会计学英文案例1-revised
大学会计专业英语教材
大学会计专业英语教材IntroductionThe study of accounting plays a crucial role in the field of business and finance. In order to fully comprehend the complex world of accounting, it is essential for students to have a solid understanding of the subject in both their native language and English. This article aims to discuss the importance of English language proficiency in the context of studying accounting at the university level. It will also outline the contents and structure of a comprehensive English textbook designed specifically for students majoring in accounting.Section 1: Importance of English Proficiency in Accounting1.1 Globalization and International BusinessIn today's interconnected business world, multinational corporations operate across borders, making English the lingua franca of international commerce. Accountants need to possess strong English language skills to effectively communicate financial information and interact with clients and colleagues from different linguistic backgrounds.1.2 Access to International Accounting StandardsEnglish proficiency is indispensable for accountants to access and comprehend international accounting standards such as the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) used in English-speaking countries. Fluencyin English empowers students to stay up-to-date with the latest accounting practices and guidelines.Section 2: Designing an Effective Accounting English Textbook2.1 Language Proficiency BuildingThe textbook should include a variety of language-building exercises focusing on vocabulary, grammar, and reading comprehension specific to accounting terminology and concepts. These exercises can incorporate authentic materials such as financial reports, case studies, and academic articles to enhance real-world application.2.2 Listening and Speaking SkillsAccountants must be able to understand and participate in professional conversations, presentations, and meetings. The textbook should provide listening and speaking activities that simulate typical accounting scenarios, allowing students to practice their skills in a structured environment.2.3 Writing and Analytical SkillsWritten communication is a fundamental aspect of accounting. The textbook should emphasize the development of writing skills, particularly in composing financial reports, memos, and business correspondence. Exercises promoting critical thinking and data analysis should also be included to strengthen students' analytical abilities.2.4 Practical ApplicationsTo facilitate practical application of accounting knowledge, the textbook should incorporate case studies, group projects, and interactive exercises.These activities immerse students in real-world scenarios, enabling them to apply accounting principles to solve problems, make decisions, and analyze financial data.Section 3: Structure of a Comprehensive Accounting English Textbook3.1 Unit OrganizationThe textbook should be divided into thematic units, covering topics such as financial accounting, managerial accounting, auditing, and taxation. Each unit should be further divided into subtopics, allowing for systematic learning and easy reference.3.2 Clear Explanations and ExamplesThe textbook should provide clear explanations of accounting concepts and principles, supported by relevant examples and illustrations. These explanations should be concise, yet comprehensive, making complex topics more accessible to students.3.3 Practice Exercises and AssessmentsEach unit should include a variety of practice exercises and assessments, ranging from multiple-choice questions to problem-solving tasks. These exercises help students reinforce their understanding, test their knowledge, and monitor their progress.3.4 Supplementary ResourcesTo enhance students' learning experience, the textbook should offer supplementary resources such as online resources, audio materials, and interactive quizzes. These resources provide additional practiceopportunities, enrich the learning process, and cater to diverse learning styles.ConclusionIn conclusion, a comprehensive English textbook tailored specifically for university students majoring in accounting is essential in equipping them with the necessary language proficiency and accounting skills. Such a textbook should focus on building language competency, while integrating practical applications and providing a structured learning experience. By mastering English in the context of accounting, students will be well-prepared to navigate the global business landscape and pursue successful careers in the field.。
学会计英语作文模板范文
学会计英语作文模板范文英文回答：Accounting in English。
Accounting is a vital part of any business, large or small. It helps businesses track their financial transactions, produce financial statements, and make informed decisions about their operations. In today's globalized economy, it is more important than ever for accountants to have a strong command of English.English is the language of international business, and it is the language used in most accounting standards and regulations. Accountants who are able to communicate effectively in English can work with clients and colleagues from all over the world. They can also stay up-to-date on the latest accounting developments by reading English-language publications.There are many resources available to help accountants improve their English skills. There are English courses specifically designed for accountants, and there are also many online resources that can be used for self-study. With a little effort, accountants can quickly improve their English proficiency and become more valuable to their employers.Benefits of Learning Accounting in English。
会计英语案例
