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号 ，本人从班主任老师处了解到我的孩子在学校期间，有校内的小卖部赊了150元，我带着小孩子去卖店确认时，发现小卖部的老板除了赊帐给学生外，还另外附带的利息，5元以下的东西收0.5元利息，10元以下的收1元，当场我跟商店老板确认了，他承认了，但是他们觉得这么做有什么不妥，当时我想找学校的校长，但是那天校长并不在校吧，我没有找到，回到家里，我一直也都无法放心，学校是一下教人育人的地方，怎么会开这么一家商店，难道学校领导都不知道吗，还是他们是一起的，我心里怎么也放心不下，商店赊收给未成年，并加收这么高的利息，学生还不起这笔钱，是不是会上走弯路，那天我看到小卖部的赊帐的本子上有两个厚厚的本子，都是赊帐学生的名字，我心里好痛，难道没有相关部门管理吗，请相关领导去查实一下。当前位置： >>
acca principle of accounting
Principles of AccountingLecturer: Li Guo E-mail: guoli1481@sina.
Mobile Phone :Chapter 1 Introduction to Accounting and Business GoogleJust like fans at a football game, the owner of a business want their business to &win& against their competitors in marketplace. One such successful company is Google. Google is regarded as the closest thing the Web has to a ultimate answer machine. And Yet Google is a free tool--- no one asks for your credit cards when you use any Google's search tools.? Doesit make money? How would you know? Accounting helps to answer these questions.Google's accounting information tells us that Google is a very successful company that makes a lot of money, but not from you and me. Google makes its money from advertisers.1 Nature of Business and AccountingA business A business is an organization in which basic resources (inputs), such as materials and labor , are assembled and processed to provide goods or services to customers. ? The objective of business The objective of business is to earn a profit. A profit is the differences between the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services.?Note: not-for-profit organizations such as hospitals , churches and government agencies. ? Types of business Service business provide services rather than products to customers. (The Walt Disney Company) Merchandising business sell products they purchased from other business to customers.(WalMart, Amazon.com) Manufacturing business change basic inputs into products that are sold to customers. (General Motors Corporation)?The role of accounting Accounting is an information system that provides information system to users about economic activities and conditions of a business . It is the means by which business financial information is communicated to users.Question: Who are the users of accounting information ? And how do accounting provide information to these users??Functions of accounting One of the most important function of accounting is to accumulate and report financial information that shows an organization’s financial position and the results of it’s operation to its interested users .Another important function of accounting is to provide the management inside an organization with the accounting information needed in the organization’s internal decision-making , which relates to planning ,control and evaluation within an organization.? Roleof ethics in accounting and business Ethics are moral principles that guide the conduct of individuals. The ethical violation led to fines, firings, and lawsuits. In some case, managers were criminally prosecuted, convicted and sent to prison. The answer to ethical violation normally involved the factors such as failure of individual characters, culture of greed and ethical indifference.2 Generally Accepted Accounting Principle (GAAP)? GAAPAccounting principles and concepts develop from research, accepted accounting practice, and pronouncement of regulators. Within the United States, the Financial Accounting Standard Board (FASB) has the primary responsibility for developing accounting principles. The FASB publishes statements of financial accounting standards as well as interpretation of these standards.? SEC(Security and Exchange Commission) has authority over accounting and financial disclosure for public traded companies. The SEC normally accepts the accounting principles set forth by the FASB. ? Many countries outside the United States use generally accepted accounting principles adopted by the International Accounting Standard Board (IASB) .? Businessentity concept Under the business entity concept, the activities of a business are recorded separately from the activities of its owners, creditors, or other business. A business entity many take form of a proprietorship, partnership, corporation or limited liability.? Thecost concept Under the cost concept, amounts are initially recorded in the accounting records at their cost or purchase price. Assume that Rainbow Publishers purchased the following building on February y 20, 2008Price listed by seller on January 1, 0 Initial offer to by January 31, 0 140 000 Purchase price on February 20, Estimated selling price on Dec. 21,
Assessed value for property taxes 190 000Under the cost concept, which amount should be recorded on the Rainbow Publishers' accounting record?? Theobjectivity concept The objectivity concept requires that the amounts recorded in the accounting records be based on objective evidence. ? The unit of measure concept The unit of measure concept requires that economic data be recorded in dollars. (monetary terms)3 The accounting equation? Accountingequation Assets= Liability + Owners' equity The resources owned by a business are its assets. Examples of assets include cash, land, building, and equipment. The rights or claims to assets are divided into two two types:(1) the right of creditors and (2) the right of ownersJohn Joos is the owner and operator of You're A Star, a motivational consulting business. At the end of its accounting period, December 31, 2009, You're a star has assets of $800 000 and liabilities of $350 000, using the accounting equation, determine the following amounts: a Owners' equity, as of Dec 31, 2009 b Owners' equity, as of Dec 31, 2010, assuming that assets increased by $130 000 and liability decreased by $25 000 during 2010.?This equation is called the accounting equation. Liabilities usually are shown before owners' equity in the accounting equation because creditors have the frist rights to the assets.4 Business transaction and the accounting equation? Assumethat on November 1, 2009, Chris Clark begins a business that will be known as Netsolutions. Transaction A Nov. 5, 2009 Chris Clark deposits $25 000 in a bank account in the name of NetSolutions. Transaction B Nov.5, 2009 NetSolution paid for the purchase of land as future building site.? TransactionC Nov. 10, 2009 Net Solution purchased supplies for $1350 and agreed to pay the supplies in the near future. ? Transaction D Nov. 18, 2009 NetSolution received cash of $7500 for providing service to customers. ? Transaction E NetSolution paid the following expenses during the month: wages, $2,125; rent $800; utilities, $450, and miscellaneous, $275.? TransactionF Nov. 30 2009 NetSolution paid creditors on account, $950 ? Transaction G Nov. 30, 2009 Chris Clark determined that the cost supplies on hand at the end of the month was $550. ? Transaction H Nov.30, 2009 Chris Clark withdrew $2,000 from NetSolution for personal use.The accounting reports providing this information are called financial 5 Financial statement statements. The primary financial statements of a proprietorship are the income statement, the statement of owners' equity, the balance sheet, and the statement of cash flows. Income statement: A summary of the revenue and expenses for a specific period of time, such as a month or a year. Statement of owners' equity: A summary of the changes in the owners' equity that have occurred during a specific period of time, such as a year or a month.?? Balancesheet: A list of the assets, liabilities, and owners' equity as of a specific date, usually at the close of the last day of a month or a year. ? Statement of cash flows: A summary of cash receipts and cash payments for a specific period of time, such as a month or a year.ExampleThe assets and liabilities of Chickadee Travel Service at April 30, 2010, and its revenue and expense for the year are listed below. The capital of the owner, Adam Cellini, was $80,000 at May 1, 2009, the beginning of the current year. Accounts payable $12, 200 Accounts receivable 31,350 Cash 53,050 Fees earned 263,200 Land 80,000 Miscellaneous expenses $12,950 Office expense 63,000 Supplies 3,350 Wages expense 131,700?Prepare an income statementChickadee Travel Service Income statement Fees earned ..................................