财务英语讲义.docx
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财务英语讲义.docx
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财务英语讲义
LESSONONE
ACCOUNTING:
ANINFORMATIONSYSTEM
Accountingisaninformationsystemnecessitatedbythegreatcomplexityofmodernbusiness.
Oneofthemostimportantfunctionsofaccountingistoaccumulateandreportfinancialinformationthatshowsanorganization’sfinancialpositionandtheresultsofitsoperationstoitsinterestedusers.Theseusersincludemanagers,stockholders,banksandothercreditors,governmentalagencies,investmentadvisors,andthegeneralpublic.Forexample,stockholdersmusthaveanorganization’sfinancialinformationinordertomeasureitsmanagement’sperformanceandtoevaluatetheirownholdings.Banksandothercreditorsmustconsiderthefinancialstrengthofabusinessbeforepermittingittoborrowfunds.Potentialinvestorsneedfinancialdatainordertocompareprospectiveinvestments.Also,manylawsrequirethatextensivefinancialinformationbereportedtothevariouslevelsofgovernment.Businessesusuallypublishsuchreportsatleastannually.Tomeettheneedsoftheexternalusers,aframeworkofaccountingstandards,principlesandproceduresknownas“generallyacceptedaccountingprinciples”havebeendevelopedtoinsuretherelevanceandreliabilityoftheaccountinginformationcontainedintheseexternalfinancialreports.Thesubdivisionoftheaccountingprocessthatproducestheseexternalreportsisreferredtoasfinancialaccounting.
Anotherimportantfunctionofaccountingistoprovidethemanagementinsideanorganizationwiththeaccountinginformationneededintheorganization’sinternaldecision-marking,whichrelatestoplanning,control,andevaluationwithinanorganization.Forexample,budgetsarepreparedunderthedirectionsofacompany’scontrolleronanannualbasisandexpressthedesiresandgoalsofthecompany’smanagement.Aperformancereportissuppliedtohelpamanagerfocushisattentiononproblemsoropportunitiesthatmightotherwisegounnoticed.Furthermore,cost-benefitdatawillbeneededbyacompany’smanagementindecidingamongthealternativesofreducingprices,increasingadvertising,ordoingbothinattempttomaintainitsmarketshares.Theprocessofgeneratingandanalyzingsuchaccountinginformationforinternaldecision-makingisoftenreferredtoasmanagerialaccountingandtherelatedinformationreportsbeingpreparedarecalledinternalmanagementreports.Ascontrastedwithfinancialaccounting,amanagerialaccountinginformationsystemprovidesbothhistoricalandestimatedinformationthatisrelevanttothespecificplansonmorefrequentbasis.Andmanagerialaccountingisnotgovernedbygenerallyacceptedaccountingprinciples.
Thegrowthoforganizations,changesintechnology,governmentregulation,andtheglobalizationofeconomyduringthetwentiethcenturyhavespurredthedevelopmentofaccounting.Asaresult,anumberofspecializedfieldsofaccountinghaveevolvedinadditiontofinancialaccountingandmanagerialaccounting,whichincludeauditing,costaccounting,taxaccounting,budgetaryaccounting,governmentalandnot-for-profitaccounting,humanresourcesaccounting,environmentalaccounting,socialaccounting,internationalaccounting,etc.Forexample,taxaccountingencompassesthepreparationoftaxreturnsandtheconsiderationofthetaxconsequencesofproposedbusinesstransactionsoralternativecoursesofaction.Governmentalandnot-for-profitaccountingspecializesinrecordingandreportingthetransactionsofvariousgovernmentalunitsandothernot-for-profitorganizations.Internationalaccountingisconcernedwiththespecialproblemsassociatedwiththeinternationaltradeofmultinationalbusinessorganizations.Allformsofaccounting,intheend,provideinformationtotherelatedusersandhelpthemmakedecisions.
ReadingMaterial
(1)
GenerallyAcceptedAccountingPrinciples
Financialaccountingreliesoncertainstandardsorguidesthathaveusefulovertheyearsinimpartingeconomicdata.Thesestandardsarecalledgenerallyacceptedaccountingprinciples.Theyarecloselyrelatedtoexperienceandpracticeandmaychangeovertime.Variousterms,suchasprinciple,standard,assumption,convention,andconcept,areoftenusedtodescribesuchguides.
Themostfundamentalconceptsunderlyingtheaccountingprocessare:
AccountingEntity.Eachbusinessventureisaseparateunit,accountedforseparately.
GoingConcern.Theassumptionismadeinaccountingthatabusinesswillcontinueindefinitely.
MeasuringUnit.Conventionalaccountingstatementsarenotadjustedforchangesinthevalueofthedollar.
AccountingPeriod.Accountingreportsarerelatedtospecifictimeperiods,typicallyoneyear.
HistoricalCost.Assetsarereportedatacquisitionpriceandarenotadjustedupward.
Objectivity.Wheneverpossible,accountingentriesmustbebasedonobjectivelydeterminedevidence.