会计英语案例(1)On August 1, the company A sold 200,000 of inventory goods to B company, value added tax amounted to 34000, payment has not been received. Meanwhile carrying-over inventory goods sales cost 180000Dr: Account Receivable --B company 234000Cr: Basic Operating Revenue 200,000VAT Payable (output tax) 34000Dr: Basic Dperating Cost 180000Cr: Merchandise Inventory 180000(2) On August 2, A company will value 30,000 yuan ofinventory goods sold to B company, VAT totaling $5,100, payment received. Meanwhile carrying-over inventorygoods sales cost 27000 yuan.Dr: Cash In Bank 35100Cr: Basic Operating Revenue 30,000VAT payable (output tax) 5,100Dr: Basic Dperating Cost 27,000Cr: Merchandise Inventory 27,000(3) On August 3, A company purchases raw material production from D company with 15 tons, unit price 5000 yuan, VAT 12750 yuan, payment paid. Confirm the material in warehouse.Dr: Raw Materials 75000VAT payable (VAT on purchase) 12750Cr:Cash In Bank 87750(4) On August 4, production workshop for A productionfor 50000, workshop consumed for 500, the generalmanager's office of recipients for 500.Dr: Cost Of Production 50000Manufacturing Cost 500Administrative Cost 500Cr: Raw Materials 51000(5) On August 5, received B company forwarded transfer cheque, amount 234000 yuan, owed sales payment for goods.Dr: Cash In Bank 234000Cr: Account Receivable -- B company 234000 (6) On August 5, this provision should be borne by the wage 500,000 yuan. General manager office management personnel salary 100000 yuan, the finance department personnel salary 50000 yuan, production personnel250,000 yuan,Dr : Manufacturing Cost 250,000Administrative Cost 150,000Selling Expenses 100,000Cr: Wages Payable 500,000(7) 6, subject to bank borrowing three-year borrowing $200,000.Dr:Cash In Bank 200,000Cr: Long-term Loans Payable 200,000(8) 6 to B company sellgoods, the price 1200000 ,value-added tax 204000, but not yet received cash,corresponding inventory goods in the sales cost800,000.Dr:Account Receivable -- B company 1404000Cr: Basic Operating Revenue 1200000VAT Payable (output tax) 204000Dr: Basic Dperating Cost 800,000Cr: Merchandise Inventory 800,000(9) 7, marketing material batch, cost 3000, price 4000 yuan, VAT 680 yuan, receive cash a cheque, payment in the bank.Dr:Cash In Bank 4680Cr: Other Operating Revennue 4000VAT Payable (output tax) 680Dr:Other Operating Cost 3000Raw Materials 3000(10) 8 sales to B company materials, materials price 165,000, value-added tax 28050, at the same time receive transfer cheque, the materials cost 100000.Dr:Cash In Bank 193050Cr: Other Revenue 165000VAT Payable (output tax) 28050Dr: Other Operating cost 100,000Cr: Raw Material 100,000(11) 8, prescribing transfer cheque, pay fee 80 000 .Dr:Selling Expenses 80,000Cr:Cash In Bank 80,000(12) 10, A will cash cheque 500,000 yuan, issuing this month salary.Dr: Wages Payable 500,000Cr:Cash In Bank 500,000(13) 15, prescribing transfer cheque, pay housing for repairs to 8 000 yuan, including workshop 3 000 yuan,the factory department 5 000 yuan.Dr: Manufacturing Cost 3000Administrative Cost 5000Cr:Cash In Bank 8,000(14) 18, receive a bank requisition, pay bank settlement poundage 8 600 yuan.Dr: Finance Expenses 8600Cr: Cash In Bank 8600(15) 20, last month from the bank borrow a month of borrowing $100,000 expired, month interest rates, open transfer cheque 4%, return principal and interest.Dr: Short-term Loans Payable 100,000Finance Expenses 4000Cr:Cash In Bank 104000(16) 20, prescribing transfer cheque, payment 10,000 yuan, including bill workshop 1500 yuan, office of general manager, sales department 3500 5000 yuan.Dr: Manufacturing Costs 1,500Administrative Cost 3,500Selling Expenses 5000Cr:Cash In Bank 10000(17), 26 provision for fixed assets depreciation cost, including this month, workshop 29 20,000 yuan, general manager office 8 000 yuan, sales department 2 000 yuan.Dr: Manufacturing Cost 29,000Administrative Cost 8,000Selling Expenses 2000Cr: Accumulated depreciation 39000(18) 31, The cost of the project finishs 50% includedin the cost of inventory goods.Dr: Cost Of Production 34000Cr: Manufacturing Expenses 34000Dr: Merchandise Inventory 17,000Cr: Cost Of Production17,000(19) 31, profit and loss of this month each account balance into "profit of the current year" account, and calculates the total profit.Dr: Basic Operating Revenue 1430000Other Operating Revenue 169000Cr: Current Year Profit 1599000Dr: Current Year Profit 1476600Cr: Basic Operating Cost 1007000Other Operating Cost 103000Administrative Cost 167000Selling Expenses187000Finance Expenses 12600Profit total = 1599000-1476600= 122400(20) 31, according to 25% of total profits payable income tax calculated, and takes "income taxes" account value into "profit of the current year," netcalculating profit.Dr: Income Tax Expenses 30600Cr: Income Tax Payable 30600Dr: Current Year Profit 30600Cr: Income Tax Expenses 30600Dr: Current Year Profit 91800Cr: Undistributed Profit 91800Net profit 122400-30600= 91800(21) 31, according to the net profit of 15% and 50% respectively surplus reserve and provision to investors profits.Dr: Profit Distribution -- the Statutory Reserve7717.5Any Surplus Reserve 3858.75Dividends Payable 38587.5. -Cr: Legal Surplus Reserve 7717.5Any Surplus Reserve 3858.75Dividends Payable 38587.5(22) carryover from the profit of the current year and profit distribution other account balances into profit distribution - undistributed profit general ledger.Dr: Profit Distribution - Undistributed Profit50163.75Cr:Profit Distribution -- the Statutory Reserve 7717.5Any Surplus Reserve 3858.75Dividends Payable 38587.5.PostingAccount Receivable Basic Operating Revenue234000 234000 143000 2000001404000 300001404000 1200000 0Tax Payable Finance Expenses12750 34000 8600 126005100 4000204000680 02805030600289680Accumulation Depreciation Current Year Profit 39000 1476600 159900039000 3060091800Short-term Loans Payable Basic Dperating Cost 100000 180000 100700027000100000 8000000 Merchandise Inventory Cash In Bank17000 180000 35100 8775027000 234000 80000800000 200000 500000990000 4680 800019305 860010400010000131520Income Tax Raw Material30600 30600 75000 5100030000 10000079000Manufacturing Cost Administrative Cost500 34000 500 1670003000 1500001500 500029000 35000 8000Inappropriate Profit Wages Payable59670 91800 500000 500000Blance Sheet August 31,2010AssetsQM QC Liabilities and Owners'Equity QM Cash788,480920,000Short-term Loans Payable 400,000500,000AccountsReceivoble200,400600,000Tax Payable 509,680220,000Inventory548,0001,300,000Dividends Payable 45900Fix Assets600,000600,000Long-term Loans Payable 800,000600,000Less;AccumlationDeprecation39,000 Total Liabilities 1,755,5801,320,000Owners'EquityCapital Stock 2,000,0002,000,000Surplus Reserve 11,370100,000Undistributed Profit 32,130Total Fix Assets 561,000600,000Total Owners'Equity214,5902,100,00032130 0Long-term Loans Payable Other Operating Cost 200000 3000 103000100000200000 0Other Operating RevenueSelling Expenses169000 4000 100000 187000165000 8000050000 2000Dividends Payable Surplus Reserue45900 918045904590013770Cost Of Production 50000 11050150000 59501000002210011900317000Total Assets3,901,4803,420,000Total Liabilitiesand Owners'Equity3,901,4803,420,000A CompanyIncome StatementAugust 31,2010Operating Revenue1,599,000 Cost of Good Sold111,000 Administrative Cost167,000 Selling Expenses187,000 Financed Expenses126,000 Total Profit122,400 Income Tax Expense30,600 Net Income91,800。
基础会计学英文版参考资料
Cash Basis
Revenues are recognized when earned and expenses are recognized when incurred.
