剑桥金融财务英语(acca)

1、2020年7月4日,1,剑桥金融财务英语,授课老师：杨孙蕾（博士、CPA),Professional English in Use Finance,2020年7月4日,2,1 Money and income 货币和收入,A. Currency 货币 The money officially used in a country is its currency, such as euros, dollars, RMB, etc. Money is often in the form of cash(现金) and bank deposits(银行存款). Cash includes notes(

2、纸币) and coins(硬币). Bank deposits: money in the bank accounts (银行账户).,2020年7月4日,3,B. Personal finance,1. Income(收入): All the money a person receives or earns. This can include: Salary(工资): money paid monthly; or wages: money paid by the day or the hour, usually received weekly. Overtime (加班费): money

3、received for working extra hours. Commission (佣金): a certain percentage of the income the employee generates, such as sales person. Bonus (红利): extra money given for meeting a target or for good financial results. Fees (酬金): money paid to professional people such as lawyers and architects. Social se

4、curity, or welfare (社会保险): money paid by the government to unemployed and sick people. Pension (养老金): money paid by a company or the government to a retired person.,2020年7月4日,4,Outgoing（开支）: Amounts of money that people have to spend regularly, including: Living expenses (日常开支): money spent on every

5、day needs such as food, clothes and public transport. Bills (账单): requests for the payment of money owed for services such as electricity, gas and telephone connections. Rent (租金): money paid for the use of a house or flat. Mortgage (贷款): repayments of money borrowed to buy a house or flats. Health

6、insurance (人身保险): financial protection against medial expenses for sickness or accidental injuries. tax (税收):money paid to finance government spending.,2020年7月4日,5,Budget(预算)：a financial plan, showing how much money a person or organization expects to earn and spend .,2020年7月4日,6,2 Business finance

7、公司财务,A. Capital 资本 Capital is the money used to set up (建立) or start a company. Capital can come from loan (借款), borrowed (借入) from banks. The loan must be paid back (偿还) with interest (利息). Company（借款人） bank（放款人） Individuals and financial institutions, called investors (投资者), can also lend (借出) mon

8、ey to companies by buying bonds-loans that pay interest and are repaid at a fixed future date. Money that is owed (欠)- have to be paid- is called debt or liabilities (负债).,2020年7月4日,7,Capital (continued),Capital can also come from issuing shares or equities (股票) -certificates representing units of o

9、wnership (所有权). The people who invest (投资) money，known as share capital (股本), in shares are called shareholders (股东) and they own (拥有) part of the company.,2020年7月4日,8,Long-term liabilities(长期负债) include bonds; Short-term liabilities (短期负债) include debts to suppliers who provide goods or services on

10、 credit (赊销). The money that a business uses for everyday expenses or has available for spending is called working capital or funds (营运资金).,2020年7月4日,9,B. Revenue All the money coming into a company during a given period is revenue(收入). Revenue minus the cost of sales and operating expenses(费用）, suc

11、h as rent and salaries, is known as profit, earning or net income (利润，净收入). The part of its profit paid to the shareholders is a dividend（股利）, to the government is tax. They also retain (保留), or keep, some of their earnings for future use. This is called retained earnings (留存收益).,2020年7月4日,10,C. Fin

12、ancial statements 会计报表,The financial statements display a companys financial situation. The balance sheet (资产负债表) shows the companys assets, liabilities, and its capital. The profit and loss account(损益表) shows the companys revenues and expenses during a particular period. Profit and loss account（BrE

13、)=income statement (AmE),2020年7月4日,11,3 Accounting and accountancy,A Accounting Accounting(会计） involves recording（记录） and summarizing an organizations transactions（交易） or business deals, such as purchases and sales, and reporting them in the form of financial statement. In many countries, the accoun

14、ting or accountancy （会计师）profession has professional organizations which operate their own training and examination systems, and make technical and ethical rules ：these relate to accepted ways of doing things.,2020年7月4日,12,Financial accounting（财务会计） includes bookkeeping(记账）, and preparing financial

