中級財務(wù)會計雙語第一章

1、中級財務(wù)會計雙語第一章第一頁，共64頁。Financial Accounting Environment Providers of financial informationProfit-oriented companiesNot-for-profit entitiesHouseholdsFinancial accountingGovernmental and nonprofit accounting第二頁，共64頁。Financial Accounting Environment Users of financial information (external)pInvestors pCre

2、ditors (banks, bondholders)pEmployees pLabor unionspCustomerspSupplierspGovernment regulatory agencies (Securities and Exchange Commission)pFinancial intermediaries (financial analysts, credit-rating organizations)Primary users第三頁，共64頁。Financial Accounting Environment Users of financial information

3、(external) Users of financial information (internal)pManagers, CFO, CEOpthe board of directorsFinancial AccountingManagerial Accounting第四頁，共64頁。Financial Accounting EnvironmentFinancial information: financial statements and related disclosure notesFinancial statements: Balance sheet or statement of

4、financial position The income statement or statement of operation The statement of cash flowsa. The statement of shareholders equity第五頁，共64頁。Objective of Financial Accounting The objective of financial accounting is to provide financial information about the reporting entity that is useful to presen

5、t and potential equity investors, lenders, and other creditors in making decisions in their capacity as capital providers. Who: Reporting entity Do what: Provide financial information (useful in decision-making) To whom: Capital providers第六頁，共64頁。Objective of Financial Accounting Useful information:

6、Provide insight into future cash flow (future performance)helps decision makers identify the companys financial strengths and weaknesses and assess liquidity and solvency. Financial information (financial reports): three major financial statements第七頁，共64頁。Objective of Financial Accounting Capital pr

7、oviders: investors + creditors (lenders)Acquired capitalFrom creditors by borrowingFrom investors in exchange for ownershipLiability Shareholders equity第八頁，共64頁。Cash VS. Accrual Accounting Two accounting methods:Cash Basis AccountingAccrual Basis Accounting第九頁，共64頁。Cash Basis Accounting Cash Basis A

8、ccounting 收付實(shí)現(xiàn)制收付實(shí)現(xiàn)制 One of the accounting methods Revenue is recorded when cash is received, expenses are recorded when cash is paid out. Net operating cash flow=cash receipts-cash disbursement 凈經(jīng)營性現(xiàn)金流量凈經(jīng)營性現(xiàn)金流量=現(xiàn)金收入現(xiàn)金收入-現(xiàn)金支出現(xiàn)金支出 NOCF0 A major drawback: over short periods of time, operating cash flo

9、ws may not be indicative of the companys long-run cash-generating ability. 企業(yè)短企業(yè)短期的經(jīng)營性現(xiàn)金流量可能不能很好反映其長期獲取現(xiàn)金的能力。期的經(jīng)營性現(xiàn)金流量可能不能很好反映其長期獲取現(xiàn)金的能力。第十頁，共64頁。Cash Basis Accounting123TotalSales (on credit)100,000100,000100,000300,000Cash receipts50,000125,000125,000300,000Three years rent-60,00000-60,000salaries

10、-50,000 -50,000 -50,000-150,000Utilities -5,000-15,000 -10,000-30,000第十一頁，共64頁。Accrual Basis Accounting Accrual Basis Accounting One of the accounting methods Revenue is recorded when earned, expenses are recorded when incurred. Net income=revenues-expenses 凈利潤凈利潤=收入收入-費(fèi)用費(fèi)用 （or net loss if expenses

11、are greater than revenues.） Net income Net operating cash flow第十二頁，共64頁。Accrual Basis Accounting 123TotalRevenues100,000100,000100,000300,000Cash receipts50,000125,000125,000300,000Rent-20,000 -20,000 -20,000-60,000Salaries-50,000 -50,000 -50,000-150,000Utilities -10,000 -10,000 -10,000-30,000Net in

12、come第十三頁，共64頁。Exercise The company incurred utility costs of $35,000 in year one, and the insurance covers a three-year period.12Revenues170,000220,000Cash receipts160,000190,000Salaries-90,000-100,000Utilities -30,000 -40,000Purchase of insurance-60,0000第十四頁，共64頁。Qualitative Characteristics of Fina