Revenues are recognized when cash is received and expenses are recorded when cash is paid.
4/8/2020
11
3 - 12
P1
Prepaid (Deferred) Expenses
Resources paid for prior to
receiving the actual benefits.
Here is the check for my 24-month insurance policy.
Summary of Expenses
Rent Gasoline Advertising Salaries Utilities and . . . .
$1,000 500
2,000 3,000
450 ....
Now that we have recognized the revenue, let's see what expenses
artificial time periods
Revenue-Recognition Principle
Revenue recognized in the accounting period in
which it is earned
Matching Principle
Expenses matched with revenues in the same period when efforts are
会计学 实例综合大全
CASE 1 PREPARE THE FINANCIAL ST ATEMENTSThe amounts of (a) the assets and liabilities of Aspen Supply Co. as of December 31, 2004, and (b) the revenues and expenses of the company for the year ended on that date follow. The items are listed in alphabetic al order. Accounts payable 12 000 Notes payable 31 000Accounts receivable 3 000 Property taxexpense2 000Building 56 000 Rent expense 14 000Cash 7 000 Salary expense 38 000Equipment 21 000 Service revenue 108 000Interest expense 4 000 Supplies 7 000Interest payable 1 000 Utilities expense 3 000Land 8 000The owner’s beginning balance , Linda Elkins, Capital, was $43 000, and during the year Elkins withdrew $32 000 for personal use.REQUIRED:1.Prepare the income statement of Aspen Supply Co. for the year ended December 31, 2004.2.Prepare the company’s statement of owner’s equity for the year ended December 31, 2004.3.Prepare the company’s balance sheet at December 31, 2004.4.Answer these questions about the companya.Was the result of operations for the year a profit or a loss? How much?b.Did Elkins drain off all the earnings for the year, or did she build the company’s capital during theperiod? How would her actins affect the company’s ability to borrow in the future?CASE 2 PREPARE THE CONRECT BALANCE SHEETThe bookkeeper of Haynes Editorial Service prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper knew that the balance sheet should bal ance, so he plugged in the owner’s equity amount to achieve this balance. The owner’s equity amount, however, is not correct. All other amounts are accurate, but some are out of place.HAYNES EDITORIAL SERVESEBalance SheetREQUIRED:1.Prepare the correct balance sheet, and date it correctly. Compute total assets, total liabilities, and owner’sequity.2.Identify the accounts that should not be presented on the balance sheet and state why you excluded themfrom the correct balance sheet you prepared for requirement 1.CASE 3 RECORD TRANSACTIONS AND PREPARE THE FINANCIAL ST ATEMENTAllen Musser started a consulting service and during the first month of operations(June 2003) completed the following selected transactions:a.Musser began the business with an investment of $5,000 cash and a building valued at $60,000. Thebusiness gave Musser’s equity in the business.b.Borrowed $30,000 from the bank; signed a note payable.c.Purchased office supplies on account, $2,100.d.Paid $18,000 for office furniture.e.Paid employee’s salary. $2,200.f.Performed consulting service on account for client, $5,100.g.Paid $800 of the account payable created in transaction(c).h.Received a $600 bill for advertising expense that will be paid in the near future.i.Performed consulting service for customers and received cash,$1,600.j.Received cash on account, $1,200k.Paid the following cash expenses:(1) Rent on land, $700; (2) Utilities, $400l.Withdrew $7,500 for personal use.REQUIED:1.Open the T-accounts.2.Record each transaction directly in the T-account without using a journal, using the letters to identifythe transactions.3.Prepare the trial balance of Musser Consulting Service at June 30, 2003.4.Prepare the income statement, the statement of owner’s equity, and the balance sheet of MusserConsulting Service at the June 30, 2003.CASE 4 MAKE DECISION: TO BUY A COMPANY OR NOT?Benjamin O’henry has owened and operated O’Henry Data Services since its beginning ten years ago. From all appearances, the business has prospered. In the past few years, you have become friends with O’Henry and his wife through your church. Recently , O’Henry mentioned that he h as lost his zest for the business and would consider selling it for the right price. Y ou are interested in buying this business and obtain its most recent monthly unadjusted trial balance, which follows.O’HENRY’S DA TA SERVICESUnadjusted Trial BalanceRevenues and expenses vary from month to month, and November is a typical month. Y our investigation reveals that the unadjusted trial balance does not include the effects of monthly revenues of $2,100 and monthly expenses totaling $2,750. If you were to buy O”Henry’ Data Services. Y ou would hire a manager who would require a monthly salary of $3,000.REQUIRED:1.The most you would pay for the business is 20 times the monthly net income you could expect to earn formit. Compute the possible price.2.The least O”Henry will take for the business is his en ding capital. Compute this amount.3.Under these conditions, how much should you offer O”Henry? Give your reason.CASE 5 Was Maltbee’s summer work successful?Doug Maltbee formed a lawn service business as a summer job. To start t business on May 1, he deposited $1,000 in a new bank account in the name of the proprietorship. The $1,000 consisted of a $600 loan from his father and $400 of his own money. Doug rented lawn equipment, purchased supplies, and hired fellow students to mow and trim his customer’s lawns.At the end of each month, Doug mailed bills to his customers. On August 31, he was ready to dissolve the business and return to Louisiana State University for the fall semester. Because he was so busy, he kept few records other than his checkbook and a list of amounts owed to him by customers.At August 31, Doug’s checkbook shows a balance of $690, and his customers still owe him $500. During the summer, he collected $4,250 from customers. His checkbook lists payments for supplies totaling $400, and he still has gasoline, weedeater cord, and other supplies that cost a total of $50. He paid his employees $1,900, and he still owes them $200 for the final week of the summer.Doug rented some equipment from Scholes Machine Shop. On May 1, he signed a six-month lease on mowers and paid $600 for the full lease period. Scholes will refund the unused portion of the prepayment if the equipment is in good shape. In order to get the refund, Doug has kept the mowers in excellent condition. In fact, he had to pay $300 to repair a mower.To transport employees and equipment to jobs, Doug used trailer tat he bought for $300. He figures that the summer’s work used up one-third of the trailer that he bought for the business. Checkbook lists a payment of $460 for cash withdrawals by Doug during the summer. Doug paid his father back during August. REQUIRED:1.Prepare the income statement of Maltbee Lawn Service for the four months May