中级财务会计

创造管理新知培养高素质全球化工商管理人才The

FASB

conceptual

framework.Describe

the

three

specific

objectives

of

financialreporting.AssumptionsEntity,

Continuity,

Period

of

Time,

MonetaryUnitPrinciplesHistorical

Cost,

Realization

and

Recognition,

Matching,Accrual

Accounting,ConservatismElementsChapter

1创造管理新知培养高素质全球化工商管理人才Specific

objectives:1.

Provide

information

about

a

company’s

cash

flows.2.

Provide

information

about

a

company’s

economicresources,

obligations,

and

owners’equity3.

Provide

information

about

a

company’scomprehensive e

and

its

components.创造管理新知培养高素质全球化工商管理人才RelevanceReliabilityAccounting

InformationBenefits

>

CostsUnderstandabilityDecision

UsefulnessHierarchy

of

Qualitative

CharacteristicsPredictive

valueFeedbackvalueTimelinessverifiabilityRepresentationalfaithfulnessneutralityPervasive

constraintUser-Specific

QualityOverall

QualityComparability(

consistency)materialityPrimarydecision-SpecificQualitiesIngredientsthresholdsecondary创造管理新知培养高素质全球化工商管理人才Chapter

2Define

the

elements

of

a

balance

sheet.Explainhow

to

measure(value)

the

elementsof

abalance

sheet.Classify

the

assets

of

a

balance

sheet.Classify

the

liabilities

of

a

balance

sheet.Report

the

stockholders’

equity

of

a

balance

sh创造管理新知培养高素质全球化工商管理人才Measurement

(Valuation)

of

the

Elements

of

the

Balance

SheetHistorical

cost

is

theexchange

price

in

thetransaction

in

which

an

assetwas

acquired.Fair

value

is

the

priceth ompanywouldreceive

to

sell

an

asset

(ortransfer

a

liability)

in

anorderly

transactionbetween

marketparticipants

on

the

dateofmeasurement.The

present

value

of

an

asset

is

the

net

amount

of

discounted

futurecash

inflows

less

the

discountedfuture

cash

outflows

relating

to

theasset.创造管理新知培养高素质全球化工商管理人才Fair

Value

MeasurementNeed

Fair

ValueSelect

Highest

Appropriaevel

of

Input

for

Valuation

(Hierarchy

ofValuation

Methods)Level

1:

Quoted

Price

for

Identical

Asset

(or

Liability)

in

ActiveMarketLevel

2:

Adjusted

Quoted

Price

(Exit

Value)

for

Similar

Asset

(orLiability)Level

3:

Unobservable

Inputs

(e.g.,

Present

Value

of

ExpectedCash

Flows)创造管理新知培养高素质全球化工商管理人才Chapter

3e.estatement.Understand

the

concepts

ofDefine

the

elements

of

anDescribe

the

major

components

ofan e

statement.Compute e

from

continuing

operations.创造管理新知培养高素质全球化工商管理人才e

StatementContent1. e

from

continuing

operationsa,

Sales

revenue

(net)b,

Cost

of

goods

soldc,

Grossprofitd,

Operating

expensese, e

from

operationsf,

Other

itemsj,h,i,e

from

continuing

operations

before

taxe

tax

expense

related

to

continued

operationse

from

continuing

operations创造管理新知培养高素质全球化工商管理人才e

StatementContent2.

Results

from

discontinued

operationsa, e

(loss)

from

operations

of

discontinuedcomponents

(net

of e

taxes)b,

Gain

(loss)

from

disposals

of

discontinuedcomponents

(net

of e

taxes).3.

Extraordinary

items

(net

of etaxes)4.

Net

e5.

Earnings

per

share创造管理新知培养高素质全球化工商管理人才Extraordinary

ItemsAn

extraordinary

item

is

an

event

or

transaction

that

is

both

unusualin

nature

and

infrequent

in

occurrence.1.

Unusual

nature—the

underlying

event

or

transaction

possesses

ahigh

degree

of

abnormality

and

is

of

a

type

clearly

unrelated

to,

oronly

incidentally

related

to,

the

ordinary

and

typical

activities

of

thecompany.2.

