中级财务会计英文ch07
中级财务会计英文ch04-文档资料
Cash
Overdraft
Negative bank account balance reported as a current liability.
Compensating balance
Minimum balance that must be maintained in a company’s account as support for funds borrowed from the bank.
Travel Expenses Customer Business Lunches Express Mail Postage Miscellaneous Office Supplies
$79.30 93.42 55.00 32.48
Prepare the journal entry to record replenishing fund if the balance on July 31 was $137.80.
中级财务会计英文ch04-文档资料
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Cash and Receivables
Chapter
4
Intermediate Accounting 12th Edition
Kieso, Weygandt, and Warfield
Chapter 4-2
Prepared by Coby Harmon, University of California, Santa Barbara
balances. Permit reconciliation of ledger and bank cash
account balances. Result in the physical control of cash.
中级财务会计英文ch12
Revenue Recognition
Revenue is earned when the earnings process is completed or virtually completed. Revenue is realized when cash is received. Revenue is realizable when claims to cash are received that can be converted into a known amount of cash.
$
$
Chapter 12-17
Percentage-of-Completion Method Illustration:
Construction in progress Cash Accounts receivable Billings on contract Cash Accounts receivable Construction in progress Construction expense Construction revenue Billings on contract Construction in progress
Chapter 12-10
Revenue Recognition Before Delivery
Accounting for long-term construction contracts Completed-Contract Method Percentage-of-Completion Method
Costs incurred to date Estimated cost to complete Est. total contract costs Est. percentage complete Contract price Revenue recognizable Rev. recognized prior year Rev. recognized currently 168,750 Costs incurred currently (150,000) Income recognized currently $ 18,750
中级财务会计(英文)课件Chapter 10 Current Liabilities And Contingencies
Liquidity
Liquidity refers to how quickly a liability can be paid, or its nearness to ounting 10 Current Liabilities And Contingencies
Ways of Reporting Liquidity
1. Classify current liabilities and assets (mixture of operating-cycle and maturity-date approach). 2. Classify current liabilities and assets using the ―pure‖ operating-cycle approach. 3. Classify current liabilities and assets under the maturity-date approach only. 4. Adopt a different classification scheme, possibly using more classes. 5. Leave the balance sheet unclassified but arranging items in order of liquidity.
Intermediate Accounting 10 Current Liabilities And Contingencies
Operating Cycle
Inventory
Cash
Receivables
Intermediate Accounting 10 Current Liabilities And Contingencies
ch07 Sending Proforma Invoice
Unit Seven Sending Proforma Invoice
SHOU Yangwei
3
Unit Seven Sending Proforma Invoice
1.2 the Contents of Proforma Invoices
---- Date, Quantity, Specifications, Cost, Freight, Insurance, Packing Cost, Terms of Payment, Time of Shipment
SHOU Yangwei 6
Unit Seven Sending Proforma Invoice
3 例文 ---- P54 ---- P55 ---- P56
SHOU Yangwei
7
Unit Seven Sending Proforma Invoice
课后习题 Ш. Translate the following sentences into English: 1. A proforma invoice is an invoice sent to buyers abroad for form’s sake. It is usually used to enable buyers to apply for a necessary import license. 2. Sometimes a proforma invoice serves as a formal quotation or price list, and the prices listed therein are usually subject to the final confirmation of the sellers, unless otherwise stated.
中级财务会计英文ch13
Chapter
13
Intermediate Accounting 12th Edition
Kieso, Weygandt, and Warfield
Chapter 13-1
Prepared by Coby Harmon, University of California, Santa Barbara
Learning Objectives
1. Describe the purpose of the statement of cash flows. 2. Identify the major classifications of cash flows. 3. Differentiate between net income and net cash flows from operating
Differences between Cash and Accrual Accounting -- GAAP is increasingly complex. Cash flow information is important in the short run.
