会计英语第三章复习
![会计英语第三章复习_第1页](https://file7.zhuangpeitu.com/fileroot7/2020-3/27/b955bc4a-85da-46c7-b6fa-d0f9af24d016/b955bc4a-85da-46c7-b6fa-d0f9af24d0161.gif)
![会计英语第三章复习_第2页](/images/s.gif)
![会计英语第三章复习_第3页](/images/s.gif)
《会计英语第三章复习》由会员分享,可在线阅读,更多相关《会计英语第三章复习(57页珍藏版)》请在装配图网上搜索。
1、密 码 : accounting邮 箱 : Chapter 3 Accounting Cycle Learning ObjectivesvUnderstand the concept of accounting cycle, learn to talk about its rolesvUnderstand 7 steps of accounting cycle, and compare them with accounting practice in China.vUnderstand the concept of account and its parts in application.vU
2、nderstand the basic function of journal and its typesvLearn to make entries for adjustingvLearn to balance accounts Key words, phrases and special termsvEntry 分 录 Make an or accounting entry Closing entry 结 账 分 录 Contra entry 抵 销 分 录 Adjusting entry 调 整 分 录 Entry price 入 账 价 格 Entry document 记 账 凭 证
3、 Key words, phrases and special termsvJournalize 登 记 日 记 账 dn()laz Journal 日 记 账 , 序 时 账 Journal entry 日 记 账 分 录 Cash journal 现 金 日 记 账vPost 过 账vLedger accounts 分 类 账 led总 帐 , 分 户 总 帐 ; Account 账 户 An account is a record based on the items of accounting elements, representing an increase or a decrea
4、se and the result of those items.vTrial balance 试 算 平 衡 表 tral试 验 ; 审 讯 ; 努 力 Steps in the accounting cycle1、 Analyze transactions from source documents2、 Record by entries3、 Post to accounts4、 Adjusting entries5、 Journalizing and posting closing entries6、 Prepare trial balance7、 Prepare financial s
5、tatements Steps of The accounting cycle1.Analyze Transactions2.Journalize3.Post 6.Prepare Financial Statements5.Close 4.AdjustSource DocumentsJournal Entry Ledger accounts Trial BalanceIncome statement AccountsBalance Sheet Income Statementetc vThe mechanics of double-entry accounting are such that
6、every transaction is recorded in the debit side of one or more accounts and in the credit side of one or more accounts with equal debits and credits. double-entry bookkeeping (or system) single-entry bookkeeping (or system)The Double-Entry Accounting vDebit ( Dr.) n. 借 ,借 方 ,借 记 Debit card 借 记 卡 Deb
7、it balance 借 方 余 额v v. 计 入 借 方 ,借 计 Debit an account 计 入 借 方 账vCredit ( Cr.) n. 贷 ,贷 方 ,贷 记 Credit card 贷 记 卡 Credit贷 方 余 额v v. 计 入 贷 方 ,贷 计 Credit an account 计 入 贷 方 账 “ Double-entry accounting is based on a simple concept: each party in a business transaction will receive something and give someth
8、ing in return. In terms, what is received is a debit and what bookkeeping is given is a credit. The T account is a representation of a scale or balance.” Scale or Balance ReceiveDEBIT GiveCREDIT T accountLeft SideReceiveDEBIT Right SideGiveCREDIT Accounting equation vAssets = Liabilities + Owners eq
9、uityvAssets - Liabilities = Owners equityvNet assets = Owners equity Rules of Double-Entry Accounting 1.Each transaction affects at least two accounts.These accounts contains at least one account debitedand at least one account credited.2. Total debits must equal total credits. : a simplest form of
10、an account, used to help illustrate the effect of transaction.Account nameDebit(left side) Credit(right side) Rules of debits &creditsThe type of account determines the side in which increases and decreases are recorded. Increases and Decreases in the AccountsRules ofDebit andCredit: Debit+ Debit De
11、bitCredit Credit+ Credit+ Debits CreditsRevenue accountsDecrease (-) Increase (+)Expense accountsIncrease (+) Decrease (-)Income Statement Accounts n Recording PhaseStep 1Analyzingbusinessdocuments Step 3Posting toledgeraccountsStep 2JournalizingtransactionsSpecial journal General journal General le
12、dger(Control account)Subsidiary ledger What is a journal?vIt is a record of each business transaction in a chronological order krnldk()l, 依 时 间 前 后 排 列 而 记 载 的 .vSteps of journalizing: Identify transaction from source documents. Specify accounts affected. Apply debit/credit rules. Record transaction
