会计学原理英文第AccountinginBussiness学习教案

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1、会计学1会计学原理会计学原理(yunl)英文第英文第AccountinginBussiness第一页，共42页。C1第1页/共41页第二页，共42页。C1For example, the sale by Apple of an iPhone.Keep a chronological log of transactions.Prepare reports such as financial statements.第2页/共41页第三页，共42页。C1Accounting is called the language of business because all organizations se

2、t up an accounting information system to communicate data to help people make better decisions. Accounting serves many users who can be divided into two groups: external users and internal users.第3页/共41页第四页，共42页。Accounting information is in all aspects of our lives. When we earn money, pay taxes, in

3、vest savings, budget earnings, and plan for the future, we use accounting.第4页/共41页第五页，共42页。C3The goal of accounting is to provide useful information for decisions. For information to be useful, it must be trusted. This demands ethics in accounting. Ethics are beliefs that distinguish right from wron

4、g. They are accepted standards of good and bad behavior.第5页/共41页第六页，共42页。C3Three factors must exist for a person to commit fraud: opportunity, pressure, and rationalization.Envision a way to commit fraud with a low perceived risk of getting caughtFails to see the criminal nature of the fraud or just

5、ifies the actionMust have some pressure to commit fraud, like unpaid bills第6页/共41页第七页，共42页。C4Financial accounting is governed by concepts and rules known as generally accepted accounting principles (GAAP). GAAP aims to make information relevant, reliable, and comparable. Relevant information affects

6、 decisionsof users. Reliable information is trusted by users. Comparable information is helpful in contrasting organizations.第7页/共41页第八页，共42页。C4In todays global economy, there is increased demand by external users for comparability in accounting reports. This demand often arises when companies wish

7、to raise money from lenders and investors in different countries. Differences between U.S. GAAP and IFRS are decreasing as theFASB and IASB pursue a convergence process aimed to achieve a single set of accounting standards for global use.International Accounting Standards Board (IASB) An independent

8、 group (consisting of individuals from many countries), issues International Financial Reporting Standards (IFRS)International Financial Reporting Standards (IFRS) Identify preferred accounting practices 第8页/共41页第九页，共42页。C4第9页/共41页第十页，共42页。C4General principles are the basic assumptions, concepts, an

9、d guidelines for preparing financial statements. General principles stem from long-used accounting practices. Specific principles are detailed rules used in reporting business transactions and events. Specific principles arise more often from the rulings of authoritative groups.第10页/共41页第十一页，共42页。C4

10、Cost PrincipleAccounting information is based on actual cost. Actual cost is considered objective.Matching PrincipleA company must record its expenses incurred to generate the revenue reported.Full Disclosure PrincipleA company is required to report the details behind financial statements that would

11、 impact users decisions.Revenue Recognition Principle1.Recognize revenue when it is earned.2.Proceeds need not be in cash.3.Measure revenue by cash received plus cash value of items received. 第11页/共41页第十二页，共42页。Monetary Unit AssumptionExpress transactions and events in monetary, or money, units.Busi

12、ness Entity AssumptionA business is accounted for separately from other business entities, including its owner.Time Period AssumptionPresumes that the life of a company can be divided into time periods, such as months and years.NowFutureGoing-Concern AssumptionReflects assumption that the business w

13、ill continue operating instead of being closed or sold.C4第12页/共41页第十三页，共42页。Here are some of the major attributes of proprietorships, partnerships, and corporations:C4第13页/共41页第十四页，共42页。Congress passed the SarbanesOxley Act to help curb financial abuses atcompanies that issue their stock to the publ

14、ic. SOX requires that these public companies apply both accounting oversight and stringent internal controls. The desired results include more transparency, accountability, and truthfulness in reporting transactions.C4第14页/共41页第十五页，共42页。The Act was designed to:1.promote accountability and transparen

15、cy in the financial system,2.put an end to the notion of “too big to fail,” 3.protect the taxpayer by ending bailouts, and4.protect consumers from abusive financial services.第15页/共41页第十六页，共42页。 The Accounting EquationExpanded Accounting Equation:A1Net Income第16页/共41页第十七页，共42页。P1Transaction 1On Decem

16、ber 1, Chas Taylor personally invests $30,000 cash in FastForward and deposits the cash in a bank account opened under the name of FastForward.The accounts involved are:(1) Cash (asset)(2) Owner Capital (equity)第17页/共41页第十八页，共42页。P1Transaction 2FastForward uses $2,500 of its cash to buy supplies of

17、brand name footwear for performance testing over the next few months.The accounts involved are:(1) Cash (asset)(2) Supplies (asset)第18页/共41页第十九页，共42页。P1Transaction 3FastForward spends $26,000 to acquire equipment for testing footwear. This is an exchange of one asset, cash, for another asset, equipm

18、ent. The equipment is an asset because of its expected future benefits from testing footwear.The accounts involved are:(1) Cash (asset)(2) Equipment (asset)第19页/共41页第二十页，共42页。P1Transaction 4Taylor decides more supplies of footwear and accessories are needed. These additional supplies total $7,100, b