Chapter 13-5
Cash Flow Reporting the Usefulness of Cash Flows
activities. 4. Contrast the direct and indirect methods of calculating net cash flow
from operating activities. 5. Determine net cash flows from investing and financing activities. 6. Prepare a statement of cash flows. 7. Identify sources of information for a statement of cash flows. 8. Discuss special problems in preparing a statement of cash flows. 9. Explain the use of a worksheet in preparing a statement of cash flows.
中级财务会计英文课件 (5)
4-8
Manipulating Income and Income Smoothing
“Most executives prefer to report earnings that follow a smooth, regular, upward path.”
~Ford S. Worthy, “Manipulating Profits: How It’s Done”, Fortune
Gain or loss on the disposal of the component’s assets.
Reporting for Components Held For Sale
Operating income or loss of the component from the beginning of the reporting period to the end of the reporting period.
4 - 16
U. S. GAAP vs. IFRS
The scarcity of extraordinary gains and losses reported in corporate income statements and the desire to converge U.S. and international accounting standards could guide the FASB to the elimination of the extraordinary item classification.
• Has no minimum requirements.
SEC requires that expenses be classified by function. • “Bottom line” called net income or net loss. • Report extraordinary items separately.
CH07 增长率分析
二、股東權益報酬率(ROE)與留存比率
–意義
•留存比率 •股東權益報酬率
–公式
•增長率與留存比率
– Gt=(NIt-NIt-1)Nit-1 – gt：淨利潤增長率 – NIt：第t年的淨利潤
•增長率與股東權益報酬率
– NIt-1股權帳面價值 – ROE t-1 ：第t-1年的股權收益 – NIt=第t年的淨利潤 = (股權帳面價值t-1 ＋留存收益t-1 ) × ROE t – ＜假定＞股權收益保持不變時，則： – ROE t = ROE t-1 =ROE
–侷限
•季度每股盈餘 •觀察值 •預測期間 •主觀預測
八、應用
–過去增長情形對於預期未來增長的作用 –決定因素
•盈餘的品質 •基本分析 •公司規模 •增長率變動
g g
n t 1 t
n 1
•經濟週期性
第三節 分析師預測
•一、意義
–所有的機械模型，均是以歷史的數據為基 礎。
•二、運用信息
•拓展
g b ROA D E ROA i 1 t 而 D E ROA i 1 t NI Int (1 t ) D E D E NI Int (1 t ) D E
NI Int (1 t ) D E 1 D E Int (1 t ) E Int (1 t ) D NI E Int (1 t ) E Int (1 t ) E NI E ROE 其中，Int係指利息
m
/(相應資產的帳面價值 債務的帳面價值
– im：公司債務的市場利率
•目前價值與預測價值
–一致性
第五節 評論
一、方法比較
(精品中级财务会计英文版.课后答案(chap2)
中级财务会计英文版.课后答案(c h a p2) Exercise 2-4Requirement 1Sales price = 100 units x $600 = $60,000 x 70% = $42,000November 17, 2011Accounts receivable ........................................................ 42,000Sales revenue .............................................................. 42,000 November 26, 2011Cash (98% x $42,000)........................................................ 41,160Sales discounts (2% x $42,000) (840)Accounts receivable .................................................... 42,000 Requirement 2Exercise 7-4 (concluded)Requirement 3Requirement 1, using the net method:Requirement 2, using the net method:Exercise 2-7Requirement 1Estimated returns = 4% x $11,500,000 = $460,000Less: Actual returns (450,000)Remaining estimated returns $10,000Note: another series of journal entries that produce the same end result would be:Exercise 2-7 (continued)Requirement 2Beginning balance in allowance account $300,000 Add: Year-end estimate 460,000 Less: Actual returns (450,000) Ending balance in allowance account $310,000Exercise 2-8Requirement 1Bad debt expense = $67,500 (1.5% x $4,500,000)Requirement 2Allowance for uncollectible accountsBalance, beginning of year $42,000 Add: Bad debt expense for 2011 (1.5% x $4,500,000) 67,500 Less: End-of-year balance (40,000) Accounts receivable written off $69,500 Requirement 3$69,500 — the amount of accounts receivable written off.Exercise 2-9Requirement 1To record the write-off of receivables.To reinstate an account previously written off and to record the collection.Allowance for uncollectible accounts:Balance, beginning of year $32,000Deduct: Receivables written off (21,000)Add: Collection of receivable previously written off 1,200Balance, before adjusting entry for 2011 bad debts 12,200Required allowance: 10% x $625,000 (62,500)Bad debt expense $50,300To record bad debt expense for the year.Requirement 2Current