财务专业英语提纲Fanacial Acoounting.docx

1、财务专业英语提纲 Fanacial AcoountingCash 现金Marketable Securities 有价证券Accounts Receivable 应收账款Notes Receivable 应收票据Interest Receivable 应收利息Inventory 存货Advances to Suppliers 预付账款Prepaid Rent 预付租金Prepaid Insurance 预付保险Investments in Securities 证券投资Land 土地Buildings 建筑物Equipment 设备Property, Plant, and Equipment

2、固定资产Furniture and Fixtures 家具Accumulated Depreciation 累计折旧Patents 专利权Goodwill 商誉Accounts Payable 应付账款Notes Payable 应付票据Interest Payable 应付利息Income Taxes Payable 应付所得税Advances from Customers 预收账款Advances from Tenants (Rent Received in advance) 预收租金Mortgage Payable 应付抵押款Bonds Payable 应付债券（长期）Deferred

3、Income Taxes 递延所得税Common Stock 普通股Additional Paid-In Capital 资本公积Preferred Stock 优先股Retained Earings 留存收益Accumulated Other Comprehensive Income 累计其他综合收益Sales Revenue 销售收入Cost of Goods Sold 生产成本Selling , General , and Administrative 营销管理费用（不含财务费用）Research and Development Expense 研发费用Advertising Expen

4、se 广告支出Interest Expense 利息支出Income Tax Expense 所得税支出一、 1. On February 5 Miller purchases an additional $25,000 of merchandise on account.Merchandise Inventory $25,000Accounts Payable $25,0002. During February, Miller sells merchandise to customers for $50,000. Of this amount, $3,000 represents sales

5、 to customers who paid $3,000 to Miller on January 31. Miller makes the remaining $47,000 of sales on account. Advances from Customer $3,000 Accounts Receivable $47,000 Sales Revenue $50,0003. The acquisition cost of the merchandise sold to customers in transaction (2) is $30,000.Cost of Goods Sold

6、$30,000Merchandise Inventory $30,0004. Miller Corporation incurs and pays $14,500 of selling and administrative costs during February.Selling and Administrative Expenses $14,500 Cash $14,5005. Miller Corporation collects $35,000 from customers for sales previously made on account.Cash $35,000 Accoun

7、ts Receivable $35,0006. Miller pays $20,000 to suppliers for merchandise previously purchased on account.Accounts Payable $20,000Cash $20,0007. Miller Corporation declares and pays a dividend to shareholders of $1,000.Retained Earnings $1,000Cash $1,0008. Miller records the cost of insurance, which

8、is the portion of prepaid insurance attributable to insurance services received during February. Miller paid the $600 one-year insurance premium on January 31 for coverage from February 1 of this year through January 31 of next year.Selling and Administrative Expenses $50Prepaid Insurance $509. Mill

9、er Corporation records the cost of rent, which is the portion of prepaid rent that is attributable to rental services consumed during February. Miller paid $12,000 on January 31 to prepay its rent for February 1 of this year through January 31 of next year.Selling and Administrative Expenses $1000Pr

10、epaid Rent $100010. On February 1, Miller Corporation begins consuming the services of the building that it purchased on January 31 for $40,000 and recorded as an asset on that date. Miller records depreciation on the building starting from February 1 to reflect the consumption over time of building

11、 services. Assume that Miller expects the building to last for 20 years and that Miller believes the building will have no value at that time.Selling and Administrative Expenses (Depreciation Expense) $167Accumulated Depreciation $16711. Miller Corporation records interest expense on the note payabl

12、e for the month of February. On January 31, Miller signed a note payable promising to repay the bank the $40,000 of principal borrowed in three years time and to make yearly interest payments at the rate of 10% per annum, or $4,000 (= 10% $40,000) per year.Interest Expense $333Interest Payable $3331

13、2. Miller Corporation recognizes income tax expense on Februarys income before income taxes. Assume an income tax rate of 35%. Net income before income taxes for February is $3,950 (= $50,000 $30,000 $14,500 $50 $1,000 $167 $333). Income tax expense is therefore $1,382 (= 0.35 $3,950). Firms pay inc

14、ome taxes quarterly, so Millers income taxes remain unpaid at the end of February. Income Taxes Expense $1,382Income Taxes Payable $1,38213. Closing entry for all the revenue and expense accounts.Sales Revenue $50,000 Cost of Goods Sold $30,000 Selling and Administrative Expenses $15,717 Interest Ex

15、pense $333 Income Taxes Expense $1,382 Retained Earnings $2,5683.1 Accounting Process for Revenues, Expenses, and DividendsExample 1. On February 5 Miller purchases an additional $25,000 of merchandise on account.Merchandise Inventory $25,000Accounts Payable $25,000Example 2. During February, Miller

