财务会计英语unit1

GeneralIntroductiontoFinancialAccounting Unit1 FinancialAccountingEnglish SecondEdition Contents Section1AccountingEquationandAccountingElements Section2TAccount Double entrySystem theLedgerandChartofAccounts Section3JournalizingandPosting Section4FinancialStatements Section1AccountingEquationandAccountingElements 1 1TheaccountingequationAssets Liabilities Owner sequity 1 2AccountingelementsAsset 资产 areeconomicresourcesthatareownedorcontrolledbyabusinessasaresultofpasttransactionsoreventsandareexpectedtogenerateeconomicbenefitstothebusiness Assetscanbeclassifiedascurrentassets fixedassets andintangibleassets Section1AccountingEquationandAccountingElements Currentassets 流动资产 areshort termassetsincludingcash bankdeposit accountsreceivable inventory etc Fixedassets 固定资产 arenon currentassets includingland buildings equipment furniture etc Intangibleassets 无形资产 arealsonon currentassets includingpatents copyrights licenses franchises goodwill etc Section1AccountingEquationandAccountingElements Liability 负债 aredebtsofabusinessowedtosuppliers banks etc arisingfrompasttransactionsoreventswhichareexpectedtogiverisetoanoutflowofeconomicbenefitsfromthebusiness Liabilitiesareusuallyclassifiedascurrentliabilitiesandnon currentliabilities Section1AccountingEquationandAccountingElements Currentliabilities 流动负债 areexpectedtobepaidwithinoneyear Non currentliabilities 非流动负债 maylastfromoneyearto20or30yearsuntilitisfullypaid Owner sequity 所有者权益 istheresidualinterestintheassetsofabusinessafterdeductingallitsliabilities i e thenetassetsofabusiness Whenabusinessisownedbyoneperson theowner sequityisshownas Capital Whenitisownedbystockholders itisshownas Stockholder sEquity Section1AccountingEquationandAccountingElements Revenue 收入 isthegrossinflowofeconomicbenefitsderivedfromthecourseofordinaryactivitiesthatresultinincreaseinowner sequity otherthantheincreaserelatingtocontributionsfromowners Section1AccountingEquationandAccountingElements Expense 费用 arethegrossoutflowofeconomicbenefitsresultedfromthecourseofordinaryactivitiesresultingindecreasesinowner sequitycausedbythebusiness revenue producingoperations otherthanthedecreasesfromdistributionsofprofitstoowners Section1AccountingEquationandAccountingElements Profit 利润 oftencallednetincome isalsotheincreaseinowner sequityresultingfromprofitableoperationofabusinessoveraspecificaccountingperiod Section1AccountingEquationandAccountingElements 1 3Accountingelementsintheaccountingequation Exhibit1 1AccountingElementsintheAccountingEquation Section1AccountingEquationandAccountingElements Section1AccountingEquationandAccountingElements Exercises 1 1Theaccountingelementsinclude and 1 2Suchthingsascash accountsreceivables inventory supplies equipment buildings land etc areincludedin 1 3Liabilitiesare ofabusiness 1 4Thenetassetsofabusinessarecalled 1 5Cashborrowedfromabankisnot butaliability asset liability owner sequity revenue expense profit assets owner sequity debts revenue 1 6Expensesarethedecreaseinowner sequitycausedbythecompany s operations 1 7Profitisthe ofrevenueoverexpensesoveraspecificaccountingperiod 1 8Theaccountingequationis revenue producing excess assets liabilities owner sequity Exercises 1 9Recordthefollowingtransactionintheaccountingequation Boughtanautomobilefor 9 800 paying 3 000cashandgivinganoteforthebalance CashandEquipmentNotesPayableBalance 15 000 15 000Entry Balance 3 000 9 800 6 800 12 000 9 800 6 800 15 000 21 800 21 800 0 Exercises Section2TAccount Double entrySystem theLedgerandChartofAccounts 2 1Taccount 丁字账户 Exhibit1 2TAccount 2 2Double entrysystem 复式记账 Section2TAccount Double entrySystem theLedgerandChartofAccounts Exercises 1 10Taccountissocalledbecauseitresemblestheletter 1 11Thedebitisonthe sideoftheverticalline Thecreditisonthe sideoftheaccount 1 12 Dr standsfor while Cr istheabbreviationfor 1 13Ifanamountisrecordedonthedebitside accountissaidtobe 1 14Assetandexpenseincreasesarerecordedas T left right debit credit debited debits 1 15Liability owner sequity revenueandprofitdecreasesarerecordedas 1 16Indouble entrysystem