$263,2000 Expenses Wages expenses.................$31,700 Office expenses.....................63,000 Miscellaneous expenses.......12,950 Total expenses.............................207,650 Net income.........................................$55,550ExampleUsing the data for Chickadee Travel Service , prepare a statement of owner's equity for the current year ended April 30,2010. Adam Cellini invested an additional $50 000 in the business during the year and withdrew cash of $30,000 for personal use.Chickadee Travel Service Statement of owners' equityAdam Cellini, capital , May 1,2009.............;..$80,000 Additional investment by owner..........$50,000 Net income for the year.........................55,000 $105,000 Less withdrawals.................................. 30,000 Increase in owners' equity 75,550 Adam Cellini, capital, April 30,2010.............$155,550Example?Using the data for Chickadee Travel Service , prepare balance sheet for the current year ended April 30,2010.Chickadee Travel Service Statement of owners' equityAssets Cash..................$53,050 liabilities Accounts payable......$12,200Accounts receivable...31,350 Supplies.......................3,350 owners' equity Lands ........................80,000Adam,capital.......155,550 Total assets..............$167,750 Total liabilities & owner's equity$167,750Self-examination1 If the revenue was $45,000, expenses were $37,5000, and the owners' withdrawals were $10,000 the amount of net income or net loss would be : A $45,000 net income B $8,000increase C $7,500 net income D $2,500 net loss 2 If total assets increased $18,000during a period and total liabilities increase 10,000during the same period, the amount and direction (increase or decrease) of the change in owners' equity for that period is a(n) A$ 28,000 increase B $8,000 increase C&28,000 decrease D $8,000decrease3 A profit making business operating as a separate legal entity and in which ownership into shares of stock is known as a : A proprietorship B partnership C service business D corporation 4 The resources owned by a business are called: A assets B the accounting equation C liabilities D owners' equity5 A listing of a business entity's assets, liabilities, and owners' equity as of a specific date is a(n) A balance sheet B income statement C statement of owners' equity D statement of cash flowsReading material : Financial analysis and interpretation? Ratiosof liabilities to owner's equity : Total liabilities Total owners' equity ? Current ratio Current assets Current liabilitiesPLS determine Douglas trading company'sratios of liability to owner's equity and current ration?Douglas trading company balance sheet?January 31, 2000Asset Current AssetCash $65000 Accounts receivable 34000 Inventory 98000 Prepaid insurance supplies on hand liabilities and owners’ equity Current liabilityNotes payable $16000 Account payable 59000 Accrued salaries payable 4000Total current liabilities $79000 Owners’ equityK.Douglas company capital $180000Total current assets $202000 Total liabilities and owners’equity Fixed assetsStore fixture $72000 Less:accumulated depreciation 1$259000Total Assets$259000GlossaryNew words Accounting Information system Stockholder Potential Financial position Investor Result Financial data Financial report Balance sheet Income statement?Chapter 2 Analyzing TransactionsWhile chapter one use accounting equation to analyze and record accounting equation, this chapter presents more practical and efficient recording methods that most companies use. In addition, this chapter discusses possible accounting errors that may occur, along with methods to detect and correct them.1. Using accounting to record transactions? Accountingsystem are designed to show the increases and decreases in each accounting equation elements as a separate record. This record is called an account. ? An account, in its simplest form, has three parts. 1 A title, which is the name of the accounting equation element recorded in an account.2 A space for recording increases in the amount of the element. 3 A space for recording decrease in the amount of the element The accounting form presented below is called T account because it resembles the letter T. The left side of the account is called the debit side and the right side is called credit side.?Title left side debit right side creditThe rules of debit and credit (1)The terms debit and credit are used to describe the left-hand and left-hand sides of any “two-column” account. (2)Increases in asset and expense accounts are debits entries, while increases in liability , owners’ equity and revenue accounts are credit entries. (3)Decreases are logically recorded on the side opposite increases.(4) The normal balance of any account papers on the side for recording increases. ? Chart of account A group of accounts for a business entity is called a ledger. A list of the accounts in the ledger is called a chart of accounts. The accounts are normally listed in the order in which they appear in the financial statement.? Balancesheet accounts1 Assets 11 Cash 12 Accounts receivable 14 Supplies 15 Prepaid insurance 17 Land 18 Office equipment 20 Liabilities 21 Accounts payables30 Owners' equity 31 Chris Clark, Capital 32 Chris Clark， Drawing Income statement accounts 40 Revenue 41 Fees earned 50 Expenses 51 Wages expense 52 Rent expense 54 Utilities expense 55 Supplies expense 59 Miscellaneous expense2 Double entry bookkeeping system? Doubleentry bookkeeping system All business use what is called the double entry accounting system. This system is based on the accounting equation and require that every business transaction be recorded at least two accounts. In addition, it requires that the total debits recorded for each transaction equal the total credits recorded.? Balancesheet accounts Assets accounts Credit for decreases(-)Debit for increases(+)Liabilities accounts Debit for decreases(-) Credit for increases(+)owners' equity Debit for Credit for decreases(-) increases(-)? Owners'withdrawals The debit and credit rules for recording owners' withdrawals are based on the effect of owner withdrawals on owners' equity. Since owner's withdrawals decrease owners' equity, the owners' drawing account is increased by credits. Drawing accounts Debit for increase Credit for decrease? Normalbalance The sum of the increase in the account is usually equal to or greater than the sum of decrease in the account. Thus, the normal balance of an account is either a debit or credit depending on whether increase in the account are recorded as a debit or credit.ExerciseState for each account whether it is likely to have (a) debit entries only (b) credit entries only or (c) both debit and credit entries. Also, indicate its normal balance. 