through August.2.Prepare the classified balance sheet of Maltbee Lawn Service at August 31.3.Was Maltbee’s summer work successful? Give the reason for your answer.CASE 6 TO ADJUST USING THE WORKSHEETFresh Market Grocery’s trial balance pertains to December 31, 2001FRESH MARKET GROCERYTRIAL BALANCEDecember 31, 2001Additional data at December 31,2001:a.Insurance expense for the year, $6,090.b.Store fixtures have an estimated useful life of ten years and are expected to beworthless when they are retired from service.c.Accrued salaries at December 31, $1,260.d.Accrued interest expense at December 31, $870.e.Store supplies on hand at December 31,$760.f.Inventory on hand at December 31, $94,780.REQUIRED:plete Fresh Market’s work sheet for the year ended Decembe r 31,2001.Key adjusting entries by letter.2.What was the net income for the year ended December 31,2001?3.What was the ending balance of the capital account?Case 07 Determining cost of purchaseThe following is an excerpt from a conversation between Joe Hitachi and Kim Kenwood. Joe is debating whether to buy a stereo system from Audio-Tec, a locally owned electronics store, or Powerhouse, a mail-order electronics company.Joe: Kim, I don’t know what to do about buying my new stereo.Kim: So what's the problem?Joe: Well, I can buy it locally at Audio-Tec for $689.95. However, Powerhouse Electronics has the same system listed for $699.99.Kim: So what’s the big deal? Buy it from Audio-Tec.Joe: It’s not quite that simple. Powerhouse said someth ing about not having to pay sales tax, since I was out-of-state.Kim: Y es that’s a good point. If you buy it at Audio-Tec, they’ll charge you 6% sales tax.Joe: But Powerhouse Electronics charges $15 for shipping and handing. If I have them send it next-d ay air, it’ll cost an additional $20 for shipping and handling. Kim: I guess it is a little confusing.Joe: That’s not all. Audio-Tec will give an additional 2% discount if I pay cash. Otherwise, they will let me use my MasterCard, or I can pay it of in three monthly installments (the interest rate for a month is 1.5%).Kim: Anything else???Joe: Well…Powerhouse says I have to charge it on my MasterCard. They don’t accept checks.Kim: I am not surprised. Many mail-order houses don’t accept checks.Joe: I give up. What would you do?Required:1.Assuming that Powerhouse Electronics doesn’t charge sales tax on the sale to Joe, which company is offering the best buy?2.What might be some consideration other than price that might influence Joe’s decision on where to buy the stereo system?Case 08 Sales discountsY our sister operates Escapade V ideo Company, a videotape distributorship that is in its third year of operation. The following income statement was recently prepared for the year ended October 31, 1997:Escapade V ideo CompanyIncome statementFor the Y ear Ended October 31, 1997Y our sister is considering a proposal to increase net income by offering sales discounts of 2/15, n/30, and by shipping all merchandise FOB shipping point. Currently, no sales discounts are allowed and merchandise is shipped FOB destination. It is estimated that these credit terms will increase net sales by 10%. The ratio of the cost of merchandise sold to net sales is expected to be 70%. All selling and administrative expenses are expected to remain unchanged, except for store supplies, miscellaneous selling, office supplies, and miscellaneous administrative expenses, which are expected to increase proportionately with increased net sales. The amounts of these preceding items for the year ended October 31, 1997, were as follows:Store supplies expense 2000Miscellaneous selling expense 1000Office supplies expense 800Miscellaneous administrative expense 1500The other income and other expense items will remain unchanged. The shipment of all merchandise FOB shipping point will eliminate all transportation-out expenses, which for the year ended October 31, 1997, were $18000.Required:Prepare a projected single-step income statement for the year ending October 31,1998, based on the proposal.CASE 09 How much cash did ABC collect in month 4 and 5?ABC Ltd makes all its sales on credit. For customers who pay within ten days of purchase, ABC gives a discount of 5 per cent.(Assume all sales are made evenly over the month and there are 30 working days every month.) ABC knows that, on average, 50 per cent of its customers pay within the discount period, 40 per cent pay within 30 days. And 8 per cent within 60 days. Two per cent are uncollectable.Month 1 1 200 000Month 2 1 300 000Month 3 880 000Month 4 1 000 000Month 5 1 250 000CASE 10 FIFO AND LIFOThe Ramayya Corporation is nearing the end of its first year in business. The following purchasesSales for the year will be 5,000 units for $120,000. Expenses other than cost of goods sold will be $20,000.The president is undecided about whether to adopt FIOF or LIFO for income tax purposes. The company has ample storage space for up to 7,000 units of inventory. Inventory prices are expected to stay at $15 per unit for the next few months.REQUIRED:1.What would be the net income before taxes, the income taxes, and the net income after taxesfor the year under (a) FIFO and (b) LIFO? Income tax rates are 40%.2.If the company sells its year-end inventory in year two @ $24 per unit and goes out ofbusiness, what would be the net income before taxes, the income taxes, and the net income after taxes under (a) FIFO and (b) LIFO? Assume that other expenses in year two are $20,000.3.Repeat requirements 1 and 2, assuming that the 4,000 units @ $ 15 purchased in Decemberwere not purchased until January of the second year. Generalize on the effect on net income of the timing of purchases under FIFO and LIFO.。
关于会计学的英文简介范文
关于会计学的英文简介范文英文回答：Accounting is the process of recording, summarizing, and reporting financial transactions to provide information that is useful for decision-making. Accounting is used by businesses, governments, and individuals to track their financial performance and position.There are three main types of accounting: financial accounting, management accounting, and tax accounting. Financial accounting focuses on reporting financial information to external users, such as investors and creditors. Management accounting focuses on providing information to internal users, such as managers and employees. Tax accounting focuses on preparing tax returns and complying with tax regulations.Accounting involves a number of different tasks, including:Recording financial transactions.Summarizing financial data.Preparing financial statements.Auditing financial statements.Providing consulting services.Accounting is a challenging and rewarding profession that offers a variety of career opportunities. Accountants can work in a variety of settings, including public accounting firms, private companies, and government agencies.中文回答：会计是什么？会计是指记录、汇总和报告财务交易的过程，以提供对决策有用的信息。
会计学英文实验
Sold equipment-computer for $1,800 for cash.
