剑桥金融财务英语(acca).ppt

2020年4月15日 1 剑桥金融财务英语 授课老师 杨孙蕾 博士 CPA ProfessionalEnglishinUseFinance 2020年4月15日 2 1Moneyandincome货币和收入 A Currency货币Themoneyofficiallyusedinacountryisitscurrency suchaseuros dollars RMB etc Moneyisoftenintheformofcash 现金 andbankdeposits 银行存款 Cashincludesnotes 纸币 andcoins 硬币 Bankdeposits moneyinthebankaccounts 银行账户 2020年4月15日 3 B Personalfinance 1 Income 收入 Allthemoneyapersonreceivesorearns Thiscaninclude Salary 工资 moneypaidmonthly orwages moneypaidbythedayorthehour usuallyreceivedweekly Overtime 加班费 moneyreceivedforworkingextrahours Commission 佣金 acertainpercentageoftheincometheemployeegenerates suchassalesperson Bonus 红利 extramoneygivenformeetingatargetorforgoodfinancialresults Fees 酬金 moneypaidtoprofessionalpeoplesuchaslawyersandarchitects Socialsecurity orwelfare 社会保险 moneypaidbythegovernmenttounemployedandsickpeople Pension 养老金 moneypaidbyacompanyorthegovernmenttoaretiredperson 2020年4月15日 4 Outgoing 开支 Amountsofmoneythatpeoplehavetospendregularly including Livingexpenses 日常开支 moneyspentoneverydayneedssuchasfood clothesandpublictransport Bills 账单 requestsforthepaymentofmoneyowedforservicessuchaselectricity gasandtelephoneconnections Rent 租金 moneypaidfortheuseofahouseorflat Mortgage 贷款 repaymentsofmoneyborrowedtobuyahouseorflats Healthinsurance 人身保险 financialprotectionagainstmedialexpensesforsicknessoraccidentalinjuries tax 税收 moneypaidtofinancegovernmentspending 2020年4月15日 5 Budget 预算 afinancialplan showinghowmuchmoneyapersonororganizationexpectstoearnandspend 2020年4月15日 6 2Businessfinance公司财务 A Capital资本Capitalisthemoneyusedtosetup 建立 orstartacompany Capitalcancomefromloan 借款 borrowed 借入 frombanks Theloanmustbepaidback 偿还 withinterest 利息 Company 借款人 bank 放款人 Individualsandfinancialinstitutions calledinvestors 投资者 canalsolend 借出 moneytocompaniesbybuyingbonds loansthatpayinterestandarerepaidatafixedfuturedate Moneythatisowed 欠 havetobepaid iscalleddebtorliabilities 负债 2020年4月15日 7 Capital continued Capitalcanalsocomefromissuingsharesorequities 股票 certificatesrepresentingunitsofownership 所有权 Thepeoplewhoinvest 投资 money knownassharecapital 股本 insharesarecalledshareholders 股东 andtheyown 拥有 partofthecompany 2020年4月15日 8 Long termliabilities 长期负债 includebonds Short termliabilities 短期负债 includedebtstosupplierswhoprovidegoodsorservicesoncredit 赊销 Themoneythatabusinessusesforeverydayexpensesorhasavailableforspendingiscalledworkingcapitalorfunds 营运资金 2020年4月15日 9 B RevenueAllthemoneycomingintoacompanyduringagivenperiodisrevenue 收入 Revenueminusthecostofsalesandoperatingexpenses 费用 suchasrentandsalaries isknownasprofit earningornetincome 利润 净收入 Thepartofitsprofitpaidtotheshareholdersisadividend 股利 tothegovernmentistax Theyalsoretain 保留 orkeep someoftheirearningsforfutureuse Thisiscalledretainedearnings 留存收益 2020年4月15日 10 C Financialstatements会计报表 Thefinancialstatementsdisplayacompany sfinancialsituation Thebalancesheet 资产负债表 showsthecompany sassets liabilities anditscapital Theprofitandlossaccount 损益表 showsthecompany srevenuesandexpensesduringaparticularperiod Profitandlossaccount BrE incomestatement AmE 2020年4月15日 11 3Accountingandaccountancy AAccountingAccounting 会计 involvesrecording 记录 andsummarizinganorganization stransactions 交易 orbusinessdeals suchaspurchasesandsales andreportingthemintheformoffinancialstatement Inmanycountries theaccountingoraccountancy 会计师 professionhasprofessionalorganizationswhichoperatetheirowntrainingandexaminationsystems andmaketechnicalandethicalrules theserelatetoacceptedwaysofdoingthings 2020年4月15日 12 Financialaccounting 财务会计 includesbookkeeping 记账 andpreparingfinancialstatementsforshareholdersandcreditors 