英文版财务会计PPT .ppt
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英文版财务会计PPT 1
– Cash – Accounts receivable – Merchandise inventory – Furniture – Land
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19
Claims to the Assets
• Liabilities – economic obligations payable to an individual or organization outside the business
13
Reliability (Objectivity) Principle
• Accounting information is based on the most reliable data available
– Verifiable – Free from bias – Individuals would arrive at similar conclusions
– Formulated by Financial Accounting Standards Board (FASB)
Copyright © 2007 Prentice-Hall. All rights reserved
11
GAAP
• Primary objective of financial accounting – provide information that is useful for making investment and lending decisions
Copyright © 2007 Prentice-Hall. All rights reserved
12
Copyright © 2007 Prentice-Hall. All rights reserved
19
Claims to the Assets
• Liabilities – economic obligations payable to an individual or organization outside the business
13
Reliability (Objectivity) Principle
• Accounting information is based on the most reliable data available
– Verifiable – Free from bias – Individuals would arrive at similar conclusions
– Formulated by Financial Accounting Standards Board (FASB)
Copyright © 2007 Prentice-Hall. All rights reserved
11
GAAP
• Primary objective of financial accounting – provide information that is useful for making investment and lending decisions
Copyright © 2007 Prentice-Hall. All rights reserved
12
财务会计入门英文版 PPT 3
LO 4: Prepare Adjusting Entries
Two typical adjustments for asset and/or liability overstatements:
– consumed (or used) asset
Asset Unadjusted Credit balance adjusting entry (-) Expense Debit adjusting entry (+)
LO 1: The Accounting Cycle
1. Record accounting events in journal; post to General Ledger. 2. Prepare Trial Balance. 3. Record adjusting journal entries; post to Ledger; prepare Adjusted Trial Balance. 4. Prepare Financial Statements. 5. Record closing journal entries; post to Ledger; prepare Post Closing Trial Balance. 6. Begin the new accounting period by returning to the first step.
Adjustment for asset or liability understatement:
1. Service or goods provided and customer has not yet paid: called a revenue accrual. 2. No payment has been made or liability recorded for benefits consumed: called an expense accrual. 3. Revenue recorded when cash was received, but obligation to customer not yet satisfied. 4. Expense recorded when cash was paid, but future benefits still exist as of the BS date.
中级财务会计英文课件 (19)
18 - 8
• Total equity. • Often presented before liabilities.
The Corporate Organization
Advantages of a corporation
Continuous Existence
Easy ownership transfer
Articles of incorporation are filed with the state. State issues a corporate charter. Shares of stock issued.
18 - 12
Board of directors appoint officers. Board of directors elected by shareholders.
Limited liability company
• No limit on number of owners.
Limited liability partnership
•
Owners are liable for their own actions but not entirely liable for actions of other partners.
Shareholders’ Equity
Paid-in Capital
Retained Earnings Accumulated Other Comprehensive Income
18 - 2
Financial Reporting Overview
Shareholders' Equity Paid-in-capital: Captial stock: Preferred stock - $100 par value; 1,000 shares authorized; 400 shares issued and outstanding $ 40,000 Common stock - $10 par value; 60,000 shares authorized; 20,000 shares issued and outstanding 200,000 Additional paid-in capital in excess of par value From issuance of preferred stock 10,000 From issuance of common stock 300,000 Total paid-in capital $ 550,000 Retained earnings 121,500 Accumulated other comprehensive income: Net unrealized holding gains (losses) on investments (35,000) Gains (losses) from foreign currency translation 22,000 (13,000) Treasury stock (at cost) (10,000) Total shareholders' equity $ 648,500
• Total equity. • Often presented before liabilities.
The Corporate Organization
Advantages of a corporation
Continuous Existence
Easy ownership transfer
Articles of incorporation are filed with the state. State issues a corporate charter. Shares of stock issued.
18 - 12
Board of directors appoint officers. Board of directors elected by shareholders.
Limited liability company
• No limit on number of owners.
Limited liability partnership
•
Owners are liable for their own actions but not entirely liable for actions of other partners.
