剑桥金融财务英语part2 accounting

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1、Part two AccountingAccounting、bookkeeping、auditing（4学时） Company law（2学时）Assumptions and principles（3学时） Depreciation and amortization（1学时） Financial statements（8学时） Financial ratios（2学时） 2.1 Accounting、bookkeeping、auditing Accounting involves recording and summarizing an organizations transactions o

2、r business deals, such as purchases and sales, and reporting them in the form of financial statement. (P12) 会计涉及到记账以及对一个组织的业务交易进行总结，比如购买与销售，以财务报表的形式进行汇报。Financial accounting includes bookkeeping, and preparing financial statements for shareholders and creditors;财务会计财务会计包括包括记账记账和为股东和和为股东和债权人债权人编制会编制会

3、计报表计报表Management accounting involves the use of accounting data by managers, for making plans and decisions.管理会计管理会计涉及由管理者使用涉及由管理者使用会计数据会计数据制定计制定计划和决策。划和决策。 Bookkeeping is the day-to-day recording of transactions. （P12） “ Double-entry accounting is based on a simple concept: each party in a business

4、 transaction will receive something and give something in return. Double-entry bookkeeping is a system that records two aspects of every transaction. In bookkeeping terms, what is received is a debit and what is given is a credit. （P14） Debit n. 借,借方,借记 Debit card 借记卡 v. 计入借方,借计 Debit an account 计入借

5、方账 Credit n. 贷,贷方,贷记 Credit card 贷记卡 v. 计入贷方,贷计 Credit an account 计入贷方账 The double-entry system uses a series of ledger accounts.(分类帐帐户) A ledger account is created for every category of income, expenditure, asset and liability, plus the capital account. Ledger accounts are represented by T-accounts

6、.The T account is a representation of a scale or balance.”ReceiveDEBITGiveCREDITScale or BalanceT accountLeft SideReceiveDEBITRight SideGiveCREDIT: a simplest form of an account, used to illustrate the effect of transaction.Account nameDebit entries(left side)Credit entries(right side)Exercises mean

7、s to record the dual effects of each business transaction. Each transaction affects at least two accounts.Total debits must equal total credits. Cost accounting （P40） is a management information system which establishes stock valuation ,profits and balance sheet items as well as a system for plannin

8、g, control and decision making. Cost accounting involves calculating the costs, so that the company managers can know what prices to charge for particular products and services and which are the most profitable.Structure of manufacturing organization M ix in g B a k in g S to re sP ro d u c tio nA d

9、 m in is tra tio nM a rk e tin gP re s id e n tB o a rd o f D ire c to rsWal-MartComparing Merchandising and Manufacturing ActivitiesMerchandisers . . . Buy finished goods. Sell finished goods. Manufacturers . . . Buy raw materials. Produce and sell finished goods.Sony Cost centers are collecting pl

10、aces for costs before they are further analyzed,in general a department, a machine,a project,a product are termed cost centers. Cost unit is a unit of product or service to which costs can be related. The cost unit is the basic control unit for costing purposes. Cost ClassificationsDirect costs Cost

11、s that can be easily and conveniently traced to a unit of product or other cost object. Direct material Direct Labor Other Direct expensesIndirect costCosts that can not be easily and conveniently traced to a unit of product or other cost object. Indirect material Indirect Labor Other indirect expen

12、ses Companies also differentiate between fixed costs and variable costs. Fixed costs are costs which are not affected by the level of activity within a relevant range. Variable costs are costs which increase with the level of activity within a relevant range.Absorption Costing 吸收成本法 A system of acco

13、unting for costs in which both fixed and variable production costs are considered product costs.FixedCostsVariableCostsProductActivity-based Costing SystemActivity based costing (ABC) is an alternative to moretraditional absorption costing. ABC involves theidentification of factors (cost drives) whi

14、ch cause thecosts of an organizations major activities. Support overheads are charged to products on the basis of their usage of an activity.Pricing （P42） How companies price a product or service? It is depends on the demand and supply When deciding whether it would be profitable to produce a produc