1 Amber Saunders, Drawing 2 Accounts payable 3 Cash 4 Fees earned 5 Supplies 6 Utilities expense? JournalizingUsing the rules of debit and credit , transactions are initially entered in a record called a journal. In this way, the journal serves as a record of when transactions occurred and were recorded . A journal can be thought of as being similar to an individual's dairy of a significant day-to-day life events.? Transactionsare recorded in the journal using the following steps step 1 The date of the transaction is entered in the Date column. step 2 The title of the account to be debited is recorded at the left-hand margin under the description column , and the amount to be debited is entered in the debit column. step 3 The title of the account to be credited is listed below and to the right of debited account title, and the amount to be credited is entered in the credit column.Step 4 A brief description may be entered below the credit amount. Step 5 The Post. Ref. (Posting Reference) column is left blank when the journal entry is initially recorded.Transaction A Nov. 1, 2009 Chris Clark deposits $25 000 in a bank account in the name of Net.Datejournals Description Ref. DebitCredit2009 1 Cash Nov. Chris Clark, Capital25,00025,000Transaction B Nov.5, 2009 NetSolution paid $20 000 for the purchase of land as future building site.Datejournals Description Ref. DebitCredit2009 5 Land Nov. Cash20,000 20,000?Transaction C Nov. 10, 2009 Net Solution purchased supplies for $1350 and agreed to pay the supplies in the near future. journals Description Ref. DebitDateCredit2009 10 Supplies Nov. Accounts payable1,3501,350?Transaction D Nov. 18, 2009 NetSolution received cash of $7500 for providing service to customers.Datejournals Description Ref. DebitCredit2009 18 Cash Nov. Fees earned7, 5007,500?Transaction E Nov.30 NetSolution paid the following expenses during the month: wages, $2,125; rent $800; utilities, $450, and miscellaneous, $275. journalsDateDescriptionRef. DebitCredit2009 30 Wages expenses Nov. Rent expense Utilities expense Miscellaneous expense Cash2,125 800 450 2753650?Transaction F Nov. 30 2009 NetSolution paid creditors on account, $950Datejournals Description Ref. DebitCredit2009 30 Accounts payable Nov. Cash950950?Transaction G Nov. 30, 2009 Chris Clark determined that the cost supplies on hand at the end of the month was $550.journals Date Description Re Debit f. 2009 30 Supplies expense 800 Nov. SuppliesCredit800?Transaction H Nov.30, 2009 Chris Clark withdrew $2,000 from NetSolution for personal use.Datejournals Description Ref. Debit 2,000Credit2009 30 Chris Clark, Nov. Drawing Cash2,000ExerciseCecil Jamson , Attorney-at-law, is a proprietorship owned and operated by Cecil Jameson. On July 1, 2009, the company has the following assets and liabilities: cash, $1,000; accounts receivable, $3,200; Supplies, $850; Land, $10,000; accounts payable, $1530. Office space and equipment are currently being rented , pending the construction of an office complex on land purchases last year.Business transactions are summarized as follow. PLS make journals. A Nov. 1, 2009 Received cash from client for services, $3,928?Date2009 1 Nov.journals Description Ref. Debit Cash Fees earned 3,928Credit3,928B Nov. 5, 2009 Paid creditors on account , $1,055Datejournals Description Ref. Debit 1,055Credit2009 5 Accounts payble Nov. Cash1,055C Nov. 8, 2009, Received cash from Cecil Jameson as an additional investment $3,700Date2009 8 Nov.journals Description Ref. Debit Cash Capital 3,700Credit3,700D Nov. 8, 2009, Paid office rent for the month,$1,200Date2009 8 Nov.journals Description Ref. Debit Rent expense Cash 1,200Credit1,200E Nov. 16, 2009, Charged clients for legal service on account $2,025Datejournals Description Ref. Debit Credit 2,025 2,0252009 16 Accounts Nov. receivable Feess earnedF Nov. 20, 2009, Purchased supplies on account $245journalsDate Description Ref. Debit Credit 2452009 2 Supplies Nov. 0 Accounts payble245G Nov. 20, 2009, Receive cash from clients on account , $3,000Date2009 20 Nov.journals Description Ref. Debit Cash Accounts receivable 3,000Credit3,000H Nov. 21, 2009, Received invoice from paralegal services from legal Aid Inc. for Nov (to be paid on Dec. 10)$ 1,635Datejournals Description Ref. Debit 1,635Credit2009 21 Paralegal Nov. expense Accounts payable1,635I Nov. 21, 2009, Paid the following: wages expense $850, answering service expense, $250, utilities expense $325 and miscellaneous expense $75journals Date Re Debit Credit f. 2009 2 Wages Expense 850 Nov. 1 Answering service 250 expense 325 Utilities expense 75 Miscellaneous expense DescriptionK Nov. 27,James withdrew $1,000 in cash from the business for personal use.Date2009 27 Nov.journals Description Ref. Debit Withdrawals Cash 1,000Credit1,000Prepare balance sheet for Cecil JamesonAssets Cash Liabilities and Owners’ equity $6, 873 Liabilities Accounts payable $2355 Accounts receivable $2,225 Supplies $980 Owners’ equity Land $10,000 Cecil Jameson , capital $18723 Less withdraw $1,000 Total assets $20,078 Total liabilities and owners’ equity $20,078Prepare income statement for Cecil JamesonFees earned $5,953 Expenses Paralegal expenses $1635 Rent expenses $ 1,200 Wages expenses $850 Utilities expenses $325 Answering service expense $250 Supplies expenses $115 Miscellaneous expenses $75 Total expense $4450 Net income $15033 Posting journal entries to accounts? Asillustrated, a transaction is first recorded in a journal . Periodically, the journal entries are transferred to the account in the ledger. The process of transferring the debits and credits from the journal entries to the account is called posting.?Transaction Dec. 1 NetSolution paid a premium of $2,400 for an insurance policy for liabilitiy, theft, and fire. The policy covers a one-year period.Prepaid Insurance Dec 1 15 2,400Prepaid Insurance 11 Cash Paid premiun on one-year insurance2400? Theposting of proceeding December 1 transaction is shown in Exhibit 4. You will notice T account form is not used, In practice, the Taccount is usually replaced with a standard account form similar to that shown in the Exhibit 4. The following steps are involved in the posting precedure: ? Step 1 The date (Dec.1) of the journal entry is entered in the Date column of Prepaid Insurance.? Step2. The amount(2,400) is entered into the debit Column of Prepaid insurance. ? Step 3. The journal page number(2) is entered in the posting reference (Post.Ref.) column of Prepaid Insurance. ? Step 4. The account number (15) is entered in the Posting Reference column in the journal.Account Prepaid Insurance Date ? Item Post. Ref.Account NO:15? Debit Credit Balance Debit Credit2009 Dec.12?2400 ?2400Account :Cash Date ? ItemAccount number :11? Post. Ref. Debit Credit Balance Debit Credit...... Dec....... 1..... 