Accounting会计英语教程和训练课件.pptx(纯ppt,可能不含音视频素材文件)
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1、Accounting会计英语教程和训练Objectives of the CoursenDevelop knowledge and understanding of the underlying principles,concepts and regulations relating to financial accountingn Improve technical proficiency in the use of double entry techniquesLearning resourcesnTextbookq会计英语第四版,叶建芳 孙红星,上海财经大学出版社nReferences
2、qFundamental Accounting Principles.(19th Edition)by John J.Wild,Ken W.Shaw,and Barbara ChiappettaAssessment of the CoursenPart A:Class performance:20%Class Attendance 10%Class Activities 10%nPart B:Mid-term Examination:30%nPart C:Final Examination:50%Chapter 1Introduction to AccountingContentsnWhat
3、is accountingnAccounting and its professionnTypes of business ownershipnGenerally accepted accounting principlesnFinancial statements&accounting elements nAccounting equationnProfessional ethics in accounting What is accountingnAccounting is the process of identifying,measuring,and communicating eco
4、nomic information to various users.-American Accounting Association AAA,1966nAccounting is an information and measurement system that identifies,records,and communicates relevant,reliable,and comparable information about an organizations business activities.Users of Accounting InformationUsers of Ac
5、counting InformationnManagers:make planning and control decisionsnShareholders:make further investment decisionsnLenders:evaluate the credibility of the business to make decisions on providing finance to the businessnCustomers:ensure the quality of goods or service nGovernment:know the resource allo
6、cation in the whole economynTax authorities:make tax assessmentThe accounting professionThe accounting professionnprivate accounting:qemployees working for businesses.nPublic accountingqauditing and tax advice to a vast range of businesses.ngovernment accountingqbusiness regulation and investigation
7、 of law violationsThe accounting professionnProfessional organizations of accountantsqAmerican Institute of Certified Public Accounts(AICPA)qChinese Institute of Certified Public Accounts(CICPA)qAssociation of Chartered Certified Accountants(ACCA)qAssociation of International Accountants(AIA)Types o
8、f Business ownershipnTypes of BusinessnPrimary industry:Agricultural,rural and mining nSecondary industry:manufacturing and general processing of raw materialsnTertiary industry:trading and service Trading:Wholesale,RetailService:Accountant,Architect,BankerTypes of Business ownershipSole traders(Pro
9、prietorship)nFormed and owned by a single person(proprietor,业主),who also manages the businessnIt is an accounting entity but not a legal entityqIn law,the proprietor is legally responsible for the business.qIn accounting,transactions of the proprietorship are accounted for separately from the owners
10、 private affairsnUnlimited liabilities:The proprietor is responsible for all debts by the business.nThe life of proprietorship ends when the owner either sells/closes down the business or at the owners death or incapacity.Types of Business ownershipPartnershipnSimilar to Proprietorship except that t
11、here are two or more owners who jointly own the business in predetermined proportions.nIt brings together the resources and talents of two or more peoplenUnlimited liability:Each partner is personally liable for all the debts of the partnershipnPartners share all the profits and bear all losses acco
12、rding to the terms of the partnership agreementnA partnership is terminated when ownership changes through the retirement or death of a partnerTypes of Business ownershipnCorporationnA company is an artificial body created through law and owned by shareholdersnA company is a separate legal entity an
13、d is able to conduct business in the companys namenPerpetual succession:its existence is unaffected by changes in the ownership of shares in the companynManagement and ownership are usually separatednA Board of Directors is elected to run the business on behalf of the shareholdersComparison of the t
14、hree business formsProprietorshipPartnershipCorporationOwnersProprietorone ownerPartnerstwo or more ownersShareholdersmany ownersLife of entitylimited by owners choice or deathlimited by owners choice or deathIndefinitePersonal liability of owner(s)for business debtsProprietor is personally liablePa
15、rtnership are personally liableShareholders are not personally liableAdvantages&DisadvantagesAdvantagesDisadvantagesProprietorshipManagement and ownership by the same personUnlimited liability for all debtsSubject to less strict government regulationsUnsecured finance may be difficult to obtainPartn
16、ershipGreater opportunity because of combined expertise Unlimited liability for all debtsGreater Access to capitalPossible disputes between partnersSubject to less strict government regulationsPartnership has to be reformed each time there is a change in the composition of partnersCorporationLimited
17、 liabilities of shareholdersHigh establishment costsPerpetual successionSubject to strict government regulationEasier access to financeGenerally Accepted Accounting PrinciplesnFinancial accounting practice is governed by concepts and rules known as generally accepted accounting principles(GAAP).nGAA
18、P aims to make information in financial statements relevant,reliable,and comparable.nRelevant information affects the decisions of its users.nReliable information is trusted by users.nComparable information is helpful in contrasting organizations.Generally Accepted Accounting PrinciplesnRevenue Reco
19、gnitionnMatchingnFull DisclosurenConsistencynMaterialitynConservatismnBusiness entitynObjectivitynCost nGoing ConcernnMonetary UnitnTime PeriodBasic Accounting PrinciplesBusiness Entity Principle(会计主体)nA business entity is an organization or section of organization that stands apart as a separate ec
20、onomic unitnThe business is considered separate and distinct from the owner(s)of the businessnTransactions are recorded from the point of view of business,not from the owner(s)or any other businessBasic Accounting PrinciplesObjectivity Principle(客观性)nAccounting should be objective or unbiased.nAccou
21、nting information should be free from bias and personal judgmentnAccounting records are based on information that flows from activities documented by objective evidence(invoice,receipts,etc)rather than on subjective judgments.qSuppose you want to buy a small building.You believe it is worth$155000,t
22、wo real estate professionals appraise it at$147000.The owner demands$160000 and you pay that price.What price should be recorded by the objectivity principle?$160000The objective evidence of a completed transaction supports the price of$160000Basic Accounting PrinciplesCost Principle(成本原则)nAccountin
23、g information is based on actual cost(with a potential for subsequent adjustments to market)nCost is measured on a cash or equal-to-cash basis.nImplicit assumption:Stable-monetary-unit(币值稳定),the dollars purchasing power is relatively stableqA company bought an car at$100,000 one year ago,and now the
24、 price drops and the car can be sold for$80,000.What should be the accounting value of the car one year ago and what is now?One year ago:$100000Now:$100000Basic Accounting PrinciplesnGoing Concern Principle(持续经营)nThe business is assumed to continue operating instead of being closed or sold.nCosts ar
25、e spread into the future for as long as the asset will be used in the businessnAssets are reported at cost instead of liquidation values that assume closure.Basic Accounting PrinciplesMonetary Unit Principle(货币计量)nTransactions must be recorded based in common units of moneynIt is also assumed that t
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