reporting Cash-Cash Equivalents: Short-term, highly liquid investments that are bothn readily convertible to cash, andn so near their maturity that they present insignificant risk of changes in interest rates.2.2 Receivablesl What is receivable?n Trade receivables: Claims held against customers and others for money, goods, or services. Accounts Receivable: Oral promises of the purchaser to pay for goods and services sold. Notes Receivable: Written promises to pay a sum of money on a specified future date.n Nontrade Receivables Advances to officers and employees. Advances to subsidiaries. Deposits to cover potential damages or losses. Deposits as a guarantee of performance or payment. Dividends and interest receivable.l Recognition of Accounts Receivablesn Discountsu Trade Discounts商业折扣: Reductions from the list price; Not recognized in the accounting records; Customers are billed net of discountsu Cash Discounts现金折扣: Inducements for prompt payment; Gross Method总价法 vs. Net Method净价法Entry (Gross method): Dr：Accounts receivableCr：SalesDr:CashFinance expensesCr:Accounts Receivablen Nonrecognition of Interest Elementu A company should measure receivables in terms of their present value.u In practice, companies ignore interest revenue related to accounts receivable because the amount of the discount is not usually material.l Bad debts坏账(Methods of Accounting for Uncollectible Accounts)n Direct Write-Off直接转销法-Theoretically undesirable:u no matchingu receivable not stated at net realizable valuen Allowance Method 备抵法u Percentage-of-sales销售百分比法u Percentage-of-receivables 余额百分比法Entry (Allowance Method): Dr:Bad debt expenseCr:Allowance for Doubtful Accountsl Notes Receivable应收票据：Supported by a formal promissory note.n A negotiable instrumentn Maker signs in favor of a Payeen Interest-bearing (has a stated rate of interest)带息orNoninterest-bearing (interest included in face amount)不带息l Presentation and Analysisn Segregate the different types of receivables that a company possesses, if material.n Appropriately offset the valuation accounts against the proper receivable accounts.n Determine that receivables classified in the current assets section will be converted into cash within the year or the operating cycle, whichever is longer.n Disclose any loss contingencies that exist on the receivables.n Disclose any receivables designated or pledged as collateral.n Disclose all significant concentrations of credit risk arising from receivables.2.3 Inventoriesl What is inventory？n finished products完工产品 or merchandise商品 possessed by an enterprise for sale in the daily of business,n or work in progress在产品 in the process of production,n or materials原材料 and supplies to be consumed in the process of production or offering labor service.l Flow of Costsl Two systems for maintaining inventory records:n Perpetual system永续盘存：The perpetual inventory system provides a continuous record of Inventory and Cost of Goods Sold. Purchases of merchandise are debited to Inventory. Freight-in, purchase returns and allowances, and purchase discounts are recorded in Inventory. Cost of goods sold is debited and Inventory is credited for each sale. Physical count done to verify Inventory balance.n Periodic system定期盘存 Purchases of merchandise are debited to Purchases. Ending Inventory determined by physical count. COGS: Beginning inventory +Purchases, net =Goods available for sale - Ending inventory =Cost of goods soldl Valuation of Inventories requires the following:n The physical goods (goods on hand, goods in transit在途存货, consigned goods代销存货, special sales agreements).n The costs to include (product vs. period costs). Product Costs - costs directly connected with bringing the goods to the buyers place of business and converting such goods to a salable condition. purchase costs采购成本: purchase price, relevant taxes,