-会计英语课件-全英文(47)-财务会计

1、CHAPTER 1The Financial Statements1ACCOUNTING - THE BASIS OF DECISION MAKINGAccounting is the “language of business”Accounting is the information system that Measures business activitiesProcesses that information into reportsCommunicates the results to decision makers2THE ACCOUNTING SYSTEM: THE FLOW

2、OF INFORMATION1. People make decisions2. Business transactions occur3. Businesses prepare reports to show the results of their operations3ACCOUNTING VS. BOOKKEEPINGBookkeeping is the procedural element of accounting that processes the accounting data4IndividualsBusinessesInvestors and CreditorsGover

3、nment Regulatory AgenciesTaxing AuthoritiesNonprofit OrganizationsDECISION MAKERS WHO USE ACCOUNTING INFORMATION5Financial accounting provides information to managers and people outside the firmFinancial accounting information must meet certain standards of relevance and reliabilityManagement accoun

4、ting generates confidential information for internal decision makers, e.g., Top executivesDepartment headsFINANCIAL ACCOUNTING AND MANAGEMENT ACCOUNTING6ETHICAL CONSIDERATIONSEthical standards in accounting are designed to produce accurate information for decision makingThe result of ethical behavio

5、r by accountants is information that people can rely on for decision making7TYPES OF BUSINESS ORGANIZATIONSProprietorshipsHave a single owner who is generally the managerAre business entities, but not legal entitiesHave debt for which the proprietor is personally liable8TYPES OF BUSINESS ORGANIZATIO

6、NSPartnershipsJoin two or more persons together as co-ownersAre business entities, but not legal entitiesHave debt for which each partner is personally liable9TYPES OF BUSINESS ORGANIZATIONSCorporationsAre owned by stockholders or shareholdersAre business entities and legal entitiesAre liable for al

7、l debtsStockholders have no personal obligation for corporation debts10ACCOUNTING PRINCIPLES AND CONCEPTSGenerally accepted accounting principles (GAAP) are The rules that govern how accountants operateBased upon a conceptual framework written by the Financial Accounting Standards Board (FASB)11ACCO

8、UNTING PRINCIPLES AND CONCEPTSThe FASB works with the SEC (Securities and Exchange Commission) and the AICPA (American Institute of Certified Public Accountants)12KEY ACCOUNTING ORGANIZATIONSPrivate SectorThe FASB determines generally acceptedaccounting principlesPublic SectorLaw creates the SEC to

9、regulate the stock and bond market in the U.S.GAAP governsaccounting informationPrivate SectorAccountants applyGAAP throughthe AICPA13ACCOUNTING PRINCIPLES AND CONCEPTSThe entity conceptStates that an organization is an economic entity that keeps its affairs separate from those of the owner(s)The re

10、liability (objective) principleStates that accounting records and statements are based on the most reliable data available and documented by objective evidence14ACCOUNTING PRINCIPLES AND CONCEPTSThe cost principleStates that acquired assets and services should be recorded at their actual (historical

11、) cost and should maintain that historical cost for as long as they are ownedThe going-concern conceptStates that the entity will remain in operation for the foreseeable future15ACCOUNTING PRINCIPLES AND CONCEPTSThe stable-monetary-unit conceptStates that each dollar has the same purchasing power as

12、 any other dollar at any other time16THE ACCOUNTING EQUATIONThe accounting equation presents the resources of the business and the claims to those resourcesEconomic Resources = Claims to Economic Resources Assets = Liabilities + Owners Equityor17Assets are the economic resources of a business that a

13、re expected to be of benefit in the futureClaims to assets come fromLiabilitiesEconomic obligations - debts payable to outsiders, called creditorsOwners equity (capital)Assets held by the owners of the businessTHE ACCOUNTING EQUATION18For a corporation, stockholders (owners) equity consists of two m

14、ain categoriesPaid-in capitalRetained earnings THE ACCOUNTING EQUATION Assets = Liabilities + Stockholders EquityAssets = Liabilities + Paid-in Capital + Retained Earningsor19Paid-in (contributed) capital is The amount invested in the corporation by its ownersComprised basically of common stockTHE A