Dec 31
Traded in office equipment for new office equipment and paid $200 in cash as well.
Dec 31
The business gathers the following information for the adjusting entries:
Dec 2
Purchased 800 units of inventory,$4,000,from Sparkle Co,om term,2/10,n/20
Dec5
Purchased supplies on account, $300
Dec 5
Purchased 300 units of inventory from Borax on term 3/5,n/30.The total invoice was$2,100,which included a $100 freight charge.
Carl Haupt,
Paid-incapital
Carl Haupt
Additional Paid-in capital
Tresaury stock
Retained earnings
Revenue(including sales and service)
Sales return and allowance
(3)Calculate and record Depreciation forDec.
(4)Accrued interest expense for bondand notes payable
第三届IMA管理会计案例大赛案例英文版
By David Axelsson, Marcus Fogelkvist, and Gary M. Cunningham, CPAK ay Smith is frustrated.The manager of Strategic Marketing Unit Two (SMU2) for Fine Foods,Inc.,a provider of branded high quality food products,Smith is unhappy with what she perceives to be unfair and inappropriate product costing for her unit, especially for what Fine Foods considers to be special orders.Smith’s education,experience,and expertise as a food scientist and process engineer have earned her con-siderable respect at Fine Foods,but she has limited accounting knowledge.This lack of accounting knowl-edge has inhibited her ability to express and demonstrate her concerns,which she views as serious.Believing she is a fast learner with proper guidance,Smith has hired you, a recent accounting graduate,to develop a draft memo-randum,a slide presentation,and a glossary of terms to help her make her case more forcefully to management.Fine Foods, Inc.Fine Foods,Inc.,which has its roots in the upper Mid-west United States,produces a wide range of food prod-ucts in a competitive industry.Almost all its products are sold under the Fine ’n’Fast brand name,which is widely recognized for its high quality and has a loyal customer following.Most products are packaged in sizes for end consumption and are sold through supermarkets,conve-nience shops,and similar outlets.Depending on the nature of the product and consumer preferences,prod-ucts are sold frozen,refrigerated,canned,boxed,or pack-aged in other ways.Some items,like small individual packets of ketchup,mayonnaise,and mustard,are sold to fast food restaurants and similar outlets.The company also sells half-gallon containers of salad dressings, ketchup,mustard,and similar items with a plastic pumpThe Student Case Competition is sponsored annually by IMA®to provide an opportunity for students to interpret, analyze,evaluate, synthesize, and communicate a solution to amanagement accounting problem. Product Costing at Fine Foods: Is It a Symptom or theProblem?and branded with the company logo so that restaurant customers can serve themselves at salad bars and similar places.Other products are sold,often in bulk,to institu-tional users such as large food service groups,caterers, and the like.These products may or may not be branded.A small portion of sales is made to other food producers, for example,salad dressing packets are sold to producers of packaged fresh salad greens.Fine Foods,Inc.doesn’t deal with fresh products.Fine Foods,Inc.is owned by Great Plains Capital,a private equity firm.Great Plains Capital gives Fine Foods almost complete freedom and control over management, product selection,performance evaluation,and so forth. Because it is privately owned,there is no external finan-cial reporting,nor is there any obligation to use any set of financial accounting standards for internal reporting.Any external financial reporting is on a group or consolidated basis and done by Great Plains Capital.Great Plains Capital also owns Fine Foods Canada, Ltd.,which sells products almost exclusively in Canada, with primary operations nearby in the prairie provinces. Fine Foods,Inc.and Fine Foods Canada,Ltd.don’t have any mutual ownership in each other,and there’s no man-agement connection between the two.Because the two companies produce many identical products using the Fine ’n’Fast brand,they do share recipes and process technology.Fine Foods,Inc.also produces some products for Fine Foods Canada,Ltd.that don’t have sufficient market size in Canada to justify separate production. Great Plains Capital also owns smaller companies with the Fine ’n’Fast name that are mostly importers of Fine ’n’Fast products in countries outside of the U.S.and Canada where high quality,branded North American food products have niche markets.These products are produced by Fine Foods,Inc.Fine Foods,Inc.(Fine Foods from this point forward) is organized into three strategic marketing units (SMUs) based on the markets they serve.SMU1 serves supermar-kets and similar outlets.SMU2 serves mostly institutional customers who order in large volumes and often in bulk quantities.SMU2 also sells special orders from time to time that involve unbranded bulk products that are exported.SMU3 serves affiliated Fine Foods companies in other countries,mostly for import into those countries; governmental organizations that sell food and have food service facilities,such as military organizations;and simi-lar customers that have special contracting requirements. Products sold by all three SMUs are manufactured by the same production facilities,including warehouses, food preparation and cooking facilities,and packaging facilities.The SMUs also share most headquarters activi-ties,such as IT,accounting and other administration, human resources,and similar activities.SMU1 and SMU2 have their own marketing and sales departments,while there are no separate departments for these tasks in SMU3.Figure 1 shows an organizational chart for Fine Foods,Inc.Cost AllocationSmith tells you somewhat strongly and persistently that she believes her unit is being treated unfairly in the way costs are allocated to products.In particular,she has a problem with the product cost allocation for special orders of product MP,a basic product that is widely con-Figure 1:Fine Foods,anization Chartsumed in North America.SMU2 is the only unit with special orders,and almost all the special orders are for product MP.While all three units sell product MP,it rep-resents a significantly larger percentage of total sales for SMU2 than it does for the other two units.SMU1 and SMU3 don’t perceive a product-costing problem because a substantial portion of their sales come from other prod-ucts,which means the product costs for product MP aren’t a major part of their cost of sales.After talking with Smith,you review what you learned in your accounting classes about product costing and special orders.With this knowledge,you set out to con-duct an in-depth look at product costing and accounting for special orders at Fine Foods,especially in SMU2.The Production ProcessIn order to learn about product costing at Fine Foods, you decide you first need to understand the physical flow of products through production lines.A simplified dia-gram of the product MP production process,which is typical of many of the company’s products,is shown in Figure 2.Basic raw food items begin production with prelimi-nary inspection,sorting,and so forth.The raw material then goes to the first stage of preparation,which can involve chopping,peeling,and other preparation.Some preliminary cooking can also take place at this