世纪行业英语系列教程

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1、21世纪行业英语系列教程世纪行业英语系列教程会计英语上海交通大学出版社上海交通大学出版社 Unit 2 Accounting Cycle-1 会计循环会计循环1Objectives1.To understand the increases and decreases in asset,liability,equity,income and expense.2.To record and store in T accounts by using debit and credit.3.To record accounting entries in journals and then post to

2、 ledger accounts.FocusS:Debit and credit in accountsL:The chart of accountsL:The rule of debit and creditS:JournalR:PostingR:Trial balance 1.Starter2.The chart of accounts 3.The rule of debit and credit 4.Journal 5.Posting 6.Trial balance 7.Project 8.Supplementary reading 9.Surfing the Internet 10.E

3、njoying yourself 1.Starter Debit and credit in accounts Vocabularydebit 借方借方eg:side is the left side.credit 贷方贷方eg:side is the right side.account 账户账户eg:My is a savings.journal 日记账日记账eg:The is the book of entry.ledger 分类账分类账eg:The is the group of accounts used by a business.Phrases and Expressionssh

4、are capital 股本股本1.Starter Debit and credit in accounts A.Look at the picture of journal and ledger accounts and finish the ledger accounts according to the journal.(Copy information from journal to ledger.)Answer B.Please show the information flow in the accounting system.Answer journal ledgerfinanc

5、ial statements 2.The chart of accounts Vocabularysegregate分离分离(from)eg:A power firm might its industrial customers from residential customers.structure结构结构eg:Can you talk about the of the company?heading标题标题eg:The of financial statements should be arranged on the top.Vocabularyconsistency一致性一致性eg:We

6、 can ensure in the quality of every batch of products.appearance出现出现eg:The financial journal makes its once every two months.Phrases and Expressionschart of accounts 科目表科目表in order to 为了为了assist in 帮助帮助2.The chart of accounts Listen to the passage and fill in the blanks.A chart of accounts is a list

7、 of accounts used by a business entity to define each class of items.It is used to segregate(1),revenue,(2),and(3)in order to give a better understanding of the entity.The structure and headings of accounts should assist in consistency of transactions.The list is typically arranged in the order of t

8、he appearance of accounts in the(4),profit and loss accounts followed by balance sheet accounts.It means we can follow the order of assets,liabilities,(5),income,and expenses.expenses_assets_liabilities_financial statements_ equity_ Note chart of accounts:科科目表，是将企业使用的目表，是将企业使用的账户名和编号，按一定账户名和编号，按一定的顺

9、序排列。西方国家的顺序排列。西方国家没有统一的科目，可由没有统一的科目，可由企业自行设计。企业自行设计。3.The rule of debit and credit Vocabularycapital资本资本eg:I want to start my own business but I dont have any.equality平等，相等平等，相等eg:I hope the trade between us will be further developed on the basis of and mutual benefit.decrease减少减少eg:There has been a

10、 steady in production cost in this factory.Vocabularynormal正常的正常的eg:Hes selling his ties at a 10%discount on the retail price.withdrawal取款，收回，撤回取款，收回，撤回eg:He has made several s from his bank account.dividend股利股利eg:The company paid a 10%s last year.Phrases and Expressionsdepend on取决于取决于 3.The rule of

11、 debit and credit Listen to the passage and complete the tables.Hints:Debit means left side,while credit means right side.We use the debit side of an assets account for increases and the right side for decreases.To keep the equality of debits and credits,we should use the credit side of liabilities

12、equity for increases.Owners equity The owners equity section of a balance sheet differs for different forms of business ownership.For example:In a sole proprietorship,the equity section of the balance sheet is a single line.The beginning and ending balances of owners equity also shown on the stateme

13、nt of changes in equity.In a partnership,the equity section of the balance sheet has a line for each partners equity(capital).Changes in the partners equity are also shown on the statement of partners equity.Owners equity For the corporate form of ownership,the owners equity section is referred to a

14、s shareholders equity.Shareholders equity is more complex than owners equity.It consists of two main categories:Contributed capital/paid-in capital,which represents amounts paid in by shareholders.This portion of shareholders equity is called ordinary shares in the corporation issues only one kind o

15、f share.Retained earnings,which represents the corporations cumulative net profits less net losses and dividends(distributions to shareholders)since inception（起初）（起初）.Tapescript Every transaction is recorded in two or more accounts with equal debits and credits.The debits in the ledger must equal th