Shareholders’ Equity
Paid-in Capital
Retained Earnings Accumulated Other Comprehensive Income
18 - 2
Financial Reporting Overview
Shareholders' Equity Paid-in-capital: Captial stock: Preferred stock - $100 par value; 1,000 shares authorized; 400 shares issued and outstanding $ 40,000 Common stock - $10 par value; 60,000 shares authorized; 20,000 shares issued and outstanding 200,000 Additional paid-in capital in excess of par value From issuance of preferred stock 10,000 From issuance of common stock 300,000 Total paid-in capital $ 550,000 Retained earnings 121,500 Accumulated other comprehensive income: Net unrealized holding gains (losses) on investments (35,000) Gains (losses) from foreign currency translation 22,000 (13,000) Treasury stock (at cost) (10,000) Total shareholders' equity $ 648,500
中级财务会计英文版课件 内部控制 Internal Control-----Financial Accounting
• EFT system on page 346.
• Business insight on page 346.
REVIEW QUESTION
The use of pre-numbered checks in disbursing cash is an application of what internal control principle?
Human Element
A system is only as good as the people operating it.
Collusion
Two people may conspire to override a control
• Do it on page 341.
STUDY OBJECTIVE 3
ESTABLISHING THE FUND
• Two steps to establish a petty cash fund
1 appoint a responsible custodian who will be responsible 2 determine the size of the fund (to cover 3-4 weeks)
INTERNAL CONTROL FOR CASH RECEIPTS
• Register tapes, remittance advices and deposit slips
• Cash should be stored in safes and bank vaults • Access to storage areas should be limited to authorized personnel • Cash registers should be used in executing over-the-counter receipts
威廉斯科特Scott财务会计理论(第七版)全套PPT课件
• Fair value accounting guidance during liquidity pricing • Increased use of internal estimates (value-in-use) • Increased use of cost-based valuation
1-4 Copyright © 2015 Pearson Canada Inc.
1.2 Collapse of the Stock Market Boom of Late 1990s
• Enron • WorldCom • Collapse of public confidence in capital markets • Effects on financial reporting
– Liquidity risk
• Liquidity pricing
– Counterparty risk
>> Continued
1-6 Copyright © 2015 Pearson Canada Inc.
Market Meltdowns, 2007-2008 (continued)
• Financial accounting issues leading up to the market meltdowns
• Off-balance sheet liabilities • Use of expected loss notes to avoid consolidation of
structured investment vehicles • Was disclosure of off-balance sheet liabilities adequate?
1-4 Copyright © 2015 Pearson Canada Inc.
1.2 Collapse of the Stock Market Boom of Late 1990s
• Enron • WorldCom • Collapse of public confidence in capital markets • Effects on financial reporting
– Liquidity risk
• Liquidity pricing
– Counterparty risk
>> Continued
1-6 Copyright © 2015 Pearson Canada Inc.
Market Meltdowns, 2007-2008 (continued)
• Financial accounting issues leading up to the market meltdowns
• Off-balance sheet liabilities • Use of expected loss notes to avoid consolidation of
structured investment vehicles • Was disclosure of off-balance sheet liabilities adequate?
财务会计(英文版·原书第5版)ch02
Chapter 3-25
Normal Balance
Owner’s investments and revenues increase stockholder’s equity (credit).
Dividends and expenses decrease stockholder’s equity (debit).
C redit / C r.
C hapter 3-26
N orm al B alance
Expense
D ebit / D r.
C redit / C r.
N orm al B alance
C hapter 3-27
The purpose of earning revenues is to benefit the stockholders.
recording process. 5. Explain what a ledger is and how it helps in the
recording process. 6. Explain what posting is and how it helps in the
recording process. 7. Prepare a trial balance and explain its purposes.
SO 2 Define debits and credits and explain their use in recording business transactions.
Stockholders’ Equity
Stockholders’ Equity
Debit / Dr.
Credit / Cr.
SO 2 Define debits and credits and explain their use in recording business transactions.
斯科特财务会计理论PPT课件第一章
• E.g., 2007-2008 market meltdowns
– Lack of transparency of asset-backed securities – Excessive risk encouraged by off-balance-sheet activities – Excessive risk encouraged by manager compensation
Copyright © 2012 Pearson Canada Inc
1 - 15
1.10 The Fundamental Problem Of Financial Accounting Theory
• The best measure of net income to control adverse selection not the same as the best measure to motivate manager performance
– Fair value accounting for financial instruments
• Complicated by liquidity pricing
– High leverage of financial institutions
• Off-balance sheet financing liabilities • Use of expected loss notes to avoid consolidation of
• Response of standard setters
– Stopgap measures in response to government pressure
• Fair value accounting guidance during liquidity pricing • Increased use of internal estimates (value-in-use) • Increased use of cost-based valuation
– Lack of transparency of asset-backed securities – Excessive risk encouraged by off-balance-sheet activities – Excessive risk encouraged by manager compensation
Copyright © 2012 Pearson Canada Inc
1 - 15
1.10 The Fundamental Problem Of Financial Accounting Theory
• The best measure of net income to control adverse selection not the same as the best measure to motivate manager performance
– Fair value accounting for financial instruments
• Complicated by liquidity pricing
– High leverage of financial institutions
• Off-balance sheet financing liabilities • Use of expected loss notes to avoid consolidation of
• Response of standard setters
– Stopgap measures in response to government pressure
• Fair value accounting guidance during liquidity pricing • Increased use of internal estimates (value-in-use) • Increased use of cost-based valuation
财务会计概念与应用英文版Lectu
Cash. . . . . . . . . . . . . . . . . . . . . . . .
