金融英语中级考试笔记会计.docx

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金融英语中级考试笔记会计.docx

金融英语中级考试笔记会计

CHAPTER1

Assets:

thingsownedbyabusinesswhichcarriedavalue,theycanbeconsideredaseconomicresources,providingbenefitstothebusiness.

Liabilities:

amountowedbyabusinesstovariousparties,theycanbeconsideredasdebtsorobligationsownedbythebusinesstooutsidebodies.

Posting:

recordingtransactionsandenteringaccountsareoftencalled“posting”。

Atrailbalance:

isthereforedefinedasalistofbalancesofledgeraccountsworkedoutperiodicallytotestthecalculationaccuracyofaccount.---------everyaccountintheledgerislabelled(withdebitorcredit)---------theitemscancomeinanyorder---------whenthedebitbalanceagreewiththecreditbalances,itconfirmthattherehasbeenadebitentryforeverycreditentryinthepostingoftheaccount---------itisaninterimsummaryoftheinformationshownbytheaccount,itshouldcarrydate.---------themaindifferencebetweentrialbalancestatementsandbalancesheetsisthatinthetrialbalance,allaccountsintheledgerareshownassimplebalances(debitorcredit)whereasinthebalancesheet,theyareshownnotasdebitorcreditbalancesbutasassetsandliabilitiesrespectively.---------trialbalanceisunabletodetectthefollowingtypeoferrors:

1)omissionintherecordingoftheaccountingdata

2)anentryismadeintothewrongaccountofthesamegroup

3)anentryisenteredintothewronggroupoftheaccount

4)therearemistakesinthebookoforiginalentryinamount

5)mistakeismadeonthewrongsideinthebookoforiginalentry

6)mistakeiscoveredupbyasamemistake

Nominalaccount:

donotrepresentanassetoraliability.Theysimplystoreupinformationneededtoworkoutaprofitorlossforthebusinessattheyearend.Nominalaccountincludes:

purchases,sale,rent,wages,lightsandothersuchexpenses.Thenominalaccountswillgiveustheinformationneededtocalculatetheprofitorlossperiodically.Attheendofafinancialyear,thenominalaccountsarewrittenoffbytransferringtheamountstothetradingandprofitandlossaccount,leavinghenominalaccountsempty.

Journal:

thejournal,orthebookoforiginalentry,isachronologicalrecord,showingforeachtransactionthedebitandcreditchangesinspecificledgeraccounts.Thedebitandcreditentriesrecordedinthejournalaretransferredtotheaccountsintheledgeratappropriateintervals.Structureofjournal:

date,accountingtitlesandexplanation,ledgerpage,debit,credit.

CHAPTER2

Purchasesinaccountingmeansthepurchaseofthosegoodswhichthefirmbuys,andthemainobjectiveistosellthem.

Salesinaccountingmeansthesaleofthosegoodswhichthefirmnormallydealswithandwhichwereacquiredwithresalebeingthemainobjective.

Creditoranddebtor

Apersontowhommoneyisowedforgoodsisknownascreditor,whileapersonwhoowesthefirmmoneyisknownasadebtor.

Balancingoffaccounts

Itistheprocessofcalculatinghowmuchthebalanceofanaccountshouldbecarriedforwardtothenestperiod.Ifthedebittotalisgreater,thedifferenceshouldbeenteredintothedebitsideoftheaccount.

CorrectionofErrors

Errorsofcommission(notaffectingthetrialbalanceagreement)

i.e.inthewrongperson'saccount

Errorsofprinciple(notaffectingthetrialbalanceagreement)

i.e.enteredinthewrongtypeofaccount:

motorormotorexpense

Errorsoforiginalentry(notaffectingthetrialbalanceagreement)

Sucherrorsaremadewheretheoriginalamountisincorrect.

Errorsofomission(notaffectingthetrialbalanceagreement)

Sucherrorsaremadewheretransactionsarenotenteredintothebooksatall.

Compensatingerrors(notaffectingthetrialbalanceagreement)

Sucherrorsaremadewheremistakescanceleachotherout

Completereversalofentries(notaffectingthetrialbalanceagreement)

Suchmistakesaremadewherethecorrectamountareenteredinthecorrectaccounts,buteachitemisshownonthewrongsideofeachaccount.Wehavetomaketheamounttwicetheamountoftheerror.

Chapter3accountingandaccountingcycles

Accountingistheprocessofprovidingquantitativeinformationaboutbusinessentitiestohelpusersinmakingdecisionsregardingtheallocationofeconomicresources.

Theprocessofaccountingconsistsof:

1.Identification——theobservationofactivityandtheselectionofparticulareventsthatareevidenceofeconomicactivitiestoanentity.

2.Measurement——thequantificationfotheeventsinmonetaryterms

3.Recording——thekeepingofachronologicaldiaryofthemeasuredevents.

4.Communication——thepreparationanddistributionoffinancialstatementstousers.

Financialaccounting:

involvestherecordingandpresentationoffactualtransactions.

Managerialaccounting:

involvestheuseoffinancialinformationtointerpretitsimplicationsfordecision-makingpurposes.