13、 with description. Verify that total debits equal total credits General journal-to record all kinds of transactionsSpecial journal-to record a certain kind of transactions vLedgers are created on the basis of the item of financial statements.vGeneral ledger accounts总 分 类 帐 帐 户 It contains all of the
14、 balance sheet and income statement accounts.vSubsidiary ledger accounts明 细 分 类 帐 A record created to record the individual items relating to a single general ledger account. vWhat is posting? Posting is the process that debits and credits are transferred from the journal to the ledger accounts.vIn
15、the process, each amount in the debit column of the journal is posted by entering it on the debit side of an ledger account, and each amount in the credit column of the journal is posted by entering it on the credit side of an ledger account. Post. Ref.JOURNALDate Description Debit CreditPage 21 2 3
16、 4 Dec.312005 Prepaid Insurance2 400 00 Cash2 400 00Paid premium on two-yearpolicy. ( primm, 保险 费 ) Post. Ref.JOURNALDate Description Debit CreditPage 21 2 3 4 Dec. 12005 Prepaid Insurance 2 400 00Cash 2 400 00ACCOUNT Prepaid Insurance ACCOUNT NO. 15BalanceDebit CreditDate Debit CreditItem Post. Ref
17、.2 400 00 2 400 00Dec. 1 2005 Paid premium on two-yearpolicy. Post. Ref.JOURNALDate Description Debit CreditPage 21 2 3 4 Dec. 12005 Prepaid Insurance 2 400 00Cash 2 400 00ACCOUNT Prepaid Insurance ACCOUNT NO. 15BalanceDebit CreditDate Debit CreditItem Post. Ref.2 400 00 2 400 00Dec. 1 2005 2 15Paid
18、 premium on two-yearpolicy. Post. Ref.JOURNALDate Description Debit CreditPage 21 2 3 4 Dec. 12005 Prepaid Insurance 2 400 00Cash 2 400 00Paid premium on two-yearpolicy.15ACCOUNT Cash ACCOUNT NO. 11BalanceDebit CreditDate Debit CreditItem Post. Ref. 2 000 00 5 900 00Nov.30 2005 2Dec. 1 2 400 00 3 50
19、0 00 Post. Ref.JOURNALDate Description Debit CreditPage 21 2 3 4 Dec. 12005 Prepaid Insurance 2 400 00Cash 2 400 00Paid premium on two-yearpolicy.15ACCOUNT Cash ACCOUNT NO. 11BalanceDebit CreditDate Debit CreditItem Post. Ref. 2 000 00 5 900 00Nov.30 2005 2 2 400 00 3 500 00Dec. 1 112 Accrued( krud,
20、 应 计 的 ) Revenues or Accrued Assets Accrued Expenses or Accrued Liabilities Unearned Revenues or Deferred Revenues Prepaid Expenses 1. Apportioning Recorded Costs摊 销 已 记 录 的 成 本vAssume that a business paid $3600 on Jan1 for one years rent in advance. Prepaid Rent 3600 Cash 3600At the end of Jan31,$3
21、00 had expired or been used up during the period. Rent Expense 300 Prepaid Rent 300 2. Apportioning Recorded Revenue摊 销 已 记 录 的 收 入 Assume a monthly magazine publisher collected in advance $4800 from customers for 6 months fees on July 1 Cash 4800 Unearned Subscription Revenue 4800 sbskrp()n n. 捐 献
22、; 订 阅 ; 订 金 ; 签 署 At the end of July31,1/6 of the publishers obligation is fulfilled after magazines are supplied to the subscribers. Unearned Subscription Revenue 800 Subscription Revenue 800 3. Accruing Unrecorded Expenses 应 计 未 记 录 的 费 用Suppose AJ CO. borrowed $100 000 on Dec 31,2004. The loan is
23、 for 1 year with interest at 9%.As of Jan 31,2005, AJ has had the benefit of loan for one month and it owes $750 ($100 000*9%/12) Interest Expense 750 Accrued Interest Payable 750 4. Accruing Unrecorded Revenue 应 计 未 记 录 的 收 入Suppose DR CO. has completed 2/3 of service work on May 31. The total amou
24、nt to be received will be $6000 when the work is complete. Accounts Receivable 4000 (6000*2/3) Accrued Service Revenue 4000 vWhat is a trial balance? A two-column schedule listing the names and balances of all the accounts in the order in which they appear in the general ledger, the debit balances a
25、re listed in the left-hand column and the credit balances in the right-hand column. The total of the two column should agree.vFormat of a trial balance NetSolutionsTrial BalanceDecember 31, 2005Cash 2 065 00Accounts Receivable 2 220 00Supplies 2 000 00Prepaid Insurance 2 400 00Land 20 000 00Office E