step.After possible temporary storage,additional ingredients are added,such as seasonings,flavorings,etc.,and the final cooking and processing occur.The prepared product is then packaged,frozen,stored temporarily (if necessary), and then shipped to the customer.Product CostingThe management of Fine Foods believes that it must allo-cate all costs to its products in order to get a true and accurate measure of each product’s profitability.Here’s a look at the product-costing procedure that would apply to product MP as well as virtually all other products. (Product MP is one of several different products that come from the same initial raw material but are then processed and sold in different configurations and pack-age sizes.)Raw material,packaging material,and direct produc-tion salaries are added to determine what Fine Foods calls direct calculated costs.Electricity,steam,water,and ware-house costs are then allocated based on estimates and a mark-up to cover spoilage and other incalculable costs. This calculation gives an amount the company calls vari-able manufacturing costs.Material costs are determined based on the cost required for one unit of product.Direct salaries are determined by the amount of time normally required for one unit multiplied by the hourly labor cost. Fine Foods allocates what it considers to be fixed pro-duction costs in a complicated process.A list of what Fine Foods considers to be fixed production costs is shown in Table 1.Costs for production management,steam boilers,and quality are shared by different factories.Estimates are made about usage of these activities,and costs are allo-cated to factories based on these estimates.If only one factory uses a service,the entire cost of the service is allo-cated to that factory.When these and other costs are assigned to factories,two approaches are used for further allocation to product groups (which represent groups of similar products,such as salad dressings,canned soups and vegetables,and puddings) and products:x All costs for steam boilers,building maintenance, vehicles,and sanitation are allocated directly to products using net weight or gross weight.x Remaining factory costs are first allocated to prod-uct groups.One allocation is a fixed percentage based on estimates that don’t change for each product group.Oth-er costs are allocated based on the weight,labor time,andFigure 2:Production Process for Product MPproduction time of the product produced.If the alloca-tion of remaining factory costs is a fixed percentage,then allocation to products is based on production time.x For special orders (virtually all product MP),the total freight out is accumulated for a month and then allocated based on the weight of product shipped.The estimated freight cost is included in the sales price.Simi-lar procedures are followed for other products,for which Fine Foods pays the freight.Media and sales promotion costs for SMU1 and SMU2 are allocated to product groups and to individual prod-ucts based on weight of product sold.Fine Foods allocates what it calls other fixed costs in two ways:x Sales and marketing costs,which are incurred only in SMU1 and SMU2,are allocated to products based on sales volume.x Costs for top management,business administration, information systems,human resources,supply manage-ment,and logistics are allocated in two steps.Costs are first allocated to cost centers based on number of employees,labor time,production time,or set percent-ages.Then costs are further allocated to products based on gross sales,amount of time spent on internal reviews,number of marketing campaigns,quantity sold,number of orders,net weight of product delivered,or equally to each product.Smith is concerned that the amount of costs allocated to special orders for product MP is excessive and there-fore causing her unit to be viewed less favorably than the other units.Among other things,she believes allocations based on weight are unfair because product MP is a rela-tively dense,bulky,and heavy product that,while prof-itable,has a relatively low profit per pound compared to other products.Special OrdersBecause of Smith’s concerns,you further explore what Fine Foods considers to be special orders.According to Smith,a special order is one in which the contract speci-fies that it can be rejected within one year before delivery; otherwise it isn’t special.Such special orders constitute 2% of total revenues for Fine Foods.Virtually all of the special orders are for product MP and for a food distributor in Mexico.Product MP isn’t a normal part of the diet of Mexican people,but there is a niche market for it.The market isn’t large enough to motivate a Mexican food production company to pro-duce the item,but Fine Foods is motivated to provide the items to Mexican food suppliers as so-called special orders because the company is already producing the product for a variety of customers in the U.S.and Cana-da.It’s packaged unbranded for sale in Mexico because it will be used primarily by institutional food preparers;it’s shipped frozen in 10-pound packages.The raw material used to make product MP can be kept in storage for a fairly long time under proper condi-tions,and there’s always a ready stock on hand because it’s used in many other products.Once product MP is produced,it can be kept frozen for up to one year.These factors provide a high degree of flexibility in scheduling production to meet such special orders.Production of product MP can be readily scheduled when there’s idle production capacity.Sometimes requests for these special orders come unexpectedly;other times,SMU2 approach-es the customer to indicate that idle capacity is planned. Typically,orders are in relatively large quantities.SMU2 accepts special orders when the contribution margin (CM1) is positive.As shown in Table 2,Fine Foods defines CM1 as net sales minus variable manufac-turing costs (defined above) and freight out.Smith is convinced that decisions to accept the special orders are good for the company and contribute to Fine Foods’Table 1:Fixed Production Costs Allocated to Product MPoverall profitability,but she’s frustrated at the impact on the results of her unit’s operations.Performance Evaluation at Fine Foods At about the time you were halfway through your project, you found yourself discussing it with friends and col-leagues who are also recent accounting graduates.As you described Smith’s concerns with Fine Foods’product costing,as well as your frustration as you attempt to ana-lyze and develop recommendations,one friend interrupt-ed to say that the product-costing problem appeared to be only a symptom of a larger issue.Y our friend had recently covered the issue of symptoms vs.underlying problems in her management control class,and it seemed to her that the major issue is performance evaluation of the SMUs,not product costing.Somewhat skeptical,you looked at some of your text-books and other sources to brush up your knowledge of performance evaluation.Y ou then explored performance evaluation at Fine Foods.Y ou began by speaking to Peter Jones,the controller of Fine Foods,Inc.,who explained how the company computes CM1,CM2,CM3,CM4,and operating profit for each unit (see Table 2).Jones said the SMUs have the ability to control the costs of their divi-sions,and other costs are