Accounting-Lesson 3 Accounting Elements
会计英语Chapter 3 The Accounting Cycle
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The ledger is an accounting record that includes all the ledger accounts—that is, a separate account for each item included in the company’s financial statements.
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(1)liabilities and owners’ equity belong on the right side of the balance sheet, (2)an increase in a liability or an owners’ equity account is recorded on the right (credit) side of the account, and (3)liability and owners’ equity accounts normally have credit (right－hand) balances.
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3.1.2 Debit and Credit Entries
An amount recorded on the left side of an account is called a debit, or a debit entry. Likewise, any amount entered on the right side is called a credit, or a credit entry. In simple terms, debits refer to the left side of an account, and credits refer to the right side of an account.
会计英语第三章复习
T-account
T-account: a simplest form of an account, used to help illustrate the effect of transaction.
Account name
Debit
(left side)
Credit
(right side)
Rules of debits &credits
Record transactions in the journal
Recording Phase
General ledger (Control account)
Step 1 Analyzing business documents
Step 2 Journalizing transactions
Key words, phrases and special terms
Journalize 登记日记账[‘dʒɜːn(ə)laɪz] Journal 日记账，序时账 Journal entry 日记账分录 Cash journal 现金日记账 Post 过账 Ledger accounts 分类账'ledʒə总帐，分户总帐； Account 账户
Double-Entry Accounting
“ Double-entry accounting is based on a simple concept: each party in a business transaction will receive something and give something 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.”
Lesson 3 TheLedgerAccounts
An English Textbook for Accountants
From the above analysis, it should be noted that assets must equal the sum of liabilities and owner’s equity after each transaction. In other words, each business transaction produces at least two effects on the accounting equation which always keeps balance after all the transactions.
An English Textbook for Accountants
Transaction (2): July 1, Purchased equipment for $5 000 cash. The effects of this transaction are shown below, following transaction (1).
The truth may hurt for a little while but a lie hurts forever. 真相会让我们痛一阵，但谎言令我们痛一 生。
An English Textbook for Accountants
The real measure of our wealth is how much we'd be worth if we lost all our money. 真正衡量我们财富的方法，是在我们一分 钱都没有的时候，我们还值多少。
An English Textbook for Accountants
【海外原版】accounting-lesson3
Advertising Supplies 2 500 Oct. 31 Adj. Advertising Supplies Expense
1 500
Advertising Supplies Expense Oct. 31 Adj. Advertising 1 500 Supplies
cross-reference
– Revenues and expenses are recorded in the correct accounting period (matching principle) – Recognition criteria are followed for assets, liabilities, revenues and expenses (revenue recognition principle)
– General Ledger:
Service Revenue Received in Advance Oct. 31 Adj. 400 Oct. 2 1 200 Service Revenue Oct. 3 10 000 14 Oct. 31 Adj. 400
Adjusting entries for accruals
Example:
Activity Year 1 Purchased paint, painted building, paid employees Revenue Expense Profit Revenue Expense Loss $ 80 000 50 000 $ 30 000 $ 50 000 $(50 000) Year 2 Received payment for work done in Year 1 Revenue Expense Profit Revenue Expense Profit $ $ -
会计英语 lesson 3
• 4. To write off an un-collectible account receivable.
• 5. To explain two systems of inventory accounting.
LESSON THREE
CURRENT ASplain the importance of cash and the accounting treatment of cash.
• 2. To discuss the bad debt and the accounting treatment
• 3.5 Four Common Inventory Cost Flow Methods
• 1. Specific identification; • 2. First-in, first-out (FIFO); • 3. Last-in, fast-out (LIFO); • 4. Weighted-average.
• Assets are normally divided into two major categories: current assets and long-term assets.
