财务专业英语提纲Fanacial Acoounting.docx

财务专业英语提纲Fanacial Acoounting.docx

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财务专业英语提纲FanacialAcoounting

Cash现金

MarketableSecurities有价证券

AccountsReceivable应收账款

NotesReceivable应收票据

InterestReceivable应收利息

Inventory存货

AdvancestoSuppliers预付账款

PrepaidRent预付租金

PrepaidInsurance预付保险

InvestmentsinSecurities证券投资

Land土地

Buildings建筑物

Equipment设备

Property,Plant,andEquipment固定资产

FurnitureandFixtures家具

AccumulatedDepreciation累计折旧

Patents专利权

Goodwill商誉

AccountsPayable应付账款

NotesPayable应付票据

InterestPayable应付利息

IncomeTaxesPayable应付所得税

AdvancesfromCustomers预收账款

AdvancesfromTenants（RentReceivedinadvance）预收租金

MortgagePayable应付抵押款

BondsPayable应付债券（长期）

DeferredIncomeTaxes递延所得税

CommonStock普通股

AdditionalPaid-InCapital资本公积

PreferredStock优先股

RetainedEarings留存收益

AccumulatedOtherComprehensiveIncome累计其他综合收益

SalesRevenue销售收入

CostofGoodsSold生产成本

Selling,General,andAdministrative营销管理费用（不含财务费用）

ResearchandDevelopmentExpense研发费用

AdvertisingExpense广告支出

InterestExpense利息支出

IncomeTaxExpense所得税支出

一、

1.OnFebruary5Millerpurchasesanadditional$25,000ofmerchandiseonaccount.

MerchandiseInventory$25,000

AccountsPayable$25,000

2.DuringFebruary,Millersellsmerchandisetocustomersfor$50,000.Ofthisamount,$3,000representssalestocustomerswhopaid$3,000toMilleronJanuary31.Millermakestheremaining$47,000ofsalesonaccount.

AdvancesfromCustomer$3,000

AccountsReceivable$47,000

SalesRevenue$50,000

3.Theacquisitioncostofthemerchandisesoldtocustomersintransaction

（2）is$30,000.

CostofGoodsSold$30,000

MerchandiseInventory$30,000

4.MillerCorporationincursandpays$14,500ofsellingandadministrativecostsduringFebruary.

SellingandAdministrativeExpenses$14,500

Cash$14,500

5.MillerCorporationcollects$35,000fromcustomersforsalespreviouslymadeonaccount.

Cash$35,000

AccountsReceivable$35,000

6.Millerpays$20,000tosuppliersformerchandisepreviouslypurchasedonaccount.

AccountsPayable$20,000

Cash$20,000

7.MillerCorporationdeclaresandpaysadividendtoshareholdersof$1,000.

RetainedEarnings$1,000

Cash$1,000

8.Millerrecordsthecostofinsurance,whichistheportionofprepaidinsuranceattributabletoinsuranceservicesreceivedduringFebruary.Millerpaidthe$600one-yearinsurancepremiumonJanuary31forcoveragefromFebruary1ofthisyearthroughJanuary31ofnextyear.

SellingandAdministrativeExpenses$50

PrepaidInsurance$50

9.MillerCorporationrecordsthecostofrent,whichistheportionofprepaidrentthatisattributabletorentalservicesconsumedduringFebruary.Millerpaid$12,000onJanuary31toprepayitsrentforFebruary1ofthisyearthroughJanuary31ofnextyear.

SellingandAdministrativeExpenses$1000

PrepaidRent$1000

10.OnFebruary1,MillerCorporationbeginsconsumingtheservicesofthebuildingthatitpurchasedonJanuary31for$40,000andrecordedasanassetonthatdate.MillerrecordsdepreciationonthebuildingstartingfromFebruary1toreflecttheconsumptionovertimeofbuildingservices.AssumethatMillerexpectsthebuildingtolastfor20yearsandthatMillerbelievesthebuildingwillhavenovalueatthattime.

SellingandAdministrativeExpenses（DepreciationExpense）$167

AccumulatedDepreciation$167

11.MillerCorporationrecordsinterestexpenseonthenotepayableforthemonthofFebruary.OnJanuary31,Millersignedanotepayablepromisingtorepaythebankthe$40,000ofprincipalborrowedinthreeyears’timeandtomakeyearlyinterestpaymentsattherateof10%perannum,or$4,000（=10%×$40,000）peryear.

InterestExpense$333

InterestPayable$333

12.MillerCorporationrecognizesincometaxexpenseonFebruary’sincomebeforeincometaxes.Assumeanincometaxrateof35%.NetincomebeforeincometaxesforFebruaryis$3,950（=$50,000−$30,000−$14,500−$50−$1,000−$167−$333）.Incometaxexpenseistherefore$1,382（=0.35×$3,950）.Firmspayincometaxesquarterly,soMiller’sincometaxesremainunpaidattheendofFebruary.

IncomeTaxesExpense$1,382

IncomeTaxesPayable$1,382

13.Closingentryforalltherevenueandexpenseaccounts.

SalesRevenue$50,000

CostofGoodsSold$30,000

SellingandAdministrativeExpenses$15,717

InterestExpense$333

IncomeTaxesExpense$1,382

RetainedEarnings$2,568

3.1AccountingProcessforRevenues,Expenses,andDividends

Example1.OnFebruary5Millerpurchasesanadditional$25,000ofmerchandiseonaccount.