2?2400 ??Transaction Dec1. NetSolution paid rent for December, $800. The company from which NetSolution is renting its store space now requires the payment of rent on the first of each month, rather than at the end of the month.Rent expenses 52 800Dec1Cash Paid premiun on Paid rent for Dec.11800? TransactionDec1. NetSolution received an offer from a local retailer to rent the land purchased on November 5. The retailer plans to use it as a parking lot for its employees and customers. NetSolutions agreed to rent the land to the retailer for three months, with the rent payble in advance. NetSolutions received $360 for three months' rent beginning Dec.1Cash Dec 1 Unearned rent Received advance payment for three months' rent on land11 2330 360?Transaction Dec4. NetSolution purchased office equipment on account from Executive Supply Co. for $1,800.Office equipment 18 23 1,800 1,800Dec4Accounts payable Purchase office equipment on account?Transaction Dec.6 NetSolution paid $180 for newspaper advertisement.Miscellaneous expense Dec 6 Cash Paid premiun on Paid rent for Dec.59 11180 180?Transaction Dec.6 NetSolution paid $180 for newspaper advertisement.Miscellaneous expense Dec 6 Cash Paid premiun on Paid rent for Dec.59 11180 180? Dec.11NetSolution paid creditors $400.Accounts Payable Dec 1 1 Cash Paid premiun on Paid rent for Dec.21 11400 400?Transaction Dec.13 NetSolution paid receptionist and a part-time assistant $950 for two weeks' wages .Wages expense Dec 13 Cash Paid two weeks' wages51 11950 950?Transaction Dec.16 NetSolution received $3,100 from fees earned for the first half of December.Cash Dec 16 Fees earned Received fees from customers11 413,100 3,100?Transaction Dec.16 Fees earned on account totaled $1,750 for the first half of December.Accounts receivable Dec 16 Fees earned Recorded fees paid on account12 411,750 1,750?Transaction Dec. 20 Netsolution paid $900 to Executive Supply Co. on the $1,800 debt owed from the Dec. 4 transaction.Accounts payable 21 900 900Dec20Cash 11 Paid part of amount owed to Exective Co.?Transaction Dec. 21 Netsolution received $650 from customers in payment of their accounts.Cash Dec 2111650 650Accounts 12 receivalbe Received cash from customers on account?Transaction Dec. 23 Netsolution paid $1,450 for supplies.Supplies Dec 23 Cash Purchased supplies14 111,450 1,450?Transaction Dec. 27 Netsolution paid the receptionist and the part-time assistant $1,200 for two weeks' wages.Wages expense 51 11 1,200 1,200Dec27Cash Paid two weeks' wages?Transaction Dec. 31 Netsolution paid its $310 telepone bill for the month.Utilities expense Dec 31 Cash Paid telephone bill54 11310 310?Transaction Dec.31 Netsolution paid its $225 electric bill for the monthUtilities expense Dec 31 Cash paid electric bill54 11225 225?Transaction Dec. 31 Netsolution received $2,870 from fees earned for the second half of December.Cash Dec 31 Fees earned Received fees from customers11 112,870 2,870?Transaction Dec. 31 Fees earned on account totaled $1,120 for the second half of December.Accounts receivable Dec 20121,120 1,120Cash 11 Paid part of amount owed to Exective Co.?Transaction Dec. 31 Chris Clark withdrew $2,000 for personal useChris Clark, Drawing Dec 31 Cash Chris Clark withdrew cash for personal use32 112,000 2,000Excercise? Usingthe following Taccount, solve for the amount of cash payment (indicate by ?below) Cash? Cash paymentMar.1 Bal. 22,350 Cash receipts 241,880 March.31 Bal 19,125? $1+$241,880-CashpaymentCash payment=$245,105Ledger NetSolutionLedgerAccount: Cash Pos. Ref. 2 2 2 2 2 360 180 400 Account No:11 Balance Credit Debit Credit 2,400 800 5,900 3,500 2,700 3,060 2,880 2,480DateNov.30 Dec.1 Dec.1 Dec.1 Dec.6 Dec.11ItemDebitDate Dec.13ItemPos. Ref. 3Balance Debit Credit 950 Debit 1,530 CreditDec.16 Dec.20 Dec,21 Dec.23 Dec.27 Dec.31 Dec.31 Dec.31 Dec.313 3 3 3 3 3 4 4 43,100900 6501,450 1,200 310 2252,870 2,0004,630 3,730 4,380 2,930 1,730 1,420 1,195 4,065 2,065Account :Account ReceivableDate Item Pos. Ref. DebitAccount No. 12Balance Debit CreditCreditDec.1621 3133 41,750650 1,1201,7501,100 2,220Account: Supplies Account No. 14 Date Item Post. Debit Credit Balance Ref. Debit Credit Nov.30Dec.2313 1,4508005502,000Account: Prepaid InsuranceDate Item Post. Ref. DebitAccount No:15Credit BalanceDebitDec.1 2 2,400 2,400CreditAccount: LandDate Item Post. Ref. Debit CreditAccount No:17BalanceDebitNov.5 1 20,000 20,000CreditAccount: Office equipmentDate Item Post. Ref. Debit CreditAccount No:18BalanceDebitDec.4 2 1,800 1,800CreditAccount: Account payable Date Item Post. Ref. 1 2 Debit CreditAccount No:21 Balance Debit Credit 400 2,200Nov.30 Dec.4950 1,800Dec.1124001,800Dec.203900900Account: Unearned rent Date Item Post. Ref. DebitAccount No:23 Credit Balance Debit CreditDec.12360360Account: Chris. Clark Capital Date ItemAccount No:31 Balance Debit CreditPost. Debit Credit Ref.Nov.1125,00025,000Account: Chris Clark Drawing Date Item Post. Ref. 2 4 DebitAccount No :32 Credit Balance Debit CreditNov.30 Dec.312,000 2,0002,000 4,000Account: Fees earned Date Item Post. Ref. 1 3 3 4 DebitAccount No:41 Credit BalanceDebitNov.18 Dec.16 Dec.16 Dec.31 7,500 3,100 1,750 2,870Credit 7,50010,600 12,350 15,220Dec.3141,12016,340Account:Wages expensesDate Item Post. Ref. DebitAccount No:51Credit BalanceDebit Nov.30Dec.13Credit132,1259502,1253.075Dec.2731,2004,275Account: Rent expenseAccount No:52DateItemPost. Ref.DebitCreditBalanceDebit CreditNov.30 Dec.11 2800 800800 1,600Account:Utilities expenseDate Item Post. Ref. 1 3 DebitAccount No:54Credit BalanceNov.30450 310Debit 450760CreditDec.31Dec.31 4 225 985Account: Supplies expensesDate Item Post. Ref. Debit CreditAccount No:55BalanceDebitNov.1 1 800 800CreditAccount: Miscellaneous expensesDate Item Post. Ref. 1 Debit CreditAccount No:59BalanceNov.30275Debit 275Credit21804554. Trail balance (试算平衡）? Errorsmay occur in posting debits and credits fron the journal to the ledger. One way to detect such errors is by preparing a trial balance. Double-entry accounting requires that debits must always equal credits. The trial balance verifies this equality. The steps in preparing a trial balance are as follows:Step 1： List the name of the company, the title of the trial balance, and the date trial balance is prepared. Step 2: List the accounts from the ledger and enter their debit and credit balance in the Debit or Credit column of the trial balance. Step 3: Total the Debit and Credit columns of the trial balance. Step 4: Verify that the total of the Debit column equals the total of the credit column.NetSolutions unadjusted trial balance( Dec. 31, 2009)?? ? ? ? ? ? ??? ? ?Debit balance Credit balance Cash.........................................2,065 Account receiveble.................2,220 Supplies....................................2,000 Prepaid Insurance...................2,400 Land..........................................20,000 Office equipment..................... 1,800 Accounts payable.................. 900 Unearned rent........................ 360 Chris Clark, capital............... 25,000 Chris Clark, drawing............ 4,000 Fees earned......................... 16,340Wages expense......................4,275 ? Rent expense..........................1,600 ? Utilities expense.........................985 ? Supplies expenses....................800 ? Miscellaneous expenses............455 42,600?42,600Errors affecting trial balanceQuotations from ACCA textbookA balance sheet is a statement of assets, liabilities and capital of a business at a stated date. It is laid out to show either total assets as equivalent to total liabilities and capital or net asset as an equivalent to capital. Other formats are possible but the top half ( or the left hand) total will always equal the bottom half ( or right hand) total. Some balance sheets are laid out vertically and others horizontally.An asset is resource controlled by a business and is expected to be some of the future benefits. Its value is determined as the historical of producing or obtaining it ( unless an attempt is being made to reflect rising prices in accounts, in which case a replacement cost might be used . Examples of assets are: (i) Plant, machinery , land and other noncurrent assets (ii) Current assets such as inventories, cash and debts owed to the business with reasonable assurance of recovery : these are assets which are not intended to be held on a continuing basis in the business.Self -examination1 A debit may signify a(n) A increase in an asset account B decrease in an asset account C increase in a liability account D decrease in a liability account 2 The type of account with a normal credit balance is: A an asset C a revenue B drawing D an expense3 A debit balance in which of the following accounts would indicate a likely error? A Account receivable B Cash C Fees earned D Miscellaneous expense4 The receipt of cash from customers in payment of their accounts would be recorded by : A a debit to Cash and a credit to Accounts receivable B a debit to Accounts receivable and a credit to Cash C a debit to Cash and a credit to Accounts payable D a debit to account s payble and a credit to Cash? GlossoryFinancial statement （财务报表） Balance sheet （资产负债表） Income statement (损益表） Statement of cash (现金流量表） Firm (企业） Asset (资产） Liability (负债） Owners’ equity（所有者权益）Marketable securities （有价证券，上市证 券） Resource（资源） Accounting equation （会计等式） Current asset（流动资产） Long-term asset（长期资产） Cash（现金） Convert（转变，兑换） Normal operating cycle（正常经营周期） liquidity（变现能力）