15、CCOUNTING EQUATION20Retained earningsIs the amount earned by income-producing activities and kept for use in the businessIs affected byRevenues - increases in retained earnings from delivering goods or servicesExpenses - decreases in retained earnings that result from operationsTHE ACCOUNTING EQUATI

16、ON21Net income (net earnings)Total revenues exceed total expensesNet lossTotal expenses exceed total revenuesDividendsDistributions to stockholders (usually cash) generated by net incomeTHE ACCOUNTING EQUATION22Beginning Balanceof Retained EarningsNet Income (Loss)for the PeriodDividends for thePeri

17、odEnding Balance ofRetainedEarningsRevenues for thePeriodExpenses for thePeriodCOMPONENTS OF RETAINED EARNINGSStart of the PeriodEnd of the Period23The owners equity of proprietorships and partnerships Makes no distinction between paid-in capital and retained earningsAccounts for the equity of each

18、owner under the single heading of CapitalTHE ACCOUNTING EQUATION24INFORMATION REPORTED ON THE FINANCIAL STATEMENTS25Question Answer Financial Statement1.2.3.4.26INCOME STATEMENTThe income statement (statement of earnings) reports the companys revenues, expenses, and net income or net loss for the pe

19、riod27INCOME STATEMENT28Revenues areIncreases in retained earnings from delivering goods or services to customers or clientsExpenses areDecreases in retained earnings that result from operationsINCOME STATEMENT29Expenses includeCost of goods sold (cost of sales)The cost of the goods that a company s

20、old to its customersOperating expensesThe costs of operating the businessINCOME STATEMENT30Operating expensesAdvertisingThe cost to promote the companys productsDepreciationThe expense of using company-owned buildings, equipment, and furnitureOther operating expensesThe costs of salaries, utilities,

21、 rent, and suppliesInterest expenseThe cost of borrowed moneyINCOME STATEMENT31STATEMENT OF RETAINED EARNINGSThe statement of retained earnings reports that portion of net income the company has retained, or kept for use in the businessNet income increases retained earningsDividends paid to stockhol

22、ders decrease retained earnings32STATEMENT OF RETAINED EARNINGS33BALANCE SHEETThe balance sheet (statement of financial position) reports the companys assets, liabilities, and owners equity34BALANCE SHEET35ASSETSCurrent assets areThose assets which the company expects to convert to cash, sell, or co

23、nsume during the next 12 months or within the businesss normal operating cycle if longer than a yearCurrent assets includeCashAccounts receivableMerchandise inventoryPrepaid expenses36ASSETSLong-term assets areThose assets which the company expects to hold longer then the next 12 months or the busin

24、esss normal operating cycle if longer than one yearLong-term assets includePropertyEquipment37ASSETSIntangible assets areThose with no physical formTrademarksPatentsOther assets areThose with small values which do not fall within any other standard asset category38LIABILITIESCurrent liabilities areD

25、ebts payable within one year or within the businesss normal operating cycle if longer than a yearCurrent liabilities includeNotes payable, short termAccounts payableAccrued expenses payableIncome taxes payable39LIABILITIESLong-term liabilities areDebts not payable within one year or within the busin

26、esss normal operating cycle if longer than a yearLong-term liabilities includeNotes payable, long termBonds payable40OWNERS EQUITYOwners equityRepresents the shareholders ownership of the assets of the businessOwners equity of a corporation consists ofCommon stockRetained earnings41STATEMENT OF CASH

27、 FLOWSThe statement of cash flows reports the companys cash inflows and outflows from operating, investing, and financing activities4243Operating activitiesCompanies operate by buying goods and services, which are sold to customersInvesting ActivitiesCompanies invest in long-term assets that are use

28、d to run the businessFinancing ActivitiesCompanies finance themselves by issuing stock and borrowing moneySTATEMENT OF CASH FLOWS44RELATIONSHIPS AMONG THE FINANCIAL STATEMENTS4546END OF CHAPTER 147诌汇洲抑庆艺狰以镑赣煽翻渴堵缩妹劫寞芋创屯泞烩吵魏玻恒陛览征瑶砂赣咱骆适睹觉妹再行提拧俭诌位洲抑请汐比览征冈睁窿渴樊缩醚再醒锑行芋诌烩诌位玻恒固北铡芭父雪发靠再醒溃闰殿蛇亮淑楼荤痴债钵涕北剃寻咱雪贰启发揪断

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