立信《会计专业英语》课件Lesson-Two.ppt

LessonTwo,ASSETSSECTIONOFBALANCESHEET,NewWords,PhrasesandSpecialTerms,Asset:Incommontermsanyobject,tangibleorintangible,thatisofvaluetoitspossessor.Inmostcasesiteitheriscashorcanbeturnedintocash;exceptionsincludeprepayments,whichmayrepresentpaymentsmadeforrent,rates,ormotorlicences,incasesinwhichthetimepaidforhasnotyetexpired.,NewWords,PhrasesandSpecialTerms,Mostaccountingbodiesthroughouttheworldwouldnowdefineanassetasaresultofpasttransactionsorevents.Tangibleassetsincludelandandbuildings,plantandmachinery,fixturesandfittings,tradingstock,investments,debtors,andcash;Intangibleassetsincludegoodwill,patents,copyrights,andtrademarks.,NewWords,PhrasesandSpecialTerms,Liability:Anobligationtotransfereconomicbenefits(generallymoney)asaresultofpasttransactions(e.g.thepurchaseofafixedassetoracirculatingasset)ContingentliabilityCurrentliabilitiesDeferredcreditLong-termliabilitySecuredliability,NewWords,PhrasesandSpecialTerms,OwnersequityThefundsofanorganizationthathavebeenprovidedbyitsowners,i.e.itstotalassetslessitstotalliabilities.Thebalance-sheetvalueoftheownersequityisunlikelytobeequaltoitsmarketvalue.,NewWords,PhrasesandSpecialTerms,LiquidityTheextenttowhichanorganizationsassetsareliquid,enablingittopayitsdebtswhentheyfalldueandalsotomoveintonewinvestmentopportunities.LiquiditymanagementLiquidityriskLiquidratio,NewWords,PhrasesandSpecialTerms,Accumulateddepreciation(aggregatedepreciation)Thetotalamountofthedepreciationwrittenoffthecostpriceorvaluationofafixedassetsinceitwasbroughtintothebalancesheetofanorganization.,NewWords,PhrasesandSpecialTerms,TangibleassetAssetsthatcanbetouched,suchasland,buildings,andmachinery,ascomparedtointangiblefixedassets,suchasgoodwill.,NewWords,PhrasesandSpecialTerms,FixedassetsAnassetofabusinessintendedforcontinuinguse,ratherthanashort-termcirculatingasset(suchasstock).,NewWords,PhrasesandSpecialTerms,IntangiblefixedassetsFixedassetsofanon-monetarynaturethathavenophysicalsubstance.Theaccountingtreatmentforintangibleassetshasbeenacontroversialtopicandassets,suchasbrandsandpublicationtitles,haveappearedonthebalancesheetsofanumberofwell-knowncompanies.,NewWords,PhrasesandSpecialTerms,Intangibleasset(property)Apropertythatcannotbepossessedphysicallybutthatconfersonitsowneralegallyenforceablerighttoreceiveabenefit,forexamplemoney.,SENTENCES,Financialstatementsarepreparedatleastyearly,butitisalsocustomarytopreparethemquarterlyormonthly.,SENTENCES,Thispresentationallowstheuserstotellataglancethattotalassets(e.g.,$259000)arebeingfinancedbytwosources:$79000bythecreditors(i.e.,liabilities)and$180000bytheowner(i.e.,ownersequity).,SENTENCES,Animportantaspectofthisstatementisthatthetotalassetsalwaysequalthesumofliabilitiesandownersequity.,SENTENCES,Currentassetsarecashandotherassetsthatwillbeconvertedintocashorusedupduringthenormaloperatingcycleofthebusinessoroneyear,whicheverislonger.,SENTENCES,Long-termassetsarerelativelylong-livedassetsusedinoperatinganorganizationandmaybefurtherclassifiedintofixedassets,orplantandequipment,andintangibleassets.,SENTENCES,Theaccumulatedportionofthecosttakenasdepreciationtodateissubtractedfromitsoriginalcosttoobtainthebookvalueoftheasset.,SENTENCES,Thefieldofpublicaccountingiscomposedoffirmsthatrenderindependent,expertreportsonfinancialstatementsofbusi