assets:Accounts receivable, net of $62,500 allowancefor uncollectible accounts $562,500Exercise 2-10Using the direct write-off method, bad debt expense is equal to actual write-offs. Collections of previously written-off receivables are recorded as revenue.Allowance for uncollectible accounts:Balance, beginning of year $17,280Deduct: Receivables written off (17,100)Add: Collection of receivables previously written off 2,200Less: End of year balance (22,410)Bad debt expense for the year 2011 $20,030 Exercise 2-11($ in millions)Allowance for uncollectible accounts:Balance, beginning of year $16Add: Bad debt expense 14Less: End of year balance (18)Write-offs during the year $ 12*Accounts receivable analysis:Balance, beginning of year ($1,084 + 16)$ 1,100Add: Credit sales 4,271Less: Write-offs* (12)Less: Balance end of year ($953 + 18) (971)Cash collections $4,388Exercise 2-12Requirement 1Requirement 22011 income before income taxes would be understated by $900 2012 income before income taxes would be overstated by $900.Exercise2-13Requirement 1Requirement 2$ 1,800 interest for 9 months÷ $28,200 sales price= 6.383% rate for 9 monthsx 12/9to annualize the rate_______= 8.511% effective interest rateExercise 2-14Requirement 1Book value of stock $16,000Plus gain on sale of stock 6,000= Note receivable $22,000Interest reported for the year $ 2,200= 10% rate Divided by value of note $ 22,000Requirement 2To record sale of stock in exchange for note receivable.To accrue interest on note receivable for twelve months.Exercise 2-15Exercise 2-16Exercise 2-17Exercise 2-18Mountain High retains significant risks and rewards and therefore must treat the transfer as a secured borrowing. The accounts receivable stay on the balance sheet of Mountain High, and they must record a liability.Exercise 2-19Step 1: Accrue interest earned.Step 2: Add interest to maturity to calculate maturity value.Step 3: Deduct discount to calculate cash proceeds.Step 4: To record a loss for the difference between the cash proceeds and the note’s book value.Exercise 2-21Requirement 1Step 1: To accrue interest earned for two months on note receivableStep 2: Add interest to maturity to calculate maturity value.Step 3: Deduct discount to calculate cash proceeds.Exercise 7-21 (continued)Step 4: To record a loss for the difference between the cash proceeds and the note’s book value.Exercise 2-21 (concluded)Requirement 2To accrue interest earned on note receivable.。
中级财务会计英文ch14
Continued
Chapter 14-13
Retrospective Adjustment Method
3. The company adjusts the financial statements of each prior period to reflect the specific effects of applying the new accounting principle. That is, each item in each financial statement that is affected by the change is restated to the appropriate amount under the new accounting principle. The company uses the new accounting principle in its current financial statements.
Chapter 14-4
Accounting Changes
Type of Accounting Change
Change in Accounting Principle Change in Accounting Estimate
Definition
Replaces one GAAP with another Substitutes one good-faith estimate for another, according to new information or conditions Results in financial statements of a different reporting entity
Ch07_risk_management
13
Risk reduction leverage
Risk reduction leverage =
(REbefore- REafter)/ (cost of risk reduction) REbeforeis risk exposure before risk reduction e.g. 1% chance of a fire causing £200k damage REafter is risk exposure after risk reduction e.g. fire alarm costing £500 reduces probability of fire damage to 0.5% RRL = (1% of £200k)-(0.5% of £200k)/£500 = 2 RRL > 1.00 therefore worth doing
Risk identification – what are the risks to a project? Risk analysis – which ones are really serious? Risk planning – what shall we do? Risk monitoring – has the planning worked? We will also look at PERT risk and critical chains
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patents are capitalized.