Lesson one Accounting : An information systemCreditor Decision making Financial strength Budgets Fund Controller Extensive Performance report Financial report Globalization Annually Cost-benefit data Subdivision Auditing Accounting process Cost accounting Financial accounting Tax accounting managerial accounting Budgetary accountingLesson one Accounting : An information systemGovernmental and not-for-profit accounting Human resources accounting Environmental accounting Social accounting International accounting Tax returnsLesson one Accounting : An information system1.Definition of accounting Accounting is an information system necessitate by the great complexity of modern business for measuring , processing , and communicating financial information about an identifiable entity which can help the related users make decision. 会计是由于现代企业的巨大复杂性而成为必 要的信息系统．它是特定企业为帮助其相关人员决 策而对财务信息进行的计量，处理和交流．Lesson one Accounting : An information system2.The most important functions of accounting One of the most important function of accounting is to accumulate and report financial information that shows an organization’s financial position and the results of it’s operation to its interested users . 会计的最重要的职能之一是向有利害关系的 使用者累积和报告有关某一组织的财务状况 和经营成果的财务信息．Lesson one Accounting : An information system(1) Who are the users of accounting information ? Managers , stockholders , banks, other creditors, governmental agencies, investment advisers, and the general public(2)Why do interested users need financial information? (a) Stockholders must have an organization’s financial information in order to measure its managements performance and to evaluate their own holdings. (b) Banks and other creditors must consider the financial strength of a business before permitting it borrow funds. (c) Potential investors need financial data in order to compare prospective investments. 股东为了衡量管理当局的业绩和评价／评估本人 拥有的股份，必须取得财务信息；银行及其他债权 人在允许贷款之前，必须考察这家企业的财务实力; 潜在的投资者需要利用财务信息对预期的投资进行 比较．Lesson one Accounting : An information systemLesson one Accounting : An information system(d) Many laws require that extensive financial information be reported to various levels of governments. Business usually publish such report at least yearly. 许多国家的法律都要求企业向政府的各级报 告广泛的财务信息．企业至少逐年地公布这 些财务报告．(3)What is D generally accepted accounting principle‖Lesson one Accounting : An information system? To meet the need of external users , a frame work of accounting standards , principles and procedures known as D generally accepted accounting principle‖ have been developed to insure the relevance and reliability of the accounting information contained in these external financial report.为满足报告使用者的需要，美国制定了一套 包括会计准则，会计原理，会计程序的框架即公认 会计准则．以保证这些对外报告提供的财务信息具 有相关性可靠性．Lesson one Accounting : An information system3 Another important function of accounting Another important function of accounting is to provide the management inside an organization with the accounting information needed in the organization’s internal decision-making , which relates to planning ,control and evaluation within an organization. 会计的另一个重要职能是向某一组织的管理当局提 供内部决策需要的信息，这些决策包括某一组织 内的计划，控制和评价．Lesson one Accounting : An information system(1) The process of generating and analyzing accounting information for internal decisionmaking is often referred to as managerial accounting and the related information being prepared are called internal management report. 形成和分析用于内部决策的会计信息通常称 为管理会计，其所提供的信息报告称为内部管理报 告．(2) As contrast with financial information, a managerial accounting information system provides both historical and estimated information that is relevant to the specific plans on more frequent basis . An management accounting is not governed by generally accepted accounting principle. 与财务会计不同，管理会计信息系统在更频繁的基 础上同时提供与具体计划相关的历史信息和预测信 息．而且，管理信息不受公认会计原理的约束．Lesson one Accounting : An information systemLesson one Accounting : An information system4 New accounting areas: auditing , cost accounting , tax accounting ,budgetary accounting , governmental and not---for-profit accounting , environmental accounting ,social accounting and international accountingDiscussion : 1. Please list the differences between financial accounting and managerial accounting .2. How do environmental factors affect accounting development? Please give some examples to demonstrate.TranslationAccounting entity Going concern Measuring unit Historic cost Objectivity（会计主体） （持续经营） （计量单位） （历史成本） （客观性）GAAP in U.S.AFinancial accounting relies on certain standards or guides that have proved useful over the years in imparting economic data. These standards are called generally accepted accounting principles. They are closely relayed to experience and practice and may change over time. Various terms， such as principle， standard， assumption， convention， and concept， are often used to describe such guides.The most fundamental concepts underlying the accounting process are： Accounting Entity. Each business venture is a separate unit， accounted for separately. Going Concern. The assumption is made in accounting that a business will continue indefinitely. Measuring Unit. Conventional accounting statements are not adjusted for change in the value of the dollar. Accounting Period. Accounting reports are related to specific time periods， typically one year.Historical Cost. Assets are reported at acquisition price and are not adjust upward. Objectivity. Whenever possible， accounting entries must be based on objectively determined evidence. A number of organizations exist in U.S.A. that are concerned with the formulation of accounting principles. The most prominent among them is the Financial Accounting Standards Board. The FASB， organized in 1973， is nongovernmental body whose pronouncements have the force of dictating authoritative rules for the general practice of financial accounting. Before the creation of the FASB， the Accounting Principles Board of the American Institute of the Certified Public Accountants fulfilled the function of formulating accounting principles??财务会计依靠于公认标准或被证明对提供的经济数据有所帮 助的指南。这些标准被称为公认会计准则。他们被用于近似 地替代经验、实践以及过去的许多变化。各类条款经常被用 于表述这样的指南，例如准则、假设、惯例和概念。下面是 在会计期间中最根本的会计观念：会计主体：每一个企业是 一个分别核算的单独的个体。持续经营：这个假设基于经营 持续的会计核算。计量单位：传统的会计报表不因为币值变 化而调整。会计期间：会计报表依靠于明确的时间周期，最 有代表性的是一年。历史成本：以取得的价格列示资产，不 进行调整。客观性：不论什么可能，会计主体必须基于客观 的确定了事实来编制会计分录。 在美国，有大量参与会计准则明确表述的组织。在他们中间 最重要的是财务会计准则委员会（FASB）。委员会是非政 府组织，他们颁布的会计准则（条款）对整个财务会计行业 表述权威会计准则的权利。在财务准则委员会诞生之前，美 国注册会计师协会（AICPA）的会计原则委员会（APB） 实现定义会计原则的功能。