13、ncial ReportsQualitative CharacteristicsDecision usefulnessRelevance相關(guān)性相關(guān)性Faithful representation如實(shí)反映如實(shí)反映OverridingobjectivePrimarycharacteristics第十五頁，共64頁。Qualitative Characteristics of Financial ReportsRelevance相關(guān)性相關(guān)性Faithful representation如實(shí)反映如實(shí)反映PredictiveValue預(yù)測價值預(yù)測價值ConfirmatoryValue驗(yàn)證價值驗(yàn)證價值Co

14、mpleteness完整性完整性Neutrality中立性中立性Free frommaterial error無重大錯報無重大錯報PredictiveValue預(yù)測價值預(yù)測價值Neutrality中立性中立性第十六頁，共64頁。Qualitative Characteristics of Financial ReportsQualitative CharacteristicsDecision usefulnessRelevance相關(guān)性相關(guān)性Faithful representation如實(shí)反映如實(shí)反映OverridingobjectiveComparability可比性可比性Verifiab

15、ility可驗(yàn)證性可驗(yàn)證性Timeliness及時性及時性Understandability可理解性可理解性EnhancingcharacteristicsPrimarycharacteristics第十七頁，共64頁。Constraints to Achieving Qualitative Characteristics Two constraints: 兩個約束條件兩個約束條件 Cost Effectiveness 成本效益原則成本效益原則s Segment reportMateriality 重要性重要性s Dollar amount of an item (bad debts)s Na

16、ture of an item (unlawful transaction) One practical justification: 一個實(shí)務(wù)判斷一個實(shí)務(wù)判斷Conservatism 謹(jǐn)慎性謹(jǐn)慎性第十八頁，共64頁。Elements of Financial Statements In America, it has 10 elements of financial statements. Assets Liabilities Equity (or net assets) Investments by owners 業(yè)主投資 Distributions to owners 業(yè)主派得Compr

17、ehensive income 綜合收益 Revenues ExpensesGains 利得 Losses 損失第十九頁，共64頁。Elements of Financial Statements Assets Future economic benefits Obtained or controlled 擁有或控制擁有或控制Our company purchased a building. (obtain)Capital lease (control) Past transactions or eventsOur company is planning to purchase an equi

18、pment next year. (future transaction) 第二十頁，共64頁。Elements of Financial Statements Liabilities Future sacrifices of economic benefits Present obligations 現(xiàn)時義務(wù)現(xiàn)時義務(wù)Exp. Company A purchased $100,000 of inventories on credit from company B.Company A has the obligation to pay $100,000 to company B. Past tr

19、ansactions or events第二十一頁，共64頁。Elements of Financial Statements Equity (or net assets) shareholders equity or stockholders equity residual interest 剩余權(quán)益剩余權(quán)益 (equity=assets-liabilities). Exp. We open a new company. Its total assets are $10 million. All the assets are coming from two capital providers

20、: one part is from creditor, $4 million; the other part is from investor, $6 million.第二十二頁，共64頁。Elements of Financial StatementsAfter two years:$10 million$12 million$8 million from creditor$4 million from creditorliabilitiesIs it still $6 million?equityAt the beginning:$10 million$4 million from cr

21、editor$6 million from investorEquity is the residual interest, Equity=Assets- Liabilities=$12-$8=$4$6Stockholders equity is decreasing during two years.第二十三頁，共64頁。Elements of Financial Statements Revenues Inflows/enhancements of assets/settlements of its liabilities（收入的產(chǎn)生可以是現(xiàn)金流入（收入的產(chǎn)生可以是現(xiàn)金流入/資產(chǎn)的增加資產(chǎn)

22、的增加/負(fù)債的減少）負(fù)債的減少） Inflows: sell $1000 products in cash. Enhancements of assets: sell $1000 products on credit. Settlements of its liabilities: Company A planned to sell $1000 products to Company B. On Jan. 2, Company B paid $1000 to Company A in advance. On Jan. 10, Company A delivered the products t