19、ut as we see from the accounting equation, FastForward has only $1,500 in cash. Taylor arranges to purchase them on credit from CalTech Supply Company. The accounts involved are:(1) Supplies (asset)(2) Accounts Payable (liability)第20页/共41页第二十一页，共42页。P1Transaction 5In one of its first jobs, FastForwa

20、rd provides consulting services to a powerwalking club and immediately collects $4,200 cash.The accounts involved are:(1) Cash (asset)(2) Revenues (equity)第21页/共41页第二十二页，共42页。P1Transaction 6 and 7FastForward pays $1,000 rent and the biweekly $700 salary of the companys only employee.The accounts inv

21、olved are:(1) Cash (asset)(2) Expenses (equity)第22页/共41页第二十三页，共42页。P1Transaction 8FastForward provides consulting services of $1,600 and rents its test facilities for $300 to a podiatric services center. The center is billed for the $1,900 total. This transaction results in a new asset, called accou

22、nts receivable, from this client.The accounts involved are:(1) Accounts Receivable (asset)(2) Revenues (equity)第23页/共41页第二十四页，共42页。P1Transaction 9The podiatric center pays $1,900 to FastForward 10 days after it is billed for consulting services.The accounts involved are:(1) Cash (asset)(2) Accounts

23、Receivable (asset)第24页/共41页第二十五页，共42页。P1Transaction 10FastForward pays CalTech Supply $900 cash as partial payment for its earlier $7,100 purchase of supplies, leaving $6,200 unpaid.The accounts involved are:(1) Cash (asset)(2) Accounts Payable (liability)第25页/共41页第二十六页，共42页。P1Transaction 11The owne

24、r of FastForward withdraws $200 cash for personal use.The accounts involved are:(1) Cash (asset)(2) Withdrawals (equity)第26页/共41页第二十七页，共42页。P1第27页/共41页第二十八页，共42页。The four financial statements and their purposes are:1. Income statement describes a companys revenues and expenses along with the resulti

25、ng net income or loss over a period of time due to earnings activities.2. Statement of owners equity explains changes in equity from net income (or loss) and from any owner investments and withdrawals over a period of time.3. Balance sheet describes a companys financial position (types and amounts o

26、f assets, liabilities, and equity) at a point in time.4. Statement of cash flows identifies cash inflows (receipts) and cash outflows (payments) over a period of time.P2第28页/共41页第二十九页，共42页。The income statement describes a companys revenues and expenses along with the resulting net income or loss ove

27、r a period of time due to earnings activities.P2第29页/共41页第三十页，共42页。Net income from the income statement.The statement of owners equity reports information about how equity changes over the reporting period. P2第30页/共41页第三十一页，共42页。The balance sheet describes a companys financial position at a point in

28、 time.P2第31页/共41页第三十二页，共42页。P2第32页/共41页第三十三页，共42页。Basic PrinciplesNeither U.S. GAAP nor IFRS specifies particular account names nor the detail required. IFRS does require certain minimum line items be reported in the balance sheet along with other minimum disclosures that U.S. GAAP does not. On the

29、other hand, U.S. GAAP requires disclosures for the current and prior two years for the income statement, statement of cash flows, and statement of retained earnings (equity), while IFRS requires disclosures for the current and prior year. Still, the basic principles behind these two systems are simi

30、lar.第33页/共41页第三十四页，共42页。Transaction AnalysisBoth U.S. GAAP and IFRS apply transaction analysis identically as shown in this chapter. Although some variations exist in revenue and expense recognition and other principles, all of the transactions in this chapter are accounted for identically under the

31、se two systems. It is often said that U.S. GAAP is more rules-based whereas IFRS is more principles-based. The main difference on the rules versus principles focus is with the approach in deciding how to account for certain transactions. Under U.S. GAAP, the approach is more focused on strictly foll

32、owing the accounting rules; under IFRS, the approach is more focused on a review of the situation and how accounting can best reflect it.第34页/共41页第三十五页，共42页。Financial StatementsBoth U.S. GAAP and IFRS prepare the same four basic financial statements. To illustrate, a condensed version of Piaggios in

33、come statement follows (numbers are in Euros thousands).第35页/共41页第三十六页，共42页。Status of IFRS Adoption第36页/共41页第三十七页，共42页。A2Return on assets (ROA) is stated in ratio form as income divided by assets invested.Net incomeAverage total assetsReturn on assets =Dell第37页/共41页第三十八页，共42页。A3Many different return

34、s may be reported.ROAInterest return on savings accounts.Interest return on corporate bonds.Risk is the uncertainty about the return we will earn.The lower the risk, the lower our expected return.第38页/共41页第三十九页，共42页。A3Three major types of business activities:Financing activities provide the means or

35、ganizations use to pay for resources such as land, buildings, and equipment to carry out plans.Investing activities are the acquiring and disposing of resources (assets) that an organization uses to acquire and sell its products or services.Operating activities involve using resources to research, develop, purchase, produce, distribute, and market products and services.第39页/共41页第四十页，共42页。第40页/共41页第四十一页，共42页。感谢您的观看感谢您的观看(gunkn)。第41页/共41页第四十二页，共42页。