Infrequency

of

occurrence—the

underlying

event

or

transaction

isof

a

type

thatis

not

reasonably

expected

to

recurin

the

foreseeablefuture.Unusual

nature—the

unusual

nature

criterion

depends

upon

theenvironment

in

which

a

company

operates.

An

event

may

beunusual

in

nature

for

one

company

but

not

another.创造管理新知培养高素质全球化工商管理人才Chapter

4CashPeriodically

reconcile

the

cash

balance

in

the

bank

statement

withthe

company’s

accounting

records.rcentage

of

sales.Sales

Discounts,

return

and

allowanceEstimate

and

record

bad

debts

usingEstimate

and

record

bad

debts

using

an

aging

ysis.IllustrationExplain

pledging,

assignment,

and

factoring

of

accounts

receivable.Account

for

short-term

notes

receivable.创造管理新知培养高素质全球化工商管理人才Aging

of

Accounts

Receivable创造管理新知培养高素质全球化工商管理人才Aging

of

Accounts

ReceivableIf

the

firm

has

a

current

$1,350

debit

balance,

therequired

adjusting

entry

would

be:17,680Bad

Debt

Expense

17,680Allowance

for

Doubtful

Accounts$16,330

+

$1,350创造管理新知培养高素质全球化工商管理人才Writing

Off

UncollectiblesAccount

Receivable

175000Allowance

for

Doubtful

Accounts

8750Allowance

for

DoubtfulAccountsAccounts

Receivable1,0001,000Net

realizable

value=

$166,250A

customer’s

account

totaling

$1,000

is

determined

to

beuncollectible.创造管理新知培养高素质全球化工商管理人才BeforeWrite-offWrite-offAfterWrite-offAccounts

receivable$175,000$175,000$174,000Less:

Allowancefordoubtful

accounts(8,750)(8,750)(7,750)Net

realizable

value$166,250$166,250$166,250创造管理新知培养高素质全球化工商管理人才Collection

of

an

Account

Previously

Written

OffLater,

a

payment

for

$300

is

received

from

the

accountthat

was

written

off

in

the

previous

slide.•Accounts

Receivable

300•Allowance

for

Doubtful

Accounts300••Cash

300Accounts

Receivable300创造管理新知培养高素质全球化工商管理人才Accounts

Receivable

Financing

Agreements创造管理新知培养高素质全球化工商管理人才Chapter

5tiesClassifications

of

inventoryItems

to

be

included

in

inventoryAlternatives

of

inventory

systemsDetermination

of

inventory

costsCost

flow

assumptionsFIFO,

LIFO,Price

changeDollar-valueLIFO创造管理新知培养高素质全球化工商管理人才Dollar-Value

LIFO4

stepsp246Step

1: Value

the

total

ending

inventory

at

current-yearcosts.•01/01/09$10,000•12/31/09$12,100•12/31/10$13,125•12/31/11$16,800•12/31/12$12,360创造管理新知培养高素质全球化工商管理人才Step2:

Converting

inventory

costto

base-yearcosts.•12/31/09$12,100x

100/110=11000•12/31/10$13,125x

100/125=10500•12/31/11$16,800x

100/140=12000•12/31/12$12,360x100/120=10300Ending

Inventory

at

Current

Costs

x

Base-Year

CostIndex/Current

Cost

Index创造管理新知培养高素质全球化工商管理人才DateInventory

1IndexAmount

1Change

212/31/09$12,100100/11011000100012/31/10$13125100/12510500(500)12/31/11$16800100/14012000150012/31/12$12,360100/12010300(300)Step

3:

Compute

the

changein

the

inventory

level

for

theyear

at

base-year

costs.

Jan.