• 3.2 Current Assets • Current assets are assets: • (1) in the form of cash, • (2) that will normally be realized in cash, or • (3) that conserve the use of cash during the
• 3.7 Impact on the Balance Sheet of the Cost Flow Method
会计英语词汇
会计英语词汇内部编号：（YUUT-TBBY-MMUT-URRUY-UOOY-DBUYI-0128）Chapter1Accounting 会计，会计学Accountant 会计师，会计人员Accounting information 会计信息Financial data 财务数据Business 企业，经营，商业，业务Business transaction 经济业务，经济交易Enterprise 企业Economic information 经济信息Business organization 经济组织Financial activity 财务活动，筹资活动Profitability 获利能力，盈利能力End product 最终产品Creditor 债权人Performance 业绩Favorable 有利的Unfavorable 不利的Accounting system 会计系统，会计制度Financial condition 财务状况Investor 投资人Result of operations 经营成果Financial report 财务报告To make decision 制定决策Accounting principles 会计原则Business activity 经济活动Accounting concepts 会计概念Financial accounting 财务会计Economic unit 经济单位Owner 业主，拥有者Governmental agency 政府机构Generally accepted accounting principles 公认会计原则Employ 采用Prepare 准备，编制Annual report 年度报告Stockholder 股东Audit 审计，审查，查帐Auditing 审计，审计学Accounting records 会计记录Public accountant 公共会计师Fairness 公正性，公允性Reliability 可靠性Periodic audit 定期审计Corporation 股份有限公司Internal auditor 内部审计人员Cost accounting 成本会计Cost data 成本数据Management accounting 管理会计Selling price 销售价格Management advisory service 管理咨询服务Management service 管理服务Tax accounting 税务会计Tax returns 纳税申报单，税单Budgetary accounting 预算会计International accounting 国际会计International trade 国际贸易Not-for-profit accounting 非盈利组织会计Not-for-profit organization 非盈利组织Social accounting 社会会计Measurement 计量Chapter2Accounting practice 会计实务Accounting theory 会计理论Decline 方针，指南Assumption 假设Business entity 经济主体Accounting entity 会计主体Economic activity 经济活动Bookkeeping 簿记Double-entry bookkeeping system 复试记账系统Entry分录，记录Single proprietorship独资Partnership合伙Accounting purpose会计目的Separate entity独立主体Asset资产Going-concern持续经营Historical cost历史成本Current market value 当前市场价值Accounting period会计期间Stable-monetary-unit货币计量单位Objective principle客观性原则Operating result经营成果Cost principle成本原则Actual cost实际成本Book value账面价值Equivalent当量，约当量Depreciation折旧Consistency principle一贯性原则Accounting method会计方法Financial statement 财务报告Comparability可比性Materiality principle重要性原则Conservatism principle谨慎性原则Revenue收入Expense费用Cost of goods商品成本Net income净收入Net loss净损失Accrual-basis 权责发生制Cash-basis 现金收付制Journal 日记账Realization principle 实现原则Matching principle 配比原则Recognize 确认Transfer转让，转帐，过户Income statement收益表，损益表Full-disclosure principle充分揭示原则Chapter3Accounting element会计要素Accounting equation会计等式Liability负债Owner s’ equity业主权益，所有者权益Current asset长期资产Long-term asset长期资产Operating cycle 经营周期Bank deposit 银行存款Short-term investment短期投资Long-term investment长期投资Accounts receivable应收账款Note receivable应收票据Prepayment 预付款项Inventory 存货Fixed asset 固定资产Plant and equipment 厂房和设备Intangible asset 无形资产Store fixtures店面装置Office equipment办公设备Delivery equipment运输设备Creditors’ equity债权人权益Obligation责任，义务Debt债务Current liability流动负债Long-term liability长期负债Short-time loans payable应付短期贷款Long-term loans payable长期应付贷款Notes payable应付票据Accounts payable应付账款Accrued expense应计费用Bonds payable应付债券Long-term accounting payable长期应付账款Interest 股份，利息Claim 要求权Net assets 净资产Capital资本Stockholder’s equity 股东权益Cost of goods sold 商品销售成本Administrative expenses 管理费用Selling expenses销售费用Financial expense 财务费用Occur 发生Dividend payable 应付股利Retained earnings留存收益Chapter4Classification分类，分级Day-to-day 随时Account title 账户名称Ledger 分类帐Debit side 借方Credit side 贷方Charge借记，收取费用Memorandum 摘要，备忘录Insert 插入，嵌入，写入Cash on hand 