16、 sells merchandise to customers for $50,000. Of this amount, $3,000 represents sales to customers who paid $3,000 to Miller on January 31. Miller makes the remaining $47,000 of sales on account. Advances from Customers $3,000Accounts Receivable $47,000Sales Revenue $50,000Example 3. The acquisition

17、cost of the merchandise sold to customers in transaction (2) is $30,000.Cost of Goods Sold 30,000 Merchandise Inventory 30,000Example 4. Miller Corporation incurs and pays $14,500 of selling and administrative costs during February.Selling and Administrative Expenses $14,500 Cash $14,500Example 5. M

18、iller Corporation collects $35,000 from customers for sales previously made on account.Cash $35,000Accounts Receivable $35,000Example 6. Miller pays $20,000 to suppliers for merchandise previously purchased on account.Accounts Payable $20,000Cash $20,000Example 7. Miller Corporation declares and pay

19、s a dividend to shareholders of $1,000. Retained Earnings $1,000Cash $1,000Example 8. Miller records the cost of insurance, which is the portion of prepaid insurance attributable to insurance services received during February. Miller paid the $600 one-year insurance premium on January 31 for coverag

20、e from February 1 of this year through January 31 of next year.Selling and Administrative Expenses 50Prepaid Insurance 50Example 9. Miller Corporation records the cost of rent, which is the portion of prepaid rent that is attributable to rental services consumed during February. Miller paid $12,000

21、on January 31 to prepay its rent for February 1 of this year through January 31 of next year.Selling and Administrative Expenses 1,000Prepaid Rent 1,000Example 10. On February 1, Miller Corporation begins consuming the services of the building that it purchased on January 31 for $40,000 and recorded

22、 as an asset on that date. Miller records depreciation on the building starting from February 1 to reflect the consumption over time of building services. Assume that Miller expects the building to last for 20 years and that Miller believes the building will have no value at that time.Selling and Ad

23、ministrative Expenses 167Accumulated Depreciation 167Example 11. Miller Corporation records interest expense on the note payable for the month of February. On January 31, Miller signed a note payable promising to repay the bank the $40,000 of principal borrowed in three years time and to make yearly

24、 interest payments at the rate of 10% per annum, or $4,000 (= 10% $40,000) per year.Interest Expense 333Interest Payable 333Example 12. Miller Corporation recognizes income tax expense on Februarys income before income taxes. Assume an income tax rate of 35%. Net income before income taxes for Febru

25、ary is $3,950 (= $50,000 $30,000 $14,500 $50 $1,000 $167 $333). Income tax expense is therefore $1,382 (= 0.35 $3,950). Firms pay income taxes quarterly, so Millers income taxes remain unpaid at the end of February. Income Tax Expense 1,382Income Tax Payable 1,382Example 13. Closing entry for all th

26、e revenue and expense accounts.Sales Revenue 50,000Cost of Goods Sold 30,000Selling and Administrative Expenses 15,717Interest Expense 333Income Tax Expense 1,382Retained Earnings $2,5864.1 Revenue Recognition and MeasurementExample 1. Great Deal sold a television for $1,000 to a customer who pays w

27、ith cash. The television is marked down, and the customer cannot return or exchange it.Cash $1,000Sales revenue $1,000Example 2. Great Deal sold a television for $1,000 to a customer who paid with a Great Deal credit card. The television is marked down and the customer cannot return or exchange it.A

28、ccounts Receivable $1,000Sales Revenue $1,000Example 3. If Great Deal sells a gift card for $1,000 on the first day of its fiscal year, Great Deal expects to deliver on its promise of providing merchandise during the next 60 months. Great Deal has received $1,000 cash.Cash $1,000Advances from custom

29、ers $1,000If the cardholder used the card to purchase a $700 computer monitor.Advances from customers $700Sales revenue $700The cardholder dont purchase anything else by using the card until the gift cards expiration date. The journal entry recorded at the gift cards expiration date:Advances from cu

30、stomers $300Sales revenue $300Example 4. Another buyer of a gift card paid for the gift card with a Great Deal credit card.Accounts Receivable $1,000Advances from customers $1,0004.2 Expense Recognition and MeasurementExample 1. If Great Deal originally purchased the television in Example 1 for $650

31、.Cost of Goods Sold $650Inventory $650Example 2. Great Deal prints and mails advertisements to its preferred customers prior to annual sales events. Assume that these expenditures cost $2 million per year.Advertising and Promotion Expense 2,000,000Cash 2,000,0004.3 Comprehensive IncomeExample 1. Assume that U.S. GAAP and IFRS re