會計專業(yè)英語（第2版）課件 耿云江Chapter 3 Financial Statements、Chapter 4 Current Assets

會計專業(yè)英語Chapter3FinancialStatementsBalancesheetisthefundamentalandbackboneofthewholeaccountingandreportingsystem.Itpresentsacompany’sfinancialpositionattheendofaspecifieddate.Sometimes,itisalsoreferredtoasthestatementoffinancialposition.3.1BalanceSheetThebalancesheetmainlyincludesthreesegments:assets,liabilities,andowner’sequity.Accordingtotheliquidityofaccounts,itemsinbalancesheetaresubcategorizedandlistedseparately.Balancesheetcouldprovideinformationtousersaboutwhatthecompanyownsandowes,andhowmuchisinvestedbyshareholdersorcreditors.3.1.1ComponentsofBalanceSheetAssetsareresourcesthathavebeenacquiredthroughtransactions,ownedorcontrolledbyabusiness,andhavefutureeconomicvalue.Assetsareusuallysubdividedintocurrentassetsandnon-currentassets.1.AssetsCurrentassetsareassetsthatareexpectedtobeconvertedintocashorsoldoutorusedupwithinoneyearoronebusinessoperatingcycle.

Currentassetsusuallyinclude:①cashandcashequivalents,suchastreasurybillsandmoneymarketfunds;②receivables,suchasaccountsreceivable,notesreceivable,andotherreceivables;③inventories,inmanufacturingbusinesses,therearethreemajortypesofinventories:rawmaterials,workinprocess,andfinishedgoods;④marketablesecuritiesintendedtobeholdinashorttime;⑤prepaidexpenses,suchasprepaidinsurance,interests,rents,taxes,andotherprepaiditems.Onabalancesheet,currentassetitemsaredisplayedinorderofliquidityortheeasetobeconvertedintocash.(1)CurrentAssetsTheassetsthatcannotfeasiblybeturnedintocashwithinoneyear,oronebusinessoperatingcycle.Non-currentassetsusuallyinclude:①Fixedassets,suchasland,equipment,andbuilding.Theyarenormallyreportedatcostlessaccumulateddepreciation;②Intangibleassets,suchaspatents,trademarks,copyrights,franchisesandintellectualproperty.Theyarenormallyreportedatcostminustheamountpreviouslyamortized.(2)Non-currentAssetsLiabilitiesareobligationsofonebusiness.Theyareasourceofassetsandalsoaclaimagainstassets.Liabilitiesarepresentedonthebalancesheetbycashequivalentordiscountedpresentvalue.Liabilitiesareusuallysubdividedintocurrentliabilitiesandnon-currentliabilities.2.LiabilitiesCurrentliabilitiesareadebtsorobligationsthatareduewithinoneyear.Thefollowingitemsareallcurrentliabilities:1)shorttermdebt;2)payables,suchasaccountspayable,notespayable,interestpayable,salariespayable,taxpayable,etc.;3)unearnedrevenues;4)long-termdebtsduewithinoneyear.(1)CurrentLiabilitiesNon-currentliabilitiesarelong-termfinancialobligationsthatwillnotduewithinthecurrentaccountingyear.Non-currentliabilitiesusuallyinclude:1)Long-termborrowings;2)bondspayable;3)longtermnotespayable.(2)Non-currentLiabilitiesOwner’sequityisthemoneyattributabletoabusiness’owners,alsoknownas“netassets”.Owner’sEquity=totalassets-liabilities.representedonthebalancesheetwithtwoaccounts.(1)ContributedCapital(2)RetainedEarning3.Owner’sEquityBalancesheetisbuiltontheframeworkoftheaccountingequation:Assets=Liabilities+Owner’sEquity.Usuallybuiltintwodifferentformsaccountformreportform.3.1.2FormatofBalanceSheetThebalancesheetinaccountformisdividedintotwosides.Allassetaccountsarelistedontheleftsideandallliabilityandowner’sequityaccountslistedontherightside.Thetotalamountofthesetwosidesmustbeequal.1.AccountForm續(xù)表Aone-columnstatementTheitemsofassetsarelistedonthetopofthestatement.Itemsfollowingthemareliabilitiesandowner’sequity.2.ReportForm續(xù)表續(xù)表Nomatterwhatistheform,thebalancesheetcanalwayspresentthefinancialconditionofabusinessbalancesheetcanalsorevealthechangeofacompany’sfinancialstructureanditsdevelopingtrendbycomparingwithformerstatements.Asummaryoftheoperatingresultsofabusinessduringanaccountingperiod.Itmeasuresacompany’sfinancialperformanceaboutrevenuesgeneratedandexpensesincurred.Italsoshowsthenetprofitorlossincurredoveraspecificaccountingperiod,typicallyoverafiscalquarteroryear.Theexcessofrevenuesoverexpensesiscallednetincomeornetprofit.Anetincomeforaperiodincreasestheowner’sequity(capital)fortheperiod,whileanetlossdecreasesitsowner’sequity(capital).3.2IncomeStatementIncomestatementisimportantitcouldshowtheprofitabilityofacompanyduringthetimeintervalspecifiedinitsheadingitcanfacilitatedecision-makingbycomparingandanalyzingtheincomestatementIncomestatementshowsrevenues,expenses,gainsandlosses,ratherthancashreceipts(moneyreceived)andcashdisbursements(moneypaidout).Thecomponentsofincomestatementwillvaryaccordingtothecomplexityofbusinessactivities.Mostcompanieswillhaverevenues,expensesandincome3.2.1ComponentsofIncomeStatement(1)RevenuesfromPrimaryActivitiesRevenuesfromprimaryactivitiesarereferredtoasoperatingrevenue.Differenttypeofcompanieshasdifferentprimaryactivities.Accordingly,revenuesfromtheprimaryactivitiesofretailers,manufacturers,wholesalers,ordistributorsarecalledsalesrevenuesorsales;thoseofaservicefirmiscalledservicerevenuesorfeesearned.1.RevenuesandGainsRevenuesfromsecondaryactivitiesareoftenreferredtoasnon-operatingrevenues.Thesearetheamountsabusinessearnsoutsideofsellinggoodsandprovidingservices.(2)RevenuesfromSecondaryActivitiesGainsincludegainsfromthesaleofnon-currentassets,gainsfromnon-monetaryassetsexchange,andgainsfromgovernmentgrants,andsoon.(3)Gains(1)ExpensesInvolvedinPrimaryActivitiesExpensesinvolvedinprimaryactivitiesareexpendituresthatincursoastoearnrevenuesfromoperatingactivities.Merchandisersandmanufacturerswillusuallyreporttheircostofgoodssoldseparatelyintheincomestatements.Otherexpensesinvolvedintheirprimaryactivitieswilleitherbegroupedtogetherasoperatingexpensesorsubdividedintocategorieslikesellingexpenses,general&administrativeexpenses.2.ExpensesandLossesExpensesfromsecondaryactivitiesarereferredtoasnon-operatingexpenses.Depreciationoffixedassetsleasedoutisanon-operatingexpense(2)ExpensesfromSecondaryActivitiesLossessuchasthelossfromthesaleofnon-currentassets,lossfromnon-monetaryassetsexchange,publicwelfaredonationexpenditure,andsoon.Takethelossonthesaleofnon-currentassetsforexample,whentheproceedsreceivedfromthesaleofanon-currentassetislessthanitsnetbookvalue,lossesoccur.(3)LossesProfitisthesurplusofrevenueafterdeductingvariouscostsandexpensesinanaccountingperiod.Profitincreasesowner’sequity.Tosomeextent,profitisdeterminedbyrevenuesandexpenses.TheprofitofcurrentperiodisreflectedinanaccountwhichiscalledIncomeSummary.Theamountofitsdebitsideistransferredfrombalancesofcostsandexpenseaccounts;theamountofitscreditsideisfrombalancesofrevenuesaccounts.AcreditbalanceofIncomeSummaryaccountmeansnetprofitandadebitbalancemeansnetloss.3.ProfitTherearetwocommonformsofincomestatements:single-stepincomestatementmultiple-stepincomestatement.3.2.2FormofIncomeStatement