库存现金subgrouping子目，细目supplies 物料用品prepaid expenses 预付费用face value 面值check 支票bank draft 银行汇票money order 汇款单debtor 债务人bearer 持票人salaries payable 应付工资taxes payable 应付税费interest payable 应付利息long-term notes payable 长期应付票据mortgage payable 应付抵押借款bonds payable 应付公司债券drawing提款income summary收益汇总professions fees职业服务费commissions revenues 佣金收入interest income利息收入chart of accounts账户一览表executive salaries主管人员薪金office salaries办公人员薪金sales salaries销售人员薪金prepaid rent预付租金accumulated depreciation累计折旧depreciation expense折旧费用sales销售收入sales returns and allowance销售退回与折让purchases returns and allowance购买退回与折让Chapter5Accounting cycle会计循环Accounting procedures会计程序，会计方法Trial balance试算平衡表Post-closing trial balance结算后试算平衡表Journalize 做分录，记账Post to the ledger过入分类帐Assemble汇集Work sheet工作底表Adjusting entry调整分录close结账，结清，关闭ledger accounts分类账户general ledger总分类帐two-column account两栏式账户source document原始凭证check stub支票存根journal日记帐journal entry日记帐分录records(book) of original entry原始记录簿transcribe抄录post过账，誊帐manually手工的chronological按时间顺序的enter登记，计入general journal普通日记账special journal特殊日记帐sales journal销售日记帐purchases journal购买日记帐cash receipts journal现金收入日记帐cash disbursements journal现金支出日记帐division of labor分工Chapter6Adjusting procedures调整程序Accrual(basis) accounting权责发生制Align调整，使成一线，（转做）使一致Apportion（按比例）分配，摊配Accrue自然积累（如利息等），计提Outlay支出Expire期满，耗尽，失效Insurance expense保险费用Prepaid insurance 预付保险费Supplies expense物料用品费Supplies on hand在用物料Subscription预订Deferred credit递延贷项Accrued salaries payable应计应付工薪Accrued revenue应计收入Closing entry结账分录Closing procedure结账程序Temporary account临时性账户，名义账户，虚账户Permanent account 永久性账户，实账户Withdrawals提款Statement of cash flow现金流量表Financial position财务状况Portray描绘Dispose处理Inflows流入Outflows流出Chapter7Working paper工作底稿Adjusted trial balance调整后试算平衡表Cross-reference交叉参考Occasion需要，机会，工作场合Salaries accrued应计薪金Combine结合，联合Extend（会计）将数字转入。
会计英语词汇
会计英语词汇 Prepared on 22 November 2020C h a p t e r 1 Accounting 会计，会计学Accountant 会计师，会计人员Accounting information 会计信息Financial data 财务数据Business 企业，经营，商业，业务Business transaction 经济业务，经济交易Enterprise 企业Economic information 经济信息Business organization 经济组织Financial activity 财务活动，筹资活动Profitability 获利能力，盈利能力End product 最终产品Creditor 债权人Performance 业绩Favorable 有利的Unfavorable 不利的Accounting system 会计系统，会计制度Financial condition 财务状况Investor 投资人Result of operations 经营成果Financial report 财务报告To make decision 制定决策Accounting principles 会计原则Business activity 经济活动Accounting concepts 会计概念Financial accounting 财务会计Economic unit 经济单位Owner 业主，拥有者Governmental agency 政府机构Generally accepted accounting principles 公认会计原则Employ 采用Prepare 准备，编制Annual report 年度报告Stockholder 股东Audit 审计，审查，查帐Auditing 审计，审计学Accounting records 会计记录Public accountant 公共会计师Fairness 公正性，公允性Reliability 可靠性Periodic audit 定期审计Corporation 股份有限公司Internal auditor 内部审计人员Cost accounting 成本会计Cost data 成本数据Management accounting 管理会计Selling price 销售价格Management advisory service 管理咨询服务Management service 管理服务Tax accounting 税务会计Tax returns 纳税申报单，税单Budgetary accounting 预算会计International accounting 国际会计International trade 国际贸易Not-for-profit accounting 非盈利组织会计Not-for-profit organization 非盈利组织Social accounting 社会会计Measurement 计量Chapter2Accounting practice 会计实务Accounting theory 会计理论Decline 方针，指南Assumption 假设Business entity 经济主体Accounting entity 会计主体Economic activity 经济活动Bookkeeping 簿记Double-entry bookkeeping system 复试记账系统Entry分录，记录Single proprietorship独资Partnership合伙Accounting purpose会计目的Separate entity独立主体Asset资产Going-concern持续经营Historical cost历史成本Current market value 当前市场价值Accounting