债权人 Managementaccounting 管理会计 involvestheuseofaccountingdatabymanagers formakingplansanddecisions Bookkeepingistheday to dayrecordingoftransactions 2020年4月15日 13 Whosetaccountingstandards InmostcontinentalEuropeancountries andinJapan therearelawsrelatingtoaccounting establishedbythegovernment IntheUS companieswhosestocksaretradedonpublicstockexchangeshavetofollowrulessetbytheSecuritiesandExchangeCommission SEC agovernmentagency InBritain therules whicharestandards 准则 haveestablishedbyindependentorganizationssuchastheAccountingStandardBoard ASB andbytheaccountancyprofessionitself 2020年4月15日 14 Whoisaccountinginformationusers CompaniesinmostEnglish speakingcountriesarelargelybyshareholders bothindividualsandfinancialinstitutions inthesecountries thefinancialstatementsarepreparedforshareholders InmanycontinentalEuropeancountriesbusinessesarelargelyfundedbybanks soaccountingandfinancialstatementsarepreparedforcreditorsandthetaxauthorities 10Auditing AInternalauditing 内部审计 Afterbookkeeperscompletetheiraccounts andaccountantspreparetheirfinancialstatements thesearecheckedbyinternalauditors 内部审计师 Aninternalauditisanexaminationofacompany saccountsbyitsowninternalauditorsorcontrollers Theyevaluate 评价 theaccuracyorcorrectnessoftheaccounts andcheckforerrors Theymakesurethattheaccountscomplywith 遵守 orfollow establishedpolicies procedures standards lawsandregulations Theinternalauditorsalsocheckthecompany ssystemsofcontrol relatedtorecordingtransactions valuingassetsandsoon Theychecktoseethattheseareadequateorsufficientand ifnecessary recommend 劝告 changestoexistingpoliciesandprocedures BExternalauditing 外部审计 Publiccompanieshavetosubmit 递交 theirfinancialstatementstoexternalauditors independentauditorswhodonotworkforthecompany Theauditorshavetogiveanopinionaboutwhetherthefinancialstatementsrepresentatrueandfairviewofthecompany sfinancialsituationandresults Thetypeofopinion UnmodifiedopinionUnqualifiedopinion无保留意见Modifiedopinion Qualifiedopinion保留意见Adverseopinion否定意见Disclaimerofopinion无法表示意见 Duringtheaduit theexternalauditorsexaminethecompany ssystemsofinternalcontrol 内部控制系统 toseewhethertransactionshavebeenrecorded 记录 correctly Theycheckwhethertheassetsmetionedonthebalancesheetactuallyexist andwhethertheirvaluationiscorrect Forexample theyusuallychecktheannualstocktake 盘点 thecountofallthegoodsheldreadyforsale Theyalwayslookforanyunusualitemsinthecompany saccountbooksorstatements Untilrecently thebigauditingfirmsalsoofferedconsulting 咨询 servicestothecompanieswhoseaccountstheyauditing givingthemadviceaboutbusinessplanning strategyandrestructuring 改组 Butafteranumberofbigfinancialscandals 财务丑闻 mostaccountingfirmsseparatedtheirauditingandconsultingdivisions becauseanauditorwhoisalsogettingpaidtoadviseaclientisnolongertotallyindependent 2020年4月15日 20 5Companylaw Therearemanydescriptionforabusiness Wemayheartermssuchasfirm company organizationorcorporation Thesetermdonotalwaysmeanthesamethingandthereexistdifferenttypesofbusiness 2020年4月15日 21 partnerships 合伙 isabusinessarrangementinwhichseveralpeopleworktogether andsharetherisksandprofit InBritainandtheUS Partners 合伙人 arefullyliableorresponsibleforanydebtsthebusinesshas Partnershipsarenotlegalentities 法律实体 在中国 合伙也不是法律实体 InmostcontinentalEuropeancountries therearevariouskindsofpartnershipwhicharelegalentites 合伙制分为两类 一般合伙制 generalpartnership 简称GP 和有限合伙制 limitedpartnership 简称LP 2020年4月15日 22 Soletrader 独资经营 Anenterpriseownedandoperatedbyasingleperson unlimitedliabilityfordebtsliabilitymeansobligationtopayone sdebt 2020年4月15日 23 Blimitedliability有限责任 公司 Acompanyislegalentity