Justliketheequation“Netincome=(Revenues+Gains)–(Expenses+losses)”describes,theincomestatementofsingle-stepformusesonlyonesubtractiontoarriveatthenetincome.Intheequation,alltypesofrevenue,suchassales,interestsearnedandrentrevenues,areaddedtogethertoshowthetotalrevenue.Meanwhile,allexpenses,includingthecostofgoodssold,sellingexpenses,general&administrativeexpensesandincometaxesexpenses,aregroupedtogethereither.1.Single-stepIncomeStatementThesingle-stepincomestatementisrelativelysimpleandeasytoread.Inaddition,itemphasizestotalrevenuesandtotalexpensesasthefactorsthatdeterminenetincome.However,adisadvantageofthisformisthatsomeusefulconceptssuchasgrossprofitonsalesandincomefromoperationsarenotreadilyapparent.Itiswidelyusedbysmallbusinesses,andtheofficialformofincomestatementinChinaisalsoamultiple-stepone.Themultiple-stepincomestatementsegregatesoperatingrevenuesandoperatingexpensesfromnon-operatingrevenues,non-operatingexpenses,gains,andlosses.Themultiple-stepincomestatementalsoshowsthegrossprofit(netsalesminusthecostofgoodssold).2.Multiple-stepIncomeStatementTherearethreestepstoarriveattheNetincome.subtractcostofgoodssoldfromsalestoarriveatgrossprofit.subtractoperatingexpensesfromgrossprofittoarriveatoperatingincome.combinethenetnon-operatingrevenues,gains,non-operatingexpensesandlosseswiththeoperatingincometoarriveatnetincomeornetloss.Then,thenetincomewillbeclosedtoRetainedEarningsattheendoftheperiod.Thecashflowstatementreportsacompany’scashinflowsandoutflowsduringaperiod.Cashflowstatementisveryusefultomanagersandexternaluserscashflowstatementplaysthefollowingimportantroles.(1)Clearlyreflectthecashmovementofabusinessoveraperiodoftime,providinginformationthatcanbeusedindecision-makingandenablingabetteruseofcash.(2)Helptofacilitatetheassessmentofliquidityofafirmaswellasitsabilitytogeneratecashandrepadebts.(3)helptoforecasttheamount,timingandcertaintyoffuturecashflows3.3CashFlowStatementTherearethreecomponentsinacashflowstatementcashflowsfromoperatingactivitiescashflowsfrominvestingactivitiescashflowsfromfinancingactivities3.3.1ComponentsofCashFlowStatementCashflowsfromoperatingactivitiesarecashinflowsandcashoutflowsfromtransactionsthataffectthenetincomeofthecompany.Cashinflowsaremeasuredbythecashreceivedfromcustomersorclients,includingunearnedrevenuesfromcustomers,pluscashfromsupportingactivitiessuchasinterestrevenueanddividendsrevenue.Cashoutflowsarethosedisbursementsincurredtoearncashinflows,suchascashpaidforpurchasingmaterialsormerchandises,wages,incometaxes,interestandsoon.1.CashFlowsfromOperatingActivitiesInvestingactivitiesaretheacquisitionsanddisposalsoflong-termassetsandinvestmentsinotherassetsthatarenotincludedincashequivalents.Examplesofcashinflowsfrominvestingactivitiesincludecashreceivedfromsaleoffixedasset,fromsaleofdebtorequityinvestments,andcollectionofprincipalonloanstoothers.Paymentsofpurchasingnon-currentassets,debtorequitysecuritiesofothers,andloansextendedtootherswillcausecashoutflows.2.CashFlowsFromInvestingActivitiesFinancingactivitiesarethosethatwillresultinchangesinsize,compositionofcapitalandborrowingsofthecompany.Cashinflowsfromfinancingactivitiescouldbenetproceedsfromissuingdebtorequitysecurities,principalsreceivedfrombankloans.Thepaymentofprincipalsonbondsorbankloans,repurchaseoftheentity’sownsharesanddividendspaidtoshareholdersarecommonexamplesofcashflowsfromfinancingactivities.3.CashFlowsfromFinancingActivitiesTherearetwomethodstoreportcashflowsfromoperatingactivitiesinthecashflowstatement,whicharedirectmethodandindirectmethod.However,themethodtoreportthecashflowsfrominvestingandfinancingactivitiesarethesameunderthesetwomethods.3.3.2PreparationofCashFlowStatementThestatementofchangesinequityrepresentsthechangesinowner’sequityofanentityduringanaccountingperiodsoastoenablereaderstoknowthesources(wheredoesitcomefrom)andoutlets(wheredoesitgo)ofequity.Therearetwotypesofchangesinowners’equity:(1)changesthatoriginatefromtransactionswithowners,suchastheissuingofnewshares,paymentofdividends,etc.;(2)changesthatresultfromchangesintotalcomprehensiveincome,suchasthenetincomefortheperiod,gainsonrevaluationoffixedassets,changesinfairvalueofavailableforsaleinvestments,etc.3.4StatementofChangesinEquityTypically,astatementofchangesinequitysummariesthechangesofthefollowingowners’equityitems.(1)Capitalstock,whichrepresentsthelegalcapitalofthecompanyandequalstothetotalamountofsharesissuedmultiplybythebookvaluepershare.(2)Capitalreserve,whichincludeadditionalcontributedcapital(alsocalledsharepremium)andgainsorlossesthataredirectlyrecordedinowner’sequity.(3)Treasurystock,whichrepresentsthevalueofsharesrepurchasedbythecompanyandhasn’tbeenwrittenoff.(4)Retainedearnings,whichiscreatedbythecompanyandnotpaidoutasdividends.3.4.1ComponentsofStatementofChangesinEquityCommonchangesinowners’equity.(1)Netincome(loss)fortheperiodwhichincreases(decreases)retainedearnings.(2)Issuingofnewshareswhichincreasespaidincapitalandadditionalpaid-upcapital.(3)Paymentofcashdividendswhichdecreasesretainedearnings.(4)Repurchasingshareswhichincreasestreasurystockandaffectscapitalreserve.(5)Writingofftreasurystockwhichdecreasestreasurystock.(6)Issuingofstockdividendwhichincreasescommonstock,additionalpaid-upcapitalanddecreasesretainedearnings.(7)Increment(Impairment)ofvaluethroughrevaluationoffixedassetswhichincreases(decrease)capitalreserve.(8)Changesinvalueofavailable-for-salesecuritieswhichmayincreaseordecreasecapitalreserve.(9)Restatementoffinancialstatementswhichmayinitiatechangesinretainedearnings.3.4.2PreparationofStatementofChangesinEquityNotestofinancialstatementsrefertotheadditionalinformationprovidedbyacompany’sfinancialreports.Inadditiontoquantitativeinformation,notescouldalsobequalitative.itisimportantforuserstocarefullyreadnotestothefinancialstatements.Asfarascomponentsinvolved,notestofinancialstatementsusuallyincludeasummaryofsignificantaccountingpolicies,aswellasnotestofinancialinstruments,relatedpartytransactions,contingencies,andsubsequentevents3.5NotestoFinancialStatements3.5NotestoFinancialStatements3.5NotestoFinancialStatementsAccountingpoliciesincludespecificaccountingprinciplesandthemethodsofapplyingtheseprinciples.Theinformationmaybepresentedasthefirstnotetothefinancialstatements,orinaseparatesummaryofsignificantaccountingpolicies.Thedetailedaccountingpoliciesusedbyacompanyincludethedepreciationmethod,acceleratedorstraight-linedepreciationmethod;theendinginventoryvaluationmethod,FIFOorweightedaveragemethod;themethodusedtoreflecttheperformanceofconstructions,completecontractorpercentage-of-completionmethod,andsoon.Changesinaccountingpoliciesandestimatesaswellastheirimpactonearningsandequityalsoneedtobedisclosedinnotes.3.5.1AccountingPolicyFinancialinstrumentsincludefinancialassets,financialliabilities,andequityinstrumentsDetailsofthemshouldbereflectedinthenotes.Thesedetailsincludethemaximumcreditriskandtheconcentrationofsignificantcreditriskscarriedbyfinancialassets;theprincipals,datesofmaturity,interestrates,andotherinformationrelatedtothepredictingoffuturecashflowsontheseitems;thefairvalueofeachcategoryoffinancialassetsandliabilitiesunlessthefairvalueisimpossibletobedetermined.3.5.2FinancialInstrumentsTransactionsbetweenafirmanditsshareholder,management,ormembersoffamiliesofshareholdersofmanagementareallrelatedpartytransactions.Anycontractualarrangementswithrelatedparties,aswellasanycontingenciesinvolvingrelatedparties,shouldbedisclosed.3.5.3RelatedPartyTransactionsAcontingencyisaneventortransactionthatwilloccuronlyifsomeothereventhappens.Acontingentlossshouldbeaccruedinthefinancialstatementswhenbothofthefollowingconditionsaremet:(1)Itislikelythatafutureeventwillconfirmthatanassethasbeenimpairedoraliabilityincurredatthebalancesheetdate.(2)Theamountofthelosscanbereasonablyestimated.3.5.4ContingenciesSubsequenteventsthatareimportantandtakeplaceaftertheendofafiscalyearbutbeforethedateofreleasingfinancialstatementsmustbedisclosedinfinancialreports.Therearetwotypesofsubsequentevents.Eventsthatprovidefurtherinformationofconditionsexistingattheendofafiscalyear.Theseeventsrequireanadjustmenttofinancialstatements.Eventsthatareindicativeofconditionsarosesubsequenttothebalancesheetdate.Theseeventsmayrequiretobedisclosedasanote.3.5.5SubsequentEventsfinancialstatement財務(wù)報表cashflow現(xiàn)金流量balancesheet資產(chǎn)負(fù)債表incomestatement利潤表statementofcashflows現(xiàn)金流量表statementofchangesinequity所有者權(quán)益變動表notestofinancialstatements財務(wù)報表附注financialposition財務(wù)狀況bookvalue賬面價值currentassets流動資產(chǎn)non-currentassets非流動資產(chǎn)cashandcashequivalents現(xiàn)金及現(xiàn)金等價物treasurybills國庫券moneymarketfunds貨幣市場基金notesreceivable應(yīng)收票據(jù)rawmaterials原材料workinprocess在產(chǎn)品finishedgoods產(chǎn)成品Keyterminologiesmarketablesecuritiesintendedtobeheldinashortterm擬短期持有的有價證券long-termassets長期資產(chǎn)fixedassets固定資產(chǎn)intangibleassets無形資產(chǎn)trademarks商標(biāo)權(quán)intellectualproperty知識產(chǎn)權(quán)currentliabilities流動負(fù)債non-currentliabilities非流動負(fù)債unearnedrevenue預(yù)收賬款contributedcapital投入資本capitalstock股本capitalreserve資本公積retainedearnings留存收益accountformat賬戶式reportformat報告式owner’sequity所有者權(quán)益operatingrevenue營業(yè)收入non-operatingrevenue營業(yè)外收入operatingexpense營業(yè)費用sellingexpense銷售費用generalandadministrativeexpense管理費用non-operatingexpense營業(yè)外費用incomesummary本年利潤single-stepincomestatement單步式利潤表multiple-stepincomestatement多步式利潤表costofgoodssold銷貨成本grossprofit毛利cashinflows現(xiàn)金流入cashoutflows現(xiàn)金流出cashflowsfromoperatingactivity經(jīng)營活動產(chǎn)生的現(xiàn)金流量cashflowsfrominvestingactivity投資活動產(chǎn)生的現(xiàn)金流量cashflowsfromfinancingactivity籌資活動產(chǎn)生的現(xiàn)金流量directmethod直接法indirectmethod間接法capitalreserve資本公積additionalcontributedcapital/sharepremium股本溢價treasurystock庫存股stockdividend股票股利restatementoffinancialstatements財務(wù)報表重述accountingpolicy會計政策financialinstrument金融工具relatedpartytransactions關(guān)聯(lián)方交易subsequentevents資產(chǎn)負(fù)債表日后事項FIFO先進(jìn)先出法Weighted-averagemethod加權(quán)平均法percentage-of-completionmethod完工百分比法financialassets金融資產(chǎn)financialliabilities金融負(fù)債equityinstruments權(quán)益工具creditrisk信用風(fēng)險會計專業(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)