period会计期间Stable-monetary-unit货币计量单位Objective principle客观性原则Operating result经营成果Cost principle成本原则Actual cost实际成本Book value账面价值Equivalent当量，约当量Depreciation折旧Consistency principle一贯性原则Accounting method会计方法Financial statement 财务报告Comparability可比性Materiality principle重要性原则Conservatism principle谨慎性原则Revenue收入Expense费用Cost of goods商品成本Net income净收入Net loss净损失Accrual-basis 权责发生制Cash-basis 现金收付制Journal 日记账Realization principle 实现原则Matching principle 配比原则Recognize 确认Transfer转让，转帐，过户Income statement收益表，损益表Full-disclosure principle充分揭示原则Chapter3Accounting element会计要素Accounting equation会计等式Liability负债Owner s’ equity业主权益，所有者权益Current asset长期资产Long-term asset长期资产Operating cycle 经营周期Bank deposit 银行存款Short-term investment短期投资Long-term investment长期投资Accounts receivable应收账款Note receivable应收票据Prepayment 预付款项Inventory 存货Fixed asset 固定资产Plant and equipment 厂房和设备Intangible asset 无形资产Store fixtures店面装置Office equipment办公设备Delivery equipment运输设备Creditors’ equity债权人权益Obligation责任，义务Debt债务Current liability流动负债Long-term liability长期负债Short-time loans payable应付短期贷款Long-term loans payable长期应付贷款Notes payable应付票据Accounts payable应付账款Accrued expense应计费用Bonds payable应付债券Long-term accounting payable长期应付账款Interest 股份，利息Claim 要求权Net assets 净资产Capital资本Stockholder’s equity 股东权益Cost of goods sold 商品销售成本Administrative expenses 管理费用Selling expenses销售费用Financial expense 财务费用Occur 发生Dividend payable 应付股利Retained earnings留存收益Chapter4Classification分类，分级Day-to-day 随时Account title 账户名称Ledger 分类帐Debit side 借方Credit side 贷方Charge借记，收取费用Memorandum 摘要，备忘录Insert 插入，嵌入，写入Cash on hand 库存现金subgrouping子目，细目supplies 物料用品prepaid expenses 预付费用face value 面值check 支票bank draft 银行汇票money order 汇款单debtor 债务人bearer 持票人salaries payable 应付工资taxes payable 应付税费interest payable 应付利息long-term notes payable 长期应付票据mortgage payable 应付抵押借款bonds payable 应付公司债券drawing提款income summary收益汇总professions fees职业服务费commissions revenues 佣金收入interest income利息收入chart of accounts账户一览表executive salaries主管人员薪金office salaries办公人员薪金sales salaries销售人员薪金prepaid rent预付租金accumulated depreciation累计折旧depreciation expense折旧费用sales销售收入sales returns and allowance销售退回与折让purchases returns and allowance购买退回与折让Chapter5Accounting cycle会计循环Accounting procedures会计程序，会计方法Trial balance试算平衡表Post-closing trial balance结算后试算平衡表Journalize 做分录，记账Post to the ledger过入分类帐Assemble汇集Work sheet工作底表Adjusting entry调整分录close结账，结清，关闭ledger accounts分类账户general ledger总分类帐two-column account两栏式账户source document原始凭证check stub支票存根journal日记帐journal entry日记帐分录records(book) of original entry原始记录簿transcribe抄录post过账，誊帐manually手工的chronological按时间顺序的enter登记，计入general journal普通日记账special journal特殊日记帐sales journal销售日记帐purchases journal购买日记帐cash receipts journal现金收入日记帐cash disbursements journal现金支出日记帐division of labor分工Chapter6Adjusting procedures调整程序Accrual(basis) accounting权责发生制Align调整，使成一线，（转做）使一致Apportion（按比例）分配，摊配Accrue自然积累（如利息等），计提Outlay支出Expire期满，耗尽，失效Insurance expense保险费用Prepaid insurance 预付保险费Supplies expense物料用品费Supplies on hand在用物料Subscription预订Deferred credit递延贷项Accrued salaries payable应计应付工薪Accrued revenue应计收入Closing entry结账分录Closing procedure结账程序Temporary account临时性账户，名义账户，虚账户Permanent account 永久性账户，实账户Withdrawals提款Statement of cash flow现金流量表Financial position财务状况Portray描绘Dispose处理Inflows流入Outflows流出Chapter7Working paper工作底稿Adjusted trial balance调整后试算平衡表Cross-reference交叉参考Occasion需要，机会，工作场合Salaries accrued应计薪金Combine结合，联合Extend（会计）将数字转入。
会计英语Unit 3
L: Then the item transaction will be seen in the financial statements?