16、e credits.The accounting equation has been introduced:Assets=Liabilities+Equity The rules of debit and credit can be summarized as follows:1.Debit side for increases in assets,decreases in liabilities and equity.2.Credit side for increases in liabilities and equity,decreases in assets.Owners equity

17、has separate accounts for owners investments,withdrawals,income,and expenses.1.Credit side for increases in investments and income.2.Debit side for decreases in withdrawals and expenses.The normal balance of each type of account is a debit or credit balance,depending on which side of the account is

18、used to record increases.The rule of debit and credit 1.Assets =Liabilities +EquityAssetsAssets=LiabilitiesLiabilities+EquityEquityDebit forDebit forCredit forCredit forDebit forDebit forCredit forCredit forDebit forDebit forCredit forCredit forincreases_ decreases_ decreases_ increases_ decreases_

19、increases_2.Owners equityOwners equityDebit(decreases)Debit(decreases)Credit(increases)Credit(increases)by owner by owner(withdrawals(withdrawals account/dividend account/dividend account for account for corporation)corporation)by owner by owner(capital account/(capital account/contributed contribut

20、ed capitalcapital account for account for corporation)corporation)Accumulated profits for Accumulated profits for corporationscorporations(retained earningsretained earnings account account can be used)can be used)(expense and loss(expense and loss accounts)accounts)(revenue and gain accounts)(reven

21、ue and gain accounts)withdrawals_ expenses_ investments_ income_ 4.Journal Vocabularyconsult咨询咨询eg:He is ing the companys legal advisor.supplies物料用品物料用品eg:All of these are office.indent缩进缩进eg:You must the first line of a new paragraph in your sales report.Phrases and Expressionson account赊账赊账passive

22、 voice被动语被动语accounts payable应付账款应付账款notes payable应付票据应付票据4.Journal David and Amy have just come back after class and are discussing the process of journalizing.Read and role-play the conversation.Then fill in the journal for transactions.Amy:How do we prepare the assignment of the journal?David:I th

23、ink we should understand the analysis procedure of transactions.There are three steps.Amy:Yes.Firstly,we can determine the types affected,such as asset,liability,equity,revenue,or expenses.Secondly,we can determine which accounts increase and/or decrease as a result of the transaction.David:And then

24、 we can convert the increase/decrease to debits and credits.Amy:Sure.David:Look at the textbook,Amy.The rules of debits and credit should be used.Amy:Certainly.But Im afraid Ill have problems.David:Take it easy.We can find some examples.Here is Exercise 1.The first transaction is the owner,Amy Schne

25、ider,who invested$30,000 to start a consulting firm.Firstly,the asset and equity accounts will be affected.And secondly,both are increased.Cash and owners capital are both increased by$30,000.Just try,Amy!Amy:OK.We use debit for increases in asset and credit for increases in equity.It can be journal

26、ized as debit cash and credit owners capital.David:Look!You can do it.Passive voice is also used,we can say“cash is debited and owners capital is credited.”Amy:Now we can prepare the journal.The date will be entered firstly,December 1.And then the debit account title“Cash”should be written down,afte

27、r that is the credit account title“Amy Schneider,Capital”.Equal debit and credit amounts of$30,000 should be entered in the Debit and Credit column.The professor said the explanation could be omitted for simplicitys sake.David:Well done.By the way,please indent the credit line of each journal entry.

28、Hints:Journal is listed below:Transactions:Dec 1 The owner,Amy Schneider,invested$30,000 to start a consulting firm.Dec 2She purchased$26,000 of furniture,$20,000 with cash,and the remainder by issuing a note.Dec 3She purchased supplies on account,$3,600.Journal page 1DateAccount titles and explanat

29、ionPR.Debit Credit Dec.1Cash 30,000 Amy Schneider,Capital 30,000 The investment of the owner23Furniture_ Cash_ Notes payable_ The purchase of furniture for cash and note_ Supplies_ Accounts payable_ The purchase of supplies on account_ 26,000_ 20,000_ 6,000_ 3,600_ 3,600_ 5.Posting Vocabularycopy复制复

30、制eg:Please the accounting report for filing.necessary必要的必要的eg:They furnished提供提供 him with the funds.omisssion遗漏遗漏eg:There is a serious in your report.Vocabularyduplication重复，复制重复，复制eg:We must avoid wasteful of effort at the end of the accounting year.reference参考，参照参考，参照eg:If you are interested in ou