allocated easily and fairly.Targets are established for CM1,CM2,CM3,CM4,and operating profit,and the numbers are reviewed monthly to see if cor-rective action is necessary.Evaluation of performance against the targets is made at the end of the year. Smith,however,tells you that the primary evaluation for the SMUs is operating profit.This is confirmed by SMU2’s controller and another unit controller.Smith feels the method used by Fine Foods to calculate operat-ing profit doesn’t reflect the true performance of the SMUs because unit management can’t control several of the cost elements included in the calculation.Further,she believes using operating profit as the primary indicator for evaluating units has a negative motivational effect on the employees of her unit.Your ReportWith your analysis complete,you are ready to present your findings.For better organization,you decide to divide everything into four sections:product costing,spe-cial orders,performance evaluation,and conclusions and recommendations.Part 1: Product Costing1. Develop a glossary of terms and definitions to be used by Smith in her presentation and discussions to ensure consistency and mutual understanding of terms.In addi-tion to definitions,provide a brief description of the applicability of terms to Fine Foods.The glossary should include,but not be limited to:x Cost objectx Cost driverx Product vs.periodx Fixed vs.variablex Direct vs.indirectx Incremental and commonx Relevant vs.irrelevantx Controllable vs.Noncontrollablex Dual allocation (sometimes called departmental)x Volume allocationx Activity-based allocationTable 2:Contribution Margins and Operating Profit2. Write a draft of a memorandum that Smith can present to her colleagues and management to support her case.The memo should include,but not be limited to,an analysis of current product costing approaches used at Fine Foods, Inc.,changes she should recommend,and the extent to which the recommend changes would resolve her concerns.Part 2: Special OrdersWrite a draft of a memorandum that Smith can present to her colleagues and higher management that focuses on what Fine Foods calls special orders.The memo should include,but not be limited to:x A description of the accounting and other consider-ations that should be considered with respect to special orders.x A brief definition of the terms “by products”and “joint products”and the extent to which these items apply to special orders at Fine Foods,if at all.x Identification of all the benefits that Fine Foods receives from special orders.x An analysis of the way Fine Foods,Inc.handles its special orders and any recommended changesPart 3: Performance Evaluation1.Develop a glossary of terms and definitions to be used by Smith in her presentation and discussions to ensure consistency and mutual understanding of terms.In addi-tion to definitions,provide a brief description of the applicability of terms to Fine Foods.The glossary should include,but not be limited to:x Types of responsibility centers:• cost centers• revenue centers• profit centers• investment centersx Computation methods of monetary amounts to evaluate performance:• contribution margin• operating profit• return on investment• residual income and similar value-addedapproaches,such as EVA™x Agency costs2. Prepare a draft of a memorandum for Smith to pre-sent to her colleagues and management that includes,but isn’t limited to:x What roles do performance-evaluation and reward systems play in organizations? Discuss individual vs. team-based performance evaluation in this context.Are these roles relevant for all types of organizations and employees? To what extent,if any,do these roles apply to Fine Foods?x Discuss basic concepts of performance evaluation, particularly results control.Discuss issues of financial vs. nonfinancial performance in this context.x What types of responsibility centers are the SMUs in Fine Foods? Are these appropriate types of responsibility centers for Fine Foods? Why or why not?x Identify potential agency costs that might occur within Fine Foods.Discuss performance measurement (monitoring) and incentive systems as mechanisms to decrease agency costs at Fine Foods.Identify and discuss any recommendations to implement a reward system. Analyze the extent to which your recommendations would solve the issues that concern Smith and would decrease agency costs.x Analyze the performance evaluation approaches at Fine Foods.Identify and discuss any changes you might recommend.Analyze the extent to which these changes would resolve the issues raised by Smith.Part 4: Conclusion and Recommendations1.Prepare a draft memorandum for Smith to present to her colleagues and management that gives recommenda-tions for changes and discusses their benefits for the company as a whole.2. Prepare a draft of an executive summary of the entire memorandum (Parts 1-4).3.Prepare a slide presentation for Smith to use when presenting the memorandum to her colleagues and management.SFDavid Axelsson is the accountant and controller for an expanding wholesaler and a board director for a local savings bank and a family company that distributes consumer goods.You can contact David at davidaxelsson1987@.Marcus Fogelkvist is a research and development group con-troller in a large consumer goods manufacturing company. You can reach him at marcus.fogelkvist@.Gary M.Cunningham,CPA,Ph.D.,is Visiting Professor of Accounting at Åbo Akademi University in Turku,Finland. You can reach him at gcunning@abo.fi.The authors acknowledge the valuable assistance ofDr.Catherine Lions in preparation of the case.。
会计专业 英语作文
会计专业英语作文## The Role of Accounting in Modern Business: ACritical Analysis。
Accounting, often referred to as the "language of business," is a vital component of modern business operations. It involves the systematic recording, analyzing, and reporting of financial transactions, providing stakeholders with the information needed to make informed decisions. This essay explores the significance of accounting in contemporary business, highlighting its key functions, the ethical considerations it entails, and its evolving role in the digital age.### Key Functions of Accounting。
At its core, accounting serves several critical functions. Firstly, it facilitates financial record-keeping, ensuring that businesses maintain accurate and reliable financial data. This data is essential for tracking revenue,expenses, assets, and liabilities, providing a clearpicture of a company's financial health.Secondly, accounting plays a pivotal role in financial analysis. By analyzing financial statements such as the balance sheet, income statement, and cash flow statement, accountants can assess a company's profitability, liquidity, solvency, and efficiency. This analysis informs strategic decision-making, helping businesses identify areas for improvement and growth opportunities.Another key function is compliance with legal and regulatory requirements. Accountants ensure that businesses adhere to financial reporting standards and tax regulations, reducing the risk of legal issues and penalties. This compliance function also promotes transparency and accountability, fostering trust among stakeholders.### Ethical Considerations in Accounting。
会计学英文案例1revised
PerformedPhotographic Services and received $1,288 of cash.