2009

index

is

100DateInventoryendingAt

Currentcost

4IndexChange

301/01/0912/31/09$10000$111001100110/100100012/31/10$10550(550)110/100(500)12/31/11$12,6502100140/100150012/31/12$10330(2100)(220)140/100110/100(1500)(200)创造管理新知培养高素质全球化工商管理人才Step

4b:

If

there

is

a

decrease

in

the

inventory

levelsat

base-year

costs,

this

decrease

reduces

theinventory.DateInventoryIndexCurrentcostChange01/01/0912/31/09$10000$11100-110/1001100100012/31/10$10550125/110(550)50012/31/11$12,650140/1002100150012/31/12$10330140/100110/100(2100)(220)(1500)(200)创造管理新知培养高素质全球化工商管理人才Chapter

6Record

the

acquisitionof

property,

plant,

and

equipment.Determine

the

cost

of

a

nonmonetary

asset

acquired

bythe

exchange

of

another

nonmonetary

asset.Record

costs

after

acquisition:

capital

expenditure,revenue

expenditureRecord

the

disposal

of

property,

plant,

and

equipment.创造管理新知培养高素质全球化工商管理人才Nonmonetary

Asset

ExchangesT eral

principle

is

that

the

cost

of

a

nonmonetaryasset

acquired

in

exchange

for

another

nonmonetaryasset

is

the

fair

value

of

the

asset

surrendered.Cost

of

assets

acquired=FV

of

assets

surrendered

+cash

paid(-cash

received)Gain

(or

loss)=

FV

of

assets

surrendered

–

BV

of

assetssurrendered创造管理新知培养高素质全球化工商管理人才Chapter

7Factors

evolved

in

depreciationMethods

of

cost

allocationRecording

depreciationImpairment

of

property,

plant,

and

equipmentDepreciation

and e

taxesDepletion创造管理新知培养高素质全球化工商管理人才Methods

of

Cost

AllocationTime-based

methodsStraight-lineAccelerated

(declining

charge)Sum-of-the-years’-digitsDeclining

balanceActivity

(or

use)

methods创造管理新知培养高素质全球化工商管理人才Chapter

8Accounting

intangiblesResearch

and

developmentIdentifiableintangiblesUnidentifiable

intangibles创造管理新知培养高素质全球化工商管理人才Classification

of

Intangibles创造管理新知培养高素质全球化工商管理人才Explain

the

characteristics

of

a

liability.Define

currentliabilities.Understand

and

record

payroll

taxes

and

deductions.Record

property

taxes.Estimated

liabilities

and

contigency

liabilitiesAccount

for

warranty

costs.Chapter

9创造管理新知培养高素质全球化工商管理人才Understand

the

characteristics

of

bondspayable.Record

the

issuance

of

bonds.Amortize

discounts

and

premiums

under

the

straight-line

method.Compute

the

selling

price

of

bonds.Amortize

discounts

and

premiums

under

the

effectiveinterest

method.Chapter

10创造管理新知培养高素质全球化工商管理人才Chapter

12Explain

the

corporate

form

of

anization.Know

the

rights

and

terms

that

apply

to

capital

stock.Account

for

the

issuance

of

capital

stock.Describe

the

characteristics

of

preferred

stock.Know

the

components

of

contributed

capital.Understand

the

accounting

for

treasury

stock.创造管理新知培养高素质全球化工商管理人才Contributed

Capital

SectionStockholders’EquityContributed

CapitalPreferred

stock,

$100

par

(9%,

cumulative,convertible,

10,000

shares

authorized,

4,300$

430,000164,000shares

issued

and

outstanding)Common

stock,

$5

par

(80,000

shares

authorized,32,800

shares

issued

and

outstanding)Common

stock

subscribed,

$5

par

(3,600

shares

ata

subscription

price

of

$34

per

share)18,000Common

stock

option

warrants23,000Additional

paid-in

capital

on

preferred

stock107,500Additional

paid-in

capital

on

common

stock590,400Additional

paid-in

capital

from

conversion

ofpreferred

stock

into

common

stock

10,100Total

Contributed

Capital$1,343,000创造管理新知培养高素质全球化工商管理人才6,000

shares

issued

,

of

which

100

are

being

heldas

treasury

stock)$

60,000Additional

paid-in

capital

on

common

stock

12,000Total

contributed

capital$

72,000Retained

earnings39,900Accumulated

other

comprehensive

e

10,000Total

contributed

capital,

retained

earnings,

and$121,900accum