23、o Company B.第二十四頁，共64頁。Elements of Financial Statements Revenues & Gains 收入&利得 They are all benefits for the company. Revenues are coming from the companys ongoing major or central operations. 收入來源于公司持續(xù)經(jīng)營的收入來源于公司持續(xù)經(jīng)營的主營業(yè)務(wù)主營業(yè)務(wù)。Exp 1. BMW sells $1000 million of cars on credit. Gains are coming

24、 from peripheral or incidental transactions of a company. 利得來源于公司的利得來源于公司的非主營活動非主營活動或偶然交易或偶然交易。Exp 2. BMW sold its old equipment, and got $6 million in cash.第二十五頁，共64頁。Elements of Financial Statements Expenses Outflows/using up of assets/incurrence of liabilities（費(fèi)用的產(chǎn)生可以是現(xiàn)金流出（費(fèi)用的產(chǎn)生可以是現(xiàn)金流出/資產(chǎn)的減少資產(chǎn)的減少

25、/負(fù)債的增加）負(fù)債的增加） Outflows: pay $1000 interest expense in cash. Using up of assets: $100 depreciation Incurrence of liabilities: on Jan. 31, the company should pay $1000 wages to employee, but wages will be paid on Feb. 4. 第二十六頁，共64頁。Elements of Financial Statements Expenses & Losses They are all de

26、crease in benefits for the company. Expenses are coming from the companys ongoing major or central operations. 費(fèi)用來源于公司持續(xù)經(jīng)營的主費(fèi)用來源于公司持續(xù)經(jīng)營的主營業(yè)務(wù)。營業(yè)務(wù)。 Losses are coming from peripheral or incidental transactions of a company. 損失來源于公司的非主營活動或偶損失來源于公司的非主營活動或偶然交易。然交易。Exp. Failure in lawsuit （訴訟敗訴）（訴訟敗訴）, it

27、cost the company $10 million (paid in cash).第二十七頁，共64頁。Recognition and Measurement concepts Two important concepts in accounting: Recognition 會計確認(rèn)會計確認(rèn) Measurement 會計計量會計計量第二十八頁，共64頁。Recognition Recognition 會計確認(rèn)會計確認(rèn) Refers to the process of admitting information into the basic financial statement. 將信

28、息加以記錄并列入財務(wù)報表的過將信息加以記錄并列入財務(wù)報表的過程。程。 Simply, “recognition” is which economic events should be recorded. Four criteria in “recognition”: 會計確認(rèn)的四個標(biāo)準(zhǔn)會計確認(rèn)的四個標(biāo)準(zhǔn)Definition MeasurabilityRelevanceReliability第二十九頁，共64頁。Recognition Definition 可定義性可定義性The item meets the definition of an element of financial state

29、ment. 被確定的項(xiàng)目應(yīng)符合財務(wù)報表某個要素的被確定的項(xiàng)目應(yīng)符合財務(wù)報表某個要素的定義。定義。Our company purchased an equipment today.Can bring future benefitsObtained by our companyResulting from past eventsThis item meets the definition of “which element”?The equipment meets the definition of “Assets”.第三十頁，共64頁。Recognition Measurability 可計量性

30、可計量性 The item has a relevant attribute measurable with sufficient reliability. 被確定的項(xiàng)目應(yīng)具有相關(guān)的計量屬性，足以充分被確定的項(xiàng)目應(yīng)具有相關(guān)的計量屬性，足以充分可靠地予以計量。可靠地予以計量。Our company purchased an equipment today.It cost $100 million.The equipment is measurable.第三十一頁，共64頁。Recognition Measurability 可計量性可計量性O(shè)ur company hired an enginee

31、r (工程師工程師) today.But is the engineer measurable or not?Can bring future benefitsControlled by our companyResulting from past eventsThe engineer meets the definition of “Assets”.第三十二頁，共64頁。Recognition Relevance 相關(guān)性相關(guān)性 The information about it is capable of making a difference in user decisions. 被確定的會