31、r proposal,we would be pleased to provide our bank and trade.5.Posting Read the following passage and do the exercises.Posting is the process of copying journal entry information from the journal to the ledger.Cross-referencing account numbers and journal page numbers is necessary to avoid omission

32、and duplication.This is done in the posting reference(PR)column.The posting of journal entry to ledger is performed in the following steps:1.Record the date and the amount of the entry in the account.2.Insert the number of the journal page in the PR column of the account.3.Insert the ledger account

33、number in the PR column of the journal.Lets go on with the journalizing of these three transactions above.Please look at the following illustration showing steps 1,2,3 of posting.Computers perform this task quickly and without error.We can repeat the process of posting for the next two transactions.

34、The accounts are grouped under the accounting equation elements.Each account has a balance.This amount is the difference between the accounts total debits and its total credits.The balance amounts are not journal entries posted to the accounts,so we set an account balance column separately.If the su

35、m of an accounts debits is greater than the sum of its credits,that account has a debit balance,as the Cash account does here.A.Describe the steps of posting of Cash in the graph above.Step 1Step 2Step 3Record the date“Dec.1”and the amount“$30,000”of the entry in the Debit column of Cash account._ I

36、nsert the number of the general journal page,G1,in the PR(posting reference)column of the Cash account._ Insert the ledger account number 101 in the PR column of the journal._ B.Present the ledger accounts after posting of these three transactions.Assets:CashAcct.No.101DateExplanationPRDebitCreditBa

37、lance20Supplies Acct.No.124DateExplanationPRDebitCreditBalance20Furniture Acct.No.165DateExplanationPRDebitCreditBalance20Liabilities:Notes payableAcct.No.210DateExplanationPRDebitCreditBalance20Accounts payableAcct.No.220DateExplanationPRDebitCreditBalance20Amy Schneider,capitalAcct.No.301DateExpla

38、nationPRDebitCreditBalance20Equity:Answer Assets:CashAcct.No.101DateExplanationPRDebitCreditBalance20Dec.1G130,00030,0002G120,00010,000Supplies Acct.No.124DateExplanationPRDebitCreditBalance20Dec.3G13,6003,600Furniture Acct.No.165DateExplanationPRDebitCreditBalance20Dec.2G126,00026,000Liabilities:No

39、tes payableAcct.No.210DateExplanationPRDebitCreditBalance20Dec.2G16,0006,000Accounts payableAcct.No.220DateExplanationPRDebitCreditBalance20Dec.3G13,6003,600Amy Schneider,capitalAcct.No.301DateExplanationPRDebitCreditBalance20Dec.1G130,00030,000Equity:5.Posting Translation 过过 账账 过账是将日记账信息从日记账复制到分类账的

40、过程。账户编号和日记账页码的交叉互检是必要的，用以避免遗漏和重复。用过账登记栏便可完成互检。日记账到分类账的过账可按以下步骤完成：1.在账户中记录分录的日期和金额。2.在账户中的过账登记栏中记入日记账页码。3.在日记账中的过账登记栏中记入分类账账户编号。让我们继续以上三项业务记日记账后的处理。请看下图标出的过账步骤1，2，3。计算机会迅速且无差错地完成此项任务。我们可以为其他两笔业务重复过账处理。账户可在会计等式要素下进行分类。每个账户都有余额。它的金额等于账户借方合计和贷方合计之间的差。余额不是由日记账分录过入账户的，所以我们要单独设立余额栏。如果账户借方合计数大于贷方合计数，它就有借方余额

41、，比如上例中的“现金”账户。5.Posting 6.Trial balance Vocabularyverify核实，查证核实，查证eg:An external auditor will the accounts.confuse混淆，弄错混淆，弄错(with)eg:The top management of the company should not lies with facts.formal正式的正式的eg:Accounting requires training.merely仅仅仅仅eg:I suggest you should develop the new product.Phra

42、ses and Expressionsbased on基于基于accounts receivable应收账款应收账款service revenue服务收入服务收入rent expense租金费用租金费用utilities expense公用事业费用公用事业费用6.Trial balance Read the following passage and do the exercises.The equality of debits and credits in the ledger should be verified at the end of each accounting period.T

43、his verification is called a trial balance of the ledger accounts.It is a summary listing of both the balances and the titles of accounts.The listing normally presents assets first,followed by liabilities and then equity.It provides a check on accuracy by showing whether the total debits equal the t

