(本科）会计专业英语chapter 2教学课件.ppt

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1、YCF正版可修改PPT(本科）会计专业英语chapter2教学课件Chapter2AccountingCycle2LearningObjectivespUnderstandthebasicsofaccountingcyclepExplaintheprincipleofjournalingandpostingprocesspBefamiliarwithpreparingatrailbalancepApplytheadjustingprocedurespApplytheclosingprocess3MiniCaseJohnisanewinternshipinthefinancedepartment

2、ofacompany,hehastodealwithvariousbusinesstransactionsinhisdailywork.HereisaconversationbetweenJohnandhistutor,Gary.Gary:“Howareyougettingonwithyourwork,John?”John:“Notbad,sir.ButIhaveaquestionabouttheaccountingjournals.Youknowthatnowweareinthecomputerworld,onecomputerdatabaseisenoughforallreportingp

3、urpose,suchasaccounting,marketing,andproduction.Itsobviousthataccountantscanpreparefinancialreportsupontheinformationdirectlyabstractedfromdatabase.Butnowwearestillusingthetraditionalaccountingjournalstorecordbusinessevents.Imwonderingisitstillnecessaryforus?”Discuss:IfyouwereGary,howwillyouanswerJo

4、hnsquestion?4ContentpTopic1:BasicsofAccountingCyclepTopic2:JournalsandLedgerspTopic3:TheTrailBalancepTopic4:AdjustingProcedures5Topic1:BasicsofAccountingCyclepTheaccountingcycleincludestandardizedproceduresthatareperformedinsequenceduringeveryaccountingperiod.Thesequenceofaccountingproceduresusedtor

5、ecord,classify,andsummarizeaccountinginformationisoftentermedtheaccountingcycle.6Topic1:BasicsofAccountingCyclepAccountingcyclecanbedividedintothefollowingsteps：1.Journalizetransactions.2.Posttoledgeraccounts.3.Prepareatrialbalance.4.Makeend-of-periodadjustments.5.Prepareanadjustedtrialbalance.6.Pre

6、parefinancialstatementsandappropriatedisclosures.7.Journalizeandposttheclosingentries.8.Prepareanafter-closingtrialbalance.7Topic2:JournalsandLedgerspTheaccountingcycleincludestandardizedproceduresthatareperformedinsequenceduringeveryaccountingperiod.Thesequenceofaccountingproceduresusedtorecord,cla

7、ssify,andsummarizeaccountinginformationisoftentermedtheaccountingcycle.8Topic2:JournalsandLedgers1.JournalspInawesternaccountingsystem,theinformationabouteachbusinesstransactionisinitiallyrecordedinanaccountingrecordcalledaJournal.pTheinformationabouteachtransactionthatshouldberecordedinthejournalis

8、thedateofthetransaction,thedebitandcreditchangesinspecificledgeraccounts,andabriefexplanationofthetransaction.9Topic2:JournalsandLedgersp(1)AdvantagesofusingjournalsThejournalshowsallinformationaboutatransactioninoneplaceandalsoprovidesanexplanationofthetransaction.Thejournalprovidesachronologicalre

9、cordofallthefinancialeventsinthelifeofabusiness.Theuseofajournalhelpstopreventerrors.Iftransactionswererecordeddirectlyintheledger,itwouldbeveryeasytomakeerrorssuchasomittingthedebitorthecredit,orenteringthedebittwiceorthecredittwice.10Topic2:JournalsandLedgersp(2)TypesofJournalsGeneral JournalsItha

10、sonlytwomoneycolumns,onefordebitsandoneforcredit;itmaybeusedforalltypesoftransactions.Exhibit2-2showsthestandardformatofageneraljournalentry.Exhibit2-2GeneraljournalentryJournalPage1DateAccountstitlesandexplanationPost.Ref.DebitCredit11Topic2:JournalsandLedgersSpecial JournalsInthemodernworld,abusin

11、essofanysizeentersintosomanytransactionsthattheuseofasinglejournalwouldimposeintolerablerestrictionsonitsabilitytomaintainadequaterecords.Itis,therefore,usualtobreakdownorsubdividethejournalintoanumberofspecializedjournals,eachbeingusedtorecordtransactionsofcertainkind.Itismuchsimplerandmoreefficien

12、ttogrouptogetherthosetransactionswhicharerepetitivesuchassales,purchases,cashreceiptsandcashpaymentsandplaceeachoftheminaspecialjournal.12Topic2:JournalsandLedgers2.LedgersThecompletesetofaccountsforabusinessentityiscalledaledger.Itisthe“referencebookoftheaccountingsystemandisusedtoclassifyandsummar