32、計要素應(yīng)當(dāng)對信息的使用者有用。被確定的會計要素應(yīng)當(dāng)對信息的使用者有用。 Only the useful information should be recorded. (information must be relevant to the decision.)第三十三頁，共64頁。Recognition Reliability 可靠性可靠性 The information is representationally faithful, verifiable, and neutral. 被確定的會計信息是如實(shí)反映的、可驗(yàn)證的和不偏不倚被確定的會計信息是如實(shí)反映的、可驗(yàn)證的和不偏不倚的。的。第三

33、十四頁，共64頁。Measurement Measurement 會計計量會計計量 is the process of associating numerical amounts to the elements. 確定會計要素金額的過程。確定會計要素金額的過程。 Simply, “measurement” is: at what amount economic events should be measured? Two elements in “measurement”: 會計計量的兩個要會計計量的兩個要素素 Unit of measurement 計量單位計量單位 Attribute of

34、 measurement 計量屬性計量屬性第三十五頁，共64頁。Measurement Unit of measurement 計量單位計量單位The unit of measurement used in financial statements is nominal units of money without any adjustment for changes in purchasing power. 財務(wù)報表中財務(wù)報表中用名義貨幣作為計量單位，不調(diào)整不同時期貨幣的購買力。用名義貨幣作為計量單位，不調(diào)整不同時期貨幣的購買力。 Without considering the influe

35、nce of inflation 不考慮通貨膨不考慮通貨膨脹的影響脹的影響第三十六頁，共64頁。MeasurementAttribute of measurement 計量屬性計量屬性Some commonly-used attributes: 一些常用的計量屬性一些常用的計量屬性 Historical cost Net realizable value Present value Fair value第三十七頁，共64頁。Measurement Historical cost 歷史成本歷史成本The original cost (or the price) of an asset when

36、acquired by the company. 企業(yè)購置資產(chǎn)時的初始企業(yè)購置資產(chǎn)時的初始成本或買價。成本或買價。Exp. The equipment is purchased at the price of $100 million.$100 million is the historical cost.第三十八頁，共64頁。Measurement Net realizable value 可變現(xiàn)凈值可變現(xiàn)凈值Net realizable value is usually used to evaluate the inventory. 可變現(xiàn)凈值常用于估計存貨的價值?？勺儸F(xiàn)凈值常用于估計存貨

37、的價值。Net realizable value of inventory=selling price of the inventory - estimated costs of completion disposal costs 存貨凈現(xiàn)值存貨凈現(xiàn)值=存貨售價存貨售價-至完工時估計至完工時估計將要發(fā)生的成本將要發(fā)生的成本-處置成本處置成本(銷售費(fèi)用銷售費(fèi)用)Exp. At a companys year end, inventory is expected to sell for $100, but it will take an additional $20 to complete and

38、 $10 of disposal costs.NRV=$100-$20-$10=$70第三十九頁，共64頁。Measurement Net realizable value 可變現(xiàn)凈值可變現(xiàn)凈值Net realizable value can also be used to measure the accounts receivable. 可變現(xiàn)凈值也可用來衡量應(yīng)收可變現(xiàn)凈值也可用來衡量應(yīng)收賬款的價值。賬款的價值。Net realizable value of AR=all the AR allowance for bad debts 應(yīng)收賬款凈現(xiàn)值應(yīng)收賬款凈現(xiàn)值=應(yīng)收賬應(yīng)收賬款總額款總額 壞

39、賬準(zhǔn)備壞賬準(zhǔn)備Exp. At a companys year end, the company has $1,000,000 of AR, and the allowance for bad debts is $100,000 in that year.NRV of AR=$1,000,000-$100,000=$900,000第四十頁，共64頁。Measurement Present value 現(xiàn)值現(xiàn)值The current worth of future cash flows given a specified interest rate. 在給定的利率水平下，未來的在給定的利率水平下，

40、未來的現(xiàn)金流量折現(xiàn)到現(xiàn)在時刻的價值。現(xiàn)金流量折現(xiàn)到現(xiàn)在時刻的價值。Exp. On Jan. 1, 2011, our company bought an equipment, we signed a note requiring $50,000 to be paid on Dec. 31, 2012. (suppose the annual interest rate is 10%.)On Jan. 1, was the equipment worth $50,000?$50,000 will be paid two years from now, we should use the pres