Lesson two Balance sheetAccounts receivable（应收账款） Prepaid insurance （预付保险费） Supplies on hand （在用物料） Consume（消费） Fixed assets（固定资产） Rather than （而不是） Plant and equipment （工厂设备） Depreciable asset（应折旧资产） Original cost（原始成本） Store fixtures （店面装饰） Accumulated depreciation（累计折旧）Lesson 2 Assets section of balance sheetSubtract（减去） Book value（账面价值） Intangible asset（无形资产） Patent（专利权） Trademark（商标） Franchise（特许经营） Goodwill (商誉）2.1 Responsibility and components of financial statementResponsibility for the preparation and presentation of financial statement rests with the broad of director (or equivalent). (quoted from ACCA) ? Components of financial statement 1. Balance sheet 2. Income statement 3. Statement showing changes in equity 4. Cash flow statements 5. Accounting policies and explanatory notes?2.2 Definition of balance sheetThere are three basic financial statements which are the end products of accounting :balance sheet (资产负债表），income statement (收益表，损益 表）and the statement of cash flows (现金流量表） ? Balance sheet and income statement are prepared at least yearly . But it is also customary (习惯上） to prepare them quarterly or monthly （按月或季） .?2.2 Definition of balance sheet? Balancesheet is a listing of an organization’s assets , liabilities and owners’ equity on a given date . It is designed to portray the financial position of the organization at a particular time.2.3 Assets section? Accountingequation Assets=liabilities + owners’ equity? Assetsare the economic resources of an organization that can usefully expressed in monetary terms. 资产是某一组织可以有效地用货币表示的经 济资源2.3 Assets section? Assetscan be classified into current assets and long-term assets(长期资产和短期资产） ? Current assets are cash and other assets that will be converted into cash or used up during a normal business cycle or one year, whichever is longer.2.3 Assets section? Longterm assets are relatively long-lived assets used in operating and organization and may be further classified into fixed assets and intangible assets. 长期资产是指在某一组织经营过程中长期使 用的资产． 可以分为固定资产和无形资 产．Supplementary Material?Accounting has often been called “the language of business” . Investor, manager, and business decisions making needs a clear understanding of accounting terms . Business executives and managers need the financial information provided by an accounting system to help them to plan and control the activities of business. For example, management needs answers to such questions as the profitability of the business, the adequacy of the companies cash position, and the trend of earnings.? 会计通常被称为”商业语言”.每个投资者管 理者和经营者都需要清楚地理解会计专业术 语和概念. 企业公司的经理和管理者们需要会计系统提 供财务信息，以帮助他们计划和控制企业的 活动． 列如：管理层需要得到如企业各部 门的盈利能力,公司现金是否充足以及收益趋 势等类似问题的答案.Many business also compile non-financial information needed for decision making. An airline, for example, must have information about onetime arrivals, repair schedules, and physical examinations of flight crews. Management information system which provide information both financial and non-financial information. The accounting system is the most extensive and important component of a management information system because it is used by the entire business entity and by outsiders as well. To emphasis our basic concept: the goal of the accounting system is to provide useful information to decision makers. Thus accounting is the connecting link between decision makers and business operation.Lesson three Liabilities and owners’ equity section of balance sheetNew words Liability 负债 Obligation 义务债务 Claim （根据权利的）要求 Current liability 流动负债 Notes payable 应付票据 Accounts payable 应付账款 Accrued salaries payable 应计未付薪金 Income tax payable 应付所得税 Property tax payable 应付财产税 Mortgage payable 应付抵押借款?Lesson three Liabilities and owners’ equity section of balance sheetResidual 剩余的 Discharge 履行清偿 Sole proprietorship 独资 Partnership 合伙 Corporation 公司 State corporation law 州公司法 Segregate 分开 Capital stock 股本 Retained earnings 留存收益 Comparable 可比的，类似的 Legal restriction 法律约束Lesson three Liabilities and owners’ equity section of balance sheetUndistributed earnings 未分配收益 Withdraw 提取 Engage in 参与 Discretion 自由决定 Board of directors 董事会 Dividend payable 应付股利 Eliminate 清除Liabilities or creditors’ equity are obligations or debts that the firm must pay in money or services at some time in the future. 负债或债权人权益是企业将来在某一时间必 须用货币或劳务来抵偿的义务或负债.Lesson three Liabilities and owners’ equity section of balance sheetLesson three Liabilities and owners’ equity section of balance sheetLiability represent creditors’ claim on an organization's assets and are listed in the order that they come due. 债务代表债权人对资产的要求权，并按照其 到期日的顺序排列．Lesson three Liabilities and owners’ equity section of balance sheetCurrent liabilities are those obligations that require to pay within the normal operating cycle or one year, whichever is longer , by the use of existing current assets or the creation of the current liabilities 流动负债是在下一会计年度或正常经营周 期（视何者较长）需要用现有流动资产或另一流动 负债抵偿的负债．Lesson three Liabilities and owners’ equity section of balance sheetCurrent liabilities : accounts payable , accrued wages , salaries payable, sales ,income or property taxes payable , short-term notes payable , dividends payable , estimated or accrued liabilities, the various payroll taxes liabilities and the portion of long-term debt due within oneyear.?负债：应付账款，应计未付工资，应计销售税和货物 税，应付所得税和财产税，应付短期票据，应付股利， 估计和应计的债务，各种应付工薪税，或在长期负债中应将在下 一年度到期的部分．Lesson three Liabilities and owners’ equity section of balance sheet? Long-termliabilities are those amounts of debts not due for a relatively long time , typically more than one year. 长期负债是在相当长的时间内（特别超过 一年）未到期的债务金额．Lesson three Liabilities and owners’ equity section of balance sheet? Long-termliabilities : long-term notes ,mortgage, bonds payable . 长期负债：长期票据，抵押借款，应付公司 债券．Lesson three Liabilities and owners’ equity section of balance sheet? Theowners’ equity is referred as to the net assets of the business , which is defines as the differences between the assets and liabilities . 业主权益是指企业的净资产，净资产被定义 为资产与负债间的差额．Lesson three Liabilities and owners’ equity section of balance sheetOwners’ equity is residual claim― a claim to the assets remaining after the debt to creditors has been discharged. 业主权益是一种剩余要求权，也就 是清偿了结欠债权人债务后的剩余 资产要求权．Lesson three Liabilities and owners’ equity section of balance sheet? Formsof business organization: The single proprietorship , the partnership, the corporation 企业组织形式：独资，合伙，公司Lesson three Liabilities and owners’ equity section of balance sheetCorporation laws in many countries require that corporations segregate , in their balance sheet , the capital stock and any retained earnings. 许多国家的公司法都要求公司在其资产负债 表中把股本和留存收益分开.Lesson three Liabilities and owners’ equity section of balance sheet? Becausethere are no comparable restrictions on sole proprietorship and partnership, these forms of organization do not have to distinguish between amounts invested by owners and undistributed earning. 由于独资企业和合伙企业没有类似 的法律约束，这两类企业就无需区 分业主投资和未分配收益Lesson three Liabilities and owners’ equity section of balance sheetThe withdraw of money or property from the organization reduce both the assets and owners’ equity of the organizations. 业主从企业提取（抽取）货币或财产减少了 公司的资产和业主权益．Lesson three Liabilities and owners’ equity section of balance sheetDeclaration of dividends reduces the retained earnings portion of the owners’ equity of the corporation and creates a liability called dividend payable . 股利的宣布减少了公司的业主权益中的留存 收益部分，并形成称为“应付股利”的负 债．Supplementary material(QUATATIONS) Limited liability in ACCA Limited liability offers various advantages tocompanies , although there are disadvantages as well. 1.1 Fundamental differences There are some fundamental differences in accounts of limited liability companies compared to be sole traders or partnerships , of which the following are perhaps the most significant. (a) The national legislation governing the activities of limited liability companies tends to be very extensive? Amongother things such legislation may define certain minimum accounting records which must be main they may specified that the annual accounts of a company must be filed with a government bureau an so available f and they often contained detailed requirements on minimum in formation which must be disclosed in a company’s accounts. Business which are not limited liability companies often enjoy comparative freedom from statutory regulations.