ithasaseparatelegalexistencefromitsownersItistreatedlikeaprivatepersonunderthelaw Itcanenterintocontracts andcanbesuedortakentocourtifitbreaksacontract Intheoryacompanycancontinueforever evenifallthestaffandownerschange Mostcompanieshavelimitedliability theownersarenotfullyliableforthebusiness sdebts limitedcompanies Theirliabilityislimitedtothevalueoftheirsharecapital theamountofcashthattheshareholdershavecontributedtothecompany 2020年4月15日 24 corporategovernance 公司治理 thewayacompanyisrunbythemanagementfortheshareholders andhowthemanagersareaccountabletotheshareholders Thesemanagersandfulltimeexecutivedirectors 执行董事 runcompanyforitsowners 2020年4月15日 25 Separatingthejobofchairman 董事长 fromthatofmanagingdirector 首席执行官 Havingseveralnon executivedirectors 非执行董事 ontheboardofdirectors 董事会 whodonotworkfull timeforthecompanybutcanofferitexpertadvice Non executivedirectorsareoftermoreobjective 客观 lessinfluencedbytheiropinionsandbeliefs Thereisalsoanauditcommittee 审计委员会 containingseveralnon executivedirectors towhichtheauditorsreport Foundingcompanies 成立公司 Whenpeoplefoundorstartcompanies theydrawup 草拟 orprepareArticlesofAssociation 公司章程 andaMemorandumofAssociation 营业执照 2020年4月15日 26 TheArticlesofAssociationstate Therightanddutiesoftheshareholdersanddirectors TherelationshipamongdifferentclassesofshareholderTherelationshipbetweenshareholdersandthecompanyanditsdirectors 2020年4月15日 27 TheMemorandumofAssociationstates Thecompany snameThelocationofthecompany sregisteredoffice 注册地 wheretosendofficialdocuments Thecompany spurpose 目标 itsaimsorobjectivesTheauthorizedsharecapital 额定股数 themaximumsharecapitalitcanhave 2020年4月15日 28 5companyA PrivateandpubliccornpaniesPrivatecompanies 私人公司 usuallyhave Limited or Ltd attheendoftheirname Theyarenotallowedtoselltheirstocksorsharesonanopenmarket Mostcompaniesareprivate thereareaboutonemillionprivatecompaniesinBritain 2020年4月15日 29 ThereareaboutonemillionprivatecompaniesinBritain comparedtoaround2 000publiclimitedcompanies 公开股份有限公司 PLCs Thesecompanieshave plc attheendoftheirname andtheirsharesarepubliclytradedontheLondonStockExchange 2020年4月15日 30 2020年4月15日 31 TheUSequivalentofaPLCisacompanyorcorporationregisteredwiththeSecuritiesandExchangeCommission 证券交易所 SEC SEC registeredcompanies alsoknownaslistedcompanies 上市公司 havetomaketoquarterlyreports ie everythreemonths Theyreporton salesrevenueorturnover 营业额 themoneyreceivedbythecompanyinthatperiodfromsellinggoodsorservices grossprofit 毛利 turnoverlesscostofsales netprofit 净利润 grossprofitlessadministrativeexpenses 管理费用 andtax CompaniesontheLondonStockExchangeknownasquotedregisteredcompanies 上市公司 havetoproduceahalf yearlyinterimreport 中期报告 whichinformsshareholdersaboutthecompany sprogress Thesereportsarenotaudited AllcompanieswithshareholdersofstockholdershavetosendthemanAnnualReport 年度报告 eachfinancialyear Thiscontainsareviewoftheyear sactivity andanexaminationandexplanationofthecompany sfinancialpositionandresultsTherearealsofinancialstatementandnotes 报表附注 andtheauditors reportonthefinancialstatements 2020年4月15日 32 AGMsPubliccompanieshavetoholdanAnnualGeneralMeeting 年度股东机构大会 AGM andmostprivateonesdotoo AtthismeetingtheshareholderscanquestiondirectorsaboutthecontentoftheAnnualReportandthefinancialstatements votetoacceptorrejectthedividendrecommendedbythedirectors andvoteonreplacementsforretiringmembersoftheboard Themeetingcanalsocarryoutanyotherbusinessstatedinthecompany sMemorandumofAssociationorCertificateofIncorporation 营业执照 andArticlesofAssociation 公司章程 orBylaws 规章制度 2020年4月15日 33 Ifthereisacrisis thedirectorsortheshareholdercanrequesttoholdanExtraordinaryGeneralMeeting 非常股东大会 EGM todiscussthesituation