15、statements for shareholders and creditors（债权人）; Management accounting（管理会计） involves the use of accounting data by managers, for making plans and decisions. Bookkeeping is the day-to-day recording of transactions,2020年7月4日,13,Who set accounting standards,In most continental European countries, and i

16、n Japan ,there are laws relating to accounting ,established by the government. In the US, companies whose stocks are traded on public stock exchanges have to follow rules set by the Securities and Exchange Commission（SEC），a government agency. In Britain, the rules ,which are standards(准则），have estab

17、lished by independent organizations such as the Accounting Standard Board (ASB), and by the accountancy profession itself.,2020年7月4日,14,Who is accounting information users?,Companies in most English-speaking countries are largely by shareholders, both individuals and financial institutions .in these

18、 countries .the financial statements are prepared for shareholders . In many continental European countries businesses are largely funded by banks ,so accounting and financial statements are prepared for creditors and the tax authorities.,10 Auditing,A Internal auditing(内部审计) After bookkeepers compl

19、ete their accounts, and accountants prepare their financial statements ,these are checked by internal auditors（内部审计师）. An internal audit is an examination of a companys accounts by its own internal auditors or controllers. They evaluate(评价) the accuracy or correctness of the accounts, and check for

20、errors. They make sure that the accounts comply with（遵守）, or follow, established policies, procedures, standards, laws and regulations.,The internal auditors also check the companys systems of control, related to recording transactions, valuing assets and so on. They check to see that these are adeq

21、uate or sufficient and, if necessary, recommend（劝告） changes to existing policies and procedures.,-,B External auditing(外部审计) Public companies have to submit（递交） their financial statements to external auditors-independent auditors who do not work for the company. The auditors have to give an opinion

22、about whether the financial statements represent a true and fair view of the companys financial situation and results. The type of opinion： Unmodified opinion Unqualified opinion无保留意见 Modified opinion ，Qualified opinion 保留意见 Adverse opinion 否定意见 Disclaimer of opinion 无法表示意见,During the aduit, the ext

23、ernal auditors examine the companys systems of internal control（内部控制系统）, to see whether transactions have been recorded （记录）correctly. They check whether the assets metioned on the balance sheet actually exist, and whether their valuation is correct. For example, they usually check the annual stock

24、take（盘点）-the count of all the goods held ready for sale.They always look for any unusual items in the companys account books or statements.,Until recently,the big auditing firms also offered consulting（咨询） services to the companies whose accounts they auditing, giving them advice about business plan

25、ning, strategy and restructuring（改组）. But after a number of big financial scandals（财务丑闻）,most accounting firms separated their auditing and consulting divisions, because an auditor who is also getting paid to advise a client is no longer totally independent.,2020年7月4日,20,5 Company law,There are many

26、 description for a business. We may hear terms such as firm, company, organization or corporation. These term do not always mean the same thing and there exist different types of business.,2020年7月4日,21,partnerships (合伙) is a business arrangement in which several people work together, and share the r

27、isks and profit . In Britain and the US, Partners(合伙人） are fully liable or responsible for any debts the business has. Partnerships are not legal entities(法律实体） 在中国，合伙也不是法律实体。 In most continental European countries ,there are various kinds of partnership which are legal entites. 合伙制分为两类：一般合伙制（genera

28、l partnership，简称GP）和有限合伙制（limited partnership，简称LP）。,2020年7月4日,22,Sole trader （独资经营） An enterprise owned and operated by a single person - unlimited liability for debts liability means obligation to pay ones debt,2020年7月4日,23,B limited liability 有限责任(公司） A company is legal entity ， it has a separate

29、 legal existence from its owners It is treated like a private person under the law. It can enter into contracts, and can be sued or taken to court if it breaks a contract . In theory a company can continue for ever, even if all the staff and owners change. Most companies have limited liability - the

30、 owners are not fully liable for the businesss debts - limited companies. Their liability is limited to the value of their share capital - the amount of cash that the shareholders have contributed to the company.,2020年7月4日,24,corporate governance(公司治理) -the way a company is run by the management for