(b) The owners of company (its members of shareholders) may be very numerous . Their capital is shown differently from th and similarly their D appropriation account‖ of a company is different . 1.2 The accounting records of limited companied There is almost always a national legal requirement for companies to keep accounting records which are sufficient to show and explain the company’s transactions. The records will probably:(a) Disclose the company’s current financial position at any time (b) contain: (i) Day-to-day entries of money received and spent (ii) A record of company’s assets and liabilities (iii) Where the company deals in goods: (1) A statement of inventories held at the year end, and supporting inventory count records(2) With the exception retail sales, statements of goods bought and sold which identify the sellers and buyers of these goods (c ) Enable the managers of the company to insure that the final accounts of the company give a true and fair view of the company’s profit or loss and balance sheet position. The detailed requirements of accounting records which must be maintained will vary from country to country.Current liabilities (quotations) The categorization of current liabilities is very similar to that of current assets. Thus, some current liabilities are part of the working capital used in normal operating cycle of the business (IE trade payables and accruals for employee and other operating costs) Such items will be classed as current liabilities even where they are due to be settled more than twelve months after the balance sheet date. There are also current liabilities which are not settled as part of the normal operating cycle, which are due to be settled within twelve months of the balance sheet. These include bank overdrafts income taxes, other non-trade payableand current portion of interest Cbearing liabilities. Any interest-bearing liabilities that are used to finance working capital on a long-term basis, and that are not due for settlement within twelve months, should be classed as non-current liabilities. A long-term financial liability due to be settled within twelve months of the balance sheet date should be classified as a current liabilities, even if an agreement to refinance , or to reschedule payments, on a long-term basis is completed after the balance sheet date and before the financial statements are authorized for issue.Lesson four Income statementCategory ? Merchandising company ? Revenue ? Expense ? Net income ? Net loss ? Operating results ? Cost of goods sold ? Operating expenses ? Sales returns and allowances?Lesson four Income statementSales discounts ? Gross sales ? Net sales ? Beginning inventory ? Net purchase ? Transportation in ? Transportation out ? Intermediate ? Cost of goods available for sale ? Gross profit on sales?Lesson four Income statementEnding inventory ? Selling expenses ? Administrative expenses ? Sales salaries expense ? Advertising expense ? Depreciation expense ? Insurance expense ? Rent expense ? Office salaries expense ? Utilities expense?Lesson four Income statement? Suppliesexpense ? Interest income ? Interest expense ? Other income and expense ? Extraordinary items ? Catastrophic ? Earthquake ? EventLesson four Income statementIncome statement is designed to portray the operating results for a period of time . The major categories of income statement for a merchandising company are revenue, cost of goods sold and operating expenses. 收入表的目的在于表述公司某一期间的经营 成果．商业公司的收益表的主要类目是收入，销售 成本和营业费用．?Lesson four Income statementIn the revenue section, sales returns and allowances and sales discounts are deducted from the gross sales to yield net sales. 在收入部分，销售退回及折让和销售折扣要 从销售总额中减去，以得出销售净额．? Thecost of goods sold(商品销售成本） is obtained by adding the beginning inventory （期初存货） and net purchase （采购净额） and deducting the ending inventory（期末存 货）. ? To calculate net purchases, we deduct purchase returns(采购退回） , allowances （折让）and discounts （折扣）from purchase amount and add transportation cost（运输成本） of purchased goods.Lesson four Income statement? Grossprofit on sales=net sales- cost of goods sold ? Net income= gross profit on sales- operating cost ? Operating expenses: administrative expenses, selling expenses? Theoperating Expenses of a business is typically classified into selling and administrative expense. Some business items affecting the determination of a final net income amount may not relate to the primary operation of business.Lesson four Income statement? Interestincome and interest expense may be viewed as relating to more financing and investing activities than to merchandising efforts. They are shown in a separate category called D Financial Income and Expense‖ at the bottom of the income statement.Lesson four Income statementAny extraordinary items ,such as catastrophic loss from an earthquake , will be shown in a separate D Extraordinary Items ‖ category before the final net income is figured. 任何非常项目例如地震灾害损失，将在算出 最终净收益的数额之前列入独立的“非常项目” 一类．(4) Relationship revenues - cost of goods sold = gross margin gross margin C operating expenses = net income (loss)Lesson three liabilities and owners’ equity section of balance sheetLesson four Income statementcost of goods sold =beginning Inventory+ net purchase-ending inventory 商品销售成本＝期初存货＋购货净额－期末 存货? Operatingresults summarized by the income statement will be reflected in the owners’ equity section on the balance at the end of that period. 由收益表总括的经营成果将反映在那一期间期末 资产负债表的业主权益内．Lesson four Income statementDouglas trading companyIncome statement For the month ended January Revenue Sales $512 000 Less: Sales Returns and allowances 2 000 Sales discounts $10 000 12 000 Net sales $500 000 Cost of goods sold Inventory, Jan . 1 $90 000 Add: Net purchases Purchases $410 000 less: Purchase returns $10 000 and allowances Purchase Discounts 8 000 18 000 $392 000 Add: Transportation in 6 000 398 000 Cost of goods available for sale $ 488 000 Less: Inventory Jan.31 98 000 cost of goods sold 390 000 Gross profit on sales $ 110 000Douglas trading companyOperation expenses Selling expenses Sales salaries expenses $30 000 Transportation out 16 200 Advertising expense 2 500 Depreciation expense 1 000 Insurance expense 300 Total selling expenses $50 000 Administrative expenses Rent expenses $8 000 Office salaries expense 10 000 Utilities expense 5 800 Supplies expense 200 Total administrative expenses 24 000 Total operating expenses Net income74 000 $36 000Working capital and short-term liabilitiesA company’s short-term liquidity refers to its ability to meet short-term obligations. 一个公司的短期 资产的流动性指的是该公司的负债偿 还能力. The working capital , which is the difference between a form’s current asst and current liabilities , is a significant figure , because it represent the net current capital with which the firm conducts its operation. 营运资本－企业流动资产与流动负债的差额，是一个非常重要的 数字，因为它代表了公司可以从事经营的资本净额．Working capital and short-term liabilitiesInsufficient working capital prevent a company from meeting its debts on time. Sometimes, when a company borrows using long-term notes or bonds , the lender requires the borrower to maintain a stipulated amount of working capital. 没有足够的营运资本可能会使公司无法如期偿还它 的债务．