26、quipment 1 800 00Accounts Payable 900 00Unearned Rent 360 00Chris Clark, Capital 25 000 00Chris Clark, Drawing 4 000 00Fees Earned 16 340 00Wages Expense 4 275 00 Rent Expense 1 600 00Utilities Expense 985 00Supplies Expense 800 00Miscellaneous Expense 455 0042 600 00 42 600 00 NetSolutionsTrial Bal
27、anceDecember 31, 2005Chris Clark, Drawing 4 000 00Fees Earned 16 340 00Wages Expense 4 275 00 Rent Expense 1 600 00Utilities Expense 985 00Supplies Expense 800 00Miscellaneous Expense 455 0042 600 00 42 600 00 NetSolutionsTrial BalanceDecember 31, 2005Cash 2 065 00Accounts Receivable 2 220 00Supplie
28、s 2 000 00Prepaid Insurance 2 400 00Land 20 000 00Office Equipment 1 800 00Accounts Payable 900 00Unearned Rent 360 00Chris Clark, Capital 25 000 00Fees Earned 16 340 00Wages Expense 4 275 00 Rent Expense 1 600 00Utilities Expense 985 00Supplies Expense 800 00Miscellaneous Expense 455 0042 600 00 42
29、 600 00 NetSolutionsTrial BalanceDecember 31, 2005Cash 2 065 00Accounts Receivable 2 220 00Supplies 2 000 00Prepaid Insurance 2 400 00Land 20 000 00Office Equipment 1 800 00Accounts Payable 900 00Unearned Rent 360 00Chris Clark, Capital 25 000 00Chris Clark, Drawing 4 000 00 42 600 00 42 600 00 1. F
30、ailure to record a transaction or to post a transaction.2. Recording the same erroneous rns adj. 错 误 的 ; 不 正 确 的 amount for both the debit and the credit parts of a transaction.3. Recording the same transaction more than once.4. Posting a part of a transaction correctly as a debit or credit but to t
31、he wrong account.5. Posting in the wrong column. vWork sheet includes unadjusted trial balance, adjusting entries, adjusted trial balance, and income statement and balance sheet (with a Dr. column and a Cr. column each). 4-48 表 : 十 四 栏 式 工 作 底 稿 vClassification of accountsBalance sheet accounts-Perm
32、anent ( real )accountsIncome statement accounts-Temporary (nominal) accounts vClose sth to sth =Transfer sth to sth 转 移 , 转 账vThe aim of making closing entries Income StatementStatement of Cash FlowsStatement of Owners EquityBeginning Balance Sheet Ending Balance SheetPeriod of TimePoint inTime Poin
33、t inTime Income Statement Revenues: Consulting revenue 5,800$ Rental revenue 300 Total revenues 6,100$ Expenses: Rent expense 1,000 Salaries expense 1,400 Utilities expense 230 Total expenses 2,630 Net income 3,470$ For the Month Ended December 31, 2007FASTFORWARDIncome Statement Statement of Owners
34、 Equity C. Taylor, Capital 12/1/07 -$ Net income for December 3,470 Plus: Investments by Owner 30,000 33,470 Less: Owner Withdrawals 200 C. Taylor, Capital, 12/31/07 33,270$ Statement of Owners Equity For the Month Ended December 31, 2007 FASTFORWARD Balance Sheet Case for Discussionv In order for a
35、ll accounts to look the same, and to simultaneously make sure that the accounting equation stays in balance with double-entry bookkeeping, the debit and credit system was devised( 设 计 , 发 明 ) . Luca Pacioli first described it in 1494, and the basic system is so sound and efficient, we still use it t
36、oday. Tradition aside, we would not still be using this ancient system if it did not work extremely well and efficiently. One could set up a system with pluses and minuses, but it would not be as efficient at generating the data needed for financial statements while making sure that the accounting equation was still in balance. One is more likely to make mistakes in entering data with plus and minus signs, although this is a secondary concern to theissues of uniformity and efficiency. v Why use debits and credits rather than pluses andminuses? The End
- 温馨提示:
1: 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
2: 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
3.本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
5. 装配图网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。