31、 the shareholders ,and how the managers are accountable to the shareholders. These managers and full time executive directors(执行董事) run company for its owners.,2020年7月4日,25,Separating the job of chairman(董事长) from that of managing director(首席执行官） Having several non-executive directors(非执行董事）on the b

32、oard of directors (董事会）who do not work full-time for the company but can offer it expert advice. Non-executive directors are ofter more objective(客观）:less influenced by their opinions and beliefs. There is also an audit committee(审计委员会），containing several non-executive directors, to which the audito

33、rs report.,Founding companies(成立公司） When people found or start companies, they draw up (草拟）or prepare Articles of Association(公司章程）and a Memorandum of Association(营业执照）。,2020年7月4日,26,The Articles of Association state： The right and duties of the shareholders and directors; The relationship among dif

34、ferent classes of shareholder The relationship between shareholders and the company and its directors.,2020年7月4日,27,The Memorandum of Association states: The companys name The location of the companys registered office(注册地）-where to send official documents. The companys purpose(目标）-its aims or objec

35、tives The authorized share capital(额定股数）-the maximum share capital it can have.,2020年7月4日,28,5 company A. Private and public cornpanies Private companies （私人公司）usually haveLimitedorLtd at the end of their name. They are not allowed to sell their stocks or shares on an open market。Most companies are

36、private；there are about one million private companies in Britain,2020年7月4日,29,There are about one million private companies in Britaincompared to around 2，000 public limited companies (公开股份有限公司，PLCs),These companies haveplcat the end of their name，and their shares are publicly traded on the London S

37、tock Exchange.,2020年7月4日,30,2020年7月4日,31,The US equivalent of a PLC is a company or corporation registered with the Securities and Exchange Commission(证券交易所，SEC).SEC-registered companies，also known as listed companies(上市公司)，have to make to quarterly reports（ie. every three months)They report on： -sa

38、les revenue or turnover(营业额) the money received by the company in that period from selling goods or services -gross profit(毛利) turnover less cost of sales -net profit(净利润) gross profit less administrative expenses(管理费用) and tax,Companies on the London Stock Exchange known as quoted registered compan

39、ies(上市公司)，have to produce a half-yearly interim report(中期报告) which informs shareholders about the companys progress. These reports are not audited. All companies with shareholders of stockholders have to send them an Annual Report(年度报告)each financial year. This contains a review of the years activit

40、y, and an examination and explanation of the companys financial position and results There are also financial statement and notes(报表附注),and the auditors report on the financial statements.,2020年7月4日,32,AGMs Public companies have to hold an Annual General Meeting(年度股东机构大会，AGM)，and most private ones d

41、o too. At this meeting the shareholders can question directors about the content of the Annual Report and the financial statements，vote to accept or reject the dividend recommended by the directors，and vote on replacements for retiring members of the board. The meeting can also carry out any other b

42、usiness stated in the companys Memorandum of Association or Certificate of Incorporation(营业执照), and Articles of Association（公司章程） or Bylaws（规章制度）.,2020年7月4日,33,If there is a crisis, the directors or the shareholder can request to hold an Extraordinary General Meeting (非常股东大会，EGM)to discuss the situa

43、tion. For example，if there are claims of misconduct （行为不当）by the directors，where they have behaved illegally, there could be an EGM.,2020年7月4日,34,29 Stocks and shares,A.Stocks, shares and equities Stocks and shares (股票)are certificates representing part ownership of a company. The people who own the

44、m are called stockholders and shareholders（股东，股票持有者）. In Britain, stock is also used to refer to all kinds of securities. including government bonds（政府债券）. The word equity or equities is also used to describe stocks and shares. The places where the stocks and shares of listed or quoted companies are

45、 bought and sold are called stock markets or stock exchanges(证券交易所).,2020年7月4日,35,B.Going public（公开上市）,A Successful existing company wants to expand, decides to go public The company gets advice from an investment bank( 投资银行)about how many shares to offer and at what price. The company gets independ