Formsofbusinessorganizations:

Soleproprietorship:

isownedandusuallymanagedbyoneindividual,partnershiphasmorethanoneowner;limitedcompanyisaseparatelegalentitythatisownedbymanyindividuals,calledshareholders,whoareissuedsharesofcapitalasevidenceoftheirownership.

Account

Anaccountisabusinessdocumentusedtorecordadretainmonetaryinformationaboutacompany'stransaction.Thecompany’sfullsetofaccountsarekeptinageneralledgerandaccountsaresometimescalledgeneralledgeraccounts.

Posting

Itistheprocessoftransferringthedebitandcreditinformationrecordineachjournalentrytotheproperaccountsinthegeneralledger.

Accountingperiod

Itistheperiodoftimeforwhichthenetprofitofacompanyiscomputed.Anaccountingperiodoflessthanoneyeariscalledinterimperiod.

Revenue

Itisderivedfromthechargetocustomersforgoodsorservicesprovided,resultinginincreaseinassetsordecreaseinliabilities.

Expense

Theyarethecostofpurchasinggoodsorservicesusedinrunningthebusiness,resultingindecreaseinassetsorincreaseinliabilities.

Accrualaccountingandcashbaseaccounting

1.Inaccrualaccounting,revenuesarerecordedintheperiodinwhichgoodsorservicesareprovided,regardlessofwhencashisreceived.Therevenuesandexpensesofthesameperiodarematchedsothatthecompany'sprofitcanbedetermined.

2.Underthecashbasisaccountingsystem,netprofitisthedifferencebetweencashreceiptfromoperationsandcashpaymentsmadeduringtheaccountingperiod.Itmaydistortthenetprofit.

Depreciation

1.Provisionfordepreciationistheprocessofallocationofthecostofa

physicalassettoeachaccountingperiodinwhichtheassetisused.

2.Depreciationrepresentstheportionconsumedduringtheaccounting

period.

3.Whendepreciationexpenseisdebited,theprovisionfordepreciationiscredited.

4.Provisionfordepreciationrepresentsthetotaldepreciationexpensesrecordedsincetheassetwaspurchased.

Chapter4accountingprinciples

Businessentityassumption

1.economiceventscanbeidentifiedwithaparticularunitofaccountability.

2.Accountingismainlyconcernedwiththebusinessorganizationasaseparateentity.

3.Therevenuesandexpensesofabusinessareregardedasaffectingitsassetsandliabilitiesbutnottheindividualinvestor'sassetsandliabilities.

Monetaryunitassumption

1.onlytransactiondatacapableofbeingexpressedintermsofmoneyshouldbeincludedintheaccountingrecordsandtheunitofmeasurementremainsconstantoveraspecificperiodoftime.

2.Theuseofthemonetarynitassumptionhastwomajorlimitations.First,itlimitsthescopeofaccountingreports,i.e.goodwill.Second,thepurchasingpowerofmoneycontinuallychanges.

Periodicassumption

1.theeconomiclifeofabusinesscanbedividedintoartificialtimeperiods.

2.Wemustthereforeprepareperiodicreportsonoperationsandfinancialpositionfordecision-makerssuchasmanagementandotherparties.

3.Theaccountingperiodconceptcreatesmanydifficulties.i.e.adjustedentriesareneededtoreportnetincomeforaperiodoftime.Theinventorycosting,estimatingbaddebtprovisions,andselectingdepreciationmethodsarealsodirectlyrelatedtomeasuringperiodicprofit.

Goingconcernassumption

1.Thebusinesswillcontinueinoperationlongenoughtocarryoutits

existingobjectivesandcommitments.

2.Thegoingconcernassumptionalsosupportstherecordingofprepaidexpensesasassetsalthoughinmostcasestheprepaymentscannotbesold.

3.Theassumptionjustifiesourrecordingfixedassetsatcostanddepreciatingthemwithoutreferencetotheircurrentreplacementcosts.

4.Whentheabilityofabusinesstocontinueasagoingconcernisdoubtful,thisfactshouldbedisclosedinanotetothefinancialstatement.

5.Thefinancialstatementsshouldbepreparedfromthequittingconcernorevenliquidationpointofviewinsteadofagoingconcernpointofview.

Contingentliabilities

Contingentliabilitiesarepotentialobligationsthatwillbecomeliabilitiesonlyifcertaineventshappeninthefuture.Iftheliabilitiesareprobableandtheamountoftheliabilitiescanbereasonablyestimated,itshouldberecordedintheaccounts.

Capitalexpenditureandrevenueexpenditure

Capitaexpenditureistheamountofinvestmentbyabusinessinitsassetsretainedforthepurposeofearningprofits,whicharetermedfixedassets.

Revenueexpenditurearethosecostsincurredinrunningabusinessonacurrentordailybasis.

Chapter5accountingfortradingcompanies

Creditmemo(creditnote)——salesreturn

Debitmemo——purchasereturn

Perpetualinventorysystemandperiodicinventorysystem

*Inaperpetualinventorysystem,acontinuousrecordiskeptforthecostofgoodssoldandthecostofstockonhand.

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