当公司用长期票据或债券借款时，贷款方 有时会要求借方一定数额的营运资本．?Current ratio=current assets/current liabilities 流动比率＝流动资产／流动负债 The ratio is a measure of the firm’s ability to meet its current obligation on time and to have funds readily available for current operation. For many years, some short-term creditors have relied on a rule of thumb that the current ratio for industrial companies should exceed 200%. 这一比率用来衡量企业偿还流动负债和提供当期经营活动 时需要的资金的能力．许多年以来，一些短期的债权人依据拇指规 则，认为工业企业的流动比率应该超过２００％?Working capital and short-term liabilitiesWorking capital and short-term liabilitiessometimes analysts calculate the ratio between the liquid or “quick” current assets and current liabilities. The quick ratio may give a better picture than the current ratio of a company’s ability to meet current debts. 有时侯,分析人员计算易变现的或 “速动的”流动资产 和流动负债. 速动比率可能比流动比率更好的反映了企 业偿还流动负债的能力. Quick ratio = cash +marketable securities receivables current liabilities .Working capital and short-term liabilities the average rate ? The inventory turnover measuresof speed inventories move through and out of company. Inventory turnover is computed as :Inventory turnover＝ cost of goods (beginning inventory ending inventory)／２ 存货周转率用来衡量平均存货流入和流出公司的速度．存货周转率 按以下公式计算： 存货周转率＝ 销售成本 （期初存货＋期末存货）／２A low inventory turnover can result from an overextended inventory position or from inadequate sales volume. For this reason, appraisal of inventory should be accompanied by scrutiny of the quick ratio and analysis of trends in both inventory and sales to find out what has occurred. 存货周转率较低可能由于存货增长过快或销售销 售不足所致． 因此，对存货周转率的评价应结合考察 速动比率，并分析存货和销货的趋势，以找到具体原 因．?Working capital and short-term liabilitiesWorking capital and short-term liabilities? Averagecollection period = trade accounts receivable *365 year’s sales 平均收账期＝应收账款＊３６５ 年销售额Working capital and short-term liabilities?Arough rule of thumb sometimes used by credit agencies is that the average collection period should not exceed 1.5 times the net credit period. 信用部门有时根据经验规律认为，平均收账 期不应超过付清赊帐期限的１．５倍．Working capital and short-term liabilitiesPLS calculate working capital, current ratio, quick ratio, inventory turnover (suppose the amount of beginning inventory is $92000) ,average collection period for Douglas Trading Company Working capital =$202 000-$79 000=$123 000 Current ratio= $202 000/$79 000=2.56 Quick ratio=$99 000/$79 000=1.25 Inventory turnover= $390 000 ($92 000 +$98 000) =4.11 Average collection period = $34 000*365 $500 000 =24.82?Lesson five Ledger accounts (分类账 户）Ledger ? Account ? Debit ? Credit ? DTwo-column‖ account ? Logically ? Opposite ? Normal balance ? Transaction ? Double-entry bookkeeping system?Lesson five Ledger accounts (分类账 户） ? AppropriateSource document ? Scrutiny ? Check stub ? A set of ? Journal ? Records of original ? Chronological ? Journalize ? Transcribe ? Post ? Chart of accounts?Lesson five Ledger accounts (分类账 户）? Incomesummary ? Control account ? Customer ? Subsidiary ledger ? Perpetual inventory systemLesson five Ledger accounts (分类账 户）? Thenecessary data for preparing the balance sheet and income statement are accumulated in five major accounts: assets, liabilities, owners’ equity, revenues and expenses. 用来编制资产负债表和损益表所须的数据， 累计在五大类别的分类账即：资产，负债， 业主权益，收入和费用．Lesson five Ledger accounts (分类账户）1. The rules of debit and credit The rules of debit and credit applied to each of the five categories of accounts are: (1) The terms debit and credit are used to describe the left-hand and left-hand sides of any Dtwo-column‖ account. (2) Increases in asset and expense accounts are debits entries, while increases in liability , owners’ equity and revenue accounts are credit entries. (3) Decreases are logically recorded on the side opposite increases. (4) The normal balance of any account papers on the side for recording increases.Lesson five Ledger accounts (分类账 户）应用于这五类账户的借贷规则为： （１）“ 借” “贷”这两个专有名词用来表述任 何两栏式账户的左方和右方． （２）资产和费用的增加额都是借方记录，负债，业 主权益和收入的增加额都是贷方记录． （３）减少额理所当然的记入与增加额相反的方向． （４）任何账户的正常余额出现在记录增加额的那一 方．?Lesson five Ledger accounts (分类 账户）Assets(1)liabilitiesDr. Cr.(2)(3) (4)Always true Dr. Increases + Decreases Normal balance *Cr. -+*Lesson five Ledger accounts (分类 帐户）?(1) (2) (3) (4)Owners’ equity Always true Dr. Increases Decreases Normal balance Cr. + *Revenues Expenses Dr. * Cr. + Dr. Cr. + *Lesson five Ledger accounts (分类账户）Journals As a means of formal recording, we shall use a set of journals , or records of original entry, in which business transactions are analyzed in terms of debits and credits and recorded in chronological order. After transactions have been journalized, the debits and credits in each journal entry are transcribed to the appropriate ledger accounts . 作为正式记录的手段，我们将使用一组日记帐，即原始 记录簿，在其中， 每笔商业交易被分析为借项和贷 项，并按时间顺序记录．在作出各笔交易分录后，每笔 交易的借项和贷项都要转抄于相应的分类账户．Posting to the ledger? Businesstransactions? JournalsPosting to the ledger3. A chart of account ? A chart of account is usually a listing of the titles and numbers of all accounts found in the general ledger. The account titles should be grouped by and in order of the five major sections of the general ledger. 账户一览表是总分类账中所有账户的名称和编 号的一览表．账户名称按总分类账的五大部分 的顺序组成．Lesson five Ledger accounts (分类 账户）Douglas trading company Chart of accounts?Assets11 Cash 12 Account receivable (control) 14 Inventory 15 Prepaid insurance 16 supplies on hand 17 store fixtures 19 Accumulated depreciation―store futuresDouglas trading company Chart of accountsLiabilities 21 Notes payable 22 Accounts payable (control) 24 Accrued salaries Owners’ equity 31 K. Douglas , Capital 32 K. Douglas , Drawing 33 Income summary Revenues 41 Sales 43 sales returns and allowances 43 Sales discountsDouglas trading company Chart of accountsCosts and expenses 51 Purchases 52 Purchases returns and allowances 53 Purchase discounts 54 Transportation in 61 Sales salaries expense 62 Transportation out 63 Advertising expense 64 Depreciation expense 65 Insurance expense 71 Rent expense 72 Office salaries expense 73 Utilities expense 74 supplies expenseLesson five Ledger accounts (分类账 户）As we see in the above chart of accounts , a single control account for accounts receivable and another for payable are used in the general ledger. A large number of individual customer and creditor accounts will be maintained in subsidiary ledgers. 从上面的账户一览表中可以看到， 对应受 账款和应付账款各使用了一个控制账户，大 量的个别客户和债权人账户是分设在单独的辅助 类账户中的．（明细分类账）?Lesson sixSpecial journal ? General journal ? In contrast to ? In addition to ? Sales journal ? Sales on credit term ? Cash receipts journal ? Invoice register ? Purchase journal ? Cash receipts journal ? Warrant?JournalsLesson six? CashJournalsdisbursements journal ? Division of labor ? Aggregate ? savingsLesson six?JournalsAn accounting journal may be one of the a group of special journal or it may be a general journal. The general journal is a relatively simple record in which any type of business transaction can be recorded. In contrast to the general journal , a special general is designed to record a special type of frequently occurring business transaction. 会计日记账可以是一组特种日记账中的一本， 也 可以是一本普通的日记账．普通日记账是能记录任 何类型交易的相当简单的账本， 与普通日记账不 同，特种日记账旨在记录某一项经常发生的特定类 型的交易．Lesson sixSpecial journal Sales journal Cash receipts journal Invoice register (purchase journal )Journalsspecial transaction sales on credit terms receipts of cash purchase of merchandise and other items on credit terms Cash disbursements payment of cash JournalA major advantage of special journals is that their use permits a division of labor. Nevertheless, the most significant advantage of using special journals is the time saved in posting from the journals to the ledger. 特种日记账的一个主要优点在于允许劳动分 工．然而，特种日记账的最大的优点在于节约从日记 账向分类账过账的时间．?Lesson sixJournalsLesson sixJournalsWhen a general journal is used , each entry must be posted separately to the general ledger. The tabular arrangement