15、t, or offer a service, companies do a breakeven analysis. （P40） Breakeven point is the sales volume - the number of units sold - at which the company covers its cost - pays all its expenses. To make a profit, its necessary to sell more than this. . Several influences on pricing decisions（P40） The pr

16、ices of rivals products The companys financial situation The companys objectives - the goals or aims it wants to accomplish The companys marketing policies - whether it is interested in maximizing sales or maximizing profit.pricing strategies（P42） Mark-up pricing/Cost-Plus Pricing（加成订价法）: marketers

17、add a percentage to the products cost in order to arrive a selling price. Costs: $9 Pricing: $15 Markup: $6Rate-of-return pricing（收益率定价法） Involves determining total costs and then adding a desired rate of return on investment to them to determine the selling price Return on investment (ROI) is the p

18、rofit as a percentage of the capital invested in the operation Price = Total cost + ROI/number of units skimming pricing（取脂定价策略） setting relatively high prices just as skimming the cream off the milk - Pricing new product. Usually for a unique or scare product with few or no substitutes A short-term

19、 strategy 苹果ipod US$399US$499 Purpose:-to quickly recover the costs or investment when there is no competitors.-to lower price and occupy market when there are competitors. Penetration pricing（渗透定价） When marketers charge a relatively low price to encourage members of a target market to try a product

20、, it is called penetration pricing.-temporary Advantages:-quickly build up the sales volume-attract a large share of the market A. “Price point perspective” pricing (尾数定价) also called odd-even pricing(奇偶定价） For those low-value products28.99 yuanPrestige pricing (声望定价策略) For those companies who have

21、established the image of their products The product stays expensive throughout its life Set high price to satisfy customersGoing rate pricing 通行价格定价法 Charge the same price with the rivals Loss-leader pricing 牺牲品定价法 Offer some items at a very low price that isnt profitable to attract customers. Audit

22、ing means examining a companys systems of control and the accuracy or exactness of its records, looking for errors or possible fraud. 审计是通过审查公司的控制系统以及会计记录的准确性，寻找错误和可能的欺诈。（P12） An internal audit is carried out by a companys own accountants or internal auditors.(P26) 内部审计是由公司的会计师或内部审计员完成。 An external

23、audit is done by independent auditors, who will give a true and fair view of the companys financial situation and results. (P26) 外部审计是由独立审计员完成的，他将对公司的财务状况和结果作出真实而公允的判断。2.2 Company law（P16） There are many description for a business. We may hear terms such as firm, company, organization or corporation

24、. These term do not always mean the same thing and there exist different types of business. Sole trader Partnership General partnerships Limited partnerships Company Sole trader （P16） An enterprise owned and operated by a single person - unlimited liability liability for debts liability means obliga

25、tion to pay ones debt Partnership: （P16） Simply speaking, it is a form of business in which two or more people operate business together for making profit. General partnerships Limited partnerships A general partnership is “an association of two or more persons to carry on as co-owners a business fo

26、r profit.” Just like sole proprietors, all partners in a general partnership have unlimited liability, i.e. the partners are personally liable for obligations of the firm. Under a general partnership, assets of any of the partners can be used to cover the businesss liabilities regardless of which pa

27、rtner incurred the liability. And all the partners in a general partnership share control and participate equally in management of the business. A Limited Partnership is an association of one or more general partners together with one or more limited partners to conduct business for profit as co-own

28、ers. In a limited partnership, there is at least one general partner. In a limited partnership, limited partners, whose liability is limited to the cash or property they contributed to the business. The general partners arrange and run the business, while the limited partners are investors only, and

29、 they take no part in the management of the firm or act on behalf of the company. Company： A company itself has a separate legal existence by law. It is quite different from the persons who compose it. It is treated like a private person under the law. It can receive, own and transfer property, ente

30、r into contracts, sue and be sued, etc. Most companies have limited liability - the owners are not fully liable for the businesss debts - limited companies. Their liability is limited to the value of their share capital - the amount of cash that the shareholders have contributed to the company. Sepa

31、rated ownership and management Shareholders elect a board of directors, responsible for - establishing the general policies of the firm - electing the president and other key officers, who are then given the responsibility of running the business on a day-to-day basis. - declaring or not declaring d

