會計專業(yè)英語（第2版）課件 第4章

會計專業(yè)英語Chapter4CurrentAssets4.1.1CashCashincludescashonhand,checks,moneyordersandcashinbankorbankdepositthatcanbeunconstrainedwithdrewfrombanksandotherfinancialinstitutions.Manycompaniescombinecashandcashequivalentsontheirbalancesheets.Cashequivalentsarehighlyliquidshort-terminvestmentsthatcanbeeasilyandquicklyconvertedintocash..4.1MonetaryCapitalmanagersspendalotoftimeonmanagingit.Thisisforseveralreasons.Firstly,althoughcashbalanceatonepointoftimemaybesmall,thecashflowduringoneperiodcanbeenormous.Secondly,cashisthemostliquidassetanditisfulloftemptationtoothers.Ifcashisnotwellprotected,itmaybeeasilystolenormisappropriated.Third,adequatecashisessentialtoacompany’snormaloperation.Finally,cashitselfdoesnotearnincome,soitisnotsuitableforacompanytoholdtoomuchcash.4.1.2

bankReconciliationInpractice,mostofcasharedepositedinbankandacompanyneedstoreconcilewithbankbypreparingbankreconciliations.Usually,therearetwosectionsinthebankreconciliation.Thefirstsectionbeginswithcashbalanceinthebankstatementandendswiththeadjustedbalance.Thesecondsectionstartswiththecashbalanceinthecompany’s(depositor’s)journalofcashandendswiththeadjustedbalance.Thesetwoadjustedbalancesmustbeequal.Aproperinternalcontrolsystemovercashisusuallycomprisedofthefollowingprocedures:(1)Individualswhoreceivecashcannotdisbursecash.(2)Individualswhohandlecashcannotaccessaccountingrecords.(3)Cashreceivedareimmediatelyrecordedanddepositedandshouldnotbedirectlypaidout.(4)Disbursementsofcasharemadebyseriallynumberedchecksandwithproperauthorizationbysomeoneotherthanthepersonwhoissuesthecheck.(5)Checkthecashonhandeverydaytoensurethatit’sinlinewiththeaccounts.(6)Cashindepositaccountsisreconciledmonthly.4.1.3InternalControlOverCashToissuechecksforalldisbursement,nomattertheamountisbigorsmall,willbeinconvenient.Soit’snecessarytokeepsomepettycashfund.4.1.4PettyCashFundSometimes,theremaybealittledifferencebetweencashonhandandcashinjournal.ThedifferencewillberecordedintheCashOverandShortaccount.It’sdebitedwithcashshortagesandcreditedwithcashoverages.4.1.5CashSurplusandShortageAttheendoftheaccountingperiod,ifthereisadebitbalanceintheCashOverandShortaccount,itshouldbetransferredtotheMiscellaneousExpenseintheincomestatement.Ifthereisacreditbalance,itshouldbetransferredtoMiscellaneousRevenue.4.2.1ClassificationofReceivablesaccountsreceivablenotesreceivableotherreceivables.4.2Receivables1.AccountsReceivableAccountsreceivableistheamountsowedtoacompanybyitscustomersforgoodsorservicesdeliveredbutnotpaid.Itmeansthecompanyagreestoacceptpaymentsinthefutureforgoodsorservicesdeliveredatpresent.Normally,accountsreceivableisclassifiedasacurrentassetinthebalancesheet.2.NotesReceivableNotesreceivableisanaccounttorecordthewrittencertificatesofcreditsalesissuedbycustomers.Aslongasnotesreceivableisexpectedtobecollectedbackwithinoneyear,it’sclassifiedasacurrentassetinthebalancesheet.Bothnotesreceivableandaccountsreceivableresultingfromsalesoncreditaresometimescalledtradereceivables.3.OtherReceivablesOtherreceivablesmainlyincludeinterestreceivable,taxesreceivableandothers.Theyarenormallylistedseparatelyinthebalancesheet.Iftheyareexpectedtobecollectedwithinoneyear,theywillbeclassifiedascurrentassets.Otherwise,theywillbeclassifiedasnon-currentassets.TherearetwomethodstorecorduncollectableaccountsDirectwrite-offmethodAssumesthatallsalesoncreditarefullycollectibleunlessit’sprovedotherwiseAllowancemethodEstimatestheamountofbaddebtsattheendofanaccountingperiodtomatchwithsalesrevenue.Ithastwobasicelements:(1)anestimateoftheamountsthatwillultimatelybeuncollectible;(2)acontraaccounttoaccountsreceivable4.2.2BadDebtsUndertheallowancemethod,therearetwocommonmethodstoestimatetheamountofbaddebts:ThepercentageofcreditsalesmethodExpressingtheamountofbaddebtsasapercentageoftotalcreditsalesTheagingofaccountsreceivablemethodConsidersthecompositionoftheend-of-accounting-periodaccountsreceivablebasedontheageofthereceivables4.2.3EstimationofBadDebtsTherawmaterials,work-inprocess,finishedgoodsinmanufacturingcompaniesandmerchandisesinretailingcompaniesareallbelongingtoinventories.4.3InventoriesTwomainsystemsofkeepinginventoriesPerpetualinventorysystemKeepsacontinuousrecordthattracksinventoriesandcostofgoodssoldonaday-to-daybasis.Itcanprovidemanagerswithinformationaidinpricing,ordering,controllinginventoriesandpreparingfinancialstatementsPeriodicinventorysystem.Recordscostofgoodssoldandanupdatedinventorybalanceattheendoftheaccountingperiodwhenaphysicalcountofinventoryistaken4.3.1InventorySystemInpractice,accountantsusuallytaketheinvoicepriceplusthedirectlyidentifiabletransportationchargesasthecostofinventory,andtreattheexpenditureofpurchasingandreceivingdepartmentsasperiodexpensestoreflectintheincomestatementattheperiodtheyoccur.4.3.2CostofInventoryAcquiredThreeinventoryvaluationmethodsthathavebeengenerallyaccepted:SpecificidentificationmethodfocusesonthelinkageofcostofgoodssoldwiththepurchasingcostofspecificitemtobesoldFirst-infirst-out(FIFO)methodassignsthecostofinventoryfirstlyacquiredtothecostofinventoryfirstlysoldandthenusesthemorerecentpurchasingcoststomeasurethevalueofendinginventoryWeighted-averagemethod.computestheunitcostbydividingthetotalacquisitioncostofallinventoriesavailable