13、izetransactionsandtopreparedataforfinancialstatements.Therearetwotypesofledgersgeneralledgerandsubsidiaryledger.13Topic2:JournalsandLedgers2.Ledgersp(1)GeneralLedgerAgeneralledgercontainsaspecificaccountforeachitemlistedonthefinancialstatementsandshowshoweachtransactionchangesthebalancesoftheseaccou

14、nts.Acompanyssizeanddiversityofoperationsaffectthenumberofaccountsneeded.Asmallcompanycangetbywithasfewas20or30accounts;alargecompanycanrequireseveralthousand.Exhibit2-3showsapartialchartofaccountsforasmallcompany.14Topic2:JournalsandLedgersAccountNumberAccountName101Cash106Accountsreceivable126Supp

15、lies128Prepaidinsurance167Equipment201Accountspayable236Unearnedrevenue307CommonStock319Dividends403Feesrevenue406Rentalrevenue622Salariesexpense637Insuranceexpense640Rentexpense652Suppliesexpense690UtilitiesexpenseExhibit2-3ChartsofAccounts15Topic2:JournalsandLedgersp(2)SubsidiaryLedgersFurthersimp

16、lificationofthegeneralledgerisbroughtaboutbytheuseofsubsidiaryledger.Transactionsarefirstrecordedinthejournal,andatspecifiedintervalsthesametransactionsarerecordedinboththegeneraland,whenappropriate,subsidiaryledgeraccounts.Thebalancesinthegeneralledgerarethenusedtopreparefinancialstatements.16Topic

17、2:JournalsandLedgers3.PostingTransactionspPostingistheprocessofcopyingjournalentryinformationfromthejournaltotheledger.Thepostingofjournalentrytoledgerisperformedinthefollowingsteps:(1)Recordthedateandtheamountoftheentryintheaccount.(2)InsertthenumberofthejournalpageinthePostingReferencecolumnofthea

18、ccount.(3)InserttheledgeraccountnumberinthePostingReferencecolumnofthejournal.17Topic3：TheTrailBalancepTheequalityofdebitsandcreditsintheledgeristestedperiodicallybypreparingatrial balance,which lists the balance ineach account after the posting processhasbeencompleted.Thetrialbalanceispreparedusing

19、thefollowingprocedures:18Topic3：TheTrailBalance(1)Determinethebalanceofeachaccountintheledger.(2)Listeachaccountandplaceitsbalancebesideit.(3)Computethetotalofthedebitbalances.(4)Computethetotalofthecreditbalances.(5)Verifythatthesumofthedebitbalancesequalsthesumofthecreditbalances.Eachamountinthetr

20、ialbalanceissimplythefinalbalanceofeachaccountintheledger.19Topic4:AdjustingProcedures1.TheneedforadjustmentspForpurposesofmeasuringincomeandpreparingfinancialstatements,the1ifeofabusinessisdividedintoaseriesofaccountingperiods.Butsometransactionsaffectedtherevenueorexpensesofmorethanoneperiod.There

21、fore,adjustingentriesareneededwhenevertransactionsaffecttherevenuesorexpensesofmorethanoneaccountingperiod.20Topic4:AdjustingProcedures2.AdjustingtheAccountspAdjustingentriescanbedividedintodeferralsandaccruals.Eachadjustmentaffectsboththebalancesheetandincomestatement.Theadjustmentscanbefurtherdivi

22、dedintofivecategories:prepaidexpenses,depreciation,unearnedrevenues,accruedexpenses,andaccruedrevenues.21Topic4:AdjustingProcedures1.TheneedforadjustmentspForpurposesofmeasuringincomeandpreparingfinancialstatements,the1ifeofabusinessisdividedintoaseriesofaccountingperiods.Butsometransactionsaffected

23、therevenueorexpensesofmorethanoneperiod.Therefore,adjustingentriesareneededwhenevertransactionsaffecttherevenuesorexpensesofmorethanoneaccountingperiod.22Topic4:AdjustingProceduresp(1)PrepaidExpensesAprepaidexpenseisaneconomicbenefitthathasbeenpaidforinadvanceofitsuse.Itrequiresadjustmentbecausethec

24、ashispaidinoneperiod,buttheresourceisnotcompletelyuseduntilalaterperiod.Therearetwomethodstoadjustprepaidexpenses.23Topic4:AdjustingProcedurespAsset method.Ifprepaymentsareinitiallyrecordedasassets,theywillbeincorrectlystatedduringtheaccountingperiodastheyareconsumed.Thismustbeadjustedattheendofthea