32、ividends. The directors and the officers comprise the management Private companies（P18） Not allowed to sell stocks or shares on an open market Public limited companies Shares are publicly traded in stock exchange - a market where anyone can buy shares. Listed companies: information disclosure Quarte

33、rly reports（季度报告） Sales revenue: the money received by the company in that period from selling goods or services Gross profit: sales revenue less cost of assets Net profit: gross profit less administrative expenses and tax. Quoted companies Interim report（中期报告） Inform shareholders about the companie

34、s progress. All companies with shareholders have to send them an Annual Report each financial year, containing: a review of the years activity an examination and explanation of the companies financial position and results. Public companies have to hold an Annual General Meeting（股东年会）. If there is a

35、crisis, the directors or the shareholders can request to hold an Extraordinary General Meeting to discuss the situation. 2.3 Assumptions and principles Accounting assumptions （P22）Four accounting assumptionsSeparate entity or business entity assumptionTime-period assumptionContinuity or going concer

36、n assumptionUnit-of-measure assumption The separate entity or business entity assumption-会计主体假设会计主体假设 It is that a business is an accounting unit separate from its owners, creditors and managers and their assets. The business can continue forever, even if the staff and owners change. Time-period ass

37、umption-会计分期假设会计分期假设 The time-period assumption states that the economic life of the business can be divided into artificial time periods such as the financial year, or a quarter or a month of it. 会计分期是指将一个会计主体持续不断的经营活动分割为若干个较短时期，据以计算账目和编制会计报表，提供有关财务情况和经营成果的会计信息。 Continuity or going concern assumpti

38、on持续经营假设持续经营假设 The continuity or going concern assumption says that a business will continue into the future. 持续经营假设是指会计主体在可预见的未来，将会按照当前的规模和状态继续经营下去，不会停业，也不会大规模的削减业务，更不会进行破产清算（liquidation） Unit-of-measure assumption-货币计量假设货币计量假设 The unit-of-measure assumption is that all financial transactions are i

39、n a single monetary unit or currency. Take a Chinese company for example, if its subsidiary is in the USA, the financial data should be calculated in $ in the US. When it reports its financial statements to its parent company, it has to convert its results into RMB Exercises on page 23Accounting Pri

40、nciples （P22）Companies can choose their accounting policies-theirway of doing their accounts. There are a range ofmethods of valuation（估价）（估价）-deciding how muchsomething is worth-and measurement（计量（计量determining how big something is-that are accepted bylaw or by official accounting standards. In the

41、 USA, Generally Accepted Accounting Principles (GAAP一般一般公认会计原则公认会计原则)In most other countries, International Financial ReportingStandards (IFRS国际财务报告准则国际财务报告准则)， set by theInternational Accounting Standards Board (国际会计准则委员会国际会计准则委员会)Besides, conventions are another important principle to follow.The f

42、ull-disclosure principle:全部揭露原则全部揭露原则It states that financial reporting must include all significant information: anything that makes a difference to the users of financial statements.The materiality principle: 重要性原则重要性原则It says that very small and unimportant amounts do not need to be shown.The con

43、servatism principle: 谨慎性原则谨慎性原则It states that where different accounting methods are possible, you choose the one that is least likely to overstate or over-estimate assets or income.The objectivity principle:客观性原则客观性原则It states that accounts should be based on facts and not on personal opinions or f

44、eelings. However, depreciation and some bad debts are necessarily subjective.The revenue recognition principle: 收入确认原则收入确认原则It says that the revenue is recorded when a service is provided or goods delivered, not when they are paid for.The matching principle: 匹配原则（收支对应原则）匹配原则（收支对应原则）It states that ea

45、ch cost or expense related to revenue earned must be recorded in the same accounting period as the revenue it helped to earn.The consistency principle:一致性原则Although businesses can choose among differentpolicies, they have to be consistent, which meansusing the same methods every year, unless thereis

46、 a good reason to change a policy.The historical cost principle: 历史成本原则It says that companies record the originalpurchase price of assets, and not their estimated currentselling price or replacement cost.The inflation accounting principle: 通货膨胀会计原则It states that some countries with regular high infl