46、ent accountants to produce a due diligence report(尽职调查报告).,2020年7月4日,36,The company produces a prospectus(招股说明书) which explains its financial position, and gives details about the senior managers and the financial results（财务业绩） from previous years. The company makes a flotation or IPO (Initial publi

47、c offering,首次公开发行) An investment bank underwrites(包销) the stock issue.,2020年7月4日,37,C.Ordinary and preference shares(普通股和优先股),If a company has only one type of share these are ordinary shares(普通股). Some companies also have preference shares whose holders receive a fixed dividend (e.g. 5% of the shar

48、es nominal value(票面价值) )that must be paid before holders of ordinary shares receive a dividend. HoIders of preference shares have more chance of getting some of their capital back if a company goes bankrupt(破产) - stops trading because it is unable to pay its debts.,2020年7月4日,38,If the company goes i

49、nto liquidation(清算破产) - has to sell all its assets to repay part of its debts holders of preference shares are repaid before other shareholders. but after owners of bonds and other debts. If shareholders expect a company to grow. however they generally prefer ordinary shares to preference shares. be

50、cause the dividend is likely to increase over time.,2020年7月4日,39,30 Stocks and shares 2,A.Buying and selling shares(买卖股票) After newly issued shares have been sold (usually by investment banks) for the first time -this is called the primary market(初级市场，一级市场) . they can be repeatedly traded at the sto

51、ck exchange on which the company is listed, on what is called the secondary market（次级市场，二级市场）.,2020年7月4日,40,Major stock exchanges, such as New York and London. have a lot of requirements about publishing financial information for shareholders. Most companies use over-the-counter(OTC) markets（场外市场）,

52、such as NASDAQ in New York and the Alternative Investment Market(AIM，创业板市场) in London, which have fewer regulations.,2020年7月4日,41,The nominal value（票面价值） of a share - the price written on it - is rarely the same as its market price（市场价格） - the price it is currently being traded at on the stock excha

53、nge. This can change every minute during trading hours，because it depends on supply and demand （供求）- how many sellers and buyers there are. who trades with the market makers。,2020年7月4日,42,2020年7月4日,43,Some stock exchanges have computerized automatic trading systems（自动交易系统） that match up buyers and s

54、ellers. Other markets have market makers（做市商）: traders in stocks who quote bid（出价 ）(buying) and offer（出价） (selling) prices. The spread or difference between these prices is their profit or mark-up（加价）.,Most customers place their buying and selling orders with a stockbroker（股票经纪人）: someone who trades

55、 with the market makers。 B.New share issues（新股发行） Companies that require further capital can issue new shares. If these are offered to existing shareholders first this is known as a rights issue（优先认股权） - because the current shareholders have the first right to buy them.,2020年7月4日,44,Companies can al

56、so choose to capitalize part of their profit or retained earnings. This means turning their profits into capital by issuing new shares to existing shareholders instead of paying them a dividend. There are various names for this process. including scrip issue(发行红利股). capitalizations issue and bonus I

57、ssue. Companies with surplus cash can also choose to buy back some of their shares on the Secondary market. These are then called own shares(回购).,2020年7月4日,45,C. Categories of stocks and shares（股票的分类）,Investors tend to classify the stocks and shares available in the equity markets(股票市场） in different

58、 categories . Blue chips（蓝筹股，绩优股）: Stocks in large companies with a reputation for quality, reliability and profitability. More than two -thirds of all blue chips in industrialized countries are owned by institutional investors（机构投资者） such as insurance companies（保险公司） and pension funds（养老基金）,2020年7月

59、4日,46,Growth stocks（成长股）：Stocks that are expected to regularly rise in value. Most technology companies are growth stocks. and dont pay dividends. So the shareholders equity or owners equity increases. This causes the stock price to rise。 Income stocks(收益股票): Stocks that have a history of paying consistently high dividends.,2020年7月4日,47,Defensive stocks（防御股）: Stocks that provide a regular dividend and stable earnings. but whose value is not expected to rise or fall very much. Value stocks(价值股): Stocks that investors believe are currently trading for