Forexample ifthereareclaimsofmisconduct 行为不当 bythedirectors wheretheyhavebehavedillegally therecouldbeanEGM 2020年4月15日 34 29Stocksandshares A Stocks sharesandequitiesStocksandshares 股票 arecertificatesrepresentingpartownershipofacompany Thepeoplewhoownthemarecalledstockholdersandshareholders 股东 股票持有者 InBritain stockisalsousedtorefertoallkindsofsecurities includinggovernmentbonds 政府债券 Thewordequityorequitiesisalsousedtodescribestocksandshares Theplaceswherethestocksandsharesoflistedorquotedcompaniesareboughtandsoldarecalledstockmarketsorstockexchanges 证券交易所 2020年4月15日 35 B Goingpublic 公开上市 ASuccessfulexistingcompanywantstoexpand decidestogopublicThecompanygetsadvicefromaninvestmentbank 投资银行 abouthowmanysharestoofferandatwhatprice Thecompanygetsindependentaccountantstoproduceaduediligencereport 尽职调查报告 2020年4月15日 36 Thecompanyproducesaprospectus 招股说明书 whichexplainsitsfinancialposition andgivesdetailsabouttheseniormanagersandthefinancialresults 财务业绩 frompreviousyears ThecompanymakesaflotationorIPO Initialpublicoffering 首次公开发行 Aninvestmentbankunderwrites 包销 thestockissue 2020年4月15日 37 C Ordinaryandpreferenceshares 普通股和优先股 Ifacompanyhasonlyonetypeofsharetheseareordinaryshares 普通股 Somecompaniesalsohavepreferenceshareswhoseholdersreceiveafixeddividend e g 5 oftheshares nominalvalue 票面价值 thatmustbepaidbeforeholdersofordinarysharesreceiveadividend HoIdersofpreferenceshareshavemorechanceofgettingsomeoftheircapitalbackifacompanygoesbankrupt 破产 stopstradingbecauseitisunabletopayitsdebts 2020年4月15日 38 Ifthecompanygoesintoliquidation 清算破产 hastosellallitsassetstorepaypartofitsdebts holdersofpreferencesharesarerepaidbeforeothershareholders butafterownersofbondsandotherdebts Ifshareholdersexpectacompanytogrow howevertheygenerallypreferordinarysharestopreferenceshares becausethedividendislikelytoincreaseovertime 2020年4月15日 39 30Stocksandshares2 A Buyingandsellingshares 买卖股票 Afternewlyissuedshareshavebeensold usuallybyinvestmentbanks forthefirsttime thisiscalledtheprimarymarket 初级市场 一级市场 theycanberepeatedlytradedatthestockexchangeonwhichthecompanyislisted onwhatiscalledthesecondarymarket 次级市场 二级市场 2020年4月15日 40 Majorstockexchanges suchasNewYorkandLondon havealotofrequirementsaboutpublishingfinancialinformationforshareholders Mostcompaniesuseover the counter OTC markets 场外市场 suchasNASDAQinNewYorkandtheAlternativeInvestmentMarket AIM 创业板市场 inLondon whichhavefewerregulations 2020年4月15日 41 Thenominalvalue 票面价值 ofashare thepricewrittenonit israrelythesameasitsmarketprice 市场价格 thepriceitiscurrentlybeingtradedatonthestockexchange Thiscanchangeeveryminuteduringtradinghours becauseitdependsonsupplyanddemand 供求 howmanysellersandbuyersthereare whotradeswiththemarketmakers 2020年4月15日 42 2020年4月15日 43 Somestockexchangeshavecomputerizedautomatictradingsystems 自动交易系统 thatmatchupbuyersandsellers Othermarketshavemarketmakers 做市商 tradersinstockswhoquotebid 出价 buying andoffer 出价 selling prices Thespreadordifferencebetweenthesepricesistheirprofitormark up 加价 Mostcustomersplacetheirbuyingandsellingorderswithastockbroker 股票经纪人 someonewhotradeswiththemarketmakers B Newshareissues 新股发行 Companiesthatrequirefurthercapitalcanissuenewshares Iftheseareofferedtoexistingshareholdersfirstthisisknownasarightsissue 优先认股权 becausethecurrentshareholdershavethefirstrighttobuythem 2020年4月15日 44 Companiescanalsochoosetocapitalizepartoftheirprofitorretainedearnings Thismeansturningtheirprofitsintocapitalbyissuingnewsharestoexistingshareholdersinsteadofpayingthemadividend Therearevariousnamesforthisprocess includingscripissue 发行红利股 capitalizationsissueandbonusIssue