44、otal credits.A trial balance may be taken at any time,but the most common time is at the end of the period.Based upon the balance column in the general ledger,prepare a trial balance for ABCs business on December 31,20：Do not confuse the trial balance with the balance sheet.Accountants prepare a tri

45、al balance for their internal records.The company reports its financial position on the balance sheet,a formal financial statement.And remember that the financial statements are the point of the accounting process;the trial balance is merely a step in the preparation of the financial statements.A.Re

46、ad the passage and list the order of the account titles.1.2.3.4.5.B.Look at the trial balance in the text and check the equality.Assets_ Liabilities_ Equity_ Revenue_ Expenses_ Based on the trial balance of listing of all accounts used by ABC,the equality can be checked by the total debits and credi

47、ts at$18,400._ 6.Trial balance Translation 试算表试算表 每个会计期末分类账中的借贷平衡必须要得以验证。这样的验证可称为分类账账户每个会计期末分类账中的借贷平衡必须要得以验证。这样的验证可称为分类账账户的试算表。它是账户的所有余额和名称的汇总列表。试算表通常首先列出资产，然后是的试算表。它是账户的所有余额和名称的汇总列表。试算表通常首先列出资产，然后是负债和权益。它对于借方合计和贷方合计是否相等提供了准确度的检查。试算表可在任负债和权益。它对于借方合计和贷方合计是否相等提供了准确度的检查。试算表可在任何时间取得，但通常是在期末。何时间取得，但通常是在期

48、末。根据总分类账余额栏接着可以编制根据总分类账余额栏接着可以编制ABC企业企业20年年12月月31日的试算表：日的试算表：不要将试算表和资产负债表混为一谈。会计人员编制试算表是为了内部记不要将试算表和资产负债表混为一谈。会计人员编制试算表是为了内部记录。公司在资产负债表上报告它的财务状况，这是一种正式的财务报表。请记录。公司在资产负债表上报告它的财务状况，这是一种正式的财务报表。请记住财务报表是会计处理的目的；而试算表仅仅是编制财务报表过程中的一个步住财务报表是会计处理的目的；而试算表仅仅是编制财务报表过程中的一个步骤。骤。7.Project Based on the following tr

49、ansactions in Unit 1,please complete the journal,ledger accounts,and trial balance.Transactions in Unit 1:1.The owner invested$30,000 to start a consulting firm.2.She purchased$26,000 of furniture,$20,000 with cash,and the remainder by issuing a note.3.She purchased supplies on account,$3,600.4.She

50、provided consulting services for$3,800 in total,collected$3,000 in cash,and billed the balance.5.Collected cash from transaction 4.6.Provided rental service for$300 cash.7.Paid rent expense of$1,000 cash.8.Paid salary of$700 cash.9.Withdrew$600 cash for personal use.10.Paid$3,400 cash for transactio

51、n 3 1.General journal Journal page 1DateAccount titles and explanationPR.Debit Credit Dec.1Cash 30,000 Amy Schneider,Capital 30,0002.Ledger accounts after posting CashAcct.No.101DateExplanationPRDebitCreditBalance20Dec.1G130,00030,0003.Trial balance Amy Schneider,Public AccountantTrial BalanceDecemb

52、er 31,20Acct.No.Account TitleDebitCredit101Cash110Accounts receivable124Supplies165Furniture210Notes payable220Accounts payable301Amy Schneider,capital320Amy Schneider,withdrawal401Service revenue450Rental revenue610Rent expense620Salary expenseTotals$0$0Answer 1 Journal page 1DateAccount titles and

53、 explanationPR.Debit Credit Dec.1Cash 10130,000 Amy Schneider,Capital 30130,0002Furniture16526,000 Cash 10120,000 Notes payable2106,0003Supplies1243,600 Accounts payable2203,6004Cash 1013,000Accounts receivable110800 Service revenue4013,8005Cash 101800 Accounts receivable1108006Cash 101300 Rental re

54、venue4503007Rent expense6101,000 Cash 1011,0008Salary expense620700 Cash 1017009Amy Schneider,withdrawal320600 Cash 10160010Accounts payable2203,400 Cash 1013,4002.Ledger accounts CashAcct.No.101DateExplanationPRDebitCreditBalance20Dec.1G130,00030,0002G120,00010,0004G13,00013,0005G180013,8006G130014