12
Paid$200 toSafeguard Oil Companyfor gas and oil consumed
12
Borreowed $20,000 from Central National Bank due within 60 days,10% interest rate for two month.
A-1photographystarts its business inSeptember. Allof the first month’s activity for it is as follows.
Sep
1
Philip Browningdeposited $10,000 in the business account. Also on this date, Philip transferred his Vehicle, worth $12,500, to the business.Besides, he also providedOffice EquipmentandPhotographic Equipment, which worth $25,000 and 50,000, respectively.Philip received $97,500 of capital.
50400
Photographic Supplies Expense
50500
Office Supplies Expense
50600
Insurance Expense
50700
Depreciation Expense-Photographic Equipment
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
50400 Sep Office Supplies Expense Office Supplies
50500 10600
105 105
30-Sep Depreciation Expense - Photo Equipment Accumulated Dep - Photo Equipment
50700 10900
400 400
30-Sep Depreciation Expense - Office Equipment Accumulated Dep - Office Equipment
50800 11100
250 250
30-Sep Depreciation Expense - Vehicle Accumulated Dep - Vehicle
Purchased a Photographic Equipment costing $2,900, and some Photographic Supplies costing $800. All the amount are unpaid. Philip withdrew cash of $1,000
A-1 Photography is established on 1 September,2013. Its accountants create a list of the following accounts to prepare for future accounting work. A-1 Photography Chart of Accounts No. 10100 10200 10300 10400 10500 10600 10700 10800 10900 11000 11100 11200 11300 20100 20200 20300 20400 20500 30100 30200 30300 40100 50100 50200 50300 50400 50500 50600 50700 50800 50900 51000 51100 51200 51300 51400 Assets Cash Accounts Receivable Prepaid Rent Prepaid Insurance Photographic Supplies Office Supplies Land Photographic Equipment Accumulated Depreciation - Photographic Equipment Office Equipment Accumulated Depreciation - Office Equipment Vehicle Accumulated Depreciation - Vehicle Liabilities Accounts Payable Note Payable Salary Payable Interest Payable Unearned Photographic Service Revenue Owner’s Equity Philip Browning, Capital Philip Browning, Withdrawals Income Summary Revenue Photographic Service Revenue Expenses Salary Expense Rent Expense Utilities Expense Photographic Supplies Expense Office Supplies Expense Insurance Expense Depreciation Expense - Photographic Equipment Depreciation Expense - Office Equipment Depreciation Expense - Vehicle Gas and Oil Expense Janitorial Expense Advertising Expense Interest Expense Miscellaneous Expense
Accounting Forms General Journal
Date 1-Sep Accounts and Explanations Post. Ref. Debit Credit
1-Sep
1-Sep
1-Sep
5-Sep
6-Sep
10-Sep
10-Sep
General Journal
Date 11-Sep Accounts and Explanations Post. Ref. Debit Credit
30-Sep
30-Sep
General Journal
Date Accounts and Explanations Adjusting Entries Post. Ref. Debit Credit
30-Sep Unearned Service Revenue Service Revenue
20500 40100
Account 10100 No.
Received $6,000 to provide Photographic service in the next 12 months for another business. Purchased an Auto insurance policy for $2,400 and paid cash for one year. Wrote a check for $3,600 to rent an office. In the “for” area of the check, it states “September through December rent”. Purchase $264 of Photographic Supplies on account. Performed Photographic Services and received $1,563 of cash. Purchased $4,000 of office equipment on account. Paid $18 for Magazine subscription. Performed Photographic Services for $1,500 to Jerri Wales on
1 1 1 5 6 10 10 11 11 12 12 15 18 18 19 22 22 25 25 25 28 30 30 Adjusting 30 30 30 30 30 30 30 30 30 30
account.
Performed Photographic Services and received $1,288 of cash.
50900 11300
500 500
30-Sep Salary Expense Salary Payable
50100 20300
350 350
30-Sep Interest Expense Interest Payable
51300 20400
100 100
General Leger Account: Cash
500 500
30-Sep Insurance Expense Prepaid Insurance
50600 10400
200 200
30-Sep Rent Expense Prepaid Rent
50200 10300
900 900
30-Sep Photographic Supplies Expense Photographic Supplies
11-Sep
12-Sep
12-Sep
15-Sep
18-Sep
18-Sep
19-Sep
22-Sep
General Journal
Date 22-Sep Accounts and Explanations Post. Ref. Debit Credit
25-Sep
25-Sep
25-Sep
28-Sep
Paid $200 to Safeguard Oil Company for gas and oil consumed
Borreowed $20,000 from Central National Bank due within 60 days,10% interest rate for two month. Paid $350 for advertising in the Charlotte News. Performed Photographic Services for $2,700 to Allied Energy, Inc.on
A-1photography starts its business in September. All of the first month’s activity for it is as follows. Sep 1
Philip Browning deposited $10,000 in the business account. Also on this date, Philip transferred his Vehicle, worth $12,500, to the business.Besides, he also provided Office Equipment and Photographic Equipment, which worth $25,000 and 50,000, respectively.Philip received $97,500 of capital.
Purchased a tract of land for $7,500 of cash.
Performed Photographic Services and received $4,527 of cash. Paid $3,500 salaries for contract labor Paid utility bill $275. Paid $264 for supplies previously purchased on credit. $500 of service has been provided for unearned service revenue. $200 of prepaid insurance expired $900 of prepaid rent expired $749 of Photographic supplies consumed $105 of office supplies consumed Depreciation expense for photo equipment was $400 Depreciation expense for office equipment was $250 Depreciation expense for vehicle was $500 $350 of salary expense incurred but unpaid $100 of interest expense accrued