AnumberoforganizationsexistinU.S.A.thatareconcernedwiththeformulationofaccountingprinciples.ThemostprominentamongthemisthefinancialaccountingStandardsBoard(FASB财务会计准则委员会).TheFASB,organizedin1973,isanongovernmentalbody(非政府机构)whosepronouncementshavetheforceofdictatingauthoritativerulesforthegeneralpracticeoffinancialaccounting.BeforethecreationoftheFASB,theAccountingPrinciplesBoard(APB会计原则委员会)oftheAmericanInstituteofCertifiedPublicAccountants(AICPA美国注册会计师协会)fulfilledthefunctionofformulatingaccountingprinciples.
LESSONTWO
ASSETSSECTIONOFBALANCESHEET
Therearethreebasicfinancialstatementswhicharetheendproductsoffinancialaccounting:
BalanceSheet,IncomeStatementandtheStatementofCashFlows.Thenatureandformatsofthefirsttwostatementswillbeillustratedinthisandthefollowingtwolesson.Balancesheetandincomestatementarepreparedatleastyearly,butisalsocustomarytopreparethemquarterlyormonthly.
BalanceSheetisalistingofanorganization’sassets,liabilitiesandowners’equityonagivendate.Itisdesignedtoportraythefinancialpositionoftheorganizationataparticulartime(e.g.,onJanuary31,2000).AspresentedinExhibit2-1,thethreemajorsectionsofthebalancesheetarepresentedintheT-accountformat.Thispresentationallowstheuserstotellataglancethattotalassets(e.g.,$259000)arebeingfinancedbytwosources:
$79000bythecreditors(i.e.,liabilities)and$180000bytheowner(i.e.,owner’sequity).Animportantaspectofthisstatementisthatthetotalassetsalwaysequalthesumofliabilitiesandowner’sequity.Thisbalancingissometimesdescribedastheaccountingequation:
Assets=Liabilities+Owners’Equity.Thislessondealswiththeassetssectionofabalancesheet.Theliabilitiesandowner’sequitysectionwillbediscussedinLessonThree.
Assetsaretheeconomicresourcesofanorganizationthatcanusefullybeexpressedinmonetaryterms.TheassetsofDouglasCompanyhavebeenfurtherclassifiedintocurrentassetsandlong-termassets.Currentassetsarecashandotherassetsthatwillbeconvertedintocashorusedupduringthenormaloperatingcycleofthebusinessoroneyear,whicheverislonger.Currentassetsareusuallylistedintheorderoftheir“liquidity”orconvertibilityintocash.SomeexamplesofcurrentassetsotherthanthoseshowninExhibit2-1arenotesreceivableandmarketablesecurities.Prepaidexpensessuchasinsurance,rent,andsuppliesarenormallyconsumedduringtheoperatingcycleratherthanconvertedintocash.
(Exhibit2-1)
DOUGLASTRADINGCOMPANY
BalanceSheet
January31,2000
Assets
Liabilitiesandowner'sEquity
CurrentAssets
CurrentLiabilities
Cash
$65,000
NotesPayable
$16,000
AccountsReceivable
34,000
AccountsPayable
59,000
Inventory
98,000
AccruedSalariesPayable
4,000
PrepaidInsurance
3,500
TotalCurrentliabilities
$79,000
SuppliesonHand
1,500
TotalCurrentAssets
$202,000
Owner'sEquity
FixedAssets
K.Douglas,Capital
$180,000
StoreFixtures
$72,000
Less:
Accumulated
Depreciation
15,000
$57,000
TotalLiabilitiesand
TotalAssets
$259,000
Owner'sEquity
$259,000
Long-termassetsarerelativelylong-livedassetsusedinoperatinganorganizationandmaybefurtherclassifiedintofixedassets(orplantandequipment)andintangibleassets.Fixedassetsmayincludeland,buildings,andvariouskindsofequipment(machinery,storefixtures,officeequipment,deliveryequipment,etc.).Theyconstitutethemajorcategoryoflongtermassets.Depreciableassetsarenormallyshownattheiroriginalcost,theaccumulatedportionofthecosttakenasdepreciationtodateissubtractedfromitsoriginalcosttoobtainthebookvalueoftheasset.Intangibleassetsarecharacterizedbythelegalclaimsorrightswhichmayincludepatents,trademarks,franchises,goodwill,etc.
ReadingMaterial
(2)
FieldsofaccountingActivity
Accountantsperformmanydiverseservicesandareengagedinvarioustypesofemployment.Thethreemajorfieldsofaccountingactivityareprivateaccounting,publicaccounting,andgovernmentalaccounting.
Moreaccountantsareemployedinprivateaccountingthaninanyotherfield.Privateemployersofaccountantsincludemanufactures,wholesalers,retailers,andservicefirms.Inmanylargecompanies,theheadoftheaccountingdepartmentiscalledthecontroller.
Thefieldofpublicaccountingiscomposedoffirmsthatrenderindependent,expertreportsonfinancialstatementsofbusinessenterprises.Publicaccountingfirmsalsoperformawidevarietyofaccountingandmanagerialservices,actingasconsultantsoftheirclients.Mostaccountantsinapubl
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