MerchandiseInventory$25,000

AccountsPayable$25,000

Example2.DuringFebruary,Millersellsmerchandisetocustomersfor$50,000.Ofthisamount,$3,000representssalestocustomerswhopaid$3,000toMilleronJanuary31.Millermakestheremaining$47,000ofsalesonaccount.

AdvancesfromCustomers$3,000

AccountsReceivable$47,000

SalesRevenue$50,000

Example3.Theacquisitioncostofthemerchandisesoldtocustomersintransaction

（2）is$30,000.

CostofGoodsSold30,000

MerchandiseInventory30,000

Example4.MillerCorporationincursandpays$14,500ofsellingandadministrativecostsduringFebruary.

SellingandAdministrativeExpenses$14,500

Cash$14,500

Example5.MillerCorporationcollects$35,000fromcustomersforsalespreviouslymadeonaccount.

Cash$35,000

AccountsReceivable$35,000

Example6.Millerpays$20,000tosuppliersformerchandisepreviouslypurchasedonaccount.

AccountsPayable$20,000

Cash$20,000

Example7.MillerCorporationdeclaresandpaysadividendtoshareholdersof$1,000.

RetainedEarnings$1,000

Cash$1,000

Example8.Millerrecordsthecostofinsurance,whichistheportionofprepaidinsuranceattributabletoinsuranceservicesreceivedduringFebruary.Millerpaidthe$600one-yearinsurancepremiumonJanuary31forcoveragefromFebruary1ofthisyearthroughJanuary31ofnextyear.

SellingandAdministrativeExpenses50

PrepaidInsurance50

Example9.MillerCorporationrecordsthecostofrent,whichistheportionofprepaidrentthatisattributabletorentalservicesconsumedduringFebruary.Millerpaid$12,000onJanuary31toprepayitsrentforFebruary1ofthisyearthroughJanuary31ofnextyear.

SellingandAdministrativeExpenses1,000

PrepaidRent1,000

Example10.OnFebruary1,MillerCorporationbeginsconsumingtheservicesofthebuildingthatitpurchasedonJanuary31for$40,000andrecordedasanassetonthatdate.MillerrecordsdepreciationonthebuildingstartingfromFebruary1toreflecttheconsumptionovertimeofbuildingservices.AssumethatMillerexpectsthebuildingtolastfor20yearsandthatMillerbelievesthebuildingwillhavenovalueatthattime.

SellingandAdministrativeExpenses167

AccumulatedDepreciation167

Example11.MillerCorporationrecordsinterestexpenseonthenotepayableforthemonthofFebruary.OnJanuary31,Millersignedanotepayablepromisingtorepaythebankthe$40,000ofprincipalborrowedinthreeyears’timeandtomakeyearlyinterestpaymentsattherateof10%perannum,or$4,000（=10%×$40,000）peryear.

InterestExpense333

InterestPayable333

Example12.MillerCorporationrecognizesincometaxexpenseonFebruary’sincomebeforeincometaxes.Assumeanincometaxrateof35%.NetincomebeforeincometaxesforFebruaryis$3,950（=$50,000−$30,000−$14,500−$50−$1,000−$167−$333）.Incometaxexpenseistherefore$1,382（=0.35×$3,950）.Firmspayincometaxesquarterly,soMiller’sincometaxesremainunpaidattheendofFebruary.

IncomeTaxExpense1,382

IncomeTaxPayable1,382

Example13.Closingentryforalltherevenueandexpenseaccounts.

SalesRevenue50,000

CostofGoodsSold30,000

SellingandAdministrativeExpenses15,717

InterestExpense333

IncomeTaxExpense1,382

RetainedEarnings$2,586

4.1RevenueRecognitionandMeasurement

Example1.GreatDealsoldatelevisionfor$1,000toacustomerwhopayswithcash.Thetelevisionismarkeddown,andthecustomercannotreturnorexchangeit.

Cash$1,000

Salesrevenue$1,000

Example2.GreatDealsoldatelevisionfor$1,000toacustomerwhopaidwithaGreatDealcreditcard.Thetelevisionismarkeddownandthecustomercannotreturnorexchangeit.

AccountsReceivable$1,000

SalesRevenue$1,000

Example3.IfGreatDealsellsagiftcardfor$1,000onthefirstdayofitsfiscalyear,GreatDealexpectstodeliveronitspromiseofprovidingmerchandiseduringthenext60months.GreatDealhasreceived$1,000cash.

Cash$1,000

Advancesfromcustomers$1,000

Ifthecardholderusedthecardtopurchasea$700computermonitor.

Advancesfromcustomers$700

Salesrevenue$700

Thecardholderdon’tpurchaseanythingelsebyusingthecarduntilthegiftcard’sexpirationdate.Thejournalentryrecordedatthegiftcard’sexpirationdate:

Advancesfromcustomers$300

Salesrevenue$300

Example4.AnotherbuyerofagiftcardpaidforthegiftcardwithaGreatDealcreditcard.

AccountsReceivable$1,000

Advancesfromcustomers$1,000

4.2ExpenseRecognitionandMeasurement

Example1.IfGreatDealoriginallypurchasedthetelevisioninExample1for$650.

CostofGoodsSold$650

Inventory$650

Example2.GreatDealprintsandmailsadvertisementstoitspreferredcustomerspriortoannualsalesevents.Assumethattheseexpenditurescost$2millionperyear.

AdvertisingandPromotionExpense2,000,000

Cash2,000,000

4.3ComprehensiveIncome

Example1.AssumethatU.S.GAAPandIFRSre