CompanieswithsurpluscashcanalsochoosetobuybacksomeoftheirsharesontheSecondarymarket Thesearethencalledownshares 回购 2020年4月15日 45 C Categoriesofstocksandshares 股票的分类 Investorstendtoclassifythestocksandsharesavailableintheequitymarkets 股票市场 indifferentcategories Bluechips 蓝筹股 绩优股 Stocksinlargecompanieswithareputationforquality reliabilityandprofitability Morethantwo thirdsofallbluechipsinindustrializedcountriesareownedbyinstitutionalinvestors 机构投资者 suchasinsurancecompanies 保险公司 andpensionfunds 养老基金 2020年4月15日 46 Growthstocks 成长股 Stocksthatareexpectedtoregularlyriseinvalue Mosttechnologycompaniesaregrowthstocks anddon tpaydividends Sotheshareholders equityorowners equityincreases Thiscausesthestockpricetorise Incomestocks 收益股票 Stocksthathaveahistoryofpayingconsistentlyhighdividends 2020年4月15日 47 Defensivestocks 防御股 Stocksthatprovidearegulardividendandstableearnings butwhosevalueisnotexpectedtoriseorfallverymuch Valuestocks 价值股 Stocksthatinvestorsbelievearecurrentlytradingforlessthantheyareworth whencomparedwiththecompanies assets 2020年4月15日 48 31Shareholders Investors投资者Stockmarketsaremeasuredbystockindexes 股票指数 orindices suchastheDowJonesIndustrialAverage DJIA inNewYork andtheFTSE100index oftencalledtheFootsie inLondon Theseindexesshowchangesintheaveragepricesofaselectedgroupofimportantstocks Therehavebeenseveralstockmarketcrasheswhentheseindexeshavefallenconsiderablyonasingleday e g BlackMonday 19October1987 whentheDJIAlost22 6 2020年4月15日 49 Bulls 看好股市者 areinvestorswhoexpectpricestorisebullmarket 牛市 AperiodwhenmostofthestocksonamarketriseBears 不看好股市者 areinvestorswhoexpectthemtofallbearmarket 熊市 Aperiodwhenmostofthemfallinvalue 2020年4月15日 50 Stags 投机认股者 areinvestorswhobuynewshareissueshopingthattheywillbeover subscribed 超额认股 Thismeanstheyhopetherewillbemoredemandthanavailablestocks sothesuccessfulbuyerscanimmediatelyselltheirstocksataprofit 2020年4月15日 51 B Dividendsandcapitalgains Companiesthatmakeaprofit 赚钱 eitherpayadividend 发放股利 totheirstockholders orretaintheirearningsbykeepingtheprofitsinthecompany whichcausesthevalueofthestockstorise Stockholderscanthenmakeacapitalgain 资本增值 increasetheamountofmoneytheyhave bysellingtheirstocksatahigherpricethantheypaidforthem 2020年4月15日 52 Somestockholdersprefernottoreceivedividends becausethetaxtheypayoncapitalgainsislowerthantheincometaxtheypayondividends cumdiv 带息股票 meaningtheinvestorwillreceivethenextdividendthecompanypays exdiv 除息股票 meaningtheywillnot Cumdivsharepricesarehigher astheyincludetheestimatedvalueofthecomingdividend 2020年4月15日 53 C 投机者 speculators 投机者 peoplewhobuyandsellsharesrapidly hopingtomakeaprofit Theseincludedaytraders 当日交易者 peoplewhobuystocksandsellthemagainbeforethesettlementday 交割日 Thisisthedayonwhichtheyhavetopayforthestockstheyhavepurchased usuallythreebusinessdaysafterthetradewasmade Ifdaytraderssellataprofitbeforesettlementday theyneverhavetopayfortheirshares 2020年4月15日 54 Daytradersusuallyworkwithonlinebrokers 网络经纪公司 折扣经纪公司 ontheinternet whochargelowcommissions 佣金 feesforbuyingorsellingstocksforcustomers takeashortposition 做空头交易 whichmeansagreeingtosellstocksinthefutureattheircurrentprice beforetheyactuallyownthem Theythenwaitforthepricetofallbeforebuyingandsellingthestocks 2020年4月15日 55 takealongposition 做多头交易 meansactuallyowningasecurity 拥有证券 orotherasset thatisbuyingitandhavingitrecordedinone saccount Junel Selll 000Microsoftstocks tobedelivered 交割 June4 atcurrentmarketprice 26 2 June3 Stockfallsto 25 90Buyl000 June4 SettlementdayPayforl000Stocks 25 90 receivel 000 x 26 20 Profit 300 2020年4月15日 56 32shareprices 股价 A InfluencesonsharepricesSharepricesdependonanumberoffactors thefinancialsituationo