25、ccountingperiodtoreflecttheamountused.Partoftheassetortheentireassethasbecomeanexpense.Theadjustingentryrequiresadebittoanexpenseaccountandacredittoanassetaccounts,asfollows:ExpensexxxAssetxxxpExpense method.Prepaymentsinitiallyrecordedasexpenseswillbeimproperlystatedduringtheaccountingperiodandmust

26、beadjustedattheendoftheaccountingperiodtoreflecttheamountoffuturebenefitremainingandtoavoidoverstatingexpenses.24Topic4:AdjustingProceduresp(2)DepreciationDepreciationistheallocationofthecostofaplantassettoexpenseoveritsusefullife.Theamountoftheassetusedinaperiodisdeterminedbyallocatingthenetamortiz

27、ablecostoftheasset(originalcostlessexpectedtrade-inallowance)overtheexpectedusefullifeoftheasset.Thegeneralformatoftheentrytorecorddepreciationexpenseofanassetisshownasfollows:Expense(Depreciationexpense)xxxAsset(Accumulateddepreciation)xxx25Topic4:AdjustingProceduresp(3)UnearnedRevenuesUnearnedreve

28、nues(alsocalledadvancefromclientsordeferredrevenue)representspaymentreceivedforgoodsorservicesinadvanceoftheirdelivery.Unearnedrevenueariseswhenabusinessreceivescashinoneperiodbutdoesnotearnallofituntilalaterperiod.Thus,unearnedrevenueisaliabilitybecausethebusinessowesthecustomeragoodorservice.There

29、ceiptofthecashwouldincreasecashanincreasealiability.Whentherevenueisearned,theadjustmentwouldusuallydecreasetheliabilityandincreasetherevenue.26Topic4:AdjustingProceduresp(4)AccruedExpenseAnaccruedexpenseisrecordedbypreparinganadjustingentry.Anadjustingentryisrequiredbecauseanexpensehasbeenincurredd

30、uringtheaccountingperiodbutithasnotbeenrecordedthroughthenormalcourseofaccountingentries.Accordingtothematchingprinciple,theseaccruedexpensesmustberecordedintheperiodthattheeffortwasexpended.27Topic4:AdjustingProceduresp(5)AccruedRevenueAccruedrevenueisrecordedbypreparinganadjustingentry.Anadjustmen

31、tentryisrequiredbecauserevenuehasbeenearnedduringtheaccountingperiodbutishasnotbeenrecordedthroughthenormalcourseofaccountingentries.28Topic4:AdjustingProcedures29Topic5:Closingprocess1.TheclosingentriespThetermofclosingtheaccountreferstotheend-of-periodprocedurethatclosestherevenueandexpenseaccount

32、sforrecordingthetransactionsofthenextperiod.Closingsetsthebalancesoftherevenueandexpenseaccountsbacktozeroinordertomeasurethenetincomeofthenextperiod.30Topic5:Closingprocess2.Theclosingprocessp(1)Closethevariousrevenueaccountsbytransferringtheirbalancesintotheincomesummaryaccount.p(2)Closethevarious

33、expenseaccountsbytransferringtheirbalancesintotheincomesummaryaccount.p(3)Closetheincomesummaryaccountbytransferringitsbalanceintotheownerscapitalaccount.p(4)Closetheaccountofownerswithdrawalsbytransferringitsbalanceintotheownerscapitalaccount.31Topic5:Closingprocess3.Preparingtheclosingentriesp(1)C

34、losingentriesfortherevenueaccountsp(2)Closingentriesfortheexpenseaccountsp(3)Closingtheincomesummaryaccountp(4)ClosingtheAccountsofwithdrawals32案例思考案例思考企业并购，不分析财务报表行不行？企业并购，不分析财务报表行不行？2010年上半年，国内市场发生了一个这样的并购案：上市公司A收购非上市公司B的控股权。B公司的基本财务数据是：净资产总额1.2亿元，2009年度的净利润为0.3亿元。A公司聘请的资产评估师对B公司评估的结果是：成本法评估的净资产价值为1.6亿元，收益法评估的净资产价值为3亿元。而最终双方股东确定的B公司净资产的价值为3.6亿元。在这个案例中，出现了几个与财务报表、企业价值评估等有关的术语，如净资产、净利润、成本法、收益法等。思考：思考：1.购买企业，是购买的总资产还是净资产？其价格确定应考虑哪些因素？2.如果让你参与购买谈判，你应该关注企业财务报表的哪些项目？33本章结束本章结束34