thedebitandcreditentriesforeverytransactionmustbe 1 17IneachofthefollowingTaccounts enteranincreasebywriting andadecreasebywriting debits equal Exercises Exercises 2 3Theledger 总账 Example1 1DuringthemonthofJanuary 2007 TedLott alawyer 1 Invested 8 000toopenhispractice LottLawFirm 2 Boughtofficesupplies stationery forms pencils andsoon forcash 700 3 BoughtseveralpiecesofofficefurniturefromFerraroFurnitureCo onaccount 2 000 4 Received 3 500inservicefeesearnedduringthemonth 5 PaidofficerentforJanuary 600 Section2TAccount Double entrySystem theLedgerandChartofAccounts 6 Paidsalaryforpart timehelp 800 7 Paid 1 600toFerraroFurnitureCo onaccount 8 Aftertakinginventoryattheendofthemonth Lottfoundthathehadused 200worthofsupplies 9 Withdrew 470forpersonaluse 10 Paidbankservicecharge 23 Section2TAccount Double entrySystem theLedgerandChartofAccounts Thesetransactionsmightbeanalyzedandrecordedintheaccountsasfollow Transaction1Invested 8 000toopenhispractice Section2TAccount Double entrySystem theLedgerandChartofAccounts Transaction2Boughtofficesuppliesforcash 700 Section2TAccount Double entrySystem theLedgerandChartofAccounts Transaction3BoughtofficefurniturefromFerraroFurnitureCo onaccount 2 000 Section2TAccount Double entrySystem theLedgerandChartofAccounts Transaction4Received 3 500inservicefeesearnedduringthemonth Section2TAccount Double entrySystem theLedgerandChartofAccounts Transaction5PaidofficerentforJanuary 600 Section2TAccount Double entrySystem theLedgerandChartofAccounts Transaction6Paidsalaryforpart timehelp 800 Section2TAccount Double entrySystem theLedgerandChartofAccounts Transaction7Paid 1 600toFerraroFurnitureCo onaccount Section2TAccount Double entrySystem theLedgerandChartofAccounts Transaction8Aftertakinginventoryattheendofthemonth Lottfoundthathehadused 200worthofsupplies Section2TAccount Double entrySystem theLedgerandChartofAccounts Transaction9Withdrew 470forpersonaluse Section2TAccount Double entrySystem theLedgerandChartofAccounts Transaction10Paidbankservicecharge 23 Section2TAccount Double entrySystem theLedgerandChartofAccounts 2 4Chartofaccounts 会计科目表 Exhibit1 4ChartofAccountswithTwoKindsofThree digitalCodeSystems Section2TAccount Double entrySystem theLedgerandChartofAccounts Exercises 1 18Assetaccountnumbersbeginwiththenumber whereasliabilitiesbeginwith 1 19Owner sequityaccountnumbersbeginwiththenumber 1 20Belowisalistofaccounts Rearrangethemastheywouldappearintheledgerbyassigninganumericaldesignationforeachonefromthesenumbers 107 202 302 509 102 501 401 101 201 301 1 2 3 AccountsPayable AccountsReceivable Capital Cash Drawing Equipment ServiceIncome MiscellaneousExpense NotesPayable RentExpense 201 102 301 101 302 107 401 509 202 501 Exercises 1 21RecordeachtransactionintheappropriateaccountsofL TCo a Boughtsuppliesonaccountfor 600 b Boughtequipmentfor 2 700 payingonethirddownandowingthebalance c Gaveanoteinsettlementoftransaction b d Received 500asanincome Exercises bal 600 bal 2000 bal 2700 bal 900 1800 1800 bal 1800 500 bal 500 Exercises Section3JournalizingandPosting 3 1Journalizing 登录日记帐 Forillustrationofthegeneraljournal let stakethetransactiondatainExample1 1forentryillustration Example1 2 3 2Posting 过账 example1 3 Section3JournalizingandPosting Exercises 1 22Journalizingistheprocesstorecordtransactionsina 1 23Copyingjournalentriesfromthejournalstotheledgerforpurposeofsummarizingiscalled 1 24RecordthefollowingentriesinthegeneraljournalforStephensCleaningCompany a Invested 10 000cashinthebusiness b Boughtofficefurniturefor 2 000 c Boughtequipmentof 6 000onaccount d Received 2 200incleaningincome e Paidaquarteroftheamountthatisowedontheequipment journal posting Cash10000 Stephens Capital10000 OfficeFurniture2000 Cash2000 Equipment6000 AccountsPayable6000 Cash2200 CleaningIncome2200 AccountsPayable1500 Cash1500 Exercises 1 25PostthefollowinggeneraljournalentriesforCharlesTaxiCompanytotheledger Designatefolioandaccountnumbers 11 31 18 21 11 21 11 11 41 52 11 Exercises Aug 3J 190006J 121J 128J 1150031J 1 40003000600 Aug 6J 18000 Aug 6J 121J 13000 4000 Aug 3J 1 9000 Aug 28J 1 Aug