55、,1007G11,00013,1008G170012,4009G160011,80010G13,4008,400Accounts receivableAcct.No.110DateExplanationPRDebitCreditBalance20Dec.4G18008005G18000Supplies Acct.No.124DateExplanationPRDebitCreditBalance20Dec.3G13,6003,600Furniture Acct.No.165DateExplanationPRDebitCreditBalance20Dec.2G126,00026,000Notes

56、payableAcct.No.210DateExplanationPRDebitCreditBalance20Dec.2G16,0006,000Accounts payableAcct.No.220DateExplanationPRDebitCreditBalance20Dec.310G13,6003,600G13,400200Amy Schneider,capitalAcct.No.301DateExplanationPRDebitCreditBalance20Dec.1G130,00030,000Amy Schneider,withdrawal Acct.No.320DateExplana

57、tionPRDebitCreditBalance20Dec.9G1600600Service revenueAcct.No.401DateExplanationPRDebitCreditBalance20Dec.4G13,8003,8007.Project 7.Project Rental revenueAcct.No.450DateExplanationPRDebitCreditBalance20Dec.6G1300300Rent expenseAcct.No.610DateExplanationPRDebitCreditBalance20Dec.7G11,0001,000Salary ex

58、penseAcct.No.620DateExplanationPRDebitCreditBalance20Dec.8G17007007.Project 3.Amy Schneider,Public AccountantTrial BalanceDecember 31,20Acct.No.Account TitleDebitCredit101Cash8,400110Accounts receivable0124Supplies3,600165Furniture26,000210Notes payable6,000220Accounts payable200301Amy Schneider,cap

59、ital30,000320Amy Schneider,withdrawal600401Service revenue3,800450Rental revenue300610Rent expense1,000620Salary expense700Totals$40,300$40,3008.Supplementary reading Read the passage and correct the trial balance below.Correcting trial balance errors The trial balance is prepared to test the accoun

60、ts balances by showing whether the total debits and total credits are equal.If they are not equal,then accounting errors exist.Many out-of-balance conditions can be detected by computing the difference between total debits and total credits on the trial balance.Then perform one or more of the follow

61、ing:1.Search the trial balance for a missing account.2.Check the debits,credits,and totals in the trial balance.3.Search for the original correct amount.The trial balance below is not equal.Correcting information is summarized:1.Supplies(account number 124)of$300 are omitted.2.Accounts receivable,eq

62、uipment,and rent expense are incorrectly listed on the credit side.3.Accounts payable is incorrectly listed on the debit side.4.The correct amount of Cash is$9,100.ABC,Public AccountantTrial BalanceDecember 31,20Acct.No.Account TitleDebitCredit101Cash9,000106Accounts receivable1,700124Supplies163Equ

63、ipment 3,000165Furniture3,600210Accounts payable3,900301ABC,capital12,000401Service revenue2,500610Rent expense500620Utilities expense200Totals$16,700$19,700Correct trial balance:ABC,Public AccountantTrial BalanceDecember 31,20Acct.No.Account TitleDebitCredit101Cash$9,100106Accounts receivable1,7001

64、24Supplies300163Equipment 3,000165Furniture3,600210Accounts payable$3,900301ABC,capital12,000401Service revenue2,500610Rent expense500620Utilities expense200Totals$18,400$18,4009.Surfing the Internet Youre a part-time accountant in a small business and youd like to set up an accounting cycle system.

65、Please find a chart of accounts online as a starting point for your practice.Reference Answer http:/ Sample Chart of AccountsAsset Accounts Current Assets 1001 Cash in Bank 1003 Petty Cash Account 1005 Inventory 1008 Accounts Receivable 1012 Prepaid Expense Long Term Assets 1200 Land 1300 Buildings

66、1301 Accumulated Depreciation,Buildings 1400 Vehicles 1401 Accumulated Depreciation,Vehicles 1600 Shop Equipment 1601 Accumulated Depreciation,Shop Equipment 1700 Office Equipment 1701 Accumulated Depreciation,Office Equipment Other Assets 1800 Deposits Liability Accounts Current Liabilities 2002 Accounts Payable 2100 Employment Tax Payable 2300 Short Term Loans Payable 2350 Customer Deposits 2385 Current Portion of Long Term Debt 2400 Suspense Long Term Liabilities 2501 Land Payable 2505 Equipm