Chapter 7-19
Patents Question
Batter-Up, Inc. has developed a new device. Patent registration costs consisted of $2,000 in attorney fees and $1,000 in federal registration fees. What is Batter-Up’s amortizable cost?
The calculation of the amortization of intangible
assets follows the same principles as the depreciation
of tangible assets.
Chapter 7-13
Intangible Assets Amortization of Cost
What is Batter-Up’s amortizable cost?
Batter-Up’s cost for the new patent is $3,000.
Chapter 7-21
Patents Question
Batter-Up has estimated that the device has a useful life of 5 years. The legal life is 20 years. At the end of year 1, what is Batter-Up’s amortization expense?
Amortization Expense (or
Factory Overhead)
8,500
Patent (or Accumulated
Amortization: Patent)
8,500
Chapter 7-17
Patents
An exclusive right recognized by law and registered with the US Patent Office.
Chapter 7-15
Intangible Assets Amortization of Cost The entry to record amortization of an intangible
asset includes:
- a debit to Amortization Expense. - a credit directly to the intangible asset account.
Manner of acquisition Identifiability Exchangeability Period of expected benefit
Chapter 7-6
Intangible Assets
Accounting
At acquisition: record at cost.
中级财务会计英文ch07
Chapter 7-1
Chapter 7-2
Chapter 7-3
Intangible Assets
Intangible assets are those noncurrent economic resources that are used in the operations of the business but have no physical existence.
Chapter 7-22
Patents Question
Batter-Up has estimated that the device has a useful life of 5 years. The legal life is 20 years. At the end of year 1, what is Batter-Up’s amortization expense?
During use: use the matching principle to allocate cost to expense.
Chapter 7-7
At disposition: use the revenue recognition principle to record any gain
Costs classified as R&D must be expensed in the period incurred.
- SFAS No. 2
Chapter 7-9
Intangible Assets Amortization of Cost
• Intangibles are written off over their useful lives, where the assets have determinable useful lives.
The holder is allowed to use, manufacture, sell, and control the item, process, or activity without interference or infringement by others.
Chapter 7-18
Chapter 7-23
Use the shorter of useful life or legal life; 5 years. Amortization = Cost ÷ Est. Useful Life
® a registered
Tratrdadeemmarakrks
Chapter 7-4
Computer software costs
Goodwill
Intangible Assets
Lack physical substance.
Useful life is often difficult to determine.
Amortization systematically and rationally allocates the acquisition cost of intangible assets to expense.
Acquisition Cost
Cost Allocation
Chapter 7-14
Expense
Intangible Assets Amortization of Cost
1. Select a method based on the pattern of benefits, if not determinable, use the straight line method.
2. Intangible assets do not have a residual value.
Patents
Costs of purchasing patents are capitalized. Costs to research and develop patents are
expensed as incurred. Patents are amortized over the shorter of the
Intangible Assets Amortization of Cost
Factors to consider when estimating the useful life of an intangible asset:
1. Legal, regulatory, or contractual provisions that place a limit on the maximum economic life.
Chapter 7-11
Continued
Intangible Assets Amortization of Cost
Factors to consider when estimating the useful life of an intangible asset:
4. Possibility that the economic lives of intangibles may be related to life expectancies of certain groups of employees.
Intangible Assets
Economic benefits last beyond the current period.
Chapter 7-5
Usually acquired for operational use.
Intangible Assets Classification Attributes
Intn of Cost
If the asset is created internally, the cost may include
- only the costs directly associated with the creation of the intangible asset.
or loss that might result.
Intangible Assets Determination of Cost
Record at current cash equivalent cost, including purchase price, transfer, and legal fees.
5. Expected actions of competitors, regulatory bodies, and others.
Chapter 7-12