M: I know.
3.1 Accounting Cycle
Before we start to learn the basic process of accounting cycle, it’s necessary to have some knowledge of the accounting source documents. They are the beginning of an accounting cycle. Source documents are original documents, which record the occurrence and completion of economic transactions. They are usually filled in by the business clerks, according to the process of economic transactions.
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3-1 Assets, Liabilities and Equity
Relevant Glossary
operating cycle current assets intangible assets receivables prepayments inventory finished goods semifinished goods goods in process Container Low-value and perishable articles
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Sole proprietorship
owned and managed by one person; the individual proprietor has the ultimate responsibility and authority for all decisions; no legal formalities are necessary to create it; low taxes and fees; personally liable for the debts (limitless liabilirtnership
similar to a general partnership in certain aspects and similar to a corporation in others; one or more of the partners has only limited liability for partnership debts and obligations and limited authority of participating in management.
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Transferability of ownership interest
Sole proprietorship: may be transferred at any time only if the proprietor can find a receiver. General partnership: may be transferred freely. Limited partnership: a limited partner’s ownership interest is freely transferable except for limitation from agreement or securities laws. Corporation: permits the greatest flexibility, but in some cases, securities laws may restrict the transferability.
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Tax considerations
Sole proprietorship: all business income or loss is treated as the individual’s income or loss and taxed accordingly. General partnership : individual tax. Limited partnership: like general partnership. Corporation: double taxation (corporate income tax and personal income tax).
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General partnership
partners agree to share in the profits, loss and assets; agreement upon duties and liabilities of the partners and a fiduciary relationship exists between them; Each partner is personally liable for the debts (limitless liability)
经营周期 流动资产 无形资产 应收款 预付款 存货 产成品 半成品 在产品 包装物 低值易耗品
2
Relevant Glossary (2)
specific identification first-in first-out (FIFO) last-in first-out (LIFO) weighted average moving average lower of cost or market (LCM) shares investment bonds investment cost method equity method
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Reading Material: The Forms of Business Organizations Three/Four forms:
Sole proprietorship Partnership
General partnership Limited partnership
Corporation
个别计价法 先进先出法 后进先出法 加权平均法 移动平均法 成本与市价孰低法 股权投资 债券投资 成本法 权益法
3
Relevant Glossary (3)
at a premium or discount/ in premium or discount face value/ par value principal interest fixed assets financed by leasing residual value straight line method working capacity (or output ) method accelerated depreciation method
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Continuity of existence
Sole proprietorship: the death of the sole proprietor, maybe granting the heirs the right to continue. General partnership: the death or withdrawal of a general partner or the expiration of the term of the partnership. Limited partnership: the death of withdraw of a general partner will not result in a termination if there is at least one general partner; a limited partner will not affect the continuity of the partnership. Corporation: perpetual existence
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The Forms of Business Organizations
Considerations of the selection of the most advantageous form of organization:
Continuity of existence Transferability of ownership interest Capital and credit requirements Tax considerations
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3-2 Revenue, Expenses and Profit
Relevant Glossary
Basic operating revenue other operating revenue Long-term project contract The completed progress method The completed contract method Return of sales Sales allowances Sales discount Outlay Norm costing Planned costing Cost variance 主营业务收入 其他业务收入 长期工程合同 完工进度法 完工成本法 销售退回 销售折让 销售折扣 费用、 费用、花费 标准/定额成本法 标准 定额成本法 计划成本法 成本差异
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Corporation
Created under a particular business statute; Owned by one or more shareholders, who may be natural persons or other legal entities; Its existence is entirely distinct from that of its owners; Shareholders are generally not liable for corporate obligations (limited liability); Strict statutory formalities.
溢价或折价发行 票面价值， 票面价值，面值 本金 利息 融资租入固定资产 残值 直线法 工作量法（产量法） 工作量法（产量法） 加速折旧法
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Relevant Glossary (4)
patent nonpatented technology trademark copyrights right to use sites goodwill current liabilities long-term liabilities financial institution 专利 非专利技术 商标 著作权 土地使用权 商誉 流动负债 长期负债 金融机构
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Capital and credit requirements