41、ent value as the cost of this equipment.The cost of equipment=$50,0000.8264=$41,320第四十一頁，共64頁。Measurement Fair value 公允價值公允價值The price that would be received to sell assets or paid to transfer a liability in an orderly transaction between market participants at measurement date. 公平交易中，熟悉情況的雙方自愿進(jìn)行的資產(chǎn)

42、交換和債公平交易中，熟悉情況的雙方自愿進(jìn)行的資產(chǎn)交換和債務(wù)清償?shù)慕痤~。務(wù)清償?shù)慕痤~。Companies usually value some of its financial assets and liabilities at fair value. 公司通常對金融資公司通常對金融資產(chǎn)和金融負(fù)債以公允價值入賬。產(chǎn)和金融負(fù)債以公允價值入賬。Exp. Our company bought 1000 shares of stock, the stock price is $10 per share.Fair value of the stock=$101000=$10,000第四十二頁，共64頁。F

43、our basic assumptions The economic entity assumption The going concern assumption The periodicity assumption The monetary unit assumption第四十三頁，共64頁。Economic Entity Assumption 經(jīng)濟(jì)主體假設(shè)經(jīng)濟(jì)主體假設(shè) Economic Entity Assumption: all economic events can be identified with a particular economic entity. 記錄的會計業(yè)務(wù)應(yīng)為某個

44、特定的經(jīng)濟(jì)記錄的會計業(yè)務(wù)應(yīng)為某個特定的經(jīng)濟(jì)主體服務(wù)。主體服務(wù)。 From whose perspective 站在誰的角度站在誰的角度Exp. Dell sold 10 computers to KFC, KFC promised to pay $50,000 ten days later.From Dells perspective, $50,000 is accounts receivable. From KFCs perspective, $50,000 is accounts payable.第四十四頁，共64頁。Economic Entity Assumption 經(jīng)濟(jì)主體假設(shè)經(jīng)濟(jì)主

45、體假設(shè) Economic Entity Assumption Legal entity & accounting entity 法律主體法律主體&會計主體會計主體Exp. Suppose Dell is a group company (集團(tuán)公司集團(tuán)公司). It has one parent (母公司母公司) and three subsidiaries (子公司子公司). One parent and three subsidiaries are four legal entities, also four accounting entities.Dell (the gro

46、up company) is not the legal entity but is the accounting entity. Legal entity is definitely the accounting entity, but accounting entity may not be the legal entity. 法律主體一法律主體一定是會計主體，但會計主體不一定是法律主體。定是會計主體，但會計主體不一定是法律主體。第四十五頁，共64頁。Economic Entity Assumption 經(jīng)濟(jì)主體假設(shè)經(jīng)濟(jì)主體假設(shè) Economic Entity Assumption the

47、 distinction between the economic activities of owners and those of the company. Exp. Uncle Jim opened a company. He bought 10 computers for the company. He then spent $10 million to buy a house for personal use. In this case, buying 10 computers is the companys economic activity, which should be re

48、corded in accounting.Buying a personal house is uncle Jims economic activity, which should not be recorded in accounting.第四十六頁，共64頁。Economic Entity Assumption 經(jīng)濟(jì)主體假設(shè)經(jīng)濟(jì)主體假設(shè)p Exercise: right or wrong?p Don Smith is the sole owner of a company called Hardware City. The company recently paid a $150 util

49、ity bill for Smiths personal residence and recorded a $150 expense.第四十七頁，共64頁。Going Concern Assumption 持續(xù)經(jīng)營假設(shè)持續(xù)經(jīng)營假設(shè) Going Concern Assumption: it is anticipated that a business entity will continue to operate indefinitely. 企業(yè)的生產(chǎn)經(jīng)營活動將無限期地延續(xù)下去。企業(yè)的生產(chǎn)經(jīng)營活動將無限期地延續(xù)下去。 historical costs & current liquidat