47、ation useinflation accounting systems that take account of changingprices Inflation: a general and progressive increase in prices; in inflation everything gets more valuable except money (synonym) rising prices (antonym) deflation 通货膨胀（通货膨胀（Inflation）指在指在纸币纸币流通条件下，因货币流通条件下，因货币供给供给大于货币实际需求，也即大于货币实际需求

48、，也即现实购买力现实购买力大于产出供给，导致大于产出供给，导致货币贬值货币贬值，而引起的一段时间内物价持续而普遍地上涨现，而引起的一段时间内物价持续而普遍地上涨现象。其实质是象。其实质是社会总需求社会总需求大于社会总供给大于社会总供给 （供远小于（供远小于求）。求）。 当货币数量的增长速度大于实物数量的增长速度时，就会当货币数量的增长速度大于实物数量的增长速度时，就会出现通货膨胀。例如货币总量出现通货膨胀。例如货币总量100元，实物总量元，实物总量10个苹果个苹果那么一个苹果就价格那么一个苹果就价格10元，如果第二年苹果产出增加了元，如果第二年苹果产出增加了10，也就是市场上有也就是市场上有2

49、0个苹果，而货币增加了个苹果，而货币增加了200也就是也就是300元元总量的货币，那么第二年每个苹果就价格总量的货币，那么第二年每个苹果就价格15元，推广到整元，推广到整个经济体，物价水平就上升了，于是就出现通货膨胀。个经济体，物价水平就上升了，于是就出现通货膨胀。 2.4 Depreciation and amortizationassetsCurrent assets will be used or converted into cash in less than a yearFixed assets will continue to be used by the business for

50、 many yearsNature of fixed assets:1. they exist physically and thus are tangible assets2. they are owned and used by the company in its normal operations3. they are not offered for sale as part of normal operations.But fixed assets wear out - become unusable or obsolete, and eventually have little o

51、r no value.Consequently fixed assets are depreciated: their value on a balance sheet is reduced each year by a charge against profits（冲抵利润） on the profit and loss account. The result is that the value of fixed assets isreduced and part of the cost of the asset is deducted from the profits each year.

52、 结果是固定资产折旧：它们在资产负债表上的价值每年都会在损益表中的利润里扣除。How to depreciate the fixed assets?1、 straight-line method: which means charging equal annual amounts against profit during the lifetime of the asset (e.g. deducting 10% of the cost of an assets value from profits every year for 10 years) 直线法、年限平均法：是指将固定资产的应计折旧

53、额平均的分摊到固定资产预计使用寿命内的一种方法。2、 accelerated depreciation: businesses can deduct the whole cost of an asset in a short time. Its always used in many continental European countries. 加速折旧，是指按照税法规定准予采取缩短折旧年限、提高折旧率 的办法，加快折旧速度，减少应纳税所得额的一种税收优惠措施。 其目的一是可以减少企业所得税； 二是可以增强公司未来竞争和融资能力。 2.5 Financial statements2.5.1

54、The Balance Sheet（P28） The balance sheet is a static financial snapshot taken at the end of the year. 资产负债表是每年年末对财务状况的静态反映。 The Balance Sheet Identity is: 资产负债恒等式：Equity ownerssLiabilitieAssetsWhat a company possess for productionObligations to the outsidersInitial investment+retained earnings In a

55、balance sheet, assets lie in the left, liabilities and owners equity lie in the right. 在资产负债表中，资产位于左侧，负债和所有者权益位于右侧。 Left total value = right total value 左边帐户总和=右边帐户总和Types of Assets（P30） In accounting, assets can be divided into fixed assets and current assets. 会计中，资产可以分为固定资产和流动资产。 Fixed assets, kno

56、wn as long-term assets, will continue to be used by the business for a long time. 固定资产，又称为长期资产，可以使用较长时间。 Current assets has a lifespan of one year or less, which is easily converted into cash and used as currency. 流动资产的期限不超过一年，容易变现成为现金或其等价物。 The accounting items of current assets : 流动资产的会计科目： Cash:

57、include bank accounts and checks. 现金：包括银行存款和支票。 Cash equivalents: stocks, T-bills and other money market instruments. 现金等价物：股票、国库券及其他货币市场工具 Accounts receivable: 应收账款 Inventory : raw materials, work-in-progress (WIP) and finished goods. 存货：原材料、在产品、产成品。 Assets can also be classified as tangible and in

58、tangible. 资产又可以分为有形资产和无形资产。 Tangible assets are assets with a physical existence, such as property, plant and equipment. 有形资产指有物质形态的资产，例如地产、厂房及设备 。 Intangible assets include brand name, patents and trademarks. Networks of contacts, loyal customers, reputation, trained staff, or “human capital”, and

59、skilled management can also be considered as intangible assets. 无形资产包括品名、专利、商标。关系网络、忠诚客户、商誉、人力资本、有经验的管理层也可被认为是无形资产。Types of Liabilities （P32） Liabilities are amounts of money that a company owes, also can be divided into current and long-term. 负债是一个公司所欠的款项，同样可以被分为流动负债和长期负债。 Current liabilities are e

60、xpected to be paid within a year of the date of the balance sheet. 流动负债是需要在资产负债表日之前的一年内需要偿还的债务。 Creditors: suppliers of goods or services to the business who are not paid at the time of purchase; 债权人：商品或服务的供货商 Current liabilities Short-term debt Accounts payable Accrued expense Total current liabili

61、ties Non-current liabilities Deferred income taxes Long-term debt Other non-current liabilities Total Non-current liabilities Total liabilities 1555 5049 8593 15197 950 3402 1201 5553 20750Owners Equity （P28） Owners equity is the initial amount of money invested into a business plus the retained ear

62、nings. It stands for a companys total net worth. 所有者权益是最初投资到公司的资金，加上留存盈余。它代表了一个公司的总价值。 It includes: The original share capital 原始股本 Share premium 股本溢价 Retained earnings 未分配利润 Reserves: funds set aside from share capital and earnings, retained for emergency or other future needs. 盈余公积：股本和利润中的一部分，以备紧急

63、状况和其他未来需要。美国XX公司的资产负债表(单位：百万单位：百万)20X2 和和20X1资产负债表资产负债表美国美国XX公司公司负债负债 (债务债务)资产资产20X220X1和股东权益和股东权益20X220X1流动资产:流动负债： 现金及现金等价物$140$107 应付帐款$213$197 应收帐款294270 应付票据5053 存货269280 应计费用223205 其它5850 流动负债合计$486$455 流动资产合计$761$707长期负债：固定资产: 递延税金$117$104 财产、厂房和设备$1,423$1,274 长期债务471458 减：累计折旧-550-460 长期负债合计

64、$588$562 财产、厂房及设备净值873814 无形资产及其它资产245221股东权益 固定资产合计$1,118$1,035 优先股$39$39 普通股 (面值$1)5532 股本溢价347327 累计留存收益390347 减：库存股票-26-20 股东权益合计$805$725资产总计$1,879$1,742负债与股东权益总计$1,879$1,742资产排列的顺序是根据在通资产排列的顺序是根据在通常情况下企业持续经营将资常情况下企业持续经营将资产转化为现金所需要的时间产转化为现金所需要的时间长度长度。显然，现金比财产、厂房、显然，现金比财产、厂房、设备等的流动性要强得多设备等的流动性要强得

65、多。 Exercises on page 29、31、332.5.2 The Income Statement（P34） The income statement, also known as profit and loss statement, shows a companys revenues and expenses for a given period of time. 利润表，又称为损益表，表示在一定期限内一个公司的收入和支出情况。 The accounting definition of income is： 收入的会计恒等式：IncomeExpensesRevenue Sales

66、: earned by selling goods and services Cost of goods sold: cost of raw materials, manufacturing and labor. Gross profit = Sales-Cost of goods sold 毛利润=销售收入-产品成本 General operating expenses: include expenses of research and development, marketing, salaries and rent. 营业费用：研发、市场、工资、租金费用 Depreciation: represent the lifespan of machines. 折旧：反映了设备的使用年限。 Operating income =gross profit general operating expenses-depreciation 营业收入=总利润-营业成本-折旧 Other income: outside the main business activities, such as cap