3,600,000
Hale Waihona Puke Torecordbuilding
.
and
land
acquired
for
$3,600,00101.
Depreciation
• Depreciation
– The process of cost allocation that assigns the original cost of plant and equipment to the periods benefited.
100,000
.
To record annual payment under capital lease.
9
Assets Acquired by
Self Construction
• Self-constructed assets
– Recorded at cost.
– Include all expenditures incurred to build the asset and make it ready for its intended use.
Lease Liability. . . . . . . . . . . . . . . . . . 14,864
Interest Expense. . . . . . . . . . . . . . . . 85,136
Cash. . . . . . . . . . . . . . . . . . . . . . . .
•The owner of property that is leased (rented) to another party.
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22
Transactions that Affect
Owner’s Equity
OWNER’S EQUITY
INCREASES
OWNER’S EQUITY DECREASES
Owner Investments
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GAAP
• Generally Accepted Accounting Principles
– Accounting guidelines that govern how accountants measure, process, and communicate financial information
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28
Exercise 1-17
a. Increased assets (cash) b. No effect on total assets c. Decreased assets (cash) d. Increased assets (equipment)
5
Governing Organizations
• FASB – Financial Accounting Standards Board
• SEC – Securities and Exchange Commission
• AICPA – American Institute of Certified Public Accountants
• Sarbanes-Oxley Act
– Criminal offense to falsify financial statements
• Public Companies Accounting Oversight Board
– Monitors work of accountants
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• Financial Accounting – Information for people outside of the company
• Managerial Accounting – Information for internal decision makers
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13
Reliability (Objectivity) Principle
• Accounting information is based on the most reliable data available
– Verifiable – Free from bias – Individuals would arrive at similar conclusions
– Formulated by Financial Accounting Standards Board (FASB)
Copyright © 2007 Prentice-Hall. All rights reserved
11
GAAP
• Primary objective of financial accounting – provide information that is useful for making investment and lending decisions
– Salary expense – Rent expense – Utilities expense – Interest expense
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25
Exercise 1-18
Assets Liabilities Owner’s Equity
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21
The Accounting Equation
Assets = Liabilities + Owner’s Equity
Economic Resources
Claims to Economic Resources
8
Types of Business Organizations
• Proprietorships • Partnerships • Corporations
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9
Objective 2
Apply accounting concepts and principles
Owner Withdrawals
Owner’s Equity
Revenues
Expenses
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23
Revenues
• Amounts earned by delivering goods or services to customers
– Accounts payable – Notes payable – Salary payable
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20
Claims to the Assets
• Owner’s Equity (capital) – claim of business owner to the assets of the business
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ቤተ መጻሕፍቲ ባይዱ
12
Entity Concept
• Accounting Entity – organization that stands apart as a separate economic unit
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16
Stable-Monetary-Unit Concept
• Assumes that the dollar’s purchasing power is stable
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– Cash – Accounts receivable – Merchandise inventory – Furniture – Land
Copyright © 2007 Prentice-Hall. All rights reserved
19
Claims to the Assets
• Liabilities – economic obligations payable to an individual or organization outside the business
• IMA – Institute of Management Accountants
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6
Ethics
• Audit
– Examination of company’s financial situation – Performed by independent accountants
Accounting and the Business Environment
Chapter 1
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Objective 1
Use accounting vocabulary
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7
Standards of Professional Conduct
• AICPA – Code of Professional Conduct for Accountants
• IMA – Standards of Ethical Conduct
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• Individuals • Businesses • Investors • Creditors • Taxing Authorities
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4
Financial vs. Managerial Accounting
Accounting
• Measures • Processes • Communicates…..
Financial information to decision makers
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3
Decision Makers
using same data