50、ion valuesExp. If we expect that the company will continue to operate forever, then we can measure all the assets using historical costs.But, if we know that the company will go bankrupt (破破產(chǎn)產(chǎn)) next year, then assets should be measured at their current liquidation values (當(dāng)前清算價值當(dāng)前清算價值). Exp. Depreci

51、ation If depreciation of a building covers 20 years, that means the company should operate at least 20 years.第四十八頁，共64頁。Periodicity Assumption 會計分期假設(shè)會計分期假設(shè) The periodicity assumption allows the life of a company to be divided into artificial time periods to provide timely information. 會計分期假設(shè)將公司會計分期假

52、設(shè)將公司的持續(xù)經(jīng)營活動人為地劃分為若干個會計期間以提供的持續(xù)經(jīng)營活動人為地劃分為若干個會計期間以提供及時的會計信息。及時的會計信息。 Corporations should provide financial information to the market on a quarterly and annual basis. calendar year 日歷年度日歷年度 & fiscal year 會計年度會計年度In China, calendar year = fiscal yearIn America, fiscal year may ends at the end of Jan

53、uary.第四十九頁，共64頁。Monetary Unit Assumption 貨幣計量假設(shè)貨幣計量假設(shè) The monetary unit assumption states that financial statement elements should be measured in terms of the United States dollar.In China, financial statement elements should be measured in terms of RMB.第五十頁，共64頁。Broad Accounting Principles 會計基本原則會計

54、基本原則 Four important broad accounting principles:The historical cost principleThe realization principle (also known as the revenue recognition principle)The matching principleThe full-disclosure principle第五十一頁，共64頁。Broad Accounting Principles 會計基本原則會計基本原則 Historical cost principle 歷史成本原則歷史成本原則It says

55、 asset and liability measurements should be based on the amount given or received in the exchange transaction. 企業(yè)的資產(chǎn)和負(fù)債在取得時應(yīng)企業(yè)的資產(chǎn)和負(fù)債在取得時應(yīng)該按實(shí)際成本計量。該按實(shí)際成本計量。Sometimes, a departure from historical cost valuation is allowed. 有時，資產(chǎn)的價值也可能偏離歷史有時，資產(chǎn)的價值也可能偏離歷史成本。成本。 Exp. Our company sells $10,000 products on

56、 credit. So, $10,000 is the historical cost for accounts receivable. One year later, we estimates $2,000 in bad debts. Then, AR should be valued at $8,000. (net realizable value)第五十二頁，共64頁。Broad Accounting Principles 會計基本原則會計基本原則Realization principle 收入實(shí)現(xiàn)原則收入實(shí)現(xiàn)原則 Two criteria should be satisfied bef

57、ore revenue can be recognized: 收入確認(rèn)時應(yīng)滿足的兩個條件收入確認(rèn)時應(yīng)滿足的兩個條件 The earnings process is judged to be complete or virtually complete. (the selling activity is finished) There is reasonable certainty as to the collectibility of the asset to be received. (almost 100% sure that we can receive the cash)第五十三頁，共

58、64頁。Broad Accounting Principles 會計基本原則會計基本原則Realization principle 收入實(shí)現(xiàn)原則收入實(shí)現(xiàn)原則Critical event before revenue can be recognized: 收收入可以被確認(rèn)的入可以被確認(rèn)的關(guān)鍵性事件關(guān)鍵性事件The goods or services sold to the buyer are delivered. p Exercise: right or wrong?p Davis Bicycle Company received a large order for the sale of 1,

59、000 bicycles at $100 each. The customer paid Davis the entire amount of $100,000 on March 15. however, Davis did not record any revenue until April 17, the date the bicycles were delivered to the customer.第五十四頁，共64頁。Broad Accounting Principles 會計基本原則會計基本原則p Exercise: right or wrong?p At the end of i

60、ts 2011 fiscal year, Dower Company received an order from a customer for $45,350. The product will be shipped early in 2012. Because the sale was made to a long-time customer, the accountant recorded the sale in 2011.p The Klingon Company sells farm machinery. Revenue from a large order of machinery from a new buyer was reco